Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

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

The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit pension plan (in millions):



	Input Levels for Fair Value Measurements
	Level 1⁽¹⁾		Level 2⁽¹⁾		Level 3⁽¹⁾		Total
As of December 31, 2013
Cash equivalents	$	—	$	18	$	—	$	18
Debt securities:
United States government obligations	13		—		—		13
International government obligations	—		1		—		1
Corporate obligations	—		48		—		48
Municipal obligations	—		8		—		8
Agency, asset and mortgage-backed obligations	—		50		—		50
Equity securities:
United States companies	489		—		—		489
International companies	16		—		—		16
Investment funds⁽²⁾	215		227		—		442
Limited partnership interests⁽³⁾	—		—		86		86
Total	$	733	$	352	$	86	$	1,171

As of December 31, 2012
Cash equivalents	$	1	$	8	$	—	$	9
Debt securities:
United States government obligations	48		—		—		48
International government obligations	—		67		—		67
Corporate obligations	—		64		—		64
Municipal obligations	—		7		—		7
Agency, asset and mortgage-backed obligations	—		34		—		34
Equity securities:
United States companies	383		—		—		383
International companies	7		—		—		7
Investment funds⁽²⁾	112		185		—		297
Limited partnership interests⁽³⁾	—		—		96		96
Total	$	551	$	365	$	96	$	1,012


(1)	Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.


(2)	Investment funds are substantially comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 50% and 50%, respectively, for 2013 and 60% and 40%, respectively, for 2012, and are invested in United States and international securities of approximately 42% and 58%, respectively, for 2013 and 2012.


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

The following table presents the fair value of plan assets, by major category, for PacifiCorp's defined benefit other postretirement plan (in millions):



	Input Levels for Fair Value Measurements
	Level 1⁽¹⁾		Level 2⁽¹⁾		Level 3⁽¹⁾		Total
As of December 31, 2013
Cash and cash equivalents	$	3	$	1	$	—	$	4
Debt securities:
United States government obligations	1		—		—		1
Corporate obligations	—		4		—		4
Municipal obligations	—		1		—		1
Agency, asset and mortgage-backed obligations	—		4		—		4
Equity securities:
United States companies	167		—		—		167
International companies	6		—		—		6
Investment funds⁽²⁾	173		120		—		293
Limited partnership interests⁽³⁾	—		—		6		6
Total	$	350	$	130	$	6	$	486

As of December 31, 2012
Cash and cash equivalents	$	4	$	—	$	—	$	4
Debt securities:
United States government obligations	4		—		—		4
International government obligations	—		5		—		5
Corporate obligations	—		5		—		5
Municipal obligations	—		1		—		1
Agency, asset and mortgage-backed obligations	—		3		—		3
Equity securities:
United States companies	137		—		—		137
International companies	3		—		—		3
Investment funds⁽²⁾	152		103		—		255
Limited partnership interests⁽³⁾	—		—		7		7
Total	$	300	$	117	$	7	$	424


(1)	Refer to Note 12 for additional discussion regarding the three levels of the fair value hierarchy.


(2)	Investment funds are substantially comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 49% and 51%, respectively, for 2013 and 48% and 52%, respectively, for 2012, and are invested in United States and international securities of approximately 70% and 30%, respectively, for 2013 and 66% and 34%, respectively, for 2012.


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

The following table presents PacifiCorp'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	$	—	$	12		$	2	$	(4	)	$	10
Money market mutual funds⁽²⁾	61		—			—		—			61
	$	61	$	12		$	2	$	(4	)	$	71

Liabilities - Commodity derivatives	$	—	$	(69	)	$	—	$	16		$	(53	)

As of December 31, 2012
Assets:
Commodity derivatives	$	—	$	32		$	—	$	(23	)	$	9
Money market mutual funds⁽²⁾	73		—			—		—			73
	$	73	$	32		$	—	$	(23	)	$	82

Liabilities - Commodity derivatives	$	—	$	(153	)	$	—	$	78		$	(75	)


(1)	Represents netting under master netting arrangements and a net cash collateral receivable of $12 million and $55 million as of December 31, 2013 and 2012, respectively.


(2)	Amounts are included in cash and cash equivalents, other current assets and other assets 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 PacifiCorp's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs for the years ended December 31 (in millions):



	2013			2012			2011
Beginning balance	$	—		$	1		$	(345	)
Changes in fair value recognized in regulatory assets	1			1			132
Contracts designated as normal purchases or normal sales	—			—			168
Purchases	4			—			—
Settlements	(3		)	(2		)	46
Ending balance	$	2		$	—		$	1

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

PacifiCorp's long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of PacifiCorp's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of PacifiCorp's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt as of December 31 (in millions):



	2013				2012
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value

Long-term debt	$	6,828	$	7,626	$	6,806	$	8,350

- 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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