Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost (credit) for the plans included the following components for the years ended December 31 (in millions):

	Pension						Other Postretirement
	2022		2021		2020		2022		2021		2020
Service cost	$	22	$	30	$	17	$	11	$	12	$	7
Interest cost	83		78		93		20		19		21
Expected return on plan assets	(108)		(134)		(140)		(29)		(22)		(34)
Curtailment	(10)		—		—		—		—		—
Settlement	17		3		—		—		—		—
Net amortization	19		25		32		(1)		(3)		(4)
Net periodic benefit cost (credit)	$	23	$	2	$	2	$	1	$	6	$	(10)

Net periodic benefit (credit) cost for the UK Plan included the following components for the years ended December 31 (in millions):

	2022		2021		2020
Service cost	$	14	$	16	$	16
Interest cost	35		31		40
Expected return on plan assets	(92)		(111)		(101)
Settlement	—		10		17
Net amortization	24		55		43
Net periodic benefit (credit) cost	$	(19)	$	1	$	15

Changes in Fair Value of Plan Assets

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Plan assets at fair value, beginning of year	$	2,795	$	2,824	$	769	$	744
Employer contributions	14		13		8		14
Participant contributions	—		—		8		9
Actual return on plan assets	(491)		234		(122)		53
Settlement	(164)		(134)		—		—
Benefits paid	(141)		(142)		(49)		(51)
Plan assets at fair value, end of year	$	2,013	$	2,795	$	614	$	769

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):

	2022		2021
Plan assets at fair value, beginning of year	$	2,363	$	2,334
Employer contributions	15		28
Participant contributions	1		1
Actual return on plan assets	(671)		148
Settlement	—		(51)
Benefits paid	(109)		(72)
Foreign currency exchange rate changes	(236)		(25)
Plan assets at fair value, end of year	$	1,363	$	2,363

Changes in Projected Benefit Obligations

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Benefit obligation, beginning of year	$	2,777	$	3,077	$	714	$	758
Service cost	22		30		11		12
Interest cost	83		78		20		19
Participant contributions	—		—		8		9
Actuarial (gain) loss	(524)		(132)		(155)		(35)
Amendment	(3)		—		20		2
Curtailment	(10)		—		—		—
Settlement	(164)		(134)		—		—
Benefits paid	(141)		(142)		(49)		(51)
Benefit obligation, end of year	$	2,040	$	2,777	$	569	$	714
Accumulated benefit obligation, end of year	$	2,003	$	2,713

The following table is a reconciliation of the benefit obligation for the years ended December 31 (in millions):

	2022		2021
Benefit obligation, beginning of year	$	2,003	$	2,205
Service cost	14		16
Interest cost	35		31
Participant contributions	1		1
Actuarial gain	(596)		(105)
Settlement	—		(51)
Amendment	27		—
Benefits paid	(109)		(72)
Foreign currency exchange rate changes	(200)		(22)
Benefit obligation, end of year	$	1,175	$	2,003
Accumulated benefit obligation, end of year	$	1,060	$	1,778

Schedule of Net Funded Status

The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Plan assets at fair value, end of year	$	2,013	$	2,795	$	614	$	769
Benefit obligation, end of year	2,040		2,777		569		714
Funded status	$	(27)	$	18	$	45	$	55
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	125	$	204	$	52	$	60
Other current liabilities	(13)		(13)		—		—
Other long-term liabilities	(139)		(173)		(7)		(5)
Amounts recognized	$	(27)	$	18	$	45	$	55

Benefit Obligations in Excess of Fair Value of Plan Assets

The fair value of plan assets, projected benefit obligation and accumulated benefit obligation for (1) pension and other postretirement benefit plans with a projected benefit obligation in excess of the fair value of plan assets and (2) pension plans with an accumulated benefit obligation in excess of the fair value of plan assets as of December 31 are as follows (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Fair value of plan assets	$	490	$	—	$	240	$	137
Projected benefit obligation	$	643	$	186	$	247	$	142
Fair value of plan assets	$	—	$	—
Accumulated benefit obligation	$	142	$	185

The funded status of the UK Plan and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):

	2022		2021
Plan assets at fair value, end of year	$	1,363	$	2,363
Benefit obligation, end of year	1,175		2,003
Funded status	$	188	$	360
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	188	$	360

Net Periodic Benefit Costs Not Yet Recognized

The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Net loss (gain)	$	365	$	343	$	(38)	$	(34)
Prior service (credit) cost	(4)		(1)		21		(1)
Regulatory deferrals	29		11		1		2
Total	$	390	$	353	$	(16)	$	(33)

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2022 and 2021 is as follows (in millions):

					Accumulated
					Other
	Regulatory		Regulatory		Comprehensive
	Asset		Liability		Loss		Total
Pension
Balance, December 31, 2020	$	600	$	(20)	$	33	$	613
Net gain arising during the year	(177)		(44)		(10)		(231)
Settlement	(9)		5		—		(4)
Net amortization	(24)		—		(1)		(25)
Total	(210)		(39)		(11)		(260)
Balance, December 31, 2021	390		(59)		22		353
Net loss (gain) arising during the year	58		38		(20)		76
Net prior service credit arising during the year	—		(3)		—		(3)
Settlement	(13)		(4)		—		(17)
Net amortization	(17)		—		(2)		(19)
Total	28		31		(22)		37
Balance, December 31, 2022	$	418	$	(28)	$	—	$	390

