Subsidiary Debt (Notes)

12 Months Ended

Dec. 31, 2015

BHE's direct and indirect subsidiaries are organized as legal entities separate and apart from BHE and its other subsidiaries. Pursuant to separate financing agreements, substantially all of PacifiCorp's electric utility properties; the equity interest of MidAmerican Funding's subsidiary; MidAmerican Energy's electric utility properties in the state of Iowa; substantially all of Nevada Power's and Sierra Pacific's properties in the state of Nevada; the long-term customer contracts of Kern River; AltaLink's transmission properties; and substantially all of the assets of the subsidiaries of BHE Renewables are pledged or encumbered to support or otherwise provide the security for their related subsidiary debt. It should not be assumed that the assets of any subsidiary will be available to satisfy BHE's obligations or the obligations of its other subsidiaries. However, unrestricted cash or other assets which are available for distribution may, subject to applicable law, regulatory commitments and the terms of financing and ring-fencing arrangements for such parties, be advanced, loaned, paid as dividends or otherwise distributed or contributed to BHE or affiliates thereof. The long-term debt of subsidiaries may include provisions that allow BHE's subsidiaries to redeem it in whole or in part at any time. These provisions generally include make-whole premiums.

Distributions at these separate legal entities are limited by various covenants including, among others, leverage ratios, interest coverage ratios and debt service coverage ratios. As of December 31, 2015, all subsidiaries were in compliance with their long-term debt covenants.

Long-term debt of subsidiaries consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (in millions):



	Par Value		2015		2014

PacifiCorp	$	7,204	$	7,159	$	7,055
MidAmerican Funding	4,627		4,560		4,323
NV Energy	4,840		4,860		5,118
Northern Powergrid	2,735		2,772		2,317
BHE Pipeline Group	1,045		1,040		1,358
BHE Transmission	3,469		3,467		3,743
BHE Renewables	3,394		3,356		2,934
Total subsidiary debt	$	27,314	$	27,214	$	26,848

Reflected as:
Current liabilities			$	1,148	$	1,232
Noncurrent liabilities			26,066		25,616
Total subsidiary debt			$	27,214	$	26,848

PacifiCorp

PacifiCorp's long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):



	Par Value		2015		2014
First mortgage bonds:
5.50% to 8.635%, due through 2019	$	855	$	853	$	859
2.95% to 8.53%, due 2021 to 2025	2,149		2,137		1,888
6.71% due 2026	100		100		100
5.25% to 7.70%, due 2031 to 2035	800		794		793
5.75% to 6.35%, due 2036 to 2039	2,500		2,480		2,479
4.10% due 2042	300		297		297
Variable-rate series, tax-exempt bond obligations (2015-0.01% to 0.22%; 2014-0.02% to 0.22%):
Due 2018 to 2025⁽¹⁾	107		107		223
Due 2016 to 2024⁽¹⁾⁽²⁾	198		196		219
Due 2016 to 2025⁽²⁾	59		59		36
Due 2017 to 2018	91		91		91
Capital lease obligations - 8.75% to 15.678%, due through 2035	45		45		70
Total PacifiCorp	$	7,204	$	7,159	$	7,055


(1)	Supported by $310 million and $451 million of fully available letters of credit issued under committed bank arrangements as of December 31, 2015 and 2014, respectively.


(2)	Secured by pledged first mortgage bonds registered to and held by the tax-exempt bond trustee generally with the same interest rates, maturity dates and redemption provisions as the tax-exempt bond obligations.

The issuance of PacifiCorp's first mortgage bonds is limited by available property, earnings tests and other provisions of PacifiCorp's mortgage. Approximately $25 billion of PacifiCorp's eligible property (based on original cost) was subject to the lien of the mortgage as of December 31, 2015.

