Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

The following table presents assets measured and recorded at fair value on a recurring basis as of December 31, 2014 and 2013:



	December 31, 2014								December 31, 2013
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
	(In millions)
Assets:
Cash equivalents (a)	$	5	$	99	$	—	$	104	$	2	$	114	$	—	$	116
Nuclear decommissioning trusts	792		449		—		1,241		779		412		—		1,191
Other investments (b)	97		50		—		147		91		44		—		135
Derivative assets — FTRs	—		—		3		3		—		—		3		3
Total	$	894	$	598	$	3	$	1,495	$	872	$	570	$	3	$	1,445

Assets:
Current	$	5	$	99	$	3	$	107	$	2	$	114	$	3	$	119
Noncurrent	889		499		—		1,388		870		456		—		1,326
Total Assets	$	894	$	598	$	3	$	1,495	$	872	$	570	$	3	$	1,445

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(a)

At December 31, 2014, available-for-sale securities of $104 million, included $96 million and $8 million of cash equivalents included in Restricted cash and Other investments, respectively, on the Consolidated Statements of Financial Position. At December 31, 2013, available-for-sale securities of $116 million, included $100 million and $16 million of cash equivalents included in Restricted cash and Other investments, respectively, on the Consolidated Statements of Financial Position.


(b)	Available-for-sale equity securities at December 31, 2014 and 2013 of $8 million and $7 million, respectively, are included in Other investments on the Consolidated Statements of Financial Position.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013:



	Year Ended December 31,
	2014			2013
	(In millions)
Net Assets as of beginning of period	$	3		1
Change in fair value recorded in regulatory assets/liabilities	8			5
Purchases, issuances and settlements:
Settlements	(8		)	(3		)
Net Assets as of December 31,	$	3		$	3
The amount of total gains (losses) included in regulatory assets and liabilities attributed to the change in unrealized gains (losses) related to regulatory assets and liabilities held at December 31, 2014 and 2013	$	3		$	2

Fair Value, by Balance Sheet Grouping

The following table presents the carrying amount and fair value of financial instruments as of December 31, 2014 and 2013:



	December 31, 2014								December 31, 2013
	Carrying		Fair Value						Carrying		Fair Value
	Amount		Level 1		Level 2		Level 3		Amount		Level 1		Level 2		Level 3
	(In millions)
Notes receivable, excluding capital leases	$	12	$	—	$	—	$	12	$	10	$	—	$	—	$	10
Notes receivable — affiliates	$	8	$	—	$	—	$	8	$	200	$	—	$	—	$	200
Short-term borrowings — affiliates	$	84	$	—	$	—	$	84	$	58	$	—	$	—	$	58
Short-term borrowings — other	$	50	$	—	$	50	$	—	$	—	$	—	$	—	$	—
Long-term debt, excluding capital leases	$	5,259	$	—	$	5,341	$	496	$	5,146	$	—	$	5,253	$	136

Fair Value of Nuclear Decommissioning Trust Fund Assets

The following table summarizes the fair value of the nuclear decommissioning trust fund assets:



	December 31,
	2014		2013
	(In millions)
Fermi 2	$	1,221	$	1,172
Fermi 1	3		3
Low-level radioactive waste	17		16
Total	$	1,241	$	1,191

Schedule of Realized Gain (Loss)

The following table sets forth the gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:



	Year Ended December 31,
	2014			2013			2012
	(In millions)
Realized gains	$	54		$	83		$	37
Realized losses	$	(33	)	$	(41	)	$	(31	)
Proceeds from sales of securities	$	1,146		$	1,118		$	759

Fair Value and Unrealized Gains for Nuclear Decommissioning Trust Fund

The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds:



	December 31, 2014							December 31, 2013
	Fair		Unrealized		Unrealized			Fair		Unrealized		Unrealized
	Value		Gains		Losses			Value		Gains		Losses
	(In millions)
Equity securities	$	756	$	204	$	(39	)	$	730	$	201	$	(25	)
Debt securities	474		21		(2		)	442		12		(6		)
Cash and cash equivalents	11		—		—			19		—		—
	$	1,241	$	225	$	(41	)	$	1,191	$	213	$	(31	)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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