Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'PACIFICORP /OR/ | ' |
Entity Central Index Key | '0000075594 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 357,060,915 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $157 | $80 |
Accounts receivable, net | 683 | 671 |
Inventories: | ' | ' |
Materials and supplies | 212 | 202 |
Fuel | 257 | 266 |
Deferred income taxes | 80 | 112 |
Regulatory assets | 79 | 62 |
Other current assets | 51 | 75 |
Total current assets | 1,519 | 1,468 |
Property, plant and equipment, net | 18,337 | 18,057 |
Regulatory assets | 1,641 | 1,773 |
Other assets | 437 | 430 |
Total assets | 21,934 | 21,728 |
Current liabilities: | ' | ' |
Accounts payable | 433 | 467 |
Income taxes payable | 89 | 48 |
Accrued employee expenses | 122 | 77 |
Accrued interest | 98 | 113 |
Accrued property and other taxes | 123 | 54 |
Current portion of long-term debt and capital lease obligations | 225 | 267 |
Regulatory liabilities | 63 | 62 |
Other current liabilities | 201 | 196 |
Total current liabilities | 1,354 | 1,284 |
Regulatory liabilities | 877 | 851 |
Long-term debt and capital lease obligations | 6,663 | 6,594 |
Deferred income taxes | 4,266 | 4,168 |
Other long-term liabilities | 1,094 | 1,187 |
Total liabilities | 14,254 | 14,084 |
Commitments and contingencies (Note 8) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | 36 | 41 |
Common stock - 750 shares authorized, no par value, 357 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 4,479 | 4,479 |
Retained earnings | 3,177 | 3,136 |
Accumulated other comprehensive loss, net | -12 | -12 |
Total shareholders' equity | 7,680 | 7,644 |
Total liabilities and shareholders' equity | $21,934 | $21,728 |
Consolidated_Balance_Sheets_Co1
Consolidated Balance Sheets Consolidated Balance Sheets Parenthetical (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Common stock, no par value | $0 | $0 |
Common stock, shares authorized | 750 | 750 |
Common stock, shares issued | 357 | 357 |
Common stock, shares outstanding | 357 | 357 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenue | $1,398 | $1,327 | $3,845 | $3,671 |
Operating costs and expenses: | ' | ' | ' | ' |
Energy costs | 530 | 489 | 1,411 | 1,338 |
Operations and maintenance | 267 | 258 | 805 | 827 |
Depreciation and amortization | 169 | 161 | 506 | 478 |
Taxes, other than income taxes | 43 | 41 | 126 | 121 |
Total operating costs and expenses | 1,009 | 949 | 2,848 | 2,764 |
Operating income | 389 | 378 | 997 | 907 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -96 | -94 | -286 | -284 |
Allowance for borrowed funds | 6 | 7 | 21 | 22 |
Allowance for equity funds | 13 | 14 | 42 | 44 |
Other, net | 3 | 2 | 5 | 4 |
Total other income (expense) | -74 | -71 | -218 | -214 |
Income before income tax expense | 315 | 307 | 779 | 693 |
Income tax expense | 99 | 95 | 237 | 200 |
Net income | $216 | $212 | $542 | $493 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity Statement (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net [Member] |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $7,312 | $41 | $0 | $4,479 | $2,801 | ($9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 493 | ' | ' | ' | 493 | ' |
Preferred stock dividends declared | -2 | ' | ' | ' | -2 | ' |
Common stock dividends declared | -150 | ' | ' | ' | -150 | ' |
Balance at Sep. 30, 2012 | 7,653 | 41 | 0 | 4,479 | 3,142 | -9 |
Balance at Dec. 31, 2012 | 7,644 | 41 | 0 | 4,479 | 3,136 | -12 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 542 | ' | ' | ' | 542 | ' |
Preferred stock dividends declared | -1 | ' | ' | ' | -1 | ' |
Common stock dividends declared | -500 | ' | ' | ' | -500 | ' |
Redemption of preferred stock | -5 | -5 | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $7,680 | $36 | $0 | $4,479 | $3,177 | ($12) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Statement (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $542 | $493 |
Adjustments to reconcile net income to net cash flows from operating activities: | ' | ' |
Depreciation and amortization | 506 | 478 |
Deferred income taxes and amortization of investment tax credits | 123 | 268 |
Changes in regulatory assets and liabilities | -16 | -27 |
Other, net | -27 | -26 |
Changes in other operating assets and liabilities: | ' | ' |
Accounts receivable and other assets | 11 | -5 |
Derivative collateral, net | 43 | 56 |
Inventories | -1 | -37 |
Income taxes, net | 41 | 159 |
Accounts payable and other liabilities | 75 | -4 |
Net cash flows from operating activities | 1,297 | 1,355 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -752 | -1,037 |
Other, net | 15 | 0 |
Net cash flows from investing activities | -737 | -1,037 |
Cash flows from financing activities: | ' | ' |
Proceeds from long-term debt | 299 | 749 |
Repayments and redemptions of long-term debt and capital lease obligations | -272 | -91 |
Net repayments of short-term debt | 0 | -688 |
Redemption of preferred stock | -5 | 0 |
Common stock dividends | -500 | -150 |
Preferred stock dividends | -1 | -2 |
Other, net | -4 | -8 |
Net cash flows from financing activities | -483 | -190 |
Net change in cash and cash equivalents | 77 | 128 |
Cash and cash equivalents at beginning of period | 80 | 47 |
Cash and cash equivalents at end of period | $157 | $175 |
General
General | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |
-1 | General | |
PacifiCorp, which includes PacifiCorp and its subsidiaries, is a United States regulated electric company serving retail customers, including residential, commercial, industrial, irrigation and other customers in portions of the states of Utah, Oregon, Wyoming, Washington, Idaho and California. PacifiCorp owns, or has interests in, a number of thermal, hydroelectric, wind-powered and geothermal generating facilities, as well as electric transmission and distribution assets. PacifiCorp also buys and sells electricity on the wholesale market with public and private utilities, energy marketing companies, financial institutions and incorporated municipalities. PacifiCorp is subject to comprehensive state and federal regulation. PacifiCorp's subsidiaries support its electric utility operations by providing coal mining services. PacifiCorp is an indirect subsidiary of MidAmerican Energy Holdings Company ("MEHC"), a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in energy businesses. MEHC is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway"). | ||
The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the Consolidated Financial Statements as of September 30, 2013 and for the three- and nine-month periods ended September 30, 2013 and 2012. The results of operations for the three- and nine-month periods ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year. | ||
The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in PacifiCorp's Annual Report on Form 10-K for the year ended December 31, 2012 describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in PacifiCorp's assumptions regarding significant accounting estimates and policies during the nine-month period ended September 30, 2013. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' | |
