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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
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 (Credit)

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):
PensionOther Postretirement
202420232022202420232022
Service cost$14 $15 $22 $7 $8 $11 
Interest cost105 110 83 29 30 20 
Expected return on plan assets(126)(123)(108)(36)(33)(29)
Curtailment(1)— (10)— — — 
Settlement— (3)17 — — — 
Net amortization9 14 19 (1)(2)(1)
Net periodic benefit cost
$1 $13 $23 $(1)$3 $1 
Funded Status

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):
PensionOther Postretirement
2024202320242023
Plan assets at fair value, beginning of year$2,069 $2,013 $665 $614 
Employer contributions13 14 7 6 
Participant contributions— — 6 8 
Actual return on plan assets105 219 63 86 
Benefits paid (177)(177)(50)(49)
Plan assets at fair value, end of year$2,010 $2,069 $691 $665 

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):
PensionOther Postretirement
2024202320242023
Benefit obligation, beginning of year$2,050 $2,040 $565 $569 
Service cost14 15 7 8 
Interest cost105 110 29 30 
Participant contributions— — 6 8 
Actuarial (gain) loss
(57)62 (45)(1)
Amendment(3)— — — 
Benefits paid(177)(177)(50)(49)
Benefit obligation, end of year$1,932 $2,050 $512 $565 
Accumulated benefit obligation, end of year$1,900 $2,013 

The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):
PensionOther Postretirement
2024202320242023
Plan assets at fair value, end of year$2,010 $2,069 $691 $665 
Benefit obligation, end of year1,932 2,050 512 565 
Funded status$78 $19 $179 $100 
Amounts recognized on the Consolidated Balance Sheets:
Other assets$209 $160 $183 $104 
Other current liabilities(13)(13)— — 
Other long-term liabilities(118)(128)(4)(4)
Amounts recognized$78 $19 $179 $100 
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 $371 million and $341 million as of December 31, 2024 and 2023, 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 projected and accumulated benefit obligations for the SERP were $131 million and $141 million at December 31, 2024 and 2023, 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):
PensionOther Postretirement
2024202320242023
Net loss (gain)$283 $325 $(158)$(88)
Prior service (credit) cost(5)(3)18 20 
Regulatory deferrals19 22 — — 
Total$297 $344 $(140)$(68)

A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2024 and 2023 is as follows (in millions):
Accumulated
Regulatory
Other
Assets
Comprehensive
(Liabilities)
Loss (Income)
Total
Pension
Balance, December 31, 2022$390 $— $390 
Net gain arising during the year
(35)— (35)
Settlement3 — 3 
Net amortization(13)(1)(14)
Total(45)(1)(46)
Balance, December 31, 2023345 (1)344 
Net gain arising during the year
(30)(5)(35)
Net prior service credit arising during the year(3)— (3)
Net amortization(9)— (9)
Total(42)(5)(47)
Balance, December 31, 2024$303 $(6)$297 
Accumulated
RegulatoryOther
Assets
Comprehensive
(Liabilities)
Loss (Income)
Total
Other Postretirement
Balance, December 31, 2022$(14)$(2)$(16)
Net gain arising during the year(51)(3)(54)
Net amortization2 — 2 
Total(49)(3)(52)
Balance, December 31, 2023(63)(5)(68)
Net gain arising during the year
(68)(5)(73)
Net amortization1 — 1 
Total(67)(5)(72)
Balance, December 31, 2024$(130)$(10)$(140)

Plan Assumptions

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

PensionOther Postretirement
202420232022202420232022
Benefit obligations as of December 31:
Discount rate5.77 %5.36 %5.65 %5.73 %5.35 %4.54 %
Rate of compensation increase3.00 %3.00 %3.00 %N/AN/AN/A
Interest crediting rates for cash balance plan
2022N/AN/A3.25 %N/AN/AN/A
2023N/A4.19 %4.25 %N/AN/AN/A
20244.65 %4.58 %4.25 %N/AN/AN/A
20254.41 %4.58 %3.65 %N/AN/AN/A
20264.41 %3.73 %3.65 %N/AN/AN/A
2027 and beyond
3.99 %3.73 %3.65 %N/AN/AN/A
Net periodic benefit cost for the years ended December 31:
Discount rate5.36 %5.65 %2.98 %5.35 %5.58 %2.95 %
Expected return on plan assets6.19 %6.10 %4.30 %5.71 %5.84 %4.20 %
Rate of compensation increase3.00 %3.00 %2.75 %N/AN/AN/A
Interest crediting rate for cash balance plan4.65 %4.19 %3.25 %N/AN/AN/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.
20242023
Assumed healthcare cost trend rates as of December 31:
Healthcare cost trend rate assumed for next year7.00 %6.44 %
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 at20332028
Contributions and Benefit Payments

