PG&E 2014 Annual Report Download - page 114

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106
Financial Instruments
PG&E Corporation and the Utility use the following methods and assumptions in estimating fair value for financial
instruments:
The fair values of cash, restricted cash, net accounts receivable, short-term borrowings, accounts payable, customer
deposits, oating rate senior notes, and the Utility’s variable rate pollution control bond loan agreements approximate
their carrying values at December 31, 2014 and 2013, as they are short-term in nature or have interest rates that reset
daily.
The fair values of the Utility’s xed-rate senior notes and xed-rate pollution control bonds and PG&E Corporation’s
xed-rate senior notes were based on quoted market prices at December 31, 2014 and 2013.
The carrying amount and fair value of PG&E Corporation’s and the Utility’s debt instruments were as follows (the table
below excludes financial instruments with carrying values that approximate their fair values):
At December 31,
2014 2013
(in millions) Carrying Amount Level 2 Fair Value Carrying Amount Level 2 Fair Value
Debt (Note 4)
PG&E Corporation $ 350 $ 352 $ 350 $ 354
Utility 13,778 15,851 12,334 13,444