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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
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:
| March 31, 2022 |  | December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (In millions)
Derivative assets FTRs(1) | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
U.S. state debt securities | — |  |  | 258 |  |  | — |  |  | 258 |  |  | — |  |  | 273 |  |  | — |  |  | 273 |
Cash, cash equivalents and restricted cash(2) | 310 |  |  | — |  |  | — |  |  | 310 |  |  | 1,511 |  |  | — |  |  | — |  |  | 1,511 |
Other(3) | — |  |  | 45 |  |  | — |  |  | 45 |  |  | — |  |  | 42 |  |  | — |  |  | 42 |
Total assets | $ | 312 |  |  | $ | 303 |  |  | $ | 1 |  |  | $ | 616 |  |  | $ | 1,513 |  |  | $ | 315 |  |  | $ | 9 |  |  | $ | 1,837 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities FTRs(1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Net assets (liabilities) | $ | 312 |  |  | $ | 303 |  |  | $ | 1 |  |  | $ | 616 |  |  | $ | 1,513 |  |  | $ | 315 |  |  | $ | 8 |  |  | $ | 1,836 |
(1)Contracts are subject to regulatory accounting treatment and changes in market values do not impact earnings. (2)Restricted cash of $27 million and $49 million as of March 31, 2022 and December 31, 2021 respectively, primarily relates to cash collected from MP, PE and the Ohio Companies’ customers that is specifically used to service debt of their respective securitization or funding companies. (3)Primarily consists of short-term investments.
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 period ended March 31, 2022:
|  | Fair Value, Net (In millions) |  | Valuation Technique |  | Significant Input |  | Range |  | Weighted Average |  | Units
FTRs |  | $ | 1 |  |  | Model |  | RTO auction clearing prices |  | $ | 0.20 |  | to | $ | 4.00 |  |  | $0.90 |  | 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 spent nuclear fuel disposal trusts as of March 31, 2022, and December 31, 2021:
|  | March 31, 2022(1) |  | December 31, 2021(2)
|  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
|  | (In millions)
Debt securities |  | $ | 279 |  |  | $ | — |  |  | $ | (21) |  |  | $ | 258 |  |  | $ | 280 |  |  | $ | 2 |  |  | $ | (9) |  |  | $ | 273 |
(1) Excludes short-term cash investments of $13 million. (2) Excludes short-term cash investments of $11 million.
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 AFS debt securities, realized gains and losses on those sales and interest and dividend income for the three months ended March 31, 2022 and 2021, were as follows:
|  | For the Three Months Ended March 31, |  |
|  | 2022 |  | 2021 |  |  |  |
|  | (In millions) |  |  |  |
Sale proceeds |  | $ | 6 |  |  | $ | 5 |  |  |  |  |
Realized gains |  | — |  |  | — |  |  |  |  |
Realized losses |  | (1) |  |  | — |  |  |  |  |
Interest and dividend income |  | 3 |  |  | 3 |  |  |  |  |
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 March 31, 2022 and December 31, 2021:
| March 31, 2022 |  | December 31, 2021
| (In millions)
Carrying value | $ | 22,900 |  |  | $ | 23,946 |
Fair value | $ | 23,754 |  |  | $ | 27,043 |

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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 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=123874694&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=123874694&loc=d3e19207-110258 + Details
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