Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

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

	Pension						Other Postretirement
	2024		2023		2022		2024		2023		2022
Service cost	$	14	$	15	$	22	$	7	$	8	$	11
Interest cost	105		110		83		29		30		20
Expected return on plan assets	(126)		(123)		(108)		(36)		(33)		(29)
Curtailment	(1)		—		(10)		—		—		—
Settlement	—		(3)		17		—		—		—
Net amortization	9		14		19		(1)		(2)		(1)
Net periodic benefit cost	$	1	$	13	$	23	$	(1)	$	3	$	1

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

	2024		2023		2022
Service cost	$	6	$	6	$	14
Interest cost	54		57		35
Expected return on plan assets	(80)		(80)		(92)
Net amortization	29		26		24
Net periodic benefit cost (credit)	$	9	$	9	$	(19)

Changes in Fair Value of Plan Assets

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

	Pension				Other Postretirement
	2024		2023		2024		2023
Plan assets at fair value, beginning of year	$	2,069	$	2,013	$	665	$	614
Employer contributions	13		14		7		6
Participant contributions	—		—		6		8
Actual return on plan assets	105		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 fair value of plan assets for the years ended December 31 (in millions):

	2024		2023
Plan assets at fair value, beginning of year	$	1,402	$	1,363
Employer contributions	12		13
Participant contributions	1		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

Changes in Projected Benefit Obligations

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

	Pension				Other Postretirement
	2024		2023		2024		2023
Benefit obligation, beginning of year	$	2,050	$	2,040	$	565	$	569
Service cost	14		15		7		8
Interest cost	105		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 following table is a reconciliation of the benefit obligation for the years ended December 31 (in millions):

	2024		2023
Benefit obligation, beginning of year	$	1,219	$	1,175
Service cost	6		6
Interest cost	54		57
Participant contributions	1		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

Schedule of Net Funded Status

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

	Pension				Other Postretirement
	2024		2023		2024		2023
Plan assets at fair value, end of year	$	2,010	$	2,069	$	691	$	665
Benefit obligation, end of year	1,932		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

Benefit Obligations in Excess of Fair Value of Plan Assets

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):

	2024		2023
Plan assets at fair value, end of year	$	1,242	$	1,402
Benefit obligation, end of year	1,074		1,219
Funded status	$	168	$	183
Amounts recognized on the Consolidated Balance Sheets:
Other assets	$	168	$	183

Net Periodic Benefit Costs Not Yet Recognized

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

	Pension				Other Postretirement
	2024		2023		2024		2023
Net loss (gain)	$	283	$	325	$	(158)	$	(88)
Prior service (credit) cost	(5)		(3)		18		20
Regulatory deferrals	19		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)
Settlement	3		—		3
Net amortization	(13)		(1)		(14)
Total	(45)		(1)		(46)
Balance, December 31, 2023	345		(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
	Regulatory		Other
	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 amortization	2		—		2
Total	(49)		(3)		(52)
Balance, December 31, 2023	(63)		(5)		(68)
Net gain arising during the year	(68)		(5)		(73)
Net amortization	1		—		1
Total	(67)		(5)		(72)
Balance, December 31, 2024	$	(130)	$	(10)	$	(140)

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):

	2024		2023
Net loss	$	541	$	532
Prior service cost	40		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):

	2024		2023
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

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

	Pension						Other Postretirement
	2024		2023		2022		2024		2023		2022
Benefit obligations as of December 31:
Discount rate	5.77	%	5.36	%	5.65	%	5.73	%	5.35	%	4.54	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan
2022	N/A		N/A		3.25	%	N/A		N/A		N/A
2023	N/A		4.19	%	4.25	%	N/A		N/A		N/A
2024	4.65	%	4.58	%	4.25	%	N/A		N/A		N/A
2025	4.41	%	4.58	%	3.65	%	N/A		N/A		N/A
2026	4.41	%	3.73	%	3.65	%	N/A		N/A		N/A
2027 and beyond	3.99	%	3.73	%	3.65	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	5.36	%	5.65	%	2.98	%	5.35	%	5.58	%	2.95	%
Expected return on plan assets	6.19	%	6.10	%	4.30	%	5.71	%	5.84	%	4.20	%
Rate of compensation increase	3.00	%	3.00	%	2.75	%	N/A		N/A		N/A
Interest crediting rate for cash balance plan	4.65	%	4.19	%	3.25	%	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.

