Commission | Exact name of registrant as specified in its charter; | IRS Employer | ||
File Number | State or other jurisdiction of incorporation or organization | Identification No. | ||
333-90553 | MIDAMERICAN FUNDING, LLC | 47-0819200 | ||
(An Iowa Limited Liability Company) | ||||
666 Grand Avenue, Suite 500 | ||||
Des Moines, Iowa 50309-2580 | ||||
333-15387 | MIDAMERICAN ENERGY COMPANY | 42-1425214 | ||
(An Iowa Corporation) | ||||
666 Grand Avenue, Suite 500 | ||||
Des Moines, Iowa 50309-2580 | ||||
(515) 242-4300 | ||||
(Registrant's telephone number, including area code) | ||||
N/A | ||||
(Former name, former address and former fiscal year, if changed since last report) |
MidAmerican Funding, LLC | Yes £ No S | MidAmerican Energy Company | Yes S No £ |
MidAmerican Funding, LLC | Yes S No £ | MidAmerican Energy Company | Yes S No £ |
Large accelerated filer £ | Accelerated filer £ | Non-accelerated filer S | Smaller reporting company £ |
PART II | ||
Mine Safety Disclosures | ||
Companies | ||
MEHC | MidAmerican Energy Holdings Company | |
MidAmerican Funding | MidAmerican Funding, LLC | |
MidAmerican Energy | MidAmerican Energy Company | |
Berkshire Hathaway | Berkshire Hathaway Inc. and its subsidiaries | |
Certain Industry Terms | ||
AFUDC | Allowance for Funds Used During Construction | |
DSM | Demand-side Management | |
Dth | Decatherms | |
EPA | United States Environmental Protection Agency | |
FERC | Federal Energy Regulatory Commission | |
GHG | Greenhouse Gases | |
GWh | Gigawatt Hours | |
IUB | Iowa Utilities Board | |
MW | Megawatts |
• | general economic, political and business conditions, as well as, changes in laws and regulations affecting MidAmerican Energy's operations or related industries; |
• | changes in, and compliance with, environmental laws, regulations, decisions and policies that could, among other items, increase operating and capital costs, reduce generating facility output, accelerate generating facility retirements or delay generating facility construction or acquisition; |
• | the outcome of rate cases and other proceedings conducted by regulatory commissions or other governmental and legal bodies and MidAmerican Energy's ability to recover costs in rates in a timely manner; |
• | changes in economic, industry, competition or weather conditions, as well as demographic trends and new technologies, that could affect customer growth and usage, electricity and natural gas supply or MidAmerican Energy's ability to obtain long-term contracts with customers and suppliers; |
• | a high degree of variance between actual and forecasted load or generation that could impact MidAmerican Energy's hedging strategy and the cost of balancing its generation resources with its retail load obligations; |
• | performance and availability of MidAmerican Energy's generating facilities, including the impacts of outages and repairs, transmission constraints, weather, including wind, and operating conditions; |
• | changes in prices, availability and demand for wholesale electricity, coal, natural gas, other fuel sources and fuel transportation that could have a significant impact on generating capacity and energy costs; |
• | the financial condition and creditworthiness of MidAmerican Energy's significant customers and suppliers; |
• | changes in business strategy or development plans; |
• | availability, terms and deployment of capital, including reductions in demand for investment grade commercial paper, debt securities and other sources of debt financing and volatility in the London Interbank Offered Rate, the base interest rate for MidAmerican Energy's credit facilities; |
• | changes in MidAmerican Energy's credit ratings; |
• | risks relating to nuclear generation; |
• | the impact of certain contracts used to mitigate or manage volume, price and interest rate risk, including increased collateral requirements, and changes in commodity prices, interest rates and other conditions that affect the fair value of certain contracts; |
• | the impact of inflation on costs and MidAmerican Energy's ability to recover such costs in regulated rates; |
• | increases in employee healthcare costs, including the implementation of the Affordable Care Act; |
• | the impact of investment performance and changes in interest rates, legislation, healthcare cost trends, mortality and morbidity on pension and other postretirement benefits expense and funding requirements; |
• | unanticipated construction delays, changes in costs, receipt of required permits and authorizations, ability to fund capital projects and other factors that could affect future generating facilities and infrastructure additions; |
• | the impact of new accounting guidance or changes in current accounting estimates and assumptions on MidAmerican Funding's or MidAmerican Energy's consolidated financial results; |
• | other risks or unforeseen events, including the effects of storms, floods, fires, explosions, litigation, wars, terrorism, embargoes and other catastrophic events; and |
• | other business or investment considerations that may be disclosed from time to time in MidAmerican Funding's or MidAmerican Energy's filings with the United States Securities and Exchange Commission or in other publicly disseminated written documents. |
Item 1. | Financial Statements |
MidAmerican Funding, LLC and Subsidiaries | |
As of | |||||||
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Utility plant, net: | |||||||
Electric | $ | 11,527 | $ | 11,416 | |||
Gas | 1,316 | 1,301 | |||||
Gross utility plant in service | 12,843 | 12,717 | |||||
Accumulated depreciation and amortization | (4,575 | ) | (4,413 | ) | |||
Utility plant in service, net | 8,268 | 8,304 | |||||
Construction work in progress | 431 | 318 | |||||
Total utility plant, net | 8,699 | 8,622 | |||||
Current assets: | |||||||
Cash and cash equivalents | 186 | 354 | |||||
Receivables, net | 380 | 416 | |||||
Income taxes receivable | 20 | — | |||||
Inventories | 216 | 240 | |||||
Other | 72 | 56 | |||||
Total current assets | 874 | 1,066 | |||||
Other assets: | |||||||
Regulatory assets | 844 | 876 | |||||
Investments and nonregulated property, net | 553 | 535 | |||||
Other | 122 | 133 | |||||
Total other assets | 1,519 | 1,544 | |||||
Total assets | $ | 11,092 | $ | 11,232 | |||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization: | |||||||
MidAmerican Energy common shareholder's equity | $ | 3,613 | $ | 3,608 | |||
Preferred securities | — | 27 | |||||
Long-term debt, excluding current portion | 2,598 | 2,590 | |||||
Total capitalization | 6,211 | 6,225 | |||||
Current liabilities: | |||||||
Current portion of long-term debt | 669 | 669 | |||||
Accounts payable | 300 | 386 | |||||
Taxes accrued | 113 | 224 | |||||
Interest accrued | 41 | 27 | |||||
Other | 120 | 120 | |||||
Total current liabilities | 1,243 | 1,426 | |||||
Other liabilities: | |||||||
Deferred income taxes | 2,219 | 2,164 | |||||
Asset retirement obligations | 326 | 318 | |||||
Regulatory liabilities | 775 | 750 | |||||
Other | 318 | 349 | |||||
Total other liabilities | 3,638 | 3,581 | |||||
Total capitalization and liabilities | $ | 11,092 | $ | 11,232 |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating revenue: | |||||||||||||||
Regulated electric | $ | 411 | $ | 404 | $ | 826 | $ | 784 | |||||||
Regulated gas | 142 | 91 | 457 | 354 | |||||||||||
Nonregulated | 204 | 214 | 394 | 445 | |||||||||||
Total operating revenue | 757 | 709 | 1,677 | 1,583 | |||||||||||
Operating costs and expenses: | |||||||||||||||
Regulated: | |||||||||||||||
Cost of fuel, energy and capacity | 114 | 101 | 237 | 209 | |||||||||||
Cost of gas sold | 88 | 45 | 312 | 231 | |||||||||||
Other operating expenses | 111 | 100 | 217 | 202 | |||||||||||
Maintenance | 70 | 52 | 115 | 98 | |||||||||||
Depreciation and amortization | 104 | 100 | 211 | 193 | |||||||||||
Property and other taxes | 30 | 30 | 60 | 59 | |||||||||||
Total regulated operating costs and expenses | 517 | 428 | 1,152 | 992 | |||||||||||
Nonregulated: | |||||||||||||||
Cost of sales | 190 | 193 | 364 | 405 | |||||||||||
Other | 7 | 7 | 12 | 13 | |||||||||||
Total nonregulated operating costs and expenses | 197 | 200 | 376 | 418 | |||||||||||
Total operating costs and expenses | 714 | 628 | 1,528 | 1,410 | |||||||||||
Operating income | 43 | 81 | 149 | 173 | |||||||||||
Non-operating income: | |||||||||||||||
Interest income | 1 | 1 | 1 | 1 | |||||||||||
Allowance for equity funds | 4 | 3 | 8 | 5 | |||||||||||
Other, net | 3 | — | 7 | 4 | |||||||||||
Total non-operating income | 8 | 4 | 16 | 10 | |||||||||||
Fixed charges: | |||||||||||||||
Interest on long-term debt | 35 | 36 | 70 | 73 | |||||||||||
Other interest expense | 1 | 1 | 1 | 1 | |||||||||||
Allowance for borrowed funds | (2 | ) | (1 | ) | (3 | ) | (2 | ) | |||||||
Total fixed charges | 34 | 36 | 68 | 72 | |||||||||||
Income before income tax benefit | 17 | 49 | 97 | 111 | |||||||||||
