Iowa | 94-2213782 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
666 Grand Avenue, Des Moines, Iowa | 50309 | |
(Address of principal executive offices) | (Zip Code) | |
(515) 242-4300 | ||
(Registrant’s telephone number, including area code) | ||
Securities registered pursuant to Section 12(b) of the Act: N/A | ||
Securities registered pursuant to Section 12(g) of the Act: N/A |
PART I – FINANCIAL INFORMATION | ||
3 | ||
20 | ||
34 | ||
34 | ||
PART II – OTHER INFORMATION | ||
35 | ||
35 | ||
35 | ||
35 | ||
35 | ||
35 | ||
36 | ||
37 |
As of | ||||||
June 30, | December 31, | |||||
2004 | 2003 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 1,078,567 | $ | 660,213 | ||
Restricted cash and short-term investments | 89,449 | 55,281 | ||||
Accounts receivable, net | 602,424 | 666,063 | ||||
Inventories | 99,663 | 123,301 | ||||
Other current assets | 276,007 | 371,855 | ||||
Total current assets | 2,146,110 | 1,876,713 | ||||
Properties, plants and equipment, net | 11,429,200 | 11,180,979 | ||||
Goodwill | 4,320,209 | 4,305,643 | ||||
Regulatory assets | 517,513 | 512,549 | ||||
Other investments | 231,706 | 228,896 | ||||
Equity investments | 233,291 | 234,370 | ||||
Deferred charges and other assets | 845,040 | 829,039 | ||||
Total assets | $ | 19,723,069 | $ | 19,168,189 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 321,350 | $ | 345,237 | ||
Accrued interest | 219,196 | 189,635 | ||||
Accrued property and other taxes | 120,366 | 112,823 | ||||
Other liabilities | 547,263 | 443,531 | ||||
Short-term debt | 14,578 | 48,036 | ||||
Current portion of long-term debt | 507,577 | 500,941 | ||||
Current portion of parent company subordinated debt | 100,000 | 100,000 | ||||
Total current liabilities | 1,830,330 | 1,740,203 | ||||
Other long-term accrued liabilities | 1,946,238 | 1,827,633 | ||||
Parent company senior debt | 3,029,751 | 2,777,878 | ||||
Parent company subordinated debt | 1,773,267 | 1,772,146 | ||||
Subsidiary and project debt | 6,443,476 | 6,674,640 | ||||
Deferred income taxes | 1,560,282 | 1,433,144 | ||||
Total liabilities | 16,583,344 | 16,225,644 | ||||
Deferred income | 67,023 | 69,201 | ||||
Minority interest | 10,703 | 9,754 | ||||
Preferred securities of subsidiaries | 90,128 | 92,145 | ||||
Commitments and contingencies (Note 7) | ||||||
Stockholders' equity: | ||||||
Zero-coupon convertible preferred stock – authorized 50,000 shares, no par value, 41,263 shares issued and outstanding | - | - | ||||
Common stock – authorized 60,000 shares, no par value, 9,081 and 9,281 shares issued and outstanding at June 30, 2004, and December 31, 2003, respectively | - | - | ||||
Additional paid-in capital | 1,950,267 | 1,957,277 | ||||
Retained earnings | 1,191,283 | 999,627 | ||||
Accumulated other comprehensive loss, net | (169,679 | ) | (185,459 | ) | ||
Total stockholders' equity | 2,971,871 | 2,771,445 | ||||
Total liabilities and stockholders' equity | $ | 19,723,069 | $ | 19,168,189 | ||
Three Months | Six Months | |||||||||||
Ended June 30, | Ended June 30, | |||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||
(Unaudited) | ||||||||||||
Revenues: | ||||||||||||
Operating revenue | $ | 1,563,373 | $ | 1,347,891 | $ | 3,326,676 | $ | 2,926,509 | ||||
Income on equity investments | 5,823 | 13,546 | 9,291 | 21,001 | ||||||||
Interest and dividend income | 7,295 | 19,314 | 14,464 | 33,185 | ||||||||
Other income | 22,969 | 29,515 | 31,330 | 46,939 | ||||||||
Total revenue | 1,599,460 | 1,410,266 | 3,381,761 | 3,027,634 | ||||||||
Costs and expenses: | ||||||||||||
Cost of sales | 689,683 | 529,870 | 1,449,722 | 1,216,034 | ||||||||
Operating expense | 429,077 | 367,792 | 807,731 | 724,285 | ||||||||
Depreciation and amortization | 161,954 | 160,782 | 332,237 | 302,631 | ||||||||
Interest expense | 227,012 | 183,033 | 465,414 | 369,878 | ||||||||
Less interest capitalized | (5,294 | ) | (7,616 | ) | (8,902 | ) | (23,148 | ) | ||||
Total costs and expenses | 1,502,432 | 1,233,861 | 3,046,202 | 2,589,680 | ||||||||
