Schedule I MidAmerican Funding, LLC Condensed Financial Statements (MidAmerican Funding LLC [Domain])

12 Months Ended

Dec. 31, 2011

MidAmerican Funding LLC [Domain]

Condensed Financial Statements, Captions [Line Items]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

SCHEDULE I

Page 1 of 3

MIDAMERICAN FUNDING, LLC

PARENT COMPANY ONLY

CONDENSED BALANCE SHEETS

(Amounts in millions)

	As of December 31,
	2011			2010
ASSETS
Current assets:
Receivables from affiliates	$	2		$	5
Investments in and advances to subsidiaries	4,539			4,225
Total assets	$	4,541		$	4,230
LIABILITIES AND MEMBER'S EQUITY
Current liabilities:
Interest accrued and other current liabilities	$	8		$	13
Current portion of long-term debt	—			200
Payable to affiliate	235			17
Long-term debt	325			325
Other	1			2
Total liabilities	569			557
Member's equity:
Paid-in capital	1,679			1,679
Retained earnings	2,327			2,023
Accumulated other comprehensive loss, net	(34		)	(29		)
Total member's equity	3,972			3,673
Total liabilities and member's equity	$	4,541		$	4,230

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

SCHEDULE I

Page 2 of 3

MIDAMERICAN FUNDING, LLC

PARENT COMPANY ONLY

CONDENSED STATEMENTS OF OPERATIONS

(Amounts in millions)

	Years Ended December 31,
	2011			2010			2009
Interest on long-term debt	$	25		$	36		$	38
Loss before income taxes	(25		)	(36		)	(38		)
Income tax benefit	(11		)	(15		)	(16		)
Equity in undistributed earnings of subsidiaries	$	318		$	361		$	349
Net income	$	304		$	340		$	327

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

MIDAMERICAN FUNDING, LLC

PARENT COMPANY ONLY

CONDENSED STATEMENTS OF CASH FLOWS

(In millions)

	Years Ended December 31,
	2011			2010			2009
Net cash flows from operating activities	$	(18	)	$	(21	)	$	(25	)
Net cash flows from investing activities:
Dividend from subsidiary	—			114			—
Net cash flows from investing activities	—			114			—
Net cash flows from financing activities:
Distribution to member	—			(114		)	—
Repayments of long-term debt	(200		)	—			(175		)
Net change in amounts receivable from/payable to subsidiary	218			21			200
Net cash flows from financing activities	18			(93		)	25
Net change in cash and cash equivalents	—			—			—
Cash and cash equivalents at beginning of year	—			—			—
Cash and cash equivalents at end of year	$	—		$	—		$	—

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

SCHEDULE I

Page 3 of 3

MIDAMERICAN FUNDING, LLC

PARENT COMPANY ONLY

NOTES TO CONDENSED FINANCIAL STATEMENTS

Incorporated by reference are MidAmerican Funding, LLC and Subsidiaries Consolidated Statements of Changes in Equity and Consolidated Statements of Comprehensive Income for the three years ended December 31, 2011, and the related Consolidated Statements of Capitalization as of December 31, 2011 and 2010, in Part II, Item 8.

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

Payable to Affiliate - MHC, Inc. ("MHC") settles all obligations of MidAmerican Funding including primarily interest costs on, and repayments of, MidAmerican Funding's long-term debt. Net amounts paid by MHC on behalf of MidAmerican Funding totaled $218 million, $21 million and $200 million for 2011, 2010 and 2009, respectively.

Condensed Statements of Cash Flows Supplemental Disclosure - In 2009, MidAmerican Funding received a dividend of $471 million in the form of MHC's receivable from MidAmerican Funding. Additionally in 2009, MEHC contributed corporate aircraft, including related deferred income taxes, totaling $9 million to MidAmerican Funding, which was then contributed to MHC.

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