Xcel Energy 2010 Annual Report Download - page 131
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121
Xcel Energy recognizes transfers between Levels as of the beginning of each period. The following table presents the transfers
that occurred from Level 3 to Level 2 during the year ended Dec. 31, 2010.
(Thousands of Dollars) Year Ended
Dec. 31, 2010
Trading commodity derivatives not designated as cash flow hedges:
Current assets .................................................................................... $ 7,271
Noncurrent assets ................................................................................ 26,438
Current liabilities ................................................................................ (4,115)
Noncurrent liabilities ............................................................................. (16,069)
Total .......................................................................................... $ 13,525
There were no transfers of amounts from Level 2 to Level 3, or any transfers to or from Level 1 for the year ended Dec. 31,
2010. The transfer of amounts from Level 3 to Level 2 is due to the valuation of certain long-term derivative contracts for which
observable commodity pricing forecasts became a more significant input during the period.
The following table presents for each of the hierarchy Levels, Xcel Energy’s assets and liabilities that are measured at fair value
on a recurring basis at Dec. 31, 2009:
Dec. 31, 2009
Fair Value
(Thousands of Dollars) Level 1 Level 2 Level 3 Fair Value
Total
Counterparty
Netting (c) Total
Current derivative assets
Other derivative instruments:
Trading commodity .................. $
—
$ 16,128 $ 7,241 $ 23,369 $ (13,763) $ 9,606
Electric commodity ..................
—
—
23,540 23,540 1,425 24,965
Natural gas commodity ...............
—
10,921
—
10,921 165 11,086
Total current derivative assets ....... $
—
$ 27,049 $ 30,781 $ 57,830 $ (12,173) 45,657
Purchased power agreements (b) ......... 52,043
Current derivative instruments ...... $ 97,700
Noncurrent derivative assets
Derivatives designated as cash flow
hedges:
Vehicle fuel and other commodity ..... $
—
$154 $
—
$ 154 $
—
$ 154
Other derivative instruments:
Trading commodity ..................
—
8,554 13,145 21,699 (3,516) 18,183
Natural gas commodity ...............
—
527
—
527 254 781
Total noncurrent derivative assets ... $
—
$ 9,235 $ 13,145 $ 22,380 $ (3,262) 19,118
Purchased power agreements (b) ......... 270,412
Noncurrent derivative instruments ..... $289,530