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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.