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Subsidiary Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Subsidiary Debt Subsidiary Debt
BHE's direct and indirect subsidiaries are organized as legal entities separate and apart from BHE and its other subsidiaries. Pursuant to separate financing agreements, substantially all of PacifiCorp's electric utility properties; the equity interest of MidAmerican Funding's subsidiary; MidAmerican Energy's electric utility properties in the state of Iowa; substantially all of Nevada Power's and Sierra Pacific's properties in the state of Nevada; AltaLink's transmission properties; and substantially all of the assets of the subsidiaries of BHE Renewables that are direct or indirect owners of wind and solar generation projects are pledged or encumbered to support or otherwise provide the security for their related subsidiary debt. It should not be assumed that the assets of any subsidiary will be available to satisfy BHE's obligations or the obligations of its other subsidiaries. However, unrestricted cash or other assets which are available for distribution may, subject to applicable law, regulatory commitments and the terms of financing and ring-fencing arrangements for such parties, be advanced, loaned, paid as dividends or otherwise distributed or contributed to BHE or affiliates thereof. The long-term debt of BHE's subsidiaries may include provisions that allow BHE's subsidiaries to redeem such debt in whole or in part at any time. These provisions generally include make-whole premiums.

Distributions at these separate legal entities are limited by various covenants including, among others, leverage ratios, interest coverage ratios and debt service coverage ratios. As of December 31, 2022, all subsidiaries were in compliance with their long-term debt covenants.

Long-term debt of subsidiaries consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (in millions):
Par Value20222021
PacifiCorp$9,742 $9,666 $8,730 
MidAmerican Funding8,057 7,954 7,946 
NV Energy4,386 4,354 3,675 
Northern Powergrid3,085 3,054 3,287 
BHE Pipeline Group5,518 5,849 5,924 
BHE Transmission3,509 3,495 3,906 
BHE Renewables3,064 3,027 3,043 
HomeServices140 140 148 
Total subsidiary debt$37,501 $37,539 $36,659 
Reflected as:
Current liabilities$2,301 $1,265 
Noncurrent liabilities35,238 35,394 
Total subsidiary debt$37,539 $36,659 
PacifiCorp

PacifiCorp's long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs as of December 31 (dollars in millions):
Par Value20222021
First mortgage bonds:
2.95% to 8.23%, due through 2026
$1,224 $1,223 $1,377 
2.70% to 7.70%, due 2029 to 2031
1,100 1,095 1,094 
5.25% to 6.25%, due 2034 to 2037
2,050 2,042 2,042 
4.10% to 6.35%, due 2038 to 2042
1,250 1,239 1,238 
2.90% to 5.35%, due 2049 to 2053
3,900 3,849 2,761 
Variable-rate series, tax-exempt bond obligations (2022-3.75% to 4.10%; 2021-0.12% to 0.14%):
Due 2025
25 25 25 
Due 2024 to 2025(1)
193 193 193 
Total PacifiCorp$9,742 $9,666 $8,730 

(1)Secured by pledged first mortgage bonds registered to and held by the tax-exempt bond trustee generally with the same interest rates, maturity dates and redemption provisions as the tax-exempt bond obligations.

The issuance of PacifiCorp's first mortgage bonds is limited by available property, earnings tests and other provisions of PacifiCorp's mortgage. Approximately $33 billion of PacifiCorp's eligible property (based on original cost) was subject to the lien of the mortgage as of December 31, 2022.
MidAmerican Funding

MidAmerican Funding's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20222021
MidAmerican Funding:
6.927% Senior Bonds, due 2029
$239 $240 $240 
Fair value adjustment— (15)(15)
MidAmerican Funding, net of fair value adjustments239 225 225 
MidAmerican Energy:
First Mortgage Bonds:
3.70%, due 2023
250 250 250 
3.50%, due 2024
500 500 501 
3.10%, due 2027
375 374 373 
3.65%, due 2029
850 859 860 
4.80%, due 2043
350 347 346 
4.40%, due 2044
400 395 395 
4.25%, due 2046
450 446 446 
3.95%, due 2047
475 471 470 
3.65%, due 2048
700 689 689 
4.25%, due 2049
900 875 874 
3.15%, due 2050
600 592 592 
2.70%, due 2052
500 492 492 
Notes:
6.75% Series, due 2031
400 397 397 
5.75% Series, due 2035
300 298 298 
5.80% Series, due 2036
350 348 348 
Transmission upgrade obligation, 3.20% to 7.81%, due 2036 to 2042
48 27 22 
Tax-exempt bond obligations -
Variable-rate tax-exempt bond obligation series: (weighted average interest rate - 2022-3.83%, 2021-0.13%), due 2023-2047
370 369 368 
Total MidAmerican Energy7,818 7,729 7,721 
Total MidAmerican Funding$8,057 $7,954 $7,946 