Accounting Changes [Text Block] | ' | |
-2 | New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, which amends FASB Accounting Standards Codification ("ASC") Topic 405, "Liabilities." The amendments in this guidance require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the amount the reporting entity agreed to pay plus any additional amounts the reporting entity expects to pay on behalf of its co-obligor. Additionally, the guidance requires the entity to disclose the nature and amount of the obligation, as well as other information about those obligations. This guidance is effective for interim and annual reporting periods beginning after December 15, 2013. PacifiCorp is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements. | ||
In February 2013, the FASB issued ASU No. 2013-02, which amends FASB ASC Topic 220, "Comprehensive Income." The amendments in this guidance require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income ("AOCI") by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required by GAAP that provide additional detail about those amounts. PacifiCorp adopted this guidance on January 1, 2013. The adoption of this guidance did not have a material impact on PacifiCorp's disclosures included within Notes to Consolidated Financial Statements. | ||
In December 2011, the FASB issued ASU No. 2011-11, which amends FASB ASC Topic 210, "Balance Sheet." The amendments in this guidance require an entity to provide quantitative disclosures about offsetting financial instruments and derivative instruments. Additionally, this guidance requires qualitative and quantitative disclosures about master netting agreements or similar agreements when the financial instruments and derivative instruments are not offset. In January 2013, the FASB issued ASU No. 2013-01, which also amends FASB ASC Topic 210 to clarify that the scope of ASU No. 2011-11 only applies to derivative instruments, repurchase agreements, reverse purchase agreements and securities borrowing and securities lending transactions that are either being offset or are subject to an enforceable master netting arrangement or similar agreement. PacifiCorp adopted the guidance on January 1, 2013. The adoption of the guidance did not have a material impact on PacifiCorp's disclosures included within Notes to Consolidated Financial Statements. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||||
-3 | Property, Plant and Equipment, Net | |||||||||
Property, plant and equipment, net consists of the following (in millions): | ||||||||||
As of | ||||||||||
September 30, | December 31, | |||||||||
Depreciable Life | 2013 | 2012 | ||||||||
Property, plant and equipment | 5-80 years | $ | 24,686 | $ | 24,024 | |||||
Accumulated depreciation and amortization | (7,564 | ) | (7,222 | ) | ||||||
Net property, plant and equipment in service | 17,122 | 16,802 | ||||||||
Construction work-in-progress | 1,215 | 1,255 | ||||||||
Total property, plant and equipment, net | $ | 18,337 | $ | 18,057 | ||||||
Recent_Financing_Transactions_
Recent Financing Transactions Recent Financing Transactions | 9 Months Ended | |
Sep. 30, 2013 | ||
Recent Financing Transactions [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
-4 | Recent Financing Transactions | |
In June 2013, PacifiCorp issued $300 million of its 2.95% First Mortgage Bonds due June 2023. The net proceeds were used to fund capital expenditures and for general corporate purposes, including a portion of the common stock dividend paid to PPW Holdings LLC, a direct wholly owned subsidiary of MEHC and PacifiCorp's direct parent company, in June 2013. | ||
In March 2013, PacifiCorp replaced its $630 million unsecured revolving credit facility, which had been set to expire in July 2013, with a $600 million unsecured revolving credit facility expiring in March 2018. The new credit facility, which supports PacifiCorp's commercial paper program, 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 London Interbank Offered 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 September 30, 2013, PacifiCorp had no borrowings outstanding under this credit facility. 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 September 30, 2013, $270 million of letters of credit were issued under this credit agreement to support variable-rate tax-exempt bond obligations. These letters of credit were previously issued under the credit facility that was replaced. | ||
In March 2013, PacifiCorp obtained $289 million of letters of credit to support variable-rate tax-exempt bond obligations. These letters of credit expire through March 2015 and replaced certain letters of credit previously issued under one of the revolving credit facilities. | ||
As of December 31, 2012, PacifiCorp had $68 million of tax-exempt bond obligations with fixed interest rates, ranging from 3.90% to 4.13%, scheduled to reset to variable or fixed interest rates in June 2013. In June 2013, $17 million of these tax-exempt bond obligations were redeemed and retired prior to their scheduled 2014 maturity date. The interest rates for the remaining $51 million, with maturity dates ranging from 2014 to 2025, were reset to variable interest rates with a weighted average interest rate of 0.24% as of September 30, 2013. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
-5 | Employee Benefit Plans | ||||||||||||||||
Net periodic benefit cost for the pension and other postretirement benefit plans included the following components (in millions): | |||||||||||||||||
Three-Month Periods | Nine-Month Periods | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Pension: | |||||||||||||||||
Service cost | $ | 1 | $ | 2 | $ | 4 | $ | 6 | |||||||||
Interest cost | 14 | 15 | 41 | 45 | |||||||||||||
Expected return on plan assets | (19 | ) | (19 | ) | (56 | ) | (56 | ) | |||||||||
Net amortization | 12 | 9 | 36 | 26 | |||||||||||||
Net periodic benefit cost | $ | 8 | $ | 7 | $ | 25 | $ | 21 | |||||||||
Other postretirement: | |||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 6 | $ | 5 | |||||||||
Interest cost | 6 | 7 | 19 | 21 | |||||||||||||
Expected return on plan assets | (7 | ) | (7 | ) | (22 | ) | (22 | ) | |||||||||
Net amortization | 2 | 1 | 6 | 3 | |||||||||||||
Net periodic benefit cost | $ | 3 | $ | 3 | $ | 9 | $ | 7 | |||||||||
Employer contributions to the pension and other postretirement benefit plans are expected to be $64 million and $13 million, respectively, during 2013. As of September 30, 2013, $62 million and $4 million of contributions had been made to the pension and other postretirement benefit plans, respectively. |
Risk_Management_and_Hedging_Ac
Risk Management and Hedging Activities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Risk Management and Hedging Activities [Abstract] | ' | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||||||||
(6)Risk Management and Hedging Activities | ||||||||||||||||||||
