Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair value measurements are based on inputs of observable and unobservable market data that a market participant would use in pricing the asset or liability. The use of observable inputs is maximized where available and the use of unobservable inputs is minimized for fair value measurement and reflects a three-tier fair value hierarchy that prioritizes inputs to valuation techniques used for fair value measurement.


•	Level 1 consists of observable market data in an active market for identical assets or liabilities.


•	Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable.


•	Level 3 consists of unobservable market data. The input may reflect the assumptions of the Company of what a market participant would use in pricing an asset or liability. If there is little available market data, then the Company's own assumptions are the best available information.

In the case of multiple inputs being used in a fair value measurement, the lowest level input that is significant to the fair value measurement represents the level in the fair value hierarchy in which the fair value measurement is reported.

As of December 31, 2015, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Net Asset Value as a Practical Expedient
As of December 31, 2015:	(Level 1)		(Level 2)		(Level 3)		(NAV)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	7	$	—	$	—	$	7
Interest rate derivatives	—		22		—		—		22
Nuclear decommissioning trusts:(*)
Domestic equity	541		69		—		—		610
Foreign equity	47		160		—		—		207
U.S. Treasury and government agency securities	—		152		—		—		152
Municipal bonds	—		64		—		—		64
Corporate bonds	11		278		—		—		289
Mortgage and asset backed securities	—		145		—		—		145
Private equity	—		—		—		17		17
Other	16		9		—		—		25
Cash equivalents	790		—		—		—		790
Other investments	9		—		1		—		10
Total	$	1,414	$	906	$	1	$	17	$	2,338
Liabilities:
Energy-related derivatives	$	—	$	220	$	—	$	—	$	220
Interest rate derivatives	—		30		—		—		30
Total	$	—	$	250	$	—	$	—	$	250


(*)	Includes the investment securities pledged to creditors and collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the lending pool. See Note 1 under "Nuclear Decommissioning" for additional information.

As of December 31, 2014, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Net Asset Value as a Practical Expedient
As of December 31, 2014:	(Level 1)		(Level 2)		(Level 3)		(NAV)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	13	$	—	$	—	$	13
Interest rate derivatives	—		8		—		—		8
Nuclear decommissioning trusts:(*)
Domestic equity	583		85		—		—		668
Foreign equity	34		184		—		—		218
U.S. Treasury and government agency securities	—		130		—		—		130
Municipal bonds	—		62		—		—		62
Corporate bonds	—		299		—		—		299
Mortgage and asset backed securities	—		139		—		—		139
Private equity	—		—		—		3		3
Other	11		13		—		—		24
Cash equivalents	397		—		—		—		397
Other investments	9		—		1		—		10
Total	$	1,034	$	933	$	1	$	3	$	1,971
Liabilities:
Energy-related derivatives	$	—	$	201	$	—	$	—	$	201
Interest rate derivatives	—		24		—		—		24
Total	$	—	$	225	$	—	$	—	$	225


(*)	Includes the investment securities pledged to creditors and collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the lending pool. See Note 1 under "Nuclear Decommissioning" for additional information.

Valuation Methodologies

The energy-related derivatives primarily consist of over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflect the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk and occasionally, implied volatility of interest rate options. The interest rate derivatives are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note 11 for additional information on how these derivatives are used.

The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. For fair value measurements of the investments within the nuclear decommissioning trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available. See Note 1 under "Nuclear Decommissioning" for additional information.

"Other investments" include investments that are not traded in the open market. The fair value of these investments have been determined based on market factors including comparable multiples and the expectations regarding cash flows and business plan executions.

Southern Company early adopted ASU 2015-07 effective December 31, 2015. As required, disclosures in the paragraphs and tables below are limited to only those investments in funds that are measured at net asset value as a practical expedient. In accordance with ASU 2015-07, previously reported amounts have been conformed to the current presentation.