	2024		2023
Assumed healthcare cost trend rates as of December 31:
Healthcare cost trend rate assumed for next year	7.00	%	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 at	2033		2028

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

	2024		2023		2022
Benefit obligations as of December 31:
Discount rate	5.50	%	4.55	%	4.80	%
Rate of compensation increase	3.30	%	3.00	%	3.20	%
Rate of future price inflation	3.05	%	2.75	%	2.95	%
Net periodic benefit cost for the years ended December 31:
Discount rate	4.55	%	4.80	%	1.95	%
Expected return on plan assets	5.95	%	6.00	%	4.40	%
Rate of compensation increase	3.00	%	3.20	%	3.45	%
Rate of future price inflation	2.75	%	2.95	%	2.95	%

Expected Benefit Payments

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
	Pension		Postretirement
2025	$	187	$	53
2026	183		53
2027	178		53
2028	171		51
2029	166		49
2030-2034	756		217

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
2026	83
2027	85
2028	87
2029	89
2030-2034	483

Allocation of Plan Assets

The target allocations (percentage of plan assets) for the Company's pension and other postretirement benefit plan assets are as follows as of December 31, 2024:

		Other
	Pension	Postretirement
	%	%
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.

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, Assets and Liabilities Measured on Recurring Basis

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

	Input Levels for Fair Value Measurements(1)
	Level 1		Level 2		Total
As of December 31, 2024:
Cash equivalents	$	—	$	15	$	15
Debt securities:
U.S. government obligations	156		—		156
Corporate obligations	—		639		639
Municipal obligations	—		33		33
Agency, asset and mortgage-backed obligations	—		103		103
Equity securities:
U.S. companies	180		—		180
International companies	1		—		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 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

(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 1		Level 2		Total
As of December 31, 2024:
Cash equivalents	$	9	$	13	$	22
Debt securities:
U.S. government obligations	18		—		18
Corporate obligations	—		37		37
Municipal obligations	—		43		43
Agency, asset and mortgage-backed obligations	—		55		55
Equity securities:
U.S. companies	7		—		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 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

(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.

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, 2024:
Cash equivalents	$	1	$	22	$	—	$	23
Debt securities:
United Kingdom government obligations	428		—		—		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 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

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

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2024:
Assets:
Commodity derivatives	$	—	$	81	$	2	$	(22)	$	61
Interest rate derivatives	33		42		7		—		82
Mortgage loans held for sale	—		528		—		—		528
Money market mutual funds	927		—		—		—		927
Debt securities:
U.S. government obligations	271		—		—		—		271
Corporate obligations	—		109		—		—		109
Municipal obligations	—		2		—		—		2
Equity securities:
U.S. companies	479		—		—		—		479
International companies	424		—		—		—		424
Investment funds	313		—		—		—		313
	$	2,447	$	762	$	9	$	(22)	$	3,196
Liabilities:
Commodity derivatives	$	(15)	$	(141)	$	(74)	$	31	$	(199)
Foreign currency exchange rate derivatives	—		(23)		—		—		(23)
Interest rate derivatives	—		(1)		(2)		—		(3)
	$	(15)	$	(165)	$	(76)	$	31	$	(225)

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

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $9 million and $27 million as of December 31, 2024 and 2023, respectively.

Level Three Defined Benefit Plan Assets Roll Forward

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

	Real Estate Funds
	2024		2023		2022
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

PAC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

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

	Pension						Other Postretirement
	2024		2023		2022		2024		2023		2022
Service cost	$	—	$	—	$	—	$	1	$	1	$	2
Interest cost	37		39		29		11		11		8
Expected return on plan assets	(47)		(49)		(42)		(14)		(13)		(11)
Settlement(1)	—		—		6		—		—		—
Net amortization	9		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.

Changes in Fair Value of Plan Assets

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

	Pension				Other Postretirement
	2024		2023		2024		2023
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.

