XML 36 R24.htm IDEA: XBRL DOCUMENT

Our Assets and Liabilities with Recurring Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Assets and Liabilities with Recurring Fair Value Measurements [Abstract]

Fair value hierarchy table of financial assets and liabilities


	Assets and Liabilities with Recurring Fair Value Measures at June 30, 2011
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents(1)	$	1,334	$	—	$	—	$	1,334
Margin deposits		133		—		—		133
Commodity instruments:
Commodity futures contracts		460		—		—		460
Commodity forward contracts(2)		—		173		45		218
Interest rate swaps		—		1		—		1
Total assets	$	1,927	$	174	$	45	$	2,146
Liabilities:
Commodity instruments:
Commodity futures contracts	$	414	$	—	$	—	$	414
Commodity forward contracts(2)		—		112		24		136
Interest rate swaps		—		314		—		314
Total liabilities	$	414	$	426	$	24	$	864

Fair value hierarchy table of financial assets and liabilities


	Assets and Liabilities with Recurring Fair Value Measures at December 31, 2010
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents(1)	$	1,297	$	—	$	—	$	1,297
Margin deposits		162		—		—		162
Commodity instruments:
Commodity futures contracts		550		—		—		550
Commodity forward contracts(2)		—		287		54		341
Interest rate swaps		—		4		—		4
Total assets	$	2,009	$	291	$	54	$	2,354
Liabilities:
Margin deposits held by us posted by our counterparties	$	6	$	—	$	—	$	6
Commodity instruments:
Commodity futures contracts		574		—		—		574
Commodity forward contracts(2)		—		119		24		143
Interest rate swaps		—		371		—		371
Total liabilities	$	580	$	490	$	24	$	1,094

_________

(1)	At June 30, 2011, and December 31, 2010, we had cash equivalents of $1,144 million and $1,094 million included in cash and cash equivalents and $190 million and $203 million included in restricted cash, respectively.

(2)	Includes OTC swaps and options.

Level 3 roll forward table

The following table sets forth a reconciliation of changes in the fair value of our net derivative assets (liabilities) classified as level 3 in the fair value hierarchy for the periods indicated (in millions):


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Balance, beginning of period	$	12		$	57		$	30		$	38
Realized and unrealized gains (losses):
Included in net loss:
Included in operating revenues(1)		10			10			6			29
Included in fuel and purchased energy expense(2)		1			(3	)		—			(3	)
Included in OCI		4			(5	)		5			—
Purchases, issuances, sales and settlements:
Purchases		1			—			1			—
Settlements		(7	)		(16	)		(21	)		(22	)
Transfers into and/or out of level 3:(3)
Transfers out of level 3(4)		—			—			—			1
Balance, end of period	$	21		$	43		$	21		$	43
Change in unrealized gains relating to instruments held at end of period	$	11		$	7		$	7		$	26

_________

(1)	For power contracts and Heat Rate swaps and options, included on our Consolidated Condensed Statements of Operations.

(2)	For natural gas contracts, swaps and options, included on our Consolidated Condensed Statements of Operations.

(3)	We transfer amounts among levels of the fair value hierarchy as of the end of each period. There were no significant transfers into/out of level 1 or out of level 2 or into level 3 during the three and six months ended June 30, 2011 and 2010.

(4)

There were no significant transfers into level 2 or out of level 3 for the three months ended June 30, 2011 and 2010, and the six months ended June 30, 2011. We had $(1) million in losses transferred out of level 3 into level 2 for the six months ended June 30, 2010. Transfers out of level 3 into level 2 were due to changes in market liquidity in various power markets.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258

+ Details