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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
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 1Level 2Total
As of December 31, 2022:
Cash equivalents$— $51 $51 
Debt securities:
U.S. government obligations109 — 109 
Corporate obligations— 613 613 
Municipal obligations— 43 43 
Agency, asset and mortgage-backed obligations— 81 81 
Equity securities:
U.S. companies198 — 198 
International companies1 — 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 obligations142 — 142 
Corporate obligations— 912 912 
Municipal obligations— 66 66 
Agency, asset and mortgage-backed obligations— 93 93 
Equity securities:
U.S. companies135 — 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 1Level 2Total
As of December 31, 2022:
Cash equivalents$15 $9 $24 
Debt securities:
U.S. government obligations8 — 8 
Corporate obligations— 52 52 
Municipal obligations— 35 35 
Agency, asset and mortgage-backed obligations— 49 49 
Equity securities:
U.S. companies7 — 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 obligations27 — 27 
Corporate obligations— 85 85 
Municipal obligations— 43 43 
Agency, asset and mortgage-backed obligations— 38 38 
Equity securities:
U.S. companies4 — 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 1Level 2Level 3Total
As of December 31, 2022:
Cash equivalents$1 $29 $— $30 
Debt securities:
United Kingdom government obligations711 — — 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 obligations1,308 — — 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 1Level 2Level 3
Other(1)
Total
As of December 31, 2022:
Assets:
Commodity derivatives$6 $614 $51 $(194)$477 
Interest rate derivatives50 54 8 — 112 
Mortgage loans held for sale— 474 — — 474 
Money market mutual funds1,178 — — — 1,178 
Debt securities:
U.S. government obligations2,146 — — — 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. companies360 — — — 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 1Level 2Level 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 derivatives1 3 20 — 24 
Mortgage loans held for sale— 1,263 — — 1,263 
Money market mutual funds554 — — — 554 
Debt securities:
U.S. government obligations232 — — — 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. companies428 — — — 428 
International companies7,703 — — — 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 $26 million as of December 31, 2022 and 2021, respectively.
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions). Transfers out of Level 3 occur primarily due to increased price observability.
Commodity DerivativesInterest Rate Derivatives
202220212020202220212020
Beginning balance$(151)$116 $97 $19 $62 $14 
Changes included in earnings(1)
(85)(43)(10)(13)(43)48 
Changes in fair value recognized in OCI
9 (13)— — — — 
Changes in fair value recognized in net regulatory assets
(52)(118)(17)— — — 
Purchases3 (76)5 — — — 
Settlements171 (34)41 — — — 
Transfers out of Level 3 into Level 246 17 — — — — 
Ending balance$(59)$(151)$116 $6 $19 $62 

(1)Changes included in earnings for interest rate derivatives are reported net of amounts related to the satisfaction of the associated loan commitment.
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of the Company's long-term debt as of December 31 (in millions):
20222021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$51,635 $46,906 $49,762 $57,189 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements
Level 1(1)
Level 2(1)
Level 3(1)
Total
As of December 31, 2022:
Cash equivalents$— $10 $— $10 
Debt securities:
U.S. government obligations41 — — 41 
Corporate obligations— 211 — 211 
Municipal obligations— 15 — 15 
Agency, asset and mortgage-backed obligations— 34 — 34 
Equity securities:
U.S. companies69 — — 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 obligations51 — — 51 
Corporate obligations— 299 — 299 
Municipal obligations— 22 — 22 
Agency, asset and mortgage-backed obligations— 38 — 38 
Equity securities:
U.S. companies61 — — 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 obligations6 — — 6 
Corporate obligations— 49 — 49 
Municipal obligations— 13 — 13 
Agency, asset and mortgage-backed obligations— 47 — 47 
Equity securities:
U.S. companies7 — — 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 obligations24 — — 24 
Corporate obligations— 79 — 79 
Municipal obligations— 15 — 15 
Agency, asset and mortgage-backed obligations— 35 — 35 
Equity securities:
U.S. companies4 — — 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 1Level 2Level 3
Other(1)
Total
As of December 31, 2022:
Assets:
Commodity derivatives$— $318 $— $(119)$199 
Money market mutual funds649 — — — 649 
Investment funds23 — — — 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 funds181 — — — 181 
Investment funds27 — — — 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.
