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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2016
Fair Value Disclosures [Abstract] |
PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | The following tables present information about PSEG’s, PSE&G’s and Power's respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G and Power.
|  |  | Recurring Fair Value Measurements as of March 31, 2016 |
| Description |  | Total |  | Netting (E) |  | Quoted Market Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  |  | Millions |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Cash Equivalents (A) |  | $ | 521 |  |  | $ | — |  |  | $ | 521 |  |  | $ | — |  |  | $ | — |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 355 |  |  | $ | (719 | ) |  | $ | — |  |  | $ | 1,053 |  |  | $ | 21 |  |
| Interest Rate Swaps (C) |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |
| NDT Fund (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  | $ | 872 |  |  | $ | — |  |  | $ | 872 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 502 |  |  | $ | — |  |  | $ | — |  |  | $ | 502 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 372 |  |  | $ | — |  |  | $ | — |  |  | $ | 372 |  |  | $ | — |  |
| Other Securities |  | $ | 32 |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 20 |  |  | $ | — |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 109 |  |  | $ | — |  |  | $ | — |  |  | $ | 109 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 83 |  |  | $ | — |  |  | $ | — |  |  | $ | 83 |  |  | $ | — |  |
| Other Securities |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (66 | ) |  | $ | 685 |  |  | $ | — |  |  | $ | (751 | ) |  | $ | — |  |
| Interest Rate Swaps (C) |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Cash Equivalents (A) |  | $ | 521 |  |  | $ | — |  |  | $ | 521 |  |  | $ | — |  |  | $ | — |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |
| Other Securities |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 345 |  |  | $ | (719 | ) |  | $ | — |  |  | $ | 1,053 |  |  | $ | 11 |  |
| NDT Fund (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  | $ | 872 |  |  | $ | — |  |  | $ | 872 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 502 |  |  | $ | — |  |  | $ | — |  |  | $ | 502 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 372 |  |  | $ | — |  |  | $ | — |  |  | $ | 372 |  |  | $ | — |  |
| Other Securities |  | $ | 32 |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | 27 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | — |  |
| Other Securities |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (66 | ) |  | $ | 685 |  |  | $ | — |  |  | $ | (751 | ) |  | $ | — |  |
|  |  | Recurring Fair Value Measurements as of December 31, 2015 |
| Description |  | Total |  | Netting (E) |  | Quoted Market Prices for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  |  | Millions |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Cash Equivalents (A) |  | $ | 326 |  |  | $ | — |  |  | $ | 326 |  |  | $ | — |  |  | $ | — |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 313 |  |  | $ | (608 | ) |  | $ | — |  |  | $ | 896 |  |  | $ | 25 |  |
| Interest Rate Swaps (C) |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |
| NDT Fund (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  | $ | 865 |  |  | $ | — |  |  | $ | 865 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 488 |  |  | $ | — |  |  | $ | — |  |  | $ | 488 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 359 |  |  | $ | — |  |  | $ | — |  |  | $ | 359 |  |  | $ | — |  |
| Other Securities |  | $ | 42 |  |  | $ | — |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 108 |  |  | $ | — |  |  | $ | — |  |  | $ | 108 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 81 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |  |  | $ | — |  |
| Other Securities |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (103 | ) |  | $ | 553 |  |  | $ | — |  |  | $ | (644 | ) |  | $ | (12 | ) |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Cash Equivalents (A) |  | $ | 160 |  |  | $ | — |  |  | $ | 160 |  |  | $ | — |  |  | $ | — |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy Related Contracts (B) |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |
| Other Securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (11 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (11 | ) |
| Power |  |  |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | 300 |  |  | $ | (608 | ) |  | $ | — |  |  | $ | 896 |  |  | $ | 12 |  |
| NDT Fund (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities |  | $ | 865 |  |  | $ | — |  |  | $ | 865 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 488 |  |  | $ | — |  |  | $ | — |  |  | $ | 488 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 359 |  |  | $ | — |  |  | $ | — |  |  | $ | 359 |  |  | $ | — |  |
| Other Securities |  | $ | 42 |  |  | $ | — |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |
| Rabbi Trust (D) |  |  |  |  |  |  |  |  |  |  |
| Equity Securities—Mutual Funds |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
| Debt Securities—Govt Obligations |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |  |
| Debt Securities—Other |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | — |  |
| Other Securities |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |
| Derivative Contracts: |  |  |  |  |  |  |  |  |  |  |
| Energy-Related Contracts (B) |  | $ | (92 | ) |  | $ | 553 |  |  | $ | — |  |  | $ | (644 | ) |  | $ | (1 | ) |
(A) | Represents money market mutual funds.
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data.
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment.
(D) | The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of March 31, 2016, net cash collateral (received) paid of $(34) million was netted against the corresponding net derivative contract positions. Of the $(34) million as of March 31, 2016, $(53) million of cash collateral was netted against assets, and $19 million was netted against liabilities. As of December 31, 2015, net cash collateral (received) paid of $(55) million was netted against the corresponding net derivative contract positions. Of the $(55) million of cash collateral as of December 31, 2015, $(69) million was netted against assets, and $14 million was netted against liabilities.
