XML 310 R57.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs [Table Text Block]
Net periodic benefit cost for the plans included the following components for the years ended December 31 (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
16

 
$
21

 
$
24

 
$
8

 
$
9

 
$
9

Interest cost
111

 
105

 
116

 
27

 
24

 
29

Expected return on plan assets
(154
)
 
(164
)
 
(160
)
 
(40
)
 
(41
)
 
(40
)
Settlement

 
21

 

 

 

 

Net amortization
31

 
28

 
25

 
(6
)
 
(13
)
 
(14
)
Net periodic benefit cost (credit)
$
4

 
$
11

 
$
5

 
$
(11
)
 
$
(21
)
 
$
(16
)

Net periodic benefit cost for the UK Plan included the following components for the years ended December 31 (in millions):
 
2019
 
2018
 
2017
 
 
 
 
 
 
Service cost
$
16

 
$
19

 
$
23

Interest cost
49

 
56

 
58

Expected return on plan assets
(100
)
 
(101
)
 
(100
)
Settlement
26

 
44

 
31

Net amortization
46

 
45

 
63

Net periodic benefit cost
$
37

 
$
63

 
$
75

    
Changes in Fair Value of Plan Assets [Table Text Block]
The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
2,396

 
$
2,761

 
$
664

 
$
736

Employer contributions
12

 
38

 
2

 
8

Participant contributions

 

 
9

 
8

Actual return on plan assets
456

 
(147
)
 
122

 
(38
)
Settlement
(22
)
 
(119
)
 

 

Benefits paid
(186
)
 
(137
)
 
(55
)
 
(50
)
Plan assets at fair value, end of year
$
2,656

 
$
2,396

 
$
742

 
$
664


The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):
 
2019
 
2018
 
 
 
 
Plan assets at fair value, beginning of year
$
1,989

 
$
2,368

Employer contributions
56

 
60

Participant contributions
1

 
1

Actual return on plan assets
194

 
(44
)
Settlement
(99
)
 
(205
)
Benefits paid
(71
)
 
(71
)
Foreign currency exchange rate changes
81

 
(120
)
Plan assets at fair value, end of year
$
2,151

 
$
1,989


Changes in Projected Benefit Obligations [Table Text Block]
following table is a reconciliation of the benefit obligation for the years ended December 31 (in millions):
 
2019
 
2018
 
 
 
 
Benefit obligation, beginning of year
$
1,833

 
$
2,201

Service cost
16

 
19

Interest cost
49

 
56

Participant contributions
1

 
1

Actuarial loss (gain)
175

 
(87
)
Settlement
(99
)
 
(182
)
Amendment

 
8

Benefits paid
(71
)
 
(71
)
Foreign currency exchange rate changes
115

 
(112
)
Benefit obligation, end of year
$
2,019

 
$
1,833

Accumulated benefit obligation, end of year
$
1,786

 
$
1,637


The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
2,718

 
$
3,006

 
$
672

 
$
721

Service cost
16

 
21

 
8

 
9

Interest cost
111

 
105

 
27

 
24

Participant contributions

 

 
9

 
8

Actuarial loss (gain)
242

 
(160
)
 
12

 
(40
)
Amendment
(1
)
 
2

 

 

Settlement
(22
)
 
(119
)
 

 

Benefits paid
(186
)
 
(137
)
 
(55
)
 
(50
)
Benefit obligation, end of year
$
2,878

 
$
2,718

 
$
673

 
$
672

Accumulated benefit obligation, end of year
$
2,867

 
$
2,709

 
 
 
 

Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Plan assets at fair value, end of year
$
2,656

 
$
2,396

 
$
742

 
$
664

Benefit obligation, end of year
2,878

 
2,718

 
673

 
672

Funded status
$
(222
)
 
$
(322
)
 
$
69

 
$
(8
)
 
 
 
 
 
 
 
 
Amounts recognized on the Consolidated Balance Sheets:
 
 
 
 
 
 
 
Other assets
$
73

 
$
20

 
$
76

 
$
5

Other current liabilities
(13
)
 
(13
)
 

 

Other long-term liabilities
(282
)
 
(329
)
 
(7
)
 
(13
)
Amounts recognized
$
(222
)
 
$
(322
)
 
$
69

 
$
(8
)
The funded status of the UK Plan and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):
 
2019
 
2018
 
 
 
 
Plan assets at fair value, end of year
$
2,151

 
$
1,989

Benefit obligation, end of year
2,019

 
1,833

Funded status
$
132

 
$
156

 
 
 
 
Amounts recognized on the Consolidated Balance Sheets:
 
 
 
Other assets
$
132

 
$
156


The fair value of plan assets, projected benefit obligation and accumulated benefit obligation for (1) pension and other postretirement benefit plans with a projected benefit obligation in excess of the fair value of plan assets and (2) pension plans with an accumulated benefit obligation in excess of the fair value of plan assets as of December 31 are as follows (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Fair value of plan assets
$
1,939

 
$
1,752

 
$
439

 
$
417

 
 
 
 
 
 
 
 
Projected benefit obligation
$
2,227

 
$
2,091

 
$
446

 
$
429

 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
2,222

 
$
2,085

 
 
 
 
Net Periodic Benefit Costs Not Yet Recognized [Table Text Block]
A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2019 and 2018 is as follows (in millions):
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
Other
 
 
 
Regulatory
 
Regulatory
 
Comprehensive
 
 
 
Asset
 
Liability
 
Loss
 
Total
Pension
 
 
 
 
 
 
 
Balance, December 31, 2017
$
665

 
$
(43
)
 
$
20

 
$
642

Net loss (gain) arising during the year
114

 
43

 
(6
)
 
151

Net prior service cost arising during the year

 