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt as of December 31 (in millions):
20222021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$9,666 $9,045 $8,730 $10,374 
MEC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Level 3Total
As of December 31, 2022:
Cash equivalents$— $15 $— $15 
Debt securities:
U.S. government obligations22 — — 22 
Corporate obligations— 135 — 135 
Municipal obligations— 10 — 10 
Agency, asset and mortgage-backed obligations— 13 — 13 
Equity securities:
U.S. companies71 — — 71 
International companies1 — — 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 obligations33 — — 33 
Corporate obligations— 242 — 242 
Municipal obligations— 18 — 18 
Agency, asset and mortgage-backed obligations— 17 — 17 
Equity securities:
U.S. companies35 — — 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 1Level 2Level 3Total
As of December 31, 2022:
Cash equivalents$10 $— $— $10 
Debt securities:
U.S. government obligations2 — — 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 obligations3 — — 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 1Level 2Level 3
Other(1)
Total
As of December 31, 2022:
Assets:
Commodity derivatives$1 $37 $6 $(10)$34 
Money market mutual funds225 — — — 225 
Debt securities:
U.S. government obligations215 — — — 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. companies360 — — — 360 
International companies8 — — — 8 
Investment funds16 — — — 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 funds228 — — — 228 
Debt securities:
U.S. government obligations232 — — — 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. companies428 — — — 428 
International companies10 — — — 10 
Investment funds18 — — — 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.
Fair Value of Derivative Asset (Liability) Reconciliation
The following table reconciles the beginning and ending balances of MidAmerican Energy's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

202220212020
Beginning balance$(5)$2 $1 
Changes in fair value recognized in net regulatory assets37 (2)2 
Settlements(27)(5)(1)
Ending balance$5 $(5)$2 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt as of December 31 (in millions):
20222021
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$7,729 $6,964 $7,721 $9,037 
MidAmerican Funding, LLC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of MidAmerican Funding's long-term debt as of December 31 (in millions):
20222021
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$7,969 $7,219 $7,961 $9,350 
NPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Nevada Power's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of December 31, 2022:
Assets:
Commodity derivatives$— $— $23 $23 
Money market mutual funds34 — — 34 
Investment funds3 — — 3 
$37 $— $23 $60 
Liabilities - commodity derivatives$— $— $(75)$(75)
As of December 31, 2021:
Assets:
Commodity derivatives$— $— $4 $4 
Money market mutual funds34 — — 34 
Investment funds3 — — 3 
$37 $— $4 $41 
Liabilities - commodity derivatives$— $— $(117)$(117)
Fair Value of Derivative Asset (Liability) Reconciliation
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):
202220212020
Beginning balance$(113)$15 $(8)
Changes in fair value recognized in regulatory assets or liabilities(68)(90)(17)
Settlements129 (38)40 
Ending balance$(52)$(113)$15 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Nevada Power's long-term debt as of December 31 (in millions):
20222021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,195 $3,114 $2,499 $3,067 
SPPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Sierra Pacific's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of December 31, 2022:
Assets:
Commodity derivatives$— $— $8 $8 
Money market mutual funds49 — — 49 
Investment funds1 — — 1 
$50 $— $8 $58 
Liabilities - commodity derivatives$— $— $(21)$(21)
As of December 31, 2021:
Assets:
Commodity derivatives$— $— $2 $2 
Money market mutual funds10 — — 10 
Investment funds1 — — 1 
$11 $— $2 $13 
Liabilities - commodity derivatives$— $— $(35)$(35)
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of Sierra Pacific'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):
202220212020
Beginning balance$(33)$7 $(1)
Changes in fair value recognized in regulatory assets or liabilities(21)(25)(2)
Settlements41 (15)10 
Ending balance$(13)$(33)$7 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Sierra Pacific's long-term debt as of December 31 (in millions):
20222021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,148 $1,111 $1,164 $1,316 
EEGH  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
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 1Level 2Level 3Total
As of December 31, 2022
Assets:
Commodity derivative$— $1 $— $1 
Money market mutual funds42 — — 42 
Equity securities:
Investment funds14 — — 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 funds13 — — 13 
$13 $3 $— $16 
Liabilities:
Foreign currency exchange rate derivatives$— $(3)$— $(3)
$— $(3)$— $(3)
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Eastern Energy Gas' long-term debt as of December 31 (in millions):
20222021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,892 $3,510 $3,906 $4,266 
EGTS  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
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 1Level 2Level 3Total
As of December 31, 2022
Assets:
Commodity derivatives$— $1 $— $1 
Money market mutual funds8 — — 8 
Equity securities:
Investment funds14 — — 14 
$22 $1 $— $23 
As of December 31, 2021
Assets:
Equity securities:
Investment funds$13 $— $— $13 
$13 $— $— $13 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of EGTS' long-term debt as of December 31 (in millions):
20222021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,582 $1,337 $1,581 $1,812