Income before provision for income taxes | 97,028 | 176,405 | 335,559 | 437,954 | ||||||||
Provision for income taxes | 36,297 | 32,471 | 124,885 | 105,471 | ||||||||
Income before minority interest and preferred dividends | 60,731 | 143,934 | 210,674 | 332,483 | ||||||||
Minority interest and preferred dividends | 3,275 | 63,993 | 6,028 | 121,906 | ||||||||
Net income available to common and preferred stockholders | $ | 57,456 | $ | 79,941 | $ | 204,646 | $ | 210,577 | ||||
Six Months | ||||||
Ended June 30, | ||||||
2004 | 2003 | |||||
(Unaudited) | ||||||
Cash flows from operating activities: | ||||||
Net income | $ | 204,646 | $ | 210,577 | ||
Adjustments to reconcile net income to cash flows from operating activities: | ||||||
Distributions less income on equity investments | 243 | 21,041 | ||||
(Gain) loss on other items | 10,717 | (6,743 | ) | |||
Depreciation and amortization | 332,237 | 302,631 | ||||
Amortization of regulatory assets and liabilities and other | (4,508 | ) | (19,892 | ) | ||
Amortization of deferred financing costs | 10,358 | 17,516 | ||||
Provision for deferred income taxes | 115,345 | 104,946 | ||||
Other | 43,988 | 36,700 | ||||
Changes in other items: | ||||||
Accounts receivable and other current assets | 93,051 | 122,877 | ||||
Accounts payable and other accrued liabilities | 87,595 | (81,051 | ) | |||
Deferred income | (1,851 | ) | (4,427 | ) | ||
Net cash flows from operating activities | 891,821 | 704,175 | ||||
Cash flows from investing activities: | ||||||
Acquisitions, net of cash acquired | (18,909 | ) | (34,813 | ) | ||
Proceeds from note receivable | 97,000 | - | ||||
Capital expenditures relating to operating projects | (388,141 | ) | (272,712 | ) | ||
Construction and other development costs | (119,331 | ) | (386,696 | ) | ||
Liquidated damages received, net of amounts accrued | 18,900 | - | ||||
Sale of convertible preferred securities | - | 288,750 | ||||
Other | 46,492 | (28,707 | ) | |||
Net cash flows from investing activities | (363,989 | ) | (434,178 | ) | ||
Cash flows from financing activities: | ||||||
Proceeds from subsidiary and project debt | 17,939 | 1,133,572 | ||||
Proceeds from parent company senior debt | 249,765 | 449,295 | ||||
Repayments of subsidiary and project debt | (286,163 | ) | (1,326,295 | ) | ||
Net repayment of subsidiary short-term debt | (33,213 | ) | (44,750 | ) | ||
Purchase and retirement of common stock | (20,000 | ) | - | |||
(Increase) decrease in restricted cash and investments | (34,619 | ) | 2,785 | |||
Redemption of preferred securities of subsidiaries | (2,018 | ) | (588 | ) | ||
Purchase and retirement of preferred securities of subsidiary trusts | - | (33,411 | ) | |||
Other | (3,610 | ) | (27,628 | ) | ||
Net cash flows from financing activities | (111,919 | ) | 152,980 | |||
Effect of exchange rate changes | 2,441 | 13,354 | ||||
Net increase in cash and cash equivalents | 418,354 | 436,331 | ||||
Cash and cash equivalents at beginning of period | 660,213 | 844,430 | ||||
Cash and cash equivalents at end of period | $ | 1,078,567 | $ | 1,280,761 | ||
Supplemental Disclosure: | ||||||
Interest paid, net of interest capitalized | $ | 414,217 | $ | 314,548 | ||
Income taxes (refunded) paid | $ | (46,088 | ) | $ | 4,756 | |
June 30, | December 31, | |||||
2004 | 2003 | |||||
Utility generation and distribution systems | $ | 9,489,165 | $ | 9,154,054 | ||
Interstate pipelines’ assets | 3,551,876 | 3,483,672 | ||||
Independent power plants | 1,374,567 | 1,395,782 | ||||
Mineral and gas reserves and exploration assets | 577,065 | 554,780 | ||||
Utility non-operational assets | 441,035 | 429,228 | ||||
Other assets | 154,005 | 146,286 | ||||
Total operating assets | 15,587,713 | 15,163,802 | ||||
Accumulated depreciation and amortization | (4,554,928 | ) | (4,260,643 | ) | ||
Net operating assets | 11,032,785 | 10,903,159 | ||||
Construction in progress | 396,415 | 277,820 | ||||