MidAmerican Funding

MidAmerican Funding's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):



	Par Value		2015		2014
MidAmerican Funding:
6.927% Senior Bonds, due 2029	$	325	$	289	$	289

MidAmerican Energy:
Tax-exempt bond obligations -
Variable-rate series (2015-0.03%, 2014-0.07%), due 2016-2038	195		194		194
First Mortgage Bonds:
2.40%, due 2019	500		499		498
3.70%, due 2023	250		248		248
3.50%, due 2024	500		502		296
4.80%, due 2043	350		345		345
4.40%, due 2044	400		394		394
4.25%, due 2046	450		444		—
Notes:
5.95% Series, due 2017	250		250		250
5.3% Series, due 2018	350		349		349
6.75% Series, due 2031	400		395		395
5.75% Series, due 2035	300		298		298
5.8% Series, due 2036	350		347		347
Turbine purchase obligation, 1.43% due 2015⁽¹⁾	—		—		420
Transmission upgrade obligation, 4.45% due through 2035	5		4		—
Capital lease obligations - 4.16%, due through 2020	2		2		—
Total MidAmerican Energy	4,302		4,271		4,034
Total MidAmerican Funding	$	4,627	$	4,560	$	4,323

(1)

In conjunction with the construction of wind-powered generating facilities in 2012, MidAmerican Energy accrued as property, plant and equipment amounts for turbine purchases it was not contractually obligated to pay until December 2015. The amount ultimately payable was discounted and recognized upon delivery of the equipment as long-term debt. The discount was amortized as interest expense over the period until payment was due using the effective interest method.

Pursuant to MidAmerican Energy's mortgage dated September 9, 2013, MidAmerican Energy's first mortgage bonds, currently and from time to time outstanding, are secured by a first mortgage lien on substantially all of its electric generating, transmission and distribution property within the state of Iowa, subject to certain exceptions and permitted encumbrances. As of December 31, 2015, MidAmerican Energy's eligible property subject to the lien of the mortgage totaled approximately $13 billion based on original cost. Additionally, MidAmerican Energy's senior notes outstanding are equally and ratably secured with the first mortgage bonds as required by the indentures under which the senior notes were issued.

NV Energy

NV Energy's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):



	Par Value		2015		2014
NV Energy -
6.250% Senior Notes, due 2020	$	315	$	373	$	384

Nevada Power:
General and Refunding Mortgage Securities:
5.875% Series L, due 2015	—		—		250
5.950% Series M, due 2016	210		210		209
6.500% Series O, due 2018	324		323		322
6.500% Series S, due 2018	499		498		497
7.125% Series V, due 2019	500		499		499
6.650% Series N, due 2036	367		356		356
6.750% Series R, due 2037	349		345		345
5.375% Series X, due 2040	250		247		247
5.450% Series Y, due 2041	250		235		234
Variable-rate series (2015-0.672% to 1.055%, 2014-0.455% to 0.464%):
Pollution Control Revenue Bonds Series 2006A, due 2032	38		38		38
Pollution Control Revenue Bonds Series 2006, due 2036	38		37		37
Capital and financial lease obligations - 2.750% to 11.600%, due through 2054	497		497		510
Total Nevada Power	3,322		3,285		3,544

Sierra Pacific:
General and Refunding Mortgage Securities:
6.000% Series M, due 2016	450		450		451
3.375% Series T, due 2023	250		248		247
6.750% Series P, due 2037	252		255		255
Variable-rate series (2015-0.733% to 1.054%, 2014-0.464% to 0.466%):
Pollution Control Revenue Bonds Series 2006A, due 2031	58		58		58
Pollution Control Revenue Bonds Series 2006B, due 2036	75		74		74
Pollution Control Revenue Bonds Series 2006C, due 2036	81		80		79
Capital and financial lease obligations - 2.700% to 8.548%, due through 2054	37		37		26
Total Sierra Pacific	1,203		1,202		1,190
Total NV Energy	$	4,840	$	4,860	$	5,118

The issuance of General and Refunding Mortgage Securities by the Nevada Utilities is subject to PUCN approval and is limited by available property and other provisions of the mortgage indentures for each of Nevada Power and Sierra Pacific. As of December 31, 2015, approximately $8.7 billion of Nevada Power's and $3.7 billion of Sierra Pacific's (based on original cost) property was subject to the liens of the mortgages.

