Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Energy Future Holdings Corp /TX/ | ||
Entity Central Index Key | 1023291 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 1,669,861,379 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $0 |
Statements_Of_Consolidated_Inc
Statements Of Consolidated Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Operating revenues | $5,978 | $5,899 | $5,636 |
Fuel, purchased power costs and delivery fees | -2,842 | -2,848 | -2,816 |
Net gain (loss) from commodity hedging and trading activities | 11 | -54 | 389 |
Operating costs | -914 | -881 | -888 |
Depreciation and amortization | -1,283 | -1,355 | -1,373 |
Selling, general and administrative expenses | -716 | -747 | -674 |
Franchise and revenue-based taxes | -78 | -75 | -80 |
Impairment of goodwill (Note 4) | -1,600 | -1,000 | -1,200 |
Impairment of long-lived assets (Note 8) | -4,670 | -140 | 0 |
Other income (Note 7) | 31 | 26 | 30 |
Other deductions (Note 7) | -276 | -53 | -380 |
Interest income | 1 | 1 | 2 |
Interest expense and related charges (Note 9) | -2,201 | -2,704 | -3,508 |
Reorganization Items | -815 | 0 | 0 |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | -9,374 | -3,931 | -4,862 |
Income tax benefit (Note 6) | 2,619 | 1,271 | 1,232 |
Equity in earnings of unconsolidated subsidiaries (net of tax) (Note 3) | 349 | 335 | 270 |
Net loss | -6,406 | -2,325 | -3,360 |
Net loss attributable to noncontrolling interests | 0 | 107 | 0 |
Net loss attributable to EFH Corp. | ($6,406) | ($2,218) | ($3,360) |
Statements_Of_Consolidated_Com
Statements Of Consolidated Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net loss | ($6,406) | ($2,325) | ($3,360) |
Other comprehensive income (loss), net of tax effects: | |||
Effects related to pension and other retirement benefit obligations (net of tax benefit (expense) of $12, $5 and $(90)) (Note 17) | -21 | -8 | 166 |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period (net of tax benefit of $1, $3 and $3) | 1 | 6 | 7 |
Net effects related to Oncor (net of tax benefit (expense) of $(25), $(8) and $1) | -47 | -14 | 2 |
Total other comprehensive income (loss) | -67 | -16 | 175 |
Comprehensive loss | -6,473 | -2,341 | -3,185 |
Comprehensive loss attributable to noncontrolling interests | 0 | 107 | 0 |
Comprehensive loss attributable to EFH Corp. | ($6,473) | ($2,234) | ($3,185) |
Statements_Of_Consolidated_Com1
Statements Of Consolidated Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effects related to pension and other retirement benefit obligations, tax | $12 | $5 | ($90) |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period, tax | 1 | 3 | 3 |
Net effects related to Oncor, tax | ($25) | ($8) | $1 |
Statements_Of_Consolidated_Cas
Statements Of Consolidated Cash Flows (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows — operating activities: | ||||
Net loss | ($6,406) | ($2,325) | ($3,360) | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,453 | 1,521 | 1,552 | |
Deferred income tax benefit, net | -2,539 | -992 | -1,252 | |
Income tax benefit due to IRS audit resolutions (Note 5) | 7 | -305 | 0 | |
Impairment of goodwill (Note 4) | 1,600 | 1,000 | 1,200 | |
Impairment of long-lived assets and nuclear generation development joint venture (Note 8) | 4,670 | 140 | 0 | |
Unrealized net loss from mark-to-market valuations of commodity positions | 370 | 1,091 | 1,526 | |
Unrealized net gain from mark-to-market valuations of interest rate swaps (Note 9) | -1,303 | -1,058 | -172 | |
Liability adjustment arising from termination of interest rate swaps (Note 16) | 278 | 0 | 0 | |
Noncash loss on termination of interest rate swaps (Note 9) | 1,237 | [1] | 0 | 0 |
Noncash gain on termination of natural gas hedging positions (Note 16) | -117 | 0 | 0 | |
Fees associated with completion of TCEH and EFIH DIP Facilities | 187 | 0 | 0 | |
Loss on exchange and settlement of EFIH First Lien Notes (Note 11) | 108 | 0 | 0 | |
Interest expense on toggle notes payable in additional principal (Note 9) | 65 | 176 | 209 | |
Amortization of debt related costs, discounts, fair value discounts and losses on dedesignated cash flow hedges (Note 9) | 72 | 235 | 238 | |
Equity in earnings of unconsolidated subsidiaries | -349 | -335 | -270 | |
Distributions of earnings from unconsolidated subsidiaries | 202 | 213 | 147 | |
Charges related to pension plan actions (Note 17) | 0 | 0 | 285 | |
Impairment of intangible assets (Note 7) | 263 | 0 | 0 | |
Other asset impairments (Note 7) | 0 | 37 | 71 | |
Bad debt expense (Note 21) | 38 | 33 | 26 | |
Accretion expense related primarily to mining reclamation obligations (Note 21) | 25 | 33 | 37 | |
Other, net | 0 | 16 | 15 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable — trade | 63 | -33 | 21 | |
Inventories | -67 | -6 | 19 | |
Accounts payable — trade | 108 | 11 | -142 | |
Payables due to unconsolidated subsidiary | 109 | 109 | -118 | |
Commodity and other derivative contractual assets and liabilities | -25 | 49 | 9 | |
Margin deposits, net | -192 | -320 | -476 | |
Accrued interest | 519 | -8 | 132 | |
Other — net assets | -43 | 131 | -61 | |
Other — net liabilities | 71 | 84 | -454 | |
Cash provided by (used in) operating activities | 404 | -503 | -818 | |
Cash flows — financing activities: | ||||
Proceeds from DIP Facilities before fees paid (Note 11) | 4,989 | 0 | 0 | |
Fees paid for DIP Facilities (Note 10) | -187 | 0 | 0 | |
Issuances of long-term debt | 0 | 0 | 2,253 | |
Repayments/repurchases of debt (Notes 11 and 12) | -2,546 | -105 | -41 | |
Net repayments under accounts receivable securitization program (Note 21) | 0 | -82 | -22 | |
Increase in other borrowings | 0 | 0 | 1,384 | |
Decrease in note payable to unconsolidated subsidiary (Note 19) | 0 | 0 | -20 | |
Settlement of agreements with unconsolidated affiliate (Note 19) | 0 | 0 | -159 | |
Other, net | 1 | -9 | -22 | |
Cash provided by (used in) financing activities | 2,257 | -196 | 3,373 | |
Cash flows — investing activities: | ||||
Capital expenditures | -386 | -501 | -664 | |
Nuclear fuel purchases | -77 | -116 | -213 | |
Acquisition of combustion turbine trust interest (Note 12) | 0 | -40 | 0 | |
Restricted cash investment used to settle TCEH Demand Notes (Note 19) | 0 | 680 | -680 | |
Other changes in restricted cash | 42 | -2 | 129 | |
Proceeds from sales of nuclear decommissioning trust fund securities | 314 | 175 | 106 | |
Investments in nuclear decommissioning trust fund securities | -331 | -191 | -122 | |
Other, net | -12 | -2 | -24 | |
Cash provided by (used in) investing activities | -450 | 3 | -1,468 | |
Net change in cash and cash equivalents | 2,211 | -696 | 1,087 | |
Cash and cash equivalents — beginning balance | 1,217 | 1,913 | 826 | |
Cash and cash equivalents — ending balance | $3,428 | $1,217 | $1,913 | |
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 16) and $12 million related to other interest rate swaps. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $3,428 | $1,217 | |
Restricted cash (Note 21) | 6 | 949 | |
Trade accounts receivable — net | 589 | 718 | |
Inventories (Note 21) | 468 | 399 | |
Commodity and other derivative contractual assets (Note 16) | 492 | 851 | |
Accumulated deferred income taxes | 0 | 105 | |
Margin deposits related to commodity positions | 9 | 93 | |
Other current assets | 91 | 135 | |
Total current assets | 5,083 | 4,467 | |
Restricted cash (Note 21) | 901 | 0 | |
Receivable from unconsolidated subsidiary (Note 19) | 47 | 838 | |
Investment in unconsolidated subsidiary (Note 3) | 6,058 | 5,959 | |
Other investments (Note 21) | 995 | 891 | |
Property, plant and equipment — net (Note 21) | 12,397 | 17,791 | |
Goodwill (Note 4) | 2,352 | 3,952 | |
Identifiable intangible assets — net (Note 4) | 1,315 | 1,679 | |
Commodity and other derivative contractual assets (Note 16) | 5 | 4 | |
Other noncurrent assets | 95 | 865 | |
Total assets | 29,248 | 36,446 | |
Current liabilities: | |||
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | 0 | 40,252 | |
Trade accounts payable | 406 | 401 | |
Net payables due to unconsolidated subsidiary (Note 19) | 237 | 128 | |
Commodity and other derivative contractual liabilities (Note 16) | 316 | 1,355 | |
Margin deposits related to commodity positions | 26 | 302 | |
Accumulated deferred income taxes (Note 6) | 135 | 0 | |
Accrued taxes | 157 | 178 | |
Accrued interest (Notes 9 and 12) | 119 | 564 | |
Other current liabilities (a) | 399 | [1] | 326 |
Total current liabilities | 1,795 | 43,506 | |
Borrowings under debtor-in-possession credit facilities (Note 11) | 6,825 | 0 | |
Long-term debt, less amounts due currently (Note 11) (b) | 128 | [2] | 0 |
Liabilities subject to compromise (Note 12) | 37,432 | 0 | |
Commodity and other derivative contractual liabilities (Note 16) | 1 | 0 | |
Accumulated deferred income taxes (Note 6) | 713 | 3,433 | |
Other noncurrent liabilities and deferred credits (Note 21) | 2,077 | 2,762 | |
Total liabilities | 48,971 | 49,701 | |
Commitments and Contingencies (Note 13) | |||
Equity (Note 14): | |||
Common stock (shares outstanding 2014 — 1,669,861,379; 2013 — 1,669,861,383) | 2 | 2 | |
Additional paid-in capital | 7,968 | 7,962 | |
Retained deficit | -27,563 | -21,157 | |
Accumulated other comprehensive loss | -130 | -63 | |
EFH Corp. shareholders' equity | -19,723 | -13,256 | |
Noncontrolling interests in subsidiaries | 0 | 1 | |
Total equity | -19,723 | -13,255 | |
Total liabilities and equity | 29,248 | 36,446 | |
Debt Due Currently [Member] | |||
Current liabilities: | |||
Other current liabilities (a) | 39 | ||
Building Financing [Member] | |||
Current liabilities: | |||
Long-term debt, less amounts due currently (Note 11) (b) | 36 | ||
Unamortized Fair Value Premium [Member] | |||
Current liabilities: | |||
Long-term debt, less amounts due currently (Note 11) (b) | 7 | ||
Debt Approved By Bankruptcy Court For Payment [Member] | |||
Current liabilities: | |||
Long-term debt, less amounts due currently (Note 11) (b) | 37 | ||
Unamortized Fair Value Discount [Member] | |||
Current liabilities: | |||
Long-term debt, less amounts due currently (Note 11) (b) | 3 | ||
Fixed Secured Facility Bonds [Member] | |||
Current liabilities: | |||
Long-term debt, less amounts due currently (Note 11) (b) | 13 | ||
Unamortized Discount [Member] | |||
Current liabilities: | |||
Long-term debt, less amounts due currently (Note 11) (b) | 2 | ||
Capital Lease Obligations [Member] | |||
Current liabilities: | |||
Long-term debt, less amounts due currently (Note 11) (b) | 39 | ||
Other Debt Obligations [Member] | |||
Current liabilities: | |||
Long-term debt, less amounts due currently (Note 11) (b) | $1 | ||
[1] | Balance at December 31, 2014 includes $39 million of current portion of debt | ||
[2] | Represents pre-petition liabilities that are not subject to compromise and consists of a non-Debtor $36 million principal amount of debt related to a building financing (plus $7 million of unamortized fair value premium), $37 million principal amount of debt approved by the Bankruptcy Court for repayment (less $3 million of unamortized fair value discount), $13 million principal amount of debt issued by a trust and secured by assets held by the trust (less $2 million of unamortized discount), $39 million of capitalized lease obligations and $1 million principal amount of debt related to a coal purchase agreement. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | |
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | $40,252 |
Common stock, shares outstanding | 1,669,861,383 |
Revolving Credit Facility [Member] | Revolving Credit Facility maturing October 2016 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | $2,054 |
Statements_of_Consolidated_Equ
Statements of Consolidated Equity (USD $) | Total | Parent [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Loss, Net of Tax Effects [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | |||||||
Balance at beginning of period at Dec. 31, 2011 | ($73) | ||||||
Balance at beginning of period at Dec. 31, 2011 | -149 | ||||||
Balance at beginning of period at Dec. 31, 2011 | 2 | 7,947 | -15,579 | 95 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 12 | ||||||
Common stock repurchases | 0 | ||||||
Other | 0 | ||||||
Net loss attributable to EFH Corp. | -3,360 | -3,360 | |||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | 166 | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 9 | ||||||
Noncontrolling interests in subsidiaries (Note 14): | |||||||
Net loss attributable to noncontrolling interests | 0 | 0 | |||||
Investments by noncontrolling interests | 7 | ||||||
Other | 0 | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2012 | -47 | -47 | |||||
Total equity at end of period at Dec. 31, 2012 | -10,923 | -11,025 | 2 | 7,959 | -18,939 | 102 | |
Balance at end of period at Dec. 31, 2012 | 17 | ||||||
Balance at end of period at Dec. 31, 2012 | -64 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 7 | ||||||
Common stock repurchases | -5 | ||||||
Other | 1 | ||||||
Net loss attributable to EFH Corp. | -2,218 | -2,218 | |||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | -24 | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 8 | ||||||
Noncontrolling interests in subsidiaries (Note 14): | |||||||
Net loss attributable to noncontrolling interests | -107 | -107 | |||||
Investments by noncontrolling interests | 6 | ||||||
Other | 0 | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2013 | -63 | -63 | |||||
Total equity at end of period at Dec. 31, 2013 | -13,255 | -13,256 | 2 | 7,962 | -21,157 | 1 | |
Balance at end of period at Dec. 31, 2013 | -7 | ||||||
Balance at end of period at Dec. 31, 2013 | -56 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 6 | ||||||
Common stock repurchases | 0 | ||||||
Other | 0 | ||||||
Net loss attributable to EFH Corp. | -6,406 | -6,406 | |||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | -70 | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 3 | ||||||
Noncontrolling interests in subsidiaries (Note 14): | |||||||
Net loss attributable to noncontrolling interests | 0 | 0 | |||||
Investments by noncontrolling interests | 1 | ||||||
Other | -2 | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2014 | -130 | -130 | |||||
Total equity at end of period at Dec. 31, 2014 | -19,723 | -19,723 | 2 | 7,968 | -27,563 | 0 | |
Balance at end of period at Dec. 31, 2014 | -77 | ||||||
Balance at end of period at Dec. 31, 2014 | ($53) |
Condensed_Statements_of_Consol
Condensed Statements of Consolidated Equity (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value | $0.00 | $0.00 | $0.00 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding | 1,669,861,379 | 1,669,861,383 | 1,680,539,245 |
Business_And_Significant_Accou
Business And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 operations. 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; 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. | |
Consistent with the ring-fencing measures discussed above, the assets and liabilities of the Oncor Ring-Fenced Entities have not been, and are not expected to be, substantively consolidated with the assets and liabilities of the Debtors in the Chapter 11 Cases. | |
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 20 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, (collectively, 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 11 for discussion of the DIP Facilities. | |
Basis of Presentation, Including Application of Bankruptcy Accounting | |
The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements have been prepared as if EFH Corp. is a going concern and contemplate the realization of assets and liabilities in the normal course of business. The consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification (ASC) 852, 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 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. See Notes 10 and 12 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). All intercompany items and transactions have been eliminated in consolidation. 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. | |
Derivative Instruments and Mark-to-Market Accounting | |
We enter into contracts for the purchase and sale of electricity, natural gas, coal, uranium and other commodities and also enter into other derivative instruments such as options, swaps, futures and forwards primarily to manage our commodity price and interest rate risks. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, changes in the fair value of the derivative are recognized in net income as unrealized gains and losses, unless the criteria for certain exceptions are met, and an offsetting derivative asset or liability is recorded in the consolidated balance sheets. This recognition is referred to as mark-to-market accounting. The fair values of our unsettled derivative instruments under mark-to-market accounting are reported in the consolidated balance sheets as commodity and other derivative contractual assets or liabilities. We report derivative assets and liabilities in the consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. Margin deposits that contractually offset these assets and liabilities are reported separately in the consolidated balance sheets. When derivative instruments are settled and realized gains and losses are recorded, the previously recorded unrealized gains and losses and derivative assets and liabilities are reversed. See Notes 15 and 16 for additional information regarding fair value measurement and commodity and other derivative contractual assets and liabilities. Under the election criteria of accounting standards related to derivative instruments and hedging activities, we may elect the normal purchase and sale exemption. A commodity-related derivative contract may be designated as a normal purchase or sale if the commodity is to be physically received or delivered for use or sale in the normal course of business. If designated as normal, the derivative contract is accounted for under the accrual method of accounting (not marked-to-market) with no balance sheet or income statement recognition of the contract until settlement. | |
Because derivative instruments are frequently used as economic hedges, accounting standards related to derivative instruments and hedging activities allow for hedge accounting, which provides for the designation of such instruments as cash flow or fair value hedges if certain conditions are met. A cash flow hedge mitigates the risk associated with the variability of the future cash flows related to an asset or liability (e.g., a forecasted sale of electricity in the future at market prices or the payment of interest related to variable rate debt), while a fair value hedge mitigates risk associated with fixed future cash flows (e.g., debt with fixed interest rate payments). In accounting for changes in the fair value of cash flow hedges, derivative assets and liabilities are recorded on the consolidated balance sheets with an offset to other comprehensive income to the extent the hedges are effective and the hedged transaction remains probable of occurring. If the hedged transaction becomes probable of not occurring, hedge accounting is discontinued and the amount recorded in other comprehensive income is immediately reclassified into net income. If the relationship between the hedge and the hedged transaction ceases to exist or is dedesignated, hedge accounting is discontinued, and the amounts recorded in other comprehensive income are reclassified to net income as the previously hedged transaction impacts net income. Changes in value of fair value hedges are recorded as derivative assets or liabilities with an offset to net income, and the carrying value of the related asset or liability (hedged item) is adjusted for changes in fair value with an offset to net income. If the fair value hedge is settled prior to the maturity of the hedged item, the cumulative fair value gain or loss associated with the hedge is amortized into income over the remaining life of the hedged item. In the statement of cash flow, the effects of settlements of derivative instruments are classified consistent with the related hedged transactions. | |
To qualify for hedge accounting, a hedge must be considered highly effective in offsetting changes in fair value of the hedged item. Assessment of the hedge's effectiveness is tested at least quarterly throughout its term to continue to qualify for hedge accounting. Changes in fair value that represent hedge ineffectiveness, even if the hedge continues to be assessed as effective, are immediately recognized in net income. Ineffectiveness is generally measured as the cumulative excess, if any, of the change in value of the hedging instrument over the change in value of the hedged item. | |
At December 31, 2014 and 2013, there were no derivative positions accounted for as cash flow or fair value hedges. Accumulated other comprehensive income includes amounts related to interest rate swaps previously designated as cash flow hedges that are being reclassified to net income as the hedged transactions impact net income (see Note 16). | |
Realized and unrealized gains and losses from transacting in energy-related derivative instruments are primarily reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. In accordance with accounting rules, upon settlement of physical derivative sales and purchase contracts that are marked-to-market in net income, related wholesale electricity revenues and fuel and purchased power costs are reported at approximated market prices, instead of the contract price. As a result, this noncash difference between market and contract prices is included in the operating revenues and fuel and purchased power costs and delivery fees line items of the statements of consolidated income (loss), with offsetting amounts included in net gain (loss) from commodity hedging and trading activities. | |
Revenue Recognition | |
We record revenue from electricity sales and delivery service under the accrual method of accounting. Revenues are recognized when electricity or delivery services are provided to customers on the basis of periodic cycle meter readings and include an estimated accrual for the revenues earned from the meter reading date to the end of the period (unbilled revenue). | |
We report physically delivered commodity sales and purchases in the statements of consolidated income (loss) on a gross basis in revenues and fuel, purchased power and delivery fees, respectively, and we report all other commodity related contracts and financial instruments (primarily derivatives) in the statements of consolidated income (loss) on a net basis in net gain (loss) from commodity hedging and trading activities. Volumes under bilateral purchase and sales contracts, including contracts intended as hedges, are not scheduled as physical power with ERCOT. Accordingly, unless the volumes represent physical deliveries to customers or purchases from counterparties, such contracts are reported net in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities instead of reported gross as wholesale revenues or purchased power costs. If volumes delivered to our retail and wholesale customers are less than our generation volumes (as determined on a daily settlement basis), we record additional wholesale revenues, and if volumes delivered to our retail and wholesale customers exceed our generation volumes, we record additional purchased power costs. The additional wholesale revenues or purchased power costs are offset in net gain (loss) from commodity hedging and trading activities. | |
Impairment of Long-Lived Assets | |
We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss would be recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. See Note 8 for discussion of the 2014 impairment of certain long-lived assets and Note 4 for discussion of impairment in 2014 of certain intangible assets. See Note 8 for discussion of the 2013 impairment of assets of our joint venture to develop additional nuclear units and Note 4 for discussion of impairments of intangible assets and mining-related assets in 2012. | |
We evaluate investments in unconsolidated subsidiaries for impairment when factors indicate that a decrease in the value of the investment has occurred that is not temporary. Indicators that should be evaluated for possible impairment of investments include recurring operating losses of the investee or fair value measures that are less than carrying value. Any impairment recognition is based on fair value that is not reflective of temporary conditions. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. | |
Finite-lived intangibles identified as a result of purchase accounting are amortized over their estimated useful lives based on the expected realization of economic effects. See Note 4 for additional information. | |
Goodwill and Intangible Assets with Indefinite Lives | |
We evaluate goodwill and intangible assets with indefinite lives for impairment at least annually (at December 1), or when indications of impairment exist. See Note 4 for details of goodwill and intangible assets with indefinite lives, including discussion of fair value determinations and goodwill impairments recorded in 2014, 2013 and 2012. | |
Amortization of Nuclear Fuel | |
Amortization of nuclear fuel is calculated on the units-of-production method and is reported as fuel costs. | |
Major Maintenance | |
Major maintenance costs incurred during generation plant outages and the costs of other maintenance activities are charged to expense as incurred and reported as operating costs. | |
Defined Benefit Pension Plans and OPEB Plans | |
We offer certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees from the company and also offer pension benefits to eligible employees under collective bargaining agreements based on either a traditional defined benefit formula or a cash balance formula. Costs of pension and OPEB plans are dependent upon numerous factors, assumptions and estimates. See Notes 17 and 19 for additional information regarding pension and OPEB plans, including a discussion of amendments to and separation of the EFH Corp. pension plan approved in 2012 and the separation of the EFH Corp. and Oncor OPEB plans effective July 1, 2014. | |
Stock-Based Incentive Compensation | |
Our 2007 Stock Incentive Plan authorizes discretionary grants to directors, officers and qualified managerial employees of EFH Corp. or its affiliates of non-qualified stock options, stock appreciation rights, restricted shares, shares of common stock, the opportunity to purchase shares of common stock and other stock-based awards. Stock-based compensation expense is recognized over the vesting period based on the grant-date fair value of those awards. See Note 18 for information regarding stock-based incentive compensation. | |
Sales and Excise Taxes | |
Sales and excise taxes are accounted for as a "pass through" item on the consolidated balance sheets with no effect on the statements of consolidated income (loss); i.e., the tax is billed to customers and recorded as trade accounts receivable with an offsetting amount recorded as a liability to the taxing jurisdiction. | |
Franchise and Revenue-Based Taxes | |
Unlike sales and excise taxes, franchise and gross receipt taxes are not a "pass through" item. These taxes are assessed to us by state and local government bodies, based on revenues or kWh delivered, as a cost of doing business and are recorded as an expense. Rates we charge to customers are intended to recover our costs, including the franchise and gross receipt taxes, but we are not acting as an agent to collect the taxes from customers. | |
Income Taxes | |
EFH Corp. files a consolidated US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. Deferred income taxes are provided for temporary differences between the book and tax basis of assets and liabilities as required under accounting rules. See Note 6. | |
We report interest and penalties related to uncertain tax positions as current income tax expense. See Note 5. | |
Accounting for Contingencies | |
Our financial results may be affected by judgments and estimates related to loss contingencies. Accruals for loss contingencies are recorded when management determines that it is probable that an asset has been impaired or a liability has been incurred and that such economic loss can be reasonably estimated. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events. See Note 13 for a discussion of contingencies. | |
Restricted Cash | |
The terms of certain agreements require the restriction of cash for specific purposes. At December 31, 2014, $901 million of cash was restricted to support letters of credit. See Notes 11, 12 and 21 for more details regarding restricted cash. | |
Property, Plant and Equipment | |
As a result of purchase accounting, carrying amounts of property, plant and equipment related to competitive businesses were adjusted to estimated fair values at the Merger date. Subsequent additions have been recorded at cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead, including payroll-related costs. Interest related to qualifying construction projects and qualifying software projects is capitalized in accordance with accounting guidance related to capitalization of interest cost. See Note 9. | |
Depreciation of our property, plant and equipment is calculated on a straight-line basis over the estimated service lives of the properties. Depreciation expense is calculated on a component asset-by-asset basis. Estimated depreciable lives are based on management's estimates of the assets' economic useful lives. See Note 21. | |
Asset Retirement Obligations | |
A liability is initially recorded at fair value for an asset retirement obligation associated with the retirement of tangible long-lived assets in the period in which it is incurred if a fair value is reasonably estimable. 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. Over time, the liability is accreted for the change in present value and the initial capitalized costs are depreciated over the remaining useful lives of the assets. See Note 21. | |
Inventories | |
