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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Assets and liabilities measured on recurring basis

The following tables set forth the recurring assets and liabilities that are accounted for at fair value by level within the fair value hierarchy:

	December 31, 2018																December 31, 2017
	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Assets	(In millions)
Corporate debt securities	$	—			$	405			$	—			$	405			$	—			$	476			$	—			$	476
Derivative assets FTRs(1)	—				—				10				10				—				—				3				3
Equity securities(2)	339				—				—				339				297				—				—				297
Foreign government debt securities	—				13				—				13				—				23				—				23
U.S. government debt securities	—				20				—				20				—				21				—				21
U.S. state debt securities	—				250				—				250				—				247				—				247
Other(3)	367				34				—				401				588				38				—				626
Total assets	$	706			$	722			$	10			$	1,438			$	885			$	805			$	3			$	1,693
Liabilities
Derivative liabilities FTRs(1)	$	—			$	—			$	(1	)		$	(1	)		$	—			$	—			$	—			$	—
Derivative liabilities NUG contracts(1)	—				—				(44		)		(44		)		—				—				(79		)		(79		)
Total liabilities	$	—			$	—			$	(45	)		$	(45	)		$	—			$	—			$	(79	)		$	(79	)
Net assets (liabilities)(4)	$	706			$	722			$	(35	)		$	1,393			$	885			$	805			$	(76	)		$	1,614

⁽¹⁾  Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.

⁽²⁾  NDT funds hold equity portfolios whose performance is benchmarked against the S&P 500 Low Volatility High Dividend Index, S&P 500 Index, MSCI World Index and MSCI AC World IMI Index.

⁽³⁾  Primarily consists of short-term cash investments.

⁽⁴⁾  Excludes $4 million and $(11) million as of December 31, 2018 and December 31, 2017, respectively, of receivables, payables, taxes and accrued income associated with financial instruments reflected within the fair value table.

Reconciliation of changes in the fair value roll forward of level 3 measurements of NUG contracts

The following table provides a reconciliation of changes in the fair value of NUG contracts and FTRs that are classified as Level 3 in the fair value hierarchy for the periods ended December 31, 2018 and December 31, 2017:

	NUG Contracts(1)												FTRs(1)
	Derivative Assets				Derivative Liabilities				Net				Derivative Assets				Derivative Liabilities				Net
	(In millions)
January 1, 2017 Balance	$	1			$	(108	)		$	(107	)		$	3			$	(1	)		$	2
Unrealized gain (loss)	—				(10		)		(10		)		1				(1		)		—
Purchases	—				—				—				3				—				3
Settlements	(1		)		39				38				(4		)		2				(2		)
December 31, 2017 Balance	$	—			$	(79	)		$	(79	)		$	3			$	—			$	3
Unrealized gain (loss)	—				2				2				8				1				9
Purchases	—				—				—				5				(5		)		—
Settlements	—				33				33				(6		)		3				(3		)
December 31, 2018 Balance	$	—			$	(44	)		$	(44	)		$	10			$	(1	)		$	9

(1)Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings.

Quantitative information for level 3 valuation

The following table provides quantitative information for FTRs and NUG contracts that are classified as Level 3 in the fair value hierarchy for the period ended December 31, 2018:

Fair Value, Net (In millions)

Valuation Technique

Significant Input

Range

Weighted Average

Units

FTRs

$

9

Model

RTO auction clearing prices

$0.20 to $6.10

$1.80

Dollars/MWH

NUG Contracts

$

(44

)

Model

Generation Regional electricity prices

400 to 1,214,000 $31.40 to $33.60

249,000 $32.60

MWH Dollars/MWH

Amortized cost basis, unrealized gains and losses and fair values of investments in available-for-sale securities

The following table summarizes the amortized cost basis, unrealized gains, unrealized losses and fair values of investments held in NDT and nuclear fuel disposal trusts as of December 31, 2018 and December 31, 2017:

		December 31, 2018(1)																December 31, 2017(1)
		Cost Basis				Unrealized Gains				Unrealized Losses				Fair Value				Cost Basis				Unrealized Gains				Unrealized Losses				Fair Value
		(In millions)
Debt securities		$	714			$	2			$	(28	)		$	688			$	774			$	11			$	(17	)		$	768
Equity securities		$	339			$	15			$	(16	)		$	338			$	254			$	40			$	—			$	294

⁽¹⁾  Excludes short-term cash investments of $20 million and $11 million in 2018 and 2017, respectively

Proceeds from the sale of investments in available-for-sale securities, realized gains and losses on those sales, and interest and dividend income

Proceeds from the sale of investments in equity and AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three years ended December 31, 2018, 2017 and 2016, were as follows:

		2018				2017				2016
		(In millions)
Sale Proceeds		$	800			$	1,230			$	961
Realized Gains		41				74				53
Realized Losses		(48		)		(58		)		(52		)
OTTI		—				—				(2		)
Interest and Dividend Income		41				39				44

Fair value and related carrying amounts of long-term debt and other long-term obligations

The following table provides the approximate fair value and related carrying amounts of long-term debt, which excludes capital lease obligations and net unamortized debt issuance costs, premiums and discounts as of December 31, 2018 and 2017:

	As of December 31,
	2018					2017
	(In millions)
Carrying Value	$	18,315				$	19,296
Fair Value	19,266					21,412

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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.

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The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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).

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