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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of 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 September 30, 2021
Assets:
Commodity derivatives$15 $436 $88 $(49)$490 
Foreign currency exchange rate derivatives— 8 — — 8 
Interest rate derivatives— 12 30 — 42 
Mortgage loans held for sale— 1,687 — — 1,687 
Money market mutual funds2,017 — — — 2,017 
Debt securities:
United States government obligations228 — — — 228 
International government obligations— 2 — — 2 
Corporate obligations— 86 — — 86 
Municipal obligations— 3 — — 3 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
United States companies398 — — — 398 
International companies7,031 — — — 7,031 
Investment funds264 — — — 264 
 $9,953 $2,235 $118 $(49)$12,257 
Liabilities:     
Commodity derivatives$(2)$(134)$(56)$80 $(112)
Foreign currency exchange rate derivatives— (4)— — (4)
Interest rate derivatives(1)(11)(2)— (14)
$(3)$(149)$(58)$80 $(130)
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 funds873 — — — 873 
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 companies5,906 — — — 5,906 
Investment funds201 — — — 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)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $31 million and $35 million as of September 30, 2021 and December 31, 2020, respectively.
Fair Value Assets and Liabilities Net Measured On Recurring Basis Unobservable Input Reconciliation
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 (in millions):
 Three-Month PeriodsNine-Month Periods
Ended September 30,Ended September 30,
InterestInterest
 CommodityRateCommodityRate
DerivativesDerivativesDerivativesDerivatives
2021:
Beginning balance$105 $41 $116 $62 
Changes included in earnings(1)
(18)(13)(34)(34)
Changes in fair value recognized in OCI
(6)— (13)— 
Changes in fair value recognized in net regulatory assets
12 — 21 — 
Purchases
1 — 2 — 
Settlements(62)— (60)— 
Ending balance$32 $28 $32 $28 

Three-Month PeriodsNine-Month Periods
Ended September 30,Ended September 30,
InterestInterest
CommodityRateCommodityRate
DerivativesDerivativesDerivativesDerivatives
2020:
Beginning balance$44 $78 $97 $14 
Changes included in earnings(1)
(7)10 (11)74 
Changes in fair value recognized in net regulatory assets
20 — (36)— 
Purchases1 — 4 — 
Settlements38 — 42 — 
Ending balance$96 $88 $96 $88 

(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 September 30, 2021As of December 31, 2020
 CarryingFairCarryingFair
ValueValueValueValue
 
Long-term debt$50,098 $57,902 $49,866 $60,633 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents PacifiCorp's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
 Input Levels for Fair Value Measurements    
Level 1 Level 2 Level 3 
Other(1)
 Total
As of September 30, 2021    
Assets:    
Commodity derivatives$— $204 $— $(11)$193 
Money market mutual funds876 — — — 876 
Investment funds31 — — — 31 
 $907 $204 $— $(11)$1,100 
Liabilities - Commodity derivatives$— $(55)$— $16 $(39)
As of December 31, 2020
Assets:
Commodity derivatives$— $36 $— $(3)$33 
Money market mutual funds6 — — — 6 
Investment funds25 — — — 25 
$31 $36 $— $(3)$64 
Liabilities - Commodity derivatives$— $(53)$— $27 $(26)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $5 million and $24 million as of September 30, 2021 and December 31, 2020, 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 September 30, 2021As of December 31, 2020
 CarryingFairCarryingFair
 ValueValueValueValue
     
Long-term debt$9,199 $11,005 $8,612 $10,995 
MEC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of 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 September 30, 2021:
Assets:
Commodity derivatives$1 $70 $4 $(7)$68 
Money market mutual funds543 — — — 543 
Debt securities:
United States government obligations228 — — — 228 
International government obligations— 2 — — 2 
Corporate obligations— 86 — — 86 
Municipal obligations— 3 — — 3 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
United States companies398 — — — 398 
International companies8 — — — 8 
Investment funds23 — — — 23 
$1,201 $162 $4 $(7)$1,360 
Liabilities - commodity derivatives$(2)$(5)$(4)$7 $(4)
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2020:
Assets:
Commodity derivatives$— $4 $5 $(5)$4 
Money market mutual funds41 — — — 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)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $— million as of September 30, 2021 and December 31, 2020, respectively.
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 September 30, 2021As of December 31, 2020
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$7,716 $9,101 $7,210 $9,130 
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 September 30, 2021As of December 31, 2020
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$7,956 $9,417 $7,450 $9,466 
NPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Nevada Power's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of September 30, 2021
Assets:
Commodity derivatives$— $— $4 $4 
Money market mutual funds74 — — 74 
Investment funds3 — — 3 
$77 $— $4 $81 
Liabilities - commodity derivatives$— $— $(18)$(18)
As of December 31, 2020
Assets:
Commodity derivatives$— $— $26 $26 
Money market mutual funds21 — — 21 
Investment funds2 — — 2 
$23 $— $26 $49 
Liabilities - commodity derivatives$— $— $(11)$(11)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input 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 PeriodsNine-Month Periods
Ended September 30,Ended September 30,
2021202020212020
Beginning balance$25 $(44)$15 $(8)
Changes in fair value recognized in regulatory assets6 13 11 (31)
Settlements(45)31 (40)39 
Ending balance$(14)$— $(14)$— 
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 September 30, 2021As of December 31, 2020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$2,498 $3,122 $2,496 $3,245 
SPPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Sierra Pacific's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of September 30, 2021
Assets:
Commodity derivatives$— $— $2 $2 
Money market mutual funds11 — — 11 
Investment funds1 — — 1 
$12 $— $2 $14 
Liabilities - commodity derivatives$— $— $(2)$(2)
As of December 31, 2020
Assets:
Commodity derivatives$— $— $9 $9 
Money market mutual funds17 — — 17 
$17 $— $9 $26 
Liabilities - commodity derivatives$— $— $(2)$(2)
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 September 30, 2021As of December 31, 2020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,164 $1,328 $1,164 $1,358 
EEGH  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of 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 September 30, 2021
Assets:
Foreign currency exchange rate derivatives$— $8 $— $8 
Money market mutual funds75 — — 75 
Investment funds13 — — 13 
$88 $8 $— $96 
Liabilities:
Commodity derivatives$— $(1)$— $(1)
Foreign currency exchange rate derivatives— (4)— (4)
$— $(5)$— $(5)
As of December 31, 2020
Assets:
Foreign currency exchange rate derivatives$— $20 $— $20 
$— $20 $— $20 
Liabilities:
Commodity derivatives$— $(1)$— $(1)
Foreign currency exchange rate derivatives— (2)— (2)
Interest rate derivatives— (6)— (6)
$— $(9)$— $(9)
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 September 30, 2021As of December 31, 2020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,910 $4,327 $4,425 $5,012