Short-term Debt and Other Financing Agreements

12 Months Ended

Dec. 31, 2013

Short-term Debt and Other Financing Agreements [Abstract]

Short-term Debt [Text Block]

(6)Short-term Debt and Other Financing Agreements

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

2013:
Revolving credit facilities	$	1,200
Less:
Short-term debt	—
Letters of credit and tax-exempt bond support	(321		)
Net revolving credit facilities	$	879
2012:
Revolving credit facilities	$	1,230
Less:
Short-term debt	—
Letters of credit	(602		)
Net revolving credit facilities	$	628

In March 2013, PacifiCorp replaced its $630 million unsecured revolving credit facility, which had been set to expire in July 2013, with a $600 million unsecured revolving credit facility expiring in March 2018. Additionally, PacifiCorp has a $600 million unsecured revolving credit facility expiring in June 2017. 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 a variable interest rate based on the London Interbank Offered 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. 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, 2013, PacifiCorp was in compliance with the covenants of its credit facilities.

As of December 31, 2013 and 2012, PacifiCorp had $559 million and $602 million, respectively, of fully available letters of credit issued under committed arrangements, of which $270 million and $602 million, respectively, were issued under the revolving credit facilities. These letters of credit support PacifiCorp's variable-rate tax-exempt bond obligations and certain collateral requirements of commodity contracts and expire through March 2015.

As of December 31, 2013, PacifiCorp had approximately $16 million of additional letters of credit issued on its behalf to provide credit support for certain transactions as required by third parties. These letters of credit were all undrawn as of December 31, 2013 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.