Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost for the plans included the following components for the years ended December 31 (in millions):

	Pension						Other Postretirement
	2023		2022		2021		2023		2022		2021
Service cost	$	15	$	22	$	30	$	8	$	11	$	12
Interest cost	110		83		78		30		20		19
Expected return on plan assets	(123)		(108)		(134)		(33)		(29)		(22)
Curtailment	—		(10)		—		—		—		—
Settlement	(3)		17		3		—		—		—
Net amortization	14		19		25		(2)		(1)		(3)
Net periodic benefit cost	$	13	$	23	$	2	$	3	$	1	$	6

Net periodic benefit cost (credit) for the UK Plan included the following components for the years ended December 31 (in millions):

	2023		2022		2021
Service cost	$	6	$	14	$	16
Interest cost	57		35		31
Expected return on plan assets	(80)		(92)		(111)
Settlement	—		—		10
Net amortization	26		24		55
Net periodic benefit cost (credit)	$	9	$	(19)	$	1

Changes in Fair Value of Plan Assets

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Plan assets at fair value, beginning of year	$	2,013	$	2,795	$	614	$	769
Employer contributions	14		14		6		8
Participant contributions	—		—		8		8
Actual return on plan assets	219		(491)		86		(122)
Settlement	—		(164)		—		—
Benefits paid	(177)		(141)		(49)		(49)
Plan assets at fair value, end of year	$	2,069	$	2,013	$	665	$	614

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):

	2023		2022
Plan assets at fair value, beginning of year	$	1,363	$	2,363
Employer contributions	13		15
Participant contributions	1		1
Actual return on plan assets	52		(671)
Benefits paid	(97)		(109)
Foreign currency exchange rate changes	70		(236)
Plan assets at fair value, end of year	$	1,402	$	1,363

Changes in Projected Benefit Obligations

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Benefit obligation, beginning of year	$	2,040	$	2,777	$	569	$	714
Service cost	15		22		8		11
Interest cost	110		83		30		20
Participant contributions	—		—		8		8
Actuarial loss (gain)	62		(524)		(1)		(155)
Amendment	—		(3)		—		20
Curtailment	—		(10)		—		—
Settlement	—		(164)		—		—
Benefits paid	(177)		(141)		(49)		(49)
Benefit obligation, end of year	$	2,050	$	2,040	$	565	$	569
Accumulated benefit obligation, end of year	$	2,013	$	2,003

The following table is a reconciliation of the benefit obligation for the years ended December 31 (in millions):

	2023		2022
Benefit obligation, beginning of year	$	1,175	$	2,003
Service cost	6		14
Interest cost	57		35
Participant contributions	1		1
Actuarial loss (gain)	1		(596)
Amendment	16		27
Benefits paid	(97)		(109)
Foreign currency exchange rate changes	60		(200)
Benefit obligation, end of year	$	1,219	$	1,175
Accumulated benefit obligation, end of year	$	1,103	$	1,060

Schedule of Net Funded Status

The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Plan assets at fair value, end of year	$	2,069	$	2,013	$	665	$	614
Benefit obligation, end of year	2,050		2,040		565		569
Funded status	$	19	$	(27)	$	100	$	45
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	160	$	125	$	104	$	52
Other current liabilities	(13)		(13)		—		—
Other long-term liabilities	(128)		(139)		(4)		(7)
Amounts recognized	$	19	$	(27)	$	100	$	45

Benefit Obligations in Excess of Fair Value of Plan Assets

The fair value of plan assets, projected benefit obligation and accumulated benefit obligation for (1) pension and other postretirement benefit plans with a projected benefit obligation in excess of the fair value of plan assets and (2) pension plans with an accumulated benefit obligation in excess of the fair value of plan assets as of December 31 are as follows (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Fair value of plan assets	$	—	$	490	$	—	$	240
Projected benefit obligation	$	141	$	643	$	4	$	247
Fair value of plan assets	$	—	$	—
Accumulated benefit obligation	$	141	$	142

The funded status of the UK Plan and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):

	2023		2022
Plan assets at fair value, end of year	$	1,402	$	1,363
Benefit obligation, end of year	1,219		1,175
Funded status	$	183	$	188
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	183	$	188

Net Periodic Benefit Costs Not Yet Recognized

The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Net loss (gain)	$	325	$	365	$	(88)	$	(38)
Prior service (credit) cost	(3)		(4)		20		21
Regulatory deferrals	22		29		—		1
Total	$	344	$	390	$	(68)	$	(16)

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2023 and 2022 is as follows (in millions):

			Accumulated
	Regulatory		Other
	Assets		Comprehensive
	(Liabilities)		Loss (Income)		Total
Pension
Balance, December 31, 2021	$	331	$	22	$	353
Net loss (gain) arising during the year	96		(20)		76
Net prior service credit arising during the year	(3)		—		(3)
Settlement	(17)		—		(17)
Net amortization	(17)		(2)		(19)
Total	59		(22)		37
Balance, December 31, 2022	390		—		390
Net gain arising during the year	(35)		—		(35)
Settlement	3		—		3
Net amortization	(13)		(1)		(14)
Total	(45)		(1)		(46)
Balance, December 31, 2023	$	345	$	(1)	$	344

