RISK MANAGEMENT ACTIVITIES

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

RISK MANAGEMENT ACTIVITIES

Risk Management Activities

The following tables show our assets and liabilities from risk management activities at the utilities and IBS:

		December 31, 2014
(Millions)	Balance Sheet Presentation	Assets from Risk Management Activities		Liabilities from Risk Management Activities
Nonhedge derivatives
Natural gas contracts	Other current	$	1.8	$	37.3
Natural gas contracts	Other long-term	0.5		5.3
Financial transmission rights (FTRs)	Other current	2.2		0.3
Petroleum product contracts	Other current	—		2.7
Petroleum product contracts	Other long-term	—		0.1
Coal contracts	Other current	—		2.4
Coal contracts	Other long-term	—		1.0
	Other current	4.0		42.7
	Other long-term	0.5		6.4
Total		$	4.5	$	49.1

		December 31, 2013
(Millions)	Balance Sheet Presentation	Assets from Risk Management Activities		Liabilities from Risk Management Activities
Nonhedge derivatives
Natural gas contracts	Other current	$	8.3	$	1.0
Natural gas contracts	Other long-term	1.8		0.1
FTRs	Other current	1.5		0.3
Petroleum product contracts	Other current	0.1		—
Coal contracts	Other current	—		1.9
Coal contracts	Other long-term	0.2		0.8
	Other current	9.9		3.2
	Other long-term	2.0		0.9
Total		$	11.9	$	4.1

The following tables show the potential effect on our financial position of netting arrangements for recognized derivative assets and liabilities:

	December 31, 2014
(Millions)	Gross Amount		Potential Effects of Netting, Including Cash Collateral		Net Amount
Derivative assets subject to master netting or similar arrangements	$	3.2	$	1.3	$	1.9
Derivative assets not subject to master netting or similar arrangements	1.3				1.3
Total risk management assets	$	4.5			$	3.2
Derivative liabilities subject to master netting or similar arrangements	$	45.7	$	8.8	$	36.9
Derivative liabilities not subject to master netting or similar arrangements	3.4				3.4
Total risk management liabilities	$	49.1			$	40.3

	December 31, 2013
(Millions)	Gross Amount		Potential Effects of Netting, Including Cash Collateral		Net Amount
Derivative assets subject to master netting or similar arrangements	$	11.7	$	2.1	$	9.6
Derivative assets not subject to master netting or similar arrangements	0.2				0.2
Total risk management assets	11.9				9.8
Derivative liabilities subject to master netting or similar arrangements	$	1.4	$	1.4	$	—
Derivative liabilities not subject to master netting or similar arrangements	2.7				2.7
Total risk management liabilities	$	4.1			$	2.7

Our master netting and similar arrangements have conditional rights of setoff that can be enforced under a variety of situations, including counterparty default or credit rating downgrade below investment grade. We have trade receivables and trade payables, subject to master netting or similar arrangements, that are not included in the above table. These amounts may offset (or conditionally offset) the net amounts presented in the above table.

Financial collateral received or provided is restricted to the extent that it is required per the terms of the related agreements. The following table shows our cash collateral positions:

(Millions)	December 31, 2014		December 31, 2013
Cash collateral provided to others:
Related to contracts under master netting or similar arrangements	$	11.6	$	3.6
Other	1.1		1.1
Cash collateral received from others related to contracts under master netting or similar arrangements	—		0.7

Certain of our derivative and nonderivative commodity instruments contain provisions that could require "adequate assurance" in the event of a material change in our creditworthiness, or the posting of additional collateral for instruments in net liability positions, if triggered by a decrease in credit ratings. The aggregate fair value of all derivative instruments with specific credit risk-related contingent features that were in a liability position at December 31, 2014, and 2013, was $31.3 million, and $0.6 million, respectively. At December 31, 2014, and 2013, we had not posted any cash collateral related to the credit risk-related contingent features of these commodity instruments. If all of the credit risk-related contingent features contained in commodity instruments (including derivatives, nonderivatives, normal purchase and normal sales contracts, and applicable payables and receivables) had been triggered at December 31, 2014, we would have been required to post collateral of $27.1 million. If all of the credit risk-related contingent features contained in commodity instruments had been triggered at December 31, 2013, we would not have been required to post collateral.

Utility Segments

Non-Hedge Derivatives

Utility derivatives include natural gas purchase contracts, coal purchase contracts, financial derivative contracts, and FTRs. The electric utility segment uses FTRs to manage electric transmission congestion costs. The natural gas and electric utility segments use financial derivative contracts to manage the risks associated with the market price volatility of natural gas supply costs. In addition, IBS enters into financial derivative contracts on behalf of the utilities to manage the cost of gasoline and diesel fuel used by utility vehicles.

The notional volumes of outstanding derivative contracts at the utilities and IBS were as follows:

	December 31, 2014			December 31, 2013
(Millions)	Purchases	Sales	Other Transactions	Purchases	Sales	Other Transactions
Natural gas (therms)	1,860.0	—	N/A	3,124.8	29.3	N/A
FTRs (kilowatt-hours)	N/A	N/A	4,287.7	N/A	N/A	3,427.0
Petroleum products (barrels)	0.1	—	N/A	0.1	—	N/A
Coal (tons)	3.0	—	N/A	4.8	—	N/A

The table below shows the unrealized gains (losses) recorded related to derivative contracts at the utilities and IBS:

(Millions)	Financial Statement Presentation	2014			2013			2012
Natural gas	Balance Sheet — Regulatory assets (current)	$	(38.0	)	$	13.4		$	24.6
Natural gas	Balance Sheet — Regulatory assets (long-term)	(5.2		)	2.3			8.3
Natural gas	Balance Sheet — Regulatory liabilities (current)	(3.9		)	4.6			(7.8		)
Natural gas	Balance Sheet — Regulatory liabilities (long-term)	(0.6		)	0.3			0.3
Natural gas	Income Statement — Cost of sales	—			—			0.2
Natural gas	Income Statement — Operating and maintenance expense	(0.8		)	0.1			—
FTRs	Balance Sheet — Regulatory assets (current)	—			0.2			(0.1		)
FTRs	Balance Sheet — Regulatory liabilities (current)	0.4			(0.3		)	—
Petroleum	Balance Sheet — Regulatory assets (current)	(1.1		)	—			0.1
Petroleum	Balance Sheet — Regulatory liabilities (current)	(0.1		)	0.1			—
Petroleum	Income Statement — Operating and maintenance expense	(1.7		)	0.1			—
Coal	Balance Sheet — Regulatory assets (current)	(1.3		)	(0.9		)	(2.2		)
Coal	Balance Sheet — Regulatory assets (long-term)	—			3.5			0.1
Coal	Balance Sheet — Regulatory liabilities (current)	(0.2		)	(0.2		)	0.3
Coal	Balance Sheet — Regulatory liabilities (long-term)	(0.1		)	(2.0		)	2.2

Holding Company and Other Segment

Cash Flow Hedges

In May 2010, we entered into interest rate swaps that were designated as cash flow hedges to hedge the variability in forecasted interest payments on a debt issuance. These swaps were terminated when the related debt was issued in November 2010. Amounts remaining in accumulated OCI were being reclassified to interest expense over the life of the related debt.

	Loss Reclassified from Accumulated OCI into Income (Effective Portion)
(Millions)	Income Statement Presentation	2014			2013			2012
Settled/Realized
Interest rate swaps	Interest expense	$	(1.1	)	$	(1.1	)	$	(1.1	)