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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
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 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 June 30, 2023:
Assets:
Commodity derivatives$3 $195 $13 $(58)$153 
Interest rate derivatives53 57 12 — 122 
Mortgage loans held for sale— 834 — — 834 
Money market mutual funds1,539 — — — 1,539 
Debt securities:
U.S. government obligations3,902 — — — 3,902 
International government obligations— 1 — — 1 
Corporate obligations— 72 — — 72 
Municipal obligations— 3 — — 3 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
U.S. companies405 — — — 405 
International companies3,138 — — — 3,138 
Investment funds287 — — — 287 
 $9,327 $1,163 $25 $(58)$10,457 
Liabilities:     
Commodity derivatives$(6)$(98)$(187)$62 $(229)
Foreign currency exchange rate derivatives— (11)— — (11)
Interest rate derivatives— (1)(1)— (2)
$(6)$(110)$(188)$62 $(242)
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 companies3,771 — — — 3,771 
Investment funds231 — — — 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)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $4 million as of June 30, 2023 and payable of $87 million as of December 31, 2022.
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions). Transfers out of Level 3 occur primarily due to increased price observability.
 Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
InterestInterest
 CommodityRateCommodityRate
DerivativesDerivativesDerivativesDerivatives
2023:
Beginning balance$(150)$15 $(59)$6 
Changes included in earnings(1)
1 (4)10 5 
Changes in fair value recognized in OCI
— — (3)— 
Changes in fair value recognized in net regulatory assets
(85)— (183)— 
Settlements60 — 61 — 
Ending balance$(174)$11 $(174)$11 
2022:
Beginning balance$(239)$13 $(151)$19 
Changes included in earnings(1)
(26)8 (82)2 
Changes in fair value recognized in OCI
5 — 10 — 
Changes in fair value recognized in net regulatory assets
1 — (59)— 
Purchases1 — 1 — 
Settlements11 — 34 — 
Transfers out of Level 3 into Level 269 — 69 — 
Ending balance$(178)$21 $(178)$21 

(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 (in millions):
 As of June 30, 2023As of December 31, 2022
 CarryingFairCarryingFair
ValueValueValueValue
 
Long-term debt$51,622 $46,124 $51,635 $46,906 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents PacifiCorp's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
 Input Levels for Fair Value Measurements    
Level 1 Level 2 Level 3 
Other(1)
 Total
As of June 30, 2023:    
Assets:    
Commodity derivatives$— $68 $— $(17)$51 
Money market mutual funds598 — — — 598 
Investment funds29 — — — 29 
 $627 $68 $— $(17)$678 
Liabilities - Commodity derivatives$— $(59)$— $17 $(42)
As of December 31, 2022:
Assets:
Commodity derivatives$— $318 $— $(119)$199 
Money market mutual funds649 — — — 649 
Investment funds23 — — — 23 
$672 $318 $— $(119)$871 
Liabilities - Commodity derivatives$— $(48)$— $41 $(7)
(1)Represents netting under master netting arrangements and a net cash collateral of $— million and a net cash collateral payable of $78 million as of June 30, 2023 and December 31, 2022, respectively. As of 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
PacifiCorp's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of PacifiCorp's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of PacifiCorp's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt (in millions):
 As of June 30, 2023As of December 31, 2022
 CarryingFairCarryingFair
 ValueValueValueValue
     
Long-term debt$10,549 $9,406 $9,666 $9,045 
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 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 June 30, 2023:
Assets:
Commodity derivatives$2 $13 $2 $(8)$9 
Money market mutual funds460 — — — 460 
Debt securities:
U.S. government obligations233 — — — 233 
International government obligations— 1 — — 1 
Corporate obligations— 72 — — 72 
Municipal obligations— 3 — — 3 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
U.S. companies405 — — — 405 
International companies9 — — — 9 
Investment funds22 — — — 22 
$1,131 $90 $2 $(8)$1,215 
Liabilities - commodity derivatives$— $(20)$(16)$18 $(18)
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)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $10 million and $— million as of June 30, 2023 and December 31, 2022, respectively.
Fair Value of Derivative Asset (Liability) Reconciliation
The following table reconciles the beginning and ending balances of MidAmerican Energy's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):
Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2023202220232022
Beginning balance$(5)$4 $5 $(5)
Changes in fair value recognized in net regulatory assets(14)31 (27)44 
Settlements5 (9)8 (13)
Ending balance$(14)$26 $(14)$26 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt (in millions):
As of June 30, 2023As of December 31, 2022
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$7,668 $6,810 $7,729 $6,964 
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 (in millions):
As of June 30, 2023As of December 31, 2022
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$7,908 $7,065 $7,969 $7,219 
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 June 30, 2023:
Assets:
Money market mutual funds$48 — — $48 
Investment funds3 — — 3 
$51 $— $— $51 
Liabilities - commodity derivatives$— $— $(126)$(126)
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)
Fair Value of Derivative Asset (Liability) Reconciliation
The following table reconciles the beginning and ending balances of Nevada Power's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):
Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2023202220232022
Beginning balance$(116)$(168)$(52)$(113)
Changes in fair value recognized in regulatory assets(54)(21)(119)(77)
Settlements44 14 45 15 
Ending balance$(126)$(175)$(126)$(175)
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Nevada Power's long‑term debt (in millions):
As of June 30, 2023As of December 31, 2022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,196 $3,086 $3,195 $3,114 
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 June 30, 2023:
Assets:
Money market mutual funds$36 — — $36 
Investment funds1 — — 1 
$37 $— $— $37 
Liabilities - commodity derivatives$— $— $(36)$(36)
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)
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of Sierra Pacific's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2023202220232022
Beginning balance$(33)$(52)$(13)$(33)
Changes in fair value recognized in regulatory assets(17)(7)(37)(26)
Settlements14 5 14 5 
Ending balance$(36)$(54)$(36)$(54)
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Sierra Pacific's long-term debt (in millions):
As of June 30, 2023As of December 31, 2022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,149 $1,108 $1,148 $1,111 
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 June 30, 2023:
Assets:
Money market mutual funds$95 $— $— $95 
Equity securities:
Investment funds18 — — 18 
$113 $— $— $113 
Liabilities:
Commodity derivatives$— $(1)$— $(1)
Foreign currency exchange rate derivatives— (11)— (11)
$— $(12)$— $(12)
As of December 31, 2022:
Assets:
Commodity derivatives$— $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)
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Eastern Energy Gas' long-term debt (in millions):
As of June 30, 2023As of December 31, 2022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,648 $3,295 $3,892 $3,510 
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 June 30, 2023:
Assets:
Money market mutual funds$29 $— $— $29 
Equity securities:
Investment funds18 — — 18 
$47 $— $— $47 
Liabilities:
Commodity derivatives$— $(1)$— $(1)
$— $(1)$— $(1)
As of December 31, 2022:
Assets:
Commodity derivatives$— $1 $— $1 
Money market mutual funds8 — — 8 
Equity securities:
Investment funds14 — — 14 
$22 $1 $— $23 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of EGTS' long-term debt (in millions):
As of June 30, 2023As of December 31, 2022
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$1,583 $1,354 $1,582 $1,337