Employer contributions to the pension and other postretirement benefit plans are expected to be $13 million and $1 million, respectively, during 2025. 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 2025 through 2029 and for the five years thereafter are summarized below (in millions):
Projected Benefit
Payments
Other
PensionPostretirement
2025$187 $53 
2026183 53 
2027178 53 
2028171 51 
2029166 49 
2030-2034756 217 

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, 2024:
Other
PensionPostretirement
%%
PacifiCorp:
Debt securities(1)
50-80
78-85
Equity securities(1)
10-50
14-20
Limited partnership interests
0-10
1-2
MidAmerican Energy:
Debt securities(1)
40-60
20-40
Equity securities(1)
30-60
60-80
Other
0-15
0-5
NV Energy:
Debt securities(1)
65-80
67-88
Equity securities(1)
20-35
12-33

(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 1Level 2Total
As of December 31, 2024:
Cash equivalents$— $15 $15 
Debt securities:
U.S. government obligations156 — 156 
Corporate obligations— 639 639 
Municipal obligations— 33 33 
Agency, asset and mortgage-backed obligations— 103 103 
Equity securities:
U.S. companies180 — 180 
International companies1 — 1 
Total assets in the fair value hierarchy$337 $790 1,127 
Investment funds(2) measured at net asset value
861 
Limited partnership interests(3) measured at net asset value
22 
Total assets measured at fair value$2,010 
As of December 31, 2023:
Cash equivalents$— $40 $40 
Debt securities:
U.S. government obligations129 — 129 
Corporate obligations— 620 620 
Municipal obligations— 40 40 
Agency, asset and mortgage-backed obligations— 104 104 
Equity securities:
U.S. companies189 — 189 
International companies1 — 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 

(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 53% and 47%, respectively, for 2024 and 51% and 49%, respectively, for 2023. Additionally, these funds are invested in U.S. and international securities of approximately 94% and 6%, respectively, for 2024 and 94% and 6%, respectively, for 2023.
(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 1Level 2Total
As of December 31, 2024:
Cash equivalents$9 $13 $22 
Debt securities:
U.S. government obligations18 — 18 
Corporate obligations— 37 37 
Municipal obligations— 43 43 
Agency, asset and mortgage-backed obligations— 55 55 
Equity securities:
U.S. companies7 — 7 
Investment funds(2)
375 — 375 
Total assets in the fair value hierarchy$409 $148 557 
Investment funds(2) measured at net asset value
134 
Total assets measured at fair value$691 
As of December 31, 2023:
Cash equivalents$13 $9 $22 
Debt securities:
U.S. government obligations11 — 11 
Corporate obligations— 50 50 
Municipal obligations— 45 45 
Agency, asset and mortgage-backed obligations— 56 56 
Equity securities:
U.S. companies8 — 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 

(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 59% and 41%, respectively, for 2024 and 55% and 45%, respectively, for 2023. Additionally, these funds are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2024 and 88% and 12%, respectively, for 2023.

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 (Credit)

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):

202420232022
Service cost$6 $6 $14 
Interest cost54 57 35 
Expected return on plan assets(80)(80)(92)
Net amortization29 26 24 
Net periodic benefit cost (credit)
$9 $9 $(19)
    
Funded Status

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):
20242023
Plan assets at fair value, beginning of year$1,402 $1,363 
Employer contributions12 13 
Participant contributions1 1 
Actual return on plan assets(71)52 
Benefits paid(80)(97)
Foreign currency exchange rate changes(22)70 
Plan assets at fair value, end of year$1,242 $1,402 
The following table is a reconciliation of the benefit obligation for the years ended December 31 (in millions):
20242023
Benefit obligation, beginning of year$1,219 $1,175 
Service cost6 6 
Interest cost54 57 
Participant contributions1 1 
Actuarial (gain) loss
(107)1 
Amendment— 16 
Benefits paid(80)(97)
Foreign currency exchange rate changes(19)60 
Benefit obligation, end of year$1,074 $1,219 
Accumulated benefit obligation, end of year$970 $1,103 

