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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
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 DerivativesInterest Rate Derivatives
202020192018202020192018
Beginning balance$97 $99 $94 $14 $10 $9 
Changes included in earnings(10)10 1 772 479 181 
Changes in fair value recognized in OCI
— (1)2 — — — 
Changes in fair value recognized in net regulatory assets
(17)(26)3 — — — 
Purchases5 6 3 — — — 
Settlements41 9 (4)(724)(475)(180)
Ending balance$116 $97 $99 $62 $14 $10 
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents the fair value of plan assets, by major category, for the Company's defined benefit pension plans (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Total
As of December 31, 2020:
Cash equivalents$— $79 $79 
Debt securities:
United States government obligations52 — 52 
Corporate obligations— 748 748 
Municipal obligations— 69 69 
Equity securities:
United States companies224 — 224 
Total assets in the fair value hierarchy$276 $896 1,172 
Investment funds(2) measured at net asset value
1,521 
Limited partnership interests(3) measured at net asset value
88 
Real estate funds measured at net asset value43 
Total assets measured at fair value$2,824 
As of December 31, 2019:
Cash equivalents$27 $36 $63 
Debt securities:
United States government obligations210 — 210 
International government obligations— 5 5 
Corporate obligations— 376 376 
Municipal obligations— 28 28 
Agency, asset and mortgage-backed obligations— 115 115 
Equity securities:
United States companies547 1 548 
International companies136 — 136 
Investment funds(2)
125 — 125 
Total assets in the fair value hierarchy$1,045 $561 1,606 
Investment funds(2) measured at net asset value
915 
Limited partnership interests(3) measured at net asset value
93 
Real estate funds measured at net asset value42 
Total assets measured at fair value$2,656 

(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 69% and 31%, respectively, for 2020 and 62% and 38%, respectively, for 2019. Additionally, these funds are invested in United States and international securities of approximately 79% and 21%, respectively, for 2020 and 66% and 34%, respectively, for 2019.
(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, 2020:
Cash equivalents$20 $2 $22 
Debt securities:
United States government obligations15 — 15 
Corporate obligations— 102 102 
Municipal obligations— 82 82 
Agency, asset and mortgage-backed obligations— 47 47 
Equity securities:
United States companies6 — 6 
Investment funds(2)
299 — 299 
Total assets in the fair value hierarchy$340 $233 573 
Investment funds(2) measured at net asset value
167 
Limited partnership interests(3) measured at net asset value
4 
Total assets measured at fair value$744 
As of December 31, 2019:
Cash equivalents$17 $1 $18 
Debt securities:
United States government obligations23 — 23 
Corporate obligations— 44 44 
Municipal obligations— 57 57 
Agency, asset and mortgage-backed obligations— 33 33 
Equity securities:
United States companies151 — 151 
International companies6 — 6 
Investment funds(2)
236 — 236 
Total assets in the fair value hierarchy$433 $135 568 
Investment funds(2) measured at net asset value
169 
Limited partnership interests(3) measured at net asset value
5 
Total assets measured at fair value$742 

(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 40% and 60%, respectively, for 2020 and 58% and 42%, respectively, for 2019. Additionally, these funds are invested in United States and international securities of approximately 79% and 21%, respectively, for 2020 and 75% and 25%, respectively, for 2019.
(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, 2020:
Cash equivalents$5 $49 $— $54 
Debt securities:
United Kingdom government obligations1,102 — — 1,102 
Equity securities:
Investment funds(2)
— 833 — 833 
Real estate funds— — 237 237 
Total$1,107 $882 $237 2,226 
Investment funds(2) measured at net asset value
108 
Total assets measured at fair value$2,334 
As of December 31, 2019:
Cash equivalents$3 $24 $— $27 
Debt securities:
United Kingdom government obligations960 — — 960 
Equity securities:
Investment funds(2)
— 818 — 818 
Real estate funds— — 243 243 
Total$963 $842 $243 2,048 
Investment funds(2) measured at net asset value
103 
Total assets measured at fair value$2,151 

