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Equity
 6 Months Ended
Jun. 30, 2013
Equity [Abstract]  
EQUITY
EQUITY
Changes in Equity
The following table provides a reconciliation of the beginning and ending equity attributable to stockholders of The AES Corporation, noncontrolling interests and total equity as of June 30, 2013 and 2012:
 
 
Six Months Ended June 30, 2013
 
Six Months Ended June 30, 2012
 
 
The AES
Corporation
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total
Equity
 
The AES
Corporation
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total
Equity
 
 
(in millions)
Balance at January 1
 
$
4,569

 
$
2,945

 
$
7,514

 
$
5,946

 
$
3,783

 
$
9,729

Net income
 
249

 
283

 
532

 
481

 
241

 
722

Total foreign currency translation adjustment, net of income tax
 
(148
)
 
(69
)
 
(217
)
 
(134
)
 
(110
)
 
(244
)
Total change in derivative fair value, net of income tax
 
123

 
48

 
171

 
23

 
(9
)
 
14

Total pension adjustments, net of income tax
 
6

 
21

 
27

 
4

 
9

 
13

Capital contributions from noncontrolling interests
 
—

 
55

 
55

 
—

 
12

 
12

Distributions to noncontrolling interests
 
—

 
(226
)
 
(226
)
 
—

 
(507
)
 
(507
)
Disposition of businesses
 
(1
)
 
(20
)
 
(21
)
 
—

 
(37
)
 
(37
)
Acquisition of treasury stock
 
(18
)
 
—

 
(18
)
 
(231
)
 
—

 
(231
)
Issuance and exercise of stock-based compensation benefit plans, net of income tax
 
24

 
—

 
24

 
34

 
—

 
34

Dividends declared on common stock ($0.08 per share)
 
(60
)
 
—

 
(60
)
 
—

 
—

 
—

Sale of subsidiary shares to noncontrolling interests
 
11

 
22

 
33

 
—

 
—

 
—

Acquisition of subsidiary shares from noncontrolling interests
 
(6
)
 
(1
)
 
(7
)
 
—

 
(4
)
 
(4
)
Balance at June 30
 
$
4,749

 
$
3,058

 
$
7,807

 
$
6,123

 
$
3,378

 
$
9,501



Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component, net of tax and noncontrolling interests for the six months ended June 30, 2013 were as follows:
 
 
Unrealized
derivative
losses, net
 
Unfunded
pension
obligations, net
 
Available for sale securities, net
 
Foreign currency
translation
adjustment, net
 
Total
 
 
(in millions)
Balance at January 1
 
$
(481
)
 
$
(382
)
 
$
—

 
$
(2,057
)
 
$
(2,920
)
Other comprehensive income before reclassifications
 
51

 
—

 
(1
)
 
(184
)
 
(134
)
Amounts reclassified from accumulated other comprehensive loss
 
72

 
6

 
1

 
36

 
115

Net current-period other comprehensive income
 
123

 
6

 
—

 
(148
)
 
(19
)
Balance at June 30
 
$
(358
)
 
$
(376
)
 
$
—

 
$
(2,205
)
 
$
(2,939
)

Reclassifications out of accumulated other comprehensive loss for the three and six months ended June 30, 2013 were as follows:
Details About Accumulated Other
Comprehensive Loss Components
 
Affected Line Item in the Condensed
Consolidated Statement of Operations
 
Three Months Ended June 30, 2013
 
Six Months Ended June 30, 2013
 
 
 
 
(in millions)
Unrealized derivative losses, net
 
 
Non-regulated revenue
 
$
(1
)
 
$
(1
)
 
 
Interest expense
 
(34
)
 
(69
)
 
 
Gain on sale of investments
 
(21
)
 
(21
)
 
 
Foreign currency transaction gains (losses)
 
(17
)
 
(10
)
 
 
Non-regulated cost of sales
 
(1
)
 
(2
)
 
 
Income from continuing operations before taxes and equity in earnings of affiliates
 
(74
)
 
(103
)
 
 
Income tax expense
 
15

 
22

 
 
Net equity in earnings of affiliates
 
(2
)
 
(4
)
 
 
Income from continuing operations
 
(61
)
 
(85
)
 
 
Income from continuing operations attributable to noncontrolling interests
 
11

 
13

 
 
Net income attributable to the AES Corporation
 
$
(50
)
 
$
(72
)
Amortization of defined benefit pension actuarial loss, net
 
 
Non-regulated cost of sales
 
$
(1
)
 
$
(2
)
 
 
Regulated cost of sales
 
(19
)
 
(39
)
 
 
Income from continuing operations before taxes and equity in earnings of affiliates
 
(20
)
 
(41
)
 
 
Income tax expense
 
7

 
14

 
 
Income from continuing operations
 
(13
)
 
(27
)
 
 
Income from continuing operations attributable to noncontrolling interests
 
10

 
21

 
 
Net income attributable to the AES Corporation
 
$
(3
)
 
$
(6
)
Available-for-sale securities, net
 
 
Interest income
 
$
(1
)
 
$
(1
)
 
 
Net income attributable to The AES Corporation
 
$
(1
)
 
$
(1
)
Foreign currency translation adjustment, net
 
 
Gain on sale of investment
 
$
(4
)
 
$
(1
)
 
 
Net loss from disposal and impairments of discontinued businesses
 
(35
)
 
(35
)
 
 
Net income attributable to the AES Corporation
 
$
(39
)
 
$
(36
)
Total reclassifications for the period, net of income tax and noncontrolling interests
 
$
(93
)
 
$
(115
)
_____________________________
(1) 
Amounts in parentheses indicate debits to the condensed consolidated statement of operations.
Stock Repurchase Program
During the three months ended June 30, 2013, shares of common stock repurchased under the existing stock repurchase program (the "Program") totaled 1,558,900 at a total cost of $18 million. The cumulative total purchases under the Program totaled 60,274,089 shares at a total cost of $698 million, which includes a nominal amount of commissions (average of $11.58 per share including commissions). As of June 30, 2013, $282 million was available under the Program.
The common stock repurchased has been classified as treasury stock and accounted for using the cost method. A total of 67,103,992 and 66,415,984 shares were held as treasury stock at June 30, 2013 and December 31, 2012, respectively. Restricted stock units under the Company’s employee benefit plans are issued from treasury stock. The Company has not retired any common stock repurchased since it began the Program.
Subsequent to June 30, 2013, the Company, repurchased an additional 3,738,142 shares at a cost of $45 million, bringing the cumulative total through August 7, 2013 to 64,012,231 shares at a total cost of $743 million (average price of $11.60 per share including commissions).