Xcel Energy 2010 Annual Report Download - page 130
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120
Dec. 31, 2010
Fair Value
(Thousands of Dollars) Level 1 Level 2 Level 3 Fair Value
Total
Counterparty
Netting (c) Total
Other recurring fair value assets
N
uclear decommissioning fund (a)
Cash equivalents .............. $ 76,281 $ 7,556 $
—
$ 83,837 $
—
$ 83,837
Commingled funds ............
—
133,080
—
133,080
—
133,080
International equity funds ......
—
58,584
—
58,584
—
58,584
Debt securities:
Government securities .......
—
146,654
—
146,654
—
146,654
U.S. corporate bonds ........
—
288,304
—
288,304
—
288,304
Foreign securities ...........
—
1,581
—
1,581
—
1,581
Municipal bonds ............
—
97,557
—
97,557
—
97,557
Asset-backed securities ......
—
—
33,174 33,174
—
33,174
Mortgage-backed securities ..
—
—
72,589 72,589
—
72,589
Equity securities:
Common stock .............. 435,270
—
—
435,270
—
435,270
Total ....................... $ 511,551 $ 733,316 $ 105,763 $ 1,350,630 $
—
$ 1,350,630
Current derivative liabilities
Other derivative instruments:
Trading commodity ............. $ 392 $ 30,608 $
—
$ 31,000 $ (24,007) $ 6,993
Electric commodity .............
—
—
1,227 1,227 (1,227)
—
Natural gas commodity .......... 20 52,709
—
52,729 (21,169) 31,560
Total current derivative
liabilities ................... $ 412 $ 83,317 $ 1,227 $ 84,956 $ (46,403) 38,553
Purchased power agreements (b) .... 23,192
Current derivative instruments ... $ 61,745
Noncurrent derivative liabilities
Other derivative instruments:
Trading commodity ............. $
—
$ 18,878 $
—
$ 18,878 $ (4,596) $ 14,282
Natural gas commodity ..........
—
438
—
438 (269) 169
Total noncurrent derivative
liabilities ................... $
—
$ 19,316 $
—
$ 19,316 $ (4,865) 14,451
Purchased power agreements (b) .... 271,535
Noncurrent derivative
instruments ................... $285,986
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $97.6 million of equity investments
in unconsolidated subsidiaries and $28.2 million of miscellaneous investments
(b) In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, Xcel Energy began recording several long-
term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered
through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets
and liabilities. During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no
longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting
regulatory assets and liabilities.
(c) The accounting guidance for derivatives and hedging permits the netting of receivables and payables for derivatives and related collateral amounts when a
legally enforceable master netting agreement exists between Xcel Energy and a counterparty. A master netting agreement is an agreement between two
parties who have multiple contracts with each other that provides for the net settlement of all contracts in the event of default on or termination of any one
contract.