			Accumulated
	Regulatory		Other
	Assets		Comprehensive
	(Liabilities)		Loss (Income)		Total
Other Postretirement
Balance, December 31, 2021	$	(34)	$	1	$	(33)
Net gain arising during the year	—		(4)		(4)
Net prior service cost arising during the year	19		1		20
Net amortization	1		—		1
Total	20		(3)		17
Balance, December 31, 2022	(14)		(2)		(16)
Net gain arising during the year	(51)		(3)		(54)
Net amortization	2		—		2
Total	(49)		(3)		(52)
Balance, December 31, 2023	$	(63)	$	(5)	$	(68)

The portion of the funded status of the UK Plan not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):

	2023		2022
Net loss	$	532	$	499
Prior service cost	44		30
Total	$	576	$	529

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost, which are included in accumulated other comprehensive loss on the Consolidated Balance Sheets, for the years ended December 31 is as follows (in millions):

	2023		2022
Balance, beginning of year	$	529	$	405
Net loss arising during the year	29		167
Net prior service cost arising during the year	16		27
Net amortization	(26)		(24)
Foreign currency exchange rate changes	28		(46)
Total	47		124
Balance, end of year	$	576	$	529

Plan Assumptions

Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

	Pension						Other Postretirement
	2023		2022		2021		2023		2022		2021
Benefit obligations as of December 31:
Discount rate	5.36	%	5.65	%	2.98	%	5.35	%	4.54	%	2.95	%
Rate of compensation increase	3.00	%	3.00	%	2.75	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan
2021	N/A		N/A		2.45	%	N/A		N/A		N/A
2022	N/A		3.25	%	2.56	%	N/A		N/A		N/A
2023	4.19	%	4.25	%	2.56	%	N/A		N/A		N/A
2024	4.58	%	4.25	%	2.83	%	N/A		N/A		N/A
2025	4.58	%	3.65	%	2.83	%	N/A		N/A		N/A
2026 and beyond	3.73	%	3.65	%	2.83	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	5.65	%	2.98	%	2.60	%	5.58	%	2.95	%	2.59	%
Expected return on plan assets	6.10	%	4.30	%	5.39	%	5.84	%	4.20	%	3.35	%
Rate of compensation increase	3.00	%	2.75	%	2.75	%	N/A		N/A		N/A
Interest crediting rate for cash balance plan	4.19	%	3.25	%	2.45	%	N/A		N/A		N/A

In establishing its assumption as to the expected return on plan assets, the Company utilizes the asset allocation and return assumptions for each asset class based on historical performance and forward-looking views of the financial markets.

	2023		2022
Assumed healthcare cost trend rates as of December 31:
Healthcare cost trend rate assumed for next year	6.44	%	6.50	%
Rate that the cost trend rate gradually declines to	5.00	%	5.00	%
Year that the rate reaches the rate it is assumed to remain at	2028		2028

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

	2023		2022		2021
Benefit obligations as of December 31:
Discount rate	4.55	%	4.80	%	1.95	%
Rate of compensation increase	3.00	%	3.20	%	3.45	%
Rate of future price inflation	2.75	%	2.95	%	2.95	%
Net periodic benefit cost for the years ended December 31:
Discount rate	4.80	%	1.95	%	1.40	%
Expected return on plan assets	6.00	%	4.40	%	4.85	%
Rate of compensation increase	3.20	%	3.45	%	3.05	%
Rate of future price inflation	2.95	%	2.95	%	2.55	%

Expected Benefit Payments

The expected benefit payments to participants in the Company's pension and other postretirement benefit plans for 2024 through 2028 and for the five years thereafter are summarized below (in millions):

	Projected Benefit
	Payments
			Other
	Pension		Postretirement
2024	$	187	$	54
2025	183		54
2026	181		53
2027	175		54
2028	169		52
2029-2033	774		231

Employer contributions to the UK Plan are expected to be £9 million during 2024. The expected benefit payments to participants in the UK Plan for 2024 through 2028 and for the five years thereafter, excluding lump sum settlement elections and using the foreign currency exchange rate as of December 31, 2023, are summarized below (in millions):

2024	$	74
2025	76
2026	78
2027	79
2028	81
2029-2033	437

Allocation of Plan Assets

The target allocations (percentage of plan assets) for the Company's pension and other postretirement benefit plan assets are as follows as of December 31, 2023:

		Other
	Pension	Postretirement
	%	%
PacifiCorp:
Debt securities(1)	73	79
Equity securities(1)	22	21
Limited partnership interests	5	0
MidAmerican Energy:
Debt securities(1)	40-60	25-35
Equity securities(1)	30-60	65-75
Other	0-15	0-5
NV Energy:
Debt securities(1)	65-80	68-88
Equity securities(1)	20-35	12-32

(1)For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.

The target allocations (percentage of plan assets) for the UK Plan assets are as follows as of December 31, 2023:

	%
Debt securities(1)	60-70
Equity securities(1)	10-20
Real estate funds and other	15-25

(1)For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds have been allocated based on the underlying investments in debt and equity securities.

