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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2016
Assets And Liabilities Measured At Fair Value On A Recurring Basis

 

Fair Value Measurements

 

At March 31, 2016

(in millions)

Level 1

 

Level 2

 

Level 3

 

Netting (1)

 

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

$

97 

 

$

- 

 

$

- 

 

$

- 

 

$

97 

Nuclear decommissioning trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

25 

 

 

- 

 

 

- 

 

 

- 

 

 

25 

Global equity securities

 

1,619 

 

 

- 

 

 

- 

 

 

- 

 

 

1,619 

Fixed-income securities

 

682 

 

 

508 

 

 

- 

 

 

- 

 

 

1,190 

Assets measured at NAV

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

13 

Total nuclear decommissioning trusts (2)

 

2,326 

 

 

508 

 

 

- 

 

 

- 

 

 

2,847 

Price risk management instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

1 

 

 

12 

 

 

246 

 

 

3 

 

 

262 

Gas

 

2 

 

 

3 

 

 

- 

 

 

(1)

 

 

4 

Total price risk management instruments

 

3 

 

 

15 

 

 

246 

 

 

2 

 

 

266 

Rabbi trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-income securities

 

- 

 

 

58 

 

 

- 

 

 

- 

 

 

58 

Life insurance contracts

 

- 

 

 

72 

 

 

- 

 

 

- 

 

 

72 

Total rabbi trusts

 

- 

 

 

130 

 

 

- 

 

 

- 

 

 

130 

Long-term disability trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

8 

 

 

- 

 

 

- 

 

 

- 

 

 

8 

Assets measured at NAV

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

147 

Total long-term disability trust

 

8 

 

 

- 

 

 

- 

 

 

- 

 

 

155 

Total assets

$

2,434 

 

$

653 

 

$

246 

 

$

2 

 

$

3,495 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price risk management instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

$

67 

 

$

5 

 

$

171 

 

$

(72)

 

$

171 

Gas

 

- 

 

 

1 

 

 

- 

 

 

- 

 

 

1 

Total liabilities

$

67 

 

$

6 

 

$

171 

 

$

(72)

 

$

172 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.

(2) Represents amount before deducting $331 million, primarily related to deferred taxes on appreciation of investment value.

 

 

Fair Value Measurements

 

At December 31, 2015

(in millions)

Level 1

 

Level 2

 

Level 3

 

Netting (1)

 

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

$

64 

 

$

- 

 

$

- 

 

$

- 

 

$

64 

Nuclear decommissioning trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

36 

 

 

- 

 

 

- 

 

 

- 

 

 

36 

Global equity securities

 

1,520 

 

 

- 

 

 

- 

 

 

- 

 

 

1,520 

Fixed-income securities

 

694 

 

 

521 

 

 

- 

 

 

- 

 

 

1,215 

Assets measured at NAV

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

13 

Total nuclear decommissioning trusts (2)

 

2,250 

 

 

521 

 

 

- 

 

 

- 

 

 

2,784 

Price risk management instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Note 9 in the 2015 Form 10-K)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

- 

 

 

9 

 

 

259 

 

 

18 

 

 

286 

Gas

 

- 

 

 

1 

 

 

- 

 

 

1 

 

 

2 

Total price risk management instruments

 

- 

 

 

10 

 

 

259 

 

 

19 

 

 

288 

Rabbi trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-income securities

 

- 

 

 

57 

 

 

- 

 

 

- 

 

 

57 

Life insurance contracts

 

- 

 

 

70 

 

 

- 

 

 

- 

 

 

70 

Total rabbi trusts

 

- 

 

 

127 

 

 

- 

 

 

- 

 

 

127 

Long-term disability trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

7 

 

 

- 

 

 

- 

 

 

- 

 

 

7 

Assets measured at NAV

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

158 

Total long-term disability trust

 

7 

 

 

- 

 

 

- 

 

 

- 

 

 

165 

Total assets

$

2,321 

 

$

658 

 

$

259 

 

$

19 

 

$

3,428 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price risk management instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Note 9 in the 2015 Form 10-K)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electricity

$

69 

 

$

1 

 

$

170 

 

$

(70)

 

$

170 

Gas

 

- 

 

 

2 

 

 

- 

 

 

(1)

 

 

1 

Total liabilities

$

69 

 

$

3 

 

$

170 

 

$

(71)

 

$

171 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.