Inventories are reported at the lower of cost (on a weighted average basis) or market unless expected to be used in the generation of electricity. Also see discussion immediately below regarding environmental allowances and credits. | |
Environmental Allowances and Credits | |
We account for all environmental allowances and credits as identifiable intangible assets with finite lives that are subject to amortization. The recorded values of these intangible assets were originally established reflecting fair value determinations as of the date of the Merger under purchase accounting. Amortization expense associated with these intangible assets is recognized on a unit of production basis as the allowances or credits are consumed in generation operations. The environmental allowances and credits are assessed for impairment when conditions or events occur that could affect the carrying value of the assets and are evaluated with the generation units to the extent they are planned to be consumed in generation operations. See Note 4 for discussion of the impairment of emission allowances recorded in 2014. | |
Investments | |
Investments in a nuclear decommissioning trust fund are carried at current market value in the consolidated balance sheets. Assets related to employee benefit plans represent investments held to satisfy deferred compensation liabilities and are recorded at current market value. See Note 21 for discussion of these and other investments. | |
Noncontrolling Interests | |
See Notes 8 and 14 for discussion of accounting for noncontrolling interests in subsidiaries. | |
Changes in Accounting Standards | |
In April 2014 the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. The ASU states that a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity's operations and financial results when the component of an entity or group of components of an entity meets the criteria to be classified as held for sale, is disposed of by sale, or is disposed of other than by sale. The amendments in this ASU also require additional disclosures about discontinued operations. ASU 2014-08 is effective for the Company for the first quarter 2015. This new requirement is relevant to our presentation of the equity method investment in Oncor, which has been proposed for sale within the Chapter 11 Cases. The new guidance will eliminate a scope exception currently applicable to equity method investments, resulting in the requirement of further analysis of the presentation of the Oncor equity method investment within the consolidated financial statements in 2015. We do not currently expect ASU 2014-08 to materially affect our results of operations, financial position, or cash flows, until a plan of sale of the Oncor investment is approved by the Bankruptcy Court, at which time presentation as a discontinued operations may be appropriate. | |
In May 2014, the FASB and IASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers. The ASU is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016 for public entities. Early application is not permitted. The amendments in ASU 2014-09 create a new Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, which supersedes revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 requires that an entity recognize revenues as performance obligations embedded in sales agreements with customers are satisfied by the entity. The rule is intended to eliminate inconsistencies in revenue recognition and thereby improve comparability across entities, industries and capital markets. We are in the process of assessing the effects of the application of the new guidance on our financial statements. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), Presentation of Financial Statements – Going Concern. ASU 2014-15 is effective for annual reporting periods (including interim periods within those periods) ending after December 15, 2016. Early application is permitted. The amendments in ASU 2014-15 create a new ASC Sub-topic 205-40, Presentation of Financial Statements – Going Concern and requires management to assess for each annual and interim reporting period if conditions exist that raise substantial doubt about an entity's ability to continue as a going concern. The rule requires various disclosures depending on the facts and circumstances surrounding an entity's ability to continue as a going concern. We are in the process of assessing the effects of the application of the new guidance on our financial statement disclosures. |
Chapter_11_Cases_Chapter_11_Ca
Chapter 11 Cases Chapter 11 Cases | 12 Months Ended |
Dec. 31, 2014 | |
Reorganizations [Abstract] | |
Chapter 11 Cases | CHAPTER 11 CASES |
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 Chapter 11 Cases), 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 16). 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. | |
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. | |
Upon receiving competing bids for the sale of EFH Corp.'s indirect economic ownership interest in Oncor, which offered new alternatives to maximize the value of the Debtors' estates, the Debtors terminated the RSA effective July 31, 2014. | |
In cooperation with various stakeholders, the Debtors are focused 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 currently have the exclusive right to file a Chapter 11 plan of reorganization until June 23, 2015 and the exclusive right to solicit the appropriate votes for any such plan it files prior to such date until August 23, 2015 (i.e. the exclusivity period). Upon expiration of this exclusivity period (unless extended by the Bankruptcy Court), any creditor or stakeholder has the ability to file one or more Chapter 11 plans of reorganization. | |
Proposed Sale of EFH Corp.’s Indirect Economic Ownership Interest in Oncor | |
In September 2014, with input and support from several key stakeholders, the Debtors filed a motion with the Bankruptcy Court seeking the entry of an order approving bidding procedures with respect to the potential sale of EFH Corp.'s indirect economic ownership interest in Oncor. During October 2014, the bankruptcy court held hearings regarding the motion. In November 2014, the Bankruptcy Court conditionally approved the motion. In January 2015, the Bankruptcy Court approved the Debtors' bidding procedures motion that sets forth the process by which the Debtors are authorized to solicit proposals (i.e. bids) from third parties to acquire (in any form and employing any structure, whether taxable (in whole or in part) or tax-free) EFH Corp.'s indirect economic ownership interest in Oncor in accordance with the Bankruptcy Code. These bidding procedures contemplate that the Debtors select a stalking horse bid after a two-stage closed bidding process, and, after approval by the Bankruptcy Court of such stalking horse bid, the Debtors conduct a round of open bidding culminating in an auction intended to obtain a higher or otherwise best bid for a transaction. Initial bids were received in early March 2015, and each of the Debtors is currently assessing those submissions. We cannot predict the outcome of this process, including whether we will receive any acceptable bid, whether the Bankruptcy Court will approve any such bid or whether any such transaction will (or when it will) ultimately close because any such transaction would be the subject of customary closing conditions, including receipt of all applicable regulatory approvals. | |
Tax Matters | |
In June 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 completed through a tax-free spin (in accordance with the Private Letter Ruling) in connection with TCEH's emergence from bankruptcy (Reorganized TCEH), (ii) the transfer by the Debtors to Reorganized TCEH of certain 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. The Debtors intend to continue to pursue the Private Letter Ruling to support potential Chapter 11 plans of reorganization that could ultimately be proposed. In October 2014, the Debtors filed a memorandum with the Bankruptcy Court that described tax related matters regarding restructuring alternatives. | |
Operation and Implications of the Chapter 11 Cases | |
Our ability to continue as a going concern is contingent upon, among other factors, our ability to comply with the financial and other covenants contained in the DIP Facilities described in Note 11, our ability to obtain new debtor in possession financing in the event the DIP Facilities were to expire during the pendency of the Chapter 11 Cases and our ability to complete a Chapter 11 plan of reorganization in a timely manner, including obtaining creditor and Bankruptcy Court approval of such plan as well as applicable regulatory approvals required for such plan and obtaining any exit financing needed to implement such plan. | |
A Chapter 11 plan of reorganization determines the rights and satisfaction of claims of various creditors and security holders and is subject to the ultimate outcome of negotiations and Bankruptcy Court decisions ongoing through the date on which the Chapter 11 plan is confirmed. The Debtors currently expect that any proposed Chapter 11 plan of reorganization will provide, among other things, mechanisms for settlement of claims against the Debtors' estates, treatment of EFH Corp.'s existing equity holders and the Debtors' respective existing debt holders, potential income tax liabilities and certain corporate governance and administrative matters pertaining to a reorganized EFH Corp. Any proposed Chapter 11 plan of reorganization will be subject to revision prior to submission to the Bankruptcy Court based upon discussions with the Debtors' creditors and other interested parties, and thereafter in response to creditor claims and objections and the requirements of the Bankruptcy Code or the Bankruptcy Court. There can be no assurance that the Debtors will be able to secure approval from the Bankruptcy Court for any Chapter 11 plan of reorganization it ultimately proposes or that any Chapter 11 plan will be accepted by the Debtors' creditors. | |
In order for the Debtors to emerge successfully from the Chapter 11 Cases as reorganized companies, they must obtain approval from the Bankruptcy Court and certain of their respective creditors for a Chapter 11 plan, which will enable each of the Debtors to transition from the Chapter 11 Cases into reorganized companies conducting ordinary course operations outside of bankruptcy. In connection with an exit from bankruptcy, TCEH and EFIH will require a new credit facility, or exit financing. TCEH's and EFIH's ability to obtain such approval, and TCEH's and EFIH's ability to obtain such financing will depend on, among other things, the timing and outcome of various ongoing matters in the Chapter 11 Cases. | |
In general, the Debtors have received final bankruptcy court orders with respect to first day motions and other operating motions that allow the Debtors to operate their businesses in the ordinary course, 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 contracts and programs at our retail electricity 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 addition, the Bankruptcy Court has issued orders approving the DIP Facilities discussed in Note 11. | |
Pursuant to the Bankruptcy Code, the Debtors intend to comply with all applicable regulatory requirements, including all requirements related to environmental and safety law compliance, during the pendency of the Chapter 11 Cases. Further, the Debtors have been complying, and intend to continue to comply, with the various reporting obligations that are required by the Bankruptcy Court during the pendency of the Chapter 11 Cases. In addition, the Debtors will seek all necessary and appropriate regulatory approvals necessary to complete any transactions proposed in a Chapter 11 plan of reorganization. Moreover, to the extent the Debtors either maintain insurance policies or self-insure their regulatory compliance obligations, the Debtors intend to continue such insurance policies or self-insurance in the ordinary course of business. | |
Pre-Petition Claims | |
Holders of the substantial majority of pre-petition claims were required to file proofs of claims by the bar date 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 established a bar date of October 27, 2014 for the substantial majority of claims. We have received approximately 10,000 filed claims since the Petition Date. We are in the process of reconciling those claims to the amounts listed in our schedules of assets and liabilities, which includes communications with claimants to acquire additional information required for reconciliation. As of March 31, 2015, approximately 2,450 of those claims have been settled, withdrawn or expunged. To the extent claims are reconciled and resolved, we have recorded them at the expected allowed amount. Claims that remain unresolved or unreconciled through the filing of this report have been estimated based upon management's best estimate of the likely claim amounts that the Bankruptcy Court will ultimately allow. | |
Beginning in November 2014, we began the process to request the Bankruptcy Court to disallow claims that we believe are duplicative, have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. Given the substantial number of claims filed, the claims resolution process will take considerable time to complete. 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 consolidated balance sheets will be recognized as reorganization items in our statements 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 or approves orders related to settlement of specific liabilities. 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. | |
Executory Contracts and Unexpired Leases | |
Under the Bankruptcy Code, we have the right to assume, assume and assign, or reject certain executory contracts and unexpired leases, subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the assumption of an executory contract or unexpired lease requires a debtor to satisfy pre-petition obligations under contracts, which may include payment of pre-petition liabilities in whole or in part. Rejection of an executory contract or unexpired lease is typically treated as a breach occurring as of the moment immediately preceding the Chapter 11 filing. Subject to certain exceptions, this rejection relieves the Debtor from performing its future obligations under the contract but entitles the counterparty to assert a pre-petition general unsecured claim for damages. Parties to executory contracts or unexpired leases rejected by a Debtor may file proofs of claim against that debtor's estate for damages. | |
Since the Petition Date we have renegotiated or rejected a limited number of executory contracts and unexpired leases. For the year ended December 31, 2014 this activity has resulted in the recognition of approximately $20 million in contract claim adjustment charges recorded in reorganization items as detailed in Note 10. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | |||||||||||
Dec. 31, 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. | ||||||||||||
As discussed below, our consolidated balance sheets include 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. | ||||||||||||
See discussion in Note 21 regarding the VIE related to our accounts receivable securitization program that was consolidated under the accounting standards. | ||||||||||||
Comanche Peak Nuclear Power Company LLC | ||||||||||||
Prior to the fourth quarter 2014, we also consolidated as a VIE Comanche Peak Nuclear Power Company LLC (CPNPC), a joint venture formed by subsidiaries of TCEH and Mitsubishi Heavy Industries Ltd. (MHI) for the purpose of developing two new nuclear generation units at our existing Comanche Peak nuclear fueled generation facility. In the fourth quarter 2014, the MHI subsidiary withdrew from the joint venture. As a result, the TCEH subsidiary owns 100% of CPNPC, CPNPC no longer qualifies as a VIE and CPNPC is now consolidated as a wholly owned subsidiary. See Note 8 for additional discussion of CPNPC, including the impairment of essentially all of its assets in 2013. | ||||||||||||
Non-Consolidation of Oncor and Oncor Holdings | ||||||||||||
The adoption of amended accounting standards resulted in the deconsolidation of Oncor Holdings, which holds an approximate 80% interest in Oncor, and the reporting of our investment in Oncor Holdings under the equity method on a prospective basis effective January 1, 2010. | ||||||||||||
In reaching the conclusion to deconsolidate, we conducted an extensive analysis of Oncor Holdings' underlying governing documents and management structure. Oncor Holdings' unique governance structure was adopted in conjunction with the Merger, when the Sponsor Group, EFH Corp. and Oncor agreed to implement structural and operational measures to ring-fence (the Ring-Fencing Measures) Oncor Holdings and Oncor as discussed in Note 1. The Ring-Fencing Measures were designed to prevent, among other things, (i) increased borrowing costs at Oncor due to the attribution to Oncor of debt from any of our other subsidiaries, (ii) the activities of our competitive operations following the Merger resulting in the deterioration of Oncor's business, financial condition and/or investment in infrastructure, and (iii) Oncor becoming substantively consolidated into a bankruptcy proceeding involving any member of the Texas Holdings Group. The Ring-Fencing Measures effectively separate the daily operational and management control of Oncor Holdings and Oncor from EFH Corp. and its other subsidiaries. By implementing the Ring-Fencing Measures, Oncor maintained its investment grade credit rating following the Merger, and we reaffirmed Oncor's independence from our competitive businesses to the PUCT. | ||||||||||||
We determined the most significant activities affecting the economic performance of Oncor Holdings (and Oncor) are the operation, maintenance and growth of Oncor's electric transmission and distribution assets and the preservation of its investment grade credit profile. The boards of directors of Oncor Holdings and Oncor have ultimate responsibility for the management of the day-to-day operations of their respective businesses, including the approval of Oncor's capital expenditure and operating budgets and the timing and prosecution of Oncor's rate cases. While both boards include members appointed by EFH Corp., a majority of the board members are independent in accordance with rules established by the New York Stock Exchange, and therefore, we concluded for purposes of applying the amended accounting standards that EFH Corp. does not have the power to control the activities deemed most significant to Oncor Holdings' (and Oncor's) economic performance. | ||||||||||||
In assessing EFH Corp.'s ability to exercise control over Oncor Holdings and Oncor, we considered whether it could take actions to circumvent the purpose and intent of the Ring-Fencing Measures (including changing the composition of Oncor Holdings' or Oncor's board) in order to gain control over the day-to-day operations of either Oncor Holdings or Oncor. We also considered whether (i) EFH Corp. has the unilateral power to dissolve, liquidate or force into bankruptcy either Oncor Holdings or Oncor, (ii) EFH Corp. could unilaterally amend the Ring-Fencing Measures contained in the underlying governing documents of Oncor Holdings or Oncor, and (iii) EFH Corp. could control Oncor's ability to pay distributions and thereby enhance its own cash flow. We concluded that, in each case, no such opportunity exists. | ||||||||||||
Our investment in unconsolidated subsidiary as presented in the consolidated balance sheets totaled $6.058 billion and $5.959 billion at December 31, 2014 and 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%, 27% and 29% of Oncor Holdings' consolidated operating revenues for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
See Note 19 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 $202 million, $213 million and $147 million for the years ended December 31, 2014, 2013 and 2012, respectively. Distributions may not be paid except to the extent Oncor maintains a required regulatory capital structure, as discussed below. At December 31, 2014, $184 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. | ||||||||||||
For the period beginning October 11, 2007 and ending December 31, 2012, distributions (other than distributions of the proceeds of any equity issuance) paid by Oncor to its members were limited by a PUCT order to an amount not to exceed Oncor's cumulative net income determined in accordance with US GAAP, as adjusted. Adjustments consisted of the removal of noncash impacts of purchase accounting and deducting two specific cash commitments. The noncash impacts consisted of removing the effect of an $860 million goodwill impairment charge in 2008 and the cumulative amount of net accretion of fair value adjustments. The two specific cash commitments were a $72 million ($46 million after tax) one-time refund to customers in September 2008 and funds spent as part of a five-year, $100 million commitment for additional energy efficiency initiatives that was completed in 2012. | ||||||||||||
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 December 31, 2014, Oncor's regulatory capitalization ratio was 58.8% debt and 41.2% 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 subsidiaries of 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. | ||||||||||||
EFH Corp., Oncor Holdings, Oncor and Oncor's minority investor are parties to a Federal and State Income Tax Allocation Agreement. Additional income tax amounts receivable or payable may arise in the normal course under that agreement. | ||||||||||||
Oncor Holdings Financial Statements — Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the years ended December 31, 2014, 2013 and 2012 are presented below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating revenues | $ | 3,822 | $ | 3,552 | $ | 3,328 | ||||||
Operation and maintenance expenses | (1,453 | ) | (1,269 | ) | (1,171 | ) | ||||||
Depreciation and amortization | (851 | ) | (814 | ) | (771 | ) | ||||||
Taxes other than income taxes | (438 | ) | (424 | ) | (415 | ) | ||||||
Other income | 13 | 18 | 26 | |||||||||
Other deductions | (15 | ) | (15 | ) | (64 | ) | ||||||
Interest income | 3 | 4 | 24 | |||||||||
Interest expense and related charges | (353 | ) | (371 | ) | (374 | ) | ||||||
Income before income taxes | 728 | 681 | 583 | |||||||||
Income tax expense | (289 | ) | (259 | ) | (243 | ) | ||||||
Net income | 439 | 422 | 340 | |||||||||
Net income attributable to noncontrolling interests | (90 | ) | (87 | ) | (70 | ) | ||||||
Net income attributable to Oncor Holdings | $ | 349 | $ | 335 | $ | 270 | ||||||
Assets and liabilities of Oncor Holdings at December 31, 2014 and 2013 are presented below: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 5 | $ | 28 | ||||||||
Restricted cash | 56 | 52 | ||||||||||
Trade accounts receivable — net | 407 | 385 | ||||||||||
Trade accounts and other receivables from affiliates | 118 | 135 | ||||||||||
Income taxes receivable from EFH Corp. | 144 | 16 | ||||||||||
Inventories | 73 | 65 | ||||||||||
Accumulated deferred income taxes | 10 | 32 | ||||||||||
Prepayments and other current assets | 91 | 82 | ||||||||||
Total current assets | 904 | 795 | ||||||||||
Restricted cash | 16 | 16 | ||||||||||
Other investments | 97 | 91 | ||||||||||
Property, plant and equipment — net | 12,463 | 11,902 | ||||||||||
Goodwill | 4,064 | 4,064 | ||||||||||
Regulatory assets — net | 1,429 | 1,324 | ||||||||||
Other noncurrent assets | 67 | 71 | ||||||||||
Total assets | $ | 19,040 | $ | 18,263 | ||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Short-term borrowings | $ | 711 | $ | 745 | ||||||||
Long-term debt due currently | 639 | 131 | ||||||||||
Trade accounts payable — nonaffiliates | 202 | 178 | ||||||||||
Income taxes payable to EFH Corp. | 24 | 23 | ||||||||||
Accrued taxes other than income | 174 | 169 | ||||||||||
Accrued interest | 93 | 95 | ||||||||||
Other current liabilities | 156 | 135 | ||||||||||
Total current liabilities | 1,999 | 1,476 | ||||||||||
Accumulated deferred income taxes | 1,978 | 1,905 | ||||||||||
Long-term debt, less amounts due currently | 4,997 | 5,381 | ||||||||||
Other noncurrent liabilities and deferred credits | 2,245 | 1,822 | ||||||||||
Total liabilities | $ | 11,219 | $ | 10,584 | ||||||||
Goodwill_And_Identifiable_Inta
Goodwill And Identifiable Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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. None of the goodwill is being deducted for tax purposes. | |||||||||||||||||||||||||
Goodwill before impairment charges | $ | 18,342 | |||||||||||||||||||||||
Accumulated noncash impairment charges through 2013 (a) | (14,390 | ) | |||||||||||||||||||||||
Balance at December 31, 2013 | 3,952 | ||||||||||||||||||||||||
Additional noncash impairment charge in 2014 | (1,600 | ) | |||||||||||||||||||||||
Balance at December 31, 2014 (b) | $ | 2,352 | |||||||||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) | Includes $1.0 billion, $1.2 billion and $4.1 billion recorded in 2013, 2012 and 2010, respectively, and $8.090 billion largely recorded in 2008. | ||||||||||||||||||||||||
(b) | Net of accumulated impairment charges totaling $15.99 billion. | ||||||||||||||||||||||||
Goodwill Impairments | |||||||||||||||||||||||||
Goodwill and intangible assets with indefinite useful lives are required to be tested for impairment at least annually (we have selected a December 1 test date) or whenever events or changes in circumstances indicate an impairment may exist. | |||||||||||||||||||||||||
We perform the following steps in testing goodwill for impairment: first, we estimate the debt-free enterprise value of the business as of the testing date taking into account future estimated cash flows and current securities values of comparable companies; second, we estimate the fair values of the individual assets and liabilities of the business at that date; third, we calculate implied goodwill as the excess of the estimated enterprise value over the estimated value of the net operating assets; and finally, we compare the implied goodwill amount to the carrying value of goodwill and, if the carrying amount exceeds the implied value, we record an impairment charge for the amount the carrying value of goodwill exceeds implied goodwill. | |||||||||||||||||||||||||
Wholesale electricity prices in the ERCOT market, in which our Competitive Electric segment largely operates, have generally moved with natural gas prices as marginal electricity demand is generally supplied by natural gas fueled generation facilities. Accordingly, the sustained decline in natural gas prices, which we have experienced since mid-2008, negatively impacts our profitability and cash flows and reduces the value of our generation assets, which consist largely of lignite/coal and nuclear fueled facilities. While we had partially mitigated these effects with hedging activities, we are significantly exposed to this price risk. Because of this market condition, our analyses over the past several years have indicated that the carrying value of the Competitive Electric segment exceeds its estimated fair value (enterprise value). Consequently, we continually monitor trends in natural gas prices, market heat rates, capital spending for environmental and other projects and other operational factors to determine if goodwill impairment testing should be done during the course of a year and not only at the annual December 1 testing date. | |||||||||||||||||||||||||
During the quarter ended September 30, 2014, we experienced an impairment indicator related to significant decreases in forward wholesale electricity prices when compared to those prices reflected in our December 1, 2013 goodwill impairment testing analysis. As a result, the likelihood of a goodwill impairment had increased, and we initiated further testing of goodwill as of September 30, 2014, which was completed during the fourth quarter. Our testing resulted in an impairment of $1.6 billion of goodwill at September 30, 2014, which we recorded in the fourth quarter of 2014 and is reported in the Competitive Electric segment results. | |||||||||||||||||||||||||
In the fourth quarter 2014, we also performed our goodwill impairment analysis as of our annual testing date of December 1. During the fourth quarter, we completed our annual update of our long-range financial and operating plan, which reflected extended seasonal outages and reduced operations at several of our older lignite/coal fueled generation facilities as a result of the lower wholesale electricity prices and potential impacts to those facilities from proposed environmental regulations. The resulting impairment charge recorded on our long-lived assets was factored into our December 1 goodwill impairment test. Our testing did not result in an additional impairment of goodwill at December 1. | |||||||||||||||||||||||||
Key inputs into our goodwill impairment testing at September 30 and December 1, 2014 and December 1, 2013 were as follows: | |||||||||||||||||||||||||
• | The carrying value (excluding debt) of the Competitive Electric segment exceeded its estimated enterprise value by approximately 17% and 47% at December 1 and September 30, 2014, respectively, and by 43% at December 1, 2013. | ||||||||||||||||||||||||
• | The fair value of the Competitive Electric segment was estimated using a two-thirds weighting of value based on internally developed cash flow projections and a one-third weighting of value using implied cash flow multiples based on current securities values of comparable publicly traded companies. The internally developed cash flow projections reflect annual estimates through a terminal year calculated using either a terminal year EBITDA multiple approach or a Gordon Growth model. | ||||||||||||||||||||||||
• | The discount rate applied to internally developed cash flow projections was 6.25% at both December 1 and September 30, 2014 under the terminal year EBITDA multiple approach, and was 8.75% at December 1, 2013 under the Gordon Growth model approach. The discount rate represents the weighted average cost of capital consistent with our views of the rate that an expected market participant would utilize for valuation, including the risk inherent in future cash flows, taking into account the capital structure, debt ratings and current debt yields of comparable public companies as well as an estimate of return on equity that reflects historical market returns and current market volatility for the industry. | ||||||||||||||||||||||||
• | The cash flow projections used in 2014 assume rising wholesale electricity prices, although the forecasted electricity prices are less than those assumed in the cash flow projections used in the 2013 goodwill impairment testing, which were less than those assumed in the cash flow projections used in the 2012 goodwill impairment testing. | ||||||||||||||||||||||||
Changes in the above and other assumptions could materially affect the calculated amount of implied goodwill and any resulting goodwill impairment charge. | |||||||||||||||||||||||||
In the fourth quarter 2013, we recorded a $1.0 billion goodwill impairment charge related to the Competitive Electric segment. In the fourth quarter 2012, we recorded an estimated goodwill impairment charge of $1.2 billion related to the Competitive Electric segment. The impairment charges in 2013 and 2012 reflected declines in the estimated fair value of the Competitive Electric segment as a result of lower wholesale electricity prices, the sustained decline in natural gas prices, the maturing of positions in our natural gas hedge program and declines in market values of securities of comparable companies. | |||||||||||||||||||||||||
The impairment determinations involved significant assumptions and judgments. The calculations supporting the estimates of the fair value of our Competitive Electric segment and the fair values of its assets and liabilities utilized models that take into consideration multiple inputs, including commodity prices, discount rates, capital expenditures, the effects of proposed and final environmental regulations, securities prices of comparable publicly traded companies and other inputs. Assumptions regarding each of these inputs could have a significant effect on the related valuations. In performing these calculations we also take into consideration assumptions on how current market participants would value the Competitive Electric segment and its operating assets and liabilities. Changes to assumptions that reflect the views of current market participants can also have a significant effect on the related valuations. The fair value measurements resulting from these models are classified as non-recurring Level 3 measurements consistent with accounting standards related to the determination of fair value (see Note 15). Because of the volatility of these factors, we cannot predict the likelihood of any future impairment. | |||||||||||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||||||||||
Identifiable intangible assets, including amounts that arose in connection with accounting for the Merger, are comprised of the following: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Identifiable Intangible Asset | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Retail customer relationship | $ | 463 | $ | 425 | $ | 38 | $ | 463 | $ | 402 | $ | 61 | |||||||||||||
Favorable purchase and sales contracts (a) | 169 | 162 | 7 | 352 | 139 | 213 | |||||||||||||||||||
Capitalized in-service software | 362 | 216 | 146 | 355 | 192 | 163 | |||||||||||||||||||
Environmental allowances and credits (a) | 141 | 51 | 90 | 209 | 20 | 189 | |||||||||||||||||||
Mining development costs | 150 | 78 | 72 | 156 | 69 | 87 | |||||||||||||||||||
Total identifiable intangible assets subject to amortization | $ | 1,285 | $ | 932 | 353 | $ | 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 | $ | 1,315 | $ | 1,679 | |||||||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) | See discussion below regarding impairment charges recorded in 2014 related to favorable purchase and sales contracts and environmental allowances and credits. | ||||||||||||||||||||||||
At December 31, 2014, amounts related to fully amortized assets that are expired or of no economic value have been excluded from both the gross carrying and accumulated amortization amounts. | |||||||||||||||||||||||||
Amortization expense related to identifiable finite-lived intangible assets (including the statements of consolidated income (loss) line item) consisted of: | |||||||||||||||||||||||||
Identifiable Intangible Asset | Statements of Consolidated Income (Loss) Line | Segment | Remaining useful lives at December 31, 2014 (weighted average in years) | Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Retail customer relationship | Depreciation and amortization | Competitive Electric | 3 | $ | 23 | $ | 24 | $ | 34 | ||||||||||||||||
Favorable purchase and sales contracts | Operating revenues/fuel, purchased power costs and delivery fees | Competitive Electric | 5 | 23 | 24 | 25 | |||||||||||||||||||
Capitalized in-service software | Depreciation and amortization | Competitive Electric and Corporate and Other | 3 | 45 | 42 | 40 | |||||||||||||||||||
Environmental allowances and credits | Fuel, purchased power costs and delivery fees | Competitive Electric | 23 | 31 | 14 | 18 | |||||||||||||||||||
Mining development costs | Depreciation and amortization | Competitive Electric | 3 | 34 | 31 | 27 | |||||||||||||||||||
Total amortization expense (a) | $ | 156 | $ | 135 | $ | 144 | |||||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) | Amounts recorded in depreciation and amortization totaled $102 million, $97 million and $101 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Following is a description of the separately identifiable intangible assets recorded as part of purchase accounting for the Merger. The intangible assets were recorded at estimated fair value as of the Merger date, based on observable prices or estimates of fair value using valuation models. | |||||||||||||||||||||||||
• | Retail customer relationship – Retail customer relationship intangible asset represents the fair value of the non-contracted customer base and is being amortized using an accelerated method based on customer attrition rates and reflecting the expected pattern in which economic benefits are realized over their estimated useful life. | ||||||||||||||||||||||||
• | Favorable purchase and sales contracts – Favorable purchase and sales contracts intangible asset primarily represents the above market value of commodity contracts for which: (i) we had made the normal purchase or sale election allowed by accounting standards related to derivative instruments and hedging transactions or (ii) the contracts did not meet the definition of a derivative. The amortization periods of these intangible assets are based on the terms of the contracts. Unfavorable purchase and sales contracts are recorded as other noncurrent liabilities and deferred credits (see Note 21). | ||||||||||||||||||||||||
• | Retail trade name – The trade name intangible asset represents the fair value of the TXU Energy trade name, and was determined to be an indefinite-lived asset not subject to amortization. This intangible asset is evaluated for impairment at least annually in accordance with accounting guidance related to goodwill and other intangible assets. Significant assumptions included within the development of the fair value estimate include TXU Energy's estimated gross margin for future periods and an implied royalty rate. No impairment was recorded as a result of our 2014 analysis. | ||||||||||||||||||||||||
• | Environmental allowances and credits – This intangible asset represents the fair value of environmental credits, substantially all of which were expected to be used in our power generation activities. These credits are amortized utilizing a units-of-production method. See discussion below for discussion of impairment of certain allowances in 2014. | ||||||||||||||||||||||||
Intangible Impairments | |||||||||||||||||||||||||
During the fourth quarter of 2014, we determined that certain intangible assets related to favorable power purchase contracts should be evaluated for impairment. That conclusion was based on the combination of (1) the review of contracts for rejection as part of the Chapter 11 Cases, which could result in termination of contracts before the end of their estimated useful life and (2) declines in wholesale electricity prices. Our fair value measurement was based on a discounted cash flow analysis of the contracts that compared the contractual price and terms of the contract to forecasted wholesale electricity and REC prices in ERCOT. As a result of the analysis, we recorded a noncash impairment charge of $183 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions (see Note 7). | |||||||||||||||||||||||||
As a result of the CSAPR, which became effective on January 1, 2015, and other new or proposed EPA rules, we project that as of December 31, 2014 we had excess SO2 emission allowances under the Clean Air Act's existing acid rain cap-and-trade program. In addition, the impairments of our Monticello, Martin Lake and Sandow 5 generation facilities (see Note 8) resulted in the impairment of the SO2 allowances associated with those facilities to the extent they are not projected to be used at other sites. The fair market values of the SO2 allowances were estimated to be de minimis based on Level 3 fair value estimates (see Note 15). Accordingly we recorded a noncash impairment charge of $80 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions related to our existing environmental allowances and credits intangible asset in 2014. SO2 emission allowances granted to us were recorded as intangible assets at fair value in connection with purchase accounting related to the Merger in 2007. | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
2015 | $ | 95 | |||||||||||||||||||||||
2016 | $ | 77 | |||||||||||||||||||||||
2017 | $ | 58 | |||||||||||||||||||||||
2018 | $ | 35 | |||||||||||||||||||||||
2019 | $ | 18 | |||||||||||||||||||||||
Accounting_For_Uncertainty_In_
Accounting For Uncertainty In Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting for Uncertainty in Income Taxes [Abstract] | ||||||||||||
Accounting for Uncertainty in Income Taxes | ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES | |||||||||||
Accounting guidance related to uncertain tax positions requires that all tax positions subject to uncertainty be reviewed and assessed with recognition and measurement of the tax benefit based on a "more-likely-than-not" standard with respect to the ultimate outcome, regardless of whether this assessment is favorable or unfavorable. | ||||||||||||
We file or have filed income tax returns in US federal, state and foreign jurisdictions and are subject to examinations by the IRS and other taxing authorities. Examinations of our income tax returns for the years ending prior to January 1, 2008 are complete. Federal income tax returns are under examination for tax years 2008 to 2009. Texas franchise and margin tax returns are under examination or still open for examination for tax years beginning after 2006. | ||||||||||||
In October 2014, the IRS filed a claim with the Bankruptcy Court for open tax years through 2013 that was consistent with the settlement we reached with IRS Appeals for tax years 2003-2006. As a result of this filing, we effectively settled the 2003-2006 open tax years and reduced the liability for uncertain tax positions related to the 2003-2006 open tax years by $116 million, resulting in a $120 million reclassification to the accumulated deferred income tax liability and the recording of a $4 million income tax expense reflecting the settlement of certain positions. The total income tax expense of $4 million reflected a $7 million income tax benefit reported in Corporate and Other activities and an $11 million income tax expense reported in the Competitive Electric segment results. | ||||||||||||
In September 2014, we signed a final agreed Revenue Agent Report (RAR) with the IRS and associated documentation for the 2007 tax year. The Bankruptcy Court approved our signing of the RAR in October 2014. As a result of receiving, agreeing to and signing the final RAR, we reduced the liability for uncertain tax positions by $58 million, resulting in a $19 million reclassification to the accumulated deferred income tax liability and the recording of a $39 million income tax benefit reflecting deductions related to lignite depletion and the release of accrued interest on uncertain tax positions. The adjustments did not result in a significant change to the originally filed tax return nor did it result in any cash tax or interest due. The total income tax benefit of $39 million reflected a $24 million income tax benefit recorded in Corporate and Other activities and a $15 million income tax benefit reported in the Competitive Electric segment results. | ||||||||||||
As a result of the information the Company received in 2014 from the IRS, as described above, we recorded an additional reduction in the liability for unrecognized tax benefits of $166 million, an increase in the payable to the IRS of $50 million (including $18 million of interest), and a payable to Oncor of $64 million. Net accumulated deferred income tax liabilities were increased by approximately $52 million. There was no material impact in income tax benefit as a result of the computations; however, in recording the impacts, the Company identified approximately $90 million of income tax expense related to 2013 which was recorded in December 2014. The impact of recording this expense was not material to the financial statements in 2013 or 2014. | ||||||||||||
In March 2013, EFH Corp. and the IRS agreed on terms to resolve disputed adjustments related to the IRS audit for the years 2003 through 2006, which was concluded in June 2011. The IRS proposed a significant number of adjustments to the originally filed returns for such years related to one significant accounting method issue and other less significant issues. As a result of the agreement on terms with the IRS, we reduced the liability for uncertain tax positions to reflect the terms of the agreement, resulting in a net decrease of $922 million, including $173 million in interest accruals. | ||||||||||||
In May 2013, we received approval from the Joint Committee on Taxation of the IRS appeals settlement of all issues arising from the 1997 through 2002 IRS audit, which includes all tax issues related to EFH Corp.'s discontinued Europe operations. The settlement also affected federal and state returns for periods subsequent to 2002. As a result, we reduced the liability for uncertain tax positions to reflect the effects of the settlement, resulting in net decrease of $676 million, including $15 million in interest accruals. Other effects included the recording of a $13 million noncurrent federal income tax liability, an $8 million current federal income tax liability related to an expected interest payment owed as a result of the settlement of all issues arising from the 1997 through 2002 IRS audit, a $15 million current state income tax liability and a $33 million federal income tax receivable from Oncor under the Federal and State Income Tax Allocation Agreement (see Note 6). | ||||||||||||
The settlements in March and May 2013 resulted in the elimination of a substantial majority of the net operating loss carryforwards and alternative minimum tax credit carryforwards generated through 2013. | ||||||||||||
In total, the settlements in March and May 2013 resulted in an increase of $1.193 billion in the accumulated deferred income tax liability and an income tax benefit of $305 million. Of the total income tax benefit, $122 million (after-tax) was attributable to the release of accrued interest. The $305 million tax benefit reflected a $226 million income tax benefit reported in Corporate and Other activities and a $79 million income tax benefit reported in the Competitive Electric segment results. | ||||||||||||
In September 2013, the US Treasury and the IRS issued final tangible property regulations that relate to repair and maintenance costs. As a result of our analysis of these regulations, in the fourth quarter 2013 we reduced the liability for uncertain tax positions by $159 million and reclassified that amount to the accumulated deferred income tax liability and recorded a $6 million income tax benefit representing a reversal of accrued interest. | ||||||||||||
We classify interest and penalties related to uncertain tax positions as current income tax expense. Amounts recorded related to interest and penalties totaled a benefit of $3 million in 2014 and a benefit of $132 million in 2013, reflecting a reversal of interest previously accrued as a result of the IRS settlements discussed above (all amounts after tax). Ongoing accruals of interest after the IRS settlements were not material in 2014 and 2013. | ||||||||||||
Noncurrent liabilities included a total of $9 million and $15 million in accrued interest at December 31, 2014 and 2013, respectively. The federal income tax benefit on the interest accrued on uncertain tax positions is recorded as accumulated deferred income taxes. | ||||||||||||
The following table summarizes the changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheets, during the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1, excluding interest and penalties | $ | 231 | $ | 1,788 | $ | 1,779 | ||||||
Additions based on tax positions related to prior years | 61 | 655 | 19 | |||||||||
Reductions based on tax positions related to prior years | (205 | ) | (1,817 | ) | (33 | ) | ||||||
Additions based on tax positions related to the current year | — | 16 | 23 | |||||||||
Reductions based on tax positions related to the current year | — | (4 | ) | — | ||||||||
Settlements with taxing authorities | (22 | ) | (407 | ) | — | |||||||
Balance at December 31, excluding interest and penalties | $ | 65 | $ | 231 | $ | 1,788 | ||||||
Of the balance at December 31, 2014, $4 million represents tax positions for which the uncertainty relates to the timing of recognition in tax returns. The disallowance of such positions would not affect the effective tax rate, but could accelerate the payment of cash to the taxing authority to an earlier period. | ||||||||||||
With respect to tax positions for which the ultimate deductibility is uncertain (permanent items), should we sustain such positions on income tax returns previously filed, tax liabilities recorded would be reduced by $61 million, and accrued interest would be reversed resulting in a $6 million after-tax benefit, resulting in increased net income and a favorable impact on the effective tax rate. | ||||||||||||
With respect to the items discussed above, we reasonably expect the total amount of liabilities recorded related to uncertain tax positions will significantly decrease in the next twelve months due to the anticipated release of tax reserves related to 2008 and 2009. We expect to receive a final, agreed RAR from the IRS related to the 2008-2009 tax years during 2015, which we expect will effectively settle those years and release the related reserves. We expect an approximately $20 million reclassification to the accumulated deferred income tax liability from the uncertain tax position liability during the next 12 months. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||
Income Taxes | INCOME TAXES | |||||||||||||||||||||||
EFH Corp. files a US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. EFH Corp. is a corporate member of the EFH Corp. consolidated group, while each of EFIH, Oncor Holdings, EFCH and TCEH is classified as a disregarded entity for US federal income tax purposes. Prior to April 2013, EFCH was a corporate member of the EFH Corp. consolidated group. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. Pursuant to applicable US Treasury regulations and published guidance of the IRS, corporations that are members of a consolidated group have joint and several liability for the taxes of such group. | ||||||||||||||||||||||||
EFH Corp., Oncor Holdings, Oncor and Oncor's minority investor are parties to the Federal and State Income Tax Allocation Agreement, which governs the computation of federal income tax liability among such parties, and similarly provides, among other things, that each of Oncor Holdings and Oncor will pay EFH Corp. its share of an amount calculated to approximate the amount of tax liability such entity would have owed if it filed a separate corporate tax return. | ||||||||||||||||||||||||
The components of our income tax expense (benefit) are as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
US Federal | $ | (126 | ) | $ | (283 | ) | $ | (19 | ) | |||||||||||||||
State | 25 | 40 | 39 | |||||||||||||||||||||
Total current | (101 | ) | (243 | ) | 20 | |||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
US Federal | (2,507 | ) | (1,027 | ) | (1,233 | ) | ||||||||||||||||||
State | (11 | ) | (1 | ) | (19 | ) | ||||||||||||||||||
Total deferred | (2,518 | ) | (1,028 | ) | (1,252 | ) | ||||||||||||||||||
Total | $ | (2,619 | ) | $ | (1,271 | ) | $ | (1,232 | ) | |||||||||||||||
Reconciliation of income taxes computed at the US federal statutory rate to income tax benefit recorded: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | $ | (9,374 | ) | $ | (3,931 | ) | $ | (4,862 | ) | |||||||||||||||
Income taxes at the US federal statutory rate of 35% | $ | (3,281 | ) | $ | (1,376 | ) | $ | (1,702 | ) | |||||||||||||||
Nondeductible goodwill impairment | 560 | 350 | 420 | |||||||||||||||||||||
Impairment of joint venture assets attributable to noncontrolling interests (Note 8) | — | 37 | — | |||||||||||||||||||||
IRS audit and appeals settlements (Note 5) | 7 | (305 | ) | — | ||||||||||||||||||||
Texas margin tax, net of federal benefit | 11 | 10 | 12 | |||||||||||||||||||||
Interest accrued for uncertain tax positions, net of tax | — | (16 | ) | 16 | ||||||||||||||||||||
Nondeductible interest expense | 22 | 23 | 22 | |||||||||||||||||||||
Lignite depletion allowance | (14 | ) | (12 | ) | (19 | ) | ||||||||||||||||||
Nondeductible debt restructuring costs | 78 | 6 | — | |||||||||||||||||||||
Other | (2 | ) | 12 | 19 | ||||||||||||||||||||
Income tax benefit | $ | (2,619 | ) | $ | (1,271 | ) | $ | (1,232 | ) | |||||||||||||||
Effective tax rate | 27.9 | % | 32.3 | % | 25.3 | % | ||||||||||||||||||
Deferred Income Tax Balances | ||||||||||||||||||||||||
Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Total | Current | Noncurrent | Total | Current | Noncurrent | |||||||||||||||||||
Deferred Income Tax Assets | ||||||||||||||||||||||||
Alternative minimum tax credit carryforwards | $ | 124 | $ | — | $ | 124 | $ | 22 | $ | — | $ | 22 | ||||||||||||
Employee benefit obligations | 143 | 8 | 135 | 129 | 13 | 116 | ||||||||||||||||||
Net operating loss (NOL) carryforwards | 1,022 | — | 1,022 | 160 | — | 160 | ||||||||||||||||||
Unfavorable purchase and sales contracts | 202 | — | 202 | 210 | — | 210 | ||||||||||||||||||
Commodity contracts and interest rate swaps | 6 | — | 6 | 212 | 192 | 20 | ||||||||||||||||||
Debt extinguishment gains | 879 | — | 879 | 815 | — | 815 | ||||||||||||||||||
Accrued interest | — | — | — | 239 | — | 239 | ||||||||||||||||||
Other | 85 | 2 | 83 | 97 | 1 | 96 | ||||||||||||||||||
Total | 2,461 | 10 | 2,451 | 1,884 | 206 | 1,678 | ||||||||||||||||||
Deferred Income Tax Liabilities | ||||||||||||||||||||||||
Property, plant and equipment | 2,422 | — | 2,422 | 4,292 | — | 4,292 | ||||||||||||||||||
Commodity contracts and interest rate swaps | 44 | 44 | — | — | — | — | ||||||||||||||||||
Identifiable intangible assets | 355 | — | 355 | 490 | — | 490 | ||||||||||||||||||
Debt fair value discounts | 342 | — | 342 | 329 | — | 329 | ||||||||||||||||||
Debt extinguishment gains | 101 | 101 | — | 101 | 101 | — | ||||||||||||||||||
Accrued interest | 45 | — | 45 | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||
Total | 3,309 | 145 | 3,164 | 5,212 | 101 | 5,111 | ||||||||||||||||||
Net Accumulated Deferred Income Tax Liability | $ | 848 | $ | 135 | $ | 713 | $ | 3,328 | $ | (105 | ) | $ | 3,433 | |||||||||||
At December 31, 2014 we had $2.920 billion in net operating loss (NOL) carryforwards for federal income tax purposes that will expire between 2034 and 2035. As discussed in Note 5, audit settlements reached in 2013 resulted in the elimination of substantially all NOL carryforwards generated through 2013 and available AMT credits. The NOL carryforwards can be used to offset future taxable income. We expect to utilize all of our NOL carryforwards prior to their expiration dates. At December 31, 2014 we had $124 million in alternative minimum tax (AMT) credit carryforwards available which may, in certain limited circumstances, be used to offset future tax payments. The AMT credit carryforwards have no expiration date, but may be limited in a change of control. | ||||||||||||||||||||||||
The income tax effects of the components included in accumulated other comprehensive income at December 31, 2014 and 2013 totaled a net deferred tax asset of $71 million and $34 million, respectively. | ||||||||||||||||||||||||
See Note 5 for discussion regarding accounting for uncertain tax positions, including the effects of the resolution of IRS audit matters in 2013. |
Other_Income_and_Deductions
Other Income and Deductions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other Income and Deductions | OTHER INCOME AND DEDUCTIONS | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Other income: | ||||||||||||
Office space rental income (a) | $ | 11 | $ | 11 | $ | 12 | ||||||
Mineral rights royalty income (b) | 4 | 5 | 4 | |||||||||
Consent fee related to novation of hedge positions between | — | — | 6 | |||||||||
counterparties (b) | ||||||||||||
All other | 16 | 10 | 8 | |||||||||
Total other income | $ | 31 | $ | 26 | $ | 30 | ||||||
Other deductions: | ||||||||||||
Impairment of favorable purchase contracts (Note 4) (b) | $ | 183 | $ | — | $ | — | ||||||
Impairment of emission allowances (Note 4) (b) | 80 | — | — | |||||||||
Impairment of remaining equipment from cancelled generation development program (b) | — | 27 | 35 | |||||||||
Impairment of mineral interests (b) | — | — | 24 | |||||||||
Charges related to pension plan actions (Note 17) (c) | — | — | 285 | |||||||||
Ongoing employee retirement benefit expense related to discontinued businesses (a) | — | — | 10 | |||||||||
All other | 13 | 26 | 26 | |||||||||
Total other deductions | $ | 276 | $ | 53 | $ | 380 | ||||||
____________ | ||||||||||||
(a) | Reported in Corporate and Other. | |||||||||||
(b) | Reported in Competitive Electric segment. | |||||||||||
(c) | Includes $141 million reported in Competitive Electric segment and $144 million reported in Corporate and Other. |
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets Impairment of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2014 | |
Impairment of Long-Lived Assets [Abstract] | |
Impairment of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS |
Impairment of Lignite/Coal Fueled Generation and Mining Assets | |
We evaluated our generation assets for impairment during the fourth quarter of 2014 as a result of several impairment indicators, including lower forecasted wholesale electricity prices in ERCOT, changes to operating assumptions for certain generation assets as detailed in our updated annual financial and operating plan and potential effects of new and/or proposed environmental regulations. Our evaluation concluded that impairments existed, and the carrying values for our Martin Lake, Monticello and Sandow 5 generation facilities and related mining facilities were reduced by $2.042 billion, $1.499 billion and $1.099 billion, respectively. Our fair value measurement for these assets was determined based on an income approach that utilized probability-weighted estimates of discounted future cash flows, which were Level 3 fair value measurements (see Note 15). Key inputs into the fair value measurement for these assets included current forecasted wholesale electricity prices in ERCOT, forecasted fuel prices, capital and operating expenditure forecasts and discount rates. | |
Additionally, in 2014, we wrote off previously incurred and deferred costs totaling $30 million for mining projects not expected to be completed due to current economic forecasts and regulatory uncertainty. These charges have been recorded in impairment of long-lived assets in the Competitive Electric segment's results. | |
Additional material impairments may occur in the future at these or other of our generation facilities if forward wholesale electricity prices continue to decline or if additional environmental regulations increase the cost of producing electricity at our generation facilities. | |
Impairment of Nuclear Generation Development Joint Venture Assets in 2013 | |
In 2009, subsidiaries of TCEH and Mitsubishi Heavy Industries Ltd. (MHI) formed a joint venture, Comanche Peak Nuclear Power Company LLC (CPNPC), to develop two new nuclear generation units at our existing Comanche Peak nuclear plant site. In the fourth quarter 2014, MHI withdrew from the joint venture, and the TCEH subsidiary now owns 100% of CPNPC. As discussed in Note 3, CPNPC was a consolidated VIE. | |
In the fourth quarter 2013, MHI notified us and the NRC of its plans to reduce its support of review activities related to the NRC's Design Certification of MHI's US-APWR technology. As a result, Luminant notified the NRC of its intent to suspend (but not withdraw) all reviews associated with the combined operating license application by March 31, 2014. MHI's decision and the expected amendment of the joint venture agreement triggered an analysis of the recoverability of the joint venture's assets. Because of the significant uncertainty regarding the development of the nuclear generation units, considering the wholesale electricity price environment in ERCOT and risks related to financing and cost escalation, in the fourth quarter 2013 essentially all the joint venture's assets were impaired resulting in a charge of $140 million. The charge is reported as other deductions and included in the Competitive Electric segment's results. MHI's allocated portion of the impairment charge totaled $107 million and is reported in net loss attributable to noncontrolling interests in the statements of consolidated income (loss). A deferred income tax benefit was recorded for our $33 million allocated portion of the impairment charge and is included in income tax benefit in the statements of consolidated income (loss). |
