Derivative Instruments and Hedging Activities (Tables)
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3 Months Ended |
Jun. 30, 2012
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Derivative Instruments And Hedging Activities Tables [Abstract] |
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Interest Rate Derivatives By Type Table |
| | | June 30, 2012 | | | | Current | | Maximum(1) | | | | | | | | | | Derivative | | | | Derivative | | Weighted | | % of Debt | | | | | | Notional | | | | Notional | | Average | | Currently | | | | Derivative | | Translated | | Derivative | | Translated | | Remaining | | Hedged | Interest Rate Derivatives | | Notional | | to USD | | Notional | | to USD | | Term(1) | | by Index(2) | | | | | | | | | | | | | | | | | | | | (in millions) | | (in years) | | | Libor (U.S. Dollar) | | 3,604 | | $ | 3,604 | | 4,608 | | $ | 4,608 | | 10 | | 69% | Euribor (Euro) | | 626 | | | 793 | | 629 | | | 796 | | 10 | | 63% | Libor (British Pound) | | 60 | | | 94 | | 101 | | | 158 | | 14 | | 91% |
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Cross Currency Derivatives By Type Table |
| | | June 30, 2012 | | | | | | | | Weighted | | % of Debt | | | | | | Notional | | Average | | Currently | | | | | | Translated | | Remaining | | Hedged | Cross Currency Swaps | | Notional | | to USD | | Term(1) | | by Index(2) | | | | | | | | | | | | | | | (in millions) | | (in years) | | | Chilean Unidad de Fomento (CLF) | | 6 | | $ | 253 | | 14 | | 85% |
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Foreign Currency Options By Type Table |
| | | June 30, 2012 | | | | | | | | | | | | Weighted | | | | | | Notional | | Probability | | Average | | | | | | Translated | | Adjusted | | Remaining | Foreign Currency Options | | Notional | | to USD(1) | | Notional(2) | | Term(3) | | | | | | | | | | | | | | | | (in millions) | | (in years) | Euro (EUR) | | 68 | | $ | 87 | | $ | 56 | | <1 | Philippine Peso (PHP) | | 1,625 | | | 38 | | | 15 | | <1 | British Pound (GBP) | | 2 | | | 3 | | | 2 | | <1 |
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Foreign Currency Forwards By Type Table |
| | | June 30, 2012 | | | | | | Notional | | | Weighted Average | Foreign Currency Forwards | | Notional | | Translated to USD | | | Remaining Term(1) | | | | | | | | | | | | | | (in millions) | | | (in years) | Euro (EUR) | | 95 | | $ | 131 | | | 2 | Chilean Peso (CLP) | | 60,833 | | | 122 | | | <1 | Colombian Peso (COP) | | 189,847 | | | 105 | | | <1 | Philippine Peso (PHP) | | 2,183 | | | 51 | | | <1 | British Pound (GBP) | | 24 | | | 37 | | | <1 | Argentine Peso (ARS) | | 31 | | | 7 | | | <1 |
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Embedded Foreign Currency Derivatives By Type Table |
| | | June 30, 2012 | | | | | | Notional | | | Weighted Average | Embedded Foreign Currency Derivatives | | Notional | | Translated to USD | | | Remaining Term(1) | | | | | | | | | | | | | | (in millions) | | | (in years) | Philippine Peso (PHP)(2) | | 64,870 | | $ | 1,553 | | | 11 | Argentine Peso (ARS) | | 943 | | | 208 | | | 12 | Kazakhstani Tenge (KZT) | | 1,275 | | | 9 | | | 4 | Euro (EUR) | | 2 | | | 3 | | | 9 |
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Commodity Non Hedge Derivatives By Type Table |
| | | June 30, 2012 | | | | | | | Weighted Average | | | Commodity Derivatives | | Notional | | Remaining Term(1) | | | | | (in millions) | | (in years) | | | Natural gas (MMBTU) | | 30 | | 11 | | | Aluminum (MWh) | | 15(2) | | 8 | | | Petcoke (Metric tons) | | 12 | | 12 | | | Coal (Metric tons) | | 2 | | 1 | | | Power (Mwh) | | 3 | | 3 | | | Heating Oil (Gallons) | | 1 | | <1 | |
