Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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, 2013
Cash equivalents	$	23	$	—	$	—	$	23
Debt securities:
United States government obligations	5		—		—		5
United Kingdom government obligations	375		—		—		375
Other international government obligations	—		2		—		2
Corporate obligations	—		206		—		206
Investment funds⁽²⁾	122		1,265		—		1,387
Real estate funds	—		—		179		179
Total	$	525	$	1,473	$	179	$	2,177

As of December 31, 2012
Cash equivalents	$	18	$	—	$	—	$	18
Debt securities:
United Kingdom government obligations	377		—		—		377
Other international government obligations	—		24		—		24
Corporate obligations	—		169		—		169
Investment funds⁽²⁾	115		1,130		—		1,245
Real estate funds	—		—		163		163
Total	$	510	$	1,323	$	163	$	1,996


(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 45% and 55%, respectively, for 2013 and 40% and 60%, respectively, for 2012.

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		Level 3		Total
As of December 31, 2013
Cash equivalents	$	2	$	78	$	—	$	80
Debt securities:
United States government obligations	129		—		—		129
International government obligations	—		4		—		4
Corporate obligations	—		242		—		242
Municipal obligations	—		28		—		28
Agency, asset and mortgage-backed obligations	—		132		—		132
Equity securities:
United States companies	709		—		—		709
International companies	133		—		—		133
Investment funds⁽²⁾	320		817		—		1,137
Limited partnership interests⁽³⁾	—		—		86		86
Real estate funds	—		—		31		31
Total	$	1,293	$	1,301	$	117	$	2,711

As of December 31, 2012
Cash equivalents	$	1	$	19	$	—	$	20
Debt securities:
United States government obligations	67		—		—		67
International government obligations	—		67		—		67
Corporate obligations	—		95		—		95
Municipal obligations	—		12		—		12
Agency, asset and mortgage-backed obligations	—		63		—		63
Equity securities:
United States companies	520		—		—		520
International companies	7		—		—		7
Investment funds⁽²⁾	213		469		—		682
Limited partnership interests⁽³⁾	—		—		96		96
Real estate funds	—		—		26		26
Total	$	808	$	725	$	122	$	1,655


(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 60% and 40%, respectively, for 2013 and 68% and 32%, respectively, for 2012. Additionally, these funds are invested in United States and international securities of approximately 65% and 35%, respectively, for 2013 and 62% and 38%, respectively, for 2012.


(3)	Limited partnership interests include several funds that invest primarily in 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		Level 3		Total
As of December 31, 2013
Cash equivalents	$	5	$	4	$	—	$	9
Debt securities:
United States government obligations	11		—		—		11
Corporate obligations	—		18		—		18
Municipal obligations	—		38		—		38
Agency, asset and mortgage-backed obligations	—		19		—		19
Equity securities:
United States companies	294		—		—		294
International companies	8		—		—		8
Investment funds⁽²⁾	296		153		—		449
Limited partnership interests⁽³⁾	—		—		6		6
Total	$	614	$	232	$	6	$	852

As of December 31, 2012
Cash equivalents	$	6	$	—	$	—	$	6
Debt securities:
United States government obligations	8		—		—		8
International government obligations	—		5		—		5
Corporate obligations	—		14		—		14
Municipal obligations	—		33		—		33
Agency, asset and mortgage-backed obligations	—		17		—		17
Equity securities:
United States companies	239		—		—		239
International companies	3		—		—		3
Investment funds⁽²⁾	215		103		—		318
Limited partnership interests⁽³⁾	—		—		7		7
Total	$	471	$	172	$	7	$	650


(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 57% and 43%, respectively, for 2013 and 56% and 44%, respectively, for 2012. Additionally, these funds are invested in United States and international securities of approximately 72% and 28%, respectively, for 2013 and 63% and 37%, respectively, for 2012.


(3)	Limited partnership interests include several funds that invest primarily in buyout, growth equity and venture capital.

