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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2014
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, 2014 and December 31, 2013:
 
September 30, 2014
 
December 31, 2013
 
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)
$
11

 
$
51

 
$
—

 
$
—

 
$
62

 
$
10

 
$
115

 
$
—

 
$
—

 
$
125

Nuclear decommissioning trusts
789

 
440

 
—

 
—

 
1,229

 
779

 
412

 
—

 
—

 
1,191

Other investments (c) (d)
95

 
51

 
—

 
—

 
146

 
92

 
44

 
—

 
—

 
136

Derivative assets:
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 
Commodity Contracts:
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
118

 
98

 
38

 
(225
)
 
29

 
273

 
89

 
34

 
(382
)
 
14

Electricity
—

 
312

 
74

 
(322
)
 
64

 
—

 
261

 
139

 
(291
)
 
109

Other
46

 
2

 
4

 
(48
)
 
4

 
33

 
1

 
3

 
(34
)
 
3

Other derivative contracts (e)
—

 
1

 
—

 
(1
)
 
—

 
—

 
—

 
—

 
—

 
—

Total derivative assets
164

 
413

 
116

 
(596
)
 
97

 
306

 
351

 
176

 
(707
)
 
126

Total
$
1,059

 
$
955

 
$
116

 
$
(596
)
 
$
1,534

 
$
1,187

 
$
922

 
$
176

 
$
(707
)
 
$
1,578

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 
Natural Gas
$
(129
)
 
$
(147
)
 
$
(66
)
 
$
268

 
$
(74
)
 
$
(277
)
 
$
(140
)
 
$
(86
)
 
$
395

 
$
(108
)
Electricity
—

 
(303
)
 
(91
)
 
317

 
(77
)
 
—

 
(272
)
 
(126
)
 
269

 
(129
)
Other
(39
)
 
(8
)
 
(1
)
 
48

 
—

 
(32
)
 
(2
)
 
—

 
34

 
—

Other derivative contracts (e)
—

 
(3
)
 
—

 
1

 
(2
)
 
—

 
(1
)
 
—

 
—

 
(1
)
Total derivative liabilities
(168
)
 
(461
)
 
(158
)
 
634

 
(153
)
 
(309
)
 
(415
)
 
(212
)
 
698

 
(238
)
Total
$
(168
)
 
$
(461
)
 
$
(158
)
 
$
634

 
$
(153
)
 
$
(309
)
 
$
(415
)
 
$
(212
)
 
$
698

 
$
(238
)
Net Assets (Liabilities) at the end of the period
$
891

 
$
494

 
$
(42
)
 
$
38

 
$
1,381

 
$
878

 
$
507

 
$
(36
)
 
$
(9
)
 
$
1,340

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
155

 
$
419

 
$
93

 
$
(537
)
 
$
130

 
$
277

 
$
400

 
$
139

 
$
(592
)
 
$
224

Noncurrent (f)
904

 
536

 
23

 
(59
)
 
1,404

 
910

 
522

 
37

 
(115
)
 
1,354

Total Assets
$
1,059

 
$
955

 
$
116

 
$
(596
)
 
$
1,534

 
$
1,187

 
$
922

 
$
176

 
$
(707
)
 
$
1,578

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
(146
)
 
$
(405
)
 
$
(145
)
 
$
562

 
$
(134
)
 
$
(268
)
 
$
(328
)
 
$
(177
)
 
$
578

 
$
(195
)
Noncurrent
(22
)
 
(56
)
 
(13
)
 
72

 
(19
)
 
(41
)
 
(87
)
 
(35
)
 
120

 
(43
)
Total Liabilities
$
(168
)
 
$
(461
)
 
$
(158
)
 
$
634

 
$
(153
)
 
$
(309
)
 
$
(415
)
 
$
(212
)
 
$
698

 
$
(238
)
Net Assets (Liabilities) at the end of the period
$
891

 
$
494

 
$
(42
)
 
$
38

 
$
1,381

 
$
878

 
$
507

 
$
(36
)
 
$
(9
)
 
$
1,340


_______________________________________
(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, 2014, available-for-sale securities of $62 million included $46 million and $16 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively. At December 31, 2013, available-for-sale securities of $125 million, included $109 million and $16 million of cash equivalents included in Restricted cash and Other investments on the Consolidated Statements of Financial Position, respectively.
(c)
Excludes cash surrender value of life insurance investments.
(d)
Available-for-sale equity securities of $7 million at both September 30, 2014 and December 31, 2013, are included in Other investments on the Consolidated Statements of Financial Position.
(e)
Primarily includes Foreign currency exchange contracts.
(f)
Includes $146 million and $136 million at September 30, 2014 and December 31, 2013, 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 and nine months ended September 30, 2014 and 2013:
 
