v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 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 March 31, 2026:
Assets:
Commodity derivatives$1 $41 $— $(4)$38 
Foreign currency exchange rate derivatives— 5 — — 5 
Interest rate derivatives12 34 12 — 58 
Mortgage loans held for sale— 722 — — 722 
Money market mutual funds3,986 — — — 3,986 
Debt securities:
U.S. government obligations330 — — — 330 
Corporate obligations— 127 — — 127 
Municipal obligations— 2 — — 2 
Equity securities:
U.S. companies522 — — — 522 
International companies9 — — — 9 
Investment funds243 — — — 243 
 $5,103 $931 $12 $(4)$6,042 
Liabilities:     
Commodity derivatives$(15)$(136)$(67)$77 $(141)
Interest rate derivatives— — (2)— (2)
$(15)$(136)$(69)$77 $(143)
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2025:
Assets:
Commodity derivatives$— $47 $2 $(8)$41 
Foreign currency exchange rate derivatives— 11 — — 11 
Interest rate derivatives12 25 8 — 45 
Mortgage loans held for sale— 698 — — 698 
Money market mutual funds1,469 — — — 1,469 
Debt securities:
U.S. government obligations326 — — — 326 
Corporate obligations— 133 — — 133 
Municipal obligations— 2 — — 2 
Equity securities:
U.S. companies549 — — — 549 
International companies9 — — — 9 
Investment funds283 — — — 283 
 $2,648 $916 $10 $(8)$3,566 
Liabilities:
Commodity derivatives$(13)$(169)$(56)$83 $(155)
Interest rate derivatives— (3)— 1 (2)
$(13)$(172)$(56)$84 $(157)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $73 million and $76 million as of March 31, 2026, and December 31, 2025, respectively.
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions). Transfers out of Level 3 occur primarily due to increased price observability.
 Three-Month Periods
Ended March 31,
Interest
 CommodityRate
DerivativesDerivatives
2026:
Beginning balance$(54)$8 
Changes included in earnings(1)
— 2 
Changes in fair value recognized in net regulatory assets
(19)— 
Settlements6 — 
Ending balance$(67)$10 
2025:
Beginning balance$(72)$5 
Changes included in earnings(1)
— 9 
Changes in fair value recognized in net regulatory assets
(31)— 
Settlements11 — 
Ending balance$(92)$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 (in millions):
 As of March 31, 2026As of December 31, 2025
 CarryingFairCarryingFair
ValueValueValueValue
 
Long-term debt$61,485 $55,882 $57,259 $52,665 
PAC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents PacifiCorp's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
 Input Levels for Fair Value Measurements    
Level 1 Level 2 Level 3 
Other(1)
 Total
As of March 31, 2026:    
Assets:    
Commodity derivatives$— $6 $— $(3)$3 
Money market mutual funds2,167 — — — 2,167 
Investment funds22 — — — 22 
 $2,189 $6 $— $(3)$2,192 
Liabilities:
Commodity derivatives$— $(117)$— $68 $(49)
As of December 31, 2025:
Assets:
Commodity derivatives$— $10 $— $(5)$5 
Money market mutual funds84 — — — 84 
Investment funds28 — — — 28 
$112 $10 $— $(5)$117 
Liabilities:
Commodity derivatives$— $(147)$— $76 $(71)
(1)Represents netting under master netting arrangements and a net cash collateral receivable of $65 million and $71 million as of March 31, 2026, and December 31, 2025, respectively.
Fair Value, by Balance Sheet Grouping
PacifiCorp's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of PacifiCorp's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt (in millions):
As of March 31, 2026As of December 31, 2025