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):
20242023
Plan assets at fair value, end of year$1,242 $1,402 
Benefit obligation, end of year1,074 1,219 
Funded status$168 $183 
Amounts recognized on the Consolidated Balance Sheets:
Other assets$168 $183 

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):
20242023
Net loss$541 $532 
Prior service cost40 44 
Total$581 $576 

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):
20242023
Balance, beginning of year$576 $529 
Net loss arising during the year
44 29 
Net prior service cost arising during the year— 16 
Net amortization(29)(26)
Foreign currency exchange rate changes(10)28 
Total 5 47 
Balance, end of year$581 $576 
Plan Assumptions

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:
202420232022
Benefit obligations as of December 31:
Discount rate5.50 %4.55 %4.80 %
Rate of compensation increase3.30 %3.00 %3.20 %
Rate of future price inflation3.05 %2.75 %2.95 %
Net periodic benefit cost for the years ended December 31:
Discount rate4.55 %4.80 %1.95 %
Expected return on plan assets5.95 %6.00 %4.40 %
Rate of compensation increase3.00 %3.20 %3.45 %
Rate of future price inflation2.75 %2.95 %2.95 %
    
Contributions and Benefit Payments

Employer contributions to the UK Plan are expected to be £8 million during 2025. The expected benefit payments to participants in the UK Plan for 2025 through 2029 and for the five years thereafter, excluding lump sum settlement elections and using the foreign currency exchange rate as of December 31, 2024, are summarized below (in millions):
2025$81 
202683 
202785 
202887 
202989 
2030-2034483 
    
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, 2024:
%
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 1Level 2Level 3Total
As of December 31, 2024:
Cash equivalents$1 $22 $— $23 
Debt securities:
United Kingdom government obligations428 — — 428 
Equity securities:
Investment funds(2)
— 570 — 570 
Real estate funds— — 134 134 
Total$429 $592 $134 1,155 
Investment funds(2) measured at net asset value
87 
Total assets measured at fair value$1,242 
As of December 31, 2023:
Cash equivalents$8 $28 $— $36 
Debt securities:
United Kingdom government obligations579 — — 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 

(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 10% and 90%, respectively, for 2024 and 14% and 86%, respectively, for 2023.

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
202420232022
Beginning balance$136 $214 $269 
Actual return on plan assets still held at period end — (87)(27)
Foreign currency exchange rate changes(2)9 (28)
Ending balance$134 $136 $214 

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 $196 million, $177 million and $159 million for the years ended December 31, 2024, 2023 and 2022, 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 as a result of the amount of lump sum distributions in the Retirement Plan exceeding the service and interest cost threshold. As a result of the settlement accounting, PacifiCorp recognized settlement losses of $6 million, net of regulatory deferrals, during the year ended December 31, 2022.

Net Periodic Benefit Cost (Credit)

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 (credit) cost for the plans included the following components for the years ended December 31 (in millions):
PensionOther Postretirement
202420232022202420232022
Service cost$— $— $— $1 $1 $2 
Interest cost37 39 29 11 11 8 
Expected return on plan assets(47)(49)(42)(14)(13)(11)
Settlement(1)
— — 6 — — — 
Net amortization9 12 16 (2)(2)1 
Net periodic benefit (credit) cost
$(1)$2 $9 $(4)$(3)$— 

(1)Pension amounts represent settlement losses of $— million, $— million and $24 million, net of deferrals of $— million, $— million and $18 million, during the years ended December 31, 2024, 2023 and 2022.
Funded Status

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):
PensionOther Postretirement
2024202320242023
Plan assets at fair value, beginning of year$764 $758 $271 $264 
Employer contributions(1)
4 4 — — 
Participant contributions— — 3 4 
Actual return on plan assets
31 73 15 25 
Benefits paid(71)(71)(22)(22)
Plan assets at fair value, end of year$728 $764 $267 $271 