As of December 31, 2015 and 2014, the fair value measurements of private equity investments held in the nuclear decommissioning trust that are calculated at net asset value per share (or its equivalent) as a practical expedient, as well as the nature and risks of those investments, were as follows:



	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
	(in millions)
As of December 31, 2015	$	17	$	28	Not Applicable	Not Applicable
As of December 31, 2014	$	3	$	7	Not Applicable	Not Applicable

Private equity funds include a fund-of-funds that invests in high quality private equity funds across several market sectors, a fund that invests in real estate assets, and a fund that acquires companies to create resale value. Private equity funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. Liquidations are expected to occur at various times over the next ten years.

As of December 31, 2015 and 2014, other financial instruments for which the carrying amount did not equal fair value were as follows:



	Carrying Amount		Fair Value
	(in millions)
Long-term debt, including securities due within one year:
2015	$	27,216	$	27,913
2014	$	23,814	$	25,816

The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to Southern Company, Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power.

Alabama Power [Member]

Fair Value Disclosures [Line Items]

FAIR VALUE MEASUREMENTS


•	Level 1 consists of observable market data in an active market for identical assets or liabilities.


•	Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable.


•	Level 3 consists of unobservable market data. The input may reflect the assumptions of the Company of what a market participant would use in pricing an asset or liability. If there is little available market data, then the Company's own assumptions are the best available information.

As of December 31, 2015, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Net Asset Value as a Practical Expedient
As of December 31, 2015:	(Level 1)		(Level 2)		(Level 3)		(NAV)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	—	$	1
Nuclear decommissioning trusts:^(*)
Domestic equity	359		68		—		—		427
Foreign equity	47		47		—		—		94
U.S. Treasury and government agency securities	—		27		—		—		27
Corporate bonds	11		135		—		—		146
Mortgage and asset backed securities	—		18		—		—		18
Private equity	—		—		—		17		17
Other	—		5		—		—		5
Cash equivalents	68		—		—		—		68
Total	$	485	$	301	$	—	$	17	$	803
Liabilities:
Interest rate derivatives	$	—	$	15	$	—	$	—	$	15
Energy-related derivatives	—		55		—		—		55
Total	$	—	$	70	$	—	$	—	$	70


(*)	Excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases. See Note 1 under "Nuclear Decommissioning" for additional information.

As of December 31, 2014, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Net Asset Value as a Practical Expedient
As of December 31, 2014:	(Level 1)		(Level 2)		(Level 3)		(NAV)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	1	$	—	$	—	$	1
Nuclear decommissioning trusts:^(*)
Domestic equity	403		83		—		—		486
Foreign equity	34		63		—		—		97
U.S. Treasury and government agency securities	—		34		—		—		34
Corporate bonds	—		111		—		—		111
Mortgage and asset backed securities	—		18		—		—		18
Private equity	—		—		—		3		3
Other	—		5		—		—		5
Cash equivalents	162		—		—		—		162
Total	$	599	$	315	$	—	$	3	$	917
Liabilities:
Interest rate derivatives	$	—	$	8	$	—	$	—	$	8
Energy-related derivatives	—		53		—		—		53
Total	$	—	$	61	$	—	$	—	$	61


(*)	Excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases. See Note 1 under "Nuclear Decommissioning" for additional information.

Valuation Methodologies

The energy-related derivatives primarily consist of over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflect the net present value of expected payments and receipts under the swap agreement based on the market’s expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk and occasionally, implied volatility of interest rate options. The interest rate derivatives are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note 11 for additional information on how these derivatives are used.

A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available.

The Company early adopted ASU 2015-07 effective December 31, 2015. As required, disclosures in the paragraphs and table below are limited to only those investments in funds that are measured at net asset value as a practical expedient. In accordance with ASU 2015-07, previously reported amounts have been conformed to the current presentation.