Changes in Projected Benefit Obligations

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

	Pension				Other Postretirement
	2024		2023		2024		2023
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

Benefit Obligations in Excess of Fair Value of Plan Assets

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

	Pension				Other Postretirement
	2024		2023		2024		2023
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

Net Periodic Benefit Costs Not Yet Recognized

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

	Pension				Other Postretirement
	2024		2023		2024		2023
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
	Regulatory		Comprehensive
	Asset		Loss		Total
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, 2023	279		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 amortization	2
Total	(7)
Balance, December 31, 2023	(42)
Net gain arising during the year	(13)
Net amortization	2
Total	(11)
Balance, December 31, 2024	$	(53)

Plan Assumptions

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

	Pension						Other Postretirement
	2024		2023		2022		2024		2023		2022
Benefit obligations as of December 31:
Discount rate	5.80	%	5.20	%	5.55	%	5.75	%	5.20	%	5.50	%
Interest crediting rates for cash balance plan - non-union
2022	N/A		N/A		0.88	%	N/A		N/A		N/A
2023	N/A		4.73	%	4.73	%	N/A		N/A		N/A
2024	5.98	%	5.98	%	4.73	%	N/A		N/A		N/A
2025	5.03	%	5.98	%	2.60	%	N/A		N/A		N/A
2026	5.03	%	3.10	%	2.60	%	N/A		N/A		N/A
2027 and beyond	3.60	%	3.10	%	2.60	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan - union
2022	N/A		N/A		1.94	%	N/A		N/A		N/A
2023	N/A		3.55	%	3.55	%	N/A		N/A		N/A
2024	4.47	%	4.47	%	3.55	%	N/A		N/A		N/A
2025	4.04	%	4.47	%	2.40	%	N/A		N/A		N/A
2026	4.04	%	2.70	%	2.40	%	N/A		N/A		N/A
2027 and beyond	3.10	%	2.70	%	2.40	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	5.20	%	5.55	%	2.90	%	5.20	%	5.50	%	2.90	%
Expected return on plan assets	5.90	%	6.00	%	4.70	%	4.87	%	4.78	%	3.44	%

Expected Benefit Payments

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
	Pension		Other Postretirement
2025	$	74	$	21
2026	71		21
2027	68		21
2028	64		20
2029	61		19
2030-2034	265		82

Allocation of Plan Assets

The target allocations (percentage of plan assets) for PacifiCorp's pension and other postretirement benefit plan assets are as follows as of December 31, 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, Assets and Liabilities Measured on Recurring Basis

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

	Input Levels for Fair Value Measurements
	Level 1(1)		Level 2(1)		Level 3(1)		Total
As of December 31, 2024:
Cash equivalents	$	—	$	3	$	—	$	3
Debt securities:
U.S. government obligations	59		—		—		59
Corporate obligations	—		229		—		229
Municipal obligations	—		13		—		13
Agency, asset and mortgage-backed obligations	—		52		—		52
Equity securities:
U.S. companies	65		—		—		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 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

(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 obligations	16		—		—		16
Corporate obligations	—		34		—		34
Municipal obligations	—		18		—		18
Agency, asset and mortgage-backed obligations	—		52		—		52
Equity securities:
U.S. companies	7		—		—		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 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

(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.

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

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2024:
Assets:
Commodity derivatives	$	—	$	27	$	—	$	(18)	$	9
Money market mutual funds	34		—		—		—		34
Investment funds	29		—		—		—		29
	$	63	$	27	$	—	$	(18)	$	72
Liabilities - Commodity derivatives	$	—	$	(124)	$	—	$	24	$	(100)
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	32	$	—	$	(14)	$	18
Money market mutual funds	175		—		—		—		175
Investment funds	26		—		—		—		26
	$	201	$	32	$	—	$	(14)	$	219
Liabilities - Commodity derivatives	$	—	$	(108)	$	—	$	24	$	(84)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $6 million and $10 million as of December 31, 2024 and 2023, respectively.

