v2.4.0.8

Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2013
Derivative Instruments [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of December 31, 2013 and 2012, the net forward notional buy (sell) position of our outstanding commodity and interest rate swap contracts that did not qualify or were not designated under the normal purchase normal sale exemption were as follows (in millions):
Derivative Instruments |  | Notional Amounts
| 2013 |  | 2012
Power (MWh) |  | (29 | ) |  | (16 | )
Natural gas (MMBtu) |  | 448 |  |  | 66 |
Interest rate swaps |  | $ | 1,527 |  |  | $ | 1,602 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the fair values of our net derivative instruments recorded on our Consolidated Balance Sheets by location and hedge type at December 31, 2013 and 2012 (in millions):
| December 31, 2013
| Commodity Instruments |  | Interest Rate Swaps |  | Total Derivative Instruments
Balance Sheet Presentation |  |  |  |  |
Current derivative assets | $ | 445 |  |  | $ | — |  |  | $ | 445 |
Long-term derivative assets | 96 |  |  | 9 |  |  | 105 |
Total derivative assets | $ | 541 |  |  | $ | 9 |  |  | $ | 550 |
Current derivative liabilities | $ | 404 |  |  | $ | 47 |  |  | $ | 451 |
Long-term derivative liabilities | 161 |  |  | 82 |  |  | 243 |
Total derivative liabilities | $ | 565 |  |  | $ | 129 |  |  | $ | 694 |
Net derivative assets (liabilities) | $ | (24 | ) |  | $ | (120 | ) |  | $ | (144 | )
| December 31, 2012
| Commodity Instruments |  | Interest Rate Swaps |  | Total Derivative Instruments
Balance Sheet Presentation |  |  |  |  |
Current derivative assets | $ | 339 |  |  | $ | — |  |  | $ | 339 |
Long-term derivative assets | 94 |  |  | 4 |  |  | 98 |
Total derivative assets | $ | 433 |  |  | $ | 4 |  |  | $ | 437 |
Current derivative liabilities | $ | 317 |  |  | $ | 40 |  |  | $ | 357 |
Long-term derivative liabilities | 133 |  |  | 160 |  |  | 293 |
Total derivative liabilities | $ | 450 |  |  | $ | 200 |  |  | $ | 650 |
Net derivative assets (liabilities) | $ | (17 | ) |  | $ | (196 | ) |  | $ | (213 | )
Derivative Instrument by Accounting Designation |
| December 31, 2013 |  | December 31, 2012
| 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 |  |  | $ | 115 |  |  | $ | 4 |  |  | $ | 184 |
Total derivatives designated as cash flow hedging instruments | $ | 9 |  |  | $ | 115 |  |  | $ | 4 |  |  | $ | 184 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity instruments | $ | 541 |  |  | $ | 565 |  |  | $ | 433 |  |  | $ | 450 |
Interest rate swaps | — |  |  | 14 |  |  | — |  |  | 16 |
Total derivatives not designated as hedging instruments | $ | 541 |  |  | $ | 579 |  |  | $ | 433 |  |  | $ | 466 |
Total derivatives | $ | 550 |  |  | $ | 694 |  |  | $ | 437 |  |  | $ | 650 |
Offsetting Assets [Table Text Block] | The tables below set forth our net exposure to derivative instruments after offsetting amounts subject to a master netting arrangement with the same counterparty at December 31, 2013 and 2012 (in millions):
|  | December 31, 2013
|  | Gross Amounts Not Offset on the Consolidated Balance Sheets
|  | Gross Amounts Presented on our Consolidated Balance Sheets |  | Derivative Asset (Liability) not Offset on the Consolidated Balance Sheets |  | Margin/Cash (Received) Posted (1) |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |
Commodity exchange traded futures and swaps contracts |  | $ | 434 |  |  | $ | (420 | ) |  | $ | (14 | ) |  | $ | — |
Commodity forward contracts |  | 107 |  |  | (60 | ) |  | — |  |  | 47 |
Interest rate swaps |  | 9 |  |  | — |  |  | — |  |  | 9 |
Total derivative assets |  | $ | 550 |  |  | $ | (480 | ) |  | $ | (14 | ) |  | $ | 56 |
Derivative (liabilities): |  |  |  |  |  |  |  |
Commodity exchange traded futures and swaps contracts |  | $ | (495 | ) |  | $ | 420 |  |  | $ | 75 |  |  | $ | — |
Commodity forward contracts |  | (70 | ) |  | 60 |  |  | 1 |  |  | (9 | )
Interest rate swaps |  | (129 | ) |  | — |  |  | — |  |  | (129 | )
Total derivative (liabilities) |  | $ | (694 | ) |  | $ | 480 |  |  | $ | 76 |  |  | $ | (138 | )
Net derivative assets (liabilities) |  | $ | (144 | ) |  | $ | — |  |  | $ | 62 |  |  | $ | (82 | )
|  | December 31, 2012
|  | Gross Amounts Not Offset on the Consolidated Balance Sheets
|  | Gross Amounts Presented on our Consolidated Balance Sheets |  | Derivative Asset (Liability) not Offset on the Consolidated Balance Sheets |  | Margin/Cash (Received) Posted (1) |  | Net Amount
Derivative assets: |  |  |  |  |  |  |  |
Commodity exchange traded futures and swaps contracts |  | $ | 385 |  |  | $ | (379 | ) |  | $ | (6 | ) |  | $ | — |
Commodity forward contracts |  | 48 |  |  | (17 | ) |  | (1 | ) |  | 30 |
Interest rate swaps |  | 4 |  |  | — |  |  | — |  |  | 4 |
Total derivative assets |  | $ | 437 |  |  | $ | (396 | ) |  | $ | (7 | ) |  | $ | 34 |
Derivative (liabilities): |  |  |  |  |  |  |  |
Commodity exchange traded futures and swaps contracts |  | $ | (424 | ) |  | $ | 379 |  |  | $ | 45 |  |  | $ | — |
Commodity forward contracts |  | (26 | ) |  | 17 |  |  | 1 |  |  | (8 | )
Interest rate swaps |  | (200 | ) |  | — |  |  | — |  |  | (200 | )
Total derivative (liabilities) |  | $ | (650 | ) |  | $ | 396 |  |  | $ | 46 |  |  | $ | (208 | )
Net derivative assets (liabilities) |  | $ | (213 | ) |  | $ | — |  |  | $ | 39 |  |  | $ | (174 | )
____________
(1) | Negative balances represent margin deposits posted with us by our counterparties related to our derivative activities that are subject to a master netting arrangement. Positive balances reflect margin deposits posted by us with our counterparties related to our derivative activities that are subject to a master netting arrangement. See Note 9 for a further discussion of our collateral.