 
2

 
2

Settlement
(21
)
 

 

 
(21
)
Net amortization
(28
)
 

 

 
(28
)
Total
65

 
43

 
(4
)
 
104

Balance, December 31, 2018
730

 

 
16

 
746

Net (gain) loss arising during the year
(38
)
 
(33
)
 
10

 
(61
)
Net prior service credit arising during the year

 

 
(2
)
 
(2
)
Net amortization
(31
)
 

 

 
(31
)
Total
(69
)
 
(33
)
 
8

 
(94
)
Balance, December 31, 2019
$
661

 
$
(33
)
 
$
24

 
$
652


 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
Other
 
 
 
Regulatory
 
Regulatory
 
Comprehensive
 
 
 
Asset
 
Liability
 
Loss
 
Total
Other Postretirement
 
 
 
 
 
 
 
Balance, December 31, 2017
$
10

 
$
(26
)
 
$

 
$
(16
)
Net loss arising during the year
23

 
14

 
1

 
38

Net amortization
11

 
2

 

 
13

Total
34

 
16

 
1

 
51

Balance, December 31, 2018
44

 
(10
)
 
1

 
35

Net gain arising during the year
(45
)
 
(23
)
 
(4
)
 
(72
)
Net amortization
5

 
1

 

 
6

Total
(40
)
 
(22
)
 
(4
)
 
(66
)
Balance, December 31, 2019
$
4

 
$
(32
)
 
$
(3
)
 
$
(31
)

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost, which are included in accumulated other comprehensive loss on the Consolidated Balance Sheets, for the years ended December 31 is as follows (in millions):
 
2019
 
2018
 
 
 
 
Balance, beginning of year
$
480

 
$
510

Net loss arising during the year
81

 
59

Net prior service cost arising during the year

 
8

Settlement
(26
)
 
(22
)
Net amortization
(46
)
 
(45
)
Foreign currency exchange rate changes
60

 
(30
)
Total
69

 
(30
)
Balance, end of year
$
549

 
$
480


The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net loss
$
653

 
$
747

 
$
(23
)
 
$
50

Prior service credit
(2
)
 

 
(14
)
 
(22
)
Regulatory deferrals
1

 
(1
)
 
6

 
7

Total
$
652

 
$
746

 
$
(31
)
 
$
35


The portion of the funded status of the UK Plan not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):
 
2019
 
2018
 
 
 
 
Net loss
$
543

 
$
472

Prior service cost
6

 
8

Total
$
549

 
$
480


Defined Benefit Plans, Amounts To Be Recognized In Following Year [Table Text Block]

Plan Assumptions [Table Text Block]
Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:
 
2019
 
2018
 
2017
 
 
 
 
 
 
Benefit obligations as of December 31:
 
 
 
 
 
Discount rate
2.10
%
 
2.90
%
 
2.60
%
Rate of compensation increase
3.30
%
 
3.55
%
 
3.45
%
Rate of future price inflation
2.80
%
 
3.05
%
 
2.95
%
 
 
 
 
 
 
Net periodic benefit cost for the years ended December 31:
 
 
 
 
 
Discount rate
2.90
%
 
2.60
%
 
2.70
%
Expected return on plan assets
5.10
%
 
4.90
%
 
5.00
%
Rate of compensation increase
3.55
%
 
3.45
%
 
3.00
%
Rate of future price inflation
3.05
%
 
2.95
%
 
3.00
%
    
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

Pension
 
Other Postretirement
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligations as of December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.32
%
 
4.25
%
 
3.60
%
 
3.24
%
 
4.21
%
 
3.57
%
Rate of compensation increase
2.75
%
 
2.75
%
 
2.75
%
 
NA

 
NA

 
NA

Interest crediting rates for cash balance plan
 
 
 
 
 
 


 


 


2017
NA

 
NA

 
2.49
%
 
NA

 
NA

 
NA

2018
NA

 
3.38
%
 
3.06
%
 
NA

 
NA

 
NA

2019
3.22
%
 
3.54
%
 
3.06
%
 
NA

 
NA

 
NA

2020
2.94
%
 
3.54
%
 
2.72
%
 
NA

 
NA

 
NA

2021
2.94
%
 
3.56
%
 
2.72
%
 
NA

 
NA

 
NA

2022
3.02
%
 
3.56
%
 
2.72
%
 
NA

 
NA

 
NA

 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost for the years ended December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.25
%
 
3.60
%
 
4.06
%
 
4.21
%
 
3.57
%
 
4.01
%
Expected return on plan assets
6.48
%
 
6.36
%
 
6.55
%
 
6.39
%
 
6.44
%
 
6.73
%
Rate of compensation increase
2.75
%
 
2.75
%
 
2.75
%
 
NA

 
NA

 
NA

Interest crediting rate for cash balance plan
3.22
%
 
3.38
%
 
2.49
%
 
NA

 
NA

 
NA

In establishing its assumption as to the expected return on plan assets, the Company utilizes the asset allocation and return assumptions for each asset class based on historical performance and forward-looking views of the financial markets.
 
