Short-Term Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2018

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⁾
2018:
Credit facilities⁽²⁾	$	3,500		$	1,200		$	1,309		$	650		$	231		$	639		$	1,585		$	9,114
Less:
Short-term debt	(983		)	(30		)	(240		)	—			(77		)	(345		)	(841		)	(2,516		)
Tax-exempt bond support and letters of credit	—			(89		)	(370		)	(80		)	—			(4		)	—			(543		)
Net credit facilities	$	2,517		$	1,081		$	699		$	570		$	154		$	290		$	744		$	6,055

2017:
Credit facilities	$	3,600		$	1,000		$	909		$	650		$	203		$	1,054		$	1,635		$	9,051
Less:
Short-term debt	(3,331		)	(80		)	—			—			—			(345		)	(732		)	(4,488		)
Tax-exempt bond support and letters of credit	(7		)	(130		)	(370		)	(80		)	—			(7		)	—			(594		)
Net credit facilities	$	262		$	790		$	539		$	570		$	203		$	702		$	903		$	3,969


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

(2) Includes the drawn uncommitted credit facilities totaling $39 million at Northern Powergrid.

As of December 31, 2018, the Company was in compliance with the covenants of its credit facilities and letter of credit arrangements.

BHE

BHE has a $3.5 billion unsecured credit facility expiring in June 2021 with two one-year extension options subject to lender consent. This credit facility, which is for general corporate purposes and also supports BHE's commercial paper program and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate 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.

As of December 31, 2018 and 2017, the weighted average interest rate on commercial paper borrowings outstanding was 2.76% and 1.74%, respectively. This credit facility requires 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, 2018 and 2017, BHE had $115 million and $96 million, respectively, of letters of credit outstanding, of which $- million and $7 million as of December 31, 2018 and 2017, respectively, were issued under the credit facility. These letters of credit primarily support power purchase agreements and debt service requirements at certain subsidiaries of BHE Renewables, LLC expiring through January 2020 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.

PacifiCorp

PacifiCorp has a $600 million unsecured credit facility expiring in June 2021 with a one-year extension option subject to lender consent and a $600 million unsecured credit facility expiring in June 2021 with two one-year extension options subject to lender consent. 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 variable interest rates based on the Eurodollar 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, 2018 and 2017, the weighted average interest rate on commercial paper borrowings outstanding was 2.85% and 1.83%, 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, 2018 and 2017, PacifiCorp had $184 million and $230 million, respectively, of fully available letters of credit issued under committed arrangements. As of December 31, 2018 and 2017, $170 million and $216 million, respectively, of these letters of credit support PacifiCorp's variable-rate tax-exempt bond obligations and expire in March 2019 and $14 million support certain transactions required by third parties 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 Funding

MidAmerican Energy has a $900 million unsecured credit facility expiring in June 2021 with a one-year extension option subject to lender consent. 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 Eurodollar rate 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, 2018, MidAmerican Energy had a $400 million unsecured credit facility expiring November 2019, which it terminated in January 2019.

As of December 31, 2018, the weighted average interest rate on commercial paper borrowings outstanding was 2.49%. 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 June 2021 and Sierra Pacific has a $250 million secured credit facility expiring in June 2021 each with a one-year extension option subject to lender consent. 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 the Eurodollar rate 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. These credit facilities require that each of the Nevada Utilities' 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.

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 London Interbank Offered Rate ("LIBOR") plus a spread that varies based on its credit ratings. 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.

AltaLink

ALP has a C$500 million secured revolving credit facility expiring in December 2023 with a recurring one-year extension option subject to lender consent. The credit facility, which provides support for borrowings under the unsecured commercial paper program and may also be used for general corporate purposes, 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 2023 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit, has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, a spread above the 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.

As of December 31, 2018 and 2017, ALP had $281 million and $121 million outstanding under these facilities at a weighted average interest rate of 2.26% and 1.42%, respectively. 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.

AltaLink Investments, L.P. has a C$300 million unsecured revolving term credit facility expiring in December 2023 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit to a maximum of C$10 million, has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, a spread above the 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.

As of December 31, 2018 and 2017, AltaLink Investments, L.P. had $64 million and $224 million outstanding under this facility at a weighted average interest rate of 3.25% and 2.40%, respectively. 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.

HomeServices

HomeServices has a $600 million unsecured credit facility expiring in September 2022. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the LIBOR or a base rate, at HomeServices' option, plus a spread that varies based on HomeServices' total net leverage ratio as of the last day of each quarter. As of December 31, 2018 and 2017, HomeServices had $404 million and $292 million, respectively, outstanding under its credit facility with a weighted average interest rate of 3.94% and 2.75%, respectively.

Through its subsidiaries, HomeServices maintains mortgage lines of credit totaling $985 million and $1.0 billion as of December 31, 2018 and 2017, respectively, used for mortgage banking activities that expire beginning in January 2019 through December 2019 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, 2018 and 2017, HomeServices had $436 million and $440 million, respectively, outstanding under these mortgage lines of credit at a weighted average interest rate of 4.42% and 3.60%, respectively.

