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Long-term Debt
 12 Months Ended
Dec. 31, 2022
PAC  
Debt Instrument [Line Items]  
Long-term Debt Long-term Debt
PacifiCorp's long-term debt was as follows as of December 31 (dollars in millions):
20222021
AverageAverage
PrincipalCarryingInterestCarryingInterest
AmountValueRateValueRate
First mortgage bonds:
2.95% to 8.23%, due through 2026
$1,224 $1,223 4.07 %$1,377 4.41 %
2.70% to 7.70%, due 2029 to 2031
1,100 1,095 4.35 1,094 4.35 
5.25% to 6.25%, due 2034 to 2037
2,050 2,042 5.90 2,042 5.90 
4.10% to 6.35%, due 2038 to 2042
1,250 1,239 5.63 1,238 5.63 
2.90% to 5.35%, due 2049 to 2053
3,900 3,849 4.03 2,761 3.52 
Variable-rate series, tax-exempt bond obligations (2022-3.75% to 4.10%; 2021-0.12% to 0.14%):
Due 202525 25 4.10 25 0.12 
Due 2024 to 2025(1)
193 193 3.81 193 0.13 
Total long-term debt$9,742 $9,666 $8,730 
Reflected as:
20222021
Current portion of long-term debt$449 $155 
Long-term debt9,217 8,575 
Total long-term debt$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.

In December 2022, PacifiCorp issued $1.1 billion of its 5.35% First Mortgage Bonds due December 2053. PacifiCorp intends within 24 months of the issuance date to allocate an amount equal to the net proceeds to finance or refinance, 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. Proceeds will not knowingly be allocated to the same portion of a project that received allocation of proceeds under any other Green Financing Instrument; activities related to the exploration, production, transportation, or consumption of fossil fuels; or activities related to nuclear energy.

PacifiCorp's long-term debt generally includes provisions that allow PacifiCorp to redeem the first mortgage bonds in whole or in part at any time through the payment of a make-whole premium. Variable-rate tax-exempt bond obligations are generally redeemable at par value.
PacifiCorp currently has regulatory authority from the Oregon Public Utility Commission and the Idaho Public Utilities Commission to issue an additional $900 million of long-term debt. PacifiCorp must 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 2023.

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.

As of December 31, 2022, the annual principal maturities of long-term debt for 2023 and thereafter are as follows (in millions):
Long-term
Debt
2023$449 
2024591 
2025302 
2026100 
2027— 
Thereafter8,300 
Total9,742 
Unamortized discount and debt issuance costs(76)
Total$9,666 
MEC  
Debt Instrument [Line Items]  
Long-term Debt Long-term Debt
MidAmerican Energy's long-term debt consists of the following, including amounts maturing within one year and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20222021
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 obligations, 3.20% to 7.81%, due 2036 to 2042
48 27 22 
Variable-rate tax-exempt bond obligation series: (weighted average interest rate- 2022-3.83%, 2021-0.13%):
Due 2023, issued in 1993
7 7 7 
Due 2023, issued in 2008
57 57 57 
Due 202435 35 35 
Due 202513 13 13 
Due 203633 33 33 
Due 203845 45 45 
Due 204630 30 29 
Due 2047150 149 149 
Total long-term debt$7,818 $7,729 $7,721 
Reflected as:
20222021
Current portion of long-term debt$317 $— 
Long-term debt7,412 7,721 
Total long-term debt$7,729 $7,721 
The annual repayments of MidAmerican Energy's long-term debt for the years beginning January 1, 2023, and thereafter, excluding unamortized premiums, discounts and debt issuance costs, are as follows (in millions):
2023$317 
2024538 
202515 
20263 
2027378 
2028 and thereafter6,567 

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 bond 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 the $30 million and $150 million 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.

As of December 31, 2022, MidAmerican Energy was in compliance with all of its applicable long-term debt covenants.

