BHE Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

BHE senior debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (in millions):

	Par Value		2023		2022
2.80% Senior Notes, due 2023	$	—	$	—	$	400
3.75% Senior Notes, due 2023	—		—		500
3.50% Senior Notes, due 2025	400		399		398
4.05% Senior Notes, due 2025	1,250		1,248		1,245
3.25% Senior Notes, due 2028	600		593		594
8.48% Senior Notes, due 2028	256		264		266
3.70% Senior Notes, due 2030	1,100		1,096		1,095
1.65% Senior Notes, due 2031	500		498		497
6.125% Senior Bonds, due 2036	1,670		1,663		1,661
5.95% Senior Bonds, due 2037	550		548		548
6.50% Senior Bonds, due 2037	225		223		223
5.15% Senior Notes, due 2043	750		741		740
4.50% Senior Notes, due 2045	750		739		738
3.80% Senior Notes, due 2048	750		736		738
4.45% Senior Notes, due 2049	1,000		990		990
4.25% Senior Notes, due 2050	900		889		889
2.85% Senior Notes, due 2051	1,500		1,488		1,487
4.60% Senior Notes, due 2053	1,000		986		987
Total BHE Senior Debt	$	13,201	$	13,101	$	13,996
Reflected as:
Current liabilities			$	—	$	900
Noncurrent liabilities			13,101		13,096
Total BHE Senior Debt			$	13,101	$	13,996

BHE junior subordinated debentures consists of the following as of December 31 (in millions):

	Par Value		2023		2022
5.00% Junior subordinated debentures, due 2057	100		100		100
Total BHE junior subordinated debentures - noncurrent	$	100	$	100	$	100

Long-term debt of subsidiaries consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (in millions):

	Par Value		2023		2022
PacifiCorp	$	10,493	$	10,410	$	9,666
MidAmerican Funding	9,115		8,992		7,954
NV Energy	4,736		4,695		4,354
Northern Powergrid	3,497		3,465		3,054
BHE Pipeline Group	4,876		5,154		5,849
BHE Transmission	3,591		3,574		3,495
BHE Renewables	2,571		2,548		3,027
HomeServices	133		133		140
Total subsidiary debt	$	39,012	$	38,971	$	37,539
Reflected as:
Current liabilities			$	2,740	$	2,301
Noncurrent liabilities			36,231		35,238
Total subsidiary debt			$	38,971	$	37,539

PacifiCorp's long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs as of December 31 (dollars in millions):

	Par Value		2023		2022
First mortgage bonds:
2.95% to 8.23%, due through 2026	$	775	$	774	$	1,223
2.70% to 7.70%, due 2029 to 2031	1,100		1,096		1,095
5.25% to 6.35%, due 2034 to 2038	2,350		2,341		2,340
4.10% to 6.00%, due 2039 to 2042	950		942		941
2.90% to 5.50%, due 2049 to 2054	5,100		5,039		3,849
Variable-rate series, tax-exempt bond obligations (2023-4.60% to 5.60%; 2022-3.75% to 4.10%):
Due 2025	25		25		25
Due 2024 to 2025(1)	193		193		193
Total PacifiCorp	$	10,493	$	10,410	$	9,666

(1)Secured by pledged first mortgage bonds registered to and held by the tax-exempt bond trustee generally with the same interest rates, maturity dates and redemption provisions as the tax-exempt bond obligations.

