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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2013
Fair Value Disclosures [Abstract]  
Assets and liabilities measured and recorded at fair value on a recurring basis
The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:
 
September 30, 2013
 
December 31, 2012
 
Level 1
 
Level 2
 
Level 3
 
Netting (a)
 
Net Balance
 
Level 1
 
Level 2
 
Level 3
 
Netting (a)
 
Net Balance
 
(In millions)
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents (b)
$
—

 
$
68

 
$
—

 
$
—

 
$
68

 
$
—

 
$
123

 
$
—

 
$
—

 
$
123

Nuclear decommissioning trusts
757

 
382

 
—

 
—

 
1,139

 
694

 
343

 
—

 
—

 
1,037

Other investments (c) (d)
76

 
48

 
—

 
—

 
124

 
66

 
44

 
—

 
—

 
110

Derivative assets:
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 
Commodity Contracts:
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
388

 
61

 
34

 
(474
)
 
9

 
555

 
66

 
24

 
(605
)
 
40

Electricity
—

 
210

 
88

 
(216
)
 
82

 
—

 
226

 
134

 
(258
)
 
102

Other
48

 
9

 
5

 
(55
)
 
7

 
6

 
3

 
2

 
(6
)
 
5

Total derivative assets
436

 
280

 
127

 
(745
)
 
98

 
561

 
295

 
160

 
(869
)
 
147

Total
$
1,269

 
$
778

 
$
127

 
$
(745
)
 
$
1,429

 
$
1,321

 
$
805

 
$
160

 
$
(869
)
 
$
1,417

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(1
)
 
$
—

 
$
—

 
$
(1
)
Commodity Contracts:
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 
Natural Gas
(374
)
 
(49
)
 
(48
)
 
445

 
(26
)
 
(526
)
 
(73
)
 
(62
)
 
605

 
(56
)
Electricity
—

 
(204
)
 
(83
)
 
236

 
(51
)
 
—

 
(240
)
 
(111
)
 
258

 
(93
)
Other
(52
)
 
(5
)
 
—

 
55

 
(2
)
 
(6
)
 
(1
)
 
—

 
6

 
(1
)
Total derivative liabilities
(426
)
 
(258
)
 
(131
)
 
736

 
(79
)
 
(532
)
 
(315
)
 
(173
)
 
869

 
(151
)
Total
$
(426
)
 
$
(258
)
 
$
(131
)
 
$
736

 
$
(79
)
 
$
(532
)
 
$
(315
)
 
$
(173
)
 
$
869

 
$
(151
)
Net Assets (Liabilities) at the end of the period
$
843

 
$
520

 
$
(4
)
 
$
(9
)
 
$
1,350

 
$
789

 
$
490

 
$
(13
)
 
$
—

 
$
1,266

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
400

 
$
285

 
$
94

 
$
(639
)
 
$
140

 
$
493

 
$
372

 
$
120

 
$
(754
)
 
$
231

Noncurrent (e)
869

 
493

 
33

 
(106
)
 
1,289

 
828

 
433

 
40

 
(115
)
 
1,186

Total Assets
$
1,269

 
$
778

 
$
127

 
$
(745
)
 
$
1,429

 
$
1,321

 
$
805

 
$
160

 
$
(869
)
 
$
1,417

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
(379
)
 
$
(189
)
 
$
(100
)
 
$
610

 
$
(58
)
 
$
(466
)
 
$
(269
)
 
$
(144
)
 
$
754

 
$
(125
)
Noncurrent
(47
)
 
(69
)
 
(31
)
 
126

 
(21
)
 
(66
)
 
(46
)
 
(29
)
 
115

 
(26
)
Total Liabilities
$
(426
)
 
$
(258
)
 
$
(131
)
 
$
736

 
$
(79
)
 
$
(532
)
 
$
(315
)
 
$
(173
)
 
$
869

 
$
(151
)
Net Assets (Liabilities) at the end of the period
$
843

 
$
520

 
$
(4
)
 
$
(9
)
 
$
1,350

 
$
789

 
$
490

 
$
(13
)
 
$
—

 
$
1,266


_______________________________________
(a)
Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties.
(b)
At September 30, 2013, available-for-sale securities of $68 million included $51 million and $17 million of cash equivalents included in Restricted cash and Other investments, respectively, on the Consolidated Statements of Financial Position. At December 31, 2012, available-for-sale securities of $123 million, included $109 million and $14 million of cash equivalents included in Restricted cash and Other investments, respectively, on the Consolidated Statements of Financial Position.
(c)
Excludes cash surrender value of life insurance investments.
(d)
Available-for-sale equity securities of $6 million at September 30, 2013 and $5 million at December 31, 2012, are included in Other investments on the Consolidated Statements of Financial Position.
(e)
Includes $124 million and $110 million at September 30, 2013 and December 31, 2012, respectively, of Other investments that are included in the Consolidated Statements of Financial Position in Other investments.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the three months and nine months ended September 30, 2013 and 2012:

 
Three Months Ended September 30, 2013
 
Three Months Ended September 30, 2012
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of June 30
$
(30
)
 
$
12

 
$
2

 
$
(16
)
 
$
2

 
$
50

 
$
5

 
$
57

Transfers into Level 3
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
(1
)
 
—

 
(1
)
 
—

 
—

 
—

 
—

Total gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
8

 
17

 
—

 
25

 
(43
)
 
12

 
1

 
(30
)
Recorded in regulatory assets/liabilities
—

 
—

 
3

 
3

 
—

 
—

 
7

 
7

Purchases, issuances and settlements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Settlements
8

