Short-term Debt and Other Financing Agreements

12 Months Ended

Dec. 31, 2014

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 credit facilities as of December 31 (in millions):

2014:
Credit facilities	$	1,200
Less:
Short-term debt	(20		)
Letters of credit and tax-exempt bond support	(398		)
Net credit facilities	$	782
2013:
Credit facilities	$	1,200
Less:
Short-term debt	—
Letters of credit and tax-exempt bond support	(321		)
Net credit facilities	$	879

PacifiCorp has a $600 million unsecured credit facility expiring in June 2017 and a $600 million unsecured credit facility expiring in March 2018. 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. As of December 31, 2014, the weighted average interest rate on commercial paper borrowings outstanding was 0.43%. 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, 2014, PacifiCorp was in compliance with the covenants of its credit facilities.

As of December 31, 2014 and 2013, PacifiCorp had $451 million and $559 million, respectively, of fully available letters of credit issued under committed arrangements, of which $270 million as of December 31, 2014 and 2013 were issued under the credit facilities. These letters of credit support PacifiCorp's variable-rate tax-exempt bond obligations and expire through March 2017.

As of December 31, 2014, 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, 2014 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.