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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2018
Fair Value Disclosures [Abstract] |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient. Fair value measurements are classified in three levels based on the fair value hierarchy: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. An active market is one in which transactions for an asset or liability occur with sufficient frequency and volume to provide ongoing pricing information. Level 2 – A fair value measurement utilizing inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly, for an asset or liability. Inputs include (i) quoted prices for similar assets or liabilities in active markets, (ii) quoted prices for identical or similar assets or liabilities in markets that are not active and (iii) inputs other than quoted market prices that are observable for the asset or liability, such as interest rate curves and yield curves observable at commonly quoted intervals, volatilities and credit spreads. A Level 2 measurement cannot have more than an insignificant portion of its valuation based on unobservable inputs. Instruments in this category include non-exchange-traded derivatives, such as over-the-counter forwards, swaps and options; certain marketable debt securities; and financial instruments traded in less-than-active markets. Level 3 – Any fair value measurement that includes unobservable inputs for more than an insignificant portion of the valuation. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Level 3 measurements may include longer-term instruments that extend into periods in which observable inputs are not available. Not Categorized – Certain investments are not categorized within the Fair Value hierarchy. These investments are measured at fair value using the net asset value (NAV) per share practical expedient. The NAV is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value. Transfers between levels represent assets or liabilities that were previously (i) categorized at a higher level for which the inputs to the estimate became less observable or (ii) classified at a lower level for which the inputs became more observable during the period. The Duke Energy Registrant’s policy is to recognize transfers between levels of the fair value hierarchy at the end of the period. There were no transfers between levels during the three and nine months ended September 30, 2018, and 2017. Valuation methods of the primary fair value measurements disclosed below are as follows. Investments in equity securities The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as New York Stock Exchange and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements. Investments in debt securities Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3. Commodity derivatives Commodity derivatives with clearinghouses are classified as Level 1. Other commodity derivatives, including Piedmont's natural gas supply contracts, are primarily valued using internally developed discounted cash flow models that incorporate forward price, adjustments for liquidity (bid-ask spread) and credit or non-performance risk (after reflecting credit enhancements such as collateral), and are discounted to present value. Pricing inputs are derived from published exchange transaction prices and other observable data sources. In the absence of an active market, the last available price may be used. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of natural gas commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves. Interest rate derivatives Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties. Other fair value considerations See Note 11 in Duke Energy's Annual Report on Form 10-K/A for the year ended December 31, 2017, for a discussion of the valuation of goodwill and intangible assets. DUKE ENERGY The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.
| September 30, 2018
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Not Categorized |
NDTF equity securities | $ | 5,272 |  | $ | 5,203 |  | $ | — |  | $ | — |  | $ | 69 |
NDTF debt securities | 2,131 |  | 510 |  | 1,621 |  | — |  | — |
Other equity securities | 115 |  | 115 |  | — |  | — |  | — |
Other debt securities | 272 |  | 78 |  | 194 |  | — |  | — |
Derivative assets | 77 |  | 4 |  | 36 |  | 37 |  | — |
Total assets | 7,867 |  | 5,910 |  | 1,851 |  | 37 |  | 69 |
Derivative liabilities | (225 | ) | — |  | (72 | ) | (153 | ) | — |
Net assets (liabilities) | $ | 7,642 |  | $ | 5,910 |  | $ | 1,779 |  | $ | (116 | ) | $ | 69 |
| December 31, 2017
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Not Categorized |
NDTF equity securities | $ | 4,914 |  | $ | 4,840 |  | $ | — |  | $ | — |  | $ | 74 |
NDTF debt securities | 2,174 |  | 635 |  | 1,539 |  | — |  | — |
Other equity securities | 123 |  | 123 |  | — |  | — |  | — |
Other debt securities | 241 |  | 57 |  | 184 |  | — |  | — |
Derivative assets | 51 |  | 3 |  | 20 |  | 28 |  | — |
Total assets | 7,503 |  | 5,658 |  | 1,743 |  | 28 |  | 74 |
Derivative liabilities | (230 | ) | (2 | ) | (86 | ) | (142 | ) | — |
Net assets (liabilities) | $ | 7,273 |  | $ | 5,656 |  | $ | 1,657 |  | $ | (114 | ) | $ | 74 |
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Amounts included in earnings for derivatives are primarily included in Cost of natural gas on the Duke Energy Registrants' Condensed Consolidated Statements of Operations and Comprehensive Income. Amounts included in changes of net assets on the Duke Energy Registrants' Condensed Consolidated Balance Sheets are included in regulatory assets or liabilities. All derivative assets and liabilities are presented on a net basis.
