v3.26.1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 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 PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
AmountPercentAmountPercentAmountPercentAmountPercent
U.S. federal statutory income tax rate
$163 21.0 %$115 21.0 %$347 21.0 %$315 21.0 %
State and local income taxes, net of federal income tax
11 1.4 18 3.3 29 1.7 32 2.2 
Foreign tax effects:
United Kingdom
Other(5)(0.6)(30)(5.5)(7)(0.4)(15)(1.0)
Canada
Foreign regulated flow-thru(11)(1.4)(11)(2.0)(22)(1.3)(21)(1.4)
Other1 0.1 — — 2 0.1 1 0.1 
Effects of changes in tax laws or rates enacted in the current period
— — 1 0.1 — — 1 0.1 
Effect of cross-border tax laws
— — — — — — (1)(0.1)
Energy-related tax credits
(415)(53.5)(390)(71.5)(979)(59.2)(950)(63.4)
Nontaxable or nondeductible items:
Equity earnings(37)(4.7)(34)(6.2)(65)(3.9)(59)(4.0)
Noncontrolling interest(10)(1.2)(8)(1.5)(22)(1.3)(17)(1.2)
Other, net(5)(0.7)(2)(0.3)(3)(0.2)— — 
Changes in unrecognized tax benefits
— — — — 1 0.1 1 0.1 
Other adjustments:
Effects of ratemaking(1)
(30)(3.7)(20)(3.7)(49)(2.9)(45)(3.0)
Other5 0.4 4 0.7 5 0.2 2 0.1 
Effective income tax rate$(333)(42.9)%$(357)(65.6)%$(763)(46.1)%$(756)(50.5)%
(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 PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
AmountPercentAmountPercentAmountPercentAmountPercent
U.S. federal statutory income tax rate
$30 21.0 %$15 21.0 %$40 21.0 %$48 21.0 %
State and local income taxes, net of federal income tax74.8 45.5 11 5.7 12 5.1 
Energy-related tax credits
(76)(53.6)(40)(55.9)(106)(55.3)(87)(38.0)
Effects of ratemaking(1)
(14)(9.6)(12)(16.4)(19)(10.1)(25)(10.7)
Effective income tax rate$(53)(37.4)%$(33)(45.8)%$(74)(38.7)%$(52)(22.6)%
(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 before income tax expense (benefit) is as follows (amounts in millions):
Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
AmountPercentAmountPercentAmountPercentAmountPercent
U.S. federal statutory income tax rate$14 21.0 %$14 21.0 %$21 21.0 %$13 21.0 %
State income tax, net of federal income tax(1)(2.9)(1)(1.5)(2)(2.0)(1)(1.6)
Energy-related tax credits(205)(292.9)(191)(285.1)(427)(418.6)(427)(677.8)
Other adjustments:
Effects of ratemaking(1)(1.4)— — (1)(1.0)1 1.6 
Effective income tax rate$(193)(276.2)%$(178)(265.6)%$(409)(400.6)%$(414)(656.8)%
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 before income tax expense (benefit) is as follows (amounts in millions):
Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
AmountPercentAmountPercentAmountPercentAmountPercent
U.S federal statutory income tax rate$14 21.0 %$13 21.0 %$20 21.0 %$11 21.0 %
State income tax, net of federal income tax(2)(3.0)(1)(1.6)(3)(3.2)(1)(1.9)
Energy-related tax credits(205)(305.9)(191)(309.7)(427)(454.1)(427)(790.7)
Other adjustments:
Effects of ratemaking(1)(0.5)— — (1)(1.1)1 0.9 
Other, net1 0.5 (2)(1.2)— — (1)(0.9)
Effective income tax rate$(193)(287.9)%$(181)(291.5)%$(411)(437.4)%$(417)(771.6)%
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 before income tax expense (benefit) is as follows (amounts in millions):
Three-Month PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
AmountPercentAmountPercentAmountPercentAmountPercent
U.S. Federal statutory income tax rate$25 21.0 %$13 21.0 %$28 21.0 %$11 21.0 %
Energy-related tax credits(7)(5.9)(4)(6.7)(8)(5.9)(4)(7.3)
Effects of ratemaking(1)
(4)(3.3)(3)(5.3)(4)(3.2)(2)(4.5)
Effective income tax rate$14 11.8 %$6 9.0 %$16 11.9 %$5 9.2 %
(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 PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
AmountPercentAmountPercentAmountPercentAmountPercent
U.S. federal statutory income tax rate
$7 21.0 %$6 21.0 %$13 21.0 %$12 21.0 %
Energy-related tax credits
(2)(7.0)— — (2)(3.8)— — 
Effects of ratemaking(1)
(8)(22.5)(3)(9.9)(13)(20.8)(6)(9.6)
Effective income tax rate$(3)(8.5)%$3 11.1 %$(2)(3.6)%$6 11.4 %
(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 PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
U.S. federal statutory income tax rate
$50 21.0 %$42 21.0 %$125 21.0 %$100 21.0 %
State and local income taxes, net of federal income tax
5 2.0 2 1.5 17 2.8 8 1.7 
Nontaxable or nondeductible items:
Equity earnings1 0.5 2 0.5 7 1.2 7 1.4 
Non-controlling interest
(9)(3.7)(8)(4.0)(21)(3.5)(17)(3.6)
Other, net
— — — — (1)(0.1)— — 
Other adjustments(1)(0.5)— — (1)(0.3)(1)(0.2)
Effective income tax rate$46 19.3 %$38 19.0 %$126 21.1 %$97 20.3 %
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 PeriodsSix-Month Periods
Ended June 30,Ended June 30,
2026202520262025
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
U.S. federal statutory income tax rate$18 21.0 %$14 21.0 %$47 21.0 %$38 21.0 %
State and local income taxes, net of federal income tax 3 3.7 3 4.4 8 3.4 8 4.0 
Effective income tax rate$21 24.7 %$17 25.4 %$55 24.4 %$46 25.0 %