(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 40% and 60%, respectively, for 2020 and 38% and 62%, respectively, for 2019.
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 1Level 2Level 3
Other(1)
Total
As of December 31, 2020:
Assets:
Commodity derivatives$1 $73 $135 $(21)$188 
Foreign currency exchange rate derivatives— 20 — — 20 
Interest rate derivatives— — 62 — 62 
Mortgage loans held for sale— 2,001 — — 2,001 
Money market mutual funds(2)
873 — — — 873 
Debt securities:
United States government obligations
200 — — — 200 
International government obligations
— 5 — — 5 
Corporate obligations
— 73 — — 73 
Municipal obligations
— 2 — — 2 
Agency, asset and mortgage-backed obligations
— 6 — — 6 
Equity securities:
United States companies
381 — — — 381 
International companies
5,906 — — — 5,906 
Investment funds
201 — — — 201 
$7,562 $2,180 $197 $(21)$9,918 
Liabilities:
Commodity derivatives$(1)$(90)$(19)$56 $(54)
Foreign currency exchange rate derivatives— (2)— — (2)
Interest rate derivatives(5)(60)— — (65)
$(6)$(152)$(19)$56 $(121)
As of December 31, 2019:
Assets:
Commodity derivatives$— $45 $108 $(24)$129 
Interest rate derivatives— 2 14 — 16 
Mortgage loans held for sale— 1,039 — — 1,039 
Money market mutual funds(2)
824 — — — 824 
Debt securities:
United States government obligations189 — — — 189 
International government obligations— 4 — — 4 
Corporate obligations— 58 — — 58 
Municipal obligations— 1 — — 1 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
United States companies336 — — — 336 
International companies1,131 — — — 1,131 
Investment funds
169 — — — 169 
$2,649 $1,150 $122 $(24)$3,897 
Liabilities:
Commodity derivatives$(4)$(143)$(11)$103 $(55)
Interest rate derivatives(2)(19)— — (21)
$(6)$(162)$(11)$103 $(76)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $35 million and $79 million as of December 31, 2020 and 2019, 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):
20202019
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$49,866 $60,633 $39,353 $46,004 
PacifiCorp [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements
Level 1(1)
Level 2(1)
Level 3(1)
Total
As of December 31, 2020:
Cash equivalents$— $32 $— $32 
Debt securities:
United States government obligations14 — — 14 
Corporate obligations— 231 — 231 
Municipal obligations— 21 — 21 
Equity securities:
United States companies91 — — 91 
Total assets in the fair value hierarchy$105 $284 $— 389 
Investment funds(2) measured at net asset value
587 
Limited partnership interests(3) measured at net asset value
88 
Investments at fair value$1,064 
As of December 31, 2019:
Cash equivalents$— $24 $— $24 
Debt securities:
United States government obligations21 — — 21 
Corporate obligations— 94 — 94 
Municipal obligations— 10 — 10 
Agency, asset and mortgage-backed obligations— 42 — 42 
Equity securities:
United States companies355 — — 355 
International companies15 — — 15 
Investment funds(2)
55 — — 55 
Total assets in the fair value hierarchy$446 $170 $— 616 
Investment funds(2) measured at net asset value
327 
Limited partnership interests(3) measured at net asset value
93 
Investments at fair value$1,036 

(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 78% and 22%, respectively, for 2020 and 55% and 45%, respectively, for 2019, and are invested in United States and international securities of approximately 74% and 26%, respectively, for 2020 and 51% and 49%, respectively, for 2019.
(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, 2020:
Cash and cash equivalents$8 $1 $— $9 
Debt securities:
United States government obligations11 — — 11 
Corporate obligations— 86 — 86 
Municipal obligations— 16 — 16 
Agency, asset and mortgage-backed obligations— 44 — 44 
Equity securities:
United States companies4 — — 4 
Total assets in the fair value hierarchy23 147 — 170 
Investment funds(2) measured at net asset value
153 
Limited partnership interests(3) measured at net asset value
4 
Investments at fair value$327 
As of December 31, 2019:
Cash and cash equivalents$8 $1 $— $9 
Debt securities:
United States government obligations12 — — 12 
Corporate obligations— 26 — 26 
Municipal obligations— 2 — 2 
Agency, asset and mortgage-backed obligations— 22 — 22 
Equity securities:
United States companies74 — — 74 
International companies4 — — 4 
Investment funds(2)
44 — — 44 
Total assets in the fair value hierarchy142 51 — 193 
Investment funds(2) measured at net asset value
136 
Limited partnership interests(3) measured at net asset value
5 
Investments at fair value$334 