Properties, plants and equipment, net | $ | 11,429,200 | $ | 11,180,979 | ||
CE Electric UK
· | the actual operating costs of each of the licensees; |
· | the operating costs which each of the licensees would incur if it were as efficient as, in Ofgem's judgment, the most efficient licensee; |
· | the regulatory value to be ascribed to each of the licensees' distribution network assets; |
· | the allowance for depreciation of the distribution network assets of each of the licensees; |
· | the rate of return to be allowed on investment in the distribution network assets by all licensees; and |
· | the financial ratios of each of the licensees and the license requirement for each licensee to maintain an investment grade status. |
Nuclear Decommissioning
Three Months | Six Months | |||||||||||
Ended June 30, | Ended June 30, | |||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||
Net income | $ | 57,456 | $ | 79,941 | $ | 204,646 | $ | 210,577 | ||||
Other comprehensive income: | ||||||||||||
Foreign currency translation | (16,038 | ) | 378 | 18,287 | (27,629 | ) | ||||||
Marketable securities, net of tax of $(274); $305; $(202) and $222, respectively | (411 | ) | 458 | (303 | ) | 325 | ||||||
Cash flow hedges, net of tax of $(2,633); $3,973; $(1,422) and $6,415, respectively | (4,970 | ) | 9,433 | (2,204 | ) | 14,659 | ||||||
Total comprehensive income | $ | 36,037 | $ | 90,210 | $ | 220,426 | $ | 197,932 | ||||
Three Months | Six Months | |||||||||||
Ended June 30, | Ended June 30, | |||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||
Pension: | ||||||||||||
Service cost | $ | 6,346 | $ | 6,767 | $ | 12,944 | $ | 13,511 | ||||
Interest cost | 9,067 | 9,329 | 17,767 | 18,665 | ||||||||
Expected return on plan assets | (9,738 | ) | (10,543 | ) | (19,372 | ) | (21,042 | ) | ||||
Amortization of net transition balance | (203 | ) | (711 | ) | (401 | ) | (1,420 | ) | ||||
Amortization of prior service cost | 693 | 687 | 1,380 | 1,392 | ||||||||
Amortization of prior year loss | 366 | 363 | 785 | 738 | ||||||||
Regulatory expense | - | 912 | - | 1,820 | ||||||||
Net periodic cost | $ | 6,531 | $ | 6,804 | $ | 13,103 | $ | 13,664 | ||||
Three Months | Six Months | |||||||||||
Ended June 30, | Ended June 30, | |||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||
Postretirement: | ||||||||||||
Service cost | $ | 2,103 | $ | 1,944 | $ | 4,065 | $ | 3,895 | ||||
Interest cost | 3,964 | 3,820 | 8,147 | 7,654 | ||||||||
Expected return on plan assets | (2,512 | ) | (1,428 | ) | (4,373 | ) | (2,862 | ) | ||||
Amortization of net transition balance | 674 | 978 | 1,702 | 1,959 | ||||||||
Amortization of prior service cost | 5 | 140 | 153 | 282 | ||||||||
Amortization of prior year loss | 876 | 883 | 1,710 | 1,770 | ||||||||
Net periodic cost | $ | 5,110 | $ | 6,337 | $ | 11,404 | $ | 12,698 | ||||
Three Months | Six Months | |||||||||||
Ended June 30, | Ended June 30, | |||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||
Service cost | $ | 2,982 | $ | 2,589 | $ | 6,027 | $ | 5,178 | ||||
Interest cost | 18,114 | 17,095 | 36,617 | 34,190 | ||||||||
Expected return on plan assets | (24,258 | ) | (24,326 | ) | (49,036 | ) | (48,652 | ) | ||||
Amortization of prior service cost | 407 | 402 | 822 | 804 | ||||||||
Amortization of prior year loss | 4,156 | 491 | 8,401 | 982 | ||||||||
Net periodic (benefit) cost | $ | 1,401 | $ | (3,749 | ) | $ | 2,831 | $ | (7,498 | ) | ||
Three Months | Six Months |
| ||||||||||
Ended June 30, | Ended June 30, | |||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||
Operating revenue: | ||||||||||||
MidAmerican Energy | $ | 575,522 | $ | 536,440 | $ | 1,416,468 | $ | 1,352,356 | ||||
Kern River | 78,374 | 64,444 | 153,987 | 103,474 | ||||||||
Northern Natural Gas | 89,057 | 85,742 | 297,444 | 258,114 | ||||||||
CE Electric UK | 216,209 | 188,659 | 478,817 | 414,191 | ||||||||
CalEnergy Generation-Domestic | 11,724 | 10,971 | 23,625 | 22,204 | ||||||||
CalEnergy Generation-Foreign | 69,338 | 80,163 | 138,929 | 156,892 | ||||||||
