1.0.0.3 false Fair Value Measurements false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 NOTES TO FINANCIAL STATEMENTS 0 ceg_NotesToFinancialStatementsAbstract ceg false na duration string Notes To Financial Statements [Abstract] false false false false false true false false false 1 false false 0 0 false false Notes To Financial Statements [Abstract] false 3 Fair Value Measurements 1 us-gaap_FairValueMeasurementInputsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16825" name=GENERATOR></HEAD> <BODY> Fair Value Measurements SFAS No. 157, Fair Value Measurements, (SFAS No. 157) defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. Fair value is the price that we would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).         SFAS No. 157 also creates a fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of the fair value hierarchy are as follows: <UL> <DL compact> <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">Level 1Unadjusted quoted prices available in active markets at the measurement date for identical assets or liabilities. <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">Level 2Pricing inputs, other than quoted prices included within Level 1, which are either directly or indirectly observable as of the reporting date. <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">Level 3Significant inputs that are generally not observable from market activity. </DD></DL></UL>         We determine the fair value of our assets and liabilities using unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available. We use unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available.         We classify assets and liabilities within the fair value hierarchy based on the lowest level of input that is <A name=page_xxx44501_1_37></A>significant to the fair value measurement of each individual asset and liability taken as a whole. We determine fair value for assets and liabilities classified as Level 1 by multiplying the market price by the quantity of the asset or liability. We primarily determine fair value measurements classified as Level 2 or Level 3 using the income valuation approach, which involves discounting estimated cash flows using assumptions that market participants would use in pricing the asset or liability.         We present all derivatives recorded at fair value net with the associated fair value cash collateral. This presentation of the net position reflects our credit exposure for our on-balance sheet positions but excludes the impact of any off-balance sheet positions and collateral. Examples of off-balance sheet positions and collateral include in-the-money accrual contracts for which the right of offset exists in the event of default and letters of credit. We discuss our letters of credit in more detail in the Financing Activities section. Recurring Measurements BGE's assets and liabilities measured at fair value on a recurring basis are immaterial. Our merchant energy business segment's assets and liabilities measured at fair value on a recurring basis consist of the following:  <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=111></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=30></TD> <TD style="FONT-FAMILY: times" width=13></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=35></TD> <TD style="FONT-FAMILY: times" width=3></TD></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=3>  </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=5>As of June 30, 2009 </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=middle colSpan=3>  </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>Assets </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>Liabilities </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=bottom> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=9> </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=3>  </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=5>(In millions) </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> Cash equivalents</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>746.3</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> Debt and equity securities</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>1,111.4</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> Derivative instruments:</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" colSpan=2> Classified as derivative assets and liabilities:</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Current</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>1,036.4</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(1,272.8</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Noncurrent</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>747.2</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(937.5</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colSpan=9> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Total classified as derivative assets and liabilities</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>1,783.6</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(2,210.3</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" colSpan=2> Classified as accounts receivable*</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(843.3</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colSpan=9> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" colSpan=2> Total derivative instruments</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>940.3</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(2,210.3</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colSpan=9> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> Total recurring fair value measurements</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>2,798.0</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>(2,210.3</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" colSpan=9> </TD> <TD style="FONT-FAMILY: times"> </TD></TR></TBODY></TABLE></DIV> * Represents the unrealized fair value of exchange traded derivatives, exclusive of cash margin posted.         Cash equivalents represent money market mutual funds which are included in "Cash and cash equivalents" and "Nuclear decommissioning trust funds" in the Consolidated Balance Sheets. Debt and equity securities primarily represent available-for-sale investments which are included in "Nuclear decommissioning trust funds" and "Other assets" in the Consolidated Balance Sheets. Derivative instruments represent unrealized amounts related to all derivative positions, including futures, forwards, swaps, and options. We classify exchange-listed contracts as part of "Accounts Receivable" in our Consolidated Balance Sheets. We classify the remainder of our derivative contracts as "Derivative assets" or "Derivative liabilities" in our Consolidated Balance Sheets.         The table below disaggregates our net derivative assets and liabilities on a gross contract-by-contract basis. Each individual asset or liability that is remeasured at fair value on a recurring basis is required to be presented in this table and classified, in its entirety, within the appropriate level in the fair value hierarchy. Therefore, the objective of this table is to provide information about how each individual derivative contract is valued within the fair value hierarchy, regardless of whether a particular contract is eligible for netting against other contracts or whether it has been collateralized. <A name=page_xxx44501_1_38></A>         The table below sets forth by level within the fair value hierarchy the gross components of the Company's assets and liabilities that were measured at fair value on a recurring basis as of June 30, 2009. These gross balances are intended solely to provide information on sources of inputs to fair value and proportions of fair value involving objective versus subjective valuations and do not represent either our actual credit exposure or net economic exposure.  <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=180></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=30></TD> <TD style="FONT-FAMILY: times" width=13></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=37></TD> <TD style="FONT-FAMILY: times" width=13></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=32></TD> <TD style="FONT-FAMILY: times" width=13></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=60></TD> <TD style="FONT-FAMILY: times" width=13></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=36></TD> <TD style="FONT-FAMILY: times" width=3></TD></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2>At June 30, 2009 </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>Level 1 </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>Level 2 </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>Level 3 </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>Netting and Cash Collateral* </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>Total Net Fair Value </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=bottom> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=17> </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2>  </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=14>(In millions) </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> Cash equivalents</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>734.0</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>12.3</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>746.3</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> Debt and equity securities:</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Marketable equity securities</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>266.3</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>266.3</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Mutual funds / common collective trusts</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>48.4</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>505.6</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>554.0</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Corporate debt securities</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>178.0</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>178.0</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> U.S. Agencies</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>44.6</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>44.6</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> U.S. Treasuries</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>20.4</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>20.4</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> State municipal bonds</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>48.1</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>48.1</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colSpan=17> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> Debt and equity securities</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>335.1</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>776.3</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right></TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>1,111.4</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> Derivative assets</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>180.9</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>36,104.9</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>3,941.7</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(39,287.2</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>940.3</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> Derivative liabilities</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(160.5</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(37,158.8</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(4,118.2</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>39,227.2</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(2,210.3</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colSpan=17> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Net derivative position</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>20.4</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(1,053.9</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(176.5</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(60.0</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(1,270.0</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colSpan=17> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> Total</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>1,089.5</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>(265.3</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>(176.5</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>(60.0</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times" align=right>$</TD> <TD style="FONT-FAMILY: times" align=right>587.7</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" colSpan=17> </TD> <TD style="FONT-FAMILY: times"> </TD></TR></TBODY></TABLE></DIV> * We present our derivative assets and liabilities in our Consolidated Balance Sheets on a net basis. We net derivative assets and liabilities, including cash collateral, when a legally enforceable master netting agreement exists between us and the counterparty to a derivative contract. At June 30, 2009, we included $193.4 million of cash collateral held and $133.4 million of cash collateral posted (excluding margin posted on exchange traded derivatives) in netting amounts in the above table.         The factors that cause changes in the gross components of the derivatives amounts in the table above are unrelated to the existence or level of actual market or credit risk from our operations. Thus, the gross components of the derivatives amounts in this table decreased from the corresponding amounts as of December 31, 2008, due to substantial changes in commodity prices and the decrease in the number of derivative contracts outstanding. We describe the primary factors that change the gross components below.         SFAS No. 157 requires us to prepare this table by separating each individual derivative contract that is in the money from each contract that is out of the money. It also requires us to ignore master netting agreements and collateral for our derivatives. As a result, the gross "asset" and "liability" amounts under each of the three fair value levels far exceed our actual economic exposure to commodity price risk and credit risk. Our actual economic exposure consists of the net derivative position combined with our nonderivative accrual contracts, such as those for load-serving, and our physical assets, such as our power plants. Our actual credit risk exposure is reflected in the net derivative asset and derivative liability amounts shown in the Total Net Fair Value column.         Increases and decreases in the gross components presented in each of the levels in this table also do not indicate changes in the level of derivative activities. Rather, the primary factors affecting the gross amounts are commodity prices and the total number of contracts. If commodity prices change, the gross amounts could increase, even if the level of contracts stays the same, because separate presentation is required for contracts that are in the money from those that are out of the money. As a result, even fully hedged positions could exhibit increases in the gross amounts if prices change. Additionally, if the number of contracts increases, the gross amounts also could increase. Thus, the execution of new contracts to reduce economic risk could actually increase the gross amounts in the table because of the required separation of contracts discussed above.         Cash equivalents are primarily comprised of exchange traded money market funds and money market mutual funds. These instruments are valued based upon unadjusted quoted prices in active markets and are classified within Level 1. Cash equivalents classified in Level 2 are held within our nuclear decommissioning trust funds and are valued based on fund share price, which is observable on a less frequent basis. <A name=page_xxx44501_1_39></A>         Debt and equity securities include trust assets securing certain executive benefits, other marketable securities, and our nuclear decommissioning trust funds. Trust assets securing certain executive benefits consist of mutual funds, which are valued based upon unadjusted quoted prices in active markets and are classified within Level 1. Our other marketable securities consist of marketable equity securities, which are valued based on unadjusted quoted prices in active markets and are classified within Level 1. Nuclear decommissioning trust funds consist of a number of different types of securities, including the following: <UL> <DL compact> <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">marketable equity securities, mutual funds, and United States Treasury securities are classified within Level 1 because they are valued based on unadjusted quoted prices in active markets, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">fixed income securities other than United States Treasury