PacifiCorp is exposed to the impact of market fluctuations in commodity prices and interest rates. PacifiCorp is principally exposed to electricity, natural gas, coal and fuel oil commodity price risk as it has an obligation to serve retail customer load in its regulated service territories. PacifiCorp's load and generating facilities represent substantial underlying commodity positions. Exposures to commodity prices consist mainly of variations in the price of fuel required to generate electricity and wholesale electricity that is purchased and sold. Commodity prices are subject to wide price swings as supply and demand are impacted by, among many other unpredictable items, weather, market liquidity, generating facility availability, customer usage, storage, and transmission and transportation constraints. Interest rate risk exists on variable-rate debt and future debt issuances. PacifiCorp does not engage in a material amount of proprietary trading activities. | ||||||||||||||||||||
PacifiCorp has established a risk management process that is designed to identify, assess, monitor, report, manage and mitigate each of the various types of risk involved in its business. To mitigate a portion of its commodity price risk, PacifiCorp uses commodity derivative contracts, which may include forwards, options, swaps and other agreements, to effectively secure future supply or sell future production generally at fixed prices. PacifiCorp manages its interest rate risk by limiting its exposure to variable interest rates primarily through the issuance of fixed-rate long-term debt and by monitoring market changes in interest rates. Additionally, PacifiCorp may from time to time enter into interest rate derivative contracts, such as interest rate swaps or locks, to mitigate PacifiCorp's exposure to interest rate risk. No interest rate derivatives were in place during the periods presented. PacifiCorp does not hedge all of its commodity price and interest rate risks, thereby exposing the unhedged portion to changes in market prices. | ||||||||||||||||||||
There have been no significant changes in PacifiCorp's accounting policies related to derivatives. Refer to Note 7 for additional information on derivative contracts. | ||||||||||||||||||||
The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of PacifiCorp's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions): | ||||||||||||||||||||
Other | Other | Other | ||||||||||||||||||
Current | Other | Current | Long-term | |||||||||||||||||
Assets | Assets | Liabilities | Liabilities | Total | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Not designated as hedging contracts(1): | ||||||||||||||||||||
Commodity assets | $ | 11 | $ | 2 | $ | 4 | $ | — | $ | 17 | ||||||||||
Commodity liabilities | (4 | ) | — | (47 | ) | (23 | ) | (74 | ) | |||||||||||
Total | 7 | 2 | (43 | ) | (23 | ) | (57 | ) | ||||||||||||
Total derivatives | 7 | 2 | (43 | ) | (23 | ) | (57 | ) | ||||||||||||
Cash collateral receivable | — | — | 12 | — | 12 | |||||||||||||||
Total derivatives - net basis | $ | 7 | $ | 2 | $ | (31 | ) | $ | (23 | ) | $ | (45 | ) | |||||||
As of December 31, 2012 | ||||||||||||||||||||
Not designated as hedging contracts(1): | ||||||||||||||||||||
Commodity assets | $ | 10 | $ | 3 | $ | 18 | $ | 1 | $ | 32 | ||||||||||
Commodity liabilities | (2 | ) | (2 | ) | (122 | ) | (27 | ) | (153 | ) | ||||||||||
Total | 8 | 1 | (104 | ) | (26 | ) | (121 | ) | ||||||||||||
Total derivatives | 8 | 1 | (104 | ) | (26 | ) | (121 | ) | ||||||||||||
Cash collateral receivable | — | — | 55 | — | 55 | |||||||||||||||
Total derivatives - net basis | $ | 8 | $ | 1 | $ | (49 | ) | $ | (26 | ) | $ | (66 | ) | |||||||
-1 | PacifiCorp's commodity derivatives are generally included in rates and as of September 30, 2013 and December 31, 2012, a regulatory asset of $57 million and $121 million, respectively, was recorded related to the net derivative liability of $57 million and $121 million, respectively. | |||||||||||||||||||
The following table reconciles the beginning and ending balances of PacifiCorp's regulatory assets and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in regulatory assets, as well as amounts reclassified to earnings (in millions): | ||||||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Beginning balance | $ | 85 | $ | 217 | $ | 121 | $ | 264 | ||||||||||||
Changes in fair value recognized in regulatory assets | 8 | (21 | ) | 3 | 27 | |||||||||||||||
Net gains reclassified to operating revenue | 8 | 11 | 7 | 29 | ||||||||||||||||
Net losses reclassified to energy costs | (44 | ) | (77 | ) | (74 | ) | (190 | ) | ||||||||||||
Ending balance | $ | 57 | $ | 130 | $ | 57 | $ | 130 | ||||||||||||
Derivative Contract Volumes | ||||||||||||||||||||
The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions): | ||||||||||||||||||||
Unit of | September 30, | December 31, | ||||||||||||||||||
Measure | 2013 | 2012 | ||||||||||||||||||
Electricity sales | Megawatt hours | (2 | ) | (1 | ) | |||||||||||||||
Natural gas purchases | Decatherms | 122 | 74 | |||||||||||||||||
Fuel oil purchases | Gallons | 19 | 16 | |||||||||||||||||
Credit Risk | ||||||||||||||||||||
PacifiCorp extends unsecured credit to other utilities, energy marketing companies, financial institutions and other market participants in conjunction with its wholesale energy supply and marketing activities. Credit risk relates to the risk of loss that might occur as a result of nonperformance by counterparties on their contractual obligations to make or take delivery of electricity, natural gas or other commodities and to make financial settlements of these obligations. Credit risk may be concentrated to the extent that one or more groups of counterparties have similar economic, industry or other characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in market or other conditions. In addition, credit risk includes not only the risk that a counterparty may default due to circumstances relating directly to it, but also the risk that a counterparty may default due to circumstances involving other market participants that have a direct or indirect relationship with the counterparty. | ||||||||||||||||||||
PacifiCorp analyzes the financial condition of each significant wholesale counterparty before entering into any transactions, establishes limits on the amount of unsecured credit to be extended to each counterparty and evaluates the appropriateness of unsecured credit limits on an ongoing basis. To mitigate exposure to the financial risks of wholesale counterparties, PacifiCorp enters into netting and collateral arrangements that may include margining and cross-product netting agreements and obtains third-party guarantees, letters of credit and cash deposits. Counterparties may be assessed fees for delayed payments. If required, PacifiCorp exercises rights under these arrangements, including calling on the counterparty's credit support arrangement. | ||||||||||||||||||||
Collateral and Contingent Features | ||||||||||||||||||||
