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Short-Term Debt and Credit Facilities (Notes)

12 Months Ended

Dec. 31, 2020

Line of Credit Facility [Line Items]

The following table summarizes BHE's and its subsidiaries' availability under their credit facilities as of December 31 (in millions):


					MidAmerican		NV		Northern		BHE
	BHE		PacifiCorp		Funding		Energy		Powergrid		Canada		Other		Total(1)
2020:
Credit facilities(2)	$	3,500	$	1,200	$	1,509	$	650	$	228	$	923	$	3,020	$	11,030
Less:
Short-term debt	—		(93)		—		(45)		(23)		(225)		(1,900)		(2,286)
Tax-exempt bond support and letters of credit	—		(218)		(370)		—		—		(2)		—		(590)
Net credit facilities	$	3,500	$	889	$	1,139	$	605	$	205	$	696	$	1,120	$	8,154

2019:
Credit facilities	$	3,500	$	1,200	$	1,309	$	650	$	199	$	674	$	1,880	$	9,412
Less:
Short-term debt	(1,590)		(130)		—		—		—		(211)		(1,283)		(3,214)
Tax-exempt bond support and letters of credit	—		(256)		(370)		—		—		(3)		—		(629)
Net credit facilities	$	1,910	$	814	$	939	$	650	$	199	$	460	$	597	$	5,569

(1)The table does not include unused credit facilities and letters of credit for investments that are accounted for under the equity method.

(2)Includes the drawn uncommitted credit facilities totaling $23 million at Northern Powergrid.

As of December 31, 2020, the Company was in compliance with the covenants of its credit facilities and letter of credit arrangements.

BHE

BHE has a $3.5 billion unsecured credit facility expiring in June 2022 with one remaining one-year extension option subject to lender consent. This credit facility, which is for general corporate purposes, supports BHE's commercial paper program and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at BHE's option, plus a spread that varies based on BHE's credit ratings for its senior unsecured long-term debt securities.

As of December 31, 2019, the weighted average interest rate on commercial paper borrowings outstanding was 1.91%. This credit facility requires that BHE's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.70 to 1.0 as of the last day of each quarter.

As of December 31, 2020 and 2019, BHE had $105 million and $107 million, respectively, of letters of credit outstanding. These letters of credit primarily support power purchase agreements and debt service requirements at certain subsidiaries of BHE Renewables, LLC expiring through April 2022 and have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.

PacifiCorp

PacifiCorp has a $600 million unsecured credit facility expiring in June 2022 and a $600 million unsecured credit facility expiring in June 2022 with one remaining one-year extension option subject to lender consent. These credit facilities, which support PacifiCorp's commercial paper program, certain series of its tax-exempt bond obligations and provide for the issuance of letters of credit, have variable interest rates based on the Eurodollar rate or a base rate, at PacifiCorp's option, plus a spread that varies based on PacifiCorp's credit ratings for its senior unsecured long-term debt securities.

As of December 31, 2020 and 2019, the weighted average interest rate on commercial paper borrowings outstanding was 0.16% and 2.05%, respectively. These credit facilities require that PacifiCorp's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

As of December 31, 2020 and 2019, PacifiCorp had $11 million and $13 million, respectively, of fully available letters of credit issued under committed arrangements in support of certain transactions required by third parties and generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.

MidAmerican Funding

MidAmerican Energy has a $900 million unsecured credit facility expiring in June 2022. The credit facility, which supports MidAmerican Energy's commercial paper program and its variable-rate tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at MidAmerican Energy's option, plus a spread that varies based on MidAmerican Energy's credit ratings for senior unsecured long-term debt securities. MidAmerican Energy has a $600 million unsecured credit facility, which expires in May 2021, with an option to extend for up to three months, and has a variable interest rate based on the Eurodollar rate or a base rate, at MidAmerican Energy's option, plus a spread. As of December 31, 2019, MidAmerican Energy had a $400 million unsecured credit facility expiring August 2020, which it terminated in May 2020.

MidAmerican Energy had no commercial paper borrowings outstanding as of December 31, 2020 and 2019. The credit facility requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

NV Energy

Nevada Power has a $400 million secured credit facility expiring in June 2022 and Sierra Pacific has a $250 million secured credit facility expiring in June 2022. These credit facilities, which are for general corporate purposes and provide for the issuance of letters of credit, have a variable interest rate based on the Eurodollar rate or a base rate, at each of the Nevada Utilities' option, plus a spread that varies based on each of the Nevada Utilities' credit ratings for its senior secured long‑term debt securities. Amounts due under each credit facility are collateralized by each of the Nevada Utilities' general and refunding mortgage bonds. These credit facilities require that each of the Nevada Utilities' ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

Northern Powergrid

Northern Powergrid has a £150 million unsecured credit facility and in October 2020, it exercised the option to extend the credit facility expiry date by one year to October 2023. The credit facility has a variable interest rate based on sterling London Interbank Offered Rate ("LIBOR") plus a spread that varies based on its credit ratings. The credit facility requires that the ratio of consolidated senior total net debt, including current maturities, to regulated asset value not exceed 0.8 to 1.0 at Northern Powergrid and 0.65 to 1.0 at Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc as of June 30 and December 31. Northern Powergrid's interest coverage ratio shall not be less than 2.5 to 1.0.