| Three Months Ended September 30, 2018 |  | Three Months Ended September 30, 2017
(in millions) | Investments |  |  | Derivatives (net) |  |  | Total |  |  | Investments |  |  | Derivatives (net) |  |  | Total |
Balance at beginning of period | $ | — |  |  | $ | (97 | ) |  | $ | (97 | ) |  | $ | — |  |  | $ | (91 | ) |  | $ | (91 | )
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |  |  |  |  |  |
Settlements | — |  |  | (14 | ) |  | (14 | ) |  | — |  |  | (12 | ) |  | (12 | )
Total (losses) gains included on the Condensed Consolidated Balance Sheet | — |  |  | (5 | ) |  | (5 | ) |  | — |  |  | 10 |  |  | 10 |
Balance at end of period | $ | — |  |  | $ | (116 | ) |  | $ | (116 | ) |  | $ | — |  |  | $ | (93 | ) |  | $ | (93 | )
| Nine Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2017
(in millions) | Investments |  |  | Derivatives (net) |  |  | Total |  |  | Investments |  |  | Derivatives (net) |  |  | Total |
Balance at beginning of period | $ | — |  |  | $ | (114 | ) |  | $ | (114 | ) |  | $ | 5 |  |  | $ | (166 | ) |  | $ | (161 | )
Total pretax realized or unrealized gains included in comprehensive income | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | 56 |  |  | 56 |  |  | — |  |  | 55 |  |  | 55 |
Sales | — |  |  | — |  |  | — |  |  | (6 | ) |  | — |  |  | (6 | )
Settlements | — |  |  | (43 | ) |  | (43 | ) |  | — |  |  | (30 | ) |  | (30 | )
Total (losses) gains included on the Condensed Consolidated Balance Sheet | — |  |  | (15 | ) |  | (15 | ) |  | — |  |  | 48 |  |  | 48 |
Balance at end of period | $ | — |  |  | $ | (116 | ) |  | $ | (116 | ) |  | $ | — |  |  | $ | (93 | ) |  | $ | (93 | )
DUKE ENERGY CAROLINAS The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
| September 30, 2018
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Not Categorized |
NDTF equity securities | $ | 2,890 |  | $ | 2,821 |  | $ | — |  | $ | 69 |
NDTF debt securities | 1,046 |  | 122 |  | 924 |  | — |
Derivative assets | 7 |  | — |  | 7 |  | — |
Total assets | 3,943 |  | 2,943 |  | 931 |  | 69 |
Derivative liabilities | (28 | ) | — |  | (28 | ) | — |
Net assets | $ | 3,915 |  | $ | 2,943 |  | $ | 903 |  | $ | 69 |
| December 31, 2017
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Not Categorized |
NDTF equity securities | $ | 2,692 |  | $ | 2,618 |  | $ | — |  | $ | 74 |
NDTF debt securities | 1,066 |  | 204 |  | 862 |  | — |
Derivative assets | 2 |  | — |  | 2 |  | — |
Total assets | 3,760 |  | 2,822 |  | 864 |  | 74 |
Derivative liabilities | (35 | ) | (1 | ) | (34 | ) | — |
Net assets | $ | 3,725 |  | $ | 2,821 |  | $ | 830 |  | $ | 74 |
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
| Investments
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Balance at beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |
Total pretax realized or unrealized gains included in comprehensive income | — |  |  | — |  |  | — |  |  | 1 |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |
Sales | — |  |  | — |  |  | — |  |  | (4 | )
Balance at end of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
PROGRESS ENERGY The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
| September 30, 2018 |  | December 31, 2017
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  |  | Total Fair Value |  | Level 1 |  | Level 2 |
NDTF equity securities | $ | 2,382 |  | $ | 2,382 |  | $ | — |  |  | $ | 2,222 |  | $ | 2,222 |  | $ | — |
NDTF debt securities | 1,085 |  | 388 |  | 697 |  |  | 1,108 |  | 431 |  | 677 |
Other debt securities | 66 |  | 18 |  | 48 |  |  | 59 |  | 12 |  | 47 |
Derivative assets | 3 |  | — |  | 3 |  |  | 3 |  | 1 |  | 2 |
Total assets | 3,536 |  | 2,788 |  | 748 |  |  | 3,392 |  | 2,666 |  | 726 |
Derivative liabilities | (37 | ) | — |  | (37 | ) |  | (36 | ) | (1 | ) | (35 | )
