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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022:
Assets:
Commodity derivatives$11 $660 $77 $(164)$584 
Interest rate derivatives16 45 24 — 85 
Mortgage loans held for sale— 1,084 — — 1,084 
Money market mutual funds1,492 — — — 1,492 
Debt securities:
U.S. government obligations220 — — — 220 
International government obligations— 1 — — 1 
Corporate obligations— 75 — — 75 
Municipal obligations— 3 — — 3 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
U.S. companies348 — — — 348 
International companies9,011 — — — 9,011 
Investment funds258 — — — 258 
 $11,356 $1,869 $101 $(164)$13,162 
Liabilities:     
Commodity derivatives$(14)$(211)$(255)$77 $(403)
Foreign currency exchange rate derivatives— (19)— — (19)
Interest rate derivatives— (6)(3)— (9)
$(14)$(236)$(258)$77 $(431)
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2021:
Assets:
Commodity derivatives$5 $271 $73 $(47)$302 
Foreign currency exchange rate derivatives— 3 — — 3 
Interest rate derivatives1 3 20 — 24 
Mortgage loans held for sale— 1,263 — — 1,263 
Money market mutual funds554 — — — 554 
Debt securities:
U.S. government obligations232 — — — 232 
International government obligations— 2 — — 2 
Corporate obligations— 90 — — 90 
Municipal obligations— 3 — — 3 
Agency, asset and mortgage-backed obligations— 2 — — 2 
Equity securities:
U.S. companies428 — — — 428 
International companies7,703 — — — 7,703 
Investment funds237 — — — 237 
 $9,160 $1,637 $93 $(47)$10,843 
Liabilities:
Commodity derivatives$(2)$(113)$(224)$73 $(266)
Foreign currency exchange rate derivatives— (3)— — (3)
Interest rate derivatives— (7)(1)— (8)
$(2)$(123)$(225)$73 $(277)

(1)Represents netting under master netting arrangements and a net cash collateral payable of $87 million and receivable of $26 million as of June 30, 2022 and December 31, 2021, respectively.
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions). Transfers out of Level 3 occur primarily due to increased price observability.
 Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
InterestInterest
 CommodityRateCommodityRate
DerivativesDerivativesDerivativesDerivatives
2022:
Beginning balance$(239)$13 $(151)$19 
Changes included in earnings(1)
(26)8 (82)2 
Changes in fair value recognized in OCI
5 — 10 — 
Changes in fair value recognized in net regulatory assets
1 — (59)— 
Purchases
1 — 1 — 
Settlements11 — 34 — 
Transfers out of Level 3 into Level 269 — 69 — 
Ending balance$(178)$21 $(178)$21 
2021:
Beginning balance$124 $41 $116 $62 
Changes included in earnings(1)
(10)— (16)(21)
Changes in fair value recognized in OCI
(6)— (7)— 
Changes in fair value recognized in net regulatory assets
(7)— 9 — 
Purchases1 — 1 — 
Settlements3 — 2 — 
Ending balance$105 $41 $105 $41 

(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, 2022As of December 31, 2021
 CarryingFairCarryingFair
ValueValueValueValue
 
Long-term debt$51,117 $48,636 $49,762 $57,189 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents PacifiCorp's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
 Input Levels for Fair Value Measurements    
Level 1 Level 2 Level 3 
Other(1)
 Total
As of June 30, 2022:    
Assets:    
Commodity derivatives$— $272 $— $(74)$198 
Money market mutual funds374 — — — 374 
Investment funds26 — — — 26 
 $400 $272 $— $(74)$598 
Liabilities - Commodity derivatives$— $(49)$— $10 $(39)
As of December 31, 2021:
Assets:
Commodity derivatives$— $104 $— $(8)$96 
Money market mutual funds181 — — — 181 
Investment funds27 — — — 27 
$208 $104 $— $(8)$304 
Liabilities - Commodity derivatives$— $(51)$— $13 $(38)
(1)Represents netting under master netting arrangements and a net cash collateral payable of $64 million and a net cash collateral receivable of $5 million as of June 30, 2022 and December 31, 2021, 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 June 30, 2022As of December 31, 2021
 CarryingFairCarryingFair
 ValueValueValueValue
     
