Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Plans

Domestic Operations

PacifiCorp, MidAmerican Energy and NV Energy sponsor defined benefit pension plans that cover a majority of all employees of BHE and its domestic energy subsidiaries. These pension plans include noncontributory defined benefit pension plans, supplemental executive retirement plans ("SERP") and restoration plans. PacifiCorp, MidAmerican Energy and NV Energy also provide certain postretirement healthcare and life insurance benefits through various plans to eligible retirees.

Net Periodic Benefit Cost

For purposes of calculating the expected return on plan assets, a market-related value is used. The market-related value of plan assets is generally calculated by spreading the difference between expected and actual investment returns over a five-year period beginning after the first year in which they occur.

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

Funded Status

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 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 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

The SERPs and restoration plan have no plan assets; however, the Company has Rabbi trusts that hold corporate-owned life insurance and other investments to provide funding for the future cash requirements of the SERPs and restoration plan. The cash surrender value of all of the policies included in the Rabbi trusts, net of amounts borrowed against the cash surrender value, plus the fair market value of other Rabbi trust investments, was $341 million and $300 million as of December 31, 2023 and 2022, respectively. These assets are not included in the plan assets in the above table, but are reflected in noncurrent investments and restricted cash and investments on the Consolidated Balance Sheets.

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

Unrecognized Amounts

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)

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

Contributions and Benefit Payments

Employer contributions to the pension and other postretirement benefit plans are expected to be $13 million and $5 million, respectively, during 2024. Funding to the established pension trusts is based upon the actuarially determined costs of the plans and the requirements of the IRC, the Employee Retirement Income Security Act of 1974 and the Pension Protection Act of 2006, as amended. The Company considers contributing additional amounts from time to time in order to achieve certain funding levels specified under the Pension Protection Act of 2006, as amended. The Company evaluates a variety of factors, including funded status, income tax laws and regulatory requirements, in determining contributions to its other postretirement benefit plans.

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

Plan Assets

Investment Policy and Asset Allocations

The Company's investment policy for its pension and other postretirement benefit plans is to balance risk and return through a diversified portfolio of debt securities, equity securities and other alternative investments. Maturities for debt securities are managed to targets consistent with prudent risk tolerances. The plans retain outside investment consultants to advise on plan investments within the parameters outlined by the Berkshire Hathaway Energy Company Investment Committee. The investment portfolio is managed in line with the investment policy with sufficient liquidity to meet near-term benefit payments.

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.

Fair Value Measurements

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.

For level 1 investments, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value. For level 2 investments, the fair value is determined using pricing models based on observable market inputs. Shares of mutual funds not registered under the Securities Act of 1933, private equity limited partnership interests, common and commingled trust funds and investment entities are reported at fair value based on the net asset value per unit, which is used for expedience purposes. A fund's net asset value is based on the fair value of the underlying assets held by the fund less its liabilities.

Foreign Operations

Certain wholly-owned subsidiaries of Northern Powergrid participate in the Northern Powergrid group of the United Kingdom industry-wide Electricity Supply Pension Scheme (the "UK Plan"), which provides pension and other related defined benefits, based on final pensionable pay, to the employees of Northern Powergrid. The UK Plan is closed to employees hired after July 23, 1997. Employees hired after that date are covered by a defined contribution plan sponsored by a wholly-owned subsidiary of Northern Powergrid.

Net Periodic Benefit Cost

For purposes of calculating the expected return on pension plan assets, a market-related value is used. The market-related value of plan assets is calculated by including the difference between expected and actual investment returns after the first year in which they occur.

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

Funded Status

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

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

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

Unrecognized Amounts

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

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	%

Contributions and Benefit Payments

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

Plan Assets

Investment Policy and Asset Allocations

The investment policy for the UK Plan is to balance risk and return through a diversified portfolio of debt securities, equity securities, real estate and other asset classes. Maturities for debt securities are managed to targets consistent with prudent risk tolerances. The UK Plan retains outside investment advisors to manage plan investments within the parameters set by the trustees of the UK Plan in consultation with Northern Powergrid. The investment portfolio is managed in line with the investment policy with sufficient liquidity to meet near-term benefit payments. The return on assets assumption is based on a weighted-average of the expected historical performance for the types of assets in which the UK Plan invests.

