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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2011
Fair Value Measurements 
Fair value of assets and liabilities that are measured at fair value on a recurring basis

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs (a)
(Level 3)

 

Other

 

Balance at
September 30,
2011

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Cash Equivalents

 

$

401

 

$

 

$

 

$

 

$

401

 

Risk management activities-derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

 

59

 

54

 

(53

)(b)

60

 

Nuclear decommissioning trust:

 

 

 

 

 

 

 

 

 

 

 

U.S. commingled equity funds

 

 

154

 

 

 

154

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

80

 

 

 

 

80

 

Cash and cash equivalent funds

 

 

12

 

 

2

(c)

14

 

Corporate debt

 

 

64

 

 

 

64

 

Mortgage-backed securities

 

 

76

 

 

 

76

 

Municipality bonds

 

 

81

 

 

 

81

 

Other

 

 

20

 

 

 

20

 

Subtotal nuclear decommissioning trust

 

80

 

407

 

 

2

 

489

 

Total

 

$

481

 

$

466

 

$

54

 

$

(51

)

$

950

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Risk management activities - derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

 

$

(189

)

$

(92

)

$

162

(b)

$

(119

)

 

(a)                                  Primarily consists of heat rate options and long-dated electricity contracts.

(b)                                 Represents counterparty netting, margin and collateral (see Note 8).

(c)                                  Represents nuclear decommissioning trust net pending securities sales and purchases.

 

 

 

Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

Significant
Other
Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs (a)
(Level 3)

 

Other

 

Balance at
December 31,
2010

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

35

 

$

 

$

 

$

 

$

35

 

Risk management activities-derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

 

80

 

61

 

(28

)(b)

113

 

Nuclear decommissioning trust:

 

 

 

 

 

 

 

 

 

 

 

U.S. commingled equity funds

 

 

168

 

 

 

168

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury

 

50

 

 

 

 

50

 

Cash and cash equivalent funds

 

 

22

 

 

 

22

 

Corporate debt

 

 

60

 

 

 

60

 

Mortgage-backed securities

 

 

81

 

 

 

81

 

Municipality bonds

 

 

79

 

 

 

79

 

Other

 

 

20

 

 

(10

)(c)

10

 

Subtotal nuclear decommissioning trust

 

50

 

430

 

 

(10

)

470

 

Total

 

$

85

 

$

510

 

$

61

 

$

(38

)

$

618

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Risk management activities — derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts

 

$

(1

)

$

(280

)

$

(99

)

$

256

(b)

$

(124

)

 

(a)                                  Primarily consists of heat rate options and long-dated electricity contracts.

(b)                                 Represents counterparty netting, margin and collateral (see Note 8).

(c)                                  Represents nuclear decommissioning trust net pending securities sales and purchases.

Changes in fair value for assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs

 

 

 

 

Three Months
Ended
September 30,

 

Nine Months
Ended
September 30,

 

Commodity Contracts

 

2011

 

2010

 

2011

 

2010

 

Net derivative balance at beginning of period

 

$

(47

)

$

(42

)

$

(38

)

$

(10

)

Total net gains (losses) realized/unrealized:

 

 

 

 

 

 

 

 

 

Included in earnings

 

1

 

1

 

2

 

(1

)

Included in other comprehensive income (“OCI”)

 

2

 

(11

)

1

 

(20

)

Deferred as a regulatory asset or liability

 

2

 

(15

)

(4

)

(39

)

Settlements

 

6

 

12

 

10

 

15

 

Transfers into Level 3 from Level 2

 

 

(2

)

(4

)

6

 

Transfers from Level 3 into Level 2

 

(2

)

8

 

(5

)

 

Net derivative balance at end of period

 

$

(38

)

$

(49

)

$

(38

)

$

(49

)

 

 

 

 

 

 

 

 

 

 

Net unrealized gains included in earnings related to instruments still held at end of period

 

$

 

$

1

 

$

1

 

$