Redeemable Stock of Subsidiaries

12 Months Ended

Dec. 31, 2019

REDEEMABLE STOCK OF SUBSIDIARIES

The following table is a reconciliation of changes in redeemable stock of subsidiaries (in millions):



December 31,	2019			2018
Balance at the beginning of the period	$	879		$	837
Contributions from holders of redeemable stock of subsidiaries	10			34
Net income (loss) attributable to redeemable stock of subsidiaries	(7		)	2
Fair value adjustment	6			4
Other comprehensive income (loss) attributable to redeemable stock of subsidiaries	—			2
Balance at the end of the period	$	888		$	879

The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated (in millions):



December 31,	2019		2018
IPALCO common stock	$	618	$	618
Colon quotas⁽¹⁾	210		201
IPL preferred stock	60		60
Total redeemable stock of subsidiaries	$	888	$	879

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⁽¹⁾	Characteristics of quotas are similar to common stock.

Colon — Our partner in Colon made capital contributions of $10 million and $34 million during the year ended December 31, 2019 and 2018, respectively. Any subsequent adjustments to allocate earnings and dividends to our partner, or measure the investment at fair value, will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable.

IPL — IPL had $60 million of cumulative preferred stock outstanding at December 31, 2019 and 2018, which represents five series of preferred stock. The total annual dividend requirements were approximately $3 million at December 31, 2019 and 2018. Certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $100 and $118 per share. Holders of the preferred stock are entitled to elect a majority of IPL's board of directors if IPL has not paid dividends to its preferred stockholders for four consecutive quarters. Based on the preferred stockholders' ability to elect a majority of IPL's board of directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity.