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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
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 fair value of plan assets, by major category, for the Company's defined benefit pension plans (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Total
As of December 31, 2021:
Cash equivalents$— $64 $64 
Debt securities:
United States government obligations142 — 142 
Corporate obligations— 912 912 
Municipal obligations— 66 66 
Agency, asset and mortgage-backed obligations— 93 93 
Equity securities:
United States companies135 — 135 
Total assets in the fair value hierarchy$277 $1,135 1,412 
Investment funds(2) measured at net asset value
1,349 
Limited partnership interests(3) measured at net asset value
34 
Total assets measured at fair value$2,795 
As of December 31, 2020:
Cash equivalents$— $79 $79 
Debt securities:
United States government obligations52 — 52 
Corporate obligations— 748 748 
Municipal obligations— 69 69 
Equity securities:
United States companies224 — 224 
Total assets in the fair value hierarchy$276 $896 1,172 
Investment funds(2) measured at net asset value
1,521 
Limited partnership interests(3) measured at net asset value
88 
Real estate funds measured at net asset value43 
Total assets measured at fair value$2,824 

(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 54% and 46%, respectively, for 2021 and 69% and 31%, respectively, for 2020. Additionally, these funds are invested in United States and international securities of approximately 89% and 11%, respectively, for 2021 and 79% and 21%, respectively, for 2020.
(3)Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital.
The following table presents the fair value of plan assets, by major category, for the Company's defined benefit other postretirement plans (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Total
As of December 31, 2021:
Cash equivalents$12 $4 $16 
Debt securities:
United States government obligations27 — 27 
Corporate obligations— 85 85 
Municipal obligations— 43 43 
Agency, asset and mortgage-backed obligations— 38 38 
Equity securities:
United States companies4 — 4 
Investment funds(2)
394 — 394 
Total assets in the fair value hierarchy$437 $170 607 
Investment funds(2) measured at net asset value
161 
Limited partnership interests(3) measured at net asset value
1 
Total assets measured at fair value$769 
As of December 31, 2020:
Cash equivalents$20 $2 $22 
Debt securities:
United States government obligations15 — 15 
Corporate obligations— 102 102 
Municipal obligations— 82 82 
Agency, asset and mortgage-backed obligations— 47 47 
Equity securities:
United States companies6 — 6 
Investment funds(2)
299 — 299 
Total assets in the fair value hierarchy$340 $233 573 
Investment funds(2) measured at net asset value
167 
Limited partnership interests(3) measured at net asset value
4 
Total assets measured at fair value$744 

(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 55% and 45%, respectively, for 2021 and 40% and 60%, respectively, for 2020. Additionally, these funds are invested in United States and international securities of approximately 88% and 12%, respectively, for 2021 and 79% and 21%, respectively, for 2020.
(3)Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital.
The following table presents the fair value of the UK Plan assets, by major category (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Level 3Total
As of December 31, 2021:
Cash equivalents$5 $27 $— $32 
Debt securities:
United Kingdom government obligations1,308 — — 1,308 
Equity securities:
Investment funds(2)
— 646 — 646 
Real estate funds— — 269 269 
Total$1,313 $673 $269 2,255 
Investment funds(2) measured at net asset value
108 
Total assets measured at fair value$2,363 
As of December 31, 2020:
Cash equivalents$5 $49 $— $54 
Debt securities:
United Kingdom government obligations1,102 — — 1,102 
Equity securities:
Investment funds(2)
— 833 — 833 
Real estate funds— — 237 237 
Total$1,107 $882 $237 2,226 
Investment funds(2) measured at net asset value
108 
Total assets measured at fair value$2,334 

(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 23% and 77%, respectively, for 2021 and 40% and 60%, respectively, for 2020.
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 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:
United States government obligations
232 — — — 232 
International government obligations
— 2 — — 2 
Corporate obligations
— 90 — — 90 
Municipal obligations
— 3 — — 3 
Agency, asset and mortgage-backed obligations
— 2 — — 2 
Equity securities:
United States companies
428 — — — 428 
International companies
7,703 — — — 7,703 
Investment funds
237 — — — 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)
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 funds
201 — — — 201 
$7,562 $2,180 $197 $(21)$9,918 
Liabilities:
Commodity derivatives$(1)$(90)$(19)$56 $(54)
Foreign currency exchange rate derivatives— (2)— — (2)
Interest rate derivatives(5)(60)— — (65)
$(6)$(152)$(19)$56 $(121)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $26 million and $35 million as of December 31, 2021 and 2020, 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 for the years ended December 31 (in millions):
Commodity DerivativesInterest Rate Derivatives
202120202019202120202019
Beginning balance$116 $97 $99 $62 $14 $10 
Changes included in earnings(1)
(43)(10)10 (43)48 4 
Changes in fair value recognized in OCI
(13)— (1)— — — 
Changes in fair value recognized in net regulatory assets
(118)(17)(26)— — — 
Purchases(76)5 6 — — — 
Settlements(34)41 9 — — — 
Transfers to Level 217 — — — — — 
Ending balance$(151)$116 $97 $19 $62 $14 