Income tax benefit | (7 | ) | (32 | ) | (30 | ) | (44 | ) | |||||||
Net income | 24 | 81 | 127 | 155 | |||||||||||
Preferred dividends | 1 | 1 | 1 | 1 | |||||||||||
Earnings on common stock | $ | 23 | $ | 80 | $ | 126 | $ | 154 |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 24 | $ | 81 | $ | 127 | $ | 155 | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Unrealized (losses) gains on cash flow hedges, net of tax of $(10), $5, $2 and $(6) | (14 | ) | 7 | 4 | (7 | ) | |||||||||
Comprehensive income | $ | 10 | $ | 88 | $ | 131 | $ | 148 |
MidAmerican Energy Shareholders' Equity | |||||||||||||||||||||||
Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss, Net | Preferred Securities | Noncontrolling Interests | Total Equity | ||||||||||||||||||
Balance, December 31, 2011 | $ | 562 | $ | 2,716 | $ | (34 | ) | $ | 27 | $ | 1 | $ | 3,272 | ||||||||||
Net income | — | 155 | — | — | — | 155 | |||||||||||||||||
Other comprehensive loss | — | — | (7 | ) | — | — | (7 | ) | |||||||||||||||
Preferred dividends | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||
Balance, June 30, 2012 | $ | 562 | $ | 2,870 | $ | (41 | ) | $ | 27 | $ | 1 | $ | 3,419 | ||||||||||
Balance, December 31, 2012 | $ | 562 | $ | 3,070 | $ | (24 | ) | $ | 27 | $ | — | $ | 3,635 | ||||||||||
Net income | — | 127 | — | — | — | 127 | |||||||||||||||||
Other comprehensive income | — | — | 4 | — | — | 4 | |||||||||||||||||
Redemption of preferred securities | (1 | ) | — | — | (27 | ) | — | (28 | ) | ||||||||||||||
Common dividends | — | (125 | ) | — | — | — | (125 | ) | |||||||||||||||
Balance, June 30, 2013 | $ | 561 | $ | 3,072 | $ | (20 | ) | $ | — | $ | — | $ | 3,613 |
Six-Month Periods | |||||||
Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 127 | $ | 155 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 211 | 193 | |||||
Deferred income taxes and amortization of investment tax credits | 16 | 22 | |||||
Changes in other assets and liabilities | 28 | 22 | |||||
Other, net | 1 | (8 | ) | ||||
Changes in other operating assets and liabilities: | |||||||
Receivables, net | 32 | 51 | |||||
Inventories | 24 | — | |||||
Derivative collateral, net | 5 | — | |||||
Pension and other postretirement benefit plans | 4 | (55 | ) | ||||
Accounts payable | (35 | ) | — | ||||
Taxes accrued | (133 | ) | 432 | ||||
Other current assets and liabilities | 22 | 3 | |||||
Net cash flows from operating activities | 302 | 815 | |||||
Cash flows from investing activities: | |||||||
Utility construction expenditures | (327 | ) | (259 | ) | |||
Purchases of available-for-sale securities | (44 | ) | (29 | ) | |||
Proceeds from sales of available-for-sale securities | 37 | 20 | |||||
Other, net | 17 | 7 | |||||
Net cash flows from investing activities | (317 | ) | (261 | ) | |||
Cash flows from financing activities: | |||||||
Dividends | (125 | ) | (1 | ) | |||
Repayments of long-term debt | — | (283 | ) | ||||
Redemption of preferred securities | (28 | ) | — | ||||
Net cash flows from financing activities | (153 | ) | (284 | ) | |||
Net change in cash and cash equivalents | (168 | ) | 270 | ||||
Cash and cash equivalents at beginning of period | 354 | 1 | |||||
Cash and cash equivalents at end of period | $ | 186 | $ | 271 |
(1) | General |
(2) | New Accounting Pronouncements |
(3) | Components of Accumulated Other Comprehensive Loss, Net |
Unrealized | Unrealized | Accumulated | ||||||||||
Losses on | Losses on | Other | ||||||||||
Available-For-Sale | Cash Flow | Comprehensive | ||||||||||
Securities | Hedges | Loss, Net | ||||||||||
Balance, December 31, 2012 | $ | (5 | ) | $ | (19 | ) | $ | (24 | ) | |||
Other comprehensive income | — | 4 | 4 | |||||||||
Balance, June 30, 2013 | $ | (5 | ) | $ | (15 | ) | $ | (20 | ) |
(4) | Preferred Securities |
(5) | Recent Financing Transactions |
(6) | Income Taxes |
Three-Month Periods | Six-Month Periods | ||||||||||
Ended June 30, | Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | |||
Income tax credits | (57 | ) | (54 | ) | (60 | ) | (51 | ) | |||
State income tax, net of federal income tax benefit | (4 | ) | (11 | ) | (2 | ) | (8 | ) | |||
Income tax method change | — | (32 | ) | — | (14 | ) | |||||
Effects of ratemaking | (15 | ) | (3 | ) | (4 | ) | (3 | ) | |||
Other, net | — | — | — | 1 | |||||||
Effective income tax rate | (41 | )% | (65 | )% | (31 | )% | (40 | )% |
(7) | Employee Benefit Plans |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Pension: | |||||||||||||||
Service cost | $ | 4 | $ | 5 | $ | 9 | $ | 9 | |||||||
Interest cost | 8 | 9 | 16 | 18 | |||||||||||
Expected return on plan assets | (11 | ) | (12 | ) | (22 | ) | (22 | ) | |||||||
Net amortization | 2 | 1 | 5 | 2 | |||||||||||
Net periodic benefit cost | $ | 3 | $ | 3 | $ | 8 | $ | 7 | |||||||
Other postretirement: | |||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 2 | $ | 2 | |||||||
Interest cost | 2 | 2 | 4 | 4 | |||||||||||
Expected return on plan assets | (4 | ) | (3 | ) | (7 | ) | (6 | ) | |||||||
Net amortization | — | (2 | ) | (1 | ) | (2 | ) | ||||||||
Net periodic benefit cost (benefit) | $ | (1 | ) | $ | (2 | ) | $ | (2 | ) | $ | (2 | ) |
(8) | Risk Management and Hedging Activities |
Current Assets - Other | Other Assets - Other | Current Liabilities - Other | Other Liabilities - Other | Total | |||||||||||||||
As of June 30, 2013: | |||||||||||||||||||
Not designated as hedging contracts(1): | |||||||||||||||||||
Commodity assets | $ | 18 | $ | 3 | $ | 5 | $ | — | $ | 26 | |||||||||
Commodity liabilities | (15 | ) | (1 | ) | (31 | ) | (3 | ) | (50 | ) | |||||||||
Total | 3 | 2 | (26 | ) | (3 | ) | (24 | ) | |||||||||||
Designated as hedging contracts: | |||||||||||||||||||
Commodity assets | — | (1 | ) | 2 | 1 | 2 | |||||||||||||
Commodity liabilities | — | — | (18 | ) | (10 | ) | (28 | ) | |||||||||||
Total | — | (1 | ) | (16 | ) | (9 | ) | (26 | ) | ||||||||||
Total derivatives | 3 | 1 | (42 | ) | (12 | ) | (50 | ) | |||||||||||
Cash collateral receivable | — | — | 2 | — | 2 | ||||||||||||||
Total derivatives - net basis | $ | 3 | $ | 1 | $ | (40 | ) | $ | (12 | ) | $ | (48 | ) |
Current Assets - Other | Other Assets - Other | Current Liabilities - Other | Other Liabilities - Other | Total | |||||||||||||||
As of December 31, 2012: | |||||||||||||||||||
Not designated as hedging contracts(1): | |||||||||||||||||||
Commodity assets | $ | 18 | $ | 1 | $ | 7 | $ | 2 | $ | 28 | |||||||||
Commodity liabilities | (12 | ) | — | (47 | ) | (14 | ) | (73 | ) | ||||||||||
Total | 6 | 1 | (40 | ) | (12 | ) | (45 | ) | |||||||||||
Designated as hedging contracts: | |||||||||||||||||||
Commodity assets | — | — | 1 | 1 | 2 | ||||||||||||||
Commodity liabilities | — | — | (22 | ) | (12 | ) | (34 | ) | |||||||||||
Total | — | — | (21 | ) | (11 | ) | (32 | ) | |||||||||||
Total derivatives | 6 | 1 | (61 | ) | (23 | ) | (77 | ) | |||||||||||
Cash collateral receivable | — | — | 6 | 1 | 7 | ||||||||||||||
Total derivatives - net basis | $ | 6 | $ | 1 | $ | (55 | ) | $ | (22 | ) | $ | (70 | ) |
(1) | MidAmerican Energy's commodity derivatives not designated as hedging contracts are generally included in regulated rates, and as of June 30, 2013 and December 31, 2012, a net regulatory asset of $23 million and $45 million, respectively, was recorded related to the net derivative liability of $24 million and $45 million, respectively. |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Beginning balance | $ | 24 | $ | 60 | $ | 45 | $ | 73 | |||||||
Changes in fair value recognized in net regulatory assets | 1 | 1 | — | 11 | |||||||||||
Net gains reclassified to operating revenue | — | 7 | 3 | 20 | |||||||||||
Net gains reclassified to cost of fuel, energy and capacity | — | — | — | 1 | |||||||||||
Net losses reclassified to cost of gas sold | (2 | ) | (5 | ) | (25 | ) | (42 | ) | |||||||
Ending balance | $ | 23 | $ | 63 | $ | 23 | $ | 63 |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Nonregulated operating revenue | $ | 3 | $ | (1 | ) | $ | 1 | $ | 7 | ||||||
Nonregulated cost of sales | (3 | ) | 2 | — | (5 | ) | |||||||||
Total | $ | — | $ | 1 | $ | 1 | $ | 2 |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Beginning balance | $ | 2 | $ | 68 | $ | 32 | $ | 43 | |||||||
Changes in fair value recognized in OCI | 25 | 2 | — | 40 | |||||||||||
Net losses reclassified to nonregulated cost of sales | (1 | ) | (14 | ) | (6 | ) | (27 | ) | |||||||
Ending balance | $ | 26 | $ | 56 | $ | 26 | $ | 56 |
Unit of | June 30, | December 31, | |||||
Measure | 2013 | 2012 | |||||
Electricity purchases | Megawatt hours | 5 | 5 | ||||
Natural gas purchases | Decatherms | 23 | 36 |
(9) | Fair Value Measurements |
• | Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that MidAmerican Energy has the ability to access at the measurement date. |
• | Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). |
• | Level 3 — Unobservable inputs reflect MidAmerican Energy's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. MidAmerican Energy develops these inputs based on the best information available, including its own data. |