Northern Powergrid

Northern Powergrid and its subsidiaries' long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):



	Par Value⁽¹⁾		2015		2014

8.875% Bonds, due 2020	$	147	$	162	$	172
9.25% Bonds, due 2020	295		315		338
3.901% to 4.586% European Investment Bank loans, due 2018 to 2022	398		398		420
7.25% Bonds, due 2022	295		306		324
2.50% Bonds due 2025	221		217		—
2.564% European Investment Bank loans, due 2027	369		368		—
7.25% Bonds, due 2028	273		280		297
4.375% Bonds, due 2032	221		217		229
5.125% Bonds, due 2035	295		291		307
5.125% Bonds, due 2035	221		218		230
Total Northern Powergrid	$	2,735	$	2,772	$	2,317


(1)	The par values for these debt instruments are denominated in sterling.

BHE Pipeline Group

BHE Pipeline Group' long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):



	Par Value		2015		2014
Northern Natural Gas:
5.125% Senior Notes, due 2015	$	—	$	—	$	100
5.75% Senior Notes, due 2018	200		199		199
4.25% Senior Notes, due 2021	200		199		199
5.8% Senior Bonds, due 2037	150		149		149
4.1% Senior Bonds, due 2042	250		248		247
Total Northern Natural Gas	800		795		894

Kern River:
6.676% Senior Notes, due 2016	—		—		165
4.893% Senior Notes, due 2018	245		245		299
Total Kern River	245		245		464
Total BHE Pipeline Group	$	1,045	$	1,040	$	1,358

Kern River's long-term debt amortizes monthly. Kern River redeemed the remaining amount of its 6.676% Senior Notes due 2016 at a redemption price determined in accordance with the terms of the indenture. Kern River provides a debt service reserve letter of credit to cover the next six months of principal and interest payments due on the loans, which were equal to $33 million and $55 million as of December 31, 2015 and 2014, respectively.

BHE Transmission

BHE Transmission's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31, (dollars in millions):



	Par Value⁽¹⁾		2015		2014
AltaLink Investments, L.P.:
Series 09-1 Senior Bonds, 5.207%, due 2016	$	108	$	112	$	136
Series 12-1 Senior Bonds, 3.674%, due 2019	145		151		180
Series 13-1 Senior Bonds, 3.265%, due 2020	145		149		176
Series 15-1 Senior Bonds, 2.244%, due 2022	145		144		—
Total AltaLink Investments, L.P.	543		556		492

AltaLink Holdings, L.P. Senior debentures, 10.5%, due 2015	—		—		78

ALP:
Series 2008-1 Notes, 5.243%, due 2018	145		145		171
Series 2013-2 Notes, 3.621%, due 2020	90		90		108
Series 2012-2 Notes, 2.978%, due 2022	199		198		236
Series 2013-4 Notes, 3.668%, due 2023	361		360		429
Series 2014-1 Notes, 3.399%, due 2024	253		252		300
Series 2006-1 Notes, 5.249%, due 2036	108		108		128
Series 2010-1 Notes, 5.381%, due 2040	90		90		108
Series 2010-2 Notes, 4.872%, due 2040	108		108		128
Series 2011-1 Notes, 4.462%, due 2041	199		198		236
Series 2012-1 Notes, 3.99%, due 2042	379		374		451
Series 2013-3 Notes, 4.922%, due 2043	253		252		300
Series 2014-3 Notes, 4.054%, due 2044	213		212		253
Series 2015-1 Notes, 4.090%, due 2045	253		251		—
Series 2013-1 Notes, 4.446%, due 2053	181		180		214
Series 2014-2 Notes, 4.274%, due 2064	94		93		111
Total AltaLink, L.P.	2,926		2,911		3,173
Total BHE Transmission	$	3,469	$	3,467	$	3,743


(1)	The par values for these debt instruments are denominated in Canadian dollars.

BHE Renewables

BHE Renewables' long-term debt consists of the following, including fair value adjustments and unamortized debt issuance costs, as of December 31 (dollars in millions):



