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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024:
Assets:
Commodity derivatives$1 $89 $6 $(18)$78 
Interest rate derivatives37 48 11 — 96 
Mortgage loans held for sale— 492 — — 492 
Money market mutual funds3,435 — — — 3,435 
Debt securities:
U.S. government obligations1,265 — — — 1,265 
Corporate obligations— 84 — — 84 
Municipal obligations— 3 — — 3 
Equity securities:
U.S. companies458 — — — 458 
International companies2,091 — — — 2,091 
Investment funds306 — — — 306 
 $7,593 $716 $17 $(18)$8,308 
Liabilities:     
Commodity derivatives$(4)$(154)$(141)$53 $(246)
Foreign currency exchange rate derivatives— (15)— — (15)
Interest rate derivatives— (3)— 1 (2)
$(4)$(172)$(141)$54 $(263)
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 companies2,226 — — — 2,226 
Investment funds268 — — — 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)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $36 million and $27 million as of March 31, 2024 and December 31, 2023, respectively.
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions). Transfers out of Level 3 occur primarily due to increased price observability.
 Three-Month Periods
Ended March 31,
Interest
 CommodityRate
DerivativesDerivatives
2024:
Beginning balance$(91)$7 
Changes included in earnings(1)
(3)4 
Changes in fair value recognized in net regulatory assets
(56)— 
Settlements15 — 
Ending balance$(135)$11 
2023:
Beginning balance$(59)$6 
Changes included in earnings(1)
9 9 
Changes in fair value recognized in OCI
(3)— 
Changes in fair value recognized in net regulatory assets
(98)— 
Settlements1 — 
Ending balance$(150)$15 

(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 March 31, 2024As of December 31, 2023
 CarryingFairCarryingFair
ValueValueValueValue
 
Long-term debt$57,028 $52,594 $52,172 $48,624 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents PacifiCorp's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
 Input Levels for Fair Value Measurements    
Level 1 Level 2 Level 3 
Other(1)
 Total
As of March 31, 2024:    
Assets:    
Commodity derivatives$— $24 $— $(16)$8 
Money market mutual funds2,231 — — — 2,231 
Investment funds27 — — — 27 
 $2,258 $24 $— $(16)$2,266 
Liabilities - Commodity derivatives$— $(137)$— $40 $(97)
As of December 31, 2023:
Assets:
Commodity derivatives$— $32 $— $(14)$18 
Money market mutual funds175 — — — 175 
Investment funds26 — — — 26 
$201 $32 $— $(14)$219 
Liabilities - Commodity derivatives$— $(108)$— $24 $(84)
(1)Represents netting under master netting arrangements and a net cash collateral receivable of $24 million and $10 million as of March 31, 2024 and December 31, 2023, respectively.
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 March 31, 2024As of December 31, 2023
 CarryingFairCarryingFair
 ValueValueValueValue
     
Long-term debt$14,175 $13,300 $10,410 $9,722 
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 March 31, 2024:
Assets:
Commodity derivatives$1 $— $— $(1)$— 
Money market mutual funds667 — — — 667 
Debt securities:
U.S. government obligations255 — — — 255 
Corporate obligations— 84 — — 84 
Municipal obligations— 3 — — 3 
Equity securities:
U.S. companies458 — — — 458 
International companies10 — — — 10 
Investment funds23 — — — 23 
$1,414 $87 $— $(1)$1,500 
Liabilities - commodity derivatives$— $(17)$(6)$6 $(17)
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2023:
Assets:
Commodity derivatives$— $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)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $5 million and $12 million as of March 31, 2024 and December 31, 2023, respectively.
Fair Value of Derivative Asset (Liability) Reconciliation
The following table reconciles the beginning and ending balances of MidAmerican Energy's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):
Three-Month Periods
Ended March 31,
20242023
Beginning balance$(11)$5 
Changes in fair value recognized in net regulatory assets(4)(13)
Settlements9 3 
Ending balance$(6)$(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 (in millions):
As of March 31, 2024As of December 31, 2023
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$9,359 $8,661 $8,766 $8,252 
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 March 31, 2024As of December 31, 2023
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$9,599 $8,920 $9,006 $8,515 
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 March 31, 2024:
Assets:
Money market mutual funds$59 — — $59 
Investment funds4 — — 4 
$63 $— $— $63 
Liabilities - commodity derivatives$— $— $(101)$(101)
As of December 31, 2023:
Assets:
Money market mutual funds$10 $— $— $10 
Investment funds4 — — 4 
$14 $— $— $14 
Liabilities - commodity derivatives$— $— $(68)$(68)
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 Periods
Ended March 31,
20242023
Beginning balance$(68)$(52)
Changes in fair value recognized in regulatory assets(41)(65)
Settlements8 1 
Ending balance$(101)$(116)
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 March 31, 2024As of December 31, 2023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,393 $3,344 $3,392 $3,417 
SPPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Sierra Pacific's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of March 31, 2024:
Assets:
Commodity derivatives$— $— $1 $1 
Money market mutual funds91 — — 91 
Investment funds1 — — 1 
$92 $— $1 $93 
Liabilities - commodity derivatives$— $— $(27)$(27)
As of December 31, 2023:
Assets:
Money market mutual funds$41 $— $— $41 
Investment funds1 — — 1 
$42 $— $— $42 
Liabilities - commodity derivatives$— $— $(16)$(16)
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 Periods
Ended March 31,
20242023
Beginning balance$(16)$(13)
Changes in fair value recognized in regulatory assets(11)(20)
Settlements1 — 
Ending balance$(26)$(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 (in millions):
As of March 31, 2024As of December 31, 2023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,526 $1,512 $1,293 $1,311 
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 March 31, 2024:
Assets:
Money market mutual funds$81 $— $— $81 
Equity securities:
Investment funds16 — — 16 
$97 $— $— $97 
Liabilities:
Foreign currency exchange rate derivatives$— $(15)$— $(15)
$— $(15)$— $(15)
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)
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 March 31, 2024As of December 31, 2023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,248 $2,962 $3,254 $2,968 
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 March 31, 2024:
Assets:
Money market mutual funds$31 $— $— $31 
Equity securities:
Investment funds16 — — 16 
$47 $— $— $47 
As of December 31, 2023:
Assets:
Money market mutual funds$5 $— $— $5 
Equity securities:
Investment funds19 — — 19 
$24 $— $— $24 
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 March 31, 2024As of December 31, 2023
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$1,583 $1,380 $1,583 $1,386