MidAmerican Funding's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):

	Par Value		2023		2022
MidAmerican Funding:
6.927% Senior Bonds, due 2029	$	239	$	240	$	240
Fair value adjustment	—		(14)		(15)
MidAmerican Funding, net of fair value adjustments	239		226		225
MidAmerican Energy:
First Mortgage Bonds:
3.70%, due 2023	—		—		250
3.50%, due 2024	500		500		500
3.10%, due 2027	375		374		374
3.65%, due 2029	850		858		859
4.80%, due 2043	350		347		347
4.40%, due 2044	400		396		395
4.25%, due 2046	450		446		446
3.95%, due 2047	475		471		471
3.65%, due 2048	700		690		689
4.25%, due 2049	900		876		875
3.15%, due 2050	600		592		592
2.70%, due 2052	500		492		492
5.35%, due 2034	350		347		—
5.85%, due 2054	1,000		989		—
Notes:
6.75% Series, due 2031	400		398		397
5.75% Series, due 2035	300		299		298
5.80% Series, due 2036	350		348		348
Transmission upgrade obligation, 3.24% to 7.84%, due 2036 to 2043	70		39		27
Tax-exempt bond obligations -
Variable-rate tax-exempt bond obligation series: (weighted average interest rate - 2023-4.81%, 2022-3.83%), due 2023-2047	306		304		369
Total MidAmerican Energy	8,876		8,766		7,729
Total MidAmerican Funding	$	9,115	$	8,992	$	7,954

NV Energy's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):

	Par Value		2023		2022
Nevada Power:
General and refunding mortgage securities:
3.700% Series CC, due 2029	$	500	$	498	$	497
2.400% Series DD, due 2030	425		423		422
6.650% Series N, due 2036	367		360		360
6.750% Series R, due 2037	349		346		346
5.375% Series X, due 2040	250		248		248
5.450% Series Y, due 2041	250		240		239
3.125% Series EE, due 2050	300		298		298
5.900% Series GG, due 2053	400		394		394
6.000% Series 2023A, due 2054	500		494		—
Tax-exempt refunding revenue bond obligations:
Fixed-rate series:
4.125% Pollution Control Bonds Series 2017A, due 2032(1)	40		39		39
3.750% Pollution Control Bonds Series 2017, due 2036(1)	40		39		39
3.750% Pollution Control Bonds Series 2017B, due 2039(1)	13		13		13
Variable-rate 4.821% Term Loan, due 2024(2)	—		—		300
Total Nevada Power	3,434		3,392		3,195
Fair value adjustments	—		9		10
Total Nevada Power, net of fair value adjustments	3,434		3,401		3,205
Sierra Pacific:
General and refunding mortgage securities:
3.375% Series T, due 2023	—		—		249
2.600% Series U, due 2026	400		398		397
6.750% Series P, due 2037	252		254		254
4.710% Series W, due 2052	250		248		248
5.900% Series 2023A, due 2054	400		393		—
Total Sierra Pacific	1,302		1,293		1,148
Fair value adjustments	—		1		1
Total Sierra Pacific, net of fair value adjustment	1,302		1,294		1,149
Total NV Energy	$	4,736	$	4,695	$	4,354

(1)    Subject to mandatory purchase by Nevada Power in March 2026 at which date the interest rate may be adjusted.

(2)    Amounts borrowed under the facility bear interest at variable rates based on SOFR or a base rate, at Nevada Power's option, plus a pricing margin.

Northern Powergrid and its subsidiaries' long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):

	Par Value(1)		2023		2022
2.50% Bonds, due 2025	$	191	$	191	$	181
2.073% European Investment Bank loan, due 2025	64		65		62
2.564% European Investment Bank loans, due 2027	318		317		301
7.25% Bonds, due 2028	236		238		227
4.375% Bonds, due 2032	191		189		179
5.625% Bonds, due 2033	318		314		—
5.125% Bonds, due 2035	255		252		240
5.125% Bonds, due 2035	191		189		180
2.75% Bonds, due 2049	191		188		178
3.25% Bonds, due 2052	445		442		419
2.25% Bonds, due 2059	382		374		355
1.875% Bonds, due 2062	382		375		356
Variable-rate loan, due 2025(2)	158		158		164
Variable-rate loan, due 2026(3)	175		173		212
Total Northern Powergrid	$	3,497	$	3,465	$	3,054

(1)The par values for these debt instruments are denominated in sterling.

