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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020 |  | December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (In millions)
Corporate debt securities | $ | — |  |  | $ | 135 |  |  | $ | — |  |  | $ | 135 |  |  | $ | — |  |  | $ | 135 |  |  | $ | — |  |  | $ | 135 |
Derivative assets FTRs(1) | — |  |  | — |  |  | 7 |  |  | 7 |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
U.S. state debt securities | — |  |  | 274 |  |  | — |  |  | 274 |  |  | — |  |  | 271 |  |  | — |  |  | 271 |
Other(2) | 260 |  |  | 781 |  |  | — |  |  | 1,041 |  |  | 627 |  |  | 789 |  |  | — |  |  | 1,416 |
Total assets | $ | 262 |  |  | $ | 1,190 |  |  | $ | 7 |  |  | $ | 1,459 |  |  | $ | 629 |  |  | $ | 1,195 |  |  | $ | 4 |  |  | $ | 1,828 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities FTRs(1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Derivative liabilities NUG contracts(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16) |  |  | (16) |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (17) |  |  | $ | (17) |
Net assets (liabilities)(3) | $ | 262 |  |  | $ | 1,190 |  |  | $ | 7 |  |  | $ | 1,459 |  |  | $ | 629 |  |  | $ | 1,195 |  |  | $ | (13) |  |  | $ | 1,811 |
(1)Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2)Primarily consists of short-term cash investments. (3)Excludes $2 million and $(16) million as of September 30, 2020 and December 31, 2019, respectively, of net 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, 2020, and December 31, 2019:
| NUG Contracts(1) |  | FTRs(1)
| Derivative Assets |  | Derivative Liabilities |  | Net |  | Derivative Assets |  | Derivative Liabilities |  | Net
| (In millions)
January 1, 2019 Balance | $ | — |  |  | $ | (44) |  |  | $ | (44) |  |  | $ | 10 |  |  | $ | (1) |  |  | $ | 9 |
Unrealized loss | — |  |  | (11) |  |  | (11) |  |  | (1) |  |  | — |  |  | (1) |
Purchases | — |  |  | — |  |  | — |  |  | 6 |  |  | (4) |  |  | 2 |
Settlements | — |  |  | 39 |  |  | 39 |  |  | (11) |  |  | 4 |  |  | (7) |
December 31, 2019 Balance | $ | — |  |  | $ | (16) |  |  | $ | (16) |  |  | $ | 4 |  |  | $ | (1) |  |  | $ | 3 |
Unrealized loss | — |  |  | (3) |  |  | (3) |  |  | — |  |  | — |  |  | — |
Purchases | — |  |  | — |  |  | — |  |  | 7 |  |  | (2) |  |  | 5 |
Settlements | — |  |  | 19 |  |  | 19 |  |  | (4) |  |  | 3 |  |  | (1) |
September 30, 2020 Balance | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |
(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 the FTRs contracts that are classified as Level 3 in the fair value hierarchy for the period ended September 30, 2020:
|  | Fair Value, Net (In millions) |  | Valuation Technique |  | Significant Input |  | Range |  | Weighted Average |  | Units
FTRs |  | $ | 7 |  |  | Model |  | RTO auction clearing prices |  | $ | 0.10 |  | to | $ | 2.40 |  |  | $1.20 |  | 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, 2020, and December 31, 2019:
|  | September 30, 2020(1) |  | December 31, 2019(2)
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value (3) |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value (3)
|  | (In millions)
Debt securities |  | $ | 406 |  |  | $ | 11 |  |  | $ | (8) |  |  | $ | 409 |  |  | $ | 403 |  |  | $ | 9 |  |  | $ | (11) |  |  | $ | 401 |
(1) Excludes short-term cash investments of $753 million, of which $746 million is classified as held for sale. (2) Excludes short-term cash investments of $751 million, of which $747 million is classified as held for sale. (3) Includes $135 million classified as held for sale as of September 30, 2020 and December 31, 2019.
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, 2020 and 2019, were as follows:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (In millions) |  |  |  |
Sale proceeds |  | $ | 6 |  |  | $ | 204 |  |  | $ | 45 |  |  | $ | 506 |
Realized gains |  | — |  |  | 8 |  |  | 4 |  |  | 20 |
Realized losses |  | — |  |  | (7) |  |  | (7) |  |  | (18) |
Interest and dividend income |  | 4 |  |  | 10 |  |  | 18 |  |  | 30 |
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, 2020 and December 31, 2019:
| September 30, 2020 |  | December 31, 2019
| (In millions)
Carrying value (1) | $ | 22,389 |  |  | $ | 20,074 |
Fair value | $ | 26,161 |  |  | $ | 22,928 |
(1) The carrying value as of September 30, 2020, includes $3,425 million of debt issuances and $1,110 million of redemptions that occurred in 2020.

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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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