					Accumulated
					Other
	Regulatory		Regulatory		Comprehensive
	Asset		Liability		Loss		Total
Other Postretirement
Balance, December 31, 2020	$	47	$	(23)	$	4	$	28
Net gain arising during the year	(40)		(22)		(3)		(65)
Net prior service cost arising during the year	1		—		—		1
Net amortization	3		—		—		3
Total	(36)		(22)		(3)		(61)
Balance, December 31, 2021	11		(45)		1		(33)
Net loss (gain) arising during the year	20		(20)		(4)		(4)
Net prior service cost arising during the year	11		8		1		20
Net amortization	3		(2)		—		1
Total	34		(14)		(3)		17
Balance, December 31, 2022	$	45	$	(59)	$	(2)	$	(16)

The portion of the funded status of the UK Plan not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):

	2022		2021
Net loss	$	499	$	400
Prior service cost	30		5
Total	$	529	$	405

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost, which are included in accumulated other comprehensive loss on the Consolidated Balance Sheets, for the years ended December 31 is as follows (in millions):

	2022		2021
Balance, beginning of year	$	405	$	618
Net loss (gain) arising during the year	167		(143)
Net prior service cost arising during the year	27		—
Settlement	—		(10)
Net amortization	(24)		(55)
Foreign currency exchange rate changes	(46)		(5)
Total	124		(213)
Balance, end of year	$	529	$	405

Plan Assumptions

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

	Pension						Other Postretirement
	2022		2021		2020		2022		2021		2020
Benefit obligations as of December 31:
Discount rate	5.65	%	2.98	%	2.60	%	4.54	%	2.95	%	2.59	%
Rate of compensation increase	3.00	%	2.75	%	2.75	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan
2020	N/A		N/A		2.44	%	N/A		N/A		N/A
2021	N/A		2.45	%	2.25	%	N/A		N/A		N/A
2022	3.25	%	2.56	%	2.25	%	N/A		N/A		N/A
2023	4.25	%	2.56	%	2.65	%	N/A		N/A		N/A
2024	4.25	%	2.83	%	2.65	%	N/A		N/A		N/A
2025 and beyond	3.65	%	2.83	%	2.65	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	2.98	%	2.60	%	3.32	%	2.95	%	2.59	%	3.24	%
Expected return on plan assets	4.30	%	5.39	%	5.94	%	4.20	%	3.35	%	5.42	%
Rate of compensation increase	2.75	%	2.75	%	2.75	%	N/A		N/A		N/A
Interest crediting rate for cash balance plan	3.25	%	2.45	%	2.44	%	N/A		N/A		N/A

In establishing its assumption as to the expected return on plan assets, the Company utilizes the asset allocation and return assumptions for each asset class based on historical performance and forward-looking views of the financial markets.

	2022		2021
Assumed healthcare cost trend rates as of December 31:
Healthcare cost trend rate assumed for next year	6.50	%	6.00	%
Rate that the cost trend rate gradually declines to	5.00	%	5.00	%
Year that the rate reaches the rate it is assumed to remain at	2028		2025

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

	2022		2021		2020
Benefit obligations as of December 31:
Discount rate	4.80	%	1.95	%	1.40	%
Rate of compensation increase	3.20	%	3.45	%	3.05	%
Rate of future price inflation	2.95	%	2.95	%	2.55	%
Net periodic benefit cost for the years ended December 31:
Discount rate	1.95	%	1.40	%	2.10	%
Expected return on plan assets	4.40	%	4.85	%	5.00	%
Rate of compensation increase	3.45	%	3.05	%	3.30	%
Rate of future price inflation	2.95	%	2.55	%	2.80	%

Expected Benefit Payments

The expected benefit payments to participants in the Company's pension and other postretirement benefit plans for 2023 through 2027 and for the five years thereafter are summarized below (in millions):

	Projected Benefit
	Payments
			Other
	Pension		Postretirement
2023	$	192	$	53
2024	184		53
2025	180		53
2026	177		52
2027	172		52
2028-2032	782		235

Employer contributions to the UK Plan are expected to be £11 million during 2023. The expected benefit payments to participants in the UK Plan for 2023 through 2027 and for the five years thereafter, excluding lump sum settlement elections and using the foreign currency exchange rate as of December 31, 2022, are summarized below (in millions):

2023	$	67
2024	69
2025	70
2026	72
2027	74
2028-2032	398

Allocation of Plan Assets

The target allocations (percentage of plan assets) for the Company's pension and other postretirement benefit plan assets are as follows as of December 31, 2022:

		Other
	Pension	Postretirement
	%	%
PacifiCorp:
Debt securities(1)	73	77
Equity securities(1)	22	23
Limited partnership interests	5	0
MidAmerican Energy:
Debt securities(1)	40-70	20-40
Equity securities(1)	35-60	60-80
Other	0-15	0-5
NV Energy:
Debt securities(1)	65-80	68-89
Equity securities(1)	20-35	11-32

(1)For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.

The target allocations (percentage of plan assets) for the UK Plan assets are as follows as of December 31, 2022:

	%
Debt securities(1)	60-70
Equity securities(1)	10-20
Real estate funds and other	15-25

(1)For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds have been allocated based on the underlying investments in debt and equity securities.

