PG&E 2010 Annual Report Download - page 96

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Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are summarized
below (money market investments and assets held in rabbi trusts are held by PG&E Corporation and not the Utility):
Fair Value Measurements at December 31, 2010
(in millions) Level 1 Level 2 Level 3 Total
Assets:
Money market investments $ 138 $ – $ – $ 138
Nuclear decommissioning trusts
U.S. equity securities (1) 1,029 7 – 1,036
Non-U.S. equity securities 349 – – 349
U.S. government and agency securities 584 40 – 624
Municipal securities – 119 – 119
Other fixed income securities –66 – 66
Total nuclear decommissioning trusts (2) 1,962 232 – 2,194
Price risk management instruments (Note 10)
Electric (3) 130 – – 130
Gas (4) 3– – 3
Total price risk management instruments 133 – – 133
Rabbi trusts
Fixed income securities –24 – 24
Life insurance contracts –65 – 65
Total rabbi trusts –89 – 89
Long-term disability trust
U.S. equity securities (1) 11 24 – 35
Corporate debt securities (1) – 150 – 150
Total long-term disability trust 11 174 – 185
Total assets $ 2,244 $ 495 $ – $ 2,739
Liabilities:
Price risk management instruments (Note 10)
Electric (5) $ – $ 5 $ 403 $ 408
Gas (6) – 1 41 42
Total price risk management instruments – 6 444 450
Total liabilities $ – $ 6 $ 444 $ 450
(1) Level 2 balances include commingled funds, which are composed primarily of securities traded publicly on exchanges. Price quotes for the assets
held by the funds are readily observable and available.
(2) Excludes $185 million primarily related to deferred taxes on appreciation of investment value.
(3) Balances include the impact of netting adjustments of $359 million to Level 1. Includes natural gas for electric portfolio.
(4) Balances include the impact of netting adjustments of $44 million to Level 1. Includes natural gas for core customers.
(5) Balances include the impact of netting adjustments of $66 million to Level 2 and $(48) million to Level 3. Includes natural gas for electric portfolio.
(6) Balances include the impact of netting adjustments of $3 million to Level 3. Includes natural gas for core customers.
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