XML 112 R64.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting Information [Line Items]  
Segment Information Segment Information
The Company's reportable segments with foreign operations include Northern Powergrid, whose business is principally in the United Kingdom, and BHE Transmission, whose business includes operations in Canada. Intersegment eliminations and adjustments, including the allocation of goodwill, have been made. Effective January 1, 2023, the Company's unregulated retail energy services business was transferred to a subsidiary of BHE Renewables. Prior period amounts, which were previously reported in BHE and Other, have been changed to reflect this activity in BHE Renewables. Information related to the Company's reportable segments is shown below (in millions):
 Three-Month PeriodsNine-Month Periods
Ended September 30,Ended September 30,
 2023202220232022
Operating revenue:
PacifiCorp$1,676 $1,635 $4,487 $4,246 
MidAmerican Funding964 1,148 2,643 3,050 
NV Energy1,518 1,334 3,636 2,926 
Northern Powergrid314 359 975 1,019 
BHE Pipeline Group804 964 2,795 2,855 
BHE Transmission196 177 593 543 
BHE Renewables519 506 1,349 1,320 
HomeServices1,212 1,405 3,383 4,284 
BHE and Other(1)
(33)(28)(116)(101)
Total operating revenue$7,170 $7,500 $19,745 $20,142 
Depreciation and amortization:
PacifiCorp$285 $277 $843 $836 
MidAmerican Funding210 338 670 865 
NV Energy155 144 460 423 
Northern Powergrid97 92 267 272 
BHE Pipeline Group136 124 403 380 
BHE Transmission64 58 190 176 
BHE Renewables67 68 200 199 
HomeServices12 14 37 43 
BHE and Other(1)
1 1 2 3 
Total depreciation and amortization$1,027 $1,116 $3,072 $3,197 
 Three-Month PeriodsNine-Month Periods
Ended September 30,Ended September 30,
 2023202220232022
Operating income:  
PacifiCorp$(943)$437 $(979)$811 
MidAmerican Funding289 230 495 420 
NV Energy328 332 502 534 
Northern Powergrid102 151 369 420 
BHE Pipeline Group290 433 1,242 1,323 
BHE Transmission80 81 244 248 
BHE Renewables155 138 175 347 
HomeServices31 53 32 198 
BHE and Other(1)
(18)(32)(53)(35)
Total operating income314 1,823 2,027 4,266 
Interest expense(603)(555)(1,788)(1,637)
Capitalized interest36 19 93 54 
Allowance for equity funds76 43 186 123 
Interest and dividend income110 40 323 93 
(Losses) gains on marketable securities, net
(76)(3,270)926 (1,999)
Other, net(3)5 115 (16)
Total income (loss) before income tax expense (benefit) and equity income (loss)$(146)$(1,895)$1,882 $884 
Interest expense:
PacifiCorp$140 $105 $398 $318 
MidAmerican Funding89 84 258 249 
NV Energy65 55 192 158 
Northern Powergrid26 31 86 97 
BHE Pipeline Group39 37 117 110 
BHE Transmission37 39 112 115 
BHE Renewables36 46 124 133 
HomeServices3 2 11 5 
BHE and Other(1)
168 156 490 452 
Total interest expense$603 $555 $1,788 $1,637 
Earnings (loss) on common shares:
PacifiCorp$(652)$409 $(665)$622 
MidAmerican Funding321 300 803 745 
NV Energy278 270 402 392 
Northern Powergrid66 100 173 282 
BHE Pipeline Group175 234 731 755 
BHE Transmission59 59 181 183 
BHE Renewables160 176 445 585 
HomeServices25 29 25 134 
BHE and Other(1)
54 (2,427)438 (1,809)
Total earnings (loss) on common shares$486 $(850)$2,533 $1,889 
 As of
 September 30,December 31,
20232022
Assets:
PacifiCorp$32,515 $30,559 
MidAmerican Funding26,907 26,077 
NV Energy17,817 16,676 
Northern Powergrid9,223 9,005 
BHE Pipeline Group21,435 21,005 
BHE Transmission9,390 9,334 
BHE Renewables11,321 12,632 
HomeServices3,597 3,436 
BHE and Other(1)
3,877 5,116 
Total assets$136,082 $133,840 

(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.
 Three-Month PeriodsNine-Month Periods
Ended September 30,Ended September 30,
 2023202220232022
Operating revenue by country:
U.S.$6,677 $6,967 $18,241 $18,588 
United Kingdom308 351 936 1,011 
Canada179 174 529 535 
Australia6 8 39 8 
Total operating revenue by country$7,170 $7,500 $19,745 $20,142 
Income (loss) before income tax expense (benefit) and equity income (loss) by country:
U.S.$(271)$(2,068)$1,462 $395 
United Kingdom68 118 274 344 
Canada48 43 135 135 
Australia11 11 13 12 
Other(2)1 (2)(2)
Total income (loss) before income tax expense (benefit) and equity income (loss) by country$(146)$(1,895)$1,882 $884 

