XML 40 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Financial and Other Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of derivative instruments
The following tables present the fair value of derivative instruments as of June 30, 2012 and December 31, 2011 (in millions):
 
June 30, 2012
 
December 31, 2011
 
Derivative Assets
 
Derivative Liabilities
 
Derivative Assets
 
Derivative Liabilities
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate contracts
$
—

 
$
(1
)
 
$
—

 
$
(1
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency exchange contracts
$
1

 
$
(1
)
 
$
3

 
$
(5
)
Commodity Contracts:
 
 
 
 
 

 
 

Natural Gas
1,073

 
(1,090
)
 
2,024

 
(2,080
)
Electricity
819

 
(796
)
 
747

 
(705
)
Other
62

 
(44
)
 
31

 
(20
)
Total derivatives not designated as hedging instruments:
$
1,955

 
$
(1,931
)
 
$
2,805

 
$
(2,810
)
Total derivatives:
 
 
 
 
 
 
 
Current
$
1,585

 
$
(1,575
)
 
$
2,272

 
$
(2,282
)
Noncurrent
370

 
(357
)
 
533

 
(529
)
Total derivatives
$
1,955

 
$
(1,932
)
 
$
2,805

 
$
(2,811
)

 
June 30, 2012
 
December 31, 2011
 
Derivative Assets
 
Derivative Liabilities
 
Derivative Assets
 
Derivative Liabilities
 
Current
 
Noncurrent
 
Current
 
Noncurrent
 
Current
 
Noncurrent
 
Current
 
Noncurrent
Reconciliation of derivative instruments to Consolidated Statements of Financial Position:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fair value of derivatives
$
1,585

 
$
370

 
$
(1,575
)
 
$
(357
)
 
$
2,272

 
$
533

 
$
(2,282
)
 
$
(529
)
Counterparty netting
(1,364
)
 
(295
)
 
1,364

 
295

 
(2,050
)
 
(440
)
 
2,050

 
440

Collateral adjustment
—

 
—

 
—

 
—

 
—

 
(19
)
 
74

 
—

Total derivatives as reported
$
221

 
$
75

 
$
(211
)
 
$
(62
)
 
$
222

 
$
74

 
$
(158
)
 
$
(89
)
Gain (Loss) Recognized in Income on Derivative
The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2012 and June 30, 2011 is as follows (in millions):
 
 
Location of Gain
(Loss) Recognized
in Income on Derivatives
 
Gain (Loss)
Recognized in
Income on
Derivatives for
the Three Months Ended
June 30
 
Gain (Loss)
Recognized in
Income on
Derivatives for
the Six Months Ended
June 30
Derivatives not Designated as Hedging Instruments
 
 
2012
 
2011
 
2012
 
2011
Foreign currency exchange contracts
 
Operating Revenue
 
$
1

 
$
1

 
$
1

 
$
(5
)
Commodity Contracts:
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
Operating Revenue
 
1

 
9

 
3

 
15

Natural Gas
 
Fuel, purchased power and gas
 
5

 
(4
)
 
(5
)
 
(10
)
Electricity
 
Operating Revenue
 
37

 
30

 
35

 
29

Other
 
Operating Revenue
 
3

 
2

 
11

 
8

Total
 
 
 
$
47

 
$
38

 
$
45

 
$
37
Volume of Commodity Contracts [Table Text Block]
Commodity
 
Number of Units
Natural Gas (MMBtu)
 
699,643,452
Electricity (MWh)
 
48,635,782
Foreign Currency Exchange ($ CAD)
 
21,635,737
FTR (MWh)
 
10,275,179