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

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):
PensionOther Postretirement
2024202320242023
Benefit obligation, beginning of year$740 $746 $215 $219 
Service cost
— — 1 1 
Interest cost
37 39 11 11 
Participant contributions— — 3 4 
Actuarial (gain) loss
(23)26 (12)2 
Benefits paid(71)(71)(22)(22)
Benefit obligation, end of year$683 $740 $196 $215 
Accumulated benefit obligation, end of year$683 $740 

The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions):
PensionOther Postretirement
2024202320242023
Plan assets at fair value, end of year$728 $764 $267 $271 
Less - Benefit obligation, end of year
683 740 196 215 
Funded status$45 $24 $71 $56 
Amounts recognized on the Consolidated Balance Sheets:
Other assets$83 $65 $71 $56 
Accrued employee expenses(4)(4)— — 
Other long-term liabilities(34)(37)— — 
Amounts recognized$45 $24 $71 $56 
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 $76 million and $68 million as of December 31, 2024 and 2023, 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, 2024 and 2023, respectively, on the Consolidated Balance Sheets. The projected and accumulated benefit obligations for the SERP were $38 million and $41 million at December 31, 2024 and 2023, respectively.

As of December 31, 2024, 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):
PensionOther Postretirement
2024202320242023
Net loss (gain)$258 $270 $(53)$(42)
Regulatory deferrals(1)
19 22 — — 
Total$277 $292 $(53)$(42)

(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, 2024 and 2023 is as follows (in millions):
Accumulated
Other
RegulatoryComprehensive
AssetLossTotal
Pension
Balance, December 31, 2022$290 $12 $302 
Net loss arising during the year
— 2 2 
Net amortization(11)(1)(12)
Total(11)1 (10)
Balance, December 31, 2023279 13 292 
Net gain arising during the year
(5)(1)(6)
Net amortization(9)— (9)
Total(14)(1)(15)
Balance, December 31, 2024$265 $12 $277 
Regulatory
Liability
Other Postretirement
Balance, December 31, 2022$(35)
Net gain arising during the year(9)
Net amortization2 
Total(7)
Balance, December 31, 2023(42)
Net gain arising during the year(13)
Net amortization2 
Total(11)
Balance, December 31, 2024$(53)
Plan Assumptions

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:
PensionOther Postretirement
202420232022202420232022
Benefit obligations as of December 31:
Discount rate5.80 %5.20 %5.55 %5.75 %5.20 %5.50 %
Interest crediting rates for cash balance plan - non-union
2022N/AN/A0.88 %N/AN/AN/A
2023N/A4.73 %4.73 %N/AN/AN/A
20245.98 %5.98 %4.73 %N/AN/AN/A
20255.03 %5.98 %2.60 %N/AN/AN/A
20265.03 %3.10 %2.60 %N/AN/AN/A
2027 and beyond
3.60 %3.10 %2.60 %N/AN/AN/A
Interest crediting rates for cash balance plan - union
2022N/AN/A1.94 %N/AN/AN/A
2023N/A3.55 %3.55 %N/AN/AN/A
20244.47 %4.47 %3.55 %N/AN/AN/A
20254.04 %4.47 %2.40 %N/AN/AN/A
20264.04 %2.70 %2.40 %N/AN/AN/A
2027 and beyond3.10 %2.70 %2.40 %N/AN/AN/A
Net periodic benefit cost for the years ended December 31:
Discount rate5.20 %5.55 %2.90 %5.20 %5.50 %2.90 %
Expected return on plan assets5.90 %6.00 %4.70 %4.87 %4.78 %3.44 %

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 2025. 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 2025 through 2029 and for the five years thereafter are summarized below (in millions):
Projected Benefit Payments
PensionOther Postretirement
2025$74 $21 
202671 21 
202768 21 
202864 20 
202961 19 
2030-2034265 82 

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.