AltaLink

AltaLink has a C$500 million secured revolving term credit facility expiring in December 2024 with a recurring one-year extension option subject to lender consent. The credit facility, which provides support for borrowings under the unsecured commercial paper program and may also be used for general corporate purposes, has a variable interest rate based on the Canadian bank prime lending rate or a spread above the Bankers' Acceptance rate, at AltaLink's option, based on AltaLink's credit ratings for its senior secured long-term debt securities. In addition, AltaLink has a C$75 million secured revolving term credit facility expiring in December 2024 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit, has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, a spread above the United States LIBOR loan rate or a spread above the Bankers' Acceptance rate, at AltaLink's option, based on AltaLink's credit ratings for its senior secured long-term debt securities.

On April 27, 2020, AltaLink added a C$100 million revolving term credit facility to its bank credit facilities with a maturity date of April 27, 2021. The credit facility, which may be used for general corporate purposes, has a variable interest rate based on the Canadian bank prime lending rate or a spread above the Bankers' Acceptance rate, at AltaLink's option, based on AltaLink's credit ratings for its senior secured long-term debt securities. On an annual basis, with the consent of the lenders, the AltaLink can request that the maturity date of the credit facility be extended for a further 365 days. AltaLink entered into this credit facility in order to provide additional liquidity during the COVID-19 pandemic and to provide support for certain regulatory decisions.

As of December 31, 2020 and 2019, AltaLink had $113 million and $192 million outstanding under these facilities at a weighted average interest rate of 0.36% and 2.16%, respectively. The credit facilities require the consolidated indebtedness to total capitalization not exceed 0.75 to 1.0 measured as of the last day of each quarter.

AltaLink Investments, L.P. has a C$300 million unsecured revolving term credit facility expiring in December 2024 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit to a maximum of C$10 million, has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, a spread above the United States LIBOR loan rate or a spread above the Bankers' Acceptance rate, at AltaLink Investments, L.P.'s option, based on AltaLink Investments, L.P.'s credit ratings for its senior unsecured long-term debt securities.

On April 27, 2020, AltaLink Investments, L.P. added a C$200 million revolving term credit facility to its bank credit facilities with a maturity date of April 27, 2021. The credit facility, which may be used for general corporate purposes and letters of credit to a maximum of C$10 million, has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, a spread above the United States LIBOR loan rate or a spread above the Bankers' Acceptance rate, at AltaLink Investments, L.P.'s option, based on AltaLink Investments, L.P.'s credit ratings for its senior unsecured long-term debt securities. On an annual basis, with the consent of the lenders, AltaLink Investments, L.P. can request that the maturity date of the credit facility be extended for a further 365 days.

As of December 31, 2020 and 2019, AltaLink Investments, L.P. had $112 million and $19 million outstanding under this facility at a weighted average interest rate of 1.47% and 3.08%, respectively. The credit facilities require the consolidated total debt to capitalization to not exceed 0.8 to 1.0 and earnings before interest, taxes, depreciation and amortization to interest expense for the four fiscal quarters ended to not be less than 2.25 to 1.0 measured as of the last day of each quarter.

HomeServices

HomeServices has a $600 million unsecured credit facility expiring in September 2022. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the LIBOR or a base rate, at HomeServices' option, plus a spread that varies based on HomeServices' total net leverage ratio as of the last day of each quarter. As of December 31, 2020 and 2019, HomeServices had $100 million and $318 million, respectively, outstanding under its credit facility with a weighted average interest rate of 1.15% and 3.29%, respectively.

Through its subsidiaries, HomeServices maintains mortgage lines of credit totaling $2.4 billion and $1.3 billion as of December 31, 2020 and 2019, respectively, used for mortgage banking activities that expire beginning in January 2021 through September 2021. The mortgage lines of credit have variable rates based on LIBOR plus a spread. Collateral for these credit facilities is comprised of residential property being financed and is equal to the loans funded with the facilities. As of December 31, 2020 and 2019, HomeServices had $1.8 billion and $965 million, respectively, outstanding under these mortgage lines of credit at a weighted average interest rate of 2.03% and 3.51%, respectively.

BHE Renewables Letters of Credit

As of December 31, 2020 and 2019, certain renewable projects collectively have letters of credit outstanding of $305 million and $373 million, respectively, primarily in support of the power purchase agreements and large generator interconnection agreements associated with the projects.

