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Subsidiary Debt
 12 Months Ended
Dec. 31, 2021
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, 2021, 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 Value20212020
PacifiCorp$8,797 $8,730 $8,612 
MidAmerican Funding8,047 7,946 7,431 
NV Energy3,701 3,675 3,673 
Northern Powergrid3,321 3,287 3,259 
BHE Pipeline Group5,534 5,924 6,165 
BHE Transmission3,924 3,906 3,877 
BHE Renewables3,073 3,043 3,116 
HomeServices148 148 186 
Total subsidiary debt$36,545 $36,659 $36,319 
Reflected as:
Current liabilities$1,265 $1,389 
Noncurrent liabilities35,394 34,930 
Total subsidiary debt$36,659 $36,319 
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 Value20212020
First mortgage bonds:
2.95% to 8.53%, due through 2026
$1,379 $1,378 $2,245 
2.70% to 7.70%, due 2027 to 2031
1,100 1,094 1,094 
5.25% to 6.10%, due 2032 to 2036
850 845 845 
5.75% to 6.35%, due 2037 to 2041
2,150 2,137 2,137 
4.10%, due 2042
300 297 297 
2.90% to 4.15%, due 2049 to 2052
2,800 2,761 1,776 
Variable-rate series, tax-exempt bond obligations (2021-0.12% to 0.13%; 2020-0.14% to 0.16%):
Due 2025
25 25 25 
Due 2024 to 2025(1)
193 193 193 
Total PacifiCorp$8,797 $8,730 $8,612 

(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 $31 billion of PacifiCorp's eligible property (based on original cost) was subject to the lien of the mortgage as of December 31, 2021.
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 Value20212020
MidAmerican Funding:
6.927% Senior Bonds, due 2029
$239 $225 $221 
MidAmerican Energy:
Tax-exempt bond obligations -
Variable-rate tax-exempt bond obligation series: (weighted average interest rate - 2021-0.13%, 2020-0.14%), due 2023-2047
370 368 368 
First Mortgage Bonds:
3.70%, due 2023
250 250 249 
3.50%, due 2024
500 501 501 
3.10%, due 2027
375 373 373 
3.65%, due 2029
850 860 862 
4.80%, due 2043
350 346 346 
4.40%, due 2044
400 395 395 
4.25%, due 2046
450 446 445 
3.95%, due 2047
475 470 470 
3.65%, due 2048
700 689 689 
4.25%, due 2049
900 874 873 
3.15%, due 2050
600 592 592 
2.70%, due 2052
500 492 — 
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, 3.35% to 7.95%, due 2036 to 2041
38 22 4 
Total MidAmerican Energy7,808 7,721 7,210 
Total MidAmerican Funding$8,047 $7,946 $7,431 

Pursuant to MidAmerican Energy's mortgage dated September 9, 2013, as amended by the First Supplemental Indenture dated as of September 19, 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. As of December 31, 2021, MidAmerican Energy's eligible property subject to the lien of the mortgage totaled approximately $22 billion based on original cost. 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, 2021 and 2020. MidAmerican Energy maintains revolving credit facility agreements to provide liquidity for holders of these issues and $180 million of the variable rate, tax-exempt bonds 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 Value20212020
Nevada Power:
General and refunding mortgage securities:
3.700% Series CC, due 2029
$500 $497 $496 
2.400% Series DD, due 2030
425 422 422 
6.650% Series N, due 2036
367 361 361 
6.750% Series R, due 2037
349 347 347 
5.375% Series X, due 2040
250 249 249 
5.450% Series Y, due 2041
250 246 244 
3.125% Series EE, due 2050
300 297 297 
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 
Total Nevada Power2,534 2,510 2,507 
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
252 254 256 
Tax-exempt refunding revenue bond obligations:
Fixed-rate series:
1.850% Pollution Control Series 2016B, due 2029(2)
30 30 29 
3.000% Gas and Water Series 2016B, due 2036(3)
60 60 61 
0.625% Water Facilities Series 2016C, due 2036(2)
30 30 30 
2.050% Water Facilities Series 2016D, due 2036(2)
25 25 25 
2.050% Water Facilities Series 2016E, due 2036(2)
25 25 25 
2.050% Water Facilities Series 2016F, due 2036(2)
75 75 74 
1.850% Water Facilities Series 2016G, due 2036(2)
20 20 20 
Total Sierra Pacific1,167 1,165 1,166 
Total NV Energy$3,701 $3,675 $3,673 

