Fair Value Measurements (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Assets and Liabilities Net Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] |
The following table reconciles the beginning and ending balances of the Company's assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Commodity Derivatives | | Interest Rate Derivatives | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | | | | | | | | | | | | Beginning balance | $ | 99 |
| | $ | 94 |
| | $ | 60 |
| | $ | 10 |
| | $ | 9 |
| | $ | 6 |
| Changes included in earnings | 10 |
| | 1 |
| | 23 |
| | 479 |
| | 181 |
| | 147 |
| Changes in fair value recognized in OCI | (1 | ) | | 2 |
| | (3 | ) | | — |
| | — |
| | — |
| Changes in fair value recognized in net regulatory assets | (26 | ) | | 3 |
| | (1 | ) | | — |
| | — |
| | — |
| Purchases | 6 |
| | 3 |
| | 1 |
| | — |
| | — |
| | 4 |
| Settlements | 9 |
| | (4 | ) | | 14 |
| | (475 | ) | | (180 | ) | | (148 | ) | Ending balance | $ | 97 |
| | $ | 99 |
| | $ | 94 |
| | $ | 14 |
| | $ | 10 |
| | $ | 9 |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table presents the fair value of the UK Plan assets, by major category (in millions): | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements(1) | | | | Level 1 | | Level 2 | | Level 3 | | Total | As of December 31, 2019: | | | | | | | | Cash equivalents | $ | 3 |
| | $ | 24 |
| | $ | — |
| | $ | 27 |
| Debt securities: | | | | | | | | United Kingdom government obligations | 960 |
| | — |
| | — |
| | 960 |
| Equity securities: | | | | | | | | Investment funds(2) | — |
| | 818 |
| | — |
| | 818 |
| Real estate funds | — |
| | — |
| | 243 |
| | 243 |
| Total | $ | 963 |
| | $ | 842 |
| | $ | 243 |
| | 2,048 |
| Investment funds(2) measured at net asset value | | | | | | | 103 |
| Total assets measured at fair value | | | | | | | $ | 2,151 |
| | | | | | | | | As of December 31, 2018: | | | | | | | | Cash equivalents | $ | 3 |
| | $ | 59 |
| | $ | — |
| | $ | 62 |
| Debt securities: | | | | | | | | United Kingdom government obligations | 891 |
| | — |
| | — |
| | 891 |
| Equity securities: | | | | | | | | Investment funds(2) | — |
| | 697 |
| | — |
| | 697 |
| Real estate funds | — |
| | — |
| | 239 |
| | 239 |
| Total | $ | 894 |
| | $ | 756 |
| | $ | 239 |
| | 1,889 |
| Investment funds(2) measured at net asset value | | | | | | | 100 |
| Total assets measured at fair value | | | | | | | $ | 1,989 |
|
| | (1) | Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 38% and 62%, respectively, for 2019 and 36% and 64%, respectively, for 2018. |
The following table presents the fair value of plan assets, by major category, for the Company's defined benefit pension plans (in millions): | | | | | | | | | | | | | | Input Levels for Fair Value Measurements(1) | | | | Level 1 | | Level 2 | | Total | As of December 31, 2019: | | | | | | Cash equivalents | $ | 27 |
| | $ | 36 |
| | $ | 63 |
| Debt securities: | | | | | | United States government obligations | 210 |
| | — |
| | 210 |
| International government obligations | — |
| | 5 |
| | 5 |
| Corporate obligations | — |
| | 376 |
| | 376 |
| Municipal obligations | — |
| | 28 |
| | 28 |
| Agency, asset and mortgage-backed obligations | — |
| | 115 |
| | 115 |
| Equity securities: | | | | | | United States companies | 547 |
| | 1 |
| | 548 |
| International companies | 136 |
| | — |
| | 136 |
| Investment funds(2) | 125 |
| | — |
| | 125 |
| Total assets in the fair value hierarchy | $ | 1,045 |
| | $ | 561 |
| | 1,606 |
| Investment funds(2) measured at net asset value | | | | | 915 |
| Limited partnership interests(3) measured at net asset value | | | | | 93 |
| Real estate funds measured at net asset value | | | | | 42 |
| Total assets measured at fair value | | | | | $ | 2,656 |
