XML 33 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727
Derivative Instruments (Tables) - Southern California Edison
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Fair Value of Derivative Instruments
The following table summarizes the gross and net fair values of SCE's commodity derivative instruments:
 
 
June 30, 2015
 
 
 
 
Derivative Assets
 
Derivative Liabilities
 
Net
Liability
(in millions)
 
Short-Term
 
Long-Term
 
Subtotal
 
Short-Term
 
Long-Term
 
Subtotal
 
Commodity derivative contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
92

 
$
194

 
$
286

 
$
204

 
$
1,155

 
$
1,359

 
$
1,073

Gross amounts offset in the consolidated balance sheets
 
(13
)
 
—

 
(13
)
 
(13
)
 
—

 
(13
)
 
—

Cash collateral posted1
 
—

 
—

 
—

 
(29
)
 
—

 
(29
)
 
(29
)
Net amounts presented in the consolidated balance sheets
 
$
79

 
$
194

 
$
273

 
$
162

 
$
1,155

 
$
1,317

 
$
1,044


 
 
December 31, 2014
 
 
 
 
Derivative Assets
 
Derivative Liabilities
 
Net
Liability
(in millions)
 
Short-Term
 
Long-Term
 
Subtotal
 
Short-Term
 
Long-Term
 
Subtotal
 
Commodity derivative contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
104

 
$
219

 
$
323

 
$
259

 
$
1,052

 
$
1,311

 
$
988

Gross amounts offset in the consolidated balance sheets
 
(2
)
 
—

 
(2
)
 
(2
)
 
—

 
(2
)
 
—

Cash collateral posted1
 
—

 
—

 
—

 
(61
)
 
—

 
(61
)
 
(61
)
Net amounts presented in the consolidated balance sheets
 
$
102

 
$
219

 
$
321

 
$
196

 
$
1,052

 
$
1,248

 
$
927


1 
In addition, at June 30, 2015 and December 31, 2014, SCE had posted $34 million and $36 million, respectively, of collateral that is not offset against derivative liabilities and is reflected in "Other current assets" on the consolidated balance sheets.
Summarization of Economic Hedging Activities
The following table summarizes the components of SCE's economic hedging activity:
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
 
2015
 
2014
 
2015
 
2014
Realized losses
 
$
(39
)

$
(4
)
 
$
(75
)
 
$
(41
)
Unrealized losses
 
(16
)

(110
)
 
(85
)
 
(58
)
Notional Volumes of Derivative Instruments
The following table summarizes the notional volumes of derivatives used for SCE hedging activities:
 
 
Unit of
 
Economic Hedges
Commodity
 
Measure
 
June 30, 2015
 
December 31, 2014
Electricity options, swaps and forwards
 
GWh
 
5,323

 
3,618
Natural gas options, swaps and forwards
 
Bcf
 
88

 
83
Congestion revenue rights
 
GWh
 
96,541

 
122,859
Tolling arrangements
 
GWh
 
75,352

 
79,989