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Schedule I - Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2011
Condensed Financial Information of Registrant Tables [Abstract] |
Unconsolidated Balance Sheet |
THE AES CORPORATION
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT
UNCONSOLIDATED BALANCE SHEETS
|  |  | December 31,
|  |  | 2011 |  | 2010
|  |  | (in millions)
ASSETS |  |  |  |  |
Current Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 189 |  | $ | 594
Restricted cash |  |  | 50 |  |  | 10
Accounts and notes receivable from subsidiaries |  |  | 871 |  |  | 839
Deferred income taxes |  |  | 24 |  |  | 23
Prepaid expenses and other current assets |  |  | 43 |  |  | 31
Total current assets |  |  | 1,177 |  |  | 1,497
Investment in and advances to subsidiaries and affiliates |  |  | 12,088 |  |  | 10,741
Office Equipment: |  |  |  |  |  |
Cost |  |  | 81 |  |  | 93
Accumulated depreciation |  |  | (67) |  |  | (59)
Office equipment, net |  |  | 14 |  |  | 34
Other Assets: |  |  |  |  |  |
Deferred financing costs (net of accumulated amortization of $74 and $39, respectively) |  |  | 92 |  |  | 64
Deferred income taxes |  |  | 525 |  |  | 352
Debt service reserves and other deposits |  |  | 222 |  |  | 1
Total other assets |  |  | 839 |  |  | 417
| Total |  | $ | 14,118 |  | $ | 12,689
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 21 |  | $ | 14
Accounts and notes payable to subsidiaries |  |  | 317 |  |  | 253
Accrued and other liabilities |  |  | 199 |  |  | 175
Term loan |  |  | - |  |  | 200
Senior notes payable - current portion |  |  | 305 |  |  | 263
Total current liabilities |  |  | 842 |  |  | 905
Long-term Liabilities: |  |  |  |  |  |
Senior notes payable |  |  | 5,663 |  |  | 3,632
Junior subordinated notes and debentures payable |  |  | 517 |  |  | 517
Accounts and notes payable to subsidiaries |  |  | 1,007 |  |  | 1,055
Other long-term liabilities |  |  | 143 |  |  | 107
Total long-term liabilities |  |  | 7,330 |  |  | 5,311
Stockholders' equity: |  |  |  |  |  |
Common stock |  |  | 8 |  |  | 8
Additional paid-in capital |  |  | 8,507 |  |  | 8,444
Retained earnings |  |  | 678 |  |  | 620
Accumulated other comprehensive loss |  |  | (2,758) |  |  | (2,383)
Treasury stock |  |  | (489) |  |  | (216)
Total stockholders' equity |  |  | 5,946 |  |  | 6,473
| Total |  | $ | 14,118 |  | $ | 12,689
Statements of Unconsolidated Operations |
THE AES CORPORATION
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF UNCONSOLIDATED OPERATIONS
|  | For the Years Ended December 31
|  | 2011 |  | 2010 |  | 2009
|  | (in millions)
Revenues from subsidiaries and affiliates |  | $ | 59 |  | $ | 34 |  | $ | 39
Equity in earnings of subsidiaries and affiliates |  |  | 357 |  |  | 590 |  |  | 983
Interest income |  |  | 199 |  |  | 279 |  |  | 131
General and administrative expenses |  |  | (241) |  |  | (261) |  |  | (218)
Interest expense |  |  | (490) |  |  | (461) |  |  | (485)
Income before income taxes |  |  | (116) |  |  | 181 |  |  | 450
Income tax benefit (expense) |  |  | 174 |  |  | (172) |  |  | 208
Net income |  | $ | 58 |  | $ | 9 |  | $ | 658
Statements of Unconsolidated Comprehensive Income |
THE AES CORPORATION
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF UNCONSOLIDATED COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2011, 2010, AND 2009
|  |  |  |  | 2011 |  | 2010 |  | 2009
|  |  |  |  | (in millions)
NET INCOME |  | $ | 58 |  | $ | 9 |  | $ | 658
| Available-for-sale securities activity: |  |  |  |  |  |  |  |  |
|  | Change in fair value of available-for-sale securities, net of income tax |  |  |  |  |  |  |  |  |