Fair Value, Assets and Liabilities Measured on Recurring Basis

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, 2022:
Cash equivalents	$	—	$	51	$	51
Debt securities:
U.S. government obligations	109		—		109
Corporate obligations	—		613		613
Municipal obligations	—		43		43
Agency, asset and mortgage-backed obligations	—		81		81
Equity securities:
U.S. companies	198		—		198
International companies	1		—		1
Total assets in the fair value hierarchy	$	308	$	788	1,096
Investment funds(2) measured at net asset value					885
Limited partnership interests(3) measured at net asset value					32
Total assets measured at fair value					$	2,013
As of December 31, 2021:
Cash equivalents	$	—	$	64	$	64
Debt securities:
U.S. government obligations	142		—		142
Corporate obligations	—		912		912
Municipal obligations	—		66		66
Agency, asset and mortgage-backed obligations	—		93		93
Equity securities:
U.S. companies	135		—		135
Total assets in the fair value hierarchy	$	277	$	1,135	1,412
Investment funds(2) measured at net asset value					1,349
Limited partnership interests(3) measured at net asset value					34
Total assets measured at fair value					$	2,795

(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 53% and 47%, respectively, for 2022 and 54% and 46%, respectively, for 2021. Additionally, these funds are invested in U.S. and international securities of approximately 95% and 5%, respectively, for 2022 and 89% and 11%, respectively, for 2021.

(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, 2022:
Cash equivalents	$	15	$	9	$	24
Debt securities:
U.S. government obligations	8		—		8
Corporate obligations	—		52		52
Municipal obligations	—		35		35
Agency, asset and mortgage-backed obligations	—		49		49
Equity securities:
U.S. companies	7		—		7
Investment funds(2)	307		—		307
Total assets in the fair value hierarchy	$	337	$	145	482
Investment funds(2) measured at net asset value					132
Limited partnership interests(3) measured at net asset value					—
Total assets measured at fair value					$	614
As of December 31, 2021:
Cash equivalents	$	12	$	4	$	16
Debt securities:
U.S. government obligations	27		—		27
Corporate obligations	—		85		85
Municipal obligations	—		43		43
Agency, asset and mortgage-backed obligations	—		38		38
Equity securities:
U.S. companies	4		—		4
Investment funds(2)	394		—		394
Total assets in the fair value hierarchy	$	437	$	170	607
Investment funds(2) measured at net asset value					161
Limited partnership interests(3) measured at net asset value					1
Total assets measured at fair value					$	769

(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 55% and 45%, respectively, for 2022 and 55% and 45%, respectively, for 2021. Additionally, these funds are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2022 and 88% and 12%, respectively, for 2021.

(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 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, 2022:
Cash equivalents	$	1	$	29	$	—	$	30
Debt securities:
United Kingdom government obligations	711		—		—		711
Equity securities:
Investment funds(2)	—		312		—		312
Real estate funds	—		—		214		214
Total	$	712	$	341	$	214	1,267
Investment funds(2) measured at net asset value							96
Total assets measured at fair value							$	1,363
As of December 31, 2021:
Cash equivalents	$	5	$	27	$	—	$	32
Debt securities:
United Kingdom government obligations	1,308		—		—		1,308
Equity securities:
Investment funds(2)	—		646		—		646
Real estate funds	—		—		269		269
Total	$	1,313	$	673	$	269	2,255
Investment funds(2) measured at net asset value							108
Total assets measured at fair value							$	2,363

(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 25% and 75%, respectively, for 2022 and 23% and 77%, respectively, for 2021.

The following table presents the Company's financial 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, 2022:
Assets:
Commodity derivatives	$	6	$	614	$	51	$	(194)	$	477
Interest rate derivatives	50		54		8		—		112
Mortgage loans held for sale	—		474		—		—		474
Money market mutual funds	1,178		—		—		—		1,178
Debt securities:
U.S. government obligations	2,146		—		—		—		2,146
International government obligations	—		1		—		—		1
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	360		—		—		—		360
International companies	3,771		—		—		—		3,771
Investment funds	231		—		—		—		231
	$	7,742	$	1,217	$	59	$	(194)	$	8,824
Liabilities:
Commodity derivatives	$	(8)	$	(206)	$	(110)	$	106	$	(218)
Foreign currency exchange rate derivatives	—		(21)		—		—		(21)
Interest rate derivatives	—		(2)		(2)		1		(3)
	$	(8)	$	(229)	$	(112)	$	107	$	(242)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2021:
Assets:
Commodity derivatives	$	5	$	271	$	73	$	(47)	$	302
Foreign currency exchange rate derivatives	—		3		—		—		3
Interest rate derivatives	1		3		20		—		24
Mortgage loans held for sale	—		1,263		—		—		1,263
Money market mutual funds	554		—		—		—		554
Debt securities:
U.S. government obligations	232		—		—		—		232
International government obligations	—		2		—		—		2
Corporate obligations	—		90		—		—		90
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		2		—		—		2
Equity securities:
U.S. companies	428		—		—		—		428
International companies	7,703		—		—		—		7,703
Investment funds	237		—		—		—		237
	$	9,160	$	1,637	$	93	$	(47)	$	10,843
Liabilities:
Commodity derivatives	$	(2)	$	(113)	$	(224)	$	73	$	(266)
Foreign currency exchange rate derivatives	—		(3)		—		—		(3)
Interest rate derivatives	—		(7)		(1)		—		(8)
	$	(2)	$	(123)	$	(225)	$	73	$	(277)

(1)Represents netting under master netting arrangements and a net cash collateral payable of $87 million and receivable of $26 million as of December 31, 2022 and 2021, respectively.

