PG&E 2012 Annual Report Download - page 93
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 11: FAIR VALUE MEASUREMENTS (Continued)
Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are
summarized below (assets held in rabbi trusts are held by PG&E Corporation and not the Utility):
Fair Value Measurements
At December 31, 2012
Level 1 Level 2 Level 3 Netting(1) Total
(in millions)
Assets:
Money market investments .......... $ 209 $ —$ —$ —$ 209
Nuclear decommissioning trusts
Money market investments ......... 21 ———21
U.S. equity securities ............. 940 9 ——949
Non-U.S. equity securities ......... 379 ———379
U.S. government and agency securities 681 139 ——820
Municipal securities .............. —59——59
Other fixed-income securities ....... — 173 ——173
Total nuclear decommissioning trusts(2) .. 2,021 380 — — 2,401
Price risk management instruments
(Note 10) .....................
Electricity ..................... 1 60 80 6 147
Gas ......................... —5 1 (6) —
Total price risk management instruments 16581—147
Rabbi trusts
Fixed-income securities ........... —30——30
Life insurance contracts ........... —72——72
Total rabbi trusts .................. — 102 — — 102
Long-term disability trust
Money market investments ......... 10 ———10
U.S. equity securities ............. —14——14
Non-U.S. equity securities ......... —11——11
Fixed-income securities ........... — 136 ——136
Total long-term disability trust ........ 10 161 ——171
Total assets ..................... $ 2,241 $ 708 $ 81 $ — $ 3,030
Liabilities:
Price risk management instruments
(Note 10) .....................
Electricity ..................... $ 155 $ 144 $ 160 $ (156) $ 303
Gas ......................... 8 9 —(9) 8
Total liabilities ................... $ 163 $ 153 $ 160 $ (165) $ 311
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.
(2) Excludes $240 million at December 31, 2012 primarily related to deferred taxes on appreciation of investment value.
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