In accordance with industry practice, certain wholesale derivative contracts contain credit support provisions that in part base certain collateral requirements on credit ratings for senior unsecured debt as reported by one or more of the three recognized credit rating agencies. These derivative contracts may either specifically provide bilateral rights to demand cash or other security if credit exposures on a net basis exceed specified rating-dependent threshold levels ("credit-risk-related contingent features") or provide the right for counterparties to demand "adequate assurance" in the event of a material adverse change in PacifiCorp's creditworthiness. These rights can vary by contract and by counterparty. As of September 30, 2013, PacifiCorp's credit ratings from the three recognized credit rating agencies were investment grade. | ||||||||||||||||||||
The aggregate fair value of PacifiCorp's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $74 million and $153 million as of September 30, 2013 and December 31, 2012, respectively, for which PacifiCorp had posted collateral of $12 million and $56 million, respectively, in the form of cash deposits and letters of credit. If all credit-risk-related contingent features for derivative contracts in liability positions had been triggered as of September 30, 2013 and December 31, 2012, PacifiCorp would have been required to post $53 million and $73 million, respectively, of additional collateral. PacifiCorp's collateral requirements could fluctuate considerably due to market price volatility, changes in credit ratings, changes in legislation or regulation or other factors. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
-7 | Fair Value Measurements | ||||||||||||||||||||
The carrying value of PacifiCorp's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. PacifiCorp has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows: | |||||||||||||||||||||
• | Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that PacifiCorp has the ability to access at the measurement date. | ||||||||||||||||||||
• | Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | ||||||||||||||||||||
• | Level 3 - Unobservable inputs reflect PacifiCorp's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. PacifiCorp develops these inputs based on the best information available, including its own data. | ||||||||||||||||||||
The following table presents PacifiCorp's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions): | |||||||||||||||||||||
Input Levels for Fair Value Measurements | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other(1) | Total | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Commodity derivatives | $ | — | $ | 17 | $ | — | $ | (8 | ) | $ | 9 | ||||||||||
Money market mutual funds(2) | 142 | — | — | — | 142 | ||||||||||||||||
$ | 142 | $ | 17 | $ | — | $ | (8 | ) | $ | 151 | |||||||||||
Liabilities - Commodity derivatives | $ | — | $ | (74 | ) | $ | — | $ | 20 | $ | (54 | ) | |||||||||
As of December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Commodity derivatives | $ | — | $ | 32 | $ | — | $ | (23 | ) | $ | 9 | ||||||||||
Money market mutual funds(2) | 73 | — | — | — | 73 | ||||||||||||||||
$ | 73 | $ | 32 | $ | — | $ | (23 | ) | $ | 82 | |||||||||||
Liabilities - Commodity derivatives | $ | — | $ | (153 | ) | $ | — | $ | 78 | $ | (75 | ) | |||||||||
-1 | Represents netting under master netting arrangements and a net cash collateral receivable of $12 million and $55 million as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
-2 | Amounts are included in cash and cash equivalents, other current assets and other assets on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost. | ||||||||||||||||||||
Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which PacifiCorp transacts. When quoted prices for identical contracts are not available, PacifiCorp uses forward price curves. Forward price curves represent PacifiCorp's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. PacifiCorp bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent energy brokers, exchanges, direct communication with market participants and actual transactions executed by PacifiCorp. Market price quotations for certain major electricity and natural gas trading hubs are generally readily obtainable for the first six years; therefore, PacifiCorp's forward price curves for those locations and periods reflect observable market quotes. Market price quotations for other electricity and natural gas trading hubs are not as readily obtainable for the first six years. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, PacifiCorp uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of underlying forward commodity prices, interest rates, currency rates, related volatility, counterparty creditworthiness and duration of contracts. Refer to Note 6 for further discussion regarding PacifiCorp's risk management and hedging activities. | |||||||||||||||||||||
PacifiCorp's investments in money market mutual funds are accounted for as available-for-sale securities and are stated at fair value. PacifiCorp uses a readily observable quoted market price to record the fair value. | |||||||||||||||||||||
PacifiCorp's long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of PacifiCorp's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of PacifiCorp's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt (in millions): | |||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||
Long-term debt | $ | 6,838 | $ | 7,770 | $ | 6,806 | $ | 8,350 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments and Contingencies [Abstract] | ' | |
Commitments Contingencies and Guarantees [Text Block] | ' | |
-8 | Commitments and Contingencies | |
Legal Matters | ||
PacifiCorp is party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. PacifiCorp does not believe that such normal and routine litigation will have a material impact on its consolidated financial results. PacifiCorp is also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines, penalties and other costs in substantial amounts and are described below. | ||
USA Power | ||
