PG&E 2014 Annual Report Download - page 111
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103
Fair Value Measurements
At December 31, 2013
(in millions) Level 1 Level 2 Level 3 Netting (1) Total
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 xed-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.