HomeServices | 532,806 | 395,632 | 847,492 | 653,620 | ||||||||
Segment operating revenue | 1,573,030 | 1,362,051 | 3,356,762 | 2,960,851 | ||||||||
Corporate/other(1) | (9,657 | ) | (14,160 | ) | (30,086 | ) | (34,342 | ) | ||||
Total operating revenue | $ | 1,563,373 | $ | 1,347,891 | $ | 3,326,676 | $ | 2,926,509 | ||||
Three Months | Six Months | |||||||||||
Ended June 30, | Ended June 30, | |||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||
Interest expense: | ||||||||||||
MidAmerican Energy | $ | 30,395 | $ | 30,787 | $ | 60,986 | $ | 62,171 | ||||
Kern River | 19,221 | 19,937 | 38,756 | 39,610 | ||||||||
Northern Natural Gas | 13,246 | 14,675 | 26,370 | 30,248 | ||||||||
CE Electric UK | 50,646 | 47,556 | 99,444 | 97,623 | ||||||||
CalEnergy Generation-Domestic | 4,780 | 7,654 | 13,311 | 15,255 | ||||||||
CalEnergy Generation-Foreign | 11,042 | 15,725 | 22,301 | 31,086 | ||||||||
HomeServices | 698 | 1,032 | 1,403 | 2,081 | ||||||||
Segment interest expense | 130,028 | 137,366 | 262,571 | 278,074 | ||||||||
Corporate/other(1) | 46,875 | 45,667 | 102,555 | 91,804 | ||||||||
Parent company subordinated debt(2) | 50,109 | - | 100,288 | - | ||||||||
Total interest expense | $ | 227,012 | $ | 183,033 | $ | 465,414 | $ | 369,878 | ||||
Income (loss) before provision for income taxes: | ||||||||||||
MidAmerican Energy | $ | 36,174 | $ | 47,234 | $ | 124,728 | $ | 137,126 | ||||
Kern River | 45,785 | 35,757 | 76,257 | 62,133 | ||||||||
Northern Natural Gas | (16,461 | ) | (9,814 | ) | 86,195 | 73,825 | ||||||
CE Electric UK | 65,885 | 60,513 | 175,091 | 145,286 | ||||||||
CalEnergy Generation-Domestic | (7,511 | ) | (1,961 | ) | (20,989 | ) | (7,819 | ) | ||||
CalEnergy Generation-Foreign | 34,358 | 36,326 | 68,147 | 70,363 | ||||||||
HomeServices | 52,204 | 39,693 | 61,863 | 46,698 | ||||||||
Segment income before provision for income taxes | 210,434 | 207,748 | 571,292 | 527,612 | ||||||||
Corporate/other(1) (2) | (113,406 | ) | (31,343 | ) | (235,733 | ) | (89,658 | ) | ||||
Total income before provision for income taxes | $ | 97,028 | $ | 176,405 | $ | 335,559 | $ | 437,954 | ||||
June 30, | December 31, | ||||
2004 | 2003 | ||||
Identifiable assets: (3) | |||||
MidAmerican Energy | $ | 6,738,765 | $ | 6,596,849 | |
Kern River | 2,188,104 | 2,200,201 | |||
Northern Natural Gas | 2,174,453 | 2,167,621 | |||
CE Electric UK | 5,416,546 | 5,038,880 | |||
CalEnergy Generation-Domestic | 833,236 | 842,148 | |||
CalEnergy Generation-Foreign | 817,208 | 951,155 | |||
HomeServices | 748,539 | 567,736 | |||
Segment identifiable assets | 18,916,851 | 18,364,590 | |||
Corporate/other(1) | 806,218 | 803,599 | |||
Total identifiable assets | $ | 19,723,069 | $ | 19,168,819 | |
(1) | The remaining differences from the segment amounts to the consolidated amounts described as “Corporate/other” relate principally to the corporate functions including administrative costs, interest expense, corporate cash and related interest income, intersegment eliminations, and fair value adjustments relating to acquisitions. |
(2) | The Company adopted and applied the provisions of FIN 46R related to certain finance subsidiaries as of October 1, 2003. The adoption required amounts previously recorded in minority interest and preferred dividends to be recorded as interest expense in the accompanying consolidated statements of operations. For the three-month and six-month periods ended June 30, 2004, the Company has recorded $50.1 million and $100.3 million, respectively, of interest expense related to these finance subsidiaries. In accordance with the requirements of FIN 46R, no amounts prior to adoption on October 1, 2003 have been reclassified. The related amounts included in minority interest and preferred dividends for the three-month and six-month periods ended June 30, 2003 were $55.1 million and $110.2 million, respectively. |
(3) | Identifiable assets by segment include the allocation of goodwill. |