Schedule of Quantitative Information About Level 3 Fair Value Measurements | The following tables provide details surrounding significant Level 3 valuations as of March 31, 2016 and December 31, 2015.
|  |  | Quantitative Information About Level 3 Fair Value Measurements |  |  |
|  |  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  | Fair Value as of |  | Valuation |  | Unobservable |  |  |
| Commodity |  | Level 3 Position |  | March 31, 2016 |  | Technique(s) |  | Input |  | Range |
|  |  |  |  | Assets |  | (Liabilities) |  |  |  |  |  |  |
|  |  |  |  | Millions |  |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |
| Gas |  | Natural Gas Supply Contracts |  | $ | 10 |  |  | $ | — |  |  | Discounted Cash Flow |  | Transportation Costs |  | $0.60 to $0.80/Dth |
| Total PSE&G |  |  |  | $ | 10 |  |  | $ | — |  |  |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |
| Electricity |  | Electric Load Contracts |  | $ | 11 |  |  | $ | — |  |  | Discounted Cash flow |  | Historic Load Variability |  | 0% to +10% |
| Total Power |  |  |  | $ | 11 |  |  | $ | — |  |  |  |  |  |  |  |
| Total PSEG |  |  |  | $ | 21 |  |  | $ | — |  |  |  |  |  |  |  |
|  |  | Quantitative Information About Level 3 Fair Value Measurements |  |  |
|  |  |  |  |  |  |  |  | Significant |  |  |
|  |  |  |  | Fair Value as of |  | Valuation |  | Unobservable |  |  |
| Commodity |  | Level 3 Position |  | December 31, 2015 |  | Technique(s) |  | Input |  | Range |
|  |  |  |  | Assets |  | (Liabilities) |  |  |  |  |  |  |
|  |  |  |  | Millions |  |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |
| Gas |  | Natural Gas Supply Contracts |  | $ | 13 |  |  | $ | (11 | ) |  | Discounted Cash Flow |  | Transportation Costs |  | $0.60 to $0.80/Dth |
| Total PSE&G |  |  |  | $ | 13 |  |  | $ | (11 | ) |  |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |
| Electricity |  | Electric Load Contracts |  | $ | 11 |  |  | $ | (1 | ) |  | Discounted Cash Flow |  | Historic Load Variability |  | 0% to +10% |
| Electricity |  | Other |  | 1 |  |  | — |  |  |  |  |  |  |  |
| Total Power |  |  |  | $ | 12 |  |  | $ | (1 | ) |  |  |  |  |  |  |
| Total PSEG |  |  |  | $ | 25 |  |  | $ | (12 | ) |  |  |  |  |  |  |
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value.
Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months ended March 31, 2016 and March 31, 2015, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2016
|  |  |  |  | Total Gains or (Losses) Realized/Unrealized |  |  |  |  |  |  |  |  |
| Description |  | Balance as of January 1, 2016 |  | Included in Income (A) |  | Included in Regulatory Assets/ Liabilities (B) |  | Purchases (Sales) |  | Issuances/ Settlements (C) |  | Transfers In/Out (D) |  | Balance as of March 31, 2016 |
|  |  | Millions |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 13 |  |  | $ | 15 |  |  | $ | 8 |  |  | $ | — |  |  | $ | (15 | ) |  | $ | — |  |  | $ | 21 |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 2 |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 11 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | (15 | ) |  | $ | — |  |  | $ | 11 |  |
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2015
|  |  |  |  | Total Gains or (Losses) Realized/Unrealized |  |  |  |  |  |  |  |  |
| Description |  | Balance as of January 1, 2015 |  | Included in Income (A) |  | Included in Regulatory Assets/ Liabilities (B) |  | Purchases (Sales) |  | Issuances/ Settlements (C) |  | Transfers In/Out (D) |  | Balance as of March 31, 2015 |
|  |  | Millions |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 37 |  |  | $ | 3 |  |  | $ | (19 | ) |  | $ | — |  |  | $ | (12 | ) |  | $ | — |  |  | $ | 9 |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 26 |  |  | $ | — |  |  | $ | (19 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |
| Power |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Derivative Assets (Liabilities) |  | $ | 11 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | (12 | ) |  | $ | — |  |  | $ | 2 |  |
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $15 million and $3 million in Operating Income in 2016 and 2015, respectively. The $15 million in Operating Income in 2016 is realized. Of the $3 million in Operating Income, $(9) million is unrealized.
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers.
(C) | Represents $(15) million and $(12) million in settlements for the three months ended March 31, 2016 and 2015.
(D) | There were no transfers among levels during the three months ended March 31, 2016 and 2015.
Schedule of Fair Value of Debt | The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of March 31, 2016 and December 31, 2015.
|  | As of |  | As of |
|  | March 31, 2016 |  | December 31, 2015 |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |
| PSEG (Parent) (A) | $ | 501 |  |  | $ | 504 |  |  | $ | 503 |  |  | $ | 506 |  |
| PSE&G (B) | 7,492 |  |  | 8,339 |  |  | 6,821 |  |  | 7,235 |  |
| Power - Recourse Debt (B) | 2,238 |  |  | 2,502 |  |  | 2,237 |  |  | 2,508 |  |
| Energy Holdings: |  |  |  |  |  |  |  |
| Project Level, Non-Recourse Debt (C) | 7 |  |  | 7 |  |  | 7 |  |  | 7 |  |
| Total Long-Term Debt | $ | 10,238 |  |  | $ | 11,352 |  |  | $ | 9,568 |  |  | $ | 10,256 |  |
(A) | Fair value includes a $500 million floating rate term loan and net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.
(B) | Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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