Reorganization_Items_Reorganiz
Reorganization Items (Reorganization Items) (Notes) | 12 Months Ended | |||
Dec. 31, 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 statements of consolidated income (loss) as reorganization items as required by ASC 852, 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 statements of consolidated income (loss): | ||||
Post-Petition Period Through December 31, 2014 | ||||
Noncash liability adjustment arising from termination of interest rate swaps (Note 12) | $ | 278 | ||
Fees associated with completion of TCEH and EFIH DIP Facilities | 187 | |||
Loss on exchange and settlement of EFIH First Lien Notes (Note 5) | 108 | |||
Expenses related to legal advisory and representation services | 127 | |||
Expenses related to other professional consulting and advisory services | 95 | |||
Contract claims adjustments and other | 20 | |||
Total reorganization items | $ | 815 | ||
Interest_Expense_and_Related_C
Interest Expense and Related Charges Interest Expense and Related Charges (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Interest Expense and Related Charges [Abstract] | |||||||||||||||||
Interest Expense Disclosure [Text Block] | INTEREST EXPENSE AND RELATED CHARGES | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Interest paid/accrued on debtor-in-possession financing | $ | 162 | $ | — | $ | — | |||||||||||
Adequate protection amounts paid/accrued (a) | 827 | — | — | ||||||||||||||
Interest paid/accrued on pre-petition debt (including net amounts paid/accrued under interest rate swaps) (b) | 1,158 | 3,376 | 3,269 | ||||||||||||||
Interest expense on pre-petition toggle notes payable in additional principal (Note 12) | 65 | 176 | 209 | ||||||||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) (c) | 1,237 | — | — | ||||||||||||||
Unrealized mark-to-market net gain on interest rate swaps | (1,303 | ) | (1,058 | ) | (172 | ) | |||||||||||
Amortization of interest rate swap (gains) losses at dedesignation of hedge accounting | (1 | ) | 7 | 8 | |||||||||||||
Amortization of fair value debt discounts resulting from purchase accounting | 7 | 20 | 44 | ||||||||||||||
Amortization of debt issuance, amendment and extension costs and discounts | 66 | 208 | 186 | ||||||||||||||
Capitalized interest | (17 | ) | (25 | ) | (36 | ) | |||||||||||
Total interest expense and related charges | $ | 2,201 | $ | 2,704 | $ | 3,508 | |||||||||||
____________ | |||||||||||||||||
(a) | Post-petition period only. | ||||||||||||||||
(b) | Includes amounts related to interest rate swaps totaling $194 million, $625 million and $675 million for the years ended December 31, 2014, 2013 and 2012, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 16. | ||||||||||||||||
(c) | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 16) and $12 million related to other interest rate swaps. | ||||||||||||||||
Interest expense for the year ended December 31, 2014 reflects interest paid and accrued on debtor-in-possession financing (see Note 11), 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 16), 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 interest rate applicable to the adequate protection amounts paid/accrued at December 31, 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 may be adjusted 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 11. Payments may also be made upon approval by the Bankruptcy Court, at the federal judgment rate (see Note 13). Other than these amounts ordered by the Bankruptcy Court, effective April 29, 2014, we discontinued recording interest expense on outstanding pre-petition debt classified as liabilities subject to compromise (LSTC). Contractual interest represents amounts due under the contractual terms of the outstanding debt, including debt subject to compromise during the Chapter 11 Cases. Interest expense reported in the statements of consolidated income (loss) for the year ended December 31, 2014 does not include $919 million in contractual interest on pre-petition debt classified as LSTC, which has been stayed by the Bankruptcy Court effective on the Petition Date. For the post-petition period ended December 31, 2014, adequate protection paid/accrued excludes $40 million related to the TCEH first-lien interest rate and commodity hedge claims (see Note 16), as such amounts are not included in contractual interest amounts presented below. | |||||||||||||||||
Post-Petition Period Through December 31, 2014 | |||||||||||||||||
Entity: | Contractual Interest on | Adequate Protection | Ordered Interest Paid/Accrued (a) | Contractual Interest on | |||||||||||||
Debt Classified as LSTC | Paid/Accrued | Debt Classified as LSTC Not | |||||||||||||||
Paid/Accrued | |||||||||||||||||
EFH Corp. | $ | 84 | $ | — | $ | — | $ | 84 | |||||||||
EFIH | 363 | — | 54 | 309 | |||||||||||||
EFCH | 4 | — | — | 4 | |||||||||||||
TCEH | 1,392 | 787 | — | 605 | |||||||||||||
Eliminations (b) | (83 | ) | — | — | (83 | ) | |||||||||||
Total | $ | 1,760 | $ | 787 | $ | 54 | $ | 919 | |||||||||
___________ | |||||||||||||||||
(a) | Interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 11). | ||||||||||||||||
(b) | Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as liabilities subject to compromise. |
DebtorInPossession_Borrowing_F
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise) (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debtor-In-Possession Borrowing Facilities [Abstract] | |||||||||||||
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise [Text Block] | DEBTOR-IN-POSSESSION BORROWING FACILITIES AND LONG-TERM DEBT NOT SUBJECT TO COMPROMISE | ||||||||||||
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 of 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 Facility and related available capacity at December 31, 2014 are presented below. Borrowings are reported in the consolidated balance sheets as borrowings under debtor-in-possession credit facilities. | |||||||||||||
December 31, 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 | — | 450 | ||||||||||
Total TCEH DIP Facility | $ | 3,375 | $ | 1,950 | $ | 450 | |||||||
___________ | |||||||||||||
(a) | Facility used for general corporate purposes. No amounts were borrowed at December 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 TCEH 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 December 31, 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, $450 million is reported as cash and cash equivalents and $350 million is reported as restricted cash, which amount represents outstanding letters of credit at December 31, 2014. | |||||||||||||
Amounts borrowed under the TCEH DIP Facility bear interest based on applicable LIBOR rates, subject to a 0.75% floor, plus 3%. At December 31, 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. In addition, TCEH's existing cash collateral order expires in October 2015. The expiration of the cash collateral order is an event of default under the TCEH DIP Facility. Accordingly, absent an extension of the existing cash collateral order or a new cash collateral order (agreed by the facility's lenders and the Bankruptcy Court), the lenders under the TCEH DIP Facility could accelerate the obligations under the facility. | |||||||||||||
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 agreement governing the TCEH DIP Facility 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 the $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 December 31, 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 December 31, 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. | |||||||||||||
Long-Term Debt Not Subject to Compromise — Long-term debt represents pre-petition liabilities that are not subject to compromise due to the debt being fully collateralized or specific orders from the Bankruptcy Court approving repayment of the debt. As of December 31, 2014, long-term debt not subject to compromise totals $167 million, including $39 million due currently and reported in other current liabilities in the consolidated balance sheets, and consists of a non-Debtor $40 million principal amount of debt related to a building financing (plus $7 million of unamortized fair value premium), $50 million principal amount of debt approved by the Bankruptcy Court for repayment (less $3 million of unamortized fair value discount), $29 million principal amount of debt issued by a trust and secured by assets held by the trust (less $2 million of unamortized discount), $44 million of capitalized lease obligations and $2 million principal amount of debt related to a coal purchase agreement. |
Liabilities_Subject_to_Comprom
Liabilities Subject to Compromise | 12 Months Ended | |||||||
Dec. 31, 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 and other expected allowed claims 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 consolidated balance sheets at December 31, 2014: | ||||||||
December 31, | ||||||||
2014 | ||||||||
Notes, loans and other debt per the following table | $ | 35,124 | ||||||
Accrued interest on notes, loans and other debt | 804 | |||||||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 16) | 1,235 | |||||||
Trade accounts payable and accrued liabilities | 269 | |||||||
Total liabilities subject to compromise | $ | 37,432 | ||||||
Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise | ||||||||
Amounts reported below as of December 31, 2014 represent principal amounts of pre-petition notes, loans and other debt reported as liabilities subject to compromise. Amounts reported below as of December 31, 2013 represent notes, loans and other debt reported as current liabilities in our consolidated balance sheets. | ||||||||
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 | ||||||
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 Series 2001D-2 due May 1, 2033 (e) | — | 97 | ||||||
Floating Taxable Series 2001I due December 1, 2036 (e) | — | 62 | ||||||
Floating 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 | ||||||
Capital lease obligations (b) | — | 52 | ||||||
Other | 1 | 3 | ||||||
Unamortized discount | (91 | ) | (103 | ) | ||||
Total TCEH | 31,474 | 31,758 | ||||||
Deferred debt issuance and extension costs (f) | (733 | ) | — | |||||
Total EFH Corp. consolidated notes, loans and other debt | $ | 35,124 | $ | 40,252 | ||||
___________ | ||||||||
(a)Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. | ||||||||
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) | Represents pre-petition debt not subject to compromise classified as debt in the consolidated balance sheet at December 31, 2014. See notes (a) and (b) to the consolidated balance sheets. | |||||||
(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 11). | |||||||
(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. | |||||||
Repayment of EFIH Second Lien Notes | ||||||||
In March 2015, with the approval of the Bankruptcy Court, EFIH used some of its cash to repay (Repayment) $735 million, including interest at contractual rates, in amounts outstanding under EFIH's pre-petition 11.00% Second Lien Notes due 2021 (11.00% Notes) and 11.75% Second Lien Notes due 2022 (11.75% Notes) and $15 million in certain fees and expenses of the trustee for such notes. The Repayment required the requisite consent of the lenders under its DIP Facility. EFIH received such consent from approximately 97% of the lenders under its DIP Facility in consideration of an aggregate consent fee equal to approximately $13 million. As a result of the Repayment, as of the date hereof, the principal amount outstanding on the 11.00% Notes and 11.75% are $322 million and $1.388 billion, respectively. | ||||||||
Debt Related Activity in 2014 | ||||||||
Repayments of debt in the year ended December 31, 2014 totaled $241 million and consisted of $233 million of payments of principal at scheduled maturity or mandatory tender and remarketing dates (including $204 million of pollution control revenue bond and $11 million of fixed secured facility bond payments) and $8 million of contractual payments under capital leases. | ||||||||
Borrowings under the TCEH Letter of Credit Facility have been recorded by TCEH as restricted cash that supports issuances of letters of credit. At December 31, 2014, the restricted cash related to the TCEH Letter of Credit Facility totaled $551 million and supports $184 million in letters of credit outstanding. Due to the default under the TCEH Senior Secured Facilities, the remaining $367 million letter of credit capacity is no longer available. In the first quarter of 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 fourth quarter of 2014, the subsidiary drew on the letter of credit in the amount of $150 million to settle amounts due from TCEH. The remaining $7 million under the letter of credit expired in July 2014. In the year ended December 31, 2014, $245 million of letters of credit were drawn upon by unaffiliated counterparties to settle amounts receivable from TCEH, including $204 million related to pollution control revenue bonds that were tendered as noted in the table above. | ||||||||
Debt Related Activity in 2013 | ||||||||
Principal amounts of debt issued in the year ended December 31, 2013 totaled $1.904 billion. These issuances consisted of $1.302 billion of EFIH 10% Notes issued in exchanges as discussed below, $340 million of incremental term loans under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $173 million of EFIH Toggle Notes issued though the PIK election in lieu of making cash interest payments, and $89 million of EFIH Toggle Notes issued in debt exchanges as discussed below. | ||||||||
Repayments of debt in the year ended December 31, 2013 totaled $105 million and consisted of $93 million of payments of principal at scheduled maturity or mandatory tender and remarketing dates (including $60 million of pollution control revenue bond and $17 million of fixed secured facility bond payments) and $12 million of contractual payments under capital leases. | ||||||||
In April 2013, TCEH acquired for $40 million in cash the owner participant interest in a trust established to lease six natural gas combustion turbines to TCEH. The interest in the trust was held by an unaffiliated party. The trust was consolidated in the second quarter of 2013. No gain or loss was recognized on the transaction. The estimated fair value of the combustion turbine assets of $83 million approximated the total of the estimated fair value of the debt assumed and cash paid. In recording the combustion turbine assets, the fair value was reduced by the remaining deferred lease liability and the unamortized lease valuation reserve established in accounting for the Merger, which were reversed and totaled $18 million. | ||||||||
EFIH Debt Exchanges and Distributions Involving EFH Corp. Debt — In exchanges in January 2013, EFIH and EFIH Finance issued $1.302 billion principal amount of EFIH 10% Senior Secured Notes due 2020 (New EFIH 10% Notes) in exchange for $1.310 billion total principal amount of EFH Corp. and EFIH senior secured notes consisting of: (i) $113 million principal amount of EFH Corp. 9.75% Senior Secured Notes due 2019 (EFH Corp. 9.75% Notes), (ii) $1.058 billion principal amount of EFH Corp. 10% Senior Secured Notes due 2020 (EFH Corp. 10% Notes), and (iii) $139 million principal amount of EFIH 9.75% Senior Secured Notes due 2019 (EFIH 9.75% Notes). The New EFIH 10% Notes had terms and conditions substantially the same as the existing EFIH 10% Notes discussed below. EFIH cancelled the EFIH notes it received in the exchanges. | ||||||||
In connection with these debt exchange transactions, EFH Corp. received the requisite consents from holders of the EFH Corp. 9.75% Notes and EFH Corp. 10% Notes and EFIH received the requisite consents from holders of the EFIH 9.75% Notes to certain amendments to the respective indentures governing such notes. These amendments, among other things, (i) eliminated EFIH's pledge of its 100% ownership of the membership interests it owns in Oncor Holdings as collateral for the EFIH 9.75% Notes, (ii) made EFCH and EFIH unrestricted subsidiaries under the EFH Corp. 9.75% Notes and EFH Corp. 10% Notes, thereby eliminating EFCH's unsecured and EFIH's secured guarantees of the notes, (iii) eliminated substantially all of the restrictive covenants in the indentures and (iv) eliminated certain events of default, modified covenants regarding mergers and consolidations and modified or eliminated certain other provisions in these indentures. | ||||||||
In additional exchanges in January 2013, EFIH and EFIH Finance issued $89 million principal amount of additional 11.25%/12.25% Toggle Notes due 2018 (EFIH Toggle Notes) in exchange for $95 million total principal amount of EFH Corp. senior notes consisting of: (i) $31 million principal amount of EFH Corp. 10.875% Senior Notes due 2017 (EFH Corp. 10.875% Notes), (ii) $33 million principal amount of EFH Corp. 11.25%/12.00% Senior Toggle Notes due 2017 (EFH Corp. Toggle Notes), (iii) $2 million principal amount of EFH Corp. 5.55% Series P Notes due 2014 (EFH Corp. 5.55% Notes) and (iv) $29 million principal amount of EFH Corp. 6.50% Series Q Notes due 2024 (EFH Corp. 6.50% Notes). The additional EFIH Toggle Notes have the same terms and conditions as the existing EFIH Toggle Notes discussed below. | ||||||||
In the first quarter of 2013, EFIH distributed to EFH Corp. $6.360 billion principal amount of EFH Corp. debt that it previously received in debt exchanges, including $1.235 billion received in January 2013. EFH Corp. cancelled the notes, leaving $1.361 billion principal amount of affiliate debt still held by EFIH. The distribution included $1.715 billion principal amount of EFH Corp. 10.875% Notes, $3.474 billion principal amount of EFH Corp. Toggle Notes, $1.058 billion principal amount of EFH Corp. 10% Notes and $113 million principal amount of EFH Corp. 9.75% Notes. | ||||||||
Accounting and Income Tax Effects of the January 2013 Debt Exchanges — In consideration of the circumstances and terms of the exchanges, accounting rules require that the net loss on the exchanges, which totaled $21 million, be deferred and amortized to interest expense over the life of the debt issued. The deferred loss is reported as debt discount associated with the EFIH 10% Notes and EFIH Toggle Notes. For federal income tax purposes, the transactions resulted in cancellation of debt income of $11 million that was offset by operating losses. | ||||||||
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 with interest at LIBOR plus 3.50%; | |||||||
• | $15.691 billion of TCEH Term Loan Facilities 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 with interest at LIBOR plus 3.50%; | |||||||
• | $1.020 billion of cash borrowed under the TCEH Letter of Credit Facility 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), discussed below, 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. | ||||||||
TCEH 11.5% Senior Secured Notes — The principal amount of the TCEH 11.5% Senior Secured Notes totals $1.750 billion with interest payable 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 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, and by each subsidiary that guarantees the TCEH Senior Secured Facilities. The TCEH 10.25% Notes bore interest at a fixed rate of 10.25% per annum. The TCEH Toggle Notes bore 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 December 31, 2014 as the notes were exchanged or settled in June 2014 as discussed in Note 11. The notes bore 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). | ||||||||
EFIH 10% Senior Secured First Lien Notes — There were no principal amounts of the EFIH 10% Notes outstanding at December 31, 2014 as the notes were exchanged or settled in June 2014 as discussed in Note 11. The notes bore 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. | ||||||||
EFIH 11% Senior Secured Second Lien Notes — The principal amount of the EFIH 11% Notes totals $406 million 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. See discussion above related to the repayment of a portion of these notes in March 2015. | ||||||||
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 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. See discussion above related to the repayment of a portion of these notes in March 2015. | ||||||||
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 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%) in December 2013 and by an additional 25 basis points (to 11.75%) in March 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 bore 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 pre-petition 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 pre-petition 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. | ||||||||
Intercreditor Agreement — TCEH has entered into an intercreditor agreement with Citibank, N.A. and five secured commodity hedge counterparties (the Secured Commodity Hedge Counterparties). The intercreditor agreement takes into account, among other things, the possibility that TCEH could have issued notes and/or loans secured by collateral (other than the collateral that secures the TCEH Senior Secured Facilities) that ranks on parity with, or junior to, TCEH's existing first lien obligations under the TCEH Senior Secured Facilities. The Intercreditor Agreement provides that the lien granted to the Secured Commodity Hedge Counterparties ranks pari passu with the lien granted with respect to the collateral of the secured parties under the TCEH Senior Secured Facilities. The Intercreditor Agreement also provides that the Secured Commodity Hedge Counterparties are entitled to share, on a pro rata basis, in the proceeds of any liquidation of such collateral in connection with a foreclosure on such collateral in an amount provided in the TCEH Senior Secured Facilities. The Intercreditor Agreement also provides that the Secured Commodity Hedge Counterparties have voting rights with respect to any amendment or waiver of any provision of the Intercreditor Agreement that changes the priority of the Secured Commodity Hedge Counterparties' lien on such collateral relative to the priority of lien granted to the secured parties under the TCEH Senior Secured Facilities or the priority of payments to the Secured Commodity Hedge Counterparties upon a foreclosure and liquidation of such collateral relative to the priority of the lien granted to the secured parties under the TCEH Senior Secured Facilities. | ||||||||
Second Lien Intercreditor Agreement — TCEH has also entered into a second lien intercreditor agreement (the Second Lien Intercreditor Agreement) with Citibank, N.A., as senior collateral agent, and The Bank of New York Mellon Trust Company, N.A., as initial second priority representative. The Second Lien Intercreditor Agreement provides that liens on the collateral that secure the obligations under the TCEH Senior Secured Facilities, the obligations of the Secured Commodity Hedge Counterparties and any other obligations which are permitted to be secured on a pari passu basis therewith (collectively, the First Lien Obligations) rank prior to the liens on such collateral securing the obligations under the TCEH Senior Secured Second Lien Notes, and any other obligations which are permitted to be secured on a pari passu basis (collectively, the Second Lien Obligations). The Second Lien Intercreditor Agreement provides that the holders of the First Lien Obligations are entitled to the proceeds of any liquidation of such collateral in connection with a foreclosure on such collateral until paid in full, and that the holders of the Second Lien Obligations are not entitled to receive any such proceeds until the First Lien Obligations have been paid in full. The Second Lien Intercreditor Agreement also provides that the holders of the First Lien Obligations control enforcement actions with respect to such collateral, and the holders of the Second Lien Obligations are not entitled to commence any such enforcement actions, with limited exceptions. The Second Lien Intercreditor Agreement also provides that releases of the liens on the collateral by the holders of the First Lien Obligations automatically require that the liens on such collateral by the holders of the Second Lien Obligations be automatically released, and that amendments, waivers or consents with respect to any of the collateral documents in connection with the First Lien Obligations apply automatically to any comparable provision of the collateral documents in connection with the Second Lien Obligations. | ||||||||
EFIH Collateral Trust Agreement — EFIH entered into a Collateral Trust Agreement, among EFIH, The Bank of New York Mellon Trust Company, N.A., as First Lien Trustee, the other Secured Debt Representatives named therein and the Collateral Trustee. The Collateral Trust Agreement governing the pledge of collateral generally provides that the holders of a majority of the debt secured by a first priority lien on the collateral, including the notes and other future debt incurred by EFH or EFIH secured by the collateral equally and ratably, have, subject to certain limited exceptions, the exclusive right to manage, perform and enforce the terms of the security documents securing the rights of secured debt holders in the collateral, and to exercise and enforce all privileges, rights and remedies thereunder. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||||||||||
Contractual Commitments | ||||||||||||||||
At December 31, 2014, we had contractual commitments, some of which are subject to potential rejection in the Chapter 11 Cases, under energy-related contracts, leases and other agreements as follows: | ||||||||||||||||
Coal purchase | Pipeline | Nuclear | Other Contracts | |||||||||||||
and | transportation and | Fuel Contracts | ||||||||||||||
transportation | storage reservation | |||||||||||||||
agreements | fees | |||||||||||||||
2015 | $ | 309 | $ | 14 | $ | 156 | $ | 81 | ||||||||
2016 | 95 | 1 | 95 | 10 | ||||||||||||
2017 | 86 | 1 | 74 | 3 | ||||||||||||
2018 | — | 1 | 112 | 3 | ||||||||||||
2019 | — | 1 | 66 | 3 | ||||||||||||
Thereafter | — | 8 | 313 | 84 | ||||||||||||
Total | $ | 490 | $ | 26 | $ | 816 | $ | 184 | ||||||||
Expenditures under our coal purchase and coal transportation agreements totaled $348 million, $353 million and $245 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
At December 31, 2014, future minimum lease payments under both capital leases and operating leases are as follows: | ||||||||||||||||
Capital | Operating | |||||||||||||||
Leases | Leases (a) | |||||||||||||||
2015 | $ | 6 | $ | 24 | ||||||||||||
2016 | 7 | 25 | ||||||||||||||
2017 | 35 | 35 | ||||||||||||||
2018 | — | 33 | ||||||||||||||
2019 | — | 19 | ||||||||||||||
Thereafter | — | 116 | ||||||||||||||
Total future minimum lease payments | 48 | $ | 252 | |||||||||||||
Less amounts representing interest | 4 | |||||||||||||||
Present value of future minimum lease payments | 44 | |||||||||||||||
Less current portion | 5 | |||||||||||||||
Long-term capital lease obligation | $ | 39 | ||||||||||||||
___________ | ||||||||||||||||
(a) | Includes operating leases with initial or remaining noncancellable lease terms in excess of one year. | |||||||||||||||
Rent reported as operating costs, fuel costs and SG&A expenses totaled $84 million, $90 million and $102 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
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, through 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 pre-closing tax and employee related matters. No indemnity claims were made or asserted by Atmos, and no payments were made pursuant to this indemnity. | ||||||||||||||||
See Notes 11 and 12 for discussion of guarantees and security for certain of our post-petition and pre-petition debt. | ||||||||||||||||
Letters of Credit | ||||||||||||||||
At December 31, 2014, TCEH had outstanding letters of credit under credit facilities totaling $534 million as follows: | ||||||||||||||||
• | $329 million to support commodity risk management and trading margin requirements in the normal course of business, including over-the-counter hedging transactions and collateral postings with ERCOT; | |||||||||||||||
• | $84 million to support executory contracts and insurance agreements; | |||||||||||||||
• | $62 million to support TCEH's REP financial requirements with the PUCT, and | |||||||||||||||
• | $59 million for other 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 if the terms of a particular letter of credit so provide. See Note 12 for discussion of letter of credit draws in 2014. | ||||||||||||||||
Litigation | ||||||||||||||||
Aurelius Derivative Claim — 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. In January 2014, the district court granted EFCH's and the directors' motion to dismiss and in February 2014 dismissed the lawsuit. Aurelius has appealed the district court's judgment to the US Court of Appeals for the Fifth Circuit (Fifth Circuit Court). The appeal was automatically stayed as a result of the Bankruptcy Filing. We cannot predict the outcome of this proceeding, including the financial effects, if any. | ||||||||||||||||
Sierra Club Litigation and Settlement Related to Generation Facilities — 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 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 appealed the district court's decision to the Fifth Circuit Court. In August 2014, the district court ordered the Sierra Club to pay $6.4 million in Luminant's attorney and expert witness fees. The Sierra Club appealed to the Fifth Circuit Court the district court's final order granting Luminant's motion for the fees. | ||||||||||||||||
