v2.4.0.6

Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2012
Derivative Instruments [Abstract] |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following tables present the fair values of our net derivative instruments recorded on our Consolidated Condensed Balance Sheets by location and hedge type at September 30, 2012 and December 31, 2011 (in millions):
| September 30, 2012
| Interest Rate Swaps |  | Commodity Instruments |  | Total Derivative Instruments
Balance Sheet Presentation |  |  |  |  |
Current derivative assets | $ | — |  |  | $ | 487 |  |  | $ | 487 |
Long-term derivative assets | 5 |  |  | 141 |  |  | 146 |
Total derivative assets | $ | 5 |  |  | $ | 628 |  |  | $ | 633 |
Current derivative liabilities | $ | 36 |  |  | $ | 421 |  |  | $ | 457 |
Long-term derivative liabilities | 172 |  |  | 114 |  |  | 286 |
Total derivative liabilities | $ | 208 |  |  | $ | 535 |  |  | $ | 743 |
Net derivative assets (liabilities) | $ | (203 | ) |  | $ | 93 |  |  | $ | (110 | )
| December 31, 2011
| Interest Rate Swaps |  | Commodity Instruments |  | Total Derivative Instruments
Balance Sheet Presentation |  |  |  |  |
Current derivative assets | $ | — |  |  | $ | 1,051 |  |  | $ | 1,051 |
Long-term derivative assets | 10 |  |  | 103 |  |  | 113 |
Total derivative assets | $ | 10 |  |  | $ | 1,154 |  |  | $ | 1,164 |
Current derivative liabilities | $ | 166 |  |  | $ | 978 |  |  | $ | 1,144 |
Long-term derivative liabilities | 154 |  |  | 125 |  |  | 279 |
Total derivative liabilities | $ | 320 |  |  | $ | 1,103 |  |  | $ | 1,423 |
Net derivative assets (liabilities) | $ | (310 | ) |  | $ | 51 |  |  | $ | (259 | )
Schedule of Notional Amounts of Outstanding Derivative Positions | As of September 30, 2012 and December 31, 2011, the net forward notional buy (sell) position of our outstanding commodity and interest rate swap contracts that did not qualify under the normal purchase normal sale exemption were as follows (in millions):
Derivative Instruments |  | Notional Amounts
| September 30, 2012 |  | December 31, 2011
Power (MWh) |  | (13 | ) |  | (21 | )
Natural gas (MMBtu) |  | 2 |  |  | (200 | )
Interest rate swaps(1) |  | $ | 1,629 |  |  | $ | 5,639 |
____________
(1) | Approximately $4.1 billion at December 31, 2011 was related to hedges of our First Lien Credit Facility's variable rate debt that was converted to fixed rate debt. On March 26, 2012, we terminated the interest rate swaps formerly hedging our First Lien Credit Facility.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
| September 30, 2012 |  | December 31, 2011
| 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(1): |  |  |  |  |  |  |
Interest rate swaps | $ | 5 |  |  | $ | 189 |  |  | $ | 10 |  |  | $ | 149 |
Commodity instruments | 17 |  |  | 2 |  |  | 51 |  |  | 18 |
Total derivatives designated as cash flow hedging instruments | $ | 22 |  |  | $ | 191 |  |  | $ | 61 |  |  | $ | 167 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 19 |  |  | $ | — |  |  | $ | 171 |
Commodity instruments | 611 |  |  | 533 |  |  | 1,103 |  |  | 1,085 |
Total derivatives not designated as hedging instruments | $ | 611 |  |  | $ | 552 |  |  | $ | 1,103 |  |  | $ | 1,256 |
Total derivatives | $ | 633 |  |  | $ | 743 |  |  | $ | 1,164 |  |  | $ | 1,423 |
____________
(1) | Includes accumulated fair value of derivative instruments as of the date hedge accounting was discontinued, net of amortized fair value for settlement periods which have transpired.
