Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Energy Future Holdings Corp /TX/ | ' |
Entity Central Index Key | '0001023291 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 1,669,861,383 |
Condensed_Statements_Of_Consol
Condensed Statements Of Consolidated Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating revenues | $1,406 | $1,419 | $2,924 | $2,679 |
Fuel, purchased power costs and delivery fees | -656 | -687 | -1,388 | -1,323 |
Net gain (loss) from commodity hedging and trading activities | 27 | 168 | -192 | -29 |
Operating costs | -242 | -266 | -455 | -496 |
Depreciation and amortization | -333 | -345 | -663 | -695 |
Selling, general and administrative expenses | -175 | -177 | -375 | -338 |
Franchise and revenue-based taxes | -18 | -16 | -36 | -33 |
Other income (Note 15) | 6 | 7 | 14 | 14 |
Other deductions (Note 15) | -23 | -1 | -23 | -4 |
Interest income | 0 | 0 | 1 | 1 |
Interest expense and related charges (Note 8) | -571 | -598 | -1,436 | -1,382 |
Reorganization Items | -665 | 0 | -665 | 0 |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | -1,244 | -496 | -2,294 | -1,606 |
Income tax benefit | 398 | 351 | 759 | 825 |
Equity in earnings of unconsolidated subsidiaries (net of tax) (Note 3) | 72 | 74 | 152 | 141 |
Net loss | ($774) | ($71) | ($1,383) | ($640) |
Condensed_Statements_Of_Consol1
Condensed Statements Of Consolidated Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net loss | ($774) | ($71) | ($1,383) | ($640) |
Other comprehensive income (loss), net of tax effects: | ' | ' | ' | ' |
Effects related to pension and other retirement benefit obligations (net of tax benefit of $—, $—, $1 and $1) | -2 | -1 | -3 | -3 |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period (net of tax benefit of $—, $1, $— and $2) | 1 | 2 | 1 | 4 |
Net effects related to Oncor — reported in equity in earnings of unconsolidated subsidiaries (net of tax benefit of $— in all periods) | 1 | 0 | 1 | 1 |
Total other comprehensive income (loss) | 0 | 1 | -1 | 2 |
Comprehensive loss | ($774) | ($70) | ($1,384) | ($638) |
Condensed_Statements_Of_Consol2
Condensed Statements Of Consolidated Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Effects related to pension and other retirement benefit obligations, tax benefit | $0 | $0 | $1 | $1 |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period, tax benefit | 0 | 1 | 0 | 2 |
Net effects related to Oncor — reported in equity in earnings of unconsolidated subsidiaries, tax benefit | $0 | $0 | $0 | $0 |
Condensed_Statements_Of_Consol3
Condensed Statements Of Consolidated Cash Flows (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows — operating activities: | ' | ' | |
Net loss | ($1,383) | ($640) | |
Adjustments to reconcile net loss to cash used in operating activities: | ' | ' | |
Depreciation and amortization | 742 | 777 | |
Deferred income tax benefit, net | -666 | -565 | |
Income tax benefit due to IRS audit resolution | 0 | -267 | |
Fees paid for DIP Facilities (Note 5) (reported as financing activities) | 180 | 0 | |
Unrealized net loss from mark-to-market valuations of commodity positions | 549 | 529 | |
Unrealized net gain from mark-to-market valuations of interest rate swaps (Note 8) | -1,303 | -489 | |
Liability adjustment arising from termination of interest rate swaps (Note 12) | 278 | 0 | |
Noncash realized loss on termination of interest rate swaps (Note 8) | 1,237 | [1] | 0 |
Noncash realized gain on termination of natural gas hedging positions (Note 12) | -117 | 0 | |
Loss on exchange and settlement of EFIH First Lien Notes (Note 5) | 108 | 0 | |
Interest expense on toggle notes payable in additional principal (Note 8) | 65 | 83 | |
Amortization of debt related costs, discounts, fair value discounts and losses on dedesignated cash flow hedges (Note 8) | 72 | 119 | |
Equity in earnings of unconsolidated subsidiaries | -152 | -141 | |
Distributions of earnings from unconsolidated subsidiaries | 77 | 80 | |
Asset write-downs (Note 15) | 21 | 0 | |
Bad debt expense (Note 15) | 20 | 13 | |
Other, net | 2 | 2 | |
Changes in operating assets and liabilities: | ' | ' | |
Margin deposits, net | -300 | -140 | |
Accrued interest | 509 | -46 | |
Other operating assets and liabilities, including liabilities subject to compromise | -133 | 48 | |
Cash used in operating activities | -182 | -621 | |
Cash flows — financing activities: | ' | ' | |
Proceeds from DIP Facilities before fees paid (Note 5) | 4,989 | 0 | |
Fees paid for DIP Facilities (Note 5) | -180 | 0 | |
Repayments/repurchases of debt | -2,524 | -81 | |
Net borrowings under accounts receivable securitization program | 0 | 37 | |
Contributions from noncontrolling interests | 1 | 2 | |
Debt amendment, exchange and issuance costs and discounts, including third-party fees expensed | 0 | -6 | |
Other, net | 0 | -4 | |
Cash provided by (used in) financing activities | 2,286 | -52 | |
Cash flows — investing activities: | ' | ' | |
Capital expenditures | -189 | -274 | |
Nuclear fuel purchases | -36 | -27 | |
Acquisition of combustion turbine trust interest | 0 | -40 | |
Restricted cash used to settle TCEH Demand Notes (Note 13) | 0 | 680 | |
Increase in restricted cash related to TCEH DIP Facility (Note 5) | -53 | 0 | |
Reduction of restricted cash related to TCEH Letter of Credit Facility (Note 7) | 363 | 0 | |
Other changes in restricted cash | 0 | -5 | |
Proceeds from sales of environmental allowances and credits | 2 | 0 | |
Purchases of environmental allowances and credits | -9 | -10 | |
Proceeds from sales of nuclear decommissioning trust fund securities | 85 | 105 | |
Investments in nuclear decommissioning trust fund securities | -93 | -112 | |
Other, net | 11 | 6 | |
Cash provided by investing activities | 81 | 323 | |
Net change in cash and cash equivalents | 2,185 | -350 | |
Accretion expense related primarily to mining reclamation obligations (Note 15) | 12 | 16 | |
Cash and cash equivalents — beginning balance | 1,217 | 1,913 | |
Cash and cash equivalents — ending balance | $3,402 | $1,563 | |
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 12) and $12 million related to other interest rate swaps. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $3,402 | $1,217 | |
Restricted cash (Note 15) | 4 | 949 | |
Trade accounts receivable — net | 772 | 718 | |
Inventories (Note 15) | 442 | 399 | |
Commodity and other derivative contractual assets (Note 12) | 231 | 851 | |
Accumulated deferred income taxes | 98 | 105 | |
Margin deposits related to commodity positions | 94 | 93 | |
Other current assets | 104 | 135 | |
Total current assets | 5,147 | 4,467 | |
Restricted cash (Note 15) | 635 | 0 | |
Receivable from unconsolidated subsidiary (Note 13) | 851 | 838 | |
Investment in unconsolidated subsidiary (Note 3) | 6,035 | 5,959 | |
Other investments (Note 15) | 945 | 891 | |
Property, plant and equipment — net (Note 15) | 17,317 | 17,791 | |
Goodwill (Note 4) | 3,952 | 3,952 | |
Identifiable intangible assets — net (Note 4) | 1,627 | 1,679 | |
Commodity and other derivative contractual assets (Note 12) | 9 | 4 | |
Other noncurrent assets (Note 7) | 80 | 865 | |
Total assets | 36,598 | 36,446 | |
Current liabilities: | ' | ' | |
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 7) | 0 | 40,252 | |
Trade accounts payable | 380 | 401 | |
Net payables due to unconsolidated subsidiary (Note 13) | 161 | 128 | |
Commodity and other derivative contractual liabilities (Note 12) | 241 | 1,355 | |
Margin deposits related to commodity positions | 3 | 302 | |
Accrued interest (Notes 7 and 8) | 110 | 564 | |
Other current liabilities (a) | 390 | [1] | 504 |
Total current liabilities | 1,285 | 43,506 | |
Borrowings under debtor-in-possession credit facilities (Note 5) | 6,825 | 0 | |
Long-term debt, less amounts due currently (b) | 153 | [2] | 0 |
Liabilities subject to compromise (Note 7) | 37,458 | 0 | |
Commodity and other derivative contractual liabilities (Note 12) | 2 | 0 | |
Accumulated deferred income taxes | 2,757 | 3,433 | |
Other noncurrent liabilities and deferred credits (Note 15) | 2,754 | 2,762 | |
Total liabilities | 51,234 | 49,701 | |
Commitments and Contingencies (Note 9) | ' | ' | |
Equity (Note 10): | ' | ' | |
EFH Corp. shareholders' equity | -14,636 | -13,256 | |
Noncontrolling interests in subsidiaries | 0 | 1 | |
Total equity | -14,636 | -13,255 | |
Total liabilities and equity | 36,598 | 36,446 | |
Debt Due Currently [Member] | ' | ' | |
Current liabilities: | ' | ' | |
Other current liabilities (a) | 36 | [1] | ' |
Building Financing [Member] | ' | ' | |
Current liabilities: | ' | ' | |
Long-term debt, less amounts due currently (b) | 38 | [2] | ' |
Unamortized Fair Value Premium [Member] | ' | ' | |
Current liabilities: | ' | ' | |
Long-term debt, less amounts due currently (b) | 8 | [2] | ' |
Debt Approved By Bankruptcy Court For Payment [Member] | ' | ' | |
Current liabilities: | ' | ' | |
Long-term debt, less amounts due currently (b) | 49 | [2] | ' |
Unamortized Fair Value Discount [Member] | ' | ' | |
Current liabilities: | ' | ' | |
Long-term debt, less amounts due currently (b) | 4 | [2] | ' |
Fixed Secured Facility Bonds [Member] | ' | ' | |
Current liabilities: | ' | ' | |
Long-term debt, less amounts due currently (b) | 23 | [2] | ' |
Unamortized Discount [Member] | ' | ' | |
Current liabilities: | ' | ' | |
Long-term debt, less amounts due currently (b) | 3 | [2] | ' |
Capital Lease Obligations [Member] | ' | ' | |
Current liabilities: | ' | ' | |
Long-term debt, less amounts due currently (b) | $42 | [2] | ' |
[1] | Balance at June 30, 2014 includes $36 million of current portion of debt described in (b) below. | ||
[2] | $8 million of unamortized fair value premium), $49 million principal amount of debt approved by the Bankruptcy Court for repayment (less $4 million of unamortized fair value discount), $23 million principal amount of debt issued by a trust and secured by assets held by the trust (less $3 million of unamortized discount) and $42 million of capitalized lease obligations. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 7) | $0 | $40,252 |
Borrowings under revolving credit facility | 35,127 | ' |
Texas Competitive Electric Holdings Company LLC [Member] | ' | ' |
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 7) | ' | 31,758 |
Borrowings under revolving credit facility | 31,477 | ' |
Revolving Credit Facility [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Revolving Credit Facility maturing October 2016 [Member] | ' | ' |
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 7) | ' | 2,054 |
Borrowings under revolving credit facility | $2,054 | ' |
Business_And_Significant_Accou
Business And Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Business And Significant Accounting Policies | ' |
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | |
Description of Business | |
References in this report to "we," "our," "us" and "the company" are to EFH Corp. and/or its subsidiaries, as apparent in the context. See "Glossary" for defined terms. | |
EFH Corp., a Texas corporation, is a Dallas-based holding company that conducts its operations principally through its TCEH and Oncor subsidiaries. EFH Corp. is a subsidiary of Texas Holdings, which is controlled by the Sponsor Group. TCEH is a holding company for subsidiaries engaged in competitive electricity market activities largely in Texas, including electricity generation, wholesale energy sales and purchases, commodity risk management and trading activities, and retail electricity sales. TCEH is a wholly owned subsidiary of EFCH, which is a holding company and a wholly owned subsidiary of EFH Corp. Oncor is engaged in regulated electricity transmission and distribution operations in Texas. Oncor provides distribution services to REPs, including subsidiaries of TCEH, which sell electricity to residential, business and other consumers. Oncor Holdings, a holding company that holds an approximate 80% equity interest in Oncor, is a wholly owned subsidiary of EFIH, which is a holding company and a wholly owned subsidiary of EFH Corp. Oncor Holdings and its subsidiaries (the Oncor Ring-Fenced Entities) are not consolidated in EFH Corp.'s financial statements in accordance with consolidation accounting standards related to variable interest entities (VIEs) (see Note 3). | |
Various "ring-fencing" measures have been taken to enhance the credit quality of Oncor. Such measures include, among other things: the sale in November 2008 of a 19.75% equity interest in Oncor to Texas Transmission Investment LLC (a limited liability company that owns a 19.75% equity interest in Oncor and is not affiliated with EFH Corp., any of EFH Corp.'s subsidiaries or any member of the Sponsor Group); maintenance of separate books and records for the Oncor Ring-Fenced Entities; Oncor's board of directors being comprised of a majority of independent directors, and prohibitions on the Oncor Ring-Fenced Entities providing credit support to, or receiving credit support from, any member of the Texas Holdings Group. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of the Texas Holdings Group, and none of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or contractual obligations of any member of the Texas Holdings Group. Moreover, Oncor's operations are conducted, and its cash flows managed, independently from the Texas Holdings Group. | |
We have two reportable segments: the Competitive Electric segment, consisting largely of TCEH, and the Regulated Delivery segment, consisting largely of our investment in Oncor. See Note 14 for further information concerning reportable business segments. | |
Bankruptcy Filing | |
As discussed further in Note 2, on April 29, 2014 (the Petition Date), EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities, (the Debtors) filed voluntary petitions for relief (the Bankruptcy Filing) under Chapter 11 of the United States Bankruptcy Code (the Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court). See Note 5 for discussion of debtor-in-possession financing. | |
Basis of Presentation, Including Application of Bankruptcy Accounting | |
The condensed consolidated financial statements have been prepared as if EFH Corp. is a going concern and reflect the application of ASC 852-10, Reorganizations. During the pendency of the Bankruptcy Filing, the Debtors will operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. ASC 852-10 applies to entities that have filed a petition for bankruptcy under Chapter 11 of the Bankruptcy Code. The guidance requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. In addition, the guidance provides for changes in the accounting and presentation of liabilities, as well as expenses and income directly associated with the Chapter 11 Cases. See Notes 6 and 7 for discussion of these accounting and reporting changes. | |
Investments in unconsolidated subsidiaries, which are 50% or less owned and/or do not meet accounting standards criteria for consolidation, are accounted for under the equity method (see Note 3). Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the audited financial statements and related notes included in our 2013 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. | |
Use of Estimates | |
Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements and estimates of expected allowed claims. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. |
Bankruptcy_Filing_Bankruptcy_F
Bankruptcy Filing Bankruptcy Filing | 6 Months Ended |
Jun. 30, 2014 | |
Reorganizations [Abstract] | ' |
Bankruptcy Filing | ' |
BANKRUPTCY FILING | |
On the Petition Date, EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. During the pendency of the Bankruptcy Filing, the Debtors will operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. | |
The Bankruptcy Filing resulted primarily from the adverse effects on EFH Corp.'s competitive businesses of lower wholesale electricity prices in ERCOT driven by the sustained decline in natural gas prices since mid-2008. Further, the natural gas hedges that TCEH entered into when forward market prices of natural gas were significantly higher than current prices had largely matured before the remaining positions were terminated shortly after the Bankruptcy Filing (see Note 12). These market conditions challenged the profitability and operating cash flows of EFH Corp.'s competitive businesses and resulted in the inability to support their significant interest payments and debt maturities, including the remaining debt obligations due in 2014, and the inability to refinance and/or extend the maturities of their outstanding debt. | |
Restructuring Support and Lock-Up Agreement (RSA) | |
As previously disclosed, after a series of discussions with certain creditors that began in 2013 and in anticipation of the Bankruptcy Filing, on April 29, 2014, the Debtors entered into a Restructuring Support and Lock-Up Agreement (RSA) with various stakeholders (Consenting Parties) in order to effect an agreed upon restructuring of the Debtors through a pre-arranged Chapter 11 plan of reorganization. | |
On July 24, 2014, pursuant to the RSA, each of EFH Corp., EFIH, EFCH, TCEH, EFIH Finance, Inc. and TCEH Finance Inc. provided a notice of termination of the RSA in accordance with its terms to the Consenting Parties. The RSA termination became effective on July 31, 2014. | |
The Debtors believe that the RSA provided significant benefit to the Debtors, including, without limitation, (a) enabling the TCEH Debtors to obtain the support of holders of the TCEH first lien secured claims for the TCEH debtor-in-possession financing facility and (b) providing a framework for the restructuring transactions involving EFH Corp. and EFIH described in the RSA, which prompted competing proposals (including, among others, an alternative proposal from NextEra Energy, Inc.). | |
Each of the Debtors remain committed to the tax-free spin of TCEH and its subsidiaries described in the RSA. Moreover, the TCEH first lien creditors who were party to the RSA have advised the Debtors that, notwithstanding the RSA termination, they intend to continue to work cooperatively with the Debtors and other parties in interest to pursue transactions that can be achieved expeditiously, including a possible tax-free spin of the TCEH Debtors, which will maximize the value of the TCEH Debtors' estates and resolve the Chapter 11 Cases. | |
In cooperation with various stakeholders, the Debtors have focused, and will continue to focus, on formulating and implementing an effective and efficient plan of reorganization for each of the Debtors under Chapter 11 of the Bankruptcy Code that maximizes enterprise value. The Debtors intend to conduct a court supervised bid process with respect to the restructuring of EFH Corp. and EFIH to maximize their respective enterprise values for all stakeholders. In addition, EFH Corp. and EFIH intend to negotiate with each party that has submitted or does submit a bid with respect to the reorganization of EFH Corp. and EFIH. | |
EFIH Settlement of First Lien Notes and Related Exchanges | |
Pursuant to the RSA, certain holders of EFIH First Lien Notes agreed to voluntary settlements of such notes. In June 2014, the Bankruptcy Court issued an order approving this settlement, the EFIH DIP Facility and the settlement of remaining EFIH First Lien Notes, all of which were completed as described in Note 5. | |
The RSA termination does not impact or cancel the EFIH First Lien Notes settlement since such settlement was completed prior to the RSA termination. See Note 9 for a discussion of litigation regarding alleged makewhole claims of holders of EFIH First Lien Notes in connection with the EFIH First Lien Notes settlement. | |
Private Letter Ruling | |
Pursuant to the RSA, on June 10, 2014 EFH Corp. filed a request with the IRS for a private letter ruling (Private Letter Ruling) that, among other things, will provide (a) that (i) the transfer by TCEH of all of its assets and its ordinary course operating liabilities to Reorganized TCEH, (ii) the transfer by the Debtors to Reorganized TCEH of certain operating assets and liabilities that are reasonably necessary to the operation of Reorganized TCEH and (iii) the distribution by TCEH of (A) the equity it holds in Reorganized TCEH and (B) the cash proceeds TCEH receives from Reorganized TCEH to the holders of TCEH First Lien Claims, will qualify as a "reorganization" within the meaning of Sections 368(a)(1)(G) , 355 and 356 of the Code and (b) for certain other rulings under Sections 368(a)(1)(G) and 355 of the Code. Notwithstanding the termination of the RSA, the Debtors intend to continue to pursue the Private Letter Ruling in connection with any Chapter 11 plan of reorganization that is ultimately proposed. | |
Operation and Implications of the Chapter 11 Cases | |
The accompanying consolidated financial statements contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern is contingent upon our ability to comply with the financial and other covenants contained in the debtor-in-possession financing (DIP Facilities, described in Note 5), the Bankruptcy Court's approval of the Chapter 11 plan of reorganization ultimately proposed by the Debtors and our ability to successfully implement such Chapter 11 plan and obtain new financing, among other factors. As a result of the Chapter 11 Cases, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in-possession under Chapter 11, the Debtors may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business (and subject to restrictions contained in the DIP Facilities), for amounts other than those reflected in the accompanying consolidated financial statements. | |
In general, the Debtors have received final bankruptcy court orders with respect to "first day motions" that allow the Debtors to operate their businesses in the ordinary course of business, including, among others, providing for the payment of certain pre-petition employee and retiree expenses and benefits, the use of the Debtors' existing cash management system, the continuation of customer programs at our retail electricity sales operations, the payment of certain pre-petition amounts to certain critical vendors, the ability to perform under certain pre-petition hedging and trading arrangements and the ability to pay certain pre-petition taxes and regulatory fees. In June 2014, the Bankruptcy Court issued orders approving the TCEH and EFIH DIP Facilities and the exchange and settlement of the EFIH First Lien Notes as described in Note 5. | |
Pre-Petition Claims | |
Holders of pre-petition claims will be required to file proofs of claims by the "bar dates" established by the Bankruptcy Court. A bar date is the date by which certain claims against the Debtors must be filed if the claimants wish to receive any distribution in the Chapter 11 Cases. The Bankruptcy Court has not yet established the bar date. Differences between liability amounts recorded by the company as liabilities subject to compromise and claims filed by creditors will be investigated and, if necessary, the Bankruptcy Court will make a final determination of the allowable claim. Differences between those final allowed claims and the liabilities recorded in the condensed consolidated balance sheet will be recognized as reorganization items in our condensed statement of consolidated income (loss) as they are resolved. The determination of how liabilities will ultimately be resolved cannot be made until the Bankruptcy Court approves a plan of reorganization. Accordingly, the ultimate amount or resolution of such liabilities is not determinable at this time. The resolution of such claims could result in material adjustments to the company’s financial statements. |
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Consolidation Of Variable Interest Entities [Abstract] | ' | |||||||||||||||
Variable Interest Entities | ' | |||||||||||||||
VARIABLE INTEREST ENTITIES | ||||||||||||||||
A variable interest entity (VIE) is an entity with which we have a relationship or arrangement that indicates some level of control over the entity or results in economic risks to us. Accounting standards require consolidation of a VIE if we have (a) the power to direct the significant activities of the VIE and (b) the right or obligation to absorb profit and loss from the VIE (i.e., we are the primary beneficiary of the VIE). In determining the appropriateness of consolidation of a VIE, we evaluate its purpose, governance structure, decision making processes and risks that are passed on to its interest holders. We also examine the nature of any related party relationships among the interest holders of the VIE and the nature of any special rights granted to the interest holders of the VIE. | ||||||||||||||||
Our balance sheet includes assets and liabilities of VIEs that meet the consolidation standards. The maximum exposure to loss from our interests in VIEs does not exceed our carrying value. | ||||||||||||||||
Oncor Holdings, an indirect wholly owned subsidiary of EFH Corp. that holds an approximate 80% interest in Oncor, is not consolidated in EFH Corp.'s financial statements, and instead is accounted for as an equity method investment, because the structural and operational ring-fencing measures discussed in Note 1 prevent us from having power to direct the significant activities of Oncor Holdings or Oncor. In accordance with accounting standards, we account for our investment in Oncor Holdings under the equity method, as opposed to the cost method, based on our level of influence over its activities. See below for additional information about our equity method investment in Oncor Holdings. There are no other material investments accounted for under the equity or cost method. | ||||||||||||||||
Assets and liabilities of other consolidated VIEs are immaterial. The assets of our consolidated VIEs can only be used to settle the obligations of the VIE, and the creditors of our consolidated VIEs do not have recourse to our assets to settle the obligations of the VIE. | ||||||||||||||||
Non-Consolidation of Oncor and Oncor Holdings | ||||||||||||||||
Our investment in unconsolidated subsidiary as presented in the condensed consolidated balance sheets totaled $6.035 billion and $5.959 billion at June 30, 2014 and December 31, 2013, respectively, and consists almost entirely of our interest in Oncor Holdings, which we account for under the equity method as described above. Oncor provides services, principally electricity distribution, to TCEH's retail operations, and the related revenues represented 25% and 27% of Oncor Holdings' consolidated operating revenues for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
See Note 13 for discussion of Oncor Holdings' and Oncor's transactions with EFH Corp. and its other subsidiaries. | ||||||||||||||||
Distributions from Oncor Holdings and Related Considerations — Oncor Holdings' distributions of earnings to us totaled $77 million and $80 million for the six months ended June 30, 2014 and 2013, respectively. Distributions may not be paid except to the extent Oncor maintains a required regulatory capital structure as discussed below. At June 30, 2014, $108 million was eligible to be distributed to Oncor's members after taking into account the regulatory capital structure limit, of which approximately 80% relates to our ownership interest in Oncor. The boards of directors of each of Oncor and Oncor Holdings can withhold distributions to the extent the applicable board determines in good faith that it is necessary to retain such amounts to meet expected future requirements of Oncor and/or Oncor Holdings. | ||||||||||||||||
Oncor's distributions are limited by its regulatory capital structure, which is required to be at or below the assumed debt-to-equity ratio established periodically by the PUCT for ratemaking purposes, which is currently set at 60% debt to 40% equity. At June 30, 2014, Oncor's regulatory capitalization ratio, as defined by the PUCT, was 59.3% debt and 40.7% equity. For purposes of this ratio, debt is calculated as long-term debt plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. The debt calculation excludes bonds issued by Oncor Electric Delivery Transition Bond Company LLC, which were issued in 2003 and 2004 to recover specific generation-related regulatory assets and other qualified costs. Equity is calculated as membership interests determined in accordance with US GAAP, excluding the effects of accounting for the Merger (which included recording the initial goodwill and fair value adjustments and the subsequent related impairments and amortization). | ||||||||||||||||
As a result of the Bankruptcy Filing, Oncor had credit risk exposure to trade accounts receivable from TCEH, which related to delivery services provided by Oncor to TCEH's retail electricity operations. At the Petition Date, these accounts receivable totaled $109 million. In June 2014, the Bankruptcy Court authorized the Debtors to pay all pre-petition delivery charges due Oncor, and such amounts were paid in full. | ||||||||||||||||
Oncor has additional credit risk exposure to EFH Corp. and certain of its subsidiaries totaling approximately $20 million at the Petition Date, including an $18 million federal income tax receivable from EFH Corp. under the Federal and State Income Tax Allocation Agreement. Additional income tax receivable amounts may arise in the normal course under that agreement. | ||||||||||||||||
Because Oncor would not seek regulatory rate recovery for such credit losses, Oncor's earnings could be reduced by the amount (after-tax) of any nonpayment by EFH Corp. and its subsidiaries of amounts owed to Oncor. | ||||||||||||||||
Oncor has not established any reserves related to this exposure. | ||||||||||||||||
Oncor Holdings Financial Statements — Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the three and six months ended June 30, 2014 and 2013 are presented below: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues | $ | 912 | $ | 857 | $ | 1,829 | $ | 1,674 | ||||||||
Operation and maintenance expenses | (353 | ) | (307 | ) | (698 | ) | (605 | ) | ||||||||
Depreciation and amortization | (210 | ) | (202 | ) | (420 | ) | (401 | ) | ||||||||
Taxes other than income taxes | (106 | ) | (101 | ) | (215 | ) | (203 | ) | ||||||||
Other income | 3 | 5 | 7 | 10 | ||||||||||||
Other deductions | (4 | ) | (4 | ) | (7 | ) | (8 | ) | ||||||||
Interest income | 1 | 1 | 2 | 2 | ||||||||||||
Interest expense and related charges | (89 | ) | (95 | ) | (177 | ) | (189 | ) | ||||||||
Income before income taxes | 154 | 154 | 321 | 280 | ||||||||||||
Income tax expense | (63 | ) | (61 | ) | (129 | ) | (102 | ) | ||||||||
Net income | 91 | 93 | 192 | 178 | ||||||||||||
Net income attributable to noncontrolling interests | (19 | ) | (19 | ) | (40 | ) | (37 | ) | ||||||||
Net income attributable to Oncor Holdings | $ | 72 | $ | 74 | $ | 152 | $ | 141 | ||||||||
Assets and liabilities of Oncor Holdings at June 30, 2014 and December 31, 2013 are presented below: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 6 | $ | 28 | ||||||||||||
Restricted cash | 49 | 52 | ||||||||||||||
Trade accounts receivable — net | 454 | 385 | ||||||||||||||
Trade accounts and other receivables from affiliates | 140 | 135 | ||||||||||||||
Income taxes receivable from EFH Corp. | 36 | 16 | ||||||||||||||
Inventories | 75 | 65 | ||||||||||||||
Accumulated deferred income taxes | 22 | 32 | ||||||||||||||
Prepayments and other current assets | 89 | 82 | ||||||||||||||
Total current assets | 871 | 795 | ||||||||||||||
Restricted cash | 16 | 16 | ||||||||||||||
Other investments | 93 | 91 | ||||||||||||||
Property, plant and equipment — net | 12,163 | 11,902 | ||||||||||||||
Goodwill | 4,064 | 4,064 | ||||||||||||||
Regulatory assets — net | 1,156 | 1,324 | ||||||||||||||
Other noncurrent assets | 76 | 71 | ||||||||||||||
Total assets | $ | 18,439 | $ | 18,263 | ||||||||||||
LIABILITIES | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Short-term borrowings | $ | 822 | $ | 745 | ||||||||||||
Long-term debt due currently | 635 | 131 | ||||||||||||||
Trade accounts payable — nonaffiliates | 141 | 178 | ||||||||||||||
Income taxes payable to EFH Corp. | 14 | 23 | ||||||||||||||
Accrued taxes other than income | 99 | 169 | ||||||||||||||
Accrued interest | 94 | 95 | ||||||||||||||
Other current liabilities | 145 | 135 | ||||||||||||||
Total current liabilities | 1,950 | 1,476 | ||||||||||||||
Accumulated deferred income taxes | 1,885 | 1,905 | ||||||||||||||
Long-term debt, less amounts due currently | 5,065 | 5,381 | ||||||||||||||
Other noncurrent liabilities and deferred credits | 1,759 | 1,822 | ||||||||||||||
Total liabilities | $ | 10,659 | $ | 10,584 | ||||||||||||
Goodwill_And_Identifiable_Inta
Goodwill And Identifiable Intangible Assets | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill And Identifiable Intangible Assets | ' | ||||||||||||||||||||||||
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The following table provides information regarding our goodwill balance, all of which relates to the Competitive Electric segment and arose in connection with accounting for the Merger. There were no changes to the goodwill balance for the three and six months ended June 30, 2014 and 2013. None of the goodwill is being deducted for tax purposes. | |||||||||||||||||||||||||
Goodwill before impairment charges | $ | 18,342 | |||||||||||||||||||||||
Accumulated noncash impairment charges | (14,390 | ) | |||||||||||||||||||||||
Balance at June 30, 2014 and December 31, 2013 | $ | 3,952 | |||||||||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||||||||||
Identifiable intangible assets, including amounts that arose in connection with accounting for the Merger, are comprised of the following: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Identifiable Intangible Asset | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Retail customer relationship | $ | 463 | $ | 413 | $ | 50 | $ | 463 | $ | 402 | $ | 61 | |||||||||||||
Favorable purchase and sales contracts | 352 | 151 | 201 | 352 | 139 | 213 | |||||||||||||||||||
Capitalized in-service software | 357 | 208 | 149 | 355 | 192 | 163 | |||||||||||||||||||
Environmental allowances and credits | 211 | 27 | 184 | 209 | 20 | 189 | |||||||||||||||||||
Mining development costs | 163 | 82 | 81 | 156 | 69 | 87 | |||||||||||||||||||
Total identifiable intangible assets subject to amortization | $ | 1,546 | $ | 881 | 665 | $ | 1,535 | $ | 822 | 713 | |||||||||||||||
Retail trade name (not subject to amortization) | 955 | 955 | |||||||||||||||||||||||
Mineral interests (not currently subject to amortization) | 7 | 11 | |||||||||||||||||||||||
Total identifiable intangible assets | $ | 1,627 | $ | 1,679 | |||||||||||||||||||||
Amortization expense related to identifiable intangible assets (including income statement line item) consisted of: | |||||||||||||||||||||||||
Identifiable Intangible Asset | Income Statement Line | Segment | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Retail customer relationship | Depreciation and amortization | Competitive Electric | $ | 6 | $ | 6 | $ | 11 | $ | 12 | |||||||||||||||
Favorable purchase and sales contracts | Operating revenues/fuel, purchased power costs and delivery fees | Competitive Electric | 7 | 7 | 12 | 13 | |||||||||||||||||||
Capitalized in-service software | Depreciation and amortization | Competitive Electric and Corporate and Other | 11 | 11 | 23 | 21 | |||||||||||||||||||
Environmental allowances and credits | Fuel, purchased power costs and delivery fees | Competitive Electric | 3 | 3 | 7 | 6 | |||||||||||||||||||
Mining development costs | Depreciation and amortization | Competitive Electric | 8 | 7 | 17 | 15 | |||||||||||||||||||
Total amortization expense (a) | $ | 35 | $ | 34 | $ | 70 | $ | 67 | |||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) | Amounts recorded in depreciation and amortization totaled $25 million and $24 million for the three months ended June 30, 2014 and 2013, respectively, and $51 million and $48 million for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Estimated Amortization of Identifiable Intangible Assets — The estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as follows: | |||||||||||||||||||||||||
Year | Estimated Amortization Expense | ||||||||||||||||||||||||
2014 | $ | 133 | |||||||||||||||||||||||
2015 | $ | 123 | |||||||||||||||||||||||
2016 | $ | 100 | |||||||||||||||||||||||
2017 | $ | 77 | |||||||||||||||||||||||
2018 | $ | 56 | |||||||||||||||||||||||
DebtorInPossession_Borrowing_F
Debtor-In-Possession Borrowing Facilities Debtor-In-Possession Borrowing Facilities | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debtor-In-Possession Obligations [Abstract] | ' | ||||||||||||
Debtor-In-Possession Borrowing Facilities | ' | ||||||||||||
DEBTOR-IN-POSSESSION BORROWING FACILITIES | |||||||||||||
TCEH DIP Facility — The Bankruptcy Court approved the TCEH DIP Facility in June 2014. The TCEH DIP Facility currently provides for up to $3.375 billion in senior secured, super-priority financing consisting of a revolving credit facility of up to $1.95 billion and a term loan facility of up to $1.425 billion. The facility initially provided for an additional $1.1 billion RCT Delayed Draw Letter of Credit commitment that has since been terminated as described below. The TCEH DIP Facility is a Senior Secured, Super-Priority Credit Agreement by and among the TCEH Debtors, the lenders that are party thereto from time to time and an administrative and collateral agent. | |||||||||||||
The TCEH DIP Facilities and related available capacity at June 30, 2014 are presented below. Borrowings are reported in the condensed consolidated balance sheet as borrowings under debtor-in-possession credit facilities. | |||||||||||||
June 30, 2014 | |||||||||||||
TCEH DIP Facility | Facility | Available Cash | Available Letter of Credit Capacity | ||||||||||
Limit | Borrowing Capacity | ||||||||||||
TCEH DIP Revolving Credit Facility (a) | $ | 1,950 | $ | 1,950 | $ | — | |||||||
TCEH DIP Term Loan Facility (b) | 1,425 | — | 747 | ||||||||||
Total TCEH DIP Facility | $ | 3,375 | $ | 1,950 | $ | 747 | |||||||
___________ | |||||||||||||
(a) | Facility used for general corporate purposes. No amounts were borrowed at June 30 or July 31, 2014. Pursuant to an order of the Bankruptcy Court, the TCEH Debtors may not have more than $1.650 billion of TCEH DIP Revolving Credit Facility cash borrowings outstanding without written consent of the committee of unsecured creditors and the ad hoc group of TCEH unsecured noteholders or further order of the Bankruptcy Court. | ||||||||||||
(b) | Facility used for general corporate purposes, including but not limited to, $800 million for issuing letters of credit. | ||||||||||||
At June 30, 2014, all $1.425 billion of the TCEH DIP Term Loan Facility has been borrowed. Of this borrowing, $800 million represents amounts that support issuances of letters of credit and have been funded to a collateral account. Of the collateral account amount, $747 million is reported as cash and cash equivalents and $53 million is reported as restricted cash, which amount represents outstanding letters of credit at June 30, 2014. | |||||||||||||
Amounts borrowed under the TCEH DIP Facility bear interest based on applicable LIBOR rates, subject to a 0.75% floor, plus 3%. At June 30, 2014, the interest rate on outstanding borrowings was 3.75%. The TCEH DIP Facility also provides for certain additional fees payable to the agents and lenders, as well as availability fees payable with respect to any unused portions of the available TCEH DIP Facility. | |||||||||||||
