v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting Information [Line Items]  
Segment Information Segment Information
The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. Earnings on common shares for each reportable segment are considered by the CODM in allocating resources and capital. The CODM generally considers actual results versus historical results, budgets or forecasts, as well as unique risks and opportunities, when making decisions about the allocation of resources and capital to each reportable segment. The Company's reportable segments with foreign operations include Northern Powergrid, whose business is principally in the United Kingdom, and BHE Transmission, whose business includes operations in Canada. Intersegment eliminations and adjustments, including the allocation of goodwill, have been made. Information related to the Company's reportable segments is shown below (in millions):

For the Three-Month Period Ended March 31, 2026
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE Transmission
BHE Renewables(2)
HomeServices
BHE and
Other(1)
Total
Operating revenue
$1,808 $1,140 $766 $336 $1,385 $189 $245 $862 $(59)$6,672 
Cost of sales
755 484 371 27 51 5 35 605 (58)2,275 
Operations and maintenance
463 220 160 69 233 39 97 263 17 1,561 
Depreciation and amortization
310 277 148 98 165 52 76 9 — 1,135 
Interest expense
227 109 85 48 73 37 31 — 136 746 
Interest and dividend income27 6 8 1 11 — 2 4 (5)54 
Income tax expense (benefit)
(21)(218)4 15 182 4 (319)(4)(73)(430)
Equity income (loss)— — 1 — 28 22 (185)— — (134)
Other segment items
(30)(29)36 (17)(114)(10)(14)(5)(8)(191)
Earnings on common shares
$71 $245 $43 $63 $606 $64 $128 $(12)$(94)$1,114 
Capital expenditures
$717 $418 $631 $171 $215 $108 $169 $3 $(14)$2,418 
For the Three-Month Period Ended March 31, 2025
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE Transmission
BHE Renewables(2)
HomeServices
BHE and
Other(1)
Total
Operating revenue
$1,768 $1,014 $718 $426 $1,185 $186 $257 $860 $(48)$6,366 
Cost of sales
718 369 357 29 54 6 45 605 (47)2,136 
Operations and maintenance
424 227 137 55 224 35 134 254 13 1,503 
Depreciation and amortization
299 307 138 87 152 55 68 10 — 1,116 
Interest expense
187 105 79 33 70 36 31 1 144 686 
Interest and dividend income28 6 6 3 23 — 4 4 (12)62 
Income tax expense (benefit)
(19)(236)3 57 144 4 (336)(6)(10)(399)
Equity income (loss)— — 1 — 27 23 (172)1 — (120)
Other segment items
(9)(20)11 (23)(103)(11)(7)(16)96 (82)
Earnings on common shares
$178 $228 $22 $145 $488 $62 $140 $(15)$(64)$1,184 
Capital expenditures
$688 $405 $456 $157 $188 $81 $112 $1 $40 $2,128 
(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.
(2)Income tax expense (benefit) includes the tax attributes of disregarded entities that are not required to pay income taxes and the earnings of which are taxable directly to BHE.
The following table summarizes the other segment items category by the Company's reportable segments:
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE TransmissionBHE RenewablesHomeServices
Property and other taxes
X
X
X
X
X
X
X
X
Capitalized interest
X
X
X
X
X
X
Allowance for equity funds
X
X
X
X
X
Gains (losses) on marketable securities, net
X
X
X
X
X
X
X
Other income (expense), net
X
X
X
X
X
X
X
X
Net income attributable to noncontrolling interests
X
X
X
X
X
The following table summarizes the Company's total assets by reportable segment (in millions):
 As of
 March 31,December 31,
20262025
Assets:
PacifiCorp$40,776 $38,323 
MidAmerican Funding29,877 29,712 
NV Energy22,336 21,118 
Northern Powergrid10,630 10,819 
BHE Pipeline Group23,172 22,977 
BHE Transmission9,683 9,762 
BHE Renewables11,711 11,644 
HomeServices3,422 3,449 
BHE and Other(1)
422 523 
Total assets$152,029 $148,327 

(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.

The following table shows the change in the carrying amount of goodwill by reportable segment for the three-month period ended March 31, 2026 (in millions):
 PacifiCorp MidAmerican FundingNV Energy Northern Powergrid BHE Pipeline GroupBHE Transmission BHE Renewables HomeServices Total
       
December 31, 2025$1,129 $2,102 $2,369 $990 $1,814 $1,439 $95 $1,583 $11,521 
Foreign currency translation— — — (13)— (19)— — (32)
Dispositions
(89)— — — — — — — (89)
March 31, 2026$1,040 $2,102 $2,369 $977 $1,814 $1,420 $95 $1,583 $11,400 
MEC  
Segment Reporting Information [Line Items]  
Segment Information Segment Information
MidAmerican Energy's chief operating decision maker ("CODM") is its President and Chief Executive Officer. Net income for each reportable segment is considered by the CODM in allocating resources and capital. When making decisions about the allocation of resources and capital to each reportable segment, the CODM generally considers actual results versus historical results, budgets or forecasts, as well as unique risks and opportunities.

MidAmerican Energy has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance. Common operating costs are allocated to each segment based on certain factors, which primarily relate to the nature of the cost.