	Par Value		2015		2014
Fixed-rate⁽¹⁾:
CE Generation Bonds, 7.416%, due 2018	$	96	$	97	$	125
Salton Sea Funding Corporation Bonds, 7.475%, due 2018	50		51		71
Cordova Funding Corporation Bonds, 8.48% to 9.07%, due 2019	112		113		125
Bishop Hill Holdings Senior Notes, 5.125%, due 2032	104		102		107
Solar Star Funding Senior Notes, 3.950%, due 2035	325		321		—
Solar Star Funding Senior Notes, 5.375%, due 2035	1,000		988		987
Topaz Solar Farms Senior Notes, 5.750%, due 2039	826		815		838
Topaz Solar Farms Senior Notes, 4.875%, due 2039	242		239		247
Other	25		25		27
Variable-rate⁽¹⁾:
Pinyon Pines I and II Term Loans, due 2019⁽²⁾	380		378		398
Wailuku Special Purpose Revenue Bonds, 0.12%, due 2021	8		8		9
TX Jumbo Road Term Loan, 3.626%, due 2025	226		219		—
Total BHE Renewables	$	3,394	$	3,356	$	2,934


(1)	Amortizes quarterly or semiannually.

(2)

The term loans have variable interest rates based on LIBOR plus a spread that varies during the term of the agreement. The weighted average variable interest rate as of December 31, 2015 and 2014 was 2.23% and 1.88%, respectively. The Company has entered into interest rate swaps that fix the interest rate on 75% of the outstanding debt. The weighted average fixed interest rate for the 75% portion is fixed at 3.55% as of December 31, 2015 and 2014.

Annual Repayments of Long-Term Debt

The annual repayments of BHE and subsidiary debt for the years beginning January 1, 2016 and thereafter, excluding fair value adjustments and unamortized premiums, discounts and debt issuance costs, are as follows (in millions):



											2021 and
	2016		2017		2018		2019		2020		Thereafter		Total

BHE senior notes	$	—	$	400	$	1,000	$	—	$	350	$	6,125	$	7,875
BHE junior subordinated debentures	—		—		—		—		—		2,944		2,944
PacifiCorp	81		57		589		353		41		6,083		7,204
MidAmerican Funding	34		254		350		500		1		3,488		4,627
NV Energy	676		16		840		519		336		2,453		4,840
Northern Powergrid	—		—		59		59		500		2,117		2,735
BHE Pipeline Group	54		62		329		—		—		600		1,045
BHE Transmission	110		—		145		145		235		2,834		3,469
BHE Renewables	193		196		208		494		126		2,177		3,394
Totals	$	1,148	$	985	$	3,520	$	2,070	$	1,589	$	28,821	$	38,133

PacifiCorp [Member]

Debt Instrument [Line Items]

Debt and Capital Leases Disclosures [Text Block]

Long-term Debt and Capital Lease Obligations

PacifiCorp's long-term debt and capital lease obligations were as follows as of December 31 (dollars in millions):



	2015						2014
					Average				Average
	Principal		Carrying		Interest		Carrying		Interest
	Amount		Value		Rate		Value		Rate

First mortgage bonds:
5.50% to 8.635%, due through 2019	$	855	$	853	5.61	%	$	859	5.63	%
2.95% to 8.53%, due 2021 to 2025	2,149		2,137		4.01		1,888		4.09
6.71% due 2026	100		100		6.71		100		6.71
5.25% to 7.70%, due 2031 to 2035	800		794		6.33		793		6.33
5.75% to 6.35%, due 2036 to 2039	2,500		2,480		6.06		2,479		6.06
4.10% due 2042	300		297		4.10		297		4.10
Tax-exempt bond obligations:
Variable rates, due 2018 to 2025⁽¹⁾	107		107		0.01		223		0.03
Variable rates, due 2016 to 2024⁽¹⁾⁽²⁾	198		196		0.02		219		0.02
Variable rates, due 2016 to 2025⁽²⁾	59		59		0.21		36		0.22
Variable rates, due 2017 to 2018	91		91		0.22		91		0.22
Total long-term debt	7,159		7,114				6,985
Capital lease obligations:
8.75% to 14.61%, due through 2035	32		32		11.25		34		11.33
Total long-term debt and capital lease
obligations	$	7,191	$	7,146			$	7,019



Reflected as:
	2015		2014

Current portion of long-term debt and capital lease obligations	$	68	$	134
Long-term debt and capital lease obligations	7,078		6,885
Total long-term debt and capital lease obligations	$	7,146	$	7,019


1)	Supported by $310 million and $451 million of fully available letters of credit issued under committed bank arrangements as of December 31, 2015 and 2014, respectively.


2)	Secured by pledged first mortgage bonds registered to and held by the tax-exempt bond trustee generally with the same interest rates, maturity dates and redemption provisions as the tax-exempt bond obligations.

