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Long-term Debt
 12 Months Ended
Dec. 31, 2021
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):
20212020
AverageAverage
PrincipalCarryingInterestCarryingInterest
AmountValueRateValueRate
First mortgage bonds:
2.95% to 8.53%, due through 2026
$1,379 $1,378 4.52 %$2,245 4.12 %
2.70% to 7.70%, due 2027 to 2031
1,100 1,094 4.35 1,094 4.35 
5.25% to 6.10%, due 2032 to 2036
850 845 5.75 845 5.75 
5.75% to 6.35%, due 2037 to 2041
2,150 2,137 6.05 2,137 6.05 
4.10% due 2042
300 297 4.10 297 4.10 
2.90% to 4.15%, due 2049 to 2052
2,800 2,761 3.52 1,776 3.86 
Variable-rate series, tax-exempt bond obligations (2021-0.12% to 0.13%; 2020-0.14% to 0.16%):
Due 202525 25 0.12 25 0.14 
Due 2024 to 2025(1)
193 193 0.13 193 0.15 
Total long-term debt$8,797 $8,730 $8,612 
Reflected as:
20212020
Current portion of long-term debt$155 $420 
Long-term debt8,575 8,192 
Total long-term debt$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.

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 $2.0 billion 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 United States 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 $31 billion of PacifiCorp's eligible property (based on original cost) was subject to the lien of the mortgage as of December 31, 2021.

In November 2021, PacifiCorp exercised its par call redemption option, available in the final three months prior to scheduled maturity, and redeemed $450 million of its 2.95% Series First Mortgage Bonds that was originally due February 2022.
As of December 31, 2021, the annual principal maturities of long-term debt for 2022 and thereafter are as follows (in millions):
Long-term
Debt
2022$155 
2023449 
2024591 
2025302 
2026100 
Thereafter7,200 
Total8,797 
Unamortized discount and debt issuance costs(67)
Total$8,730 
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 Value20212020
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 obligations, 3.35% to 7.95%, due 2036 to 2041
38 22 4 
Variable-rate tax-exempt bond obligation series: (weighted average interest rate- 2021-0.13%, 2020-0.14%):
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 29 29 
Due 2047150 149 149 
Total$7,808 $7,721 $7,210 

The annual repayments of MidAmerican Energy's long-term debt for the years beginning January 1, 2022, and thereafter, excluding unamortized premiums, discounts and debt issuance costs, are as follows (in millions):
2022$— 
2023316 
2024537 
202515 
20262 
2027 and thereafter6,938 

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 $22 billion of MidAmerican Energy's eligible property, based on original cost, was subject to the lien of the mortgage as of December 31, 2021. 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, 2021 and 2020. 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, 2021, 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, 2021, MidAmerican Energy's common equity ratio was 53% 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 $3.3 billion as of December 31, 2021, 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, 2021 and 2020.

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 $5.6 billion as of December 31, 2021.

As of December 31, 2021, 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 Value20212020
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
367 359 359 
6.750% Series R, due 2037
349 346 346 
5.375% Series X, due 2040
250 248 248 
5.450% Series Y, due 2041
250 239 237 
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 long-term debt $2,534 $2,499 $2,496 
Reflected as:
Total long-term debt $2,499 $2,496 

(1)Subject to mandatory purchase by Nevada Power in March 2023 at which date the interest rate may be adjusted.

Annual Payment on Long-Term Debt

The annual repayments of long-term debt for the years beginning January 1, 2022 and thereafter, are as follows (in millions):
2027 and thereafter$2,534 
Unamortized premium, discount and debt issuance cost(35)
Total$2,499 

In January 2022, Nevada Power entered into a $300 million secured delayed draw term loan facility maturing in January 2024. Amounts borrowed under the facility bear interest at variable rates based on the Secured Overnight Financing Rate or a base rate, at Nevada Power's option, plus a pricing margin. In January 2022, Nevada Power borrowed $200 million under the facility at an initial interest rate of 0.55%. Nevada Power may draw all or none of the remaining unused commitment through June 2022. Nevada Power used the proceeds to repay amounts outstanding under its existing secured credit facility and for general corporate purposes.

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, 2021, approximately $9.4 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 Value20212020
General and refunding mortgage securities:
3.375% Series T, due 2023
$250 $249 $249 
2.600% Series U, due 2026
400 397 396 
6.750% Series P, due 2037
252 253 255 
Tax-exempt refunding revenue bond obligations:
Fixed-rate series:
1.850% Pollution Control Series 2016B, due 2029 (1)
30 30 29 
3.000% Gas and Water Series 2016B, due 2036 (2)
60 60 61 
0.625% Water Facilities Series 2016C, due 2036 (1)
30 30 30 
2.050% Water Facilities Series 2016D, due 2036 (1)
25 25 25 
2.050% Water Facilities Series 2016E, due 2036 (1)
25 25 25 
2.050% Water Facilities Series 2016F, due 2036 (1)
75 75 74 
1.850% Water Facilities Series 2016G, due 2036 (1)
20 20 20 
Total long-term debt $1,167 $1,164 $1,164 
Reflected as -
Long-term debt $1,164 $1,164 
(1)Subject to mandatory purchase by Sierra Pacific in April 2022 at which date the interest rate may be adjusted.
(2)Subject to mandatory purchase by Sierra Pacific in June 2022 at which date the interest rate may be adjusted.

Annual Payment on Long-Term Debt

The annual repayments of long-term debt for the years beginning January 1, 2022 and thereafter, are as follows (in millions):
2023$250 
2026400 
2027 and thereafter517 
Total1,167 
Unamortized premium, discount and debt issuance cost(3)
Total$1,164 

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, 2021, approximately $4.5 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 Debt
On 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 in 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 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 long-term debt $3,934 $3,906 $4,425 
Reflected as:
Current portion of long-term debt$— $500 
Long-term debt3,906 3,925 
Total long-term debt$3,906 $4,425 
(1)The senior notes had variable interest rates based on LIBOR plus an applicable spread. 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%.
Annual Payment on Long-Term Debt

The annual repayments of long-term debt for the years beginning January 1, 2022 and thereafter, are as follows (in millions):

2022$— 
2023650 
20241,050 
2025— 
2026284 
2027 and thereafter1,950 
Total3,934 
Unamortized premium, discount and debt issuance cost(28)
Total$3,906