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Subsidiary Debt
 12 Months Ended
Dec. 31, 2023
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, 2023, 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 Value20232022
PacifiCorp$10,493 $10,410 $9,666 
MidAmerican Funding9,115 8,992 7,954 
NV Energy4,736 4,695 4,354 
Northern Powergrid3,497 3,465 3,054 
BHE Pipeline Group4,876 5,154 5,849 
BHE Transmission3,591 3,574 3,495 
BHE Renewables2,571 2,548 3,027 
HomeServices133 133 140 
Total subsidiary debt$39,012 $38,971 $37,539 
Reflected as:
Current liabilities$2,740 $2,301 
Noncurrent liabilities36,231 35,238 
Total subsidiary debt$38,971 $37,539 
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 Value20232022
First mortgage bonds:
2.95% to 8.23%, due through 2026
$775 $774 $1,223 
2.70% to 7.70%, due 2029 to 2031
1,100 1,096 1,095 
5.25% to 6.35%, due 2034 to 2038
2,350 2,341 2,340 
4.10% to 6.00%, due 2039 to 2042
950 942 941 
2.90% to 5.50%, due 2049 to 2054
5,100 5,039 3,849 
Variable-rate series, tax-exempt bond obligations (2023-4.60% to 5.60%; 2022-3.75% to 4.10%):
Due 2025
25 25 25 
Due 2024 to 2025(1)
193 193 193 
Total PacifiCorp$10,493 $10,410 $9,666 

(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.

In December 2023, PacifiCorp entered into a $900 million unsecured delayed draw term loan facility expiring in June 2025. Amounts borrowed under the facility bear interest at variable rates based on the Secured Overnight Financing Rate or a base rate, at PacifiCorp's option, plus a pricing margin. Subject to regulatory authority to issue long-term debt, PacifiCorp may draw all or none of the unused commitment up to three times through June 2025. As of December 31, 2023, PacifiCorp had no term loans drawn from the facility and currently has no authority to issue additional long-term debt until additional filings occur with the Oregon Public Utility Commission ("OPUC") and the Idaho Public Utilities Commission ("IPUC") and are approved as described below.

In January 2024, PacifiCorp issued $500 million of its 5.10% First Mortgage Bonds due February 2029, $700 million of its 5.30% First Mortgage Bonds due February 2031, $1.1 billion of its 5.45% First Mortgage Bonds due February 2034 and $1.5 billion of its 5.80% First Mortgage Bonds due January 2055 for a total of $3.8 billion. PacifiCorp initially used a portion of the net proceeds to repay outstanding short-term debt and intends to use the remaining net proceeds to fund capital expenditures and for general corporate purposes.

Following PacifiCorp's January 2024 First Mortgage Bond issuances, PacifiCorp currently has no remaining regulatory authority from the OPUC and the IPUC to issue additional long-term debt. PacifiCorp must apply for additional issuance authority from the OPUC and IPUC and make a notice filing with the Washington Utilities and Transportation Commission prior to any future issuance. PacifiCorp currently has an effective shelf registration statement filed with the U.S. Securities and Exchange Commission to issue an indeterminate amount of first mortgage bonds through September 2026.

The issuance of PacifiCorp's first mortgage bonds is limited by available property, earnings tests and other provisions of PacifiCorp's mortgage. Approximately $36 billion of PacifiCorp's eligible property (based on original cost) was subject to the lien of the mortgage as of December 31, 2023.
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 Value20232022
MidAmerican Funding:
6.927% Senior Bonds, due 2029
$239 $240 $240 
Fair value adjustment— (14)(15)
MidAmerican Funding, net of fair value adjustments239 226 225 
MidAmerican Energy:
First Mortgage Bonds:
3.70%, due 2023
— — 250 
3.50%, due 2024
500 500 500 
3.10%, due 2027
375 374 374 
3.65%, due 2029
850 858 859 
4.80%, due 2043
350 347 347 
4.40%, due 2044
400 396 395 
4.25%, due 2046
450 446 446 
3.95%, due 2047
475 471 471 
3.65%, due 2048
700 690 689 
4.25%, due 2049
900 876 875 
3.15%, due 2050
600 592 592 
2.70%, due 2052
500 492 492 
5.35%, due 2034
350 347 — 
5.85%, due 2054
1,000 989 — 
Notes:
6.75% Series, due 2031
400 398 397 
5.75% Series, due 2035
300 299 298 
5.80% Series, due 2036
350 348 348 
Transmission upgrade obligation, 3.24% to 7.84%, due 2036 to 2043
70 39 27 
Tax-exempt bond obligations -
Variable-rate tax-exempt bond obligation series: (weighted average interest rate - 2023-4.81%, 2022-3.83%), due 2023-2047
306 304 369 
Total MidAmerican Energy8,876 8,766 7,729 
Total MidAmerican Funding$9,115 $8,992 $7,954 

In January 2024, MidAmerican Energy issued $600 million of its 5.30% First Mortgage Bonds due February 2055. MidAmerican Energy intends, within 24 months of the issuance date, to allocate an amount equal to the net proceeds to finance, in whole or in part, new or existing investments or expenditures made in one or more eligible projects in alignment with BHE's Green Financing Framework.

