XML 48 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Risk Management and Hedging Activities (MEC) (Tables) (MidAmerican Energy Company and Subsidiaries [Member])
 6 Months Ended
Jun. 30, 2012
MidAmerican Energy Company and Subsidiaries [Member]
  
Derivatives, Fair Value [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of MidAmerican Energy's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

 
Current
Assets -
Other
 
Other
Assets -
Other
 
Current
Liabilities -
Other
 
Other
Liabilities -
Other
 
Total
As of June 30, 2012
 
 
 
 
 
 
 
 
 
Not designated as hedging contracts(1):
 
 
 
 
 
 
 
 
 
Commodity assets
$
45

 
$
5

 
$
10

 
$
1

 
$
61

Commodity liabilities
(28
)
 
(2
)
 
(67
)
 
(27
)
 
(124
)
Total
17

 
3

 
(57
)
 
(26
)
 
(63
)
 
 

 
 

 
 

 
 

 
 

Designated as hedging contracts:
 

 
 

 
 

 
 

 
 

Commodity assets
—

 
—

 
2

 
1

 
3

Commodity liabilities
(1
)
 
—

 
(34
)
 
(24
)
 
(59
)
Total
(1
)
 
—

 
(32
)
 
(23
)
 
(56
)
 
 

 
 

 
 

 
 

 
 

Total derivatives
16

 
3

 
(89
)
 
(49
)
 
(119
)
Cash collateral receivable
—

 
—

 
20

 
3

 
23

Total derivatives - net basis
$
16

 
$
3

 
$
(69
)
 
$
(46
)
 
$
(96
)
 
Current
Assets -
Other
 
Other
Assets -
Other
 
Current
Liabilities -
Other
 
Other
Liabilities -
Other
 
Total
As of December 31, 2011
 
 
 
 
 
 
 
 
 
Not designated as hedging contracts(1):
 
 
 
 
 
 
 
 
 
Commodity assets
$
60

 
$
6

 
$
6

 
$
1

 
$
73

Commodity liabilities
(29
)
 
(2
)
 
(73
)
 
(41
)
 
(145
)
Total
31

 
4

 
(67
)
 
(40
)
 
(72
)
 
 

 
 

 
 

 
 

 
 

Designated as hedging contracts:
 

 
 

 
 

 
 

 
 

Commodity assets
—

 
—

 
1

 
—

 
1

Commodity liabilities
(6
)
 
—

 
(21
)
 
(17
)
 
(44
)
Total
(6
)
 
—

 
(20
)
 
(17
)
 
(43
)
 
 

 
 

 
 

 
 

 
 

Total derivatives
25

 
4

 
(87
)
 
(57
)
 
(115
)
Cash collateral receivable
—

 
—

 
28

 
5

 
33

Total derivatives - net basis
$
25

 
$
4

 
$
(59
)
 
$
(52
)
 
$
(82
)
(1)
MidAmerican Energy's commodity derivatives not designated as hedging contracts are generally included in regulated rates, and as of June 30, 2012 and December 31, 2011, a net regulatory asset of $63 million and $73 million, respectively, was recorded related to the net derivative liability of $63 million and $72 million, respectively.
Schedule of Regulatory Assets (Liabilities), Net, Unrealized Loss (Gain), Net, on Derivative Contracts [Table Text Block]
The following table reconciles the beginning and ending balances of MidAmerican Energy's net regulatory assets and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory assets, as well as amounts reclassified to earnings (in millions):

 
Three-Month Periods
 
Six-Month Periods
 
Ended June 30,
 
Ended June 30,
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
Beginning balance
$
60

 
$
3

 
$
73

 
$
27

Changes in fair value recognized in net regulatory assets
1

 
16

 
11

 
10

Net gains (losses) reclassified to operating revenue
7

 
(1
)
 
20

 
(1
)
Net gains reclassified to cost of fuel, energy and capacity
—

 
2

 
1

 
5

Net losses reclassified to cost of gas sold
(5
)
 
—

 
(42
)
 
(21
)
Ending balance
$
63

 
$
20

 
$
63

 
$
20
Schedule Of Nonregulated Derivatives Not Designated As Hedging Instruments Gain (Loss) In Statement Of Financial Performance [Table Text Block]
The following table summarizes the pre-tax gains (losses) included on the Consolidated Statements of Operations associated with MidAmerican Energy's derivative contracts not designated as hedging contracts and not recorded as a net regulatory asset or liability (in millions):

 
Three-Month Periods
 
Six-Month Periods
 
Ended June 30,
 
Ended June 30,
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
Nonregulated operating revenue
$
(1
)
 
$
2

 
$
7

 
$
3

Nonregulated cost of sales
2

 
—

 
(5
)
 
—

Total
$
1

 
$
2

 
$
2

 
$
3
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table reconciles the beginning and ending balances of MidAmerican Energy's accumulated other comprehensive loss (pre-tax) and summarizes pre-tax gains and losses on derivative contracts designated and qualifying as cash flow hedges recognized in other comprehensive income ("OCI"), as well as amounts reclassified to earnings (in millions):

 
Three-Month Periods
 
Six-Month Periods
 
Ended June 30,
 
Ended June 30,
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
Beginning balance
$
68

 
$
31

 
$
43

 
$
34

Changes in fair value recognized in OCI
2

 
(15
)
 
40

 
(14
)
Net losses reclassified to nonregulated cost of sales
(14
)
 
(3
)
 
(27
)
 
(7
)
Ending balance
$
56

 
$
13

 
$
56

 
$
13
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
The following table summarizes the net notional amounts of outstanding derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

 
Unit of
 
June 30,
 
December 31,
 
Measure
 
2012
 
2011
 
 
 
 
 
 
Electricity purchases
Megawatt hours
 
11

 
8

Natural gas purchases
Decatherms
 
45

 
62

Fuel purchases
Gallons
 
1

 
2