Fair Value Measurements (Tables)

6 Months Ended

Jun. 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:

	June 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	$	—	$	131	$	—	$	131	$	—	$	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)	116		802		—		918		627		789		—		1,416
Total assets	$	118	$	1,207	$	7	$	1,332	$	629	$	1,195	$	4	$	1,828
Liabilities
Derivative liabilities FTRs(1)	$	—	$	—	$	(2)	$	(2)	$	—	$	—	$	(1)	$	(1)
Derivative liabilities NUG contracts(1)	—		—		—		—		—		—		(16)		(16)
Total liabilities	$	—	$	—	$	(2)	$	(2)	$	—	$	—	$	(17)	$	(17)
Net assets (liabilities)(3)	$	118	$	1,207	$	5	$	1,330	$	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 $(19) million and $(16) million as of June 30, 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 periods ended June 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	—		(10)		(10)		—		(1)		(1)
Purchases	—		—		—		7		(2)		5
Settlements	—		26		26		(4)		2		(2)
June 30, 2020 Balance	$	—	$	—	$	—	$	7	$	(2)	$	5

⁽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 period ended June 30, 2020:

	Fair Value, Net (In millions)		Valuation Technique	Significant Input	Range					Weighted Average	Units
FTRs	$	5	Model	RTO auction clearing prices	$	0.20	to	$	2.00	$1.00	Dollars/MWH
NUG Contracts	$	—	Model	Generation	400		to	24,000		5,000	MWH
				Regional electricity prices	$	20.10	to	$	32.00	$26.10	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 June 30, 2020, and December 31, 2019:

	June 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	$	407	$	8	$	(8)	$	407	$	403	$	9	$	(11)	$	401

⁽¹⁾ Excludes short-term cash investments of $753 million, of which $750 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 $132 million and $135 million classified as held for sale as of June 30, 2020 and December 31, 2019, respectively.

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 six months ended June 30, 2020 and 2019, were as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2020		2019		2020		2019
	(In millions)
Sale proceeds	$	26	$	149	$	39	$	302
Realized gains	—		5		4		12
Realized losses	(2)		(5)		(7)		(11)
Interest and dividend income	9		11		14		20

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 June 30, 2020 and December 31, 2019:

	June 30, 2020		December 31, 2019
	(In millions)
Carrying value (1)	$	22,168	$	20,074
Fair value	$	26,278	$	22,928

⁽¹⁾ The carrying value as of June 30, 2020, includes $3,175 million of debt issuances and $1,082 million of redemptions that occurred in 2020.