(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 2020 and 56% and 44%, respectively, for 2019, and are invested in United States and international securities of approximately 93% and 7%, respectively, for 2020 and 79% and 21%, respectively, for 2019.
(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 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, 2020:
Assets:
Commodity derivatives$— $36 $— $(3)$33 
Money market mutual funds(2)
6 — — — 6 
Investment funds25 — — — 25 
$31 $36 $— $(3)$64 
Liabilities - Commodity derivatives$— $(53)$— $27 $(26)
As of December 31, 2019:
Assets:
Commodity derivatives$— $21 $— $(7)$14 
Money market mutual funds (2)
23 — — — 23 
Investment funds25 — — — 25 
$48 $21 $— $(7)$62 
Liabilities - Commodity derivatives$— $(84)$— $54 $(30)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $24 million and $47 million as of December 31, 2020 and 2019, respectively.
(2)Amounts are included in cash and cash equivalents, other current assets and other assets 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 PacifiCorp's long-term debt as of December 31 (in millions):
20202019
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$8,612 $10,995 $7,658 $9,280 
MidAmerican Energy Company [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Level 3Total
As of December 31, 2020:
Cash equivalents$— $26 $— $26 
Debt securities:
United States government obligations14 — — 14 
Corporate obligations— 160 — 160 
Municipal obligations— 17 — 17 
Equity securities:
United States companies65 — — 65 
Total assets in the hierarchy
$79 $203 $— 282 
Investment funds(2) measured at net asset value
393 
Real estate funds measured at net asset value
43 
Total assets measured at fair value$718 
As of December 31, 2019:
Cash equivalents$21 $— $— $21 
Debt securities:
United States government obligations16 — — 16 
Corporate obligations— 61 — 61 
Municipal obligations— 5 — 5 
Agency, asset and mortgage-backed obligations— 33 — 33 
Equity securities:
United States companies129 — — 129 
International companies42 — — 42 
Investment funds(2)
69 — — 69 
Total assets in the hierarchy
$277 $99 $— 376 
Investment funds(2) measured at net asset value
299 
Real estate funds measured at net asset value
42 
Total assets measured at fair value$717 
(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 65% and 35%, respectively, for 2020 and 69% and 31%, respectively, for 2019. Additionally, these funds are invested in United States and international securities of approximately 82% and 18%, respectively, for 2020 and 74% and 26%, respectively, for 2019.
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, 2020:
Cash equivalents$11 $— $— $11 
Debt securities:
United States government obligations3 — — 3 
Corporate obligations— 7 — 7 
Municipal obligations— 65 — 65 
Agency, asset and mortgage-backed obligations— 3 — 3 
Equity securities:
Investment funds(2)
189 — — 189 
Total assets measured at fair value
$203 $75 $— $278 
As of December 31, 2019:
Cash equivalents$6 $— $— $6 
Debt securities:
United States government obligations6 — — 6 
Corporate obligations— 12 — 12 
Municipal obligations— 55 — 55 
Agency, asset and mortgage-backed obligations— 10 — 10 
Equity securities:
United States companies75 — — 75 
Investment funds(2)
108 — — 108 
Total assets measured at fair value
$195 $77 $— $272 
(1)Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.
(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 56% and 44%, respectively, for 2020 and 77% and 23%, respectively, for 2019. Additionally, these funds are invested in United States and international securities of approximately 56% and 44%, respectively, for 2020 and 42% and 58%, respectively, for 2019.
The following table presents MidAmerican Energy's assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2020:
Assets:
Commodity derivatives$— $4 $5 $(5)$4 
Money market mutual funds(2)
41 — — — 41 
Debt securities:
United States government obligations200 — — — 200 
International government obligations— 5 — — 5 
Corporate obligations— 73 — — 73 
Municipal obligations— 2 — — 2 
Agency, asset and mortgage-backed obligations— 6 — — 6 
Equity securities:
United States companies381 — — — 381 
International companies9 — — — 9 
Investment funds17 — — — 17 
$648 $90 $5 $(5)$738 
Liabilities - commodity derivatives$— $(4)$(3)$5 $(2)
As of December 31, 2019
Assets:
Commodity derivatives$— $2 $1 $(1)$2 
Money market mutual funds(2)
274 — — — 274 
Debt securities:
United States government obligations189 — — — 189 
International government obligations— 4 — — 4 
Corporate obligations— 58 — — 58 
Municipal obligations— 1 — — 1 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
United States companies336 — — — 336 
International companies9 — — — 9 
Investment funds15 — — — 15 
$823 $66 $1 $(1)$889 
Liabilities - commodity derivatives$— $(9)$— $2 $(7)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $— million and $1 million as of December 31, 2020 and 2019, respectively.
(2)Amounts are included in cash and cash equivalents and investments and restricted investments on the 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 MidAmerican Energy's long-term debt as of December 31 (in millions):
20202019
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$7,210 $9,130 $7,208 $8,283 
MidAmerican Funding, LLC and Subsidiaries [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 MidAmerican Funding's long-term debt as of December 31 (in millions):
20202019
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$7,450 $9,466 $7,448 $8,599 
Nevada Power Company [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents Nevada Power's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of December 31, 2020:
Assets:
Commodity derivatives$— $— $26 $26 
Money market mutual funds(1)
21 — — 21 
Investment funds2 — — 2 
$23 $— $26 $49 
Liabilities - commodity derivatives$— $— $(11)$(11)
As of December 31, 2019:
Assets:
Money market mutual funds(1)
10 — — 10 
Investment funds2 — — 2 
$12 $— $— $12 
Liabilities - commodity derivatives$— $— $(8)$(8)

