XML 99 R51.htm IDEA: XBRL DOCUMENT

Short-term Debt and Credit Facilities

12 Months Ended

Dec. 31, 2021

Line of Credit Facility [Line Items]

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


					MidAmerican		NV		Northern		BHE
	BHE		PacifiCorp		Funding		Energy		Powergrid		Canada		HomeServices		Total(1)
2021:
Credit facilities(2)	$	3,500	$	1,200	$	1,509	$	650	$	271	$	851	$	3,300	$	11,281
Less:
Short-term debt	—		—		—		(339)		(1)		(245)		(1,424)		(2,009)
Tax-exempt bond support and letters of credit	—		(218)		(370)		—		—		(1)		—		(589)
Net credit facilities	$	3,500	$	982	$	1,139	$	311	$	270	$	605	$	1,876	$	8,683

2020:
Credit facilities(2)	$	3,500	$	1,200	$	1,509	$	650	$	228	$	923	$	3,020	$	11,030
Less:
Short-term debt	—		(93)		—		(45)		(23)		(225)		(1,900)		(2,286)
Tax-exempt bond support and letters of credit	—		(218)		(370)		—		—		(2)		—		(590)
Net credit facilities	$	3,500	$	889	$	1,139	$	605	$	205	$	696	$	1,120	$	8,154

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

(2)Includes drawn uncommitted credit facilities totaling $1 million and $23 million, respectively, at Northern Powergrid as of December 31, 2021 and 2020.

As of December 31, 2021, the Company was in compliance with the covenants of its credit facilities and letter of credit arrangements.

BHE

BHE has a $3.5 billion unsecured credit facility expiring in June 2024 with an unlimited number of maturity extension options subject to lender consent. This credit facility, which is for general corporate purposes, supports BHE's commercial paper program and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at BHE's option, plus a spread that varies based on BHE's credit ratings for its senior unsecured long-term debt securities.

As of December 31, 2021 and 2020, BHE did not have any commercial paper borrowings outstanding. The credit facility requires that BHE's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.70 to 1.0 as of the last day of each quarter.

As of December 31, 2021 and 2020, BHE had $101 million and $105 million, respectively, of letters of credit outstanding. These letters of credit primarily support power purchase agreements and debt service requirements at certain subsidiaries of BHE Renewables, LLC expiring through April 2023 and have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.

PacifiCorp

PacifiCorp has a $1.2 billion unsecured credit facility expiring in June 2024 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which supports PacifiCorp's commercial paper program and certain series of its tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at PacifiCorp's option, plus a spread that varies based on PacifiCorp's credit ratings for its senior unsecured long-term debt securities.

As of December 31, 2021, PacifiCorp did not have any commercial paper borrowings outstanding. As of December 31, 2020, PacifiCorp had $93 million of commercial paper outstanding with a weighted average interest rate of 0.16%. The credit facility requires that PacifiCorp's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

As of December 31, 2021 and 2020, PacifiCorp had $19 million and $11 million, respectively, of fully available letters of credit issued under committed arrangements in support of certain transactions required by third parties and generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.

MidAmerican Funding

As of December 31, 2021, MidAmerican Energy has $1.5 billion unsecured credit facility expiring in June 2024. In June 2021, MidAmerican Energy amended and restated its existing $900 million unsecured credit facility expiring June 2022. The amendment increased the commitment of the lenders to $1.5 billion, extended the expiration date to June 2024 and increased the available maturity extension options to an unlimited number, subject to lender consent. The credit facility, which supports MidAmerican Energy's commercial paper program and its variable-rate tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at MidAmerican Energy's option, plus a spread that varies based on MidAmerican Energy's credit ratings for senior unsecured long-term debt securities.

As of December 31, 2020, in addition to the $900 million unsecured credit facility discussed above, MidAmerican Energy had a $600 million unsecured credit facility expiring August 2021, which was terminated in June 2021. As of December 31, 2021 and 2020, MidAmerican Energy had no commercial paper borrowings outstanding. The $1.5 billion credit facility requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.

