XML 17 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value of Financial Instruments [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The Company’s financial assets and liabilities whose values were recognized at fair value are as follows by level within the fair value hierarchy (in millions): 
 
As of December 31, 2012
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Nuclear decommissioning trust (1):
 
 
 
 
 
 
 
Money market funds
$
—

 
$
15

 
$
—

 
$
15

Debt securities:
 
 
 
 
 
 
 
Domestic government
7

 
8

 
—

 
15

Corporate credit
—

 
8

 
—

 
8

Non-qualified benefit plan trust (2):
 
 
 
 
 
 
 
Money market funds
—

 
2

 
—

 
2

Equity securities:
 
 
 
 
 
 
 
Domestic
2

 
2

 
—

 
4

International
1

 
—

 
—

 
1

Debt securities - domestic government
2

 
—

 
—

 
2

Assets from price risk management activities (1) (3):
 
 
 
 
 
 
 
Electricity
—

 
1

 
—

 
1

Natural gas
—

 
3

 
2

 
5

 
$
12

 
$
39

 
$
2

 
$
53

Liabilities - Liabilities from price risk management
activities (1) (3):
 
 
 
 
 
 
 
Electricity
$
—

 
$
72

 
$
10

 
$
82

Natural gas
—

 
110

 
8

 
118

 
$
—

 
$
182

 
$
18

 
$
200

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in regulatory assets or regulatory liabilities as appropriate.
(2)
Excludes insurance policies of $23 million, which are recorded at cash surrender value.
(3)
For further information, see Note 5, Price Risk Management.

 
As of December 31, 2011
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Nuclear decommissioning trust (1):
 
 
 
 
 
 
 
Money market funds
$
—

 
$
14

 
$
—

 
$
14

Debt securities:
 
 
 
 
 
 
 
Domestic government
3

 
9

 
—

 
12

Corporate credit
—

 
11

 
—

 
11

Non-qualified benefit plan trust (2):
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
Domestic
7

 
2

 
—

 
9

International
1

 
—

 
—

 
1

Debt securities - domestic government
3

 
—

 
—

 
3

Assets from price risk management activities (1) (3):
 
 
 
 
 
 
 
Electricity
—

 
2

 
—

 
2

Natural gas
—

 
17

 
—

 
17

 
$
14

 
$
55

 
$
—

 
$
69

Liabilities - Liabilities from price risk management
activities (1) (3):
 
 
 
 
 
 
 
Electricity
$
—

 
$
108

 
$
29

 
$
137

Natural gas
—

 
201

 
50

 
251

 
$
—

 
$
309

 
$
79

 
$
388

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in regulatory assets or regulatory liabilities as appropriate.
(2)
Excludes insurance policies of $23 million, which are recorded at cash surrender value.
(3)
For further information, see Note 5, Price Risk Management.
The fair values of the Company’s pension plan assets and other postretirement benefit plan assets by asset category are as follows (in millions):  
 
As of December 31, 2012
 
Level 1
 
Level 2
 
Level 3
 
Total
Defined Benefit Pension Plan assets:
 
 
 
 
 
 
 
Money market funds
$
—

 
$
1

 
$
—

 
$
1

Equity securities:
 
 
 
 
 
 
 
Domestic
150

 
15

 
—

 
165

International
166

 
—

 
—

 
166

Debt securities:
 
 
 
 
 
 
 
Domestic government and corporate credit
—

 
165

 
—

 
165

Corporate credit
8

 
—

 
—

 
8

Private equity funds
—

 
—

 
32

 
32

 
$
324

 
$
181

 
$
32

 
$
537

Other Postretirement Benefit Plans assets:
 
 
 
 
 
 
 
Money market funds
$
—

 
$
8

 
$
—

 
$
8

Equity securities:
 
 
 
 
 
 
 
Domestic
8

 
1

 
—

 
9

International
8

 
—

 
—

 
8

Debt securities—Domestic government
3

 
—

 
—

 
3

 
$
19

 
$
9

 
$
—

 
$
28

 
 
 
 
 
 
 
 

 
As of December 31, 2011
 
Level 1
 
Level 2
 
Level 3
 
Total
Defined Benefit Pension Plan assets:
 
 
 
 
 
 
 
Money market funds
$
—

 
$
3

 
$
—

 
$
3

Equity securities:
 
 
 
 
 
 
 
Domestic
151

 
12

 
—

 
163

International
54

 
51

 
—

 
105

Debt securities:
 
 
 
 
 
 
 
Domestic government and corporate credit
—

 
78

 
—

 
78

Corporate credit
76

 
—

 
—

 
76

Private equity funds
—

 
—

 
32

 
32

Alternative investments
—

 
—

 
30

 
30

 
$
281

 
$
144

 
$
62

 
$
487

Other Postretirement Benefit Plans assets:
 
 
 
 
 
 
 
Money market funds
$
—

 
$
7

 
$
—

 
$
7

Equity securities:
 
 
 
 
 
 
 
Domestic
12

 
1

 
—

 
13

International
2

 
2

 
—

 
4

Debt securities—Domestic government
3

 
—

 
—

 
3

 
$
17

 
$
10

 
$
—

 
$
27

 
 
 
 
 
 
 
 
Fair Value, Option, Quantitative Disclosures [Table Text Block]
Quantitative information regarding the significant, unobservable inputs used in the measurement of Level 3 assets and liabilities from price risk management activities as of December 31, 2012 is presented below:

 
 
 
Range and Weighted Average
Price per Unit
 
Fair Value
 
Low
 
High
 
Weighted Average
 
Unit
Assets from price risk management activities:
(in millions)
 
 
 
 
 
 
 
 
Natural gas financial swaps
$
2

 
$
3.74

 
$
5.21

 
$
4.36

 
Dth
Liabilities from price risk management activities:
 
 
 
 
 
 
 
 
 
Electricity financial swaps and commodity futures
10

 
7.12

 
51.72

 
41.14

 
MWh
Natural gas financial swaps
8

 
3.67

 
5.21

 
4.20
 
Dth
 
 
 
 
 
 
 
 
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
Changes in the fair value of net liabilities from price risk management activities (net of assets from price risk management activities) classified as Level 3 in the fair value hierarchy were as follows (in millions):

 
Years Ended December 31,
 
2012
 
2011
Net liabilities from price risk management activities as of beginning of year
$
79

 
$
120

Net realized and unrealized losses
15

(1) 
86

Purchases
(1
)
 
3

Issuances
(1
)
 
—

Settlements
—

 
(1
)
Net transfers out of Level 3 to Level 2
(76
)
 
(129
)
Net liabilities from price risk management activities as of end of year
$
16

 
$
79

Level 3 net unrealized losses that have been fully offset by the effect of regulatory accounting
$
14

 
$
88

 
 
 
 
 
 
 
 
 
(1)
Includes $1 million of realized losses, net.

The comparable information contained in the preceding table was as follows for the year ended December 31, 2010 (in millions): 
Net liabilities from price risk management activities as of beginning of year
$
154

Net realized and unrealized losses (1)
65

Purchases, issuances, and settlements, net
27

Net transfers out of Level 3 to Level 2
(126
)
Net liabilities from price risk management activities as of end of year
$
120

Level 3 net unrealized losses that have been fully offset by the effect of regulatory accounting
$
95

 
 
 
 
 
 
 
(1)
Contains nominal amounts of realized losses, net.

Transfer