AddedRisk Factors
were to acquire any of these types of businesses, there can be no assurance that we will be successful in transitioning them to private ownership or that we will not incur unforeseen obligations or liabilities.
AESAES Corporation
Item 1. - Business is an outline of our strategy and our businesses by SBU, including key financial drivers. 10-K, Item 1
- Employees
- 982,000
- Headquarters
- Arlington, VA
10-K 0000874761-26-000063 (2026-03-02) vs 10-K 0000874761-25-000013 (2025-03-11)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 13,091 | 13.8% |
| MD&A | Item 7 | 22,365 | 36.7% |
| Legal Proceedings | Item 3 | 3,768 | 34.5% |
| Accounting Policies | Item 8, Note 1 – GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 10,239 | 20.0% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 305 words changed in this paragraph; it is 39% similar to last year's version.
There currently is no U.S. federal legislation imposing mandatory GHG emission reductions (including for CO2) that affects our electric power generation facilities; however, in 2015, the EPA promulgated a rule establishing New Source Performance Standards for CO2 emissions for newly constructed and modified/reconstructed fossil-fueled electric utility steam generating units larger than 25 MW and in 2018 proposed revisions to the rule. On May 9, 2024, the EPA published the final NSPS requiring carbon capture and sequestration for new and reconstructed baseload stationary combustion turbines, among other requirements. The EPA did not finalize revisions to the NSPS for newly constructed or reconstructed coal-fired electric utility steam generating units as proposed in 2018. In 2019, the EPA promulgated the Affordable Clean Energy (ACE) Rule which would have replaced the EPA's 2015 Clean Power Plan Rule ("CPP"). However, on January 19, 2021, the D.C. Circuit vacated and remanded the ACE Rule. Subsequently, on June 30, 2022, the Supreme Court reversed the judgment of the D.C. Circuit Court and remanded for further proceedings consistent with its opinion, holding that the “generation shifting” approach in the CPP exceeded the authority granted to the EPA by Congress under Section 111(d) of the CAA. As a result of the June 30, 2022 Supreme Court decision, on October 27, 2022, the D.C. Circuit issued a partial mandate, holding pending challenges to the ACE Rule in abeyance. On May 9, 2024, the EPA published the final rule regulating GHGs from existing EGUs pursuant to Section 111(d) of the Clean Air Act and effective on July 8, 2024. Existing EGUs are those that were constructed prior to January 8, 2014. Depending on various EGU-specific factors, the bases of emissions guidelines for natural gas-fired units include the use of uniform fuels and routine methods of operation and maintenance and the bases of emissions guidelines for coal-fired units include 40% natural gas co-firing or carbon capture and sequestration with 90% capture of CO2 depending on the date that coal operations cease. Specific standards for performance for EGUs will be established through a State Plan (or a Federal Plan if the state of Indiana were to not submit an approvable plan). The May 2024 rule is subject to legal challenges. On October 16, 2024, the U.S. Supreme Court denied emergency stay applications. The impact of the results of further proceedings and potential future greenhouse gas emissions regulations remains uncertain, but it could be material.
Source: Item 1A, 10-K 0000874761-26-000063 vs Item 1A, 10-K 0000874761-25-000013
Accounting Policies 235 words changed in this paragraph; it is 59% similar to last year's version.
