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Investments and Restricted Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2022
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Cash and Cash Equivalents and Investments
Investments and restricted cash and cash equivalents and investments consists of the following as of December 31 (in millions):
20222021
Investments:
BYD Company Limited common stock$3,763 $7,693 
U.S. Treasury Bills1,931 — 
Rabbi trusts433 492 
Other335 305 
Total investments6,462 8,490 
  
Equity method investments:
BHE Renewables tax equity investments4,535 4,931 
Electric Transmission Texas, LLC623 595 
Iroquois Gas Transmission System, L.P.600 735 
Other304 293 
Total equity method investments6,062 6,554 
Restricted cash and cash equivalents and investments:  
Quad Cities Station nuclear decommissioning trust funds664 768 
Other restricted cash and cash equivalents226 148 
Total restricted cash and cash equivalents and investments890 916 
  
Total investments and restricted cash and cash equivalents and investments$13,414 $15,960 
Reflected as:
Other current assets$2,141 $172 
Noncurrent assets11,273 15,788 
Total investments and restricted cash and cash equivalents and investments$13,414 $15,960 

Investments

BHE's investment in BYD Company Limited common stock is accounted for as a marketable security with changes in fair value recognized in net income.

Rabbi trusts primarily hold corporate-owned life insurance on certain current and former key executives and directors. The Rabbi trusts were established to hold investments used to fund the obligations of various nonqualified executive and director compensation plans and to pay the costs of the trusts. The amount represents the cash surrender value of all of the policies included in the Rabbi trusts, net of amounts borrowed against the cash surrender value.

(Losses) gains on marketable securities, net recognized during the period consists of the following for the years ended December 31 (in millions):
202220212020
Unrealized (losses) gains recognized on marketable securities held at the reporting date$(1,487)$1,819 $4,791 
Net (losses) gains recognized on marketable securities sold during the period(515)4 6 
(Losses) gains on marketable securities, net$(2,002)$1,823 $4,797 
Equity Method Investments

The Company has invested in wind projects sponsored by third parties, commonly referred to as tax equity investments. Under the terms of these tax equity investments, the Company has entered into equity capital contribution agreements with the project sponsors that require contributions. The Company made no contributions in 2022 and 2021 and $2,736 million in 2020. Once a project achieves commercial operation, the Company enters into a partnership agreement with the project sponsor that directs and allocates the operating profits and tax benefits from the project.

BHE, through separate subsidiaries, owns (i) 50% of Iroquois, which owns and operates an interstate natural gas pipeline located in the states of New York and Connecticut; (ii) 50% of Electric Transmission Texas, LLC, which owns and operates electric transmission assets in the Electric Reliability Council of Texas footprint; (iii) 50% of JAX LNG, LLC, which is an LNG supplier in Florida serving the growing marine and truck LNG markets; and (iv) 66.67% of Bridger Coal Company ("Bridger Coal"), which is a coal mining joint venture that supplies coal to PacifiCorp's Jim Bridger Nos. 1-4 generating facility. Bridger Coal is being accounted for under the equity method of accounting as the power to direct the activities that most significantly impact Bridger Coal's economic performance are shared with the joint venture partner. Coal purchases from Bridger Coal for the years ended December 31, 2022, 2021 and 2020 totaled $100 million, $132 million and $128 million, respectively.

Restricted Investments

MidAmerican Energy has established a trust for the investment of funds for decommissioning the Quad Cities Nuclear Station Units 1 and 2 ("Quad Cities Station"). The debt and equity securities in the trust are reported at fair value. Funds are invested in the trust in accordance with applicable federal and state investment guidelines and are restricted for use as reimbursement for costs of decommissioning the Quad Cities Station, which are currently licensed for operation until December 2032.
MEC  
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Investments
Investments and restricted investments consists of the following amounts as of December 31 (in millions):
20222021
Nuclear decommissioning trust$664 $768 
Rabbi trusts215 233 
Other23 25 
Total$902 $1,026 
MidAmerican Energy has established a trust for the investment of funds for decommissioning the Quad Cities Station. The debt and equity securities in the trust are reported at fair value. Funds are invested in the trust in accordance with applicable federal and state investment guidelines and are restricted for use as reimbursement for costs of decommissioning the Quad Cities Station, which is currently licensed for operation until December 2032. As of December 31, 2022 and 2021, the fair value of the trust's funds was invested as follows: 54% and 56%, respectively, in domestic common equity securities, 32% and 30%, respectively, in U.S. government securities, 11% and 12%, respectively, in domestic corporate debt securities and 3% and 2%, respectively, in other securities.

Rabbi trusts primarily hold corporate-owned life insurance on certain current and former key executives and directors. The Rabbi trusts were established to hold investments used to fund the obligations of various nonqualified executive and director compensation plans and to pay the costs of the trusts. The amount represents the cash surrender value of all of the policies included in the Rabbi trusts, net of amounts borrowed against the cash surrender value. Changes in the cash surrender value of the policies are reflected in other income (expense) - other, net on the Statements of Operation.
MidAmerican Funding, LLC  
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted InvestmentsRefer to Note 6 of MidAmerican Energy's Notes to Financial Statements. In addition to MidAmerican Energy's investments and restricted investments, MHC had corporate-owned life insurance policies in a Rabbi trust owned by MHC with a total cash surrender value of $2 million as of December 31, 2022 and 2021.
EEGH  
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following as of December 31 (in millions):

20222021
Investments:
Investment funds$14 $13 
Equity method investments:
Iroquois264 399 
Total investments278 412 
Restricted cash and cash equivalents:
Customer deposits30 17 
Total restricted cash and cash equivalents30 17 
Total investments and restricted cash and cash equivalents$308 $429 
Reflected as:
Current assets$30 $17 
Noncurrent assets278 412 
Total investments and restricted cash and cash equivalents$308 $429 

Equity Method Investments

Eastern Energy Gas, through subsidiaries, owns 50% of Iroquois, which owns and operates an interstate natural gas pipeline located in the states of New York and Connecticut. Prior to the GT&S Transaction, Eastern Energy Gas, through the Questar Pipeline Group, owned 50% of White River Hub, which owns and operates a natural gas pipeline in northwest Colorado.

As of both December 31, 2022 and 2021, the carrying amount of Eastern Energy Gas' investments exceeded its share of underlying equity in net assets by $130 million. The difference reflects equity method goodwill and is not being amortized. Eastern Energy Gas made contributions of $154 million in 2021. Eastern Energy Gas received distributions from its investments of $195 million, $44 million and $77 million for the years ended December 31, 2022, 2021 and 2020, respectively. In the third quarter of 2022, in connection with the settlement of regulated tax matters in the Iroquois rate case, Eastern Energy Gas released a long-term regulatory liability and recognized a $45 million benefit that was recorded in equity income in its Consolidated Statements of Operations.
EGTS  
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following as of December 31 (in millions):

20222021
Investments:
Investment funds$14 $13 
Restricted cash and cash equivalents:
Customer deposits29 15 
Total restricted cash and cash equivalents29 15 
Total investments and restricted cash and cash equivalents$43 $28 
Reflected as:
Current assets$29 $15 
Noncurrent assets14 13 
Total investments and restricted cash and cash equivalents$43 $28