(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 as of December 31 (in millions):
20212020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$49,762 $57,189 $49,866 $60,633 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements
Level 1(1)
Level 2(1)
Level 3(1)
Total
As of December 31, 2021:
Cash equivalents$— $15 $— $15 
Debt securities:
United States government obligations51 — — 51 
Corporate obligations— 299 — 299 
Municipal obligations— 22 — 22 
Agency, asset and mortgage-backed obligations— 38 — 38 
Equity securities:
United States companies61 — — 61 
Total assets in the fair value hierarchy$112 $374 $— $486 
Investment funds(2) measured at net asset value
538 
Limited partnership interests(3) measured at net asset value
34 
Investments at fair value$1,058 
As of December 31, 2020:
Cash equivalents$— $32 $— $32 
Debt securities:
United States government obligations14 — — 14 
International government obligations— — — — 
Corporate obligations— 231 — 231 
Municipal obligations— 21 — 21 
Equity securities:
United States companies91 — — 91 
Total assets in the fair value hierarchy$105 $284 $— $389 
Investment funds(2) measured at net asset value
587 
Limited partnership interests(3) measured at net asset value
88 
Investments at fair value$1,064 
(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 59% and 41%, respectively, for 2021 and 78% and 22%, respectively, for 2020, and are invested in United States and international securities of approximately 84% and 16%, respectively, for 2021 and 74% and 26%, respectively, for 2020.
(3)Limited partnership interests include several funds that invest primarily in real estate.
The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit other postretirement plan (in millions):
Input Levels for Fair Value Measurements
Level 1(1)
Level 2(1)
Level 3(1)
Total
As of December 31, 2021:
Cash and cash equivalents$4 $1 $— $5 
Debt securities:
United States government obligations24 — — 24 
Corporate obligations— 79 — 79 
Municipal obligations— 15 — 15 
Agency, asset and mortgage-backed obligations— 35 — 35 
Equity securities:
United States companies4 — — 4 
Total assets in the fair value hierarchy$32 $130 $— 162 
Investment funds(2) measured at net asset value
161 
Limited partnership interests(3) measured at net asset value
1 
Investments at fair value$324 
As of December 31, 2020:
Cash and cash equivalents$8 $1 $— $9 
Debt securities:
United States government obligations11 — — 11 
Corporate obligations— 86 — 86 
Municipal obligations— 16 — 16 
Agency, asset and mortgage-backed obligations— 44 — 44 
Equity securities:
United States companies4 — — 4 
Total assets in the fair value hierarchy$23 $147 $— 170 
Investment funds(2) measured at net asset value
153 
Limited partnership interests(3) measured at net asset value
4 
Investments at fair value$327 