2019
 
2018
Assumed healthcare cost trend rates as of December 31:
 
 
 
Healthcare cost trend rate assumed for next year
6.50
%
 
6.80
%
Rate that the cost trend rate gradually declines to
5.00
%
 
5.00
%
Year that the rate reaches the rate it is assumed to remain at
2025
 
2025
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]

Expected Benefit Payments [Table Text Block]
Employer contributions to the UK Plan are expected to be £43 million during 2020. The expected benefit payments to participants in the UK Plan for 2020 through 2024 and for the five years thereafter excluding lump sum settlement elections, using the foreign currency exchange rate as of December 31, 2019, are summarized below (in millions):
2020
$
74

2021
75

2022
77

2023
79

2024
81

2025-2029
436

    
The expected benefit payments to participants in the Company's pension and other postretirement benefit plans for 2020 through 2024 and for the five years thereafter are summarized below (in millions):
 
Projected Benefit
 
Payments
 
 
 
Other
 
Pension
 
Postretirement
 
 
 
 
2020
$
233

 
$
57

2021
218

 
56

2022
213

 
55

2023
212

 
54

2024
205

 
51

2025-2029
927

 
224

Allocation of Plan Assets [Table Text Block]
The target allocations (percentage of plan assets) for the UK Plan assets are as follows as of December 31, 2019:
 
%
Debt securities(1)
50-55
Equity securities(1)
35-40
Real estate funds and other
5-15

(1)
For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds have been allocated based on the underlying investments in debt and equity securities.

The target allocations (percentage of plan assets) for the Company's pension and other postretirement benefit plan assets are as follows as of December 31, 2019:
 
 
 
Other
 
Pension
 
Postretirement
 
%
 
%
PacifiCorp:
 
 
 
Debt securities(1)
30-43
 
33-37
Equity securities(1)
48-65
 
62-66
Limited partnership interests
6-12
 
1-3
 
 
 
 
MidAmerican Energy:
 
 
 
Debt securities(1)
20-50
 
25-45
Equity securities(1)
60-80
 
45-80
Real estate funds
2-8
 
Other
0-3
 
0-5
 
 
 
 
NV Energy:
 
 
 
Debt securities(1)
53-77
 
40
Equity securities(1)
23-47
 
60

(1)
For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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 1
 
Level 2
 
Level 3
 
Total
As of December 31, 2019:
 
 
 
 
 
 
 
Cash equivalents
$
3

 
$
24

 
$

 
$
27

Debt securities:
 
 
 
 
 
 
 
United Kingdom government obligations
960

 

 

 
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

 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
Cash equivalents
$
3

 
$
59

 
$

 
$
62

Debt securities:
 
 
 
 
 
 
 
United Kingdom government obligations
891

 

 

 
891

Equity securities:
 
 
 
 
 
 
 
Investment funds(2)

 
697

 

 
697

Real estate funds

 

 
239

 
239

Total
$
894

 
$
756

 
$
239

 
1,889

Investment funds(2) measured at net asset value
 
 
 
 
 
 
100

Total assets measured at fair value
 
 
 
 
 
 
$
1,989


(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 38% and 62%, respectively, for 2019 and 36% and 64%, respectively, for 2018.

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 1
 
Level 2
 
Total
As of December 31, 2019:
 
 
 
 
 
Cash equivalents
$
27

 
$
36

 
$
63

Debt securities:
 
 
 
 
 
United States government obligations
210

 

 
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 companies
547

 
1

 
548

International companies
136

 

 
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 value
 
 
 
 
42

Total assets measured at fair value
 
 
 
 
$
2,656

 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
Cash equivalents
$
8

 
$
41

 
$
49

Debt securities:
 
 
 
 
 
United States government obligations
160

 

 
160

International government obligations

 
5

 
5

Corporate obligations

 
373

 
373

Municipal obligations

 
29

 
29

Agency, asset and mortgage-backed obligations

 
123

 
123

Equity securities:
 
 
 
 
 
United States companies
492

 
1

 
493

International companies
108

 

 
108

Investment funds(2)
119

 

 
119

Total assets in the fair value hierarchy
$
887

 
$
572

 
1,459

Investment funds(2) measured at net asset value
 
 
 
 
792

Limited partnership interests(3) measured at net asset value
 
 
 
 
104

Real estate funds measured at net asset value
 
 
 
 
41

Total assets measured at fair value
 
 
 
 
$
2,396


(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 62% and 38%, respectively, for 2019 and 59% and 41%, respectively, for 2018. Additionally, these funds are invested in United States and international securities of approximately 66% and 34%, respectively, for 2019 and 73% and 27%, respectively, for 2018.
(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 1
 
Level 2
 
Total
As of December 31, 2019:
 
 
 
 
 
Cash equivalents
$
17

 
$
1

 
$
18

Debt securities:
 
 
 
 
 
United States government obligations
23

 

 
23

Corporate obligations

 
44

 
44

Municipal obligations

 
57

 
57

Agency, asset and mortgage-backed obligations

 
33

 
33

Equity securities:
 
 
 
 
 
United States companies
151

 

 
151

International companies
6

 

 
6

Investment funds
236

 

 
236

Total assets in the fair value hierarchy
$
433

 
$
135

 
568

Investment funds measured at net asset value
 
 
 
 
169

Limited partnership interests measured at net asset value
 
 
 
 
5

Total assets measured at fair value
 
 
 
 
$
742

 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
Cash equivalents
$
10

 
$
2

 
$
12

Debt securities:
 
 
 
 
 
United States government obligations
13

 

 
13

Corporate obligations

 
42

 
42

Municipal obligations

 
45

 
45

Agency, asset and mortgage-backed obligations

 
30

 
30

Equity securities:
 
 
 
 
 
United States companies
158

 

 
158

International companies
6

 

 
6

Investment funds(2)
202

 
1

 
203

Total assets in the fair value hierarchy
$
389

 
$
120

 
509

Investment funds(2) measured at net asset value
 
 
 
 
149

Limited partnership interests(3) measured at net asset value
 
 
 
 
6

Total assets measured at fair value
 
 
 
 
$
664


(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 58% and 42%, respectively, for 2019 and 65% and 35%, respectively, for 2018. Additionally, these funds are invested in United States and international securities of approximately 75% and 25%, respectively, for 2019 and 79% and 21%, respectively, for 2018.
(3)
Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital.
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, 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 obligations
189