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the fair value of plan assets, by major category, for the Company's defined benefit pension plans (in millions):

	Input Levels for Fair Value Measurements(1)
	Level 1		Level 2		Total
As of December 31, 2023:
Cash equivalents	$	—	$	40	$	40
Debt securities:
U.S. government obligations	129		—		129
Corporate obligations	—		620		620
Municipal obligations	—		40		40
Agency, asset and mortgage-backed obligations	—		104		104
Equity securities:
U.S. companies	189		—		189
International companies	1		—		1
Total assets in the fair value hierarchy	$	319	$	804	1,123
Investment funds(2) measured at net asset value					920
Limited partnership interests(3) measured at net asset value					26
Total assets measured at fair value					$	2,069
As of December 31, 2022:
Cash equivalents	$	—	$	51	$	51
Debt securities:
U.S. government obligations	109		—		109
Corporate obligations	—		613		613
Municipal obligations	—		43		43
Agency, asset and mortgage-backed obligations	—		81		81
Equity securities:
U.S. companies	198		—		198
International companies	1		—		1
Total assets in the fair value hierarchy	$	308	$	788	1,096
Investment funds(2) measured at net asset value					885
Limited partnership interests(3) measured at net asset value					32
Total assets measured at fair value					$	2,013

(1)Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy.

(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 51% and 49%, respectively, for 2023 and 53% and 47%, respectively, for 2022. Additionally, these funds are invested in U.S. and international securities of approximately 94% and 6%, respectively, for 2023 and 95% and 5%, respectively, for 2022.

(3)Limited partnership interests include several funds that invest primarily in real estate, buyout, growth equity and venture capital.

The following table presents the fair value of plan assets, by major category, for the Company's defined benefit other postretirement plans (in millions):

	Input Levels for Fair Value Measurements(1)
	Level 1		Level 2		Total
As of December 31, 2023:
Cash equivalents	$	13	$	9	$	22
Debt securities:
U.S. government obligations	11		—		11
Corporate obligations	—		50		50
Municipal obligations	—		45		45
Agency, asset and mortgage-backed obligations	—		56		56
Equity securities:
U.S. companies	8		—		8
Investment funds(2)	340		—		340
Total assets in the fair value hierarchy	$	372	$	160	532
Investment funds(2) measured at net asset value					133
Total assets measured at fair value					$	665
As of December 31, 2022:
Cash equivalents	$	15	$	9	$	24
Debt securities:
U.S. government obligations	8		—		8
Corporate obligations	—		52		52
Municipal obligations	—		35		35
Agency, asset and mortgage-backed obligations	—		49		49
Equity securities:
U.S. companies	7		—		7
Investment funds(2)	307		—		307
Total assets in the fair value hierarchy	$	337	$	145	482
Investment funds(2) measured at net asset value					132
Total assets measured at fair value					$	614

(1)Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy.

(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 55% and 45%, respectively, for 2023 and 55% and 45%, respectively, for 2022. Additionally, these funds are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2023 and 88% and 12%, respectively, for 2022.

The following table presents the fair value of the UK Plan assets, by major category (in millions):

	Input Levels for Fair Value Measurements(1)
	Level 1		Level 2		Level 3		Total
As of December 31, 2023:
Cash equivalents	$	8	$	28	$	—	$	36
Debt securities:
United Kingdom government obligations	579		—		—		579
Equity securities:
Investment funds(2)	—		532		—		532
Real estate funds	—		—		136		136
Total	$	587	$	560	$	136	1,283
Investment funds(2) measured at net asset value							119
Total assets measured at fair value							$	1,402
As of December 31, 2022:
Cash equivalents	$	1	$	29	$	—	$	30
Debt securities:
United Kingdom government obligations	711		—		—		711
Equity securities:
Investment funds(2)	—		312		—		312
Real estate funds	—		—		214		214
Total	$	712	$	341	$	214	1,267
Investment funds(2) measured at net asset value							96
Total assets measured at fair value							$	1,363

(1)Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy.

(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 14% and 86%, respectively, for 2023 and 25% and 75%, respectively, for 2022.

The following table presents the Company's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	1	$	121	$	4	$	(31)	$	95
Interest rate derivatives	38		40		7		—		85
Mortgage loans held for sale	—		451		—		—		451
Money market mutual funds	1,310		—		—		—		1,310
Debt securities:
U.S. government obligations	1,253		—		—		—		1,253
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	2,226		—		—		—		2,226
Investment funds	268		—		—		—		268
	$	5,523	$	685	$	11	$	(31)	$	6,188
Liabilities:
Commodity derivatives	$	(7)	$	(134)	$	(95)	$	54	$	(182)
Foreign currency exchange rate derivatives	—		(8)		—		—		(8)
Interest rate derivatives	—		(7)		—		4		(3)
	$	(7)	$	(149)	$	(95)	$	58	$	(193)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2022:
Assets:
Commodity derivatives	$	6	$	614	$	51	$	(194)	$	477
Interest rate derivatives	50		54		8		—		112
Mortgage loans held for sale	—		474		—		—		474
Money market mutual funds	1,178		—		—		—		1,178
Debt securities:
U.S. government obligations	2,146		—		—		—		2,146
International government obligations	—		1		—		—		1
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	360		—		—		—		360
International companies	3,771		—		—		—		3,771
Investment funds	231		—		—		—		231
	$	7,742	$	1,217	$	59	$	(194)	$	8,824
Liabilities:
Commodity derivatives	$	(8)	$	(206)	$	(110)	$	106	$	(218)
Foreign currency exchange rate derivatives	—		(21)		—		—		(21)
Interest rate derivatives	—		(2)		(2)		1		(3)
	$	(8)	$	(229)	$	(112)	$	107	$	(242)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $27 million and payable of $87 million as of December 31, 2023 and 2022, respectively.