Input Levels for Fair Value Measurements | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other(1) | Total | ||||||||||||||||
As of June 30, 2013: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives | $ | 1 | $ | 20 | $ | 7 | $ | (24 | ) | $ | 4 | |||||||||
Money market mutual funds(2) | 172 | — | — | — | 172 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
United States government obligations | 118 | — | — | — | 118 | |||||||||||||||
International government obligations | — | 1 | — | — | 1 | |||||||||||||||
Corporate obligations | — | 31 | — | — | 31 | |||||||||||||||
Municipal obligations | — | 2 | — | — | 2 | |||||||||||||||
Agency, asset and mortgage-backed obligations | — | 2 | — | — | 2 | |||||||||||||||
Auction rate securities | — | — | 22 | — | 22 | |||||||||||||||
Equity securities: | ||||||||||||||||||||
United States companies | 202 | — | — | — | 202 | |||||||||||||||
International companies | 3 | — | — | — | 3 | |||||||||||||||
$ | 496 | $ | 56 | $ | 29 | $ | (24 | ) | $ | 557 | ||||||||||
Liabilities - commodity derivatives | $ | (5 | ) | $ | (64 | ) | $ | (9 | ) | $ | 26 | $ | (52 | ) |
As of December 31, 2012: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Commodity derivatives | $ | 1 | $ | 22 | $ | 7 | $ | (23 | ) | $ | 7 | |||||||||
Money market mutual funds(2) | 163 | — | — | — | 163 | |||||||||||||||
Debt securities: | ||||||||||||||||||||
United States government obligations | 104 | — | — | — | 104 | |||||||||||||||
International government obligations | — | 1 | — | — | 1 | |||||||||||||||
Corporate obligations | — | 32 | — | — | 32 | |||||||||||||||
Municipal obligations | — | 4 | — | — | 4 | |||||||||||||||
Agency, asset and mortgage-backed obligations | — | 6 | — | — | 6 | |||||||||||||||
Auction rate securities | — | — | 21 | — | 21 | |||||||||||||||
Equity securities: | ||||||||||||||||||||
United States companies | 187 | — | — | — | 187 | |||||||||||||||
International companies | 2 | — | — | — | 2 | |||||||||||||||
Investment funds | 1 | — | — | — | 1 | |||||||||||||||
$ | 458 | $ | 65 | $ | 28 | $ | (23 | ) | $ | 528 | ||||||||||
Liabilities - commodity derivatives | $ | (10 | ) | $ | (90 | ) | $ | (7 | ) | $ | 30 | $ | (77 | ) |
(1) | Represents netting under master netting arrangements and a net cash collateral receivable of $2 million and $7 million as of June 30, 2013 and December 31, 2012, respectively. |
(2) | Amounts are included in cash and cash equivalents and investments and nonregulated property, net on the Balance Sheets. The fair value of these money market mutual funds approximates cost. |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
Commodity Derivatives | Auction Rate Securities | Commodity Derivatives | Auction Rate Securities | ||||||||||||
2013: | |||||||||||||||
Beginning balance | $ | (2 | ) | $ | 22 | $ | — | $ | 21 | ||||||
Changes included in earnings(1) | 2 | — | 5 | — | |||||||||||
Changes in fair value recognized in other comprehensive income | (2 | ) | — | (5 | ) | 1 | |||||||||
Changes in fair value recognized in net regulatory assets | 1 | — | 2 | — | |||||||||||
Settlements | (1 | ) | — | (4 | ) | — | |||||||||
Ending balance | $ | (2 | ) | $ | 22 | $ | (2 | ) | $ | 22 | |||||
2012: | |||||||||||||||
Beginning balance | $ | 23 | $ | 17 | $ | 22 | $ | 16 | |||||||
Changes included in earnings(1) | (1 | ) | — | 9 | — | ||||||||||
Changes in fair value recognized in other comprehensive income | (1 | ) | — | (4 | ) | 1 | |||||||||
Changes in fair value recognized in net regulatory assets | (6 | ) | — | 2 | — | ||||||||||
Settlements | (7 | ) | — | (21 | ) | — | |||||||||
Ending balance | $ | 8 | $ | 17 | $ | 8 | $ | 17 |
(1) | Changes included in earnings are reported as nonregulated operating revenue on the Statements of Operations. For commodity derivatives held as of June 30, 2013 and 2012, net unrealized gains (losses) included in earnings for the three-month periods ended June 30, 2013 and 2012, totaled $2 million and $(2) million, respectively, and for the six-month periods ended June 30, 2013 and 2012, totaled $(1) million and $5 million, respectively. |
As of June 30, 2013 | As of December 31, 2012 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Long-term debt | $ | 3,267 | $ | 3,601 | $ | 3,259 | $ | 3,737 |
(10) | Commitments and Contingencies |
(11) | Segment Information |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating revenue: | |||||||||||||||
Regulated electric | $ | 411 | $ | 404 | $ | 826 | $ | 784 | |||||||
Regulated gas | 142 | 91 | 457 | 354 | |||||||||||
Nonregulated energy | 204 | 214 | 394 | 445 | |||||||||||
Total operating revenue | $ | 757 | $ | 709 | $ | 1,677 | $ | 1,583 | |||||||
Depreciation and amortization: | |||||||||||||||
Regulated electric | $ | 95 | $ | 91 | $ | 193 | $ | 175 | |||||||
Regulated gas | 9 | 9 | 18 | 18 | |||||||||||
Total depreciation and amortization | $ | 104 | $ | 100 | $ | 211 | $ | 193 | |||||||
Operating income: | |||||||||||||||
Regulated electric | $ | 31 | $ | 66 | $ | 81 | $ | 114 | |||||||
Regulated gas | 4 | 1 | 49 | 31 | |||||||||||
Nonregulated energy | 8 | 14 | 19 | 28 | |||||||||||
Total operating income | $ | 43 | $ | 81 | $ | 149 | $ | 173 |
As of | |||||||
June 30, 2013 | December 31, 2012 | ||||||
Total assets: | |||||||
Regulated electric | $ | 9,912 | $ | 9,898 | |||
Regulated gas | 1,053 | 1,202 | |||||
Nonregulated energy | 127 | 132 | |||||
Total assets | $ | 11,092 | $ | 11,232 |
(12) | Other Related Party Transactions |
As of | |||||||
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Utility plant, net: | |||||||
Electric | $ | 11,527 | $ | 11,416 | |||
Gas | 1,316 | 1,301 | |||||
Gross utility plant in service | 12,843 | 12,717 | |||||
Accumulated depreciation and amortization | (4,575 | ) | (4,413 | ) | |||
Utility plant in service, net | 8,268 | 8,304 | |||||
Construction work in progress | 431 | 318 | |||||
Total utility plant, net | 8,699 | 8,622 | |||||
Current assets: | |||||||
Cash and cash equivalents | 187 | 354 | |||||
Receivables, net | 382 | 418 | |||||
Income taxes receivable | 16 | — | |||||
Inventories | 216 | 240 | |||||
Other | 73 | 57 | |||||
Total current assets | 874 | 1,069 | |||||
Other assets: | |||||||
Goodwill | 1,270 | 1,270 | |||||
Regulatory assets | 844 | 876 | |||||
Investments and nonregulated property, net | 579 | 561 | |||||
Other | 121 | 132 | |||||
Total other assets | 2,814 | 2,839 | |||||
Total assets | $ | 12,387 | $ | 12,530 | |||
CAPITALIZATION AND LIABILITIES | |||||||
Capitalization: | |||||||
MidAmerican Funding member's equity | $ | 4,449 | $ | 4,324 | |||
Noncontrolling interests | — | 27 | |||||
Long-term debt, excluding current portion | 2,923 | 2,915 | |||||
Total capitalization | 7,372 | 7,266 | |||||
Current liabilities: | |||||||
Current portion of long-term debt | 669 | 669 | |||||
Note payable to affiliate | 127 | 246 | |||||
Accounts payable | 300 | 386 | |||||
Taxes accrued | 113 | 227 | |||||
Interest accrued | 48 | 35 | |||||
Other | 120 | 120 | |||||
Total current liabilities | 1,377 | 1,683 | |||||
Other liabilities: | |||||||
Deferred income taxes | 2,218 | 2,162 | |||||
Asset retirement obligations | 326 | 318 | |||||
Regulatory liabilities | 775 | 750 | |||||
Other | 319 | 351 | |||||
Total other liabilities | 3,638 | 3,581 | |||||
Total capitalization and liabilities | $ | 12,387 | $ | 12,530 |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating revenue: | |||||||||||||||
Regulated electric | $ | 411 | $ | 404 | $ | 826 | $ | 784 | |||||||
Regulated gas | 142 | 91 | 457 | 354 | |||||||||||
Nonregulated | 206 | 214 | 397 | 445 | |||||||||||
Total operating revenue | 759 | 709 | 1,680 | 1,583 | |||||||||||
Operating costs and expenses: | |||||||||||||||
Regulated: | |||||||||||||||
Cost of fuel, energy and capacity | 114 | 101 | 237 | 209 | |||||||||||
Cost of gas sold | 88 | 45 | 312 | 231 | |||||||||||
Other operating expenses | 111 | 100 | 217 | 202 | |||||||||||
Maintenance | 70 | 52 | 115 | 98 | |||||||||||
Depreciation and amortization | 104 | 100 | 211 | 193 | |||||||||||
Property and other taxes | 30 | 30 | 60 | 59 | |||||||||||
Total regulated operating costs and expenses | 517 | 428 | 1,152 | 992 | |||||||||||
Nonregulated: | |||||||||||||||
Cost of sales | 191 | 193 | 365 | 405 | |||||||||||
Other | 8 | 7 | 14 | 14 | |||||||||||
Total nonregulated operating costs and expenses | 199 | 200 | 379 | 419 | |||||||||||
Total operating costs and expenses | 716 | 628 | 1,531 | 1,411 | |||||||||||
Operating income | 43 | 81 | 149 | 172 | |||||||||||
Non-operating income: | |||||||||||||||
Interest income | 1 | 1 | 1 | 1 | |||||||||||
Allowance for equity funds | 4 | 3 | 8 | 5 | |||||||||||
Other, net | 4 | 1 | 10 | 6 | |||||||||||
Total non-operating income | 9 | 5 | 19 | 12 | |||||||||||
Fixed charges: | |||||||||||||||
Interest on long-term debt | 40 | 42 | 81 | 84 | |||||||||||
Other interest expense | 1 | — | 1 | 1 | |||||||||||