(2)Amortizes quarterly and the loan is 70% floating and 30% fixed. The Company has entered into an interest rate swap that fixes the interest rate on 100% of the floating rate portion. The variable interest rate as of December 31, 2023, was 6.41% (including 2.00% margin) and the average fixed interest rate was 3.08% (including 2.00% margin).

(3)Amortizes semiannually and the Company has entered into an interest rate swap that fixes the interest rate on 80% of the outstanding debt. The variable interest rate as of December 31, 2023 was 6.74% (including 1.55% margin) and the fixed interest rate was 2.45% (including 1.55% margin), resulting in a blended rate of 3.30%.

BHE Pipeline Group's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):

	Par Value		2023		2022
Eastern Energy Gas:
2.875% Senior Notes, due 2023	$	—	$	—	$	250
3.55% Senior Notes, due 2023	—		—		399
2.50% Senior Notes, due 2024	600		600		598
3.60% Senior Notes, due 2024	339		339		338
3.32% Senior Notes, due 2026 (€250)(1)	276		274		267
3.00% Senior Notes, due 2029	174		173		173
3.80% Senior Notes, due 2031	150		150		150
4.80% Senior Notes, due 2043	54		53		53
4.60% Senior Notes, due 2044	56		56		56
3.90% Senior Notes, due 2049	27		26		26
EGTS:
3.60% Senior Notes, due 2024	111		111		110
3.00% Senior Notes, due 2029	426		422		422
4.80% Senior Notes, due 2043	346		342		342
4.60% Senior Notes, due 2044	444		437		437
3.90% Senior Notes, due 2049	273		271		271
Total Eastern Energy Gas	3,276		3,254		3,892
Fair value adjustments	—		312		368
Total Eastern Energy Gas, net of fair value adjustments	3,276		3,566		4,260
Northern Natural Gas:
5.80% Senior Bonds, due 2037	150		149		149
4.10% Senior Bonds, due 2042	250		248		248
4.30% Senior Bonds, due 2049	650		651		652
3.40% Senior Bonds, due 2051	550		540		540
Total Northern Natural Gas	1,600		1,588		1,589
Total BHE Pipeline Group	$	4,876	$	5,154	$	5,849

(1)    The senior notes are denominated in Euros with an outstanding principal balance of €250 million and a fixed interest rate of 1.45%. Eastern Energy Gas has entered into cross currency swaps that fix USD payments for 100% of the notes. The fixed USD outstanding principal when combined with the swaps is $280 million, with fixed interest rates at both December 31, 2023 and 2022 that averaged 3.32%.

BHE Transmission's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):

	Par Value(1)		2023		2022
AltaLink, L.P.:
Series 2013-4 Notes, 3.668%, due 2023	$	—	$	—	$	369
Series 2014-1 Notes, 3.399%, due 2024	264		264		258
Series 2016-1 Notes, 2.747%, due 2026	264		264		258
Series 2020-1 Notes, 1.509%, due 2030	170		169		165
Series 2022-1 Notes, 4.692%, due 2032	208		207		202
Series 2006-1 Notes, 5.249%, due 2036	113		113		111
Series 2010-1 Notes, 5.381%, due 2040	94		94		92
Series 2010-2 Notes, 4.872%, due 2040	113		113		110
Series 2011-1 Notes, 4.462%, due 2041	208		207		202
Series 2012-1 Notes, 3.990%, due 2042	396		391		383
Series 2013-3 Notes, 4.922%, due 2043	264		263		258
Series 2014-3 Notes, 4.054%, due 2044	223		222		216
Series 2015-1 Notes, 4.090%, due 2045	264		263		257
Series 2016-2 Notes, 3.717%, due 2046	340		338		330
Series 2013-1 Notes, 4.446%, due 2053	189		188		184
Series 2023-1 Notes, 5.463%, due 2055	378		375		—
Series 2014-2 Notes, 4.274%, due 2064	98		98		95
Total AltaLink, L.P.	3,586		3,569		3,490
Other:
Construction Loan, 5.620%, due 2024	5		5		5
Total BHE Transmission	$	3,591	$	3,574	$	3,495

(1)The par values for these debt instruments are denominated in Canadian dollars.