Level Three Defined Benefit Plan Assets Roll Forward

The following table reconciles the beginning and ending balances of the UK Plan assets measured at fair value using significant Level 3 inputs for the years ended December 31 (in millions):

	Real Estate Funds
	2022		2021		2020
Beginning balance	$	269	$	237	$	243
Actual return on plan assets still held at period end	(27)		35		(13)
Foreign currency exchange rate changes	(28)		(3)		7
Ending balance	$	214	$	269	$	237

PAC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost (credit) for the plans included the following components for the years ended December 31 (in millions):

	Pension						Other Postretirement
	2022		2021		2020		2022		2021		2020
Service cost	$	—	$	—	$	—	$	2	$	2	$	2
Interest cost	29		29		36		8		7		9
Expected return on plan assets	(42)		(51)		(56)		(11)		(9)		(14)
Settlement(1)	6		6		—		—		—		—
Net amortization	16		21		18		1		1		3
Net periodic benefit cost (credit)	$	9	$	5	$	(2)	$	—	$	1	$	—

(1)Pension amounts represent settlement losses of $24 million and $15 million net of deferrals of $18 million and $9 million during the years ended December 31, 2022 and 2021.

Changes in Fair Value of Plan Assets

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Plan assets at fair value, beginning of year	$	1,058	$	1,064	$	324	$	327
Employer contributions(1)	4		5		—		1
Participant contributions	—		—		5		6
Actual (loss) return on plan assets	(172)		109		(42)		14
Settlement(2)	(67)		(52)		—		—
Benefits paid	(65)		(68)		(23)		(24)
Plan assets at fair value, end of year	$	758	$	1,058	$	264	$	324

(1)Pension amounts represent employer contributions to the SERP.

(2)Benefits paid in the form of lump sum distributions that gave rise to the settlement accounting described above.

Changes in Projected Benefit Obligations

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Benefit obligation, beginning of year	$	1,048	$	1,202	$	288	$	307
Service cost	—		—		2		2
Interest cost	29		29		8		7
Participant contributions	—		—		5		6
Actuarial gain	(199)		(63)		(61)		(10)
Settlement(1)	(67)		(52)		—		—
Benefits paid	(65)		(68)		(23)		(24)
Benefit obligation, end of year	$	746	$	1,048	$	219	$	288
Accumulated benefit obligation, end of year	$	746	$	1,048

(1)Benefits paid in the form of lump sum distributions that gave rise to the settlement accounting described above.

Benefit Obligations in Excess of Fair Value of Plan Assets

The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Plan assets at fair value, end of year	$	758	$	1,058	$	264	$	324
Less - Benefit obligation, end of year	746		1,048		219		288
Funded status	$	12	$	10	$	45	$	36
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	53	$	63	$	45	$	36
Accrued employee expenses	(4)		(4)		—		—
Other long-term liabilities	(37)		(49)		—		—
Amounts recognized	$	12	$	10	$	45	$	36

Net Periodic Benefit Costs Not Yet Recognized

The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Net loss (gain)	$	273	$	298	$	(36)	$	(28)
Regulatory deferrals(1)	29		11		1		2
Total	$	302	$	309	$	(35)	$	(26)

(1)Pension amounts represent the unamortized portion of deferred settlement losses.

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2022 and 2021 is as follows (in millions):

			Accumulated
			Other
	Regulatory		Comprehensive
	Asset		Loss		Total
Pension
Balance, December 31, 2020	$	432	$	25	$	457
Net gain arising during the year	(120)		(1)		(121)
Net amortization	(20)		(1)		(21)
Settlement	(6)		—		(6)
Total	(146)		(2)		(148)
Balance, December 31, 2021	286		23		309
Net loss (gain) arising during the year	24		(9)		15
Net amortization	(14)		(2)		(16)
Settlement	(6)		—		(6)
Total	4		(11)		(7)
Balance, December 31, 2022	$	290	$	12	$	302

	Regulatory
	Liability
Other Postretirement
Balance, December 31, 2020	$	(10)
Net gain arising during the year	(15)
Net amortization	(1)
Total	(16)
Balance, December 31, 2021	(26)
Net gain arising during the year	(8)
Net amortization	(1)
Total	(9)
Balance, December 31, 2022	$	(35)

