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Derivative Instruments (Tables) - Southern California Edison
 9 Months Ended
Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Fair Value of Derivative Asset Instruments
The following table summarizes the gross and net fair values of SCE's commodity derivative instruments:
 
 
September 30, 2017
 
 
 
 
Derivative Assets
 
Derivative Liabilities
 
Net
Asset
(in millions)
 
Short-Term
 
Long-Term
 
Subtotal
 
Short-Term
 
Long-Term
 
Subtotal2
 
Commodity derivative contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
37

 
$
2

 
$
39

 
$
4

 
$
—

 
$
4

 
$
35

Gross amounts offset in the consolidated balance sheets
 
(1
)
 
—

 
(1
)
 
(1
)
 
—

 
(1
)
 
—

Cash collateral posted1
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net amounts presented in the consolidated balance sheets
 
$
36

 
$
2

 
$
38

 
$
3

 
$
—

 
$
3

 
$
35


 
 
December 31, 2016
 
 
 
 
Derivative Assets
 
Derivative Liabilities
 
Net
Liability
(in millions)
 
Short-Term
 
Long-Term
 
Subtotal
 
Short-Term
 
Long-Term
 
Subtotal
 
Commodity derivative contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
74

 
$
1

 
$
75

 
$
217

 
$
941

 
$
1,158

 
$
1,083

Gross amounts offset in the consolidated balance sheets
 
(1
)
 
—

 
(1
)
 
(1
)
 
—

 
(1
)
 
—

Cash collateral posted1
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net amounts presented in the consolidated balance sheets
 
$
73

 
$
1

 
$
74

 
$
216

 
$
941

 
$
1,157

 
$
1,083


1 
In addition, at September 30, 2017 and December 31, 2016, SCE had received $1 million and $2 million, respectively, of collateral that is not offset against derivative assets and is reflected in "Other current liabilities" on the consolidated balance sheets.
2 
During the third quarter of 2017, SCE designated certain derivative contracts as normal purchase and normal sale contracts, which resulted in a reclassification of $914 million from derivative liabilities to other liabilities. These liabilities will be amortized over the remaining contract terms.
Fair Value of Derivative Liabilities Instruments
The following table summarizes the gross and net fair values of SCE's commodity derivative instruments:
 
 
September 30, 2017
 
 
 
 
Derivative Assets
 
Derivative Liabilities
 
Net
Asset
(in millions)
 
Short-Term
 
Long-Term
 
Subtotal
 
Short-Term
 
Long-Term
 
Subtotal2
 
Commodity derivative contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
37

 
$
2

 
$
39

 
$
4

 
$
—

 
$
4

 
$
35

Gross amounts offset in the consolidated balance sheets
 
(1
)
 
—

 
(1
)
 
(1
)
 
—

 
(1
)
 
—

Cash collateral posted1
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net amounts presented in the consolidated balance sheets
 
$
36

 
$
2

 
$
38

 
$
3

 
$
—

 
$
3

 
$
35


 
 
December 31, 2016
 
 
 
 
Derivative Assets
 
Derivative Liabilities
 
Net
Liability
(in millions)
 
Short-Term
 
Long-Term
 
Subtotal
 
Short-Term
 
Long-Term
 
Subtotal
 
Commodity derivative contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
74

 
$
1

 
$
75

 
$
217

 
$
941

 
$
1,158

 
$
1,083

Gross amounts offset in the consolidated balance sheets
 
(1
)
 
—

 
(1
)
 
(1
)
 
—

 
(1
)
 
—

Cash collateral posted1
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net amounts presented in the consolidated balance sheets
 
$
73

 
$
1

 
$
74

 
$
216

 
$
941

 
$
1,157

 
$
1,083


1 
In addition, at September 30, 2017 and December 31, 2016, SCE had received $1 million and $2 million, respectively, of collateral that is not offset against derivative assets and is reflected in "Other current liabilities" on the consolidated balance sheets.
2 
During the third quarter of 2017, SCE designated certain derivative contracts as normal purchase and normal sale contracts, which resulted in a reclassification of $914 million from derivative liabilities to other liabilities. These liabilities will be amortized over the remaining contract terms.
Summarization of Economic Hedging Activities
The following table summarizes the components of SCE's economic hedging activity:
 
 
Three months ended September 30,
 
Nine months ended September 30,
(in millions)
 
2017
 
2016
 
2017
 
2016
Realized losses
 
$
(3
)
 
$
(1
)
 
$
(8
)
 
$
(53
)
Unrealized gains (losses)
 
116

 
(2
)
 
37

 
6
Notional Volumes of Derivative Instruments
The following table summarizes the notional volumes of derivatives used for SCE hedging activities:
 
 
 
 
Economic Hedges
Commodity
 
Unit of Measure
 
September 30, 2017
 
December 31, 2016
Electricity options, swaps and forwards
 
GWh
 
874

 
1,816
Natural gas options, swaps and forwards
 
Bcf
 
137

 
36
Congestion revenue rights
 
GWh
 
74,849

 
93,319
Tolling arrangements
 
GWh
 
—

 
61,093