10-Q Filing

MIDWEST GENERATION LLC CIK: 1134016 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001134016-12-000008`
Period End Date	20120331
Filing Date	20120502
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	mwg-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 28 Cash Flow Statement 52 Comprehensive Income 16

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Property, Plant and Equipment, accumulated depreciation (in dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.15B	USD	Point-in-time
Property, Plant and Equipment, accumulated depreciation (in dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.18B	USD	Point-in-time
Membership interests, no par value	`CommonStockNoParValue`	-	USD	Point-in-time
Membership interests, no par value	`CommonStockNoParValue`	-	USD	Point-in-time
Membership interests, units authorized	`CommonStockSharesAuthorized`	100.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$213.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$295.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$363.00M	USD	Point-in-time
Membership interests, units authorized	`CommonStockSharesAuthorized`	100.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$230.00M	USD	Point-in-time
Membership interests, units issued	`CommonStockSharesIssued`	100.00	shares	Point-in-time
Membership interests, units issued	`CommonStockSharesIssued`	100.00	shares	Point-in-time
Due from affiliates	`DueFromAffiliateCurrent`	$109.00M	USD	Point-in-time
Due from affiliates	`DueFromAffiliateCurrent`	$69.00M	USD	Point-in-time
Inventory	`EnergyRelatedInventory`	$168.00M	USD	Point-in-time
Membership interests, units outstanding	`CommonStockSharesOutstanding`	100.00	shares	Point-in-time
Membership interests, units outstanding	`CommonStockSharesOutstanding`	100.00	shares	Point-in-time
Inventory	`EnergyRelatedInventory`	$159.00M	USD	Point-in-time
Interest receivable from affiliate	`InterestReceivableFromAffiliate`	$55.00M	USD	Point-in-time
Interest receivable from affiliate	`InterestReceivableFromAffiliate`	$27.00M	USD	Point-in-time
Derivative assets	`DerivativeAssetsCurrent`	$60.00M	USD	Point-in-time
Derivative assets	`DerivativeAssetsCurrent`	$43.00M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsNetCurrent`	$14.00M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsNetCurrent`	$14.00M	USD	Point-in-time
Other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.00M	USD	Point-in-time
Other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$580.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$610.00M	USD	Point-in-time
Property, Plant and Equipment, less accumulated depreciation of $1,184 and $1,152 at respective dates	`PropertyPlantAndEquipmentNet`	$2.19B	USD	Point-in-time
Property, Plant and Equipment, less accumulated depreciation of $1,184 and $1,152 at respective dates	`PropertyPlantAndEquipmentNet`	$2.16B	USD	Point-in-time
Notes receivable from affiliate	`DueFromRelatedPartiesNoncurrent`	$1.32B	USD	Point-in-time
Notes receivable from affiliate	`DueFromRelatedPartiesNoncurrent`	$1.32B	USD	Point-in-time
Long-term derivative assets	`DerivativeAssetsNoncurrent`	$1.00M	USD	Point-in-time
Long-term derivative assets	`DerivativeAssetsNoncurrent`	$3.00M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsNetNoncurrent`	$42.00M	USD	Point-in-time
Deferred taxes	`DeferredTaxAssetsNetNoncurrent`	$42.00M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$29.00M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$27.00M	USD	Point-in-time
Total Assets	`Assets`	$4.19B	USD	Point-in-time
Total Assets	`Assets`	$4.13B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$45.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$35.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$38.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$49.00M	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$22.00M	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$18.00M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$8.00M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$19.00M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$2.00M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$1.00M	USD	Point-in-time
Current portion of lease financing	`CapitalLeaseObligationsCurrent`	$120.00M	USD	Point-in-time
Current portion of lease financing	`CapitalLeaseObligationsCurrent`	$116.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$234.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$239.00M	USD	Point-in-time
Lease financing, net of current portion	`CapitalLeaseObligationsNoncurrent`	$378.00M	USD	Point-in-time
Lease financing, net of current portion	`CapitalLeaseObligationsNoncurrent`	$439.00M	USD	Point-in-time
Benefit plans and other long-term liabilities	`OtherLiabilitiesNoncurrent`	$248.00M	USD	Point-in-time
Benefit plans and other long-term liabilities	`OtherLiabilitiesNoncurrent`	$243.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$921.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$860.00M	USD	Point-in-time
Commitments and Contingencies (Notes 3, 6 and 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Notes 3, 6 and 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Membership interests, no par value (100 units authorized, issued and outstanding at each date)	`CommonStockValue`	-	USD	Point-in-time
Membership interests, no par value (100 units authorized, issued and outstanding at each date)	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.51B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.51B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-234.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-225.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.00M	USD	Point-in-time
Total Member's Equity	`StockholdersEquity`	$3.27B	USD	Point-in-time
Total Member's Equity	`StockholdersEquity`	$3.27B	USD	Point-in-time
Total Liabilities and Member's Equity	`LiabilitiesAndStockholdersEquity`	$4.19B	USD	Point-in-time
Total Liabilities and Member's Equity	`LiabilitiesAndStockholdersEquity`	$4.13B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Operating Revenues from Marketing Affiliate	`ElectricalGenerationRevenue`	$351.00M	USD	1 Quarter
Operating Revenues from Marketing Affiliate	`ElectricalGenerationRevenue`	$233.00M	USD	1 Quarter
Fuel	`FuelCosts`	$126.00M	USD	1 Quarter
Fuel	`FuelCosts`	$117.00M	USD	1 Quarter
Plant operations	`OtherCostAndExpenseOperating`	$118.00M	USD	1 Quarter
Plant operations	`OtherCostAndExpenseOperating`	$109.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$32.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$39.00M	USD	1 Quarter
Loss on disposal and asset retirements	`GainLossOnDispositionOfAssets`	$-3.00M	USD	1 Quarter
Loss on disposal and asset retirements	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Administrative and general	`GeneralAndAdministrativeExpense`	$5.00M	USD	1 Quarter