PacifiCorp's long-term debt generally includes provisions that allow PacifiCorp to redeem the first mortgage bonds in whole or in part at any time through the payment of a make-whole premium. Variable-rate tax-exempt bond obligations are generally redeemable at par value.

In June 2015, PacifiCorp issued $250 million of its 3.35% First Mortgage Bonds due July 2025. The net proceeds were used to fund capital expenditures and for general corporate purposes, including retirement of short-term debt.

PacifiCorp currently has regulatory authority from the OPUC and the IPUC to issue an additional $1.325 billion of long-term debt. PacifiCorp must make a notice filing with the Washington Utilities and Transportation Commission prior to any future issuance. PacifiCorp currently has an effective shelf registration statement filed with the United States Securities and Exchange Commission to issue up to $1.325 billion additional first mortgage bonds through January 2019.

PacifiCorp has entered into long-term agreements that qualify as capital leases and expire at various dates through March 2035 for transportation services, power purchase agreements and real estate. The transportation services agreements included as capital leases are for the right to use pipeline facilities to provide natural gas to two of PacifiCorp's generating facilities. Net capital lease assets of $32 million and $34 million as of December 31, 2015 and 2014, respectively, were included in property, plant and equipment, net in the Consolidated Balance Sheets.

As of December 31, 2015, the annual principal maturities of long-term debt and total capital lease obligations for 2016 and thereafter are as follows (in millions):



	Long-term			Capital Lease
	Debt			Obligations			Total

2016	$	66		$	5		$	71
2017	52			10			62
2018	586			5			591
2019	350			5			355
2020	38			4			42
Thereafter	6,067			27			6,094
Total	7,159			56			7,215
Unamortized discount and debt issuance costs	(45		)	—			(45		)
Amounts representing interest	—			(24		)	(24		)
Total	$	7,114		$	32		$	7,146

MidAmerican Energy Company [Member]

Debt Instrument [Line Items]

Long-term Debt [Text Block]

Long-Term Debt

MidAmerican Energy's long-term debt consists of the following, including amounts maturing within one year and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):



	Par Value		2015		2014

First mortgage bonds:
2.40%, due 2019	$	500	$	499	$	498
3.70%, due 2023	250		248		248
3.50%, due 2024	500		502		296
4.80%, due 2043	350		345		345
4.40%, due 2044	400		394		394
4.25%, due 2046	450		444		—
Notes:
5.95% Series, due 2017	250		250		250
5.3% Series, due 2018	350		349		349
6.75% Series, due 2031	400		395		395
5.75% Series, due 2035	300		298		298
5.8% Series, due 2036	350		347		347
Turbine purchase obligation, 1.43%, due 2015⁽¹⁾	—		—		420
Transmission upgrade obligation, 4.449%, due through 2035	5		4		—
Variable-rate tax-exempt bond obligation series: (weighted average interest rate- 2015-0.03%, 2014-0.07%)
Due 2016	34		33		33
Due 2017	4		4		4
Due 2023, issued in 1993	7		7		7
Due 2023, issued in 2008	57		57		57
Due 2024	35		35		35
Due 2025	13		13		13
Due 2038	45		45		45
Capital lease obligations - 4.16%, due through 2020	2		2		—
Total	$	4,302	$	4,271	$	4,034

(1)

In conjunction with the construction of wind-powered generating facilities in 2012, MidAmerican Energy accrued as gross property, plant and equipment amounts for turbine purchases it is not contractually obligated to pay until December 2015. The amount ultimately payable was discounted and recognized upon delivery of the equipment as long-term debt. The discount was amortized as interest expense over the period until payment was due using the effective interest method.

The annual repayments of MidAmerican Energy's long-term debt for the years beginning January 1, 2016, and thereafter, excluding unamortized premiums, discounts and debt issuance costs, are as follows (in millions):



2016	$	34
2017	254
2018	351
2019	500
2020	1
2021 and thereafter	3,162

MidAmerican Energy issued $650 million of first mortgage bonds in October 2015 pursuant to its indenture dated September 9, 2013, as supplemented and amended. The net proceeds were used for the payment of the $426 million turbine purchase obligation due December 2015 and for general corporate purposes.