Three Months Ended September 30, 2014
 
Three Months Ended September 30, 2013
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of June 30
$
(20
)
 
$
(27
)
 
$
7

 
$
(40
)
 
$
(30
)
 
$
12

 
$
2

 
$
(16
)
Transfers into Level 3
1

 
—

 
—

 
1

 
—

 
—

 
—

 
—

Transfers out of Level 3
(4
)
 
—

 
—

 
(4
)
 
—

 
(1
)
 
—

 
(1
)
Total gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
(2
)
 
13

 
(1
)
 
10

 
8

 
17

 
—

 
25

Recorded in regulatory assets/liabilities
—

 
—

 
(3
)
 
(3
)
 
—

 
—

 
3

 
3

Purchases, issuances and settlements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Settlements
(3
)
 
(3
)
 
—

 
(6
)
 
8

 
(23
)
 
—

 
(15
)
Net Assets (Liabilities) as of September 30
$
(28
)
 
$
(17
)
 
$
3

 
$
(42
)
 
$
(14
)
 
$
5

 
$
5

 
$
(4
)
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, 2014 and 2013 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations
$
(7
)
 
$
14

 
$
(1
)
 
$
6

 
$
(8
)
 
$
8

 
$
—

 
$
—

 
Nine Months Ended September 30, 2014
 
Nine Months Ended September 30, 2013
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of December 31
$
(52
)
 
$
13

 
$
3

 
$
(36
)
 
$
(38
)
 
$
23

 
$
2

 
$
(13
)
Transfers into Level 3
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers out of Level 3
2

 
—

 
—

 
2

 
(2
)
 
—

 
—

 
(2
)
Total gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
(45
)
 
26

 
(2
)
 
(21
)
 
(1
)
 
44

 
—

 
43

Recorded in regulatory assets/liabilities
—

 
—

 
9

 
9

 
—

 
—

 
7

 
7

Purchases, issuances and settlements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases
—

 
1

 
—

 
1

 
—

 
(1
)
 
—

 
(1
)
Issuances
—

 
(2
)
 
—

 
(2
)
 
—

 
—

 
—

 
—

Settlements
67

 
(55
)
 
(7
)
 
5

 
27

 
(61
)
 
(4
)
 
(38
)
Net Assets (Liabilities) as of September 30
$
(28
)
 
$
(17
)
 
$
3

 
$
(42
)
 
$
(14
)
 
$
5

 
$
5

 
$
(4
)
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, 2014 and 2013 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations
$
(23
)
 
$
(6
)
 
$
(1
)
 
$
(30
)
 
$
(14
)
 
$
36

 
$
—

 
$
22
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, 2014:
 
 
September 30, 2014
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
38

 
$
(66
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(2.28
) —
 
$
9.97
/MMBtu
 
$
(0.13
)/MMBtu
Electricity
 
$
74

 
$
(91
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(15
) —
 
$
24
/MWh
 
$
4
/MWh


The following table presents the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2013:
 
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
34

 
$
(86
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(0.88
) —
 
$
5.07
/MMBtu
 
$
(0.16
)/MMBtu
Electricity
 
$
139

 
$
(126
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(7
) —
 
$
15
/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, 2014 and December 31, 2013:
 
September 30, 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
$
45

 
$
—

 
$
—

 
$
45

 
$
41

 
$
—

 
$
—

 
$
41

Dividends payable
$
122

 
$
122

 
$
—

 
$
—

 
$
116

 
$
116

 
$
—

 
$
—

Short-term borrowings
$
653

 
$
—

 
$
653

 
$
—

 
$
131

 
$
—

 
$
131

 
$
—

Long-term debt, excluding capital leases
$
8,171

 
$
474

 
$
7,107

 
$
1,412

 
$
8,094

 
$
425

 
$
7,551

 
$
499
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, 2014
 
December 31, 2013
 
(In millions)
Fermi 2
$
1,205

 
$
1,172

Fermi 1
3

 
3

Low level radioactive waste
21

 
16

Total
$
1,229

 
$
1,191
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,
 
2014
 
2013
 
2014
 
2013
 
(In millions)
Realized gains
$
8

 
$
11

 
$
24

 
$
30

Realized losses
$
(3
)
 
$
(11
)
 
$
(14
)
 
$
(25
)
Proceeds from sales of securities
$
177

 
$
168

 
$
652

 
$
477
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, 2014
 
December 31, 2013
 
Fair
Value
 
Unrealized
Gains
 
Fair
Value
 
Unrealized
Gains
 
(In millions)
Equity securities
$
748

 
$
209

 
$
730

 
$
201

Debt securities
465

 
18

 
442

 
12

Cash and cash equivalents
16

 
—

 
19

 
—

 
$
1,229

 
$
227

 
$
1,191

 
$
213