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Subsequent Events | 3 Months Ended
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Mar. 31, 2015
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Recourse Debt Transaction — In April 2015, the Company issued $575 million aggregate principal amount of 5.50% senior notes due 2025. Concurrent with this offering, the Company redeemed via tender offers $344 million aggregate principal of its existing 8.00% senior unsecured notes due 2017, and $156 million of its existing 8.00% senior unsecured notes due 2020. As a result of the latter transaction, the Company expects to recognize a loss on extinguishment of debt of approximately $82 million during the second quarter of 2015. IPALCO — On April 1, 2015 CDPQ invested $214 million of the additional $349 million in IPALCO. This investment resulted in CDPQ’s combined direct and indirect interest in IPALCO to be 24.90%. See Note 11—Equity for further information. Maritza — On April 8, 2015 the Company signed a non-binding Heads of Terms Agreement (“HTA”) with NEK. Under the framework set forth in the HTA, both parties will endeavor to make certain changes to the PPA, under which Maritza sells its output to NEK through 2026 (“PPA Term”). Maritza and NEK agreed to reduce the capacity payment to Maritza under the PPA by 14% through the PPA Term. In exchange, NEK will pay Maritza its overdue receivables. Total receivables were approximately $236 million as of March 31, 2015. The amendment of Maritza's PPA is expected to be executed and all conditions precedent to effectiveness to be met, including full payment of overdue receivables and approval by relevant parties, by the third quarter of 2015. Stock Repurchase Program — Subsequent to March 31, 2015, the Company repurchased an additional 591,028 shares at a cost of $7 million, bringing the cumulative repurchases total through May 8, 2015 to 109,319,998 shares at a total cost of $1.4 billion, at an average price per share of $12.38 (including a nominal amount of commissions). As of May 8, 2015, $381 million remains available under the Program. See Note 11—Equity for additional information. Dividends — On April 23, 2015 the Company’s Board of Directors declared a dividend of $0.10 per outstanding common share payable on May 15, 2015 to the shareholders of record at the close of business on May 1, 2015.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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