The following table shows the change in the carrying amount of goodwill by reportable segment for the nine-month period ended September 30, 2023 (in millions):
BHE Pipeline Group
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE TransmissionBHE RenewablesHomeServices
Total
 
December 31, 2022$1,129 $2,102 $2,369 $917 $1,814 $1,461 $95 $1,602 $11,489 
Acquisitions— — — — — — — 1 1 
Foreign currency translation
— — — 5 — (6)— — (1)
Other— — — — — — — (7)(7)
September 30, 2023$1,129 $2,102 $2,369 $922 $1,814 $1,455 $95 $1,596 $11,482 
MEC  
Segment Reporting Information [Line Items]  
Segment Information Segment Information
MidAmerican Energy has identified two reportable segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and evaluating performance. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost.

The following tables provide information on a reportable segment basis (in millions):
Three-Month PeriodsNine-Month Periods
 Ended September 30,Ended September 30,
2023202220232022
Operating revenue:
Regulated electric$869 $1,009 $2,121 $2,342 
Regulated natural gas93 138 516 705 
Other2 1 6 3 
Total operating revenue$964 $1,148 $2,643 $3,050 
Operating income:
Regulated electric$295 $245 $465 $383 
Regulated natural gas(6)(15)30 37 
Total operating income289 230 495 420 
Interest expense(85)(79)(246)(235)
Allowance for borrowed funds6 3 14 12 
Allowance for equity funds16 12 40 41 
Other, net6 4 37 (11)
Total income before income tax expense (benefit)$232 $170 $340 $227 

As of
September 30,
2023		December 31,
2022
Assets:
Regulated electric$22,993 $22,092 
Regulated natural gas1,818 1,885 
Other1 1 
Total assets$24,812 $23,978 
MidAmerican Funding, LLC  
Segment Reporting Information [Line Items]  
Segment Information Segment Information
MidAmerican Funding has identified two reportable segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and evaluating performance. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost. "Other" in the tables below consists of the financial results and assets of nonregulated operations, MHC and MidAmerican Funding.

The following tables provide information on a reportable segment basis (in millions):
Three-Month PeriodsNine-Month Periods
Ended September 30,Ended September 30,
2023202220232022
Operating revenue:
Regulated electric$869 $1,009 $2,121 $2,342 
Regulated natural gas93 138 516 705 
Other2 1 6 3 
Total operating revenue$964 $1,148 $2,643 $3,050 
Operating income:
Regulated electric$295 $245 $465 $383 
Regulated natural gas(6)(15)30 37 
Total operating income289 230 495 420 
Interest expense(89)(84)(258)(249)
Allowance for borrowed funds6 3 14 12 
Allowance for equity funds16 12 40 41 
Other, net6 2 49 (12)
Total income before income tax expense (benefit)$228 $163 $340 $212 
As of
September 30,
2023		December 31,
2022
Assets(1):
Regulated electric$24,184 $23,283 
Regulated natural gas1,897 1,963 
Other13 8 
Total assets$26,094 $25,254 
(1)Assets by reportable segment reflect the assignment of goodwill to applicable reporting units.
SPPC  
Segment Reporting Information [Line Items]  
Segment Information Segment Information
Sierra Pacific has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by the PUCN; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance.

The following tables provide information on a reportable segment basis (in millions):
Three-Month PeriodsNine-Month Periods
Ended September 30,Ended September 30,
2023202220232022
Operating revenue:
Regulated electric$345 $310 $942 $767 
Regulated natural gas27 20 167 100 
Total operating revenue$372 $330 $1,109 $867 
Operating income:
Regulated electric$78 $74 $126 $123 
Regulated natural gas— — 13 12 
Total operating income78 74 139 135 
Interest expense(16)(15)(47)(42)
Allowance for borrowed funds— 1 5 2 
Allowance for equity funds5 1 10 5 
Interest and dividend income6 5 18 12 
Other, net1 1 3 3 
Total income before income tax expense (benefit)$74 $67 $128 $115 

As of
September 30,December 31,
20232022
Assets:
Regulated electric$4,238 $4,224 
Regulated natural gas451 441 
Other(1)
76 67 
Total assets$4,765 $4,732 

(1)    Consists principally of cash and cash equivalents not included in either the regulated electric or regulated natural gas segments.