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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024:
Cash equivalents$— $15 $15 
Debt securities:
U.S. government obligations156 — 156 
Corporate obligations— 639 639 
Municipal obligations— 33 33 
Agency, asset and mortgage-backed obligations— 103 103 
Equity securities:
U.S. companies180 — 180 
International companies1 — 1 
Total assets in the fair value hierarchy$337 $790 1,127 
Investment funds(2) measured at net asset value
861 
Limited partnership interests(3) measured at net asset value
22 
Total assets measured at fair value$2,010 
As of December 31, 2023:
Cash equivalents$— $40 $40 
Debt securities:
U.S. government obligations129 — 129 
Corporate obligations— 620 620 
Municipal obligations— 40 40 
Agency, asset and mortgage-backed obligations— 104 104 
Equity securities:
U.S. companies189 — 189 
International companies1 — 1 
Total assets in the fair value hierarchy$319 $804 1,123 
Investment funds(2) measured at net asset value
920 
Limited partnership interests(3) measured at net asset value
26 
Total assets measured at fair value$2,069 

(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 53% and 47%, respectively, for 2024 and 51% and 49%, respectively, for 2023. Additionally, these funds are invested in U.S. and international securities of approximately 94% and 6%, respectively, for 2024 and 94% and 6%, respectively, for 2023.
(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, 2024:
Cash equivalents$9 $13 $22 
Debt securities:
U.S. government obligations18 — 18 
Corporate obligations— 37 37 
Municipal obligations— 43 43 
Agency, asset and mortgage-backed obligations— 55 55 
Equity securities:
U.S. companies7 — 7 
Investment funds(2)
375 — 375 
Total assets in the fair value hierarchy$409 $148 557 
Investment funds(2) measured at net asset value
134 
Total assets measured at fair value$691 
As of December 31, 2023:
Cash equivalents$13 $9 $22 
Debt securities:
U.S. government obligations11 — 11 
Corporate obligations— 50 50 
Municipal obligations— 45 45 
Agency, asset and mortgage-backed obligations— 56 56 
Equity securities:
U.S. companies8 — 8 
Investment funds(2)
340 — 340 
Total assets in the fair value hierarchy$372 $160 532 
Investment funds(2) measured at net asset value
133 
Total assets measured at fair value$665 

(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 59% and 41%, respectively, for 2024 and 55% and 45%, respectively, for 2023. Additionally, these funds are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2024 and 88% and 12%, respectively, for 2023.
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, 2024:
Cash equivalents$1 $22 $— $23 
Debt securities:
United Kingdom government obligations428 — — 428 
Equity securities:
Investment funds(2)
— 570 — 570 
Real estate funds— — 134 134 
Total$429 $592 $134 1,155 
Investment funds(2) measured at net asset value
87 
Total assets measured at fair value$1,242 
As of December 31, 2023:
Cash equivalents$8 $28 $— $36 
Debt securities:
United Kingdom government obligations579 — — 579 
Equity securities:
Investment funds(2)
— 532 — 532 
Real estate funds— — 136 136 
Total$587 $560 $136 1,283 
Investment funds(2) measured at net asset value
119 
Total assets measured at fair value$1,402 