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Fair Value Hierarchy Derivative Assets Liabilities By Balance Sheet Classification Table |
| | | | | June 30, 2012 | | December 31, 2011 | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | (in millions) | Assets | | | | | | | | | | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency derivatives | | $ | - | | $ | 9 | | $ | 5 | | $ | 14 | | $ | - | | $ | 24 | | $ | 4 | | $ | 28 | | Commodity and other derivatives | | | - | | | 19 | | | 8 | | | 27 | | | 2 | | | 16 | | | 3 | | | 21 | | | Total current assets | | | - | | | 28 | | | 13 | | | 41 | | | 2 | | | 40 | | | 7 | | | 49 | Noncurrent assets: | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate derivatives | | | - | | | 2 | | | - | | | 2 | | | - | | | - | | | - | | | - | | Cross currency derivatives | | | - | | | 4 | | | - | | | 4 | | | - | | | - | | | 1 | | | 1 | | Foreign currency derivatives | | | - | | | 6 | | | 50 | | | 56 | | | - | | | 3 | | | 58 | | | 61 | | Commodity and other derivatives | | | - | | | 5 | | | 8 | | | 13 | | | - | | | 9 | | | - | | | 9 | | | Total noncurrent assets | | | - | | | 17 | | | 58 | | | 75 | | | - | | | 12 | | | 59 | | | 71 | | | | Total assets | | $ | - | | $ | 45 | | $ | 71 | | $ | 116 | | $ | 2 | | $ | 52 | | $ | 66 | | $ | 120 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate derivatives | | $ | - | | $ | 78 | | $ | 44 | | $ | 122 | | $ | - | | $ | 97 | | $ | 22 | | $ | 119 | | Cross currency derivatives | | | - | | | 6 | | | - | | | 6 | | | - | | | - | | | 5 | | | 5 | | Foreign currency derivatives | | | - | | | 4 | | | 1 | | | 5 | | | - | | | 5 | | | 1 | | | 6 | | Commodity and other derivatives | | | - | | | 20 | | | 7 | | | 27 | | | - | | | 17 | | | 6 | | | 23 | | | Total current liabilities | | | - | | | 108 | | | 52 | | | 160 | | | - | | | 119 | | | 34 | | | 153 | Noncurrent liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | Interest rate derivatives | | | - | | | 250 | | | 237 | | | 487 | | | - | | | 334 | | | 106 | | | 440 | | Cross currency derivatives | | | - | | | 4 | | | - | | | 4 | | | - | | | - | | | 14 | | | 14 | | Foreign currency derivatives | | | - | | | 76 | | | 7 | | | 83 | | | - | | | 10 | | | 10 | | | 20 | | Commodity and other derivatives | | | - | | | 10 | | | 61 | | | 71 | | | - | | | 13 | | | 50 | | | 63 | | | Total noncurrent liabilities | | | - | | | 340 | | | 305 | | | 645 | | | - | | | 357 | | | 180 | | | 537 | | | | Total liabilities | | $ | - | | $ | 448 | | $ | 357 | | $ | 805 | | $ | - | | $ | 476 | | $ | 214 | | $ | 690 |
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Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table |
| | | | June 30, 2012 | | December 31, 2011 | | | | | | | Not | | | | | | Not | | | | | | | Designated | | Designated | | | | Designated | | Designated | | | | | | | as Hedging | | as Hedging | | | | as Hedging | | as Hedging | | | | | | | Instruments | | Instruments | | Total | | Instruments | | Instruments | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | | (in millions) | Assets | | | | | | | | | | | | | | | | | | | Current assets: | | | | | | | | | | | | | | | | | | | | Foreign currency derivatives | | $ | 6 | | $ | 8 | | $ | 14 | | $ | 10 | | $ | 18 | | $ | 28 | | Commodity and other derivatives | | | 2 | | | 25 | | | 27 | | | 2 | | | 19 | | | 21 | | Total current assets | | | 8 | | | 33 | | | 41 | | | 12 | | | 37 | | | 49 | | | | | | | | | | | | | | | | | | | | | | Noncurrent assets: | | | | | | | | | | | | | | | | | | | | Interest rate derivatives | | | - | | | 2 | | | 