| | | | | | | As of December 31, 2018: | | | | | | Cash equivalents | $ | 8 |
| | $ | 41 |
| | $ | 49 |
| Debt securities: | | | | | | United States government obligations | 160 |
| | — |
| | 160 |
| International government obligations | — |
| | 5 |
| | 5 |
| Corporate obligations | — |
| | 373 |
| | 373 |
| Municipal obligations | — |
| | 29 |
| | 29 |
| Agency, asset and mortgage-backed obligations | — |
| | 123 |
| | 123 |
| Equity securities: | | | | | | United States companies | 492 |
| | 1 |
| | 493 |
| International companies | 108 |
| | — |
| | 108 |
| Investment funds(2) | 119 |
| | — |
| | 119 |
| Total assets in the fair value hierarchy | $ | 887 |
| | $ | 572 |
| | 1,459 |
| Investment funds(2) measured at net asset value | | | | | 792 |
| Limited partnership interests(3) measured at net asset value | | | | | 104 |
| Real estate funds measured at net asset value | | | | | 41 |
| Total assets measured at fair value | | | | | $ | 2,396 |
|
| | (1) | Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 62% and 38%, respectively, for 2019 and 59% and 41%, respectively, for 2018. Additionally, these funds are invested in United States and international securities of approximately 66% and 34%, respectively, for 2019 and 73% and 27%, respectively, for 2018. |
| | (3) | Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital. |
The following table presents the fair value of plan assets, by major category, for the Company's defined benefit other postretirement plans (in millions): | | | | | | | | | | | | | | Input Levels for Fair Value Measurements(1) | | | | Level 1 | | Level 2 | | Total | As of December 31, 2019: | | | | | | Cash equivalents | $ | 17 |
| | $ | 1 |
| | $ | 18 |
| Debt securities: | | | | | | United States government obligations | 23 |
| | — |
| | 23 |
| Corporate obligations | — |
| | 44 |
| | 44 |
| Municipal obligations | — |
| | 57 |
| | 57 |
| Agency, asset and mortgage-backed obligations | — |
| | 33 |
| | 33 |
| Equity securities: | | | | | | United States companies | 151 |
| | — |
| | 151 |
| International companies | 6 |
| | — |
| | 6 |
| Investment funds | 236 |
| | — |
| | 236 |
| Total assets in the fair value hierarchy | $ | 433 |
| | $ | 135 |
| | 568 |
| Investment funds measured at net asset value | | | | | 169 |
| Limited partnership interests measured at net asset value | | | | | 5 |
| Total assets measured at fair value | | | | | $ | 742 |
| | | | | | | As of December 31, 2018: | | | | | | Cash equivalents | $ | 10 |
| | $ | 2 |
| | $ | 12 |
| Debt securities: | | | | | | United States government obligations | 13 |
| | — |
| | 13 |
| Corporate obligations | — |
| | 42 |
| | 42 |
| Municipal obligations | — |
| | 45 |
| | 45 |
| Agency, asset and mortgage-backed obligations | — |
| | 30 |
| | 30 |
| Equity securities: | | | | | | United States companies | 158 |
| | — |
| | 158 |
| International companies | 6 |
| | — |
| | 6 |
| Investment funds(2) | 202 |
| | 1 |
| | 203 |
| Total assets in the fair value hierarchy | $ | 389 |
| | $ | 120 |
| | 509 |
| Investment funds(2) measured at net asset value | | | | | 149 |
| Limited partnership interests(3) measured at net asset value | | | | | 6 |
| Total assets measured at fair value | | | | | $ | 664 |
|
| | (1) | Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 58% and 42%, respectively, for 2019 and 65% and 35%, respectively, for 2018. Additionally, these funds are invested in United States and international securities of approximately 75% and 25%, respectively, for 2019 and 79% and 21%, respectively, for 2018. |
| | (3) | Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital. |
