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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 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, 2023:
Cash equivalents$— $40 $40 
Debt securities:
U.S. government obligations129 — 129 
Corporate obligations— 620 620 
Municipal obligations— 40 40 
Agency, asset and mortgage-backed obligations— 104 104 
Equity securities:
U.S. companies189 — 189 
International companies1 — 1 
Total assets in the fair value hierarchy$319 $804 1,123 
Investment funds(2) measured at net asset value
920 
Limited partnership interests(3) measured at net asset value
26 
Total assets measured at fair value$2,069 
As of December 31, 2022:
Cash equivalents$— $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 

(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 51% and 49%, respectively, for 2023 and 53% and 47%, respectively, for 2022. Additionally, these funds are invested in U.S. and international securities of approximately 94% and 6%, respectively, for 2023 and 95% and 5%, respectively, for 2022.
(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, 2023:
Cash equivalents$13 $9 $22 
Debt securities:
U.S. government obligations11 — 11 
Corporate obligations— 50 50 
Municipal obligations— 45 45 
Agency, asset and mortgage-backed obligations— 56 56 
Equity securities:
U.S. companies8 — 8 
Investment funds(2)
340 — 340 
Total assets in the fair value hierarchy$372 $160 532 
Investment funds(2) measured at net asset value
133 
Total assets measured at fair value$665 
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 
Total assets measured at fair value$614 

(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 2023 and 55% and 45%, respectively, for 2022. Additionally, these funds are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2023 and 88% and 12%, respectively, for 2022.
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, 2023:
Cash equivalents$8 $28 $— $36 
Debt securities:
United Kingdom government obligations579 — — 579 
Equity securities:
Investment funds(2)
— 532 — 532 
Real estate funds— — 136 136 
Total$587 $560 $136 1,283 
Investment funds(2) measured at net asset value
119 
Total assets measured at fair value$1,402 
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 

(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 14% and 86%, respectively, for 2023 and 25% and 75%, respectively, for 2022.
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, 2023:
Assets:
Commodity derivatives$1 $121 $4 $(31)$95 
Interest rate derivatives38 40 7 — 85 
Mortgage loans held for sale— 451 — — 451 
Money market mutual funds1,310 — — — 1,310 
Debt securities:
U.S. government obligations1,253 — — — 1,253 
Corporate obligations
— 70 — — 70 
Municipal obligations
— 3 — — 3 
Equity securities:
U.S. companies427 — — — 427 
International companies
2,226 — — — 2,226 
Investment funds
268 — — — 268 
$5,523 $685 $11 $(31)$6,188 
Liabilities:
Commodity derivatives$(7)$(134)$(95)$54 $(182)
Foreign currency exchange rate derivatives— (8)— — (8)
Interest rate derivatives— (7)— 4 (3)
$(7)$(149)$(95)$58 $(193)
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 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)
(1)Represents netting under master netting arrangements and a net cash collateral receivable of $27 million and payable of $87 million as of December 31, 2023 and 2022, respectively.
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions). Transfers out of Level 3 occur primarily due to increased price observability.
Commodity DerivativesInterest Rate Derivatives
202320222021202320222021
Beginning balance$(59)$(151)$116 $6 $19 $62 
Changes included in earnings(1)
9 (85)(43)1 (13)(43)
Changes in fair value recognized in OCI
(3)9 (13)— — — 
Changes in fair value recognized in net regulatory assets
(256)(52)(118)— — — 
Purchases2 3 (76)— — — 
Settlements216 171 (34)— — — 
Transfers out of Level 3 into Level 2— 46 17 — — — 
Ending balance$(91)$(59)$(151)$7 $6 $19 

(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):
20232022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$52,172 $48,624 $51,635 $46,906 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements
Level 1(1)
Level 2(1)
Level 3(1)
Total
As of December 31, 2023:
Cash equivalents$— $28 $— $28 
Debt securities:
U.S. government obligations52 — — 52 
Corporate obligations— 232 — 232 
Municipal obligations— 16 — 16 
Agency, asset and mortgage-backed obligations— 47 — 47 
Equity securities:
U.S. companies53 — — 53 
Total assets in the fair value hierarchy$105 $323 $— $428 
Investment funds(2) measured at net asset value
310 
Limited partnership interests(3) measured at net asset value
26 
Investments at fair value$764 
As of December 31, 2022:
Cash equivalents$— $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 

(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 2023 and 50% and 50%, respectively, for 2022, and are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2023 and 90% and 10%, respectively, for 2022.
(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, 2023:
Cash and cash equivalents$4 $3 $— $7 
Debt securities:
U.S. government obligations9 — — 9 
Corporate obligations— 45 — 45 
Municipal obligations— 19 — 19 
Agency, asset and mortgage-backed obligations— 50 — 50 
Equity securities:
U.S. companies8 — — 8 
Total assets in the fair value hierarchy$21 $117 $— 138 
Investment funds(2) measured at net asset value
133 
Investments at fair value$271 
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 
Investments at fair value$264 