2 | | | - | | | - | | | - | | Cross currency derivatives | | | 4 | | | - | | | 4 | | | 1 | | | - | | | 1 | | Foreign currency derivatives | | | 6 | | | 50 | | | 56 | | | 3 | | | 58 | | | 61 | | Commodity and other derivatives | | | 1 | | | 12 | | | 13 | | | - | | | 9 | | | 9 | | Total noncurrent assets | | | 11 | | | 64 | | | 75 | | | 4 | | | 67 | | | 71 | Total assets | | $ | 19 | | $ | 97 | | $ | 116 | | $ | 16 | | $ | 104 | | $ | 120 | | | | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | Current liabilities: | | | | | | | | | | | | | | | | | | | | Interest rate derivatives | | $ | 114 | | $ | 8 | | $ | 122 | | $ | 110 | | $ | 9 | | $ | 119 | | Cross currency derivatives | | | 6 | | | - | | | 6 | | | 5 | | | - | | | 5 | | Foreign currency derivatives | | | 3 | | | 2 | | | 5 | | | 1 | | | 5 | | | 6 | | Commodity and other derivatives | | | 3 | | | 24 | | | 27 | | | - | | | 23 | | | 23 | | Total current liabilities | | | 126 | | | 34 | | | 160 | | | 116 | | | 37 | | | 153 | | | | | | | | | | | | | | | | | | | | | | Noncurrent liabilities: | | | | | | | | | | | | | | | | | | | | Interest rate derivatives | | | 473 | | | 14 | | | 487 | | | 425 | | | 15 | | | 440 | | Cross currency derivatives | | | 4 | | | - | | | 4 | | | 14 | | | - | | | 14 | | Foreign currency derivatives | | | - | | | 83 | | | 83 | | | - | | | 20 | | | 20 | | Commodity and other derivatives | | | 4 | | | 67 | | | 71 | | | 3 | | | 60 | | | 63 | | Total noncurrent liabilities | | | 481 | | | 164 | | | 645 | | | 442 | | | 95 | | | 537 | Total liabilities | | $ | 607 | | $ | 198 | | $ | 805 | | $ | 558 | | $ | 132 | | $ | 690 |
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Accumulated Other Comprehensive Income Loss Derivatives Table |
| | | | | | | Interest rate derivatives | | $ | (114) | | | Cross currency derivatives | | $ | 4 | | | Foreign currency derivatives | | $ | 2 | | | Commodity and other derivatives | | $ | (1) | |
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Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table |
| | | Gains (Losses) | | | | Gains (Losses) Reclassified | | | | Recognized in AOCL | | | | from AOCL into Earnings | | | | Three Months | | Classification in | | Three Months | | | | Ended June 30, | | Condensed Consolidated | | Ended June 30, | | | | 2012 | | 2011 | | Statements of Operations | | 2012 | | 2011 | | | | | | | | | | | | | | | | | | | | | (in millions) | | | | | (in millions) | Interest rate derivatives | | $ | (153) | | $ | (144) | | Interest expense | | $ | (30) | | $ | (27) | | | | | | | | | | Non-regulated cost of sales | | | (1) | | | (1) | | | | | | | | | | Net equity in earnings of | | | | | | | | | | | | | | | | | affiliates | | | (1) | | | (1) | | | | | | | | | | Gain on sale of investments | | | (4) | | | - | Cross currency derivatives | | | (9) | | | 11 | | Interest expense | | | (3) | | | 7 | | | | | | | | | | Foreign currency transaction | | | | | | | | | | | | | | | | | gains (losses) | | | (6) | | | 10 | Foreign currency derivatives | | | 6 | | | (7) | | Foreign currency transaction | | | | | | | | | | | | | | | | | gains (losses) | | | - | | | (2) | Commodity and other | | | | | | | | | | | | | | | | | derivatives | | | (1) | | | (1) | | Non-regulated revenue | | | - | | | - | Total | | $ | (157) | | $ | (141) | | | | | $ | (45) | | $ | (14) |