The following table presents the Company's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions): | | | | | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements | | | | | | Level 1 | | Level 2 | | Level 3 | | Other(1) | | Total | As of December 31, 2019: | | | | | | | | | | Assets: | | | | | | | | | | Commodity derivatives | $ | — |
| | $ | 45 |
| | $ | 108 |
| | $ | (24 | ) | | $ | 129 |
| Interest rate derivatives | — |
| | 2 |
| | 14 |
| | — |
| | 16 |
| Mortgage loans held for sale | — |
| | 1,039 |
| | — |
| | — |
| | 1,039 |
| Money market mutual funds(2) | 824 |
| | — |
| | — |
| | — |
| | 824 |
| Debt securities: | | | | | | | | | | United States government obligations | 189 |
| | — |
| | — |
| | — |
| | 189 |
| International government obligations | — |
| | 4 |
| | — |
| | — |
| | 4 |
| Corporate obligations | — |
| | 58 |
| | — |
| | — |
| | 58 |
| Municipal obligations | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Agency, asset and mortgage-backed obligations | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Equity securities: | | | | | | | | | | United States companies | 336 |
| | — |
| | — |
| | — |
| | 336 |
| International companies | 1,131 |
| | — |
| | — |
| | — |
| | 1,131 |
| Investment funds | 169 |
| | — |
| | — |
| | — |
| | 169 |
| | $ | 2,649 |
| | $ | 1,150 |
| | $ | 122 |
| | $ | (24 | ) | | $ | 3,897 |
| Liabilities: | | | | | | | | | | Commodity derivatives | $ | (4 | ) | | $ | (143 | ) | | $ | (11 | ) | | $ | 103 |
| | $ | (55 | ) | Interest rate derivatives | (2 | ) | | (19 | ) | | — |
| | — |
| | (21 | ) | | $ | (6 | ) | | $ | (162 | ) | | $ | (11 | ) | | $ | 103 |
| | $ | (76 | ) |
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2018: | | | | | | | | | | Assets: | | | | | | | | | | Commodity derivatives | $ | 1 |
| | $ | 91 |
| | $ | 108 |
| | $ | (52 | ) | | $ | 148 |
| Interest rate derivatives | 1 |
| | 13 |
| | 10 |
| | — |
| | 24 |
| Mortgage loans held for sale | — |
| | 468 |
| | — |
| | — |
| | 468 |
| Money market mutual funds(2) | 409 |
| | — |
| | — |
| | — |
| | 409 |
| Debt securities: | | | | | | | | | | United States government obligations | 187 |
| | — |
| | — |
| | — |
| | 187 |
| International government obligations | — |
| | 4 |
| | — |
| | — |
| | 4 |
| Corporate obligations | — |
| | 46 |
| | — |
| | — |
| | 46 |
| Municipal obligations | — |
| | 2 |
| | — |
| | — |
| | 2 |
| Agency, asset and mortgage-backed obligations | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Equity securities: | | | | | | | | | | United States companies | 256 |
| | — |
| | — |
| | — |
| | 256 |
| International companies | 1,441 |
| | — |
| | — |
| | — |
| | 1,441 |
| Investment funds | 128 |
| | — |
| | — |
| | — |
| | 128 |
| | $ | 2,423 |
| | $ | 625 |
| | $ | 118 |
| | $ | (52 | ) | | $ | 3,114 |
| Liabilities: | | | | | | | | | | Commodity derivatives | $ | (1 | ) | | $ | (180 | ) | | $ | (9 | ) | | $ | 111 |
| | $ | (79 | ) | Interest rate derivatives | — |
| | (32 | ) | | — |
| | — |
| | (32 | ) | | $ | (1 | ) | | $ | (212 | ) | | $ | (9 | ) | | $ | 111 |
| | $ | (111 | ) |
| | (1) | Represents netting under master netting arrangements and a net cash collateral receivable of $79 million and $59 million as of December 31, 2019 and 2018, respectively. |
| | (2) | Amounts are included in cash and cash equivalents; other current assets; and noncurrent investments and restricted cash and investments on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost. |
|
| Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table presents the carrying value and estimated fair value of the Company's long-term debt as of December 31 (in millions): | | | | | | | | | | | | | | | | | | 2019 | | 2018 | | Carrying | | Fair | | Carrying | | Fair | | Value | | Value | | Value | | Value | | | | | | | | | Long-term debt | $ | 39,353 |