In October 2005, prior to MEHC's ownership of PacifiCorp, PacifiCorp was added as a defendant to a lawsuit originally filed in February 2005 in the Third District Court of Salt Lake County, Utah ("Third District Court") by USA Power, LLC, USA Power Partners, LLC and Spring Canyon Energy, LLC (collectively, the "Plaintiff"). The Plaintiff's complaint alleged that PacifiCorp misappropriated confidential proprietary information in violation of Utah's Uniform Trade Secrets Act and accused PacifiCorp of breach of contract and related claims in regard to the Plaintiff's 2002 and 2003 proposals to build a natural gas-fueled generating facility in Juab County, Utah. In October 2007, the Third District Court granted PacifiCorp's motion for summary judgment on all counts and dismissed the Plaintiff's claims in their entirety. In February 2008, the Plaintiff filed a petition requesting consideration by the Utah Supreme Court. In May 2010, the Utah Supreme Court reversed summary judgment and remanded the case back to the Third District Court for further consideration, which led to a trial that began in April 2012. In May 2012, the jury reached a verdict in favor of the Plaintiff on its claims. The jury awarded damages to the Plaintiff for breach of contract and misappropriation of a trade secret in the amounts of $18 million for actual damages and $113 million for unjust enrichment. In May 2012, the Plaintiff filed a motion seeking exemplary damages. Under the Utah Uniform Trade Secrets law, the judge may award exemplary damages in an additional amount not to exceed twice the original award. The Plaintiff also filed a motion to seek recovery of attorneys' fees in an amount equal to 40% of all amounts ultimately awarded in the case. In October 2012, PacifiCorp filed post-trial motions for a judgment notwithstanding the verdict and a new trial (collectively, "PacifiCorp's post-trial motions"). The trial judge stayed briefing on the Plaintiff's motions, pending resolution of PacifiCorp's post-trial motions. As a result of a hearing in December 2012, the trial judge denied PacifiCorp's post-trial motions with the exception of reducing the aggregate amount of damages to $113 million. In January 2013, the Plaintiff filed a motion for prejudgment interest. In the first quarter of 2013, PacifiCorp filed its responses to the Plaintiff's post-trial motions for exemplary damages, attorneys' fees and prejudgment interest. An initial judgment was entered in April 2013 in which the trial judge denied the Plaintiff's motions for exemplary damages and prejudgment interest and ruled that PacifiCorp must pay the Plaintiff's attorneys' fees based on applying a reasonable rate to hours worked rather than the Plaintiff's request for an amount equal to 40% of all amounts ultimately awarded. In May 2013, a final judgment was entered against PacifiCorp in the amount of $115 million, which includes the $113 million of aggregate damages previously awarded and amounts awarded for the Plaintiff's attorneys' fees. The final judgment also ordered that postjudgment interest accrue beginning as of the date of the April 2013 initial judgment. In May 2013, PacifiCorp posted a surety bond issued by a subsidiary of Berkshire Hathaway to secure its estimated obligation. Both PacifiCorp and the Plaintiff filed appeals with the Utah Supreme Court. PacifiCorp strongly disagrees with the jury's verdict and plans to vigorously pursue all appellate measures. The appeals are awaiting a briefing schedule to be set by the Utah Supreme Court. As of September 30, 2013, PacifiCorp had accrued $116 million for the final judgment and postjudgment interest, and believes the likelihood of any additional material loss is remote; however, any additional awards against PacifiCorp could also have a material effect on the consolidated financial results. Any payment of damages will be at the end of the appeals process, which could take as long as several years. | ||
Northwest Refund Case | ||
In October 2011, the Federal Energy Regulatory Commission ("FERC") issued an order on remand by the United States Court of Appeals for the Ninth Circuit, in which it determined that additional procedures are needed to address possible unlawful activity that may have influenced prices in the Pacific Northwest wholesale spot market during the period from December 2000 through June 2001. PacifiCorp was a participant in the Pacific Northwest wholesale spot market during this period. The FERC ordered an evidentiary, trial-type hearing before an administrative law judge to permit parties to present evidence of alleged unlawful market activity. However, the FERC held the hearing in abeyance pending settlement discussions among all parties. The plaintiff parties to the proceeding filed claims against multiple parties, including PacifiCorp. PacifiCorp entered into settlements with the plaintiff parties, and the resulting settlements were approved by the FERC. The outcome of such settlements did not have a material impact on PacifiCorp's consolidated financial results. The FERC, however, declined to dismiss PacifiCorp from the case entirely, noting that additional parties may, in the future, assert sequential claims against parties to the case, including PacifiCorp. PacifiCorp believes it is unlikely that the FERC will address sequential claims until after the primary cases have proceeded through the trial-type hearing. Due to the uncertainties associated with the sequential claims, PacifiCorp is unable to predict the outcome and the impact of any claims on its consolidated financial results. | ||
Environmental Laws and Regulations | ||
PacifiCorp is subject to federal, state and local laws and regulations regarding air and water quality, renewable portfolio standards, emissions performance standards, climate change, coal combustion byproduct disposal, hazardous and solid waste disposal, protected species and other environmental matters that have the potential to impact PacifiCorp's current and future operations. PacifiCorp believes it is in material compliance with all applicable laws and regulations. | ||
Purchase Obligations | ||
In August 2013, PacifiCorp amended an existing coal supply agreement for its coal-fueled generating facilities by exercising a five-year extension period. The amended coal supply agreement results in minimum future purchases of $95 million in 2016, $96 million in 2017 and $298 million in 2018 and thereafter. |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity (Notes) | 9 Months Ended | |
Sep. 30, 2013 | ||
Shareholders' Equity [Abstract] | ' | |
Stockholders' Equity Note Disclosure [Text Block] | ' | |
-9 | Shareholders' Equity | |
In May 2013, PacifiCorp redeemed and canceled the remaining shares of its $100 stated value 5.00% Serial Preferred Stock at the redemption price of $100 per share plus accrued and unpaid dividends. | ||
In October 2013, PacifiCorp called for the redemption of all remaining outstanding redeemable shares of five of its series of preferred stock at stated redemption prices, which in aggregate total $36 million, plus accrued and unpaid dividends. The redemption and cancellation of the shares will take place in November 2013. Following this redemption, PacifiCorp will have two remaining non-redeemable preferred stock series outstanding with an aggregate stated value of $2 million. |
RelatedParty_Transactions_Rela
Related-Party Transactions Related-Party Transactions | 9 Months Ended | |
Sep. 30, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
-10 | Related-Party Transactions | |
Berkshire Hathaway includes MEHC and its subsidiaries in its United States federal income tax return. Consistent with established regulatory practice, PacifiCorp's provision for income taxes has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income taxes are remitted to or received from MEHC. For the nine-month period ended September 30, 2013, PacifiCorp made net cash payments for income taxes to MEHC totaling $69 million. For the nine-month period ended September 30, 2012, PacifiCorp received net cash payments for income taxes from MEHC totaling $210 million. |