Allowance for borrowed funds | (2 | ) | (1 | ) | (3 | ) | (2 | ) | |||||||
Total fixed charges | 39 | 41 | 79 | 83 | |||||||||||
Income before income tax benefit | 13 | 45 | 89 | 101 | |||||||||||
Income tax benefit | (9 | ) | (33 | ) | (33 | ) | (48 | ) | |||||||
Net income | 22 | 78 | 122 | 149 | |||||||||||
Net income attributable to noncontrolling interests | 1 | 1 | 1 | 1 | |||||||||||
Net income attributable to MidAmerican Funding member | $ | 21 | $ | 77 | $ | 121 | $ | 148 |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 22 | $ | 78 | $ | 122 | $ | 149 | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Unrealized (losses) gains on cash flow hedges, net of tax of $(10), $5, $2 and $(6) | (14 | ) | 7 | 4 | (7 | ) | |||||||||
Comprehensive income | 8 | 85 | 126 | 142 | |||||||||||
Comprehensive income attributable to noncontrolling interests | 1 | 1 | 1 | 1 | |||||||||||
Comprehensive income attributable to MidAmerican Funding member | $ | 7 | $ | 84 | $ | 125 | $ | 141 |
MidAmerican Funding Member's Equity | |||||||||||||||||||
Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net | Noncontrolling Interests | Total Equity | |||||||||||||||
Balance, December 31, 2011 | $ | 1,679 | $ | 2,327 | $ | (34 | ) | $ | 28 | $ | 4,000 | ||||||||
Net income | — | 148 | — | 1 | 149 | ||||||||||||||
Other comprehensive loss | — | — | (7 | ) | — | (7 | ) | ||||||||||||
Distributions to noncontrolling interests | — | — | — | (1 | ) | (1 | ) | ||||||||||||
Balance, June 30, 2012 | $ | 1,679 | $ | 2,475 | $ | (41 | ) | $ | 28 | $ | 4,141 | ||||||||
Balance, December 31, 2012 | $ | 1,679 | $ | 2,669 | $ | (24 | ) | $ | 27 | $ | 4,351 | ||||||||
Net income | — | 121 | — | 1 | 122 | ||||||||||||||
Other comprehensive income | — | — | 4 | — | 4 | ||||||||||||||
Redemption of preferred securities of subsidiary | — | — | (28 | ) | (28 | ) | |||||||||||||
Balance, June 30, 2013 | $ | 1,679 | $ | 2,790 | $ | (20 | ) | $ | — | $ | 4,449 |
Six-Month Periods | |||||||
Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 122 | $ | 149 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 211 | 193 | |||||
Deferred income taxes and amortization of investment tax credits | 16 | 21 | |||||
Changes in other assets and liabilities | 28 | 22 | |||||
Other, net | — | (8 | ) | ||||
Changes in other operating assets and liabilities: | |||||||
Receivables, net | 32 | 52 | |||||
Inventories | 24 | — | |||||
Derivative collateral, net | 5 | — | |||||
Pension and other postretirement benefit plans | 4 | (55 | ) | ||||
Accounts payable | (35 | ) | — | ||||
Taxes accrued | (133 | ) | 433 | ||||
Other current assets and liabilities | 22 | 3 | |||||
Net cash flows from operating activities | 296 | 810 | |||||
Cash flows from investing activities: | |||||||
Utility construction expenditures | (327 | ) | (259 | ) | |||
Purchases of available-for-sale securities | (44 | ) | (29 | ) | |||
Proceeds from sales of available-for-sale securities | 37 | 20 | |||||
Other, net | 18 | 7 | |||||
Net cash flows from investing activities | (316 | ) | (261 | ) | |||
Cash flows from financing activities: | |||||||
Repayment of long-term debt | — | (283 | ) | ||||
Redemption of preferred securities of subsidiary | (28 | ) | — | ||||
Net change in note payable to affiliate | (119 | ) | 6 | ||||
Other, net | — | (1 | ) | ||||
Net cash flows from financing activities | (147 | ) | (278 | ) | |||
Net change in cash and cash equivalents | (167 | ) | 271 | ||||
Cash and cash equivalents at beginning of period | 354 | 1 | |||||
Cash and cash equivalents at end of period | $ | 187 | $ | 272 |
(1) | General |
(2) | New Accounting Pronouncements |
(3) | Components of Accumulated Other Comprehensive Loss, Net |
(5) | Recent Financing Transactions |
(6) | Income Taxes |
Three-Month Periods | Six-Month Periods | ||||||||||
Ended June 30, | Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | |||
Income tax credits | (75 | ) | (60 | ) | (66 | ) | (57 | ) | |||
State income tax, net of federal income tax benefit | (8 | ) | (13 | ) | (3 | ) | (9 | ) | |||
Income tax method change | — | (36 | ) | — | (16 | ) | |||||
Effects of ratemaking | (20 | ) | (4 | ) | (4 | ) | (3 | ) | |||
Other, net | (1 | ) | 5 | 1 | 2 | ||||||
Effective income tax rate | (69 | )% | (73 | )% | (37 | )% | (48 | )% |
(7) | Employee Benefit Plans |
(8) | Risk Management and Hedging Activities |
(9) | Fair Value Measurements |
As of June 30, 2013 | As of December 31, 2012 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Long-term debt | $ | 3,592 | $ | 4,012 | $ | 3,584 | $ | 4,186 |
(10) | Commitments and Contingencies |
(11) | Segment Information |
Three-Month Periods | Six-Month Periods | ||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating revenue: | |||||||||||||||
Regulated electric | $ | 411 | $ | 404 | $ | 826 | $ | 784 | |||||||
Regulated gas | 142 | 91 | 457 | 354 | |||||||||||
Nonregulated energy | 204 | 214 | 394 | 445 | |||||||||||
Other | 2 | — | 3 | — | |||||||||||
Total operating revenue | $ | 759 | $ | 709 | $ | 1,680 | $ | 1,583 | |||||||
Depreciation and amortization: | |||||||||||||||
Regulated electric | $ | 95 | $ | 91 | $ | 193 | $ | 175 | |||||||
Regulated gas | 9 | 9 | 18 | 18 | |||||||||||
Total depreciation and amortization | $ | 104 | $ | 100 | $ | 211 | $ | 193 | |||||||
Operating income: | |||||||||||||||
Regulated electric | $ | 31 | $ | 66 | $ | 81 | $ | 114 | |||||||
Regulated gas | 4 | 1 | 49 | 31 | |||||||||||
Nonregulated energy | 8 | 14 | 19 | 28 | |||||||||||
Other | — | — | — | (1 | ) | ||||||||||
Total operating income | $ | 43 | $ | 81 | $ | 149 | $ | 172 |
As of | |||||||
June 30, 2013 | December 31, 2012 | ||||||
Total assets(1): | |||||||
Regulated electric | $ | 11,103 | $ | 11,089 | |||
Regulated gas | 1,131 | 1,280 | |||||
Nonregulated energy | 127 | 132 | |||||
Other | 26 | 29 | |||||
Total assets | $ | 12,387 | $ | 12,530 |
(1) | Total assets by reportable segment reflect the assignment of goodwill to applicable reporting units. |
(12) | Other Related Party Transactions |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | ||||||||||||||||||||||||
Gross margin (in millions): | |||||||||||||||||||||||||||||
Operating revenue | $ | 411 | $ | 404 | $ | 7 | 2 | % | $ | 826 | $ | 784 | $ | 42 | 5 | % | |||||||||||||
Cost of fuel, energy and capacity | 114 | 101 | 13 | 13 | 237 | 209 | 28 | 13 | |||||||||||||||||||||
Gross margin | $ | 297 | $ | 303 | $ | (6 | ) | (2 | ) | $ | 589 | $ | 575 | $ | 14 | 2 | |||||||||||||
Sales (GWh): | |||||||||||||||||||||||||||||
Residential | 1,371 | 1,383 | (12 | ) | (1 | )% | 3,097 | 2,906 | 191 | 7 | % | ||||||||||||||||||
Small general service | 998 | 1,017 | (19 | ) | (2 | ) | 2,032 | 2,009 | 23 | 1 | |||||||||||||||||||
Large general service | 2,549 | 2,505 | 44 | 2 | 4,866 | 4,802 | 64 | 1 | |||||||||||||||||||||
Other | 389 | 392 | (3 | ) | (1 | ) | 787 | 782 | 5 | 1 | |||||||||||||||||||
Total retail | 5,307 | 5,297 | 10 | — | 10,782 | 10,499 | 283 | 3 | |||||||||||||||||||||
Wholesale | 2,158 | 2,212 | (54 | ) | (2 | ) | 5,242 | 5,246 | (4 | ) | — | ||||||||||||||||||
Total sales | 7,465 | 7,509 | (44 | ) | (1 | ) | 16,024 | 15,745 | 279 | 2 | |||||||||||||||||||
Average number of retail customers (in thousands) | 738 | 733 | 5 | 1 | % | 738 | 733 | 5 | 1 | % | |||||||||||||||||||
Average revenue per MWh: | |||||||||||||||||||||||||||||
Retail | $ | 66.16 | $ | 64.60 | $ | 1.56 | 2 | % | $ | 63.87 | $ | 61.66 | $ | 2.21 | 4 | % | |||||||||||||
Wholesale | $ | 24.70 | $ | 25.04 | $ | (0.34 | ) | (1 | )% | $ | 23.69 | $ | 23.74 | $ | (0.05 | ) | — | % | |||||||||||
Heating degree days | 733 | 400 | 333 | 83 | % | 4,056 | 2,846 | 1,210 | 43 | % | |||||||||||||||||||
Cooling degree days | 306 | 432 | (126 | ) | (29 | )% | 306 | 462 | (156 | ) | (34 | )% | |||||||||||||||||
Sources of energy (GWh)(1): | |||||||||||||||||||||||||||||
Coal | 3,887 | 4,164 | (277 | ) | (7 | )% | 8,524 | 8,991 | (467 | ) | (5 | )% | |||||||||||||||||
Nuclear | 970 | 895 | 75 | 8 | 1,848 | 1,844 | 4 | — | |||||||||||||||||||||
Natural gas | 5 | 158 | (153 | ) | (97 | ) | 10 | 155 | (145 | ) | (94 | ) | |||||||||||||||||
Wind and other(2) | 1,890 | 1,649 | 241 | 15 | 4,109 | 3,438 | 671 | 20 | |||||||||||||||||||||
Total energy generated | 6,752 | 6,866 | (114 | ) | (2 | ) | 14,491 | 14,428 | 63 | — | |||||||||||||||||||
Energy purchased | 820 | 884 | (64 | ) | (7 | ) | 1,818 | 1,728 | 90 | 5 | |||||||||||||||||||
Total | 7,572 | 7,750 | (178 | ) | (2 | ) | 16,309 | 16,156 | 153 | 1 |
(1) | GWh amounts are net of energy used by the related generating facilities. |
(2) | All or some of the renewable energy attributes associated with generation from these generating facilities may be: (a) used in future years to comply with renewable portfolio standards or other regulatory requirements or (b) sold to third parties in the form of renewable energy credits or other environmental commodities. |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | ||||||||||||||||||||||||