(1)    Bonds were purchased by Nevada Power in May 2020 and re-offered at a fixed interest rate. Subject to mandatory purchase by Nevada Power in March 2023 at which date the interest rate may be adjusted.
(2)    Subject to mandatory purchase by Sierra Pacific in April 2022 at which date the interest rate may be adjusted.
(3)    Subject to mandatory purchase by Sierra Pacific in June 2022 at which date the interest rate may be adjusted.

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, 2021, approximately $9 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)
20212020
4.133% European Investment Bank loans, due 2022
$204 $204 $206 
7.25% Bonds, due 2022
271 269 277 
2.50% Bonds, due 2025
203 202 203 
2.073% European Investment Bank loan, due 2025
67 69 70 
2.564% European Investment Bank loans, due 2027
338 337 340 
7.25% Bonds, due 2028
251 254 257 
4.375% Bonds, due 2032
203 200 202 
5.125% Bonds, due 2035
271 268 270 
5.125% Bonds, due 2035
203 201 203 
2.750% Bonds, due 2049
203 200 202 
2.250% Bonds, due 2059
406 398 402 
1.875% Bonds, due 2062
406 398 403 
Variable-rate loan, due 2026(2)
— — 183 
Variable-rate loan, due 2026(3)
— — 41 
Variable-rate loan, due 2026(4)
295 287 — 
Total Northern Powergrid$3,321 $3,287 $3,259 

(1)The par values for these debt instruments are denominated in sterling.
(2)The Company had entered into an interest rate swap that fixed the interest rate on 89% of the outstanding debt. The variable interest rate as of December 31, 2020 was 2.03% (including 2.0% margin) and the fixed interest rate was 3.07% (including 2.0% margin), resulting in a blended rate of 2.96%.
(3)The variable interest rate as of December 31, 2020 was 2.02% (including 2.0% margin).
(4)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, 2021 was 1.73% (including 1.55% margin) and the fixed interest rate was 2.45% (including 1.55% margin), resulting in a blended rate of 2.30%.
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 Value20212020
Eastern Energy Gas:
Variable-rate Senior Notes, due 2021(1)
$— $— $500 
2.875% Senior Notes, due 2023
250 250 249 
3.55% Senior Notes, due 2023
400 399 399 
2.50% Senior Notes, due 2024
600 597 596 
3.60% Senior Notes, due 2024
339 338 448 
3.32% Senior Notes, due 2026 (€250)(2)
284 283 304 
3.00% Senior Notes, due 2029
174 173 594 
3.80% Senior Notes, due 2031
150 150 150 
4.80% Senior Notes, due 2043
54 53 395 
4.60% Senior Notes, due 2044
56 56 493 
3.90% Senior Notes, due 2049
27 26 297 
EGTS:
3.60% Senior Notes, due 2024
111 110 — 
3.00% Senior Notes, due 2029
426 422 — 
4.80% Senior Notes, due 2043
346 341 — 
4.60% Senior Notes, due 2044
444 437 — 
3.90% Senior Notes, due 2049
273 271 — 
Total Eastern Energy Gas3,934 3,906 4,425 
Fair value adjustments— 430 493 
Total Eastern Energy Gas, net of fair value adjustments3,934 4,336 4,918 
Northern Natural Gas:
4.25% Senior Notes, due 2021
— — 200 
5.80% Senior Bonds, due 2037
150 149 149 
4.10% Senior Bonds, due 2042
250 248 248 
4.30% Senior Bonds, due 2049
650 651 650 
3.40% Senior Bonds, due 2051
550 540 — 
Total Northern Natural Gas1,600 1,588 1,247 
Total BHE Pipeline Group$5,534 $5,924 $6,165 