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 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. | ||||||||||||||||
The affirmative claims asserted against EFH Corp. and Luminant Generation Company LLC described above were automatically stayed as a result of the Bankruptcy Filing. In December 2014, Luminant finalized a settlement agreement with the Sierra Club under which the Sierra Club will, among other obligations, dismiss or withdraw the above pending legal matters against EFH Corp. and Luminant Generation Company LLC. In return, EFH Corp. and Luminant Generation Company LLC will not seek payment from the Sierra Club of $6.4 million in fees awarded in the Big Brown case. The Bankruptcy Court approved the settlement in December 2014. Pursuant to the terms of the settlement, the Sierra Club dismissed its appeal of the Big Brown case and its Martin Lake lawsuit in January 2015. In addition, the Sierra Club withdrew its Notices of Intent to Sue for the Monticello and Sandow 4 facilities. The Sierra Club also provided a general release of, and covenant not to sue or fund lawsuits for, all claims against Luminant and its affiliates based on any conduct occurring through 2014. | ||||||||||||||||
Make-whole 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 make-whole premium in connection with the cash repayment of the EFIH First Lien Notes discussed in Note 11 and that such make-whole premium is an allowed secured claim (EFIH First Lien Make-whole Claims). The indenture trustee has alleged that the EFIH First Lien Make-whole Claims are valued at approximately $432 million plus reimbursement of expenses. Following argument and briefing on cross motions for summary judgment, in March 2015, the Bankruptcy Court issued a ruling and order in favor of the EFIH Debtors on almost all issues, including denying the indenture trustee's motion for summary judgment in full and granting the EFIH Debtors summary judgment on most counts. The remaining open issues are currently scheduled to be heard at a trial beginning on April 20, 2015. | ||||||||||||||||
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 make-whole premium in connection with any repayment of the EFIH Second Lien Notes and that such make-whole premium would be an allowed secured claim (the EFIH Second Lien Make-whole Claims). In the EFIH Second Lien Make-whole Claims, as of December 31, 2014, the amount of such claims alleged would have been equal to approximately $591 million plus reimbursement of expenses. In December 2014, the EFIH Debtors filed counterclaims for relief against the Second Lien indenture trustee, seeking declaratory relief that, among other things, EFIH is not obligated to pay a make-whole premium in connection with any repayment of the EFIH Second Lien Notes and that such make-whole premium, if owing, would not constitute an allowed secured claim (EFIH Second Lien Counterclaims). In December 2014, the indenture trustee for the EFIH Second Lien Notes opposed the EFIH Debtors' motion to assert the EFIH Second Lien Counterclaims and also moved to dismiss its own complaint for relief, arguing that it was no longer necessary to resolve the EFIH Second Lien Make-whole Claims given that the EFIH Debtors had withdrawn their motion to repay the EFIH Second Lien Notes. However, as a result of EFIH's partial repayment of the EFIH Second Lien Notes, the parties have agreed that the litigation is ripe for adjudication. The parties are currently working together on a schedule to propose to the Bankruptcy Court in order to adjudicate this matter. | ||||||||||||||||
In December 2014, the EFIH Debtors initiated litigation against the indenture trustee for the EFIH PIK Notes seeking, among other things, a declaratory judgment that EFIH is not obligated to pay a make-whole premium in connection with the cash repayment of the EFIH PIK Notes and that any post-petition interest owing on these notes is to be paid at the statutory Federal Judgment Rate of interest. The indenture trustee for the EFIH PIK Notes filed a motion in February 2015 to dismiss the EFIH Debtors' complaint for declaratory relief, and the EFIH Debtors filed a brief in opposition to that motion in February 2015. If a make-whole claim was allowed, as of December 31, 2014, such claims would be approximately $100 million. The Bankruptcy Court has not yet announced a schedule for hearing argument or ruling on the indenture trustee's motion to dismiss. | ||||||||||||||||
In addition, creditors may make additional claims in the Chapter 11 Cases for make-whole or redemption premiums in connection with repayments or settlement of other pre-petition debt. These claims could be material. There can be no assurance regarding the outcome of any of the litigation regarding the validity or, if deemed valid, the amount of these make-whole or redemption claims. | ||||||||||||||||
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 arguments heard. | ||||||||||||||||
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, which the EPA said "superseded" its July 2012 notice. 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 oxide (NOx) emissions from our fossil fueled generation units. 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 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. | ||||||||||||||||
The CSAPR became effective January 1, 2015, but is still subject to further legal challenge before the D.C. Circuit Court on remand from the US Supreme Court. Oral argument took place in February 2015. While we cannot predict the outcome of future proceedings related to the CSAPR, based upon our current operating plans, including Mercury and Air Toxics Standard (MATS) compliance efforts, we do not believe that the CSAPR will cause any material operational, financial or compliance issues. | ||||||||||||||||
State Implementation Plan (SIP) | ||||||||||||||||
In February 2013, in response to a petition for rulemaking filed by the Sierra Club, the EPA proposed a rule requiring certain states to replace SIP exemptions for excess emissions during malfunctions with an affirmative defense. Texas was not included in that original proposal since it already had an EPA-approved affirmative defense provision in its SIP. In 2014, as a result of a D.C. Circuit Court decision striking down an affirmative defense in another EPA rule, the EPA revised its 2013 proposal to extend the EPA's proposed findings of inadequacy to states that have affirmative defense provisions, including Texas. The EPA's revised proposal would require Texas to remove or replace its EPA-approved affirmative defense provisions for excess emissions during startup, shutdown and maintenance events. We filed comments on the EPA proposal in November 2014, and the EPA is expected to finalize the proposal in May 2015. We cannot predict the timing or outcome of future proceedings related to this rulemaking, including the requirements of any ultimately implemented rule, any compliance timeframe, or the financial effects, if any. | ||||||||||||||||
In June 2014, the Sierra Club filed a petition in the D.C. Circuit Court seeking review of several EPA regulations containing affirmative defenses for malfunctions, including the MATS rule for power plants. In the petition, the Sierra Club contends this affirmative defense is no longer permissible in light of a D.C. Circuit Court decision regarding similar defenses applicable to the cement industry. Luminant filed a motion to intervene in this case. In July 2014, the D.C. Circuit Court ordered the case stayed pending the EPA's consideration of a petition for administrative reconsideration of the regulations at issue. In December 2014, the EPA signed a proposal to make technical corrections to the MATS rule. Except as set forth above, we cannot predict the timing or outcome of future proceedings related to this petition, the petition for administrative reconsideration that is pending before the EPA or the financial effects of these proceedings, if any. | ||||||||||||||||
Potential Inter/Intra Debtor Claims | ||||||||||||||||
In August 2014, the Bankruptcy Court entered an order in the Chapter 11 Cases establishing discovery procedures governing, among other things, certain prepetition transactions among the various Debtors' estates. In February 2015, the ad hoc committee of certain TCEH unsecured noteholders; the official committee representing unsecured interests at EFCH and its direct subsidiary, TCEH; and the official committee representing unsecured interests at EFH and EFIH filed motions with the Bankruptcy Court seeking standing to prosecute derivative claims on behalf of TCEH relating to certain of these prepetition transactions. These motions are currently scheduled to be heard by the Bankruptcy Court at the Debtors' omnibus hearing in April 2015. In addition to the claims described above, certain of the Debtors (or creditors purporting to act derivatively in the name of a Debtor) may bring additional inter-Debtor or intra-Debtor claims (including claims under the Federal and State Income Tax Allocation Agreement among EFH Corp. and certain of its subsidiaries under which TCEH and EFH Corp. have previously filed claims in the Chapter 11 Cases) that could be material in amount. We cannot predict the timing or outcome of future proceedings, if any, related to these transactions. The outcome of any of these claims could be material and could affect the results of operation, liquidity or financial condition of a particular Debtor. | ||||||||||||||||
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. | ||||||||||||||||
Environmental Contingencies | ||||||||||||||||
See discussion above regarding the CSAPR issued by the EPA in July 2011 and revised in February 2012 that include provisions which, among other things, place limits on SO2 and NOX emissions produced by electricity generation plants. We do not believe the CSAPR provisions and the MATS rule issued by the EPA in December 2011 will have any material impact on our business, results of operations, liquidity or financial condition. | ||||||||||||||||
We must comply with environmental laws and regulations applicable to the handling and disposal of hazardous waste. We believe that we are in compliance with current environmental laws and regulations; however, the impact, if any, of changes to existing regulations or the implementation of new regulations is not determinable and could materially affect our financial condition, results of operations and liquidity. | ||||||||||||||||
The costs to comply with environmental regulations could be significantly affected by the following external events or conditions: | ||||||||||||||||
• | enactment of state or federal regulations regarding CO2 and other greenhouse gas emissions; | |||||||||||||||
• | other changes to existing state or federal regulation regarding air quality, water quality, control of toxic substances and hazardous and solid wastes, and other environmental matters, including revisions to clean air regulations developed by the EPA as a result of court rulings discussed above and MATS, and | |||||||||||||||
• | the identification of sites requiring clean-up or the filing of other complaints in which we may be asserted to be a potential responsible party under applicable environmental laws or regulations. | |||||||||||||||
Labor Contracts | ||||||||||||||||
Certain personnel engaged in TCEH activities are represented by labor unions and covered by collective bargaining agreements with varying expiration dates in 2015. In November 2011, three-year labor agreements were reached covering bargaining unit personnel engaged in lignite fueled generation operations (excluding Sandow) and lignite mining operations (excluding a mine that serves our Sandow generation facility). In March 2014, these agreements were extended for an additional year through November 2015. Also in November 2011, a four-year labor agreement was reached covering bargaining unit personnel engaged in natural gas fueled generation operations. In January and August 2013, labor agreements expiring in November 2015 were reached covering bargaining unit personnel engaged in lignite mining operations that serve our Sandow generation facility and the Sandow lignite fueled generation operations, respectively. In December 2013, a labor agreement expiring in August 2015 was reached covering bargaining unit personnel engaged in nuclear fueled generation operations. We do not expect any changes in collective bargaining agreements to have a material effect on our results of operations, liquidity or financial condition. | ||||||||||||||||
Nuclear Insurance | ||||||||||||||||
Nuclear insurance includes liability coverage, property damage, decontamination and premature decommissioning coverage and accidental outage and/or extra expense coverage. Nuclear insurance maintained meets or exceeds requirements promulgated by Section 170 (Price-Anderson) of the Atomic Energy Act (Act) and Title 10 of the Code of Federal Regulations. We intend to maintain insurance against nuclear risks as long as such insurance is available. The company is self-insured to the extent that losses (i) are within the policy deductibles, (ii) are not covered per policy exclusions, terms and limitations, (iii) exceed the amount of insurance maintained, or (iv) are not covered due to lack of insurance availability. Such losses could have a material effect on our financial condition and results of operations and liquidity. | ||||||||||||||||
With regard to liability coverage, the Act provides for financial protection for the public in the event of a significant nuclear generation plant incident. The Act sets the statutory limit of public liability for a single nuclear incident at $13.6 billion and requires nuclear generation plant operators to provide financial protection for this amount. The US Congress could impose revenue-raising measures on the nuclear industry to pay claims exceeding the $13.6 billion limit for a single incident mandated by the Act. As required, the company provides this financial protection for a nuclear incident at Comanche Peak resulting in public bodily injury and property damage through a combination of private insurance and industry-wide retrospective payment plan known as the Secondary Financial Protection (SFP). | ||||||||||||||||
Under the SFP, in the event of an incident at any nuclear generation plant in the US, each operating licensed reactor in the US is subject to an assessment of up to $127.3 million and this amount is subject to increases for inflation every five years, with the next adjustment expected in September 2018. Assessments are currently limited to $19 million per operating licensed reactor per year per incident. The company's maximum potential assessment under the industry retrospective plan would be $254.6 million per incident but no more than $37.9 million in any one year for each incident. The potential assessment is triggered by a nuclear liability loss in excess of $375 million per accident at any nuclear facility. | ||||||||||||||||
With respect to nuclear decontamination and property damage insurance, the NRC requires that nuclear generation plant license-holders maintain at least $1.06 billion of such insurance and require the proceeds thereof to be used to place a plant in a safe and stable condition, to decontaminate it pursuant to a plan submitted to and approved by the NRC before the proceeds can be used for plant repair or restoration or to provide for premature decommissioning. The company maintains nuclear decontamination and property damage insurance for Comanche Peak in the amount of $2.25 billion (subject to $5 million deductible per accident), above which the company is self-insured. | ||||||||||||||||
The company maintains Accidental Outage insurance to cover the additional costs of obtaining replacement electricity from another source if one or both of the units at Comanche Peak are out of service for more than twelve weeks as a result of covered direct physical damage. The coverage provides for weekly payments of $3.5 million for the first fifty-two weeks and $2.8 million for the next 110 weeks for each outage, respectively, after the initial twelve-week waiting period. The total maximum coverage is $490 million per unit. The coverage amounts applicable to each unit will be reduced to 80% if both units are out of service at the same time as a result of the same accident. |
Equity
Equity | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Equity | EQUITY | |||||||||||
Equity Issuances and Repurchases | ||||||||||||
Changes in common stock shares outstanding for each of the last three years are reflected (in millions of shares) in the table below. Essentially all shares issued and purchased were as a result of stock-based compensation transactions for the benefit of certain officers, directors and employees. See Note 18 for discussion of stock-based compensation. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Shares outstanding at beginning of year | 1,669.90 | 1,680.50 | 1,679.50 | |||||||||
Shares issued (a) | — | 1.7 | 1 | |||||||||
Shares repurchased | — | (12.3 | ) | — | ||||||||
Shares outstanding at end of year | 1,669.90 | 1,669.90 | 1,680.50 | |||||||||
____________ | ||||||||||||
(a) | Includes share awards granted to directors and other nonemployees (see Note 18). 2013 issuances also included 0.7 million shares of previously issued restricted or deferred stock units that vested in 2013. | |||||||||||
Dividend Restrictions | ||||||||||||
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 Chapter 11 Cases, no dividends are eligible to be paid without the approval of the Bankruptcy Court. | ||||||||||||
Noncontrolling Interests | ||||||||||||
At December 31, 2014, ownership of Oncor's membership interests was as follows: 80.03% held indirectly by EFH Corp., 0.22% held indirectly by Oncor's management and board of directors and 19.75% held by Texas Transmission. See Note 3 for discussion of the deconsolidation of Oncor effective January 1, 2010. | ||||||||||||
As discussed in Notes 3 and 8, we consolidated a joint venture formed in 2009 for the purpose of developing two new nuclear generation units, which resulted in a noncontrolling interests component of equity. Net loss attributable to noncontrolling interests of $107 million for the year ended December 31, 2013 reflected the noncontrolling interest share of the impairment of the assets of the nuclear generation development joint venture. Net loss attributable to the noncontrolling interests was immaterial for the years ended December 31, 2014 and 2012. | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2014. In conjunction with the remeasurement of the EFH Corp. OPEB liability during the period (see Note 17), we recognized an additional $17 million of other comprehensive loss. | ||||||||||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 16) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 17) | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance at December 31, 2013 | $ | (56 | ) | $ | (7 | ) | $ | (63 | ) | |||
Other comprehensive loss before reclassifications (after tax) | — | (66 | ) | (66 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||||||||||
Operating costs | — | (4 | ) | (4 | ) | |||||||
Depreciation and amortization | 2 | — | 2 | |||||||||
Selling, general and administrative expenses | — | (2 | ) | (2 | ) | |||||||
Income tax benefit (expense) | (1 | ) | 2 | 1 | ||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | — | 2 | |||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 3 | (4 | ) | (1 | ) | |||||||
Total change during the period | 3 | (70 | ) | (67 | ) | |||||||
Balance at December 31, 2014 | $ | (53 | ) | $ | (77 | ) | $ | (130 | ) | |||
The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2013. | ||||||||||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 16) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 17) | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance at December 31, 2012 | $ | (64 | ) | $ | 17 | $ | (47 | ) | ||||
Other comprehensive loss before reclassifications (after tax) | — | (20 | ) | (20 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||||||||||
Operating costs | — | (4 | ) | (4 | ) | |||||||
Depreciation and amortization | 2 | — | 2 | |||||||||
Selling, general and administrative expenses | — | (3 | ) | (3 | ) | |||||||
Interest expense and related charges | 7 | — | 7 | |||||||||
Income tax benefit (expense) | (3 | ) | 3 | — | ||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | — | 2 | |||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 8 | (4 | ) | 4 | ||||||||
Total change during the period | 8 | (24 | ) | (16 | ) | |||||||
Balance at December 31, 2013 | $ | (56 | ) | $ | (7 | ) | $ | (63 | ) |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 willing 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 mathematical 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 with values 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 used 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 16 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: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 (a) | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Commodity contracts | $ | 402 | $ | 46 | $ | 49 | $ | 497 | |||||||||||
Nuclear decommissioning trust – | 375 | 217 | — | 592 | |||||||||||||||
equity securities (b) | |||||||||||||||||||
Nuclear decommissioning trust – | — | 301 | — | 301 | |||||||||||||||
debt securities (b) | |||||||||||||||||||
Total assets | $ | 777 | $ | 564 | $ | 49 | $ | 1,390 | |||||||||||
Liabilities: | |||||||||||||||||||
Commodity contracts | $ | 278 | $ | 25 | $ | 14 | $ | 317 | |||||||||||
Total liabilities | $ | 278 | $ | 25 | $ | 14 | $ | 317 | |||||||||||
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 – | 330 | 191 | — | 521 | |||||||||||||||
equity securities (b) | |||||||||||||||||||
Nuclear decommissioning trust – | — | 270 | — | 270 | |||||||||||||||
debt securities (b) | |||||||||||||||||||
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 consolidated balance sheets. See Note 21. | ||||||||||||||||||
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 16 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 16 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 our nuclear generation facility. 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 years ended December 31, 2014, 2013 and 2012. 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 years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||
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 December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Contract Type (a) | Assets | Liabilities | Total | Valuation Technique | Significant Unobservable Input | Range (b) | |||||||||||||
Electricity purchases and sales | $ | 4 | $ | (5 | ) | $ | (1 | ) | Valuation Model | Illiquid pricing locations (c) | $30 to $50/ MWh | ||||||||
Hourly price curve shape (d) | $20 to $70/ MWh | ||||||||||||||||||
Electricity spread options | 2 | (1 | ) | 1 | Option Pricing Model | Gas to power correlation (e) | 15% to 95% | ||||||||||||
Power volatility (f) | 10% to 30% | ||||||||||||||||||
Electricity congestion revenue rights | 38 | (4 | ) | 34 | Market Approach (g) | Illiquid price differences between settlement points (h) | $0.00 to $20.00 | ||||||||||||
Coal purchases | — | (4 | ) | (4 | ) | Market Approach (g) | Illiquid price variances between mines (i) | $0.00 to $1.00 | |||||||||||
Illiquid price variances between heat content (j) | $0.30 to $0.40 | ||||||||||||||||||
Other (n) | 5 | — | 5 | ||||||||||||||||
Total | $ | 49 | $ | (14 | ) | $ | 35 | ||||||||||||
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 (k) | 0% to 40% | ||||||||||||||||||
Recovery rate (l) | 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 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 16). | ||||||||||||||||||
(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) | Based on historical ranges of forward average prices between different heat contents (potential energy in coal for a given mass). | ||||||||||||||||||
(k) | 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. | ||||||||||||||||||
(l) | Estimate of the default recovery rate based on historical corporate rates. | ||||||||||||||||||
(m) | Estimate of nonperformance risk adjustment based on TCEH senior secured debt trading values. See discussion immediately below regarding transfers into Level 3. | ||||||||||||||||||
(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 years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Net asset (liability) balance at beginning of period | $ | (973 | ) | $ | 29 | $ | 53 | ||||||||||||
Total unrealized valuation losses | (97 | ) | (48 | ) | (17 | ) | |||||||||||||
Purchases, issuances and settlements (a): | |||||||||||||||||||
Purchases | 63 | 92 | 73 | ||||||||||||||||
Issuances | (5 | ) | (7 | ) | (23 | ) | |||||||||||||
Settlements | 1,053 | 138 | (12 | ) | |||||||||||||||
Transfers into Level 3 (b) | — | (1,181 | ) | (42 | ) | ||||||||||||||
Transfers out of Level 3 (b) | (6 | ) | 4 | (3 | ) | ||||||||||||||
Net change (c) | 1,008 | (1,002 | ) | (24 | ) | ||||||||||||||
Net asset (liability) balance at end of period | $ | 35 | $ | (973 | ) | $ | 29 | ||||||||||||
Unrealized valuation gains (losses) relating to instruments held at end of period | (5 | ) | 435 | (24 | ) | ||||||||||||||
____________ | |||||||||||||||||||
(a) | Settlement amounts in 2014 reflect termination of TCEH interest rate swaps and include the nonperformance risk adjustment as discussed in Note 16. 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. All Level 3 transfers during the years presented are in and out of Level 2. Transfers into Level 3 during 2013 reflect a nonperformance risk adjustment in the valuation of the TCEH interest rate swaps, which 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 (see Note 12). Transfers out during 2012 reflect increased observability of pricing related to certain congestion revenue rights. Transfers in during 2012 were driven by an increase in nonperformance risk adjustments related to certain coal purchase contracts as well as certain power contracts that include unobservable inputs related to the hourly shaping of the price curve. The amount of the nonperformance risk adjustment was after consideration of derivative assets related to contracts with the same counterparties that are also secured by a first-lien interest in the assets of TCEH, and a master netting agreement in place providing for netting and setoff of amounts related to these contracts. | ||||||||||||||||||
(c) | Substantially all changes in values of commodity contracts are reported in the 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 2013 are reported in the statements of consolidated income (loss) in interest expense and related charges (see Note 9). 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 | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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. 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. Prior to the Petition Date, we had entered into interest rate swaps to manage our interest rate risk exposure. See Note 15 for a discussion of the fair value of derivatives. | ||||||||||||||||||||
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 2016 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 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 statements of consolidated income (loss) in interest expense and related charges. | ||||||||||||||||||||
Termination of Commodity Hedges and Interest Rate Swaps — Commodity hedges and interest rate swaps entered into prior to the Petition Date are deemed to be forward contracts under the Bankruptcy Code. The Bankruptcy Filing constituted an event of default under these arrangements, 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. Additionally, certain counterparties to only our interest rate swaps hold the same first-lien security interest. 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 consolidated balance sheets as a liability subject to compromise. Additionally, counterparties associated with the net liability are allowed, and have been receiving, adequate protection payments related to their claims (see Note 9). | ||||||||||||||||||||
The derivative liability related to the TCEH interest rate swaps 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 statements of consolidated income (loss) in accordance with ASC 852, Reorganizations (see Note 10). | ||||||||||||||||||||
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 consolidated balance sheets at December 31, 2014 and 2013: | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Derivative assets | Derivative liabilities | |||||||||||||||||||
Commodity contracts | Interest rate swaps | Commodity contracts | Interest rate swaps | Total | ||||||||||||||||
Current assets | $ | 492 | $ | — | $ | — | $ | — | $ | 492 | ||||||||||
Noncurrent assets | 5 | — | — | — | 5 | |||||||||||||||
Current liabilities | — | — | (316 | ) | — | (316 | ) | |||||||||||||
Noncurrent liabilities | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net assets (liabilities) | $ | 497 | $ | — | $ | (317 | ) | $ | — | $ | 180 | |||||||||
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 December 31, 2014 and 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: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
Derivative (statements of consolidated income (loss) presentation) | 2014 | 2013 | 2012 | |||||||||||||||||
Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) | $ | 17 | $ | (54 | ) | $ | 279 | |||||||||||||
Interest rate swaps (Interest expense and related charges) (b) | (128 | ) | 433 | (503 | ) | |||||||||||||||
Interest rate swaps (Reorganization items) (Note 10) | (278 | ) | — | — | ||||||||||||||||
Net gain (loss) | $ | (389 | ) | $ | 379 | $ | (224 | ) | ||||||||||||
