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FAIR VALUE MEASUREMENTS, INCLUDING DERIVATIVES
12 Months Ended
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Disclosures [Text Block]
7.             FAIR VALUE MEASUREMENTS, INCLUDING DERIVATIVES
 
The Company values available for sale securities using quoted prices from a national stock exchange, such as the NASDAQ, where the securities are actively traded. For commodity derivative and energy management assets and liabilities, the Company uses unadjusted NYMEX prices to determine fair value, and considers such measures of fair value to be Level 1 for exchange traded instruments and Level 2 for over-the-counter instruments. The Company’s interest rate swap agreements are valued using discounted cash flow models with independently sourced data. Fair value measurements, and the level within the fair value hierarchy in which the measurements fall, were as follows:
 
 
 
 
Fair Value Measurements Using
Millions of dollars
 
 
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
As of December 31, 2012
 
 
 

 
 

Assets-Available for sale securities
 
 
$
6

 

Interest rate contracts
 
 

 
$
73

Commodity contracts
 
 
1

 
1

Energy management contracts
 
 

 
13

Liabilities-Interest rate contracts
 
 

 
106

Commodity contracts
 
 

 
4

Energy management contracts
 
 
1

 
15

As of December 31, 2011
 
 
 

 
 

Assets-Available for sale securities
 
 
$
3

 

Interest rate contracts
 
 

 
$
2

Commodity contracts
 
 

 
1

Energy management contracts
 
 

 
27

Liabilities-Interest rate contracts
 
 

 
158

Commodity contracts
 
 
1

 
13

Energy management contracts
 
 

 
26


 
There were no fair value measurements based on significant unobservable inputs (Level 3) for either period presented. In addition, there were no transfers of fair value amounts into or out of Levels 1, 2 or 3 during the periods presented.
 
Financial instruments for which the carrying amount may not equal estimated fair value at December 31, 2012 and December 31, 2011 were as follows:
 
 
December 31, 2012
 
December 31, 2011
Millions of dollars
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
Long-term debt
 
$
5,121.0

 
$
6,115.0

 
$
4,653.0

 
$
5,479.2


 Fair values of long-term debt instruments are based on net present value calculations using independently sourced market data that incorporate a developed discount rate using similarly rated long-term debt, along with benchmark interest rates. As such, the aggregate fair values presented above are considered to be Level 2. Carrying values reflect the fair values of interest rate swaps designated as fair value hedges, based on discounted cash flow models with independently sourced market data. Early settlement of long-term debt may not be possible or may not be considered prudent.

Carrying values of short-term borrowings approximate their fair values, which are based on quoted prices from dealers in the commercial paper market. These fair values are considered to be Level 2.
SCE&G
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Disclosures [Text Block]
7.                                      FAIR VALUE MEASUREMENTS, INCLUDING DERIVATIVES
 
Consolidated SCE&G’s interest rate swap agreements are valued using discounted cash flow models with independently sourced data. Fair value measurements based on significant other observable inputs (level 2) were as follows:
 
 
Fair Value Measurements Using Significant Other
 
 
Observable inputs (Level 2)
Millions of dollars
 
December 31, 2012
December 31, 2011
Assets-Interest rate contracts
 
$
73

$
1

Liabilities-Interest rate contracts
 
75

77


 
There were no fair value measurements based on quoted prices in active markets for identical assets (Level 1) or significant unobservable inputs (Level 3) for either period presented. In addition, there were no transfers of fair value amounts into or out of Levels 1, 2 or 3 during the periods presented.
 
Financial instruments for which the carrying amount may not equal estimated fair value at December 31, 2012 and December 31, 2011 were as follows:
 
 
 
December 31, 2012
 
December 31, 2011
Millions of dollars
 
Carrying
Amount
 
Estimated
Fair
Value
 
Carrying
Amount
 
Estimated
Fair
Value
Long-term debt
 
$
3,722.0

 
$
4,543.1

 
$
3,241.5

 
$
3,920.3


 
Fair values of long-term debt instruments are based on net present value calculations using independently sourced market data that incorporate a developed discount rate using similarly rated long-term debt, along with benchmark interest rates. As such, the aggregate fair values presented above are considered to be Level 2. Carrying values reflect the fair values of interest rate swaps designated as fair value hedges, based on discounted cash flow models with independently sourced market data. Early settlement of long-term debt may not be possible or may not be considered prudent.

Carrying values of short-term borrowings approximate their fair values, which are based on quoted prices from dealers in the commercial paper market. These fair values are considered to be Level 2.