XML 49 R20.htm IDEA: XBRL DOCUMENT v2.3.0.15
Fair Value (Tables)
9 Months Ended
Sep. 30, 2011
Fair Value - (Tables) [Abstract] 
Fair Value Measurements of Energy Commodity Derivative Contracts and Interest Rate Swap Agreement Assets Table
   
Asset fair value measurements using
 
   
Total
  
Quoted prices in
active markets
for identical
assets (Level 1)
  
Significant other
observable
inputs (Level 2)
  
Significant
unobservable
inputs (Level 3)
 
As of September 30, 2011
            
Energy commodity derivative contracts(a)
 $262.1  $25.3  $172.2  $64.6 
Interest rate swap agreements
 $576.5  $-  $576.5  $- 
                  
As of December 31, 2010
                
Energy commodity derivative contracts(a)
 $67.1  $-  $23.5  $43.6 
Interest rate swap agreements
 $217.6  $-  $217.6  $- 
____________
 
Fair Value Measurements of Energy Commodity Derivative Contracts and Interest Rate Swap Agreement Liabilities Table
   
Liability fair value measurements using
 
   
Total
  
Quoted prices in
active markets
for identical
liabilities
(Level 1)
  
Significant other
observable
inputs (Level 2)
  
Significant
unobservable
inputs (Level 3)
 
As of September 30, 2011
            
Energy commodity derivative contracts(a)
 $(93.3) $(12.6) $(60.7) $(20.0)
Interest rate swap agreements
 $-  $-  $-  $- 
                  
As of December 31, 2010
                
Energy commodity derivative contracts(a)
 $(384.5) $-  $(359.7) $(24.8)
Interest rate swap agreements
 $(69.2) $-  $(69.2) $- 
____________
 
(a)
Level 1 consists primarily of NYMEX natural gas futures.  Level 2 consists primarily of OTC West Texas Intermediate swaps and OTC natural gas swaps that are settled on NYMEX.  Level 3 consists primarily of natural gas basis swaps and West Texas Intermediate options.
Significant Unobservable Inputs (Level 3) Table
Significant unobservable inputs (Level 3)
 
              
   
Three Months Ended
September 30,
  
Nine Months Ended
September 30,
 
   
2011
  
2010
  
2011
  
2010
 
Derivatives-net asset (liability)
            
Beginning of Period
 $6.7  $46.6  $18.8  $13.0 
Transfers into Level 3
  -   -   -   - 
Transfers out of Level 3
  -   -   -   - 
Total gains or (losses):
                
     Included in earnings
  2.6   (7.5)  5.4   3.6 
     Included in other comprehensive income
  37.0   (3.9)  21.5   11.7 
Purchases
  -   -   4.6   - 
Issuances
  -   -   -   - 
Sales
  -   -   -   - 
Settlements
  (1.7)  (0.6)  (5.7)  6.3 
End of Period
 $44.6  $34.6  $44.6  $34.6 
                  
The amount of total gains or (losses) for the period included
  in earnings attributable to the change in unrealized gains or
  (losses) relating to assets held at the reporting date
 $3.2  $(5.8) $4.4  $1.3 

Estimated Fair Value of Outstanding Debt Balance
The estimated fair value of our outstanding debt balance as of September 30, 2011 and December 31, 2010 (both short-term and long-term, but excluding the value of interest rate swaps) is disclosed below (in millions):
 
   
September 30, 2011
  
December 31, 2010
 
   
Carrying
Value
  
Estimated
Fair value
  
Carrying
Value
  
Estimated
fair value
 
Total debt
 $12,506.6  $13,873.0  $11,539.8  $12,443.4