The Company accounts for tax credits that it will retain or transfer under ASC 740—Income Taxes, as a reduction in income tax expense by either including the expected amount of the tax credit to be claimed or the cash to be received when transferred, respectively, in the calculation of its annual effective tax rate throughout the year the renewables project is placed in service. The Company applies the flow-through method to account for its investment tax credits. The estimated tax credits are updated on a quarterly basis, with the year-end calculation including only the tax credits that are associated with projects placed in service, comprising credits claimed or transferred during the year. In assessing realizability for credits to be transferred, the Company includes cash it anticipates receiving in establishing any valuation allowance and establishes a valuation allowance equal to its best estimate of any discount on the transfer. During In many cases, ITCs are generated at partnerships which are non-tax paying entities for U.S. federal income tax purposes. These entities cannot utilize tax credits, but rather allocate credits to their partners, who report their share of the year ended December 31, 2024, partnership credits on their individual tax returns. Once a project is placed in service, any portion of the Company executed agreements tax credit to transfer ITCs directly to third parties for $555 million. Of this amount, $309 million and $26 million was be transferred which is allocated to AES and a noncontrolling interest holder is recorded as an income tax benefit in 2024 and 2023, respectively, and $220 million was allocated to noncontrolling a noncash deemed contribution within Noncontrolling interests and treated as a contribution from noncontrolling interest holders. The Company received cash proceeds from these tax credit transfers or Redeemable stock of $480 million during the year ended December 31, 2024, and recorded a receivable in Other current assets subsidiaries on the Consolidated Balance Sheets for as this represents an increase in the remaining $75 million, which is partners’ capital account. To the extent any of the expected transfer proceeds are contractually obligated to be received in March 2025. distributed to the noncontrolling interest holder, the Company records a corresponding noncash deemed distribution within Noncontrolling interests or Redeemable stock of subsidiaries. The receipt of cash from the transfer of tax credits credits, inclusive of the portion allocated to noncontrolling interest holders, is treated as an operating cash inflow on the Consolidated Statements of Cash Flows.
Source: Item 8, Note 1 – GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000874761-26-000063 vs Item 8, Note 1 – GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000874761-25-000013
MD&A 203 words changed in this paragraph; it is 39% similar to last year's version.
The Trump Administration has threatened or imposed tariffs on a wide range of countries and sectors. products. On February 10, 2025, President Trump signed Executive Orders modifying existing tariffs under Section 232 tariffs of the Trade Expansion Act of 1962 ("Section 232") on steel and aluminum imports to expand their scope of applicability and imposing impose 25% tariffs on both products. The President raised these rates to 50% effective June 4, 2025. At this time, we do not expect the modifications to tariffs on steel and aluminum to have a material impact on our business. On February 13, 2025, the Trump Administration announced a plan to counter non-reciprocal trading arrangements with all U.S. trading partners by determining the equivalent of a reciprocal tariff with respect to each foreign trade partner. On February 1, 2025, President Trump issued an executive order declaring a national emergency under the International Emergency Economic Powers Act (IEEPA) and imposing a 10% additional tariff on imports from China and on March 4, 2025, this tariff was increased to 20%. We expect that additional tariffs on imports from China will increase overall costs for materials and parts that are imported to build and maintain renewable energy plants for the U.S. industry. However, AES has already shifted its supply chain outside of China for the vast majority of final products used to build and maintain renewable energy plants in the United States and we expect limited impact to 2025 and 2026 projects due to the recently announced tariffs on China. Any additional U.S. tariffs on imports from other countries or higher tariffs could negatively impact our business.
Source: Item 7, 10-K 0000874761-26-000063 vs Item 7, 10-K 0000874761-25-000013
Legal Proceedings 193 words changed in this paragraph; it is 53% similar to last year's version.
On May 12, 2021, the Mexican Federal Attorney for Environmental Protection (the “Authority”) “Agency”) initiated an environmental audit at the TEP Termoeléctrica del Peñoles thermal generating facility. generation facility (“TEP”). On January 20, 2023, TEP was notified of the resolution issued by the Authority, Agency, which alleges breaches of air emission regulations, including the failure to submit reports. The resolution imposes a fine of $27,615,140 pesos (approximately $1.3 million). $1.5 million), as well as a series of corrective measures. On March 3, 2023, the facility filed a nullity judgment to challenge such resolution, which has been admitted by the local judge with an injunction granted against execution of the proposed fine during the course of the underlying proceedings. However, the local tax authority rejected receiving the bond that is required to guarantee the injunction, and as a result, on September 18, 2023, TEP filed a complaint seeking to compel the tax authority to accept the bond and recognize the validity lawsuit in an administrative court—The Specialized Chamber of the injunction. The Specialized Federal Administrative Justice Tribunal (“Chamber”)—challenging the legality of the Agency’s resolution and fine. On May 30, 2025, the Chamber has not issued a response final administrative ruling denying TEP’s lawsuit. On July 1, 2025, TEP appealed to the complaint, despite Federal District Court. TEP’s appeal challenges the fact that constitutionality of the Company Agency’s regulations (demanda de amparo) and requests a stay of enforcement of the Chamber’s final administrative ruling. The appeal has taken several legal actions to try to expedite been duly admitted and the proceedings. Federal District Court’s decision on the injunction request is pending. The Company believes that it has meritorious defenses to the claims asserted against it and will defend itself vigorously in these proceedings; however, there can be no assurances that it will be successful in its efforts.