Gross margin (in millions): | |||||||||||||||||||||||||||||
Operating revenue | $ | 142 | $ | 91 | $ | 51 | 56 | % | $ | 457 | $ | 354 | $ | 103 | 29 | % | |||||||||||||
Cost of gas sold | 88 | 45 | 43 | 96 | 312 | 231 | 81 | 35 | |||||||||||||||||||||
Gross margin | $ | 54 | $ | 46 | $ | 8 | 17 | $ | 145 | $ | 123 | $ | 22 | 18 | |||||||||||||||
Natural gas throughput (000's Dth): | |||||||||||||||||||||||||||||
Residential | 7,478 | 4,597 | 2,881 | 63 | % | 32,062 | 23,117 | 8,945 | 39 | % | |||||||||||||||||||
Small general service | 3,798 | 2,578 | 1,220 | 47 | 15,773 | 11,632 | 4,141 | 36 | |||||||||||||||||||||
Large general service | 1,014 | 919 | 95 | 10 | 2,378 | 2,136 | 242 | 11 | |||||||||||||||||||||
Other | 11 | 4 | 7 | * | 33 | 23 | 10 | 43 | |||||||||||||||||||||
Total retail sales | 12,301 | 8,098 | 4,203 | 52 | 50,246 | 36,908 | 13,338 | 36 | |||||||||||||||||||||
Wholesale sales | 6,494 | 7,121 | (627 | ) | (9 | ) | 14,099 | 19,478 | (5,379 | ) | (28 | ) | |||||||||||||||||
Total sales | 18,795 | 15,219 | 3,576 | 23 | 64,345 | 56,386 | 7,959 | 14 | |||||||||||||||||||||
Gas transportation service | 17,260 | 16,798 | 462 | 3 | 39,248 | 37,536 | 1,712 | 5 | |||||||||||||||||||||
Total gas throughput | 36,055 | 32,017 | 4,038 | 13 | 103,593 | 93,922 | 9,671 | 10 | |||||||||||||||||||||
Average number of retail customers (in thousands) | 716 | 710 | 6 | 1 | % | 717 | 712 | 5 | 1 | % | |||||||||||||||||||
Average revenue per retail Dth sold | $ | 8.81 | $ | 8.42 | $ | 0.39 | 5 | % | $ | 7.69 | $ | 7.94 | $ | (0.25 | ) | (3 | )% | ||||||||||||
Average cost of natural gas per retail Dth sold | $ | 5.02 | $ | 3.55 | $ | 1.47 | 41 | % | $ | 5.14 | $ | 5.01 | $ | 0.13 | 3 | % | |||||||||||||
Heating degree days | 785 | 437 | 348 | 80 | % | 4,227 | 2,976 | 1,251 | 42 | % |
* | Not meaningful. |
Second Quarter | First Six Months | ||||||||||||||||||||||||||||
2013 | 2012 | Change | 2013 | 2012 | Change | ||||||||||||||||||||||||
Gross margin (in millions): | |||||||||||||||||||||||||||||
Nonregulated operating revenue | $ | 204 | $ | 214 | $ | (10 | ) | (5 | )% | $ | 394 | $ | 445 | $ | (51 | ) | (11 | )% | |||||||||||
Nonregulated cost of sales | 190 | 193 | (3 | ) | (2 | ) | 364 | 405 | (41 | ) | (10 | ) | |||||||||||||||||
Nonregulated gross margin | $ | 14 | $ | 21 | $ | (7 | ) | (33 | ) | $ | 30 | $ | 40 | $ | (10 | ) | (25 | ) | |||||||||||
Nonregulated electric sales (GWh) | 2,344 | 2,629 | (285 | ) | (11 | )% | 4,514 | 5,096 | (582 | ) | (11 | )% | |||||||||||||||||
Nonregulated gas sales (000's Dth) | 8,725 | 8,073 | 652 | 8 | % | 19,310 | 18,339 | 971 | 5 | % |
• | $356 million for the construction of 1,050 MW (nominal ratings) of wind-powered generating facilities expected to be placed in service in 2013, 2014 and 2015. Refer to additional discussion below. |
• | $203 million for emissions control equipment, primarily at George Neal Energy Center Units 3 and 4 and Ottumwa Generating Station to meet air quality targets, including the reduction of sulfur dioxide, nitrogen oxides and particulate matter emissions. |
• | $60 million for transmission system investments, including $22 million for Multi-Value Projects ("MVPs) approved by the Midcontinent Independent System Operator, Inc. ("MISO") for the construction of 245 miles of 345 kV transmission line located in Iowa and Illinois. In July 2013, MidAmerican Energy entered into a contract totaling $342 million related to its MVPs approved by MISO with minimum payments of $17 million in 2013, $140 million in 2014, $149 million in 2015 and $36 million in 2016. |
• | $19 million for other generation development projects. |
• | Remaining amounts are for ongoing investments in distribution, generation and other infrastructure needed to serve existing and expected demand. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
MIDAMERICAN FUNDING, LLC | |
MIDAMERICAN ENERGY COMPANY | |
(Registrants) | |
Date: August 2, 2013 | /s/ Thomas B. Specketer |
Thomas B. Specketer | |
Vice President and Controller | |
of MidAmerican Funding, LLC | |
and Vice President and Chief Financial Officer | |
of MidAmerican Energy Company | |
(principal financial and accounting officer) | |
Exhibit No. | Description |
15 | Awareness Letter of Independent Registered Public Accounting Firm. |
31.1 | Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
31.3 | Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.4 | Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.3 | Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.4 | Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | The following financial information from MidAmerican Energy's and MidAmerican Funding's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, is formatted in XBRL (eXtensible Business Reporting Language) and included herein: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements, tagged in summary and detail. |
1. | I have reviewed this Quarterly Report on Form 10-Q of MidAmerican Energy Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 2, 2013 | /s/ William J. Fehrman | |
William J. Fehrman | ||
President and Chief Executive Officer | ||
(principal executive officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of MidAmerican Energy Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 2, 2013 | /s/ Thomas B. Specketer | |
Thomas B. Specketer | ||
Vice President and Chief Financial Officer | ||
(principal financial officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of MidAmerican Funding, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 2, 2013 | /s/ William J. Fehrman | |
William J. Fehrman | ||
President | ||
(principal executive officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of MidAmerican Funding, LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 2, 2013 | /s/ Thomas B. Specketer | |
Thomas B. Specketer | ||
Vice President and Controller | ||
(principal financial officer) |
(1) | the Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
Date: August 2, 2013 | /s/ William J. Fehrman | |
William J. Fehrman | ||
President and Chief Executive Officer | ||
(principal executive officer) |
(1) | the Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
Date: August 2, 2013 | /s/ Thomas B. Specketer | |
Thomas B. Specketer | ||
Vice President and Chief Financial Officer | ||
(principal financial officer) |
(1) | the Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
Date: August 2, 2013 | /s/ William J. Fehrman | |
William J. Fehrman | ||
President | ||
(principal executive officer) |
(1) | the Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
Date: August 2, 2013 | /s/ Thomas B. Specketer | |
Thomas B. Specketer | ||
Vice President and Controller | ||
(principal financial officer) |
Preferred Securities (MEC) Preferred Securities (MEC) (MidAmerican Energy Company [Member])
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6 Months Ended | ||||
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Jun. 30, 2013
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MidAmerican Energy Company [Member]
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Class of Stock [Line Items] | |||||
Preferred Stock [Text Block] |
In April 2013, MidAmerican Energy redeemed all of the outstanding shares of its preferred securities at the stated redemption prices, which in aggregate totaled $28 million, plus accrued dividends. |
Statements of Comprehensive Income (MEC) (MidAmerican Energy Company [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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MidAmerican Energy Company [Member]
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Net income | $ 24 | $ 81 | $ 127 | $ 155 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized (losses) gains on cash flow hedges, net of tax of $(10), $5, $2 and $(6) | (14) | 7 | 4 | (7) |
Total other comprehensive income (loss), net of tax | 4 | (7) | ||
Comprehensive income | $ 10 | $ 88 | $ 131 | $ 148 |
Consolidated Statements of Comprehensive Income (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Net income | $ 22 | $ 78 | $ 122 | $ 149 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized (losses) gains on cash flow hedges, net of tax of $(10), $5, $2 and $(6) | (14) | 7 | 4 | (7) |
Total other comprehensive income (loss), net of tax | 4 | (7) | ||
Comprehensive income | 8 | 85 | 126 | 142 |
Comprehensive income attributable to noncontrolling interests | 1 | 1 | 1 | 1 |
Comprehensive income attributable to MidAmerican Funding member | $ 7 | $ 84 | $ 125 | $ 141 |
Segment Information (MEC) (MidAmerican Energy Company [Member])
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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MidAmerican Energy Company [Member]
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Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] |