____________ | ||||||||||||||||||||
(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 9). | |||||||||||||||||||
The following table presents the pretax effect (all losses) on net income and other comprehensive income (OCI) of derivative instruments previously accounted for as cash flow hedges. There were no amounts recognized in OCI for the years ended December 31, 2014, 2013 or 2012. | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
Derivative (statements of consolidated income (loss) presentation of loss reclassified from accumulated OCI into income) | 2014 | 2013 | 2012 | |||||||||||||||||
Interest rate swaps (Interest expense and related charges) | $ | — | $ | (7 | ) | $ | (8 | ) | ||||||||||||
Interest rate swaps (Depreciation and amortization) | (2 | ) | (2 | ) | (2 | ) | ||||||||||||||
Total | $ | (2 | ) | $ | (9 | ) | $ | (10 | ) | |||||||||||
There were no transactions designated as cash flow hedges during the years ended December 31, 2014, 2013 or 2012. | ||||||||||||||||||||
Accumulated other comprehensive income related to cash flow hedges (excluding Oncor's interest rate hedges) at December 31, 2014 and 2013 totaled $36 million and $37 million in net losses (after-tax), 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 December 31, 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 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 presented from period to period. | ||||||||||||||||||||
Margin deposits that contractually offset these derivative instruments are reported separately in the 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 December 31, 2014 and 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 consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amounts Presented in Balance Sheet | Offsetting Instruments | Financial Collateral (Received) Pledged (b) | Net Amounts | |||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | $ | 497 | $ | (298 | ) | $ | (16 | ) | $ | 183 | ||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | (317 | ) | 298 | 2 | (17 | ) | ||||||||||||||
Net amounts | $ | 180 | $ | — | $ | (14 | ) | $ | 166 | |||||||||||
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 December 31, 2014 and 2013: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 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) | 1,687 | 2,150 | Million MMBtu | |||||||||||||||||
Electricity | 22,820 | 16,482 | GWh | |||||||||||||||||
Congestion Revenue Rights (c) | 89,484 | 77,799 | GWh | |||||||||||||||||
Coal | 10 | 9 | Million US tons | |||||||||||||||||
Fuel oil | 36 | 26 | Million gallons | |||||||||||||||||
Uranium | 150 | 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. | |||||||||||||||||||
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 December 31, 2014 and 2013, the fair value of liabilities related to derivative instruments under agreements with credit risk-related contingent features that were not fully collateralized totaled $17 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 December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
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 of the contracts had been cancelled at December 31, 2014. At December 31, 2014 and 2013, the fair value of derivative liabilities subject to such cross-default provisions totaled $1 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 totaled $1.154 billion at December 31, 2013 and was reduced by cash and letter of credit postings with the counterparties totaling $6 million. There was no liquidity exposure associated with these liabilities at December 31, 2014. See Note 12 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 $18 million and $1.107 billion at December 31, 2014 and 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. | ||||||||||||||||||||
Concentrations of Credit Risk Related to Derivatives | ||||||||||||||||||||
We have concentrations of credit risk with the counterparties to our derivative contracts. At December 31, 2014, total credit risk exposure to all counterparties related to derivative contracts totaled $575 million (including associated accounts receivable). The net exposure to those counterparties totaled $245 million at December 31, 2014 after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to a single counterparty totaling $56 million. At December 31, 2014, the credit risk exposure to the banking and financial sector represented 81% of the total credit risk exposure and 62% 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. |
Pension_And_Other_Postretireme
Pension And Other Postretirement Employee Benefits (OPEB) Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Pension And Other Postretirement Employee Benefits (OPEB) Plans | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS (OPEB) PLANS | |||||||||||||||||||||||
EFH Corp. is the plan sponsor of the EFH Retirement Plan (the Retirement Plan), which had provided benefits to eligible employees of its subsidiaries, including Oncor. After the amendments in 2012 discussed below, participating employees in the Retirement Plan now consist entirely of active and retired collective bargaining unit employees in our competitive business. The Retirement Plan is a qualified defined benefit pension plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (Code), and is subject to the provisions of ERISA. The Retirement Plan provides benefits to participants under one of two formulas: (i) a Cash Balance Formula under which participants earn monthly contribution credits based on their compensation and a combination of their age and years of service, plus monthly interest credits or (ii) a Traditional Retirement Plan Formula based on years of service and the average earnings of the three years of highest earnings. The interest component of the Cash Balance Formula is variable and is determined using the yield on 30-year Treasury bonds. Under the Cash Balance Formula, future increases in earnings will not apply to prior service costs. It is our policy to fund the Retirement Plan assets only to the extent deductible under existing federal tax regulations. | ||||||||||||||||||||||||
In August 2012, EFH Corp. approved certain amendments to the Retirement Plan. These actions were completed in the fourth quarter 2012, and the amendments resulted in: | ||||||||||||||||||||||||
• | splitting off assets and liabilities under the Retirement Plan associated with active employees of Oncor and all retirees and terminated vested participants of EFH Corp. and its subsidiaries (including discontinued businesses) to a new plan sponsored and administered by Oncor (the Oncor Plan) and | |||||||||||||||||||||||
• | the termination of, distributions of benefits under, and settlement of all of EFH Corp.'s liabilities associated with active employees of EFH Corp.'s competitive businesses (the Terminating Plan) other than collective bargaining unit employees. | |||||||||||||||||||||||
EFH Corp.'s competitive operations recorded charges totaling $285 million in the fourth quarter 2012, including $92 million related to the settlement of the Terminating Plan and $193 million related to the competitive business obligations (including discontinued businesses) that were assumed under the Oncor Plan. These amounts represent the previously unrecognized actuarial losses reported in accumulated other comprehensive income (loss). TCEH's allocated share of the charges totaled $141 million. TCEH settled $91 million of this allocation with EFH Corp. in cash in 2012 and $50 million in the first quarter 2013. | ||||||||||||||||||||||||
Settlement of the liabilities and the full funding of the EFH Corp. competitive operations portion of liabilities (including discontinued businesses) assumed under the Oncor Plan resulted in an aggregate cash contribution by EFH Corp.'s competitive operations of $259 million to the Retirement Plan assets in the fourth quarter 2012. | ||||||||||||||||||||||||
We also have supplemental unfunded retirement plans for certain employees whose retirement benefits cannot fully be earned under the qualified Retirement Plan, the information for which is included below. | ||||||||||||||||||||||||
EFH Corp. offers other postretirement employee benefits (OPEB) in the form of health care and life insurance to eligible employees of its subsidiaries and their eligible dependents upon the retirement of such employees. For employees retiring on or after January 1, 2002, the retiree contributions required for such coverage vary based on a formula depending on the retiree's age and years of service. In 2011, we announced a change to the OPEB plan whereby, effective January 1, 2013, Medicare-eligible retirees from the competitive business will be subject to a cap on increases in subsidies received under the plan to offset medical costs. | ||||||||||||||||||||||||
In accordance with an agreement between Oncor and EFH Corp., Oncor ceased participation in EFH Corp.'s OPEB Plan effective July 1, 2014 and established its own OPEB plan for Oncor's eligible existing and future retirees and their dependents, as well as split service participants as discussed immediately below under Regulatory Recovery of Pension and OPEB Costs and in Note 19. The separation resulted in the transfer of a significant portion of the liability associated with our plan to the new Oncor plan, which resulted in a reduction of our OPEB liability of approximately $758 million and a corresponding reduction of an equal amount in the receivable from unconsolidated subsidiary. | ||||||||||||||||||||||||
As a result of the separation of OPEB Plans, asset values and obligations were remeasured as of July 1, 2014, resulting in EFH Corp.'s new projected benefit obligation increasing by $16 million as compared to December 31, 2013. Assumptions used in the remeasurement included a decrease in the discount rate to 3.77% for the EFH Corp. plan and 4.39% for the Oncor plan from 4.98% assumed at December 31, 2013. There was no change in the expected return on assets of 7.05% assumed at December 31, 2013. The remeasurement did not materially affect reported OPEB expense for the six months ended December 31, 2014. | ||||||||||||||||||||||||
Regulatory Recovery of Pension and OPEB Costs | ||||||||||||||||||||||||
PURA provides for the recovery by Oncor, in its regulated revenue rates, of pension and OPEB costs applicable to services of Oncor's active and retired employees, as well as services of other EFH Corp. active and retired employees prior to the deregulation and disaggregation of our electric utility business effective January 1, 2002. Oncor is authorized to establish a regulatory asset or liability for the difference between the amounts of pension and OPEB costs reflected in Oncor's approved (by the PUCT) revenue rates and the actual amounts that would otherwise have been recorded as charges or credits to earnings, including amounts related to pre-2002 service of EFH Corp. employees. Regulatory assets and liabilities are ultimately subject to PUCT approval. Oncor is contractually obligated to EFH Corp. to fund pension obligations for which the costs are recoverable in its rates. | ||||||||||||||||||||||||
Pension and OPEB Costs | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Pension costs (a) | $ | 13 | $ | 26 | $ | 512 | ||||||||||||||||||
OPEB costs | 27 | 39 | 25 | |||||||||||||||||||||
Total benefit costs | 40 | 65 | 537 | |||||||||||||||||||||
Less amounts expensed by Oncor (and not consolidated) | (13 | ) | (25 | ) | (36 | ) | ||||||||||||||||||
Less amounts deferred principally as a regulatory asset or property by Oncor | (15 | ) | (25 | ) | (165 | ) | ||||||||||||||||||
Net amounts recognized as expense by EFH Corp. and consolidated subsidiaries | $ | 12 | $ | 15 | $ | 336 | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | As a result of pension plan actions discussed in this Note, the 2012 amount includes $285 million recorded by EFH Corp. as a settlement charge and $81 million recorded by Oncor as a regulatory asset. | |||||||||||||||||||||||
At December 31, 2014 and 2013, Oncor had recorded regulatory assets totaling $1.166 billion and $786 million, respectively, related to pension and OPEB costs, including amounts related to deferred expenses as well as amounts related to unfunded liabilities that otherwise would be recorded as other comprehensive income. | ||||||||||||||||||||||||
Market-Related Value of Assets Held in Postretirement Benefit Trusts | ||||||||||||||||||||||||
We use the calculated value method to determine the market-related value of the assets held in the trust for purposes of calculating pension costs. We include the realized and unrealized gains or losses in the market-related value of assets over a rolling four-year period. Each year, 25% of such gains and losses for the current year and for each of the preceding three years is included in the market-related value. Each year, the market-related value of assets is increased for contributions to the plan and investment income and is decreased for benefit payments and expenses for that year. We use the fair value method to determine the market-related value of the assets held in the trust for purposes of calculating OPEB costs. | ||||||||||||||||||||||||
Detailed Information Regarding Pension Benefits | ||||||||||||||||||||||||
The following information is based on December 31, 2014, 2013 and 2012 measurement dates: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Assumptions Used to Determine Net Periodic Pension Cost: | ||||||||||||||||||||||||
Discount rate (a) | 5.07 | % | 4.3 | % | 5 | % | ||||||||||||||||||
Expected return on plan assets | 6.17 | % | 5.4 | % | 7.4 | % | ||||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | 3.81 | % | ||||||||||||||||||
Components of Net Pension Cost: | ||||||||||||||||||||||||
Service cost | $ | 7 | $ | 8 | $ | 44 | ||||||||||||||||||
Interest cost | 14 | 12 | 157 | |||||||||||||||||||||
Expected return on assets | (12 | ) | (7 | ) | (161 | ) | ||||||||||||||||||
Amortization of net actuarial loss | 4 | 8 | 106 | |||||||||||||||||||||
Effect of pension plan actions (b) | — | 5 | 366 | |||||||||||||||||||||
Net periodic pension cost | $ | 13 | $ | 26 | $ | 512 | ||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||||||||||||||||||||
Net loss | $ | 15 | $ | 5 | $ | 57 | ||||||||||||||||||
Amortization of net loss | — | — | (31 | ) | ||||||||||||||||||||
Effect of pension plan actions (c) | — | (4 | ) | (307 | ) | |||||||||||||||||||
Total loss (income) recognized in other comprehensive income | $ | 15 | $ | 1 | $ | (281 | ) | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 28 | $ | 27 | $ | 231 | ||||||||||||||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||||||||||||||||
Discount rate | 4.19 | % | 5.07 | % | 4.3 | % | ||||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | As a result of the amendments discussed above, the discount rate reflected in net pension costs for January through July 2012 was 5.00%, for August through September 2012 was 4.15% and for October through December 2012 was 4.20%. | |||||||||||||||||||||||
(b) | Amount in 2012 includes settlement charges of $285 million recorded by EFH Corp. and $81 million recorded by Oncor as a regulatory asset. | |||||||||||||||||||||||
(c) | Amount in 2012 includes $285 million in actuarial losses reclassified to net income (loss) as a settlement charge and a $22 million plan curtailment adjustment. | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Change in Pension Obligation: | ||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 272 | $ | 285 | ||||||||||||||||||||
Service cost | 7 | 8 | ||||||||||||||||||||||
Interest cost | 14 | 12 | ||||||||||||||||||||||
Actuarial (gain) loss | 45 | (21 | ) | |||||||||||||||||||||
Benefits paid | (7 | ) | (5 | ) | ||||||||||||||||||||
Settlements | — | (7 | ) | |||||||||||||||||||||
Projected benefit obligation at end of year | $ | 331 | $ | 272 | ||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 307 | $ | 250 | ||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair value of assets at beginning of year | $ | 126 | $ | 151 | ||||||||||||||||||||
Actual return on assets | 26 | (13 | ) | |||||||||||||||||||||
Employer contributions | 85 | 7 | ||||||||||||||||||||||
Benefits paid | (7 | ) | (5 | ) | ||||||||||||||||||||
Settlements | — | (14 | ) | |||||||||||||||||||||
Fair value of assets at end of year | $ | 230 | $ | 126 | ||||||||||||||||||||
Funded Status: | ||||||||||||||||||||||||
Projected pension benefit obligation | $ | (331 | ) | $ | (272 | ) | ||||||||||||||||||
Fair value of assets | 230 | 126 | ||||||||||||||||||||||
Funded status at end of year (a) | $ | (101 | ) | $ | (146 | ) | ||||||||||||||||||
Amounts Recognized in the Balance Sheet Consist of: | ||||||||||||||||||||||||
Other current liabilities | (1 | ) | (1 | ) | ||||||||||||||||||||
Liabilities subject to compromise | (23 | ) | — | |||||||||||||||||||||
Other noncurrent liabilities | (77 | ) | (145 | ) | ||||||||||||||||||||
Net liability recognized | $ | (101 | ) | $ | (146 | ) | ||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||||||||||||||||
Net loss | $ | 17 | $ | 3 | ||||||||||||||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | ||||||||||||||||||||||||
Net loss | $ | 56 | $ | 44 | ||||||||||||||||||||
Net amount recognized | $ | 56 | $ | 44 | ||||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | Amounts in 2014 and 2013 include $47 million and $93 million, respectively, for which Oncor is contractually responsible and which are expected to be recovered in Oncor's rates. See Note 19. | |||||||||||||||||||||||
The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation (ABO) in excess of the fair value of plan assets. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pension Plans with PBO and ABO in Excess Of Plan Assets: | ||||||||||||||||||||||||
Projected benefit obligations | $ | 331 | $ | 272 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 307 | $ | 250 | ||||||||||||||||||||
Plan assets | $ | 230 | $ | 126 | ||||||||||||||||||||
The increase in the projected benefit obligation during 2014 was driven by actuarial losses resulting from lower discount rates and increased life expectancy rates. | ||||||||||||||||||||||||
Pension Plan Investment Strategy and Asset Allocations | ||||||||||||||||||||||||
Our investment objective for the Retirement Plan is to invest in a suitable mix of assets to meet the future benefit obligations at an acceptable level of risk, while minimizing the volatility of contributions. Considering the pension plan actions discussed in this Note, the target allocation ranges have shifted to fixed income securities from equities. US equities, international equities and fixed income securities were previously in the ranges of 12% to 34%, 10% to 26% and 40% to 70%, respectively. Equity securities are held to enhance returns by participating in a wide range of investment opportunities. International equity securities are used to further diversify the equity portfolio and may include investments in both developed and emerging international markets. Fixed income securities include primarily corporate bonds from a diversified range of companies, US Treasuries and agency securities and money market instruments. Our investment strategy for fixed income investments is to maintain a high grade portfolio of securities which assist us in managing the volatility and magnitude of plan contributions and expense while maintaining sufficient cash and short-term investments to pay near-term benefits and expenses. | ||||||||||||||||||||||||
The target asset allocation ranges of pension plan investments by asset category are as follows: | ||||||||||||||||||||||||
Asset Category: | Target | |||||||||||||||||||||||
Allocation | ||||||||||||||||||||||||
Ranges | ||||||||||||||||||||||||
US equities | 8 | % | - | 14% | ||||||||||||||||||||
International equities | 6 | % | - | 12% | ||||||||||||||||||||
Fixed income | 74 | % | - | 86% | ||||||||||||||||||||
Fair Value Measurement of Pension Plan Assets | ||||||||||||||||||||||||
At December 31, 2014 and 2013, pension plan assets measured at fair value on a recurring basis consisted of the following: | ||||||||||||||||||||||||
December 31, (a) | ||||||||||||||||||||||||
Asset Category: | 2014 | 2013 | ||||||||||||||||||||||
Interest-bearing cash | $ | 21 | $ | 17 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US | 25 | 16 | ||||||||||||||||||||||
International | 20 | 12 | ||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate bonds (b) | 127 | 51 | ||||||||||||||||||||||
US Treasuries | 19 | 27 | ||||||||||||||||||||||
Other (c) | 18 | 3 | ||||||||||||||||||||||
Total assets | $ | 230 | $ | 126 | ||||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | All amounts are based on Level 2 valuations. See Note 15. | |||||||||||||||||||||||
(b) | Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. | |||||||||||||||||||||||
(c) | Other consists primarily of municipal bonds. | |||||||||||||||||||||||
Detailed Information Regarding Postretirement Benefits Other Than Pensions | ||||||||||||||||||||||||
The following OPEB information is based on December 31, 2014, 2013 and 2012 measurement dates (includes amounts related to Oncor): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Assumptions Used to Determine Net Periodic Benefit Cost: | ||||||||||||||||||||||||
Discount rate | 4.98 | % | 4.1 | % | 4.95 | % | ||||||||||||||||||
Expected return on plan assets | 7.05 | % | 6.7 | % | 6.8 | % | ||||||||||||||||||
Components of Net Postretirement Benefit Cost: | ||||||||||||||||||||||||
Service cost | $ | 8 | $ | 11 | $ | 9 | ||||||||||||||||||
Interest cost | 28 | 41 | 44 | |||||||||||||||||||||
Expected return on assets | (6 | ) | (12 | ) | (12 | ) | ||||||||||||||||||
Amortization of net transition obligation | — | — | 1 | |||||||||||||||||||||
Amortization of prior service cost/(credit) | (21 | ) | (31 | ) | (32 | ) | ||||||||||||||||||
Amortization of net actuarial loss | 18 | 30 | 15 | |||||||||||||||||||||
Net periodic OPEB cost | $ | 27 | $ | 39 | $ | 25 | ||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||||||||||||||||||||
Net (gain) loss | $ | 12 | $ | 4 | $ | 17 | ||||||||||||||||||
Amortization of net gain | (5 | ) | (3 | ) | (1 | ) | ||||||||||||||||||
Amortization of prior service credit | 11 | 11 | 11 | |||||||||||||||||||||
Total loss recognized in other comprehensive income | $ | 18 | $ | 12 | $ | 27 | ||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 45 | $ | 51 | $ | 52 | ||||||||||||||||||
Assumptions Used to Determine Benefit Obligations at Period End: | ||||||||||||||||||||||||
Discount rate (EFH Corp. Plan) | 3.81 | % | 4.98 | % | 4.1 | % | ||||||||||||||||||
Discount rate (Oncor Plan) | 4.23 | % | N/A | N/A | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Change in Postretirement Benefit Obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,049 | $ | 1,032 | ||||||||||||||||||||
Service cost | 8 | 11 | ||||||||||||||||||||||
Interest cost | 28 | 41 | ||||||||||||||||||||||
Participant contributions | 10 | 16 | ||||||||||||||||||||||
Medicare Part D reimbursement | — | 2 | ||||||||||||||||||||||
Actuarial (gain) loss | 84 | 15 | ||||||||||||||||||||||
Benefits paid | (40 | ) | (68 | ) | ||||||||||||||||||||
Transfers to new plan sponsored by Oncor | (1,000 | ) | — | |||||||||||||||||||||
Benefit obligation at end of year | $ | 139 | $ | 1,049 | ||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair value of assets at beginning of year | $ | 179 | $ | 191 | ||||||||||||||||||||
Actual return on assets | 11 | 22 | ||||||||||||||||||||||
Employer contributions | 16 | 18 | ||||||||||||||||||||||
Participant contributions | 10 | 16 | ||||||||||||||||||||||
Benefits paid | (40 | ) | (68 | ) | ||||||||||||||||||||
Transfers to new plan sponsored by Oncor | (176 | ) | — | |||||||||||||||||||||
Fair value of assets at end of year | $ | — | $ | 179 | ||||||||||||||||||||
Funded Status: | ||||||||||||||||||||||||
Benefit obligation | $ | (139 | ) | $ | (1,049 | ) | ||||||||||||||||||
Fair value of assets | — | 179 | ||||||||||||||||||||||
Funded status at end of year (a) | $ | (139 | ) | $ | (870 | ) | ||||||||||||||||||
Amounts Recognized on the Balance Sheet Consist of: | ||||||||||||||||||||||||
Other current liabilities | $ | (8 | ) | $ | (8 | ) | ||||||||||||||||||
Other noncurrent liabilities | (131 | ) | (862 | ) | ||||||||||||||||||||
Net liability recognized | $ | (139 | ) | $ | (870 | ) | ||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||||||||||||||||
Prior service credit | $ | (43 | ) | $ | (54 | ) | ||||||||||||||||||
Net loss | 41 | 34 | ||||||||||||||||||||||
Net amount recognized | $ | (2 | ) | $ | (20 | ) | ||||||||||||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | ||||||||||||||||||||||||
Net loss | $ | — | $ | 221 | ||||||||||||||||||||
Prior service credit | — | (91 | ) | |||||||||||||||||||||
Net amount recognized | $ | — | $ | 130 | ||||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | Amounts in 2013 include $745 million for which Oncor is contractually responsible, substantially all of which is expected to be recovered in Oncor's rates. See Note 19. | |||||||||||||||||||||||
The following tables provide information regarding the assumed health care cost trend rates. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Assumed Health Care Cost Trend Rates-Not Medicare Eligible: | ||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 8 | % | 8 | % | ||||||||||||||||||||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | ||||||||||||||||||||||
Assumed Health Care Cost Trend Rates-Medicare Eligible: | ||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 6.5 | % | 7 | % | ||||||||||||||||||||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | ||||||||||||||||||||||
1-Percentage Point | 1-Percentage Point | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
Sensitivity Analysis of Assumed Health Care Cost Trend Rates: | ||||||||||||||||||||||||
Effect on accumulated postretirement obligation | $ | (3 | ) | $ | 2 | |||||||||||||||||||
Effect on postretirement benefits cost | $ | — | $ | — | ||||||||||||||||||||
Fair Value Measurement of OPEB Plan Assets | ||||||||||||||||||||||||
At December 31, 2014, the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. At December 31, 2013, OPEB plan assets measured at fair value on a recurring basis consisted of the following: | ||||||||||||||||||||||||
Asset Category: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Interest-bearing cash | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US | 53 | 5 | — | 58 | ||||||||||||||||||||
International | 35 | — | — | 35 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate bonds (a) | — | 34 | — | 34 | ||||||||||||||||||||
US Treasuries | — | 1 | — | 1 | ||||||||||||||||||||
Other (b) | 43 | 2 | — | 45 | ||||||||||||||||||||
Total assets | $ | 131 | $ | 48 | $ | — | $ | 179 | ||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. | |||||||||||||||||||||||
(b) | Other consists primarily of US agency securities. | |||||||||||||||||||||||
Expected Long-Term Rate of Return on Assets Assumption | ||||||||||||||||||||||||
The Retirement Plan strategic asset allocation is determined in conjunction with the plan's advisors and utilizes a comprehensive Asset-Liability modeling approach to evaluate potential long-term outcomes of various investment strategies. The study incorporates long-term rate of return assumptions for each asset class based on historical and future expected asset class returns, current market conditions, rate of inflation, current prospects for economic growth, and taking into account the diversification benefits of investing in multiple asset classes and potential benefits of employing active investment management. | ||||||||||||||||||||||||
Retirement Plan | ||||||||||||||||||||||||
Asset Class: | Expected Long-Term | |||||||||||||||||||||||
Rate of Return | ||||||||||||||||||||||||
US equity securities | 6.8 | % | ||||||||||||||||||||||
International equity securities | 7.5 | % | ||||||||||||||||||||||
Fixed income securities | 4.4 | % | ||||||||||||||||||||||
Weighted average | 5.4 | % | ||||||||||||||||||||||
Significant Concentrations of Risk | ||||||||||||||||||||||||
The plans' investments are exposed to risks such as interest rate, capital market and credit risks. We seek to optimize return on investment consistent with levels of liquidity and investment risk which are prudent and reasonable, given prevailing capital market conditions and other factors specific to us. While we recognize the importance of return, investments will be diversified in order to minimize the risk of large losses unless, under the circumstances, it is clearly prudent not to do so. There are also various restrictions and guidelines in place including limitations on types of investments allowed and portfolio weightings for certain investment securities to assist in the mitigation of the risk of large losses. | ||||||||||||||||||||||||
Assumed Discount Rate | ||||||||||||||||||||||||
We selected the assumed discount rate using the Aon Hewitt AA Above Median yield curve, which is based on corporate bond yields and at December 31, 2014 consisted of 415 corporate bonds with an average rating of AA using Moody's, Standard &Poor's Rating Services and Fitch Ratings, Ltd. ratings. | ||||||||||||||||||||||||
Amortization in 2015 | ||||||||||||||||||||||||
We estimate amortization of the net actuarial loss and prior service cost for the defined benefit pension plan from accumulated other comprehensive income into net periodic benefit cost will be immaterial. We estimate amortization of the net actuarial loss and prior service credit for the OPEB plan from accumulated other comprehensive income into net periodic benefit cost will total $4 million and a $11 million credit, respectively. | ||||||||||||||||||||||||
Contributions in 2014 and 2015 | ||||||||||||||||||||||||
