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Schedule I - Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2012
Condensed Financial Information of Registrant Tables [Abstract] |
Unconsolidated Balance Sheet |
THE AES CORPORATION
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
BALANCE SHEETS
|  |  | December 31,
|  |  | 2012 |  | 2011
|  |  | (in millions)
ASSETS |  |  |  |  |
Current Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 305 |  | $ | 189
Restricted cash |  |  | 227 |  |  | 50
Accounts and notes receivable from subsidiaries |  |  | 594 |  |  | 602
Deferred income taxes |  |  | 8 |  |  | 24
Prepaid expenses and other current assets |  |  | 28 |  |  | 43
Total current assets |  |  | 1,162 |  |  | 908
Investment in and advances to subsidiaries and affiliates |  |  | 9,393 |  |  | 11,352
Office Equipment: |  |  |  |  |  |
Cost |  |  | 86 |  |  | 81
Accumulated depreciation |  |  | (72) |  |  | (67)
Office equipment, net |  |  | 14 |  |  | 14
Other Assets: |  |  |  |  |  |
Deferred financing costs (net of accumulated amortization of $58 and $74, respectively) |  |  | 76 |  |  | 92
Deferred income taxes |  |  | 573 |  |  | 525
Debt service reserves and other deposits |  |  | - |  |  | 222
Total other assets |  |  | 649 |  |  | 839
| Total |  | $ | 11,218 |  | $ | 13,113
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 15 |  | $ | 21
Accounts and notes payable to subsidiaries |  |  | 50 |  |  | 48
Accrued and other liabilities |  |  | 241 |  |  | 216
Senior notes payable - current portion |  |  | 11 |  |  | 305
Total current liabilities |  |  | 317 |  |  | 590
Long-term Liabilities: |  |  |  |  |  |
Senior notes payable |  |  | 5,434 |  |  | 5,663
Junior subordinated notes and debentures payable |  |  | 517 |  |  | 517
Accounts and notes payable to subsidiaries |  |  | 242 |  |  | 254
Other long-term liabilities |  |  | 139 |  |  | 143
Total long-term liabilities |  |  | 6,332 |  |  | 6,577
Stockholders' equity: |  |  |  |  |  |
Common stock |  |  | 8 |  |  | 8
Additional paid-in capital |  |  | 8,525 |  |  | 8,507
Retained earnings (accumulated deficit) |  |  | (264) |  |  | 678
Accumulated other comprehensive loss |  |  | (2,920) |  |  | (2,758)
Treasury stock |  |  | (780) |  |  | (489)
Total stockholders' equity |  |  | 4,569 |  |  | 5,946
| Total |  | $ | 11,218 |  | $ | 13,113
Statements of Unconsolidated Operations |
THE AES CORPORATION
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
STATEMENTS OF OPERATIONS
|  | For the Years Ended December 31
|  | 2012 |  | 2011 |  | 2010
|  | (in millions)
Revenue from subsidiaries and affiliates |  | $ | 20 |  | $ | 59 |  | $ | 34
Equity in earnings (loss) of subsidiaries and affiliates |  |  | (437) |  |  | 352 |  |  | 590
Interest income |  |  | 119 |  |  | 158 |  |  | 279
General and administrative expenses |  |  | (133) |  |  | (241) |  |  | (261)
Interest expense |  |  | (502) |  |  | (444) |  |  | (461)
Income (loss) before income taxes |  |  | (933) |  |  | (116) |  |  | 181
Income tax benefit (expense) |  |  | 21 |  |  | 174 |  |  | (172)
Net income (loss) |  | $ | (912) |  | $ | 58 |  | $ | 9
Statements of Unconsolidated Cash Flows |
THE AES CORPORATION
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT
STATEMENTS OF CASH FLOWS
|  |  |  | For the Years Ended December 31,
|  |  |  | 2012 |  | 2011 |  | 2010
|  |  |  | (in millions)
|  | Net cash provided by operating activities |  | $ | 694 |  | $ | 719 |  | $ | 488
Investing Activities: |  |  |  |  |  |  |  |  |
| Investment in and advances to subsidiaries |  |  | (168) |  |  | (2,655) |  |  | (1,185)
| Return of capital |  |  | 660 |  |  | 304 |  |  | 300
| (Increase) decrease in restricted cash |  |  | 44 |  |  | (261) |  |  | (2)
| Additions to property, plant and equipment |  |  | (24) |  |  | (28) |  |  | (22)
| (Purchase) sale of short term investments, net |  |  | 1 |  |  | 2 |  |  | (3)