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 Statements of Operations for the years ended December 31, 2013, 2012 and 2011 (in millions):
| 2013 |  | 2012 |  | 2011
Realized gain (loss)(1) |  |  |  |  |
Commodity derivative instruments | $ | 86 |  |  | $ | 387 |  |  | $ | 143 |
Interest rate swaps | — |  |  | (157 | ) |  | (193 | )
Total realized gain (loss) | $ | 86 |  |  | $ | 230 |  |  | $ | (50 | )
Unrealized gain (loss)(2) |  |  |  |  |
Commodity derivative instruments | $ | (14 | ) |  | $ | (82 | ) |  | $ | (25 | )
Interest rate swaps | 2 |  |  | 154 |  |  | 55 |
Total unrealized gain (loss) | $ | (12 | ) |  | $ | 72 |  |  | $ | 30 |
Total mark-to-market activity, net | $ | 74 |  |  | $ | 302 |  |  | $ | (20 | )
___________
(1) | Does not include the realized value associated with derivative instruments that settle through physical delivery.
(2) | In addition to changes in market value on derivatives not designated as hedges, changes in unrealized gain (loss) also includes 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 [Table Text Block] |
| 2013 |  | 2012 |  | 2011
Realized and unrealized gain (loss) |  |  |  |  |
Derivatives contracts included in operating revenues | $ | (119 | ) |  | $ | 187 |  |  | $ | (20 | )
Derivatives contracts included in fuel and purchased energy expense | 191 |  |  | 118 |  |  | 138 |
Interest rate swaps included in interest expense | 2 |  |  | 11 |  |  | 7 |
Loss on interest rate derivatives | — |  |  | (14 | ) |  | (145 | )
Total mark-to-market activity, net | $ | 74 |  |  | $ | 302 |  |  | $ | (20 | )
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 years ended December 31, 2013, 2012 and 2011 (in millions):
| Gains (Loss) Recognized in OCI (Effective Portion)(3) |  | Gain (Loss) Reclassified from AOCI into Income (Effective Portion)(4)
| 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011 |  | Affected Line Item on the Consolidated Statements of Operations
Commodity derivative instruments(1): |  |  |  |  |  |  |  |  |  |  |  |  |
Power derivative instruments | $ | — |  |  | $ | (97 | ) |  | $ | (99 | ) |  | $ | — |  |  | $ | 118 |  |  | $ | 236 |  |  | Commodity revenue
Natural gas derivative instruments | — |  |  | 59 |  |  | 28 |  |  | — |  |  | (66 | ) |  | (73 | ) |  | Commodity expense
Interest rate swaps(2) | 86 |  |  | (43 | ) |  | (23 | ) |  | (51 | ) | (5) | (32 | ) |  | (47 | ) | (6) | Interest expense
Interest rate swaps | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (91 | ) | (6) | Loss on interest rate derivatives
Total(3) | $ | 86 |  |  | $ | (81 | ) |  | $ | (94 | ) |  | $ | (51 | ) |  | $ | 20 |  |  | $ | 25 |  |  |
____________
(1) | There were no commodity derivative instruments designated as cash flow hedges during the year ended December 31, 2013. We recorded a gain on hedge ineffectiveness of $2 million and a loss of $2 million related to our commodity derivative instruments designated as cash flow hedges during the years ended December 31, 2012 and 2011, respectively.
(2) | We did not record any gain (loss) on hedge ineffectiveness related to our interest rate swaps designated as cash flow hedges during the years ended December 31, 2013 and 2012. We recorded a loss of $1 million on hedge ineffectiveness related to our interest rate swaps designated as cash flow hedges for the year ended December 31, 2011.
(3) | We recorded income tax expense of $3 million for the year ended December 31, 2013, and an income tax benefit of $11 million and $44 million for the years ended December 31, 2012 and 2011, respectively, in AOCI related to our cash flow hedging activities.
(4) | Cumulative cash flow hedge losses attributable to Calpine, net of tax, remaining in AOCI were $148 million, $222 million and $158 million at December 31, 2013, 2012 and 2011, respectively. Cumulative cash flow hedge losses attributable to the noncontrolling interest, net of tax, remaining in AOCI were $11 million, $20 million and $14 million at December 31, 2013, 2012 and 2011, respectively.
(5) | Includes a loss of $12 million that was reclassified from AOCI to interest expense for the year ended December 31, 2013 where the hedged transactions are no longer expected to occur.
(6) | Includes a loss of $15 million and $91 million that was reclassified from AOCI to interest expense and loss on interest rate derivatives, respectively, for the year ended December 31, 2011 where the hedged transactions are no longer expected to occur.

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