| | $ | 46,004 |
| | $ | 36,774 |
| | $ | 39,398 |
|
|
| PacifiCorp [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit pension plan (in millions): | | | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements | | | | | Level 1(1) | | Level 2(1) | | Level 3(1) | | Total | As of December 31, 2019: | | | | | | | | | Cash equivalents | | $ | — |
| | $ | 24 |
| | $ | — |
| | $ | 24 |
| Debt securities: | | | | | | | | | United States government obligations | | 21 |
| | — |
| | — |
| | 21 |
| Corporate obligations | | — |
| | 94 |
| | — |
| | 94 |
| Municipal obligations | | — |
| | 10 |
| | — |
| | 10 |
| Agency, asset and mortgage-backed obligations | | — |
| | 42 |
| | — |
| | 42 |
| Equity securities: | | | | | | | | | United States companies | | 355 |
| | — |
| | — |
| | 355 |
| International companies | | 15 |
| | — |
| | — |
| | 15 |
| Investment funds(2) | | 55 |
| | — |
| | — |
| | 55 |
| Total assets in the fair value hierarchy | | $ | 446 |
| | $ | 170 |
| | $ | — |
| | 616 |
| Investment funds(2) measured at net asset value | | | | | | | | 327 |
| Limited partnership interests(3) measured at net asset value | | | | | | | | 93 |
| Investments at fair value | | | | | | | | $ | 1,036 |
| | | | | | | | | | As of December 31, 2018: | | | | | | | | | Cash equivalents | | $ | — |
| | $ | 11 |
| | $ | — |
| | $ | 11 |
| Debt securities: | | | | | | | | | United States government obligations | | 4 |
| | — |
| | — |
| | 4 |
| International government obligations | |
| | 1 |
| |
| | 1 |
| Corporate obligations | | — |
| | 88 |
| | — |
| | 88 |
| Municipal obligations | | — |
| | 10 |
| | — |
| | 10 |
| Agency, asset and mortgage-backed obligations | | — |
| | 43 |
| | — |
| | 43 |
| Equity securities: | | | | | | | | | United States companies | | 327 |
| | — |
| | — |
| | 327 |
| International companies | | 15 |
| | — |
| | — |
| | 15 |
| Investment funds(2) | | 54 |
| | — |
| | — |
| | 54 |
| Total assets in the fair value hierarchy | | $ | 400 |
| | $ | 153 |
| | $ | — |
| | 553 |
| Investment funds(2) measured at net asset value | | | | | | | | 285 |
| Limited partnership interests(3) measured at net asset value | | | | | | | | 104 |
| Investments at fair value | | | | | | | | $ | 942 |
|
| | (1) | Refer to Note 13 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are substantially comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 55% and 45% respectively, for both 2019 and 2018, and are invested in United States and international securities of approximately 51% and 49%, respectively, for 2019 and 68% and 32%, respectively, for 2018. |
| | (3) | Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital. |
The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit other postretirement plan (in millions): | | | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements | | | | | Level 1(1) | | Level 2(1) | | Level 3(1) | | Total | As of December 31, 2019: | | | | | | | | | Cash and cash equivalents | | $ | 8 |
| | $ | 1 |
| | $ | — |
| | $ | 9 |
| Debt securities: | | | | | | | | | United States government obligations | | 12 |
| | — |
| | — |
| | 12 |
| Corporate obligations | | — |
| | 26 |
| | — |
| | 26 |
| Municipal obligations | | — |
| | 2 |
| | — |
| | 2 |
| Agency, asset and mortgage-backed obligations | | — |
| | 22 |
| | — |
| | 22 |
| Equity securities: | | | | | | | | | United States companies | | 74 |
| | — |
| | — |
| | 74 |
| International companies | | 4 |
| | — |
| | — |
| | 4 |
| Investment funds(2) | | 44 |
| | — |
| | — |
| | 44 |
| Total assets in the fair value hierarchy | | 142 |
| | 51 |
| | — |
| | 193 |
| Investment funds(2) measured at net asset value | | | | | | | | 136 |
| Limited partnership interests(3) measured at net asset value | | | | | | | | 5 |