Pursuant to MidAmerican Energy's mortgage dated September 9, 2013, MidAmerican Energy's first mortgage bonds, currently and from time to time outstanding, are secured by a first mortgage lien on substantially all of its electric generating, transmission and distribution property within the State of Iowa, subject to certain exceptions and permitted encumbrances. As of December 31, 2015, MidAmerican Energy's eligible property subject to the lien of the mortgage totaled approximately $13 billion based on original cost. Additionally, MidAmerican Energy's senior notes outstanding are equally and ratably secured with the first mortgage bonds as required by the indentures under which the senior notes were issued.

MidAmerican Energy's variable rate tax-exempt obligations, including the tax-exempt bonds discussed below, bear interest at rates that are periodically established through remarketing of the bonds in the short-term tax-exempt market. MidAmerican Energy, at its option, may change the mode of interest calculation for these bonds by selecting from among several floating or fixed rate alternatives. The interest rates shown in the table above are the weighted average interest rates as of December 31, 2015 and 2014. MidAmerican Energy maintains revolving credit facility agreements to provide liquidity for holders of these issues.

As of December 31, 2015, MidAmerican Energy was in compliance with all of its applicable long-term debt covenants.

In March 1999, MidAmerican Energy committed to the IUB to use commercially reasonable efforts to maintain an investment grade rating on its long-term debt and to maintain its common equity level above 42% of total capitalization unless circumstances beyond its control result in the common equity level decreasing to below 39% of total capitalization. MidAmerican Energy must seek the approval from the IUB of a reasonable utility capital structure if MidAmerican Energy's common equity level decreases below 42% of total capitalization, unless the decrease is beyond the control of MidAmerican Energy. MidAmerican Energy is also required to seek the approval of the IUB if MidAmerican Energy's equity level decreases to below 39%, even if the decrease is due to circumstances beyond the control of MidAmerican Energy. As of December 31, 2015, MidAmerican Energy's common equity ratio was 52% computed on a basis consistent with its commitment. As a result of its regulatory commitment to maintain its common equity level above certain thresholds, MidAmerican Energy could dividend $1.6 billion as of December 31, 2015, without falling below 42%.

MidAmerican Funding, LLC and Subsidiaries [Domain]

Debt Instrument [Line Items]

Long-term Debt [Text Block]

Long-Term Debt

Refer to Note 8 of MidAmerican Energy's Notes to Financial Statements for detail and a discussion of its long-term debt. In addition to MidAmerican Energy's annual repayments of long-term debt, MidAmerican Funding has $325 million of long-term debt due in 2029, with a carrying value of $326 million as of December 31, 2015 and 2014.

MidAmerican Funding parent company long-term debt is secured by a pledge of the common stock of MHC. See Item 15(c) for the Consolidated Financial Statements of MHC Inc. and subsidiaries. The bonds are the direct senior secured obligations of MidAmerican Funding and effectively rank junior to all indebtedness and other liabilities of the direct and indirect subsidiaries of MidAmerican Funding, to the extent of the assets of these subsidiaries. MidAmerican Funding may redeem the bonds in whole or in part at any time at a redemption price equal to the sum of any accrued and unpaid interest to the date of redemption and the greater of (1) 100% of the principal amount of the bonds or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the bonds, discounted to the date of redemption on a semiannual basis at the treasury yield plus 25 basis points.

Subsidiaries of MidAmerican Funding must make payments on their own indebtedness before making distributions to MidAmerican Funding. Refer to Note 8 of MidAmerican Energy's Notes to Financial Statements for a discussion of utility regulatory restrictions affecting distributions from MidAmerican Energy. As a result of the utility regulatory restrictions agreed to by MidAmerican Energy in March 1999, MidAmerican Funding had restricted net assets of $3.1 billion as of December 31, 2015.

As of December 31, 2015, MidAmerican Funding was in compliance with all of its applicable long-term debt covenants.

Each of MidAmerican Funding's direct or indirect subsidiaries is organized as a legal entity separate and apart from MidAmerican Funding and its other subsidiaries. It should not be assumed that any asset of any subsidiary of MidAmerican Funding will be available to satisfy the obligations of MidAmerican Funding or any of its other subsidiaries; provided, however, that unrestricted cash or other assets which are available for distribution may, subject to applicable law and the terms of financing arrangements of such parties, be advanced, loaned, paid as dividends or otherwise distributed or contributed to MidAmerican Funding, one of its subsidiaries or affiliates thereof.