Level Three Defined Benefit Plan Assets Roll Forward

The following table reconciles the beginning and ending balances of the UK Plan assets measured at fair value using significant Level 3 inputs for the years ended December 31 (in millions):

	Real Estate Funds
	2023		2022		2021
Beginning balance	$	214	$	269	$	237
Actual return on plan assets still held at period end	(87)		(27)		35
Foreign currency exchange rate changes	9		(28)		(3)
Ending balance	$	136	$	214	$	269

PAC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost (credit) for the plans included the following components for the years ended December 31 (in millions):

	Pension						Other Postretirement
	2023		2022		2021		2023		2022		2021
Service cost	$	—	$	—	$	—	$	1	$	2	$	2
Interest cost	39		29		29		11		8		7
Expected return on plan assets	(49)		(42)		(51)		(13)		(11)		(9)
Settlement(1)	—		6		6		—		—		—
Net amortization	12		16		21		(2)		1		1
Net periodic benefit cost (credit)	$	2	$	9	$	5	$	(3)	$	—	$	1

(1)Pension amounts represent settlement losses of $— million, $24 million and $15 million net of deferrals of $— million, $18 million and $9 million during the years ended December 31, 2023, 2022 and 2021.

Changes in Fair Value of Plan Assets

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Plan assets at fair value, beginning of year	$	758	$	1,058	$	264	$	324
Employer contributions(1)	4		4		—		—
Participant contributions	—		—		4		5
Actual (loss) return on plan assets	73		(172)		25		(42)
Settlement(2)	—		(67)		—		—
Benefits paid	(71)		(65)		(22)		(23)
Plan assets at fair value, end of year	$	764	$	758	$	271	$	264

(1)Pension amounts represent employer contributions to the SERP.

(2)Benefits paid in the form of lump sum distributions that gave rise to the settlement accounting described above.

Changes in Projected Benefit Obligations

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Benefit obligation, beginning of year	$	746	$	1,048	$	219	$	288
Service cost	—		—		1		2
Interest cost	39		29		11		8
Participant contributions	—		—		4		5
Actuarial gain (loss)	26		(199)		2		(61)
Settlement(1)	—		(67)		—		—
Benefits paid	(71)		(65)		(22)		(23)
Benefit obligation, end of year	$	740	$	746	$	215	$	219
Accumulated benefit obligation, end of year	$	740	$	746

(1)Benefits paid in the form of lump sum distributions that gave rise to the settlement accounting described above.

Benefit Obligations in Excess of Fair Value of Plan Assets

The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Plan assets at fair value, end of year	$	764	$	758	$	271	$	264
Less - Benefit obligation, end of year	740		746		215		219
Funded status	$	24	$	12	$	56	$	45
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	65	$	53	$	56	$	45
Accrued employee expenses	(4)		(4)		—		—
Other long-term liabilities	(37)		(37)		—		—
Amounts recognized	$	24	$	12	$	56	$	45

Net Periodic Benefit Costs Not Yet Recognized

The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Net loss (gain)	$	270	$	273	$	(42)	$	(36)
Regulatory deferrals(1)	22		29		—		1
Total	$	292	$	302	$	(42)	$	(35)

(1)Pension amounts represent the unamortized portion of deferred settlement losses.

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2023 and 2022 is as follows (in millions):

			Accumulated
			Other
	Regulatory		Comprehensive
	Asset		Loss		Total
Pension
Balance, December 31, 2021	$	286	$	23	$	309
Net gain arising during the year	24		(9)		15
Net amortization	(14)		(2)		(16)
Settlement	(6)		—		(6)
Total	4		(11)		(7)
Balance, December 31, 2022	290		12		302
Net loss (gain) arising during the year	—		2		2
Net amortization	(11)		(1)		(12)
Total	(11)		1		(10)
Balance, December 31, 2023	$	279	$	13	$	292

	Regulatory
	Liability
Other Postretirement
Balance, December 31, 2021	$	(26)
Net gain arising during the year	(8)
Net amortization	(1)
Total	(9)
Balance, December 31, 2022	(35)
Net gain arising during the year	(9)
Net amortization	2
Total	(7)
Balance, December 31, 2023	$	(42)