The TCEH DIP Facility will mature on the earlier of (a) the effective date of any reorganization plan, (b) upon the event of the sale of substantially all of TCEH's assets or (c) May 2016. The maturity date may be extended to no later than November 2016 subject to the satisfaction of certain conditions, including the payment of a 25 basis point extension fee, a requirement that an acceptable plan of reorganization has been filed on or prior to such extension and the availability of certain metrics of liquidity applicable to the TCEH Debtors. | |||||||||||||
The TCEH Debtors' obligations under the TCEH DIP Facility are secured by a lien covering substantially all of the TCEH Debtors' assets, rights and properties, subject to certain exceptions set forth in the TCEH DIP Facility. The TCEH DIP Facility provides that all obligations thereunder constitute administrative expenses in the Chapter 11 Cases, with administrative priority and senior secured status under the Bankruptcy Code and, subject to certain exceptions set forth in the TCEH DIP Facility, have priority over any and all administrative expense claims, unsecured claims and costs and expenses in the Chapter 11 Cases. EFCH is a parent guarantor to the TCEH DIP Credit Agreement along with substantially all of TCEH’s subsidiaries, including all subsidiaries that are debtors in the Chapter 11 Cases. | |||||||||||||
The TCEH DIP Facility also permits certain hedging agreements to be secured on a pari-passu basis with the TCEH DIP Facility in the event those hedging agreements meet certain criteria set forth in the TCEH DIP Facility. | |||||||||||||
In June 2014, the RCT agreed to accept a collateral bond from TCEH of up to $1.1 billion, as a substitute for its self-bond, to secure mining land reclamation obligations. The collateral bond is a $1.1 billion carve-out from the super-priority liens under the TCEH DIP Facility that will enable the RCT to be paid before the TCEH DIP Facility lenders. As a result, in July 2014, TCEH terminated a $1.1 billion RCT Delayed Draw Letter of Credit commitment included in the original DIP facility. | |||||||||||||
The TCEH DIP Facility provides for affirmative and negative covenants applicable to the TCEH Debtors, including affirmative covenants requiring the TCEH Debtors to provide financial information, budgets and other information to the agents under the TCEH DIP Facility, and negative covenants restricting the TCEH Debtors' ability to incur additional indebtedness, grant liens, dispose of assets, make investments, pay dividends or take certain other actions, in each case except as permitted in the TCEH DIP Facility. The TCEH Debtors' ability to borrow under the TCEH DIP Facility is subject to the satisfaction of certain customary conditions precedent set forth therein. | |||||||||||||
The TCEH DIP Facility provides for certain customary events of default, including events of default resulting from non-payment of principal, interest or other amounts when due, material breaches of representations and warranties, material breaches of covenants in the TCEH DIP Facility or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against the TCEH Debtors. The agreement governing the TCEH DIP Facility includes a covenant that requires the Consolidated Superpriority Secured Net Debt to Consolidated EBITDA ratio not exceed 3.50 to 1.00, beginning with the test period ending June 30, 2014. Consolidated Superpriority Secured Net Debt consists of outstanding term loans and revolving credit exposure under the TCEH DIP Facility less unrestricted cash. Upon the existence of an event of default, the TCEH DIP Facility provides that all principal, interest and other amounts due thereunder will become immediately due and payable, either automatically or at the election of specified lenders. | |||||||||||||
EFIH DIP Facility and EFIH First Lien Notes Settlement — The Bankruptcy Court approved the EFIH DIP Facility in June 2014. The EFIH DIP Facility provides for a $5.4 billion first-lien debtor-in-possession financing facility, all of which was utilized as of June 30, 2014 as follows: | |||||||||||||
• | $1.836 billion of loans issued under the facility were issued as an exchange to holders of $1.673 billion principal amount of EFIH First Lien Notes plus accrued and unpaid interest totaling $78 million. Holders of substantially all of the principal amount exchanged received as payment in full a principal amount of loans under the DIP facility equal to 105% of the principal amount of the notes held plus 101% of the accrued and unpaid interest at the non-default rate on such principal; | ||||||||||||
• | $2.438 billion of cash borrowings were used to repay all remaining $2.312 billion principal amount of EFIH First Lien Notes (plus accrued and unpaid interest totaling $128 million), and | ||||||||||||
• | Remaining borrowings under the facility, net of fees, of $1.038 billion are held as cash and cash equivalents. | ||||||||||||
The exchange and settlement of the EFIH First Lien Notes resulted in a loss of $108 million, reported in reorganization items, which represents the excess of the principal amounts of debt issued, cash repayments and deferred financing costs associated with the exchanged and settled debt over the carrying value of the exchanged and settled debt and related accrued interest. | |||||||||||||
The principal amounts outstanding under the EFIH DIP Facility bear interest based on applicable LIBOR rates, subject to a 1% floor, plus 3.25%. At June 30, 2014, outstanding borrowings under the EFIH DIP Facility totaled $5.4 billion at an annual interest rate of 4.25%. The EFIH DIP Facility is a non-amortizing loan that may, subject to certain limitations, be voluntarily prepaid by the EFIH Debtors, in whole or in part, without any premium or penalty. | |||||||||||||
The EFIH DIP Facility will mature on the earlier of (a) the effective date of any reorganization plan, (b) upon the event of the sale of substantially all of EFIH's assets or (c) June 2016. The maturity date may be extended to no later than December 2016 subject to the satisfaction of certain conditions, including the payment of a 25 basis point extension fee, a requirement that an acceptable plan of reorganization has been filed on or prior to such extension and the availability of certain metrics of liquidity applicable to EFIH and EFIH Finance. | |||||||||||||
EFIH's obligations under the EFIH DIP Facility are secured by a first lien covering substantially all of EFIH's assets, rights and properties, subject to certain exceptions set forth in the EFIH DIP Facility. The EFIH DIP Facility provides that all obligations thereunder constitute administrative expenses in the Chapter 11 Cases, with administrative priority and senior secured status under the Bankruptcy Code and, subject to certain exceptions set forth in the EFIH DIP Facility, will have priority over any and all administrative expense claims, unsecured claims and costs and expenses in the Chapter 11 Cases. | |||||||||||||
The EFIH DIP Facility provides for affirmative and negative covenants applicable to EFIH and EFIH Finance, including affirmative covenants requiring EFIH and EFIH Finance to provide financial information, budgets and other information to the agents under the EFIH DIP Facility, and negative covenants restricting EFIH's and EFIH Finance's ability to incur additional indebtedness, grant liens, dispose of assets, pay dividends or take certain other actions, in each case except as permitted in the EFIH DIP Facility. The EFIH DIP Facility also includes a minimum liquidity covenant pursuant to which EFIH cannot allow the amount of its unrestricted cash (as defined in the EFIH DIP Facility) to be less than $150 million. The Oncor Ring-Fenced Entities are not restricted subsidiaries for purposes of the EFIH DIP Facility. | |||||||||||||
The EFIH DIP Facility provides for certain customary events of default, including events of default resulting from non-payment of principal, interest or other amounts when due, material breaches of representations and warranties, material breaches of covenants in the EFIH DIP Facility or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against EFIH. Upon the existence of an event of default, the EFIH DIP Facility provides that all principal, interest and other amounts due thereunder will become immediately due and payable, either automatically or at the election of specified lenders. | |||||||||||||
The EFIH DIP Facility permits, subject to certain terms, conditions and limitations set forth in the EFIH DIP Facility, EFIH to incur incremental junior lien subordinated debt in an aggregate amount not to exceed $3 billion. |
Reorganization_Items_Reorganiz
Reorganization Items Reorganization Items | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Reorganization Items [Abstract] | ' | |||
Reorganization Items [Text Block] | ' | |||
REORGANIZATION ITEMS | ||||
Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of consolidated income (loss) as reorganization items as required by ASC 852-10, Reorganizations. Reorganization items also include adjustments to reflect the carrying value of liabilities subject to compromise (LSTC) at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred since the Petition Date as reported in the condensed statements of consolidated income (loss): | ||||
Post-Petition Period Through | ||||
30-Jun-14 | ||||
Liability adjustment arising from termination of interest rate swaps (Note 12) | $ | 278 | ||
Fees associated with completion of TCEH and EFIH DIP Facilities | 185 | |||
Loss on exchange and settlement of EFIH First Lien Notes (Note 5) | 108 | |||
Expenses related to legal advisory and representation services | 41 | |||
Expenses related to other professional consulting and advisory services | 50 | |||
Other | 3 | |||
Total reorganization items | $ | 665 | ||
Liabilities_Subject_to_Comprom
Liabilities Subject to Compromise | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Liabilities Subject to Compromise [Abstract] | ' | |||||||
Liabilities Subject to Compromise | ' | |||||||
LIABILITIES SUBJECT TO COMPROMISE | ||||||||
The amounts classified as liabilities subject to compromise (LSTC) reflect the company's estimate of pre-petition liabilities to be addressed in the Chapter 11 Cases and may be subject to future adjustment as the Chapter 11 Cases proceed. Debt amounts include related unamortized deferred financing costs and discounts/premiums. Amounts classified to LSTC do not include pre-petition liabilities that are fully secured by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at June 30, 2014: | ||||||||
June 30, | ||||||||
2014 | ||||||||
Notes, loans and other debt per the following table | $ | 35,127 | ||||||
Accrued interest on notes, loans and other debt | 804 | |||||||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 12) | 1,235 | |||||||
Trade accounts payable and accrued liabilities | 292 | |||||||
Total liabilities subject to compromise | $ | 37,458 | ||||||
Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise | ||||||||
All amounts of pre-petition notes, loans and other debt reported as liabilities subject to compromise represent principal amounts. | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
EFH Corp. (parent entity) | ||||||||
9.75% Fixed Senior Notes due October 15, 2019 | $ | 2 | $ | 2 | ||||
10% Fixed Senior Notes due January 15, 2020 | 3 | 3 | ||||||
10.875% Fixed Senior Notes due November 1, 2017 | 33 | 33 | ||||||
11.25% / 12.00% Senior Toggle Notes due November 1, 2017 | 27 | 27 | ||||||
5.55% Fixed Series P Senior Notes due November 15, 2014 (a) | 90 | 90 | ||||||
6.50% Fixed Series Q Senior Notes due November 15, 2024 (a) | 201 | 201 | ||||||
6.55% Fixed Series R Senior Notes due November 15, 2034 (a) | 291 | 291 | ||||||
8.82% Building Financing due semiannually through February 11, 2022 (b) | — | 46 | ||||||
Unamortized fair value premium related to Building Financing (b)(c) | — | 9 | ||||||
Unamortized fair value discount (c) | (118 | ) | (121 | ) | ||||
Total EFH Corp. | 529 | 581 | ||||||
EFIH | ||||||||
6.875% Fixed Senior Secured First Lien Notes due August 15, 2017 (d) | — | 503 | ||||||
10% Fixed Senior Secured First Lien Notes due December 1, 2020 (d) | — | 3,482 | ||||||
11% Fixed Senior Secured Second Lien Notes due October 1, 2021 | 406 | 406 | ||||||
11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 | 1,750 | 1,750 | ||||||
11.25% / 12.25% Senior Toggle Notes due December 1, 2018 | 1,566 | 1,566 | ||||||
9.75% Fixed Senior Notes due October 15, 2019 | 2 | 2 | ||||||
Unamortized premium | 243 | 284 | ||||||
Unamortized discount | (121 | ) | (146 | ) | ||||
Total EFIH | 3,846 | 7,847 | ||||||
EFCH | ||||||||
9.58% Fixed Notes due in annual installments through December 4, 2019 (b) | — | 29 | ||||||
8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) | — | 34 | ||||||
Floating Rate Junior Subordinated Debentures, Series D due January 30, 2037 | 1 | 1 | ||||||
8.175% Fixed Junior Subordinated Debentures, Series E due January 30, 2037 | 8 | 8 | ||||||
Unamortized fair value discount (c) | (1 | ) | (6 | ) | ||||
Total EFCH | 8 | 66 | ||||||
TCEH | ||||||||
Senior Secured Facilities: | ||||||||
TCEH Floating Rate Term Loan Facilities due October 10, 2014 | 3,809 | 3,809 | ||||||
TCEH Floating Rate Letter of Credit Facility due October 10, 2014 | 42 | 42 | ||||||
TCEH Floating Rate Revolving Credit Facility due October 10, 2016 | 2,054 | 2,054 | ||||||
TCEH Floating Rate Term Loan Facilities due October 10, 2017 (a) | 15,691 | 15,691 | ||||||
TCEH Floating Rate Letter of Credit Facility due October 10, 2017 | 1,020 | 1,020 | ||||||
11.5% Fixed Senior Secured Notes due October 1, 2020 | 1,750 | 1,750 | ||||||
15% Fixed Senior Secured Second Lien Notes due April 1, 2021 | 336 | 336 | ||||||
15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B | 1,235 | 1,235 | ||||||
10.25% Fixed Senior Notes due November 1, 2015 (a) | 1,833 | 1,833 | ||||||
10.25% Fixed Senior Notes due November 1, 2015, Series B (a) | 1,292 | 1,292 | ||||||
10.50% / 11.25% Senior Toggle Notes due November 1, 2016 | 1,749 | 1,749 | ||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Pollution Control Revenue Bonds: | ||||||||
Brazos River Authority: | ||||||||
5.40% Fixed Series 1994A due May 1, 2029 | $ | 39 | $ | 39 | ||||
7.70% Fixed Series 1999A due April 1, 2033 | 111 | 111 | ||||||
7.70% Fixed Series 1999C due March 1, 2032 | 50 | 50 | ||||||
8.25% Fixed Series 2001A due October 1, 2030 | 71 | 71 | ||||||
8.25% Fixed Series 2001D-1 due May 1, 2033 | 171 | 171 | ||||||
Floating Rate Series 2001D-2 due May 1, 2033 (e) | — | 97 | ||||||
Floating Rate Taxable Series 2001I due December 1, 2036 (e) | 1 | 62 | ||||||
Floating Rate Series 2002A due May 1, 2037 (e) | — | 45 | ||||||
6.30% Fixed Series 2003B due July 1, 2032 | 39 | 39 | ||||||
6.75% Fixed Series 2003C due October 1, 2038 | 52 | 52 | ||||||
5.40% Fixed Series 2003D due October 1, 2029 | 31 | 31 | ||||||
5.00% Fixed Series 2006 due March 1, 2041 | 100 | 100 | ||||||
Sabine River Authority of Texas: | ||||||||
6.45% Fixed Series 2000A due June 1, 2021 | 51 | 51 | ||||||
5.20% Fixed Series 2001C due May 1, 2028 | 70 | 70 | ||||||
5.80% Fixed Series 2003A due July 1, 2022 | 12 | 12 | ||||||
6.15% Fixed Series 2003B due August 1, 2022 | 45 | 45 | ||||||
Trinity River Authority of Texas: | ||||||||
6.25% Fixed Series 2000A due May 1, 2028 | 14 | 14 | ||||||
Unamortized fair value discount related to pollution control revenue bonds (c) | (103 | ) | (105 | ) | ||||
Other: | ||||||||
7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (b) | — | 36 | ||||||
7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 (b) | — | 4 | ||||||
Capitalized lease obligations (b) | — | 52 | ||||||
Other | 3 | 3 | ||||||
Unamortized discount | (91 | ) | (103 | ) | ||||
Total TCEH | 31,477 | 31,758 | ||||||
Deferred debt issuance and extension costs (f) | (733 | ) | — | |||||
Total EFH Corp. consolidated notes, loans and other debt | $ | 35,127 | $ | 40,252 | ||||
___________ | ||||||||
(a) | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. | |||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014 | $ | 281 | $ | 281 | ||||
EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024 | 545 | 545 | ||||||
EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034 | 456 | 456 | ||||||
TCEH Floating Rate Term Loan Facilities due October 10, 2017 | 19 | 19 | ||||||
TCEH 10.25% Fixed Senior Notes due November 1, 2015 | 213 | 213 | ||||||
TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B | 150 | 150 | ||||||
Total | $ | 1,664 | $ | 1,664 | ||||
(b) | Amounts classified as debt in the condensed consolidated balance sheet at June 30, 2014. See (a) and (b) notes to condensed consolidated balance sheet. | |||||||
(c) | Amount represents unamortized fair value adjustments recorded under purchase accounting. | |||||||
(d) | The EFIH First Lien Notes were exchanged or settled in June 2014 (see Note 5). | |||||||
(e) | These bonds were tendered and settled through letter of credit draws. | |||||||
(f) | Deferred debt issuance and extension costs were reported in other noncurrent assets at December 31, 2013. | |||||||
Information Regarding Significant Pre-Petition Debt | ||||||||
TCEH elected not to make interest payments due in April 2014 totaling $123 million on certain debt obligations. | ||||||||
The TCEH pre-petition debt described below is junior in right of priority and payment to the TCEH DIP Facility, and the EFIH pre-petition debt described below is junior in right of priority and payment to the EFIH DIP Facility. | ||||||||
TCEH Senior Secured Facilities — Borrowings under the TCEH Senior Secured Facilities total $22.616 billion and consist of: | ||||||||
• | $3.809 billion of TCEH Term Loan Facilities that have a maturity date in October 2014 with interest at LIBOR plus 3.50%; | |||||||
• | $15.691 billion of TCEH Term Loan Facilities that have a maturity date in October 2017 with interest at LIBOR plus 4.50%, excluding $19 million aggregate principal amount held by EFH Corp.; | |||||||
• | $42 million of cash borrowed under the TCEH Letter of Credit Facility that has a maturity date in October 2014 with interest at LIBOR plus 3.50%; | |||||||
• | $1.020 billion of cash borrowed under the TCEH Letter of Credit Facility that has a maturity date in October 2017 with interest at LIBOR plus 4.50%, and | |||||||
• | Amounts borrowed under the TCEH Revolving Credit Facility, which represent the entire amount of commitments under the facility totaling $2.054 billion. | |||||||
The TCEH Senior Secured Facilities are fully and unconditionally guaranteed jointly and severally on a senior secured basis by EFCH, and subject to certain exceptions, each existing and future direct or indirect wholly owned US subsidiary of TCEH. The TCEH Senior Secured Facilities, the TCEH Senior Secured Notes and the TCEH first lien hedges (or any termination amounts related thereto), are secured on a first priority basis by (i) substantially all of the current and future assets of TCEH and TCEH's subsidiaries who are guarantors of such facilities and (ii) pledges of the capital stock of TCEH and certain current and future direct or indirect subsidiaries of TCEH. | ||||||||
Borrowings under the TCEH Letter of Credit Facility have been recorded by TCEH as restricted cash that supports issuances of letters of credit. At June 30, 2014, the restricted cash totaled $582 million and supports $556 million in letters of credit outstanding. In the first quarter 2014, TCEH issued a $157 million letter of credit to a subsidiary of EFH Corp. to secure its current and future amounts payable to the subsidiary arising from recurring transactions in the normal course of business, and through the second quarter 2014, the subsidiary drew on the letter of credit in the amount of $138 million to settle amounts receivable from TCEH. Year to date June 30, 2014, $225 million of letters of credit have been drawn upon by unaffiliated counterparties to settle amounts receivable from TCEH, including $203 million related to pollution control revenue bonds that were tendered. | ||||||||
TCEH 11.5% Senior Secured Notes — The principal amount of the TCEH 11.5% Senior Secured Notes totals $1.750 billion. The notes have a maturity date in October 2020, with interest at a fixed rate of 11.5% per annum. The notes are fully and unconditionally guaranteed on a joint and several basis by EFCH and each subsidiary of TCEH that guarantees the TCEH Senior Secured Facilities (collectively, the Guarantors). The notes are secured, on a first-priority basis, by security interests in all of the assets of TCEH, and the guarantees are secured on a first-priority basis by all of the assets and equity interests held by the Guarantors, in each case, to the extent such assets and equity interests secure obligations under the TCEH Senior Secured Facilities (the TCEH Collateral), subject to certain exceptions and permitted liens. | ||||||||
The notes are (i) senior obligations and rank equally in right of payment with all senior indebtedness of TCEH, (ii) senior in right of payment to all existing or future unsecured and second-priority secured debt of TCEH to the extent of the value of the TCEH Collateral and (iii) senior in right of payment to any future subordinated debt of TCEH. These notes are effectively subordinated to all secured obligations of TCEH that are secured by assets other than the TCEH Collateral, to the extent of the value of the assets securing such obligations. | ||||||||
The guarantees of the TCEH Senior Secured Notes by the Guarantors are effectively senior to any unsecured and second-priority debt of the Guarantors to the extent of the value of the TCEH Collateral. The guarantees are effectively subordinated to all debt of the Guarantors secured by assets that are not part of the TCEH Collateral, to the extent of the value of the collateral securing that debt. | ||||||||
TCEH 15% Senior Secured Second Lien Notes (including Series B) — The principal amount of the TCEH 15% Senior Secured Second Lien Notes totals $1.571 billion. These notes have a maturity date in April 2021, with interest at a fixed rate of 15% per annum. The notes are fully and unconditionally guaranteed on a joint and several basis by EFCH and, subject to certain exceptions, each subsidiary of TCEH that guarantees the TCEH Senior Secured Facilities. The notes are secured, on a second-priority basis, by security interests in all of the assets of TCEH, and the guarantees (other than the guarantee of EFCH) are secured on a second-priority basis by all of the assets and equity interests of all of the Guarantors other than EFCH (collectively, the Subsidiary Guarantors), in each case, to the extent such assets and security interests secure obligations under the TCEH Senior Secured Facilities on a first-priority basis, subject to certain exceptions (including the elimination of the pledge of equity interests of any Subsidiary Guarantor to the extent that separate financial statements would be required to be filed with the SEC for such Subsidiary Guarantor under Rule 3-16 of Regulation S-X) and permitted liens. The guarantee from EFCH is not secured. | ||||||||
The notes are senior obligations of the issuer and rank equally in right of payment with all senior indebtedness of TCEH, are senior in right of payment to all existing or future unsecured debt of TCEH to the extent of the value of the TCEH Collateral (after taking into account any first-priority liens on the TCEH Collateral) and are senior in right of payment to any future subordinated debt of TCEH. These notes are effectively subordinated to TCEH's obligations under the TCEH Senior Secured Facilities, the TCEH Senior Secured Notes and TCEH's commodity and interest rate hedges that are secured by a first-priority lien on the TCEH Collateral and any future obligations subject to first-priority liens on the TCEH Collateral, to the extent of the value of the TCEH Collateral, and to all secured obligations of TCEH that are secured by assets other than the TCEH Collateral, to the extent of the value of the assets securing such obligations. | ||||||||
The guarantees of the TCEH Senior Secured Second Lien Notes by the Subsidiary Guarantors are effectively senior to any unsecured debt of the Subsidiary Guarantors to the extent of the value of the TCEH Collateral (after taking into account any first-priority liens on the TCEH Collateral). These guarantees are effectively subordinated to all debt of the Subsidiary Guarantors secured by the TCEH Collateral on a first-priority basis or that is secured by assets that are not part of the TCEH Collateral, to the extent of the value of the collateral securing that debt. EFCH's guarantee ranks equally with its unsecured debt (including debt it guarantees on an unsecured basis) and is effectively subordinated to any of its secured debt to the extent of the value of the collateral securing that debt. | ||||||||
TCEH 10.25% Senior Notes (including Series B) and 10.50%/11.25% Senior Toggle Notes (collectively, the TCEH Senior Notes) — The principal amount of the TCEH Senior Notes totals $4.874 billion, excluding $363 million aggregate principal amount held by EFH Corp. and EFIH, and the notes are fully and unconditionally guaranteed on a joint and several unsecured basis by TCEH's direct parent, EFCH (which owns 100% of TCEH), and by each subsidiary that guarantees the TCEH Senior Secured Facilities. The TCEH 10.25% Notes have a maturity date in November 2015, with interest at a fixed rate of 10.25% per annum. The TCEH Toggle Notes have a maturity date in November 2016, with interest at a fixed rate of 10.50% per annum. | ||||||||
EFIH 6.875% Senior Secured First Lien Notes — There were no principal amounts of the EFIH 6.875% Notes outstanding at June 30, 2014 as the notes were exchanged or settled in June 2014 as discussed in Note 5. These notes had a maturity date in August 2017, with interest at a fixed rate of 6.875% per annum. The EFIH 6.875% Notes were secured on a first-priority basis by EFIH's pledge of its 100% ownership of the membership interests in Oncor Holdings (the EFIH Collateral) on an equal and ratable basis with the EFIH 10% Notes (discussed below). | ||||||||
The EFIH 6.875% Notes were senior obligations of EFIH and ranked equally in right of payment with all senior indebtedness of EFIH and were senior in right of payment to any future subordinated indebtedness of EFIH. The EFIH 6.875% Notes were effectively senior to all second lien and unsecured indebtedness of EFIH, to the extent of the value of the EFIH Collateral, and were effectively subordinated to any indebtedness of EFIH secured by assets of EFIH other than the EFIH Collateral, to the extent of the value of such assets. Furthermore, the EFIH 6.875% Notes were structurally subordinated to all indebtedness and other liabilities of EFIH's subsidiaries (other than EFIH Finance), including Oncor Holdings and its subsidiaries. The holders of the EFIH 6.875% Notes voted as a separate class from the holders of the EFIH 10% Notes. | ||||||||
The EFIH 6.875% Notes were issued in private placements and are not registered under the Securities Act. EFIH had agreed to use its commercially reasonable efforts to register with the SEC notes having substantially identical terms as the EFIH 6.875% Notes (except for provisions relating to transfer restrictions and payment of additional interest) as part of an offer to exchange freely tradable notes for the EFIH 6.875% Notes. Because the exchange offer was not completed, the annual interest rate on the EFIH 6.875% Notes increased by 25 basis points (to 7.125%) on August 15, 2013 and by an additional 25 basis points (to 7.375%) on November 15, 2013. | ||||||||
EFIH 10% Senior Secured First Lien Notes — There were no principal amounts of the EFIH 10% Notes outstanding at June 30, 2014 as the notes were exchanged or settled in June 2014 as discussed in Note 5. The notes had a maturity date in December 2020, with interest at a fixed rate of 10% per annum. The notes were secured by the EFIH Collateral on an equal and ratable basis with the EFIH 6.875% Notes. | ||||||||
The EFIH 10% Notes were senior obligations of EFIH and ranked equally in right of payment with all existing and future senior indebtedness of EFIH, including the EFIH 6.875% Notes. The EFIH 10% Notes had substantially the same terms as the EFIH 6.875% Notes. The holders of the EFIH 10% Notes voted as a separate class from the holders of the EFIH 6.875% Notes. | ||||||||
The $1.302 billion of EFIH 10% Notes issued in January 2013 were issued in private placements and are not registered under the Securities Act. EFIH had agreed to use its commercially reasonable efforts to register with the SEC notes having substantially identical terms as the EFIH 10% Notes (except for provisions relating to transfer restrictions and payment of additional interest) as part of an offer to exchange freely tradable notes for the EFIH 10% Notes. Because the exchange offer was not completed, the annual interest rate on the EFIH 10% Notes increased by 25 basis points (to 10.25%) on January 30, 2014 and by an additional 25 basis points (to 10.50%) on April 30, 2014. | ||||||||
EFIH 11% Senior Secured Second Lien Notes — The principal amount of the EFIH 11% Notes totals $406 million. The notes have a maturity date in October 2021, with interest at a fixed rate of 11% per annum. The EFIH 11% Notes are secured on a second-priority basis by the EFIH Collateral on an equal and ratable basis with the EFIH 11.75% Notes. | ||||||||
The EFIH 11% Notes are senior obligations of EFIH and EFIH Finance and rank equally in right of payment with all senior indebtedness of EFIH and are effectively senior in right of payment to all existing or future unsecured debt of EFIH to the extent of the value of the EFIH Collateral. The notes have substantially the same terms as the EFIH 11.75% Notes discussed below, and the holders of the EFIH 11% Notes will generally vote as a single class with the holders of the EFIH 11.75% Notes. | ||||||||
EFIH 11.75% Senior Secured Second Lien Notes — The principal amount of the EFIH 11.75% Notes totals $1.750 billion. These notes have a maturity date in March 2022, with interest at a fixed rate of 11.75% per annum. The EFIH 11.75% Notes are secured on a second-priority basis by the EFIH Collateral on an equal and ratable basis with the EFIH 11% Notes. The EFIH 11.75% Notes have substantially the same covenants as the EFIH 11% Notes, and the holders of the EFIH 11.75% Notes will generally vote as a single class with the holders of the EFIH 11% Notes. | ||||||||
The EFIH 11.75% Notes were issued in private placements and are not registered under the Securities Act. EFIH had agreed to use its commercially reasonable efforts to register with the SEC notes having substantially identical terms as the EFIH 11.75% Notes (except for provisions relating to transfer restrictions and payment of additional interest) as part of an offer to exchange freely tradable notes for the EFIH 11.75% Notes. Because the exchange offer was not completed, the annual interest rate on the EFIH 11.75% Notes increased by 25 basis points (to 12.00%) on February 6, 2013 and by an additional 25 basis points (to 12.25%) on May 6, 2013. | ||||||||
EFIH 11.25%/12.25% Senior Toggle Notes — The principal amount of the EFIH Toggle Notes totals $1.566 billion. These notes have a maturity date in December 2018, with interest at a fixed rate of 11.25% per annum for cash interest and 12.25% per annum for PIK Interest. The terms of the Toggle Notes include an election by EFIH, for any interest period until June 1, 2016, to pay interest on the Toggle Notes (i) entirely in cash; (ii) by increasing the principal amount of the notes or by issuing new EFIH Toggle Notes (PIK Interest); or (iii) 50% in cash and 50% in PIK Interest. EFIH made its pre-petition interest payments on the EFIH Toggle Notes by using the PIK feature of those notes. | ||||||||
The EFIH Toggle Notes were issued in private placements and are not registered under the Securities Act. EFIH had agreed to use its commercially reasonable efforts to register with the SEC notes having substantially identical terms as the EFIH Toggle Notes (except for provisions relating to transfer restrictions and payment of additional interest) as part of an offer to exchange freely tradable notes for the EFIH Toggle Notes. Because the exchange offer was not completed, the annual interest rate on the EFIH Toggle Notes increased by 25 basis points (to 11.50%) on December 6, 2013 and by an additional 25 basis points (to 11.75%) on March 6, 2014. | ||||||||
EFH Corp. 10.875% Senior Notes and 11.25%/12.00% Senior Toggle Notes — The collective principal amount of these notes totals $60 million. The notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by EFCH and EFIH. The notes have a maturity date in November 2017, with interest at a fixed rate for the 10.875% Notes of 10.875% per annum and at a fixed rate for the Toggle Notes of 11.25% per annum. | ||||||||
Material Cross Default/Acceleration Provisions — Certain of our financing arrangements contain provisions that result in an event of default if there were a failure under other financing arrangements to meet payment terms or to observe other covenants that could or does result in an acceleration of payments due. Such provisions are referred to as "cross default" or "cross acceleration" provisions. The Bankruptcy Filing triggered defaults on our debt obligations, but pursuant to the Bankruptcy Code, the creditors are stayed from taking any actions against the Debtors as a result of such defaults. |
Interest_Expense_and_Related_C
Interest Expense and Related Charges Interest Expense and Related Charges | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Interest Expense and Other Charges [Abstract] | ' | ||||||||||||||||
Interest Expense Disclosure [Text Block] | ' | ||||||||||||||||
INTEREST EXPENSE AND RELATED CHARGES | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest paid/accrued on debtor-in-possession financing | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
Adequate protection amounts paid/accrued (a) | 211 | — | 211 | — | |||||||||||||
Interest paid/accrued on pre-petition debt (including net amounts paid/accrued under interest rate swaps) (b) | 318 | 844 | 1,151 | 1,683 | |||||||||||||
Interest expense on pre-petition toggle notes payable in additional principal (Note 7) | 16 | 42 | 65 | 83 | |||||||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) (c) | 1,237 | — | 1,237 | — | |||||||||||||
Unrealized mark-to-market net gain on interest rate swaps | (1,238 | ) | (339 | ) | (1,303 | ) | (489 | ) | |||||||||
Amortization of interest rate swap losses at dedesignation of hedge accounting | — | 2 | (1 | ) | 4 | ||||||||||||
Amortization of fair value debt discounts resulting from purchase accounting | 1 | 5 | 6 | 10 | |||||||||||||
Amortization of debt issuance, amendment and extension costs and discounts | 16 | 51 | 67 | 105 | |||||||||||||
Capitalized interest | (4 | ) | (7 | ) | (11 | ) | (14 | ) | |||||||||
Total interest expense and related charges | $ | 571 | $ | 598 | $ | 1,436 | $ | 1,382 | |||||||||
____________ | |||||||||||||||||
(a) | Post-petition period only. | ||||||||||||||||
(b) | Includes amounts related to interest rate swaps totaling $48 million and $156 million for the three months ended June 30, 2014 and 2013, respectively, and $194 million and $309 million for the six months ended June 30, 2014 and 2013, respectively. Of the $194 million for the six months ended June 30, 2014, $129 million represents matured positions that have not been settled in cash. Of the $129 million, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 12. | ||||||||||||||||
(c) | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 12) and $12 million related to other interest rate swaps. | ||||||||||||||||
Interest expense for the three and six months ended June 30, 2014 reflects interest paid and accrued on debtor-in-possession financing (see Note 5), as well as adequate protection amounts paid and accrued, as approved by the Bankruptcy Court in June 2014 for the benefit of secured creditors of (a) $22.616 billion principal amount of outstanding borrowings from the TCEH Senior Secured Facilities, (b) $1.750 billion principal amount of outstanding TCEH Senior Secured Notes and (c) the $1.235 billion net liability related to the terminated TCEH interest rate swaps and natural gas hedging positions (see Note 12), in exchange for their consent to the senior secured, super-priority liens contained in the TCEH DIP Facility and any diminution in value of their interests in the pre-petition collateral from the Petition Date. The weighted average interest rate applicable to the adequate protection amounts paid/accrued at June 30, 2014 is 4.65% (one-month LIBOR plus 4.50%). In connection with the completion of a plan of reorganization of the Debtors, the amount of adequate protection payments will be "trued-up" to reflect the valuation of the TCEH Debtors determined in connection with confirmation of the plan of reorganization by the Bankruptcy Court. | |||||||||||||||||
The Bankruptcy Code generally restricts payment of interest on pre-petition debt, subject to certain exceptions. However, the Bankruptcy Court ordered the payment of adequate protection amounts as discussed above and post-petition interest payments on EFIH First Lien Notes in connection with the settlement discussed in Note 5. Other than these amounts allowed by the Bankruptcy Court, effective April 29, 2014, the company discontinued recording interest expense on outstanding pre-petition debt classified as liabilities subject to compromise (LSTC). Contractual interest expense represents amounts due under the contractual terms of the outstanding debt, including debt subject to compromise during the Chapter 11 Cases. Interest expense for the three and six months ended June 30, 2014 does not include $257 million in contractual interest on pre-petition debt classified as LSTC, which has been stayed by the Bankruptcy Court effective on the Petition Date, as presented below: | |||||||||||||||||
Post-Petition Period Through June 30, 2014 | |||||||||||||||||
Entity: | Contractual Interest on | Adequate Protection | Allowed Interest Paid/Accrued (a) | Contractual Interest on | |||||||||||||
Debt Classified as LSTC | Paid/Accrued | Debt Classified as LSTC Not | |||||||||||||||
Paid/Accrued | |||||||||||||||||
EFH Corp. | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||
EFIH | 133 | — | 54 | 79 | |||||||||||||
EFCH | 1 | — | — | 1 | |||||||||||||
TCEH (b) | 356 | 201 | — | 155 | |||||||||||||
Total | $ | 512 | $ | 201 | $ | 54 | $ | 257 | |||||||||
___________ | |||||||||||||||||
(a) | Interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 5). | ||||||||||||||||
(b) | Adequate protection paid/accrued presented in this table excludes $10 million related to the liability for terminated TCEH natural gas hedging positions and interest rate swaps (see Note 12). |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended | |
Jun. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments And Contingencies | ' | |
COMMITMENTS AND CONTINGENCIES | ||
Guarantees | ||
We have entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. | ||
Disposed TXU Gas Company operations — In connection with the sale of the assets of TXU Gas Company to Atmos Energy Corporation (Atmos) in October 2004, EFH Corp. agreed to indemnify Atmos, until October 1, 2014, for up to $500 million for any liability related to assets retained by TXU Gas Company, including certain inactive gas plant sites not acquired by Atmos, and up to $1.4 billion for contingent liabilities associated with preclosing tax and employee related matters. The maximum aggregate amount under these indemnities that we may be required to pay is $1.9 billion. To date, we have not been required to make any payments to Atmos under any of these indemnity obligations, and no such payments are currently anticipated. | ||