In March 1999, MidAmerican Energy committed to the IUB to use commercially reasonable efforts to maintain an investment grade rating on its long-term debt and to maintain its common equity level above 42% of total capitalization unless circumstances beyond its control result in the common equity level decreasing to below 39% of total capitalization. MidAmerican Energy must seek the approval from the IUB of a reasonable utility capital structure if MidAmerican Energy's common equity level decreases below 42% of total capitalization, unless the decrease is beyond the control of MidAmerican Energy. MidAmerican Energy is also required to seek the approval of the IUB if MidAmerican Energy's equity level decreases to below 39%, even if the decrease is due to circumstances beyond the control of MidAmerican Energy. As of December 31, 2022, MidAmerican Energy's common equity ratio was 55% computed on a basis consistent with its commitment. As a result of its regulatory commitment to maintain its common equity level above certain thresholds, MidAmerican Energy could dividend $4.2 billion as of December 31, 2022, without falling below 42%.
MidAmerican Funding, LLC  
Debt Instrument [Line Items]  
Long-term Debt Long-term Debt
Refer to Note 8 of MidAmerican Energy's Notes to Financial Statements for detail and a discussion of its long-term debt. In addition to MidAmerican Energy's annual repayments of long-term debt, MidAmerican Funding parent company has $239 million of 6.927% Senior Bonds due in 2029, with a carrying value of $240 million as of December 31, 2022 and 2021.

The MidAmerican Funding parent company bonds are the direct senior secured obligations of MidAmerican Funding and effectively rank junior to all indebtedness and other liabilities of the direct and indirect subsidiaries of MidAmerican Funding, to the extent of the assets of these subsidiaries. MidAmerican Funding may redeem the bonds in whole or in part at any time at a redemption price equal to the sum of any accrued and unpaid interest to the date of redemption and the greater of (1) 100% of the principal amount of the bonds or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the bonds, discounted to the date of redemption on a semiannual basis at the treasury yield plus 25 basis points.

MidAmerican Funding parent company long-term debt is secured by a pledge of the common stock of MHC, which is not publicly traded. In the event of any triggering event under the related debt indenture, the common stock of MHC would be available to satisfy the applicable debt obligations. Triggering events include, among other specified circumstances, (1) default on the payment of interest for 30 days or principal for three days; (2) a material default in the performance of any material covenants or obligations in the indenture continuing for a period of 90 days after written notice in accordance with the indenture; or (3) the failure generally of MidAmerican Funding or any significant subsidiary to pay its debts when due.

Subsidiaries of MidAmerican Funding must make payments on their own indebtedness before making distributions to MidAmerican Funding. Refer to Note 8 of MidAmerican Energy's Notes to Financial Statements for a discussion of utility regulatory restrictions affecting distributions from MidAmerican Energy. As a result of the utility regulatory restrictions agreed to by MidAmerican Energy in March 1999, MidAmerican Funding had restricted net assets of $5.4 billion as of December 31, 2022.

As of December 31, 2022, MidAmerican Funding was in compliance with all of its applicable long-term debt covenants.
Each of MidAmerican Funding's direct or indirect subsidiaries is organized as a legal entity separate and apart from MidAmerican Funding and its other subsidiaries. It should not be assumed that any asset of any subsidiary of MidAmerican Funding will be available to satisfy the obligations of MidAmerican Funding or any of its other subsidiaries; provided, however, that unrestricted cash or other assets which are available for distribution may, subject to applicable law and the terms of financing arrangements of such parties, be advanced, loaned, paid as dividends or otherwise distributed or contributed to MidAmerican Funding, one of its subsidiaries or affiliates thereof.
NPC  
Debt Instrument [Line Items]  
Long-term Debt Long-term Debt
Nevada Power'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
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 long-term debt $3,234 $3,195 $2,499 
Reflected as:
Total long-term debt $3,195 $2,499 

(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.
Annual Payment on Long-Term Debt

The annual repayments of long-term debt for the years beginning January 1, 2023 and thereafter, are as follows (in millions):
2024$300 
2028 and thereafter2,934 
Total3,234 
Unamortized premium, discount and debt issuance cost(39)
Total$3,195 