Plan Assumptions

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

	Pension						Other Postretirement
	2022		2021		2020		2022		2021		2020
Benefit obligations as of December 31:
Discount rate	5.55	%	2.90	%	2.50	%	5.50	%	2.90	%	2.50	%
Rate of compensation increase	N/A		N/A		N/A		N/A		N/A		N/A
Interest crediting rates for cash balance plan - non-union
2020	N/A		N/A		2.27	%	N/A		N/A		N/A
2021	N/A		0.82	%	0.82	%	N/A		N/A		N/A
2022	0.88	%	0.88	%	0.82	%	N/A		N/A		N/A
2023	4.73	%	0.88	%	2.00	%	N/A		N/A		N/A
2024	4.73	%	1.90	%	2.00	%	N/A		N/A		N/A
2025 and beyond	2.60	%	1.90	%	2.00	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan - union
2020	N/A		N/A		2.16	%	N/A		N/A		N/A
2021	N/A		1.42	%	1.42	%	N/A		N/A		N/A
2022	1.94	%	1.94	%	1.42	%	N/A		N/A		N/A
2023	3.55	%	1.94	%	2.40	%	N/A		N/A		N/A
2024	3.55	%	2.30	%	2.40	%	N/A		N/A		N/A
2025 and beyond	2.40	%	2.30	%	2.40	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	2.90	%	2.50	%	3.25	%	2.90	%	2.50	%	3.20	%
Expected return on plan assets	4.70		6.00		6.50		3.44		2.90		4.92

Expected Benefit Payments

The expected benefit payments to participants in PacifiCorp's pension and other postretirement benefit plans for 2023 through 2027 and for the five years thereafter are summarized below (in millions):

	Projected Benefit Payments
	Pension		Other Postretirement
2023	$	76	$	23
2024	73		22
2025	70		21
2026	67		20
2027	64		20
2028-2032	277		87

Allocation of Plan Assets

The target allocations (percentage of plan assets) for PacifiCorp's pension and other postretirement benefit plan assets are as follows as of December 31, 2022:

	Pension(1)	Other Postretirement(1)
	%	%
Debt securities(2)	73	77
Equity securities(2)	22	23
Other	5	0

(1)The trust in which the PacifiCorp Retirement Plan is invested includes a separate account that is used to fund benefits for the other postretirement benefit plan. In addition to this separate account, the assets for the other postretirement benefit plan are held in Voluntary Employees' Beneficiary Association ("VEBA") trusts, each of which has its own investment allocation strategies. Target allocations for the other postretirement benefit plan include the separate account of the Retirement Plan trust and the VEBA trusts.

(2)For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.

Fair Value, Assets and Liabilities Measured on Recurring Basis

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, 2022:
Cash equivalents	$	—	$	10	$	—	$	10
Debt securities:
U.S. government obligations	41		—		—		41
Corporate obligations	—		211		—		211
Municipal obligations	—		15		—		15
Agency, asset and mortgage-backed obligations	—		34		—		34
Equity securities:
U.S. companies	69		—		—		69
Total assets in the fair value hierarchy	$	110	$	270	$	—	$	380
Investment funds(2) measured at net asset value							346
Limited partnership interests(3) measured at net asset value							32
Investments at fair value							$	758
As of December 31, 2021:
Cash equivalents	$	—	$	15	$	—	$	15
Debt securities:
U.S. government obligations	51		—		—		51
Corporate obligations	—		299		—		299
Municipal obligations	—		22		—		22
Agency, asset and mortgage-backed obligations	—		38		—		38
Equity securities:
U.S. companies	61		—		—		61
Total assets in the fair value hierarchy	$	112	$	374	$	—	$	486
Investment funds(2) measured at net asset value							538
Limited partnership interests(3) measured at net asset value							34
Investments at fair value							$	1,058

(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 50% and 50%, respectively, for 2022 and 59% and 41%, respectively, for 2021, and are invested in U.S. and international securities of approximately 90% and 10%, respectively, for 2022 and 84% and 16%, respectively, for 2021.

(3)Limited partnership interests include several funds that invest primarily in real estate.

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, 2022:
Cash and cash equivalents	$	5	$	5	$	—	$	10
Debt securities:
U.S. government obligations	6		—		—		6
Corporate obligations	—		49		—		49
Municipal obligations	—		13		—		13
Agency, asset and mortgage-backed obligations	—		47		—		47
Equity securities:
U.S. companies	7		—		—		7
Total assets in the fair value hierarchy	$	18	$	114	$	—	132
Investment funds(2) measured at net asset value							132
Limited partnership interests(3) measured at net asset value							—
Investments at fair value							$	264
As of December 31, 2021:
Cash and cash equivalents	$	4	$	1	$	—	$	5
Debt securities:
U.S. government obligations	24		—		—		24
Corporate obligations	—		79		—		79
Municipal obligations	—		15		—		15
Agency, asset and mortgage-backed obligations	—		35		—		35
Equity securities:
U.S. companies	4		—		—		4
Total assets in the fair value hierarchy	$	32	$	130	$	—	162
Investment funds(2) measured at net asset value							161
Limited partnership interests(3) measured at net asset value							1
Investments at fair value							$	324

(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 41% and 59%, respectively, for 2022 and 39% and 61%, respectively, for 2021, and are invested in U.S. and international securities of approximately 91% and 9%, respectively, for 2022 and 90% and 10%, respectively, for 2021.

(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 financial 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, 2022:
Assets:
Commodity derivatives	$	—	$	318	$	—	$	(119)	$	199
Money market mutual funds	649		—		—		—		649
Investment funds	23		—		—		—		23
	$	672	$	318	$	—	$	(119)	$	871
Liabilities - Commodity derivatives	$	—	$	(48)	$	—	$	41	$	(7)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	104	$	—	$	(8)	$	96
Money market mutual funds	181		—		—		—		181
Investment funds	27		—		—		—		27
	$	208	$	104	$	—	$	(8)	$	304
Liabilities - Commodity derivatives	$	—	$	(51)	$	—	$	13	$	(38)

(1)Represents netting under master netting arrangements and a net cash collateral payable of $78 million and a net cash collateral receivable of $5 million as of December 31, 2022 and 2021, respectively. As December 31, 2022, PacifiCorp had an additional $12 million cash collateral payable that was not required to be netted against total derivatives.