As of December 31, 2015 and 2014, the fair value measurements of private equity investments held in the nuclear decommissioning trusts that are calculated at net asset value per share (or its equivalent) as a practical expedient, as well as the nature and risks of those investments, were as follows:



	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
	(in millions)
As of December 31, 2015	$	17	$	28	Not Applicable	Not Applicable
As of December 31, 2014	$	3	$	7	Not Applicable	Not Applicable

Private equity funds include a fund-of-funds that invests in high quality private equity funds across several market sectors, a fund that invests in real estate assets, and a fund that acquires companies to create resale value. Private equity funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated. Liquidations of these investments are expected to occur at various times over the next ten years.

As of December 31, 2015 and 2014, other financial instruments for which the carrying amount did not equal fair value were as follows:



	Carrying Amount		Fair Value
	(in millions)
Long-term debt, including securities due within one year:
2015	$	6,849	$	7,192
2014	$	6,586	$	7,321

The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the Company.

Georgia Power [Member]

Fair Value Disclosures [Line Items]

FAIR VALUE MEASUREMENTS


•	Level 1 consists of observable market data in an active market for identical assets or liabilities.


•	Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable.


•	Level 3 consists of unobservable market data. The input may reflect the assumptions of the Company of what a market participant would use in pricing an asset or liability. If there is little available market data, then the Company's own assumptions are the best available information.

As of December 31, 2015, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2015:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	2	$	—	$	2
Interest rate derivatives	—		5		—		5
Nuclear decommissioning trusts:(*)
Domestic equity	182		1		—		183
Foreign equity	—		113		—		113
U.S. Treasury and government agency securities	—		125		—		125
Municipal bonds	—		64		—		64
Corporate bonds	—		143		—		143
Mortgage and asset backed securities	—		127		—		127
Other	16		4		—		20
Cash equivalents	63		—		—		63
Total	$	261	$	584	$	—	$	845
Liabilities:
Energy-related derivatives	$	—	$	15	$	—	$	15
Interest rate derivatives	—		6		—		6
Total	$	—	$	21	$	—	$	21


(*)	Includes the investment securities pledged to creditors and collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the lending pool. See Note 1 under "Nuclear Decommissioning" for additional information.

As of December 31, 2014, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2014:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	7	$	—	$	7
Interest rate derivatives	—		6		—		6
Nuclear decommissioning trusts:(*)
Domestic equity	180		2		—		182
Foreign equity	—		121		—		121
U.S. Treasury and government agency securities	—		96		—		96
Municipal bonds	—		62		—		62
Corporate bonds	—		188		—		188
Mortgage and asset backed securities	—		121		—		121
Other	11		8		—		19
Total	$	191	$	611	$	—	$	802
Liabilities:
Energy-related derivatives	$	—	$	27	$	—	$	27
Interest rate derivatives	—		14		—		14
Total	$	—	$	41	$	—	$	41


(*)	Includes the investment securities pledged to creditors and collateral received, and excludes receivables related to investment income, pending investment sales, and payables related to pending investment purchases and the lending pool. See Note 1 under "Nuclear Decommissioning" for additional information.

Valuation Methodologies

The Company early adopted ASU 2015-07 effective December 31, 2015 on a retrospective basis. The guidance removed certain disclosures required for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient regardless of whether the practical expedient was used. As of December 31, 2015 and 2014, the Company had no investments measured at net asset value as a practical expedient.

As of December 31, 2015 and 2014, other financial instruments for which the carrying amount did not equal fair value were as follows:



	Carrying Amount		Fair Value
	(in millions)
Long-term debt, including securities due within one year:
2015	$	10,145	$	10,480
2014	$	9,673	$	10,552

The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on current rates available to the Company.

Gulf Power [Member]

Fair Value Disclosures [Line Items]

FAIR VALUE MEASUREMENTS


•	Level 1 consists of observable market data in an active market for identical assets or liabilities.


•	Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable.


