v2.3.0.11

Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Disclosures

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

Recurring Fair Value Measurements June 30, 2011 (in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance as of June 30 2011
Assets
Commodity Price risk management assets:
Physical price risk programs		$	—			$	122.3			$	—			$	122.3
Financial price risk programs			121.1				2.5				—				123.6
Interest rate risk activities			—				60.7				—				60.7
Available-for-sale securities			38.8				42.4				—				81.2
Total		$	159.9			$	227.9			$	—			$	387.8
Liabilities
Commodity Price risk management liabilities:
Physical price risk programs		$	—			$	2.8			$	—			$	2.8
Financial price risk programs			257.1				2.1				0.8				260.0
Total		$	257.1			$	4.9			$	0.8			$	262.8
Recurring Fair Value Measurements December 31, 2010 (in millions)		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance as of December 31,  2010
Assets
Commodity Price risk management assets:
Physical price risk programs		$	—			$	161.4			$	—			$	161.4
Financial price risk programs			173.8				3.2				0.3				177.3
Interest rate risk activities			—				61.1				—				61.1
Available-for-sale securities			43.5				37.9				—				81.4
Total		$	217.3			$	263.6			$	0.3			$	481.2
Liabilities
Commodity Price risk management liabilities:
Physical price risk programs		$	—			$	3.6			$	—			$	3.6
Financial price risk programs			348.5				3.3				0.1				351.9
Total		$	348.5			$	6.9			$	0.1			$	355.5

Available-for-Sale Debt Securities

(in millions)		Amortized Cost				Total Gains				Total Losses				Fair Value
Available-for-sale debt securities, June 30 2011
U.S. Treasury		$	38.4			$	0.6			$	(0.2	)		$	38.8
Corporate/Other			41.2				1.3				(0.1	)			42.4
Total Available-for-sale debt securities		$	79.6			$	1.9			$	(0.3	)		$	81.2
(in millions)		Amortized Cost				Total Gains				Total Losses				Fair Value
Available-for-sale debt securities, Dec. 31, 2010
U.S. Treasury		$	43.4			$	0.6			$	(0.5	)		$	43.5
Corporate/Other			36.1				2.0				(0.2	)			37.9
Total Available-for-sale debt securities		$	79.5			$	2.6			$	(0.7	)		$	81.4

Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

Three Months Ended June 30, 2011 (in millions)		Financial Transmission Rights				Other Derivatives				Total
Balance as of April 1, 2011		$	—			$	(0.1	)		$	(0.1	)
Total gains or (losses) (unrealized/realized)
Included in regulatory assets/liabilities			—				(0.6	)			(0.6	)
Purchases			—				(0.5	)			(0.5	)
Settlements			—				0.4				0.4
Balance as of June 30, 2011		$	—			$	(0.8	)		$	(0.8	)
Change in unrealized gains/(losses) relating to instruments still held as of June 30, 2011		$	—			$	(1.5	)		$	(1.5	)
Three Months Ended June 30, 2010 (in millions)		Financial Transmission Rights				Other Derivatives				Total
Balance as of April 1, 2010		$	0.9			$	(0.1	)		$	0.8
Total gains or losses (unrealized/realized)
Included in regulatory assets/liabilities			(3.2	)			—				(3.2	)
Settlements			2.3				0.3				2.6
Balance as of June 30, 2010		$	—			$	0.2			$	0.2
Change in unrealized gains/(losses) relating to instruments still held as of June 30, 2010		$	—			$	—			$	—

Six Months Ended, June 30, 2011 (in millions)		Financial Transmission Rights				Other Derivatives				Total
Balance as of January 1, 2011		$	—			$	0.2			$	0.2
Total gains or (losses) (unrealized/realized)
Included in regulatory assets/liabilities			—				(1.0	)			(1.0	)
Purchases			—				(1.0	)			(1.0	)
Settlements			—				1.0				1.0
Balance as of June 30, 2011		$	—			$	(0.8	)		$	(0.8	)
Change in unrealized gains/(losses) relating to instruments still held as of June 30, 2011		$	—			$	(1.5	)		$	(1.5	)
Six Months Ended, June 30, 2010 (in millions)		Financial Transmission Rights				Other Derivatives				Total
Balance as of January 1, 2010		$	1.9			$	0.2			$	2.1
Total gains or losses (unrealized/realized)
Included in regulatory assets/liabilities			(4.2	)			—				(4.2	)
Settlements			2.3				—				2.3
Balance as of June 30, 2010		$	—			$	0.2			$	0.2
Change in unrealized gains/(losses) relating to instruments still held as of June 30, 2010		$	—			$	—			$	—

Carrying Amount and Estimated Fair Values of Financial Instruments

(in millions)		Carrying Amount as of June 30 2011				Estimated Fair Value as of June 30 2011				Carrying Amount as of Dec. 31, 2010				Estimated Fair Value as of Dec. 31, 2010
Long-term investments		$	27.6			$	26.4			$	26.7			$	25.4
Long-term debt (including current portion)			6,370.0				6,972.5				5,970.3				6,482.4

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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.

+ References

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