(1)    The senior notes had variable interest rates based on LIBOR plus an applicable margin. Eastern Energy Gas entered into an interest rate swap that fixed the interest rate on 100% of the notes. The fixed interest rate as of December 31, 2020 was 3.46% including a 0.60% margin.
(2)    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, 2021 and 2020 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)
20212020
AltaLink Investments, L.P.:
Series 15-1 Senior Bonds, 2.244%, due 2022
$158 $158 $157 
Total AltaLink Investments, L.P.158 158 157 
AltaLink, L.P.:
Series 2012-2 Notes, 2.978%, due 2022
218 218 216 
Series 2013-4 Notes, 3.668%, due 2023
396 395 392 
Series 2014-1 Notes, 3.399%, due 2024
277 277 275 
Series 2016-1 Notes, 2.747%, due 2026
277 276 274 
Series 2020-1 Notes, 1.509%, due 2030
178 177 175 
Series 2006-1 Notes, 5.249%, due 2036
119 118 118 
Series 2010-1 Notes, 5.381%, due 2040
99 99 98 
Series 2010-2 Notes, 4.872%, due 2040
119 118 117 
Series 2011-1 Notes, 4.462%, due 2041
218 217 215 
Series 2012-1 Notes, 3.990%, due 2042
415 410 407 
Series 2013-3 Notes, 4.922%, due 2043
277 276 274 
Series 2014-3 Notes, 4.054%, due 2044
233 232 230 
Series 2015-1 Notes, 4.090%, due 2045
277 275 273 
Series 2016-2 Notes, 3.717%, due 2046
356 354 351 
Series 2013-1 Notes, 4.446%, due 2053
198 197 196 
Series 2014-2 Notes, 4.274%, due 2064
103 103 102 
Total AltaLink, L.P.3,760 3,742 3,713 
Other:
Construction Loan, 5.620%, due 2024
6 6 7 
Total BHE Transmission$3,924 $3,906 $3,877 

(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 Value20212020
Fixed-rate(1):
Bishop Hill Holdings Senior Notes, 5.125%, due 2032
$62 $62 $69 
Solar Star Funding Senior Notes, 3.950%, due 2035
258 256 269 
Solar Star Funding Senior Notes, 5.375%, due 2035
826 819 853 
Grande Prairie Wind Senior Notes, 3.860%, due 2037
299 297 327 
Topaz Solar Farms Senior Notes, 5.750%, due 2039
606 600 631 
Topaz Solar Farms Senior Notes, 4.875%, due 2039
172 170 180 
Alamo 6 Senior Notes, 4.170%, due 2042
199 197 205 
Other5 5 8 
Variable-rate(1):
TX Jumbo Road Term Loan, due 2025(2)
119 117 138 
Marshall Wind Term Loan, due 2026(2)
64 63 69 
Flat Top Wind I Term Loan, due 2028(2)
113 113 — 
Pinyon Pines I and II Term Loans, due 2034(2)
350 344 367 
Total BHE Renewables$3,073 $3,043 $3,116 

(1)Amortizes quarterly or semiannually.
(2)The term loans have variable interest rates based on LIBOR or Secured Overnight Financing Rate 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, 2021 and 2020 ranged from 3.21% to 3.88%. The variable interest rate on the Flat Top Wind I outstanding debt was 6.34% as of December 31, 2021.

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 Value20212020
Variable-rate:
Variable-rate term loan (2021 - 0.950%, 2020 - 1.147%), due 2026(1)
$148 $148 $186 

(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, 2022 and thereafter, excluding fair value adjustments and unamortized premiums, discounts and debt issuance costs, are as follows (in millions):
2027 and
20222023202420252026ThereafterTotal
BHE senior notes$— $900 $— $1,650 $— $10,551 $13,101 
BHE junior subordinated debentures— — — — — 100 100 
PacifiCorp155 449 592 301 100 7,200 8,797 
MidAmerican Funding— 316 537 15 2 7,177 8,047 
NV Energy— 250 — — 400 3,051 3,701 
Northern Powergrid526 56 56 318 84 2,281 3,321 
BHE Pipeline Group— 650 1,050 — 284 3,550 5,534 
BHE Transmission377 397 282 — 277 2,591 3,924 
BHE Renewables199 200 210 241 218 2,005 3,073 
HomeServices8 7 9 15 109 — 148 
Totals $1,265 $3,225 $2,736 $2,540 $1,474 $38,506 $49,746