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 Measurements

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 fair value of the UK Plan's assets are determined similar to the plan assets of the domestic plans as previously discussed.

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

Defined Contribution Plans

The Company sponsors various defined contribution plans covering substantially all employees. The Company's contributions vary depending on the plan, but matching contributions are based on each participant's level of contribution, and certain participants receive contributions based on eligible pre-tax annual compensation. Contributions cannot exceed the maximum allowable for tax purposes. The Company's contributions to these plans were $177 million, $159 million and $137 million for the years ended December 31, 2023, 2022 and 2021, respectively.

PAC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

PacifiCorp sponsors defined benefit pension and other postretirement benefit plans that cover certain of its employees, as well as a defined contribution 401(k) employee savings plan ("401(k) Plan"). In addition, PacifiCorp contributes to a joint trustee pension plan and a subsidiary previously contributed to a multiemployer pension plan for benefits offered to certain bargaining units.

Defined Benefit Plans

PacifiCorp's pension plans include non-contributory defined benefit pension plans, the PacifiCorp Retirement Plan ("Retirement Plan"), and the Supplemental Executive Retirement Plan ("SERP"). The Retirement Plan is closed to all non-union employees hired after January 1, 2008. All non-union Retirement Plan participants hired prior to January 1, 2008 that did not elect to receive equivalent fixed contributions to the 401(k) Plan effective January 1, 2009 earned benefits based on a cash balance formula through December 31, 2016. Effective January 1, 2017, non-union employee participants with a cash balance benefit in the Retirement Plan are no longer eligible to receive pay credits in their cash balance formula. In general for union employees, benefits under the Retirement Plan were frozen at various dates from December 31, 2007 through December 31, 2011 as they are now being provided with enhanced 401(k) Plan benefits. However, certain limited union Retirement Plan participants continue to earn benefits under the Retirement Plan based on the employee's years of service and a final average pay formula. The SERP was closed to new participants as of March 21, 2006 and froze future accruals for active participants as of December 31, 2014.

PacifiCorp's other postretirement benefit plan provides healthcare and life insurance benefits to eligible retirees.

Pension Settlement

Pension settlement accounting was triggered in 2022 and 2021 as a result of the amount of lump sum distributions in the Retirement Plan exceeding the service and interest cost threshold. The 2021 pension settlement accounting included an interim July 31, 2021 remeasurement of the pension plan assets and projected benefit obligation. As a result of the settlement accounting, PacifiCorp recognized settlement losses of $6 million, net of regulatory deferrals during each of the years ended December 31, 2022 and 2021.

Net Periodic Benefit Cost

For purposes of calculating the expected return on plan assets, a market-related value is used. The market-related value of plan assets is calculated by spreading the difference between expected and actual investment returns over a five-year period beginning after the first year in which they occur.

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.

Funded Status

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.

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.

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

The SERP has no plan assets; however, PacifiCorp has a Rabbi trust that holds corporate-owned life insurance and other investments to provide funding for the future cash requirements of the SERP. The cash surrender value of all of the policies included in the Rabbi trust, net of amounts borrowed against the cash surrender value, plus the fair market value of other Rabbi trust investments, was $68 million and $61 million as of December 31, 2023 and 2022, respectively. These assets are not included in the plan assets in the above table, but are reflected in noncurrent other assets as of December 31, 2023 and 2022, respectively, on the Consolidated Balance Sheets. The projected and accumulated benefit obligations for the SERP were $41 million and $42 million at December 31, 2023 and 2022, respectively.

As of December 31, 2023, the fair value of the plan assets for the Retirement Plan was in excess of both the projected benefit obligation and the accumulated benefit obligation.