Source: Item 3, 10-K 0000874761-26-000063 vs Item 3, 10-K 0000874761-25-000013
Every change, by type
Sentences and paragraphs of AES's Risk Factors and MD&A, 10-K 2026-03-02 against 10-K 2025-03-11. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
initiatives could also result in the early retirement of coal-fired generation facilities, which could result in stranded costs if regulators disallow full recovery of investments.
AddedRisk Factors
of our U.S. renewables projects involving tax equity investors or purchasers of tax credits, we provide customary Parent Company or subsidiary guarantees to the tax equity investors or tax credit purchasers that require the Parent Company or subsidiary to bear the risk of any IRS recapture or disallowance of certain tax benefits they receive in connection with the transaction.
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RewordedRisk Factors
Some RTOs, such as PJM, have recently implemented or are considering accelerated or supplemental interconnection processes for high-capacity factor resources, which could result in delays resources or cost increases to existing for resources that service a resource adequacy need or future interconnection requests of intermittent renewable energy projects, such as solar and wind. new load,
RewordedRisk Factors
If we incur significant expenditures in adapting to technological changes, fail to adapt to significant technological changes, fail to obtain access to important new technologies, fail to recover a significant portion of any remaining investment in obsolete assets, or if implemented technology fails to operate as intended, our businesses, operating results and financial condition could be materially adversely affected.
RewordedRisk Factors
For example, The AES Corporation's revolving credit facilities and outstanding senior notes include events of default for certain bankruptcy related events involving material subsidiaries and relating to accelerations of outstanding material debt of material subsidiaries or any subsidiaries that in the aggregate constitute a material subsidiary; or
RewordedRisk Factors
If these policies and incentives are further changed or eliminated, if pending tax guidance related to these policies is adverse, or AES is otherwise unable to use them, these policies or incentives, there could be a material adverse impact on AES’ U.S. renewable growth opportunities, including fewer future PPAs or lower prices in future PPAs, decreased revenues, reduced economic returns on certain project company investments, increased financing costs, and/or difficulty obtaining financing.
RewordedRisk Factors
Any such developments could impede the realization of our U.S. renewables strategy by resulting in, among other items, lack of a satisfactory market for the development and/or financing of our U.S. renewable energy projects, abandoning the development of certain U.S. renewable energy projects, a loss of our investments in the projects, and/or reduced project returns.
RewordedRisk Factors
The impacts described above could also result from our efforts to comply with European Market Infrastructure Regulation, which includes regulations related to the trading, reporting and clearing of derivatives and similar regulations may be passed in other jurisdictions where we conduct business.
RewordedRisk Factors
Once approved, the reliability standards may be enforced by FERC independently, or, alternatively, by the ERO and regional reliability organizations with responsibility for auditing, investigating and otherwise ensuring compliance with reliability standards, subject to FERC oversight.
RewordedRisk Factors
Pension costs are based upon a number of actuarial assumptions, including an expected long-term rate of return on pension plan assets, the expected life span of pension plan beneficiaries and the discount rate used to determine the present value of future pension obligations.
RewordedRisk Factors
The EPA has brought suit against and obtained settlements with many companies for allegedly making major modifications to coal-fired generating units without proper permit approvals and without installing best available control technology.
RewordedRisk Factors
The EPA did not finalize revisions to the NSPS for newly constructed or reconstructed coal-fired electric utility steam generating units as proposed in 2018.
RewordedRisk Factors
At our businesses where cost recovery is available, recovery of costs to restore service and repair damaged facilities is or may be subject to regulatory approval, and any determination by the regulator not to permit timely and full recovery of the costs incurred.
RewordedRisk Factors
In particular, in the U.S., AES’ renewable energy generation growth strategy depends has depended in part on federal, state state, and local government policies and incentives that support the development, financing, ownership ownership, and operation of renewable energy generation projects, including investment tax credits, production tax credits, accelerated depreciation, renewable portfolio standards, feed-in-tariffs feed-in-tariffs, and similar programs, REC mechanisms and compliance programs, and tax exemptions.