Plan Assumptions

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

	Pension						Other Postretirement
	2023		2022		2021		2023		2022		2021
Benefit obligations as of December 31:
Discount rate	5.20	%	5.55	%	2.90	%	5.20	%	5.50	%	2.90	%
Interest crediting rates for cash balance plan - non-union
2021	N/A		N/A		0.82	%	N/A		N/A		N/A
2022	N/A		0.88	%	0.88	%	N/A		N/A		N/A
2023	4.73	%	4.73	%	0.88	%	N/A		N/A		N/A
2024	5.98	%	4.73	%	1.90	%	N/A		N/A		N/A
2025	5.98	%	2.60	%	1.90	%	N/A		N/A		N/A
2026 and beyond	3.10	%	2.60	%	1.90	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan - union
2021	N/A		N/A		1.42	%	N/A		N/A		N/A
2022	N/A		1.94	%	1.94	%	N/A		N/A		N/A
2023	3.55	%	3.55	%	1.94	%	N/A		N/A		N/A
2024	4.47	%	3.55	%	2.30	%	N/A		N/A		N/A
2025	4.47	%	2.40	%	2.30	%	N/A		N/A		N/A
2026 and beyond	2.70	%	2.40	%	2.30	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	5.55	%	2.90	%	2.50	%	5.50	%	2.90	%	2.50	%
Expected return on plan assets	6.00		4.70		6.00		4.78		3.44		2.90

Expected Benefit Payments

The expected benefit payments to participants in PacifiCorp's pension and other postretirement benefit plans for 2024 through 2028 and for the five years thereafter are summarized below (in millions):

	Projected Benefit Payments
	Pension		Other Postretirement
2024	$	76	$	22
2025	72		22
2026	70		21
2027	66		20
2028	63		19
2029-2033	273		81

Allocation of Plan Assets

The target allocations (percentage of plan assets) for PacifiCorp's pension and other postretirement benefit plan assets are as follows as of December 31, 2023:

	Pension(1)	Other Postretirement(1)
	%	%
Debt securities(2)	73	79
Equity securities(2)	22	21
Other	5	0

(1)The trust in which the PacifiCorp Retirement Plan is invested includes a separate account that is used to fund benefits for the other postretirement benefit plan. In addition to this separate account, the assets for the other postretirement benefit plan are held in Voluntary Employees' Beneficiary Association ("VEBA") trusts, each of which has its own investment allocation strategies. Target allocations for the other postretirement benefit plan include the separate account of the Retirement Plan trust and the VEBA trusts.

(2)For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit pension plan (in millions):

	Input Levels for Fair Value Measurements
	Level 1(1)		Level 2(1)		Level 3(1)		Total
As of December 31, 2023:
Cash equivalents	$	—	$	28	$	—	$	28
Debt securities:
U.S. government obligations	52		—		—		52
Corporate obligations	—		232		—		232
Municipal obligations	—		16		—		16
Agency, asset and mortgage-backed obligations	—		47		—		47
Equity securities:
U.S. companies	53		—		—		53
Total assets in the fair value hierarchy	$	105	$	323	$	—	$	428
Investment funds(2) measured at net asset value							310
Limited partnership interests(3) measured at net asset value							26
Investments at fair value							$	764
As of December 31, 2022:
Cash equivalents	$	—	$	10	$	—	$	10
Debt securities:
U.S. government obligations	41		—		—		41
Corporate obligations	—		211		—		211
Municipal obligations	—		15		—		15
Agency, asset and mortgage-backed obligations	—		34		—		34
Equity securities:
U.S. companies	69		—		—		69
Total assets in the fair value hierarchy	$	110	$	270	$	—	$	380
Investment funds(2) measured at net asset value							346
Limited partnership interests(3) measured at net asset value							32
Investments at fair value							$	758

(1)Refer to Note 13 for additional discussion regarding the three levels of the fair value hierarchy.

(2)Investment funds are substantially comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 41% and 59%, respectively, for 2023 and 50% and 50%, respectively, for 2022, and are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2023 and 90% and 10%, respectively, for 2022.

(3)Limited partnership interests include several funds that invest primarily in real estate.

The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit other postretirement plan (in millions):

	Input Levels for Fair Value Measurements
	Level 1(1)		Level 2(1)		Level 3(1)		Total
As of December 31, 2023:
Cash and cash equivalents	$	4	$	3	$	—	$	7
Debt securities:
U.S. government obligations	9		—		—		9
Corporate obligations	—		45		—		45
Municipal obligations	—		19		—		19
Agency, asset and mortgage-backed obligations	—		50		—		50
Equity securities:
U.S. companies	8		—		—		8
Total assets in the fair value hierarchy	$	21	$	117	$	—	138
Investment funds(2) measured at net asset value							133
Investments at fair value							$	271
As of December 31, 2022:
Cash and cash equivalents	$	5	$	5	$	—	$	10
Debt securities:
U.S. government obligations	6		—		—		6
Corporate obligations	—		49		—		49
Municipal obligations	—		13		—		13
Agency, asset and mortgage-backed obligations	—		47		—		47
Equity securities:
U.S. companies	7		—		—		7
Total assets in the fair value hierarchy	$	18	$	114	$	—	132
Investment funds(2) measured at net asset value							132
Investments at fair value							$	264

(1)Refer to Note 13 for additional discussion regarding the three levels of the fair value hierarchy.

(2)Investment funds are substantially comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 38% and 62%, respectively, for 2023 and 41% and 59%, respectively, for 2022, and are invested in U.S. and international securities of approximately 89% and 11%, respectively, for 2023 and 91% and 9%, respectively, for 2022.