Schedule of Multiemployer Plans

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

		PPA of 2006 zone status or plan funded status percentage for plan years beginning July 1,					Contributions
Plan name	Employer Identification Number	2024	2023	2022	Funding improvement plan	Surcharge imposed under PPA of 2006	2024		2023		2022		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	$	5	$	6	2024, 2023, 2022

MEC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

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

	Pension						Other Postretirement
	2024		2023		2022		2024		2023		2022
Service cost	$	9	$	10	$	15	$	5	$	5	$	8
Interest cost	31		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	$	—

Changes in Fair Value of Plan Assets

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

	Pension				Other Postretirement
	2024		2023		2024		2023
Plan assets at fair value, beginning of year	$	516	$	490	$	278	$	240
Employer contributions	7		7		3		3
Participant contributions	—		—		1		1
Actual return on plan assets	45		64		41		51
Benefits paid	(46)		(45)		(17)		(17)
Plan assets at fair value, end of year	$	522	$	516	$	306	$	278

Changes in Projected Benefit Obligations

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

	Pension				Other Postretirement
	2024		2023		2024		2023
Benefit obligation, beginning of year	$	598	$	586	$	241	$	243
Service cost	9		10		5		5
Interest cost	31		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

Benefit Obligations in Excess of Fair Value of Plan Assets

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

	Pension				Other Postretirement
	2024		2023		2024		2023
Plan assets at fair value, end of year	$	522	$	516	$	306	$	278
Less - Benefit obligation, end of year	572		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

Net Periodic Benefit Costs Not Yet Recognized

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

	Pension				Other Postretirement
	2024		2023		2024		2023
Net gain	$	(49)	$	(19)	$	(79)	$	(30)
Prior service (credit) cost	(5)		(3)		17		18
Total	$	(54)	$	(22)	$	(62)	$	(12)

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 year	2		(22)		2		(18)
Settlement	—		3		—		3
Total	2		(19)		2		(15)
Balance, December 31, 2023	16		(20)		(18)		(22)
Net loss (gain) arising during the year	1		(22)		(9)		(30)
Net prior service credit arising during the year	—		—		(3)		(3)
Net amortization	—		—		1		1
Total	1		(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:

	Pension						Other Postretirement
	2024		2023		2022		2024		2023		2022
Benefit obligations as of December 31:
Discount rate	5.75	%	5.45	%	5.70	%	5.70	%	5.45	%	5.60	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan
2022	N/A		N/A		3.74	%	N/A		N/A		N/A
2023	N/A		3.50	%	3.74	%	N/A		N/A		N/A
2024	3.81	%	3.50	%	3.74	%	N/A		N/A		N/A
2025	3.81	%	3.50	%	3.74	%	N/A		N/A		N/A
2026	3.81	%	3.50	%	3.74	%	N/A		N/A		N/A
2027 and beyond	3.81	%	3.50	%	3.74	%	N/A		N/A		N/A
Net periodic benefit cost for the years ended December 31:
Discount rate	5.45	%	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 increase	3.00	%	3.00	%	2.75	%	N/A		N/A		N/A
Interest crediting rates for cash balance plan	3.81	%	3.50	%	3.74	%	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 5.45% 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.

	2024		2023
Assumed healthcare cost trend rates as of December 31:
Healthcare cost trend rate assumed for next year	7.00	%	6.20	%
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	2033		2028

Expected Benefit Payments

Net periodic benefit costs assigned to MidAmerican Energy affiliates are reimbursed currently in accordance with its intercompany administrative services agreement. The expected benefit payments to participants in MidAmerican Energy's pension and other postretirement benefit plans for 2025 through 2029 and for the five years thereafter are summarized below (in millions):

	Projected Benefit Payments
	Pension		Other Postretirement
2025	$	55	$	22
2026	54		22
2027	52		22
2028	50		22
2029	49		22
2030-2034	223		96

Allocation of Plan Assets

The target allocations (percentage of plan assets) for MidAmerican Energy's pension and other postretirement benefit plan assets are as follows as of December 31, 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, Assets and Liabilities Measured on Recurring Basis

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

	Input Levels for Fair Value Measurements(1)
	Level 1		Level 2		Level 3		Total
As of December 31, 2024:
Cash equivalents	$	—	$	11	$	—	$	11
Debt securities:
U.S. government obligations	27		—		—		27
Corporate obligations	—		117		—		117
Municipal obligations	—		5		—		5
Agency, asset and mortgage-backed obligations	—		15		—		15
Equity securities:
U.S. companies	53		—		—		53
International companies	1		—		—		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 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

(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 1		Level 2		Level 3		Total
As of December 31, 2024:
Cash equivalents	$	9	$	—	$	—	$	9
Debt securities:
U.S. government obligations	2		—		—		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 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

(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.