In February 2014, a cash contribution totaling $84 million was made to the Retirement Plan assets, of which $64 million was contributed by Oncor and $20 million was contributed by TCEH, which resulted in the Retirement Plan being fully funded as calculated under the provisions of ERISA. As a result of the Bankruptcy Filing, participants in the Retirement Plan who choose to retire would not be eligible for the lump sum payout option under the Retirement Plan unless the Retirement Plan is fully funded. Pension plan funding in 2015 is expected to total $52 million, including $41 million from Oncor. OPEB plan funding in 2014 totaled $16 million, including $7 million from Oncor, and funding in 2015 is expected to total $9 million, with no contributions from Oncor as a result of Oncor ceasing participation in the plan effective July 1, 2014. | ||||||||||||||||||||||||
Future Benefit Payments | ||||||||||||||||||||||||
Estimated future benefit payments to beneficiaries, including amounts related to nonqualified plans, are as follows: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020-24 | |||||||||||||||||||
Pension benefits | $ | 11 | $ | 12 | $ | 14 | $ | 15 | $ | 18 | $ | 105 | ||||||||||||
OPEB | $ | 8 | $ | 8 | $ | 8 | $ | 8 | $ | 9 | $ | 46 | ||||||||||||
Thrift Plan | ||||||||||||||||||||||||
Our employees may participate in a qualified savings plan (the Thrift Plan). This plan is a participant-directed defined contribution plan intended to qualify under Section 401(a) of the Code, and is subject to the provisions of ERISA. Under the terms of the Thrift Plan, employees who do not earn more than the IRS threshold compensation limit used to determine highly compensated employees may contribute, through pre-tax salary deferrals and/or after-tax payroll deductions, the lesser of 75% of their regular salary or wages or the maximum amount permitted under applicable law. Employees who earn more than such threshold may contribute from 1% to 20% of their regular salary or wages. Employer matching contributions are also made in an amount equal to 100% (75% for employees covered under the Traditional Retirement Plan Formula) of the first 6% of employee contributions. Employer matching contributions are made in cash and may be allocated by participants to any of the plan's investment options. Our contributions to the Thrift Plan totaled $24 million, $23 million and $21 million for the years ended December 31, 2014, 2013 and 2012, respectively. In accordance with an agreement in 2014 between Oncor and EFH Corp., Oncor ceased participation in EFH Corp.'s Thrift Plan effective January 1, 2015 and established its own plan. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | ||||||||||||||||||||
EFH Corp. 2007 Stock Incentive Plan | |||||||||||||||||||||
In December 2007, we established the 2007 Stock Incentive Plan for Key Employees of EFH Corp. and its Affiliates (2007 SIP). Incentive awards under the 2007 SIP may be granted to directors and officers and qualified managerial employees of EFH Corp. or its subsidiaries or affiliates in the form of non-qualified stock options, stock appreciation rights, restricted shares, deferred shares, shares of common stock, the opportunity to purchase shares of common stock and other awards that are valued in whole or in part by reference to, or are otherwise based on the fair market value of EFH Corp.'s shares of common stock. The 2007 SIP permits the grant of awards for 72 million shares of common stock, subject to adjustments under applicable laws for certain events, such as a change in control, and no such grants may be issued after December 26, 2017. Shares related to grants that are forfeited, terminated, cancelled, expire unexercised, withheld to satisfy tax withholding obligations, or are repurchased by the Company are available for new grants under the 2007 SIP. | |||||||||||||||||||||
Stock-based compensation expense recorded for the years ended December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Type of award | 2014 | 2013 | 2012 | ||||||||||||||||||
Restricted stock units | $ | 6 | $ | 6 | $ | 6 | |||||||||||||||
Stock options | — | 1 | 5 | ||||||||||||||||||
Total compensation expense | $ | 6 | $ | 7 | $ | 11 | |||||||||||||||
Restricted Stock Units — Restricted stock units vested as common stock of EFH Corp. in September 2014 or on a prorated basis upon certain defined events such as termination of employment. Compensation expense per unit was based on the estimated value of EFH Corp. stock at the grant date, less a marketability discount factor. To determine expense related to units issued in exchange for stock options, the unit value was further reduced by the fair value of the options exchanged. In the year ended December 31, 2014, all remaining restricted stock units vested and $6 million of compensation expense was recognized. See discussion below regarding stock options exchanged for restricted stock units in 2011. | |||||||||||||||||||||
A summary of restricted stock unit activity is presented below: | |||||||||||||||||||||
Restricted Stock Unit Activity in 2014: | Units | Weighted | |||||||||||||||||||
(millions) | Average Grant Date Fair Value | ||||||||||||||||||||
Total outstanding at beginning of period | 26.1 | $ | 0.28 | - | $ | 0.93 | |||||||||||||||
Granted | 0.6 | $ | — | - | $ | — | |||||||||||||||
Exercised | — | $ | — | - | $ | — | |||||||||||||||
Forfeited | (0.2 | ) | $ | 0.28 | - | $ | 0.93 | ||||||||||||||
Total outstanding at end of period | 26.5 | $ | — | - | $ | 0.93 | |||||||||||||||
Expected forfeitures | — | $ | — | - | $ | — | |||||||||||||||
Vested at end of period | 26.5 | $ | — | - | $ | 0.93 | |||||||||||||||
Restricted Stock Unit Activity in 2013: | Units | Weighted | |||||||||||||||||||
(millions) | Average Grant Date Fair Value | ||||||||||||||||||||
Total outstanding at beginning of period | 27.5 | $ | 0.38 | - | $ | 0.93 | |||||||||||||||
Granted | 4 | $ | 0.28 | - | $ | 0.28 | |||||||||||||||
Exercised | — | $ | — | - | $ | — | |||||||||||||||
Forfeited | (5.4 | ) | $ | 0.38 | - | $ | 0.93 | ||||||||||||||
Total outstanding at end of period | 26.1 | $ | 0.28 | - | $ | 0.93 | |||||||||||||||
Expected forfeitures | — | $ | — | - | $ | — | |||||||||||||||
Expected to vest at end of period | 26.1 | $ | 0.28 | - | $ | 0.93 | |||||||||||||||
Restricted Stock Unit Activity in 2012: | Units | Weighted | |||||||||||||||||||
(millions) | Average Grant Date Fair Value | ||||||||||||||||||||
Total outstanding at beginning of period | 24.2 | $ | 0.81 | - | $ | 0.93 | |||||||||||||||
Granted | 4.1 | $ | 0.38 | - | $ | 0.38 | |||||||||||||||
Exercised | — | $ | — | - | $ | — | |||||||||||||||
Forfeited | (0.8 | ) | $ | 0.81 | - | $ | 0.93 | ||||||||||||||
Total outstanding at end of period | 27.5 | $ | 0.38 | - | $ | 0.93 | |||||||||||||||
Expected forfeitures | — | $ | — | - | $ | — | |||||||||||||||
Expected to vest at end of period | 27.5 | $ | 0.38 | - | $ | 0.93 | |||||||||||||||
Stock Options — No options were granted in 2014 or 2013. Stock options outstanding at December 31, 2014 are all held by current or former employees. Options to purchase 5 million shares of EFH Corp. common stock at $0.50 per share were granted in 2012 to a board member who became an employee in 2013. These options vested as follows: 1.7 million, 1.1 million and 1.1 million in 2012, 2013 and 2014, respectively, and the remaining 1.1 million vest during 2015. | |||||||||||||||||||||
The exercise period for vested awards was 10 years from grant date. The terms of the options were fixed at grant date. One-half of the options initially granted in 2009 were to vest solely based upon continued employment over a specific period of time, generally five years, with the options vesting ratably on an annual basis over the period (Time-Based Options). One-half of the options initially granted were to vest based upon both continued employment and the achievement of targeted five-year EFH Corp. EBITDA levels (Performance-Based Options). Prior to vesting, expenses were recorded if the achievement of the EBITDA levels was probable, and amounts recorded were adjusted or reversed if the probability of achievement of such levels changed. Probability of vesting was evaluated at least each quarter. | |||||||||||||||||||||
In October 2009, in consideration of the then recent economic dislocation and the desire to provide incentives for retention, grantees of Performance-Based Options (excluding named executive officers and a small group of other employees) were provided an offer, which substantially all accepted, to exchange their unvested Performance-Based Options granted under the 2007 SIP with a strike price of $5.00 per share and a vesting schedule through October 2012 for new time-based stock options (Cliff-Vesting Options) with a strike price of $3.50 per share (the then most recent market valuation of each share), with one-half of these options to vest in September 2012 and one-half of these options to vest in September 2014. Additionally, certain named executive officers and a small group of other employees were granted an aggregate 3.1 million Cliff-Vesting Options with a strike price of $3.50 per share, to vest in September 2014, and substantially all of these employees also accepted an offer to exchange half of their unvested Performance-Based Options with a strike price of $5.00 per share and a vesting schedule through December 2012 for new time-based stock options with a strike price of $3.50 per share, to vest in September 2014. | |||||||||||||||||||||
In December 2010, in consideration of the desire to enhance retention incentives, EFH Corp. offered employee grantees of all stock options (excluding named executive officers and a limited number of other employees) the right to exchange their vested and unvested options for restricted stock units payable in shares (at a ratio of two options for each stock unit). The exchange offer closed in February 2011, and substantially all eligible employees accepted the offer, which resulted in the issuance of 9.4 million restricted stock units in exchange for 16.1 million time-based options (including 5.2 million that were vested) and 2.8 million performance-based options (including 2.0 million that were vested). | |||||||||||||||||||||
In October 2011, in consideration of the desire to enhance retention incentives, EFH Corp. offered its named executive officers and a limited number of other officers the right to exchange their vested and unvested options for restricted stock units payable in shares on terms largely consistent with offers made in December 2010 to other employee grantees of stock options. The exchange offer closed in October 2011, and all eligible employees accepted the offer, which resulted in the issuance of 11.1 million restricted stock units in exchange for 16.7 million time-based options (including 6.2 million that were vested) and 5.5 million performance-based options (including 3.5 million that were vested). | |||||||||||||||||||||
The fair value of all options granted was estimated using the Black-Scholes option pricing model. Since EFH Corp. is a private company, expected volatility was based on actual historical experience of comparable publicly-traded companies for a term corresponding to the expected life of the options. The expected life represents the period of time that options granted were expected to be outstanding and was calculated using the simplified method prescribed by the SEC Staff Accounting Bulletin No. 107. The simplified method was used since EFH Corp. did not have stock option history upon which to base the estimate of the expected life and data for similar companies was not reasonably available. The risk-free rate was based on the US Treasury security with terms equal to the expected life of the option at the grant date. | |||||||||||||||||||||
Compensation expense for Time-Based Options is based on the grant-date fair value and recognized over the original vesting period as employees perform services. At December 31, 2014, there was a de minimis amount of unrecognized compensation expense related to nonvested Time-Based Options granted to employees that is expected to be recognized ratably over a remaining vesting period of one year. The exchange of time-based options for restricted stock units was considered a modification of the option award for accounting purposes. | |||||||||||||||||||||
There was no change in the number of Time-Based Options outstanding during 2014 and 2013. A summary of activity for 2012 is presented below: | |||||||||||||||||||||
Time-Based Options Activity in 2012: | Options | Weighted | |||||||||||||||||||
(millions) | Average | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Total outstanding at beginning of period | 1.5 | $ | 4.67 | ||||||||||||||||||
Granted | 5 | $ | 0.5 | ||||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||||
Forfeited | (0.4 | ) | $ | 4.33 | |||||||||||||||||
Total outstanding at end of period (weighted average remaining term of 5 – 10 years) | 6.1 | $ | 1.32 | ||||||||||||||||||
Exercisable at end of period (weighted average remaining term of 5 – 10 years) | — | $ | — | ||||||||||||||||||
Expected forfeitures | (6.1 | ) | $ | 1.32 | |||||||||||||||||
Expected to vest at end of period (weighted average remaining term of 5 – 10 years) | — | $ | — | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Nonvested Time-Based Options Activity: | Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||
(millions) | Average | (millions) | Average | (millions) | Average | ||||||||||||||||
Grant- | Grant- | Grant- | |||||||||||||||||||
Date Fair | Date Fair | Date Fair | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||
Total nonvested at beginning of period | 2.2 | $ | 0.17 | 3.3 | $ | 0.17 | — | $ | — | ||||||||||||
Granted | — | $ | — | — | $ | — | 5 | $ | 0.17 | ||||||||||||
Vested | (1.1 | ) | $ | 0.17 | (1.1 | ) | $ | 0.17 | (1.7 | ) | $ | 0.17 | |||||||||
Forfeited | — | $ | — | — | $ | — | — | $ | — | ||||||||||||
Exchanged | — | $ | — | — | $ | — | — | $ | — | ||||||||||||
Total nonvested at end of period | 1.1 | $ | 0.17 | 2.2 | $ | 0.17 | 3.3 | $ | 0.17 | ||||||||||||
Compensation expense for Performance-Based Options was based on the grant-date fair value and recognized over the requisite performance and service periods for each tranche of options depending upon the achievement of financial performance. | |||||||||||||||||||||
At December 31, 2014 and 2013, there was no unrecognized compensation expense related to nonvested Performance-Based Options because the options are no longer expected to vest as a result of exchanges. | |||||||||||||||||||||
There was no change in the number of Performance-Based Options outstanding or vested in 2014 and 2013. A summary of activity for 2012 is presented below: | |||||||||||||||||||||
Performance-Based Options Activity in 2012: | Options | Weighted | |||||||||||||||||||
(millions) | Average | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Outstanding at beginning of period | 1.8 | $ | 5 | ||||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||||
Forfeited | (0.8 | ) | $ | 5 | |||||||||||||||||
Exchanged | — | $ | — | ||||||||||||||||||
Total outstanding at end of period (weighted average remaining term of 5 – 7 years) | 1 | $ | — | ||||||||||||||||||
Exercisable at end of period (weighted average remaining term of 5 – 7 years) | — | $ | — | ||||||||||||||||||
Expected forfeitures | (1.0 | ) | $ | 5 | |||||||||||||||||
Expected to vest at end of period (weighted average remaining term of 5 – 7 years) | — | $ | — | ||||||||||||||||||
2012 | |||||||||||||||||||||
Performance-Based Nonvested Options Activity: | Options | Grant-Date | |||||||||||||||||||
(millions) | Fair Value | ||||||||||||||||||||
Total nonvested at beginning of period | 0.5 | $ | 1.92 | - | $ | 2.01 | |||||||||||||||
Granted | — | $ | — | - | $ | — | |||||||||||||||
Vested | (0.5 | ) | $ | 1.92 | - | $ | 2.01 | ||||||||||||||
Forfeited | — | $ | — | - | $ | — | |||||||||||||||
Exchanged | — | $ | — | - | $ | — | |||||||||||||||
Total nonvested at end of period | — | $ | — | - | $ | — | |||||||||||||||
Other Share and Share-Based Awards — In 2008, we granted 2.4 million deferred share awards, each of which represents the right to receive one share of EFH Corp. stock, to certain management employees who agreed to forego share-based awards that vested at the Merger date. These deferred share awards are payable in cash or stock upon the earlier of a change of control or separation of service. An additional 1.2 million deferred share awards were granted to certain management employees in 2008, approximately half of which are payable in cash or stock and the balance payable in stock. Of the total 3.6 million deferred share awards, 2.3 million have been surrendered upon termination of employment or other surrender. Deferred share awards that are payable in cash or stock are accounted for as liability awards; therefore, the effects of changes in the estimated value of EFH Corp. shares are recognized in earnings. As a result of the decline in estimated value of EFH Corp. shares, share-based compensation expense in 2014, 2013 and 2012 was reduced by $0.5 million, $0.1 million and $1.0 million, respectively. | |||||||||||||||||||||
Directors and other nonemployees were granted no shares of EFH Corp. stock in 2014, 1.0 million shares in 2013 and 1.0 million shares in 2012. Expense recognized in 2013 and 2012 related to these grants totaled $0.4 million and $1.3 million, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 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 $40 million, $39 million and $38 million for the years ended December 31, 2014, 2013 and 2012, respectively. Amounts paid totaled zero, $29 million and $38 million in the years ended December 31, 2014, 2013 and 2012, 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. | |
• | In January 2013, fees paid to Goldman, Sachs & Co. (Goldman), an affiliate of GS Capital Partners, for services related to debt exchanges totaled $2 million, described as follows: (i) Goldman acted as a dealer manager for the offers by EFIH and EFIH Finance to exchange new EFIH 10% Notes for EFH Corp. 9.75% Notes, EFH Corp. 10% Notes and EFIH 9.75% Notes (collectively, the Old Notes) and as a solicitation agent in the solicitation of consents by EFH Corp. and EFIH and EFIH Finance to amendments to the Old Notes and indentures governing the Old Notes and (ii) Goldman acted as a dealer manager for the offers by EFIH and EFIH Finance to exchange EFIH Toggle Notes for EFH Corp. 10.875% Notes and EFH Corp. Toggle Notes. See Note 12 for further discussion of these exchange offers. | |
For the year ended December 31, 2012, fees paid to Goldman related to debt issuances totaled $10 million, described as follows: (i) Goldman acted as a joint book-running manager and initial purchaser in the February 2012 issuance of $1.15 billion principal amount of EFIH 11.750% Notes for which it received fees totaling $7 million; and (ii) Goldman acted as joint book-running manager and initial purchaser in the August 2012 issuance of $600 million principal amount of 11.750% Notes and $250 million principal amount of EFIH 6.875% Notes for which it received fees totaling $3 million. In the October 2012 issuance of $253 million principal amount of EFIH 6.875% Notes, Goldman acted as joint book-running manager and initial purchaser for which it was paid $1 million. A broker-dealer affiliate of KKR served as a co-manager and initial purchaser and an affiliate of TPG served as an advisor in all of these transactions, for which they each received a total of $4 million. | ||
• | 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. | |
• | 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 December 31, 2014 and 2013. EFH Corp. held $303 million principal amount of TCEH debt at both December 31, 2014 and 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 (see Note 12). | |
• | 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 approximately $1.0 billion for each of the years ended December 31, 2014, 2013 and 2012. The fees are based on rates regulated by the PUCT that apply to all REPs. The consolidated balance sheets at December 31, 2014 and 2013 reflect amounts due currently to Oncor totaling $118 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. | |
• | In August 2012, TCEH and Oncor agreed to settle, at a discount, two agreements related to securitization (transition) bonds issued by Oncor's bankruptcy-remote financing subsidiary in 2003 and 2004 to recover generation-related regulatory assets. Under the agreements, TCEH had been reimbursing Oncor as described immediately below. Under the settlement, TCEH paid, and Oncor received, $159 million in cash. The settlement was executed by EFIH acquiring the right to reimbursement under the agreements from Oncor and then selling these rights for the same amount to TCEH. The transaction resulted in a $2 million (after tax) decrease in investment in unconsolidated subsidiary in accordance with accounting rules for related party transactions. | |
Oncor collects transition surcharges from its customers to recover the transition bond payment obligations. Oncor's incremental income taxes related to the transition surcharges it collects had been reimbursed by TCEH quarterly under a noninterest bearing note payable to Oncor that was to mature in 2016. TCEH's payments on the note prior to the August 2012 settlement totaled $20 million for the year ended December 31, 2012. | ||
Under an interest reimbursement agreement, TCEH had reimbursed Oncor on a monthly basis for interest expense on the transition bonds. The remaining interest to be paid through 2016 under the agreement totaled $53 million at the August 2012 settlement date. Only the monthly accrual of interest under this agreement was reported as a liability. This interest expense prior to the August 2012 settlement totaled $16 million for the year ended December 31, 2012. | ||
• | 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 $34 million, $32 million and $35 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
• | A subsidiary of EFH Corp. bills TCEH subsidiaries for information technology, financial, accounting and other administrative services at cost. These charges totaled $204 million, $241 million and $265 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
• | See Note 12 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. Subsequent to the Bankruptcy Filing, additional information technology assets totaling $28 million were sold by a subsidiary of EFH Corp. to TCEH in 2014. TCEH settled $13 million of this obligation in 2014 and the remainder were cash settled in January 2015. 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 consolidated balance sheets, will ultimately be sufficient to fund the actual future decommissioning liability, reported in noncurrent liabilities in our consolidated balance sheets. The delivery fee surcharges remitted to TCEH totaled $17 million for the year ended December 31, 2014 and $16 million for each of the years ended December 31, 2013 and 2012. 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 December 31, 2014 and 2013, the excess of the trust fund balance over the decommissioning liability resulted in a payable totaling $479 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 December 31, 2014, our net current amount payable to Oncor Holdings related to federal and state income taxes (reported in net payables due to unconsolidated subsidiary) totaled $120 million, all of which related to Oncor. The $120 million net payable to Oncor included a $144 million federal income tax payable offset by a $24 million state margin tax receivable. Additionally, we have a noncurrent tax payable to Oncor of $64 million recorded in other noncurrent liabilities and deferred credits. 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 year ended December 31, 2014, EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $24 million and $237 million, respectively. For the year ended December 31, 2013, EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $34 million and $90 million, respectively. The 2013 net payment included $33 million from Oncor related to the 1997 through 2002 IRS appeals settlement and a $10 million refund paid to Oncor related to the filing of amended Texas franchise tax returns for 1997 through 2001. For the year ended December 31, 2012, EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $35 million and $3 million, respectively. The 2012 net payment included a $21 million federal income tax refund paid to Oncor Holdings. | ||
• | Pursuant to the Federal and State Income Tax Allocation Agreement between EFH Corp. and TCEH, in September 2013, TCEH made a federal income tax payment of $84 million to EFH Corp related to the 1997 through 2002 IRS appeals settlement. | |
• | 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 both December 31, 2014 and 2013, TCEH had posted letters of credit and/or cash in the amount of $9 million for the benefit of Oncor. | |
• | As a result of the pension plan actions discussed in Note 17, 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 liabilities that are recoverable by Oncor under regulatory rate-setting provisions. As part of the pension plan actions, EFH Corp. fully funded the non-recoverable 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. 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 not be significant. | |
• | In accordance with an agreement between EFH Corp. and Oncor, Oncor ceased participation in EFH Corp.'s OPEB plan effective July 1, 2014 and established its own OPEB plan for Oncor's eligible existing and future retirees and their dependents. Additionally, the Oncor plan participants include those former participants in the EFH Corp. OPEB plan whose employment included service with both Oncor (or a predecessor regulated electricity business) and our competitive businesses (split service participants). Under the agreement, we will retain the liability for split service participants' benefits related to their years of service with the competitive business. The methodology for OPEB cost allocations between EFH Corp. and Oncor has not changed, and the plan separation does not materially affect the net assets or cash flows of EFH Corp. As discussed in Note 17 and reflected in the amounts presented immediately below, our consolidated balance sheet reflects a reduction in other noncurrent liabilities and deferred credits of $758 million and a reduction in our noncurrent receivable from unconsolidated subsidiary in the same amount as a result of the separation of EFH Corp. and Oncor OPEB plans. | |
• | EFH Corp.'s consolidated balance sheets reflect unfunded pension and OPEB liabilities related to plans that it sponsors, 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 December 31, 2014, the receivable amount relates only to the EFH Corp. pension plan due to Oncor's establishment of its own OPEB plan as noted above and totaled $47 million. At December 31, 2013, the receivable amount relates to the pension and OPEB plans and totaled $838 million. The amounts are classified as noncurrent. Net amounts of pension and OPEB expenses recognized in the years ended December 31, 2014 and 2013 are not material. | |
• | Until June 30, 2014, Oncor employees participated in a health and welfare benefit program offered by EFH Corp. In connection with Oncor establishing its own health and welfare benefits program, Oncor agreed to pay us $1 million to reimburse us for our increased costs of providing benefits under the EFH Corp. program as a result of Oncor's withdrawal and to compensate us for the administrative work related to the transition. This amount was paid in June 2014. | |
• | In the first quarter of 2014, a cash contribution totaling $84 million was made to the EFH Corp. retirement plan, 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 was 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. | |
• | 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 | 12 Months Ended | |||||||||||
Dec. 31, 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 operations for residential and business customers, all largely in the ERCOT market. 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 19 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 non-segment 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, Reorganizations. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1. 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. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating revenues (all Competitive Electric) | $ | 5,978 | $ | 5,899 | $ | 5,636 | ||||||
Depreciation and amortization | ||||||||||||
Competitive Electric | $ | 1,270 | $ | 1,333 | $ | 1,344 | ||||||
Corporate and Other | 13 | 22 | 29 | |||||||||
Consolidated | $ | 1,283 | $ | 1,355 | $ | 1,373 | ||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) (all Regulated Delivery) | $ | 349 | $ | 335 | $ | 270 | ||||||
Interest income | ||||||||||||
Competitive Electric | $ | — | $ | 6 | $ | 46 | ||||||
Corporate and Other | 51 | 148 | 143 | |||||||||
Eliminations | (50 | ) | (153 | ) | (187 | ) | ||||||
Consolidated | $ | 1 | $ | 1 | $ | 2 | ||||||
Interest expense and related charges | ||||||||||||
Competitive Electric | $ | 1,799 | $ | 2,062 | $ | 2,892 | ||||||
Corporate and Other | 452 | 795 | 803 | |||||||||
Eliminations | (50 | ) | (153 | ) | (187 | ) | ||||||
Consolidated | $ | 2,201 | $ | 2,704 | $ | 3,508 | ||||||
Income tax benefit | ||||||||||||
Competitive Electric | $ | 2,339 | $ | 794 | $ | 954 | ||||||
Corporate and Other | 280 | 477 | 278 | |||||||||
Consolidated | $ | 2,619 | $ | 1,271 | $ | 1,232 | ||||||
Net income (loss) attributable to EFH Corp. | ||||||||||||
Competitive Electric | $ | (6,260 | ) | $ | (2,309 | ) | $ | (3,063 | ) | |||
Regulated Delivery | 349 | 335 | 270 | |||||||||
Corporate and Other | (495 | ) | (244 | ) | (567 | ) | ||||||
Consolidated | $ | (6,406 | ) | $ | (2,218 | ) | $ | (3,360 | ) | |||
Investment in equity investees | ||||||||||||
Competitive Electric | $ | 8 | $ | 9 | $ | 8 | ||||||
Regulated Delivery | 6,050 | 5,950 | 5,842 | |||||||||
Consolidated | $ | 6,058 | $ | 5,959 | $ | 5,850 | ||||||
Total assets | ||||||||||||
Competitive Electric | $ | 21,347 | $ | 28,828 | $ | 33,002 | ||||||
Regulated Delivery | 6,050 | 5,950 | 5,842 | |||||||||
Corporate and Other | 4,025 | 3,692 | 4,861 | |||||||||