Unrecognized Amounts

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

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

As a result of a plan amendment effective on January 1, 2017, the benefit obligation for the Retirement Plan is no longer affected by future increases in compensation. As a result of a labor settlement reached with UMWA in December 2014, the benefit obligation for the other postretirement plan is no longer affected by healthcare cost trends.

Contributions and Benefit Payments

Employer contributions to the pension and other postretirement benefit plans are expected to be $4 million and $— million, respectively, during 2024. Funding to PacifiCorp's Retirement Plan trust is based upon the actuarially determined costs of the plan and the requirements of the Internal Revenue Code, the Employee Retirement Income Security Act of 1974 ("ERISA") and the Pension Protection Act of 2006, as amended ("PPA of 2006"). PacifiCorp considers contributing additional amounts from time to time in order to achieve certain funding levels specified under the PPA of 2006. PacifiCorp evaluates a variety of factors, including funded status, income tax laws and regulatory requirements, in determining contributions to its other postretirement benefit plan.

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

Plan Assets

Investment Policy and Asset Allocations

PacifiCorp's investment policy for its pension and other postretirement benefit plans is to balance risk and return through a diversified portfolio of debt securities, equity securities and other alternative investments. Maturities for debt securities are managed to targets consistent with prudent risk tolerances. The plans retain outside investment consultants to advise on plan investments within the parameters outlined by the Berkshire Hathaway Energy Company Investment Committee. The investment portfolio is managed in line with the investment policy with sufficient liquidity to meet near-term benefit payments.

In 2020, the assets of the PacifiCorp Master Retirement Trust were transferred into the BHE Master Retirement Trust.

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 Measurements

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.

For level 1 investments, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value. For level 2 investments, the fair value is determined using pricing models based on observable market inputs. Shares of mutual funds not registered under the Securities Act of 1933, private equity limited partnership interests, common and commingled trust funds and investment entities are reported at fair value based on the net asset value per unit, which is used for expedience purposes. A fund's net asset value is based on the fair value of the underlying assets held by the fund less its liabilities.

Multiemployer and Joint Trustee Pension Plans

PacifiCorp contributes to the PacifiCorp/IBEW Local 57 Retirement Trust Fund ("Local 57 Trust Fund") (plan number 001) and its subsidiary, Energy West Mining Company, previously contributed to the UMWA 1974 Pension Plan (plan number 002). Contributions to these pension plans are based on the terms of collective bargaining agreements.

As a result of the Utah Mine Disposition and UMWA labor settlement, PacifiCorp's subsidiary, Energy West Mining Company, triggered involuntary withdrawal from the UMWA 1974 Pension Plan in June 2015 when the UMWA employees ceased performing work for the subsidiary. PacifiCorp recorded its estimate of the withdrawal obligation in December 2014 when withdrawal was considered probable and deferred the portion of the obligation considered probable of recovery to a regulatory asset. PacifiCorp has subsequently revised its estimate due to changes in facts and circumstances for a withdrawal occurring by July 2015. As communicated in a letter received in August 2016, the plan trustees determined a withdrawal liability of $115 million. Energy West Mining Company began making installment payments in November 2016 and has the option to elect a lump sum payment to settle the withdrawal obligation. In January 2024, the withdrawal liability was recalculated by the plan's actuary to be $80 million as a result of arbitration efforts regarding the interest rate used to compute the obligation. The ultimate amount paid by Energy West Mining Company to settle the obligation is dependent on a variety of factors, including the results of ongoing efforts with the plan trustees and the recent arbitration activities.

The Local 57 Trust Fund is a joint trustee plan such that the board of trustees is represented by an equal number of trustees from PacifiCorp and the union. The Local 57 Trust Fund was established pursuant to the provisions of the Taft-Hartley Act and although formed with the ability for other employers to participate in the plan, there are no other employers that participate in this plan.