AddedMD&A
•$805 million at Energy Infrastructure primarily driven by $921 million of prior year revenue related to the AES Andes portfolio, which is reported in the Renewables SBU beginning in 2025 following the sale and expiration of certain coal-related assets and contracts; $174 million due to prior year unrealized and realized derivative gains, $171 million of prior year revenues from the monetization of the Warrior Run coal plant PPA, and $23 million due to the prior year sell-down of Amman East and IPP4 in Jordan; partially offset by $317 million due to higher fuel prices and transportation costs passed through to the offtaker, $148 million of higher CO2 purchases passed through due to higher production, and $28 million due to higher availability; and
AddedMD&A
Other non-operating expense was $113 million in 2025 due to a $103 million impairment of the Uplight equity method investment and convertible notes as a result of observable market factors; and a $10 million other-than-temporary impairment of convertible notes for 5B as a result of an observable price change from a transaction between 5B and a third party.
AddedMD&A
Net loss from disposal of discontinued businesses was $39 million in 2025, compared to $7 million in 2024, primarily related to alleged damages plus interest, as well as potential future damages, under a dispute related to representations and warranties in the 2016 share purchase agreement for Sul in the current year.
AddedMD&A
Net loss attributable to noncontrolling interests and redeemable stock of subsidiaries decreased $129 million, or 15%, to $748 million in 2025, compared to $877 million in 2024. This decrease was primarily due to a decrease of $149 million at Mong Duong mostly driven by the derecognition of a valuation allowance on the loan receivable accounted for under ASC 310 upon reclassifying Mong Duong from held-for-sale to held and used, a decrease of $135 million at AES Clean Energy primarily attributable to lower allocation of losses to tax equity investors on projects placed in service and increased development services in the U.S., $34 million related to the sale of AES Brasil, $25 million related to improved operating results at Southland Energy after maintenance in the prior year, and $23 million related to the sell-down of AGIC. This was partially offset by an increase of $150 million at AES Indiana primarily attributable to higher allocation of losses to tax equity investors on BESS projects placed in service, $55 million due to day-one losses on the commencement of sales-type leases at AES Clean Energy Development, and $25 million related to acquisition of the remaining common shares in Cochrane.
AddedMD&A
•Lower margins from the Energy Infrastructure SBU of $271 million, excluding one-time restructuring costs, primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and prior year net derivative gains as part of our commercial hedging strategy;
AddedMD&A
•Higher other expense of $211 million primarily related to day-one losses on commencement of sales-type leases and remeasurement of contingent consideration at AES Clean Energy Development;
AddedMD&A
•Higher impairments of $264 million at Maritza due to a reduction in expected cash flows after the expiration of the current PPA, partially offset by a $125 million prior-year impairment at Ventanas;
AddedMD&A
•Other non-operating expense of $113 million due to an impairment of the Uplight equity method investment and convertible notes, as well as an other-than-temporary impairment of convertible notes for 5B;
AddedMD&A
•Higher income tax benefit of $257 million due to a lower effective tax rate, mainly driven by tax credit transfers;
AddedMD&A
•Higher margins from the Renewables SBU of $144 million, excluding one-time restructuring costs, primarily due to increases from new businesses and development services in the U.S., increased availability and lower spot prices on energy purchases in Colombia, and better hydrology in Colombia and Panama, partially offset by the negative impact of the sale of AES Brasil; and
AddedMD&A
•Derecognition of a valuation allowance on the loan receivable accounted for under ASC 310 upon reclassifying Mong Duong from held-for-sale to held and used of $127 million; and
AddedMD&A
•Higher margins from the Utilities SBU of $48 million, excluding one-time restructuring costs, primarily due to higher retail rates as a result of the AES Indiana 2024 Base Rate Order and AES Ohio 2024 DRC Settlement, higher transmission rates and rider revenues, and higher demand due to the impact of weather.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