 

 

 

 
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 companies
336

 

 

 

 
336

International companies
1,131

 

 

 

 
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
)

As of December 31, 2018:
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
1

 
$
91

 
$
108

 
$
(52
)
 
$
148

Interest rate derivatives
1

 
13

 
10

 

 
24

Mortgage loans held for sale

 
468

 

 

 
468

Money market mutual funds(2)
409

 

 

 

 
409

Debt securities:
 
 
 
 
 
 
 
 
 
United States government obligations
187

 

 

 

 
187

International government obligations

 
4

 

 

 
4

Corporate obligations

 
46

 

 

 
46

Municipal obligations

 
2

 

 

 
2

Agency, asset and mortgage-backed obligations

 
1

 

 

 
1

Equity securities:
 
 
 
 
 
 
 
 
 
United States companies
256

 

 

 

 
256

International companies
1,441

 

 

 

 
1,441

Investment funds
128

 

 

 

 
128

 
$
2,423

 
$
625

 
$
118

 
$
(52
)
 
$
3,114

Liabilities:
 
 
 
 
 
 
 
 
 
Commodity derivatives
$
(1
)
 
$
(180
)
 
$
(9
)
 
$
111

 
$
(79
)
Interest rate derivatives

 
(32
)
 

 

 
(32
)
 
$
(1
)
 
$
(212
)
 
$
(9
)
 
$
111

 
$
(111
)

(1)
Represents netting under master netting arrangements and a net cash collateral receivable of $79 million and $59 million as of December 31, 2019 and 2018, 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.

Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block]

The following table reconciles the beginning and ending balances of the UK Plan assets measured at fair value using significant Level 3 inputs for the years ended December 31 (in millions):
 
Real Estate Funds
 
2019
 
2018
 
2017
 
 
 
 
 

Beginning balance
$
239

 
$
230

 
$
105

Actual return on plan assets still held at period end
(5
)
 
23

 
6

Purchases

 

 
104

Foreign currency exchange rate changes
9

 
(14
)
 
15

Ending balance
$
243

 
$
239

 
$
230


PacifiCorp [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs [Table Text Block]
Net periodic benefit cost for the plans included the following components for the years ended December 31 (in millions):

 
Pension
 
Other Postretirement
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$

 
$

 
$

 
$
2

 
$
2

 
$
2

Interest cost
44

 
43

 
49

 
12

 
11

 
14

Expected return on plan assets
(67
)
 
(72
)
 
(72
)
 
(21
)
 
(21
)
 
(21
)
Settlement

 
22

 

 

 

 

Net amortization
11

 
13

 
14

 

 
(6
)
 
(6
)
Net periodic benefit (credit) cost
$
(12
)
 
$
6

 
$
(9
)
 
$
(7
)
 
$
(14
)
 
$
(11
)
Changes in Fair Value of Plan Assets [Table Text Block]
The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
942

 
$
1,111

 
$
297

 
$
332

Employer contributions
4

 
4

 
1

 
1

Participant contributions

 

 
5

 
5

Actual return on plan assets
181

 
(52
)
 
55

 
(16
)
Settlement

 
(52
)
 

 

Benefits paid
(91
)
 
(69
)
 
(24
)
 
(25
)
Plan assets at fair value, end of year
$
1,036

 
$
942

 
$
334

 
$
297

Changes in Projected Benefit Obligations [Table Text Block]
The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
1,105

 
$
1,251

 
$
298

 
$
331

Service cost

 

 
2

 
2

Interest cost
44

 
43

 
12

 
11

Participant contributions

 

 
5

 
5

Actuarial loss (gain)
109

 
(68
)
 
11

 
(26
)
Settlement

 
(52
)
 

 

Benefits paid
(91
)
 
(69
)
 
(24
)
 
(25
)
Benefit obligation, end of year
$
1,167

 
$
1,105

 
$
304

 
$
298

Accumulated benefit obligation, end of year
$
1,167

 
$
1,105

 
 
 
 
Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Plan assets at fair value, end of year
$
1,036

 
$
942

 
$
334

 
$
297

Less - Benefit obligation, end of year
1,167

 
1,105

 
304

 
298

Funded status
$
(131
)
 
$
(163
)
 
$
30

 
$
(1
)
 
 
 
 
 
 
 
 
Amounts recognized on the Consolidated Balance Sheets:
 
 
 
 
 
 
 
Other assets
$
7

 
$
3

 
$
30

 
$

Other current liabilities
(4
)
 
(4
)
 

 

Other long-term liabilities
(134
)
 
(162
)
 

 
(1
)
Amounts recognized
$
(131
)
 
$
(163
)
 
$
30

 
$
(1
)
Net Periodic Benefit Costs Not Yet Recognized [Table Text Block]
The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net loss (gain)
$
442

 
$
461

 
$
(26
)
 
$
(2
)
Regulatory deferrals
1

 
(1
)
 
6

 
7

Total
$
443

 
$
460

 
$
(20
)
 
$
5


A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2019 and 2018 is as follows (in millions):
 
 
 
Accumulated
 
 
 
 
 
Other
 
 
 
Regulatory
 
Comprehensive
 
 
 
Asset
 
Loss
 
Total
Pension
 
 
 
 
 
Balance, December 31, 2017
$
418

 
$
20

 
$
438

Net loss (gain) arising during the year
59

 
(2
)
 
57

Net amortization
(12
)
 
(1
)
 
(13
)
Settlement
(22
)
 

 
(22
)
Total
25

 
(3
)
 
22

Balance, December 31, 2018
443

 
17

 
460

Net (gain) loss arising during the year
(11
)
 
5

 
(6
)
Net amortization
(10
)
 
(1
)
 
(11
)
Total
(21
)
 
