Equity

3 Months Ended

Jun. 30, 2012

EQUITY

11. EQUITY

			Six Months Ended June 30, 2012							Six Months Ended June 30, 2011
			The AES							The AES
			Corporation							Corporation
			Stockholders'		Noncontrolling		Total			Stockholders'		Noncontrolling		Total
			Equity		Interests		Equity			Equity		Interests		Equity
		(in millions)							(in millions)
Balance at January 1			$	5,946	$	3,783	$	9,729		$	6,473	$	3,940	$	10,413
Net income				481		241		722			398		512		910
Total change in fair value of available-for-sale
	securities, net of income tax			-		-		-			(2)		-		(2)
Total foreign currency translation adjustment,
	net of income tax			(134)		(110)		(244)			118		144		262
Total pension adjustments,
	net of income tax			4		9		13			2		5		7
Total change in fair value of derivatives,
	net of income tax			23		(9)		14			(13)		3		(10)
Capital contributions from noncontrolling interests				-		12		12			-		3		3
Distributions to noncontrolling interests				-		(507)		(507)			-		(679)		(679)
Disposition of businesses				-		(37)		(37)			-		(2)		(2)
Acquisition of treasury stock				(231)		-		(231)			(98)		-		(98)
Issuance and exercise of stock-based compensation
	benefit plans, net of income tax			34		-		34			33		-		33
Acquisition of subsidiary shares from
	noncontrolling interests			-		(4)		(4)			-		-		-
Balance at June 30			$	6,123	$	3,378	$	9,501		$	6,911	$	3,926	$	10,837

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss as of June 30, 2012 and December 31, 2011 were as follows:

	June 30,		December 31,
	2012		2011
	(in millions)
Foreign currency translation adjustment	$	2,101	$	1,967
Unrealized derivative losses, net		511		534
Unfunded pension obligation		253		257
Accumulated other comprehensive loss	$	2,865	$	2,758

Stock Repurchase Program

On April 19, 2012, the Company's Board of Directors approved an increase to the stock repurchase program (the “Program”), which was announced on July 7, 2010, bringing the total amount authorized for purchases of AES common stock from $500 million to $680 million. The Board authorization permits the Company to repurchase stock through a variety of methods, including open market repurchases and/or 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 Board of Directors at any time. During the three and six months ended June 30, 2012, shares of common stock repurchased under this plan totaled 18,744,363 at a total cost of $230 million plus a nominal amount of commissions (average of $12.31 per share including commissions), bringing the cumulative total purchases under the program to 52,669,168 shares at a total cost of $608 million plus a nominal amount of commissions (average of $11.57 per share including commissions).

The shares of stock repurchased have been classified as treasury stock and accounted for using the cost method. A total of 60,391,403 and 42,386,961 shares were held as treasury stock at June 30, 2012 and December 31, 2011, respectively. The Company has not retired any shares held in treasury during the three and six months ended June 30, 2012.