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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 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 June 30, 2021
Assets:
Commodity derivatives$5 $232 $158 $(40)$355 
Foreign currency exchange rate derivatives— 16 — — 16 
Interest rate derivatives— 1 42 — 43 
Mortgage loans held for sale— 2,082 — — 2,082 
Money market mutual funds(2)
795 — — — 795 
Debt securities:
United States government obligations222 — — — 222 
International government obligations— 5 — — 5 
Corporate obligations— 78 — — 78 
Municipal obligations— 2 — — 2 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
United States companies412 — — — 412 
International companies6,735 — — — 6,735 
Investment funds266 — — — 266 
 $8,435 $2,417 $200 $(40)$11,012 
Liabilities:     
Commodity derivatives$(1)$(100)$(53)$34 $(120)
Foreign currency exchange rate derivatives— (5)— — (5)
Interest rate derivatives(3)(16)(1)4 (16)
$(4)$(121)$(54)$38 $(141)
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 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 payable of $2 million as of June 30, 2021 and a net cash collateral receivable of $35 million as of December 31, 2020.
(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 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 PeriodsSix-Month Periods
Ended June 30,Ended June 30,
InterestInterest
 CommodityRateCommodityRate
DerivativesDerivativesDerivativesDerivatives
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 — 
Purchases
1 — 1 — 
Settlements3 — 2 — 
Ending balance$105 $41 $105 $41 

Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
InterestInterest
CommodityRateCommodityRate
DerivativesDerivativesDerivativesDerivatives
2020:
Beginning balance$52 $45 $97 $14 
Changes included in earnings(1)
(1)33 (4)64 
Changes in fair value recognized in net regulatory assets
(16)— (56)— 
Purchases1 — 3 — 
Settlements8 — 4 — 
Ending balance$44 $78 $44 $78 

(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, 2021As of December 31, 2020
 CarryingFairCarryingFair
ValueValueValueValue
 
Long-term debt$48,873 $57,059 $49,866 $60,633 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents PacifiCorp's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
 Input Levels for Fair Value Measurements    
Level 1 Level 2 Level 3 
Other(1)
 Total
As of June 30, 2021    
Assets:    
Commodity derivatives$— $148 $— $(27)$121 
Money market mutual funds(2)
36 — — — 36 
Investment funds31 — — — 31 
 $67 $148 $— $(27)$188 
Liabilities - Commodity derivatives$— $(46)$— $16 $(30)
As of December 31, 2020
Assets:
Commodity derivatives$— $36 $— $(3)$33 
Money market mutual funds(2)
6 — — — 6 
Investment funds25 — — — 25 
$31 $36 $— $(3)$64 
Liabilities - Commodity derivatives$— $(53)$— $27 $(26)

(1)Represents netting under master netting arrangements and a net cash collateral payable of $11 million and a net cash collateral receivable of $24 million as of June 30, 2021 and December 31, 2020, 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
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, 2021As of December 31, 2020
 CarryingFairCarryingFair
 ValueValueValueValue
     
Long-term debt$8,214 $10,133 $8,612 $10,995 
MEC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents MidAmerican Energy's financial assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of June 30, 2021:
Assets:
Commodity derivatives$— $20 $4 $(4)$20 
Money market mutual funds(2)
7 — — — 7 
Debt securities:
United States government obligations222 — — — 222 
International government obligations— 5 — — 5 
Corporate obligations— 78 — — 78 
Municipal obligations— 2 — — 2 
Agency, asset and mortgage-backed obligations— 1 — — 1 
Equity securities:
United States companies412 — — — 412 
International companies8 — — — 8 
Investment funds24 — — — 24 
$673 $106 $4 $(4)$779 
Liabilities - commodity derivatives$(1)$(2)$(5)$7 $(1)

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)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $3 million and $— million as of June 30, 2021 and December 31, 2020, 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
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, 2021As of December 31, 2020
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$7,224 $8,698 $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 MidAmerican Funding's long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of MidAmerican Funding'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 Funding'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 Funding's long-term debt (in millions):
As of June 30, 2021As of December 31, 2020
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$7,464 $9,020 $7,450 $9,466 
NPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Nevada Power's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of June 30, 2021
Assets:
Commodity derivatives$— $— $52 $52 
Money market mutual funds(1)
70 — — 70 
Investment funds2 — — 2 
$72 $— $52 $124 
Liabilities - commodity derivatives$— $— $(27)$(27)
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)

(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
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,
2021202020212020
Beginning balance$27 $(38)$15 $(8)
Changes in fair value recognized in regulatory assets(6)(13)5 (44)
Settlements4 7 5 8 
Ending balance$25 $(44)$25 $(44)
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, 2021As of December 31, 2020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$2,498 $3,105 $2,496 $3,245 
SPPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Sierra Pacific's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of June 30, 2021
Assets:
Commodity derivatives$— $— $18 $18 
Money market mutual funds(1)
8 — — 8 
$8 $— $18 $26 
Liabilities - commodity derivatives$— $— $(6)$(6)
As of December 31, 2020
Assets:
Commodity derivatives$— $— $9 $9 
Money market mutual funds(1)
17 — — 17 
$17 $— $9 $26 
Liabilities - commodity derivatives$— $— $(2)$(2)

(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, 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, 2021As of December 31, 2020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,164 $1,324 $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 June 30, 2021
Assets:
Foreign currency exchange rate derivatives$— $16 $— $16 
Money market mutual funds(1)
45 — — 45 
Investment funds13 — — 13 
$58 $16 $— $74 
Liabilities:
Foreign currency exchange rate derivatives$— $(5)$— $(5)
$— $(5)$— $(5)
As of December 31, 2020
Assets:
Foreign currency exchange rate derivatives$— $20 $— $20 
$— $20 $— $20 
Liabilities:
Commodity derivatives$— $(1)$— $(1)
Foreign currency exchange rate derivatives— (2)— (2)
Interest rate derivatives— (6)— (6)
$— $(9)$— $(9)

(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, 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, 2021As of December 31, 2020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,916 $4,298 $4,425 $5,012