(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 10% and 90%, respectively, for 2024 and 14% and 86%, respectively, for 2023.
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, 2024:
Assets:
Commodity derivatives$— $81 $2 $(22)$61 
Interest rate derivatives33 42 7 — 82 
Mortgage loans held for sale— 528 — — 528 
Money market mutual funds927 — — — 927 
Debt securities:
U.S. government obligations271 — — — 271 
Corporate obligations
— 109 — — 109 
Municipal obligations
— 2 — — 2 
Equity securities:
U.S. companies479 — — — 479 
International companies
424 — — — 424 
Investment funds
313 — — — 313 
$2,447 $762 $9 $(22)$3,196 
Liabilities:
Commodity derivatives$(15)$(141)$(74)$31 $(199)
Foreign currency exchange rate derivatives— (23)— — (23)
Interest rate derivatives— (1)(2)— (3)
$(15)$(165)$(76)$31 $(225)
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2023:
Assets:
Commodity derivatives$1 $121 $4 $(31)$95 
Interest rate derivatives38 40 7 — 85 
Mortgage loans held for sale— 451 — — 451 
Money market mutual funds1,310 — — — 1,310 
Debt securities:
U.S. government obligations1,253 — — — 1,253 
Corporate obligations— 70 — — 70 
Municipal obligations— 3 — — 3 
Equity securities:
U.S. companies427 — — — 427 
International companies2,226 — — — 2,226 
Investment funds
268 — — — 268 
$5,523 $685 $11 $(31)$6,188 
Liabilities:
Commodity derivatives$(7)$(134)$(95)$54 $(182)
Foreign currency exchange rate derivatives— (8)— — (8)
Interest rate derivatives— (7)— 4 (3)
$(7)$(149)$(95)$58 $(193)
(1)Represents netting under master netting arrangements and a net cash collateral receivable of $9 million and $27 million as of December 31, 2024 and 2023, respectively.
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions). Transfers out of Level 3 occur primarily due to increased price observability.
Commodity DerivativesInterest Rate Derivatives
202420232022202420232022
Beginning balance$(91)$(59)$(151)$7 $6 $19 
Changes included in earnings(1)
(4)9 (85)(2)1 (13)
Changes in fair value recognized in OCI
— (3)9 — — — 
Changes in fair value recognized in net regulatory assets
(135)(256)(52)— — — 
Purchases— 2 3 — — — 
Settlements158 216 171 — — — 
Transfers out of Level 3 into Level 2— — 46 — — — 
Ending balance$(72)$(91)$(59)$5 $7 $6 

(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):
20242023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$55,257 $50,179 $52,172 $48,624 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements
Level 1(1)
Level 2(1)
Level 3(1)
Total
As of December 31, 2024:
Cash equivalents$— $3 $— $3 
Debt securities:
U.S. government obligations59 — — 59 
Corporate obligations— 229 — 229 
Municipal obligations— 13 — 13 
Agency, asset and mortgage-backed obligations— 52 — 52 
Equity securities:
U.S. companies65 — — 65 
Total assets in the fair value hierarchy$124 $297 $— $421 
Investment funds(2) measured at net asset value
285 
Limited partnership interests(3) measured at net asset value
22 
Investments at fair value$728 
As of December 31, 2023:
Cash equivalents$— $28 $— $28 
Debt securities:
U.S. government obligations52 — — 52 
Corporate obligations— 232 — 232 
Municipal obligations— 16 — 16 
Agency, asset and mortgage-backed obligations— 47 — 47 
Equity securities:
U.S. companies53 — — 53 
Total assets in the fair value hierarchy$105 $323 $— $428 
Investment funds(2) measured at net asset value
310 
Limited partnership interests(3) measured at net asset value
26 
Investments at fair value$764 

(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 40% and 60%, respectively, for 2024 and 41% and 59%, respectively, for 2023, and are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2024 and 2023.
(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, 2024:
Cash and cash equivalents$— $6 $— $6 
Debt securities:
U.S. government obligations16 — — 16 
Corporate obligations— 34 — 34 
Municipal obligations— 18 — 18 
Agency, asset and mortgage-backed obligations— 52 — 52 
Equity securities:
U.S. companies7 — — 7 
Total assets in the fair value hierarchy$23 $110 $— 133 
Investment funds(2) measured at net asset value
134 
Investments at fair value$267 
As of December 31, 2023:
Cash and cash equivalents$4 $3 $— $7 
Debt securities:
U.S. government obligations9 — — 9 
Corporate obligations— 45 — 45 
Municipal obligations— 19 — 19 
Agency, asset and mortgage-backed obligations— 50 — 50 
Equity securities:
U.S. companies8 — — 8 
Total assets in the fair value hierarchy$21 $117 $— 138 
Investment funds(2) measured at net asset value
133 
Investments at fair value$271 