| | | Gains (Losses) | | | | | Gains (Losses) Reclassified | | | | Recognized in AOCL | | | | from AOCL into Earnings(1) | | | | Six Months | | Classification in | | Six Months | | | | Ended June 30, | | Condensed Consolidated | | Ended June 30, | | | | 2012 | | 2011 | | Statements of Operations | | 2012 | | 2011 | | | | | | | | | | | | | | | | | | | | | (in millions) | | | | | (in millions) | Interest rate derivatives | | $ | (142) | | $ | (92) | | Interest expense | | $ | (62) | | $ | (53) | | | | | | | | | | Non-regulated cost of sales | | | (3) | | | (2) | | | | | | | | | | Net equity in earnings of | | | | | | | | | | | | | | | | | affiliates | | | (2) | | | (2) | | | | | | | | | | Gain on sale of investments | | | (96) | | | - | Cross currency derivatives | | | 5 | | | 3 | | Interest expense | | | (6) | | | 2 | | | | | | | | | | Foreign currency transaction | | | | | | | | | | | | | | | | | gains (losses) | | | 12 | | | 5 | Foreign currency derivatives | | | 12 | | | (2) | | Foreign currency transaction | | | | | | | | | | | | | | | | | gains (losses) | | | - | | | (4) | Commodity and other | | | | | | | | | | | | | | | | | derivatives | | | (7) | | | - | | Non-regulated revenue | | | (2) | | | - | Total | | $ | (132) | | $ | (91) | | | | | $ | (159) | | $ | (54) |
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Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table |
| | | | | | Gains (Losses) | | Gains (Losses) | | | | | | | Recognized in Earnings | | Recognized in Earnings | | | | Classification in Condensed | | Three Months Ended | | Six Months Ended | | | | Consolidated Statements | | June 30, | | June 30, | | | | of Operations | | 2012 | | 2011 | | 2012 | | 2011 | | | | | | | | | | | | | | | | | | | | (in millions) | | (in millions) | Interest rate derivatives | | Interest expense | | $ | 2 | | $ | -(1) | | $ | 1 | | $ | (7) | | | | Net equity in earnings of affiliates | | | (1) | | | (1) | | | (1) | | | (1) | Cross currency derivatives | | Interest expense | | | - (1) | | | (2) | | | - (1) | | | (2) | Foreign currency derivatives | | Foreign currency transaction gains (losses) | | | - (1) | | | -(1) | | | - (1) | | | -(1) | Commodity derivatives - electricity | | Non-regulated revenue | | | - (1) | | | -(1) | | | - (1) | | | -(1) | Total | | | | | $ | 1 | | $ | (3) | | $ | - | | $ | (10) |
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Gain Loss In Earnings On Non Hedging Instruments Table |
| | | | | | Gains (Losses) | | Gains (Losses) | | | | | | | Recognized in Earnings | | Recognized in Earnings | | | | Classification | | Three Months Ended | | Six Months Ended | | | | in Condensed Consolidated | | June 30, | | June 30, | | | | Statements of Operations | | 2012 | | 2011 | | 2012 | | 2011 | | | | | | | | | | | | | | | | | | | | | | (in millions) | Interest rate derivatives | | Interest expense | | $ | (1) | | $ | (1) | | $ | (3) | | $ | (1) | Foreign currency derivatives | | Foreign currency transaction gains | | | (38) | | | 20 | | | (76) | | | 27 | Commodity and other derivatives | | Non-regulated revenue | | | (13) | | | (13) | | | 1 | | | (9) | | | | Regulated revenue | | | (3) | | | - | | | 1 | | | - | | | | Non-regulated cost of sales | | | - | | | (2) | | | 3 | | | (1) | | | | Regulated cost of sales | | | (5) | | | - | | | (17) | | | - | Total | | | | | $ | (60) | | $ | 4 | | $ | (91) | | $ | 16 |
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Regulatory Asset Liability Change In Fair Value Of Derivatives |
| | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2012 | | 2011 | | 2012 | | 2011 | | | | | | | | | | | | | | | | (in millions) | (Increase) decrease in regulatory assets | | $ | (8) | | $ | (2) | | $ | (5) | | $ | (2) | Increase (decrease) in regulatory liabilities | | $ | (1) | | $ | 7 | | $ | (1) | | $ | 6 |
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