|  | Net cash used in investing activities |  |  | 513 |  |  | (2,638) |  |  | (912)
Financing Activities: |  |  |  |  |  |  |  |  |
| Borrowings (payments) under the revolver, net |  |  | (295) |  |  | 295 |  |  | -
| Borrowings of notes payable and other coupon bearing securities |  |  | - |  |  | 2,050 |  |  | -
| Repayments of notes payable and other coupon bearing securities |  |  | (236) |  |  | (477) |  |  | (914)
| Loans (to) from subsidiaries |  |  | (236) |  |  | (5) |  |  | (154)
| Purchase of treasury stock |  |  | (301) |  |  | (279) |  |  | (99)
| Proceeds from issuance of common stock |  |  | 8 |  |  | 3 |  |  | 1,569
| Common stock dividends paid |  |  | (30) |  |  | - |  |  | -
| Payments for deferred financing costs |  |  | (1) |  |  | (75) |  |  | (12)
|  | Net cash provided by financing activities |  |  | (1,091) |  |  | 1,512 |  |  | 390
Increase (decrease) in cash and cash equivalents |  |  | 116 |  |  | (405) |  |  | (34)
Cash and cash equivalents, beginning |  |  | 189 |  |  | 594 |  |  | 628
Cash and cash equivalents, ending |  | $ | 305 |  | $ | 189 |  | $ | 594
Supplemental Disclosures: |  |  |  |  |  |  |  |  |
| Cash payments for interest, net of amounts capitalized |  | $ | 479 |  | $ | 392 |  | $ | 412
| Cash payments for income taxes, net of refunds |  | $ | - |  | $ | (6) |  | $ | -
Selected Unconsolidated Balance Sheet Data |
|  | December 31, |  | December 31,
|  | 2012 |  | 2011
|  | (in millions)
Assets |  |  |  |  |  |
Investment in and advances to subsidiaries and affiliates |  | $ | 9,393 |  | $ | 11,352
Deferred income taxes - long term |  | $ | 573 |  | $ | 525
Total other assets |  | $ | 649 |  | $ | 839
Total assets |  | $ | 11,218 |  | $ | 13,113
Liabilities and Stockholders' Equity |  |  |  |  |  |
Other long-term liabilities |  | $ | 139 |  | $ | 143
Total long-term liabilities |  | $ | 6,332 |  | $ | 6,577
Additional paid-in capital |  | $ | 8,525 |  | $ | 8,507
Retained earnings (accumulated deficit) |  | $ | (264) |  | $ | 678
Accumulated other comprehensive loss |  | $ | (2,920) |  | $ | (2,758)
Total stockholders' equity |  | $ | 4,569 |  | $ | 5,946
Total liabilities and stockholders' equity |  | $ | 11,218 |  | $ | 13,113
Selected Unconsolidated Operations Data |
|  | For the Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
|  |  | (in millions)
Equity in earnings (loss) of subsidiaries and affiliates |  | $ | (437) |  | $ | 352 |  | $ | 590
Income (loss) before income taxes |  | $ | (933) |  | $ | (116) |  | $ | 181
Income tax benefit (expense) |  | $ | 21 |  | $ | 174 |  | $ | (172)
Net income (loss) attributable to The AES Corporation |  | $ | (912) |  | $ | 58 |  | $ | 9
Recourse Debt |
|  |  |  |  |  |  | December 31,
|  |  | Interest Rate |  | Maturity |  | 2012 |  | 2011
|  |  |  |  |  |  | (in millions)
Senior Unsecured Note |  | 7.75% |  | 2014 |  | $ | 500 |  | $ | 500
Revolving Loan under Senior Secured Credit Facility |  | 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 |  |  | 807 |  |  | 1,042
Senior Unsecured Note |  | 8.00% |  | 2020 |  |  | 625 |  |  | 625
Senior Unsecured Note |  | 7.38% |  | 2021 |  |  | 1,000 |  |  | 1,000
Term Convertible Trust Securities |  | 6.75% |  | 2029 |  |  | 517 |  |  | 517
Unamortized discounts |  |  |  |  |  |  | (22) |  |  | (29)
SUBTOTAL |  |  |  |  |  |  | 5,962 |  |  | 6,485
| Less: Current maturities |  |  |  |  |  |  | (11) |  |  | (305)
Total |  |  |  |  |  | $ | 5,951 |  | $ | 6,180
Future Maturities of Debt |
| December 31, |  | Annual Maturities
|  |  |  | (in millions)
| 2013 | . |  | $ | 11
| 2014 | . |  |  | 510
| 2015 | . |  |  | 511
| 2016 | . |  |  | 527
| 2017 | . |  |  | 1,510
| Thereafter |  |  | 2,893
| Total debt |  | $ | 5,962
Dividends From Subsidiaries and Affiliates |
|  | 2012 |  | 2011 |  | 2010
|  | (in millions)
Subsidiaries |  | $ | 1,049 |  | $ | 1,059 |  | $ | 944
Affiliates |  | $ | 5 |  | $ | 25 |  | $ | 10

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