(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 2024 and 38% and 62%, respectively, for 2023, and are invested in U.S. and international securities of approximately 90% and 10%, respectively, for 2024 and 89% and 11%, respectively, for 2023.
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, 2024:
Assets:
Commodity derivatives$— $27 $— $(18)$9 
Money market mutual funds34 — — — 34 
Investment funds29 — — — 29 
$63 $27 $— $(18)$72 
Liabilities - Commodity derivatives$— $(124)$— $24 $(100)
As of December 31, 2023:
Assets:
Commodity derivatives$— $32 $— $(14)$18 
Money market mutual funds175 — — — 175 
Investment funds26 — — — 26 
$201 $32 $— $(14)$219 
Liabilities - Commodity derivatives$— $(108)$— $24 $(84)
(1)Represents netting under master netting arrangements and a net cash collateral receivable of $6 million and $10 million as of December 31, 2024 and 2023, 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):
20242023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$13,588 $12,580 $10,410 $9,722 
MEC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit pension plan (in millions):
Input Levels for Fair Value Measurements(1)
Level 1Level 2Level 3Total
As of December 31, 2024:
Cash equivalents$— $11 $— $11 
Debt securities:
U.S. government obligations27 — — 27 
Corporate obligations— 117 — 117 
Municipal obligations— 5 — 5 
Agency, asset and mortgage-backed obligations— 15 — 15 
Equity securities:
U.S. companies53 — — 53 
International companies1 — — 1 
Total assets in the fair value hierarchy$81 $148 $— 229 
Investment funds(2) measured at net asset value
293 
Total assets measured at fair value$522 
As of December 31, 2023:
Cash equivalents$— $11 $— $11 
Debt securities:
U.S. government obligations25 — — 25 
Corporate obligations— 110 — 110 
Municipal obligations— 6 — 6 
Agency, asset and mortgage-backed obligations— 14 — 14 
Equity securities:
U.S. companies65 — — 65 
International companies1 — — 1 
Total assets in the fair value hierarchy$91 $141 $— 232 
Investment funds(2) measured at net asset value
284 
Total assets measured at fair value$516 
(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 71% and 29%, respectively, for 2024 and 68% and 32%, respectively, for 2023. Additionally, these funds are invested in U.S. and international securities of approximately 94% and 6%, respectively, for 2024 and 93% and 7%, respectively, for 2023.
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, 2024:
Cash equivalents$9 $— $— $9 
Debt securities:
U.S. government obligations2 — — 2 
Corporate obligations— 3 — 3 
Municipal obligations— 25 — 25 
Agency, asset and mortgage-backed obligations— 3 — 3 
Equity securities:
Investment funds(2)
264 — — 264 
Total assets measured at fair value$275 $31 $— $306 
As of December 31, 2023:
Cash equivalents$9 $— $— $9 
Debt securities:
U.S. government obligations2 — — 2 
Corporate obligations— 5 — 5 
Municipal obligations— 26 — 26 
Agency, asset and mortgage-backed obligations— 6 — 6 
Equity securities:
Investment funds(2)
230 — — 230 
Total assets measured at fair value$241 $37 $— $278 
(1)Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.
(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 84% and 16%, respectively, for 2024 and 83% and 17%, respectively, for 2023. Additionally, these funds are invested in U.S. and international securities of approximately 84% and 16%, respectively, for 2024 and 83% and 17%, respectively, for 2023.
The following table presents MidAmerican Energy's financial assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2024:
Assets:
Commodity derivatives$— $5 $1 $(3)$3 
Money market mutual funds538 — — — 538 
Debt securities:
U.S. government obligations271 — — — 271 
Corporate obligations— 109 — — 109 
Municipal obligations— 2 — — 2 
Equity securities:
U.S. companies479 — — — 479 
International companies9 — — — 9 
Investment funds23 — — — 23 
$1,320 $116 $1 $(3)$1,434 
Liabilities - commodity derivatives$— $(15)$(3)$6 $(12)
As of December 31, 2023:
Assets:
Commodity derivatives$— $15 $— $(2)$13 
Money market mutual funds643 — — — 643 
Debt securities:
U.S. government obligations257 — — — 257 
Corporate obligations— 70 — — 70 
Municipal obligations— 3 — — 3 
Equity securities:
U.S. companies427 — — — 427 
International companies9 — — — 9 
Investment funds19 — — — 19 
$1,355 $88 $— $(2)$1,441 
Liabilities - commodity derivatives$— $(15)$(11)$14 $(12)
(1)Represents netting under master netting arrangements and a net cash collateral receivable of $3 million and $12 million as of December 31, 2024 and 2023, respectively.
Fair Value of Derivative Asset (Liability) Reconciliation
The following table reconciles the beginning and ending balances of MidAmerican Energy's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