The following table presents the Company's 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, 2013
Assets:
Commodity derivatives	$	3		$	28		$	69		$	(27	)	$	73
Interest rate derivatives	—			14			—			—			14
Mortgage loans held for sale	—			130			—			—			130
Money market mutual funds⁽²⁾	809			—			—			—			809
Debt securities:
United States government obligations	134			—			—			—			134
International government obligations	—			1			—			—			1
Corporate obligations	—			38			—			—			38
Municipal obligations	—			2			—			—			2
Agency, asset and mortgage-backed obligations	—			2			—			—			2
Auction rate securities	—			—			44			—			44
Equity securities:
United States companies	214			—			—			—			214
International companies	1,107			—			—			—			1,107
Investment funds	114			—			—			—			114
	$	2,381		$	215		$	113		$	(27	)	$	2,682
Liabilities:
Commodity derivatives	$	(1	)	$	(230	)	$	(9	)	$	39		$	(201	)
Interest rate derivatives	—			(7		)	—			—			(7		)
	$	(1	)	$	(237	)	$	(9	)	$	39		$	(208	)



	Input Levels for Fair Value Measurements
	Level 1			Level 2			Level 3			Other⁽¹⁾			Total
As of December 31, 2012
Assets:
Commodity derivatives	$	1		$	55		$	39		$	(47	)	$	48
Money market mutual funds⁽²⁾	589			—			—			—			589
Debt securities:
United States government obligations	104			—			—			—			104
International government obligations	—			1			—			—			1
Corporate obligations	—			32			—			—			32
Municipal obligations	—			4			—			—			4
Agency, asset and mortgage-backed obligations	—			6			—			—			6
Auction rate securities	—			—			41			—			41
Equity securities:
United States companies	187			—			—			—			187
International companies	677			—			—			—			677
Investment funds	71			—			—			—			71
	$	1,629		$	98		$	80		$	(47	)	$	1,760
Liabilities:
Commodity derivatives	$	(10	)	$	(313	)	$	(7	)	$	109		$	(221	)
Interest rate derivatives	—			(13		)	—			—			$	(13	)
	$	(10	)	$	(326	)	$	(7	)	$	109		$	(234	)


(1)	Represents netting under master netting arrangements and a net cash collateral receivable of $12 million and $62 million as of December 31, 2013 and 2012, respectively.


(2)	Amounts are included in cash and cash equivalents; other current assets; and noncurrent investments and restricted cash and investments on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost.

Fair Value, Assets and Liabilities, Net, Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table reconciles the beginning and ending balances of the Company's assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions):



	Commodity Derivatives									Auction Rate Securities
	2013			2012			2011			2013		2012			2011

Beginning balance	$	32		$	23		$	(331	)	$	41	$	35		$	50
Changes included in earnings	34			10			23			—		—			—
Changes in fair value recognized in OCI	(2		)	—			(3		)	3		7			—
Changes in fair value recognized in net regulatory assets	1			(2		)	144			—		—			—
Contracts designated as normal purchases or normal sales⁽¹⁾	—			—			168			—		—			—
Purchases	4			27			—			—		—			—
Sales	—			—			—			—		(1		)	(15		)
Settlements	(9		)	(26		)	21			—		—			—
Transfers from Level 2	—			—			1			—		—			—
Ending balance	$	60		$	32		$	23		$	44	$	41		$	35

(1)

In December 2011, PacifiCorp elected to designate certain derivative contracts as normal purchases or normal sales, an exception afforded by GAAP. As a result of making the designation, the fair value of the contracts was frozen as of December 31, 2011 and $168 million of net derivative liabilities were reclassified from derivative contracts to other assets and liabilities. The frozen liability and associated regulatory asset are being amortized over the remaining terms of the agreements.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying value and estimated fair value of the Company's long-term debt as of December 31 (in millions):



	2013				2012
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value

Long-term debt	$	32,012	$	34,881	$	20,735	$	24,924

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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