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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] |
Fair value hierarchy for recurring measurements table | The following table presents, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the periods indicated (in millions):
| September 30, 2015 |  | December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AVAILABLE FOR SALE:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debentures | $ | — |  |  | $ | 321 |  |  | $ | — |  |  | $ | 321 |  |  | $ | — |  |  | $ | 501 |  |  | $ | — |  |  | $ | 501 |
Certificates of deposit | — |  |  | 109 |  |  | — |  |  | 109 |  |  | — |  |  | 151 |  |  | — |  |  | 151 |
Government debt securities | — |  |  | 33 |  |  | — |  |  | 33 |  |  | — |  |  | 57 |  |  | — |  |  | 57 |
Subtotal | — |  |  | 463 |  |  | — |  |  | 463 |  |  | — |  |  | 709 |  |  | — |  |  | 709 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | — |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | 25 |  |  | — |  |  | 25 |
Subtotal | — |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | 25 |  |  | — |  |  | 25 |
Total available for sale | — |  |  | 479 |  |  | — |  |  | 479 |  |  | — |  |  | 734 |  |  | — |  |  | 734 |
TRADING: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 14 |  |  | — |  |  | — |  |  | 14 |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
Total trading | 14 |  |  | — |  |  | — |  |  | 14 |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency derivatives | — |  |  | 24 |  |  | 245 |  |  | 269 |  |  | — |  |  | 18 |  |  | 218 |  |  | 236 |
Commodity derivatives | — |  |  | 47 |  |  | 10 |  |  | 57 |  |  | — |  |  | 37 |  |  | 7 |  |  | 44 |
Total derivatives | — |  |  | 71 |  |  | 255 |  |  | 326 |  |  | — |  |  | 55 |  |  | 225 |  |  | 280 |
TOTAL ASSETS | $ | 14 |  |  | $ | 550 |  |  | $ | 255 |  |  | $ | 819 |  |  | $ | 15 |  |  | $ | 789 |  |  | $ | 225 |  |  | $ | 1,029 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | — |  |  | $ | 131 |  |  | $ | 283 |  |  | $ | 414 |  |  | $ | — |  |  | $ | 206 |  |  | $ | 210 |  |  | $ | 416 |
Cross-currency derivatives | — |  |  | 40 |  |  | — |  |  | 40 |  |  | — |  |  | 29 |  |  | — |  |  | 29 |
Foreign currency derivatives | — |  |  | 47 |  |  | 14 |  |  | 61 |  |  | — |  |  | 43 |  |  | 9 |  |  | 52 |
Commodity derivatives | — |  |  | 29 |  |  | 1 |  |  | 30 |  |  | — |  |  | 16 |  |  | 1 |  |  | 17 |
Total derivatives | — |  |  | 247 |  |  | 298 |  |  | 545 |  |  | — |  |  | 294 |  |  | 220 |  |  | 514 |
TOTAL LIABILITIES | $ | — |  |  | $ | 247 |  |  | $ | 298 |  |  | $ | 545 |  |  | $ | — |  |  | $ | 294 |  |  | $ | 220 |  |  | $ | 514 |
_____________________________
(1) | Amortized cost approximated fair value at September 30, 2015 and December 31, 2014.
Fair Value, Net Derivative Assets (Liabilities) measured on a recurring basis, Unobservable Input Reconciliation Table | The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2015 and 2014 (presented in millions and net by type of derivative). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment.