Net assets | $ | 3,499 |  | $ | 2,788 |  | $ | 711 |  |  | $ | 3,356 |  | $ | 2,665 |  | $ | 691 |
DUKE ENERGY PROGRESS The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
| September 30, 2018 |  | December 31, 2017
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  |  | Total Fair Value |  | Level 1 |  | Level 2 |
NDTF equity securities | $ | 1,913 |  | $ | 1,913 |  | $ | — |  |  | $ | 1,795 |  | $ | 1,795 |  | $ | — |
NDTF debt securities | 823 |  | 254 |  | 569 |  |  | 796 |  | 243 |  | 553 |
Other debt securities | 8 |  | 8 |  | — |  |  | 1 |  | 1 |  | — |
Derivative assets | 2 |  | — |  | 2 |  |  | 2 |  | 1 |  | 1 |
Total assets | 2,746 |  | 2,175 |  | 571 |  |  | 2,594 |  | 2,040 |  | 554 |
Derivative liabilities | (24 | ) | — |  | (24 | ) |  | (18 | ) | (1 | ) | (17 | )
Net assets | $ | 2,722 |  | $ | 2,175 |  | $ | 547 |  |  | $ | 2,576 |  | $ | 2,039 |  | $ | 537 |
DUKE ENERGY FLORIDA The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
| September 30, 2018 |  | December 31, 2017
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  |  | Total Fair Value |  | Level 1 |  | Level 2 |
NDTF equity securities | $ | 469 |  | $ | 469 |  | $ | — |  |  | $ | 427 |  | $ | 427 |  | $ | — |
NDTF debt securities | 262 |  | 134 |  | 128 |  |  | 312 |  | 188 |  | 124 |
Other debt securities | 48 |  | — |  | 48 |  |  | 48 |  | 1 |  | 47 |
Derivative assets | 1 |  | — |  | 1 |  |  | 1 |  | — |  | 1 |
Total assets | 780 |  | 603 |  | 177 |  |  | 788 |  | 616 |  | 172 |
Derivative liabilities | (5 | ) | — |  | (5 | ) |  | (12 | ) | — |  | (12 | )
Net assets | $ | 775 |  | $ | 603 |  | $ | 172 |  |  | $ | 776 |  | $ | 616 |  | $ | 160 |
DUKE ENERGY OHIO The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
| September 30, 2018 |  | December 31, 2017
(in millions) | Total Fair Value |  | Level 2 |  | Level 3 |  |  | Total Fair Value |  | Level 2 |  | Level 3 |
Derivative assets | $ | 8 |  | $ | — |  | $ | 8 |  |  | $ | 1 |  | $ | — |  | $ | 1 |
Derivative liabilities | (4 | ) | (4 | ) | — |  |  | (5 | ) | (5 | ) | — |
Net assets (liabilities) | $ | 4 |  | $ | (4 | ) | $ | 8 |  |  | $ | (4 | ) | $ | (5 | ) | $ | 1 |
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
| Derivatives (net)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Balance at beginning of period | $ | 9 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 5 |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 7 |  |  | 3 |
Settlements | (1 | ) |  | (1 | ) |  | (2 | ) |  | (3 | )
Total gains (losses) included on the Condensed Consolidated Balance Sheet | — |  |  | — |  |  | 2 |  |  | (3 | )
Balance at end of period | $ | 8 |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 2 |
DUKE ENERGY INDIANA The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
| September 30, 2018 |  | December 31, 2017
(in millions) | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |
Other equity securities | $ | 78 |  | $ | 78 |  | $ | — |  | $ | — |  |  | $ | 97 |  | $ | 97 |  | $ | — |  | $ | — |
Other debt securities | 40 |  | — |  | 40 |  | — |  |  | 31 |  | — |  | 31 |  | — |
Derivative assets | 29 |  | — |  | — |  | 29 |  |  | 27 |  | — |  | — |  | 27 |
Total assets | $ | 147 |  | $ | 78 |  | $ | 40 |  | $ | 29 |  |  | $ | 155 |  | $ | 97 |  | $ | 31 |  | $ | 27 |
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
| Derivatives (net)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Balance at beginning of period | $ | 44 |  |  | $ | 51 |  |  | $ | 27 |  |  | $ | 16 |
Purchases, sales, issuances and settlements: |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 49 |  |  | 52 |
Settlements | (13 | ) |  | (11 | ) |  | (41 | ) |  | (27 | )