MidAmerican Energy has identified three reportable segments: regulated electric, regulated gas and nonregulated energy. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting gas owned by others through its distribution system. Pricing for regulated electric and regulated gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance. The nonregulated energy segment derives most of its revenue from nonregulated retail electric and gas activities. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost. The following tables provide information on a reportable segment basis (in millions):
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Segment Information (LLC) (Details) (MidAmerican Funding, LLC and Subsidiaries [Domain], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
ReportableSegments
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Jun. 30, 2012
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Dec. 31, 2012
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Segment Reporting Information [Line Items] | ||||||||||
Number of Reportable Segments | 3 | |||||||||
Regulated electric | $ 411 | $ 404 | $ 826 | $ 784 | ||||||
Regulated gas | 142 | 91 | 457 | 354 | ||||||
Nonregulated | 206 | 214 | 397 | 445 | ||||||
Total operating revenue | 759 | 709 | 1,680 | 1,583 | ||||||
Depreciation and amortization | 104 | 100 | 211 | 193 | ||||||
Total operating income | 43 | 81 | 149 | 172 | ||||||
Assets | 12,387 | [1] | 12,387 | [1] | 12,530 | [1] | ||||
Regulated electric [Member]
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Segment Reporting Information [Line Items] | ||||||||||
Regulated electric | 411 | 404 | 826 | 784 | ||||||
Depreciation and amortization | 95 | 91 | 193 | 175 | ||||||
Total operating income | 31 | 66 | 81 | 114 | ||||||
Assets | 11,103 | [1] | 11,103 | [1] | 11,089 | [1] | ||||
Regulated gas [Member]
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Segment Reporting Information [Line Items] | ||||||||||
Regulated gas | 142 | 91 | 457 | 354 | ||||||
Depreciation and amortization | 9 | 9 | 18 | 18 | ||||||
Total operating income | 4 | 1 | 49 | 31 | ||||||
Assets | 1,131 | [1] | 1,131 | [1] | 1,280 | [1] | ||||
Nonregulated energy [Member]
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Segment Reporting Information [Line Items] | ||||||||||
Nonregulated | 204 | 214 | 394 | 445 | ||||||
Total operating income | 8 | 14 | 19 | 28 | ||||||
Assets | 127 | [1] | 127 | [1] | 132 | [1] | ||||
Other [Member]
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Segment Reporting Information [Line Items] | ||||||||||
Nonregulated | 2 | 0 | 3 | 0 | ||||||
Total operating income | 0 | 0 | 0 | (1) | ||||||
Assets | $ 26 | [1] | $ 26 | [1] | $ 29 | [1] | ||||
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Risk Management and Hedging Activities (MEC) Designated as Hedging Contracts (Details) (MidAmerican Energy Company [Member], Designated as Hedging Instrument [Member], Commodity Contract [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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MidAmerican Energy Company [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member]
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Accumulated Other Comprehensive (Income) Loss, Net, Derivatives [Roll Forward] | ||||
Beginning balance | $ 2 | $ 68 | $ 32 | $ 43 |
Changes in fair value recognized in OCI | 25 | 2 | 0 | 40 |
Net losses reclassified to nonregulated cost of sales | (1) | (14) | (6) | (27) |
Ending balance | 26 | 56 | 26 | 56 |
Cash Flow Hedge Ineffectiveness is Immaterial | insignificant | insignificant | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 16 |
Recent Financing Transactions (MEC) (MidAmerican Energy Company [Member])
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6 Months Ended | ||||
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Jun. 30, 2013
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MidAmerican Energy Company [Member]
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Debt Instrument [Line Items] | |||||
Debt Disclosure [Text Block] |
In March 2013, MidAmerican Energy replaced its $530 million unsecured revolving credit facility, which had been set to expire in July 2013, with a $600 million unsecured revolving credit facility expiring in March 2018. The new 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 or a base rate, at MidAmerican Energy's option, plus a spread that varies based on MidAmerican Energy's credit ratings for its senior unsecured long-term debt securities. As of June 30, 2013, MidAmerican Energy had no borrowings outstanding under this credit facility. 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. |
Preferred Securities (MEC) (Details) (MidAmerican Energy Company [Member], USD $)
In Millions, unless otherwise specified |
6 Months Ended |
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Jun. 30, 2013
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MidAmerican Energy Company [Member]
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Class of Stock [Line Items] | |
Stock Redeemed or Called During Period, Value | $ 28 |
Risk Management and Hedging Activities (MEC) Derivative Contract Volumes (Details) (MidAmerican Energy Company [Member], Commodity Contract [Member])
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Jun. 30, 2013
MWh
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Dec. 31, 2012
MWh
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Electricity purchases (in megawatt hours) [Member]
|
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Notional Amounts of Outstanding Derivative Positions [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 5,000,000 | 5,000,000 |
Natural gas purchases (in decatherms) [Member]
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Notional Amounts of Outstanding Derivative Positions [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 23,000,000 | 36,000,000 |
Components of Accumulated Other Comprehensive Loss, Net (MEC) (Tables) (MidAmerican Energy Company [Member])
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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MidAmerican Energy Company [Member]
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Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table shows the change in AOCI by each component of other comprehensive income, net of applicable income taxes, for the six-month period ended June 30, 2013 (in millions):
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New Accounting Pronouncements (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain])
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6 Months Ended | ||||
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Jun. 30, 2013
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Notes to Consolidated Financial Statements [Line Items] | |||||
Accounting Changes and Error Corrections [Text Block] |
Refer to Note 2 of MidAmerican Energy's Notes to Financial Statements. |
General (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain])
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6 Months Ended | ||||
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Jun. 30, 2013
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Notes to Consolidated Financial Statements [Line Items] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
MidAmerican Funding, LLC ("MidAmerican Funding") is an Iowa limited liability company with MidAmerican Energy Holdings Company ("MEHC") as its sole member. MEHC is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway"). MidAmerican Funding's direct, wholly owned subsidiary is MHC Inc. ("MHC"), which constitutes substantially all of MidAmerican Funding's assets, liabilities and business activities except those related to MidAmerican Funding's long-term debt securities. MHC conducts no business other than the ownership of its subsidiaries and related corporate services. MHC's principal subsidiary is MidAmerican Energy Company ("MidAmerican Energy"), a public utility with electric and natural gas operations. Direct, wholly owned nonregulated subsidiaries of MHC are Midwest Capital Group, Inc. and MEC Construction Services Co. The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the Consolidated Financial Statements as of June 30, 2013, and for the three- and six-month periods ended June 30, 2013 and 2012. The results of operations for the three- and six-month periods ended June 30, 2013, are not necessarily indicative of the results to be expected for the full year. The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in MidAmerican Funding's Annual Report on Form 10-K for the year ended December 31, 2012, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in MidAmerican Funding's assumptions regarding significant accounting estimates and policies during the six-month period ended June 30, 2013. |
Segment Information (LLC) (Tables) (MidAmerican Funding, LLC and Subsidiaries [Domain])
