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Investments and Restricted Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2024
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Cash and Cash Equivalents and Investments
Investments and restricted cash and cash equivalents and investments consists of the following as of December 31 (in millions):
 20242023
Investments:
BYD Company Limited common stock$415 $2,218 
U.S. Treasury Bills— 996 
Rabbi trusts525 487 
Other394 338 
Total investments1,334 4,039 
   
Equity method investments:
BHE Renewables tax equity investments4,773 4,058 
Electric Transmission Texas, LLC761 673 
Iroquois Gas Transmission System, L.P.580 599 
Other339 381 
Total equity method investments6,453 5,711 
Restricted cash and cash equivalents and investments:  
Quad Cities Station nuclear decommissioning trust funds871 767 
Other restricted cash and cash equivalents194 246 
Total restricted cash and cash equivalents and investments1,065 1,013 
   
Total investments and restricted cash and cash equivalents and investments$8,852 $10,763 
Reflected as:
Other current assets$217 $1,253 
Noncurrent assets8,635 9,510 
Total investments and restricted cash and cash equivalents and investments$8,852 $10,763 

Investments

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

Rabbi trusts primarily hold corporate-owned life insurance on certain current and former key executives and directors. The Rabbi trusts were established to hold investments used to fund the obligations of various nonqualified executive and director compensation plans and to pay the costs of the trusts. The amount represents the cash surrender value of all of the policies included in the Rabbi trusts, net of amounts borrowed against the cash surrender value.
Gains (losses) on marketable securities, net recognized during the period consists of the following for the years ended December 31 (in millions):
202420232022
Unrealized gains (losses) recognized on marketable securities held at the reporting date$110 $252 $(1,487)
Net gains (losses) recognized on marketable securities sold during the period364 417 (515)
Gains (losses) on marketable securities, net$474 $669 $(2,002)

Equity Method Investments

The Company has invested in wind projects sponsored by third parties, commonly referred to as tax equity investments. Under the terms of these tax equity investments, the Company has entered into equity capital contribution agreements with the project sponsors that require contributions. The Company made no contributions in 2024, 2023 and 2022. Once a project achieves commercial operation, the Company enters into a partnership agreement with the project sponsor that directs and allocates the operating profits and tax benefits from the project. In December 2024, the Company acquired eight tax equity investments as part of the BHE B Inc. ("BHE B") merger as described in Note 18.

BHE, through separate subsidiaries, owns (i) 50% of Electric Transmission Texas, LLC, which owns and operates electric transmission assets in the Electric Reliability Council of Texas footprint; (ii) 50% of Iroquois, which owns and operates an interstate natural gas transmission system located in the states of New York and Connecticut; (iii) 50% of JAX LNG, LLC, which is an LNG supplier in Florida serving the growing marine and truck LNG markets; and (iv) 66.67% of Bridger Coal Company ("Bridger Coal"), which is a coal mining joint venture that supplies coal to PacifiCorp's Jim Bridger Nos. 3-4 generating facility. Bridger Coal is being accounted for under the equity method of accounting as the power to direct the activities that most significantly impact Bridger Coal's economic performance are shared with the joint venture partner. Coal purchases from Bridger Coal for the years ended December 31, 2024, 2023 and 2022 totaled $107 million, $115 million and $100 million, respectively.

Restricted Investments

MidAmerican Energy has established a trust for the investment of funds for decommissioning the Quad Cities Nuclear Station Units 1 and 2 ("Quad Cities Station"). The debt and equity securities in the trust are reported at fair value. Funds are invested in the trust in accordance with applicable federal and state investment guidelines and are restricted for use as reimbursement for costs of decommissioning the Quad Cities Station, which are currently licensed for operation until December 2032.
MEC  
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Investments
Investments and restricted investments consists of the following amounts as of December 31 (in millions):
20242023
Nuclear decommissioning trust$871 $767 
Rabbi trusts252 239 
Other24 24 
Total$1,147 $1,030 

MidAmerican Energy has established a trust for the investment of funds for decommissioning the Quad Cities Station. The debt and equity securities in the trust are reported at fair value. Funds are invested in the trust in accordance with applicable federal and state investment guidelines and are restricted for use as reimbursement for costs of decommissioning the Quad Cities Station, which is currently licensed for operation until December 2032. As of December 31, 2024 and 2023, the fair value of the trust's funds was invested as follows: 55% and 56%, respectively, in domestic common equity securities, 31% and 33%, respectively, in U.S. government securities, 13% and 9%, respectively, in domestic corporate debt securities and 1% and 2%, respectively, in other securities.

Rabbi trusts primarily hold corporate-owned life insurance on certain current and former key executives and directors. The Rabbi trusts were established to hold investments used to fund the obligations of various nonqualified executive and director compensation plans and to pay the costs of the trusts. The amount represents the cash surrender value of all of the policies included in the Rabbi trusts, net of amounts borrowed against the cash surrender value. Changes in the cash surrender value of the policies are reflected in other income (expense) - other, net on the Statements of Operations.
MidAmerican Funding, LLC  
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Investments
Refer to Note 6 of MidAmerican Energy's Notes to Financial Statements. In addition to MidAmerican Energy's investments and restricted investments, MHC had corporate-owned life insurance policies in a Rabbi trust owned by MHC with a total cash surrender value of $2 million as of December 31, 2024 and 2023.
EEGH  
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following as of December 31 (in millions):

20242023
Investments:
Investment funds$18 $19 
Equity method investments:
Iroquois243 262 
Total investments261 281 
Restricted cash and cash equivalents:
Customer deposits27 31 
Total restricted cash and cash equivalents27 31 
Total investments and restricted cash and cash equivalents$288 $312 
Reflected as:
Current assets$27 $31 
Noncurrent assets261 281 
Total investments and restricted cash and cash equivalents$288 $312 

Equity Method Investments

Eastern Energy Gas, through subsidiaries, holds 50% of Iroquois, which owns and operates an interstate natural gas transmission system located in the states of New York and Connecticut.

As of December 31, 2024 and 2023, the carrying amount of Eastern Energy Gas' investments exceeded its share of underlying equity in net assets by $130 million. The difference reflects equity method goodwill and is not being amortized. Eastern Energy Gas received distributions from its investments of $92 million, $73 million and $195 million for the years ended December 31, 2024, 2023 and 2022, respectively. In the third quarter of 2022, in connection with the settlement of regulated tax matters in the Iroquois rate case, Eastern Energy Gas released a long-term regulatory liability and recognized a $45 million benefit that was recorded in equity income (loss) in its Consolidated Statements of Operations.
EGTS  
Investments, Including Equity Method And Restricted Cash And Investments [Line Items]  
Investments and Restricted Cash and Cash Equivalents Investments and Restricted Cash and Cash Equivalents
Investments and restricted cash and cash equivalents consists of the following as of December 31 (in millions):

20242023
Investments:
Investment funds$18 $19 
Restricted cash and cash equivalents:
Customer deposits24 29 
Total restricted cash and cash equivalents24 29 
Total investments and restricted cash and cash equivalents$42 $48 
Reflected as:
Current assets$24 $29 
Other assets18 19 
Total investments and restricted cash and cash equivalents$42 $48