 
(23
)
 
—

 
(15
)
 
(3
)
 
(38
)
 
(7
)
 
(48
)
Net Assets (Liabilities) as of September 30
$
(14
)
 
$
5

 
$
5

 
$
(4
)
 
$
(44
)
 
$
24

 
$
6

 
$
(14
)
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30, 2013 and 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations
$
(8
)
 
$
8

 
$
—

 
$
—

 
$
(43
)
 
$
5

 
$
1

 
$
(37
)

 
Nine Months Ended September 30, 2013
 
Nine Months Ended September 30, 2012
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of December 31
$
(38
)
 
$
23

 
$
2

 
$
(13
)
 
$
6

 
$
32

 
$
6

 
$
44

Transfers into Level 3
—

 
—

 
—

 
—

 
1

 
28

 
—

 
29

Transfers out of Level 3
(2
)
 
—

 
—

 
(2
)
 
(2
)
 
—

 
—

 
(2
)
Total gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
(1
)
 
44

 
—

 
43

 
(38
)
 
53

 
—

 
15

Recorded in regulatory assets/liabilities
—

 
—

 
7

 
7

 
—

 
—

 
12

 
12

Purchases, issuances and settlements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases
—

 
(1
)
 
—

 
(1
)
 
—

 
1

 
—

 
1

Settlements
27

 
(61
)
 
(4
)
 
(38
)
 
(11
)
 
(90
)
 
(12
)
 
(113
)
Net Assets (Liabilities) as of September 30
$
(14
)
 
$
5

 
$
5

 
$
(4
)
 
$
(44
)
 
$
24

 
$
6

 
$
(14
)
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30, 2013 and 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations
$
(14
)
 
$
36

 
$
—

 
$
22

 
$
(39
)
 
$
43

 
$
—

 
$
4
Transfers Between Level 1 Level 2 and Level 3 [Table Text Block]
The following table shows transfers between the levels of the fair value hierarchy for the three months and nine months ended September 30, 2013 and 2012:
 
Three Months Ended September 30, 2013
Three Months Ended September 30, 2012
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
 
(In millions)
Transfers into Level 1 from
$ N/A

 
$
—

 
$
—

 
$ N/A

 
$
—

 
$
—

Transfers into Level 2 from
—

 
N/A

 
1

 
—

 
N/A

 
—

Transfers into Level 3 from
—

 
—

 
N/A

 
—

 
—

 
N/A




 
Nine Months Ended September 30, 2013
Nine Months Ended September 30, 2012
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
 
(In millions)
Transfers into Level 1 from
$ N/A

 
$
—

 
$
—

 
$ N/A

 
$
—

 
$
—

Transfers into Level 2 from
—

 
N/A

 
2

 
—

 
N/A

 
2

Transfers into Level 3 from
—

 
—

 
N/A

 
—

 
29

 
N/A
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
The following table presents the unobservable inputs related to Level 3 assets and liabilities as of September 30, 2013:
 
 
September 30, 2013
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
34

 
$
(48
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(1.10
)
—
$
4.22
/MMBtu
 
$
0.10
/MMBtu
Electricity
 
$
88

 
$
(83
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(8
)
—
$
15
/MWh
 
$
2
/MWh


The following table presents the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2012:
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
24

 
$
(62
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(0.63
)
—
$
1.95
/MMBtu
 
$
0.03
/MMBtu
Electricity
 
$
134

 
$
(111
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(2
)
—
$
16
/MWh
 
$
3
/MWh
Fair Value of Financial Instruments [Table Text Block]
The following table presents the carrying amount and fair value of financial instruments as of September 30, 2013 and December 31, 2012:
 
September 30, 2013
 
December 31, 2012
 
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
$
37

 
$
—

 
$
—

 
$
37

 
$
39

 
$
—

 
$
—

 
$
39

Dividends payable
$
116

 
$
116

 
$
—

 
$
—

 
$
107

 
$
107

 
$
—

 
$
—

Short-term borrowings
$
271

 
$
—

 
$
271

 
$
—

 
$
240

 
$
—

 
$
240

 
$
—

Long-term debt
$
7,729

 
$
436

 
$
7,067

 
$
738

 
$
7,813

 
$
507

 
$
7,453

 
$
933
Fair Value of Nuclear Decommissioning Trust Fund Assets [Table Text Block]
The following table summarizes the fair value of the nuclear decommissioning trust fund assets:
 
September 30, 2013
 
December 31, 2012
 
(In millions)
Fermi 2
$
1,120

 
$
1,021

Fermi 1
3

 
3

Low level radioactive waste
16

 
13

Total
$
1,139

 
$
1,037
Schedule of Realized Gain (Loss) [Table Text Block]
The following table sets forth the gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
(In millions)
Realized gains
$
11

 
$
7

 
$
30

 
$
21

Realized losses
$
(11
)
 
$
(6
)
 
$
(25
)
 
$
(17
)
Proceeds from sales of securities
$
13

 
$
12

 
$
40

 
$
48
Fair Value and Unrealized Gains for Nuclear Decommissioning Trust Fund [Table Text Block]
The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds:
 
September 30, 2013
 
December 31, 2012
 
Fair
Value
 
Unrealized
Gains
 
Fair
Value
 
Unrealized
Gains
 
(In millions)
Equity securities
$
732

 
$
195

 
$
631

 
$
122

Debt securities
395

 
17

 
399

 
27

Cash and cash equivalents
12

 
—

 
7

 
—

 
$
1,139

 
$
212

 
$
1,037

 
$
149