The following table presents PacifiCorp's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	32	$	—	$	(14)	$	18
Money market mutual funds	175		—		—		—		175
Investment funds	26		—		—		—		26
	$	201	$	32	$	—	$	(14)	$	219
Liabilities - Commodity derivatives	$	—	$	(108)	$	—	$	24	$	(84)
As of December 31, 2022:
Assets:
Commodity derivatives	$	—	$	318	$	—	$	(119)	$	199
Money market mutual funds	649		—		—		—		649
Investment funds	23		—		—		—		23
	$	672	$	318	$	—	$	(119)	$	871
Liabilities - Commodity derivatives	$	—	$	(48)	$	—	$	41	$	(7)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $10 million and a net cash collateral payable of $78 million as of December 31, 2023 and 2022, respectively. As of December 31, 2022, PacifiCorp had an additional $12 million cash collateral payable that was not required to be netted against total derivatives.

Schedule of Multiemployer Plans

The following table presents PacifiCorp's participation in individually significant joint trustee and multiemployer pension plans for the years ended December 31 (dollars in millions):

		PPA of 2006 zone status or plan funded status percentage for plan years beginning July 1,					Contributions
Plan name	Employer Identification Number	2023	2022	2021	Funding improvement plan	Surcharge imposed under PPA of 2006	2023		2022		2021		Year contributions to plan exceeded more than 5% of total contributions
Local 57 Trust Fund	87-0640888	At least 80%	At least 80%	At least 80%	None	None	$	5	$	6	$	6	2023, 2022, 2021

MEC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost for the plans of MidAmerican Energy and the aforementioned affiliates included the following components for the years ended December 31 (in millions):

	Pension						Other Postretirement
	2023		2022		2021		2023		2022		2021
Service cost	$	10	$	15	$	20	$	5	$	8	$	9
Interest cost	32		23		22		13		8		8
Expected return on plan assets	(30)		(27)		(37)		(14)		(14)		(10)
Curtailment	—		(10)		—		—		—		—
Settlement	(3)		4		(5)		—		—		—
Net amortization	—		1		1		—		(2)		(4)
Net periodic benefit cost	$	9	$	6	$	1	$	4	$	—	$	3

Changes in Fair Value of Plan Assets

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Plan assets at fair value, beginning of year	$	490	$	704	$	240	$	308
Employer contributions	7		7		3		3
Participant contributions	—		—		1		1
Actual return on plan assets	64		(130)		51		(58)
Settlement	—		(57)		—		—
Benefits paid	(45)		(34)		(17)		(14)
Plan assets at fair value, end of year	$	516	$	490	$	278	$	240

Changes in Projected Benefit Obligations

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Benefit obligation, beginning of year	$	586	$	781	$	243	$	285
Service cost	10		15		5		8
Interest cost	32		23		13		8
Participant contributions	—		—		1		1
Actuarial loss (gain)	15		(129)		(4)		(64)
Amendment	—		(3)		—		19
Curtailment	—		(10)		—		—
Settlement	—		(57)		—		—
Benefits paid	(45)		(34)		(17)		(14)
Benefit obligation, end of year	$	598	$	586	$	241	$	243
Accumulated benefit obligation, end of year	$	564	$	551

Benefit Obligations in Excess of Fair Value of Plan Assets

The funded status of the plans and the amounts recognized on the Balance Sheets as of December 31 are as follows (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Plan assets at fair value, end of year	$	516	$	490	$	278	$	240
Less - Benefit obligation, end of year	598		586		241		243
Funded status	$	(82)	$	(96)	$	37	$	(3)
Amounts recognized on the Balance Sheets:
Other assets	$	3	$	—	$	37	$	—
Other current liabilities	(8)		(8)		—		—
Other long-term liabilities	(77)		(88)		—		(3)
Amounts recognized	$	(82)	$	(96)	$	37	$	(3)

Net Periodic Benefit Costs Not Yet Recognized

The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions):

	Pension				Other Postretirement
	2023		2022		2023		2022
Net loss (gain)	$	(19)	$	(4)	$	(30)	$	11
Prior service cost (credit)	(3)		(3)		18		19
Total	$	(22)	$	(7)	$	(12)	$	30

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2023 and 2022 is as follows (in millions):

	Regulatory Asset		Regulatory Liability		Receivables (Payables) with Affiliates		Total
Pension
Balance, December 31, 2021	$	22	$	(55)	$	8	$	(25)
Net loss (gain) arising during the year	(7)		58		(25)		26
Net prior service cost (credit) arising during the year	—		—		(3)		(3)
Settlement	—		(4)		—		(4)
Net amortization	(1)		—		—		(1)
Total	(8)		54		(28)		18
Balance, December 31, 2022	14		(1)		(20)		(7)
Net loss (gain) arising during the year	2		(22)		2		(18)
Settlement	—		3		—		3
Total	2		(19)		2		(15)
Balance, December 31, 2023	$	16	$	(20)	$	(18)	$	(22)