| Investments at fair value | | | | | | | | $ | 334 |
| | | | | | | | | | As of December 31, 2018: | | | | | | | | | Cash and cash equivalents | | $ | 4 |
| | $ | 1 |
| | $ | — |
| | $ | 5 |
| Debt securities: | | | | | | | | | United States government obligations | | 3 |
| | — |
| | — |
| | 3 |
| Corporate obligations | | — |
| | 23 |
| | — |
| | 23 |
| Municipal obligations | | — |
| | 2 |
| | — |
| | 2 |
| Agency, asset and mortgage-backed obligations | | — |
| | 17 |
| | — |
| | 17 |
| Equity securities: | | | | | | | | | United States companies | | 83 |
| | — |
| | — |
| | 83 |
| International companies | | 4 |
| | — |
| | — |
| | 4 |
| Investment funds(2) | | 38 |
| | — |
| | — |
| | 38 |
| Total assets in the fair value hierarchy | | 132 |
| | 43 |
| | — |
| | 175 |
| Investment funds(2) measured at net asset value | | | | | | | | 116 |
| Limited partnership interests(3) measured at net asset value | | | | | | | | 6 |
| Investments at fair value | | | | | | | | $ | 297 |
|
| | (1) | Refer to Note 13 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are substantially comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 56% and 44%, respectively, for 2019 and 59% and 41%, respectively, for 2018, and are invested in United States and international securities of approximately 79% and 21%, respectively, for 2019 and 90% and 10%, respectively, for 2018. |
| | (3) | Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital. |
The following table presents PacifiCorp's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions): | | | | | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements | | | | | | Level 1 | | Level 2 | | Level 3 | | Other(1) | | Total | As of December 31, 2019: | | | | | | | | | | Assets: | | | | | | | | | | Commodity derivatives | $ | — |
| | $ | 21 |
| | $ | — |
| | $ | (7 | ) | | $ | 14 |
| Money market mutual funds(2) | 23 |
| | — |
| | — |
| | — |
| | 23 |
| Investment funds | 25 |
| | — |
| | — |
| | — |
| | 25 |
| | $ | 48 |
| | $ | 21 |
| | $ | — |
| | $ | (7 | ) | | $ | 62 |
| | | | | | | | | | | Liabilities - Commodity derivatives | $ | — |
| | $ | (84 | ) | | $ | — |
| | $ | 54 |
| | $ | (30 | ) | | | | | | | | | | | As of December 31, 2018: | | | | | | | | | | Assets: | | | | | | | | | | Commodity derivatives | $ | — |
| | $ | 51 |
| | $ | — |
| | $ | (23 | ) | | $ | 28 |
| Money market mutual funds (2) | 69 |
| | — |
| | — |
| | — |
| | 69 |
| Investment funds | 24 |
| | — |
| | — |
| | — |
| | 24 |
| | $ | 93 |
| | $ | 51 |
| | $ | — |
| | $ | (23 | ) | | $ | 121 |
| | | | | | | | | | | Liabilities - Commodity derivatives | $ | — |
| | $ | (148 | ) | | $ | — |
| | $ | 82 |
| | $ | (66 | ) |
| | (1) | Represents netting under master netting arrangements and a net cash collateral receivable of $47 million and $59 million as of December 31, 2019 and 2018, respectively. |
| | (2) | Amounts are included in cash and cash equivalents, other current assets and other assets on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost. |
|
| Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt as of December 31 (in millions): | | | | | | | | | | | | | | | | | | 2019 | | 2018 | | Carrying | | Fair | | Carrying | | Fair | | Value | | Value | | Value | | Value | | | | | | | | | Long-term debt | $ | 7,658 |
| | $ | 9,280 |
| | $ | 7,015 |
| | $ | 7,833 |
|
|
| MidAmerican Energy Company [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit pension plan (in millions): | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements(1) | | | | Level 1 | | Level 2 | | Level 3 | | Total | As of December 31, 2019: | | | | | | | | Cash equivalents | $ | 21 |
| | $ | — |
| | $ | — |
| | $ | 21 |
| Debt securities: | | | | | | | | United States government obligations | 16 |
