Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Assets and Liabilities Net Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block]

The following table reconciles the beginning and ending balances of the Company's assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions):



	Commodity Derivatives									Interest Rate Derivatives							Auction Rate Securities
	2015			2014			2013			2015			2014		2013		2015			2014		2013

Beginning balance	$	51		$	60		$	32		$	—		$	—	$	—	$	45		$	44	$	41
Changes included in earnings	19			19			34			87			—		—		—			—		—
Changes in fair value recognized in OCI	(7		)	—			(2		)	—			—		—		(1		)	1		3
Changes in fair value recognized in net regulatory assets	(19		)	5			1			—			—		—		—			—		—
Purchases	1			1			4			—			—		—		—			—		—
Settlements	2			1			(9		)	(86		)	—		—		—			—		—
Transfers from Level 2	—			(35		)	—			3			—		—		—			—		—
Ending balance	$	47		$	51		$	60		$	4		$	—	$	—	$	44		$	45	$	44

Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents the Company's 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, 2015
Assets:
Commodity derivatives	$	—		$	16		$	93		$	(16	)	$	93
Interest rate derivatives	—			5			5			—			10
Mortgage loans held for sale	—			327			—			—			327
Money market mutual funds⁽²⁾	421			—			—			—			421
Debt securities:
United States government obligations	133			—			—			—			133
International government obligations	—			2			—			—			2
Corporate obligations	—			39			—			—			39
Municipal obligations	—			1			—			—			1
Agency, asset and mortgage-backed obligations	—			3			—			—			3
Auction rate securities	—			—			44			—			44
Equity securities:
United States companies	239			—			—			—			239
International companies	1,244			—			—			—			1,244
Investment funds	136			—			—			—			136
	$	2,173		$	393		$	142		$	(16	)	$	2,692
Liabilities:
Commodity derivatives	$	(13	)	$	(283	)	$	(46	)	$	119		$	(223	)
Interest rate derivatives	—			(13		)	(1		)	—			(14		)
	$	(13	)	$	(296	)	$	(47	)	$	119		$	(237	)



As of December 31, 2014
Assets:
Commodity derivatives	$	1		$	48		$	94		$	(40	)	$	103
Interest rate derivatives	—			5			—			—			5
Mortgage loans held for sale	—			279			—			—			279
Money market mutual funds⁽²⁾	320			—			—			—			320
Debt securities:
United States government obligations	136			—			—			—			136
International government obligations	—			1			—			—			1
Corporate obligations	—			39			—			—			39
Municipal obligations	—			2			—			—			2
Agency, asset and mortgage-backed obligations	—			2			—			—			2
Auction rate securities	—			—			45			—			45
Equity securities:
United States companies	238			—			—			—			238
International companies	886			—			—			—			886
Investment funds	137			—			—			—			137
	$	1,718		$	376		$	139		$	(40	)	$	2,193
Liabilities:
Commodity derivatives	$	(18	)	$	(274	)	$	(43	)	$	115		$	(220	)
Interest rate derivatives	—			(10		)	—			—			(10		)
	$	(18	)	$	(284	)	$	(43	)	$	115		$	(230	)


(1)	Represents netting under master netting arrangements and a net cash collateral receivable of $103 million and $75 million as of December 31, 2015 and 2014, respectively.


(2)	Amounts are included in cash and cash equivalents; other current assets; and noncurrent investments and restricted cash and investments on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying value and estimated fair value of the Company's long-term debt as of December 31 (in millions):



	2015				2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value

Long-term debt	$	37,972	$	41,785	$	38,649	$	43,863

PacifiCorp [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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, 2015
Cash equivalents	$	—	$	10	$	—	$	10
Debt securities:
United States government obligations	19		—		—		19
Corporate obligations	—		42		—		42
Municipal obligations	—		5		—		5
Agency, asset and mortgage-backed obligations	—		43		—		43
Equity securities:
United States companies	408		—		—		408
International companies	17		—		—		17
Investment funds⁽²⁾	83		351		—		434
Limited partnership interests⁽³⁾	—		—		65		65
Total	$	527	$	451	$	65	$	1,043

As of December 31, 2014
Cash equivalents	$	—	$	8	$	—	$	8
Debt securities:
United States government obligations	15		—		—		15
Corporate obligations	—		53		—		53
Municipal obligations	—		8		—		8
Agency, asset and mortgage-backed obligations	—		48		—		48
Equity securities:
United States companies	488		—		—		488
International companies	16		—		—		16
Investment funds⁽²⁾	217		223		—		440
Limited partnership interests⁽³⁾	—		—		70		70
Total	$	736	$	340	$	70	$	1,146


(1)	Refer to Note 12 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 53% and 47%, respectively, for 2015 and 50% and 50%, respectively, for 2014, and are invested in United States and international securities of approximately 40% and 60%, respectively, for 2015 and 43% and 57%, respectively, for 2014.