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

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2024:
Assets:
Commodity derivatives	$	—	$	5	$	1	$	(3)	$	3
Money market mutual funds	538		—		—		—		538
Debt securities:
U.S. government obligations	271		—		—		—		271
Corporate obligations	—		109		—		—		109
Municipal obligations	—		2		—		—		2
Equity securities:
U.S. companies	479		—		—		—		479
International companies	9		—		—		—		9
Investment funds	23		—		—		—		23
	$	1,320	$	116	$	1	$	(3)	$	1,434
Liabilities - commodity derivatives	$	—	$	(15)	$	(3)	$	6	$	(12)
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	15	$	—	$	(2)	$	13
Money market mutual funds	643		—		—		—		643
Debt securities:
U.S. government obligations	257		—		—		—		257
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	9		—		—		—		9
Investment funds	19		—		—		—		19
	$	1,355	$	88	$	—	$	(2)	$	1,441
Liabilities - commodity derivatives	$	—	$	(15)	$	(11)	$	14	$	(12)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $3 million and $12 million as of December 31, 2024 and 2023, respectively.

MidAmerican Funding, LLC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

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

	2024		2023		2022
Pension costs	$	11	$	14	$	8
Other postretirement costs	2		2		1

NPC

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

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

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of December 31, 2024:
Assets:
Money market mutual funds	$	15	$	—	$	—	$	15
Investment funds	4		—		—		4
	$	19	$	—	$	—	$	19
Liabilities - commodity derivatives	$	—	$	—	$	(57)	$	(57)
As of December 31, 2023:
Assets:
Money market mutual funds	$	10	$	—	$	—	$	10
Investment funds	4		—		—		4
	$	14	$	—	$	—	$	14
Liabilities - commodity derivatives	$	—	$	—	$	(68)	$	(68)

Schedule of Amounts Recognized in Balance Sheet

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

	2024		2023
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 assets	19		10

SPPC

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

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

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of December 31, 2024:
Assets:
Commodity derivatives	$	—	$	—	$	1	$	1
Money market mutual funds	12		—		—		12
Investment funds	1		—		—		1
	$	13	$	—	$	1	$	14
Liabilities - commodity derivatives	$	—	$	—	$	(14)	$	(14)
As of December 31, 2023:
Assets:
Money market mutual funds	$	41	$	—	$	—	$	41
Investment funds	1		—		—		1
	$	42	$	—	$	—	$	42
Liabilities - commodity derivatives	$	—	$	—	$	(16)	$	(16)

Schedule of Amounts Recognized in Balance Sheet

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

	2024		2023
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]

Fair Value, Assets and Liabilities Measured on Recurring Basis

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

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of December 31, 2024
Assets:
Money market mutual funds	$	34	$	—	$	—	$	34
Equity securities:
Investment funds	18		—		—		18
	$	52	$	—	$	—	$	52
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(23)	$	—	$	(23)
	$	—	$	(23)	$	—	$	(23)
As of December 31, 2023
Assets:
Money market mutual funds	$	62	$	—	$	—	$	62
Equity securities:
Investment funds	19		—		—		19
	$	81	$	—	$	—	$	81
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(8)	$	—	$	(8)
	$	—	$	(8)	$	—	$	(8)

EGTS

Defined Benefit Plan Disclosure [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

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

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of December 31, 2024
Assets:
Money market mutual funds	$	8	$	—	$	—	$	8
Equity securities:
Investment funds	18		—		—		18
	$	26	$	—	$	—	$	26
As of December 31, 2023
Assets:
Money market mutual funds	$	5	$	—	$	—	$	5
Equity securities:
Investment funds	19		—		—		19
	$	24	$	—	$	—	$	24