Long-term debt$8,723 $8,555 $8,730 $10,374 
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, 2022:
Assets:
Commodity derivatives$1 $66 $28 $(22)$73 
Money market mutual funds498 — — — 498 
Debt securities:
U.S. government obligations220 — — — 220 
International government obligations— 1 — — 1 
Corporate obligations— 75 — — 75 
Municipal obligations— 3 — — 3 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
U.S. companies348 — — — 348 
International companies8 — — — 8 
Investment funds21 — — — 21 
$1,096 $146 $28 $(22)$1,248 
Liabilities - commodity derivatives$(1)$(10)$(2)$7 $(6)
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2021:
Assets:
Commodity derivatives$— $32 $3 $(7)$28 
Money market mutual funds228 — — — 228 
Debt securities:
U.S. government obligations232 — — — 232 
International government obligations— 2 — — 2 
Corporate obligations— 90 — — 90 
Municipal obligations— 3 — — 3 
Agency, asset and mortgage-backed obligations— 2 — — 2 
Equity securities:
U.S. companies428 — — — 428 
International companies10 — — — 10 
Investment funds18 — — — 18 
$916 $129 $3 $(7)$1,041 
Liabilities - commodity derivatives$— $(6)$(8)$12 $(2)

(1)Represents netting under master netting arrangements and a net cash collateral payable of $15 million as of June 30, 2022 and a net cash collateral receivable of $5 million as of December 31, 2021.
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,
2022202120222021
Beginning balance$4 $1 $(5)$2 
Changes in fair value recognized in regulatory assets31 — 44 — 
Settlements(9)(2)(13)(3)
Ending balance$26 $(1)$26 $(1)
Fair Value, by Balance Sheet Grouping
MidAmerican Energy's long-term debt is carried at cost on the Balance Sheets. The fair value of MidAmerican Energy'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 MidAmerican Energy'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 MidAmerican Energy's long-term debt (in millions):
As of June 30, 2022As of December 31, 2021
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$7,725 $7,376 $7,721 $9,037 
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, 2022As of December 31, 2021
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$7,965 $7,646 $7,961 $9,350 
NPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Nevada Power's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of June 30, 2022:
Assets:
Commodity derivatives$— $— $1 $1 
Money market mutual funds34 — — 34 
Investment funds3 — — 3 
$37 $— $1 $38 
Liabilities - commodity derivatives$— $— $(176)$(176)
As of December 31, 2021:
Assets:
Commodity derivatives$— $— $4 $4 
Money market mutual funds34 — — 34 
Investment funds3 — — 3 
$37 $— $4 $41 
Liabilities - commodity derivatives$— $— $(117)$(117)
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,
2022202120222021
Beginning balance$(168)$27 $(113)$15 
Changes in fair value recognized in regulatory assets(21)(6)(77)5 
Settlements14 4 15 5 
Ending balance$(175)$25 $(175)$25 
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, 2022As of December 31, 2021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$2,800 $2,807 $2,499 $3,067 
SPPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Sierra Pacific's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of June 30, 2022:
Assets:
Commodity derivatives$— $— $1 $1 
Money market mutual funds14 — — 14 
Investment funds1 — — 1 
$15 $— $1 $16 
Liabilities - commodity derivatives$— $— $(55)$(55)
As of December 31, 2021:
Assets:
Commodity derivatives$— $— $2 $2 
Money market mutual funds10 — — 10 
Investment funds1 — — 1 
$11 $— $2 $13 
Liabilities - commodity derivatives$— $— $(35)$(35)
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,
2022202120222021
Beginning balance$(52)$12 $(33)$7 
Changes in fair value recognized in regulatory assets(7)(1)(26)4 
Settlements5 1 5 1 
Ending balance$(54)$12 $(54)$12 
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, 2022As of December 31, 2021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,148 $1,164 $1,164 $1,316 
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, 2022:
Assets:
Money market mutual funds$66 $— $— $66 
Equity securities:
Investment funds13 — — 13 
$79 $— $— $79 
Liabilities:
Commodity derivatives$— $(1)$— $(1)
Foreign currency exchange rate derivatives— (19)— (19)
$— $(20)$— $(20)
As of December 31, 2021:
Assets:
Foreign currency exchange rate derivatives$— $3 $— $3 
Equity securities:
Investment funds13 — — 13 
$13 $3 $— $16 
Liabilities:
Foreign currency exchange rate derivatives$— $(3)$— $(3)
$— $(3)$— $(3)
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, 2022As of December 31, 2021
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,886 $3,656 $3,906 $4,266