Schedule of Multiemployer Plans

The following table presents PacifiCorp's participation in individually significant joint trustee and multiemployer pension plans for the years ended December 31 (dollars in millions):

		PPA of 2006 zone status or plan funded status percentage for plan years beginning July 1,					Contributions
Plan name	Employer Identification Number	2022	2021	2020	Funding improvement plan	Surcharge imposed under PPA of 2006	2022		2021		2020		Year contributions to plan exceeded more than 5% of total contributions
Local 57 Trust Fund	87-0640888	At least 80%	At least 80%	At least 80%	None	None	$	6	$	6	$	6	2022, 2021, 2020

MEC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost (credit) for the plans of MidAmerican Energy and the aforementioned affiliates included the following components for the years ended December 31 (in millions):

	Pension						Other Postretirement
	2022		2021		2020		2022		2021		2020
Service cost	$	15	$	20	$	8	$	8	$	9	$	4
Interest cost	23		22		25		8		8		7
Expected return on plan assets	(27)		(37)		(40)		(14)		(10)		(14)
Curtailment	(10)		—		—		—		—		—
Settlement	4		(5)		—		—		—		—
Net amortization	1		1		1		(2)		(4)		(5)
Net periodic benefit cost (credit)	$	6	$	1	$	(6)	$	—	$	3	$	(8)

Changes in Fair Value of Plan Assets

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Plan assets at fair value, beginning of year	$	704	$	718	$	308	$	278
Employer contributions	7		8		3		10
Participant contributions	—		—		1		1
Actual return on plan assets	(130)		58		(58)		34
Settlement	(57)		(46)		—		—
Benefits paid	(34)		(34)		(14)		(15)
Plan assets at fair value, end of year	$	490	$	704	$	240	$	308

Changes in Projected Benefit Obligations

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Benefit obligation, beginning of year	$	781	$	845	$	285	$	304
Service cost	15		20		8		9
Interest cost	23		22		8		8
Participant contributions	—		—		1		1
Actuarial (gain) loss	(129)		(25)		(64)		(18)
Amendment	(3)		—		19		1
Curtailment	(10)		—		—		—
Settlement	(57)		(46)		—		—
Acquisition	—		(1)		—		(5)
Benefits paid	(34)		(34)		(14)		(15)
Benefit obligation, end of year	$	586	$	781	$	243	$	285
Accumulated benefit obligation, end of year	$	551	$	721

Benefit Obligations in Excess of Fair Value of Plan Assets

The funded status of the plans and the amounts recognized on the Balance Sheets as of December 31 are as follows (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Plan assets at fair value, end of year	$	490	$	704	$	240	$	308
Less - Benefit obligation, end of year	586		781		243		285
Funded status	$	(96)	$	(77)	$	(3)	$	23
Amounts recognized on the Balance Sheets:
Other assets	$	—	$	34	$	—	$	23
Other current liabilities	(8)		(7)		—		—
Other long-term liabilities	(88)		(104)		(3)		—
Amounts recognized	$	(96)	$	(77)	$	(3)	$	23

Net Periodic Benefit Costs Not Yet Recognized

The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):

	Pension				Other Postretirement
	2022		2021		2022		2021
Net loss (gain)	$	(4)	$	(25)	$	11	$	2
Prior service cost (credit)	(3)		—		19		(3)
Total	$	(7)	$	(25)	$	30	$	(1)

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2022 and 2021 is as follows (in millions):

	Regulatory Asset		Regulatory Liability		Receivables (Payables) with Affiliates		Total
Pension
Balance, December 31, 2020	$	21	$	(20)	$	17	$	18
Net loss (gain) arising during the year	2		(40)		(9)		(47)
Settlement	—		5		—		5
Net amortization	(1)		—		—		(1)
Total	1		(35)		(9)		(43)
Balance, December 31, 2021	22		(55)		8		(25)
Net loss (gain) arising during the year	(7)		58		(25)		26
Net prior service cost (credit) arising during the year	—		—		(3)		(3)
Settlement	—		(4)		—		(4)
Net amortization	(1)		—		—		(1)
Total	(8)		54		(28)		18
Balance, December 31, 2022	$	14	$	(1)	$	(20)	$	(7)

	Regulatory Asset		Receivables (Payables) with Affiliates		Total
Other Postretirement
Balance, December 31, 2020	$	45	$	(9)	$	36
Net loss (gain) arising during the year	(29)		(13)		(42)
Net prior service cost (credit) arising during the year	1		—		1
Net amortization	3		1		4
Total	(25)		(12)		(37)
Balance, December 31, 2021	20		(21)		(1)
Net loss (gain) arising during the year	10		(1)		9
Net prior service cost (credit) arising during the year	—		19		19
Net amortization	3		—		3
Total	13		18		31
Balance, December 31, 2022	$	33	$	(3)	$	30