	Regulatory Asset		Regulatory Liability		Receivables (Payables) with Affiliates		Total
Other Postretirement
Balance, December 31, 2021	$	20	$	—	$	(21)	$	(1)
Net loss (gain) arising during the year	10		—		(1)		9
Net prior service cost (credit) arising during the year	—		—		19		19
Net amortization	3		—		—		3
Total	13		—		18		31
Balance, December 31, 2022	33		—		(3)		30
Net loss (gain) arising during the year	(33)		3		(11)		(41)
Net amortization	—		1		(2)		(1)
Total	(33)		4		(13)		(42)
Balance, December 31, 2023	$	—	$	4	$	(16)	$	(12)

Plan Assumptions

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:

	Pension						Other Postretirement
	2023		2022		2021		2023		2022		2021
Benefit obligations as of December 31:
Discount rate	5.45	%	5.70	%	3.05	%	5.45	%	5.60	%	2.95	%
Rate of compensation increase	3.00	%	3.00	%	2.75	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan
2021	N/A		N/A		1.19	%	N/A		N/A		N/A
2022	N/A		3.74	%	1.19	%	N/A		N/A		N/A
2023	3.50	%	3.74	%	1.19	%	N/A		N/A		N/A
2024	3.50	%	3.74	%	1.19	%	N/A		N/A		N/A
2025	3.50	%	3.74	%	1.19	%	N/A		N/A		N/A
2026 and beyond	3.50	%	3.74	%	1.19	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	5.70	%	3.05	%	2.75	%	5.60	%	2.95	%	2.65	%
Expected return on plan assets(1)	6.35	%	4.30	%	5.60	%	6.80	%	5.30	%	4.00	%
Rate of compensation increase	3.00	%	2.75	%	2.75	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan	3.50	%	3.74	%	1.19	%	N/A		N/A		N/A

(1)Amounts reflected are pretax values. Assumed after-tax returns for a taxable, non-union other postretirement plan were 5.52% for 2023, 4.21% for 2022 and 2.39% for 2021.

In establishing its assumption as to the expected return on plan assets, MidAmerican Energy utilizes the asset allocation and return assumptions for each asset class based on historical performance and forward-looking views of the financial markets.

	2023		2022
Assumed healthcare cost trend rates as of December 31:
Healthcare cost trend rate assumed for next year	6.20	%	6.50	%
Rate that the cost trend rate gradually declines to	5.00	%	5.00	%
Year that the rate reaches the rate it is assumed to remain at	2028		2028

Expected Benefit Payments

Net periodic benefit costs assigned to MidAmerican Energy affiliates are reimbursed currently in accordance with its intercompany administrative services agreement. The expected benefit payments to participants in MidAmerican Energy's pension and other postretirement benefit plans for 2024 through 2028 and for the five years thereafter are summarized below (in millions):

	Projected Benefit Payments
	Pension		Other Postretirement
2024	$	54	$	22
2025	54		23
2026	53		23
2027	52		24
2028	49		23
2029-2033	226		107

Allocation of Plan Assets

The target allocations (percentage of plan assets) for MidAmerican Energy's pension and other postretirement benefit plan assets are as follows as of December 31, 2023:

	Pension	Other Postretirement
	%	%
Debt securities(1)	40-60	25-35
Equity securities(1)	30-60	65-75
Other	0-15	0-5

(1)For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds are allocated based on the underlying investments in debt and equity securities.

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit pension plan (in millions):

	Input Levels for Fair Value Measurements(1)
	Level 1		Level 2		Level 3		Total
As of December 31, 2023:
Cash equivalents	$	—	$	11	$	—	$	11
Debt securities:
U.S. government obligations	25		—		—		25
Corporate obligations	—		110		—		110
Municipal obligations	—		6		—		6
Agency, asset and mortgage-backed obligations	—		14		—		14
Equity securities:
U.S. companies	65		—		—		65
International companies	1		—		—		1
Total assets in the fair value hierarchy	$	91	$	141	$	—	232
Investment funds(2) measured at net asset value							284
Total assets measured at fair value							$	516
As of December 31, 2022:
Cash equivalents	$	—	$	15	$	—	$	15
Debt securities:
U.S. government obligations	22		—		—		22
Corporate obligations	—		135		—		135
Municipal obligations	—		10		—		10
Agency, asset and mortgage-backed obligations	—		13		—		13
Equity securities:
U.S. companies	71		—		—		71
International companies	1		—		—		1
Total assets in the fair value hierarchy	$	94	$	173	$	—	267
Investment funds(2) measured at net asset value							223
Total assets measured at fair value							$	490

(1)Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.

(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 68% and 32%, respectively, for 2023 and 55% and 45%, respectively, for 2022. Additionally, these funds are invested in U.S. and international securities of approximately 93% and 7%, respectively, for 2023 and 97% and 3%, respectively, for 2022.