The target allocations (percentage of plan assets) for PacifiCorp's pension and other postretirement benefit plan assets are as follows as of December 31, 2024:
Pension(1)
Other Postretirement(1)
%%
Debt securities(2)
50 - 80
78 - 85
Equity securities(2)
10 - 50
14 - 20
Other
0 - 10
1 - 2

(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, 2024:
Cash equivalents$— $3 $— $3 
Debt securities:
U.S. government obligations59 — — 59 
Corporate obligations— 229 — 229 
Municipal obligations— 13 — 13 
Agency, asset and mortgage-backed obligations— 52 — 52 
Equity securities:
U.S. companies65 — — 65 
Total assets in the fair value hierarchy$124 $297 $— $421 
Investment funds(2) measured at net asset value
285 
Limited partnership interests(3) measured at net asset value
22 
Investments at fair value$728 
As of December 31, 2023:
Cash equivalents$— $28 $— $28 
Debt securities:
U.S. government obligations52 — — 52 
Corporate obligations— 232 — 232 
Municipal obligations— 16 — 16 
Agency, asset and mortgage-backed obligations— 47 — 47 
Equity securities:
U.S. companies53 — — 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 

(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 40% and 60%, respectively, for 2024 and 41% and 59%, respectively, for 2023, and are invested in U.S. and international securities of approximately 88% and 12%, respectively, for 2024 and 2023.
(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, 2024:
Cash and cash equivalents$— $6 $— $6 
Debt securities:
U.S. government obligations16 — — 16 
Corporate obligations— 34 — 34 
Municipal obligations— 18 — 18 
Agency, asset and mortgage-backed obligations— 52 — 52 
Equity securities:
U.S. companies7 — — 7 
Total assets in the fair value hierarchy$23 $110 $— 133 
Investment funds(2) measured at net asset value
134 
Investments at fair value$267 
As of December 31, 2023:
Cash and cash equivalents$4 $3 $— $7 
Debt securities:
U.S. government obligations9 — — 9 
Corporate obligations— 45 — 45 
Municipal obligations— 19 — 19 
Agency, asset and mortgage-backed obligations— 50 — 50 
Equity securities:
U.S. companies8 — — 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 

(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 39% and 61%, respectively, for 2024 and 38% and 62%, respectively, for 2023, and are invested in U.S. and international securities of approximately 90% and 10%, respectively, for 2024 and 89% and 11%, respectively, for 2023.

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 nameEmployer Identification Number202420232022Funding improvement planSurcharge imposed under PPA of 2006202420232022Year contributions to plan exceeded more than 5% of total contributions
Local 57 Trust Fund87-0640888
At least
80%
At least 80%
At least 80%
NoneNone$5 $5 $6 
2024, 2023, 2022

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 expire in 2028.

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, 2024, 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 $55 million, $48 million and $44 million for the years ended December 31, 2024, 2023 and 2022, 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. In 2024 and 2022, the defined benefit pension plan recorded a curtailment gain of $1 million and $10 million, respectively, as a result of certain plan amendments. In 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.

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 2024, 2023 and 2022, MidAmerican Energy's share of the pension net periodic benefit cost was $(4) million, $(5) million and $(2) million, respectively. MidAmerican Energy's share of the other postretirement net periodic benefit cost in 2024, 2023 and 2022 totaled $1 million, $2 million and $(2) 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):
PensionOther Postretirement
202420232022202420232022
Service cost$9 $10 $15 $5 $5 $8 
Interest cost31 32 23 13 13 8 
Expected return on plan assets(31)(30)(27)(16)(14)(14)
Curtailment(1)— (10)— — — 
Settlement— (3)4 — — — 
Net amortization(1)— 1 1 — (2)
Net periodic benefit cost$7 $9 $6 $3 $4 $— 

Funded Status

The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions):
PensionOther Postretirement
2024202320242023
Plan assets at fair value, beginning of year$516 $490 $278 $240 
Employer contributions7 7 3 3 
Participant contributions— — 1 1 
Actual return on plan assets45 64 41 51 
Benefits paid(46)(45)(17)(17)
Plan assets at fair value, end of year$522 $516 $306 $278 

The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions):
PensionOther Postretirement
2024202320242023
Benefit obligation, beginning of year$598 $586 $241 $243 
Service cost9 10 5 5 
Interest cost31 32 13 13 
Participant contributions— — 1 1 
Actuarial (gain) loss(17)15 (24)(4)
Amendment(3)— — — 
Benefits paid(46)(45)(17)(17)
Benefit obligation, end of year$572 $598 $219 $241 
Accumulated benefit obligation, end of year$542 $564 
The funded status of the plans and the amounts recognized on the Balance Sheets as of December 31 are as follows (in millions):
PensionOther Postretirement
2024202320242023
Plan assets at fair value, end of year$522 $516 $306 $278 
Less - Benefit obligation, end of year572 598 219 241 
Funded status$(50)$(82)$87 $37 
Amounts recognized on the Balance Sheets:
Other assets$29 $3 $87 $37 
Other current liabilities(7)(8)— — 
Other long-term liabilities(72)(77)— — 
Amounts recognized$(50)$(82)$87 $37 

