Allegheny Power 2010 Annual Report Download - page 101

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86
Metropolitan Edison Company
The following tables provide the fair value measurement amounts for assets and liabilities recorded on Met-Ed’s
Consolidated Balance Sheets at fair value as of December 31, 2010 and 2009:
December 31, 2010 Level 1 Level 2 Level 3 Total
Assets (In millions)
Corporate debt securities $ - $ 32 $ - $ 32
Derivative assets - commodity contracts - 5 - 5
Derivative assets - NUG contracts
(1)
- - 112 112
Equity securities
(2)
160 - - 160
Foreign government debt securities - 1 - 1
U.S. government debt securities - 88 - 88
U.S. state debt securities - 2 - 2
Other - 14 - 14
Total assets $ 160 $ 142 $ 112 $ 414
Liabilities
Derivative liabilities – NUG contracts(1) $ - $ - $ (116) $ (116)
Total liabilities $ - $ - $ (116) $ (116)
Net assets (liabilities)(3) $ 160 $ 142 $ (4) $ 298
December 31, 2009 Level 1 Level 2 Level 3 Total
Assets (In millions)
Corporate debt securities $ - $ 20 $ - $ 20
Derivative assets - commodity contracts - 9 - 9
Derivative assets - NUG contracts
(1)
- - 176 176
Equity securities
(2)
133 - - 133
U.S. government debt securities - 30 - 30
U.S. state debt securities - 82 - 82
Other - 2 - 2
Total assets $ 133 $ 143 $ 176 $ 452
Liabilities
Derivative liabilities – NUG contracts(1) $ - $ - $ (143) $ (143)
Total liabilities $ - $ - $ (143) $ (143)
Net assets (liabilities)(3) $ 133 $ 143 $ 33 $ 309
(1) NUG contracts are subject to regulatory accounting and do not impact earnings.
(2) NDT funds hold equity portfolios whose performance is benchmarked against the S&P 500 Index or Russell 3000 Index.
(3) Excludes $(9) million and $1 million as of December 31, 2010 and 2009, respectively, of receivables, payables and accrued
income associated with the financial instruments reflected within the fair value table.