The risk of participating in multiemployer pension plans generally differs from single-employer plans in that assets are pooled such that contributions by one employer may be used to provide benefits to employees of other participating employers and plan assets cannot revert to employers. If an employer ceases participation in the plan, the employer may be obligated to pay a withdrawal liability based on the participants' unfunded, vested benefits in the plan. If participating employers withdraw from a multiemployer plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

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

PacifiCorp's minimum contributions to the Local 57 Trust Fund are based on the amount of wages paid to employees covered by the Local 57 Trust Fund collective bargaining agreements, subject to ERISA minimum funding requirements. The collective bargaining agreements governing the Local 57 Trust Fund that were due to expire in 2023 were extended to 2028 in December 2022.

Defined Contribution Plan

PacifiCorp's 401(k) Plan covers substantially all employees. PacifiCorp's matching contributions are based on each participant's level of contribution and, as of January 1, 2023, all participants receive contributions based on eligible pre-tax annual compensation. Contributions cannot exceed the maximum allowable for tax purposes. PacifiCorp's contributions to the 401(k) Plan were $48 million, $44 million and $40 million for the years ended December 31, 2023, 2022 and 2021, respectively.

MEC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Plan

MidAmerican Energy sponsors a noncontributory defined benefit pension plan covering a majority of all employees of BHE and its domestic energy subsidiaries other than PacifiCorp and NV Energy, Inc. Benefit obligations under the plan are based on a cash balance arrangement for salaried employees and most union employees and final average pay formulas for other union employees. MidAmerican Energy also maintains noncontributory, nonqualified defined benefit supplemental executive retirement plans ("SERP") for certain active and retired participants. For the years ended December 31, 2023 and 2022, the defined benefit pension plan recorded a settlement gain of $3 million and a settlement loss of $4 million, respectively, for previously unrecognized gains and losses as a result of excess lump sum distributions over the defined threshold. In 2022, the defined benefit pension plan recorded a curtailment gain of $10 million as a result of certain plan amendments.

MidAmerican Energy also sponsors certain postretirement healthcare and life insurance benefits covering substantially all retired employees of BHE and its domestic energy subsidiaries other than PacifiCorp and NV Energy, Inc. Under the plans, a majority of all employees of the participating companies may become eligible for these benefits if they reach retirement age. New employees are not eligible for benefits under the plans. MidAmerican Energy has been allowed to recover accrued pension and other postretirement benefit costs in its electric and gas service rates.

Net Periodic Benefit Cost

For purposes of calculating the expected return on pension plan assets, a market-related value is used. The market-related value of plan assets is calculated by spreading the difference between expected and actual investment returns on equity investments over a five-year period beginning after the first year in which they occur.

MidAmerican Energy bills to and is reimbursed currently for affiliates' share of the net periodic benefit costs from all plans in which such affiliates participate. In 2023, 2022 and 2021, MidAmerican Energy's share of the pension net periodic benefit credit was $(5) million, $(2) million and $(20) million, respectively. MidAmerican Energy's share of the other postretirement net periodic benefit cost (credit) in 2023, 2022 and 2021 totaled $2 million, $(2) million and $1 million, respectively.

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

Funded Status

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

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

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)

The SERP has no plan assets; however, MidAmerican Energy and BHE have Rabbi trusts that hold corporate-owned life insurance and other investments to provide funding for the future cash requirements of the SERP. The cash surrender value of all of the policies included in MidAmerican Energy's Rabbi trusts, net of amounts borrowed against the cash surrender value, plus the fair market value of other Rabbi trust investments, was $149 million and $134 million as of December 31, 2023 and 2022, respectively. These assets are not included in the plan assets in the above table, but are reflected in investments and restricted investments on the Balance Sheets. For each of the years ended December 31, 2023 and 2022, the accumulated benefit obligation and projected benefit obligation for the SERP was $85 million and $85 million, respectively.

Unrecognized Amounts

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

MidAmerican Energy sponsors pension and other postretirement benefit plans on behalf of certain of its affiliates in addition to itself, and therefore, the portion of the funded status of the respective plans that has not yet been recognized in net periodic benefit cost is attributable to multiple entities. Additionally, substantially all of MidAmerican Energy's portion of such amounts is either refundable to or recoverable from its customers and is reflected as regulatory liabilities and regulatory assets.