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, 2023. 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, 2023 and 2022. MidAmerican Energy maintains revolving credit facility agreements to provide liquidity for holders of these issues. Additionally, MidAmerican Energy's obligations associated with $30 million and $150 million of the variable rate, tax-exempt bond obligations due 2046 and 2047, respectively, 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 Value20232022
Nevada Power:
General and refunding mortgage securities:
3.700% Series CC, due 2029
$500 $498 $497 
2.400% Series DD, due 2030
425 423 422 
6.650% Series N, due 2036
367 360 360 
6.750% Series R, due 2037
349 346 346 
5.375% Series X, due 2040
250 248 248 
5.450% Series Y, due 2041
250 240 239 
3.125% Series EE, due 2050
300 298 298 
5.900% Series GG, due 2053
400 394 394 
6.000% Series 2023A, due 2054
500 494 — 
Tax-exempt refunding revenue bond obligations:
Fixed-rate series:
4.125% Pollution Control Bonds Series 2017A, due 2032(1)
40 39 39 
3.750% Pollution Control Bonds Series 2017, due 2036(1)
40 39 39 
3.750% Pollution Control Bonds Series 2017B, due 2039(1)
13 13 13 
Variable-rate 4.821% Term Loan, due 2024(2)
— — 300 
Total Nevada Power3,434 3,392 3,195 
Fair value adjustments — 9 10 
Total Nevada Power, net of fair value adjustments3,434 3,401 3,205 
Sierra Pacific:
General and refunding mortgage securities:
3.375% Series T, due 2023
— — 249 
2.600% Series U, due 2026
400 398 397 
6.750% Series P, due 2037
252 254 254 
 4.710% Series W, due 2052
250 248 248 
5.900% Series 2023A, due 2054
400 393 — 
Total Sierra Pacific1,302 1,293 1,148 
Fair value adjustments— 1 1 
Total Sierra Pacific, net of fair value adjustment1,302 1,294 1,149 
Total NV Energy$4,736 $4,695 $4,354 

(1)    Subject to mandatory purchase by Nevada Power in March 2026 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.
In February 2024, Sierra Pacific entered into a re-offering of the following series of fixed-rate tax exempt bonds: $75 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $60 million of Washoe County, Nevada Gas and Water Facilities Refunding Revenue Bonds, Series 2016B, due 2036; $30 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029; $30 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $20 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016A due 2029; and $20 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036. The Humboldt County Series 2016A and Series 2016B bonds were offered at a term rate of 3.550%. The Washoe County Series 2016B and Series 2016G bonds were offered at a fixed rate of 3.625% and the Washoe County Series 2016C and Series 2016F bonds were offered at a fixed rate of 4.125%. Sierra Pacific previously purchased the bonds as required by the bond indentures. Sierra Pacific used the net proceeds of the re-offering for general corporate purposes.

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, 2023, approximately $10 billion of Nevada Power's and $5 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)
20232022
2.50% Bonds, due 2025
$191 $191 $181 
2.073% European Investment Bank loan, due 2025
64 65 62 
2.564% European Investment Bank loans, due 2027
318 317 301 
7.25% Bonds, due 2028
236 238 227 
4.375% Bonds, due 2032
191 189 179 
5.625% Bonds, due 2033
318 314 — 
5.125% Bonds, due 2035
255 252 240 
5.125% Bonds, due 2035
191 189 180 
2.75% Bonds, due 2049
191 188 178 
3.25% Bonds, due 2052
445 442 419 
2.25% Bonds, due 2059
382 374 355 
1.875% Bonds, due 2062
382 375 356 
Variable-rate loan, due 2025(2)
158 158 164 
Variable-rate loan, due 2026(3)
175 173 212 
Total Northern Powergrid$3,497 $3,465 $3,054 

(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, 2023, was 6.41% (including 2.00% margin) and the average fixed interest rate was 3.08% (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, 2023 was 6.74% (including 1.55% margin) and the fixed interest rate was 2.45% (including 1.55% margin), resulting in a blended rate of 3.30%.
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 Value20232022
Eastern Energy Gas:
2.875% Senior Notes, due 2023
$— $— $250 
3.55% Senior Notes, due 2023
— — 399 
2.50% Senior Notes, due 2024
600 600 598 
3.60% Senior Notes, due 2024
339 339 338 
3.32% Senior Notes, due 2026 (€250)(1)
276 274 267 
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
111 111 110 
3.00% Senior Notes, due 2029
426 422 422 
4.80% Senior Notes, due 2043
346 342 342 
4.60% Senior Notes, due 2044
444 437 437 
3.90% Senior Notes, due 2049
273 271 271 
Total Eastern Energy Gas3,276 3,254 3,892 
Fair value adjustments— 312 368 
Total Eastern Energy Gas, net of fair value adjustments3,276 3,566 4,260 
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
650 651 652 
3.40% Senior Bonds, due 2051
550 540 540 
Total Northern Natural Gas1,600 1,588 1,589 
Total BHE Pipeline Group$4,876 $5,154 $5,849 