See Notes 5 and 7 for discussion of guarantees and security for certain of our post-petition and pre-petition debt. | ||
Letters of Credit | ||
At June 30, 2014, TCEH had outstanding letters of credit under its post-petition and pre-petition credit facilities totaling $609 million as follows: | ||
• | $358 million to support risk management and trading margin requirements in the normal course of business, including over-the-counter hedging transactions and collateral postings with ERCOT; | |
• | $1 million to support floating rate pollution control revenue bond debt with an aggregate principal amount of $1 million; | |
• | $62 million to support TCEH's REP financial requirements with the PUCT, and | |
• | $188 million for miscellaneous credit support requirements. | |
The automatic stay under the Bankruptcy Code does not apply to letters of credit issued under the pre-petition credit facility and third parties may draw on their letters of credit if the terms of a particular letter of credit so provide. See Note 7 for discussion of letter of credit draws in 2014. | ||
Litigation | ||
Aurelius Capital Master, Ltd. and ACP Master, Ltd. (Aurelius) filed a lawsuit in March 2013, amended in May 2013, in the US District Court for the Northern District of Texas (Dallas Division) against EFCH as a nominal defendant and each of the current directors and a former director of EFCH. In the lawsuit, Aurelius, as a creditor under the TCEH Senior Secured Facilities and certain TCEH secured bonds, both of which are guaranteed by EFCH, filed a derivative claim against EFCH and its directors. Aurelius alleged that the directors of EFCH breached their fiduciary duties to EFCH and its creditors, including Aurelius, by permitting TCEH to make certain loans "without collecting fair and reasonably equivalent value." The lawsuit sought recovery for the benefit of EFCH. EFCH and the directors filed a motion to dismiss this lawsuit in June 2013. In January 2014, the district court granted the motion to dismiss and in February 2014 entered final judgment dismissing the lawsuit. Aurelius has appealed the district court's judgment to the US Court of Appeals for the Fifth Circuit (Fifth Circuit Court). We cannot predict the outcome of this proceeding, including the financial effects, if any. | ||
Litigation Related to Generation Facilities — In November 2010, an administrative appeal challenging the decision of the TCEQ to renew and amend Oak Grove Management Company LLC's (Oak Grove) (a wholly owned subsidiary of TCEH) Texas Pollutant Discharge Elimination System (TPDES) permit related to water discharges was filed by Robertson County: Our Land, Our Lives and Roy Henrichson in the Travis County, Texas District Court. Plaintiffs sought a reversal of the TCEQ's order and a remand back to the TCEQ for further proceedings. The district court affirmed the TCEQ's issuance of the TPDES permit to Oak Grove. In December 2012, plaintiffs appealed the district court's decision to the Third Court of Appeals in Austin, Texas. Oral argument was held in April 2014. In June 2014, the Third Court of Appeals issued its opinion affirming the district court's judgment and the TCEQ's decision. Plaintiffs sought rehearing by the Third Court of Appeals, which was denied in July 2014. In July 2014, the Third Court of Appeals issued a replacement opinion again affirming TCEQ's issuance of the permit. Plaintiffs may again seek rehearing by the Third Court of Appeals or review by the Texas Supreme Court. While we cannot predict the timing or outcome of any subsequent rehearing proceeding or whether plaintiffs will seek review by the Texas Supreme Court, we believe the renewal and amendment of the Oak Grove TPDES permit are protective of the environment and were in accordance with applicable law. | ||
In May 2012, the Sierra Club filed a lawsuit in the US District Court for the Western District of Texas (Waco Division) against EFH Corp. and Luminant Generation Company LLC (a wholly owned subsidiary of TCEH) for alleged violations of the Clean Air Act (CAA) at Luminant's Big Brown generation facility. The Big Brown trial was held in February 2014. In pre-trial filings submitted in January 2014, the Sierra Club stated it was seeking over $337 million in civil penalties for the alleged violations and injunctive relief. In March 2014, the district court entered final judgment denying all of the Sierra Club's claims and all relief requested by the Sierra Club. The Sierra Club has appealed the district court's decision to the Fifth Circuit Court. | ||
In September 2010, the Sierra Club filed a lawsuit in the US District Court for the Eastern District of Texas (Texarkana Division) against EFH Corp. and Luminant Generation Company LLC for alleged violations of the CAA at Luminant's Martin Lake generation facility. In April 2014, the Martin Lake trial setting of May 2014 was vacated by the district court so that the district court could consider the effects of the decision in the Big Brown case. The Sierra Club has stated that it intends to ask the district court in this case to impose civil penalties of approximately $147 million. The Sierra Club has also stated that the district court can impose the maximum civil penalties available under the CAA to the government of up to $32,500 to $37,500 per day for each alleged violation depending on the date of the alleged violation. In addition, the Sierra Club has requested injunctive relief, including the installation of new emissions control equipment at the plant. An adverse outcome could require substantial capital expenditures that cannot be determined at this time and could possibly require payment of substantial penalties. While we are unable to estimate any possible loss or predict the outcome of the Martin Lake case, we believe that, as the judge ruled in the Big Brown case, the Sierra Club's claims are without merit, and we intend to vigorously defend the lawsuit. | ||
In addition, in December 2010 and again in October 2011, the Sierra Club informed Luminant that it may sue Luminant for allegedly violating CAA provisions in connection with Luminant's Monticello generation facility. In May 2012, the Sierra Club informed us that it may sue us for allegedly violating CAA provisions in connection with Luminant's Sandow 4 generation facility. While we cannot predict whether the Sierra Club will actually file suit regarding Monticello or Sandow 4 or the outcome of any resulting proceedings, we believe we have complied with the requirements of the CAA at all of our generation facilities. | ||
The affirmative claims asserted against EFH Corp. and Luminant Generation Company LLC described above were automatically stayed as a result of the Bankruptcy Filing. The matters will be subject to resolution in accordance with the Bankruptcy Code and the orders of the Bankruptcy Court. We are pursuing an affirmative claim against the Sierra Club in the US District Court for the Western District of Texas (Waco Division) for attorneys' fees incurred in defending the Big Brown case that the Bankruptcy Court has ruled is not subject to the automatic stay. | ||
Makewhole Claims — In May 2014, the indenture trustee for the EFIH 10% First Lien Notes initiated litigation in the Bankruptcy Court seeking, among other things, a declaratory judgment that EFIH is obligated to pay a redemption premium in connection with the cash repayment of the EFIH First Lien Notes discussed in Note 5 and that such redemption premium is an allowed secured claim (EFIH First Lien Makewhole Claims). In the EFIH First Lien Makewhole Claim, the amount of such claims is alleged to be equal to approximately $432 million plus reimbursement of expenses. In June 2014, the indenture trustee for the EFIH Second Lien Notes initiated litigation in the Bankruptcy Court seeking similar relief with respect to the EFIH Second Lien Notes, including among other things, that EFIH is obligated to pay a redemption premium in connection with any repayment of the EFIH Second Lien Notes and that such redemption premium would be an allowed secured claim (the EFIH Second Lien Makewhole Claims and, together with the EFIH First Lien Makewhole Claims, the Makewhole Claims). In the EFIH Second Lien Makewhole Claim, as of July 31, 2014, the amount of such claims alleged would have been equal to approximately $675 million plus reimbursement of expenses. The EFIH Debtors expect to seek to obtain entry of orders from the Bankruptcy Court disallowing each of the Makewhole Claims. | ||
In addition, creditors may make additional claims in the Chapter 11 Cases for redemption premiums in connection with repayments or settlement of other pre-petition debt. There can be no assurance regarding the outcome of this litigation or the Bankruptcy Court's determination regarding the validity or the amounts payable in respect of each of the Makewhole Claims or other claims for redemption premiums. | ||
Litigation Related to EPA Reviews — In June 2008, the EPA issued an initial request for information to TCEH under the EPA's authority under Section 114 of the CAA. The stated purpose of the request is to obtain information necessary to determine compliance with the CAA, including New Source Review Standards and air permits issued by the TCEQ for the Big Brown, Monticello and Martin Lake generation facilities. In April 2013, we received an additional information request from the EPA under Section 114 related to the Big Brown, Martin Lake and Monticello facilities as well as an initial information request related to the Sandow 4 generation facility. Historically, as the EPA has pursued its New Source Review enforcement initiative, companies that have received a large and broad request under Section 114, such as the request received by TCEH, have in many instances subsequently received a notice of violation from the EPA, which has in some cases progressed to litigation or settlement. | ||
In July 2012, the EPA sent us a notice of violation alleging noncompliance with the CAA's New Source Review Standards and the air permits at our Martin Lake and Big Brown generation facilities. In September 2012, we filed a petition for review in the Fifth Circuit Court seeking judicial review of the EPA's notice of violation. Given recent legal precedent subjecting agency orders like the notice of violation to judicial review, we filed the petition for review to preserve our ability to challenge the EPA's issuance of the notice and its defects. In October 2012, the EPA filed a motion to dismiss our petition. In December 2012, the Fifth Circuit Court issued an order that delayed a ruling on the EPA's motion to dismiss until after the case was fully briefed and oral argument held. | ||
In July 2013, the EPA sent us a second notice of violation alleging noncompliance with the CAA's New Source Review Standards at our Martin Lake and Big Brown generation facilities. In July 2013, we filed a petition for review in the Fifth Circuit Court seeking judicial review of the EPA's July 2013 notice of violation. In September 2013, the Fifth Circuit Court consolidated the petitions for review of the July 2012 and July 2013 notices of violation. Oral argument was heard in June 2014. In July 2014, the Fifth Circuit Court ruled that our challenges to the notices of violation must first be heard by the district court and may be presented as defenses to the EPA's civil enforcement lawsuit discussed below. | ||
In August 2013, the US Department of Justice, acting as the attorneys for the EPA, filed a civil enforcement lawsuit against Luminant Generation Company LLC and Big Brown Power Company LLC in federal district court in Dallas, alleging violations of the CAA at our Big Brown and Martin Lake generation facilities. In September 2013, we filed a motion to stay this lawsuit pending the outcome of the Fifth Circuit Court's review of the July 2012 and July 2013 notices of violation. In January 2014, the district court granted our motion to stay the lawsuit until the Fifth Circuit Court resolved our petitions for review of the July 2012 and July 2013 notices of violation. In July 2014, the district court lifted the stay of the lawsuit. We believe that we have complied with all requirements of the CAA and intend to vigorously defend against these allegations. The lawsuit requests the maximum civil penalties available under the CAA to the government of up to $32,500 to $37,500 per day for each alleged violation, depending on the date of the alleged violation, and injunctive relief, including an order requiring the installation of best available control technology at the affected units. An adverse outcome could require substantial capital expenditures that cannot be determined at this time and could possibly require the payment of substantial penalties. We cannot predict the outcome of these proceedings, including the financial effects, if any. | ||
Cross-State Air Pollution Rule (CSAPR) | ||
In July 2011, the EPA issued the CSAPR, compliance with which would have required significant additional reductions of sulfur dioxide (SO2) and nitrogen oxides (NOx) emissions from our fossil fueled generation units. In September 2011, we filed a petition for review in the US Court of Appeals for the District of Columbia Circuit (D.C. Circuit Court) challenging the CSAPR as it applies to Texas. If the CSAPR had taken effect at that time, it would have caused us to, among other actions, idle two lignite/coal fueled generation units and cease certain lignite mining operations by the end of 2011. | ||
In February 2012, the EPA released a final rule (Final Revisions) and a proposed rule revising certain aspects of the CSAPR, including increases in the emissions budgets for Texas and our generation assets as compared to the July 2011 version of the rule. In April 2012, we filed in the D.C. Circuit Court a petition for review of the Final Revisions on the ground, among others, that the rules do not include all of the budget corrections we requested from the EPA. The parties to the case agreed that the case should be held in abeyance pending the conclusion of the CSAPR rehearing proceeding discussed below. In June 2012, the EPA finalized the proposed rule (Second Revised Rule). As compared to the proposed revisions to the CSAPR issued by the EPA in October 2011, the Final Revisions and the Second Revised Rule finalize emissions budgets for our generation assets that are approximately 6% lower for SO2, 3% higher for annual NOx and 2% higher for seasonal NOx. | ||
In August 2012, the D.C. Circuit Court vacated the CSAPR, remanding it to the EPA for further proceedings. As a result, the CSAPR, the Final Revisions and the Second Revised Rule have not, to date, imposed any immediate requirements on us, the State of Texas, or other affected parties. The D.C. Circuit Court's order stated that the EPA was expected to continue administering the CAIR (the predecessor rule to the CSAPR) pending the EPA's further consideration of the rule. In March 2013, the EPA and certain other parties that supported the CSAPR submitted petitions to the US Supreme Court seeking its review of the D.C. Circuit Court's decision. The US Supreme Court granted review of the D.C. Circuit Court's decision in June 2013 and heard oral arguments in December 2013. In April 2014, the US Supreme Court issued its opinion in the CSAPR litigation, reversing the D.C. Circuit Court's decision in which that court vacated CSAPR, but clarifying that the EPA may not over-control states by requiring reductions in excess of those necessary for downwind states to attain applicable air quality standards. The US Supreme Court remanded the case to the D.C. Circuit Court for further proceedings consistent with its opinion. Additionally there are several issues that the D.C. Circuit did not reach in its first opinion that must now be resolved. In June 2014, the D.C. Circuit Court directed that the parties file motions to govern further proceedings. Those proposals have been filed and are pending before the D.C. Circuit Court. While the U.S. Supreme Court's ruling did not disturb the stay entered by the D.C. Circuit Court in December 2011, in June 2014 the EPA filed a motion in the D.C. Circuit Court seeking to lift the stay. On July 25, 2014, we filed a motion for summary vacatur of the CSAPR budgets for Texas, requesting that the D.C. Circuit Court remand Texas's CSAPR emission budgets to the EPA to develop a valid budget that does not require Texas to reduce emissions in excess of what is necessary for downwind areas to comply with air quality standards and that Texas's emissions should continue to be governed by CAIR in the interim. On July 31, 2014, we along with other Petitioners filed an opposition to the EPA's motion to lift the stay. We cannot predict the timing or outcome of future proceedings related to CSAPR, including the requirements of any ultimately implemented rule, any compliance timeframe or the financial effects, if any. | ||
State Implementation Plan (SIP) | ||
In September 2010, the EPA disapproved a portion of the SIP pursuant to which the TCEQ implements its program to achieve the requirements of the CAA. The EPA disapproved the Texas standard permit for pollution control projects (PCP). We hold several permits issued pursuant to the TCEQ standard permit conditions for pollution control projects. We challenged the EPA's disapproval by filing a lawsuit in the Fifth Circuit Court arguing that the TCEQ's adoption of the standard permit conditions for pollution control projects was consistent with the CAA. In March 2012, the Fifth Circuit Court vacated the EPA's disapproval of the Texas standard permit for pollution control projects and remanded the matter to the EPA for expedited reconsideration. In September 2013, the State of Texas filed a motion with the Fifth Circuit Court requesting that the Court amend and enforce its judgment in this case by requiring the EPA to satisfy the Court's judgment by taking action on the pending SIP revision regarding Texas' PCP standard permit. In February 2014, the Fifth Circuit Court ordered the EPA to issue a final rule on the standard permit for pollution control projects by May 2014. In May 2014, the EPA filed a notice in the Fifth Circuit Court that they complied with the Court's mandate and issued the final approval of Texas' PCP standard permit. | ||
Other Matters | ||
We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolutions of which, in the opinion of management, are not anticipated to have a material effect on our results of operations, liquidity or financial condition. |
Equity
Equity | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Equity | ' | |||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
EFH Corp. has not declared or paid any dividends since the Merger. | ||||||||||||||||||||||||
The agreement governing the TCEH DIP Facility generally restricts TCEH's ability to make distributions or loans to any of its parent companies or their subsidiaries unless such distributions or loans are expressly permitted under the agreement governing such facility. | ||||||||||||||||||||||||
The agreement governing the EFIH DIP Facility generally restricts EFIH's ability to make distributions or loans to any of its parent companies or their subsidiaries unless such distributions or loans are expressly permitted under the agreement governing such facility. | ||||||||||||||||||||||||
Under applicable law, we are prohibited from paying any dividend to the extent that immediately following payment of such dividend, there would be no statutory surplus or we would be insolvent. In addition, due to the Bankruptcy Filing, no dividends are eligible to be paid without the approval of the Bankruptcy Court. | ||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||
As discussed in Note 3, we consolidate certain VIEs, which results in a noncontrolling interests component of equity. Net loss attributable to the noncontrolling interests was immaterial for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
The following table presents the changes to equity for the six months ended June 30, 2014: | ||||||||||||||||||||||||
EFH Corp. Shareholders’ Equity | ||||||||||||||||||||||||
Common Stock (a) | Additional Paid-in Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | |||||||||||||||||||
Balance at December 31, 2013 | $ | 2 | $ | 7,962 | $ | (21,157 | ) | $ | (63 | ) | $ | 1 | $ | (13,255 | ) | |||||||||
Net loss | — | — | (1,383 | ) | — | — | (1,383 | ) | ||||||||||||||||
Effects of stock-based incentive compensation plans | — | 4 | — | — | — | 4 | ||||||||||||||||||
Change in unrecognized losses related to pension and OPEB plans | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Net effects of cash flow hedges | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net effects related to Oncor | — | — | — | 1 | — | 1 | ||||||||||||||||||
Investment by noncontrolling interests | — | — | — | — | 1 | 1 | ||||||||||||||||||
Other | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||
Balance at June 30, 2014 | $ | 2 | $ | 7,966 | $ | (22,540 | ) | $ | (64 | ) | $ | — | $ | (14,636 | ) | |||||||||
____________ | ||||||||||||||||||||||||
(a) | Authorized shares totaled 2,000,000,000 at June 30, 2014. Outstanding shares totaled 1,669,861,383 and 1,669,861,383 at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
The following table presents the changes to equity for the six months ended June 30, 2013: | ||||||||||||||||||||||||
EFH Corp. Shareholders’ Equity | ||||||||||||||||||||||||
Common Stock (a) | Additional Paid-in Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | |||||||||||||||||||
Balance at December 31, 2012 | $ | 2 | $ | 7,959 | $ | (18,939 | ) | $ | (47 | ) | $ | 102 | $ | (10,923 | ) | |||||||||
Net loss | — | — | (640 | ) | — | — | (640 | ) | ||||||||||||||||
Effects of stock-based incentive compensation plans | — | 3 | — | — | — | 3 | ||||||||||||||||||
Repurchases of stock | — | (5 | ) | — | — | — | (5 | ) | ||||||||||||||||
Change in unrecognized losses related to pension and OPEB plans | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Net effects of cash flow hedges | — | — | — | 4 | — | 4 | ||||||||||||||||||
Net effects related to Oncor | — | — | — | 1 | — | 1 | ||||||||||||||||||
Investment by noncontrolling interests | — | — | — | — | 2 | 2 | ||||||||||||||||||
Balance at June 30, 2013 | $ | 2 | $ | 7,957 | $ | (19,579 | ) | $ | (45 | ) | $ | 104 | $ | (11,561 | ) | |||||||||
____________ | ||||||||||||||||||||||||
(a) | Authorized shares totaled 2,000,000,000 at June 30, 2013. Outstanding shares totaled 1,669,861,383 and 1,680,539,245 at June 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
The following table presents the changes to accumulated other comprehensive income (loss) for the six months ended June 30, 2014. There was no other comprehensive income (loss) before reclassification for the period. | ||||||||||||||||||||||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 12) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | (56 | ) | $ | (7 | ) | $ | (63 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||||||||||||||||||||||
Operating costs | — | (2 | ) | (2 | ) | |||||||||||||||||||
Depreciation and amortization | 1 | — | 1 | |||||||||||||||||||||
Selling, general and administrative expenses | — | (2 | ) | (2 | ) | |||||||||||||||||||
Interest expense and related charges | — | — | — | |||||||||||||||||||||
Income tax benefit (expense) | — | 1 | 1 | |||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 1 | — | 1 | |||||||||||||||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 2 | (3 | ) | (1 | ) | |||||||||||||||||||
Balance at June 30, 2014 | $ | (54 | ) | $ | (10 | ) | $ | (64 | ) | |||||||||||||||
The following table presents the changes to accumulated other comprehensive income (loss) for the six months ended June 30, 2013. There was no other comprehensive income (loss) before reclassification for the period. | ||||||||||||||||||||||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 12) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | (64 | ) | $ | 17 | $ | (47 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||||||||||||||||||||||
Operating costs | — | (2 | ) | (2 | ) | |||||||||||||||||||
Depreciation and amortization | 1 | — | 1 | |||||||||||||||||||||
Selling, general and administrative expenses | — | (2 | ) | (2 | ) | |||||||||||||||||||
Interest expense and related charges | 5 | — | 5 | |||||||||||||||||||||
Income tax benefit (expense) | (2 | ) | 1 | (1 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 2 | (1 | ) | 1 | ||||||||||||||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 6 | (4 | ) | 2 | ||||||||||||||||||||
Balance at June 30, 2013 | $ | (58 | ) | $ | 13 | $ | (45 | ) | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||
Accounting standards related to the determination of fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a "mid-market" valuation convention (the mid-point price between bid and ask prices) as a practical expedient to measure fair value for the majority of our assets and liabilities subject to fair value measurement on a recurring basis. We primarily use the market approach for recurring fair value measurements and use valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||||
We categorize our assets and liabilities recorded at fair value based upon the following fair value hierarchy: | |||||||||||||||||||
• | Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Our Level 1 assets and liabilities include exchange-traded commodity contracts. For example, some of our derivatives are NYMEX or ICE futures and swaps transacted through clearing brokers for which prices are actively quoted. | ||||||||||||||||||
• | Level 2 valuations use inputs that, in the absence of actively quoted market prices, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Our Level 2 valuations utilize over-the-counter broker quotes, quoted prices for similar assets or liabilities that are corroborated by correlations or other mathematical means and other valuation inputs. For example, our Level 2 assets and liabilities include forward commodity positions at locations for which over-the-counter broker quotes are available. | ||||||||||||||||||
• | Level 3 valuations use unobservable inputs for the asset or liability. Unobservable inputs are used to the extent observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. We use the most meaningful information available from the market combined with internally developed valuation methodologies to develop our best estimate of fair value. For example, our Level 3 assets and liabilities include certain derivatives whose values are derived from pricing models that utilize multiple inputs to the valuations, including inputs that are not observable or easily corroborated through other means. See further discussion below. | ||||||||||||||||||
Our valuation policies and procedures are developed, maintained and validated by a centralized risk management group that reports to the Chief Financial Officer, who also functions as the Chief Risk Officer. Risk management functions include commodity price reporting and validation, valuation model validation, risk analytics, risk control, credit risk management and risk reporting. | |||||||||||||||||||
We utilize several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those items that are measured on a recurring basis. These methods include, among others, the use of broker quotes and statistical relationships between different price curves. | |||||||||||||||||||
In utilizing broker quotes, we attempt to obtain multiple quotes from brokers (generally non-binding) that are active in the commodity markets in which we participate (and require at least one quote from two brokers to determine a pricing input as observable); however, not all pricing inputs are quoted by brokers. The number of broker quotes received for certain pricing inputs varies depending on the depth of the trading market, each individual broker's publication policy, recent trading volume trends and various other factors. In addition, for valuation of interest rate swaps, we use generally accepted interest rate swap valuation models utilizing month-end interest rate curves. | |||||||||||||||||||
Probable loss of default by either us or our counterparties is considered in determining the fair value of derivative assets and liabilities. These non-performance risk adjustments take into consideration credit enhancements and the credit risks associated with our credit standing and the credit standing of our counterparties (see Note 12 for additional information regarding credit risk associated with our derivatives). We utilize published credit ratings, default rate factors and debt trading values in calculating these fair value measurement adjustments. | |||||||||||||||||||
Certain derivatives and financial instruments are valued utilizing option pricing models that take into consideration multiple inputs including, but not limited to, commodity prices, volatility factors, discount rates and other market based factors. Additionally, when there is not a sufficient amount of observable market data, valuation models are developed that incorporate proprietary views of market factors. Significant unobservable inputs used to develop the valuation models include volatility curves, correlation curves, illiquid pricing locations and credit/non-performance risk assumptions. Those valuation models are generally used in developing long-term forward price curves for certain commodities. We believe the development of such curves is consistent with industry practice; however, the fair value measurements resulting from such curves are classified as Level 3. | |||||||||||||||||||
The significant unobservable inputs and valuation models are developed by employees trained and experienced in market operations and fair value measurements and validated by the company's risk management group, which also further analyzes any significant changes in Level 3 measurements. Significant changes in the unobservable inputs could result in significant upward or downward changes in the fair value measurement. | |||||||||||||||||||
With respect to amounts presented in the following fair value hierarchy tables, the fair value measurement of an asset or liability (e.g., a contract) is required to fall in its entirety in one level, based on the lowest level input that is significant to the fair value measurement. Certain assets and liabilities would be classified in Level 2 instead of Level 3 of the hierarchy except for the effects of credit reserves and non-performance risk adjustments, respectively. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability being measured. | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis consisted of the following: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 (a) | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Commodity contracts | $ | 118 | $ | 64 | $ | 58 | $ | 240 | |||||||||||
Nuclear decommissioning trust – equity securities (b) | 354 | 204 | — | 558 | |||||||||||||||
Nuclear decommissioning trust – debt securities (b) | — | 287 | — | 287 | |||||||||||||||
Total assets | $ | 472 | $ | 555 | $ | 58 | $ | 1,085 | |||||||||||
Liabilities: | |||||||||||||||||||
Commodity contracts | $ | 193 | $ | 37 | $ | 13 | $ | 243 | |||||||||||
Total liabilities | $ | 193 | $ | 37 | $ | 13 | $ | 243 | |||||||||||
December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 (a) | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Commodity contracts | $ | 161 | $ | 570 | $ | 57 | $ | 788 | |||||||||||
Interest rate swaps | — | 67 | — | 67 | |||||||||||||||
Nuclear decommissioning trust – equity securities (b) | 330 | 191 | — | 521 | |||||||||||||||
Nuclear decommissioning trust – debt securities (b) | — | 270 | — | 270 | |||||||||||||||
Total assets | $ | 491 | $ | 1,098 | $ | 57 | $ | 1,646 | |||||||||||
Liabilities: | |||||||||||||||||||
Commodity contracts | $ | 231 | $ | 14 | $ | 18 | $ | 263 | |||||||||||
Interest rate swaps | — | 80 | 1,012 | 1,092 | |||||||||||||||
Total liabilities | $ | 231 | $ | 94 | $ | 1,030 | $ | 1,355 | |||||||||||
____________ | |||||||||||||||||||
(a) | See table below for description of Level 3 assets and liabilities. | ||||||||||||||||||
(b) | The nuclear decommissioning trust investment is included in the other investments line in the condensed consolidated balance sheets. See Note 15. | ||||||||||||||||||
Commodity contracts consist primarily of natural gas, electricity, fuel oil, uranium and coal agreements and include financial instruments entered into for hedging purposes as well as physical contracts that have not been designated "normal" purchases or sales. See Note 12 for further discussion regarding derivative instruments, including the termination of certain natural gas hedging agreements shortly after the Bankruptcy Filing. | |||||||||||||||||||
Interest rate swaps included variable-to-fixed rate swap instruments that hedged the interest costs of our debt as well as interest rate basis swaps designed to effectively reduce the hedged borrowing costs. See Note 12 for discussion of the termination of interest rate swaps shortly after the Bankruptcy Filing. | |||||||||||||||||||
Nuclear decommissioning trust assets represent securities held for the purpose of funding the future retirement and decommissioning of the nuclear generation units. These investments include equity, debt and other fixed-income securities consistent with investment rules established by the NRC and the PUCT. | |||||||||||||||||||
There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy for the three and six months ended June 30, 2014 and 2013. See the table of changes in fair values of Level 3 assets and liabilities below for discussion of transfers between Level 2 and Level 3 for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||
The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at June 30, 2014 and December 31, 2013: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Contract Type (a) | Assets | Liabilities | Total | Valuation Technique | Significant Unobservable Input | Range (b) | |||||||||||||
Electricity purchases and sales | $ | 4 | $ | (2 | ) | $ | 2 | Valuation Model | Illiquid pricing locations (c) | $35 to $50/ MWh | |||||||||
Hourly price curve shape (d) | $20 to $70/ MWh | ||||||||||||||||||
Electricity spread options | 7 | (2 | ) | 5 | Option Pricing Model | Gas to power correlation (e) | 40% to 90% | ||||||||||||
Power volatility (f) | 10% to 40% | ||||||||||||||||||
Electricity congestion revenue rights | 40 | (3 | ) | 37 | Market Approach (g) | Illiquid price differences between settlement points (h) | $0.00 to $25.00 | ||||||||||||
Coal purchases | 3 | (5 | ) | (2 | ) | Market Approach (g) | Illiquid price variances between mines (i) | $0.00 to $1.00 | |||||||||||
Probability of default (j) | 0% to 40% | ||||||||||||||||||
Recovery rate (k) | 0% to 40% | ||||||||||||||||||
Illiquid pricing variances between heat content (l) | $0.30 to $0.40 | ||||||||||||||||||
Other (n) | 4 | (1 | ) | 3 | |||||||||||||||
Total | $ | 58 | $ | (13 | ) | $ | 45 | ||||||||||||
December 31, 2013 | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Contract Type (a) | Assets | Liabilities | Total | Valuation Technique | Significant Unobservable Input | Range (b) | |||||||||||||
Electricity purchases and sales | $ | 2 | $ | (2 | ) | $ | — | Valuation Model | Illiquid pricing locations (c) | $25 to $45/ MWh | |||||||||
Hourly price curve shape (d) | $20 to $70/ MWh | ||||||||||||||||||
Electricity spread options | 15 | (2 | ) | 13 | Option Pricing Model | Gas to power correlation (e) | 45% to 95% | ||||||||||||
Power volatility (f) | 10% to 30% | ||||||||||||||||||
Electricity congestion revenue rights | 35 | (2 | ) | 33 | Market Approach (g) | Illiquid price differences between settlement points (h) | $0.00 to $25.00 | ||||||||||||
Coal purchases | — | (11 | ) | (11 | ) | Market Approach (g) | Illiquid price variances between mines (i) | $0.00 to $1.00 | |||||||||||
Probability of default (j) | 0% to 40% | ||||||||||||||||||
Recovery rate (k) | 0% to 40% | ||||||||||||||||||
Interest rate swaps | — | (1,012 | ) | (1,012 | ) | Valuation Model | Nonperformance risk adjustment (m) | 25% to 35% | |||||||||||
Other (n) | 5 | (1 | ) | 4 | |||||||||||||||
Total | $ | 57 | $ | (1,030 | ) | $ | (973 | ) | |||||||||||
____________ | |||||||||||||||||||
(a) | Electricity purchase and sales contracts include hedging positions in the ERCOT West, North and Houston regions, as well as power contracts, the valuations of which include unobservable inputs related to the hourly shaping of the price curve. Electricity spread option contracts consist of physical electricity call options. Electricity congestion revenue rights contracts consist of forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within ERCOT. Coal purchase contracts relate to western (Powder River Basin) coal. TCEH used interest rate swaps to hedge exposure to its variable rate debt (see Note 12). | ||||||||||||||||||
(b) | The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. | ||||||||||||||||||
(c) | Based on the historical range of forward average monthly ERCOT Hub and load zone prices. | ||||||||||||||||||
(d) | Based on the historical range of forward average hourly ERCOT North Hub prices. | ||||||||||||||||||
(e) | Estimate of the historical range based on forward natural gas and on-peak power prices for the ERCOT hubs most relevant to our spread options. | ||||||||||||||||||
(f) | Based on historical forward price changes. | ||||||||||||||||||
(g) | While we use the market approach, there is either insufficient market data to consider the valuation liquid or the significance of credit reserves or non-performance risk adjustments results in a Level 3 designation. | ||||||||||||||||||
(h) | Based on the historical price differences between settlement points within the ERCOT Hubs and load zones. | ||||||||||||||||||
(i) | Based on the historical range of price variances between mine locations. | ||||||||||||||||||
(j) | Estimate of the range of probabilities of default based on past experience and the length of the contract as well as our and counterparties' credit ratings. | ||||||||||||||||||
(k) | Estimate of the default recovery rate based on historical corporate rates. | ||||||||||||||||||
(l) | Based on historical ranges of forward average prices between different heat contents. | ||||||||||||||||||
(m) | Estimate of nonperformance risk adjustment based on TCEH senior secured debt trading values. | ||||||||||||||||||
(n) | Other includes contracts for ancillary services, natural gas, diesel options, coal options and weather dependent power options. | ||||||||||||||||||
The following table presents the changes in fair value of the Level 3 assets and liabilities for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net asset (liability) balance at beginning of period | $ | (897 | ) | $ | 59 | $ | (973 | ) | $ | 29 | |||||||||
Total unrealized valuation losses | (9 | ) | (26 | ) | (94 | ) | (17 | ) | |||||||||||
Purchases, issuances and settlements (a): | |||||||||||||||||||
Purchases | 20 | 56 | 29 | 60 | |||||||||||||||
Issuances | (1 | ) | (6 | ) | (2 | ) | (6 | ) | |||||||||||
Settlements/terminations | 933 | 1 | 1,084 | 17 | |||||||||||||||
Transfers into Level 3 (b) | — | — | — | 1 | |||||||||||||||
Transfers out of Level 3 (b) | (1 | ) | 4 | 1 | 4 | ||||||||||||||
Net change (c) | 942 | 29 | 1,018 | 59 | |||||||||||||||
Net asset balance at end of period | $ | 45 | $ | 88 | $ | 45 | $ | 88 | |||||||||||
