PG&E 2012 Annual Report Download - page 94
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 11: FAIR VALUE MEASUREMENTS (Continued)
Fair Value Measurements
At December 31, 2011
Level 1 Level 2 Level 3 Netting(1) Total
(in millions)
Assets:
Money market investments .......... $ 206 $ —$ —$ —$ 206
Nuclear decommissioning trusts
Money market investments ......... 24 ———24
U.S. equity securities ............. 841 8 ——849
Non-U.S. equity securities ......... 323 ———323
U.S. government and agency securities 720 156 ——876
Municipal securities .............. —58——58
Other fixed-income securities ....... —99——99
Total nuclear decommissioning trusts(2) .. 1,908 321 — — 2,229
Price risk management instruments
(Note 10) .....................
Electricity ..................... — 92 69 8 169
Gas ......................... — 6 — (3) 3
Total price risk management instruments —9869 5172
Rabbi trusts
Fixed-income securities ........... —25——25
Life insurance contracts ........... —67——67
Total rabbi trusts .................. —92——92
Long-term disability trust
Money market investments ......... 13 ———13
U.S. equity securities ............. —15——15
Non-U.S. equity securities ......... — 9 —— 9
Fixed-income securities ........... — 145 ——145
Total long-term disability trust ........ 13 169 — — 182
Total assets ..................... $ 2,127 $ 680 $ 69 $ 5 $ 2,881
Liabilities:
Price risk management instruments
(Note 10) .....................
Electricity ..................... $ 411 $ 289 $ 143 $ (441) $ 402
Gas ......................... 31 13 —(32) 12
Total liabilities ................... $ 442 $ 302 $ 143 $ (473) $ 414
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.
(2) Excludes $188 million at December 31, 2011 primarily related to deferred taxes on appreciation of investment value.
Valuation Techniques
The following describes the valuation techniques used to measure the fair value of the assets and liabilities
shown in the table above:
Money Market Investments
PG&E Corporation and the Utility invest in money market funds that seek to maintain a stable net asset value.
These funds invest in high quality, short-term, diversified money market instruments, such as U.S. Treasury bills, U.S.
agency securities, certificates of deposit, and commercial paper with a maximum weighted average maturity of
90