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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2005

OR

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______ to _______

Commission File No. 0-25551

MIDAMERICAN ENERGY HOLDINGS COMPANY
(Exact name of registrant as specified in its charter)


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)
  
     
     
 
(Former name, former address and former fiscal year, if changed since last report)
  


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No [ ]

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [x]

All of the shares of common equity of MidAmerican Energy Holdings Company are privately held by a limited group of investors. As of April 30, 2005, 9,081,087 shares of common stock were outstanding.
 
 

TABLE OF CONTENTS


     
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2

PART I - FINANCIAL INFORMATION

Item 1.


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors and Stockholders
MidAmerican Energy Holdings Company
Des Moines, Iowa

We have reviewed the accompanying consolidated balance sheet of MidAmerican Energy Holdings Company and subsidiaries (the “Company”) as of March 31, 2005, and the related consolidated statements of operations and cash flows for the three-month periods ended March 31, 2005 and 2004. These interim financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to such consolidated interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of MidAmerican Energy Holdings Company and subsidiaries as of December 31, 2004, and the related consolidated statements of operations, stockholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 25, 2005, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2004 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.


/s/ Deloitte & Touche LLP


Des Moines, Iowa
May 5, 2005
 
3
 
MIDAMERICAN ENERGY HOLDINGS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
 
   
As of
  
     
March 31,
    
December 31,
  
     
2005
    
2004
  
 
    
(Unaudited)
        
ASSETS
Current assets:
              
Cash and cash equivalents
  
$
598,921
  
$
837,353
  
Short-term investments
    
115,293
    
123,550
  
Restricted cash and short-term investments
    
125,922
    
129,316
  
Accounts receivable, net
    
728,804
    
695,761
  
Amounts held in trust
    
158,059
    
111,708
  
Inventories
    
68,908
    
125,079
  
Other current assets
    
165,728
    
141,194
  
Total current assets
    
1,961,635
    
2,163,961
  
Properties, plants and equipment, net
    
11,679,031
    
11,607,264
  
Goodwill
    
4,285,132
    
4,306,751
  
Regulatory assets
    
413,754
    
451,830
  
Other investments
    
270,905
    
261,575
  
Equity investments
    
212,115
    
210,430
  
Deferred charges and other assets
    
899,394
    
901,751
  
Total assets
  
$
19,721,966
  
$
19,903,562
  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
              
Accounts payable
  
$
400,883
  
$
410,319
  
Accrued interest
    
187,278
    
197,813
  
Accrued property and other taxes
    
157,358
    
166,639
  
Amounts held in trust
    
158,059
    
111,708
  
Other liabilities
    
451,476
    
420,452
  
Short-term debt
    
9,355
    
9,090
  
Current portion of long-term debt
    
638,964
    
1,145,598
  
Current portion of parent company subordinated debt
    
188,543
    
188,543
  
Total current liabilities
    
2,191,916
    
2,650,162
  
Other long-term accrued liabilities
    
2,233,417
    
2,171,616
  
Parent company senior debt
    
2,773,090
    
2,771,957
  
Parent company subordinated debt
    
1,586,370
    
1,585,810
  
Subsidiary and project debt
    
6,358,792
    
6,304,923
  
Deferred income taxes
    
1,320,243
    
1,281,833
  
Total liabilities
    
16,463,828
    
16,766,301
  
Deferred income
    
60,592
    
62,443
  
Minority interest
    
14,623
    
14,119
  
Preferred securities of subsidiaries
    
89,246
    
89,540
  
               
Commitments and contingencies (Note 9)
              
               
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 shares issued  
              
and outstanding
    
-
    
-
  
Additional paid-in capital
    
1,950,663
    
1,950,663
  
Retained earnings
    
1,309,257
    
1,156,843
  
Accumulated other comprehensive loss, net
    
(166,243
)
  
(136,347
)
Total stockholders' equity
    
3,093,677
    
2,971,159
  
Total liabilities and stockholders' equity
  
$
19,721,966
  
$
19,903,562
  

The accompanying notes are an integral part of these financial statements.
 
4

MIDAMERICAN ENERGY HOLDINGS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands)

   
Three Months
  
     
Ended March 31,  
  
     
2005
    
2004
  
 
  
(Unaudited)
               
Operating revenue
  
$
1,804,233
  
$
1,762,582
  
               
Costs and expenses:
              
Cost of sales
    
812,152
    
748,632
  
Operating expense
    
407,343
    
375,563
  
Depreciation and amortization
    
159,618
    
169,787
  
Total costs and expenses
    
1,379,113
    
1,293,982
  
               
Operating income
    
425,120
    
468,600