Pursuant to MidAmerican Energy's mortgage dated September 9, 2013, MidAmerican Energy's first mortgage bonds, currently and from time to time outstanding, are secured by a first mortgage lien on substantially all of its electric generating, transmission and distribution property within the state of Iowa, subject to certain exceptions and permitted encumbrances. Approximately $24 billion of MidAmerican Energy's eligible property, based on original cost, was subject to the lien of the mortgage as of December 31, 2022. Additionally, MidAmerican Energy's senior notes outstanding are equally and ratably secured with the first mortgage bonds as required by the indentures under which the senior notes were issued.

MidAmerican Energy's variable-rate tax-exempt obligations bear interest at rates that are periodically established through remarketing of the bonds in the short-term tax-exempt market. MidAmerican Energy, at its option, may change the mode of interest calculation for these bonds by selecting from among several floating or fixed rate alternatives. The interest rates shown in the table above are the weighted average interest rates as of December 31, 2022 and 2021. MidAmerican Energy maintains revolving credit facility agreements to provide liquidity for holders of these issues. Additionally, MidAmerican Energy's obligations associated with $180 million of the variable rate, tax-exempt bond obligations are secured by an equal amount of first mortgage bonds pursuant to MidAmerican Energy's mortgage dated September 9, 2013, as supplemented and amended.
NV Energy

NV Energy's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20222021
Nevada Power:
General and refunding mortgage securities:
3.700% Series CC, due 2029
$500 $497 $497 
2.400% Series DD, due 2030
425 422 422 
6.650% Series N, due 2036
367 360 359 
6.750% Series R, due 2037
349 346 346 
5.375% Series X, due 2040
250 248 248 
5.450% Series Y, due 2041
250 239 239 
3.125% Series EE, due 2050
300 298 297 
5.900% Series GG, due 2053
400 394 — 
Tax-exempt refunding revenue bond obligations:
Fixed-rate series:
1.875% Pollution Control Bonds Series 2017A, due 2032(1)
40 39 39 
1.650% Pollution Control Bonds Series 2017, due 2036(1)
40 39 39 
1.650% Pollution Control Bonds Series 2017B, due 2039(1)
13 13 13 
Variable-rate 4.821% Term Loan, due 2024(2)
300 300 — 
Total Nevada Power3,234 3,195 2,499 
Fair value adjustments — 10 11
Total Nevada Power, net of fair value adjustments3,234 3,205 2,510 
Sierra Pacific:
General and refunding mortgage securities:
3.375% Series T, due 2023
250 249 249 
2.600% Series U, due 2026
400 397 397 
6.750% Series P, due 2037
252 254 253 
 4.710% Series W, due 2052
250 248 — 
Tax-exempt refunding revenue bond obligations:
Fixed-rate series:
1.850% Pollution Control Series 2016B, due 2029
— — 30 
3.000% Gas and Water Series 2016B, due 2036
— — 60 
0.625% Water Facilities Series 2016C, due 2036
— — 30 
2.050% Water Facilities Series 2016D, due 2036
— — 25 
2.050% Water Facilities Series 2016E, due 2036
— — 25 
2.050% Water Facilities Series 2016F, due 2036
— — 75 
1.850% Water Facilities Series 2016G, due 2036
— — 20 
Total Sierra Pacific1,152 1,148 1,164 
Fair value adjustments— 1 1 
Total Sierra Pacific, net of fair value adjustment1,152 1,149 1,165 
Total NV Energy$4,386 $4,354 $3,675 

(1)    Subject to mandatory purchase by Nevada Power in March 2023 at which date the interest rate may be adjusted.
(2)    Amounts borrowed under the facility bear interest at variable rates based on SOFR or a base rate, at Nevada Power's option, plus a pricing margin.
The issuance of General and Refunding Mortgage Securities by the Nevada Utilities are subject to PUCN approval and are limited by available property and other provisions of the mortgage indentures for each of Nevada Power and Sierra Pacific. As of December 31, 2022, approximately $9.8 billion of Nevada Power's and $4.9 billion of Sierra Pacific's (based on original cost) property was subject to the liens of the mortgages.