(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 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, 2015
Cash and cash equivalents	$	4	$	1	$	—	$	5
Debt securities:
United States government obligations	9		—		—		9
Corporate obligations	—		15		—		15
Municipal obligations	—		1		—		1
Agency, asset and mortgage-backed obligations	—		14		—		14
Equity securities:
United States companies	95		—		—		95
International companies	4		—		—		4
Investment funds⁽²⁾	32		126		—		158
Limited partnership interests⁽³⁾	—		—		4		4
Total	$	144	$	157	$	4	$	305

As of December 31, 2014
Cash and cash equivalents⁽⁴⁾	$	139	$	—	$	—	$	139
Debt securities:
United States government obligations	8		—		—		8
Corporate obligations	—		18		—		18
Municipal obligations	—		2		—		2
Agency, asset and mortgage-backed obligations	—		16		—		16
Equity securities:
United States companies	112		—		—		112
International companies	4		—		—		4
Investment funds⁽²⁾	84		94		—		178
Limited partnership interests⁽³⁾	—		—		5		5
Total	$	347	$	130	$	5	$	482


(1)	Refer to Note 12 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 61% and 39%, respectively, for 2015 and 63% and 37%, respectively, for 2014, and are invested in United States and international securities of approximately 67% and 33%, respectively, for 2015 and 64% and 36%, respectively, for 2014.


(3)	Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital.


(4)	In December 2014, PacifiCorp began to migrate funds to cash and cash equivalents in anticipation of the $150 million to be transferred to a fund managed by the UMWA in May 2015 as a result of the other postretirement settlement. Remaining investments were rebalanced to align to target investment allocations.

The following table presents PacifiCorp's 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, 2015
Assets:
Commodity derivatives	$	—	$	9		$	3	$	(3	)	$	9
Money market mutual funds⁽²⁾	13		—			—		—			13
Investment funds	15		—			—		—			15
	$	28	$	9		$	3	$	(3	)	$	37

Liabilities - Commodity derivatives	$	—	$	(148	)	$	—	$	78		$	(70	)

As of December 31, 2014
Assets:
Commodity derivatives	$	—	$	25		$	4	$	(11	)	$	18
Money market mutual funds⁽²⁾	30		—			—		—			30
	$	30	$	25		$	4	$	(11	)	$	48

Liabilities - Commodity derivatives	$	—	$	(114	)	$	—	$	39		$	(75	)


(1)	Represents netting under master netting arrangements and a net cash collateral receivable of $75 million and $28 million as of December 31, 2015 and 2014, respectively.


(2)	Amounts are included in cash and cash equivalents, other current assets and other assets on the Consolidated Balance Sheets. Money market mutual funds are accounted for as available-for-sale securities and the fair value approximates cost.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt as of December 31 (in millions):



	2015				2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value

Long-term debt	$	7,114	$	8,210	$	6,985	$	8,358

MidAmerican Energy Company [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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, 2015
Cash equivalents	$	—	$	16	$	—	$	16
Debt securities:
United States government obligations	5		—		—		5
Corporate obligations	—		57		—		57
Municipal obligations	—		6		—		6
Agency, asset and mortgage-backed obligations	—		27		—		27
Equity securities:
United States companies	130		—		—		130
International equity securities	40		—		—		40
Investment funds⁽²⁾	61		289		—		350
Real estate funds	—		—		47		47
Total	$	236	$	395	$	47	$	678

As of December 31, 2014
Cash equivalents	$	—	$	24	$	—	$	24
Debt securities:
United States government obligations	8		—		—		8
Corporate obligations	—		29		—		29
Municipal obligations	—		4		—		4
Agency, asset and mortgage-backed obligations	—		33		—		33
Equity securities:
United States companies	149		—		—		149
International equity securities	40		—		—		40
Investment funds⁽²⁾	84		319		—		403
Real estate funds	—		—		40		40
Total	$	281	$	409	$	40	$	730


(1)	Refer to Note 13 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 72% and 28%, respectively, for 2015 and 68% and 32%, respectively, for 2014. Additionally, these funds are invested in United States and international securities of approximately 73% and 27%, respectively, for 2015 and 74% and 26%, respectively, for 2014.

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, 2015
Cash equivalents	$	5	$	—	$	—	$	5
Debt securities:
United States government obligations	5		—		—		5
Corporate obligations	—		12		—		12
Municipal obligations	—		39		—		39
Agency, asset and mortgage-backed obligations	—		12		—		12
Equity securities:
United States companies	120		—		—		120
Investment funds⁽²⁾	56		—		—		56
Total	$	186	$	63	$	—	$	249

As of December 31, 2014
Cash equivalents	$	4	$	—	$	—	$	4
Debt securities:
United States government obligations	5		—		—		5
Corporate obligations	—		11		—		11
Municipal obligations	—		40		—		40
Agency, asset and mortgage-backed obligations	—		15		—		15
Equity securities:
United States companies	128		—		—		128
Investment funds⁽²⁾	56		—		—		56
Total	$	193	$	66	$	—	$	259


(1)	Refer to Note 13 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 2015 and 69% and 31%, respectively, for 2014. Additionally, these funds are invested in United States and international securities of approximately 32% and 68%, respectively, for 2015 and 31% and 69%, respectively, for 2014.