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | MidAmerican Funding has identified three reportable segments: regulated electric, regulated gas and nonregulated energy. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting gas owned by others through its distribution system. Pricing for regulated electric and regulated gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance. The nonregulated energy segment derives most of its revenue from nonregulated retail electric and gas activities. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost. "Other" in the tables below consists of the nonregulated subsidiaries of MidAmerican Funding not engaged in the energy business and parent company interest expense. The following tables provide information on a reportable segment basis (in millions):
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Fair Value Measurements (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain])
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] |
Refer to Note 9 of MidAmerican Energy's Notes to Financial Statements. MidAmerican Funding's long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of MidAmerican Funding'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 MidAmerican Funding'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 MidAmerican Funding's long-term debt (in millions):
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Employee Benefit Plans (MEC) (Tables) (MidAmerican Energy Company [Member])
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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MidAmerican Energy Company [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Net periodic benefit cost for the plans of MidAmerican Energy and the aforementioned affiliates included the following components (in millions):
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Recent Financing Transactions (MEC) Recent Financing Transactions (Details) (MidAmerican Energy Company [Member], Line of Credit [Member], USD $)
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1 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Mar. 31, 2013
Unsecured credit facility, $530 million, expiring July 2013 [Member]
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Jun. 30, 2013
Unsecured credit facility, $530 million, expiring July 2013 [Member]
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Jun. 30, 2013
Unsecured credit facility, $600 million, expiring March 2018 [Member]
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Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 530,000,000 | $ 600,000,000 | ||
Line of Credit Facility, Expiration Date | Jul. 31, 2013 | Mar. 31, 2018 | ||
Line of Credit Facility, Amount Outstanding | $ 0 | |||
Debt to capitalization ratio | 0.65 |
Income Taxes (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain])
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] |
A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax benefit is as follows:
Income tax credits relate primarily to production tax credits earned by MidAmerican Energy's wind-powered generating facilities. Federal renewable electricity production tax credits are earned as energy from qualifying wind-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities were placed in service. MidAmerican Energy's earnings for the three- and six-month periods ended June 30, 2012, reflect $16 million of federal income tax benefits recognized in connection with an income tax method change for income tax years prior to 2012. MidAmerican Energy changed the method by which it determines current income tax deductions for repair costs related to its regulated utility electric transmission and distribution assets based on guidance published by the Internal Revenue Service. Application of this guidance results in current deductibility for those costs, which are capitalized for book purposes. MidAmerican Energy retroactively applied the method change, deducted amounts related to prior years' costs on its 2011 tax return and recognized the change in the second quarter of 2012. State utility rate regulation in Iowa requires the tax effect of certain temporary differences be flowed through immediately to customers. Therefore, certain deferred amounts that would otherwise have been recognized in income tax expense have been included as changes in regulatory assets. Berkshire Hathaway includes MEHC and subsidiaries in its United States federal income tax return. Consistent with established regulatory practice, MidAmerican Funding's and MidAmerican Energy's provisions for income taxes have been computed on a stand-alone basis, and substantially all of their currently payable or receivable income taxes are remitted to or received from MEHC. MidAmerican Funding made net cash payments for income taxes to MEHC totaling $86 million for the six-month period ended June 30, 2013, and received net cash receipts for income taxes totaling $498 million for the six-month period ended June 30, 2012. |
Other Related Party Transactions (MEC) (Details) (MidAmerican Energy Company [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended |
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Jun. 30, 2013
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Jun. 30, 2013
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Related Party Transaction [Line Items] | ||
Coal transportation services costs, railroad | $ 38 | $ 89 |
BNSF Railway Company [Member]
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Related Party Transaction [Line Items] | ||
Due to Affiliate, Current | $ 5 | $ 5 |
Segment Information (MEC) (Details) (MidAmerican Energy Company [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
ReportableSegments
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Jun. 30, 2012
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Dec. 31, 2012
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Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | 3 | ||||
Regulated electric | $ 411 | $ 404 | $ 826 | $ 784 | |
Regulated gas | 142 | 91 | 457 | 354 | |
Nonregulated energy | 204 | 214 | 394 | 445 | |
Total operating revenue | 757 | 709 | 1,677 | 1,583 | |
Depreciation and amortization | 104 | 100 | 211 | 193 | |
Total operating income | 43 | 81 | 149 | 173 | |
Assets | 11,092 | 11,092 | 11,232 | ||
Regulated electric [Member]
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Segment Reporting Information [Line Items] | |||||
Regulated electric | 411 | 404 | 826 | 784 | |
Depreciation and amortization | 95 | 91 | 193 | 175 | |
Total operating income | 31 | 66 | 81 | 114 | |
Assets | 9,912 | 9,912 | 9,898 | ||
Regulated gas [Member]
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Segment Reporting Information [Line Items] | |||||
Regulated gas | 142 | 91 | 457 | 354 | |
Depreciation and amortization | 9 | 9 | 18 | 18 | |
Total operating income | 4 | 1 | 49 | 31 | |
Assets | 1,053 | 1,053 | 1,202 | ||
Nonregulated energy [Member]
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Segment Reporting Information [Line Items] | |||||
Nonregulated energy | 204 | 214 | 394 | 445 | |
Total operating income | 8 | 14 | 19 | 28 | |
Assets | $ 127 | $ 127 | $ 132 |
Segment Information (MEC) (Tables) (MidAmerican Energy Company [Member])
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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MidAmerican Energy Company [Member]
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Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | MidAmerican Energy has identified three reportable segments: regulated electric, regulated gas and nonregulated energy. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting gas owned by others through its distribution system. Pricing for regulated electric and regulated gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance. The nonregulated energy segment derives most of its revenue from nonregulated retail electric and gas activities. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost. The following tables provide information on a reportable segment basis (in millions):
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Other Related Party Transactions (MEC) Other Related Party Transactions (MEC) (MidAmerican Energy Company [Member])
|
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2013
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MidAmerican Energy Company [Member]
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Related Party Transaction [Line Items] | |||||
Related Party Transactions Disclosure [Text Block] |
In 2012, MidAmerican Energy signed new long-term rail transportation contracts with BNSF Railway Company ("BNSF"), an affiliate company, and Union Pacific Railroad Company ("UP") for the transportation of coal to all of the MidAmerican Energy-operated coal-fueled generating facilities. These contracts replaced a long-term contract with UP that expired December 31, 2012. For the three- and six-month periods ended June 30, 2013, $38 million and $89 million, respectively, was incurred for coal transportation services, the majority of which was related to the BNSF agreement. As of June 30, 2013, MidAmerican Energy had accounts payable to BNSF of $5 million. |