4

 
(17
)
Balance, December 31, 2019
$
422

 
$
21

 
$
443


 
Regulatory
 
Asset (Liability)
Other Postretirement
 
Balance, December 31, 2017
$
(11
)
Net loss arising during the year
10

Net amortization
6

Total
16

Balance, December 31, 2018
5

Net gain arising during the year
(25
)
Net amortization

Total
(25
)
Balance, December 31, 2019
$
(20
)
Defined Benefit Plans, Amounts To Be Recognized In Following Year [Table Text Block]


Plan Assumptions [Table Text Block]
ssumptions used to determine benefit obligations and net periodic benefit cost were as follows:
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligations as of December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.25
%
 
4.25
%
 
3.60
%
 
3.20
%
 
4.25
%
 
3.60
%
Rate of compensation increase
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
Interest crediting rates for cash balance plan (1)(2)(3)
2.27
%
 
3.40
%
 
1.61
%
 
N/A

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost for the years ended December 31:
 
 
 
 
 
 
 
 
 
 
Discount rate
4.25
%
 
3.60
%
 
4.05
%
 
4.25
%
 
3.60
%
 
4.05
%
Expected return on plan assets
7.00

 
7.00

 
7.25

 
6.86

 
6.86

 
7.25

Rate of compensation increase
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A


(1)
2019 Cash Balance Interest Crediting Rate assumption is 2.27% for 2020-2021 and 2.10% for 2022 and all future years for nonunion participants and 2.16% for 2020-2021 and 2.70% for 2022+ for union participants.
(2)
2018 Cash Balance Interest Crediting Rate assumption was 3.40% for 2019 and all future years for nonunion participants and 3.15% for 2019-2020 and 3.25% for 2021+ for union participants.
(3)
2017 Cash Balance Interest Crediting Rate assumption was 2.26% for 2018-2019 and 1.60% for 2020+ for nonunion participants and 2.78% for 2018-2019 and 2.60% for 2020+ for union participants.
In establishing its assumption as to the expected return on plan assets, PacifiCorp utilizes the asset allocation and return assumptions for each asset class based on historical performance and forward-looking views of the financial markets.

As a result of a plan amendment effective on January 1, 2017, the benefit obligation for the Retirement Plan is no longer affected by future increases in compensation. As a result of a labor settlement reached with UMWA in December 2014, the benefit obligation for the other postretirement plan is no longer affected by healthcare cost trends.
Expected Benefit Payments [Table Text Block]
The expected benefit payments to participants in PacifiCorp's pension and other postretirement benefit plans for 2020 through 2024 and for the five years thereafter are summarized below (in millions):
 
Projected Benefit Payments
 
Pension
 
Other Postretirement
 
 
 
 
2020
$
112

 
$
27

2021
98

 
24

2022
94

 
23

2023
89

 
23

2024
83

 
21

2025-2029
350

 
94

Allocation of Plan Assets [Table Text Block]
The target allocations (percentage of plan assets) for PacifiCorp's pension and other postretirement benefit plan assets are as follows as of December 31, 2019:
 
Pension(1)
 
Other Postretirement(1)
 
%
 
%
Debt securities(2)
30 - 43
 
33 - 37
Equity securities(2)
48 - 65
 
62 - 66
Limited partnership interests
6 - 12
 
1 - 3

(1)
PacifiCorp's Retirement Plan trust includes a separate account that is used to fund benefits for the other postretirement benefit plan. In addition to this separate account, the assets for the other postretirement benefit plan are held in Voluntary Employees' Beneficiary Association ("VEBA") trusts, each of which has its own investment allocation strategies. Target allocations for the other postretirement benefit plan include the separate account of the Retirement Plan trust and the VEBA trusts.
(2)
For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.
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, 2019:
 
 
 
 
 
 
 
 
Cash equivalents
 
$

 
$
24

 
$

 
$
24

Debt securities:
 
 
 
 
 
 
 
 
United States government obligations
 
21

 

 

 
21

Corporate obligations
 

 
94

 

 
94

Municipal obligations
 

 
10

 

 
10

Agency, asset and mortgage-backed obligations
 

 
42

 

 
42

Equity securities:
 
 
 
 
 
 
 
 
United States companies
 
355

 

 

 
355

International companies
 
15

 

 

 
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

 
 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
 
Cash equivalents
 
$

 
$
11

 
$

 
$
11

Debt securities:
 
 
 
 
 
 
 
 
United States government obligations
 
4

 

 

 
4

International government obligations
 

 
1

 

 
1

Corporate obligations
 

 
88

 

 
88

Municipal obligations
 

 
10

 

 
10

Agency, asset and mortgage-backed obligations
 

 
43

 

 
43

Equity securities:
 
 
 
 
 
 
 
 
United States companies
 
327

 

 

 
327

International companies
 
15

 

 

 
15

Investment funds(2)
 
54

 

 

 
54

Total assets in the fair value hierarchy
 
$
400

 
$
153

 
$

 
553

Investment funds(2) measured at net asset value
 
 
 
 
 
 
 
285

Limited partnership interests(3) measured at net asset value
 
 
 
 
 
 
 
104

Investments at fair value
 
 
 
 
 
 
 
$
942


(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 55% and 45% respectively, for both 2019 and 2018, and are invested in United States and international securities of approximately 51% and 49%, respectively, for 2019 and 68% and 32%, respectively, for 2018.
(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, 2019:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
8

 
$
1

 
$

 
$
9

Debt securities:
 
 
 
 
 
 
 
 
United States government obligations
 
12

 

 

 
12

Corporate obligations
 

 
26

 

 
26

Municipal obligations
 

 
2

 

 
2

Agency, asset and mortgage-backed obligations
 

 
22

 

