XML 96 R50.htm IDEA: XBRL DOCUMENT

Subsidiary Debt (Tables)

12 Months Ended

Dec. 31, 2015

Junior Subordinated Debentures

BHE junior subordinated debentures consists of the following as of December 31 (in millions):



	Par Value		2015		2014

Junior subordinated debentures, due 2043	$	1,444	$	1,444	$	2,294
Junior subordinated debentures, due 2044	1,500		1,500		1,500
Total BHE junior subordinated debentures - noncurrent	$	2,944	$	2,944	$	3,794

Senior Debt

BHE senior debt represents unsecured senior obligations of BHE that are redeemable in whole or in part at any time generally with make-whole premiums. BHE senior debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (in millions):



	Par Value		2015		2014

1.10% Senior Notes, due 2017	$	400	$	399	$	399
5.75% Senior Notes, due 2018	650		648		648
2.00% Senior Notes, due 2018	350		348		348
2.40% Senior Notes, due 2020	350		348		348
3.75% Senior Notes, due 2023	500		497		497
3.50% Senior Notes, due 2025	400		397		397
8.48% Senior Notes, due 2028	475		477		477
6.125% Senior Bonds, due 2036	1,700		1,690		1,688
5.95% Senior Bonds, due 2037	550		547		547
6.50% Senior Bonds, due 2037	1,000		987		986
5.15% Senior Notes, due 2043	750		739		738
4.50% Senior Notes, due 2045	750		737		737
Total BHE Senior Debt	$	7,875	$	7,814	$	7,810

Reflected as:
Current liabilities			$	—	$	—
Noncurrent liabilities			7,814		7,810
Total BHE Senior Debt			$	7,814	$	7,810

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

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.

Maturities of Long-term Debt [Table Text Block]

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

MidAmerican Energy Company [Member]

Debt Instrument [Line Items]

Maturities of Long-term Debt [Table Text Block]

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

Sierra Pacific Power Company [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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

Maturities of Long-term Debt [Table Text Block]

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

Nevada Power Company [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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

Maturities of Long-term Debt [Table Text Block]

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

PacifiCorp [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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.

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.

Maturities of Long-term Debt [Table Text Block]

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 Funding LLC [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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.

NV Energy, Inc. [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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

Northern Powergrid Holdings [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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 [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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

BHE Transmission [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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 [Member]

Debt Instrument [Line Items]

Subsidiary Debt [Table Text Block]

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.