BHE Renewables' long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):

	Par Value		2023		2022
Fixed-rate(1):
Bishop Hill Holdings Senior Notes, 5.125%, due 2032	$	51	$	50	$	56
Solar Star Funding Senior Notes, 3.950%, due 2035	230		228		242
Solar Star Funding Senior Notes, 5.375%, due 2035	744		739		781
Grande Prairie Wind Senior Notes, 3.860%, due 2037	236		234		267
Topaz Solar Farms Senior Notes, 5.750%, due 2039	541		536		568
Topaz Solar Farms Senior Notes, 4.875%, due 2039	152		151		160
Alamo 6 Senior Notes, 4.170%, due 2042	181		179		188
Variable-rate(1):
TX Jumbo Road Term Loan, due 2025(2)	73		72		96
Marshall Wind Term Loan, due 2026(2)	49		49		56
Flat Top Wind I Term Loan, due 2028(2)	—		—		99
Mariah Del Norte Term Loan, due 2028(2)	—		—		54
Mariah Del Norte Term Loan, due 2032(2)	—		—		138
Pinyon Pines I and II Term Loans, due 2034(2)	314		310		322
Total BHE Renewables	$	2,571	$	2,548	$	3,027

(1)Amortizes quarterly or semiannually.

(2)The term loans have variable interest rates based on SOFR plus a margin that varies during the terms of the agreements. The Company has entered into interest rate swaps that fix the interest rate on 100% of the TX Jumbo Road, Marshall Wind and Pinyon Pines outstanding debt. The fixed interest rates as of December 31, 2023 and 2022 ranged from 3.23% to 3.88%. The variable interest rate on the Flat Top Wind I and Mariah Del Norte outstanding debt was 9.82% as of December 31, 2022.

HomeServices' long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):

	Par Value		2023		2022
Variable-rate:
Variable-rate term loan (2023 - 6.27%, 2022 - 5.242%), due 2026(1)	$	133	$	133	$	140

(1)Term loan amortizes quarterly and variable-rate resets monthly.

MidAmerican Energy's long-term debt consists of the following, including amounts maturing within one year and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):

	Par Value		2023		2022
First mortgage bonds:
3.70%, due 2023	$	—	$	—	$	250
3.50%, due 2024	500		500		500
3.10%, due 2027	375		374		374
3.65%, due 2029	850		858		859
4.80%, due 2043	350		347		347
4.40%, due 2044	400		396		395
4.25%, due 2046	450		446		446
3.95%, due 2047	475		471		471
3.65%, due 2048	700		690		689
4.25%, due 2049	900		876		875
3.15%, due 2050	600		592		592
2.70%, due 2052	500		492		492
5.35%, due 2034	350		347		—
5.85%, due 2054	1,000		989		—
Notes:
6.75% Series, due 2031	400		398		397
5.75% Series, due 2035	300		299		298
5.80% Series, due 2036	350		348		348
Transmission upgrade obligations, 3.24% to 7.84%, due 2036 to 2043	70		39		27
Variable-rate tax-exempt bond obligation series: (weighted average interest rate- 2023-4.81%, 2022-3.83%):
Due 2023, issued in 1993	—		—		7
Due 2023, issued in 2008	—		—		57
Due 2024	35		35		35
Due 2025	13		13		13
Due 2036	33		33		33
Due 2038	45		45		45
Due 2046	30		29		30
Due 2047	150		149		149
Total long-term debt	$	8,876	$	8,766	$	7,729
Reflected as:
			2023		2022
Current portion of long-term debt			$	539	$	317
Long-term debt			8,227		7,412
Total long-term debt			$	8,766	$	7,729