Short-Term Debt and Credit Facilities (Notes)

12 Months Ended

Dec. 31, 2015

Line of Credit Facility [Line Items]

Short-Term Debt and Credit Facilities

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



							MidAmerican			NV		Northern
	BHE			PacifiCorp			Funding			Energy		Powergrid			AltaLink			Other			Total⁽¹⁾
2015:
Credit facilities	$	2,000		$	1,200		$	609		$	650	$	221		$	813		$	928		$	6,421
Less:
Short-term debt	(253		)	(20		)	—			—		—			(401		)	(300		)	(974		)
Tax-exempt bond support and letters of credit	(51		)	(160		)	(195		)	—		—			(9		)	—			(415		)
Net credit facilities	$	1,696		$	1,020		$	414		$	650	$	221		$	403		$	628		$	5,032

2014:
Credit facilities	$	2,000		$	1,200		$	609		$	650	$	265		$	1,119		$	853		$	6,696
Less:
Short-term debt	(395		)	(20		)	(50		)	—		(215		)	(251		)	(514		)	(1,445		)
Tax-exempt bond support and letters of credit	(28		)	(398		)	(195		)	—		—			(4		)	—			(625		)
Net credit facilities	$	1,577		$	782		$	364		$	650	$	50		$	864		$	339		$	4,626


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

As of December 31, 2015, the Company was in compliance with the covenants of its credit facilities and letter of credit arrangements.

BHE

BHE has a $1.4 billion senior unsecured credit facility expiring in June 2017 and a $600 million senior unsecured credit facility expiring in June 2017. These credit facilities have a variable interest rate based on the London Interbank Offered Rate ("LIBOR") 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. These credit facilities are for general corporate purposes and also support BHE's commercial paper program and provide for the issuance of letters of credit. As of December 31, 2015 and 2014, the weighted average interest rate on commercial paper borrowings outstanding was 0.66% and 0.49%, respectively. These credit facilities require 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, 2015 and 2014, BHE had $142 million and $125 million, respectively, of letters of credit outstanding, of which $51 million and $28 million as of December 31, 2015 and 2014 were issued under the credit facilities. These letters of credit primarily support power purchase agreements and debt service requirements at certain subsidiaries of BHE Renewables, LLC and expire through December 2016.

PacifiCorp

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 LIBOR 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, 2015 and 2014, the weighted average interest rate on commercial paper borrowings outstanding was 0.65% and 0.43%, 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, 2015 and 2014, PacifiCorp had $310 million and $451 million, respectively, of fully available letters of credit issued under committed arrangements, of which $10 million and $270 million as of December 31, 2015 and 2014 were issued under the credit facilities. These letters of credit support PacifiCorp's variable-rate tax-exempt bond obligations and expire through March 2017.

MidAmerican Funding

MidAmerican Energy has a $600 million unsecured credit facility expiring in March 2018. 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 LIBOR 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. As of December 31, 2014, the weighted average interest rate on commercial paper borrowings outstanding was 0.35%. 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 March 2018 and Sierra Pacific has a $250 million secured credit facility expiring in March 2018. 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 LIBOR 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. The credit facilities require that each of the Nevada Utilities' ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.68 to 1.0 as of the last day of each quarter.

Northern Powergrid

Northern Powergrid has a £150 million unsecured credit facility expiring in April 2020. The credit facility has a variable interest rate based on sterling LIBOR plus a spread that varies based on its credit ratings. As of December 31,2014, $184 million was outstanding under the credit facility, with a weighted average interest rate of 1.75%. 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) Limited 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. Additionally, as of December 31, 2014, Northern Powergrid had $31 million drawn on uncommitted bank facilities totaling £42 million, with a weighted average interest rate of 2.0%.

AltaLink

ALP has a C$750 million secured revolving credit facility expiring in December 2017, which provides support for borrowings under the unsecured commercial paper program and may also be used for general corporate purposes. The credit facility has a variable interest rate based on the Canadian bank prime lending rate or a spread above the Bankers' Acceptance rate, at ALP's option, based on ALP's credit ratings for its senior secured long-term debt securities. In addition, ALP has a C$75 million secured revolving credit facility expiring in December 2017, which may be used for general corporate purposes, capital expenditures and letters of credit. The credit facility has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, United States LIBOR loan rate, or a spread above the Bankers' Acceptance rate, at ALP's option, based on ALP's credit ratings for its senior secured long-term debt securities. At the renewal date, ALP has the option to convert these facilities to one-year term facilities. 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. As of December 31, 2015 and 2014, ALP had $324 million and $104 million outstanding under these facilities at a weighted average interest rate of 0.85% and 1.26%, respectively.