The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended March 31, 2026
ElectricNatural Gas
Other(1)
Total
Operating revenue$747 $390 $3 $1,140 
Cost of sales194 290 — 484 
Operations and maintenance181 39 — 220 
Depreciation and amortization259 18 — 277 
Property and other taxes43 5 — 48 
Operating income70 38 3 111 
Interest expense(96)(9)— (105)
Interest and dividend income5 1 — 6 
Income tax expense (benefit)(224)7 1 (216)
Other segment items(2)
23 (3)— 20 
Net income (loss)
$226 $20 $2 $248 
Capital expenditures$394 $24 $— $418 

For the Three-Month Period Ended March 31, 2025
ElectricNatural Gas
Other(1)
Total
Operating revenue$667 $345 $2 $1,014 
Cost of sales124 245 — 369 
Operations and maintenance193 33 1 227 
Depreciation and amortization290 17 — 307 
Property and other taxes40 4 — 44 
Operating income20 46 1 67 
Interest expense(93)(8)— (101)
Interest and dividend income6 1 — 7 
Income tax expense (benefit)(246)10 — (236)
Other segment items(2)
23 1 (1)23 
Net income
$202 $30 $— $232 
Capital expenditures
$374 $31 $— $405 
As of
March 31,December 31,

20262025
Assets:
Regulated electric$25,692 $25,495 
Regulated natural gas2,092 2,145 
Other(1)
3 3 
Total assets$27,787 $27,643 
(1)The differences between the reportable segment amounts and the consolidated amounts, described as Other, relate to nonregulated activities of MidAmerican Energy.
(2)Other segment items include allowance for borrowed and equity funds, gains (losses) on marketable securities and other income (expense).
MidAmerican Funding, LLC  
Segment Reporting Information [Line Items]  
Segment Information Segment Information
MidAmerican Funding's chief operating decision maker ("CODM") is its President. Net income for each reportable segment is considered by the CODM in allocating resources and capital. When making decisions about the allocation of resources and capital to each reportable segment, the CODM generally considers actual results versus historical results, budgets or forecasts, as well as unique risks and opportunities.

MidAmerican Funding has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance. Common operating costs are allocated to each segment based on certain factors, which primarily relate to the nature of the cost.
The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended March 31, 2026
ElectricNatural Gas
Other(1)
Total
Operating revenue$747 $390 $3 $1,140 
Cost of sales194 290 — 484 
Operations and maintenance181 39 — 220 
Depreciation and amortization259 18 — 277 
Property and other taxes43 5 — 48 
Operating income (loss)
70 38 3 111 
Interest expense(96)(9)(4)(109)
Interest and dividend income5 1 — 6 
Income tax expense (benefit)(224)7 (1)(218)
Other segment items(2)
23 (3)(1)19 
Net income (loss)
$226 $20 $(1)$245 
Capital expenditures
$394 $24 $— $418 

For the Three-Month Period Ended March 31, 2025
ElectricNatural Gas
Other(1)
Total
Operating revenue$667 $345 $2 $1,014 
Cost of sales124 245 — 369 
Operations and maintenance193 33 1 227 
Depreciation and amortization290 17 — 307 
Property and other taxes40 4 — 44 
Operating income20 46 1 67 
Interest expense(93)(8)(4)(105)
Interest and dividend income6 1 — 7 
Income tax expense (benefit)(246)10 — (236)
Other segment items(2)
23 1 (1)23 
Net income (loss)
$202 $30 $(4)$228 
Capital expenditures$374 $31 $— $405 
As of
March 31,December 31,

20262025
Assets:
Regulated electric$26,883 $26,686 
Regulated natural gas2,171 2,224 
Other(1)
12 8 
Total assets$29,066 $28,918 
Goodwill:
Regulated electric$1,191 $1,191 
Regulated natural gas79 79 
Total goodwill
$1,270 $1,270 
(1)The differences between the reportable segment amounts and the consolidated amounts, described as Other, consists of the nonregulated subsidiaries of MidAmerican Funding not engaged in the energy business.
(2)Other segment items include allowance for borrowed and equity funds, gains (losses) on marketable securities and other income (expense).
SPPC  
Segment Reporting Information [Line Items]  
Segment Information Segment Information
Sierra Pacific's chief operating decision maker ("CODM") is its President and Chief Executive Officer. Net income for each reportable segment is considered by the CODM in allocating resources and capital. When making decisions about the allocation of resources and capital to each reportable segment, the CODM generally considers actual results versus historical results, budgets or forecasts, and state regulatory ratemaking results as well as unique risks and opportunities.

Sierra Pacific has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by the PUCN; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance.
The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended March 31, 2026
Regulated ElectricRegulated Natural GasTotal
Operating revenue$235$37$272
Cost of sales11318131
Operations and maintenance67471
Depreciation and amortization40545
Interest expense28331
Interest and dividend income4—4
Income tax expense (benefit)—11
Other segment items (1)
29130
Net income$20$7$27
Capital expenditures
$235$16$251
For the Three-Month Period Ended March 31, 2025
Regulated ElectricRegulated Natural GasTotal
Operating revenue$236$49$285
Cost of sales11528143
Operations and maintenance54660
Depreciation and amortization35540
Interest expense
22224
Interest and dividend income
3—3
Income tax expense (benefit)
213
Other segment items (1)
9—9
Net income
$20$7$27
Capital expenditures
$159$14$173
As of
March 31,December 31,
20262025
Assets:
Regulated electric$7,030 $6,541 
Regulated natural gas579 485 
Regulated common assets(2)
514 19 
Total assets$8,123 $7,045 

(1)    Consists principally of property and other taxes, allowance for borrowed and equity funds and other income (expenses).

(2)    Consists principally of cash and cash equivalents not included in either the regulated electric or regulated natural gas segments.