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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2019
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:
| September 30, 2019 |  | December 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (In millions)
Corporate debt securities | $ | — |  |  | $ | 446 |  |  | $ | — |  |  | $ | 446 |  |  | $ | — |  |  | $ | 405 |  |  | $ | — |  |  | $ | 405 |
Derivative assets FTRs(1) | — |  |  | — |  |  | 6 |  |  | 6 |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Equity securities(2) | 362 |  |  | — |  |  | — |  |  | 362 |  |  | 339 |  |  | — |  |  | — |  |  | 339 |
Foreign government debt securities | — |  |  | 17 |  |  | — |  |  | 17 |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
U.S. government debt securities | — |  |  | 18 |  |  | — |  |  | 18 |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
U.S. state debt securities | — |  |  | 266 |  |  | — |  |  | 266 |  |  | — |  |  | 250 |  |  | — |  |  | 250 |
Other(3) | 716 |  |  | 71 |  |  | — |  |  | 787 |  |  | 367 |  |  | 34 |  |  | — |  |  | 401 |
Total assets | $ | 1,078 |  |  | $ | 818 |  |  | $ | 6 |  |  | $ | 1,902 |  |  | $ | 706 |  |  | $ | 722 |  |  | $ | 10 |  |  | $ | 1,438 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities FTRs(1) | $ | — |  |  | $ | — |  |  | $ | (3 | ) |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | (1 | )
Derivative liabilities NUG contracts(1) | — |  |  | — |  |  | (24 | ) |  | (24 | ) |  | — |  |  | — |  |  | (44 | ) |  | (44 | )
Total liabilities | $ | — |  |  | $ | — |  |  | $ | (27 | ) |  | $ | (27 | ) |  | $ | — |  |  | $ | — |  |  | $ | (45 | ) |  | $ | (45 | )
Net assets (liabilities)(4) | $ | 1,078 |  |  | $ | 818 |  |  | $ | (21 | ) |  | $ | 1,875 |  |  | $ | 706 |  |  | $ | 722 |  |  | $ | (35 | ) |  | $ | 1,393 |
(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 $(15) million and $4 million as of September 30, 2019 and December 31, 2018, 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 September 30, 2019, and December 31, 2018:
| NUG Contracts(1) |  | FTRs(1)
| Derivative Assets |  | Derivative Liabilities |  | Net |  | Derivative Assets |  | Derivative Liabilities |  | Net
| (In millions)
January 1, 2018 Balance | $ | — |  |  | $ | (79 | ) |  | $ | (79 | ) |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |
Unrealized gain | — |  |  | 2 |  |  | 2 |  |  | 8 |  |  | 1 |  |  | 9 |
Purchases | — |  |  | — |  |  | — |  |  | 5 |  |  | (5 | ) |  | — |
Settlements | — |  |  | 33 |  |  | 33 |  |  | (6 | ) |  | 3 |  |  | (3 | )
December 31, 2018 Balance | $ | — |  |  | $ | (44 | ) |  | $ | (44 | ) |  | $ | 10 |  |  | $ | (1 | ) |  | $ | 9 |
Unrealized loss | — |  |  | (8 | ) |  | (8 | ) |  | — |  |  | (1 | ) |  | (1 | )
Purchases | — |  |  | — |  |  | — |  |  | 6 |  |  | (4 | ) |  | 2 |
Settlements | — |  |  | 28 |  |  | 28 |  |  | (10 | ) |  | 3 |  |  | (7 | )
September 30, 2019 Balance | $ | — |  |  | $ | (24 | ) |  | $ | (24 | ) |  | $ | 6 |  |  | $ | (3 | ) |  | $ | 3 |
(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 September 30, 2019:
|  | Fair Value, Net (In millions) |  | Valuation Technique |  | Significant Input |  | Range |  | Weighted Average |  | Units
FTRs |  | $ | 3 |  |  | Model |  | RTO auction clearing prices |  | $0.60 to $3.60 |  | $1.20 |  | Dollars/MWH
NUG Contracts |  | $ | (24 | ) |  | Model |  | Generation |  | 400 to 553,000 |  | 115,000 |  |  | MWH
|  |  | Regional electricity prices |  | $26.20 to $28.30 |  | $27.20 |  | 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 September 30, 2019, and December 31, 2018:
|  | September 30, 2019(1) |  | December 31, 2018(1)
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (In millions)
Debt securities |  | $ | 736 |  |  | $ | 27 |  |  | $ | (14 | ) |  | $ | 749 |  |  | $ | 714 |  |  | $ | 2 |  |  | $ | (28 | ) |  | $ | 688 |
Equity securities |  | $ | 312 |  |  | $ | 50 |  |  | $ | (2 | ) |  | $ | 360 |  |  | $ | 339 |  |  | $ | 15 |  |  | $ | (16 | ) |  | $ | 338 |
(1) Excludes $33 million and $20 million as of September 30, 2019 and December 31, 2018, respectively, of short-term cash investments, taxes, receivables, payables and accrued income.
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 and nine months ended September 30, 2019 and 2018, were as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (In millions)
Sale proceeds |  | $ | 204 |  |  | $ | 261 |  |  | $ | 506 |  |  | $ | 627 |
Realized gains |  | 8 |  |  | 3 |  |  | 20 |  |  | 31 |
Realized losses |  | (7 | ) |  | (7 | ) |  | (18 | ) |  | (34 | )
Interest and dividend income |  | 10 |  |  | 11 |  |  | 30 |  |  | 31 |
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 finance lease obligations and net unamortized debt issuance costs, premiums and discounts as of September 30, 2019 and December 31, 2018:
| September 30, 2019 |  | December 31, 2018
| (In millions)
Carrying value (1) | $ | 19,880 |  |  | $ | 18,315 |
Fair value | $ | 22,910 |  |  | $ | 19,266 |
(1) The carrying value as of September 30, 2019, includes $2.1 billion of debt issuances and $784 million of redemptions that occurred in the first nine months of 2019.

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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. + 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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- Definition 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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