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Discontinued Operations and Held For Sale Businesses | 3 Months Ended
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Mar. 31, 2012
DISCONTINUED OPERATIONS AND HELD FOR SALE BUSINESSES | 15. DISCONTINUED OPERATIONS AND HELD FOR SALE BUSINESSES In addition to the businesses reported as discontinued operations in the 2011 Form 10-K, d iscontinued operations include the results of the following businesses classified as held for sale in March 2012: Red Oak, an 832 MW gas-fired generation plant in New Jersey; and Ironwood, a 710 MW gas-fired generation plant in Pennsylvania. The following table summarizes the revenue, income from operations, income tax expense, impairment and gain on sale of all discontinued operations for the three months ended March 31, 2012 and 2011:
|  |  | Three Months
|  |  | Ended March 31,
|  |  | 2012 |  | 2011
|  |  | (in millions)
Revenue |  | $ | 37 |  | $ | 197
Income (loss) from operations of discontinued businesses |  | $ | 3 |  | $ | (10)
Income tax (expense) benefit |  |  | (2) |  |  | 3
Income (loss) from operations of discontinued |  |  |  |  |  |
| businesses, net of tax |  | $ | 1 |  | $ | (7)
Net gain/(loss) on sale and impairments of discontinued operations, net of tax |  | $ | (5) |  | $ | -
Red Oak― In February 2012, a subsidiary of the Company signed a sale agreement with a newly-formed portfolio company of Energy Capital Partners II, LP for the sale of 100% of its membership interest in AES Red Oak, LLC and AES Sayreville, two wholly-owned subsidiaries, that hold th e Company's interest in Red Oak for $147 million, subject to customary purchase price adjustments. The transaction close d on April 12, 2012 and t he Company expects to recognize a pretax gain in the range of $60 million to $70 million in the second quarter of 201 2. Red Oak was reported in the North America Generation segment. Ironwood ― I n February 2012, a subsidiary of the Company signed a sale agreement with an indirect wholly-owned subsidiary of PPL Corporation for the sale of 100% of its equity interest in AES Ironwood, Inc., a wholly-owned subsidiary, that holds the Company's inte rest in Ironwood for $87 million, subject to customary purchase price adjustments. The transaction closed on April 13, 2012 and t he Company expects to recognize a pretax gain in the range of $65 million to $75 million in the second quarter of 201 2. Ironwood wa s reported in the North America Generation segment.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 + Details
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