Unrealized valuation losses relating to instruments held at end of period | $ | (9 | ) | $ | (20 | ) | $ | (5 | ) | $ | (7 | ) | |||||||
____________ | |||||||||||||||||||
(a) | Settlement amounts in 2014 reflect termination of TCEH interest rate swaps and include the nonperformance risk adjustment as discussed in Note 12. Settlements for all periods presented reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. | ||||||||||||||||||
(b) | Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. Transfers out during 2013 were driven by a decrease in nonperformance risk adjustments. All Level 3 transfers in the periods presented are in and out of Level 2. | ||||||||||||||||||
(c) | Substantially all changes in values of commodity contracts are reported in the condensed statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Changes in values of interest rate swaps transferred into Level 3 in third quarter 2013 are reported in the condensed statements of consolidated income (loss) in interest expense and related charges (see Note 12). Activity excludes changes in fair value in the month the positions settled as well as amounts related to positions entered into and settled in the same month. |
Commodity_And_Other_Derivative
Commodity And Other Derivative Contractual Assets And Liabilities | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Commodity And Other Derivative Contractual Assets And Liabilities | ' | |||||||||||||||||||
COMMODITY AND OTHER DERIVATIVE CONTRACTUAL ASSETS AND LIABILITIES | ||||||||||||||||||||
Strategic Use of Derivatives | ||||||||||||||||||||
We transact in derivative instruments, such as options, swaps, futures and forward contracts, to manage commodity price risk. We had previously entered into interest rate swaps to manage our interest rate risk exposure. See Note 11 for a discussion of the fair value of derivatives. Because certain of these instruments are deemed to be "forward contracts" under the Bankruptcy Code, they are not subject to the automatic stay, and counterparties may elect to terminate the agreements. | ||||||||||||||||||||
Commodity Hedging and Trading Activity — TCEH has natural gas hedging positions designed to reduce exposure to changes in future electricity prices due to changes in the price of natural gas, thereby hedging future revenues from electricity sales and related cash flows. In ERCOT, the wholesale price of electricity has generally moved with the price of natural gas. TCEH has entered into market transactions involving natural gas-related financial instruments and has sold forward natural gas through 2015 in order to hedge a portion of electricity price exposure related to expected lignite/coal and nuclear fueled generation. TCEH also enters into derivatives, including electricity, natural gas, fuel oil, uranium, emission and coal instruments, generally for short-term hedging purposes. To a limited extent, TCEH also enters into derivative transactions for proprietary trading purposes, principally in natural gas and electricity markets. Unrealized gains and losses arising from changes in the fair value of hedging and trading instruments as well as realized gains and losses upon settlement of the instruments are reported in the condensed statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. | ||||||||||||||||||||
Interest Rate Swap Transactions — Interest rate swap agreements have been used to reduce exposure to interest rate changes by converting floating-rate debt to fixed rates, thereby hedging future interest costs and related cash flows. Interest rate basis swaps were used to effectively reduce the hedged borrowing costs. Unrealized gains and losses arising from changes in the fair value of the swaps as well as realized gains and losses upon settlement of the swaps were reported in the condensed statements of consolidated income (loss) in interest expense and related charges. | ||||||||||||||||||||
Termination of Commodity Hedges and Interest Rate Swaps — These instruments are deemed to be "forward contracts" under the Bankruptcy Code. The Bankruptcy Filing constituted an event of default under the related agreements, and in accordance with the contractual terms, counterparties terminated certain positions shortly after the Bankruptcy Filing. The positions terminated consisted almost entirely of natural gas hedging positions and interest rate swaps that were secured by a first-lien interest in the same assets of TCEH on a pari passu basis with the TCEH Senior Secured Facilities and the TCEH Senior Secured Notes. The terminated natural gas hedging positions represented approximately 70% of the commodity contracts derivative assets, and the terminated interest rate swaps represented all of the interest rate swap derivative assets and liabilities as of December 31, 2013 as presented in the table below. | ||||||||||||||||||||
Entities with a first-lien security interest included counterparties to both our natural gas hedging positions and interest rate swaps, which had entered into master agreements that provided for netting and setoff of amounts related to these positions, as well as counterparties to only our interest rate swaps. The net liability recorded upon the terminations totaled $1.108 billion, which represented a realized loss of $1.225 billion related to the interest rate swaps net of a realized gain of $117 million related to the natural gas hedging positions. Additionally, net accounts payable amounts related to matured interest rate swaps of $127 million are also secured by the same first-lien secured interest. The total net liability of $1.235 billion is subject to the terms of settlement of TCEH's first-lien claims ultimately approved by the Bankruptcy Court and is reported in the condensed consolidated balance sheets as a liability subject to compromise. | ||||||||||||||||||||
The derivative liability related to the TCEH interest rate swaps had included a nonperformance risk adjustment (resulting in a Level 3 valuation). This fair value adjustment reflected the counterparties' exposure to our credit risk. The amount of the adjustment was after consideration of derivative assets related to natural gas hedging positions with the same counterparties. The difference between the net liability arising upon the termination of the interest rate swaps and the natural gas hedging positions and the net derivative assets and liabilities recorded totaled $278 million, substantially all of which represented the nonperformance risk adjustment, and is reported as a noncash charge in reorganization items in the condensed statements of consolidated income (loss) in accordance with ASC 852-10, Reorganizations (see Note 6). | ||||||||||||||||||||
Financial Statement Effects of Derivatives | ||||||||||||||||||||
Substantially all derivative contractual assets and liabilities arise from mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of commodity and other derivative contractual assets and liabilities (with the column totals representing the net positions of the contracts) as reported in the condensed consolidated balance sheets at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Derivative assets | Derivative liabilities | |||||||||||||||||||
Commodity contracts | Interest rate swaps | Commodity contracts | Interest rate swaps | Total | ||||||||||||||||
Current assets | $ | 231 | $ | — | $ | — | $ | — | $ | 231 | ||||||||||
Noncurrent assets | 9 | — | — | — | 9 | |||||||||||||||
Current liabilities | — | — | (241 | ) | — | (241 | ) | |||||||||||||
Noncurrent liabilities | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net assets (liabilities) | $ | 240 | $ | — | $ | (243 | ) | $ | — | $ | (3 | ) | ||||||||
December 31, 2013 | ||||||||||||||||||||
Derivative assets | Derivative liabilities | |||||||||||||||||||
Commodity contracts | Interest rate swaps | Commodity contracts | Interest rate swaps | Total | ||||||||||||||||
Current assets | $ | 784 | $ | 67 | $ | — | $ | — | $ | 851 | ||||||||||
Noncurrent assets | 4 | — | — | — | 4 | |||||||||||||||
Current liabilities | — | — | (263 | ) | (1,092 | ) | (1,355 | ) | ||||||||||||
Net assets (liabilities) | $ | 788 | $ | 67 | $ | (263 | ) | $ | (1,092 | ) | $ | (500 | ) | |||||||
In consideration of the termination rights of counterparties arising from the Bankruptcy Filing, derivative liabilities classified as current at December 31, 2013 include $647 million that otherwise would be classified as noncurrent, essentially all of which relates to interest rate swaps. | ||||||||||||||||||||
At June 30, 2014 and December 31, 2013, there were no derivative positions accounted for as cash flow or fair value hedges. | ||||||||||||||||||||
The following table presents the pretax effect of derivatives on net income (gains (losses)), including realized and unrealized effects: | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
Derivative (income statement presentation) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) | $ | 11 | $ | 157 | $ | (168 | ) | $ | (43 | ) | ||||||||||
Interest rate swaps (Interest expense and related charges) (b) | (47 | ) | 183 | (128 | ) | 180 | ||||||||||||||
Interest rate swaps (Reorganization items) (Note 6) | (278 | ) | — | (278 | ) | — | ||||||||||||||
Net gain (loss) | $ | (314 | ) | $ | 340 | $ | (574 | ) | $ | 137 | ||||||||||
____________ | ||||||||||||||||||||
(a) | Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts. | |||||||||||||||||||
(b) | Includes unrealized mark-to-market net gain (loss) as well as the net realized effect on interest paid/accrued, both reported in "Interest Expense and Related Charges" (see Note 8). | |||||||||||||||||||
The pretax effect (all losses) on net income and other comprehensive income (OCI) of derivative instruments previously accounted for as cash flow hedges was immaterial in both the three and six months ended June 30, 2014 and 2013. There were no amounts recognized in OCI for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
Accumulated other comprehensive income related to cash flow hedges (excluding Oncor's interest rate hedge) totaled $36 million and $37 million in net losses (after-tax) at June 30, 2014 and December 31, 2013, respectively, substantially all of which relates to interest rate swaps previously accounted for as cash flow hedges. We expect that $2 million of net losses (after-tax) related to cash flow hedges included in accumulated other comprehensive income at June 30, 2014 will be reclassified into net income during the next twelve months as the related hedged transactions affect net income. | ||||||||||||||||||||
Balance Sheet Presentation of Derivatives | ||||||||||||||||||||
Consistent with elections under US GAAP to present amounts on a gross basis, we report derivative assets and liabilities in the condensed consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. We may enter into offsetting positions with the same counterparty, resulting in both assets and liabilities. Volatility in underlying commodity prices can result in significant changes in assets and liabilities from period to period. | ||||||||||||||||||||
Margin deposits that contractually offset these derivative instruments are reported separately in the condensed consolidated balance sheets. Margin deposits received from counterparties are either used for working capital or other corporate purposes or are deposited in a separate restricted cash account. At June 30, 2014 and December 31, 2013, all margin deposits held were unrestricted. | ||||||||||||||||||||
We maintain standardized master netting agreements with certain counterparties that allow for the netting of positive and negative exposures. Generally, we utilize the International Swaps and Derivatives Association (ISDA) standardized contract for financial transactions, the Edison Electric Institute standardized contract for physical power transactions and the North American Energy Standards Board (NAESB) standardized contract for physical natural gas transactions. These contain credit enhancements that allow for the right to offset assets and liabilities and collateral received in order to reduce credit exposure between us and the counterparty. These agreements contain specific language related to margin requirements, monthly settlement netting, cross-commodity netting and early termination netting, which is negotiated with the contract counterparty. | ||||||||||||||||||||
The following tables reconcile our derivative assets and liabilities as presented in the condensed consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Amounts Presented in Balance Sheet | Offsetting Instruments | Financial Collateral (Received) Pledged (b) | Net Amounts | |||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | $ | 240 | $ | (153 | ) | $ | — | $ | 87 | |||||||||||
Interest rate swaps | — | — | — | — | ||||||||||||||||
Total derivative assets | 240 | (153 | ) | — | 87 | |||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | (243 | ) | 153 | 75 | (15 | ) | ||||||||||||||
Interest rate swaps | — | — | — | — | ||||||||||||||||
Total derivative liabilities | (243 | ) | 153 | 75 | (15 | ) | ||||||||||||||
Net amounts | $ | (3 | ) | $ | — | $ | 75 | $ | 72 | |||||||||||
December 31, 2013 | ||||||||||||||||||||
Amounts Presented in Balance Sheet | Offsetting Instruments (a) | Financial Collateral (Received) Pledged (b) | Net Amounts | |||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | $ | 788 | $ | (389 | ) | $ | (299 | ) | $ | 100 | ||||||||||
Interest rate swaps | 67 | (67 | ) | — | — | |||||||||||||||
Total derivative assets | 855 | (456 | ) | (299 | ) | 100 | ||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | (263 | ) | 168 | 70 | (25 | ) | ||||||||||||||
Interest rate swaps | (1,092 | ) | 288 | — | (804 | ) | ||||||||||||||
Total derivative liabilities | (1,355 | ) | 456 | 70 | (829 | ) | ||||||||||||||
Net amounts | $ | (500 | ) | $ | — | $ | (229 | ) | $ | (729 | ) | |||||||||
____________ | ||||||||||||||||||||
(a) | Offsetting instruments at December 31, 2013 with respect to commodity contracts include amounts related to interest rate swaps and vice versa. All amounts presented exclude trade accounts receivable and payable related to settled financial instruments. | |||||||||||||||||||
(b) | Financial collateral consists entirely of cash margin deposits. | |||||||||||||||||||
Derivative Volumes | ||||||||||||||||||||
The following table presents the gross notional amounts of derivative volumes at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Derivative type | Notional Volume | Unit of Measure | ||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Floating/fixed (a) | $ | — | $ | 32,490 | Million US dollars | |||||||||||||||
Basis | $ | — | $ | 1,050 | Million US dollars | |||||||||||||||
Natural gas (b) | 1,506 | 2,150 | Million MMBtu | |||||||||||||||||
Electricity | 22,340 | 16,482 | GWh | |||||||||||||||||
Congestion Revenue Rights (c) | 92,010 | 77,799 | GWh | |||||||||||||||||
Coal | 14 | 9 | Million US tons | |||||||||||||||||
Fuel oil | 16 | 26 | Million gallons | |||||||||||||||||
Uranium | 300 | 450 | Thousand pounds | |||||||||||||||||
____________ | ||||||||||||||||||||
(a) | Amounts at December 31, 2013 include notional amount of interest rate swaps that had maturity dates through October 2014 as well as notional amount of swaps effective from October 2014 that had maturity dates through October 2017. | |||||||||||||||||||
(b) | Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. | |||||||||||||||||||
(c) | Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ERCOT. | |||||||||||||||||||
See discussion above regarding termination of natural gas hedging and interest rate swap agreements shortly after the Bankruptcy Filing. | ||||||||||||||||||||
Credit Risk-Related Contingent Features of Derivatives | ||||||||||||||||||||
The agreements that govern our derivative instrument transactions may contain certain credit risk-related contingent features that could trigger liquidity requirements in the form of cash collateral, letters of credit or some other form of credit enhancement. Certain of these agreements require the posting of collateral if our credit rating is downgraded by one or more credit rating agencies; however, due to our credit ratings being below investment grade, substantially all of such collateral posting requirements have already been effective. | ||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the fair value of liabilities related to derivative instruments under agreements with credit risk-related contingent features that were not fully collateralized totaled $6 million and $4 million, respectively. The liquidity exposure associated with these liabilities was reduced by cash and letter of credit postings with the counterparties totaling $5 million and $3 million at June 30, 2014 and December 31, 2013, respectively. All of the credit risk-related contingent features related to these derivatives were triggered upon the Bankruptcy Filing. | ||||||||||||||||||||
In addition, certain derivative agreements that are collateralized primarily with liens on certain of our assets include indebtedness cross-default provisions that have resulted in the termination of such contracts as a result of the Bankruptcy Filing. Substantially all of the credit risk-related contingent features related to these derivatives, including amounts related to cross-default provisions, were triggered upon the Bankruptcy Filing, and substantially all such contracts had been cancelled at June 30, 2014. At June 30, 2014 and December 31, 2013, the fair value of derivative liabilities subject to such cross-default provisions totaled $9 million and $1.103 billion, respectively, before consideration of the collateral. Amounts at December 31, 2013 were largely related to interest rate swaps. The liquidity exposure associated with these liabilities was reduced by cash and letter of credit postings with the counterparties totaling $8 million and $6 million at June 30, 2014 and December 31, 2013, respectively, and totaled $1.154 billion at December 31, 2013. There was no liquidity exposure associated with these liabilities at June 30, 2014. See Note 7 for a description of other pre-petition obligations that are supported by liens on certain of our assets. | ||||||||||||||||||||
As discussed immediately above, the aggregate fair values of liabilities under derivative agreements with credit risk-related contingent features, including cross-default provisions, totaled $15 million and $1.107 billion at June 30, 2014 and December 31, 2013, respectively. These amounts are before consideration of cash and letter of credit collateral posted, net accounts receivable and derivative assets under netting arrangements and assets subject to related liens. | ||||||||||||||||||||
Some commodity derivative contracts contain credit risk-related contingent features that do not provide for specific amounts to be posted if the features are triggered. These provisions include material adverse change, performance assurance, and other clauses that generally provide counterparties with the right to request additional credit enhancements. The amounts disclosed above exclude credit risk-related contingent features that do not provide for specific amounts or exposure calculations. | ||||||||||||||||||||
See discussion at beginning of this note regarding termination of commodity hedges and interest rate swaps. | ||||||||||||||||||||
Concentrations of Credit Risk Related to Derivatives | ||||||||||||||||||||
We have concentrations of credit risk with the counterparties to our derivative contracts. At June 30, 2014, total credit risk exposure to all counterparties related to derivative contracts totaled $329 million (including associated accounts receivable). The net exposure to those counterparties totaled $171 million at June 30, 2014 after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to a single counterparty totaling $87 million. At June 30, 2014, the credit risk exposure to the banking and financial sector represented 73% of the total credit risk exposure and 54% of the net exposure. The termination of natural gas hedging agreements by counterparties shortly after the Bankruptcy Filing did not significantly affect the net credit risk exposure amount presented. | ||||||||||||||||||||
Exposure to banking and financial sector counterparties is considered to be within an acceptable level of risk tolerance because all of this exposure is with counterparties with investment grade credit ratings. However, this concentration increases the risk that a default by any of these counterparties would have a material effect on our financial condition, results of operations and liquidity. The transactions with these counterparties contain certain provisions that would require the counterparties to post collateral in the event of a material downgrade in their credit rating. | ||||||||||||||||||||
We maintain credit risk policies with regard to our counterparties to minimize overall credit risk. These policies authorize specific risk mitigation tools including, but not limited to, use of standardized master agreements that allow for netting of positive and negative exposures associated with a single counterparty. Credit enhancements such as parent guarantees, letters of credit, surety bonds, liens on assets and margin deposits are also utilized. Prospective material changes in the payment history or financial condition of a counterparty or downgrade of its credit quality result in the reassessment of the credit limit with that counterparty. The process can result in the subsequent reduction of the credit limit or a request for additional financial assurances. An event of default by one or more counterparties could subsequently result in termination-related settlement payments that reduce available liquidity if amounts are owed to the counterparties related to the derivative contracts or delays in receipts of expected settlements if the counterparties owe amounts to us. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |
Jun. 30, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
RELATED PARTY TRANSACTIONS | ||
The following represent our significant related-party transactions. | ||
• | On a quarterly basis, we accrue a management fee payable to the Sponsor Group under the terms of a management agreement. Related amounts expensed and reported as SG&A expense totaled $10 million for both the three months ended June 30, 2014 and 2013 and $20 million and $19 million for the six months ended June 30, 2014 and 2013, respectively. No payments were made in the three and six months ended June 30, 2014, while payments totaled $10 million and $19 million for the three and six months ended June 30, 2013, respectively. We had previously paid these fees on a quarterly basis, however, beginning with the quarterly management fee due December 31, 2013, the Sponsor Group, while reserving the right to receive the fees, directed EFH Corp. to suspend payments of the management fees for an indefinite period. Effective with the Petition Date, EFH Corp. suspended allocations of such fees to TCEH and EFIH. Fees accrued as of the Petition Date have been reclassified to liabilities subject to compromise (LSTC). | |
• | In 2007, TCEH entered into the TCEH Senior Secured Facilities with syndicates of financial institutions and other lenders. These syndicates included affiliates of GS Capital Partners, which is a member of the Sponsor Group. Affiliates of each member of the Sponsor Group have from time to time engaged in commercial banking transactions with us and/or provided financial advisory services to us, in each case in the normal course of business. | |
• | Affiliates of GS Capital Partners were parties to certain commodity and interest rate hedging transactions with us in the normal course of business. | |
• | Affiliates of the Sponsor Group have sold or acquired, and in the future may sell or acquire, debt or debt securities issued by us in open market transactions or through loan syndications. | |
• | TCEH made loans to EFH Corp. in the form of demand notes (TCEH Demand Notes) that were pledged as collateral under the TCEH Senior Secured Facilities for (i) debt principal and interest payments and (ii) other general corporate purposes for EFH Corp. EFH Corp. settled the balance of the TCEH Demand Notes in January 2013 using $680 million of the proceeds from debt issued by EFIH in 2012 that had been held as restricted cash. | |
• | EFH Corp. and EFIH have purchased, or received in exchanges, certain debt securities of EFH Corp. and TCEH, which they have held. Principal and interest payments received by EFH Corp. and EFIH on these investments have been used, in part, to service their outstanding debt. These investments are eliminated in consolidation in these consolidated financial statements. EFIH held $1.282 billion principal amount of EFH Corp. debt and $79 million principal amount of TCEH debt at both June 30, 2014 and December 31, 2013. EFH Corp. held $303 million principal amount of TCEH debt at both June 30, 2014 and December 31, 2013. In the first quarter 2013, EFIH distributed to EFH Corp. $6.360 billion principal amount of EFH Corp. debt previously received by EFIH in debt exchanges; EFH Corp. cancelled the debt instruments. | |
• | TCEH's retail operations pay Oncor for services it provides, principally the delivery of electricity. Expenses recorded for these services, reported in fuel, purchased power costs and delivery fees, totaled $225 million and $230 million for the three months ended June 30, 2014 and 2013, respectively, and $465 million and $455 million for the six months ended June 30, 2014 and 2013, respectively. The fees are based on rates regulated by the PUCT that apply to all REPs. The condensed consolidated balance sheets at June 30, 2014 and December 31, 2013 reflect amounts due currently to Oncor totaling $140 million and $135 million, respectively (included in net payables due to unconsolidated subsidiary), largely related to these electricity delivery fees. Also see discussion below regarding receivables from Oncor under a Federal and State Income Tax Allocation Agreement. | |
• | A subsidiary of EFH Corp. bills Oncor for financial and other administrative services and shared facilities at cost. Such amounts reduced reported SG&A expense by $7 million for both the three months ended June 30, 2014 and 2013 and $16 million for both the six months ended June 30, 2014 and 2013. | |
• | A subsidiary of EFH Corp. bills TCEH subsidiaries for information technology, financial, accounting and other administrative services at cost. These charges totaled $44 million and $55 million for the three months ended June 30, 2014 and 2013, respectively, and $100 million and $117 million for the six months ended June 30, 2014 and 2013, respectively. | |
• | See Note 7 for discussion of a letter of credit issued by TCEH in 2014 to a subsidiary of EFH Corp. to secure its amounts payable to the subsidiary arising from recurring transactions in the normal course. | |
• | In April 2014, prior to the Bankruptcy Filing, a subsidiary of EFH Corp. sold information technology assets to TCEH totaling $24 million. TCEH cash settled these transactions in April 2014. The assets are substantially for the use of TCEH and its subsidiaries. | |
• | Under Texas regulatory provisions, the trust fund for decommissioning the Comanche Peak nuclear generation facility is funded by a delivery fee surcharge billed to REPs by Oncor, as collection agent, and remitted monthly to TCEH for contribution to the trust fund with the intent that the trust fund assets, reported in other investments in our balance sheet, will ultimately be sufficient to fund the actual future decommissioning liability, reported in noncurrent liabilities in our balance sheet. The delivery fee surcharges remitted to TCEH totaled $4 million for both the three months ended June 30, 2014 and 2013 and $8 million for both the six months ended June 30, 2014 and 2013. Income and expenses associated with the trust fund and the decommissioning liability incurred by TCEH are offset by a net change in a receivable/payable that ultimately will be settled through changes in Oncor's delivery fee rates. At June 30, 2014 and December 31, 2013, the excess of the trust fund balance over the decommissioning liability resulted in a payable totaling $442 million and $400 million, respectively, reported in noncurrent liabilities. | |
• | We file a consolidated federal income tax return that includes Oncor Holdings' results. Oncor is not a member of our consolidated tax group, but our consolidated federal income tax return includes our portion of Oncor's results due to our equity ownership in Oncor. We also file a consolidated Texas state margin tax return that includes all of Oncor Holdings' and Oncor's results. However, under a Federal and State Income Tax Allocation Agreement, Oncor Holdings' and Oncor's federal income tax and Texas margin tax expense and related balance sheet amounts, including our income taxes receivable from or payable to Oncor Holdings and Oncor, are recorded as if Oncor Holdings and Oncor file their own corporate income tax returns. | |
At June 30, 2014, our current amount payable to Oncor Holdings related to federal and state income taxes (included in net payables due to unconsolidated subsidiary) totaled $22 million, which included $23 million payable to Oncor. The payable to Oncor represented a $37 million federal income tax payable net of a $14 million state margin tax receivable. At December 31, 2013, our current amount receivable totaled $7 million, which included $5 million receivable from Oncor. The receivable from Oncor represented a $23 million state margin tax receivable net of an $18 million federal income tax payable. | ||
For the six months ended June 30, 2014, EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $12 million and $135 million, respectively. For the six months ended June 30, 2013, EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $17 million and $36 million, respectively. | ||
• | Certain transmission and distribution utilities in Texas have requirements in place to assure adequate creditworthiness of any REP to support the REP's obligation to collect securitization bond-related (transition) charges on behalf of the utility. Under these requirements, as a result of TCEH's credit rating being below investment grade, TCEH is required to post collateral support in an amount equal to estimated transition charges over specified time periods. Accordingly, at June 30, 2014 and December 31, 2013, TCEH had posted letters of credit and/or cash in the amount of $10 million and $9 million, respectively, for the benefit of Oncor. | |
• | In December 2012, Oncor became the sponsor of a new pension plan (the Oncor Plan), the participants in which consist of all of Oncor's active employees and all retirees and terminated vested participants of EFH Corp. and its subsidiaries (including discontinued businesses). Oncor had previously contractually agreed to assume responsibility for pension and OPEB liabilities that are recoverable by Oncor under regulatory rate-setting provisions. As part of the pension plan actions, EFH Corp. fully funded the nonrecoverable pension liabilities under the Oncor Plan. After the pension plan actions, participants remaining in the EFH Corp. pension plan consist of active employees under collective bargaining agreements (union employees). Oncor continues to be responsible for the recoverable portion of pension obligations to these union employees. EFH Corp. is the sponsor of the OPEB plan and remains liable for the majority of the OPEB plan obligations. Accordingly, EFH Corp.'s balance sheet reflects unfunded pension and OPEB liabilities related to plans that it sponsors, including recoverable and nonrecoverable amounts, but also reflects a receivable from Oncor for that portion of the unfunded liabilities for which Oncor is contractually responsible, substantially all of which is expected to be recovered in Oncor's rates. At June 30, 2014 and December 31, 2013, the receivable amounts totaled $851 million and $838 million, respectively, classified as noncurrent. Under ERISA, EFH Corp. and Oncor remain jointly and severally liable for the funding of the EFH Corp. and Oncor pension plans. We view the risk of the retained liability under ERISA related to the Oncor Plan to be not significant. Net amounts of pension and OPEB expenses recognized in the three and six months ended June 30, 2014 and 2013 are not material. | |
• | In the first quarter 2014, a cash contribution totaling $84 million was made to the EFH Corp. retirement plan assets, of which $64 million was contributed by Oncor and $20 million was contributed by TCEH, which resulted in the EFH Corp. retirement plan being fully funded as calculated under the provisions of ERISA. As a result of the Bankruptcy Filing, participants in the EFH Corp. retirement plan who choose to retire would not be eligible for the lump sum payout option under the retirement plan unless the EFH Corp. retirement plan is fully funded. The payment by TCEH was accounted for as an advance to EFH Corp. that will be settled as pension and OPEB expenses are allocated to TCEH in the normal course. | |
• | In the second quarter 2014, Oncor and EFH Corp. entered into an agreement whereby Oncor will cease participation in EFH Corp.'s OPEB Plan and establish its own OPEB plan for Oncor’s eligible retirees and their dependents effective July 1, 2014. Participants in the EFH Corp. OPEB plan with split service will become participants in the Oncor plan. The methodology for OPEB cost allocations between EFH Corp. and Oncor is not expected to change, and the agreement is not expected to have a material effect on the net assets or cash flows of EFH Corp. | |
• | Oncor and Texas Holdings agreed to the terms of a stipulation with major interested parties to resolve all outstanding issues in the PUCT review related to the Merger. As part of this stipulation, TCEH would be required to post a letter of credit in an amount equal to $170 million to secure its payment obligations to Oncor in the event, which has not occurred, two or more rating agencies downgrade Oncor's credit rating below investment grade. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
Our operations are aligned into two reportable business segments: Competitive Electric and Regulated Delivery. The segments are managed separately because they are strategic business units that offer different products or services and involve different risks. | ||||||||||||||||
The Competitive Electric segment is engaged in competitive market activities consisting of electricity generation, wholesale energy sales and purchases, commodity risk management and trading activities, and retail electricity sales to residential and business customers, all largely in Texas. These activities are conducted by TCEH. | ||||||||||||||||
The Regulated Delivery segment consists largely of our investment in Oncor. Oncor is engaged in regulated electricity transmission and distribution operations in Texas. These activities are conducted by Oncor, including its wholly owned bankruptcy-remote financing subsidiary. See Note 3 for discussion of the reporting of Oncor Holdings and, accordingly, the Regulated Delivery segment, as an equity method investment. See Note 13 for discussion of material transactions with Oncor, including payment to Oncor of electricity delivery fees, which are based on rates regulated by the PUCT. | ||||||||||||||||
Corporate and Other represents the remaining nonsegment operations consisting primarily of discontinued businesses, general corporate expenses and interest and other expenses related to EFH Corp., EFIH and EFCH. | ||||||||||||||||
The business segment results reflect the application of ASC 852-10, Reorganizations. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1 to Financial Statements in our 2013 Form 10-K. Our chief operating decision maker uses more than one measure to assess segment performance, including reported segment net income (loss), which is the measure most comparable to consolidated net income (loss) prepared based on GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices or regulated rates. Certain shared services costs are allocated to the segments. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues (all Competitive Electric) | $ | 1,406 | $ | 1,419 | $ | 2,924 | $ | 2,679 | ||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interest of $19, $19, $40 and $37) | $ | 72 | $ | 74 | $ | 152 | $ | 141 | ||||||||
Net income (loss): | ||||||||||||||||
Competitive Electric | $ | (591 | ) | $ | (238 | ) | $ | (1,158 | ) | $ | (786 | ) | ||||
Regulated Delivery | 72 | 74 | 152 | 141 | ||||||||||||
Corporate and Other | (255 | ) | 93 | (377 | ) | 5 | ||||||||||
Consolidated | $ | (774 | ) | $ | (71 | ) | $ | (1,383 | ) | $ | (640 | ) |
Supplementary_Financial_Inform
Supplementary Financial Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Supplementary Financial Information [Abstract] | ' | ||||||||||||||||
Supplementary Financial Information | ' | ||||||||||||||||
SUPPLEMENTARY FINANCIAL INFORMATION | |||||||||||||||||
Other Income and Deductions | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Other income: | |||||||||||||||||
Office space rental income (a) | $ | 3 | $ | 3 | $ | 6 | $ | 6 | |||||||||
Insurance/litigation settlements (b) | — | — | — | 2 | |||||||||||||
All other | 3 | 4 | 8 | 6 | |||||||||||||
Total other income | $ | 6 | $ | 7 | $ | 14 | $ | 14 | |||||||||
Other deductions: | |||||||||||||||||
Write-off of deferred costs related to cancelled mining projects | $ | 21 | $ | — | $ | 21 | $ | — | |||||||||
Ongoing employee retirement benefit expense related to discontinued businesses (a) | — | — | $ | — | $ | (1 | ) | ||||||||||
All other | 2 | 1 | 2 | 5 | |||||||||||||
Total other deductions | $ | 23 | $ | 1 | $ | 23 | $ | 4 | |||||||||
____________ | |||||||||||||||||
(a) | Reported in Corporate and Other. | ||||||||||||||||
(b) | Reported in Competitive Electric segment. | ||||||||||||||||
Restricted Cash | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Current | Noncurrent Assets | Current | Noncurrent Assets | ||||||||||||||
Assets | Assets | ||||||||||||||||
Amounts related to TCEH's DIP Facility (Note 5) | $ | — | $ | 53 | $ | — | $ | — | |||||||||
Amounts related to TCEH's pre-petition Letter of Credit | — | 582 | 945 | — | |||||||||||||
Facility (Note 7) (a) | |||||||||||||||||
Other | 4 | — | 4 | — | |||||||||||||
Total restricted cash | $ | 4 | $ | 635 | $ | 949 | $ | — | |||||||||
____________ | |||||||||||||||||
(a) | At December 31, 2013, in consideration of the Bankruptcy Filing, all amounts were classified as current. See Note 7 for discussion of letter of credit draws in 2014. | ||||||||||||||||
Trade Accounts Receivable | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Wholesale and retail trade accounts receivable | $ | 785 | $ | 732 | |||||||||||||
Allowance for uncollectible accounts | (13 | ) | (14 | ) | |||||||||||||
Trade accounts receivable — net | $ | 772 | $ | 718 | |||||||||||||
Gross trade accounts receivable at June 30, 2014 and December 31, 2013 included unbilled revenues of $286 million and $272 million, respectively. | |||||||||||||||||
Allowance for Uncollectible Accounts Receivable | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Allowance for uncollectible accounts receivable at beginning of period | $ | 14 | $ | 9 | |||||||||||||
Increase for bad debt expense | 20 | 13 | |||||||||||||||
Decrease for account write-offs | (21 | ) | (11 | ) | |||||||||||||
Allowance for uncollectible accounts receivable at end of period | $ | 13 | $ | 11 | |||||||||||||