(2) Represents amount before deducting $314 million, primarily related to deferred taxes on appreciation of investment value.
Level 3 Measurements And Sensitivity Analysis

 

 

Fair Value at

 

 

 

 

 

 

 

(in millions)

 

At March 31, 2016

 

Valuation

 

Unobservable

 

 

 

Fair Value Measurement

 

Assets

 

Liabilities

 

Technique

 

Input

 

Range (1)

Congestion revenue rights

 

$

246 

 

$ 

59 

 

Market approach

 

CRR auction prices

 

$

(23.81) - 8.76

Power purchase agreements

 

$

- 

 

$ 

112 

 

Discounted cash flow

 

Forward prices

 

$

17.64 - 38.80 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Represents price per megawatt-hour

 

 

 

Fair Value at

 

 

 

 

 

 

 

(in millions)

 

At December 31, 2015

 

Valuation

 

Unobservable

 

 

 

Fair Value Measurement

 

Assets

 

Liabilities

 

Technique

 

Input

 

Range (1)

Congestion revenue rights

 

$

259 

 

$

63 

 

Market approach

 

CRR auction prices

 

$

(161.36) - 8.76

Power purchase agreements

 

$

- 

 

$

107 

 

Discounted cash flow

 

Forward prices

 

$

15.08 - 37.27 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Represents price per megawatt-hour
Level 3 Reconciliation

 

Price Risk Management Instruments

(in millions)

2016

 

2015

Asset (liability) balance as of January 1

$

89 

 

$

69 

Net realized and unrealized gains:

 

 

 

 

 

Included in regulatory assets and liabilities or balancing accounts (1)

 

(14)

 

 

(27)

Asset (liability) balance as of March 31

$

75 

 

$

42 

 

 

 

 

 

 

(1) The costs related to price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets.
Carrying Amount And Fair Value Of Financial Instruments

 

At March 31, 2016

 

At December 31, 2015

(in millions)

Carrying Amount

 

Level 2 Fair Value

 

Carrying Amount

 

Level 2 Fair Value

PG&E Corporation

$

350 

 

$

356 

 

$

350 

 

$

354 

Utility

 

15,412 

 

 

17,823 

 

 

14,918 

 

 

16,422 

 
Schedule Of Unrealized Gains (Losses) Related To Available-For-Sale Investments

 

 

 

 

Total

 

 

Total

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Total Fair

(in millions)

Cost

 

 

Gains

 

 

Losses

 

 

Value

As of March 31, 2016

 

 

 

 

 

 

 

 

 

 

 

Nuclear decommissioning trusts

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

$

25 

 

$

- 

 

$

- 

 

$

25 

Global equity securities

 

603 

 

 

1,038 

 

 

(9)

 

 

1,632 

Fixed-income securities

 

1,113 

 

 

81 

 

 

(4)

 

 

1,190 

Total (1)

$

1,741 

 

$

1,119 

 

$

(13)

 

$

2,847 

As of December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

Nuclear decommissioning trusts

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

$

36 

 

$

- 

 

$

- 

 

$

36 

Global equity securities

 

508 

 

 

1,034 

 

 

(9)

 

 

1,533 

Fixed-income securities

 

1,165 

 

 

58 

 

 

(8)

 

 

1,215 

Total (1)

$

1,709 

 

$

1,092 

 

$

(17)

 

$

2,784 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Represents amounts before deducting $331 million and $314 million at March 31, 2016 and December 31, 2015, respectively, primarily related to deferred taxes on appreciation of investment value.
Schedule Of Maturities On Debt Instruments

 

As of

(in millions)

March 31, 2016

Less than 1 year

$

26 

1–5 years

 

409 

5–10 years

 

251 

More than 10 years

 

504 

Total maturities of fixed-income securities

$

1,190 

 
Schedule Of Activity For Debt And Equity Securities

 

Three Months Ended

 

March 31, 2016

 

March 31, 2015

(in millions)

 

 

 

 

 

Proceeds from sales and maturities of nuclear decommissioning trust

 

 

 

 

 

investments

$

439 

 

 

417 

Gross realized gains on sales of securities held as available-for-sale

 

5 

 

 

35 

Gross realized losses on sales of securities held as available-for-sale

 

(2)

 

 

(3)