CarryingFairCarryingFair
 ValueValueValueValue
     
Long-term debt
$18,009 $16,575 $14,134 $13,005 
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 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 March 31, 2026:
Assets:
Commodity derivatives$1 $1 $— $(1)$1 
Money market mutual funds439 — — — 439 
Debt securities:
U.S. government obligations287 — — — 287 
Corporate obligations— 127 — — 127 
Municipal obligations— 2 — — 2 
Equity securities:
U.S. companies522 — — — 522 
International companies9 — — — 9 
Investment funds13 — — — 13 
$1,271 $130 $— $(1)$1,400 
Liabilities:
Commodity derivatives$— $(8)$(1)$2 $(7)
Input Levels for Fair Value Measurements
Level 1Level 2Level 3
Other(1)
Total
As of December 31, 2025:
Assets:
Commodity derivatives$— $3 $1 $(2)$2 
Money market mutual funds622 — — — 622 
Debt securities:
U.S. government obligations284 — — — 284 
Corporate obligations— 133 — — 133 
Municipal obligations— 2 — — 2 
Equity securities:
U.S. companies548 — — — 548 
International companies9 — — — 9 
Investment funds20 — — — 20 
$1,483 $138 $1 $(2)$1,620 
Liabilities:
Commodity derivatives$— $(18)$(3)$7 $(14)
(1)Represents netting under master netting arrangements and a net cash collateral receivable of $1 million and $5 million as of March 31, 2026, and December 31, 2025, respectively.
Fair Value of Derivative Asset (Liability) Reconciliation
The following table reconciles the beginning and ending balances of MidAmerican Energy's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):
Three-Month Periods
Ended March 31,
20262025
Beginning balance$(2)$(2)
Changes in fair value recognized in net regulatory assets(1)1 
Settlements2 2 
Ending balance$(1)$1 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt (in millions):
As of March 31, 2026As of December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$9,208 $8,270 $9,207 $8,416 
MidAmerican Funding, LLC  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of MidAmerican Funding's long-term debt (in millions):
As of March 31, 2026As of December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$9,448 $8,524 $9,447 $8,672 
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 March 31, 2026:
Assets:
Money market mutual funds$77 $— $— $77 
Investment funds6 — — 6 
$83 $— $— $83 
Liabilities:
Commodity derivatives$— $— $(51)$(51)
As of December 31, 2025:
Assets:
Money market mutual funds$19 $— $— $19 
Investment funds5 — — 5 
$24 $— $— $24 
Liabilities:
Commodity derivatives$— $— $(41)$(41)
Fair Value of Derivative Asset (Liability) 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 Periods
Ended March 31,
20262025
Beginning balance$(41)$(57)
Changes in fair value recognized in regulatory assets(14)(24)
Settlements4 8 
Ending balance$(51)$(73)
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of Nevada Power's debts (in millions):
As of March 31, 2026As of December 31, 2025
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$3,603 $3,551 $3,695 $3,688 
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 March 31, 2026:
Assets:
Money market mutual funds$532 $— $— $532 
Investment funds1 — — 1 
$533 $— $— $533 
Liabilities:
Commodity derivatives$— $— $(15)$(15)
As of December 31, 2025:
Assets:
Commodity derivatives$— $— $1 $1 
Money market mutual funds14 — — 14 
Investment funds1 — — 1 
$15 $— $1 $16 
Liabilities:
Commodity derivatives$— $— $(12)$(12)
Reconciliation of Fair Value Assets and Liabilities
The following table reconciles the beginning and ending balances of Sierra Pacific's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):
Three-Month Periods
Ended March 31,
20262025
Beginning balance$(11)$(13)
Changes in fair value recognized in regulatory assets(4)(7)
Settlements— 1 
Ending balance$(15)$(19)
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 March 31, 2026As of December 31, 2025
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$2,566 $2,545 $1,972 $1,967 
EEGH  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents Eastern Energy Gas' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):
Input Levels for Fair Value Measurements
Level 1Level 2Level 3Total
As of March 31, 2026:
Assets:
Foreign currency exchange rate derivatives$— $5 $— $5 
Money market mutual funds86 — — 86 
Equity securities:
Investment funds5 — — 5 
$91 $5 $— $96 
As of December 31, 2025:
Assets:
Foreign currency exchange rate derivatives
$— $11 $— $11 
Money market mutual funds
80 — — 80 
Equity securities:
Investment funds8 — — 8 
$88 $11 $— $99 
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 March 31, 2026As of December 31, 2025
CarryingFairCarryingFair
ValueValueValueValue
Long-term debt$4,449 $4,218 $4,454 $4,276 
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 March 31, 2026:
Assets:
Money market mutual funds$27 $— $— $27 
Equity securities:
Investment funds5 — — 5 
$32 $— $— $32 
As of December 31, 2025:
Assets:
Money market mutual funds$10 $— $— $10 
Equity securities:
Investment funds8 — — 8 
$18 $— $— $18 
Fair Value, by Balance Sheet Grouping The following table presents the carrying value and estimated fair value of EGTS' long-term debt (in millions):
As of March 31, 2026As of December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term debt$1,624 $1,429 $1,623 $1,442