NV Energy

Nevada Power has a $400 million secured credit facility expiring in June 2024 and Sierra Pacific has a $250 million secured credit facility expiring in June 2024 each with an unlimited number of maturity extension options, subject to lender consent. These credit facilities, which are for general corporate purposes and provide for the issuance of letters of credit, have a variable interest rate based on the Eurodollar rate or a base rate, at each of the Nevada Utilities' option, plus a spread that varies based on each of the Nevada Utilities' credit ratings for its senior secured long‑term debt securities. As of December 31, 2021 and 2020, the Nevada Utilities had borrowings of $339 million and $45 million outstanding under these credit facilities at a weighted average interest rate of 0.86% and 0.90%, respectively. Amounts due under each credit facility are collateralized by each of the Nevada Utilities' general and refunding mortgage bonds. These credit facilities require that each of the Nevada Utilities' ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

Northern Powergrid

Northern Powergrid has a £200 million unsecured credit facility expiring in December 2024 with two one-year maturity extension options. The credit facility has a variable interest rate based on Sterling Overnight Index Average plus a spread that varies based on Northern Powergrid's credit ratings and a credit adjustment spread that varies based on the tenor of any borrowings. The credit facility requires that the ratio of consolidated senior total net debt, including current maturities, to regulated asset value not exceed 0.8 to 1.0 at Northern Powergrid and 0.65 to 1.0 at each of Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc as of June 30 and December 31. Northern Powergrid's interest coverage ratio shall not be less than 2.5 to 1.0.

AltaLink

AltaLink has a C$500 million secured revolving term credit facility expiring in December 2026 with a recurring one-year extension option subject to lender consent. The credit facility, which supports AltaLink's commercial paper program and may also be used for general corporate purposes, has a variable interest rate based on the Canadian bank prime lending rate or a spread above the Bankers' Acceptance rate, at AltaLink's option, based on AltaLink's credit ratings for its senior secured long-term debt securities. In addition, AltaLink has a C$75 million secured revolving term credit facility expiring in December 2026 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit, has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, or a spread above the Bankers' Acceptance rate, at AltaLink's option, based on AltaLink's credit ratings for its senior secured long-term debt securities.

As of December 31, 2021 and 2020, AltaLink had $108 million and $113 million outstanding under these facilities at a weighted average interest rate of 0.35% and 0.36%, respectively. The credit facilities require the ratio of consolidated indebtedness to total capitalization not exceed 0.75 to 1.0 measured as of the last day of each quarter.

AltaLink Investments, L.P. has a C$300 million unsecured revolving term credit facility expiring in December 2026 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit to a maximum of C$10 million, has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, or a spread above the Bankers' Acceptance rate, at AltaLink Investments, L.P.'s option, based on AltaLink Investments, L.P.'s credit ratings for its senior unsecured long-term debt securities.

AltaLink Investments, L.P. also has a C$200 million revolving term credit facility expiring in April 2022 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit to a maximum of C$10 million, has a variable interest rate based on the Canadian bank prime lending rate, United States base rate, or a spread above the Bankers' Acceptance rate, at AltaLink Investments, L.P.'s option, based on AltaLink Investments, L.P.'s credit ratings for its senior unsecured long-term debt securities. On an annual basis, with the consent of the lenders, AltaLink Investments, L.P. can request that the maturity date of the credit facility be extended for a further 365 days.

As of December 31, 2021 and 2020, AltaLink Investments, L.P. had $137 million and $112 million outstanding under this facility at a weighted average interest rate of 1.46% and 1.47%, respectively. The credit facilities require the ratio of consolidated total debt to capitalization not exceed 0.8 to 1.0 and earnings before interest, taxes, depreciation and amortization to interest expense for the four fiscal quarters ended not be less than 2.25 to 1.0 measured as of the last day of each quarter.

HomeServices

HomeServices has an $700 million unsecured credit facility expiring in September 2026. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the LIBOR or a base rate, at HomeServices' option, plus a spread that varies based on HomeServices' total net leverage ratio as of the last day of each quarter. As of December 31, 2021 and 2020, HomeServices had $250 million and $100 million, respectively, outstanding under its credit facility with a weighted average interest rate of 0.95% and 1.15%, respectively.

Through its subsidiaries, HomeServices maintains mortgage lines of credit totaling $2.6 billion and $2.4 billion as of December 31, 2021 and 2020, respectively, used for mortgage banking activities that expire beginning in February 2022 through September 2022. The mortgage lines of credit have variable rates based on LIBOR plus a spread. Collateral for these credit facilities is comprised of residential property being financed and is equal to the loans funded with the facilities. As of December 31, 2021 and 2020, HomeServices had $1.2 billion and $1.8 billion, respectively, outstanding under these mortgage lines of credit at a weighted average interest rate of 1.91% and 2.03%, respectively.

BHE Renewables Letters of Credit

As of December 31, 2021 and 2020, certain renewable projects collectively have letters of credit outstanding of $311 million and $305 million, respectively, primarily in support of the power purchase agreements and large generator interconnection agreements associated with the projects.

PAC

Line of Credit Facility [Line Items]

Short-term Debt and Credit Facilities

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


2021:
Credit facilities	$	1,200
Less:
Short-term debt	—
Tax-exempt bond support	(218)
Net credit facilities	$	982

2020:
Credit facilities	$	1,200
Less:
Short-term debt	(93)
Tax-exempt bond support	(218)
Net credit facilities	$	889

As of December 31, 2021, PacifiCorp was in compliance with the covenants of its credit facilities and letter of credit arrangements.

