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Acquisitions, Divestitures and Discontinued Operations | 6 Months Ended
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Jun. 30, 2011
Acquisitions, Divestitures and Discontinued Operations [Abstract] |
Acquisitions, Divestitures and Discontinued Operations | 2. Acquisitions, Divestitures and Discontinued Operations Conectiv Acquisition On July 1, 2010, we, through our indirect, wholly owned subsidiary NDH, completed the Conectiv Acquisition. The assets acquired include 18 operating power plants and the York Energy Center that was under construction and achieved COD on March 2, 2011, totaling approximately 4,490 MW of capacity (including completion of the scheduled upgrades). We did not acquire Conectiv‘s trading book, load serving auction obligations or collateral requirements. Additionally, we did not assume any of Conectiv‘s off-site environmental liabilities, environmental remediation liabilities in excess of $10 million related to assets located in New Jersey that are subject to ISRA, or pre-close accumulated pension and retirement welfare liabilities; however, we did assume pension liabilities on future services and compensation increases for past services for approximately 129 union employees who joined Calpine as a result of the Conectiv Acquisition. The net proceeds of $1.3 billion received from the NDH Project Debt were used, together with available operating cash, to pay the Conectiv Acquisition purchase price of approximately $1.64 billion and also fund a cash contribution from Calpine Corporation to NDH of $110 million to fund completion of the York Energy Center. The Conectiv Acquisition provided us with a significant presence in the Mid-Atlantic market, one of the most robust competitive power markets in the U.S., and positioned us with three scale markets instead of two (California and Texas) giving us greater geographic diversity. We accounted for the Conectiv Acquisition under the acquisition method of accounting in accordance with U.S. GAAP. During the second quarter of 2011, we finalized the valuations we assigned to the net assets acquired in the Conectiv Acquisition which is summarized in the following table (in millions). We did not record any material valuation adjustments during the three and six months ended June 30, 2011, and we did not recognize any goodwill as a result of this acquisition.
Consideration |  | $ | 1,640 |
Final values of identifiable assets acquired and liabilities assumed: |  |  |  |
Assets: |  |  |  |
Current assets |  | $ | 78 |
Property, plant and equipment, net |  |  | 1,574 |
Other long-term assets |  |  | 85 |
Total assets acquired |  |  | 1,737 |
Liabilities: |  |  |  |
Current liabilities |  |  | 46 |
Long-term liabilities |  |  | 51 |
Total liabilities assumed |  |  | 97 |
Net assets acquired |  | $ | 1,640 |
Sale of Blue Spruce and Rocky Mountain On December 6, 2010, we, through our indirect, wholly owned subsidiaries Riverside Energy Center, LLC and Calpine Development Holdings, Inc., completed the sale of 100% of our ownership interests in Blue Spruce and Rocky Mountain for approximately $739 million, and we recorded a pre-tax gain of approximately $209 million during the fourth quarter of 2010. The results of operations for Blue Spruce and Rocky Mountain are reported as discontinued operations on our Consolidated Condensed Statement of Operations for the three and six months ended June 30, 2010. The table below presents the components of our discontinued operations for the periods presented (in millions):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2010 |  |  | June 30, 2010 |
Operating revenues |  | $ | 25 |  |  | $ | 50 |
Income from discontinued operations before taxes |  | $ | 12 |  |  | $ | 20 |
Less: Income tax expense |  |  | 8 |  |  |  | 8 |
Discontinued operations, net of tax |  | $ | 4 |  |  | $ | 12 |

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