Fair Value Measurements (Tables)

3 Months Ended

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