|  |  | (expense) benefit of $0, $3 and $(4), respectively |  |  | 1 |  |  | (5) |  |  | 8
|  | Reclassification to earnings, net of income tax (expense) benefit |  |  |  |  |  |  |  |  |
|  |  | of $0, $0 and $0, respectively |  |  | (2) |  |  | - |  |  | (2)
| Total change in fair value of available-for-sale securities |  |  | (1) |  |  | (5) |  |  | 6
| Foreign currency translation activity: |  |  |  |  |  |  |  |  |
|  | Foreign currency translation adjustments, net of income tax |  |  |  |  |  |  |  |  |
|  |  | (expense) benefit of $18, $(11) and $(78), respectively |  |  | (297) |  |  | 383 |  |  | 275
|  | Reclassification to earnings, net of income tax (expense) benefit |  |  |  |  |  |  |  |  |
|  |  | of $0, $0 and $0, respectively |  |  | 154 |  |  | 103 |  |  | (4)
| Total foreign currency translation adjustments, net of tax |  |  | (143) |  |  | 486 |  |  | 271
| Derivative activity: |  |  |  |  |  |  |  |  |
|  | Change in derivative fair value, net of income tax (expense) benefit |  |  |  |  |  |  |  |  |
|  |  | of $95, $37 and $21, respectively |  |  | (311) |  |  | (252) |  |  | 178
|  | Reclassification to earnings, net of income tax (expense) benefit |  |  |  |  |  |  |  |  |
|  |  | of $(21), $(20) and $(20), respectively |  |  | 121 |  |  | 172 |  |  | (138)
| Total change in fair value of derivatives, net of tax |  |  | (190) |  |  | (80) |  |  | 40
| Pension activity: |  |  |  |  |  |  |  |  |
|  | Net actuarial (loss) for the period, net of income tax (expense) benefit |  |  |  |  |  |  |  |  |
|  |  | of $25, $23 and $10, respectively |  |  | (43) |  |  | (23) |  |  | (23)
|  | Amortization of net actuarial loss, net of income tax (expense) benefit |  |  |  |  |  |  |  |  |
|  |  | of $(1), $(12) and $0, respectively |  |  | 2 |  |  | 1 |  |  | -
| Total change in unfunded pension obligation |  |  | (41) |  |  | (22) |  |  | (23)
OTHER COMPREHENSIVE INCOME (LOSS) |  |  | (375) |  |  | 379 |  |  | 294
COMPREHENSIVE INCOME (LOSS) |  | $ | (317) |  | $ | 388 |  | $ | 952
Statements of Unconsolidated Cash Flows |
THE AES CORPORATION
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF UNCONSOLIDATED CASH FLOWS
|  |  |  | For the Years Ended December 31,
|  |  |  | 2011 |  | 2010 |  | 2009
|  |  |  | (in millions)
|  | Net cash provided by operating activities |  | $ | 1,569 |  | $ | 488 |  | $ | 178
Investing Activities: |  |  |  |  |  |  |  |  |
| Investment in and advances to subsidiaries |  |  | (2,823) |  |  | (1,185) |  |  | (452)
| (Purchase)/sale of short term investments, net |  |  | 2 |  |  | (3) |  |  | (5)
| Return of capital |  |  | 363 |  |  | 300 |  |  | 166
| (Increase) decrease in restricted cash |  |  | (261) |  |  | (2) |  |  | 4
| Additions to property, plant and equipment |  |  | (28) |  |  | (22) |  |  | (8)
|  | Net cash used in investing activities |  |  | (2,747) |  |  | (912) |  |  | (295)
Financing Activities: |  |  |  |  |  |  |  |  |
| Borrowings under the revolver, net |  |  | 295 |  |  | - |  |  | -
| Borrowings of notes payable and other coupon bearing securities |  |  | 2,050 |  |  | - |  |  | 503
| Repayments of notes payable and other coupon bearing securities |  |  | (477) |  |  | (914) |  |  | (154)
| Loans (to) from subsidiaries |  |  | (744) |  |  | (154) |  |  | 205
| Proceeds from issuance of common stock |  |  | 3 |  |  | 1,569 |  |  | 14
| Purchase of treasury stock |  |  | (279) |  |  | (99) |  |  | -
| Payments for deferred financing costs |  |  | (75) |  |  | (12) |  |  | (23)
|  | Net cash provided by financing activities |  |  | 773 |  |  | 390 |  |  | 545