| | — |
| | — |
| | 16 |
| Corporate obligations | — |
| | 61 |
| | — |
| | 61 |
| Municipal obligations | — |
| | 5 |
| | — |
| | 5 |
| Agency, asset and mortgage-backed obligations | — |
| | 33 |
| | — |
| | 33 |
| Equity securities: | | | | | | | | United States companies | 129 |
| | — |
| | — |
| | 129 |
| International companies | 42 |
| | — |
| | — |
| | 42 |
| Investment funds(2) | 69 |
| | — |
| | — |
| | 69 |
| Total assets in the hierarchy | $ | 277 |
| | $ | 99 |
| | $ | — |
| | 376 |
| Investment funds(2) measured at net asset value | | | | | | | 299 |
| Real estate funds measured at net asset value | | | | | | | 42 |
| Total assets measured at fair value | | | | | | | $ | 717 |
| | | | | | | | | As of December 31, 2018: | | | | | | | | Cash equivalents | $ | — |
| | $ | 20 |
| | $ | — |
| | $ | 20 |
| Debt securities: | | | | | | | | United States government obligations | 6 |
| | — |
| | — |
| | 6 |
| Corporate obligations | — |
| | 63 |
| | — |
| | 63 |
| Municipal obligations | — |
| | 6 |
| | — |
| | 6 |
| Agency, asset and mortgage-backed obligations | — |
| | 37 |
| | — |
| | 37 |
| Equity securities: | | | | | | | | United States companies | 111 |
| | — |
| | — |
| | 111 |
| International companies | 35 |
| | — |
| | — |
| | 35 |
| Investment funds(2) | 65 |
| | — |
| | — |
| | 65 |
| Total assets in the hierarchy | $ | 217 |
| | $ | 126 |
| | $ | — |
| | 343 |
| Investment funds(2) measured at net asset value | | | | | | | 260 |
| Real estate funds measured at net asset value | | | | | | | 41 |
| Total assets measured at fair value | | | | | | | $ | 644 |
|
| | (1) | Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 69% and 31%, respectively, for 2019 and 65% and 35%, respectively, for 2018. Additionally, these funds are invested in United States and international securities of approximately 74% and 26%, respectively, for 2019 and 74% and 26%, respectively, for 2018. |
The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit other postretirement plans (in millions): | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements(1) | | | | Level 1 | | Level 2 | | Level 3 | | Total | As of December 31, 2019: | | | | | | | | Cash equivalents | $ | 6 |
| | $ | — |
| | $ | — |
| | $ | 6 |
| Debt securities: | | | | | | | | United States government obligations | 6 |
| | — |
| | — |
| | 6 |
| Corporate obligations | — |
| | 12 |
| | — |
| | 12 |
| Municipal obligations | — |
| | 55 |
| | — |
| | 55 |
| Agency, asset and mortgage-backed obligations | — |
| | 10 |
| | — |
| | 10 |
| Equity securities: | | | | | | | | United States companies | 75 |
| | — |
| | — |
| | 75 |
| Investment funds(2) | 108 |
| | — |
| | — |
| | 108 |
| Total assets measured at fair value | $ | 195 |
| | $ | 77 |
| | $ | — |
| | $ | 272 |
| | | | | | | | | As of December 31, 2018: | | | | | | | | Cash equivalents | $ | 5 |
| | $ | — |
| | $ | — |
| | $ | 5 |
| Debt securities: | | | | | | | | United States government obligations | 6 |
| | — |
| | — |
| | 6 |
| Corporate obligations | — |
| | 12 |
| | — |
| | 12 |
| Municipal obligations | — |
| | 43 |
| | — |
| | 43 |
| Agency, asset and mortgage-backed obligations | — |
| | 12 |
| | — |
| | 12 |
| Equity securities: | | | | | | | | United States companies | 73 |
| | — |
| | — |
| | 73 |
| Investment funds(2) | 96 |
| | — |
| | — |
| | 96 |
| Total assets measured at fair value | $ | 180 |
| | $ | 67 |
| | $ | — |
| | $ | 247 |
|
| | (1) | Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 77% and 23%, respectively, for 2019 and 78% and 22%, respectively, for 2018. Additionally, these funds are invested in United States and international securities of approximately 42% and 58%, respectively, for 2019 and 41% and 59%, respectively, for 2018. |