 
22

Equity securities:
 
 
 
 
 
 
 
 
United States companies
 
74

 

 

 
74

International companies
 
4

 

 

 
4

Investment funds(2)
 
44

 

 

 
44

Total assets in the fair value hierarchy
 
142

 
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

 
 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
4

 
$
1

 
$

 
$
5

Debt securities:
 
 
 
 
 
 
 
 
United States government obligations
 
3

 

 

 
3

Corporate obligations
 

 
23

 

 
23

Municipal obligations
 

 
2

 

 
2

Agency, asset and mortgage-backed obligations
 

 
17

 

 
17

Equity securities:
 
 
 
 
 
 
 
 
United States companies
 
83

 

 

 
83

International companies
 
4

 

 

 
4

Investment funds(2)
 
38

 

 

 
38

Total assets in the fair value hierarchy
 
132

 
43

 

 
175

Investment funds(2) measured at net asset value
 
 
 
 
 
 
 
116

Limited partnership interests(3) measured at net asset value
 
 
 
 
 
 
 
6

Investments at fair value
 
 
 
 
 
 
 
$
297


(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 56% and 44%, respectively, for 2019 and 59% and 41%, respectively, for 2018, and are invested in United States and international securities of approximately 79% and 21%, respectively, for 2019 and 90% and 10%, respectively, for 2018.
(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 1
 
Level 2
 
Level 3
 
Other(1)
 
Total
As of December 31, 2019:
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Commodity derivatives
$

 
$
21

 
$

 
$
(7
)
 
$
14

Money market mutual funds(2)
23

 

 

 

 
23

Investment funds
25

 

 

 

 
25

 
$
48

 
$
21

 
$

 
$
(7
)
 
$
62

 
 
 
 
 
 
 
 
 
 
Liabilities - Commodity derivatives
$

 
$
(84
)
 
$

 
$
54

 
$
(30
)
 
 
 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Commodity derivatives
$

 
$
51

 
$

 
$
(23
)
 
$
28

Money market mutual funds (2)
69

 

 

 

 
69

Investment funds
24

 

 

 

 
24

 
$
93

 
$
51

 
$

 
$
(23
)
 
$
121

 
 
 
 
 
 
 
 
 
 
Liabilities - Commodity derivatives
$

 
$
(148
)
 
$

 
$
82

 
$
(66
)

(1)
Represents netting under master netting arrangements and a net cash collateral receivable of $47 million and $59 million as of December 31, 2019 and 2018, 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.
Schedule of Multiemployer Plans [Table Text Block]
The following table presents PacifiCorp's participation in individually significant joint trustee and multiemployer pension plans for the years ended December 31 (dollars in millions):

 
 
 
 
PPA zone status or
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
plan funded status percentage for
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
plan years beginning July 1,
 
 
 
 
 
Contributions(1)
 
 
Plan name
 
Employer Identification Number
 
2019
 
2018
 
2017
 
Funding improvement plan
 
Surcharge imposed under PPA(1)
 
2019
 
2018
 
2017
 
Year contributions to plan exceeded more than 5% of total contributions(2)
Local 57 Trust Fund
 
87-0640888
 
At least 80%
 
At least 80%
 
At least 80%
 
None
 
None
 
$
7

 
$
7

 
$
7

 
2017, 2016, 2015

(1)
PacifiCorp's minimum contributions to the plan are based on the amount of wages paid to employees covered by the Local 57 Trust Fund collective bargaining agreements, subject to ERISA minimum funding requirements.

(2)
For the Local 57 Trust Fund, information is for plan years beginning July 1, 2017, 2016 and 2015. Information for the plan year beginning July 1, 2018 is not yet available.
MidAmerican Energy Company [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs [Table Text Block]
Net periodic benefit cost for the plans of MidAmerican Energy and the aforementioned affiliates included the following components for the years ended December 31 (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
6

 
$
9

 
$
9

 
$
5

 
$
5

 
$
5

Interest cost
30

 
28

 
31

 
10

 
8

 
9

Expected return on plan assets
(41
)
 
(44
)
 
(44
)
 
(13
)
 
(13
)
 
(14
)
Settlement

 
(1
)
 

 

 

 

Net amortization
1

 
2

 
2

 
(3
)
 
(4
)
 
(4
)
Net periodic benefit (credit) cost
$
(4
)
 
$
(6
)
 
$
(2
)
 
$
(1
)
 
$
(4
)
 
$
(4
)
Changes in Fair Value of Plan Assets [Table Text Block]
The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
644

 
$
745

 
$
247

 
$
277

Employer contributions
7

 
7

 
1

 
1

Participant contributions

 

 
2

 
1

Actual return on plan assets
123

 
(39
)
 
42

 
(17
)
Settlement

 
(37
)
 

 

Benefits paid
(57
)
 
(32
)
 
(20
)
 
(15
)
Plan assets at fair value, end of year
$
717

 
$
644

 
$
272

 
$
247

Changes in Projected Benefit Obligations [Table Text Block]
The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
736

 
$
799

 
$
242

 
$
246

Service cost
6

 
9

 
5

 
5

Interest cost
30

 
28

 
10

 
8

Participant contributions

 

 
2

 
1

Actuarial (gain) loss
48

 
(33
)
 
(13
)
 
(3
)
Plan amendments

 
2

 

 

Settlement

 
(37
)
 

 

Benefits paid
(57
)
 
(32
)
 
(20
)
 
(15
)
Benefit obligation, end of year
$
763

 
$
736

 
$
226

 
$
242

Accumulated benefit obligation, end of year
$
758

 
$
733

 
 
 
 
Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
The funded status of the plans and the amounts recognized on the Balance Sheets as of December 31 are as follows (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Plan assets at fair value, end of year
$
717