(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 38% and 62%, respectively, for 2023 and 41% and 59%, respectively, for 2022, and are invested in U.S. and international securities of approximately 89% and 11%, respectively, for 2023 and 91% and 9%, respectively, for 2022.
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, 2023:
Assets:
Commodity derivatives$— $32 $— $(14)$18 
Money market mutual funds175 — — — 175 
Investment funds26 — — — 26 
$201 $32 $— $(14)$219 
Liabilities - Commodity derivatives$— $(108)$— $24 $(84)
As of December 31, 2022:
Assets:
Commodity derivatives$— $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 receivable of $10 million and a net cash collateral payable of $78 million as of December 31, 2023 and 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 The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt as of December 31 (in millions):
20232022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$10,410 $9,722 $9,666 $9,045 
MEC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Level 3Total
As of December 31, 2023:
Cash equivalents$— $11 $— $11 
Debt securities:
U.S. government obligations25 — — 25 
Corporate obligations— 110 — 110 
Municipal obligations— 6 — 6 
Agency, asset and mortgage-backed obligations— 14 — 14 
Equity securities:
U.S. companies65 — — 65 
International companies1 — — 1 
Total assets in the fair value hierarchy$91 $141 $— 232 
Investment funds(2) measured at net asset value
284 
Total assets measured at fair value$516 
As of December 31, 2022:
Cash equivalents$— $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 
(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 68% and 32%, respectively, for 2023 and 55% and 45%, respectively, for 2022. Additionally, these funds are invested in U.S. and international securities of approximately 93% and 7%, respectively, for 2023 and 97% and 3%, respectively, for 2022.
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, 2023:
Cash equivalents$9 $— $— $9 
Debt securities:
U.S. government obligations2 — — 2 
Corporate obligations— 5 — 5 
Municipal obligations— 26 — 26 
Agency, asset and mortgage-backed obligations— 6 — 6 
Equity securities:
Investment funds(2)
230 — — 230 
Total assets measured at fair value$241 $37 $— $278 
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 $— $240 
(1)Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.
(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 83% and 17%, respectively, for 2023 and 82% and 18%, respectively, for 2022. Additionally, these funds are invested in U.S. and international securities of approximately 83% and 17%, respectively, for 2023 and 82% and 18%, respectively, for 2022.
The following table presents MidAmerican Energy's financial assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2023:
Assets:
Commodity derivatives$— $15 $— $(2)$13 
Money market mutual funds643 — — — 643 
Debt securities:
U.S. government obligations257 — — — 257 
Corporate obligations— 70 — — 70 
Municipal obligations— 3 — — 3 
Equity securities:
U.S. companies427 — — — 427 
International companies9 — — — 9 
Investment funds19 — — — 19 
$1,355 $88 $— $(2)$1,441 
Liabilities - commodity derivatives$— $(15)$(11)$14 $(12)
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 $12 million and $— million as of December 31, 2023 and 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):

202320222021
Beginning balance$5 $(5)$2 
Changes in fair value recognized in net regulatory assets(40)37 (2)
Settlements24 (27)(5)
Ending balance$(11)$5 $(5)
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):
20232022
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$8,766 $8,252 $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 as of December 31 (in millions):
20232022
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$9,006 $8,515 $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 December 31, 2023:
Assets:
Money market mutual funds$10 $— $— $10 
Investment funds4 — — 4 
$14 $— $— $14 
Liabilities - commodity derivatives$— $— $(68)$(68)
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 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):
202320222021
Beginning balance$(52)$(113)$15 
Changes in fair value recognized in regulatory assets or liabilities(166)(68)(90)
Settlements150 129 (38)
Ending balance$(68)$(52)$(113)
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):
20232022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,392 $3,417 $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 December 31, 2023:
Assets:
Money market mutual funds$41 $— $— $41 
Investment funds1 — — 1 
$42 $— $— $42 
Liabilities - commodity derivatives$— $— $(16)$(16)
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 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):
202320222021
Beginning balance$(13)$(33)$7 
Changes in fair value recognized in regulatory assets or liabilities(50)(21)(25)
Settlements47 41 (15)
Ending balance$(16)$(13)$(33)
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):
20232022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,293 $1,311 $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 December 31, 2023
Assets:
Money market mutual funds$62 $— $— $62 
Equity securities:
Investment funds19 — — 19 
$81 $— $— $81 
Liabilities:
Foreign currency exchange rate derivatives$— $(8)$— $(8)
$— $(8)$— $(8)
As of December 31, 2022
Assets:
Commodity derivative$— $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)
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):
20232022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,254 $2,968 $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 December 31, 2023
Assets:
Money market mutual funds$5 $— $— $5 
Equity securities:
Investment funds19 — — 19 
$24 $— $— $24 
As of December 31, 2022
Assets:
Commodity derivatives$— $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 as of December 31 (in millions):
20232022
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,583 $1,386 $1,582 $1,337