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Property, Plant and Equipment, Net [Abstract] | ' | |||||||||
Schedule of Public Utility Property, Plant, and Equipment [Table Text Block] | ' | |||||||||
Property, plant and equipment, net consists of the following (in millions): | ||||||||||
As of | ||||||||||
September 30, | December 31, | |||||||||
Depreciable Life | 2013 | 2012 | ||||||||
Property, plant and equipment | 5-80 years | $ | 24,686 | $ | 24,024 | |||||
Accumulated depreciation and amortization | (7,564 | ) | (7,222 | ) | ||||||
Net property, plant and equipment in service | 17,122 | 16,802 | ||||||||
Construction work-in-progress | 1,215 | 1,255 | ||||||||
Total property, plant and equipment, net | $ | 18,337 | $ | 18,057 | ||||||
Employee_Benefit_Plans_Employe
Employee Benefit Plans Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Employee Benefit Plans [Abstract] | ' | ||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||||||||||
Net periodic benefit cost for the pension and other postretirement benefit plans included the following components (in millions): | |||||||||||||||||
Three-Month Periods | Nine-Month Periods | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Pension: | |||||||||||||||||
Service cost | $ | 1 | $ | 2 | $ | 4 | $ | 6 | |||||||||
Interest cost | 14 | 15 | 41 | 45 | |||||||||||||
Expected return on plan assets | (19 | ) | (19 | ) | (56 | ) | (56 | ) | |||||||||
Net amortization | 12 | 9 | 36 | 26 | |||||||||||||
Net periodic benefit cost | $ | 8 | $ | 7 | $ | 25 | $ | 21 | |||||||||
Other postretirement: | |||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 6 | $ | 5 | |||||||||
Interest cost | 6 | 7 | 19 | 21 | |||||||||||||
Expected return on plan assets | (7 | ) | (7 | ) | (22 | ) | (22 | ) | |||||||||
Net amortization | 2 | 1 | 6 | 3 | |||||||||||||
Net periodic benefit cost | $ | 3 | $ | 3 | $ | 9 | $ | 7 | |||||||||
Risk_Management_and_Hedging_Ac1
Risk Management and Hedging Activities Risk Management and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Risk Management and Hedging Activities [Abstract] | ' | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||
The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of PacifiCorp's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions): | ||||||||||||||||||||
Other | Other | Other | ||||||||||||||||||
Current | Other | Current | Long-term | |||||||||||||||||
Assets | Assets | Liabilities | Liabilities | Total | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Not designated as hedging contracts(1): | ||||||||||||||||||||
Commodity assets | $ | 11 | $ | 2 | $ | 4 | $ | — | $ | 17 | ||||||||||
Commodity liabilities | (4 | ) | — | (47 | ) | (23 | ) | (74 | ) | |||||||||||
Total | 7 | 2 | (43 | ) | (23 | ) | (57 | ) | ||||||||||||
Total derivatives | 7 | 2 | (43 | ) | (23 | ) | (57 | ) | ||||||||||||
Cash collateral receivable | — | — | 12 | — | 12 | |||||||||||||||
Total derivatives - net basis | $ | 7 | $ | 2 | $ | (31 | ) | $ | (23 | ) | $ | (45 | ) | |||||||
As of December 31, 2012 | ||||||||||||||||||||
Not designated as hedging contracts(1): | ||||||||||||||||||||
Commodity assets | $ | 10 | $ | 3 | $ | 18 | $ | 1 | $ | 32 | ||||||||||
Commodity liabilities | (2 | ) | (2 | ) | (122 | ) | (27 | ) | (153 | ) | ||||||||||
Total | 8 | 1 | (104 | ) | (26 | ) | (121 | ) | ||||||||||||
Total derivatives | 8 | 1 | (104 | ) | (26 | ) | (121 | ) | ||||||||||||
Cash collateral receivable | — | — | 55 | — | 55 | |||||||||||||||
Total derivatives - net basis | $ | 8 | $ | 1 | $ | (49 | ) | $ | (26 | ) | $ | (66 | ) | |||||||
-1 | PacifiCorp's commodity derivatives are generally included in rates and as of September 30, 2013 and December 31, 2012, a regulatory asset of $57 million and $121 million, respectively, was recorded related to the net derivative liability of $57 million and $121 million, respectively. | |||||||||||||||||||
Schedule of Regulatory Assets (Liabilities), Net, Unrealized Loss (Gain), Net, on Derivative Contracts [Table Text Block] | ' | |||||||||||||||||||
The following table reconciles the beginning and ending balances of PacifiCorp's regulatory assets and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in regulatory assets, as well as amounts reclassified to earnings (in millions): | ||||||||||||||||||||
Three-Month Periods | Nine-Month Periods | |||||||||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Beginning balance | $ | 85 | $ | 217 | $ | 121 | $ | 264 | ||||||||||||
Changes in fair value recognized in regulatory assets | 8 | (21 | ) | 3 | 27 | |||||||||||||||
Net gains reclassified to operating revenue | 8 | 11 | 7 | 29 | ||||||||||||||||
Net losses reclassified to energy costs | (44 | ) | (77 | ) | (74 | ) | (190 | ) | ||||||||||||
Ending balance | $ | 57 | $ | 130 | $ | 57 | $ | 130 | ||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | ' | |||||||||||||||||||
The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions): | ||||||||||||||||||||
Unit of | September 30, | December 31, | ||||||||||||||||||
Measure | 2013 | 2012 | ||||||||||||||||||
Electricity sales | Megawatt hours | (2 | ) | (1 | ) | |||||||||||||||
Natural gas purchases | Decatherms | 122 | 74 | |||||||||||||||||
Fuel oil purchases | Gallons | 19 | 16 | |||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||
The following table presents PacifiCorp's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions): | |||||||||||||||||||||
Input Levels for Fair Value Measurements | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other(1) | Total | |||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Commodity derivatives | $ | — | $ | 17 | $ | — | $ | (8 | ) | $ | 9 | ||||||||||
Money market mutual funds(2) | 142 | — | — | — | 142 | ||||||||||||||||
$ | 142 | $ | 17 | $ | — | $ | (8 | ) | $ | 151 | |||||||||||
Liabilities - Commodity derivatives | $ | — | $ | (74 | ) | $ | — | $ | 20 | $ | (54 | ) | |||||||||
As of December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Commodity derivatives | $ | — | $ | 32 | $ | — | $ | (23 | ) | $ | 9 | ||||||||||
Money market mutual funds(2) | 73 | — | — | — | 73 | ||||||||||||||||
$ | 73 | $ | 32 | $ | — | $ | (23 | ) | $ | 82 | |||||||||||
Liabilities - Commodity derivatives | $ | — | $ | (153 | ) | $ | — | $ | 78 | $ | (75 | ) | |||||||||
-1 | Represents netting under master netting arrangements and a net cash collateral receivable of $12 million and $55 million as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
-2 | Amounts are included in cash and cash equivalents, other current assets and other assets on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost. | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||||||
PacifiCorp's long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of PacifiCorp's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of PacifiCorp's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt (in millions): | |||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||
Long-term debt | $ | 6,838 | $ | 7,770 | $ | 6,806 | $ | 8,350 | |||||||||||||
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment | $24,686 | $24,024 | ' | ' |
Accumulated depreciation and amortization | -7,564 | -7,222 | ' | ' |
Net property, plant and equipment in service | 17,122 | 16,802 | ' | ' |
Construction work-in-progress | 1,215 | 1,255 | ' | ' |
Total property, plant and equipment, net | $18,337 | $18,057 | ' | ' |
Depreciable Life | ' | ' | '5 years | '80 years |
Recent_Financing_Transactions_1
Recent Financing Transactions Recent Financing Transactions - Long-term Debt (Details) (USD $) | 1 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
First Mortgage Bonds, 2.95%, Due June 2023 [Member] | Tax-exempt bond obligations, variable rate series, due 2014 to 2025 [Member] | Tax-exempt bond obligations, variable rate series, due 2014 to 2025 [Member] | Tax-exempt bond obligations, variable rate series, due 2014 to 2025 [Member] | Minimum [Member] | Maximum [Member] | |
Tax-exempt bond obligations, variable rate series, due 2014 to 2025 [Member] | Tax-exempt bond obligations, variable rate series, due 2014 to 2025 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | $300 | $51 | ' | $68 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | ' | ' | ' | 3.90% | 4.13% |
Debt Instrument, Maturity Date | 30-Jun-23 | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | $17 | ' | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | 31-Dec-14 | ' | ' | ' | ' |
Debt Instrument, Maturity Date Range, End | ' | 31-Dec-25 | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | 0.24% | ' | ' | ' | ' |
Recent_Financing_Transactions_2
Recent Financing Transactions Recent Financing Transactions - Credit Facilities (Details) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2013 | Sep. 30, 2013 |
Letter of Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Letters of Credit Outstanding, Amount | $289 | ' |
Unsecured credit facility, $630 million, expiring July 2013 [Member] | Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, borrowing capacity replaced | 630 | ' |
Line of Credit Facility, Expiration Date | 31-Jul-13 | ' |
Unsecured credit facility, $600 million, expiring March 2018 [Member] | Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 600 | ' |
Line of Credit Facility, Expiration Date | 31-Mar-18 | ' |
Line of Credit Facility, Amount Outstanding | ' | 0 |
Debt to capitalization ratio | ' | 0.65 |
Unsecured credit facility, $600 million, expiring March 2018 [Member] | Letter of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility, Amounts Supported | ' | $270 |
Employee_Benefit_Plans_Employe1
Employee Benefit Plans Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $1 | $2 | $4 | $6 |
Interest cost | 14 | 15 | 41 | 45 |
Expected return on plan assets | -19 | -19 | -56 | -56 |
Net amortization | 12 | 9 | 36 | 26 |
Net periodic benefit cost | 8 | 7 | 25 | 21 |
Other Postretirement Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 2 | 2 | 6 | 5 |
Interest cost | 6 | 7 | 19 | 21 |
Expected return on plan assets | -7 | -7 | -22 | -22 |
Net amortization | 2 | 1 | 6 | 3 |
Net periodic benefit cost | $3 | $3 | $9 | $7 |
Employee_Benefit_Plans_Employe2
Employee Benefit Plans Employee Benefit Plans Narrative (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated employer contributions for 2013 | $64 |
Contributions by employer | 62 |
Other Postretirement Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Estimated employer contributions for 2013 | 13 |
Contributions by employer | $4 |
Risk_Management_and_Hedging_Ac2
Risk Management and Hedging Activities Risk Management and Hedging Activities - Balance Sheet Location (Details) (Commodity Contract [Member], USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Derivative, Fair Value, Net | ($57) | ' | ($121) | ' | ' | ' | ||
Cash collateral, net receivable, offset against derivative positions | 12 | ' | 55 | ' | ' | ' | ||
Derivative Assets (Liabilities), at Fair Value, Net | -45 | ' | -66 | ' | ' | ' | ||
Other Current Assets [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Derivative, Fair Value, Net | 7 | ' | 8 | ' | ' | ' | ||
Cash collateral, net receivable, offset against derivative positions | 0 | ' | 0 | ' | ' | ' | ||
Derivative Assets (Liabilities), at Fair Value, Net | 7 | ' | 8 | ' | ' | ' | ||
Other Assets [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Derivative, Fair Value, Net | 2 | ' | 1 | ' | ' | ' | ||
Cash collateral, net receivable, offset against derivative positions | 0 | ' | 0 | ' | ' | ' | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2 | ' | 1 | ' | ' | ' | ||
Other Current Liabilities [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Derivative, Fair Value, Net | -43 | ' | -104 | ' | ' | ' | ||
Cash collateral, net receivable, offset against derivative positions | 12 | ' | 55 | ' | ' | ' | ||
Derivative Assets (Liabilities), at Fair Value, Net | -31 | ' | -49 | ' | ' | ' | ||
Other Long-term Liabilities [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Derivative, Fair Value, Net | -23 | ' | -26 | ' | ' | ' | ||
Cash collateral, net receivable, offset against derivative positions | 0 | ' | 0 | ' | ' | ' | ||
Derivative Assets (Liabilities), at Fair Value, Net | -23 | ' | -26 | ' | ' | ' | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Commodity assets | 17 | [1] | ' | 32 | [1] | ' | ' | ' |
Commodity liabilities | -74 | [1] | ' | -153 | [1] | ' | ' | ' |
Derivative, Fair Value, Net | -57 | [1] | ' | -121 | [1] | ' | ' | ' |
Regulatory asset | 57 | 85 | 121 | 130 | 217 | 264 | ||
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Commodity assets | 11 | [1] | ' | 10 | [1] | ' | ' | ' |
Commodity liabilities | -4 | [1] | ' | -2 | [1] | ' | ' | ' |
Derivative, Fair Value, Net | 7 | [1] | ' | 8 | [1] | ' | ' | ' |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Commodity assets | 2 | [1] | ' | 3 | [1] | ' | ' | ' |
Commodity liabilities | 0 | [1] | ' | -2 | [1] | ' | ' | ' |
Derivative, Fair Value, Net | 2 | [1] | ' | 1 | [1] | ' | ' | ' |
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Commodity assets | 4 | [1] | ' | 18 | [1] | ' | ' | ' |
Commodity liabilities | -47 | [1] | ' | -122 | [1] | ' | ' | ' |
Derivative, Fair Value, Net | -43 | [1] | ' | -104 | [1] | ' | ' | ' |
Not Designated as Hedging Instrument [Member] | Other Long-term Liabilities [Member] | ' | ' | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ||
Commodity assets | 0 | [1] | ' | 1 | [1] | ' | ' | ' |
Commodity liabilities | -23 | [1] | ' | -27 | [1] | ' | ' | ' |
Derivative, Fair Value, Net | ($23) | [1] | ' | ($26) | [1] | ' | ' | ' |
[1] | PacifiCorp's commodity derivatives are generally included in rates and as of SeptemberB 30, 2013 and DecemberB 31, 2012, a regulatory asset of $57B million and $121B million, respectively, was recorded related to the net derivative liability of $57B million and $121B million, respectively. |
Risk_Management_and_Hedging_Ac3
Risk Management and Hedging Activities Risk Management and Hedging Activities - Not Designated as Hedging Contracts (Details) (Not Designated as Hedging Instrument [Member], Commodity Contract [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' | ' |
Regulatory Assets (Liabilities), Net, Derivatives [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $85 | $217 | $121 | $264 |
Changes in fair value recognized in regulatory assets | 8 | -21 | 3 | 27 |
Net gains reclassifed to operating revenue | 8 | 11 | 7 | 29 |
Net losses reclassifed to energy costs | -44 | -77 | -74 | -190 |
Ending balance | $57 | $130 | $57 | $130 |
Risk_Management_and_Hedging_Ac4
Risk Management and Hedging Activities Risk Management and Hedging Activities - Derivative Contract Volumes (Details) (Commodity Contract [Member]) | Sep. 30, 2013 | Dec. 31, 2012 |
MWh | MWh | |
Electricity sales (in megawatt hours) [Member] | ' | ' |
Notional Amounts of Outstanding Derivative Positions [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | -2,000,000 | -1,000,000 |
Natural gas purchases (in decatherms) [Member] | ' | ' |
Notional Amounts of Outstanding Derivative Positions [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 122,000,000 | 74,000,000 |
Fuel oil purchases (in gallons) [Member] | ' | ' |
Notional Amounts of Outstanding Derivative Positions [Line Items] | ' | ' |
Derivative, Nonmonetary Notional Amount | 19,000,000 | 16,000,000 |
Risk_Management_and_Hedging_Ac5
Risk Management and Hedging Activities Risk Management and Hedging Activities - Collateral and Contingent Features (Details) (Commodity Contract [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commodity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Net Liability Position, Aggregate Fair Value | $74 | $153 |
Collateral Already Posted, Aggregate Fair Value | 12 | 56 |
Additional Collateral, Aggregate Fair Value | $53 | $73 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, fair value disclosure | $151 | $82 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, fair value disclosure | 142 | 73 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, fair value disclosure | 17 | 32 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, fair value disclosure | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Other [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, fair value disclosure | -8 | [1] | -23 | [1] |
Cash collateral, net receivable, offset against derivative positions | 12 | 55 | ||
Money market mutual funds [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market mutual funds | 142 | [2] | 73 | [2] |
Money market mutual funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market mutual funds | 142 | [2] | 73 | [2] |
Money market mutual funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market mutual funds | 0 | [2] | 0 | [2] |
Money market mutual funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market mutual funds | 0 | [2] | 0 | [2] |
Money market mutual funds [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market mutual funds | 0 | [1],[2] | 0 | [1],[2] |
Commodity Contract [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash collateral, net receivable, offset against derivative positions | 12 | 55 | ||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commodity derivative assets | 9 | 9 | ||
Commodity derivative liabilities | -54 | -75 | ||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commodity derivative assets | 0 | 0 | ||
Commodity derivative liabilities | 0 | 0 | ||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commodity derivative assets | 17 | 32 | ||
Commodity derivative liabilities | -74 | -153 | ||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commodity derivative assets | 0 | 0 | ||
Commodity derivative liabilities | 0 | 0 | ||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | ' | ' | ||
Fair Value, Assets (Liabilities) Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Commodity derivative assets | -8 | [1] | -23 | [1] |
Commodity derivative liabilities | $20 | [1] | $78 | [1] |
[1] | Represents netting under master netting arrangements and a net cash collateral receivable of $12B million and $55B million as of SeptemberB 30, 2013 and DecemberB 31, 2012, respectively. | |||
[2] | Amounts are included in cash and cash equivalents, other current assets and other assets on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost. |
Fair_Value_Measurements_Debt_D
Fair Value Measurements - Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, carrying value | $6,838 | $6,806 |
Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, fair value | $7,770 | $8,350 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies - Legal Matters (Details) (USA Power [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Original Damages Sought, Legal Fees as a Percentage of Damages | 40.00% |
Loss Contingency, Damages Awarded, Value | $113 |
Loss Contingency, Damages and Attorney Fees Awarded, Value | 115 |
Loss Contingency Accrual, at Carrying Value | 116 |
Amount Awarded for Actual Damages [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Damages Awarded by Jury, Value | 18 |
Amount Awarded for Unjust Enrichment [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Damages Awarded by Jury, Value | $113 |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies - Purchase Obligations (Details) (Fuel contract extension [Member], USD $) | Aug. 31, 2013 |
In Millions, unless otherwise specified | |
Fuel contract extension [Member] | ' |
ContractualObligationFiscalYearMaturityScheduleTable [Line Items] | ' |
Purchase obligation, due in fourth year | $95 |
Purchase obligation, due in fifth year | 96 |
Purchase obligation, due after fifth year | $298 |
Shareholders_Equity_Shareholde1
Shareholders' Equity Shareholders' Equity (Details) (USD $) | 1 Months Ended | 1 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 | 31-May-13 |
Redeemable Preferred Stock [Member] | Nonredeemable Preferred Stock [Member] | Serial Preferred Stock, 5.00 Percent Annual Dividend Rate [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | Redeemable Preferred Stock [Member] | |
preferred_stock_series | preferred_stock_series | ||
Class of Stock [Line Items] | ' | ' | ' |
Preferred stock, par or stated value per share | ' | ' | $100 |
Preferred stock, dividend rate, percentage | ' | ' | 5.00% |
Preferred stock, redemption price per share | ' | ' | $100 |
Preferred stock, number of series scheduled for redemption and cancellation | 5 | ' | ' |
Preferred stock, total value of scheduled redemption and cancellation at stated redemption prices | $36 | ' | ' |
Preferred stock, date of scheduled redemption and cancellation | 30-Nov-13 | ' | ' |
Number of series of non-redeemable preferred stock outstanding following scheduled redemption | ' | 2 | ' |
Aggregate stated value of remaining preferred stock following scheduled redemption | ' | $2 | ' |
RelatedParty_Transactions_Rela1
Related-Party Transactions Related-Party Transactions (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Related Party Transaction, Cash (Paid) Received for Income Taxes, Net | ($69) | $210 |