 
$
644

 
$
272

 
$
247

Less - Benefit obligation, end of year
763

 
736

 
226

 
242

Funded status
$
(46
)
 
$
(92
)
 
$
46

 
$
5

 
 
 
 
 
 
 
 
Amounts recognized on the Balance Sheets:
 
 
 
 
 
 
 
Other assets
$
66

 
$
17

 
$
46

 
$
5

Other current liabilities
(7
)
 
(7
)
 

 

Other liabilities
(105
)
 
(102
)
 

 

Amounts recognized
$
(46
)
 
$
(92
)
 
$
46

 
$
5

Net Periodic Benefit Costs Not Yet Recognized [Table Text Block]
A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2019 and 2018 is as follows (in millions):
 
Regulatory
Asset
 
Regulatory
Liability
 
Receivables
(Payables)
with Affiliates
 
Total
Pension
 
 
 
 
 
 
 
Balance, December 31, 2017
$
24

 
$
(41
)
 
$
7

 
$
(10
)
Net loss arising during the year
2

 
41

 
9

 
52

Net amortization
(2
)
 

 

 
(2
)
Settlement
1

 

 

 
1

Total
1

 
41

 
9

 
51

Balance, December 31, 2018
25

 

 
16

 
41

Net (gain) loss arising during the year
(5
)
 
(32
)
 
2

 
(35
)
Net amortization
(1
)
 

 

 
(1
)
Total
(6
)
 
(32
)
 
2

 
(36
)
Balance, December 31, 2019
$
19

 
$
(32
)
 
$
18

 
$
5


 
Regulatory
Asset
 
Receivables
(Payables)
with Affiliates
 
Total
Other Postretirement
 
 
 
 
 
Balance, December 31, 2017
$
14

 
$
(16
)
 
$
(2
)
Net loss arising during the year
20

 
6

 
26

Net amortization
3

 
1

 
4

Total
23

 
7

 
30

Balance, December 31, 2018
37

 
(9
)
 
28

Net (gain) arising during the year
(33
)
 
(9
)
 
(42
)
Net amortization
3

 
1

 
4

Total
(30
)
 
(8
)
 
(38
)
Balance, December 31, 2019
$
7

 
$
(17
)
 
$
(10
)
The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net loss (gain)
$
6

 
$
40

 
$
4

 
$
48

Prior service cost (credit)
(1
)
 
1

 
(14
)
 
(20
)
Total
$
5

 
$
41

 
$
(10
)
 
$
28

Plan Assumptions [Table Text Block]
Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:
 
Pension
 
Other Postretirement
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Benefit obligations as of December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.40
%
 
4.25
%
 
3.60
%
 
3.20
%
 
4.15
%
 
3.50
%
Rate of compensation increase
2.75
%
 
2.75
%
 
2.75
%
 
N/A

 
N/A

 
N/A

Interest crediting rates for cash balance plan
 
 
 
 
 
 
 
 
 
 
 
   2017
N/A

 
N/A

 
1.44
%
 
N/A

 
N/A

 
N/A

   2018
N/A

 
2.26
%
 
2.26
%
 
N/A

 
N/A

 
N/A

   2019
3.40
%
 
3.40
%
 
2.26
%
 
N/A

 
N/A

 
N/A

   2020
2.27
%
 
3.40
%
 
1.60
%
 
N/A

 
N/A

 
N/A

   2021
2.27
%
 
3.40
%
 
1.60
%
 
N/A

 
N/A

 
N/A

   2022 and beyond
2.27
%
 
3.40
%
 
1.60
%
 
N/A

 
N/A

 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost for the years ended December 31:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.25
%
 
3.60
%
 
4.10
%
 
4.15
%
 
3.50
%
 
3.90
%
Expected return on plan assets(1)
6.50
%
 
6.50
%
 
6.75
%
 
6.25
%
 
6.25
%
 
6.50
%
Rate of compensation increase
2.75
%
 
2.75
%
 
2.75
%
 
N/A

 
N/A

 
N/A

Interest crediting rates for cash balance plan
3.40
%
 
2.26
%
 
1.44
%
 
N/A

 
N/A

 
N/A

(1)
Amounts reflected are pre-tax values. Assumed after-tax returns for a taxable, non-union other postretirement plan were 4.62% for 2019, 4.13% for 2018, and 4.81% for 2017.

In establishing its assumption as to the expected return on plan assets, MidAmerican Energy utilizes the asset allocation and return assumptions for each asset class based on historical performance and forward-looking views of the financial markets.
 
2019
 
2018
Assumed healthcare cost trend rates as of December 31:
 
 
 
Healthcare cost trend rate assumed for next year
6.50
%
 
6.80
%
Rate that the cost trend rate gradually declines to
5.00
%
 
5.00
%
Year that the rate reaches the rate it is assumed to remain at
2025
 
2025
Expected Benefit Payments [Table Text Block]
Net periodic benefit costs assigned to MidAmerican Energy affiliates are reimbursed currently in accordance with its intercompany administrative services agreement. The expected benefit payments to participants in MidAmerican Energy's pension and other postretirement benefit plans for 2020 through 2024 and for the five years thereafter are summarized below (in millions):
 
Projected Benefit Payments
 
Pension
 
Other Postretirement
 
 
 
 
2020
$
64

 
$
20

2021
63

 
22

2022
61

 
22

2023
58

 
21

2024
56

 
20

2025-2029
244

 
84

Allocation of Plan Assets [Table Text Block]
The target allocations (percentage of plan assets) for MidAmerican Energy's pension and other postretirement benefit plan assets are as follows as of December 31, 2019:
 
