v2.3.0.15

Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2011
Derivative Instruments [Abstract] |
Notional amounts table |
|  | Notional Amounts |
|  | September 30, 2011 |  |  | December 31, 2010 |
Derivative Instruments |  |  |  |  |  |  |  |
Power (MWh) |  |  | (38 | ) |  |  | (50 | )
Natural gas (MMBtu) |  |  | 124 |  |  |  | 31 |
Interest rate swaps(1) |  | $ | 5,448 |  |  | $ | 6,171 |
_________
(1) | Approximately $4.1 billion and $3.3 billion at September 30, 2011 and December 31, 2010, respectively, related to variable rate debt that was converted to fixed rate debt in 2011 and 2010.
Fair value of derivative instruments table |
|  | September 30, 2011 |
|  | Interest Rate Swaps |  |  | Commodity Instruments |  |  | Total Derivative Instruments |
Balance Sheet Presentation |  |  |  |  |  |  |  |  |  |  |  |
Current derivative assets |  | $ | — |  |  | $ | 690 |  |  | $ | 690 |
Long-term derivative assets |  |  | 9 |  |  |  | 125 |  |  |  | 134 |
Total derivative assets |  | $ | 9 |  |  | $ | 815 |  |  | $ | 824 |
Current derivative liabilities |  | $ | 190 |  |  | $ | 589 |  |  | $ | 779 |
Long-term derivative liabilities |  |  | 171 |  |  |  | 132 |  |  |  | 303 |
Total derivative liabilities |  | $ | 361 |  |  | $ | 721 |  |  | $ | 1,082 |
Net derivative assets (liabilities) |  | $ | (352 | ) |  | $ | 94 |  |  | $ | (258 | )
Fair value of derivative instruments table |
|  | December 31, 2010 |
|  | Interest Rate Swaps |  |  | Commodity Instruments |  |  | Total Derivative Instruments |
Balance Sheet Presentation |  |  |  |  |  |  |  |  |  |  |  |
Current derivative assets |  | $ | — |  |  | $ | 725 |  |  | $ | 725 |
Long-term derivative assets |  |  | 4 |  |  |  | 166 |  |  |  | 170 |
Total derivative assets |  | $ | 4 |  |  | $ | 891 |  |  | $ | 895 |
Current derivative liabilities |  | $ | 197 |  |  | $ | 521 |  |  | $ | 718 |
Long-term derivative liabilities |  |  | 174 |  |  |  | 196 |  |  |  | 370 |
Total derivative liabilities |  | $ | 371 |  |  | $ | 717 |  |  | $ | 1,088 |
Net derivative assets (liabilities) |  | $ | (367 | ) |  | $ | 174 |  |  | $ | (193 | )
Derivative instrument by accounting designation table |
|  | September 30, 2011 |  |  | December 31, 2010 |
|  | Fair Value of Derivative Assets |  |  | Fair Value of Derivative Liabilities |  |  | Fair Value of Derivative Assets |  |  | Fair Value of Derivative Liabilities |
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 9 |  |  | $ | 140 |  |  | $ | 2 |  |  | $ | 143 |
Commodity instruments |  |  | 98 |  |  |  | 18 |  |  |  | 161 |  |  |  | 52 |
Total derivatives designated as cash flow hedging instruments |  | $ | 107 |  |  | $ | 158 |  |  | $ | 163 |  |  | $ | 195 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | — |  |  | $ | 221 |  |  | $ | 2 |  |  | $ | 228 |
Commodity instruments |  |  | 717 |  |  |  | 703 |  |  |  | 730 |  |  |  | 665 |
Total derivatives not designated as hedging instruments |  | $ | 717 |  |  | $ | 924 |  |  | $ | 732 |  |  | $ | 893 |
Total derivatives |  | $ | 824 |  |  | $ | 1,082 |  |  | $ | 895 |  |  | $ | 1,088 |
Realized / Unrealized gain loss by instrument table |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Realized gain (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | (44 | ) |  | $ | (14 | ) |  | $ | (150 | ) |  | $ | (26 | )
Commodity derivative instruments |  |  | 65 |  |  |  | 41 |  |  |  | 117 |  |  |  | 93 |
Total realized gain (loss) |  | $ | 21 |  |  | $ | 27 |  |  | $ | (33 | ) |  | $ | 67 |
Unrealized gain (loss)(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 43 |  |  | $ | (96 | ) |  | $ | 5 |  |  | $ | (115 | )
Commodity derivative instruments |  |  | (8 | ) |  |  | 131 |  |  |  | (47 | ) |  |  | 212 |
Total unrealized gain (loss) |  | $ | 35 |  |  | $ | 35 |  |  | $ | (42 | ) |  | $ | 97 |
Total mark-to-market activity |  | $ | 56 |  |  | $ | 62 |  |  | $ | (75 | ) |  | $ | 164 |
_________
(1) | Changes in unrealized gain (loss) include de-designation of interest rate swap cash flow hedges and related reclassification from AOCI into income, hedge ineffectiveness and adjustments to reflect changes in credit default risk exposure.