The issuance of General and Refunding Mortgage Securities by Nevada Power is subject to PUCN approval and is limited by available property and other provisions of the mortgage indentures. As of December 31, 2022, approximately $9.8 billion (based on original cost) of Nevada Power's property was subject to the liens of the mortgages.
SPPC  
Debt Instrument [Line Items]  
Long-term Debt Long-term Debt
Sierra Pacific'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
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 long-term debt $1,152 $1,148 $1,164 
Reflected as:
Current portion of long-term debt$250 $— 
Long-term debt 898 1,164 
Total long-term debt $1,148 $1,164 
Annual Payment on Long-Term Debt
The annual repayments of long-term debt for the years beginning January 1, 2023 and thereafter, are as follows (in millions):
2023$250 
2026400 
2028 and thereafter502 
Total1,152 
Unamortized premium, discount and debt issuance cost(4)
Total$1,148 

The issuance of General and Refunding Mortgage Securities by Sierra Pacific is subject to PUCN approval and is limited by available property and other provisions of the mortgage indentures. As of December 31, 2022, approximately $4.9 billion (based on original cost) of Sierra Pacific's property was subject to the liens of the mortgages.
EEGH  
Debt Instrument [Line Items]  
Long-term Debt Long-term DebtOn June 30, 2021, as part of an intercompany transaction with its wholly owned subsidiary EGTS, Eastern Energy Gas exchanged a total of $1.6 billion of its issued and outstanding third party notes, making EGTS the primary obligor of the exchanged notes. The intercompany debt exchange was a common control transaction accounted for as a debt modification with no gain or loss recognized on the Consolidated Financial Statements.
Eastern Energy Gas' long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars and euros 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 long-term debt $3,918 $3,892 $3,906 
Reflected as:
Current portion of long-term debt$649 $— 
Long-term debt3,243 3,906 
Total long-term debt$3,892 $3,906 
(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 as of both December 31, 2022 and 2021 that averaged 3.32%.
Annual Payment on Long-Term Debt

The annual repayments of long-term debt for the years beginning January 1, 2023 and thereafter, are as follows (in millions):

2023$650 
20241,050 
2025— 
2026268 
2027— 
2028 and thereafter1,950 
Total3,918 
Unamortized premium, discount and debt issuance cost(26)
Total$3,892 
EGTS  
Debt Instrument [Line Items]  
Long-term Debt Long-term Debt
On June 30, 2021, Eastern Energy Gas exchanged a total of $1.6 billion of its issued and outstanding third-party notes for new notes, making EGTS the primary obligor of the new notes. The terms of the new notes are substantially similar to the terms of the original Eastern Energy Gas notes. The debt exchange was a common control transaction accounted for as a debt modification. As such, no gain or loss was recognized on the Consolidated Statements of Operations and approximately $17 million of unamortized discounts and debt issuance costs and $32 million of deferred losses on previously settled interest rate swaps remaining in AOCI were contributed to EGTS by Eastern Energy Gas in connection with the transaction. In addition, new fees of $2 million paid directly to note holders in connection with the exchange were deferred as additional debt issuance costs that will be amortized over the lives of the respective notes. As a result of the transaction, EGTS' $1.9 billion of long-term indebtedness to Eastern Energy Gas was cancelled in full and the remaining balance was satisfied through a capital contribution.

EGTS' long-term debt consists of the following, including unamortized discounts and debt issuance costs, as of December 31 (dollars in millions):

Par Value20222021
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 long-term debt$1,600 $1,582 $1,581 
Annual Payment on Long-Term Debt

The annual repayments of long-term debt for the years beginning January 1, 2023 and thereafter, are as follows (in millions):

2023$— 
2024111 
2025— 
2026— 
2027— 
2028 and thereafter1,489 
Total1,600 
Unamortized discounts and debt issuance costs(18)
Total$1,582 

AOCI

The following table presents selected information related to losses on interest rate cash flow hedges included in AOCI in EGTS' Consolidated Balance Sheet as of December 31, 2022 (in millions):

AOCI After-TaxAmounts Expected to be Reclassified to Earnings During the Next 12 Months After-TaxMaximum Term
Interest rate$(30)$(2)264 months

EGTS reclassified $2 million and $1 million from AOCI to interest expense for the years ended December 31, 2022 and 2021, respectively.