Northern | CE | CalEnergy | ||||||||||||||||||||
MidAmerican | Kern | Natural | Electric | Generation | Home- | |||||||||||||||||
Energy | River | Gas | UK | Domestic | Services | Total | ||||||||||||||||
Goodwill at January 1, 2004 | $ | 2,139,223 | $ | 33,900 | $ | 379,148 | $ | 1,261,583 | $ | 126,308 | $ | 365,481 | $ | 4,305,643 | ||||||||
Goodwill from acquisitions during the year | - | - | - | - | - | 14,654 | 14,654 | |||||||||||||||
Other goodwill adjustments(1) | (5,049 | ) | - | (11,299 | ) | 18,281 | (48 | ) | (1,973 | ) | (88 | ) | ||||||||||
Goodwill at June 30, 2004 | $ | 2,134,174 | $ | 33,900 | $ | 367,849 | $ | 1,279,864 | $ | 126,260 | $ | 378,162 | $ | 4,320,209 | ||||||||
(1) | Other goodwill adjustments include income tax, foreign currency translation and purchase price adjustments. |
- HomeServices separately acquired a number of real estate companies throughout 2003 and 2004, with the two most significant being in July 2003 and April 2004. These acquisitions, along with the continued increase in activity at existing locations and higher home prices overall, have spurred growth for this platform;
- In May 2003, Kern River completed a 717 mile expansion of its pipeline system (“Kern River 2003 Expansion Project”), which increased the design capacity of the system by 885,626 decatherms (“Dth”) per day to 1,755,626 Dth per day. As of June 30, 2004, Kern River had contracted 1,665,575 Dth per day of capacity under long-term firm gas transportation agreements. Mirant Americas Energy Marketing (“Mirant”), one of the shippers that entered into a 15-year firm gas transportation agreement related to the expansion, filed for bankruptcy in July 2003 and in December 2003 rejected the agreement pursuant to procedures under the bankruptcy code. In May 2004, Kern River was awarded $14.8 million, an amount equal to its cash collateral held, pursuant to the secured portion of its proof of claim;
- CalEnergy Generation–Foreign reached an arbitration settlement with the National Irrigation Administration (“NIA”) effective during the fourth quarter of 2003. As part of the settlement at CE Casecnan Water and Energy Company, Inc. (“CE Casecnan”), NIA paid the Company $17.7 million plus Philippines pesos of 39.9 million (approximately $0.7 million) and delivered a Republic of the Philippines (“ROP”) $97.0 million 8.375% Note due in 2013. In January 2004, the Company exercised its right to put the note and received $99.2 million (representing par plus accrued interest) from the ROP. In exchange, the Company agreed to modify certain provisions of the project agreement most significantly being the elimination of the tax compensation portion of the water delivery fee and modification of the threshold volume of water used to calculate the guaranteed water delivery fee;
- CE Electric UK operates mainly in Great Britain and the majority of its transactions are in Pounds Sterling. The weighted average ratio of U.S. Dollars to Pounds Sterling was 1.81 and 1.83, respectively, during the three-month and six-month periods ended June 30, 2004, as compared to 1.63 and 1.61, respectively, during the three-month and six-month periods ended June 30, 2003, which continues to produce positive revenue and profit comparisons on a year over year basis; and
- In February 2004, the Company completed the sale of $250 million of its 5.00% Senior Notes due February 15, 2014. On March 1, 2004, Salton Sea Funding Corporation (“Funding Corporation”) completed the redemption of an aggregate principal amount of approximately $136.4 million of its 7.475% Senior Secured Series F Bonds (SSFC Series F Bonds) due on November 30, 2018. Limited production at the Zinc Recovery Project, which began production in late 2002, has continued throughout 2003 and 2004. Efforts to increase production with an emphasis on modifications to its process continue. It is expected that a decision regarding the future of the project will be made by the end of 2004.