(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 39% and 61%, respectively, for 2021 and 38% and 62%, respectively, for 2020, and are invested in United States and international securities of approximately 90% and 10%, respectively, for 2021 and 93% and 7%, respectively, for 2020.
(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 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 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 $(38)
As of December 31, 2020:
Assets:
Commodity derivatives$— $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 December 31, 2021 and 2020, respectively.
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt as of December 31 (in millions):
20212020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$8,730 $10,374 $8,612 $10,995 
MEC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Level 3Total
As of December 31, 2021:
Cash equivalents$— $27 $— $27 
Debt securities:
United States government obligations33 — — 33 
International government obligations— — — — 
Corporate obligations— 242 — 242 
Municipal obligations— 18 — 18 
Agency, asset and mortgage-backed obligations— 17 — 17 
Equity securities:
United States companies35 — — 35 
Total assets in the hierarchy
$68 $304 $— 372 
Investment funds(2) measured at net asset value
332 
Total assets measured at fair value$704 
As of December 31, 2020:
Cash equivalents$— $26 $— $26 
Debt securities:
United States government obligations14 — — 14 
International government obligations— — — — 
Corporate obligations— 160 — 160 
Municipal obligations— 17 — 17 
Agency, asset and mortgage-backed obligations— — — — 
Equity securities:
United States companies65 — — 65 
Total assets in the hierarchy
$79 $203 $— 282 
Investment funds(2) measured at net asset value
393 
Real estate funds measured at net asset value
43 
Total assets measured at fair value$718 
(1)Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.
(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 56% and 44%, respectively, for 2021 and 65% and 35%, respectively, for 2020. Additionally, these funds are invested in United States and international securities of approximately 90% and 10%, respectively, for 2021 and 82% and 18%, respectively, for 2020.
The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit other postretirement plans (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Level 3Total
As of December 31, 2021:
Cash equivalents$8 $— $— $8 
Debt securities:
United States government obligations3 — — 3 
Corporate obligations— 6 — 6 
Municipal obligations— 28 — 28 
Agency, asset and mortgage-backed obligations— 3 — 3 
Equity securities:
Investment funds(2)
260 — — 260 
Total assets measured at fair value
$271 $37 $— $308 
As of December 31, 2020:
Cash equivalents$11 $— $— $11 
Debt securities:
United States government obligations3 — — 3 
Corporate obligations— 7 — 7 
Municipal obligations— 65 — 65 
Agency, asset and mortgage-backed obligations— 3 — 3 
Equity securities:
Investment funds(2)
189 — — 189 
Total assets measured at fair value
$203 $75 $— $278 
(1)Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.
(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 82% and 18%, respectively, for 2021 and 56% and 44%, respectively, for 2020. Additionally, these funds are invested in United States and international securities of approximately 82% and 18%, respectively, for 2021 and 56% and 44%, respectively, for 2020.
The following table presents MidAmerican Energy's financial assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2021:
Assets:
Commodity derivatives$— $32 $3 $(7)$28 
Money market mutual funds228 — — — 228 
Debt securities:
United States 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:
United States companies428 — — — 428 
International companies10 — — — 10 
Investment funds18 — — — 18 
$916 $129 $3 $(7)$1,041 
Liabilities - commodity derivatives$— $(6)$(8)$12 $(2)
As of December 31, 2020
Assets:
Commodity derivatives$— $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 $5 million and $— million as of December 31, 2021 and 2020, respectively.
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt as of December 31 (in millions):
20212020
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$7,721 $9,037 $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 as of December 31 (in millions):
20212020
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$7,961 $9,350 $7,450 $9,466 
NPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Nevada Power's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of December 31, 2021:
Assets:
Commodity derivatives$— $— $4 $4 
Money market mutual funds34 — — 34 
Investment funds3 — — 3 
$37 $— $4 $41 
Liabilities - commodity derivatives$— $— $(117)$(117)
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 of Derivative Asset (Liability) Reconciliation
The following table reconciles the beginning and ending balances of Nevada Power's net commodity derivative assets or liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions):
202120202019
Beginning balance$15 $(8)$3 
Changes in fair value recognized in regulatory assets or liabilities(90)(17)(21)
Settlements(38)40 10 
Ending balance$(113)$15 $(8)
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Nevada Power's long-term debt as of December 31 (in millions):
20212020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$2,499 $3,067 $2,496 $3,245 
SPPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Sierra Pacific's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of December 31, 2021:
Assets:
Commodity derivatives$— $— $2 $2 
Money market mutual funds10 — — 10 
Investment funds1 — — 1 
$11 $— $2 $13 
Liabilities - commodity derivatives$— $— $(35)$(35)
As of December 31, 2020:
Assets:
Commodity derivatives$— $— $9 $9 
Money market mutual funds17 — — 17 
$17 $— $9 $26 
Liabilities - commodity derivatives$— $— $(2)$(2)
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of Sierra Pacific's net commodity derivative assets or liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions):
202120202019
Beginning balance$7 $(1)$2 
Changes in fair value recognized in regulatory assets or liabilities(25)(2)(5)
Settlements(15)10 2 
Ending balance$(33)$7 $(1)
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Sierra Pacific's long-term debt as of December 31 (in millions):
20212020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,164 $1,316 $1,164 $1,358 
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 December 31, 2021
Assets:
Foreign currency exchange rate derivatives$— $3 $— $3 
Investment funds13 — — 13 
$13 $3 $— $16 
Liabilities:
Foreign currency exchange rate derivatives$— $(3)$— $(3)
$— $(3)$— $(3)
As of December 31, 2020
Assets:
Foreign currency exchange rate derivatives$— $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 as of December 31 (in millions):
20212020
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,906 $4,266 $4,425 $5,012