Nevada Power Company [Member]

Debt Instrument [Line Items]

Debt Disclosure [Text Block]

Long-Term Debt and Financial and Capital Lease Obligations

Nevada Power's long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):



	Par Value		2015		2014
General and Refunding Mortgage Securities:
5.875% Series L, due 2015	$	—	$	—	$	250
5.950% Series M, due 2016	210		210		209
6.500% Series O, due 2018	324		323		322
6.500% Series S, due 2018	499		498		497
7.125% Series V, due 2019	500		499		499
6.650% Series N, due 2036	367		356		356
6.750% Series R, due 2037	349		345		345
5.375% Series X, due 2040	250		247		247
5.450% Series Y, due 2041	250		235		234
Variable-rate series (2015-0.672% to 1.055%, 2014-0.455% to 0.464%):
Pollution Control Revenue Bonds Series 2006A, due 2032	38		38		38
Pollution Control Revenue Bonds Series 2006, due 2036	38		37		37
Capital and financial lease obligations - 2.750% to 11.600%, due through 2054	497		497		510
Total long-term debt and financial and capital leases	$	3,322	$	3,285	$	3,544

Reflected as:
Current portion of long-term debt and financial and capital lease obligations			$	225	$	264
Long-term debt and financial and capital lease obligations			3,060		3,280
Total long-term debt and financial and capital leases			$	3,285	$	3,544

The consummation of the BHE Merger triggered mandatory redemption requirements under financing agreements of Nevada Power. As a result, Nevada Power offered to purchase $3.0 billion of debt at 101% of par. Debt with a par value totaling $5 million was tendered in January 2014 and paid with cash on hand. The tender offer expired in January 2014.

Annual Payment on Long-Term Debt and Financial and Capital Leases

The annual repayments of long-term debt and capital and financial leases for the years beginning January 1, 2016 and thereafter, are as follows (in millions):



	Long-term			Capital and Financial
	Debt			Lease Obligations			Total

2016	$	210		$	73		$	283
2017	—			75			75
2018	823			74			897
2019	500			75			575
2020	—			74			74
Thereafter	1,292			908			2,200
Total	2,825			1,279			4,104
Unamortized premium, discount and debt issuance cost	(37		)	—			(37		)
Executory costs	—			(129		)	(129		)
Amounts representing interest	—			(653		)	(653		)
Total	$	2,788		$	497		$	3,285

The issuance of General and Refunding Mortgage Securities by Nevada Power is subject to PUCN approval and is limited by available property and other provisions of the mortgage indentures. As of December 31, 2015, approximately $8.7 billion (based on original cost) of Nevada Power’s property was subject to the liens of the mortgages.

Financial and Capital Lease Obligations

•

In 1984, Nevada Power entered into a 30-year capital lease for the Pearson Building with five, five-year renewal options beginning in year 2015. In February 2010, Nevada Power amended this capital lease agreement to include the lease of the adjoining parking lot and to exercise three of the five-year renewal options beginning in year 2015. There remain two additional renewal options which could extend the lease an additional ten years. Capital assets of $27 million and $28 million were included in property, plant and equipment, net as of December 31, 2015 and 2014, respectively.

•

In 2007, Nevada Power entered into a 20-year lease, with three 10-year renewal options, to occupy land and building for its Beltway Complex operations center in southern Nevada. Nevada Power accounts for the building portion of the lease as a capital lease and the land portion of the lease as an operating lease. Nevada Power transferred operations to the facilities in June 2009. Capital assets of $7 million and $8 million were included in property, plant and equipment, net as of December 31, 2015 and 2014, respectively.

•

Nevada Power has long-term energy purchase contracts which qualify as capital leases. The leases were entered into between the years 1989 and 1990 and firm operation occurred through 1993. The terms of the leases are for 30 years and expire between the years 2022-2023. Capital assets of $40 million and $44 million were included in property, plant and equipment, net as of December 31, 2015 and 2014, respectively.