20
Three Months | ||||||||||
Ended June 30, | ||||||||||
2004 | 2003 | $Change | ||||||||
Operating revenue: | ||||||||||
MidAmerican Energy | $ | 575.5 | $ | 536.4 | $ | 39.1 | ||||
Kern River | 78.4 | 64.4 | 14.0 | |||||||
Northern Natural Gas | 89.1 | 85.7 | 3.4 | |||||||
CE Electric UK | 216.2 | 188.7 | 27.5 | |||||||
CalEnergy Generation-Domestic | 11.7 | 11.0 | 0.7 | |||||||
CalEnergy Generation-Foreign | 69.3 | 80.2 | (10.9 | ) | ||||||
HomeServices | 532.8 | 395.6 | 137.2 | |||||||
Segment operating revenue | 1,573.0 | 1,362.0 | 211.0 | |||||||
Corporate/other | (9.6 | ) | (14.1 | ) | 4.5 | |||||
Total operating revenue | $ | 1,563.4 | $ | 1,347.9 | $ | 215.5 | ||||
22
Six Months | ||||||||||
Ended June 30, | ||||||||||
2004 | 2003 | $Change | ||||||||
Operating revenue: | ||||||||||
MidAmerican Energy | $ | 1,416.5 | $ | 1,352.4 | $ | 64.1 | ||||
Kern River | 154.0 | 103.5 | 50.5 | |||||||
Northern Natural Gas | 297.5 | 258.1 | 39.4 | |||||||
CE Electric UK | 478.8 | 414.2 | 64.6 | |||||||
CalEnergy Generation–Domestic | 23.6 | 22.2 | 1.4 | |||||||
CalEnergy Generation–Foreign | 138.9 | 156.9 | (18.0 | ) | ||||||
HomeServices | 847.5 | 653.6 | 193.9 | |||||||
Segment operating revenue | 3,356.8 | 2,960.9 | 395.9 | |||||||
Corporate/other | (30.1 | ) | (34.4 | ) | 4.3 | |||||
Total operating revenue | $ | 3,326.7 | $ | 2,926.5 | $ | 400.2 | ||||
Six Months | |||||||
Ended June 30, | |||||||
2004 | 2003 | ||||||
MidAmerican Energy | $ | 278.2 | $ | 152.8 | |||
Kern River | 11.4 | 338.8 | |||||
Northern Natural Gas | 53.4 | 31.2 | |||||
CE Electric UK | 155.2 | 115.7 | |||||
CalEnergy Generation–Domestic | 1.1 | 11.1 | |||||
CalEnergy Generation–Foreign | 1.5 | 3.0 | |||||
HomeServices | 5.9 | 6.7 | |||||
Segment capital expenditures | 506.7 | 659.3 | |||||
Corporate/other | 0.8 | 0.1 | |||||
Total capital expenditures | $ | 507.5 | $ | 659.4 | |||
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(a) | Exhibits: |
The exhibits listed on the accompanying Exhibit Index are filed as part of this Quarterly Report. | |
(b) | Reports on Form 8-K: |
MEHC filed a Current Report on Form 8-K on April 14, 2004. | |
MIDAMERICAN ENERGY HOLDINGS COMPANY | |
(Registrant) | |
/s/ Patrick J. Goodman | |
Date: August 3, 2004 | Patrick J. Goodman Senior Vice President and Chief Financial Officer |
Exhibit No. | |
31.1 | Chief Executive Officer’s Certificate Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Chief Financial Officer’s Certificate Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Chief Executive Officer’s Certificate Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | Chief Financial Officer’s Certificate Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |