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Financial and Other Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments
The following tables present the fair value of derivative instruments as of December 31, 2014 and 2013:
 
December 31, 2014
 
December 31, 2013
 
Derivative
Assets
 
Derivative Liabilities
 
Derivative
Assets
 
Derivative Liabilities
 
(In millions)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign currency exchange contracts
$
4

 
$
(5
)
 
$
—

 
$
(1
)
Commodity Contracts:
 
 
 
 
 

 
 

Natural Gas
787

 
(718
)
 
396

 
(503
)
Electricity
342

 
(342
)
 
400

 
(398
)
Other
45

 
(45
)
 
37

 
(34
)
Total derivatives not designated as hedging instruments:
$
1,178

 
$
(1,110
)
 
$
833

 
$
(936
)
Total derivatives:
 
 
 
 
 
 
 
Current
$
1,083

 
$
(1,041
)
 
$
691

 
$
(773
)
Noncurrent
95

 
(69
)
 
142

 
(163
)
Total derivatives
$
1,178

 
$
(1,110
)
 
$
833

 
$
(936
)
Netting Offsets of Derivative Assets and Liabilities
The following table presents the netting offsets of derivative assets and liabilities at December 31, 2014 and 2013:
 
December 31, 2014
 
December 31, 2013
 
Gross Amounts of Recognized Assets (Liabilities)
 
Gross Amounts Offset in the Consolidated Statements of Financial Position
 
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
 
Gross Amounts of Recognized Assets (Liabilities)
 
Gross Amounts Offset in the Consolidated Statements of Financial Position
 
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
 
(In millions)
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
$
787

 
$
(681
)
 
$
106

 
$
396

 
$
(382
)
 
$
14

Electricity
342

 
(280
)
 
62

 
400

 
(291
)
 
109

Other
45

 
(42
)
 
3

 
37

 
(34
)
 
3

Other derivative contracts (a)
4

 
(3
)
 
1

 
—

 
—

 
—

Total derivative assets
$
1,178

 
$
(1,006
)
 
$
172

 
$
833

 
$
(707
)
 
$
126

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
$
(718
)
 
$
679

 
$
(39
)
 
$
(503
)
 
$
395

 
$
(108
)
Electricity
(342
)
 
298

 
(44
)
 
(398
)
 
269

 
(129
)
Other
(45
)
 
45

 
—

 
(34
)
 
34

 
—

Other derivative contracts (a)
(5
)
 
3

 
(2
)
 
(1
)
 
—

 
(1
)
Total derivative liabilities
$
(1,110
)
 
$
1,025

 
$
(85
)
 
$
(936
)
 
$
698

 
$
(238
)

_______________________________________
(a)
Primarily includes Foreign currency exchange contracts
Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position
The following table presents the netting offsets of derivative assets and liabilities at December 31, 2014 and 2013:
 
December 31, 2014
 
December 31, 2013
 
Derivative Assets
 
Derivative Liabilities
 
Derivative Assets
 
Derivative Liabilities
 
Current
 
Noncurrent
 
Current
 
Noncurrent
 
Current
 
Noncurrent
 
Current
 
Noncurrent
 
(In millions)
Reconciliation of derivative instruments to Consolidated Statements of Financial Position:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total fair value of derivatives
$
1,083

 
$
95

 
$
(1,041
)
 
$
(69
)
 
$
691

 
$
142

 
$
(773
)
 
$
(163
)
Counterparty netting
(955
)
 
(51
)
 
955

 
51

 
(566
)
 
(115
)
 
566

 
115

Collateral adjustment
—

 
—

 
9

 
10

 
(26
)
 
—

 
12

 
5

Total derivatives as reported
$
128

 
$
44

 
$
(77
)
 
$
(8
)
 
$
99

 
$
27

 
$
(195
)
 
$
(43
)
Gain (Loss) Recognized in Income on Derivative
The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for years ended December 31, 2014 and 2013 is as follows:
 
 
Location of Gain (Loss) Recognized in Income on Derivatives
 
Gain (Loss) Recognized in
Income on Derivatives for
Years Ended December 31,
Derivatives not Designated as Hedging Instruments
 
 
2014
 
2013
 
 
 
 
(In millions)
Foreign currency exchange contracts
 
Operating Revenue
 
$
(2
)
 
$
(1
)
Commodity Contracts:
 
 
 
 
 
 
Natural Gas
 
Operating Revenue
 
(30
)
 
(48
)
Natural Gas
 
Fuel, purchased power and gas
 
(5
)
 
(44
)
Electricity
 
Operating Revenue
 
123

 
82

Other
 
Operating Revenue
 
(7
)
 
—

Total
 
 
 
$
79

 
$
(11
)
Volume of Commodity Contracts
The following represents the cumulative gross volume of derivative contracts outstanding as of December 31, 2014:
Commodity
 
Number of Units
Natural Gas (MMBtu)
 
895,599,953
Electricity (MWh)
 
11,296,153
Foreign Currency Exchange (Canadian dollars)
 
63,022,462