Pension
 
Other
Postretirement
 
%
 
%
Debt securities(1)
20-50
 
25-45
Equity securities(1)
60-80
 
45-80
Real estate funds
2-8
 
Other
0-3
 
0-5

(1)
For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.
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, 2019:
 
 
 
 
 
 
 
Cash equivalents
$
21

 
$

 
$

 
$
21

Debt securities:
 
 
 
 
 
 
 
United States government obligations
16

 

 

 
16

Corporate obligations

 
61

 

 
61

Municipal obligations

 
5

 

 
5

Agency, asset and mortgage-backed obligations

 
33

 

 
33

Equity securities:
 
 
 
 
 
 
 
United States companies
129

 

 

 
129

International companies
42

 

 

 
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

 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
Cash equivalents
$

 
$
20

 
$

 
$
20

Debt securities:
 
 
 
 
 
 
 
United States government obligations
6

 

 

 
6

Corporate obligations

 
63

 

 
63

Municipal obligations

 
6

 

 
6

Agency, asset and mortgage-backed obligations

 
37

 

 
37

Equity securities:
 
 
 
 
 
 
 
United States companies
111

 

 

 
111

International companies
35

 

 

 
35

Investment funds(2)
65

 

 

 
65

Total assets in the hierarchy
$
217

 
$
126

 
$

 
343

Investment funds(2) measured at net asset value
 
 
 
 
 
 
260

Real estate funds measured at net asset value
 
 
 
 
 
 
41

Total assets measured at fair value
 
 
 
 
 
 
$
644

(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 69% and 31%, respectively, for 2019 and 65% and 35%, respectively, for 2018. Additionally, these funds are invested in United States and international securities of approximately 74% and 26%, respectively, for 2019 and 74% and 26%, respectively, for 2018.

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, 2019:
 
 
 
 
 
 
 
Cash equivalents
$
6

 
$

 
$

 
$
6

Debt securities:
 
 
 
 
 
 
 
United States government obligations
6

 

 

 
6

Corporate obligations

 
12

 

 
12

Municipal obligations

 
55

 

 
55

Agency, asset and mortgage-backed obligations

 
10

 

 
10

Equity securities:
 
 
 
 
 
 
 
United States companies
75

 

 

 
75

Investment funds(2)
108

 

 

 
108

Total assets measured at fair value
$
195

 
$
77

 
$

 
$
272

 
 
 
 
 
 
 
 
As of December 31, 2018:
 
 
 
 
 
 
 
Cash equivalents
$
5

 
$

 
$

 
$
5

Debt securities:
 
 
 
 
 
 
 
United States government obligations
6

 

 

 
6

Corporate obligations

 
12

 

 
12

Municipal obligations

 
43

 

 
43

Agency, asset and mortgage-backed obligations

 
12

 

 
12

Equity securities:
 
 
 
 
 
 
 
United States companies
73

 

 

 
73

Investment funds(2)
96

 

 

 
96

Total assets measured at fair value
$
180

 
$
67

 
$

 
$
247

(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 77% and 23%, respectively, for 2019 and 78% and 22%, respectively, for 2018. Additionally, these funds are invested in United States and international securities of approximately 42% and 58%, respectively, for 2019 and 41% and 59%, respectively, for 2018.
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, 2019:
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
 
$

 
$
2

 
$
1

 
$
(1
)
 
$
2

Money market mutual funds(2)
 
274

 

 

 

 
274

Debt securities:
 
 
 
 
 
 
 
 
 
 
United States government obligations
 
189

 

 

 

 
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 companies
 
336

 

 

 

 
336

International companies
 
9

 

 

 

 
9

Investment funds
 
15

 

 

 

 
15

 
 
$
823

 
$
66

 
$
1

 
$
(1
)
 
$
889

 
 
 
 
 
 
 
 
 
 
 
Liabilities - commodity derivatives
 
$

 
$
(9
)
 
$

 
$
2

 
$
(7
)
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2018
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
 
$

 
$
4

 
$
2

 
$
(3
)
 
$
3

Money market mutual funds(2)
 
2

 

 

 

 
2

Debt securities:
 
 
 
 
 
 
 
 
 
 
United States government obligations
 
187

 

 

 

 
187

International government obligations
 

 
4

 

 

 
4

Corporate obligations
 

 
46

 

 

 
46

Municipal obligations
 

 
2

 

 

 
2

Agency, asset and mortgage-backed obligations
 

 
1

 

 

 
1

Equity securities:
 
 
 
 
 
 
 
 
 
 
United States companies
 
256

 

 

 

 
256

International companies
 
6

 

 

 

 
6

Investment funds
 
10

 

 

 

 
10

 
 
$
461

 
$
57

 
$
2

 
$
(3
)
 
$
517

Liabilities:
 
 
 
 
 
 
 
 
 
 
Commodity derivatives
 
$

 
$
(4
)
 
$
(2
)
 
$
3

 
$
(3
)
Interest rate derivatives(3)
 
$

 
$
(19
)
 
$

 
$

 
$
(19
)
 
 
$

 
$
(23
)
 
$
(2
)
 
$
3

 
$
(22
)

(1)
Represents netting under master netting arrangements and a net cash collateral receivable of $1 million and $- million as of December 31, 2019 and 2018, 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.
(3)
The interest rate derivatives were interest rate locks related to MidAmerican Energy's January 2019 issuance of first mortgage bonds.
MidAmerican Funding, LLC and Subsidiaries [Domain]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs [Table Text Block]
Pension and postretirement costs allocated by MidAmerican Funding to its parent and other affiliates in each of the years ended December 31, were as follows (in millions):
 
2019
 
2018
 
2017
 
 
 
 
 
 
Pension costs
$
4

 
$
3

 
$
4

Other postretirement costs
(2
)
 
(2
)
 
(3
)