PacifiCorp [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Short-term Debt and Credit Facilities

The following table summarizes PacifiCorp's availability under its credit facilities as of December 31 (in millions):


2020:
Credit facilities	$	1,200
Less:
Short-term debt	(93)
Tax-exempt bond support	(218)
Net credit facilities	$	889

2019:
Credit facilities	$	1,200
Less:
Short-term debt	(130)
Tax-exempt bond support	(256)
Net credit facilities	$	814

As of December 31, 2020, PacifiCorp was in compliance with the covenants of its credit facilities and letter of credit arrangements.

As of December 31, 2020 and 2019, PacifiCorp had $11 million and $13 million, respectively, of fully available letters of credit issued under committed arrangements. As of December 31, 2020 and 2019, $11 million and $13 million, respectively, support certain transactions required by third parties and generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.

MidAmerican Energy Company [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Interim financing of working capital needs and the construction program is obtained from unaffiliated parties through the sale of commercial paper or short-term borrowing from banks. The following table summarizes MidAmerican Energy's availability under its unsecured revolving credit facilities as of December 31 (in millions):


	2020		2019

Credit facilities	$	1,505	$	1,305
Less:

Variable-rate tax-exempt bond support	(370)		(370)
Net credit facilities	$	1,135	$	935

MidAmerican Energy has a $900 million unsecured credit facility expiring June 2022. The credit facility, which supports MidAmerican Energy's commercial paper program and its variable-rate tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at MidAmerican Energy's option, plus a spread that varies based on MidAmerican Energy's credit ratings for senior unsecured long-term debt securities. MidAmerican Energy has a $600 million unsecured credit facility, which expires May 2021, with an option to extend for up to three months, and has a variable interest rate based on the Eurodollar rate or a base rate, at MidAmerican Energy's option, plus a spread. Additionally, MidAmerican Energy has a $5 million unsecured credit facility, which expires June 2021 and has a variable interest rate based on the Eurodollar rate plus a spread. As of December 31, 2019, MidAmerican Energy had a $400 million unsecured credit facility expiring August 2020, which was terminated in May 2020. MidAmerican Energy had no commercial paper borrowings outstanding of as of December 31, 2020 and 2019. The $900 million and $600 million credit facilities each require that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter. As of December 31, 2020, MidAmerican Energy was in compliance with the covenants of its credit facilities. MidAmerican Energy has authority from the FERC to issue commercial paper and bank notes aggregating $1.5 billion through April 2, 2022.

MidAmerican Funding, LLC and Subsidiaries [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Refer to Note 7 of MidAmerican Energy's Notes to Financial Statements. In addition to MidAmerican Energy's credit facilities, MHC has a $4 million unsecured credit facility, which expires in June 2021 and has a variable interest rate based on the Eurodollar rate plus a spread. As of December 31, 2020 and 2019, there were no borrowings outstanding under this credit facility. As of December 31, 2020, MHC was in compliance with the covenants of its credit facility.

Nevada Power Company [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Short-term Debt and Credit Facilities Nevada Power has a $400 million secured credit facility expiring in June 2022. The credit facility, which is for general corporate purposes and provide for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at Nevada Power's option, plus a spread that varies based on Nevada Power's credit ratings for its senior secured long‑term debt securities. As of December 31, 2020 and 2019, Nevada Power had no borrowings outstanding under the credit facility. Amounts due under Nevada Power's credit facility are collateralized by Nevada Power's general and refunding mortgage bonds. The credit facility requires Nevada Power's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

Sierra Pacific Power Company [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Short-term Debt and Credit Facilities

The following table summarizes Sierra Pacific's availability under its credit facilities as of December 31 (in millions):


	2020		2019
Credit facilities	$	250	$	250
Short-term debt	(45)		—

Net credit facilities	$	205	$	250

Sierra Pacific has a $250 million secured credit facility expiring in June 2022 The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at Sierra Pacific's option, plus a spread that varies based on Sierra Pacific's credit ratings for its senior secured long‑term debt securities. As of December 31, 2020 and 2019, Sierra Pacific had borrowings of $45 million and $— million, respectively, outstanding under the credit facility. As of December 31, 2020, the weighted average interest rate on borrowings outstanding was 0.90%. Amounts due under Sierra Pacific's credit facility are collateralized by Sierra Pacific's general and refunding mortgage bonds. The credit facility requires Sierra Pacific's ratio of debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

Eastern Energy Gas Holdings, LLC [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Short-term Debt and Credit FacilitiesPrior to the GT&S Transaction, Eastern Energy Gas' short-term financing was supported through its access as co-borrower to a joint revolving credit facility with DEI. The credit facility was used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes. As of December 31, 2019, a maximum of $1.5 billion of the facility was available to Eastern Energy Gas and the sub-limit was $750 million. As of December 31, 2019, Eastern Energy Gas had $62 million of commercial paper outstanding with a weighted-average interest rate of 1.98%.