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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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:

			December 31, 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
Derivative assets FTRs(1)			—						—						3						3						—						—						4						4
Equity securities			2						—						—						2						2						—						—						2
U.S. state debt securities			—						276						—						276						—						271						—						271
Other(2)			1,734						41						—						1,775						627						789						—						1,416
Total assets			$	1,736					$	317					$	3					$	2,056					$	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)			$	1,736					$	317					$	3					$	2,056					$	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 $1 million and $(16) million as of December 31, 2020, and December 31, 2019, 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, 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 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
Unrealized gain (loss)			—						(3)						(3)																								(3)						—						(3)
Purchases			—						—						—																								7						(2)						5
Settlements			—						19						19																								(5)						3						(2)
December 31, 2020 Balance			$	—					$	—					$	—																							$	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 contracts that are classified as Level 3 in the fair value hierarchy for the year ended December 31, 2020:

Fair Value, Net (In millions)

Valuation Technique

Significant Input

Range

Weighted Average

Units

FTRs

$

3

Model

RTO auction clearing prices

$0.40

to

$2.20

$1.10

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, 2020 and December 31, 2019:

						December 31, 2020(1)																								December 31, 2019(2)
						Cost Basis						Unrealized Gains						Unrealized Losses						Fair Value						Cost Basis						Unrealized Gains						Unrealized Losses						Fair Value(3)
						(In millions)
Debt securities						$	275					$	7					$	(6)					$	276					$	403					$	9					$	(11)					$	401

(1)Excludes short-term cash investments of $9 million.

(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 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 years ended December 31, 2020, 2019 and 2018, were as follows:

						For the Years Ended December 31,
						2020						2019(1)						2018(1)
						(In millions)
Sale Proceeds						$	186					$	1,637					$	800
Realized Gains						12						98						41
Realized Losses						(8)						(31)						(48)
Interest and Dividend Income						22						38						41

    (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, unamortized fair value adjustments, premiums and discounts as of December 31, 2020 and 2019:

			As of December 31,
			2020						2019
			(In millions)
Carrying Value (1)			$	22,377								$	20,066
Fair Value			25,465									22,928

(1) The carrying value as of December 31, 2020, includes $3,425 million of debt issuances and $1,114 million of redemptions that occurred during 2020.

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

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Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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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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