AltaLink Investments, L.P. has a C$300 million unsecured revolving term credit facility expiring in December 2020, which may be used for operating expenses, capital expenditures, working capital needs and letters of credit to a maximum of C$10 million. The credit facility has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, 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. The credit facility requires 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. As of December 31, 2015 and 2014, AltaLink Investments, L.P. had $77 million and $147 million outstanding under this facility at a weighted average interest rate of 0.89% and 1.30%, respectively.

HomeServices

HomeServices has a $350 million unsecured credit facility expiring in July 2018. The credit facility has a variable interest rate based on the prime lending rate or the LIBOR, at HomeServices' option, plus a spread that varies based on HomeServices' Total Leverage Ratio as defined in the agreement. As of December 31, 2014, HomeServices had $243 million outstanding under its credit facility with a weighted average interest rate of 1.41%.

Through its subsidiaries, HomeServices maintains mortgage lines of credit totaling $578 million and $503 million as of December 31, 2015 and 2014, respectively, used for mortgage banking activities that expire beginning in February 2016 through December 2016 or are due on demand. 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, 2015 and 2014, HomeServices had $300 million and $271 million, respectively, outstanding under these mortgage lines of credit at a weighted average interest rate of 2.42% and 2.25%, respectively.

BHE Renewables Letters of Credit

In connection with their bond offerings, Topaz and Solar Star entered into separate letter of credit and reimbursement facilities totaling $646 million. Letters of credit issued under the letter of credit facilities will be used to (a) provide security under the power purchase agreement and large generator interconnection agreements, (b) fund the debt service reserve requirement and the operation and maintenance debt service reserve requirement, (c) provide security for remediation and mitigation liabilities, and (d) provide security in respect of conditional use permit sales tax obligations. As of December 31, 2015 and 2014, $600 million and $245 million, respectively, of letters of credit had been issued under these facilities.

As of December 31, 2015 and 2014, certain renewable projects collectively have letters of credit outstanding of $65 million and $63 million, respectively, primarily in support of the power purchase agreements associated with the projects.

PacifiCorp [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Short-term Debt and Other Financing Agreements

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



2015:
Credit facilities	$	1,200
Less:
Short-term debt	(20		)
Tax-exempt bond support and letters of credit	(160		)
Net credit facilities	$	1,020

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

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, 2015 and 2014, the weighted average interest rate on commercial paper borrowings outstanding was 0.65% and 0.43%, 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, 2015, PacifiCorp was in compliance with the covenants of its credit facilities.

As of December 31, 2015, PacifiCorp had approximately $15 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, 2015 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.

MidAmerican Energy Company [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Short-Term Debt and Credit Facilities

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. MidAmerican Energy has a $600 million unsecured credit facility expiring in March 2018. 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 London Interbank Offered Rate ("LIBOR") 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. In addition, MidAmerican Energy has a $5 million unsecured credit facility, which expires in June 2016 and has a variable interest rate based on LIBOR plus a spread. As of December 31, 2014, the weighted average interest rate on commercial paper borrowings outstanding was 0.35%. The $600 million 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 any quarter. As of December 31, 2015, 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 $605 million through June 30, 2016.

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



	2015			2014

Credit facilities	$	605		$	605
Less:
Short-term debt outstanding	—			(50		)
Variable-rate tax-exempt bond support	(195		)	(195		)
Net credit facilities	$	410		$	360

MidAmerican Funding, LLC and Subsidiaries [Domain]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Short-Term Debt and Credit Facilities

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 2016 and has a variable interest rate based on LIBOR plus a spread. As of December 31, 2015 and 2014, there were no borrowings outstanding under this credit facility. As of December 31, 2015, 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]

Credit Facility

Nevada Power has a $400 million secured credit facility expiring in March 2018. The credit facility, which is for general corporate purposes for the issuance of letters of credit, has a variable interest rate based on London Interbank Offered 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, 2015 and 2014, 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 0.68 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]

Credit Facility

Sierra Pacific has a $250 million secured credit facility expiring in March 2018. The credit facility, which is for general corporate purposes for the issuance of letters of credit, has a variable interest rate based on London Interbank Offered 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, 2015 and 2014, Sierra Pacific had no borrowings outstanding under the credit facility. 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 consolidated debt, including current maturities, to total capitalization not exceed 0.68 to 1.0 as of the last day of each quarter.