PG&E 2014 Annual Report Download - page 110
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102
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, 2014
(in millions) Level 1 Level 2 Level 3 Netting (1) Total
Assets:
Money market investments $ 94 $ - $ - $ - $ 94
Nuclear decommissioning trusts
Money market investments 17 - - - 17
Global equity securities 1,585 13 - - 1,598
Fixed-income securities 741 389 - - 1,130
Total nuclear decommissioning trusts (2) 2,343 402 - - 2,745
Price risk management instruments
(Note 9)
Electricity - 17 232 2 251
Gas 1 1 - - 2
Total price risk management instruments 1 18 232 2 253
Rabbi trusts
Fixed-income securities - 42 - - 42
Life insurance contracts - 72 - - 72
Total rabbi trusts -114 - - 114
Long-term disability trust
Money market investments 7 - - - 7
Global equity securities - 25 - - 25
Fixed-income securities - 128 - - 128
Total long-term disability trust 7 153 - - 160
Other investments 33 - - - 33
Total assets $ 2,478 $ 687 $ 232 $ 2 $ 3,399
Liabilities:
Price risk management instruments
(Note 9)
Electricity $ 47 $ 5 $ 163 $ (52) $ 163
Gas - 3 - - 3
Total liabilities $ 47 $ 8 $ 163 $ (52) $ 166
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.
(2) Represents amount before deducting $324 million, primarily related to deferred taxes on appreciation of investment value.