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 $157 million and $149 million as of December 31, 2024 and 2023, 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. The projected and accumulated benefit obligations for the SERP were $79 million and $85 million at December 31, 2024 and 2023, 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):
PensionOther Postretirement
2024202320242023
Net gain$(49)$(19)$(79)$(30)
Prior service (credit) cost (5)(3)17 18 
Total$(54)$(22)$(62)$(12)

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, 2024 and 2023 is as follows (in millions):
Regulatory
Asset
Regulatory
Liability
Receivables
(Payables)
with Affiliates
Total
Pension
Balance, December 31, 2022$14 $(1)$(20)$(7)
Net loss (gain) arising during the year2 (22)2 (18)
Settlement— 3 — 3 
Total2 (19)2 (15)
Balance, December 31, 202316 (20)(18)(22)
Net loss (gain) arising during the year1 (22)(9)(30)
Net prior service credit arising during the year— — (3)(3)
Net amortization— — 1 1 
Total1 (22)(11)(32)
Balance, December 31, 2024$17 $(42)$(29)$(54)


Regulatory
Asset
Regulatory
Liability
Receivables
(Payables)
with Affiliates
Total
Other Postretirement
Balance, December 31, 2022$33 $— $(3)$30 
Net (gain) loss arising during the year(33)3 (11)(41)
Net amortization— 1 (2)(1)
Total(33)4 (13)(42)
Balance, December 31, 2023— 4 (16)(12)
Net gain arising during the year— (35)(14)(49)
Net amortization— — (1)(1)
Total— (35)(15)(50)
Balance, December 31, 2024$— $(31)$(31)$(62)
Plan Assumptions

Assumptions used to determine benefit obligations and net periodic benefit cost were as follows:
PensionOther Postretirement
202420232022202420232022
Benefit obligations as of December 31:
Discount rate5.75 %5.45 %5.70 %5.70 %5.45 %5.60 %
Rate of compensation increase3.00 %3.00 %3.00 %N/AN/AN/A
Interest crediting rates for cash balance plan
2022N/AN/A3.74 %N/AN/AN/A
2023N/A3.50 %3.74 %N/AN/AN/A
20243.81 %3.50 %3.74 %N/AN/AN/A
20253.81 %3.50 %3.74 %N/AN/AN/A
20263.81 %3.50 %3.74 %N/AN/AN/A
2027 and beyond3.81 %3.50 %3.74 %N/AN/AN/A
Net periodic benefit cost for the years ended December 31:
Discount rate5.45 %5.70 %3.05 %5.45 %5.60 %2.95 %
Expected return on plan assets(1)
6.55 %6.35 %4.30 %6.65 %6.80 %5.30 %
Rate of compensation increase3.00 %3.00 %2.75 %N/AN/AN/A
Interest crediting rates for cash balance plan3.81 %3.50 %3.74 %N/AN/AN/A
(1)Amounts reflected are pretax values. Assumed after-tax returns for a taxable, non-union other postretirement plan were 5.45% for 2024, 5.52% for 2023 and 4.21% for 2022.

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.
20242023
Assumed healthcare cost trend rates as of December 31:
Healthcare cost trend rate assumed for next year7.00 %6.20 %
Rate that the cost trend rate gradually declines to5.00 %5.00 %
Year that the rate reaches the rate it is assumed to remain at20332028
Contributions and Benefit Payments

Employer contributions to the pension and other postretirement benefit plans are expected to be $7 million and $1 million, respectively, during 2025. 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 2025 through 2029 and for the five years thereafter are summarized below (in millions):
Projected Benefit Payments
PensionOther Postretirement
2025$55 $22 
202654 22 
202752 22 
202850 22 
202949 22 
2030-2034223 96 