•	Nevada Power has master leasing agreements of which various pieces of equipment qualify as capital leases. The remaining equipment is treated as operating leases. Lease terms average seven years under the master lease agreement. Capital assets of $1 million were included in property, plant and equipment, net as of December 31, 2015 and 2014.

•

ON Line was placed in-service on December 31, 2013. The Nevada Utilities entered into a long-term transmission use agreement, in which the Nevada Utilities have 25% interest and Great Basin Transmission South, LLC has 75% interest. Refer to Note 4 for additional information. The Nevada Utilities' share of the long-term transmission use agreement and ownership interest is split at 95% for Nevada Power and 5% for Sierra Pacific. The term is for 41 years with the agreement ending December 31, 2054. Payments began on January 31, 2014. ON Line assets of $410 million and $418 million were included in property, plant and equipment, net as of December 31, 2015 and 2014, respectively.

Sierra Pacific Power Company [Member]

Debt Instrument [Line Items]

Debt Disclosure [Text Block]

Long-Term Debt and Financial and Capital Lease Obligations

Sierra Pacific's long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):



	Par Value		2015		2014
General and Refunding Mortgage Securities:
6.000% Series M, due 2016	$	450	$	450	$	451
3.375% Series T, due 2023	250		248		247
6.750% Series P, due 2037	252		255		255
Variable-rate series (2015-0.733% to 1.054%, 2014-0.464% to 0.466%):
Pollution Control Revenue Bonds Series 2006A, due 2031	58		58		58
Pollution Control Revenue Bonds Series 2006B, due 2036	75		74		74
Pollution Control Revenue Bonds Series 2006C, due 2036	81		80		79
Capital and financial lease obligations - 2.700% to 8.548%, due through 2054	37		37		26
Total long-term debt and financial and capital leases	$	1,203	$	1,202	$	1,190

Reflected as:
Current portion of long-term debt and financial and capital lease obligations			$	453	$	1
Long-term debt and financial and capital lease obligations			749		1,189
Total long-term debt and financial and capital leases			$	1,202	$	1,190

The consummation of the BHE Merger triggered mandatory redemption requirements under financing agreements of Sierra Pacific. As a result, Sierra Pacific offered to purchase $702 million of debt at 101% of par. The tender offer expired in January 2014 with no amounts tendered.

Annual Payment on Long-Term Debt and Financial and Capital Leases

The annual repayments of long-term debt and capital and financial leases for the years beginning January 1, 2016 and thereafter, are as follows (in millions):



	Long-term			Capital and Financial
	Debt			Lease Obligations			Total

2016	$	450		$	6		$	456
2017	—			4			4
2018	—			4			4
2019	—			4			4
2020	—			3			3
Thereafter	716			53			769
Total	1,166			74			1,240
Unamortized premium, discount and debt issuance cost	(1		)	—			(1		)
Amounts representing interest	—			(37		)	(37		)
Total	$	1,165		$	37		$	1,202

The issuance of General and Refunding Mortgage Securities by Sierra Pacific is subject to PUCN approval and is limited by available property and other provisions of the mortgage indentures. As of December 31, 2015, approximately $3.7 billion (based on original cost) of Sierra Pacific’s property was subject to the liens of the mortgages.

Financial and Capital Lease Obligations


•	Sierra Pacific has master leasing agreements of which various pieces of equipment qualify as capital leases. The remaining equipment is treated as operating leases. Lease terms average seven years under the master lease agreement. Capital assets of $3 million were included in property, plant and equipment, net as of December 31, 2015 and 2014.

•

ON Line was placed in-service on December 31, 2013. The Nevada Utilities entered into a long-term transmission use agreement, in which the Nevada Utilities have 25% interest and Great Basin Transmission South, LLC has 75% interest. Refer to Note 4 for additional information. The Nevada Utilities share of the long-term transmission use agreement and ownership interest is split at 5% for Sierra Pacific and 95% for Nevada Power. The term is for 41 years with the agreement ending December 31, 2054. Payments began on January 31, 2014. ON Line assets of $22 million were included in property, plant and equipment, net as of December 31, 2015 and 2014.


•	In 2015, Sierra Pacific entered into a 20-year capital lease for the Fort Churchill Solar Array. Capital assets of $12 million were included in property, plant and equipment, net as of December 31, 2015.