The following table presents the fair value of plan assets, by major category, for MidAmerican Energy's defined benefit other postretirement plans (in millions):

	Input Levels for Fair Value Measurements(1)
	Level 1		Level 2		Level 3		Total
As of December 31, 2023:
Cash equivalents	$	9	$	—	$	—	$	9
Debt securities:
U.S. government obligations	2		—		—		2
Corporate obligations	—		5		—		5
Municipal obligations	—		26		—		26
Agency, asset and mortgage-backed obligations	—		6		—		6
Equity securities:
Investment funds(2)	230		—		—		230
Total assets measured at fair value	$	241	$	37	$	—	$	278
As of December 31, 2022:
Cash equivalents	$	10	$	—	$	—	$	10
Debt securities:
U.S. government obligations	2		—		—		2
Corporate obligations	—		3		—		3
Municipal obligations	—		22		—		22
Agency, asset and mortgage-backed obligations	—		2		—		2
Equity securities:
Investment funds(2)	201		—		—		201
Total assets measured at fair value	$	213	$	27	$	—	$	240

(1)Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.

(2)Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 83% and 17%, respectively, for 2023 and 82% and 18%, respectively, for 2022. Additionally, these funds are invested in U.S. and international securities of approximately 83% and 17%, respectively, for 2023 and 82% and 18%, respectively, for 2022.

The following table presents MidAmerican Energy's financial assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	15	$	—	$	(2)	$	13
Money market mutual funds	643		—		—		—		643
Debt securities:
U.S. government obligations	257		—		—		—		257
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	9		—		—		—		9
Investment funds	19		—		—		—		19
	$	1,355	$	88	$	—	$	(2)	$	1,441
Liabilities - commodity derivatives	$	—	$	(15)	$	(11)	$	14	$	(12)
As of December 31, 2022:
Assets:
Commodity derivatives	$	1	$	37	$	6	$	(10)	$	34
Money market mutual funds	225		—		—		—		225
Debt securities:
U.S. government obligations	215		—		—		—		215
International government obligations	—		1		—		—		1
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	360		—		—		—		360
International companies	8		—		—		—		8
Investment funds	16		—		—		—		16
	$	825	$	112	$	6	$	(10)	$	933
Liabilities - commodity derivatives	$	—	$	(12)	$	(1)	$	10	$	(3)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $12 million and $— million as of December 31, 2023 and 2022, respectively.

MidAmerican Funding, LLC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Pension and postretirement costs allocated by MidAmerican Funding to its parent and other affiliates in each of the years ended December 31, were as follows (in millions):

	2023		2022		2021
Pension costs	$	14	$	8	$	21
Other postretirement costs	2		1		2

NPC

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Nevada Power's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of December 31, 2023:
Assets:
Money market mutual funds	$	10	$	—	$	—	$	10
Investment funds	4		—		—		4
	$	14	$	—	$	—	$	14
Liabilities - commodity derivatives	$	—	$	—	$	(68)	$	(68)
As of December 31, 2022:
Assets:
Commodity derivatives	$	—	$	—	$	23	$	23
Money market mutual funds	34		—		—		34
Investment funds	3		—		—		3
	$	37	$	—	$	23	$	60
Liabilities - commodity derivatives	$	—	$	—	$	(75)	$	(75)

Schedule of Amounts Recognized in Balance Sheet

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following as of December 31 (in millions):

	2023		2022
Qualified Pension Plan -
Other non-current assets	$	38	$	27
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(6)		(6)
Other Postretirement Plans -
Other non-current assets	10		7

SPPC

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Sierra Pacific's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of December 31, 2023:
Assets:
Money market mutual funds	$	41	$	—	$	—	$	41
Investment funds	1		—		—		1
	$	42	$	—	$	—	$	42
Liabilities - commodity derivatives	$	—	$	—	$	(16)	$	(16)
As of December 31, 2022:
Assets:
Commodity derivatives	$	—	$	—	$	8	$	8
Money market mutual funds	49		—		—		49
Investment funds	1		—		—		1
	$	50	$	—	$	8	$	58
Liabilities - commodity derivatives	$	—	$	—	$	(21)	$	(21)

Schedule of Amounts Recognized in Balance Sheet

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following as of December 31 (in millions):

	2023		2022
Qualified Pension Plan -
Other non-current assets	$	53	$	43
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(5)		(5)
Other Postretirement Plans:
Other non-current assets	1		—
Other long-term liabilities	—		(2)

EEGH

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Eastern Energy Gas' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of December 31, 2023
Assets:
Money market mutual funds	$	62	$	—	$	—	$	62
Equity securities:
Investment funds	19		—		—		19
	$	81	$	—	$	—	$	81
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(8)	$	—	$	(8)
	$	—	$	(8)	$	—	$	(8)
As of December 31, 2022
Assets:
Commodity derivative	$	—	$	1	$	—	$	1
Money market mutual funds	42		—		—		42
Equity securities:
Investment funds	14		—		—		14
	$	56	$	1	$	—	$	57
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(20)	$	—	$	(20)
	$	—	$	(20)	$	—	$	(20)

EGTS

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents EGTS' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of December 31, 2023
Assets:
Money market mutual funds	$	5	$	—	$	—	$	5
Equity securities:
Investment funds	19		—		—		19
	$	24	$	—	$	—	$	24
As of December 31, 2022
Assets:
Commodity derivatives	$	—	$	1	$	—	$	1
Money market mutual funds	8		—		—		8
Equity securities:
Investment funds	14		—		—		14
	$	22	$	1	$	—	$	23