Plan Assumptions

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

	Pension						Other Postretirement
	2022		2021		2020		2022		2021		2020
Benefit obligations as of December 31:
Discount rate	5.70	%	3.05	%	2.75	%	5.60	%	2.95	%	2.65	%
Rate of compensation increase	3.00	%	2.75	%	2.75	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan
2020	N/A		N/A		2.27	%	N/A		N/A		N/A
2021	N/A		1.19	%	0.99	%	N/A		N/A		N/A
2022	3.74	%	1.19	%	0.99	%	N/A		N/A		N/A
2023	3.74	%	1.19	%	0.99	%	N/A		N/A		N/A
2024	3.74	%	1.19	%	0.99	%	N/A		N/A		N/A
2025 and beyond	3.74	%	1.19	%	0.99	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	3.05	%	2.75	%	3.40	%	2.95	%	2.65	%	3.20	%
Expected return on plan assets(1)	4.30	%	5.60	%	6.25	%	5.30	%	4.00	%	6.00	%
Rate of compensation increase	2.75	%	2.75	%	2.75	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan	3.74	%	1.19	%	2.27	%	N/A		N/A		N/A

(1)Amounts reflected are pretax values. Assumed after-tax returns for a taxable, non-union other postretirement plan were 4.21% for 2022, 2.39% for 2021 and 4.62% for 2020.

In establishing its assumption as to the expected return on plan assets, MidAmerican Energy utilizes the asset allocation and return assumptions for each asset class based on historical performance and forward-looking views of the financial markets.

	2022		2021
Assumed healthcare cost trend rates as of December 31:
Healthcare cost trend rate assumed for next year	6.50	%	5.90	%
Rate that the cost trend rate gradually declines to	5.00	%	5.00	%
Year that the rate reaches the rate it is assumed to remain at	2028		2025

Expected Benefit Payments

Net periodic benefit costs assigned to MidAmerican Energy affiliates are reimbursed currently in accordance with its intercompany administrative services agreement. The expected benefit payments to participants in MidAmerican Energy's pension and other postretirement benefit plans for 2023 through 2027 and for the five years thereafter are summarized below (in millions):

	Projected Benefit Payments
	Pension		Other Postretirement
2023	$	59	$	21
2024	54		22
2025	53		23
2026	53		23
2027	51		23
2028-2032	231		105

Allocation of Plan Assets

The target allocations (percentage of plan assets) for MidAmerican Energy's pension and other postretirement benefit plan assets are as follows as of December 31, 2022:

	Pension	Other Postretirement
	%	%
Debt securities(1)	40-70	20-40
Equity securities(1)	35-60	60-80
Other	0-15	0-5

(1)For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.

Fair Value, Assets and Liabilities Measured on Recurring Basis

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, 2022:
Cash equivalents	$	—	$	15	$	—	$	15
Debt securities:
U.S. government obligations	22		—		—		22
Corporate obligations	—		135		—		135
Municipal obligations	—		10		—		10
Agency, asset and mortgage-backed obligations	—		13		—		13
Equity securities:
U.S. companies	71		—		—		71
International companies	1		—		—		1
Total assets in the fair value hierarchy	$	94	$	173	$	—	267
Investment funds(2) measured at net asset value							223
Total assets measured at fair value							$	490
As of December 31, 2021:
Cash equivalents	$	—	$	27	$	—	$	27
Debt securities:
U.S. government obligations	33		—		—		33
Corporate obligations	—		242		—		242
Municipal obligations	—		18		—		18
Agency, asset and mortgage-backed obligations	—		17		—		17
Equity securities:
U.S. companies	35		—		—		35
Total assets in the fair value hierarchy	$	68	$	304	$	—	372
Investment funds(2) measured at net asset value							332
Total assets measured at fair value							$	704

(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 55% and 45%, respectively, for 2022 and 56% and 44%, respectively, for 2021. Additionally, these funds are invested in U.S. and international securities of approximately 97% and 3%, respectively, for 2022 and 90% and 10%, respectively, for 2021.

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, 2022:
Cash equivalents	$	10	$	—	$	—	$	10
Debt securities:
U.S. government obligations	2		—		—		2
Corporate obligations	—		3		—		3
Municipal obligations	—		22		—		22
Agency, asset and mortgage-backed obligations	—		2		—		2
Equity securities:
Investment funds(2)	201		—		—		201
Total assets measured at fair value	$	213	$	27	$	—	$	240
As of December 31, 2021:
Cash equivalents	$	8	$	—	$	—	$	8
Debt securities:
U.S. government obligations	3		—		—		3
Corporate obligations	—		6		—		6
Municipal obligations	—		28		—		28
Agency, asset and mortgage-backed obligations	—		3		—		3
Equity securities:
Investment funds(2)	260		—		—		260
Total assets measured at fair value	$	271	$	37	$	—	$	308

(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 82% and 18%, respectively, for 2022 and 2021. Additionally, these funds are invested in U.S. and international securities of approximately 82% and 18%, respectively, for 2022 and for 2021.