Statements of Changes in Equity (MEC) (MidAmerican Energy Company [Member], USD $)
In Millions, unless otherwise specified |
MidAmerican Energy Company [Member]
USD ($)
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MidAmerican Energy Company [Member]
Common Stock [Member]
USD ($)
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MidAmerican Energy Company [Member]
Retained Earnings [Member]
USD ($)
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MidAmerican Energy Company [Member]
Accumulated Other Comprehensive Loss, Net [Member]
USD ($)
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MidAmerican Energy Company [Member]
Preferred Securities [Member]
USD ($)
|
MidAmerican Energy Company [Member]
Noncontrolling Interests [Member]
USD ($)
|
---|---|---|---|---|---|---|
Balance at Dec. 31, 2011 | $ 3,272 | $ 562 | $ 2,716 | $ (34) | $ 27 | $ 1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 155 | 155 | 0 | |||
Other comprehensive income (loss) | (7) | (7) | 0 | |||
Dividends, Preferred Stock, Cash | (1) | (1) | ||||
Balance at Jun. 30, 2012 | 3,419 | 562 | 2,870 | (41) | 27 | 1 |
Balance at Mar. 31, 2012 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 81 | |||||
Balance at Jun. 30, 2012 | 3,419 | 562 | 27 | |||
Balance at Dec. 31, 2012 | 3,635 | 562 | 3,070 | (24) | 27 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 127 | 127 | 0 | |||
Other comprehensive income (loss) | 4 | 4 | 0 | |||
Redemption of preferred securities | (28) | (1) | (27) | |||
Common dividends | (125) | (125) | ||||
Balance at Jun. 30, 2013 | 3,613 | 561 | 3,072 | (20) | 0 | 0 |
Balance at Mar. 31, 2013 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 24 | |||||
Balance at Jun. 30, 2013 | $ 3,613 |
Consolidated Balance Sheets (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain], USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
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MidAmerican Funding, LLC and Subsidiaries [Domain]
|
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Utility plant, net: | ||||||
Electric | $ 11,527 | $ 11,416 | ||||
Gas | 1,316 | 1,301 | ||||
Gross utility plant in service | 12,843 | 12,717 | ||||
Accumulated depreciation and amortization | (4,575) | (4,413) | ||||
Utility plant in service, net | 8,268 | 8,304 | ||||
Construction work in progress | 431 | 318 | ||||
Total utility plant, net | 8,699 | 8,622 | ||||
Current assets: | ||||||
Cash and cash equivalents | 187 | 354 | ||||
Receivables, net | 382 | 418 | ||||
Income taxes receivable | 16 | 0 | ||||
Inventories | 216 | 240 | ||||
Other | 73 | 57 | ||||
Total current assets | 874 | 1,069 | ||||
Other assets: | ||||||
Goodwill | 1,270 | 1,270 | ||||
Regulatory assets | 844 | 876 | ||||
Investments and nonregulated property, net | 579 | 561 | ||||
Other | 121 | 132 | ||||
Total other assets | 2,814 | 2,839 | ||||
Total assets | 12,387 | [1] | 12,530 | [1] | ||
Capitalization: | ||||||
MidAmerican Funding member's equity | 4,449 | 4,324 | ||||
Noncontrolling interests | 0 | 27 | ||||
Long-term debt, excluding current portion | 2,923 | 2,915 | ||||
Total capitalization | 7,372 | 7,266 | ||||
Current liabilities: | ||||||
Current portion of long-term debt | 669 | 669 | ||||
Note payable to affiliate | 127 | 246 | ||||
Accounts payable | 300 | 386 | ||||
Taxes accrued | 113 | 227 | ||||
Interest accrued | 48 | 35 | ||||
Other | 120 | 120 | ||||
Total current liabilities | 1,377 | 1,683 | ||||
Other liabilities: | ||||||
Deferred income taxes | 2,218 | 2,162 | ||||
Asset retirement obligations | 326 | 318 | ||||
Regulatory liabilities | 775 | 750 | ||||
Other | 319 | 351 | ||||
Total other liabilities | 3,638 | 3,581 | ||||
Total capitalization and liabilities | $ 12,387 | $ 12,530 | ||||
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Consolidated Statements of Comprehensive Income (LLC) (Parenthetical) (MidAmerican Funding, LLC and Subsidiaries [Domain], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Unrealized (losses) gains on cash flow hedges, tax | $ (10) | $ 5 | $ 2 | $ (6) |
Consolidated Statements of Operations (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Operating revenue: | ||||
Regulated electric | $ 411 | $ 404 | $ 826 | $ 784 |
Regulated gas | 142 | 91 | 457 | 354 |
Nonregulated | 206 | 214 | 397 | 445 |
Total operating revenue | 759 | 709 | 1,680 | 1,583 |
Regulated operating costs and expenses: | ||||
Cost of fuel, energy and capacity | 114 | 101 | 237 | 209 |
Cost of gas sold | 88 | 45 | 312 | 231 |
Other operating expenses | 111 | 100 | 217 | 202 |
Maintenance | 70 | 52 | 115 | 98 |
Depreciation and amortization | 104 | 100 | 211 | 193 |
Property and other taxes | 30 | 30 | 60 | 59 |
Total regulated operating costs and expenses | 517 | 428 | 1,152 | 992 |
Nonregulated operating costs and expenses: | ||||
Cost of sales | 191 | 193 | 365 | 405 |
Other | 8 | 7 | 14 | 14 |
Total nonregulated operating costs and expenses | 199 | 200 | 379 | 419 |
Total operating costs and expenses | 716 | 628 | 1,531 | 1,411 |
Operating income | 43 | 81 | 149 | 172 |
Non-operating income: | ||||
Interest income | 1 | 1 | 1 | 1 |
Allowance for equity funds | 4 | 3 | 8 | 5 |
Other, net | 4 | 1 | 10 | 6 |
Total non-operating income | 9 | 5 | 19 | 12 |
Fixed charges: | ||||
Interest on long-term debt | 40 | 42 | 81 | 84 |
Other interest expense | 1 | 0 | 1 | 1 |
Allowance for borrowed funds | (2) | (1) | (3) | (2) |
Total fixed charges | 39 | 41 | 79 | 83 |
Income before income tax (benefit) expense | 13 | 45 | 89 | 101 |
Income tax (benefit) expense | (9) | (33) | (33) | (48) |
Net income | 22 | 78 | 122 | 149 |
Net income attributable to noncontrolling interests | 1 | 1 | 1 | 1 |
Net income attributable to MidAmerican Funding member | $ 21 | $ 77 | $ 121 | $ 148 |
Risk Management and Hedging Activities (MEC) (Tables) (MidAmerican Energy Company [Member])
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Jun. 30, 2013
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MidAmerican Energy Company [Member]
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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 Balance Sheets (in millions):
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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):
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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 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):
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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 commodity derivative contracts designated and qualifying as cash flow hedges recognized in other comprehensive income ("OCI"), as well as amounts reclassified to earnings (in millions):
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):
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Components of Accumulated Other Comprehensive Loss, Net (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain])
|
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2013
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Comprehensive Income (Loss) Note [Text Block] |
Refer to Note 3 of MidAmerican Energy's Notes to Financial Statements. |
Employee Benefit Plans (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain])
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6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2013
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Defined Benefit Plan Disclosure [Line Items] | |||||
Pension and Other Postretirement Benefits Disclosure [Text Block] |
Refer to Note 7 of MidAmerican Energy's Notes to Financial Statements. |
Other Related Party Transactions (LLC) (MidAmerican Funding, LLC and Subsidiaries [Domain])
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6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2013
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MidAmerican Funding, LLC and Subsidiaries [Domain]
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Related Party Transaction [Line Items] | |||||
Related Party Transactions Disclosure [Text Block] |
Refer to Note 12 of MidAmerican Energy's Notes to Financial Statements. |
Risk Management and Hedging Activities (MEC) Not Designated as Hedging Contracts - Nonregulated (Details) (MidAmerican Energy Company [Member], Commodity Contract [Member], Not Designated as Hedging Instrument [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 0 | $ 1 | $ 1 | $ 2 |
Nonregulated operating revenue
|
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Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 3 | (1) | 1 | 7 |
Nonregulated cost of sales
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Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (3) | $ 2 | $ 0 | $ (5) |