Three Months Ended September 30, 2015 | Interest Rate |  | Foreign Currency |  | Commodity |  | Total
Balance at the beginning of the period | $ | (191 | ) |  | $ | 222 |  |  | $ | 17 |  |  | $ | 48 |
Total gains (losses) (realized and unrealized): |  |  |  |  |  |  |
Included in earnings | (1 | ) |  | 19 |  |  | — |  |  | 18 |
Included in other comprehensive income — derivative activity | (33 | ) |  | — |  |  | — |  |  | (33 | )
Included in other comprehensive income — foreign currency translation activity | — |  |  | (8 | ) |  | — |  |  | (8 | )
Included in regulatory (assets) liabilities | — |  |  | — |  |  | (20 | ) |  | (20 | )
Settlements | 7 |  |  | (2 | ) |  | 12 |  |  | 17 |
Transfers of assets (liabilities) into Level 3 | (65 | ) |  | — |  |  | — |  |  | (65 | )
Balance at the end of the period | $ | (283 | ) |  | $ | 231 |  |  | $ | 9 |  |  | $ | (43 | )
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | 18 |
Three Months Ended September 30, 2014 | Interest Rate |  | Foreign Currency |  | Commodity |  | Total
Balance at the beginning of the period | $ | (183 | ) |  | $ | 107 |  |  | $ | 16 |  |  | $ | (60 | )
Total gains (losses) (realized and unrealized): |  |  |  |  |  |  |
Included in earnings | — |  |  | (7 | ) |  | — |  |  | (7 | )
Included in other comprehensive income — derivative activity | (13 | ) |  | — |  |  | — |  |  | (13 | )
Included in other comprehensive income — foreign currency translation activity | 9 |  |  | (4 | ) |  | — |  |  | 5 |
Included in regulatory (assets) liabilities | — |  |  | — |  |  | (4 | ) |  | (4 | )
Settlements | 7 |  |  | (1 | ) |  | — |  |  | 6 |
Balance at the end of the period | $ | (180 | ) |  | $ | 95 |  |  | $ | 12 |  |  | $ | (73 | )
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  | $ | (8 | ) |  | $ | — |  |  | $ | (8 | )
Nine Months Ended September 30, 2015 | Interest Rate |  | Foreign Currency |  | Commodity |  | Total
Balance at the beginning of the period | $ | (210 | ) |  | $ | 209 |  |  | $ | 6 |  |  | $ | 5 |
Total gains (losses) (realized and unrealized): |  |  |  |  |  |  |
Included in earnings | (1 | ) |  | 49 |  |  | 2 |  |  | 50 |
Included in other comprehensive income — derivative activity | (30 | ) |  | — |  |  | — |  |  | (30 | )
Included in other comprehensive income — foreign currency translation activity | 7 |  |  | (21 | ) |  | — |  |  | (14 | )
Included in regulatory (assets) liabilities | — |  |  | — |  |  | (12 | ) |  | (12 | )
Settlements | 16 |  |  | (6 | ) |  | 13 |  |  | 23 |
Transfers of assets (liabilities) into Level 3 | (65 | ) |  | — |  |  | — |  |  | (65 | )
Balance at the end of the period | $ | (283 | ) |  | $ | 231 |  |  | $ | 9 |  |  | $ | (43 | )
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  | $ | 44 |  |  | $ | 2 |  |  | $ | 46 |
Nine Months Ended September 30, 2014 | Interest Rate |  | Foreign Currency |  | Commodity |  | Total
Balance at the beginning of the period | $ | (101 | ) |  | $ | 93 |  |  | $ | 4 |  |  | $ | (4 | )
Total gains (losses) (realized and unrealized): |  |  |  |  |  |  |
Included in earnings | 1 |  |  | 29 |  |  | 2 |  |  | 32 |
Included in other comprehensive income — derivative activity | (112 | ) |  | (2 | ) |  | — |  |  | (114 | )
Included in other comprehensive income — foreign currency translation activity | 9 |  |  | (24 | ) |  | — |  |  | (15 | )
Included in regulatory (assets) liabilities | — |  |  | — |  |  | 7 |  |  | 7 |
Settlements | 23 |  |  | (4 | ) |  | (1 | ) |  | 18 |
Transfers of (assets) liabilities out of Level 3 | — |  |  | 3 |  |  | — |  |  | 3 |
Balance at the end of the period | $ | (180 | ) |  | $ | 95 |  |  | $ | 12 |  |  | $ | (73 | )
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | 1 |  |  | $ | 26 |  |  | $ | 1 |  |  | $ | 28 |
Derivative Assets, Significant unobservable inputs | The table below summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of September 30, 2015 ($ in millions):
Type of Derivative |  | Fair Value |  | Unobservable Input |  | Amount or Range (Weighted Avg)
Interest rate |  | $ | (283 | ) |  | Subsidiaries’ credit spreads |  | 4.44% — 8.47% (5.77%)
Foreign currency: |  |  |  |  |  |
Argentine Peso |  | 230 |  |  | Argentine Peso to USD currency exchange rate after one year |  | 15.03 — 38.25 (25.85)
Euro |  | 15 |  |  | Counterparty's credit spread |  | 5.66%
Euro |  | (14 | ) |  | Subsidiary’s credit spread |  | 8.47%
Commodity: |  |  |  |  |  |
Other |  | 9 |  |  |  |  |
Total |  | $ | (43 | ) |  |  |  |
The following table summarizes the significant unobservable inputs used in the Level 3 measurement on a nonrecurring basis during the nine months ended September 30, 2015 ($ in millions):