Inventories by Major Category | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Materials and supplies | $ | 213 | $ | 216 | |||||||||||||
Fuel stock | 187 | 154 | |||||||||||||||
Natural gas in storage | 42 | 29 | |||||||||||||||
Total inventories | $ | 442 | $ | 399 | |||||||||||||
Other Investments | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Nuclear plant decommissioning trust | $ | 845 | $ | 791 | |||||||||||||
Assets related to employee benefit plans, including employee savings programs, net of distributions | 61 | 61 | |||||||||||||||
Land | 37 | 37 | |||||||||||||||
Miscellaneous other | 2 | 2 | |||||||||||||||
Total other investments | $ | 945 | $ | 891 | |||||||||||||
Nuclear Decommissioning Trust — Investments in a trust that will be used to fund the costs to decommission the Comanche Peak nuclear generation plant are carried at fair value. Decommissioning costs are being recovered from Oncor's customers as a delivery fee surcharge over the life of the plant and deposited by TCEH in the trust fund. Income and expense associated with the trust fund and the decommissioning liability are offset by a corresponding change in a receivable/payable (currently a payable reported in noncurrent liabilities) that will ultimately be settled through changes in Oncor's delivery fees rates (see Note 13). The nuclear decommissioning trust fund is not a debtor under the Chapter 11 Cases. A summary of investments in the fund follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Cost (a) | Unrealized gain | Unrealized loss | Fair market | ||||||||||||||
value | |||||||||||||||||
Debt securities (b) | $ | 276 | $ | 12 | $ | (1 | ) | $ | 287 | ||||||||
Equity securities (c) | 261 | 302 | (5 | ) | 558 | ||||||||||||
Total | $ | 537 | $ | 314 | $ | (6 | ) | $ | 845 | ||||||||
December 31, 2013 | |||||||||||||||||
Cost (a) | Unrealized gain | Unrealized loss | Fair market | ||||||||||||||
value | |||||||||||||||||
Debt securities (b) | $ | 266 | $ | 8 | $ | (4 | ) | $ | 270 | ||||||||
Equity securities (c) | 255 | 271 | (5 | ) | 521 | ||||||||||||
Total | $ | 521 | $ | 279 | $ | (9 | ) | $ | 791 | ||||||||
____________ | |||||||||||||||||
(a) | Includes realized gains and losses on securities sold. | ||||||||||||||||
(b) | The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's Investors Services, Inc. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 4.14% and 3.96% at June 30, 2014 and December 31, 2013, respectively, and an average maturity of 6 years at both June 30, 2014 and December 31, 2013. | ||||||||||||||||
(c) | The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. | ||||||||||||||||
Debt securities held at June 30, 2014 mature as follows: $101 million in one to five years, $56 million in five to ten years and $130 million after ten years. | |||||||||||||||||
The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales. | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Realized gains | $ | — | $ | 1 | $ | 1 | $ | 1 | |||||||||
Realized losses | $ | (1 | ) | $ | — | $ | (1 | ) | $ | — | |||||||
Proceeds from sales of securities | $ | 52 | $ | 64 | $ | 85 | $ | 105 | |||||||||
Investments in securities | $ | (56 | ) | $ | (67 | ) | $ | (93 | ) | $ | (112 | ) | |||||
Property, Plant and Equipment | |||||||||||||||||
At June 30, 2014 and December 31, 2013, property, plant and equipment of $17.3 billion and $17.8 billion, respectively, is stated net of accumulated depreciation and amortization of $8.8 billion and $8.2 billion, respectively. | |||||||||||||||||
Asset Retirement and Mining Reclamation Obligations | |||||||||||||||||
These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, removal of lignite/coal fueled plant ash treatment facilities and generation plant asbestos removal and disposal costs. There is no earnings impact with respect to changes in the nuclear plant decommissioning liability, as all costs are recoverable through the regulatory process as part of Oncor's delivery fees. | |||||||||||||||||
The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the condensed consolidated balance sheets, for the six months ended June 30, 2014: | |||||||||||||||||
Nuclear Plant Decommissioning | Mining Land Reclamation | Other | Total | ||||||||||||||
Liability at December 31, 2013 | $ | 390 | $ | 98 | $ | 36 | $ | 524 | |||||||||
Additions: | |||||||||||||||||
Accretion | 12 | 12 | — | 24 | |||||||||||||
Reductions: | |||||||||||||||||
Payments | — | (40 | ) | — | (40 | ) | |||||||||||
Adjustment to estimate of reclamation costs | — | (2 | ) | — | (2 | ) | |||||||||||
Liability at June 30, 2014 | 402 | 68 | 36 | 506 | |||||||||||||
Less amounts due currently | — | (49 | ) | — | (49 | ) | |||||||||||
Noncurrent liability at June 30, 2014 | $ | 402 | $ | 19 | $ | 36 | $ | 457 | |||||||||
Other Noncurrent Liabilities and Deferred Credits | |||||||||||||||||
The balance of other noncurrent liabilities and deferred credits consists of the following: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Uncertain tax positions, including accrued interest | $ | 247 | $ | 246 | |||||||||||||
Retirement plan and other employee benefits (a) | 1,017 | 1,057 | |||||||||||||||
Asset retirement and mining reclamation obligations | 457 | 440 | |||||||||||||||
Unfavorable purchase and sales contracts | 578 | 589 | |||||||||||||||
Nuclear decommissioning cost over-recovery (Note 13) | 442 | 400 | |||||||||||||||
Other | 13 | 30 | |||||||||||||||
Total other noncurrent liabilities and deferred credits | $ | 2,754 | $ | 2,762 | |||||||||||||
____________ | |||||||||||||||||
(a) | Includes $851 million and $838 million at June 30, 2014 and December 31, 2013, respectively, representing pension and OPEB liabilities related to Oncor (see Note 13). | ||||||||||||||||
Unfavorable Purchase and Sales Contracts — The amortization of unfavorable purchase and sales contracts totaled $6 million and $7 million for the three months ended June 30, 2014 and 2013, respectively, and totaled $12 million and $13 million for the six months ended June 30, 2014 and 2013, respectively. See Note 4 for intangible assets related to favorable purchase and sales contracts. | |||||||||||||||||
The estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years is as follows: | |||||||||||||||||
Year | Amount | ||||||||||||||||
2014 | $ | 24 | |||||||||||||||
2015 | $ | 24 | |||||||||||||||
2016 | $ | 24 | |||||||||||||||
2017 | $ | 24 | |||||||||||||||
2018 | $ | 24 | |||||||||||||||
Fair Value of Debt | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Debt: | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||
Value | Value | ||||||||||||||||
Borrowings under debtor-in-possession credit facilities (Note 5) | $ | 6,825 | $ | 6,866 | $ | — | $ | — | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise (Note 7) | 35,860 | 26,817 | — | — | |||||||||||||
Long-term debt, excluding capitalized lease obligations | 141 | 143 | — | — | |||||||||||||
Pre-petition notes, loans and other debt (excluding capital leases) (Note 7) | — | — | 40,200 | 26,050 | |||||||||||||
We determine fair value in accordance with accounting standards as discussed in Note 11, and at June 30, 2014, our debt fair value represents Level 2 valuations. We obtain security pricing from an independent party who uses broker quotes and third-party pricing services to determine fair values. Where relevant, these prices are validated through subscription services such as Bloomberg. | |||||||||||||||||
Supplemental Cash Flow Information | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash payments related to: | |||||||||||||||||
Interest paid (a) | $ | 869 | $ | 1,733 | |||||||||||||
Capitalized interest | (11 | ) | (14 | ) | |||||||||||||
Interest paid (net of capitalized interest) (a) | $ | 858 | $ | 1,719 | |||||||||||||
Income taxes | $ | 49 | $ | 51 | |||||||||||||
Reorganization items (b) | $ | 53 | $ | — | |||||||||||||
Noncash investing and financing activities: | |||||||||||||||||
Principal amount of toggle notes issued in lieu of cash interest | $ | — | $ | 83 | |||||||||||||
Construction expenditures (c) | $ | 51 | $ | 69 | |||||||||||||
Debt exchange and extension transactions (d) | $ | (85 | ) | $ | (326 | ) | |||||||||||
Debt assumed related to acquired combustion turbine trust interest | $ | — | $ | (45 | ) | ||||||||||||
____________ | |||||||||||||||||
(a) | Net of amounts received under interest rate swap agreements. | ||||||||||||||||
(b) | Represents cash payments for legal and other consulting services. | ||||||||||||||||
(c) | Represents end-of-period accruals. | ||||||||||||||||
(d) | For the six months ended June 30, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 5). For the six months ended June 30, 2013 represents $340 million principal amount of term loans issued under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $1.302 billion principal amount of EFIH debt issued in exchange for $1.310 billion principal amount of EFH Corp. and EFIH debt and $89 million principal amount of EFIH debt issued in exchange for $95 million principal amount of EFH Corp. debt. |
Business_And_Significant_Accou1
Business And Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
The condensed consolidated financial statements have been prepared as if EFH Corp. is a going concern and reflect the application of ASC 852-10, Reorganizations. During the pendency of the Bankruptcy Filing, the Debtors will operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. ASC 852-10 applies to entities that have filed a petition for bankruptcy under Chapter 11 of the Bankruptcy Code. The guidance requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. In addition, the guidance provides for changes in the accounting and presentation of liabilities, as well as expenses and income directly associated with the Chapter 11 Cases. See Notes 6 and 7 for discussion of these accounting and reporting changes. | |
Investments in unconsolidated subsidiaries, which are 50% or less owned and/or do not meet accounting standards criteria for consolidation, are accounted for under the equity method (see Note 3). Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the audited financial statements and related notes included in our 2013 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. | |
Use of Estimates | ' |
Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements and estimates of expected allowed claims. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Consolidation Of Variable Interest Entities [Abstract] | ' | |||||||||||||||
Schedule of condensed statements of consolidated income of Oncor Holdings and its subsidiaries | ' | |||||||||||||||
Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the three and six months ended June 30, 2014 and 2013 are presented below: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues | $ | 912 | $ | 857 | $ | 1,829 | $ | 1,674 | ||||||||
Operation and maintenance expenses | (353 | ) | (307 | ) | (698 | ) | (605 | ) | ||||||||
Depreciation and amortization | (210 | ) | (202 | ) | (420 | ) | (401 | ) | ||||||||
Taxes other than income taxes | (106 | ) | (101 | ) | (215 | ) | (203 | ) | ||||||||
Other income | 3 | 5 | 7 | 10 | ||||||||||||
Other deductions | (4 | ) | (4 | ) | (7 | ) | (8 | ) | ||||||||
Interest income | 1 | 1 | 2 | 2 | ||||||||||||
Interest expense and related charges | (89 | ) | (95 | ) | (177 | ) | (189 | ) | ||||||||
Income before income taxes | 154 | 154 | 321 | 280 | ||||||||||||
Income tax expense | (63 | ) | (61 | ) | (129 | ) | (102 | ) | ||||||||
Net income | 91 | 93 | 192 | 178 | ||||||||||||
Net income attributable to noncontrolling interests | (19 | ) | (19 | ) | (40 | ) | (37 | ) | ||||||||
Net income attributable to Oncor Holdings | $ | 72 | $ | 74 | $ | 152 | $ | 141 | ||||||||
Schedule of assets and liabilities of Oncor Holdings | ' | |||||||||||||||
Assets and liabilities of Oncor Holdings at June 30, 2014 and December 31, 2013 are presented below: | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 6 | $ | 28 | ||||||||||||
Restricted cash | 49 | 52 | ||||||||||||||
Trade accounts receivable — net | 454 | 385 | ||||||||||||||
Trade accounts and other receivables from affiliates | 140 | 135 | ||||||||||||||
Income taxes receivable from EFH Corp. | 36 | 16 | ||||||||||||||
Inventories | 75 | 65 | ||||||||||||||
Accumulated deferred income taxes | 22 | 32 | ||||||||||||||
Prepayments and other current assets | 89 | 82 | ||||||||||||||
Total current assets | 871 | 795 | ||||||||||||||
Restricted cash | 16 | 16 | ||||||||||||||
Other investments | 93 | 91 | ||||||||||||||
Property, plant and equipment — net | 12,163 | 11,902 | ||||||||||||||
Goodwill | 4,064 | 4,064 | ||||||||||||||
Regulatory assets — net | 1,156 | 1,324 | ||||||||||||||
Other noncurrent assets | 76 | 71 | ||||||||||||||
Total assets | $ | 18,439 | $ | 18,263 | ||||||||||||
LIABILITIES | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Short-term borrowings | $ | 822 | $ | 745 | ||||||||||||
Long-term debt due currently | 635 | 131 | ||||||||||||||
Trade accounts payable — nonaffiliates | 141 | 178 | ||||||||||||||
Income taxes payable to EFH Corp. | 14 | 23 | ||||||||||||||
Accrued taxes other than income | 99 | 169 | ||||||||||||||
Accrued interest | 94 | 95 | ||||||||||||||
Other current liabilities | 145 | 135 | ||||||||||||||
Total current liabilities | 1,950 | 1,476 | ||||||||||||||
Accumulated deferred income taxes | 1,885 | 1,905 | ||||||||||||||
Long-term debt, less amounts due currently | 5,065 | 5,381 | ||||||||||||||
Other noncurrent liabilities and deferred credits | 1,759 | 1,822 | ||||||||||||||
Total liabilities | $ | 10,659 | $ | 10,584 | ||||||||||||
Goodwill_And_Identifiable_Inta1
Goodwill And Identifiable Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||||||
The following table provides information regarding our goodwill balance, all of which relates to the Competitive Electric segment and arose in connection with accounting for the Merger. There were no changes to the goodwill balance for the three and six months ended June 30, 2014 and 2013. None of the goodwill is being deducted for tax purposes. | |||||||||||||||||||||||||
Goodwill before impairment charges | $ | 18,342 | |||||||||||||||||||||||
Accumulated noncash impairment charges | (14,390 | ) | |||||||||||||||||||||||
Balance at June 30, 2014 and December 31, 2013 | $ | 3,952 | |||||||||||||||||||||||
Schedule of identifiable intangible assets reported in the balance sheet | ' | ||||||||||||||||||||||||
Identifiable intangible assets, including amounts that arose in connection with accounting for the Merger, are comprised of the following: | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Identifiable Intangible Asset | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Retail customer relationship | $ | 463 | $ | 413 | $ | 50 | $ | 463 | $ | 402 | $ | 61 | |||||||||||||
Favorable purchase and sales contracts | 352 | 151 | 201 | 352 | 139 | 213 | |||||||||||||||||||
Capitalized in-service software | 357 | 208 | 149 | 355 | 192 | 163 | |||||||||||||||||||
Environmental allowances and credits | 211 | 27 | 184 | 209 | 20 | 189 | |||||||||||||||||||
Mining development costs | 163 | 82 | 81 | 156 | 69 | 87 | |||||||||||||||||||
Total identifiable intangible assets subject to amortization | $ | 1,546 | $ | 881 | 665 | $ | 1,535 | $ | 822 | 713 | |||||||||||||||
Retail trade name (not subject to amortization) | 955 | 955 | |||||||||||||||||||||||
Mineral interests (not currently subject to amortization) | 7 | 11 | |||||||||||||||||||||||
Total identifiable intangible assets | $ | 1,627 | $ | 1,679 | |||||||||||||||||||||
Schedule of amortization expense related to intangible assets (including income statement line item) | ' | ||||||||||||||||||||||||
Amortization expense related to identifiable intangible assets (including income statement line item) consisted of: | |||||||||||||||||||||||||
Identifiable Intangible Asset | Income Statement Line | Segment | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Retail customer relationship | Depreciation and amortization | Competitive Electric | $ | 6 | $ | 6 | $ | 11 | $ | 12 | |||||||||||||||
Favorable purchase and sales contracts | Operating revenues/fuel, purchased power costs and delivery fees | Competitive Electric | 7 | 7 | 12 | 13 | |||||||||||||||||||
Capitalized in-service software | Depreciation and amortization | Competitive Electric and Corporate and Other | 11 | 11 | 23 | 21 | |||||||||||||||||||
Environmental allowances and credits | Fuel, purchased power costs and delivery fees | Competitive Electric | 3 | 3 | 7 | 6 | |||||||||||||||||||
Mining development costs | Depreciation and amortization | Competitive Electric | 8 | 7 | 17 | 15 | |||||||||||||||||||
Total amortization expense (a) | $ | 35 | $ | 34 | $ | 70 | $ | 67 | |||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) | Amounts recorded in depreciation and amortization totaled $25 million and $24 million for the three months ended June 30, 2014 and 2013, respectively, and $51 million and $48 million for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Schedule of estimated aggregate amortization expense of intangible assets for each of the next five fiscal years | ' | ||||||||||||||||||||||||
Estimated Amortization of Identifiable Intangible Assets — The estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as follows: | |||||||||||||||||||||||||
Year | Estimated Amortization Expense | ||||||||||||||||||||||||
2014 | $ | 133 | |||||||||||||||||||||||
2015 | $ | 123 | |||||||||||||||||||||||
2016 | $ | 100 | |||||||||||||||||||||||
2017 | $ | 77 | |||||||||||||||||||||||
2018 | $ | 56 | |||||||||||||||||||||||
DebtorInPossession_Borrowing_F1
Debtor-In-Possession Borrowing Facilities (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debtor-In-Possession Obligations [Abstract] | ' | ||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||||
The TCEH DIP Facilities and related available capacity at June 30, 2014 are presented below. Borrowings are reported in the condensed consolidated balance sheet as borrowings under debtor-in-possession credit facilities. | |||||||||||||
June 30, 2014 | |||||||||||||
TCEH DIP Facility | Facility | Available Cash | Available Letter of Credit Capacity | ||||||||||
Limit | Borrowing Capacity | ||||||||||||
TCEH DIP Revolving Credit Facility (a) | $ | 1,950 | $ | 1,950 | $ | — | |||||||
TCEH DIP Term Loan Facility (b) | 1,425 | — | 747 | ||||||||||
Total TCEH DIP Facility | $ | 3,375 | $ | 1,950 | $ | 747 | |||||||
___________ | |||||||||||||
(a) | Facility used for general corporate purposes. No amounts were borrowed at June 30 or July 31, 2014. Pursuant to an order of the Bankruptcy Court, the TCEH Debtors may not have more than $1.650 billion of TCEH DIP Revolving Credit Facility cash borrowings outstanding without written consent of the committee of unsecured creditors and the ad hoc group of TCEH unsecured noteholders or further order of the Bankruptcy Court. | ||||||||||||
(b) | Facility used for general corporate purposes, including but not limited to, $800 million for issuing letters of credit. |
Reorganization_Items_Tables
Reorganization Items (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Reorganization Items [Abstract] | ' | |||
Reorganization Items [Table Text Block] | ' | |||
Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of consolidated income (loss) as reorganization items as required by ASC 852-10, Reorganizations. Reorganization items also include adjustments to reflect the carrying value of liabilities subject to compromise (LSTC) at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred since the Petition Date as reported in the condensed statements of consolidated income (loss): | ||||
Post-Petition Period Through | ||||
30-Jun-14 | ||||
Liability adjustment arising from termination of interest rate swaps (Note 12) | $ | 278 | ||
Fees associated with completion of TCEH and EFIH DIP Facilities | 185 | |||
Loss on exchange and settlement of EFIH First Lien Notes (Note 5) | 108 | |||
Expenses related to legal advisory and representation services | 41 | |||
Expenses related to other professional consulting and advisory services | 50 | |||
Other | 3 | |||
Total reorganization items | $ | 665 | ||
Liabilities_Subject_to_Comprom1
Liabilities Subject to Compromise (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Liabilities Subject to Compromise [Abstract] | ' | |||||||
Liabilities Subject To Compromise [Table Text Block] | ' | |||||||
The amounts classified as liabilities subject to compromise (LSTC) reflect the company's estimate of pre-petition liabilities to be addressed in the Chapter 11 Cases and may be subject to future adjustment as the Chapter 11 Cases proceed. Debt amounts include related unamortized deferred financing costs and discounts/premiums. Amounts classified to LSTC do not include pre-petition liabilities that are fully secured by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at June 30, 2014: | ||||||||
June 30, | ||||||||
2014 | ||||||||
Notes, loans and other debt per the following table | $ | 35,127 | ||||||
Accrued interest on notes, loans and other debt | 804 | |||||||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 12) | 1,235 | |||||||
Trade accounts payable and accrued liabilities | 292 | |||||||
Total liabilities subject to compromise | $ | 37,458 | ||||||
Schedule of Long-term Debt Instruments | ' | |||||||
Debt Reported as Liabilities Subject to Compromise | ||||||||
All amounts of pre-petition notes, loans and other debt reported as liabilities subject to compromise represent principal amounts. | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
EFH Corp. (parent entity) | ||||||||
9.75% Fixed Senior Notes due October 15, 2019 | $ | 2 | $ | 2 | ||||
10% Fixed Senior Notes due January 15, 2020 | 3 | 3 | ||||||
10.875% Fixed Senior Notes due November 1, 2017 | 33 | 33 | ||||||
11.25% / 12.00% Senior Toggle Notes due November 1, 2017 | 27 | 27 | ||||||
5.55% Fixed Series P Senior Notes due November 15, 2014 (a) | 90 | 90 | ||||||
6.50% Fixed Series Q Senior Notes due November 15, 2024 (a) | 201 | 201 | ||||||
6.55% Fixed Series R Senior Notes due November 15, 2034 (a) | 291 | 291 | ||||||
8.82% Building Financing due semiannually through February 11, 2022 (b) | — | 46 | ||||||
Unamortized fair value premium related to Building Financing (b)(c) | — | 9 | ||||||
Unamortized fair value discount (c) | (118 | ) | (121 | ) | ||||
Total EFH Corp. | 529 | 581 | ||||||
EFIH | ||||||||
6.875% Fixed Senior Secured First Lien Notes due August 15, 2017 (d) | — | 503 | ||||||
10% Fixed Senior Secured First Lien Notes due December 1, 2020 (d) | — | 3,482 | ||||||
11% Fixed Senior Secured Second Lien Notes due October 1, 2021 | 406 | 406 | ||||||
11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 | 1,750 | 1,750 | ||||||
11.25% / 12.25% Senior Toggle Notes due December 1, 2018 | 1,566 | 1,566 | ||||||
9.75% Fixed Senior Notes due October 15, 2019 | 2 | 2 | ||||||
Unamortized premium | 243 | 284 | ||||||
Unamortized discount | (121 | ) | (146 | ) | ||||
Total EFIH | 3,846 | 7,847 | ||||||
EFCH | ||||||||
9.58% Fixed Notes due in annual installments through December 4, 2019 (b) | — | 29 | ||||||
8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) | — | 34 | ||||||
Floating Rate Junior Subordinated Debentures, Series D due January 30, 2037 | 1 | 1 | ||||||
8.175% Fixed Junior Subordinated Debentures, Series E due January 30, 2037 | 8 | 8 | ||||||
Unamortized fair value discount (c) | (1 | ) | (6 | ) | ||||
Total EFCH | 8 | 66 | ||||||
TCEH | ||||||||
Senior Secured Facilities: | ||||||||
TCEH Floating Rate Term Loan Facilities due October 10, 2014 | 3,809 | 3,809 | ||||||
TCEH Floating Rate Letter of Credit Facility due October 10, 2014 | 42 | 42 | ||||||
TCEH Floating Rate Revolving Credit Facility due October 10, 2016 | 2,054 | 2,054 | ||||||
TCEH Floating Rate Term Loan Facilities due October 10, 2017 (a) | 15,691 | 15,691 | ||||||
TCEH Floating Rate Letter of Credit Facility due October 10, 2017 | 1,020 | 1,020 | ||||||
11.5% Fixed Senior Secured Notes due October 1, 2020 | 1,750 | 1,750 | ||||||
15% Fixed Senior Secured Second Lien Notes due April 1, 2021 | 336 | 336 | ||||||
15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B | 1,235 | 1,235 | ||||||
10.25% Fixed Senior Notes due November 1, 2015 (a) | 1,833 | 1,833 | ||||||
10.25% Fixed Senior Notes due November 1, 2015, Series B (a) | 1,292 | 1,292 | ||||||
10.50% / 11.25% Senior Toggle Notes due November 1, 2016 | 1,749 | 1,749 | ||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Pollution Control Revenue Bonds: | ||||||||
Brazos River Authority: | ||||||||
5.40% Fixed Series 1994A due May 1, 2029 | $ | 39 | $ | 39 | ||||
7.70% Fixed Series 1999A due April 1, 2033 | 111 | 111 | ||||||
7.70% Fixed Series 1999C due March 1, 2032 | 50 | 50 | ||||||
8.25% Fixed Series 2001A due October 1, 2030 | 71 | 71 | ||||||
8.25% Fixed Series 2001D-1 due May 1, 2033 | 171 | 171 | ||||||
Floating Rate Series 2001D-2 due May 1, 2033 (e) | — | 97 | ||||||
Floating Rate Taxable Series 2001I due December 1, 2036 (e) | 1 | 62 | ||||||
Floating Rate Series 2002A due May 1, 2037 (e) | — | 45 | ||||||
6.30% Fixed Series 2003B due July 1, 2032 | 39 | 39 | ||||||
6.75% Fixed Series 2003C due October 1, 2038 | 52 | 52 | ||||||
5.40% Fixed Series 2003D due October 1, 2029 | 31 | 31 | ||||||
5.00% Fixed Series 2006 due March 1, 2041 | 100 | 100 | ||||||
Sabine River Authority of Texas: | ||||||||
6.45% Fixed Series 2000A due June 1, 2021 | 51 | 51 | ||||||
5.20% Fixed Series 2001C due May 1, 2028 | 70 | 70 | ||||||
5.80% Fixed Series 2003A due July 1, 2022 | 12 | 12 | ||||||
6.15% Fixed Series 2003B due August 1, 2022 | 45 | 45 | ||||||
Trinity River Authority of Texas: | ||||||||
6.25% Fixed Series 2000A due May 1, 2028 | 14 | 14 | ||||||
Unamortized fair value discount related to pollution control revenue bonds (c) | (103 | ) | (105 | ) | ||||
Other: | ||||||||
7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (b) | — | 36 | ||||||
7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 (b) | — | 4 | ||||||
Capitalized lease obligations (b) | — | 52 | ||||||
Other | 3 | 3 | ||||||
Unamortized discount | (91 | ) | (103 | ) | ||||
Total TCEH | 31,477 | 31,758 | ||||||
Deferred debt issuance and extension costs (f) | (733 | ) | — | |||||
Total EFH Corp. consolidated notes, loans and other debt | $ | 35,127 | $ | 40,252 | ||||
___________ | ||||||||
(a) | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. | |||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014 | $ | 281 | $ | 281 | ||||
EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024 | 545 | 545 | ||||||
EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034 | 456 | 456 | ||||||
TCEH Floating Rate Term Loan Facilities due October 10, 2017 | 19 | 19 | ||||||
TCEH 10.25% Fixed Senior Notes due November 1, 2015 | 213 | 213 | ||||||
TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B | 150 | 150 | ||||||
Total | $ | 1,664 | $ | 1,664 | ||||
(b) | Amounts classified as debt in the condensed consolidated balance sheet at June 30, 2014. See (a) and (b) notes to condensed consolidated balance sheet. | |||||||
(c) | Amount represents unamortized fair value adjustments recorded under purchase accounting. | |||||||
(d) | The EFIH First Lien Notes were exchanged or settled in June 2014 (see Note 5). | |||||||
(e) | These bonds were tendered and settled through letter of credit draws. | |||||||
(f) | Deferred debt issuance and extension costs were reported in other noncurrent assets at December 31, 2013. |
Interest_Expense_and_Related_C1
Interest Expense and Related Charges (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Interest Expense and Related Charges [Abstract] | ' | ||||||||||||||||
Schedule of Interest Expense and Related Charges [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest paid/accrued on debtor-in-possession financing | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
Adequate protection amounts paid/accrued (a) | 211 | — | 211 | — | |||||||||||||
Interest paid/accrued on pre-petition debt (including net amounts paid/accrued under interest rate swaps) (b) | 318 | 844 | 1,151 | 1,683 | |||||||||||||
Interest expense on pre-petition toggle notes payable in additional principal (Note 7) | 16 | 42 | 65 | 83 | |||||||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) (c) | 1,237 | — | 1,237 | — | |||||||||||||
Unrealized mark-to-market net gain on interest rate swaps | (1,238 | ) | (339 | ) | (1,303 | ) | (489 | ) | |||||||||
Amortization of interest rate swap losses at dedesignation of hedge accounting | — | 2 | (1 | ) | 4 | ||||||||||||
Amortization of fair value debt discounts resulting from purchase accounting | 1 | 5 | 6 | 10 | |||||||||||||
Amortization of debt issuance, amendment and extension costs and discounts | 16 | 51 | 67 | 105 | |||||||||||||
Capitalized interest | (4 | ) | (7 | ) | (11 | ) | (14 | ) | |||||||||
Total interest expense and related charges | $ | 571 | $ | 598 | $ | 1,436 | $ | 1,382 | |||||||||
____________ | |||||||||||||||||
(a) | Post-petition period only. | ||||||||||||||||
(b) | Includes amounts related to interest rate swaps totaling $48 million and $156 million for the three months ended June 30, 2014 and 2013, respectively, and $194 million and $309 million for the six months ended June 30, 2014 and 2013, respectively. Of the $194 million for the six months ended June 30, 2014, $129 million represents matured positions that have not been settled in cash. Of the $129 million, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 12. | ||||||||||||||||
(c) | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 12) and $12 million related to other interest rate swaps. | ||||||||||||||||
Contractual Interest Expense On Pre-Petition Liabilities [Table Text Block] | ' | ||||||||||||||||
Post-Petition Period Through June 30, 2014 | |||||||||||||||||
Entity: | Contractual Interest on | Adequate Protection | Allowed Interest Paid/Accrued (a) | Contractual Interest on | |||||||||||||
Debt Classified as LSTC | Paid/Accrued | Debt Classified as LSTC Not | |||||||||||||||
Paid/Accrued | |||||||||||||||||
EFH Corp. | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||
EFIH | 133 | — | 54 | 79 | |||||||||||||
EFCH | 1 | — | — | 1 | |||||||||||||
TCEH (b) | 356 | 201 | — | 155 | |||||||||||||
Total | $ | 512 | $ | 201 | $ | 54 | $ | 257 | |||||||||
___________ | |||||||||||||||||
(a) | Interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 5). | ||||||||||||||||
(b) | Adequate protection paid/accrued presented in this table excludes $10 million related to the liability for terminated TCEH natural gas hedging positions and interest rate swaps (see Note 12). |
Equity_Tables
Equity (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Schedule of Stockholders Equity | ' | |||||||||||||||||||||||
The following table presents the changes to equity for the six months ended June 30, 2014: | ||||||||||||||||||||||||
EFH Corp. Shareholders’ Equity | ||||||||||||||||||||||||
Common Stock (a) | Additional Paid-in Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | |||||||||||||||||||
Balance at December 31, 2013 | $ | 2 | $ | 7,962 | $ | (21,157 | ) | $ | (63 | ) | $ | 1 | $ | (13,255 | ) | |||||||||
Net loss | — | — | (1,383 | ) | — | — | (1,383 | ) | ||||||||||||||||
Effects of stock-based incentive compensation plans | — | 4 | — | — | — | 4 | ||||||||||||||||||
Change in unrecognized losses related to pension and OPEB plans | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Net effects of cash flow hedges | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net effects related to Oncor | — | — | — | 1 | — | 1 | ||||||||||||||||||
Investment by noncontrolling interests | — | — | — | — | 1 | 1 | ||||||||||||||||||
Other | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||
Balance at June 30, 2014 | $ | 2 | $ | 7,966 | $ | (22,540 | ) | $ | (64 | ) | $ | — | $ | (14,636 | ) | |||||||||
____________ | ||||||||||||||||||||||||
(a) | Authorized shares totaled 2,000,000,000 at June 30, 2014. Outstanding shares totaled 1,669,861,383 and 1,669,861,383 at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
The following table presents the changes to equity for the six months ended June 30, 2013: | ||||||||||||||||||||||||
EFH Corp. Shareholders’ Equity | ||||||||||||||||||||||||
Common Stock (a) | Additional Paid-in Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | |||||||||||||||||||
Balance at December 31, 2012 | $ | 2 | $ | 7,959 | $ | (18,939 | ) | $ | (47 | ) | $ | 102 | $ | (10,923 | ) | |||||||||
Net loss | — | — | (640 | ) | — | — | (640 | ) | ||||||||||||||||
Effects of stock-based incentive compensation plans | — | 3 | — | — | — | 3 | ||||||||||||||||||
Repurchases of stock | — | (5 | ) | — | — | — | (5 | ) | ||||||||||||||||
Change in unrecognized losses related to pension and OPEB plans | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||
Net effects of cash flow hedges | — | — | — | 4 | — | 4 | ||||||||||||||||||
Net effects related to Oncor | — | — | — | 1 | — | 1 | ||||||||||||||||||
Investment by noncontrolling interests | — | — | — | — | 2 | 2 | ||||||||||||||||||
Balance at June 30, 2013 | $ | 2 | $ | 7,957 | $ | (19,579 | ) | $ | (45 | ) | $ | 104 | $ | (11,561 | ) | |||||||||
____________ | ||||||||||||||||||||||||
(a) | Authorized shares totaled 2,000,000,000 at June 30, 2013. Outstanding shares totaled 1,669,861,383 and 1,680,539,245 at June 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
The following table presents the changes to accumulated other comprehensive income (loss) for the six months ended June 30, 2014. There was no other comprehensive income (loss) before reclassification for the period. | ||||||||||||||||||||||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 12) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | (56 | ) | $ | (7 | ) | $ | (63 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||||||||||||||||||||||
Operating costs | — | (2 | ) | (2 | ) | |||||||||||||||||||
Depreciation and amortization | 1 | — | 1 | |||||||||||||||||||||
Selling, general and administrative expenses | — | (2 | ) | (2 | ) | |||||||||||||||||||
Interest expense and related charges | — | — | — | |||||||||||||||||||||
Income tax benefit (expense) | — | 1 | 1 | |||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 1 | — | 1 | |||||||||||||||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 2 | (3 | ) | (1 | ) | |||||||||||||||||||
Balance at June 30, 2014 | $ | (54 | ) | $ | (10 | ) | $ | (64 | ) | |||||||||||||||
The following table presents the changes to accumulated other comprehensive income (loss) for the six months ended June 30, 2013. There was no other comprehensive income (loss) before reclassification for the period. | ||||||||||||||||||||||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 12) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | (64 | ) | $ | 17 | $ | (47 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||||||||||||||||||||||
Operating costs | — | (2 | ) | (2 | ) | |||||||||||||||||||
Depreciation and amortization | 1 | — | 1 | |||||||||||||||||||||
Selling, general and administrative expenses | — | (2 | ) | (2 | ) | |||||||||||||||||||
Interest expense and related charges | 5 | — | 5 | |||||||||||||||||||||
Income tax benefit (expense) | (2 | ) | 1 | (1 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 2 | (1 | ) | 1 | ||||||||||||||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 6 | (4 | ) | 2 | ||||||||||||||||||||
Balance at June 30, 2013 | $ | (58 | ) | $ | 13 | $ | (45 | ) | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis consisted of the following: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 (a) | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Commodity contracts | $ | 118 | $ | 64 | $ | 58 | $ | 240 | |||||||||||
Nuclear decommissioning trust – equity securities (b) | 354 | 204 | — | 558 | |||||||||||||||
Nuclear decommissioning trust – debt securities (b) | — | 287 | — | 287 | |||||||||||||||
Total assets | $ | 472 | $ | 555 | $ | 58 | $ | 1,085 | |||||||||||
Liabilities: | |||||||||||||||||||
Commodity contracts | $ | 193 | $ | 37 | $ | 13 | $ | 243 | |||||||||||
Total liabilities | $ | 193 | $ | 37 | $ | 13 | $ | 243 | |||||||||||
December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 (a) | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Commodity contracts | $ | 161 | $ | 570 | $ | 57 | $ | 788 | |||||||||||
Interest rate swaps | — | 67 | — | 67 | |||||||||||||||
Nuclear decommissioning trust – equity securities (b) | 330 | 191 | — | 521 | |||||||||||||||
Nuclear decommissioning trust – debt securities (b) | — | 270 | — | 270 | |||||||||||||||
Total assets | $ | 491 | $ | 1,098 | $ | 57 | $ | 1,646 | |||||||||||
Liabilities: | |||||||||||||||||||
Commodity contracts | $ | 231 | $ | 14 | $ | 18 | $ | 263 | |||||||||||
Interest rate swaps | — | 80 | 1,012 | 1,092 | |||||||||||||||
Total liabilities | $ | 231 | $ | 94 | $ | 1,030 | $ | 1,355 | |||||||||||
____________ | |||||||||||||||||||
(a) | See table below for description of Level 3 assets and liabilities. | ||||||||||||||||||
(b) | The nuclear decommissioning trust investment is included in the other investments line in the condensed consolidated balance sheets. See Note 15. | ||||||||||||||||||
Schedule of fair value of the Level 3 assets and liabilities by major contract type (all related to commodity contracts) and the significant unobservable inputs used in the valuations | ' | ||||||||||||||||||
The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at June 30, 2014 and December 31, 2013: | |||||||||||||||||||
June 30, 2014 | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Contract Type (a) | Assets | Liabilities | Total | Valuation Technique | Significant Unobservable Input | Range (b) | |||||||||||||
Electricity purchases and sales | $ | 4 | $ | (2 | ) | $ | 2 | Valuation Model | Illiquid pricing locations (c) | $35 to $50/ MWh | |||||||||
Hourly price curve shape (d) | $20 to $70/ MWh | ||||||||||||||||||
Electricity spread options | 7 | (2 | ) | 5 | Option Pricing Model | Gas to power correlation (e) | 40% to 90% | ||||||||||||
Power volatility (f) | 10% to 40% | ||||||||||||||||||
Electricity congestion revenue rights | 40 | (3 | ) | 37 | Market Approach (g) | Illiquid price differences between settlement points (h) | $0.00 to $25.00 | ||||||||||||
Coal purchases | 3 | (5 | ) | (2 | ) | Market Approach (g) | Illiquid price variances between mines (i) | $0.00 to $1.00 | |||||||||||
Probability of default (j) | 0% to 40% | ||||||||||||||||||
Recovery rate (k) | 0% to 40% | ||||||||||||||||||
Illiquid pricing variances between heat content (l) | $0.30 to $0.40 | ||||||||||||||||||
Other (n) | 4 | (1 | ) | 3 | |||||||||||||||
Total | $ | 58 | $ | (13 | ) | $ | 45 | ||||||||||||
December 31, 2013 | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Contract Type (a) | Assets | Liabilities | Total | Valuation Technique | Significant Unobservable Input | Range (b) | |||||||||||||
Electricity purchases and sales | $ | 2 | $ | (2 | ) | $ | — | Valuation Model | Illiquid pricing locations (c) | $25 to $45/ MWh | |||||||||
Hourly price curve shape (d) | $20 to $70/ MWh | ||||||||||||||||||
Electricity spread options | 15 | (2 | ) | 13 | Option Pricing Model | Gas to power correlation (e) | 45% to 95% | ||||||||||||
Power volatility (f) | 10% to 30% | ||||||||||||||||||
Electricity congestion revenue rights | 35 | (2 | ) | 33 | Market Approach (g) | Illiquid price differences between settlement points (h) | $0.00 to $25.00 | ||||||||||||
Coal purchases | — | (11 | ) | (11 | ) | Market Approach (g) | Illiquid price variances between mines (i) | $0.00 to $1.00 | |||||||||||
Probability of default (j) | 0% to 40% | ||||||||||||||||||