The following table presents MidAmerican Energy's assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions): | | | | | | | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements | | | | | | | Level 1 | | Level 2 | | Level 3 | | Other(1) | | Total | As of December 31, 2019: | | | | | | | | | | | Assets: | | | | | | | | | | | Commodity derivatives | | $ | — |
| | $ | 2 |
| | $ | 1 |
| | $ | (1 | ) | | $ | 2 |
| Money market mutual funds(2) | | 274 |
| | — |
| | — |
| | — |
| | 274 |
| Debt securities: | | | | | | | | | | | United States government obligations | | 189 |
| | — |
| | — |
| | — |
| | 189 |
| International government obligations | | — |
| | 4 |
| | — |
| | — |
| | 4 |
| Corporate obligations | | — |
| | 58 |
| | — |
| | — |
| | 58 |
| Municipal obligations | | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Agency, asset and mortgage-backed obligations | | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Equity securities: | | | | | | | | | | | United States companies | | 336 |
| | — |
| | — |
| | — |
| | 336 |
| International companies | | 9 |
| | — |
| | — |
| | — |
| | 9 |
| Investment funds | | 15 |
| | — |
| | — |
| | — |
| | 15 |
| | | $ | 823 |
| | $ | 66 |
| | $ | 1 |
| | $ | (1 | ) | | $ | 889 |
| | | | | | | | | | | | Liabilities - commodity derivatives | | $ | — |
| | $ | (9 | ) | | $ | — |
| | $ | 2 |
| | $ | (7 | ) | | | | | | | | | | | | As of December 31, 2018 | | | | | | | | | | | Assets: | | | | | | | | | | | Commodity derivatives | | $ | — |
| | $ | 4 |
| | $ | 2 |
| | $ | (3 | ) | | $ | 3 |
| Money market mutual funds(2) | | 2 |
| | — |
| | — |
| | — |
| | 2 |
| Debt securities: | | | | | | | | | | | United States government obligations | | 187 |
| | — |
| | — |
| | — |
| | 187 |
| International government obligations | | — |
| | 4 |
| | — |
| | — |
| | 4 |
| Corporate obligations | | — |
| | 46 |
| | — |
| | — |
| | 46 |
| Municipal obligations | | — |
| | 2 |
| | — |
| | — |
| | 2 |
| Agency, asset and mortgage-backed obligations | | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Equity securities: | | | | | | | | | | | United States companies | | 256 |
| | — |
| | — |
| | — |
| | 256 |
| International companies | | 6 |
| | — |
| | — |
| | — |
| | 6 |
| Investment funds | | 10 |
| | — |
| | — |
| | — |
| | 10 |
| | | $ | 461 |
| | $ | 57 |
| | $ | 2 |
| | $ | (3 | ) | | $ | 517 |
| Liabilities: | | | | | | | | | | | Commodity derivatives | | $ | — |
| | $ | (4 | ) | | $ | (2 | ) | | $ | 3 |
| | $ | (3 | ) | Interest rate derivatives(3) | | $ | — |
| | $ | (19 | ) | | $ | — |
| | $ | — |
| | $ | (19 | ) | | | $ | — |
| | $ | (23 | ) | | $ | (2 | ) | | $ | 3 |
| | $ | (22 | ) |
| | (1) | Represents netting under master netting arrangements and a net cash collateral receivable of $1 million and $- million as of December 31, 2019 and 2018, respectively. |
| | (2) | Amounts are included in cash and cash equivalents and investments and restricted investments on the Balance Sheets. The fair value of these money market mutual funds approximates cost. |
| | (3) | The interest rate derivatives were interest rate locks related to MidAmerican Energy's January 2019 issuance of first mortgage bonds. |
|
| Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt as of December 31 (in millions): | | | | | | | | | | | | | | | | | | 2019 | | 2018 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | | | | | | | | Long-term debt | $ | 7,208 |
| | $ | 8,283 |
| | $ | 5,379 |
| | $ | 5,644 |
|
|
| MidAmerican Funding, LLC and Subsidiaries [Domain] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table presents the carrying value and estimated fair value of MidAmerican Funding's long-term debt as of December 31 (in millions): | | | | | | | | | | | | | | | | | | 2019 | | 2018 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | | | | | | | | Long-term debt | $ | 7,448 |