•	Level 3 consists of unobservable market data. The input may reflect the assumptions of the Company of what a market participant would use in pricing an asset or liability. If there is little available market data, then the Company's own assumptions are the best available information.

As of December 31, 2015, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2015:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Interest rate derivatives	$	—	$	1	$	—	$	1
Cash equivalents	18		—		—		18
Total	$	18	$	1	$	—	$	19
Liabilities:
Energy-related derivatives	$	—	$	100	$	—	$	100

As of December 31, 2014, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2014:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Cash equivalents	$	18	$	—	$	—	$	18
Liabilities:
Energy-related derivatives	$	—	$	72	$	—	$	72

Valuation Methodologies

The energy-related derivatives primarily consist of over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflect the net present value of expected payments and receipts under the swap agreement based on the market’s expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk and occasionally, implied volatility of interest rate options. The interest rate derivatives are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note 10 for additional information on how these derivatives are used.

As of December 31, 2015 and 2014, other financial instruments for which the carrying amount did not equal fair value were as follows:



	Carrying Amount		Fair Value
	(in millions)
Long-term debt:
2015	$	1,303	$	1,339
2014	$	1,362	$	1,477

The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the Company.

Mississippi Power [Member]

Fair Value Disclosures [Line Items]

FAIR VALUE MEASUREMENTS


•	Level 1 consists of observable market data in an active market for identical assets or liabilities.


•	Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable.


•	Level 3 consists of unobservable market data. The input may reflect the assumptions of the Company of what a market participant would use in pricing an asset or liability. If there is little available market data, then the Company's own assumptions are the best available information.

As of December 31, 2015, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2015:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Cash equivalents	$	52	$	—	$	—	$	52
Liabilities:
Energy-related derivatives	$	—	$	47	$	—	$	47

As of December 31, 2014, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2014:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Cash equivalents	$	115	$	—	$	—	$	115
Liabilities:
Energy-related derivatives	$	—	$	45	$	—	$	45

Valuation Methodologies

As of December 31, 2015 and 2014, other financial instruments for which the carrying amount did not equal fair value were as follows:



	Carrying Amount		Fair Value
	(in millions)
Long-term debt:
2015	$	2,537	$	2,413
2014	$	2,320	$	2,382

The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates offered to the Company.

Southern Power [Member]

Fair Value Disclosures [Line Items]

FAIR VALUE MEASUREMENTS


•	Level 1 consists of observable market data in an active market for identical assets or liabilities.


•	Level 2 consists of observable market data, other than that included in Level 1, that is either directly or indirectly observable.


•	Level 3 consists of unobservable market data. The input may reflect the assumptions of the Company of what a market participant would use in pricing an asset or liability. If there is little available market data, then the Company's own assumptions are the best available information.

As of December 31, 2015, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2015:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	4	$	—	$	4
Interest rate derivatives	—		3		—		3
Cash equivalents	511		—		—		511
Total	$	511	$	7	$	—	$	518
Liabilities:
Energy-related derivatives	$	—	$	3	$	—	$	3

As of December 31, 2014, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:



	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
As of December 31, 2014:	(Level 1)		(Level 2)		(Level 3)		Total
	(in millions)
Assets:
Energy-related derivatives	$	—	$	5	$	—	$	5
Cash equivalents	18		—		—		18
Total	$	18	$	5	$	—	$	23
Liabilities:
Energy-related derivatives	$	—	$	4	$	—	$	4

Valuation Methodologies

The energy-related derivatives primarily consist of over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflect the net present value of expected payments and receipts under the swap agreement based on the market’s expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk and occasionally, implied volatility of interest rate options. The interest rate derivatives are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note 9 for additional information on how these derivatives are used.

As of December 31, 2015 and 2014, other financial instruments for which the carrying amount did not equal fair value were as follows:



	Carrying Amount		Fair Value
	(in millions)
Long-term debt, including securities due within one year:
2015	$	3,122	$	3,117
2014	$	1,610	$	1,785

The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the Company.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details