Administrative and general	`GeneralAndAdministrativeExpense`	$6.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$289.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$266.00M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-33.00M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$62.00M	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$29.00M	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$28.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$9.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$11.00M	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$19.00M	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$18.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$80.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-14.00M	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$32.00M	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-5.00M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.00M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$48.00M	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$48.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationCashFlowImpact`	$39.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationCashFlowImpact`	$32.00M	USD	1 Quarter
Loss on disposal and asset retirements	`AssetImpairmentCharges`	$3.00M	USD	1 Quarter
Loss on disposal and asset retirements	`AssetImpairmentCharges`	-	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	$8.00M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxesAndTaxCredits`	-	USD	1 Quarter
Decrease in due from affiliates	`IncreaseDecreaseInDueFromAffiliatesCurrent`	$-36.00M	USD	1 Quarter
Decrease in due from affiliates	`IncreaseDecreaseInDueFromAffiliatesCurrent`	$-44.00M	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$9.00M	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$15.00M	USD	1 Quarter
Decrease in interest receivable from affiliate	`IncreaseDecreaseInInterestReceivableFromAffiliate`	$-29.00M	USD	1 Quarter
Decrease in interest receivable from affiliate	`IncreaseDecreaseInInterestReceivableFromAffiliate`	$-28.00M	USD	1 Quarter
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.00M	USD	1 Quarter
Decrease in other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-14.00M	USD	1 Quarter
Decrease in emission allowances	`IncreaseDecreaseInIntangibleAssets`	$-2.00M	USD	1 Quarter
Decrease in emission allowances	`IncreaseDecreaseInIntangibleAssets`	-	USD	1 Quarter
(Decrease) increase in accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndOtherCurrentLiabilities`	$-1.00M	USD	1 Quarter
(Decrease) increase in accounts payable and other current liabilities	`IncreaseDecreaseInAccountsPayableAndOtherCurrentLiabilities`	$5.00M	USD	1 Quarter
Decrease in interest payable	`IncreaseDecreaseInInterestPayableNet`	$-12.00M	USD	1 Quarter
Decrease in interest payable	`IncreaseDecreaseInInterestPayableNet`	$-11.00M	USD	1 Quarter
Increase in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$8.00M	USD	1 Quarter
Increase in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$5.00M	USD	1 Quarter
Decrease (increase) in derivative assets and liabilities	`IncreaseDecreaseInCommodityContractAssetsAndLiabilities`	$6.00M	USD	1 Quarter
Decrease (increase) in derivative assets and liabilities	`IncreaseDecreaseInCommodityContractAssetsAndLiabilities`	$-1.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$163.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$79.00M	USD	1 Quarter
Cash distributions to parent	`PaymentsOfDistributionsToAffiliates`	$25.00M	USD	1 Quarter
Cash distributions to parent	`PaymentsOfDistributionsToAffiliates`	-	USD	1 Quarter
Repayments of lease financing	`RepaymentsOfLongTermCapitalLeaseObligations`	$57.00M	USD	1 Quarter
Repayments of lease financing	`RepaymentsOfLongTermCapitalLeaseObligations`	$53.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-78.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-57.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$31.00M	USD	1 Quarter
Increase in restricted deposits	`IncreaseDecreaseInRestrictedCash`	-	USD	1 Quarter
Increase in restricted deposits	`IncreaseDecreaseInRestrictedCash`	$1.00M	USD	1 Quarter
Repayment of loan to affiliate	`RepaymentOfNotesReceivableFromRelatedParties`	$6.00M	USD	1 Quarter
Repayment of loan to affiliate	`RepaymentOfNotesReceivableFromRelatedParties`	$14.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$17.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$68.00M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$213.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$295.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$363.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$230.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$213.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$295.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$363.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$230.00M	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.00M	USD	1 Quarter
Unrealized holding gains arising during period, tax expense	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$11.00M	USD	1 Quarter
Unrealized holding gains arising during period, tax expense	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$1.00M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$48.00M	USD	1 Quarter
Reclassification adjustments included in net income, tax benefit	`OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeTax`	$4.00M	USD	1 Quarter
Reclassification adjustments included in net income, tax benefit	`OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeTax`	$6.00M	USD	1 Quarter
Amortization of net loss and prior service adjustment included in expense, net of tax	`OtherComprehensiveIncomeReclassificationOfDefinedBenefitPlansNetGainLossRecognizedInNetPeriodicBenefitCostNetOfTax`	$1.00M	USD	1 Quarter
Amortization of net loss and prior service adjustment included in expense, net of tax	`OtherComprehensiveIncomeReclassificationOfDefinedBenefitPlansNetGainLossRecognizedInNetPeriodicBenefitCostNetOfTax`	$1.00M	USD	1 Quarter
Unrealized holding gains arising during period, net of income tax expense $11, and $1 for the three months ended March 31, 2012 and 2011, respectively	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.00M	USD	1 Quarter
Unrealized holding gains arising during period, net of income tax expense $11, and $1 for the three months ended March 31, 2012 and 2011, respectively	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$18.00M	USD	1 Quarter
Reclassification adjustments included in net income, net of income tax benefit of $6 and $4 for the three months ended March 31, 2012 and 2011, respectively	`OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax`	$7.00M	USD	1 Quarter
Reclassification adjustments included in net income, net of income tax benefit of $6 and $4 for the three months ended March 31, 2012 and 2011, respectively	`OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax`	$10.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$-5.00M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecrease`	$9.00M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	-	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$43.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.