| | $ | 8,599 |
| | $ | 5,619 |
| | $ | 5,941 |
|
|
| Nevada Power Company [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table presents Nevada Power's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions): | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements | | | | Level 1 | | Level 2 | | Level 3 | | Total | As of December 31, 2019: | | | | | | | | Assets: | | | | | | | | Commodity derivatives | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Money market mutual funds(1) | 10 |
| | — |
| | — |
| | 10 |
| Investment funds | 2 |
| | — |
| | — |
| | 2 |
| | $ | 12 |
| | $ | — |
| | $ | — |
| | $ | 12 |
| | | | | | | | | Liabilities - commodity derivatives | $ | — |
| | $ | — |
| | $ | (8 | ) | | $ | (8 | ) | | | | | | | | | As of December 31, 2018: | | | | | | | | Assets: | | | | | | | | Commodity derivatives | $ | — |
| | $ | — |
| | $ | 7 |
| | $ | 7 |
| Money market mutual funds(1) | 104 |
| | — |
| | — |
| | 104 |
| Investment funds | 1 |
| | — |
| | — |
| | 1 |
| | $ | 105 |
| | $ | — |
| | $ | 7 |
| | $ | 112 |
| | | | | | | | | Liabilities - commodity derivatives | $ | — |
| | $ | — |
| | $ | (4 | ) | | $ | (4 | ) |
| | (1) | Amounts are included in cash and cash equivalents on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost. |
|
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
The following table reconciles the beginning and ending balances of Nevada Power's net commodity derivative assets or liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions): | | | | | | | | | | | | | | | | 2019 | | 2018 | | 2017 | Beginning balance | | $ | 3 |
| | $ | (3 | ) | | $ | (14 | ) | Changes in fair value recognized in regulatory assets or liabilities | | (21 | ) | | 4 |
| | (3 | ) | Settlements | | 10 |
| | 2 |
| | 14 |
| Ending balance | | $ | (8 | ) | | $ | 3 |
| | $ | (3 | ) |
|
| Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table presents the carrying value and estimated fair value of Nevada Power's long-term debt as of December 31 (in millions): | | | | | | | | | | | | | | | | | | 2019 | | 2018 | | Carrying | | Fair | | Carrying | | Fair | | Value | | Value | | Value | | Value | | | | | | | | | Long-term debt | $ | 2,351 |
| | $ | 2,848 |
| | $ | 2,353 |
| | $ | 2,651 |
|
|
| Sierra Pacific Power Company [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table presents Sierra Pacific's assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):
| | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements | | | | Level 1 | | Level 2 | | Level 3 | | Total | As of December 31, 2019: | | | | | | | | Assets - money market mutual funds(1) | $ | 25 |
| | $ | — |
| | $ | — |
| | $ | 25 |
| | | | | | | | | Liabilities - commodity derivatives | $ | — |
| | $ | — |
| | $ | (1 | ) | | $ | (1 | ) | | | | | | | | | As of December 31, 2018: | | | | | | | | Assets: | | | | | | | | Commodity derivatives | $ | — |
| | $ | — |
| | $ | 2 |
| | $ | 2 |
| Money market mutual funds(1) | 45 |
| | — |
| | — |
| | 45 |
| | $ | 45 |
| | $ | — |
| | $ | 2 |
| | $ | 47 |
|
| | (1) | Amounts are included in cash and cash equivalents on the Balance Sheets. The fair value of these money market mutual funds approximates cost. |
|
| Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table presents the carrying value and estimated fair value of Sierra Pacific's long-term debt as of December 31 (in millions): | | | | | | | | | | | | | | | | | | 2019 | | 2018 | | Carrying | | Fair | | Carrying | | Fair | | Value | | Value | | Value | | Value | | | | | | | | | Long-term debt | $ | 1,135 |
| | $ | 1,258 |
| | $ | 1,120 |
| | $ | 1,167 |
|
|