Total losses included on the Condensed Consolidated Balance Sheet | (2 | ) |  | (12 | ) |  | (6 | ) |  | (13 | )
Balance at end of period | $ | 29 |  |  | $ | 28 |  |  | $ | 29 |  |  | $ | 28 |
PIEDMONT The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
| September 30, 2018
(in millions) | Total Fair Value |  | Level 1 |  | Level 3 |
Derivative assets | $ | 4 |  | $ | 4 |  | $ | — |
Derivative liabilities | (153 | ) | — |  | (153 | )
Net (liabilities) assets | $ | (149 | ) | $ | 4 |  | $ | (153 | )
| December 31, 2017
(in millions) | Total Fair Value |  | Level 1 |  | Level 3 |
Other debt securities | $ | 1 |  | $ | 1 |  | $ | — |
Derivative assets | 2 |  | 2 |  | — |
Total assets | 3 |  | 3 |  | — |
Derivative liabilities | (142 | ) | — |  | (142 | )
Net (liabilities) assets | $ | (139 | ) | $ | 3 |  | $ | (142 | )
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
| Derivatives (net)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Balance at beginning of period | $ | (150 | ) |  | $ | (145 | ) |  | $ | (142 | ) |  | $ | (187 | )
Total (losses) gains and settlements | (3 | ) |  | 22 |  |  | (11 | ) |  | 64 |
Balance at end of period | $ | (153 | ) |  | $ | (123 | ) |  | $ | (153 | ) |  | $ | (123 | )
QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
| September 30, 2018
| Fair Value |  |  |  |  |
Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range
Duke Energy Ohio |  |  |  |  |  |  |
Financial Transmission Rights (FTRs) | $ | 8 |  | RTO auction pricing | FTR price – per megawatt-hour (MWh) | $ | 1.03 |  | - | $ | 4.10 |
Duke Energy Indiana |  |  |  |  |  |  |
FTRs | 29 |  | RTO auction pricing | FTR price – per MWh | (2.32 | ) | - | 8.11 |
Piedmont |  |  |  |  |  |
Natural gas contracts | (153 | ) | Discounted cash flow | Forward natural gas curves – price per million British thermal unit (MMBtu) | 1.74 |  | - | 3.41 |
Duke Energy |  |  |  |  |  |
Total Level 3 derivatives | $ | (116 | ) |  |  |  |  |
| December 31, 2017
| Fair Value |  |  |  |  |
Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range
Duke Energy Ohio |  |  |  |  |  |  |
FTRs | $ | 1 |  | RTO auction pricing | FTR price – per MWh | $ | 0.07 |  | - | $ | 1.41 |
Duke Energy Indiana |  |  |  |  |  |  |
FTRs | 27 |  | RTO auction pricing | FTR price – per MWh | (0.77 | ) | - | 7.44 |
Piedmont |  |  |  |  |  |
Natural gas contracts | (142 | ) | Discounted cash flow | Forward natural gas curves – price per MMBtu | 2.10 |  | - | 2.88 |
Duke Energy |  |  |  |  |  |
Total Level 3 derivatives | $ | (114 | ) |  |  |  |  |
OTHER FAIR VALUE DISCLOSURES The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
| September 30, 2018 |  | December 31, 2017
(in millions) | Book Value |  |  | Fair Value |  |  | Book Value |  |  | Fair Value |
Duke Energy(a) | $ | 53,962 |  |  | $ | 53,949 |  |  | $ | 52,279 |  |  | $ | 55,331 |
Duke Energy Carolinas | 10,395 |  |  | 10,887 |  |  | 10,103 |  |  | 11,372 |
Progress Energy | 18,912 |  |  | 19,825 |  |  | 17,837 |  |  | 20,000 |
Duke Energy Progress | 8,154 |  |  | 8,231 |  |  | 7,357 |  |  | 7,992 |
Duke Energy Florida | 7,371 |  |  | 7,749 |  |  | 7,095 |  |  | 7,953 |
Duke Energy Ohio | 2,066 |  |  | 2,136 |  |  | 2,067 |  |  | 2,249 |
Duke Energy Indiana | 3,783 |  |  | 4,178 |  |  | 3,783 |  |  | 4,464 |
Piedmont | 2,138 |  |  | 2,175 |  |  | 2,037 |  |  | 2,209 |
(a) | Book value of long-term debt includes $1.6 billion as of September 30, 2018, and $1.7 billion as of December 31, 2017, of unamortized debt discount and premium, net in purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
At both September 30, 2018, and December 31, 2017, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper, and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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