The power generation and distribution company AES operated throughout the world. Its business was capital intensive and required a commitment to long-term investments under difficult-to-navigate regulatory hurdles. The case highlights various financial disclosures related to some of the company's important investment and obligation accounts along with interesting descriptions of various causes of asset impairments that occurred during 2011. AES engaged in a modest amount of lease transactions that are highlighted as well. Finally, environmental and litigation contingency disclosures play a role in understanding the firm's long-term risk exposure.