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Equity
 12 Months Ended
Dec. 31, 2013
Equity [Abstract]  
EQUITY
EQUITY

Equity Transactions with Noncontrolling Interests

During the year ended December 31, 2013, the Company completed transactions which increased noncontrolling interests in Alto Maipo and Cochrane, two projects under development in Chile. Although there was a decrease in the Company's ownership interest, the Company retained control of both projects, which continue to be accounted for as consolidated subsidiaries. The difference between the fair value of the consideration received for these transactions and the corresponding adjustment to noncontrolling interest of $16 million was recognized as an equity transaction through Additional Paid-in Capital.

The following table summarizes the net income (loss) attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the years ended December 31, 2013 and 2012.
 
 
2013
 
2012
 
 
(in millions)
Net income (loss) attributable to The AES Corporation
 
$
114

 
$
(912
)
      Transfers (to) from the noncontrolling interest:
 
 
 
 
           Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares
 
16

 
7

           Increase (decrease) in The AES Corporation's paid-in capital for purchase of subsidiary shares
 
(6
)
 
4

      Net transfers (to) from noncontrolling interest
 
10

 
11

Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests
 
$
124

 
$
(901
)

Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component, net of tax and noncontrolling interests for the year ended December 31, 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
 
46

 
78

 
(1
)
 
(263
)
 
(140
)
Amounts reclassified from accumulated other comprehensive loss
 
128

 
13

 
1

 
36

 
178

Net current-period other comprehensive income
 
174

 
91

 
—

 
(227
)
 
38

Balance at December 31
 
$
(307
)
 
$
(291
)
 
$
—

 
$
(2,284
)
 
$
(2,882
)

Reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2013 were as follows:
Details About Accumulated Other Comprehensive Loss Components
 
Affected Line Item in the Consolidated Statement of Operations
 
Year Ended December 31, 2013(1)
 
 
 
 
(in millions)
Unrealized derivative losses, net
 
 
Non-regulated revenue
 
$
(3
)
 
 
Non-regulated cost of sales
 
(7
)
 
 
Interest expense
 
(137
)
 
 
Gain on sale of investments
 
(21
)
 
 
Foreign currency transaction gains (losses)
 
(6
)
 
 
Income from continuing operations before taxes and equity in earnings of affiliates
 
(174
)
 
 
Income tax expense
 
41

 
 
Net equity in earnings of affiliates
 
(6
)
 
 
Income from continuing operations
 
(139
)
 
 
Income from continuing operations attributable to noncontrolling interests
 
11

 
 
Net income attributable to The AES Corporation
 
$
(128
)
Amortization of defined benefit pension actuarial loss, net
 
 
Regulated cost of sales
 
$
(73
)
 
 
Non-regulated cost of sales
 
(4
)
 
 
General and administrative expenses
 
(1
)
 
 
Income from continuing operations before taxes and equity in earnings of affiliates
 
(78
)
 
 
Income tax expense
 
26

 
 
Income from continuing operations
 
(52
)
 
 
Income from continuing operations attributable to noncontrolling interests
 
39

 
 
Net income attributable to The AES Corporation
 
$
(13
)
Available-for-sale securities, net
 
 
Interest income
 
$
(1
)
 
 
Net income attributable to The AES Corporation
 
$
(1
)
Foreign currency translation adjustment, net
 
 
Gain on sale of investments
 
$
(1
)
 
 
Net loss from disposal and impairments of discontinued businesses
 
(35
)
 
 
Net income attributable to The AES Corporation
 
$
(36
)
Total reclassifications for the period, net of income tax and noncontrolling interests
 
$
(178
)
_____________________________
(1) 
Amounts in parentheses indicate debits to the consolidated statement of operations.
Dividend
On November 4, 2013, the Board of Directors of the Company declared a quarterly common stock dividend of $0.05 per share payable on February 18, 2014 to shareholders of record at the close of business on February 3, 2014.
Stock Repurchase Program
On December 11, 2013, the Board of Directors (the “Board”) of the Company increased the size of the common stock repurchase program (the “Program”) by authorizing the repurchase of up to an additional $211 million of the Company’s common stock, leaving approximately $450 million available for purchases of the Company’s common stock in one or more transactions, including through open-market repurchases, Rule 10b5-1 plans and privately negotiated transactions. There can be no assurances as to the amount, timing or prices of repurchases, which may vary based on market conditions and other factors. The Program does not have an expiration date and it can be modified or terminated by the Company’s Board at any time.
On December 18, 2013, the Company completed the underwritten secondary public offering (the “Offering”) of 46,000,000 shares (the “Offered Shares”) of its common stock by the Terrific Investment Corporation (the “Selling Stockholder”), a subsidiary controlled by China Investment Corporation at a price of $13.45 per share. The Offered Shares included the full exercise of the underwriters’ option to purchase up to 6,000,000 additional shares of the Company’s common stock to cover over-allotments, which option was exercised in full by the underwriters on December 13, 2013. The Company did not receive any of the proceeds from the Offering. Also, on December 18, 2013, the Company completed the repurchase of 20 million shares of its common stock from the Selling Stockholder at a price per share of $12.912 for an aggregate purchase price of $258 million.
During the year ended December 31, 2013, shares of common stock repurchased under the Program (including the 20 million share repurchase in December referenced above) totaled 25,297,042 at a total cost of $322 million. The cumulative purchases under the Program totaled 94,728,430 shares at a total cost of $1.1 billion, which includes a nominal amount of commissions (average price per share of $12.10, including commissions). As of December 31, 2013, $191 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 90,808,168 and 66,415,984 shares were held as treasury stock at December 31, 2013 and 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 in July 2010.