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Long-lived assets held and used: |  |  |  |  |  |  |
Kilroot | $ | 78 |  |  | Discounted cash flow |  | Annual revenue growth |  | -88% to 6% (-7%) |
|  |  |  |  | Annual pretax operating margin |  | -74% to 10% (0%) |
|  |  |  |  | Weighted-average cost of capital |  | 6 | %
Buffalo Gap III | 116 |  |  | Discounted cash flow |  | Annual revenue growth |  | -2% to 19% (3%) |
|  |  |  |  | Annual pretax operating margin |  | -282% to 58% (24%) |
|  |  |  |  | Weighted-average cost of capital |  | 9 | %
Equity method investment: |  |  |  |  |  |  |
Solar Spain | 29 |  |  | Discounted cash flow |  | Annual revenue growth |  | -3% to 0% (0%) |
|  |  |  |  | Annual pretax operating margin |  | -13% to 56% (24%) |
|  |  |  |  | Cost of equity |  | 12 | %
Fair value hierarchy for nonrecurring measurements table | The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions):
Nine Months Ended September 30, 2015 | Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pretax Loss
|  | Level 1 |  | Level 2 |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |
Long-lived assets held and used: (2) |  |  |  |  |  |  |  |  |  |  |
UK Wind (Development Projects) | 06/30/2015 |  | $ | 38 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 37 |
Kilroot | 08/28/2015 |  | 191 |  |  | — |  |  | — |  |  | 78 |  |  | 113 |
Buffalo Gap III | 09/30/2015 |  | 234 |  |  | — |  |  | — |  |  | 116 |  |  | 118 |
Other | 03/31/2015 |  | 29 |  |  | — |  |  | 21 |  |  | — |  |  | 8 |
Equity method investment: |  |  |  |  |  |  |  |  |  |  |
Solar Spain | 02/09/2015 |  | 29 |  |  | — |  |  | — |  |  | 29 |  |  | — |
Nine Months Ended September 30, 2014 | Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pretax Loss
Assets |  | Level 1 |  | Level 2 |  | Level 3 |
Long-lived assets held and used: (2) |  |  |  |  |  |  |  |  |  |  |
DPL (East Bend) | 03/31/2014 |  | $ | 14 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 12 |
Ebute | 06/30/2014 |  | 99 |  |  | — |  |  | — |  |  | 47 |  |  | 52 |
Ebute | 09/30/2014 |  | 51 |  |  | — |  |  | — |  |  | 36 |  |  | 15 |
UK Wind (Newfield) | 06/06/2014 |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Discontinued operations and held-for-sale businesses: (3) |  |  |  |  |  |  |  |  |  |  |  |
Cameroon | 03/31/2014 |  | 372 |  |  | — |  |  | 334 |  |  | — |  |  | 38 |
Equity method investments |  |  |  |  |  |  |  |  |  |  |
Silver Ridge Power | 06/30/2014 |  | 315 |  |  | — |  |  | — |  |  | 273 |  |  | 42 |
Entek | 09/25/2014 |  | 143 |  |  | — |  |  | 125 |  |  | — |  |  | 18 |
Goodwill: (4) |  |  |  |  |  |  |  |  |  |  |
DPLER | 02/28/2014 |  | 136 |  |  | — |  |  | — |  |  | — |  |  | 136 |
Buffalo Gap | 03/31/2014 |  | 28 |  |  | — |  |  | — |  |  | 10 |  |  | 18 |
_____________________________
(1) | Represents the carrying values at the dates of measurement, before fair value adjustment.
(2) | See Note 15—Asset Impairment Expense for further information.
(3) | See Note 18—Discontinued Operations for further information. Fair value of long-lived assets held-for-sale excludes costs to sell.
(4) | See Note 14—Goodwill Impairment for further information.
Financial instruments not measured at fair value in the condensed consolidated balance sheets | The next table presents (in millions) the carrying amount, fair value and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014, but for which fair value is disclosed:
|  | Carrying Amount |  | Fair Value
September 30, 2015 |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |
Accounts receivable — noncurrent (1) |  | $ | 294 |  |  | $ | 284 |  |  | $ | — |  |  | $ | — |  |  | $ | 284 |
Liabilities |  |  |  |  |  |  |  |  |  |
Non-recourse debt |  | 15,591 |  |  | 15,660 |  |  | — |  |  | 11,387 |  |  | 4,273 |
Recourse debt |  | 5,107 |  |  | 4,841 |  |  | — |  |  | 4,841 |  |  | — |
December 31, 2014 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Accounts receivable — noncurrent (1) |  | $ | 301 |  |  | $ | 290 |  |  | $ | — |  |  | $ | — |  |  | $ | 290 |
Liabilities |  |  |  |  |  |  |  |  |  |
Non-recourse debt |  | 15,600 |  |  | 16,008 |  |  | — |  |  | 12,538 |  |  | 3,470 |
Recourse debt |  | 5,258 |  |  | 5,552 |  |  | — |  |  | 5,552 |  |  | — |
_____________________________
(1) | These amounts principally relate to amounts due from CAMMESA, and are included in Noncurrent assets—Other in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $48 million and $36 million at September 30, 2015 and December 31, 2014, respectively.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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