Realized and unrealized gain loss by Income Statement line item table |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Realized and unrealized gain (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power contracts included in operating revenues |  | $ | 18 |  |  | $ | 22 |  |  | $ | 9 |  |  | $ | 34 |
Natural gas contracts included in fuel and purchased energy expense |  |  | 39 |  |  |  | 150 |  |  |  | 61 |  |  |  | 271 |
Interest rate swaps included in interest expense |  |  | 2 |  |  |  | (26 | ) |  |  | 4 |  |  |  | (54 | )
Gain (loss) on interest rate derivatives, net |  |  | (3 | ) |  |  | (84 | ) |  |  | (149 | ) |  |  | (87 | )
Total mark-to-market activity |  | $ | 56 |  |  | $ | 62 |  |  | $ | (75 | ) |  | $ | 164 |
Derivatives designated as hedges activity table |
|  | Three Months Ended September 30, |
|  | Gain (Loss) Recognized in OCI (Effective Portion) |  |  | Gain (Loss) Reclassified from AOCI Into Income (Effective Portion)(2) |  |  | Gain (Loss) Reclassified from AOCI Into Income (Ineffective Portion) |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Interest rate swaps |  | $ | (103 | ) |  | $ | 45 |  |  | $ | (7 | ) |  | $ | (50 | ) |  | $ | (1 | ) |  | $ | — |
Commodity derivative instruments |  |  | 9 |  |  |  | 8 |  |  |  | 27 |  |  |  | 62 |  |  |  | (1 | ) |  |  | (1 | )
Total |  | $ | (94 | ) |  | $ | 53 |  |  | $ | 20 |  |  | $ | 12 |  |  | $ | (2 | ) |  | $ | (1 | )
Derivatives designated as hedges activity table |
|  | Nine Months Ended September 30, |
|  | Gain (Loss) Recognized in OCI (Effective Portion) |  |  | Gain (Loss) Reclassified from AOCI Into Income (Effective Portion)(2) |  |  | Gain (Loss) Reclassified from AOCI Into Income (Ineffective Portion) |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
Interest rate swaps |  | $ | (9 | ) |  | $ | 18 |  |  | $ | (130 | )(4) |  | $ | (172 | ) |  | $ | (2 | ) |  | $ | — |
Commodity derivative instruments |  |  | (27 | ) |  |  | 87 |  |  |  | 106 | (1) |  |  | 162 |  |  |  | — |  |  |  | — |
Total |  | $ | (36 | ) |  | $ | 105 |  |  | $ | (24 | ) |  | $ | (10 | ) |  | $ | (2 | ) |  | $ | — |
_________
(1) | Included in operating revenues and fuel and purchased energy expense on our Consolidated Condensed Statements of Operations.
(2) | Cumulative cash flow hedge losses remaining in AOCI were $140 million and $122 million at September 30, 2011 and December 31, 2010, respectively.
(3) | Reclassification of losses from OCI to earnings for the three months ended September 30, 2011, consisted of $7 million in losses from the reclassification of interest rate contracts due to settlement.
(4) | Reclassification of losses from OCI to earnings for the nine months ended September 30, 2011 consisted of $24 million in losses from the reclassification of interest rate contracts due to settlement, $15 million in losses from terminated interest rate contracts due to the repayment of project debt in June 2011, and $91 million in losses from existing interest rate contracts reclassified from OCI into earnings due to the refinance of variable rate First Lien Credit Facility term loans.

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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