Recovery rate (k) | 0% to 40% | ||||||||||||||||||
Interest rate swaps | — | (1,012 | ) | (1,012 | ) | Valuation Model | Nonperformance risk adjustment (m) | 25% to 35% | |||||||||||
Other (n) | 5 | (1 | ) | 4 | |||||||||||||||
Total | $ | 57 | $ | (1,030 | ) | $ | (973 | ) | |||||||||||
____________ | |||||||||||||||||||
(a) | Electricity purchase and sales contracts include hedging positions in the ERCOT West, North and Houston regions, as well as power contracts, the valuations of which include unobservable inputs related to the hourly shaping of the price curve. Electricity spread option contracts consist of physical electricity call options. Electricity congestion revenue rights contracts consist of forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within ERCOT. Coal purchase contracts relate to western (Powder River Basin) coal. TCEH used interest rate swaps to hedge exposure to its variable rate debt (see Note 12). | ||||||||||||||||||
(b) | The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. | ||||||||||||||||||
(c) | Based on the historical range of forward average monthly ERCOT Hub and load zone prices. | ||||||||||||||||||
(d) | Based on the historical range of forward average hourly ERCOT North Hub prices. | ||||||||||||||||||
(e) | Estimate of the historical range based on forward natural gas and on-peak power prices for the ERCOT hubs most relevant to our spread options. | ||||||||||||||||||
(f) | Based on historical forward price changes. | ||||||||||||||||||
(g) | While we use the market approach, there is either insufficient market data to consider the valuation liquid or the significance of credit reserves or non-performance risk adjustments results in a Level 3 designation. | ||||||||||||||||||
(h) | Based on the historical price differences between settlement points within the ERCOT Hubs and load zones. | ||||||||||||||||||
(i) | Based on the historical range of price variances between mine locations. | ||||||||||||||||||
(j) | Estimate of the range of probabilities of default based on past experience and the length of the contract as well as our and counterparties' credit ratings. | ||||||||||||||||||
(k) | Estimate of the default recovery rate based on historical corporate rates. | ||||||||||||||||||
(l) | Based on historical ranges of forward average prices between different heat contents. | ||||||||||||||||||
(m) | Estimate of nonperformance risk adjustment based on TCEH senior secured debt trading values. | ||||||||||||||||||
(n) | Other includes contracts for ancillary services, natural gas, diesel options, coal options and weather dependent power options. | ||||||||||||||||||
Schedule of changes in fair value of the Level 3 assets and liabilities (all related to commodity contracts) | ' | ||||||||||||||||||
The following table presents the changes in fair value of the Level 3 assets and liabilities for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net asset (liability) balance at beginning of period | $ | (897 | ) | $ | 59 | $ | (973 | ) | $ | 29 | |||||||||
Total unrealized valuation losses | (9 | ) | (26 | ) | (94 | ) | (17 | ) | |||||||||||
Purchases, issuances and settlements (a): | |||||||||||||||||||
Purchases | 20 | 56 | 29 | 60 | |||||||||||||||
Issuances | (1 | ) | (6 | ) | (2 | ) | (6 | ) | |||||||||||
Settlements/terminations | 933 | 1 | 1,084 | 17 | |||||||||||||||
Transfers into Level 3 (b) | — | — | — | 1 | |||||||||||||||
Transfers out of Level 3 (b) | (1 | ) | 4 | 1 | 4 | ||||||||||||||
Net change (c) | 942 | 29 | 1,018 | 59 | |||||||||||||||
Net asset balance at end of period | $ | 45 | $ | 88 | $ | 45 | $ | 88 | |||||||||||
Unrealized valuation losses relating to instruments held at end of period | $ | (9 | ) | $ | (20 | ) | $ | (5 | ) | $ | (7 | ) | |||||||
____________ | |||||||||||||||||||
(a) | Settlement amounts in 2014 reflect termination of TCEH interest rate swaps and include the nonperformance risk adjustment as discussed in Note 12. Settlements for all periods presented reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. | ||||||||||||||||||
(b) | Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. Transfers out during 2013 were driven by a decrease in nonperformance risk adjustments. All Level 3 transfers in the periods presented are in and out of Level 2. | ||||||||||||||||||
(c) | Substantially all changes in values of commodity contracts are reported in the condensed statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Changes in values of interest rate swaps transferred into Level 3 in third quarter 2013 are reported in the condensed statements of consolidated income (loss) in interest expense and related charges (see Note 12). Activity excludes changes in fair value in the month the positions settled as well as amounts related to positions entered into and settled in the same month. |
Commodity_And_Other_Derivative1
Commodity And Other Derivative Contractual Assets And Liabilities (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Commodity and Other Derivative Contractual Assets and Liabilities as Reported in the Balance Sheets | ' | |||||||||||||||||||
The following tables provide detail of commodity and other derivative contractual assets and liabilities (with the column totals representing the net positions of the contracts) as reported in the condensed consolidated balance sheets at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Derivative assets | Derivative liabilities | |||||||||||||||||||
Commodity contracts | Interest rate swaps | Commodity contracts | Interest rate swaps | Total | ||||||||||||||||
Current assets | $ | 231 | $ | — | $ | — | $ | — | $ | 231 | ||||||||||
Noncurrent assets | 9 | — | — | — | 9 | |||||||||||||||
Current liabilities | — | — | (241 | ) | — | (241 | ) | |||||||||||||
Noncurrent liabilities | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net assets (liabilities) | $ | 240 | $ | — | $ | (243 | ) | $ | — | $ | (3 | ) | ||||||||
December 31, 2013 | ||||||||||||||||||||
Derivative assets | Derivative liabilities | |||||||||||||||||||
Commodity contracts | Interest rate swaps | Commodity contracts | Interest rate swaps | Total | ||||||||||||||||
Current assets | $ | 784 | $ | 67 | $ | — | $ | — | $ | 851 | ||||||||||
Noncurrent assets | 4 | — | — | — | 4 | |||||||||||||||
Current liabilities | — | — | (263 | ) | (1,092 | ) | (1,355 | ) | ||||||||||||
Net assets (liabilities) | $ | 788 | $ | 67 | $ | (263 | ) | $ | (1,092 | ) | $ | (500 | ) | |||||||
Schedule of Pre-tax Effect on Net Income of Derivatives Not Under Hedge Accounting, Including Realized and Unrealized Effects | ' | |||||||||||||||||||
The following table presents the pretax effect of derivatives on net income (gains (losses)), including realized and unrealized effects: | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
Derivative (income statement presentation) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) | $ | 11 | $ | 157 | $ | (168 | ) | $ | (43 | ) | ||||||||||
Interest rate swaps (Interest expense and related charges) (b) | (47 | ) | 183 | (128 | ) | 180 | ||||||||||||||
Interest rate swaps (Reorganization items) (Note 6) | (278 | ) | — | (278 | ) | — | ||||||||||||||
Net gain (loss) | $ | (314 | ) | $ | 340 | $ | (574 | ) | $ | 137 | ||||||||||
____________ | ||||||||||||||||||||
(a) | Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts. | |||||||||||||||||||
(b) | Includes unrealized mark-to-market net gain (loss) as well as the net realized effect on interest paid/accrued, both reported in "Interest Expense and Related Charges" (see Note 8). | |||||||||||||||||||
Offsetting Assets and Liabilities | ' | |||||||||||||||||||
The following tables reconcile our derivative assets and liabilities as presented in the condensed consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Amounts Presented in Balance Sheet | Offsetting Instruments | Financial Collateral (Received) Pledged (b) | Net Amounts | |||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | $ | 240 | $ | (153 | ) | $ | — | $ | 87 | |||||||||||
Interest rate swaps | — | — | — | — | ||||||||||||||||
Total derivative assets | 240 | (153 | ) | — | 87 | |||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | (243 | ) | 153 | 75 | (15 | ) | ||||||||||||||
Interest rate swaps | — | — | — | — | ||||||||||||||||
Total derivative liabilities | (243 | ) | 153 | 75 | (15 | ) | ||||||||||||||
Net amounts | $ | (3 | ) | $ | — | $ | 75 | $ | 72 | |||||||||||
December 31, 2013 | ||||||||||||||||||||
Amounts Presented in Balance Sheet | Offsetting Instruments (a) | Financial Collateral (Received) Pledged (b) | Net Amounts | |||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | $ | 788 | $ | (389 | ) | $ | (299 | ) | $ | 100 | ||||||||||
Interest rate swaps | 67 | (67 | ) | — | — | |||||||||||||||
Total derivative assets | 855 | (456 | ) | (299 | ) | 100 | ||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | (263 | ) | 168 | 70 | (25 | ) | ||||||||||||||
Interest rate swaps | (1,092 | ) | 288 | — | (804 | ) | ||||||||||||||
Total derivative liabilities | (1,355 | ) | 456 | 70 | (829 | ) | ||||||||||||||
Net amounts | $ | (500 | ) | $ | — | $ | (229 | ) | $ | (729 | ) | |||||||||
____________ | ||||||||||||||||||||
(a) | Offsetting instruments at December 31, 2013 with respect to commodity contracts include amounts related to interest rate swaps and vice versa. All amounts presented exclude trade accounts receivable and payable related to settled financial instruments. | |||||||||||||||||||
(b) | Financial collateral consists entirely of cash margin deposits. | |||||||||||||||||||
Schedule of Gross Notional Amounts of Derivative Volumes | ' | |||||||||||||||||||
The following table presents the gross notional amounts of derivative volumes at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Derivative type | Notional Volume | Unit of Measure | ||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
Floating/fixed (a) | $ | — | $ | 32,490 | Million US dollars | |||||||||||||||
Basis | $ | — | $ | 1,050 | Million US dollars | |||||||||||||||
Natural gas (b) | 1,506 | 2,150 | Million MMBtu | |||||||||||||||||
Electricity | 22,340 | 16,482 | GWh | |||||||||||||||||
Congestion Revenue Rights (c) | 92,010 | 77,799 | GWh | |||||||||||||||||
Coal | 14 | 9 | Million US tons | |||||||||||||||||
Fuel oil | 16 | 26 | Million gallons | |||||||||||||||||
Uranium | 300 | 450 | Thousand pounds | |||||||||||||||||
____________ | ||||||||||||||||||||
(a) | Amounts at December 31, 2013 include notional amount of interest rate swaps that had maturity dates through October 2014 as well as notional amount of swaps effective from October 2014 that had maturity dates through October 2017. | |||||||||||||||||||
(b) | Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. | |||||||||||||||||||
(c) | Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ERCOT. |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of segment reporting information, by segment | ' | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenues (all Competitive Electric) | $ | 1,406 | $ | 1,419 | $ | 2,924 | $ | 2,679 | ||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interest of $19, $19, $40 and $37) | $ | 72 | $ | 74 | $ | 152 | $ | 141 | ||||||||
Net income (loss): | ||||||||||||||||
Competitive Electric | $ | (591 | ) | $ | (238 | ) | $ | (1,158 | ) | $ | (786 | ) | ||||
Regulated Delivery | 72 | 74 | 152 | 141 | ||||||||||||
Corporate and Other | (255 | ) | 93 | (377 | ) | 5 | ||||||||||
Consolidated | $ | (774 | ) | $ | (71 | ) | $ | (1,383 | ) | $ | (640 | ) |
Supplementary_Financial_Inform1
Supplementary Financial Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Supplementary Financial Information [Abstract] | ' | ||||||||||||||||
Schedule of other income and deductions | ' | ||||||||||||||||
Other Income and Deductions | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Other income: | |||||||||||||||||
Office space rental income (a) | $ | 3 | $ | 3 | $ | 6 | $ | 6 | |||||||||
Insurance/litigation settlements (b) | — | — | — | 2 | |||||||||||||
All other | 3 | 4 | 8 | 6 | |||||||||||||
Total other income | $ | 6 | $ | 7 | $ | 14 | $ | 14 | |||||||||
Other deductions: | |||||||||||||||||
Write-off of deferred costs related to cancelled mining projects | $ | 21 | $ | — | $ | 21 | $ | — | |||||||||
Ongoing employee retirement benefit expense related to discontinued businesses (a) | — | — | $ | — | $ | (1 | ) | ||||||||||
All other | 2 | 1 | 2 | 5 | |||||||||||||
Total other deductions | $ | 23 | $ | 1 | $ | 23 | $ | 4 | |||||||||
____________ | |||||||||||||||||
(a) | Reported in Corporate and Other. | ||||||||||||||||
(b) | Reported in Competitive Electric segment. | ||||||||||||||||
Schedule of Interest Expense and Related Charges [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest paid/accrued on debtor-in-possession financing | $ | 14 | $ | — | $ | 14 | $ | — | |||||||||
Adequate protection amounts paid/accrued (a) | 211 | — | 211 | — | |||||||||||||
Interest paid/accrued on pre-petition debt (including net amounts paid/accrued under interest rate swaps) (b) | 318 | 844 | 1,151 | 1,683 | |||||||||||||
Interest expense on pre-petition toggle notes payable in additional principal (Note 7) | 16 | 42 | 65 | 83 | |||||||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) (c) | 1,237 | — | 1,237 | — | |||||||||||||
Unrealized mark-to-market net gain on interest rate swaps | (1,238 | ) | (339 | ) | (1,303 | ) | (489 | ) | |||||||||
Amortization of interest rate swap losses at dedesignation of hedge accounting | — | 2 | (1 | ) | 4 | ||||||||||||
Amortization of fair value debt discounts resulting from purchase accounting | 1 | 5 | 6 | 10 | |||||||||||||
Amortization of debt issuance, amendment and extension costs and discounts | 16 | 51 | 67 | 105 | |||||||||||||
Capitalized interest | (4 | ) | (7 | ) | (11 | ) | (14 | ) | |||||||||
Total interest expense and related charges | $ | 571 | $ | 598 | $ | 1,436 | $ | 1,382 | |||||||||
____________ | |||||||||||||||||
(a) | Post-petition period only. | ||||||||||||||||
(b) | Includes amounts related to interest rate swaps totaling $48 million and $156 million for the three months ended June 30, 2014 and 2013, respectively, and $194 million and $309 million for the six months ended June 30, 2014 and 2013, respectively. Of the $194 million for the six months ended June 30, 2014, $129 million represents matured positions that have not been settled in cash. Of the $129 million, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 12. | ||||||||||||||||
(c) | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 12) and $12 million related to other interest rate swaps. | ||||||||||||||||
Schedule of restricted cash | ' | ||||||||||||||||
Restricted Cash | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Current | Noncurrent Assets | Current | Noncurrent Assets | ||||||||||||||
Assets | Assets | ||||||||||||||||
Amounts related to TCEH's DIP Facility (Note 5) | $ | — | $ | 53 | $ | — | $ | — | |||||||||
Amounts related to TCEH's pre-petition Letter of Credit | — | 582 | 945 | — | |||||||||||||
Facility (Note 7) (a) | |||||||||||||||||
Other | 4 | — | 4 | — | |||||||||||||
Total restricted cash | $ | 4 | $ | 635 | $ | 949 | $ | — | |||||||||
____________ | |||||||||||||||||
(a) | At December 31, 2013, in consideration of the Bankruptcy Filing, all amounts were classified as current. | ||||||||||||||||
Schedule of accounts, notes, loans and financing receivable [Table Text Block] | ' | ||||||||||||||||
Trade Accounts Receivable | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Wholesale and retail trade accounts receivable | $ | 785 | $ | 732 | |||||||||||||
Allowance for uncollectible accounts | (13 | ) | (14 | ) | |||||||||||||
Trade accounts receivable — net | $ | 772 | $ | 718 | |||||||||||||
Allowance for Uncollectible Accounts Receivable | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Allowance for uncollectible accounts receivable at beginning of period | $ | 14 | $ | 9 | |||||||||||||
Increase for bad debt expense | 20 | 13 | |||||||||||||||
Decrease for account write-offs | (21 | ) | (11 | ) | |||||||||||||
Allowance for uncollectible accounts receivable at end of period | $ | 13 | $ | 11 | |||||||||||||
Schedule of inventories by major category | ' | ||||||||||||||||
Inventories by Major Category | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Materials and supplies | $ | 213 | $ | 216 | |||||||||||||
Fuel stock | 187 | 154 | |||||||||||||||
Natural gas in storage | 42 | 29 | |||||||||||||||
Total inventories | $ | 442 | $ | 399 | |||||||||||||
Summary of other investments | ' | ||||||||||||||||
Other Investments | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Nuclear plant decommissioning trust | $ | 845 | $ | 791 | |||||||||||||
Assets related to employee benefit plans, including employee savings programs, net of distributions | 61 | 61 | |||||||||||||||
Land | 37 | 37 | |||||||||||||||
Miscellaneous other | 2 | 2 | |||||||||||||||
Total other investments | $ | 945 | $ | 891 | |||||||||||||
Summary of investments in the fund | ' | ||||||||||||||||
The nuclear decommissioning trust fund is not a debtor under the Chapter 11 Cases. A summary of investments in the fund follows: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Cost (a) | Unrealized gain | Unrealized loss | Fair market | ||||||||||||||
value | |||||||||||||||||
Debt securities (b) | $ | 276 | $ | 12 | $ | (1 | ) | $ | 287 | ||||||||
Equity securities (c) | 261 | 302 | (5 | ) | 558 | ||||||||||||
Total | $ | 537 | $ | 314 | $ | (6 | ) | $ | 845 | ||||||||
December 31, 2013 | |||||||||||||||||
Cost (a) | Unrealized gain | Unrealized loss | Fair market | ||||||||||||||
value | |||||||||||||||||
Debt securities (b) | $ | 266 | $ | 8 | $ | (4 | ) | $ | 270 | ||||||||
Equity securities (c) | 255 | 271 | (5 | ) | 521 | ||||||||||||
Total | $ | 521 | $ | 279 | $ | (9 | ) | $ | 791 | ||||||||
____________ | |||||||||||||||||
(a) | Includes realized gains and losses on securities sold. | ||||||||||||||||
(b) | The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's Investors Services, Inc. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 4.14% and 3.96% at June 30, 2014 and December 31, 2013, respectively, and an average maturity of 6 years at both June 30, 2014 and December 31, 2013. | ||||||||||||||||
(c) | The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. | ||||||||||||||||
Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales | ' | ||||||||||||||||
The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales. | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Realized gains | $ | — | $ | 1 | $ | 1 | $ | 1 | |||||||||
Realized losses | $ | (1 | ) | $ | — | $ | (1 | ) | $ | — | |||||||
Proceeds from sales of securities | $ | 52 | $ | 64 | $ | 85 | $ | 105 | |||||||||
Investments in securities | $ | (56 | ) | $ | (67 | ) | $ | (93 | ) | $ | (112 | ) | |||||
Schedule of asset retirement and mining reclamation obligations | ' | ||||||||||||||||
The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the condensed consolidated balance sheets, for the six months ended June 30, 2014: | |||||||||||||||||
Nuclear Plant Decommissioning | Mining Land Reclamation | Other | Total | ||||||||||||||
Liability at December 31, 2013 | $ | 390 | $ | 98 | $ | 36 | $ | 524 | |||||||||
Additions: | |||||||||||||||||
Accretion | 12 | 12 | — | 24 | |||||||||||||
Reductions: | |||||||||||||||||
Payments | — | (40 | ) | — | (40 | ) | |||||||||||
Adjustment to estimate of reclamation costs | — | (2 | ) | — | (2 | ) | |||||||||||
Liability at June 30, 2014 | 402 | 68 | 36 | 506 | |||||||||||||
Less amounts due currently | — | (49 | ) | — | (49 | ) | |||||||||||
Noncurrent liability at June 30, 2014 | $ | 402 | $ | 19 | $ | 36 | $ | 457 | |||||||||
Schedule of other noncurrent liabilities and deferred credits | ' | ||||||||||||||||
Other Noncurrent Liabilities and Deferred Credits | |||||||||||||||||
The balance of other noncurrent liabilities and deferred credits consists of the following: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Uncertain tax positions, including accrued interest | $ | 247 | $ | 246 | |||||||||||||
Retirement plan and other employee benefits (a) | 1,017 | 1,057 | |||||||||||||||
Asset retirement and mining reclamation obligations | 457 | 440 | |||||||||||||||
Unfavorable purchase and sales contracts | 578 | 589 | |||||||||||||||
Nuclear decommissioning cost over-recovery (Note 13) | 442 | 400 | |||||||||||||||
Other | 13 | 30 | |||||||||||||||
Total other noncurrent liabilities and deferred credits | $ | 2,754 | $ | 2,762 | |||||||||||||
____________ | |||||||||||||||||
(a) | Includes $851 million and $838 million at June 30, 2014 and December 31, 2013, respectively, representing pension and OPEB liabilities related to Oncor (see Note 13). | ||||||||||||||||
Schedule of estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years | ' | ||||||||||||||||
The estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years is as follows: | |||||||||||||||||
Year | Amount | ||||||||||||||||
2014 | $ | 24 | |||||||||||||||
2015 | $ | 24 | |||||||||||||||
2016 | $ | 24 | |||||||||||||||
2017 | $ | 24 | |||||||||||||||
2018 | $ | 24 | |||||||||||||||
Schedule of supplemental cash flow information | ' | ||||||||||||||||
Fair Value of Debt | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Debt: | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||
Value | Value | ||||||||||||||||
Borrowings under debtor-in-possession credit facilities (Note 5) | $ | 6,825 | $ | 6,866 | $ | — | $ | — | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise (Note 7) | 35,860 | 26,817 | — | — | |||||||||||||
Long-term debt, excluding capitalized lease obligations | 141 | 143 | — | — | |||||||||||||
Pre-petition notes, loans and other debt (excluding capital leases) (Note 7) | — | — | 40,200 | 26,050 | |||||||||||||
We determine fair value in accordance with accounting standards as discussed in Note 11, and at June 30, 2014, our debt fair value represents Level 2 valuations. We obtain security pricing from an independent party who uses broker quotes and third-party pricing services to determine fair values. Where relevant, these prices are validated through subscription services such as Bloomberg. | |||||||||||||||||
Supplemental Cash Flow Information | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash payments related to: | |||||||||||||||||
Interest paid (a) | $ | 869 | $ | 1,733 | |||||||||||||
Capitalized interest | (11 | ) | (14 | ) | |||||||||||||
Interest paid (net of capitalized interest) (a) | $ | 858 | $ | 1,719 | |||||||||||||
Income taxes | $ | 49 | $ | 51 | |||||||||||||
Reorganization items (b) | $ | 53 | $ | — | |||||||||||||
Noncash investing and financing activities: | |||||||||||||||||
Principal amount of toggle notes issued in lieu of cash interest | $ | — | $ | 83 | |||||||||||||
Construction expenditures (c) | $ | 51 | $ | 69 | |||||||||||||
Debt exchange and extension transactions (d) | $ | (85 | ) | $ | (326 | ) | |||||||||||
Debt assumed related to acquired combustion turbine trust interest | $ | — | $ | (45 | ) | ||||||||||||
____________ | |||||||||||||||||
(a) | Net of amounts received under interest rate swap agreements. | ||||||||||||||||
(b) | Represents cash payments for legal and other consulting services. | ||||||||||||||||
(c) | Represents end-of-period accruals. | ||||||||||||||||
(d) | For the six months ended June 30, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 5). For the six months ended June 30, 2013 represents $340 million principal amount of term loans issued under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $1.302 billion principal amount of EFIH debt issued in exchange for $1.310 billion principal amount of EFH Corp. and EFIH debt and $89 million principal amount of EFIH debt issued in exchange for $95 million principal amount of EFH Corp. debt. | ||||||||||||||||
Schedule of fair value of debt | ' | ||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Debt: | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||
Value | Value | ||||||||||||||||
Borrowings under debtor-in-possession credit facilities (Note 5) | $ | 6,825 | $ | 6,866 | $ | — | $ | — | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise (Note 7) | 35,860 | 26,817 | — | — | |||||||||||||
Long-term debt, excluding capitalized lease obligations | 141 | 143 | — | — | |||||||||||||
Pre-petition notes, loans and other debt (excluding capital leases) (Note 7) | — | — | 40,200 | 26,050 | |||||||||||||
Business_And_Significant_Accou2
Business And Significant Accounting Policies (Details) | 6 Months Ended | ||
Jun. 30, 2014 | Nov. 30, 2008 | Jun. 30, 2014 | |
Reportable_segment | Oncor [Member] | Energy Future Intermediate Holding CO LLC [Member] | |
Oncor [Member] | |||
Business and Significant Accounting Policies | ' | ' | ' |
Equity method investment, ownership (as a percent) | ' | ' | 80.00% |
Sale of equity ownership interest (as a percent) | ' | 19.75% | ' |
Number of reportable segments (in reportable segments) | 2 | ' | ' |
Equity method investment, Maximum ownership percentage for accounting treatment (as a percent) | 50.00% | ' | ' |
Variable_Interest_Entities_Onc
Variable Interest Entities (Oncor Holdings and Distributions from Oncor Holdings) (Details) (USD $) | 6 Months Ended | 6 Months Ended | |||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 29, 2014 |
Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor Holdings [Member] | Oncor Holdings [Member] | Oncor Holdings [Member] | Oncor Holdings [Member] | Oncor Holdings [Member] | Internal Revenue Service (IRS) [Member] | ||||
Receivable Attributable to Income Taxes [Member] | Energy Future Intermediate Holding CO LLC [Member] | Oncor Holdings [Member] | Oncor Holdings [Member] | Oncor [Member] | Oncor [Member] | Oncor Holdings [Member] | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | Parent [Member] | Oncor [Member] | |||||||||||
Energy Future Holdings Corp. [Member] | |||||||||||||
Receivable Attributable to Income Taxes [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership (as a percent) | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in unconsolidated subsidiary | $6,035 | ' | $5,959 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity method investment consolidated revenues related to services provided to entity (as a percent) | ' | ' | ' | ' | ' | 25.00% | 27.00% | ' | ' | ' | ' | ' | ' |
Distributions of earnings from unconsolidated subsidiaries | 77 | 80 | ' | ' | ' | ' | ' | 77 | 80 | ' | ' | ' | ' |
Eligible distributions after accounting for regulatory restrictions | ' | ' | ' | ' | ' | ' | ' | 108 | ' | ' | ' | ' | ' |
PUCT required regulatory capitalization, ratio of debt to equity, debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' |
PUCT required regulatory capitalization, ratio of debt to equity, equity (as a percent) | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' |
Regulatory capitalization, ratio of debt to equity, debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | 59.30% | ' | ' | ' | ' | ' |
Regulatory capitalization, ratio of debt to equity, equity (as a percent) | ' | ' | ' | ' | ' | ' | ' | 40.70% | ' | ' | ' | ' | ' |
Trade accounts and other receivables from affiliates | ' | ' | ' | ' | ' | ' | ' | 140 | ' | 135 | 109 | ' | ' |
Equity Method Investments, Credit Risk Exposure, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' |
Due from affiliate, current | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | $18 |
Variable_Interest_Entities_Onc1
Variable Interest Entities (Oncor Holdings Financial Statements) (Details) (Oncor Holdings [Member], USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Oncor Holdings [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Operating revenues | $912 | $857 | $1,829 | $1,674 | ' |
Operation and maintenance expenses | -353 | -307 | -698 | -605 | ' |
Depreciation and amortization | -210 | -202 | -420 | -401 | ' |
Taxes other than income taxes | -106 | -101 | -215 | -203 | ' |
Other income | 3 | 5 | 7 | 10 | ' |
Other deductions | -4 | -4 | -7 | -8 | ' |
Interest income | 1 | 1 | 2 | 2 | ' |
Interest expense and related charges | -89 | -95 | -177 | -189 | ' |
Income before income taxes | 154 | 154 | 321 | 280 | ' |
Income tax expense | -63 | -61 | -129 | -102 | ' |
Net income | 91 | 93 | 192 | 178 | ' |
Net income attributable to noncontrolling interests | -19 | -19 | -40 | -37 | ' |
Net income attributable to Oncor Holdings | 72 | 74 | 152 | 141 | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 6 | ' | 6 | ' | 28 |
Restricted cash | 49 | ' | 49 | ' | 52 |
Trade accounts receivable — net | 454 | ' | 454 | ' | 385 |
Trade accounts and other receivables from affiliates | 140 | ' | 140 | ' | 135 |
Income taxes receivable from EFH Corp. | 36 | ' | 36 | ' | 16 |
Inventories | 75 | ' | 75 | ' | 65 |
Accumulated deferred income taxes | 22 | ' | 22 | ' | 32 |
Prepayments and other current assets | 89 | ' | 89 | ' | 82 |
Total current assets | 871 | ' | 871 | ' | 795 |
Restricted cash | 16 | ' | 16 | ' | 16 |
Other investments | 93 | ' | 93 | ' | 91 |
Property, plant and equipment — net | 12,163 | ' | 12,163 | ' | 11,902 |
Goodwill | 4,064 | ' | 4,064 | ' | 4,064 |
Regulatory assets — net | 1,156 | ' | 1,156 | ' | 1,324 |
Other noncurrent assets | 76 | ' | 76 | ' | 71 |
Total assets | 18,439 | ' | 18,439 | ' | 18,263 |
Current liabilities: | ' | ' | ' | ' | ' |
Short-term borrowings | 822 | ' | 822 | ' | 745 |
Long-term debt due currently | 635 | ' | 635 | ' | 131 |
Trade accounts payable — nonaffiliates | 141 | ' | 141 | ' | 178 |
Income taxes payable to EFH Corp. | 14 | ' | 14 | ' | 23 |
Accrued taxes other than income | 99 | ' | 99 | ' | 169 |
Accrued interest | 94 | ' | 94 | ' | 95 |
Other current liabilities | 145 | ' | 145 | ' | 135 |
Total current liabilities | 1,950 | ' | 1,950 | ' | 1,476 |
Accumulated deferred income taxes | 1,885 | ' | 1,885 | ' | 1,905 |
Long-term debt, less amounts due currently | 5,065 | ' | 5,065 | ' | 5,381 |
Other noncurrent liabilities and deferred credits | 1,759 | ' | 1,759 | ' | 1,822 |
Total liabilities | $10,659 | ' | $10,659 | ' | $10,584 |
Goodwill_And_Identifiable_Inta2
Goodwill And Identifiable Intangible Assets (Goodwill) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Balance, goodwill | $3,952 | ' | $3,952 | ' | $3,952 |
Competitive Electric [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill before impairment charges | 18,342 | ' | 18,342 | ' | 18,342 |
Accumulated impairment charges | -14,390 | ' | -14,390 | ' | -14,390 |
Balance, goodwill | 3,952 | ' | 3,952 | ' | 3,952 |
Goodwill, Period Increase (Decrease) | 0 | 0 | 0 | 0 | ' |
Goodwill, Expected Tax Deductible Amount | $0 | ' | $0 | ' | ' |
Goodwill_And_Identifiable_Inta3
Goodwill And Identifiable Intangible Assets (Identifiable Intangible Assets Reported in the Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ' | ' |
Gross Carrying Amount | $1,546 | $1,535 |
Accumulated Amortization | 881 | 822 |
Total identifiable intangible assets subject to amortization, net | 665 | 713 |
Total identifiable intangible assets | 1,627 | 1,679 |
Retail trade name (not subject to amortization) [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ' | ' |
Gross Carrying Amount, Unamortized Intangibles | 955 | 955 |
Mineral interests (not currently subject to amortization) [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ' | ' |
Gross Carrying Amount, Unamortized Intangibles | 7 | 11 |
Retail customer relationship [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ' | ' |
Gross Carrying Amount | 463 | 463 |
Accumulated Amortization | 413 | 402 |
Total identifiable intangible assets subject to amortization, net | 50 | 61 |
Favorable purchase and sales contracts [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ' | ' |
Gross Carrying Amount | 352 | 352 |
Accumulated Amortization | 151 | 139 |
Total identifiable intangible assets subject to amortization, net | 201 | 213 |
Capitalized in-service software [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ' | ' |
Gross Carrying Amount | 357 | 355 |
Accumulated Amortization | 208 | 192 |
Total identifiable intangible assets subject to amortization, net | 149 | 163 |
Environmental allowances and credits [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ' | ' |
Gross Carrying Amount | 211 | 209 |
Accumulated Amortization | 27 | 20 |
Total identifiable intangible assets subject to amortization, net | 184 | 189 |
Mining development costs [Member] | ' | ' |
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ' | ' |
Gross Carrying Amount | 163 | 156 |
Accumulated Amortization | 82 | 69 |
Total identifiable intangible assets subject to amortization, net | $81 | $87 |
Goodwill_And_Identifiable_Inta4
Goodwill And Identifiable Intangible Assets (Amortization Expense Related to Intangible Assets (including income statement line item)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||||
Amortization expense | $35 | [1] | $34 | [1] | $70 | [1] | $67 | [1] |
Depreciation and amortization [Member] | ' | ' | ' | ' | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||||
Amortization expense | 25 | 24 | 51 | 48 | ||||
Retail customer relationship [Member] | Depreciation and amortization [Member] | Competitive Electric [Member] | ' | ' | ' | ' | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||||
Amortization expense | 6 | 6 | 11 | 12 | ||||
Favorable purchase and sales contracts [Member] | Operating revenues/ Fuel, purchased power costs and delivery fees [Member] | Competitive Electric [Member] | ' | ' | ' | ' | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||||
Amortization expense | 7 | 7 | 12 | 13 | ||||
Capitalized in-service software [Member] | Depreciation and amortization [Member] | Competitive Electric and Corporate and Other [Member] | ' | ' | ' | ' | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||||
Amortization expense | 11 | 11 | 23 | 21 | ||||
Environmental allowances and credits [Member] | Fuel, purchased power costs and delivery fees [Member] | Competitive Electric [Member] | ' | ' | ' | ' | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||||
Amortization expense | 3 | 3 | 7 | 6 | ||||
Mining development costs [Member] | Depreciation and amortization [Member] | Competitive Electric [Member] | ' | ' | ' | ' | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ||||
Amortization expense | $8 | $7 | $17 | $15 | ||||
[1] | Amounts recorded in depreciation and amortization totaled $25 million and $24 million for the three months ended June 30, 2014 and 2013, respectively, and $51 million and $48 million for the six months ended June 30, 2014 and 2013, respectively. |
Goodwill_And_Identifiable_Inta5
Goodwill And Identifiable Intangible Assets (Estimated Amortization of Identifiable Intangible Assets) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Estimated Amortization Expense | ' |
2014 | $133 |
2015 | 123 |
2016 | 100 |
2017 | 77 |
2018 | $56 |
DebtorInPossession_Borrowing_F2
Debtor-In-Possession Borrowing Facilities (TCEH Debtor-In-Possession Facility) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Railroad Commission of Texas [Member] | Subsequent Event [Member] | |||||||
Debtor-In-Possession Facility [Member] | Debtor-In-Possession Facility [Member] | Debtor-In-Possession Facility [Member] | Debtor-In-Possession Facility [Member] | Debtor-In-Possession Facility [Member] | Debtor-In-Possession Facility [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Senior Secured Super-Priority Revolving Credit Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | Senior Secured Super-Priority Term Loan [Member] | Senior Secured Super-Priority Term Loan [Member] | Senior Secured Super-Priority Delayed Draw Term Loan Facility [Member] | Debtor-In-Possession Facility [Member] | |||||||||
Cash and Cash Equivalents [Member] | Other Restricted Cash [Member] | Senior Secured Super-Priority Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debtor-in-Possession Financing, Amount Arranged | ' | ' | $3,375,000,000 | $1,950,000,000 | [1] | $1,425,000,000 | [2] | ' | ' | ' | ' | ' | ||
Debtor-in-Possession Financing, Unused Cash Borrowings | ' | ' | 1,950,000,000 | 1,950,000,000 | 0 | ' | ' | ' | ' | ' | ||||
Debtor-in-Possession Financing, Unused Letter of Credit Capacity | ' | ' | 747,000,000 | 0 | 747,000,000 | ' | ' | ' | ' | ' | ||||
Debtor-in-Possession Financing, Borrowings Outstanding | 6,825,000,000 | 0 | ' | 0 | [1] | 1,425,000,000 | [1] | ' | ' | ' | ' | 0 | [1] | |
Debtor-in-Possession Financing, Maximum Borrowings Allowed Without Consent Or Bankruptcy Court Order | ' | ' | ' | 1,650,000,000 | ' | ' | ' | ' | ' | ' | ||||
Debtor-in-Possession Financing, Amount Arranged, Maximum Letter of Credit Capacity | ' | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ||||
Debtor-in-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | ' | ' | ' | ' | 800,000,000 | 747,000,000 | 53,000,000 | ' | ' | ' | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ||||
Debtor-in-Possession Financing, Extension Fee, Twenty-Fifth Through Thirtieth Month | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ||||
Collateral Bond, Securing Mining Land Reclamation Obligations, Secured By First Lien Interest In Assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ||||
Debtor-In-Possession Financing, Amount Terminated | ' | ' | ' | ' | ' | ' | ' | $1,100,000,000 | [1] | ' | ' | |||
[1] | Facility used for general corporate purposes. No amounts were borrowed at June 30 or July 31, 2014. Pursuant to an order of the Bankruptcy Court, the TCEH Debtors may not have more than $1.650 billion of TCEH DIP Revolving Credit Facility cash borrowings outstanding without written consent of the committee of unsecured creditors and the ad hoc group of TCEH unsecured noteholders or further order of the Bankruptcy Court. | |||||||||||||
[2] | Facility used for general corporate purposes, including but not limited to, $800 million for issuing letters of credit. |
DebtorInPossession_Borrowing_F3
Debtor-In-Possession Borrowing Facilities (EFIH First-Lien Debtor-In-Possession Facility) (Details) (USD $) | 2 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||
Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Non-Settling Holders Of EFIH First Lien Notes [Member] | |||||||
First-Lien Debtor-in-Possession Facility [Member] | First-Lien Debtor-in-Possession Facility [Member] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Debt [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | |||||||
Senior Secured Super-Priority First Lien Term Loan [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | ||||||||
Debtor-in-Possession Financing, First Lien Debt Facility Agreement [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debtor-in-Possession Financing, Amount Arranged | ' | ' | ' | ' | ' | $5,400,000,000 | $5,400,000,000 | ' | ' | ' | ' | ||
Debtor-In-Possession Financing, Borrowings Used In Exchange Transaction For Pre-Petition Debt | ' | ' | ' | ' | ' | 1,836,000,000 | ' | ' | ' | ' | ' | ||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | ' | ' | ' | ' | ' | ' | ' | 1,673,000,000 | ' | ' | ' | ||
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,000,000 | 128,000,000 | ||
Debtor-in-Possession Financing, Debt Settlement, Settlement Price, Percentage of Principal and Percentage of Accrued and Unpaid Interest, Percentage of Principal | ' | ' | ' | ' | ' | ' | ' | ' | 105.00% | ' | ' | ||
Debtor-in-Possession Financing, Debt Settlement, Settlement Price, Percentage of Principal and Percentage of Accrued and Unpaid Interest, Percentage of Accrued and Unpaid Interest | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ||
Debtor-In-Possession Financing, Borrowings Used to Repay Pre-Petition Debt | ' | ' | ' | ' | ' | 2,438,000,000 | ' | ' | ' | ' | ' | ||