The credit facility requires that PacifiCorp's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

MEC

Line of Credit Facility [Line Items]

Short-term Debt and Credit Facilities

Interim financing of working capital needs and the construction program is obtained from unaffiliated parties through the sale of commercial paper or short-term borrowing from banks. The following table summarizes MidAmerican Energy's availability under its unsecured revolving credit facilities as of December 31 (in millions):


	2021		2020

Credit facilities	$	1,505	$	1,505
Less:

Variable-rate tax-exempt bond support	(370)		(370)
Net credit facilities	$	1,135	$	1,135

As of December 31, 2021, MidAmerican Energy has a $1.5 billion unsecured credit facility expiring in June 2024. In June 2021, MidAmerican Energy amended and restated its existing $900 million unsecured credit facility expiring June 2022. The amendment increased the commitment of the lenders to $1.5 billion, extended the expiration date to June 2024 and increased the available maturity extension options to an unlimited number, subject to lender consent. The credit facility, which supports MidAmerican Energy's commercial paper program and its variable-rate tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at MidAmerican Energy's option, plus a spread that varies based on MidAmerican Energy's credit ratings for senior unsecured long-term debt securities. Additionally, MidAmerican Energy has a $5 million unsecured credit facility, which expires June 2022 and has a variable interest rate based on the Eurodollar rate plus a spread.

As of December 31, 2020, in addition to the $900 million unsecured credit facility discussed above, MidAmerican Energy had a $600 million unsecured credit facility expiring August 2021, which was terminated in June 2021. MidAmerican Energy had no commercial paper borrowings outstanding of as of December 31, 2021 and 2020. The $1.5 billion credit facility requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.

As of December 31, 2021, MidAmerican Energy was in compliance with the covenants of its credit facilities. MidAmerican Energy has authority from the FERC to issue commercial paper and bank notes aggregating $1.5 billion through April 2, 2022.

MidAmerican Funding, LLC

Line of Credit Facility [Line Items]

Short-term Debt and Credit Facilities

Short-term Debt and Credit FacilitiesRefer to Note 7 of MidAmerican Energy's Notes to Financial Statements. In addition to MidAmerican Energy's credit facilities, MHC has a $4 million unsecured credit facility, which expires in June 2022 and has a variable interest rate based on the Eurodollar rate plus a spread. As of December 31, 2021 and 2020, there were no borrowings outstanding under this credit facility. As of December 31, 2021, MHC was in compliance with the covenants of its credit facility.

NPC

Line of Credit Facility [Line Items]

Short-term Debt and Credit Facilities

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


	2021		2020
Credit facilities	$	400	$	400
Short-term debt	(180)		—

Net credit facilities	$	220	$	400

Nevada Power has a $400 million secured credit facility expiring in June 2024 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which is for general corporate purposes and provide for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at Nevada Power's option, plus a spread that varies based on Nevada Power's credit ratings for its senior secured long‑term debt securities. As of December 31, 2021 and 2020, Nevada Power had borrowings of $180 million and $— million, respectively, outstanding under the credit facility. As of December 31, 2021, the weighted average interest rate on borrowings outstanding was 0.86%. Amounts due under Nevada Power's credit facility are collateralized by Nevada Power's general and refunding mortgage bonds. The credit facility requires Nevada Power's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

As of December 31, 2021, Nevada Power had $15 million of a fully available letter of credit issued under committed arrangements in support of certain transactions required by a third party and has provisions that automatically extend the annual expiration date for an additional year unless the issuing bank elects not to renew the letter of credit prior to the expiration date.

SPPC

Line of Credit Facility [Line Items]

Short-term Debt and Credit Facilities

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


	2021		2020
Credit facilities	$	250	$	250
Short-term debt	(159)		(45)

Net credit facilities	$	91	$	205

Sierra Pacific has a $250 million secured credit facility expiring in June 2024 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the Eurodollar rate or a base rate, at Sierra Pacific's option, plus a spread that varies based on Sierra Pacific's credit ratings for its senior secured long‑term debt securities. As of December 31, 2021 and 2020, Sierra Pacific had borrowings of $159 million and $45 million, respectively, outstanding under the credit facility. As of December 31, 2021 and 2020, the weighted average interest rate on borrowings outstanding was 0.86% and 0.90%, respectively. Amounts due under Sierra Pacific's credit facility are collateralized by Sierra Pacific's general and refunding mortgage bonds. The credit facility requires Sierra Pacific's ratio of debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.