securities are classified within Level 2 because these instruments are traded in markets that are less active than the markets for equity securities and United States Treasury securities, and <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">common collective trusts are classified within Level 2 because they are valued based on the fund share price, which is observable on a less frequent basis. </DD></DL></UL>         Derivative instruments include exchange-traded and bilateral contracts. Exchange-traded derivative contracts include futures and certain options. Bilateral derivative contracts include swaps, forwards, certain options and complex structured transactions. We utilize models to measure the fair value of bilateral derivative contracts. Generally, we use similar models to value similar instruments. Valuation models utilize various inputs, which include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other observable inputs for the asset or liability, and market-corroborated inputs, which are inputs derived principally from or corroborated by observable market data by correlation or other means. However, the primary input to our valuation models is the forward commodity price. We have classified derivative contracts within the fair value hierarchy as follows: <UL> <DL compact> <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">Exchange-traded derivative contracts valued based on unadjusted quoted prices in active markets are classified within Level 1. <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">Exchange-traded derivative contracts valued using pricing inputs based upon market quotes or market transactions are classified within Level 2. These contracts generally trade in less active markets due to the length of the contracts (i.e., for certain contracts the exchange sets the closing price, which may not be reflective of an actual trade). <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">Bilateral derivative contracts where observable inputs are available for substantially the full term and value of the asset or liability are classified within Level 2. <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">Bilateral derivative contracts with a lower availability of pricing information are classified in Level 3. In addition, complex or structured transactions, such as certain options, may require us to use internally-developed model inputs, which might not be observable in or corroborated by the market, to determine fair value. When such unobservable inputs have more than an insignificant impact on the measurement of fair value, we also classify the instrument within Level 3. </DD></DL></UL>         In order to determine fair value, we utilize various inputs and factors including market data and assumptions that market participants would use in pricing assets or liabilities as well as assumptions about the risks inherent in the inputs to the valuation technique. The inputs and factors include: <UL> <DL compact> <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">forward commodity prices, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">price volatility, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">volumes, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">location, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">interest rates, <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">credit quality of counterparties and Constellation Energy, and <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"> <DD style="FONT-FAMILY: times">credit enhancements. <A name=page_xxx44501_1_40></A></DD></DL></UL>         The following table sets forth a reconciliation of changes in Level 3 fair value measurements:  <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR> <TD style="FONT-FAMILY: times" align=left width=8></TD> <TD style="FONT-FAMILY: times" align=left width=66></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=23></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=22></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=23></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=4></TD> <TD style="FONT-FAMILY: times" width=22></TD> <TD style="FONT-FAMILY: times" width=3></TD></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2>  </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=5>Quarter Ended June 30, </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=5>Six Months Ended June 30, </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=middle colSpan=2>  </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>2009 </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>2008 </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>2009 </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=2>2008 </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=bottom> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=14> </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2>  </TH> <TH style="FONT-FAMILY: times"> </TH> <TH style="FONT-FAMILY: times" align=middle colSpan=11>(In millions) </TH> <TH style="FONT-FAMILY: times"> </TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> Balance at beginning of period</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>(275.1</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>400.4</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>37.0</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>(147.1</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> Realized and unrealized (losses) gains:</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Recorded in income</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(99.8</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>181.0</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(247.2</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>165.9</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> Recorded in other comprehensive income</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>114.6</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>74.6</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>23.9</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>250.5</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> Purchases, sales, issuances, and settlements</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>34.6</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>5.2</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>36.5</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>36.3</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> Transfers into and out of Level 3</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>49.2</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(449.8</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(26.7</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times" align=right>(94.2</TD> <TD style="FONT-FAMILY: times">)</TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" colSpan=14> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> Balance at end of period</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>(176.5</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>211.4</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>(176.5</TD> <TD style="FONT-FAMILY: times">)</TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>211.4</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" colSpan=14> </TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> Change in unrealized gains recorded in income relating to derivatives still held at end of period</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>71.0</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>247.6</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>99.6</TD> <TD style="FONT-FAMILY: times"> </TD> <TD style="FONT-FAMILY: times">$</TD> <TD style="FONT-FAMILY: times" align=right>246.0</TD> <TD style="FONT-FAMILY: times"> </TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" colSpan=14> </TD> <TD style="FONT-FAMILY: times"> </TD></TR></TBODY></TABLE></DIV>         Realized and unrealized gains (losses) are included primarily in "Nonregulated revenues" for our derivative contracts that are marked-to-market in our Consolidated Statements of Income (Loss) and are included in "Accumulated other comprehensive loss" for our derivative contracts designated as cash-flow hedges in our Consolidated Balance Sheets. </BODY></HTML> Fair Value Measurements SFAS No. 157, Fair Value Measurements, (SFAS No. 157) defines fair value, establishes a framework for measuring fair false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true