(1)Amounts are included in cash and cash equivalents on the Consolidated 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 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):
202020192018
Beginning balance$(8)$3 $(3)
Changes in fair value recognized in regulatory assets or liabilities(17)(21)4 
Settlements40 10 2 
Ending balance$15 $(8)$3 
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):
20202019
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$2,496 $3,245 $2,351 $2,848 
Sierra Pacific Power Company [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents Sierra Pacific's assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of December 31, 2020:
Assets:
Commodity derivatives$— $— $9 $9 
Money market mutual funds(1)
17 — — 17 
Investment funds$— 
$17 $— $9 $26 
Liabilities - commodity derivatives$— $— $(2)$(2)
As of December 31, 2019:
Assets - money market mutual funds(1)
$25 $— $— $25 
Liabilities - commodity derivatives$— $— $(1)$(1)

(1)Amounts are included in cash and cash equivalents on the 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 Sierra Pacific's long-term debt as of December 31 (in millions):
20202019
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,164 $1,358 $1,135 $1,258 
Eastern Energy Gas Holdings, LLC [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 Eastern Energy Gas' defined benefit pension plan as of December 31, 2019 (in millions):

Input Levels for Fair Value Measurements
Level 1(1)
Level 2(1)
Level 3(1)
Total
Cash and cash equivalents$1 $— $— $1 
Debt securities:
United States government obligations2 59 — 61 
Corporate obligations3 66 — 69 
Insurance contracts— 28 — 28 
Equity securities:
United States equity securities177 — — 177 
International equity securities114 — — 114 
Total assets in the fair value hierarchy$297 $153 $— 450 
Investment funds measured at net asset value238 
Investments at fair value$688 

(1)Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy.


The following table presents the fair value of plan assets, by major category, for Eastern Energy Gas' defined benefit other postretirement plan as of December 31, 2019 (in millions):

Input Levels for Fair Value Measurements
Level 1(1)
Level 2(1)
Level 3(1)
Total
Equity securities:
United States equity securities$86 $— $— $86 
International equity securities21 — — 21 
Total assets in the fair value hierarchy$107 $— $— 107 
Investment funds measured at net asset value120 
Investments at fair value$227 

(1)Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy.
Fair Value, by Balance Sheet Grouping [Table Text Block] The following table presents the carrying value and estimated fair value of Eastern Energy Gas' long-term debt as of December 31 (in millions):
20202019
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$4,425 $5,012 $5,520 $5,738