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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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:

			December 31, 2019																								December 31, 2018
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets			(In millions)
Corporate debt securities			$	—					$	135					$	—					$	135					$	—					$	405					$	—					$	405
Derivative assets FTRs(1)			—						—						4						4						—						—						10						10
Equity securities(2)			2						—						—						2						339						—						—						339
Foreign government debt securities			—						—						—						—						—						13						—						13
U.S. government debt securities			—						—						—						—						—						20						—						20
U.S. state debt securities			—						271						—						271						—						250						—						250
Other(3)			627						789						—						1,416						367						34						—						401
Total assets			$	629					$	1,195					$	4					$	1,828					$	706					$	722					$	10					$	1,438
Liabilities
Derivative liabilities FTRs(1)			$	—					$	—					$	(1)					$	(1)					$	—					$	—					$	(1)					$	(1)
Derivative liabilities NUG contracts(1)			—						—						(16)						(16)						—						—						(44)						(44)
Total liabilities			$	—					$	—					$	(17)					$	(17)					$	—					$	—					$	(45)					$	(45)
Net assets (liabilities)(4)			$	629					$	1,195					$	(13)					$	1,811					$	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 $(16) million and $4 million as of December 31, 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 years ended December 31, 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 (loss)			—						2						2																								8						1						9
Purchases			—						—						—																								5						(5)						—
Settlements			—						33						33																								(6)						3						(3)
December 31, 2018 Balance			$	—					$	(44)					$	(44)																							$	10					$	(1)					$	9
Unrealized gain (loss)			—						(11)						(11)																								(1)						—						(1)
Purchases			—						—						—																								6						(4)						2
Settlements			—						39						39																								(11)						4						(7)
December 31, 2019 Balance			$	—					$	(16)					$	(16)																							$	4					$	(1)					$	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 year ended December 31, 2019:

Fair Value, Net (In millions)

Valuation Technique

Significant Input

Range

Weighted Average

Units

FTRs

$

3

Model

RTO auction clearing prices

$0.70 to $3.40

$1.30

Dollars/MWH

NUG Contracts

$

(16)

Model

Generation Regional electricity prices

400 to 330,000 $25.30 to $35.20

115,000 $26.30

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, 2019 and December 31, 2018:

						December 31, 2019(1)																								December 31, 2018(2)
						Cost Basis						Unrealized Gains						Unrealized Losses						Fair Value(3)						Cost Basis						Unrealized Gains						Unrealized Losses						Fair Value
						(In millions)
Debt securities						$	403					$	9					$	(11)					$	401					$	714					$	2					$	(28)					$	688
Equity securities						$	—					$	—					$	—					$	—					$	339					$	15					$	(16)					$	338

(1)Excludes short-term cash investments of $751 million, of which $747 million is classified as held for sale.

(2)Excludes short-term cash investments of $20 million.

(3)Includes $135 million classified as held for sale.

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 years ended December 31, 2019, 2018 and 2017, were as follows:

						For the Years Ended December 31,
						2019						2018(1)						2017(1)
						(In millions)
Sale Proceeds						$	1,637					$	800					$	1,230
Realized Gains						98						41						74
Realized Losses						(31)						(48)						(58)
Interest and Dividend Income						38						41						39

    (1) Excludes amounts classified as discontinued operations.

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 December 31, 2019 and 2018:

			As of December 31,
			2019						2018
			(In millions)
Carrying Value (1)			$	20,074								$	18,315
Fair Value			22,928									19,266

(1) The carrying value as of December 31, 2019, includes $2.3 billion of debt issuances and $789 million of redemptions that occurred during 2019.

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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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