Renewables SBU 359 492 (133) -27% 503 399 104 26% Utilities SBU 635 543 433 110 25% 92 17% Energy Infrastructure SBU 1,273 1,418 (145) -10% 901 1,233 (332) -27% New Energy Technologies SBU (11) (7) (9) 2 -22% (4) -57% Corporate and Other 268 267 239 28 12% 1 —% Eliminations (85) (121) (69) (52) 75% 36 30% Total Operating Margin 2,211 2,314 2,504 (190) -8% (103) -4% General and administrative expenses (241) (288) (255) (33) 13% 47 -16% Interest expense (1,407) (1,485) (1,319) (166) 13% 78 -5% Interest income 287 381 551 (170) -31% (94) -25% Loss on extinguishment of debt (26) (17) (63) 46 -73% (9) 53% Other expense (458) (175) (99) (76) 77% (283) NM Other income 67 156 89 67 75% (89) -57% Gain (loss) on disposal and sale of business interests 58 351 134 217 NM Goodwill impairment expense — (12) 12 -100% (293) -83% Asset impairment expense (224) (374) (1,067) 693 -65% 150 -40% Foreign currency transaction gains (losses) (79) 31 (359) 390 (110) NM Other non-operating expense (113) — (113) NM Income tax expense benefit (expense) 181 (59) (261) 202 -77% 240 NM Net equity in losses of affiliates (55) (26) (32) 6 -19% (29) NM INCOME (LOSS) FROM CONTINUING OPERATIONS 201 809 (189) 998 NM Gain (loss) (608) -75% Loss from disposal of discontinued businesses, net of income tax benefit (expense) expense of $0 and $7, $7, and $0, respectively (39) (7) 7 (14) (32) NM NET INCOME (LOSS) 162 802 (182) 984 NM (640) -80% Less:
RewordedMD&A
Other income increased $67 decreased $89 million, or 75%, 57%, to $67 million in 2025, compared to $156 million in 2024, compared to $89 million in 2023 2024 primarily due to the prior year recognition of a $20 million bargain purchase gain recognized on the Madison and Birdseye acquisition for $20 million, acquisition, a $17 million increase in gains on remeasurement prior year gain of contingent consideration primarily on projects acquired at AES Clean Energy, a $14 million gain corresponding to the step acquisition of Felix, and an a prior year indexation adjustment of Stabilization Fund receivables at AES Andes of $12 million. million, as well as a $10 million decrease in insurance proceeds and a $7 million decrease in AFUDC at our U.S. utilities in the current year.
RewordedMD&A
This increase decrease was driven by primarily due to the prior year gain on sale of AES Brasil of $312 million and a $52 million gain corresponding to in the prior year on dilution of AES' ownership interest in Uplight as a result of the AutoGrid acquisition; partially offset by a $136 million gain on sale of shares of Fluence, our equity method investment, in 2023, and the $10 million loss on the selldown of Amman East and IPP4 in Jordan, which is now accounted for as an equity method investment. acquisition.
RewordedMD&A
Other expense increased $76 million, or 77%, $283 million to $458 million in 2025, compared to $175 million in 2024, compared to $99 million in 2023 2024 primarily driven by $52 $159 million higher losses on commencement of sales-type leases at AES Clean Energy and AES Renewable Holdings, a $43 $74 million increase in losses on remeasurement of contingent consideration primarily on projects acquired at AES Clean Energy, and a $48 million current year loss on remeasurement of our investment in 5B, accounted for using the measurement alternative; partially offset by a $20 million loss recognized in the prior year related to legal expenses and other direct costs associated with the troubled debt restructuring at Puerto Rico.
RewordedMD&A
Subsidiary Contingent Contractual Obligations Maximum Exposure (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 3,040 89 2,532 40 < $1 — 350 490 Letters of credit under bilateral agreements 378 9 $11— 88 Letters of credit under the unsecured subsidiary credit facilities 129 28 2,114 351 < $1 — 50 Letters of credit under the revolving credit facilities 18 9 97 Surety bonds 74 108 < $1 — 4 Surety bonds 2 2 < $1 — 1 10 Total $ 3,567 137 4,720 499
RewordedMD&A
Operating Margin increased $110 million mainly $92 million, primarily driven by $83 million due to higher transmission and rider revenues, $76 $191 million due to higher retail rates as a result of the AES Indiana 2024 Base Rate Order, Order and $72 million AES Ohio 2024 DRC Settlement, including the impact of certain riders now incorporated into base rates, higher transmission and rider revenues, and higher demand due to higher demand primarily from the impact of weather.
