v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Schedule of Effective Income Tax Rate Reconciliation [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):
Three-Month Periods
Ended March 31,
 20262025
 AmountPercentAmountPercent
U.S. federal statutory income tax rate
$184 21.0 %$200 21.0 %
State and local income taxes, net of federal income tax
18 2.1 14 1.5 
Foreign tax effects:
United Kingdom
Other(2)(0.2)15 1.6 
Canada
Foreign regulated flow-thru(11)(1.2)(10)(1.1)
Other1 0.1 1 0.1 
Effect of cross-border tax laws
— — (1)(0.1)
Energy-related tax credits
(564)(64.2)(560)(58.8)
Nontaxable or nondeductible items:
Equity earnings(28)(3.2)(25)(2.6)
Noncontrolling interest(12)(1.4)(9)(1.0)
Other, net2 0.2 2 0.2 
Changes in unrecognized tax benefits
1 0.1 1 0.1 
Other adjustments:
Effects of ratemaking(1)
(19)(2.3)(25)(2.6)
Other— — (2)(0.1)
Effective income tax rate$(430)(49.0)%$(399) (41.8)%
(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.
PAC  
Schedule of Effective Income Tax Rate Reconciliation [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):
Three-Month Periods
Ended March 31,
20262025
AmountPercentAmountPercent
U.S. federal statutory income tax rate
$10 21.0 %$33 21.0 %
State and local income taxes, net of federal income tax
4 8.2 8 4.9 
Energy-related tax credits
(30)(60.3)(47)(29.7)
Effects of ratemaking(1)
(5)(11.3)(13)(8.4)
Effective income tax rate$(21)(42.4)%$(19)(12.2)%
(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.
MEC  
Schedule of Effective Income Tax Rate Reconciliation [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to MidAmerican Energy's effective income tax rate applicable to income (loss) before income tax expense (benefit) is as follows (amounts in millions):
Three-Month Periods
Ended March 31,
20262025
Amount
Percent
Amount
Percent
U.S. federal statutory income tax rate
$7 21.0 %$(1)21.0 %
State income tax, net of federal income tax
(1)(2.5)— — 
Energy-related tax credits
(222)(693.8)(236)5,900.0 
Other adjustments:
Effects of ratemaking
— — 1 (21.0)
Effective income tax rate$(216)(675.3)%$(236)5,900.0 %
MidAmerican Funding, LLC  
Schedule of Effective Income Tax Rate Reconciliation [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to MidAmerican Funding's effective income tax rate applicable to income (loss) before income tax expense (benefit) is as follows (amounts in millions):
Three-Month Periods
Ended March 31,
20262025
Amount
Percent
Amount
Percent
U.S federal statutory income tax rate
$6 21.0 %$(2)21.0 %
State income tax, net of federal income tax
(1)(3.7)— — 
Energy-related tax credits
(222)(822.2)(236)2,950.0 
Other adjustments:
Effects of ratemaking
— — 1 (12.5)
Other, net(1)(2.5)1 (8.5)
Effective income tax rate$(218)(807.4)%$(236)2,950.0 %
NPC  
Schedule of Effective Income Tax Rate Reconciliation [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income (loss) before income tax expense (benefit) is as follows (amounts in millions):
Three-Month Periods
Ended March 31,
 20262025
 AmountPercentAmountPercent
U.S. Federal statutory income tax rate$3 21.0 %$(2)21.0 %
Energy-related tax credits(1)(5.6)— — 
Effects of ratemaking(1)
— — 1(9.9)
Effective income tax rate$2 15.4 %$(1)11.1 %
(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.
SPPC  
Schedule of Effective Income Tax Rate Reconciliation [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):
Three-Month Periods
Ended March 31,
20262025
Amount
Percent
Amount
Percent
U.S. federal statutory income tax rate
$6 21.0 %$6 21.0 %
Effects of ratemaking(1)
(5)(17.4)(3)(11.0)
Effective income tax rate$1 3.6 %$3 10.0 %
(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.
EEGH  
Schedule of Effective Income Tax Rate Reconciliation [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):
Three-Month Periods
Ended March 31,
20262025
Amount
Percent
Amount
Percent
U.S. federal statutory income tax rate
$75 21.0 %$58 21.0 %
State and local income taxes, net of federal income tax
12 3.2 6 2.1 
Nontaxable or nondeductible items:
Equity earnings6 1.6 5 2.0 
Non-controlling interest
(12)(3.4)(9)(3.4)
Other, net
(1)(0.1)— — 
Other adjustments— — (1)(0.5)
Effective income tax rate$80 22.3 %$59 21.2 %
EGTS  
Schedule of Effective Income Tax Rate Reconciliation [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):
Three-Month Periods
Ended March 31,
20262025
Amount
Percent
Amount
Percent
U.S. federal statutory income tax rate$29 21.0 %$24 21.0 %
State and local income taxes, net of federal income tax 5 3.3 5 3.8 
Effective income tax rate$34 24.3 %$29 24.8 %