Realized Unrealized Gain Loss by Instrument | The following tables detail the components of our total mark-to-market activity for both the net realized gain (loss) and the net unrealized gain (loss) recognized from our derivative instruments in earnings and where these components were recorded on our Consolidated Condensed Statements of Operations for the periods indicated (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Realized gain (loss) |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | (44 | ) |  | $ | (157 | ) |  | $ | (150 | )
Commodity derivative instruments | 113 |  |  | 65 |  |  | 325 |  |  | 117 |
Total realized gain (loss) | $ | 113 |  |  | $ | 21 |  |  | $ | 168 |  |  | $ | (33 | )
Unrealized gain (loss)(1) |  |  |  |  |  |  |
Interest rate swaps | $ | 3 |  |  | $ | 43 |  |  | $ | 152 |  |  | $ | 5 |
Commodity derivative instruments | 219 |  |  | (8 | ) |  | (49 | ) |  | (47 | )
Total unrealized gain (loss) | $ | 222 |  |  | $ | 35 |  |  | $ | 103 |  |  | $ | (42 | )
Total mark-to-market activity, net | $ | 335 |  |  | $ | 56 |  |  | $ | 271 |  |  | $ | (75 | )
___________
(1) | In addition to changes in market value on derivatives not designated as hedges, changes in unrealized gain (loss) also includes de-designation of interest rate swap cash flow hedges and related reclassification from AOCI into earnings, hedge ineffectiveness and adjustments to reflect changes in credit default risk exposure.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Realized and unrealized gain (loss) |  |  |  |  |  |  |
Power contracts included in operating revenues | $ | 329 |  |  | $ | 18 |  |  | $ | 149 |  |  | $ | 9 |
Natural gas contracts included in fuel and purchased energy expense | 3 |  |  | 39 |  |  | 127 |  |  | 61 |
Interest rate swaps included in interest expense | 3 |  |  | 2 |  |  | 9 |  |  | 4 |
Loss on interest rate derivatives | — |  |  | (3 | ) |  | (14 | ) |  | (149 | )
Total mark-to-market activity, net | $ | 335 |  |  | $ | 56 |  |  | $ | 271 |  |  | $ | (75 | )
Derivatives Designated as Hedges | The following table details the effect of our net derivative instruments that qualified for hedge accounting treatment and are included in OCI and AOCI for the periods indicated (in millions):
| Three Months Ended September 30,
| Gain (Loss) Recognized in OCI (Effective Portion) |  | Gain (Loss) Reclassified from AOCI into Income (Effective Portion)(1) |  | Gain (Loss) Reclassified from AOCI into Income (Ineffective Portion)
| 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2012 |  | 2011
Interest rate swaps | $ | (14 | ) |  | $ | (103 | ) |  | $ | (8 | ) | (2) | $ | (7 | ) | (2) | $ | — |  |  | $ | (1 | )
Commodity derivative instruments | (9 | ) |  | 9 |  |  | 9 |  | (3) | 27 |  | (3) | — |  |  | (1 | )
Total | $ | (23 | ) |  | $ | (94 | ) |  | $ | 1 |  |  | $ | 20 |  |  | $ | — |  |  | $ | (2 | )
| Nine Months Ended September 30,
| Gain (Loss) Recognized in OCI (Effective Portion) |  | Gain (Loss) Reclassified from AOCI into Income (Effective Portion)(1) |  | Gain (Loss) Reclassified from AOCI into Income (Ineffective Portion)
| 2012 |  | 2011 |  | 2012 |  | 2011 |  | 2012 |  | 2011
Interest rate swaps | $ | (48 | ) |  | $ | (9 | ) |  | $ | (23 | ) | (4) | $ | (130 | ) | (4) | $ | — |  |  | $ | (2 | )
Commodity derivative instruments | (23 | ) |  | (27 | ) |  | 38 |  | (3) | 106 |  | (3) | 2 |  |  | — |
Total | $ | (71 | ) |  | $ | (36 | ) |  | $ | 15 |  |  | $ | (24 | ) |  | $ | 2 |  |  | $ | (2 | )
____________
(1) | Cumulative cash flow hedge losses, net of tax, remaining in AOCI were $236 million and $172 million at September 30, 2012 and December 31, 2011, respectively.
(2) | Reclassification of losses from OCI to earnings consisted of $8 million and $7 million from the reclassification of interest rate contracts due to settlement for the three months ended September 30, 2012 and 2011, respectively.
(3) | Included in operating revenues and fuel and purchased energy expense on our Consolidated Condensed Statement of Operations.
(4) | Reclassification of losses from OCI to earnings consisted of $23 million and $24 million from the reclassification of interest rate contracts due to settlement for the nine months ended September 30, 2012 and 2011, respectively, $15 million in losses from terminated interest rate contracts due to 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 refinancing of variable rate First Lien Credit Facility term loans for the nine months ended September 30, 2011.

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 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 b -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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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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 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 2: 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=7476318&loc=SL5624163-113959 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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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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