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

Contributions and Benefit Payments

Employer contributions to the pension and other postretirement benefit plans are expected to be $8 million and $2 million, respectively, during 2024. Funding to MidAmerican Energy's qualified pension benefit plan trust is based upon the actuarially determined costs of the plan and the requirements of the Internal Revenue Code, the Employee Retirement Income Security Act of 1974 and the Pension Protection Act of 2006, as amended. MidAmerican Energy considers contributing additional amounts from time to time in order to achieve certain funding levels specified under the Pension Protection Act of 2006, as amended. MidAmerican Energy evaluates a variety of factors, including funded status, income tax laws and regulatory requirements, in determining contributions to its other postretirement benefit plans.

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

Plan Assets

Investment Policy and Asset Allocations

MidAmerican Energy's investment policy for its pension and other postretirement benefit plans is to balance risk and return through a diversified portfolio of debt securities, equity securities and other alternative investments. Maturities for debt securities are managed to targets consistent with prudent risk tolerances. The plans retain outside investment consultants to advise on plan investments within the parameters outlined by the Berkshire Hathaway Energy Company Investment Committee. The investment portfolio is managed in line with the investment policy with sufficient liquidity to meet near-term benefit payments.

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 Measurements

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.

For level 1 investments, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value. For level 2 investments, the fair value is determined using pricing models based on observable market inputs. Shares of mutual funds not registered under the Securities Act of 1933, private equity limited partnership interests, common and commingled trust funds and investment entities are reported at fair value based on the net asset value per unit, which is used for expedience purposes. A fund's net asset value is based on the fair value of the underlying assets held by the fund less its liabilities.

Defined Contribution Plan

MidAmerican Energy sponsors a defined contribution plan ("401(k) plan") covering substantially all employees. MidAmerican Energy's matching contributions are based on each participant's level of contribution, and certain participants receive contributions based on eligible pretax annual compensation. Contributions cannot exceed the maximum allowable for tax purposes. Certain participants now receive enhanced benefits in the 401(k) plan and no longer accrue benefits in the noncontributory defined benefit pension plans. MidAmerican Energy's contributions to the plan were $34 million, $33 million, and $27 million for the years ended December 31, 2023, 2022 and 2021, respectively.

MidAmerican Funding, LLC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Refer to Note 10 of MidAmerican Energy's Notes to Financial Statements for additional information regarding MidAmerican Funding's pension, supplemental retirement and postretirement benefit plans.

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]

Employee Benefit Plans

Employee Benefit Plans

Nevada Power is a participant in benefit plans sponsored by NV Energy. The NV Energy Retirement Plan includes a qualified pension plan ("Qualified Pension Plan") and a supplemental executive retirement plan and a restoration plan (collectively, "Non‑Qualified Pension Plans") that provide pension benefits for eligible employees. The NV Energy Comprehensive Welfare Benefit and Cafeteria Plan provides certain postretirement health care and life insurance benefits for eligible retirees ("Other Postretirement Plans") on behalf of Nevada Power. Nevada Power did not make any contributions to the Qualified Pension Plan for the years ended December 31, 2023, 2022 and 2021. Nevada Power contributed $1 million to the Non-Qualified Pension Plans for the years ended December 31, 2023, 2022 and 2021. Nevada Power did not make any contributions to the Other Postretirement Plans for the years ended December 31, 2023, 2022 and 2021. Amounts attributable to Nevada Power were allocated from NV Energy based upon the current, or in the case of retirees, previous, employment location. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net.