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, 2024:
Pension
Other
Postretirement
%%
Debt securities(1)
40-60
20-40
Equity securities(1)
30-60
60-80
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 1Level 2Level 3Total
As of December 31, 2024:
Cash equivalents$— $11 $— $11 
Debt securities:
U.S. government obligations27 — — 27 
Corporate obligations— 117 — 117 
Municipal obligations— 5 — 5 
Agency, asset and mortgage-backed obligations— 15 — 15 
Equity securities:
U.S. companies53 — — 53 
International companies1 — — 1 
Total assets in the fair value hierarchy$81 $148 $— 229 
Investment funds(2) measured at net asset value
293 
Total assets measured at fair value$522 
As of December 31, 2023:
Cash equivalents$— $11 $— $11 
Debt securities:
U.S. government obligations25 — — 25 
Corporate obligations— 110 — 110 
Municipal obligations— 6 — 6 
Agency, asset and mortgage-backed obligations— 14 — 14 
Equity securities:
U.S. companies65 — — 65 
International companies1 — — 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 
(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 71% and 29%, respectively, for 2024 and 68% and 32%, respectively, for 2023. Additionally, these funds are invested in U.S. and international securities of approximately 94% and 6%, respectively, for 2024 and 93% and 7%, respectively, for 2023.
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 1Level 2Level 3Total
As of December 31, 2024:
Cash equivalents$9 $— $— $9 
Debt securities:
U.S. government obligations2 — — 2 
Corporate obligations— 3 — 3 
Municipal obligations— 25 — 25 
Agency, asset and mortgage-backed obligations— 3 — 3 
Equity securities:
Investment funds(2)
264 — — 264 
Total assets measured at fair value$275 $31 $— $306 
As of December 31, 2023:
Cash equivalents$9 $— $— $9 
Debt securities:
U.S. government obligations2 — — 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 
(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 84% and 16%, respectively, for 2024 and 83% and 17%, respectively, for 2023. Additionally, these funds are invested in U.S. and international securities of approximately 84% and 16%, respectively, for 2024 and 83% and 17%, respectively, for 2023.

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 $36 million, $34 million, and $33 million for the years ended December 31, 2024, 2023 and 2022, 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):
202420232022
Pension costs$11 $14 $8 
Other postretirement costs2 2 1 
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, 2024, 2023 and 2022. Nevada Power contributed $1 million to the Non-Qualified Pension Plans for the years ended December 31, 2024, 2023 and 2022. Nevada Power did not make any contributions to the Other Postretirement Plans for the years ended December 31, 2024, 2023 and 2022. 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):
20242023
Qualified Pension Plan -
Other non-current assets$39 $38 
Non-Qualified Pension Plans:
Other current liabilities(1)(1)
Other long-term liabilities(6)(6)
Other Postretirement Plans -
Other non-current assets19 10 
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, 2024, 2023 and 2022. Sierra Pacific contributed $1 million to the Non-Qualified Pension Plans for the years ended December 31, 2024, 2023 and 2022. Sierra Pacific contributed $3 million, $3 million, and $5 million to the Other Post Retirement Plans for the years ended December 31, 2024, 2023, and 2022 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):
20242023
Qualified Pension Plan -
Other non-current assets$59 $53 
Non-Qualified Pension Plans:
Other current liabilities(1)(1)
Other long-term liabilities(5)(5)
Other Postretirement Plans:
Other non-current assets
5 1 
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 $7 million, $8 million and $14 million of contributions to the MidAmerican Energy Company Retirement Plan for the years ended December 31, 2024, 2023 and 2022, respectively. Eastern Energy Gas made $2 million of contributions to the MidAmerican Energy Company Welfare Benefit Plan for the years ended December 31, 2024, 2023 and 2022. 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 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. Beginning April 1, 2023, certain participants 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 $14 million, $12 million and $6 million for the years ended December 31, 2024, 2023 and 2022, 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, $7 million and $12 million of contributions to the MidAmerican Energy Company Retirement Plan for the years ended December 31, 2024, 2023 and 2022, respectively. EGTS made $2 million of contributions to the MidAmerican Energy Company Welfare Benefit Plan for the years ended December 31, 2024, 2023 and 2022. 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 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. Beginning April 1, 2023, certain participants receive enhanced benefits in the plan and no longer accrue benefits in the noncontributory defined benefit pension plans. EGTS' contributions to the plans were $10 million, $9 million and $5 million for the years ended December 31, 2024, 2023 and 2022, respectively.