Northern Powergrid

Northern Powergrid and its subsidiaries' long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value(1)
20222021
4.133% European Investment Bank loans, due 2022
$— $— $204 
7.25% Bonds, due 2022
— — 269 
2.50% Bonds, due 2025
182 181 202 
2.073% European Investment Bank loan, due 2025
60 62 69 
2.564% European Investment Bank loans, due 2027
302 301 337 
7.25% Bonds, due 2028
224 227 254 
4.375% Bonds, due 2032
182 179 200 
5.125% Bonds, due 2035
242 240 268 
5.125% Bonds, due 2035
182 180 201 
2.750% Bonds, due 2049
182 178 200 
3.250% Bonds, due 2052
423 419 — 
2.250% Bonds, due 2059
363 355 398 
1.875% Bonds, due 2062
363 356 398 
Variable-rate loan, due 2025(2)
163 164 — 
Variable-rate loan, due 2026(3)
217 212 287 
Total Northern Powergrid$3,085 $3,054 $3,287 

(1)The par values for these debt instruments are denominated in sterling.
(2)Amortizes quarterly and the loan is 70% floating and 30% fixed. The Company has entered into an interest rate swap that fixes the interest rate on 100% of the floating rate portion. The variable interest rate as of December 31, 2022, was 5.20% (including 2.00% margin) and the average fixed interest rate was 3.09% (including 2.00% margin).

(3)Amortizes semiannually and the Company has entered into an interest rate swap that fixes the interest rate on 80% of the outstanding debt. The variable interest rate as of December 31, 2022 was 4.98% (including 1.55% margin) and the fixed interest rate was 2.45% (including 1.55% margin), resulting in a blended rate of 2.95%.
BHE Pipeline Group

BHE Pipeline Group's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20222021
Eastern Energy Gas:
2.875% Senior Notes, due 2023
$250 $250 $250 
3.55% Senior Notes, due 2023
400 399 399 
2.50% Senior Notes, due 2024
600 598 597 
3.60% Senior Notes, due 2024
339 338 338 
3.32% Senior Notes, due 2026 (€250)(1)
268 267 283 
3.00% Senior Notes, due 2029
174 173 173 
3.80% Senior Notes, due 2031
150 150 150 
4.80% Senior Notes, due 2043
54 53 53 
4.60% Senior Notes, due 2044
56 56 56 
3.90% Senior Notes, due 2049
27 26 26 
EGTS:
3.60% Senior Notes, due 2024
111 110 110 
3.00% Senior Notes, due 2029
426 422 422 
4.80% Senior Notes, due 2043
346 342 341 
4.60% Senior Notes, due 2044
444 437 437 
3.90% Senior Notes, due 2049
273 271 271 
Total Eastern Energy Gas3,918 3,892 3,906 
Fair value adjustments— 368 430 
Total Eastern Energy Gas, net of fair value adjustments3,918 4,260 4,336 
Northern Natural Gas:
5.80% Senior Bonds, due 2037
150 149 149 
4.10% Senior Bonds, due 2042
250 248 248 
4.30% Senior Bonds, due 2049
650 652 651 
3.40% Senior Bonds, due 2051
550 540 540 
Total Northern Natural Gas1,600 1,589 1,588 
Total BHE Pipeline Group$5,518 $5,849 $5,924 

(1)    The senior notes are denominated in Euros with an outstanding principal balance of €250 million and a fixed interest rate of 1.45%. Eastern Energy Gas has entered into cross currency swaps that fix USD payments for 100% of the notes. The fixed USD outstanding principal when combined with the swaps is $280 million, with fixed interest rates at both December 31, 2022 and 2021 that averaged 3.32%.
BHE Transmission