BHE Renewables Letters of Credit

Topaz and Solar Star have separate letter of credit and reimbursement facilities 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 and (c) provide security for remediation and mitigation liabilities. As of December 31, 2018, Topaz had $127 million of letters of credit issued under its $134 million facility and Solar Star had $92 million of letters of credit issued under its $105 million facility. As of December 31, 2017, Topaz had $75 million of letters of credit issued under its $134 million facility and Solar Star had $282 million of letters of credit issued under its $301 million facility.

As of December 31, 2018 and 2017, certain other renewable projects collectively have letters of credit outstanding of $103 million and $118 million, respectively, primarily in support of the power purchase agreements associated with the projects.

Short-Term Debt and Credit Facilities [Table Text Block]

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⁾
2018:
Credit facilities⁽²⁾	$	3,500		$	1,200		$	1,309		$	650		$	231		$	639		$	1,585		$	9,114
Less:
Short-term debt	(983		)	(30		)	(240		)	—			(77		)	(345		)	(841		)	(2,516		)
Tax-exempt bond support and letters of credit	—			(89		)	(370		)	(80		)	—			(4		)	—			(543		)
Net credit facilities	$	2,517		$	1,081		$	699		$	570		$	154		$	290		$	744		$	6,055

2017:
Credit facilities	$	3,600		$	1,000		$	909		$	650		$	203		$	1,054		$	1,635		$	9,051
Less:
Short-term debt	(3,331		)	(80		)	—			—			—			(345		)	(732		)	(4,488		)
Tax-exempt bond support and letters of credit	(7		)	(130		)	(370		)	(80		)	—			(7		)	—			(594		)
Net credit facilities	$	262		$	790		$	539		$	570		$	203		$	702		$	903		$	3,969


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

(2) Includes the drawn uncommitted credit facilities totaling $39 million at Northern Powergrid.

Sierra Pacific Power Company [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Credit Facility

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



	2018			2017
Credit facilities	$	250		$	250
Less - Water Facilities Refunding Revenue Bond support	(80		)	(80		)
Net credit facilities	$	170		$	170

Sierra Pacific has a $250 million secured credit facility expiring in June 2021 with a one-year extension option subject to lender consent. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar 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, 2018 and 2017, 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 debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

Short-Term Debt and Credit Facilities [Table Text Block]

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



	2018			2017
Credit facilities	$	250		$	250
Less - Water Facilities Refunding Revenue Bond support	(80		)	(80		)
Net credit facilities	$	170		$	170

PacifiCorp [Member]

Line of Credit Facility [Line Items]

Short-term Debt [Text Block]

Short-term Debt and Credit Facilities

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



2018:
Credit facilities	$	1,200
Less:
Short-term debt	(30		)
Tax-exempt bond support	(89		)
Net credit facilities	$	1,081

2017:
Credit facilities	$	1,000
Less:
Short-term debt	(80		)
Tax-exempt bond support	(130		)
Net credit facilities	$	790

As of December 31, 2018 and 2017, PacifiCorp had $184 million and $230 million, respectively, of fully available letters of credit issued under committed arrangements. As of December 31, 2018 and 2017, $170 million and $216 million, respectively, of these letters of credit, support PacifiCorp's variable-rate tax-exempt bond obligations and expire in March 2019 and $14 million support certain transactions required by third parties 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.

Short-Term Debt and Credit Facilities [Table Text Block]

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



2018:
Credit facilities	$	1,200
Less:
Short-term debt	(30		)
Tax-exempt bond support	(89		)
Net credit facilities	$	1,081

2017:
Credit facilities	$	1,000
Less:
Short-term debt	(80		)
Tax-exempt bond support	(130		)
Net credit facilities	$	790

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 $900 million unsecured credit facility expiring June 2021 with a one-year extension option subject to lender consent. 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 Eurodollar rate 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 2019 and has a variable interest rate based on the Eurodollar rate plus a spread. As of December 31, 2018, MidAmerican Energy had a $400 million unsecured credit facility expiring November 2019, which was terminated in January 2019. As of December 31, 2018, the weighted average interest rate on commercial paper borrowings outstanding was 2.49%. The $900 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, 2018, 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 $1.3 billion through July 31, 2020.

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



	2018			2017

Credit facilities	$	1,305		$	905
Less:
Short-term debt outstanding	(240		)	—
Variable-rate tax-exempt bond support	(370		)	(370		)
Net credit facilities	$	695		$	535

Short-Term Debt and Credit Facilities [Table Text Block]

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



	2018			2017

Credit facilities	$	1,305		$	905
Less:
Short-term debt outstanding	(240		)	—
Variable-rate tax-exempt bond support	(370		)	(370		)
Net credit facilities	$	695		$	535

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 June 2021 with a one-year extension option subject to lender consent. The credit facility, which is for general corporate purposes and provide for the issuance of letters of credit, has a variable interest rate based on the Eurodollar 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, 2018 and 2017, 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 0.65 to 1.0 as of the last day of each quarter.