Condensed Financial Statements (Notes)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements [Text Block]

Schedule I

MidAmerican Energy Holdings Company

Parent Company Only

Condensed Balance Sheets

As of December 31, 2013 and 2012

(Amounts in millions)

	2013			2012
ASSETS
Current assets:
Cash and cash equivalents	$	292		$	13
Other current assets	9			17
Total current assets	301			30
Investments in subsidiaries	27,165			21,299
Other investments	1,247			785
Goodwill	1,221			1,289
Other assets	980			667
Total assets	$	30,914		$	24,070
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and other current liabilities	$	316		$	239
Short-term debt	—			825
Current portion of senior debt	250			—
Total current liabilities	566			1,064
Senior debt	6,366			4,621
MEHC junior subordinated debentures	2,594			—
Notes payable - affiliate	2,010			2,183
Other long-term liabilities	657			451
Total liabilities	12,193			8,319
Equity:
MEHC shareholders' equity:
Common stock - 115 shares authorized, no par value, 77 and 75 shares issued and outstanding as of December31, 2013 and 2012, respectively	—			—
Additional paid-in capital	6,390			5,423
Retained earnings	12,418			10,782
Accumulated other comprehensive loss, net	(97		)	(463		)
Total MEHC shareholders' equity	18,711			15,742
Noncontrolling interest	10			9
Total equity	18,721			15,751
Total liabilities and equity	$	30,914		$	24,070

The accompanying notes are an integral part of this financial statement schedule.

Schedule I

MidAmerican Energy Holdings Company    

Parent Company Only (continued)

Condensed Statements of Operations

For the years ended December 31,

(Amounts in millions)

	2013			2012			2011
Operating costs and expenses:
General and administration	$	64		$	31		$	35
Depreciation and amortization	1			1			—
Total costs and expenses	65			32			35
Operating loss	(65		)	(32		)	(35		)
Other income (expense):
Interest expense	(347		)	(362		)	(396		)
Other, net	25			10			(38		)
Total other income (expense)	(322		)	(352		)	(434		)
Loss before income tax benefit and equity income	(387		)	(384		)	(469		)
Income tax benefit	(345		)	(201		)	(194		)
Equity income	1,679			1,656			1,607
Net income	1,637			1,473			1,332
Net income attributable to noncontrolling interest	1			1			1
Net income attributable to MEHC shareholders	$	1,636		$	1,472		$	1,331

The accompanying notes are an integral part of this financial statement schedule.

Schedule I

MidAmerican Energy Holdings Company    

Parent Company Only (continued)

Condensed Statements of Comprehensive Income

For the years ended December 31,

(Amounts in millions)

	2013		2012		2011
Net income	$	1,637	$	1,473	$	1,332
Other comprehensive income (loss), net of tax	366		178		(467		)
Comprehensive income	2,003		1,651		865
Comprehensive income attributable to noncontrolling interests	1		1		1
Comprehensive income attributable to MEHC shareholders	$	2,002	$	1,650	$	864

The accompanying notes are an integral part of this financial statement schedule.

Schedule I

MidAmerican Energy Holdings Company

Parent Company Only (continued)

Condensed Statements of Cash Flows

For the years ended December 31,

(Amounts in millions)

	2013			2012			2011
Cash flows from operating activities	$	2,295		$	1,019		$	792
Cash flows from investing activities:
Investments in subsidiaries	(6,522		)	(1,164		)	(157		)
Purchases of available-for-sale securities	(106		)	(46		)	(38		)
Proceeds from sale of available-for-sale securities	89			42			33
Notes receivable from affiliate, net	(37		)	(15		)	(217		)
Other, net	(16		)	(8		)	(6		)
Net cash flows from investing activities	(6,592		)	(1,191		)	(385		)
Cash flows from financing activities:
Proceeds from MEHC senior debt	1,994			—			—
Proceeds from MEHC junior subordinated debentures	2,594			—			—
Proceeds from issuance of MEHC common stock	1,000			—			—
Repayments of MEHC senior debt	—			(750		)	—
Repayments of MEHC subordinated debt	—			(22		)	(334		)
Net proceeds (repayments of) from short-term debt	(825		)	717			(176		)
Notes payable to affiliate, net	(173		)	220			106
Other, net	(14		)	7			(8		)
Net cash flows from financing activities	4,576			172			(412		)
Net change in cash and cash equivalents	279			—			(5		)
Cash and cash equivalents at beginning of year	13			13			18
Cash and cash equivalents at end of year	$	292		$	13		$	13

The accompanying notes are an integral part of this financial statement schedule.

Schedule I

MIDAMERICAN ENERGY HOLDINGS COMPANY

NOTES TO CONDENSED FINANCIAL STATEMENTS

Incorporated by reference are MEHC and Subsidiaries Consolidated Statements of Changes in Equity and Consolidated Statements of Comprehensive Income for the three years ended December 31, 2013 in Part II, Item 8.

Basis of Presentation - The condensed financial information of MidAmerican Energy Holdings Company's ("MEHC") investments in subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in subsidiaries are recorded in the Condensed Balance Sheets. The income from operations of subsidiaries is reported on a net basis as equity income in the Condensed Statements of Operations.

Other investments - MEHC's investment in BYD Company Limited ("BYD") common stock is accounted for as an available-for-sale security with changes in fair value recognized in AOCI. As of December 31, 2013 and 2012, the fair value of MEHC's investment in BYD common stock was $1.1 billion and $675 million, respectively, which resulted in a unrealized gain of $871 million and $443 million as of December 31, 2013 and 2012, respectively.

Dividends and distributions from subsidiaries - Cash dividends paid to MEHC by its subsidiaries for the years ended December 31, 2013, 2012 and 2011 were $2.5 billion, $1.1 billion and $1.1 billion, respectively. In January and February 2014, MEHC received cash dividends from its subsidiaries totaling $254 million.

Guarantees

MEHC has issued a limited guarantee of a specified portion of the final scheduled principal payment on December 15, 2019 on the Cordova Funding Corporation senior secured bonds in an amount up to a maximum of $37 million.

See the notes to the consolidated MEHC financial statements in Part II, Item 8 for other disclosures.