Effect of exchange rate changes on cash |  |  |  |  |  |  |  |  |
Increase (decrease) in cash and cash equivalents |  |  | (405) |  |  | (34) |  |  | 428
Cash and cash equivalents, beginning |  |  | 594 |  |  | 628 |  |  | 200
Cash and cash equivalents, ending |  | $ | 189 |  | $ | 594 |  | $ | 628
Supplemental Disclosures: |  |  |  |  |  |  |  |  |
| Cash payments for interest, net of amounts capitalized |  | $ | 392 |  | $ | 412 |  | $ | 410
| Cash payments for income taxes, net of refunds |  | $ | (6) |  | $ | - |  | $ | -
Selected Unconsolidated Balance Sheet Data |
|  | December 31, |  | December 31,
|  | 2011 |  | 2010
|  | (in millions)
Assets |  |  |  |  |  |
Investment in and advances to subsidiaries and affiliates |  | $ | 12,088 |  | $ | 10,741
Deferred income taxes |  | $ | 525 |  | $ | 352
Total other assets |  | $ | 839 |  | $ | 417
Total assets |  | $ | 14,118 |  | $ | 12,689
Liabilities and Stockholders' Equity |  |  |  |  |  |
Other long-term liabilities |  | $ | 143 |  | $ | 107
Total long-term liabilities |  | $ | 7,330 |  | $ | 5,311
Additional paid-in capital |  | $ | 8,507 |  | $ | 8,444
Retained earnings |  | $ | 678 |  | $ | 620
Accumulated other comprehensive loss |  | $ | (2,758) |  | $ | (2,383)
Total stockholders' equity |  | $ | 5,946 |  | $ | 6,473
Total liabilities and stockholders' equity |  | $ | 14,118 |  | $ | 12,689
Selected Unconsolidated Operations Data |
|  | For the Year Ended December 31,
|  | 2011 |  | 2010 |  | 2009
|  |  | (in millions)
Equity in earnings of subsidiaries and affiliates |  | $ | 357 |  | $ | 590 |  | $ | 983
Income before income taxes |  | $ | (116) |  | $ | 181 |  | $ | 450
Income tax benefit (expense) |  | $ | 174 |  | $ | (172) |  | $ | 208
Net income attributable to The AES Corporation |  | $ | 58 |  | $ | 9 |  | $ | 658
Notes Payable |
|  |  |  |  |  |  | December 31,
|  |  | Interest Rate |  | Maturity |  | 2011 |  | 2010
|  |  |  |  |  |  | (in millions)
Senior Secured Term Loan |  | LIBOR + 1.75% |  | 2011 |  | $ | - |  | $ | 200
Senior Unsecured Note |  | 8.875% |  | 2011 |  |  | - |  |  | 129
Senior Unsecured Note |  | 8.375% |  | 2011 |  |  | - |  |  | 134
Senior Unsecured Note |  | 7.75% |  | 2014 |  |  | 500 |  |  | 500
Revolving Loan under Senior Secured Credit Facility(1) |  | LIBOR + 3.00% |  | 2015 |  |  | 295 |  |  | -
Senior Unsecured Note |  | 7.75% |  | 2015 |  |  | 500 |  |  | 500
Senior Unsecured Note |  | 9.75% |  | 2016 |  |  | 535 |  |  | 535
Senior Unsecured Note |  | 8.00% |  | 2017 |  |  | 1,500 |  |  | 1,500
Senior Secured Term Loan |  | LIBOR + 3.25% |  | 2018 |  |  | 1,042 |  |  | -
Senior Unsecured Note |  | 8.00% |  | 2020 |  |  | 625 |  |  | 625
Senior Unsecured Note |  | 7.375% |  | 2021 |  |  | 1,000 |  |  | -
Term Convertible Trust Securities |  | 6.75% |  | 2029 |  |  | 517 |  |  | 517
Unamortized discounts |  |  |  |  |  |  | (29) |  |  | (28)
SUBTOTAL |  |  |  |  |  | $ | 6,485 |  | $ | 4,612
| Less: Current maturities |  |  |  |  |  |  | (305) |  |  | (463)
Total |  |  |  |  |  | $ | 6,180 |  | $ | 4,149
Future Maturities of Debt |
| December 31, |  | Annual Maturities
|  |  |  | (in millions)
| 2012 | . |  | $ | 305
| 2013 | . |  |  | 11
| 2014 | . |  |  | 509
| 2015 | . |  |  | 511
| 2016 | . |  |  | 523
| Thereafter |  |  | 4,626
| Total debt |  | $ | 6,485
Dividends From Subsidiaries and Affiliates |
|  | 2011 |  | 2010 |  | 2009
|  | (in millions)
Subsidiaries |  | $ | 1,059 |  | $ | 944 |  | $ | 948
Affiliates |  | $ | 25 |  | $ | 10 |  | $ | 60

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