Principal Amount Of Affiliate Debt Repurchased | ' | ' | ' | ' | ' | ' | ' | 2,312,000,000 | ' | ' | ' | ||
Debtor-In-Possession Financing, Borrowings Issued And Held As Cash | ' | ' | ' | ' | ' | 1,038,000,000 | ' | ' | ' | ' | ' | ||
Loss on exchange and settlement of EFIH First Lien Notes (Note 5) | 108,000,000 | 108,000,000 | 0 | ' | ' | ' | 108,000,000 | ' | ' | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ||
Debtor-in-Possession Financing, Borrowings Outstanding | 6,825,000,000 | 6,825,000,000 | ' | 0 | ' | 5,400,000,000 | [1] | 5,400,000,000 | [1] | ' | ' | ' | ' |
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | ' | ' | ' | ' | ' | 4.25% | 4.25% | ' | ' | ' | ' | ||
Debtor-in-Possession Financing, Extension Fee, Twenty-Fifth Through Thirtieth Month | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ||
Debtor In Possession Financing, Liquidity Covenant, Unrestricted Cash Balance, Minimum | ' | ' | ' | ' | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ||
Debtor-In-Possession Financing, Incremental Junior Lien Debt Allowed, Maximum | ' | ' | ' | ' | $3,000,000,000 | ' | ' | ' | ' | ' | ' | ||
[1] | Facility used for general corporate purposes. No amounts were borrowed at June 30 or July 31, 2014. Pursuant to an order of the Bankruptcy Court, the TCEH Debtors may not have more than $1.650 billion of TCEH DIP Revolving Credit Facility cash borrowings outstanding without written consent of the committee of unsecured creditors and the ad hoc group of TCEH unsecured noteholders or further order of the Bankruptcy Court. |
Reorganization_Items_Reorganiz1
Reorganization Items (Reorganization Items) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reorganization Items [Line Items] | ' | ' | ' | ' | ' |
Liability adjustment arising from termination of interest rate swaps | $278 | ' | ' | $278 | $0 |
Fees associated with completion of TCEH and EFIH DIP Facilities | 185 | ' | ' | 180 | 0 |
Loss on exchange and settlement of EFIH First Lien Notes (Note 5) | 108 | ' | ' | 108 | 0 |
Expenses related to legal advisory and representation services | 41 | ' | ' | ' | ' |
Expenses related to other professional consulting and advisory services | 50 | ' | ' | ' | ' |
Other | 3 | ' | ' | ' | ' |
Total reorganization items | 665 | 665 | 0 | 665 | 0 |
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | First-Lien Debtor-in-Possession Facility [Member] | ' | ' | ' | ' | ' |
Reorganization Items [Line Items] | ' | ' | ' | ' | ' |
Loss on exchange and settlement of EFIH First Lien Notes (Note 5) | ' | ' | ' | $108 | ' |
Liabilities_Subject_to_Comprom2
Liabilities Subject to Compromise (Liabilities Subject to Compromise) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liabilities Subject to Compromise [Abstract] | ' | ' |
Liabilities Subject To Compromise, Debt | $35,127 | ' |
Accrued interest on notes, loans and other debt | 804 | ' |
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,235 | ' |
Trade accounts payable and accrued liabilities | 292 | ' |
Total liabilities subject to compromise | $37,458 | $0 |
Liabilities_Subject_to_Comprom3
Liabilities Subject to Compromise (Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | $35,127 | ' | ||
Long-term debt due currently | 0 | 40,252 | ||
Consolidation, Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,664 | ' | ||
Long-term debt due currently | ' | 1,664 | ||
Deferred Debt Issuance And Extension Costs [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | -733 | [1] | ' | |
EFH Corp. [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 529 | ' | ||
Long-term debt due currently | ' | 581 | ||
Unamortized fair value premium (discount) | ' | -121 | [2] | |
EFH Corp. [Member] | Senior Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 2 | ' | ||
Long-term debt due currently | ' | 2 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | ' | ||
EFH Corp. [Member] | Senior Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due January 15, 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 3 | ' | ||
Long-term debt due currently | ' | 3 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ' | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 60 | ' | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 33 | ' | ||
Long-term debt due currently | ' | 33 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.88% | ' | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 27 | ' | ||
Long-term debt due currently | ' | 27 | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | Minimum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Effective interest rate (as a percent) | 11.25% | ' | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | Maximum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Effective interest rate (as a percent) | 12.00% | ' | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 90 | [3] | ' | |
Long-term debt due currently | ' | 90 | [3] | |
Debt Instrument, Interest Rate, Stated Percentage | 5.55% | [3] | ' | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | Consolidation, Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 281 | ' | ||
Long-term debt due currently | ' | 281 | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 201 | [3] | ' | |
Long-term debt due currently | ' | 201 | [3] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | [3] | ' | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | Consolidation, Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 545 | ' | ||
Long-term debt due currently | ' | 545 | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 291 | [3] | ' | |
Long-term debt due currently | ' | 291 | [3] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | [3] | ' | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | Consolidation, Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 456 | ' | ||
Long-term debt due currently | ' | 456 | ||
EFH Corp. [Member] | Building Financing [Member] | 8.82% Building Financing due semiannually through February 11, 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | [2],[4] | ' | |
Long-term debt due currently | ' | 46 | ||
Unamortized fair value premium (discount) | ' | 9 | [2] | |
Debt Instrument, Interest Rate, Stated Percentage | 8.82% | ' | ||
EFH Corp. [Member] | Unamortized Fair Value Discount [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | -118 | [2] | ' | |
Energy Future Intermediate Holding CO LLC [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 3,846 | ' | ||
Long-term debt due currently | ' | 7,847 | ||
Unamortized premium | ' | 284 | ||
Unamortized discount | ' | -146 | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 2 | ' | ||
Long-term debt due currently | ' | 2 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | ' | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | [5] | ' | |
Long-term debt due currently | ' | 503 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ' | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | [5] | ' | |
Long-term debt due currently | ' | 3,482 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ' | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 406 | ' | ||
Long-term debt due currently | ' | 406 | ||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | ' | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,750 | ' | ||
Long-term debt due currently | ' | 1,750 | ||
Debt Instrument, Interest Rate, Stated Percentage | 11.75% | ' | ||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,566 | ' | ||
Long-term debt due currently | ' | 1,566 | ||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Minimum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Effective interest rate (as a percent) | 11.25% | [3] | ' | |
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Maximum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Effective interest rate (as a percent) | 12.25% | [3] | ' | |
Energy Future Intermediate Holding CO LLC [Member] | Unamortized Premium [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 243 | ' | ||
Energy Future Intermediate Holding CO LLC [Member] | Unamortized Discount [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | -121 | ' | ||
Energy Future Competitive Holdings Company [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 8 | ' | ||
Long-term debt due currently | ' | 66 | ||
Unamortized fair value premium (discount) | ' | -6 | [2] | |
Energy Future Competitive Holdings Company [Member] | Unamortized Fair Value Discount [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | -1 | [2] | ' | |
Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | Fixed 9.58% Notes due in annual installments through December 4, 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | [4] | ' | |
Long-term debt due currently | ' | 29 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.58% | ' | ||
Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | Fixed 8.254% Notes due in quarterly installments through December 31, 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | [4] | ' | |
Long-term debt due currently | ' | 34 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ' | ||
Energy Future Competitive Holdings Company [Member] | Junior Subordinated Debentures [Member] | Floating Rate Junior Subordinated Debentures, Series D due January 30, 2037 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1 | ' | ||
Long-term debt due currently | ' | 1 | ||
Energy Future Competitive Holdings Company [Member] | Junior Subordinated Debentures [Member] | 8.175% Fixed Junior Subordinated Debentures, Series E due January 30, 2037 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 8 | ' | ||
Long-term debt due currently | ' | 8 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.18% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 31,477 | ' | ||
Long-term debt due currently | ' | 31,758 | ||
Unamortized discount | ' | -103 | ||
Capital lease obligations | ' | 52 | ||
Other | ' | 3 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Unamortized fair value premium (discount) | ' | -105 | [2] | |
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,571 | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,750 | ' | ||
Long-term debt due currently | ' | 1,750 | ||
Debt Instrument, Interest Rate, Stated Percentage | 11.50% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 336 | ' | ||
Long-term debt due currently | ' | 336 | ||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,235 | ' | ||
Long-term debt due currently | ' | 1,235 | ||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 4,874 | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,833 | [3] | ' | |
Long-term debt due currently | ' | 1,833 | [3] | |
Debt Instrument, Interest Rate, Stated Percentage | 10.25% | [3] | ' | |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015 [Member] | Consolidation, Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 213 | ' | ||
Long-term debt due currently | ' | 213 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015, Series B [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,292 | [3] | ' | |
Long-term debt due currently | ' | 1,292 | [3] | |
Debt Instrument, Interest Rate, Stated Percentage | 10.25% | [3] | ' | |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015, Series B [Member] | Consolidation, Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 150 | ' | ||
Long-term debt due currently | ' | 150 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,749 | ' | ||
Long-term debt due currently | ' | 1,749 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | Minimum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Effective interest rate (as a percent) | 10.50% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | Maximum [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Effective interest rate (as a percent) | 11.25% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Unamortized Discount [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | -91 | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Unamortized Fair Value Discount [Member] | Pollution control revenue bonds [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | -103 | [2] | ' | |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 22,616 | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | Term Loan Facilities maturing October 10, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 3,809 | ' | ||
Long-term debt due currently | ' | 3,809 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 15,691 | [3] | ' | |
Long-term debt due currently | ' | 15,691 | [3] | |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 19 | ' | ||
Long-term debt due currently | ' | 19 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 42 | ' | ||
Long-term debt due currently | ' | 42 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1,020 | ' | ||
Long-term debt due currently | ' | 1,020 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility maturing October 2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 2,054 | ' | ||
Long-term debt due currently | ' | 2,054 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.40% Fixed Series 1994A due May 1, 2029 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 39 | ' | ||
Long-term debt due currently | ' | 39 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 7.70% Fixed Series 1999A due April 1, 2033 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 111 | ' | ||
Long-term debt due currently | ' | 111 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.70% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 7.70% Fixed Series 1999C due March 1, 2032 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 50 | ' | ||
Long-term debt due currently | ' | 50 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.70% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 8.25% Fixed Series 2001A due October 1, 2030 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 71 | ' | ||
Long-term debt due currently | ' | 71 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 8.25% Fixed Series 2001D-1 due May 1, 2033 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 171 | ' | ||
Long-term debt due currently | ' | 171 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | Floating Series 2001D-2 due May 1, 2033 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | [6] | ' | |
Long-term debt due currently | ' | 97 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | Floating Taxable Series 2001I due December 1, 2036 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 1 | [6] | ' | |
Long-term debt due currently | ' | 62 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | Floating Series 2002A due May 1, 2037 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | [6] | ' | |
Long-term debt due currently | ' | 45 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.30% Fixed Series 2003B due July 1, 2032 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 39 | ' | ||
Long-term debt due currently | ' | 39 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.75% Fixed Series 2003C due October 1, 2038 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 52 | ' | ||
Long-term debt due currently | ' | 52 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.40% Fixed Series 2003D due October 1, 2029, remarketing date October 1, 2014 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 31 | ' | ||
Long-term debt due currently | ' | 31 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.00% Fixed Series 2006 due March 1, 2041 [Member] | Brazos River Authority [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 100 | ' | ||
Long-term debt due currently | ' | 100 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.45% Fixed Series 2000A due June 1, 2021 [Member] | Sabine River Authority of Texas [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 51 | ' | ||
Long-term debt due currently | ' | 51 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.20% Fixed Series 2001C due May 1, 2028 [Member] | Sabine River Authority of Texas [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 70 | ' | ||
Long-term debt due currently | ' | 70 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.80% Fixed Series 2003A due July 1, 2022 [Member] | Sabine River Authority of Texas [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 12 | ' | ||
Long-term debt due currently | ' | 12 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.15% Fixed Series 2003B due August 1, 2022 [Member] | Sabine River Authority of Texas [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 45 | ' | ||
Long-term debt due currently | ' | 45 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.25% Fixed Series 200A due May 1, 2028 [Member] | Trinity River Authority of Texas [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 14 | ' | ||
Long-term debt due currently | ' | 14 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | Fixed 7.48% Secured Facility Bonds With Amortizing Payments Through January 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | ' | ||
Long-term debt due currently | ' | 36 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.48% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | 7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | ' | ||
Long-term debt due currently | ' | 4 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.46% | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Capital Lease Obligations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | 0 | ' | ||
Texas Competitive Electric Holdings Company LLC [Member] | Other Debt Obligations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Liabilities Subject To Compromise, Debt | $3 | ' | ||
[1] | Deferred debt issuance and extension costs were reported in other noncurrent assets at December 31, 2013. | |||
[2] | Amount represents unamortized fair value adjustments recorded under purchase accounting. | |||
[3] | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. June 30, 2014 December 31, 2013EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014$281 $281EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024545 545EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034456 456TCEH Floating Rate Term Loan Facilities due October 10, 201719 19TCEH 10.25% Fixed Senior Notes due November 1, 2015213 213TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B150 150Total$1,664 $1,664 | |||
[4] | Amounts classified as debt in the condensed consolidated balance sheet at June 30, 2014. | |||
[5] | The EFIH First Lien Notes were exchanged or settled in June 2014 (see Note 5). | |||
[6] | These bonds were tendered and settled through letter of credit draws. |
Liabilities_Subject_to_Comprom4
Liabilities Subject to Compromise (Information Regarding Significant Outstanding Pre-Petition Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||
In Millions, unless otherwise specified | Consolidation, Eliminations [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | EFH Corp. [Member] | EFH Corp. [Member] | Energy Future Competitive Holdings Company [Member] | |||||
Pollution control revenue bonds [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Notes [Member] | ||||||||||||
Term Loan Facilities maturing October 10, 2014 [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | Letter of Credit Facility maturing October 10, 2014 [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | Revolving Credit Facility maturing October 2016 [Member] | Consolidation, Eliminations [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | 10% Senior Secured notes due 2020 [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||||||||||||||||
Consolidation, Eliminations [Member] | Financial guarantee [Member] | Until June 1, 2016 [Member] | Oncor Holdings [Member] | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest Payment Amount, Election To Use Permitted Grace Period | ' | ' | ' | $123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Liabilities Subject To Compromise, Debt | 35,127 | ' | 1,664 | ' | 31,477 | ' | 22,616 | 3,809 | 15,691 | [1] | 19 | 42 | ' | 1,020 | 2,054 | 4,874 | 363 | 1,571 | 1,750 | 3,846 | 1,566 | ' | 0 | [2] | ' | 0 | [2] | ' | 406 | 1,750 | 529 | 60 | 8 |
Long Term Debt And Capital Leases Issued, Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,302 | ' | ' | ' | ' | ' | |||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | 3.50% | 4.50% | ' | 3.50% | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restricted cash (Note 15) | 635 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 582 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restricted Cash, Amount supported in letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 556 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Letters Of Credit Issued To Affiliated Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Letters Of Credit Drawn By Affiliated Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Letters of Credit Drawn By Nonaffiliated Counterparties | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Repayments of Debt | ' | ' | ' | ' | ' | $203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | |||
Pledged Ownership Membership Interest Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, variable interest rate increase for first ninety days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 0.25% | ' | 0.25% | ' | ' | 0.25% | ' | ' | ' | |||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, total variable interest rate increase after first ninety day period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | |||
Debt instrument Registration Default If Not Filed And Declared Effective After Original Issue Date, Incremental Variable Interest Rate Increase After First Ninety day Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 0.25% | ' | ' | ' | ' | 0.25% | ' | ' | ' | |||
Debt Instrument Registration Default If Not Fled And Declared Effective After Original Issue Date, Total Interest Rate Percentage For First Ninety Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.50% | ' | 7.13% | ' | 10.25% | ' | ' | 12.00% | ' | ' | ' | |||
Debt Instrument Registration Default If Not Registered Within One Year Of Original Issue Date, Total Interest Rate Percentage After First Ninety Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.75% | ' | 7.38% | ' | 10.50% | ' | ' | 12.25% | ' | ' | ' | |||
Debt Instrument, Options to Pay Interest, Percentage Allowed in Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Options to Pay Interest, Percentage Allowed in PIK Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. June 30, 2014 December 31, 2013EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014$281 $281EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024545 545EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034456 456TCEH Floating Rate Term Loan Facilities due October 10, 201719 19TCEH 10.25% Fixed Senior Notes due November 1, 2015213 213TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B150 150Total$1,664 $1,664 | ||||||||||||||||||||||||||||||||
[2] | The EFIH First Lien Notes were exchanged or settled in June 2014 (see Note 5). |
Interest_Expense_and_Related_C2
Interest Expense and Related Charges (Interest Expense and Related Charges) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Debtor-In-Possession Financing, Interest Paid And Accrued | $14 | $0 | $14 | $0 | ||||
Adequate Protection, Interest Paid And Accrued | 211 | [1] | 0 | 211 | [1] | 0 | ||
Pre-Petition Debt, Interest Paid And Accrued | 318 | [2] | 844 | [2] | 1,151 | [2] | 1,683 | [2] |
Accrued interest to be paid with additional toggle notes | 16 | 42 | 65 | 83 | ||||
Noncash realized loss on termination of interest rate swaps (Note 8) | 1,237 | [3] | 0 | 1,237 | [3] | 0 | ||
Unrealized Gain (Loss) on Derivatives | -1,238 | -339 | -1,303 | -489 | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 2 | -1 | 4 | ||||
Amortization of fair value debt discounts resulting from purchase accounting | 1 | 5 | 6 | 10 | ||||
Amortization of Financing Costs | 16 | 51 | 67 | 105 | ||||
Interest Costs Capitalized | -4 | -7 | -11 | -14 | ||||
Total interest expense and related charges | 571 | 598 | 1,436 | 1,382 | ||||
Liabilities Subject To Compromise, Debt | 35,127 | ' | 35,127 | ' | ||||
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,235 | ' | 1,235 | ' | ||||
Texas Competitive Electric Holdings Company LLC [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Liabilities Subject To Compromise, Debt | 31,477 | ' | 31,477 | ' | ||||
EFH Corp. [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Liabilities Subject To Compromise, Debt | 529 | ' | 529 | ' | ||||
Energy Future Competitive Holdings Company [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Liabilities Subject To Compromise, Debt | 8 | ' | 8 | ' | ||||
Interest Rate Swap [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 48 | 156 | 194 | 309 | ||||
Gain (Loss) On Derivative Instruments, Net, Pretax, Representing Matured Positions Not Settled In Cash During the Period | ' | ' | 129 | ' | ||||
Interest Rate Swap [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Noncash realized loss on termination of interest rate swaps (Note 8) | ' | ' | -1,225 | ' | ||||
Gain (Loss) On Derivative Instruments, Net, Pretax, Representing Matured Positions Not Settled In Cash During the Period | ' | ' | 127 | ' | ||||
Interest Rate Swap [Member] | EFH Corp. [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Noncash realized loss on termination of interest rate swaps (Note 8) | ' | ' | -12 | ' | ||||
Senior Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Liabilities Subject To Compromise, Debt | 1,571 | ' | 1,571 | ' | ||||
Line of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Liabilities Subject To Compromise, Debt | 22,616 | ' | 22,616 | ' | ||||
11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | Senior Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Liabilities Subject To Compromise, Debt | $1,750 | ' | $1,750 | ' | ||||
Adequate Protection Interest Expense [Member] | ' | ' | ' | ' | ||||
Interest Expense and Related Charges [Line Items] | ' | ' | ' | ' | ||||
Adequate Protection Paid Or Accrued, Weighted Average Interest Rate | 4.65% | ' | 4.65% | ' | ||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 4.50% | ' | ||||
[1] | Post-petition period only. | |||||||
[2] | Includes amounts related to interest rate swaps totaling $48 million and $156 million for the three months ended June 30, 2014 and 2013, respectively, and $194 million and $309 million for the six months ended June 30, 2014 and 2013, respectively. Of the $194 million for the six months ended June 30, 2014, $129 million represents matured positions that have not been settled in cash. Of the $129 million, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 12. | |||||||
[3] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 12) and $12 million related to other interest rate swaps. |
Interest_Expense_and_Related_C3
Interest Expense and Related Charges (Contractual Interest Expense on Pre-Petition Liabilities) (Details) (USD $) | 2 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | |
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | $512 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 201 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 54 | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 257 | |
Adequate Protection Interest Paid-Accrued, Amount Excluded Related To Terminated Natural Gas Hedging Positions And Interest Rate Swaps | 10 | |
EFH Corp. [Member] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 22 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 22 | |
Energy Future Intermediate Holding CO LLC [Member] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 133 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 54 | [1] |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 79 | |
Energy Future Competitive Holdings Company [Member] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 1 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 1 | |
Texas Competitive Electric Holdings Company LLC [Member] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ' | |
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 356 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 201 | [2] |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | $155 | [2] |
[1] | nterest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 5). | |
[2] | Adequate protection paid/accrued presented in this table excludes $10 million related to the liability for terminated TCEH natural gas hedging positions and interest rate swaps (see Note 12). |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Feb. 29, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Financial Standby Letter of Credit [Member] | Financial Standby Letter of Credit [Member] | Financial Standby Letter of Credit [Member] | Financial Standby Letter of Credit [Member] | Financial Standby Letter of Credit [Member] | TXU Gas Company [Member] | Liability related to assets retained by TXU Gas Company, including certain inactive gas plant sites not acquired by Atmos [Member] | Contingent liabilities associated with preclosing tax and employee related matters [Member] | CSAPR [Member] | Sierra Club Versus EFH Corp and Luminant (Martin Lake Generation Facility) [Member] | EFIH First-Lien Makewhole Claim [Member] | EFIH Second-Lien Makewhole Claim [Member] | Sierra Club Versus EFH Corp And Luminant (Big Brown Generation Facility) [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||
Debt obligation expiring in 2014 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Indemnification Agreement [Member] | TXU Gas Company [Member] | TXU Gas Company [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Sierra Club Versus EFH Corp and Luminant (Martin Lake Generation Facility) [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Sierra Club Versus EFH Corp and Luminant (Martin Lake Generation Facility) [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | ||||
Support risk management and trading margin requirements, including over-the-counter hedging transactions and collateral postings with ERCOT [Member] | Support floating rate pollution control revenue bond debt [Member] | Support Retail Electric Provider's financial requirements with the PUCT [Member] | Miscellaneous credit support requirements [Member] | Indemnification Agreement [Member] | Indemnification Agreement [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | |||||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum exposure, undiscounted | ' | ' | ' | ' | ' | ' | ' | ' | $1,900,000,000 | $500,000,000 | $1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit | ' | ' | ' | 609,000,000 | 358,000,000 | 1,000,000 | 62,000,000 | 188,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 147,000,000 | 432,000,000 | 675,000,000 | 337,000,000 | ' | ' | ' | ' |
Loss Contingency Damages Sought Value Per Day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | 37,500 | 32,500 | 32,500 |
Liabilities Subject To Compromise, Debt | $35,127,000,000 | $31,477,000,000 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Emissions budget generation assets lower sulfur dioxide requirements (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Emissions budget generation assets higher annual nitrogen oxides requirements (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Emissions budget generation assets higher seasonal nitrogen oxides requirements (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Narrative_Details
Equity (Narrative) (Details) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Equity | ' | ' | ' | ' |
Common Stock, Shares Authorized | 2,000,000,000 | ' | 2,000,000,000 | ' |
Common stock, shares outstanding | 1,669,861,383 | 1,669,861,383 | 1,669,861,383 | 1,680,539,245 |
Equity_Changes_to_Equity_Detai
Equity (Changes to Equity) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ($13,255) | ($10,923) | $2 | [1] | $2 | [1] | $2 | [2] | $2 | [2] | $7,962 | $7,959 | ($21,157) | ($18,939) | ($63) | ($47) | $1 | $102 |
Net loss | -774 | -71 | -1,383 | -640 | ' | ' | ' | ' | ' | ' | -1,383 | -640 | ' | ' | ' | ' | ||||
Effects of stock-based incentive compensation plans | ' | ' | 4 | 3 | ' | ' | ' | ' | 4 | 3 | ' | ' | ' | ' | ' | ' | ||||
Stock Repurchased During Period, Value | ' | ' | ' | -5 | ' | ' | ' | ' | ' | -5 | ' | ' | ' | ' | ' | ' | ||||
Change in unrecognized losses related to pension and OPEB plans | -2 | -1 | -3 | -3 | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -3 | ' | ' | ||||
Net effects of cash flow hedges | 1 | 2 | 1 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 4 | ' | ' | ||||
Net effects related to Oncor | 1 | 0 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ||||
Investments by noncontrolling interest | ' | ' | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ||||
Stockholders' Equity, Other | ' | ' | -2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | ' | ||||
Ending balance | ($14,636) | ($11,561) | ($14,636) | ($11,561) | $2 | [1] | $2 | [1] | $2 | [2] | $2 | [2] | $7,966 | $7,957 | ($22,540) | ($19,579) | ($64) | ($45) | $0 | $104 |
[1] | Authorized shares totaled 2,000,000,000 at June 30, 2014. Outstanding shares totaled 1,669,861,383 and 1,669,861,383 at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||
[2] | Authorized shares totaled 2,000,000,000 at June 30, 2013. Outstanding shares totaled 1,669,861,383 and 1,680,539,245 at June 30, 2013 and December 31, 2012, respectively. |
Equity_Accumulated_Other_Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ($63) | ($47) | ($54) | ($56) | ($58) | ($64) | ($10) | ($7) | $13 | $17 | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -2 | 0 | 0 | -2 | -2 |
Depreciation and amortization | -333 | -345 | -663 | -695 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 | 1 | 0 | 0 |
Selling, general and administrative expenses | -175 | -177 | -375 | -338 | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -2 | 0 | 0 | -2 | -2 |
Interest expense and related charges (Note 8) | -571 | -598 | -1,436 | -1,382 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5 | 0 | 5 | 0 | 0 |
Income Tax Expense (Benefit) | 398 | 351 | 759 | 825 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -1 | 0 | -2 | 1 | 1 |
Equity in earnings of unconsolidated subsidiaries (net of tax) (Note 3) | 72 | 74 | 152 | 141 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 | 2 | 0 | -1 |
Total other comprehensive income (loss) | 0 | 1 | -1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 2 | 2 | 6 | -3 | -4 |
Ending balance | ($64) | ($45) | ($64) | ($45) | ($54) | ($56) | ($58) | ($64) | ($10) | ($7) | $13 | $17 | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets: | ' | ' | ||
Nuclear decommissioning trust | $845 | $791 | ||
Equity securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | 558 | [1] | 521 | [1] |
Debt securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | 287 | [2] | 270 | [2] |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Total assets | 472 | 491 | ||
Liabilities: | ' | ' | ||
Total liabilities | 193 | 231 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | 354 | [3] | 330 | [3] |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Debt securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity contracts [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 118 | 161 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 193 | 231 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Total assets | 555 | 1,098 | ||
Liabilities: | ' | ' | ||
Total liabilities | 37 | 94 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | 204 | [3] | 191 | [3] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Debt securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | 287 | [3] | 270 | [3] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity contracts [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 64 | 570 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 37 | 14 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | ' | 67 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | ' | 80 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ||
Assets: | ' | ' | ||
Total assets | 58 | [4] | 57 | [4] |
Liabilities: | ' | ' | ||
Total liabilities | 13 | [4] | 1,030 | [4] |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Debt securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | ' | ' | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity contracts [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 58 | [4] | 57 | [4] |
Liabilities: | ' | ' | ||
Derivative Liabilities | 13 | [4] | 18 | [4] |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | ' | ' | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | ' | 1,012 | [4] | |
Fair Value, Measurements, Recurring [Member] | Total [Member] | ' | ' | ||
Assets: | ' | ' | ||
Total assets | 1,085 | 1,646 | ||
Liabilities: | ' | ' | ||
Total liabilities | 243 | 1,355 | ||
Fair Value, Measurements, Recurring [Member] | Total [Member] | Equity securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | 558 | [3] | 521 | [3] |
Fair Value, Measurements, Recurring [Member] | Total [Member] | Debt securities [Member] | ' | ' | ||
Assets: | ' | ' | ||
Nuclear decommissioning trust | 287 | [3] | 270 | [3] |
Fair Value, Measurements, Recurring [Member] | Total [Member] | Commodity contracts [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | 240 | 788 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | 243 | 263 | ||
Fair Value, Measurements, Recurring [Member] | Total [Member] | Interest Rate Swap [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative Assets | ' | 67 | ||
Liabilities: | ' | ' | ||
Derivative Liabilities | ' | $1,092 | ||
[1] | The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. | |||
[2] | The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's Investors Services, Inc. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 4.14% and 3.96% at June 30, 2014 and December 31, 2013, respectively, and an average maturity of 6 years at both June 30, 2014 and December 31, 2013. | |||
[3] | The nuclear decommissioning trust investment is included in the other investments line in the condensed consolidated balance sheets. | |||
[4] | See table below for description of Level 3 assets and liabilities. |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Fair Value of the Level 3 Assets and Liabilities by Major Contract Type (All Related to Commodity Contracts) and the Significant Unobservable Inputs Used in the Valuations) (Details) (Derivative financial instruments, assets and liabilities [Member], Level 3 [Member], USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets | $58,000,000 | [1] | $57,000,000 | [1] |
Liabilities | -13,000,000 | [1] | -1,030,000,000 | [1] |
Derivative Assets (Liabilities), at Fair Value, Net | 45,000,000 | [1] | -973,000,000 | [1] |
Electricity purchases and sales [Member] | Valuation Model [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets | 4,000,000 | [1] | 2,000,000 | [1] |
Liabilities | -2,000,000 | [1] | -2,000,000 | [1] |
Derivative Assets (Liabilities), at Fair Value, Net | 2,000,000 | [1] | 0 | [1] |
Electricity spread options [Member] | Option Pricing Model [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets | 7,000,000 | [1] | 15,000,000 | [1] |
Liabilities | -2,000,000 | [1] | -2,000,000 | [1] |
Derivative Assets (Liabilities), at Fair Value, Net | 5,000,000 | [1] | 13,000,000 | [1] |
Electricity congestion revenue rights [Member] | Market Approach [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets | 40,000,000 | [1],[2] | 35,000,000 | [1],[2] |
Liabilities | -3,000,000 | [1],[2] | -2,000,000 | [1],[2] |
Derivative Assets (Liabilities), at Fair Value, Net | 37,000,000 | [1],[2] | 33,000,000 | [1],[2] |
