Noncontrolling interest in consolidated subsidiaries. The Company owns the majority interests in certain subsidiaries with operations in the United States. Prior to December 17, 2013, the Company owned a 0.1 percent general partner interest and a 52.4 percent limited partner interest in Pioneer Southwest Energy Partners L.P. ("Pioneer Southwest") and consolidated the financial position, results of operations and cash flows of Pioneer Southwest with those of Pioneer. Pioneer Southwest owned proved and unproved oil and gas properties in the Spraberry field in the Permian Basin of West Texas. On December 17, 2013, the holders of a majority of the outstanding common units of Pioneer Southwest approved an amended agreement and plan of merger, pursuant to which (i) all of the then outstanding common units of Pioneer Southwest were canceled and converted into the right to receive 0.2325 of a share of common stock of the Company and (ii) Pioneer Southwest became a wholly-owned subsidiary of the Company. The changes in the Company's ownership of Pioneer Southwest were accounted for by eliminating the noncontrolling interest attributable to Pioneer Southwest. See Note C for additional information about Pioneer Southwest and the amended agreement and plan of merger.
Noncontrolling interests in the net assets of consolidated subsidiaries totaled $13.2 million and $178.0 million as of December 31, 2013 and 2012, respectively. The Company recorded net income attributable to the noncontrolling interests of $38.9 million, $50.5 million and $47.4 million for the years ended December 31, 2013, 2012 and 2011, respectively.
In accordance with GAAP, the Company records transfers of any gains or losses, net of taxes, from noncontrolling interests in consolidated subsidiaries to additional paid in capital proportionate to the ownership after giving effect to the purchase or sale of common units. The following table presents the Company's net income or loss attributable to common stockholders adjusted for changes in equity as a result of transactions that changed the Company's ownership interest in Pioneer Southwest:
|
| | | | | | | | | | | |
| Year Ended December 31, |
| 2013 | | 2012 | | 2011 |
| (in thousands) |
Net income (loss) attributable to common stockholders | $ | (838,414 | ) | | $ | 192,285 |
| | $ | 834,489 |
|
Transfers from the noncontrolling interest in consolidated subsidiaries: | | | | | |
Increase in additional paid in capital from the sale of 1.8 million Pioneer Southwest common units during 2011, net of tax of $15.4 million | — |
| | — |
| | 26,915 |
|
Increase in additional paid in capital from Pioneer Southwest's offering of 2.6 million common units during 2011, net of tax of $23.7 million | — |
| | — |
| | 8,104 |
|
Decrease in additional paid in capital for deferred taxes recognized attributable to Pioneer Southwest's 2008 initial public offering of 9.5 million common units | — |
| | (49,072 | ) | | — |
|
Increase in additional paid in capital from Pioneer Southwest merger | 168,685 |
| | — |
| | — |
|
Increase in additional paid in capital from deferred taxes recognized attributable to Pioneer Southwest merger | 200,091 |
| | — |
| | — |
|
Decrease in additional paid in capital from Pioneer Southwest merger transaction costs | (3,880 | ) | | — |
| | — |
|
Net increase (decrease) in equity from transactions with noncontrolling interests | 364,896 |
| | (49,072 | ) | | 35,019 |
|
Net income (loss) attributable to common stockholders and changes in equity from transactions with noncontrolling interests | $ | (473,518 | ) | | $ | 143,213 |
| | $ | 869,508 |
|