The following table presents MidAmerican Energy's financial 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, 2022:
Assets:
Commodity derivatives	$	1	$	37	$	6	$	(10)	$	34
Money market mutual funds	225		—		—		—		225
Debt securities:
U.S. government obligations	215		—		—		—		215
International government obligations	—		1		—		—		1
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	360		—		—		—		360
International companies	8		—		—		—		8
Investment funds	16		—		—		—		16
	$	825	$	112	$	6	$	(10)	$	933
Liabilities - commodity derivatives	$	—	$	(12)	$	(1)	$	10	$	(3)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	32	$	3	$	(7)	$	28
Money market mutual funds	228		—		—		—		228
Debt securities:
U.S. government obligations	232		—		—		—		232
International government obligations	—		2		—		—		2
Corporate obligations	—		90		—		—		90
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		2		—		—		2
Equity securities:
U.S. companies	428		—		—		—		428
International companies	10		—		—		—		10
Investment funds	18		—		—		—		18
	$	916	$	129	$	3	$	(7)	$	1,041
Liabilities - commodity derivatives	$	—	$	(6)	$	(8)	$	12	$	(2)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $— million and $5 million as of December 31, 2022 and 2021, respectively.

MidAmerican Funding, LLC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Pension and postretirement costs allocated by MidAmerican Funding to its parent and other affiliates in each of the years ended December 31, were as follows (in millions):

	2022		2021		2020
Pension costs	$	8	$	21	$	7
Other postretirement costs	1		2		(3)

NPC

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Nevada Power's financial 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, 2022:
Assets:
Commodity derivatives	$	—	$	—	$	23	$	23
Money market mutual funds	34		—		—		34
Investment funds	3		—		—		3
	$	37	$	—	$	23	$	60
Liabilities - commodity derivatives	$	—	$	—	$	(75)	$	(75)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	—	$	4	$	4
Money market mutual funds	34		—		—		34
Investment funds	3		—		—		3
	$	37	$	—	$	4	$	41
Liabilities - commodity derivatives	$	—	$	—	$	(117)	$	(117)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following as of December 31 (in millions):

	2022		2021
Qualified Pension Plan -
Other non-current assets	$	27	$	42
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(6)		(8)
Other Postretirement Plans -
Other non-current assets	7		8

SPPC

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Sierra Pacific's financial 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, 2022:
Assets:
Commodity derivatives	$	—	$	—	$	8	$	8
Money market mutual funds	49		—		—		49
Investment funds	1		—		—		1
	$	50	$	—	$	8	$	58
Liabilities - commodity derivatives	$	—	$	—	$	(21)	$	(21)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	—	$	2	$	2
Money market mutual funds	10		—		—		10
Investment funds	1		—		—		1
	$	11	$	—	$	2	$	13
Liabilities - commodity derivatives	$	—	$	—	$	(35)	$	(35)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following as of December 31 (in millions):

	2022		2021
Qualified Pension Plan -
Other non-current assets	$	43	$	62
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(5)		(7)
Other Postretirement Plans -
Other long-term liabilities	(2)		(10)

EEGH

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit credit for the plans included the following components for the year ended December 31, 2020 (in millions):

	Pension		Other Postretirement
Service cost	$	5	$	1
Interest cost	8		4
Expected return on plan assets	(47)		(16)
Net amortization	5		(3)
Net periodic benefit credit	$	(29)	$	(14)

Plan Assumptions

Significant assumptions used to determine periodic credits for the year ended December 31, 2020:

	Pension		Other Postretirement
Discount rate	3.16% - 3.63%		3.44	%
Expected long-term rate of return on plan assets	8.60	%	8.50	%
Weighted average rate of increase for compensation	4.73	%	N/A
Healthcare cost trend rate			6.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			5.00	%
Year that the rate reached the ultimate trend rate			2026

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Eastern Energy Gas' financial 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, 2022
Assets:
Commodity derivative	$	—	$	1	$	—	$	1
Money market mutual funds	42		—		—		42
Equity securities:
Investment funds	14		—		—		14
	$	56	$	1	$	—	$	57
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(20)	$	—	$	(20)
	$	—	$	(20)	$	—	$	(20)
As of December 31, 2021
Assets:
Foreign currency exchange rate derivatives	$	—	$	3	$	—	$	3
Equity securities:
Investment funds	13		—		—		13
	$	13	$	3	$	—	$	16
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(3)	$	—	$	(3)
	$	—	$	(3)	$	—	$	(3)

EGTS

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net Periodic Benefit Credit

Net periodic benefit credit for the plans included the following components for the year ended December 31, 2020 (in millions):

	Pension		Other Postretirement
Service cost	$	5	$	1
Interest cost	8		4
Expected return on plan assets	(47)		(16)
Net amortization	3		(3)
Net periodic benefit credit	$	(31)	$	(14)

Plan Assumptions

Significant assumptions used to determine periodic credits for the year ended December 31, 2020:

	Pension		Other Postretirement
Discount rate	3.16% - 3.63%		3.44	%
Expected long-term rate of return on plan assets	8.60	%	8.50	%
Weighted average rate of increase for compensation	4.73	%	N/A
Healthcare cost trend rate			6.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			5.00	%
Year that the rate reached the ultimate trend rate			2026

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents EGTS' financial 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, 2022
Assets:
Commodity derivatives	$	—	$	1	$	—	$	1
Money market mutual funds	8		—		—		8
Equity securities:
Investment funds	14		—		—		14
	$	22	$	1	$	—	$	23
As of December 31, 2021
Assets:
Equity securities:
Investment funds	$	13	$	—	$	—	$	13
	$	13	$	—	$	—	$	13