PG&E 2013 Annual Report Download - page 84
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 10: 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 and other investments are held by PG&E Corporation and not the
Utility):
Fair Value Measurements
At December 31, 2013
Level 1 Level 2 Level 3 Netting(1) Total
(in millions)
Assets:
Money market investments .......... $ 226 $ — $ — $ — $ 226
Nuclear decommissioning trusts
Money market investments ......... 38———38
U.S. equity securities ............. 1,046 11 — 1,057
Non-U.S. equity securities ......... 457 — — — 457
U.S. government and agency securities 760 156 — — 916
Municipal securities .............. — 25 — — 25
Other fixed-income securities ....... — 162 — — 162
Total nuclear decommissioning trusts(2) .. 2,301 354 — — 2,655
Price risk management instruments
(Note 9)
Electricity ..................... 2 27 107 3 139
Gas ......................... — 5 — (1) 4
Total price risk management instruments 2 32 107 2 143
Rabbi trusts
Fixed-income securities ........... — 39 — — 39
Life insurance contracts ........... — 70 — — 70
Total rabbi trusts .................. — 109 — — 109
Long-term disability trust
Money market investments ......... 9——— 9
U.S. equity securities ............. — 14 — — 14
Non-U.S. equity securities ......... — 12 — — 12
Fixed-income securities ........... — 122 — — 122
Total long-term disability trust ........ 9 148 — — 157
Other investments ................. 84———84
Total assets ..................... $ 2,622 $ 643 $ 107 $ 2 $ 3,374
Liabilities:
Price risk management instruments
(Note 9)
Electricity ..................... $ 19 $ 72 $ 137 $ (84) $ 144
Gas ......................... 1 3 — (1) 3
Total liabilities ................... $ 20 $ 75 $ 137 $ (85) $ 147
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.
(2) Represents amount before deducting $313 million, primarily related to deferred taxes on appreciation of investment value.
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