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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Assets and Liabilities 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 December 31, 2014 and 2013:
 
December 31, 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)
$
13

 
$
99

 
$
—

 
$
—

 
$
112

 
$
10

 
$
115

 
$
—

 
$
—

 
$
125

Nuclear decommissioning trusts
792

 
449

 
—

 
—

 
1,241

 
779

 
412

 
—

 
—

 
1,191

Other investments (c) (d)
100

 
50

 
—

 
—

 
150

 
92

 
44

 
—

 
—

 
136

Derivative assets:
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 
Commodity Contracts:
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 
Natural Gas
555

 
140

 
92

 
(681
)
 
106

 
273

 
89

 
34

 
(382
)
 
14

Electricity
—

 
295

 
47

 
(280
)
 
62

 
—

 
261

 
139

 
(291
)
 
109

Other
42

 
—

 
3

 
(42
)
 
3

 
33

 
1

 
3

 
(34
)
 
3

Other derivative contracts (e)
—

 
4

 
—

 
(3
)
 
1

 
—

 
—

 
—

 
—

 
—

Total derivative assets
597

 
439

 
142

 
(1,006
)
 
172

 
306

 
351

 
176

 
(707
)
 
126

Total
$
1,502

 
$
1,037

 
$
142

 
$
(1,006
)
 
$
1,675

 
$
1,187

 
$
922

 
$
176

 
$
(707
)
 
$
1,578

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 
Natural Gas
$
(578
)
 
$
(78
)
 
$
(62
)
 
$
679

 
$
(39
)
 
$
(277
)
 
$
(140
)
 
$
(86
)
 
$
395

 
$
(108
)
Electricity
—

 
(290
)
 
(52
)
 
298

 
(44
)
 
—

 
(272
)
 
(126
)
 
269

 
(129
)
Other
(32
)
 
(9
)
 
(4
)
 
45

 
—

 
(32
)
 
(2
)
 
—

 
34

 
—

Other derivative contracts (e)
—

 
(5
)
 
—

 
3

 
(2
)
 
—

 
(1
)
 
—

 
—

 
(1
)
Total derivative liabilities
(610
)
 
(382
)
 
(118
)
 
1,025

 
(85
)
 
(309
)
 
(415
)
 
(212
)
 
698

 
(238
)
Total
$
(610
)
 
$
(382
)
 
$
(118
)
 
$
1,025

 
$
(85
)
 
$
(309
)
 
$
(415
)
 
$
(212
)
 
$
698

 
$
(238
)
Net Assets (Liabilities) at the end of the period
$
892

 
$
655

 
$
24

 
$
19

 
$
1,590

 
$
878

 
$
507

 
$
(36
)
 
$
(9
)
 
$
1,340

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
582

 
$
504

 
$
109

 
$
(955
)
 
$
240

 
$
277

 
$
400

 
$
139

 
$
(592
)
 
$
224

Noncurrent (f)
920

 
533

 
33

 
(51
)
 
1,435

 
910

 
522

 
37

 
(115
)
 
1,354

Total Assets
$
1,502

 
$
1,037

 
$
142

 
$
(1,006
)
 
$
1,675

 
$
1,187

 
$
922

 
$
176

 
$
(707
)
 
$
1,578

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
(572
)
 
$
(357
)
 
$
(112
)
 
$
964

 
$
(77
)
 
$
(268
)
 
$
(328
)
 
$
(177
)
 
$
578

 
$
(195
)
Noncurrent
(38
)
 
(25
)
 
(6
)
 
61

 
(8
)
 
(41
)
 
(87
)
 
(35
)
 
120

 
(43
)
Total Liabilities
$
(610
)
 
$
(382
)
 
$
(118
)
 
$
1,025

 
$
(85
)
 
$
(309
)
 
$
(415
)
 
$
(212
)
 
$
698

 
$
(238
)
Net Assets (Liabilities) at the end of the period
$
892

 
$
655

 
$
24

 
$
19

 
$
1,590

 
$
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 December 31, 2014, available-for-sale securities of $112 million included $105 million and $7 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 $8 million at December 31, 2014 and $7 million at December 31, 2013 are included in Other investments on the Consolidated Statements of Financial Position.
(e)
Primarily includes Foreign currency exchange contracts.
(f)
Includes $150 million and $136 million of Other investments that are included in the Consolidated Statements of Financial Position in Other investments at December 31, 2014 and 2013, respectively.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis Level 3 Roll Forward
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
 
Year Ended December 31, 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 from Level 2
—

 
—

 
—

 
—

 
1

 
—

 
—

 
1

Transfers from Level 3 into Level 2
(2
)
 
—

 
—

 
(2
)
 
—

 
—

 
—

 
—

Total gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
(40
)
 
25

 
(5
)
 
(20
)
 
(32
)
 
75

 
—

 
43

Recorded in regulatory assets/liabilities
—

 
—

 
8

 
8

 
—

 
—

 
5

 
5

Purchases, issuances and settlements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases
—

 
1

 
—

 
1

 
(8
)
 
1

 
—

 
(7
)
Issuances
—

 
(3
)
 
—

 
(3
)
 
—

 
(1
)
 
—

 
(1
)
Settlements
124

 
(41
)
 
(7
)
 
76

 
25

 
(85
)
 
(4
)
 
(64
)
Net Assets (Liabilities) as of December 31
$
30

 
$
(5
)
 
$
(1
)
 
$
24

 
$
(52
)
 
$
13

 
$
3

 
$
(36
)
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 December 31, 2014 and 2013 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations
$
35

 
$
9

 
$
(4
)
 
$
40

 
$
(49
)
 
$
48

 
$
—

 
$
(1
)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques
The following tables present the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2014 and 2013:
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
92

 
$
(62
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(2.28
) —
 
$
7.83
/MMBtu
 
$
(0.22
)/MMBtu
Electricity
 
$
47

 
$
(52
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(14
) —
 
$
15
/MWh
 
$
4
/MWh
 
 
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
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
$
41

 
$
—

 
$
—

 
$
41

 
$
41

 
$
—

 
$
—

 
$
41

Dividends payable
$
122

 
$
122

 
$
—

 
$
—

 
$
116

 
$
116

 
$
—

 
$
—

Short-term borrowings
$
398

 
$
—

 
$
398

 
$
—

 
$
131

 
$
—

 
$
131

 
$
—

Long-term debt, excluding capital leases
$
8,606

 
$
489

 
$
8,308

 
$
706

 
$
8,094

 
$
425

 
$
7,551

 
$
499
Fair Value of Nuclear Decommissioning Trust Fund Assets Text Block
The following table summarizes the fair value of the nuclear decommissioning trust fund assets:
 
December 31, 2014
 
December 31, 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 and Losses for Nuclear Decommissioning Trust Fund Table
The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds:
 
December 31, 2014
 
December 31, 2013
 
Fair
Value
 
Unrealized
Gains
 
Unrealized Losses
 
Fair
Value
 
Unrealized
Gains
 
Unrealized 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
)