The following table presents MidAmerican Energy's 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, 2015:
Assets:
Commodity derivatives	$	—		$	8		$	18		$	(13	)	$	13
Money market mutual funds⁽²⁾	56			—			—			—			56
Debt securities:
United States government obligations	133			—			—			—			133
International government obligations	—			2			—			—			2
Corporate obligations	—			39			—			—			39
Municipal obligations	—			1			—			—			1
Agency, asset and mortgage-backed obligations	—			3			—			—			3
Auction rate securities	—			—			26			—			26
Equity securities:
United States companies	239			—			—			—			239
International companies	6			—			—			—			6
Investment funds	4			—			—			—			4
	$	438		$	53		$	44		$	(13	)	$	522

Liabilities - commodity derivatives	$	(13	)	$	(61	)	$	(24	)	$	41		$	(57	)

As of December 31, 2014:
Assets:
Commodity derivatives	$	1		$	18		$	24		$	(26	)	$	17
Money market mutual funds⁽²⁾	1			—			—			—			1
Debt securities:
United States government obligations	136			—			—			—			136
International government obligations	—			1			—			—			1
Corporate obligations	—			39			—			—			39
Municipal obligations	—			2			—			—			2
Agency, asset and mortgage-backed obligations	—			2			—			—			2
Auction rate securities	—			—			26			—			26
Equity securities:
United States companies	238			—			—			—			238
International companies	5			—			—			—			5
	$	381		$	62		$	50		$	(26	)	$	467

Liabilities - commodity derivatives	$	(18	)	$	(87	)	$	(12	)	$	73		$	(44	)


(1)	Represents netting under master netting arrangements and a net cash collateral receivable of $28 million and $47 million as of December 31, 2015 and 2014, respectively.


(2)	Amounts are included in cash and cash equivalents and investments and restricted cash and investments on the Balance Sheets. The fair value of these money market mutual funds approximates cost.

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table reconciles the beginning and ending balances of MidAmerican Energy's assets measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions):



	Commodity Derivatives									Auction Rate Securities
	2015			2014			2013			2015		2014		2013

Beginning balance	$	12		$	(3	)	$	—		$	26	$	23	$	21
Changes included in earnings⁽¹⁾	11			12			3			—		—		—
Changes in fair value recognized in OCI	(7		)	—			(2		)	—		3		2
Changes in fair value recognized in net regulatory assets	(25		)	6			—			—		—		—
Purchases	1			1			—			—		—		—
Settlements	2			(4		)	(4		)	—		—		—
Ending balance	$	(6	)	$	12		$	(3	)	$	26	$	26	$	23


(1)	Changes included in earnings are reported as nonregulated operating revenue on the Statements of Operations. Net unrealized (losses) gains included in earnings for the years ended December 31, 2015, 2014 and 2013, related to commodity derivatives held at December 31, 2015, 2014 and 2013, totaled $8 million, $16 million and $(5) million, respectively.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt as of December 31, (in millions):



	2015				2014
	Carrying Value		Fair Value		Carrying Value		Fair Value

Long-term debt	$	4,271	$	4,636	$	4,056	$	4,581

MidAmerican Funding, LLC and Subsidiaries [Domain]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying value and estimated fair value of MidAmerican Funding's long-term debt as of December 31 (in millions):



	2015				2014
	Carrying Value		Fair Value		Carrying Value		Fair Value

Long-term debt	$	4,597	$	5,051	$	4,381	$	5,012

Nevada Power Company [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents Nevada Power's 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, 2015
Assets - investment funds	$	5	$	—	$	—		$	5

Liabilities - commodity derivatives	$	—	$	—	$	(22	)	$	(22	)

As of December 31, 2014
Assets - investment funds	$	20	$	—	$	—		$	20

Liabilities - commodity derivatives	$	—	$	—	$	(30	)	$	(30	)

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table reconciles the beginning and ending balances of Nevada Power's commodity derivative liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions):



	2015			2014
Beginning balance	$	(30	)	$	(47	)
Changes in fair value recognized in regulatory assets	—			9
Purchases	—			—
Settlements	8			8
Ending balance	$	(22	)	$	(30	)

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying value and estimated fair value of Nevada Power's long-term debt as of December 31 (in millions):



	2015				2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value

Long-term debt	$	2,788	$	3,240	$	3,034	$	3,712

Sierra Pacific Power Company [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying value and estimated fair value of Sierra Pacific's long-term debt as of December 31 (in millions):



	2015				2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value

Long-term debt	$	1,165	$	1,248	$	1,164	$	1,301