Fair Value (Tables)

12 Months Ended

Dec. 31, 2011

Assets and liabilities measured and recorded at fair value on a recurring basis

The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2011:



	Level 1			Level 2			Level 3			Netting Adjustments (2)			Net Balance at December 31, 2011
	(In millions)
Assets:
Nuclear decommissioning trusts	$	577		$	360		$	—		$	—		$	937
Other investments (1)	57			54			—			—			111
Derivative assets:
Foreign currency exchange contracts	—			3			—			(3		)	—
Commodity Contracts:
Natural Gas	1,926			78			20			(1,991		)	33
Electricity	—			523			224			(490		)	257
Other	23			2			6			(25		)	6
Total derivative assets	1,949			606			250			(2,509		)	296
Total	$	2,583		$	1,020		$	250		$	(2,509	)	$	1,344

Liabilities:
Derivative liabilities:
Foreign currency exchange contracts	$	—		$	(5	)	$	—		$	3		$	(2	)
Interest rate contracts	—			(1		)	—			—			(1		)
Commodity Contracts:
Natural Gas	(1,940		)	(126		)	(14		)	1,976			(104		)
Electricity	—			(513		)	(192		)	565			(140		)
Other	(19		)	(1		)	—			20			—
Total derivative liabilities	(1,959		)	(646		)	(206		)	2,564			(247		)
Total	$	(1,959	)	$	(646	)	$	(206	)	$	2,564		$	(247	)
Net Assets as of December 31, 2011	$	624		$	374		$	44		$	55		$	1,097
Assets:
Current	$	1,571		$	520		$	181		$	(2,050	)	$	222
Noncurrent (3)	1,012			500			69			(459		)	1,122
Total Assets	$	2,583		$	1,020		$	250		$	(2,509	)	$	1,344
Liabilities:
Current	$	(1,603	)	$	(527	)	$	(152	)	$	2,124		$	(158	)
Noncurrent	(356		)	(119		)	(54		)	440			(89		)
Total Liabilities	$	(1,959	)	$	(646	)	$	(206	)	$	2,564		$	(247	)
Net Assets as of December 31, 2011	$	624		$	374		$	44		$	55		$	1,097

The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2010:



	Level 1			Level 2			Level 3			Netting Adjustments (2)			Net Balance at December 31, 2010
	(In millions)
Assets:
Nuclear decommissioning trusts	$	599		$	340		$	—		$	—		$	939
Other investments (1)	56			55			—			—			111
Derivative assets:
Foreign currency exchange contracts	—			20			—			(20		)	—
Commodity Contracts:
Natural Gas	1,846			128			12			(1,960		)	26
Electricity	—			649			117			(589		)	177
Other	68			4			4			(71		)	5
Total derivative assets	1,914			801			133			(2,640		)	208
Total	$	2,569		$	1,196		$	133		$	(2,640	)	$	1,258

Liabilities:
Derivative liabilities:
Foreign currency exchange contracts	$	—		$	(30	)	$	—		$	20		$	(10	)
Interest rate contracts	—			(1		)	—			—			(1		)
Commodity Contracts:
Natural Gas	(1,844		)	(263		)	(11		)	1,955			(163		)
Electricity	—			(653		)	(63		)	643			(73		)
Other	(63		)	(8		)	—			66			(5		)
Total derivative liabilities	(1,907		)	(955		)	(74		)	2,684			(252		)
Total	$	(1,907	)	$	(955	)	$	(74	)	$	2,684		$	(252	)
Net Assets as of December 31, 2010	$	662		$	241		$	59		$	44		$	1,006
Assets:
Current	$	1,299		$	663		$	49		$	(1,880	)	$	131
Noncurrent (3)	1,270			533			84			(760		)	1,127
Total Assets	$	2,569		$	1,196		$	133		$	(2,640	)	$	1,258
Liabilities:
Current	$	(1,290	)	$	(730	)	$	(21	)	$	1,899		$	(142	)
Noncurrent	(617		)	(225		)	(53		)	785			(110		)
Total Liabilities	$	(1,907	)	$	(955	)	$	(74	)	$	2,684		$	(252	)
Net Assets as of December 31, 2010	$	662		$	241		$	59		$	44		$	1,006

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2011 and 2010:



	Year Ended December 31, 2011
	Natural Gas			Electricity			Other			Total
	(In millions)
Net Assets as of January 1, 2011	$	1		$	54		$	4		$	59
Transfers into Level 3	—			4			—			4
Transfers out of Level 3	1			(25		)	—			(24		)
Total gains:
Included in earnings	7			77			3			87
Recorded in regulatory assets/liabilities	—			—			2			2
Purchases, issuances and settlements:
Purchases	—			3			—			3
Settlements	(3		)	(81		)	(3		)	(87		)
Net Assets as of December 31, 2011	$	6		$	32		$	6		$	44
The amount of total gains included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2011	$	8		$	65		$	2		$	75



	Year Ended December 31, 2010
	Natural Gas			Electricity			Other			Total
	(In millions)
Net Assets as of January 1, 2010	$	2		$	19		$	3		$	24
Changes in fair value included in earnings	4			64			1			69
Changes in fair value recorded in regulatory assets/liabilities	—			—			6			6
Purchases, issuances and settlements	(8		)	(73		)	(6		)	(87		)
Transfers in/out of Level 3	3			44			—			47
Net Assets as of December 31, 2010	$	1		$	54		$	4		$	59
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2010	$	(4	)	$	(6	)	$	1		$	(9	)

Fair Value of Long Term Debt [Table Text Block]



	December 31, 2011						December 31, 2010
	Fair Value			Carrying Value			Fair Value			Carrying Value
Long-Term Debt	$	8.8	billion	$	7.7	billion	$	8.5	billion	$	8.0	billion

Fair Value of Nuclear Decommissioning Trust Fund Assets Text Block [Table]



	December 31 2011		December 31 2010
	(In millions)
Fermi 2	$	915	$	910
Fermi 1	3		3
Low level radioactive waste	19		26
Total	$	937	$	939

Schedule of Realized Gain (Loss) [Table Text Block]



	Year Ended December 31
	2011			2010			2009
	(In millions)
Realized gains	$	46		$	192		$	37
Realized losses	$	(38	)	$	(83	)	$	(55	)
Proceeds from sales of securities	$	80		$	377		$	295

Fair Value and Unrealized Gains for Nuclear Decommissioning Trust Fund Table [Table] [Table Text Block]



	Fair Value		Unrealized Gains
	(In millions)
As of December 31, 2011
Equity securities	$	533	$	80
Debt securities	385		22
Cash and cash equivalents	19		—
	$	937	$	102
As of December 31, 2010
Equity securities	$	572	$	77
Debt securities	361		11
Cash and cash equivalents	6		—
	$	939	$	88

Available-for-sale debt and equity securities



	December 31, 2011				December 31, 2010
(In millions)	Fair Value		Carrying value		Fair Value		Carrying Value
Cash equivalents	$	140	$	140	$	133	$	133
Equity securities	$	5	$	5	$	6	$	6

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

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+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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