RewordedMD&A
Renewables SBU $ 2,510 2,913 $ 2,339 2,617 $ 171 7% 296 11% Utilities SBU 4,122 3,608 3,495 113 3% 514 14% Energy Infrastructure SBU 6,238 6,836 (598) -9% 5,402 6,207 (805) -13% New Energy Technologies SBU 1 76 (75) -99% 1 — —% Corporate and Other 149 162 138 24 17% (13) -8% Eliminations (241) (216) (25) 12% (354) (317) (37) -12% Total Revenue 12,233 12,278 12,668 (390) -3% (45) —% Operating Margin:
RewordedMD&A
As of December 31, 2024, 2025, the consolidated maximum undiscounted potential exposure to guarantees and guarantees, letters of credit credit, and surety bonds issued by our subsidiaries was $5.3 $4.7 billion, including $2.2 $2.5 billion of customary payment guarantees under EPC contracts and other agreements, $1.4 commitments, $2.1 billion of letters of credit outstanding, $1.2 billion and $74 million of surety bonds and other guarantees issued by insurance companies, and $388 million of tax equity financing related guarantees. bonds.
RewordedMD&A
The Company recognized net foreign currency transaction losses of $359 $79 million in 2023, 2025, primarily driven by unrealized losses due to the depreciation of the Argentine peso, and unrealized losses related in Chile due to an intercompany loan denominated in the appreciation of the Chilean peso and the appreciation of the Colombian peso, and realized and unrealized which negatively impacted foreign currency derivative losses in South America due to the depreciating Colombian peso. forwards.
RewordedMD&A
Income tax expense (benefit), interest expense (income) (income), and depreciation, amortization, and accretion of AROs from equity affiliates 171 136 131 Interest income recognized under service concession arrangements 58 65 71 Unrealized derivative derivatives, equity securities, and equity securities financial assets and liabilities losses (gains) 120 (94) 34 Unrealized foreign currency losses 26 16 301 Disposition/acquisition gains losses (gains) 244 (323) (79) Impairment losses 369 280 877 Loss on extinguishment of debt and troubled debt restructuring 21 57 62 Restructuring costs 89 — Adjusted EBITDA (1) $ 2,871 $ 2,639 $ 2,828 Tax attributes 1,540 1,313 611 Adjusted EBITDA with Tax Attributes (2) $ 4,411 $ 3,952 $ 3,439
RewordedMD&A
Years Ended December 31, Reconciliation of Adjusted PTC (in millions) 2025 2024 2023 Income from continuing operations, net of tax, attributable to The AES Corporation $ 949 $ 1,686 $ 242 Income tax expense (benefit) attributable to The AES Corporation (276) (19) 206 Pre-tax contribution 673 1,667 448 Unrealized derivative derivatives, equity securities, and equity securities financial assets and liabilities losses (gains) 116 (94) 41 Unrealized foreign currency losses 26 16 301 Disposition/acquisition gains losses (gains) 244 (320) (79) Impairment losses 369 280 877 Loss on extinguishment of debt and troubled debt restructuring 30 65 70 Restructuring costs 89 — Total Adjusted PTC $ 1,547 $ 1,614 $ 1,658
RewordedMD&A
Parent Company Contingent Contractual Obligations Maximum Exposure (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments (1) $ 3,040 89 3,774 24 < $1 — 350 1,117 Letters of credit under bilateral agreements 378 9 $11— 88 220 8 < $1— 92 Letters of credit under the unsecured credit facilities 129 28 117 7 < $1 — 50 60 Letters of credit under the revolving credit facilities 18 9 50 17 < $1 — 4 Surety bonds 2 2 < $1 — 1 38 Total $ 3,567 137 4,161 56
Quiet changesMD&A
We believe that Adjusted PTC better reflects the underlying business performance of the Company and is the most a relevant measure considered in the Company's internal evaluation of the financial performance of its segments.
Quiet changesMD&A
Management applies judgment in the selection of such companies based on its view of the most likely market participants.
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