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]

Employee Benefit Plans

Employee Benefit Plans

Sierra Pacific is a participant in benefit plans sponsored by NV Energy. The NV Energy Retirement Plan includes a qualified pension plan ("Qualified Pension Plan") and a supplemental executive retirement plan and a restoration plan (collectively, "Non‑Qualified Pension Plans") that provide pension benefits for eligible employees. The NV Energy Comprehensive Welfare Benefit and Cafeteria Plan provides certain postretirement health care and life insurance benefits for eligible retirees ("Other Postretirement Plans") on behalf of Sierra Pacific. Sierra Pacific did not make any contributions to the Qualified Pension Plan for the years ended December 31, 2023, 2022 and 2021. Sierra Pacific contributed $1 million to the Non-Qualified Pension Plans for the years ended December 31, 2023, 2022 and 2021. Sierra Pacific contributed $3 million, $5 million, and $1 million to the Other Post Retirement Plans for the years ended December 31, 2023, 2022, and 2021 respectively. Amounts attributable to Sierra Pacific were allocated from NV Energy based upon the current, or in the case of retirees, previous, employment location. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net.

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]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Plans

Eastern Energy Gas is a participant in benefit plans sponsored by MidAmerican Energy Company ("MidAmerican Energy"), an affiliate. The MidAmerican Energy Company Retirement Plan includes a qualified pension plan ("Qualified Pension Plan") that provides pension benefits for eligible employees. The MidAmerican Energy Company Welfare Benefit Plan provides certain postretirement health care and life insurance benefits for eligible retirees ("Other Postretirement Plans") on behalf of Eastern Energy Gas. Eastern Energy Gas made $8 million, $14 million and $18 million of contributions to the MidAmerican Energy Company Retirement Plan for the years ended December 31, 2023, 2022 and 2021, respectively. Eastern Energy Gas made $2 million, $2 million and $10 million of contributions to the MidAmerican Energy Company Welfare Benefit Plan for the years ended December 31, 2023, 2022 and 2021, respectively. Contributions related to these plans are reflected as net periodic benefit cost in operations and maintenance expense in the Consolidated Statements of Operations. Amounts attributable to Eastern Energy Gas were allocated from MidAmerican Energy in accordance with the intercompany administrative service agreement. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net.

Defined Contribution Plan

Eastern Energy Gas participated in the BHE GT&S defined contribution employee savings plan. Effective April 1, 2023, Eastern Energy Gas participates in the MidAmerican Energy defined contribution plan. Eastern Energy Gas' matching contributions are based on each participant's level of contribution. Contributions cannot exceed the maximum allowable for tax purposes. Certain participants now receive enhanced benefits in the plan and no longer accrue benefits in the noncontributory defined benefit pension plans. Eastern Energy Gas' contributions to the plans were $12 million, $6 million and $5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

EGTS

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Plans

EGTS is a participant in benefit plans sponsored by MidAmerican Energy Company ("MidAmerican Energy"), an affiliate. The MidAmerican Energy Company Retirement Plan includes a qualified pension plan that provides pension benefits for eligible employees. The MidAmerican Energy Company Welfare Benefit Plan provides certain postretirement health care and life insurance benefits for eligible retirees on behalf of EGTS. EGTS made $7 million, $12 million and $16 million of contributions to the MidAmerican Energy Company Retirement Plan for the years ended December 31, 2023, 2022 and 2021, respectively. EGTS made $2 million, $2 million and $9 million of contributions to the MidAmerican Energy Company Welfare Benefit Plan for the years ended December 31, 2023, 2022 and 2021, respectively. Contributions related to these plans are reflected as net periodic benefit cost in operations and maintenance expense in the Consolidated Statements of Operations. Amounts attributable to EGTS were allocated from MidAmerican Energy in accordance with the intercompany administrative service agreement. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates.

Defined Contribution Plan

EGTS participated in the BHE GT&S defined contribution employee savings plan. Effective April 1, 2023, EGTS participates in the MidAmerican Energy defined contribution plan. EGTS' matching contributions are based on each participant's level of contribution. Contributions cannot exceed the maximum allowable for tax purposes. Certain participants now receive enhanced benefits in the plan and no longer accrue benefits in the noncontributory defined benefit pension plans. EGTS' contributions to the plans were $9 million, $5 million and $4 million for the years ended December 31, 2023, 2022 and 2021, respectively.