Coal purchases [Member] | Market Approach [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets | 3,000,000 | [1],[2] | 0 | [1],[2] |
Liabilities | -5,000,000 | [1],[2] | -11,000,000 | [1],[2] |
Derivative Assets (Liabilities), at Fair Value, Net | -2,000,000 | [1],[2] | -11,000,000 | [1],[2] |
Interest Rate Swap [Member] | Market Approach [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets | ' | 0 | [1] | |
Liabilities | ' | -1,012,000,000 | [1] | |
Derivative Assets (Liabilities), at Fair Value, Net | ' | -1,012,000,000 | [1] | |
Other [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Assets | 4,000,000 | [1],[3] | 5,000,000 | [1],[3] |
Liabilities | -1,000,000 | [1],[3] | -1,000,000 | [1],[3] |
Derivative Assets (Liabilities), at Fair Value, Net | 3,000,000 | [1],[3] | 4,000,000 | [1],[3] |
Minimum [Member] | Electricity purchases and sales [Member] | Valuation Model [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Illiquid pricing locations (in usd per MWh) | 35 | [1],[4],[5] | 25 | [1],[4],[5] |
Hourly price curve shape (in usd per MWh) | 20 | [1],[4],[6] | 20 | [1],[4],[6] |
Minimum [Member] | Electricity spread options [Member] | Option Pricing Model [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Gas to power correlation (as a percent) | 40.00% | [1],[4],[7] | 45.00% | [1],[4],[7] |
Power volatility (as a percent) | 10.00% | [1],[4],[8] | 10.00% | [1],[4],[8] |
Minimum [Member] | Electricity congestion revenue rights [Member] | Market Approach [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Illiquid price differences between settlement points | 0 | [1],[2],[4],[9] | 0 | [1],[2],[4],[9] |
Minimum [Member] | Coal purchases [Member] | Market Approach [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Illiquid price variances between mines | 0 | [1],[10],[2],[4] | 0 | [1],[10],[2],[4] |
Probability of default (as a percent) | 0.00% | [1],[11],[2],[4] | 0.00% | [1],[11],[2],[4] |
Recovery rate (as a percent) | 0.00% | [1],[12],[2],[4] | 0.00% | [1],[12],[2],[4] |
Fair Value Inputs, Illiquid Pricing Variances Between Heat Content | 0.3 | [1],[13],[2],[4] | ' | |
Minimum [Member] | Interest Rate Swap [Member] | Valuation Model [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Inputs, Nonperformance Risk Adjustment | ' | 25.00% | [1],[14],[4] | |
Maximum [Member] | Electricity purchases and sales [Member] | Valuation Model [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Illiquid pricing locations (in usd per MWh) | 50 | [1],[4],[5] | 45 | [1],[4],[5] |
Hourly price curve shape (in usd per MWh) | 70 | [1],[4],[6] | 70 | [1],[4],[6] |
Maximum [Member] | Electricity spread options [Member] | Option Pricing Model [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Gas to power correlation (as a percent) | 90.00% | [1],[4],[7] | 95.00% | [1],[4],[7] |
Power volatility (as a percent) | 40.00% | [1],[4],[8] | 30.00% | [1],[4],[8] |
Maximum [Member] | Electricity congestion revenue rights [Member] | Market Approach [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Illiquid price differences between settlement points | 25 | [1],[2],[4],[9] | 25 | [1],[2],[4],[9] |
Maximum [Member] | Coal purchases [Member] | Market Approach [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Illiquid price variances between mines | 1 | [1],[10],[2],[4] | 1 | [1],[10],[2],[4] |
Probability of default (as a percent) | 40.00% | [1],[11],[2],[4] | 40.00% | [1],[11],[2],[4] |
Recovery rate (as a percent) | 40.00% | [1],[12],[2],[4] | 40.00% | [1],[12],[2],[4] |
Fair Value Inputs, Illiquid Pricing Variances Between Heat Content | $0.40 | [1],[13],[2],[4] | ' | |
Maximum [Member] | Interest Rate Swap [Member] | Valuation Model [Member] | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Fair Value Inputs, Nonperformance Risk Adjustment | ' | 35.00% | [1],[14],[4] | |
[1] | Electricity purchase and sales contracts include hedging positions in the ERCOT West, North and Houston regions, as well as power contracts, the valuations of which include unobservable inputs related to the hourly shaping of the price curve. Electricity spread option contracts consist of physical electricity call options. Electricity congestion revenue rights contracts consist of forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within ERCOT. Coal purchase contracts relate to western (Powder River Basin) coal. TCEH used interest rate swaps to hedge exposure to its variable rate debt | |||
[2] | While we use the market approach, there is either insufficient market data to consider the valuation liquid or the significance of credit reserves or non-performance risk adjustments results in a Level 3 designation. | |||
[3] | Other includes contracts for ancillary services, natural gas, diesel options, coal options and weather dependent power options. | |||
[4] | The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. | |||
[5] | Based on the historical range of forward average monthly ERCOT Hub and load zone prices. | |||
[6] | Based on the historical range of forward average hourly ERCOT North Hub prices. | |||
[7] | Estimate of the historical range based on forward natural gas and on-peak power prices for the ERCOT hubs most relevant to our spread options. | |||
[8] | Based on historical forward price changes. | |||
[9] | Based on the historical price differences between settlement points within the ERCOT Hubs and load zones. | |||
[10] | Based on the historical range of price variances between mine locations. | |||
[11] | Estimate of the range of probabilities of default based on past experience and the length of the contract as well as our and counterparties' credit ratings. | |||
[12] | Estimate of the default recovery rate based on historical corporate rates. | |||
[13] | Based on historical ranges of forward average prices between different heat contents. | |||
[14] | Estimate of nonperformance risk adjustment based on TCEH senior secured debt trading values. |
Fair_Value_Measurements_Schedu2
Fair Value Measurements (Schedule of Changes in Fair Value of the Level 3 Assets and Liabilities (All Related to Commodity Contracts)) (Details) (Level 3 [Member], Commodity contracts [Member], Derivative financial instruments, assets and liabilities [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Level 3 [Member] | Commodity contracts [Member] | Derivative financial instruments, assets and liabilities [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ||||
Net asset (liability) balance at beginning of period | ($897) | $59 | ($973) | $29 | ||||
Total unrealized valuation losses | -9 | -26 | -94 | -17 | ||||
Purchases, issuances and settlements: | ' | ' | ' | ' | ||||
Purchases | 20 | [1] | 56 | [1] | 29 | [1] | 60 | [1] |
Issuances | -1 | [1] | -6 | [1] | -2 | [1] | -6 | [1] |
Settlements/terminations | 933 | [1] | 1 | [1] | 1,084 | [1] | 17 | [1] |
Transfers into Level 3 | 0 | [2] | 0 | [2] | 0 | [2] | 1 | [2] |
Transfers out of Level 3 | -1 | [2] | 4 | [2] | 1 | [2] | 4 | [2] |
Net change | 942 | [3] | 29 | [3] | 1,018 | [3] | 59 | [3] |
Net asset (liability) balance at end of period | 45 | 88 | 45 | 88 | ||||
Unrealized valuation losses relating to instruments held at end of period | ($9) | ($20) | ($5) | ($7) | ||||
[1] | Settlements for all periods presented reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. | |||||||
[2] | Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. Transfers out during 2013 were driven by a decrease in nonperformance risk adjustments. All Level 3 transfers in the periods presented are in and out of Level 2. | |||||||
[3] | Substantially all changes in values of commodity contracts are reported in the condensed statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Changes in values of interest rate swaps transferred into Level 3 in third quarter 2013 are reported in the condensed statements of consolidated income (loss) in interest expense and related charges (see Note 12). Activity excludes changes in fair value in the month the positions settled as well as amounts related to positions entered into and settled in the same month. |
Commodity_And_Other_Derivative2
Commodity And Other Derivative Contractual Assets And Liabilities (Termination of Commodity Hedges and Interest Rate Swaps) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 2-May-14 | 31-May-14 | 31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | ||
Commodity Contract [Member] | Interest Rate Swap [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Commodity Contract [Member] | Interest Rate Swap [Member] | |||||||||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Asset, Fair Value, Portion Of Positions Terminated By Counterparties | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ||
Derivative Liability, Fair Value, Portion Of Positions Terminated By Counterparties | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ||
Net Liability, Interest Rate and Commodity Contract Positions Terminated | ' | ' | ' | ' | ' | $1,108 | ' | ' | ' | ' | ||
Realized Gain (Loss) On Terminated Interest Rate Derivatives | ' | -1,237 | [1] | 0 | -1,237 | [1] | 0 | ' | ' | ' | ' | 1,225 |
Realized Gain (Loss) On Terminated Commodity Related Derivatives | ' | ' | ' | 117 | 0 | ' | ' | ' | 117 | ' | ||
Net Liability, Accounts Payable Related To Matured Interest Rate Swaps Secured By First-Lien Secured Interest | 127 | 127 | ' | 127 | ' | ' | ' | ' | ' | ' | ||
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,235 | 1,235 | ' | 1,235 | ' | ' | ' | ' | ' | ' | ||
Liability adjustment arising from termination of interest rate swaps | $278 | ' | ' | $278 | $0 | ' | ' | ' | ' | ' | ||
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 12) and $12 million related to other interest rate swaps. |
Commodity_And_Other_Derivative3
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects of Derivatives) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Asset | $240 | $855 |
Derivative liabilities, Fair Value, Gross Liability | -243 | -1,355 |
Derivative, Fair Value, Net | -3 | -500 |
Current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets And Liability, Fair Value, Gross Assets | 231 | 851 |
Noncurrent assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets And Liability, Fair Value, Gross Assets | 9 | 4 |
Current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets And Liability, Fair Value, Gross Liability | -241 | -1,355 |
Noncurrent Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets And Liability, Fair Value, Gross Liability | -2 | ' |
Commodity contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Asset | 240 | 788 |
Derivative liabilities, Fair Value, Gross Liability | -243 | -263 |
Derivative asset, Fair Value, Net | 240 | 788 |
Derivative liabilities, Fair Value, Net | -243 | -263 |
Commodity contracts [Member] | Current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Asset | 231 | 784 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Commodity contracts [Member] | Noncurrent assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Asset | 9 | 4 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Commodity contracts [Member] | Current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Liability | 0 | 0 |
Derivative liabilities, Fair Value, Gross Liability | -241 | -263 |
Commodity contracts [Member] | Noncurrent Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Liability | 0 | ' |
Derivative liabilities, Fair Value, Gross Liability | -2 | ' |
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Asset | 0 | 67 |
Derivative liabilities, Fair Value, Gross Liability | 0 | -1,092 |
Derivative asset, Fair Value, Net | 0 | 67 |
Derivative liabilities, Fair Value, Net | 0 | -1,092 |
Derivative Liability, Fair Value, Noncurrent Classified As Current Due To Event Of Default | ' | 647 |
Interest Rate Swap [Member] | Current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Asset | 0 | 67 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Interest Rate Swap [Member] | Noncurrent assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Asset | 0 | 0 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Interest Rate Swap [Member] | Current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Liability | 0 | 0 |
Derivative liabilities, Fair Value, Gross Liability | 0 | -1,092 |
Interest Rate Swap [Member] | Noncurrent Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset, Fair Value, Gross Liability | 0 | ' |
Derivative liabilities, Fair Value, Gross Liability | $0 | ' |
Commodity_And_Other_Derivative4
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative (Income Statement Presentation) and Derivative type (Income Statement Presentation of Loss Reclassified from Accumulated OCI into Income)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Net gain from commodity hedging and trading activities [Member] | Net gain from commodity hedging and trading activities [Member] | Net gain from commodity hedging and trading activities [Member] | Net gain from commodity hedging and trading activities [Member] | Interest expense and related charges [Member] | Interest expense and related charges [Member] | Interest expense and related charges [Member] | Interest expense and related charges [Member] | Reorganization Items [Member] | Reorganization Items [Member] | Reorganization Items [Member] | Reorganization Items [Member] | |||||||||||||||||
Commodity contracts [Member] | Commodity contracts [Member] | Commodity contracts [Member] | Commodity contracts [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net gain (loss) | ($314) | $340 | ($574) | $137 | ' | ' | $11 | [1] | $157 | [1] | ($168) | [1] | ($43) | [1] | ($47) | [2] | $183 | [2] | ($128) | [2] | $180 | [2] | ($278) | [2] | $0 | [2] | ($278) | [2] | $0 | [2] |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | ' | ' | ' | 36 | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | ' | ' | ' | ' | ($2) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
[1] | Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts. | |||||||||||||||||||||||||||||
[2] | Includes unrealized mark-to-market net gain (loss) as well as the net realized effect on interest paid/accrued, both reported in "Interest Expense and Related Charges" (see Note 8). |
Commodity_And_Other_Derivative5
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Assets and Liabilities From Balance Sheet to Net Amounts After Consideration Netting Arrangements with Counterparties and Financial Collateral) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets: Amounts Presented in Balance Sheet | $240 | $855 | ||
Derivative assets: Offsetting Financial Instruments | -153 | -456 | [1] | |
Derivative assets: Financial Collateral (Received) Pledged | 0 | [2] | -299 | [2] |
Derivative assets: Net Amounts | 87 | 100 | ||
Derivative liabilities: Amounts Presented in Balance Sheet | -243 | -1,355 | ||
Derivative liabilities: Offsetting Financial Instruments | 153 | 456 | [1] | |
Derivative liabilities: Financial Collateral (Received) Pledged | 75 | [2] | 70 | [2] |
Derivative liabilities: Net Amounts | -15 | -829 | ||
Derivative, Fair Value, Net | -3 | -500 | ||
Derivative (Assets) Liability, Fair Value of Collateral, Net | 75 | [2] | -229 | [2] |
Derivative Assets (Liability), Fair Value, Amount Offset Against Collateral | 72 | -729 | ||
Commodity contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets: Amounts Presented in Balance Sheet | 240 | 788 | ||
Derivative assets: Offsetting Financial Instruments | -153 | -389 | [1] | |
Derivative assets: Financial Collateral (Received) Pledged | 0 | [2] | -299 | [2] |
Derivative assets: Net Amounts | 87 | 100 | ||
Derivative liabilities: Amounts Presented in Balance Sheet | -243 | -263 | ||
Derivative liabilities: Offsetting Financial Instruments | 153 | 168 | [1] | |
Derivative liabilities: Financial Collateral (Received) Pledged | 75 | [2] | 70 | [2] |
Derivative liabilities: Net Amounts | -15 | -25 | ||
Interest Rate Swap [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets: Amounts Presented in Balance Sheet | 0 | 67 | ||
Derivative assets: Offsetting Financial Instruments | 0 | -67 | [1] | |
Derivative assets: Financial Collateral (Received) Pledged | 0 | [2] | 0 | [2] |
Derivative assets: Net Amounts | 0 | 0 | ||
Derivative liabilities: Amounts Presented in Balance Sheet | 0 | -1,092 | ||
Derivative liabilities: Offsetting Financial Instruments | 0 | 288 | [1] | |
Derivative liabilities: Financial Collateral (Received) Pledged | 0 | [2] | 0 | [2] |
Derivative liabilities: Net Amounts | $0 | ($804) | ||
[1] | Offsetting instruments at December 31, 2013 with respect to commodity contracts include amounts related to interest rate swaps and vice versa. All amounts presented exclude trade accounts receivable and payable related to settled financial instruments. | |||
[2] | Financial collateral consists entirely of cash margin deposits. |
Commodity_And_Other_Derivative6
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Interest rate swaps - Floating/fixed [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative, Notional Amount | $0 | $32,490 | [1] | |
Interest rate swaps - Basis [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative, Notional Amount | $0 | $1,050 | ||
Natural Gas Derivative [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Nonmonetary Notional Volume | 1,506,000,000 | [2] | 2,150,000,000 | [2] |
Electricity (in GWh) [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Nonmonetary Notional Volume | 22,340 | 16,482 | ||
Congestion Revenue RIghts (in GWh) [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Nonmonetary Notional Volume | 92,010 | [3] | 77,799 | [3] |
Coal (in tons) [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Nonmonetary Notional Volume | 14,000,000 | 9,000,000 | ||
Fuel oil (in gallons) [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Nonmonetary Notional Volume | 16,000,000 | 26,000,000 | ||
Uranium (in pounds) [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Nonmonetary Notional Volume | 300,000 | 450,000 | ||
[1] | nclude notional amount of interest rate swaps that had maturity dates through October 2014 as well as notional amount of swaps effective from October 2014 that had maturity dates through October 2017. | |||
[2] | Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. | |||
[3] | Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ERCOT. |
Commodity_And_Other_Derivative7
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Derivatives [Line Items] | ' | ' |
Derivative, Net Liability Position, Aggregate Fair Value | $15 | $1,107 |
Credit risk derivative with contingent feature [Member] | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Derivative, Net Liability Position, Aggregate Fair Value | 6 | 4 |
Liquidity exposure associated with liabilities reduced by cash and letter of credit postings with the counterparties | 5 | 3 |
Cross-default credit derivative [Member] | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Derivative, Net Liability Position, Aggregate Fair Value | 9 | 1,103 |
Liquidity exposure associated with liabilities reduced by cash and letter of credit postings with the counterparties | 8 | 6 |
Assets Needed for Immediate Settlement, Aggregate Fair Value | $0 | $1,154 |
Commodity_And_Other_Derivative8
Commodity And Other Derivative Contractual Assets And Liabilities (Concentrations of Credit Risk Related to Derivatives) (Details) (Texas Competitive Electric Holdings Company LLC [Member], Credit Risk Contract [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Texas Competitive Electric Holdings Company LLC [Member] | Credit Risk Contract [Member] | ' |
Derivative [Line Items] | ' |
Total credit risk exposure to all counterparties related to derivative contracts | $329 |
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral | 171 |
Largest net exposure to single counterparty | $87 |
Credit risk exposure to Banking and financial sector percentage | 73.00% |
Net exposure to banking and financial sector percentage | 54.00% |
Related_Party_Transactions_Nar
Related Party Transactions (Narrrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor Holdings [Member] | Oncor Holdings [Member] | Sponsor Group [Member] | Sponsor Group [Member] | Sponsor Group [Member] | Sponsor Group [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | EFH Corp. [Member] | EFH Corp. [Member] | EFH Corp. [Member] | EFH Corp. [Member] | EFH Corp. [Member] | EFH Corp. [Member] | EFH Corp. [Member] | EFH Corp. [Member] | EFH Corp. [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Debt held by related party [Member] | Debt held by related party [Member] | Debt held by related party [Member] | Returned debt as dividend [Member] | Decommisioning liablity [Member] | Decommisioning liablity [Member] | Receivable Attributable to Income Taxes [Member] | Receivable Attributable to Income Taxes [Member] | Payable Attributable To Income Taxes [Member] | Payable Attributable To Income Taxes [Member] | Collateral posted [Member] | Collateral posted [Member] | State and Local Jurisdiction [Member] | State and Local Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Oncor [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | |||||||
Senior Notes [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | 10% Fixed Senior Secured First Lien Notes due January 15, 2020 [Member] | 10% Fixed Senior Secured First Lien Notes due January 15, 2020 [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Senior Secured Debt [Member] | Senior Notes [Member] | Line of Credit [Member] | Term Loan Facilities maturing October 10, 2014 [Member] | Term Loan Facilities maturing October 10, 2014 [Member] | Senior Notes [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | Oncor Holdings [Member] | Oncor [Member] | Oncor Holdings [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Receivable Attributable to Income Taxes [Member] | Receivable Attributable to Income Taxes [Member] | Payable Attributable To Income Taxes [Member] | Payable Attributable To Income Taxes [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Pension Plan, Defined Benefit [Member] | ||||||||||||||||||||||||||||||||
Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Rating-Agencies-Downgrades | Rating-Agencies-Downgrades | Line of Credit [Member] | Line of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Oncor [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | ||||||||||||||||||||||||||||||||||||||||||||
EFH Corp. [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrealized Gain (Loss) on Derivatives | $1,238 | $339 | $1,303 | $489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Selling, general and administrative expenses from transactions with related party | ' | ' | ' | ' | ' | 7 | 7 | 16 | 16 | ' | ' | ' | 10 | 10 | 20 | 19 | ' | 44 | 55 | 100 | 117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Related Party Transaction, Sale of Assets To Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Related Party Transaction, Selling, General and Administrative Cost Paid in Transactions With Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 10 | 0 | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) In Restricted Cash Related to Settlement of Intercompany Note | ' | ' | 0 | -680 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Borrowings under revolving credit facility | 35,127 | ' | 35,127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 529 | ' | 60 | 2 | ' | 33 | ' | 3 | ' | 3,846 | ' | 0 | [1] | ' | 2 | ' | 31,477 | ' | ' | ' | ' | ' | ' | 1,571 | 4,874 | 22,616 | 3,809 | ' | 303 | 1,282 | 79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,664 | ' |
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 7) | 0 | ' | 0 | ' | 40,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 581 | ' | ' | 2 | ' | 33 | ' | 3 | ' | 7,847 | ' | 3,482 | ' | 2 | ' | 31,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,664 | |
Debt Instrument, Principal Amounts Cancelled, Payment as Dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Related party transaction, amounts of transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225 | 230 | 465 | 455 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Due to Affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140 | ' | 140 | ' | 135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Delivery fee surcharge remitted to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | 8 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Due to affiliate, noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 442 | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Due from affiliate, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 7 | ' | ' | ' | ' | 14 | 23 | ' | ' | ' | ' | ' | ' | ' | |
Due to Affiliate, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 22 | ' | ' | ' | ' | 37 | 18 | ' | ' | ' | ' | ' | |
Related party tax expense, due from affiliates, current | ' | ' | ' | ' | ' | ' | ' | 135 | 36 | ' | 12 | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash and letters of credit posted as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accounts receivable, related parties, noncurrent | ' | ' | ' | ' | ' | 851 | ' | 851 | ' | 838 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Defined Benefit Plan Contributions By Employer Excluding Affiliated Supplemental Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84 | ' | ' | ' | ' | |
Defined Benefit Plan, Contributions by Employer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 64 | ' | ' | |
Event of credit rating downgrade, letter of credit required to be posted to secure payment obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $170 | ' | $170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Event of credit rating downgrade, minimum number of rating agencies downgrade below investment grade (in credit agencies downgrades) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The EFIH First Lien Notes were exchanged or settled in June 2014 (see Note 5). |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reportable_segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of reportable segments (in reportable segments) | ' | ' | 2 | ' |
Operating revenues (all Competitive Electric) | $1,406 | $1,419 | $2,924 | $2,679 |
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interest of $19, $19, $40 and $37) | 72 | 74 | 152 | 141 |
Net income (loss): | -774 | -71 | -1,383 | -640 |
Competitive Electric [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenues (all Competitive Electric) | 1,406 | 1,419 | 2,924 | 2,679 |
Net income (loss): | -591 | -238 | -1,158 | -786 |
Regulated Delivery [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interest of $19, $19, $40 and $37) | 72 | 74 | 152 | 141 |
Net income (loss): | 72 | 74 | 152 | 141 |
Corp. and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net income (loss): | -255 | 93 | -377 | 5 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interest of $19, $19, $40 and $37) | $19 | $19 | $40 | $37 |
Supplementary_Financial_Inform2
Supplementary Financial Information (Other Income and Deductions) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Other income: | ' | ' | ' | ' | ||||
Office space rental income | $3 | [1] | $3 | [1] | $6 | [1] | $6 | [1] |
Insurance/litigation settlements | 0 | [2] | 0 | [2] | 0 | [2] | 2 | [2] |
All other | 3 | 4 | 8 | 6 | ||||
Total other income | 6 | 7 | 14 | 14 | ||||
Other deductions: | ' | ' | ' | ' | ||||
Write-off of deferred costs related to cancelled mining projects | 21 | 0 | 21 | 0 | ||||
Ongoing employee retirement benefit expense related to discontinued businesses | 0 | [1] | 0 | [1] | 0 | [1] | -1 | [1] |
All other | 2 | 1 | 2 | 5 | ||||
Total other deductions | $23 | $1 | $23 | $4 | ||||
[1] | Reported in Corporate and Other. | |||||||
[2] | Reported in Competitive Electric segment. |
Supplementary_Financial_Inform3
Supplementary Financial Information (Restricted Cash) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Restricted Cash and Investments, Current | $4 | $949 | |
Restricted Cash and Investments, Noncurrent | 635 | 0 | |
Other Restricted Cash [Member] | ' | ' | |
Restricted Cash and Investments, Current | 4 | 4 | |
Restricted Cash and Investments, Noncurrent | 0 | 0 | |
Texas Competitive Electric Holdings Company LLC [Member] | Amount Related To Texas Competitive Electric Company LLC Debtor-In-Possession Facility [Member] | ' | ' | |
Restricted Cash and Investments, Current | 0 | 0 | |
Restricted Cash and Investments, Noncurrent | 53 | 0 | |
Texas Competitive Electric Holdings Company LLC [Member] | Amounts Related to TCEH's Letter of Credit Facility [Member] | ' | ' | |
Restricted Cash and Investments, Current | 0 | 945 | [1] |
Restricted Cash and Investments, Noncurrent | $582 | $0 | |
[1] | At December 31, 2013, in consideration of the Bankruptcy Filing, all amounts were classified as current. |
Supplementary_Financial_Inform4
Supplementary Financial Information (Trade Accounts Receivable and Allowance for Doubtful Accounts) (Details) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Supplementary Financial Information [Abstract] | ' | ' | ' |
Wholesale and retail trade accounts receivable | $785 | ' | $732 |
Allowance for uncollectible accounts | -13 | -11 | ' |
Trade accounts receivable — net | 772 | ' | 718 |
Unbilled Receivables, Current | 286 | ' | 272 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Allowance for uncollectible accounts receivable at beginning of period | 14 | 9 | ' |
Increase for bad debt expense | 20 | 13 | ' |
Decrease for account write-offs | -21 | -11 | ' |
Allowance for uncollectible accounts receivable at end of period | $13 | $11 | ' |
Supplementary_Financial_Inform5
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories by Major Category | ' | ' |
Materials and supplies | $213 | $216 |
Fuel stock | 187 | 154 |
Natural gas in storage | 42 | 29 |
Total inventories | 442 | 399 |
Other Investments | ' | ' |
Nuclear plant decommissioning trust | 845 | 791 |
Assets related to employee benefit plans, including employee savings programs, net of distributions | 61 | 61 |
Land | 37 | 37 |
Miscellaneous other | 2 | 2 |
Total other investments | $945 | $891 |
Supplementary_Financial_Inform6
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |||||||
Debt securities [Member] | Debt securities [Member] | Equity securities [Member] | Equity securities [Member] | |||||||||||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Cost | $537 | [1] | ' | $537 | [1] | ' | $521 | [1] | $276 | [1],[2] | $266 | [1],[2] | $261 | [1],[3] | $255 | [1],[3] |
Unrealized gain | 314 | ' | 314 | ' | 279 | 12 | [2] | 8 | [2] | 302 | [3] | 271 | [3] | |||
Unrealized loss | -6 | ' | -6 | ' | -9 | -1 | [2] | -4 | [2] | -5 | [3] | -5 | [3] | |||
Fair market value | 845 | ' | 845 | ' | 791 | 287 | [2] | 270 | [2] | 558 | [3] | 521 | [3] | |||
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | 4.14% | 3.96% | ' | ' | |||||||
Decommissioning Fund Investments, Debt securities, average maturity | ' | ' | ' | ' | ' | '6 years | '6 years | ' | ' | |||||||
Decommissioning Fund Investments, debt maturities, one through five years, fair value | ' | ' | ' | ' | ' | 101 | ' | ' | ' | |||||||
Decommissioning Fund Investments, debt maturities, five through ten years, fair value | ' | ' | ' | ' | ' | 56 | ' | ' | ' | |||||||
Decommissioning Fund Investments, debt maturities, after ten years, fair value | ' | ' | ' | ' | ' | 130 | ' | ' | ' | |||||||
Realized gains | 0 | 1 | 1 | 1 | ' | ' | ' | ' | ' | |||||||
Realized losses | 1 | 0 | 1 | 0 | ' | ' | ' | ' | ' | |||||||
Proceeds from sales of securities | 52 | 64 | 85 | 105 | ' | ' | ' | ' | ' | |||||||
Investments in securities | ($56) | ($67) | ($93) | ($112) | ' | ' | ' | ' | ' | |||||||
[1] | Includes realized gains and losses on securities sold. | |||||||||||||||
[2] | The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's Investors Services, Inc. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 4.14% and 3.96% at June 30, 2014 and December 31, 2013, respectively, and an average maturity of 6 years at both June 30, 2014 and December 31, 2013. | |||||||||||||||
[3] | The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. |
Supplementary_Financial_Inform7
Supplementary Financial Information (Property, Plant and Equipment) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Supplementary Financial Information [Abstract] | ' | ' |
Property, plant and equipment — net (Note 15) | $17,317,000,000 | $17,791,000,000 |
Less accumulated amortization/depreciation | $8,800,000,000 | $8,200,000,000 |
Supplementary_Financial_Inform8
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Beginning balance, Liability | $524 | ' |
Additions: | ' | ' |
Accretion | 24 | ' |
Reductions: | ' | ' |
Payments | -40 | ' |
Adjustment to estimate of reclamation costs | -2 | ' |
Ending balance, Liability | 506 | ' |
Less amounts due currently | -49 | ' |
Noncurrent liability at end of period | 457 | 440 |
Nuclear Plant Decommissioning [Member] | ' | ' |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Beginning balance, Liability | 390 | ' |
Additions: | ' | ' |
Accretion | 12 | ' |
Reductions: | ' | ' |
Payments | 0 | ' |
Adjustment to estimate of reclamation costs | 0 | ' |
Ending balance, Liability | 402 | ' |
Less amounts due currently | 0 | ' |
Noncurrent liability at end of period | 402 | ' |
Mining Land Reclamation [Member] | ' | ' |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Beginning balance, Liability | 98 | ' |
Additions: | ' | ' |
Accretion | 12 | ' |
Reductions: | ' | ' |
Payments | -40 | ' |
Adjustment to estimate of reclamation costs | -2 | ' |
Ending balance, Liability | 68 | ' |
Less amounts due currently | -49 | ' |
Noncurrent liability at end of period | 19 | ' |
Other Asset Retirement Obligations [Member] | ' | ' |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Beginning balance, Liability | 36 | ' |
Additions: | ' | ' |
Accretion | 0 | ' |
Reductions: | ' | ' |
Payments | 0 | ' |
Adjustment to estimate of reclamation costs | 0 | ' |
Ending balance, Liability | 36 | ' |
Less amounts due currently | ' | ' |
Noncurrent liability at end of period | $36 | ' |
Supplementary_Financial_Inform9
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | ' | ' | ' | ' | ' | |||
Uncertain tax positions, including accrued interest | $247 | ' | $247 | ' | $246 | |||
Retirement plan and other employee benefits | 1,017 | [1] | ' | 1,017 | [1] | ' | 1,057 | [1] |
Asset retirement and mining reclamation obligations | 457 | ' | 457 | ' | 440 | |||
Unfavorable purchase and sales contracts | 578 | ' | 578 | ' | 589 | |||
Nuclear decomissioning cost over-recovery | 442 | ' | 442 | ' | 400 | |||
Other | 13 | ' | 13 | ' | 30 | |||
Total other noncurrent liabilities and deferred credits | 2,754 | ' | 2,754 | ' | 2,762 | |||
Amortization of Deferred Charges | ' | ' | ' | ' | ' | |||
Amortization of Unfavorable Purchase and Sales Contracts | 6 | 7 | 12 | 13 | ' | |||
Estimated Future Amortization Expense | ' | ' | ' | ' | ' | |||
2014 | ' | ' | 24 | ' | ' | |||
2015 | ' | ' | 24 | ' | ' | |||
2016 | ' | ' | 24 | ' | ' | |||
2017 | ' | ' | 24 | ' | ' | |||
2018 | ' | ' | 24 | ' | ' | |||
Oncor [Member] | ' | ' | ' | ' | ' | |||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | ' | ' | ' | ' | ' | |||
Retirement plan and other employee benefits | $851 | ' | $851 | ' | $838 | |||
[1] | Includes $851 million and $838 million at June 30, 2014 and December 31, 2013, respectively, representing pension and OPEB liabilities related to Oncor |
Recovered_Sheet1
Supplementary Financial Information (Fair Value of Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debtor-In-Possession Facility [Member] | Reported Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $6,825 | $0 |
Pre-Petition Notes, Loans And Other Debt (Reported As Liabilities Subject To Compromise) [Member] | Reported Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 35,860 | 0 |
Long-Term Debt, Including Amounts Due Currently [Member] | Reported Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 141 | 0 |
Pre-Petition Notes, Loans And Other Debt (Excluding Capital Leases) [Member] | Reported Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 0 | 40,200 |
Fair Value, Inputs, Level 2 [Member] | Debtor-In-Possession Facility [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 6,866 | 0 |
Fair Value, Inputs, Level 2 [Member] | Pre-Petition Notes, Loans And Other Debt (Reported As Liabilities Subject To Compromise) [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 26,817 | 0 |
Fair Value, Inputs, Level 2 [Member] | Long-Term Debt, Including Amounts Due Currently [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | 143 | 0 |
Fair Value, Inputs, Level 2 [Member] | Pre-Petition Notes, Loans And Other Debt (Excluding Capital Leases) [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $0 | $26,050 |
Recovered_Sheet2
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) (USD $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | ||
Senior Notes [Member] | Senior Notes [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | Senior Secured Debt [Member] | First-Lien Debtor-in-Possession Facility [Member] | RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | |||||
EFH Corp. [Member] | 11.25%/12.25% Senior Toggle notes due 2018 [Member] | EFH Corp. [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | 10% Senior Secured notes due 2020 [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | Senior Secured Debt [Member] | |||||
Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | |||||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Debt Issuance Fee Paid By Issuance Of Debt | ' | $340 | ' | ' | ' | ' | ' | ' | ' | ||
Long Term Debt And Capital Leases Issued, Principal Amount | ' | ' | ' | 89 | ' | ' | 1,302 | ' | ' | ||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | ' | ' | 95 | ' | 1,310 | 1,673 | ' | ' | ' | ||
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | 78 | ||
Debtor-In-Possession Financing, Borrowings Used In Exchange Transaction For Pre-Petition Debt | ' | ' | ' | ' | ' | ' | ' | 1,836 | ' | ||
Cash payments related to: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest paid | 869 | [1] | 1,733 | [1] | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | -11 | -14 | ' | ' | ' | ' | ' | ' | ' | ||
Interest paid (net of capitalized interest) | 858 | [1] | 1,719 | [1] | ' | ' | ' | ' | ' | ' | ' |
Income taxes | 49 | 51 | ' | ' | ' | ' | ' | ' | ' | ||
Reorganization items | 53 | [2] | 0 | [2] | ' | ' | ' | ' | ' | ' | ' |
Noncash investing and financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Principal amount of toggle notes issued in lieu of cash interest | 0 | 83 | ' | ' | ' | ' | ' | ' | ' | ||
Construction expenditures | 51 | [3] | 69 | [3] | ' | ' | ' | ' | ' | ' | ' |
Debt exchange and extension transactions | -85 | [4] | -326 | [4] | ' | ' | ' | ' | ' | ' | ' |
Debt assumed related to acquired combustion turbine trust interest | $0 | ($45) | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Net of amounts received under interest rate swap agreements. | ||||||||||
[2] | Represents cash payments for legal and other consulting services. | ||||||||||
[3] | Represents end-of-period accruals. | ||||||||||
[4] | For the six months ended June 30, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 5). For the six months ended June 30, 2013 represents $340 million principal amount of term loans issued under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $1.302 billion principal amount of EFIH debt issued in exchange for $1.310 billion principal amount of EFH Corp. and EFIH debt and $89 million principal amount of EFIH debt issued in exchange for $95 million principal amount of EFH Corp. debt. |