XML 42 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivative Accounting (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding gross notional amount of derivatives, which represents both purchases and sales (does not reflect net position)
As of March 31, 2015, we had the following outstanding gross notional volume of derivatives, which represent both purchases and sales (does not reflect net position): 
Commodity
 
Quantity
Power
 
4,186

 
GWh
Gas
 
157

 
Billion cubic feet
Gains and losses from derivative instruments in designated cash flow accounting hedges relationships
The following table provides information about gains and losses from derivative instruments in designated cash flow accounting hedging relationships during the three months ended March 31, 2015 and 2014 (dollars in thousands):
 
 
 
Financial Statement Location
 
Three Months Ended 
 March 31,
Commodity Contracts
 
 
2015
 
2014
Gain (loss) recognized in OCI on derivative instruments (effective portion)
 
OCI — derivative instruments
 
$
(327
)
 
$
177

Loss reclassified from accumulated OCI into income (effective portion realized) (a)
 
Fuel and purchased power (b)
 
(2,343
)
 
(4,439
)

(a)
During the three months ended March 31, 2015 and 2014, we had no amounts reclassified from accumulated OCI to earnings related to discontinued cash flow hedges.
(b)
Amounts are before the effect of PSA deferrals.
Gains and losses from derivative instruments not designated as accounting hedges instruments
The following table provides information about gains and losses from derivative instruments not designated as accounting hedging instruments during the three months ended March 31, 2015 and 2014 (dollars in thousands):
 
 
 
Financial Statement Location
 
Three Months Ended 
 March 31,
Commodity Contracts
 
 
2015
 
2014
Net loss recognized in income
 
Operating revenues (a)
 
$
(48
)
 
$
(92
)
Net gain (loss) recognized in income
 
Fuel and purchased power (a)
 
(44,803
)
 
18,107

Total
 
 
 
$
(44,851
)
 
$
18,015


(a)
Amounts are before the effect of PSA deferrals.
Schedule of the entity's fair value of risk management activities reported on a gross basis and the impacts of offsetting
As of March 31, 2015:
(Dollars in thousands)
 
Gross
 Recognized
 Derivatives
 (a)
 
Amounts
Offset
 (b)
 
Net
 Recognized
 Derivatives
 
Other
 (c)
 
Amount Reported on Balance  Sheet
Current assets
 
$
26,414

 
$
(13,382
)
 
$
13,032

 
$
626

 
$
13,658

Investments and other assets
 
23,035

 
(4,591
)
 
18,444

 
—

 
18,444

Total assets
 
49,449

 
(17,973
)
 
31,476

 
626

 
32,102

 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
(97,349
)
 
42,069

 
(55,280
)
 
(7,023
)
 
(62,303
)
Deferred credits and other
 
(106,631
)
 
32,804

 
(73,827
)
 
—

 
(73,827
)
Total liabilities
 
(203,980
)
 
74,873

 
(129,107
)
 
(7,023
)
 
(136,130
)
Total
 
$
(154,531
)
 
$
56,900

 
$
(97,631
)
 
$
(6,397
)
 
$
(104,028
)

(a)
All of our gross recognized derivative instruments were subject to master netting arrangements.
(b)
Includes cash collateral provided to counterparties of $56,900.
(c)
Represents cash collateral and margin that is not subject to offsetting.  Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument.  Includes cash collateral received from counterparties of $7,023 and cash margin provided to counterparties of $626.
 
As of December 31, 2014:
(Dollars in thousands)
 
Gross
Recognized
Derivatives
 (a)
 
Amounts
Offset
(b)
 
Net
 Recognized
 Derivatives
 
Other
 (c)
 
Amount
Reported on
Balance  Sheet
Current assets
 
$
28,562

 
$
(15,127
)
 
$
13,435

 
$
350

 
$
13,785

Investments and other assets
 
24,810

 
(7,190
)
 
17,620

 
—

 
17,620

Total assets
 
53,372

 
(22,317
)
 
31,055

 
350

 
31,405

 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
(86,062
)
 
33,829

 
(52,233
)
 
(7,443
)
 
(59,676
)
Deferred credits and other
 
(82,990
)
 
32,388

 
(50,602
)
 
—

 
(50,602
)
Total liabilities
 
(169,052
)
 
66,217

 
(102,835
)
 
(7,443
)
 
(110,278
)
Total
 
$
(115,680
)
 
$
43,900

 
$
(71,780
)
 
$
(7,093
)
 
$
(78,873
)

(a)
All of our gross recognized derivative instruments were subject to master netting arrangements.
(b)
Includes cash collateral provided to counterparties of $43,900.
(c)
Represents cash collateral and margin that is not subject to offsetting.  Amounts relate to non-derivative instruments, derivatives qualifying for scope exceptions, or collateral and margin posted in excess of the recognized derivative instrument.  Includes cash collateral received from counterparties of $7,443, and cash margin provided to counterparties of $350.
Information about derivative instruments that have credit-risk-related contingent features
The following table provides information about our derivative instruments that have credit-risk-related contingent features at March 31, 2015 (dollars in millions):
 
March 31, 2015
Aggregate fair value of derivative instruments in a net liability position
$
204

Cash collateral posted
57

Additional cash collateral in the event credit-risk-related contingent features were fully triggered (a)
104


(a)
This amount is after counterparty netting and includes those contracts which qualify for scope exceptions, which are excluded from the derivative details above.