(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, 2023 and 2022 that averaged 3.32%.
In January 2024, Northern Natural Gas issued $500 million of its 5.625% Senior Bonds due February 2054. Northern Natural Gas intends to use the net proceeds from the sale of the bonds for general corporate purposes, including to fund capital expenditures.
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)
20232022
AltaLink, L.P.:
Series 2013-4 Notes, 3.668%, due 2023
$— $— $369 
Series 2014-1 Notes, 3.399%, due 2024
264 264 258 
Series 2016-1 Notes, 2.747%, due 2026
264 264 258 
Series 2020-1 Notes, 1.509%, due 2030
170 169 165 
Series 2022-1 Notes, 4.692%, due 2032
208 207 202 
Series 2006-1 Notes, 5.249%, due 2036
113 113 111 
Series 2010-1 Notes, 5.381%, due 2040
94 94 92 
Series 2010-2 Notes, 4.872%, due 2040
113 113 110 
Series 2011-1 Notes, 4.462%, due 2041
208 207 202 
Series 2012-1 Notes, 3.990%, due 2042
396 391 383 
Series 2013-3 Notes, 4.922%, due 2043
264 263 258 
Series 2014-3 Notes, 4.054%, due 2044
223 222 216 
Series 2015-1 Notes, 4.090%, due 2045
264 263 257 
Series 2016-2 Notes, 3.717%, due 2046
340 338 330 
Series 2013-1 Notes, 4.446%, due 2053
189 188 184 
Series 2023-1 Notes, 5.463%, due 2055
378 375 — 
Series 2014-2 Notes, 4.274%, due 2064
98 98 95 
Total AltaLink, L.P.3,586 3,569 3,490 
Other:
Construction Loan, 5.620%, due 2024
5 5 5 
Total BHE Transmission$3,591 $3,574 $3,495 

(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 Value20232022
Fixed-rate(1):
Bishop Hill Holdings Senior Notes, 5.125%, due 2032
$51 $50 $56 
Solar Star Funding Senior Notes, 3.950%, due 2035
230 228 242 
Solar Star Funding Senior Notes, 5.375%, due 2035
744 739 781 
Grande Prairie Wind Senior Notes, 3.860%, due 2037
236 234 267 
Topaz Solar Farms Senior Notes, 5.750%, due 2039
541 536 568 
Topaz Solar Farms Senior Notes, 4.875%, due 2039
152 151 160 
Alamo 6 Senior Notes, 4.170%, due 2042
181 179 188 
Variable-rate(1):
TX Jumbo Road Term Loan, due 2025(2)
73 72 96 
Marshall Wind Term Loan, due 2026(2)
49 49 56 
Flat Top Wind I Term Loan, due 2028(2)
— — 99 
Mariah Del Norte Term Loan, due 2028(2)
— — 54 
Mariah Del Norte Term Loan, due 2032(2)
— — 138 
Pinyon Pines I and II Term Loans, due 2034(2)
314 310 322 
Total BHE Renewables$2,571 $2,548 $3,027 

(1)Amortizes quarterly or semiannually.
(2)The term loans have variable interest rates based on 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, 2023 and 2022 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 Value20232022
Variable-rate:
Variable-rate term loan (2023 - 6.27%, 2022 - 5.242%), due 2026(1)
$133 $133 $140 

(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, 2024 and thereafter, excluding fair value adjustments and unamortized premiums, discounts and debt issuance costs, are as follows (in millions):
2029 and
20242025202620272028ThereafterTotal
BHE senior notes$— $1,650 $— $— $856 $10,695 $13,201 
BHE junior subordinated debentures— — — — — 100 100 
PacifiCorp591 302 100 — — 9,500 10,493 
MidAmerican Funding539 17 4 379 4 8,172 9,115 
NV Energy— — 400 — — 4,336 4,736 
Northern Powergrid62 449 79 318 236 2,353 3,497 
BHE Pipeline Group1,050 — 276 — — 3,550 4,876 
BHE Transmission269 — 264 — — 3,058 3,591 
BHE Renewables220 241 218 168 175 1,549 2,571 
HomeServices9 15 109 — — — 133 
Totals $2,740 $2,674 $1,450 $865 $1,271 $43,313 $52,313