202420232022
Beginning balance$(11)$5 $(5)
Changes in fair value recognized in net regulatory assets(13)(40)37 
Settlements22 24 (27)
Ending balance$(2)$(11)$5 
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):
20242023
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$8,824 $7,911 $8,766 $8,252 
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):
20242023
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Long-term debt$9,064 $8,166 $9,006 $8,515 
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, 2024:
Assets:
Money market mutual funds$15 $— $— $15 
Investment funds4 — — 4 
$19 $— $— $19 
Liabilities - commodity derivatives$— $— $(57)$(57)
As of December 31, 2023:
Assets:
Money market mutual funds$10 $— $— $10 
Investment funds4 — — 4 
$14 $— $— $14 
Liabilities - commodity derivatives$— $— $(68)$(68)
Fair Value of Derivative Asset (Liability) Reconciliation
The following table reconciles the beginning and ending balances of Nevada Power's net commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions):
202420232022
Beginning balance$(68)$(52)$(113)
Changes in fair value recognized in regulatory assets or liabilities(95)(166)(68)
Settlements106 150 129 
Ending balance$(57)$(68)$(52)
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):
20242023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,395 $3,299 $3,392 $3,417 
SPPC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Sierra Pacific's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of December 31, 2024:
Assets:
Commodity derivatives$— $— $1 $1 
Money market mutual funds12 — — 12 
Investment funds1 — — 1 
$13 $— $1 $14 
Liabilities - commodity derivatives$— $— $(14)$(14)
As of December 31, 2023:
Assets:
Money market mutual funds$41 $— $— $41 
Investment funds1 — — 1 
$42 $— $— $42 
Liabilities - commodity derivatives$— $— $(16)$(16)
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):
202420232022
Beginning balance$(16)$(13)$(33)
Changes in fair value recognized in regulatory assets or liabilities(27)(50)(21)
Settlements30 47 41 
Ending balance$(13)$(16)$(13)
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):
20242023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,527 $1,506 $1,293 $1,311 
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, 2024
Assets:
Money market mutual funds$34 $— $— $34 
Equity securities:
Investment funds18 — — 18 
$52 $— $— $52 
Liabilities:
Foreign currency exchange rate derivatives$— $(23)$— $(23)
$— $(23)$— $(23)
As of December 31, 2023
Assets:
Money market mutual funds$62 $— $— $62 
Equity securities:
Investment funds19 — — 19 
$81 $— $— $81 
Liabilities:
Foreign currency exchange rate derivatives$— $(8)$— $(8)
$— $(8)$— $(8)
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):
20242023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,231 $2,919 $3,254 $2,968 
EGTS  
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 EGTS' 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, 2024
Assets:
Money market mutual funds$8 $— $— $8 
Equity securities:
Investment funds18 — — 18 
$26 $— $— $26 
As of December 31, 2023
Assets:
Money market mutual funds$5 $— $— $5 
Equity securities:
Investment funds19 — — 19 
$24 $— $— $24 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of EGTS' long-term debt as of December 31 (in millions):
20242023
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$1,622 $1,409 $1,583 $1,386