BHE Transmission's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value(1)
20222021
AltaLink Investments, L.P.:
Series 15-1 Senior Bonds, 2.244%, due 2022
$— $— $158 
Total AltaLink Investments, L.P.— — 158 
AltaLink, L.P.:
Series 2012-2 Notes, 2.978%, due 2022
— — 218 
Series 2013-4 Notes, 3.668%, due 2023
369 369 395 
Series 2014-1 Notes, 3.399%, due 2024
258 258 277 
Series 2016-1 Notes, 2.747%, due 2026
258 258 276 
Series 2020-1 Notes, 1.509%, due 2030
166 165 177 
Series 2022-1 Notes, 4.692%, due 2032
203 202 — 
Series 2006-1 Notes, 5.249%, due 2036
111 111 118 
Series 2010-1 Notes, 5.381%, due 2040
92 92 99 
Series 2010-2 Notes, 4.872%, due 2040
111 110 118 
Series 2011-1 Notes, 4.462%, due 2041
203 202 217 
Series 2012-1 Notes, 3.990%, due 2042
387 383 410 
Series 2013-3 Notes, 4.922%, due 2043
258 258 276 
Series 2014-3 Notes, 4.054%, due 2044
218 216 232 
Series 2015-1 Notes, 4.090%, due 2045
258 257 275 
Series 2016-2 Notes, 3.717%, due 2046
332 330 354 
Series 2013-1 Notes, 4.446%, due 2053
184 184 197 
Series 2014-2 Notes, 4.274%, due 2064
96 95 103 
Total AltaLink, L.P.3,504 3,490 3,742 
Other:
Construction Loan, 5.620%, due 2024
5 5 6 
Total BHE Transmission$3,509 $3,495 $3,906 

(1)The par values for these debt instruments are denominated in Canadian dollars.
BHE Renewables

BHE Renewables' long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20222021
Fixed-rate(1):
Bishop Hill Holdings Senior Notes, 5.125%, due 2032
$57 $56 $62 
Solar Star Funding Senior Notes, 3.950%, due 2035
244 242 256 
Solar Star Funding Senior Notes, 5.375%, due 2035
787 781 819 
Grande Prairie Wind Senior Notes, 3.860%, due 2037
269 267 297 
Topaz Solar Farms Senior Notes, 5.750%, due 2039
573 568 600 
Topaz Solar Farms Senior Notes, 4.875%, due 2039
162 160 170 
Alamo 6 Senior Notes, 4.170%, due 2042
190 188 197 
Other— — 5 
Variable-rate(1):
TX Jumbo Road Term Loan, due 2025(2)
97 96 117 
Marshall Wind Term Loan, due 2026(2)
57 56 63 
Flat Top Wind I Term Loan, due 2028(2)
102 99 113 
Mariah Del Norte Term Loan, due 2028(2)
56 54 — 
Mariah Del Norte Term Loan, due 2032(2)
142 138 — 
Pinyon Pines I and II Term Loans, due 2034(2)
328 322 344 
Total BHE Renewables$3,064 $3,027 $3,043 

(1)Amortizes quarterly or semiannually.
(2)The term loans have variable interest rates based on LIBOR or SOFR plus a margin that varies during the terms of the agreements. The Company has entered into interest rate swaps that fix the interest rate on 100% of the TX Jumbo Road, Marshall Wind and Pinyon Pines outstanding debt. The fixed interest rates as of December 31, 2022 and 2021 ranged from 3.23% to 3.88%. The variable interest rate on the Flat Top Wind I and Mariah Del Norte outstanding debt was 9.82% as of December 31, 2022.

HomeServices

HomeServices' long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20222021
Variable-rate:
Variable-rate term loan (2022 - 5.242%, 2021 - 0.950%), due 2026(1)
$140 $140 $148 

(1)Term loan amortizes quarterly and variable-rate resets monthly.
Annual Repayments of Long-Term Debt

The annual repayments of BHE and subsidiary debt for the years beginning January 1, 2023 and thereafter, excluding fair value adjustments and unamortized premiums, discounts and debt issuance costs, are as follows (in millions):
2028 and
20232024202520262027ThereafterTotal
BHE senior notes$900 $— $1,650 $— $— $11,551 $14,101 
BHE junior subordinated debentures— — — — — 100 100 
PacifiCorp449 591 302 100 — 8,300 9,742 
MidAmerican Funding317 538 15 3 378 6,806 8,057 
NV Energy250 300 — 400 — 3,436 4,386 
Northern Powergrid56 57 435 75 302 2,160 3,085 
BHE Pipeline Group650 1,050 — 268 — 3,550 5,518 
BHE Transmission368 263 — 258 — 2,620 3,509 
BHE Renewables203 210 241 218 235 1,957 3,064 
HomeServices8 9 15 108 — — 140 
Totals $3,201 $3,018 $2,658 $1,430 $915 $40,480 $51,702