Eliminations | (2,174 | ) | (2,024 | ) | (2,735 | ) | ||||||
Consolidated | $ | 29,248 | $ | 36,446 | $ | 40,970 | ||||||
Capital expenditures | ||||||||||||
Competitive Electric | $ | 336 | $ | 472 | $ | 630 | ||||||
Corporate and Other | 50 | 29 | 34 | |||||||||
Consolidated | $ | 386 | $ | 501 | $ | 664 | ||||||
Supplementary_Financial_Inform
Supplementary Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Supplementary Financial Information [Abstract] | |||||||||||||||||
Supplementary Financial Information | SUPPLEMENTARY FINANCIAL INFORMATION | ||||||||||||||||
Restricted Cash | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Current | Noncurrent Assets | Current | Noncurrent Assets | ||||||||||||||
Assets | Assets | ||||||||||||||||
Amounts related to TCEH's DIP Facility (Note 11) | $ | — | $ | 350 | $ | — | $ | — | |||||||||
Amounts related to TCEH's pre-petition Letter of Credit Facility (Note 12) (a) | — | 551 | 945 | — | |||||||||||||
Other | 6 | — | 4 | — | |||||||||||||
Total restricted cash | $ | 6 | $ | 901 | $ | 949 | $ | — | |||||||||
____________ | |||||||||||||||||
(a) | At December 31, 2013, in consideration of the Bankruptcy Filing, all amounts were classified as current. See Note 12 for discussion of letter of credit draws in 2014. | ||||||||||||||||
Trade Accounts Receivable | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Wholesale and retail trade accounts receivable | $ | 604 | $ | 732 | |||||||||||||
Allowance for uncollectible accounts | (15 | ) | (14 | ) | |||||||||||||
Trade accounts receivable — net | $ | 589 | $ | 718 | |||||||||||||
Gross trade accounts receivable at December 31, 2014 and 2013 included unbilled revenues of $239 million and $272 million, respectively. | |||||||||||||||||
Allowance for Uncollectible Accounts Receivable | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Allowance for uncollectible accounts receivable at beginning of period | $ | 14 | $ | 9 | $ | 27 | |||||||||||
Increase for bad debt expense | 38 | 33 | 26 | ||||||||||||||
Decrease for account write-offs | (37 | ) | (28 | ) | (44 | ) | |||||||||||
Allowance for uncollectible accounts receivable at end of period | $ | 15 | $ | 14 | $ | 9 | |||||||||||
Accounts Receivable Securitization Program | |||||||||||||||||
In October 2013, TCEH terminated its Accounts Receivable Securitization Program, described in the following paragraphs, and repaid all outstanding obligations under the program. In connection with the termination of the program, TXU Energy repurchased $491 million in accounts receivable from TXU Energy Receivables Company LLC (TXU Energy Receivables Company) for an aggregate purchase price of $474 million, TXU Energy Receivables Company paid TXU Energy $11 million, constituting repayment in full of its outstanding obligations under its subordinated note with TXU Energy, and TXU Energy Receivables Company repaid all of its borrowings from a financial institution providing the financing for the program totaling $126 million. | |||||||||||||||||
The TCEH securitization program was implemented in November 2012 upon the termination of a predecessor program that except as noted was substantially the same as TCEH's program and was accounted for similarly. Under the predecessor program, the borrowing entity was a wholly owned subsidiary of EFH Corp. | |||||||||||||||||
Under TCEH's Accounts Receivable Securitization Program, TXU Energy (originator) sold all of its trade accounts receivable to TXU Energy Receivables Company, which was an entity created for the special purpose of purchasing receivables from the originator and was a consolidated, wholly owned, bankruptcy-remote subsidiary of TCEH. TXU Energy Receivables Company borrowed funds from a financial institution using the accounts receivable as collateral. | |||||||||||||||||
The trade accounts receivable amounts under the program were reported in the financial statements as pledged balances, and the related funding amounts were reported as short-term borrowings. | |||||||||||||||||
The maximum funding amount available under the program was $200 million, which approximated the expected usage and applied only to receivables related to non-executory retail sales contracts. | |||||||||||||||||
TXU Energy Receivables Company issued a subordinated note payable to the originator in an amount equal to the difference between the face amount of the accounts receivable purchased, less a discount, and cash paid to the originator. Because the subordinated note was limited to 25% of the uncollected accounts receivable purchased, and the amount of borrowings was limited by terms of the financing agreement, any additional funding to purchase the receivables was sourced from cash on hand and/or capital contributions from TCEH. Under the program, the subordinated note issued by TXU Energy Receivables Company was subordinated to the security interests of the financial institution. There was no subordinated note limit under the predecessor program. The balance of the subordinated note payable was eliminated in consolidation. | |||||||||||||||||
All new trade receivables under the program generated by the originator were continuously purchased by TXU Energy Receivables Company with the proceeds from collections of receivables previously purchased and, as necessary, increased borrowings or funding sources as described immediately above. Changes in the amount of borrowings by TXU Energy Receivables Company reflected seasonal variations in the level of accounts receivable, changes in collection trends and other factors such as changes in sales prices and volumes. | |||||||||||||||||
The discount from face amount on the purchase of receivables from the originator principally funded program fees paid to the financial institution. The program fees consisted primarily of interest costs on the underlying financing and are reported as interest expense and related charges. The discount also funded a servicing fee, which is reported as SG&A expense, paid by TXU Energy Receivables Company to TXU Energy, which provided recordkeeping services and was the collection agent under the program. | |||||||||||||||||
Program fee amounts were as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Program fees | $ | 5 | $ | 9 | |||||||||||||
Program fees as a percentage of average funding (annualized) | 4.7 | % | 6.7 | % | |||||||||||||
Activities of TXU Energy Receivables Company and its predecessor were as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash collections on accounts receivable | $ | 3,589 | $ | 4,566 | |||||||||||||
Face amount of new receivables purchased (a) | (3,144 | ) | (4,496 | ) | |||||||||||||
Discount from face amount of purchased receivables | 32 | 11 | |||||||||||||||
Program fees paid to financial institution | (5 | ) | (9 | ) | |||||||||||||
Servicing fees paid for recordkeeping and collection services | (1 | ) | (2 | ) | |||||||||||||
Decrease in subordinated notes payable | (97 | ) | (323 | ) | |||||||||||||
Settlement of accrued income taxes payable | (9 | ) | — | ||||||||||||||
Cash contribution from TCEH, net of cash held | 52 | 275 | |||||||||||||||
Capital distribution to TCEH upon termination of the program | (335 | ) | — | ||||||||||||||
Cash flows used under the program | $ | 82 | $ | 22 | |||||||||||||
____________ | |||||||||||||||||
(a) | Net of allowance for uncollectible accounts. | ||||||||||||||||
Inventories by Major Category | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Materials and supplies | $ | 214 | $ | 216 | |||||||||||||
Fuel stock | 215 | 154 | |||||||||||||||
Natural gas in storage | 39 | 29 | |||||||||||||||
Total inventories | $ | 468 | $ | 399 | |||||||||||||
Other Investments | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Nuclear plant decommissioning trust | $ | 893 | $ | 791 | |||||||||||||
Assets related to employee benefit plans, including employee savings programs, net of distributions | 61 | 61 | |||||||||||||||
Land | 37 | 37 | |||||||||||||||
Miscellaneous other | 4 | 2 | |||||||||||||||
Total other investments | $ | 995 | $ | 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 19). The nuclear decommissioning trust fund is not a debtor under the Chapter 11 Cases. A summary of investments in the fund follows: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Cost (a) | Unrealized gain | Unrealized loss | Fair market | ||||||||||||||
value | |||||||||||||||||
Debt securities (b) | $ | 288 | $ | 13 | $ | — | $ | 301 | |||||||||
Equity securities (c) | 276 | 320 | (4 | ) | 592 | ||||||||||||
Total | $ | 564 | $ | 333 | $ | (4 | ) | $ | 893 | ||||||||
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 4.35% and 3.96% at December 31, 2014 and 2013, respectively, and an average maturity of 6 years at both December 31, 2014 and 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 December 31, 2014 mature as follows: $85 million in one to five years, $68 million in five to ten years and $148 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. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Realized gains | $ | 11 | $ | 2 | $ | 1 | |||||||||||
Realized losses | $ | (2 | ) | $ | (4 | ) | $ | (2 | ) | ||||||||
Proceeds from sales of securities | $ | 314 | $ | 175 | $ | 106 | |||||||||||
Investments in securities | $ | (331 | ) | $ | (191 | ) | $ | (122 | ) | ||||||||
Property, Plant and Equipment | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Competitive Electric: | |||||||||||||||||
Generation and mining (Note 8) | $ | 15,468 | $ | 23,894 | |||||||||||||
Nuclear fuel (net of accumulated amortization of $1.237 billion and $1.096 billion) | 265 | 333 | |||||||||||||||
Other assets | 45 | 34 | |||||||||||||||
Corporate and Other | 220 | 225 | |||||||||||||||
Total | 15,998 | 24,486 | |||||||||||||||
Less accumulated depreciation | 4,065 | 7,056 | |||||||||||||||
Net of accumulated depreciation | 11,933 | 17,430 | |||||||||||||||
Construction work in progress: | |||||||||||||||||
Competitive Electric | 459 | 348 | |||||||||||||||
Corporate and Other | 5 | 13 | |||||||||||||||
Total construction work in progress | 464 | 361 | |||||||||||||||
Property, plant and equipment — net | $ | 12,397 | $ | 17,791 | |||||||||||||
Depreciation expense totaled $1.181 billion, $1.258 billion and $1.247 billion for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Assets related to capital leases included above totaled $51 million and $59 million at December 31, 2014 and 2013, respectively, net of accumulated depreciation. | |||||||||||||||||
In conjunction with the impairment charges taken in 2014 (see Note 8), we reviewed the estimated useful life of the impaired generation facilities. The estimated remaining lives range from 18 to 55 years for the lignite/coal and nuclear fueled generation units. | |||||||||||||||||
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. | |||||||||||||||||
In December 2014, the EPA signed the final Disposal of Coal Combustion Residuals from Electric Utilities rule. While we continue to review the rule, our initial estimates are that it will result in approximately $100 million of capital expenditures from 2015 through 2020 for our lignite/coal fueled generation facilities. | |||||||||||||||||
The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the consolidated balance sheets, for the years ended December 31, 2014 and 2013: | |||||||||||||||||
Nuclear Plant Decommissioning | Mining Land Reclamation | Other | Total | ||||||||||||||
Liability at January 1, 2013 | $ | 368 | $ | 135 | $ | 33 | $ | 536 | |||||||||
Additions: | |||||||||||||||||
Accretion | 22 | 30 | 3 | 55 | |||||||||||||
Incremental reclamation costs | — | 20 | — | 20 | |||||||||||||
Reductions: | |||||||||||||||||
Payments | — | (87 | ) | — | (87 | ) | |||||||||||
Liability at December 31, 2013 | $ | 390 | $ | 98 | $ | 36 | $ | 524 | |||||||||
Additions: | |||||||||||||||||
Accretion | 23 | 22 | 3 | 48 | |||||||||||||
Incremental reclamation costs (a) | — | 127 | — | 127 | |||||||||||||
Reductions: | |||||||||||||||||
Payments | — | (82 | ) | (3 | ) | (85 | ) | ||||||||||
Adjustment to estimate of reclamation costs | — | — | — | — | |||||||||||||
Liability at December 31, 2014 | 413 | 165 | 36 | 614 | |||||||||||||
Less amounts due currently | — | (54 | ) | — | (54 | ) | |||||||||||
Noncurrent liability at December 31, 2014 | $ | 413 | $ | 111 | $ | 36 | $ | 560 | |||||||||
____________ | |||||||||||||||||
(a) | The increase in the mining reclamation liability of $127 million during 2014 was primarily due to final remediation for certain mines occurring sooner than previously estimated and increases in remediation cost estimates at other mining locations. | ||||||||||||||||
Other Noncurrent Liabilities and Deferred Credits | |||||||||||||||||
The balance of other noncurrent liabilities and deferred credits consists of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Uncertain tax positions, including accrued interest (Note 5) | $ | 74 | $ | 246 | |||||||||||||
Retirement plan and other employee benefits (a) | 243 | 1,057 | |||||||||||||||
Asset retirement and mining reclamation obligations | 560 | 440 | |||||||||||||||
Unfavorable purchase and sales contracts | 566 | 589 | |||||||||||||||
Nuclear decommissioning cost over-recovery (Note 19) | 479 | 400 | |||||||||||||||
Other | 155 | 30 | |||||||||||||||
Total other noncurrent liabilities and deferred credits | $ | 2,077 | $ | 2,762 | |||||||||||||
____________ | |||||||||||||||||
(a) | Includes $47 million and $838 million at December 31, 2014 and 2013, respectively, representing pension and OPEB liabilities related to Oncor (see Note 19). | ||||||||||||||||
Unfavorable Purchase and Sales Contracts — The amortization of unfavorable purchase and sales contracts totaled $23 million, $25 million and $27 million for the years ended December 31, 2014, 2013 and 2012, 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 | ||||||||||||||||
2015 | $ | 24 | |||||||||||||||
2016 | $ | 24 | |||||||||||||||
2017 | $ | 24 | |||||||||||||||
2018 | $ | 24 | |||||||||||||||
2019 | $ | 24 | |||||||||||||||
Fair Value of Debt | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Debt: | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||
Value | Value | ||||||||||||||||
Borrowings under debtor-in-possession credit facilities (Note 11) | $ | 6,825 | $ | 6,830 | $ | — | $ | — | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise (Note 12) | $ | 35,857 | $ | 21,411 | $ | — | $ | — | |||||||||
Long-term debt, excluding capital lease obligations | $ | 123 | $ | 119 | $ | — | $ | — | |||||||||
Pre-petition notes, loans and other debt (excluding capital lease obligations) (Note 12) | $ | — | $ | — | $ | 40,200 | $ | 26,050 | |||||||||
We determine fair value in accordance with accounting standards as discussed in Note 15, and at December 31, 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 | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cash payments related to: | |||||||||||||||||
Interest paid (a) | $ | 1,632 | $ | 3,388 | $ | 3,151 | |||||||||||
Capitalized interest | $ | (17 | ) | $ | (25 | ) | $ | (36 | ) | ||||||||
Interest paid (net of capitalized interest) (a) | $ | 1,615 | $ | 3,363 | $ | 3,115 | |||||||||||
Income taxes | $ | 55 | $ | 65 | $ | 71 | |||||||||||
Reorganization items (b) | $ | 146 | $ | — | $ | — | |||||||||||
Noncash investing and financing activities: | |||||||||||||||||
Principal amount of toggle notes issued in lieu of cash interest | $ | — | $ | 173 | $ | 235 | |||||||||||
Construction expenditures (c) | $ | 113 | $ | 46 | $ | 50 | |||||||||||
Debt exchange and extension transactions (d) | $ | (85 | ) | $ | (326 | ) | $ | 457 | |||||||||
Debt assumed related to acquired combustion turbine trust interest (Note 12) | $ | — | $ | (45 | ) | $ | — | ||||||||||
Capital leases | $ | — | $ | — | $ | 15 | |||||||||||
____________ | |||||||||||||||||
(a) | Net of amounts received under interest rate swap agreements. For the year ended December 31, 2014, this amount also includes amounts paid for adequate protection. | ||||||||||||||||
(b) | Represents cash payments for legal and other consulting services. | ||||||||||||||||
(c) | Represents end-of-period accruals. | ||||||||||||||||
(d) | For the year ended December 31, 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 11). For the year ended December 31, 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 (see Note 12). For the year ended December 31, 2012 represents $1.304 billion principal amount of EFIH debt issued in exchange for $1.761 billion principal amount of EFH Corp. debt. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information (Parent Company) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||
Schedule I - Condensed Financial Information (Parent Company) | ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION | |||||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||||||||||||||||
CONDENSED STATEMENTS OF INCOME (LOSS) | ||||||||||||||||
(Millions of Dollars) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Selling, general and administrative expenses | $ | (61 | ) | $ | (45 | ) | $ | (25 | ) | |||||||
Other income | — | 568 | 1 | |||||||||||||
Other deductions | (108 | ) | (646 | ) | (1 | ) | ||||||||||
Interest income | 74 | 132 | 164 | |||||||||||||
Interest expense and related charges | (83 | ) | (411 | ) | (1,115 | ) | ||||||||||
Reorganization items | (27 | ) | — | — | ||||||||||||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | (205 | ) | (402 | ) | (976 | ) | ||||||||||
Income tax benefit | 60 | 141 | 340 | |||||||||||||
Equity in losses of consolidated subsidiaries (net of tax) | (6,610 | ) | (2,399 | ) | (2,994 | ) | ||||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 349 | 335 | 270 | |||||||||||||
Net loss | (6,406 | ) | (2,325 | ) | (3,360 | ) | ||||||||||
Net loss attributable to noncontrolling interests | — | 107 | — | |||||||||||||
Net loss attributable to EFH Corp. (parent) | $ | (6,406 | ) | $ | (2,218 | ) | $ | (3,360 | ) | |||||||
See Notes to the Financial Statements. | ||||||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
(Millions of Dollars) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Net loss | $ | (6,406 | ) | $ | (2,325 | ) | $ | (3,360 | ) | |||||||
Other comprehensive income (loss) (net of tax benefit (expense) of $36, $9 and $(94)) | (67 | ) | (16 | ) | 175 | |||||||||||
Comprehensive loss | (6,473 | ) | (2,341 | ) | (3,185 | ) | ||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 107 | — | |||||||||||||
Comprehensive loss attributable to EFH Corp. (parent) | $ | (6,473 | ) | $ | (2,234 | ) | $ | (3,185 | ) | |||||||
See Notes to the Financial Statements. | ||||||||||||||||
ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION | ||||||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||||||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||||
(Millions of Dollars) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Cash flows — operating activities | ||||||||||||||||
Net loss | $ | (6,406 | ) | $ | (2,325 | ) | $ | (3,360 | ) | |||||||
Adjustments to reconcile net loss to cash provided by (used in)operating activities: | ||||||||||||||||
Equity in losses of consolidated subsidiaries | 6,610 | 2,399 | 2,994 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | (349 | ) | (335 | ) | (270 | ) | ||||||||||
Deferred income tax expense (benefit) — net | 3 | 10 | (235 | ) | ||||||||||||
Unrealized net gain from mark-to-market valuations of interest rate swaps | (14 | ) | — | — | ||||||||||||
Noncash loss on termination of interest rate swaps | 12 | — | — | |||||||||||||
Income tax benefit due to IRS audit resolutions | (14 | ) | (132 | ) | — | |||||||||||
Reserve for income tax receivable from TCEH | 91 | — | — | |||||||||||||
Gain on debt exchanges | — | (566 | ) | — | ||||||||||||
Interest expense on toggle notes payable in additional principal | — | — | 334 | |||||||||||||
Impairment of investment in debt of affiliates | — | 70 | 27 | |||||||||||||
Reserve recorded for intercompany notes receivable | 3 | 642 | — | |||||||||||||
Reserve recorded for intercompany interest receivable | 14 | — | — | |||||||||||||
Amortization of debt related costs | 12 | 36 | 48 | |||||||||||||
Other, net | 2 | 2 | (3 | ) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Changes in assets | 13 | 100 | 94 | |||||||||||||
Changes in liabilities | 158 | (75 | ) | (68 | ) | |||||||||||
Cash provided by (used in) operating activities | 135 | (174 | ) | (439 | ) | |||||||||||
Cash flows — financing activities | ||||||||||||||||
Distributions received from subsidiaries | — | 690 | 950 | |||||||||||||
Change in notes/advances — affiliate | 60 | (622 | ) | (871 | ) | |||||||||||
Other, net | — | (5 | ) | — | ||||||||||||
Cash provided by (used in) financing activities | 60 | 63 | 79 | |||||||||||||
Cash flows — investing activities | ||||||||||||||||
Other, net | — | 9 | — | |||||||||||||
Cash provided by (used in) investing activities | — | 9 | — | |||||||||||||
Net change in cash and cash equivalents | 195 | (102 | ) | (360 | ) | |||||||||||
Cash and cash equivalents — beginning balance | 197 | 299 | 659 | |||||||||||||
Cash and cash equivalents — ending balance | $ | 392 | $ | 197 | $ | 299 | ||||||||||
ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION | ||||||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||||||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||||||
(Millions of Dollars) | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 392 | $ | 197 | ||||||||||||
Trade accounts receivable — net | — | 9 | ||||||||||||||
Accounts receivable from affiliates | 6 | 9 | ||||||||||||||
Commodity and other derivative contractual assets | — | 67 | ||||||||||||||
Prepayments | 7 | — | ||||||||||||||
Other current assets | — | 1 | ||||||||||||||
Total current assets | 405 | 283 | ||||||||||||||
Receivables from unconsolidated subsidiary | 47 | 838 | ||||||||||||||
Investment in debt of subsidiaries | 39 | 32 | ||||||||||||||
Other investments | 60 | 59 | ||||||||||||||
Other noncurrent assets | 3 | 7 | ||||||||||||||
Total assets | $ | 554 | $ | 1,219 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Notes, loans and other debt | $ | — | $ | 1,565 | ||||||||||||
Trade accounts payable | 1 | 2 | ||||||||||||||
Notes payable to affiliates | 8 | — | ||||||||||||||
Commodity and other derivative contractual liabilities | — | 80 | ||||||||||||||
Accumulated deferred income taxes | 18 | 12 | ||||||||||||||
Accrued interest | — | 25 | ||||||||||||||
Accrued taxes | 69 | 59 | ||||||||||||||
Other current liabilities | 40 | 14 | ||||||||||||||
Total current liabilities | 136 | 1,757 | ||||||||||||||
Liabilities subject to compromise | 1,899 | — | ||||||||||||||
Accumulated deferred income taxes | 368 | 411 | ||||||||||||||
Notes or other liabilities due affiliates/unconsolidated subsidiary | 7 | — | ||||||||||||||
Other noncurrent liabilities and deferred credits | 374 | 1,097 | ||||||||||||||
Total liabilities | 2,784 | 3,265 | ||||||||||||||
Commitments and Contingencies | ||||||||||||||||
Equity investment in consolidated subsidiaries | 17,493 | 11,210 | ||||||||||||||
Shareholders' equity | (19,723 | ) | (13,256 | ) | ||||||||||||
Total equity | (2,230 | ) | (2,046 | ) | ||||||||||||
Total liabilities and equity | $ | 554 | $ | 1,219 | ||||||||||||
See Notes to the Financial Statements. | ||||||||||||||||
1 | BASIS OF PRESENTATION | |||||||||||||||
The accompanying unconsolidated condensed balance sheets, statements of income (loss) and cash flows present results of operations and cash flows of EFH Corp. (Parent). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules of the SEC. Because the unconsolidated condensed financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the financial statements and related notes of Energy Future Holdings Corp. and Subsidiaries included in Item 8 of this Annual Report on Form 10-K. EFH Corp.'s subsidiaries have been accounted for under the equity method. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. | ||||||||||||||||
2 | INVESTMENT IN DEBT OF SUBSIDIARY | |||||||||||||||
As a result of debt exchanges and purchases in 2009 through 2011, EFH Corp. (Parent) holds debt securities of TCEH with carrying values totaling $39 million and $32 million at December 31, 2014 and 2013, respectively, reported as investment in debt of subsidiaries. | ||||||||||||||||
As of December 31, 2014 and 2013, all of these debt securities are classified as available-for-sale. In accordance with accounting guidance for investments classified as available-for-sale, at December 31, 2014 the securities are recorded at fair value and unrealized gains or losses are recorded in other comprehensive income unless such losses are other than temporary, in which case they are reported as impairments. The principal amounts, coupon rates, maturities and carrying value are as follows: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Principal Amount | Carrying Value (a) | Principal Amount | Carrying Value (a) | |||||||||||||
Available-for-sale securities: | ||||||||||||||||
TCEH 4.730% Term Loan Facilities maturing October 10, 2017 | $ | 19 | $ | 12 | $ | 19 | $ | 13 | ||||||||
TCEH 10.25% Fixed Senior Notes due November 1, 2015 (both periods include $102 million principal amount of Series B Notes) | 284 | 27 | 284 | 19 | ||||||||||||
Total available-for-sale securities | $ | 303 | $ | 39 | $ | 303 | $ | 32 | ||||||||
_____________ | ||||||||||||||||
(a) | Carrying value equals fair value. | |||||||||||||||
Impairments — In 2013 and 2012, we deemed the declines in value of the TCEH securities were other than temporary and recorded impairments totaling $70 million and $27 million, respectively, as reductions of interest income. We considered that the securities were in a loss position for more than 12 months and that declines in natural gas prices and other corresponding effects on the profitability and cash flows of TCEH (which has below investment grade credit ratings) were unlikely to reverse in the near term. As a result of the impairments, no cumulative unrealized losses were recorded in accumulated other comprehensive income at December 31, 2013 and 2012. At December 31, 2014, cumulative unrealized losses recorded in accumulative other comprehensive income totaled $1 million. | ||||||||||||||||
Interest income recorded on these investments was as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Available-for-sale securities: | ||||||||||||||||
Interest received/accrued | $ | 12 | $ | 30 | $ | 30 | ||||||||||
Accretion of purchase discount | — | — | 1 | |||||||||||||
Impairments related to issuer credit | — | (70 | ) | (27 | ) | |||||||||||
Total interest income | $ | 12 | $ | (40 | ) | $ | 4 | |||||||||
We determine value under the fair value hierarchy established in accounting standards. Under the fair value hierarchy, Level 2 valuations are based on evaluated prices that reflect observable market information, such as actual trade information of similar securities, adjusted for observable differences. The fair value of our investment in debt of subsidiaries is estimated at the lesser of either the call price or the market value as determined by broker quotes and quoted market prices for similar securities in active markets. For the periods presented, the fair values of our investment in debt of subsidiaries represent Level 2 valuations. | ||||||||||||||||
AFFILIATE BALANCES | ||||||||||||||||
On April 29, 2014, 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. Prior to December 31, 2013, EFH Corp. (Parent) had entered into certain transactions with its subsidiaries that upon the Bankruptcy Filing resulted in unsecured prepetition liabilities on the part of the subsidiaries that are subject to settlement under a Chapter 11 plan. Because of the significant uncertainty regarding the ultimate settlement of these amounts, in the fourth quarter 2013 EFH Corp. (Parent) fully reserved the following affiliate receivables: | ||||||||||||||||
• | The net income tax receivable from TCEH was fully reserved, resulting in a charge of $534 million, reported in other deductions. The receivable arose from a Federal and State Income Tax Allocation Agreement, which provides, among other things, that each of EFCH, EFIH, TCEH and other subsidiaries under the agreement is required to make payments to EFH Corp. in an amount calculated to approximate the amount of tax liability such entity would have owed if it filed a separate corporate tax return. | |||||||||||||||
• | The demand note receivable from EFCH was fully reserved, resulting in a charge of $103 million reported in other deductions. The receivable arose from borrowings by EFCH to repay certain outstanding debt as it became due. | |||||||||||||||
• | The interest receivable from TCEH was fully reserved, resulting in a charge of $5 million reported in other deductions. The receivable represented accrued interest related to the EFH Corp.'s holdings of TCEH debt securities. | |||||||||||||||
In addition, in the fourth quarter 2013, EFH Corp. (Parent) determined that the likelihood that receivables and payables with certain of its direct subsidiaries would be cash settled was remote. As such $899 million of corporate affiliate receivables and $1.350 billion of corporate affiliate payables were reclassified to equity investment in consolidated subsidiaries. Substantially all of the affiliates represent discontinued operations and are no longer active. | ||||||||||||||||
EFH Corp. (Parent) fully reserved an additional net income tax receivable from TCEH, resulting in a charge of $91 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved pre-petition interest receivable from EFCH, resulting in a charge of $14 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved a pre-petition intercompany accounts receivable because of significant uncertainty regarding its ultimate settlement, resulting in a charge of $3 million at December 31, 2014, reported in other deductions. | ||||||||||||||||
REORGANIZATION ITEMS | ||||||||||||||||
Expenses and income directly associated with the Chapter 11 Cases are reported separately in the statements of consolidated income (loss) as reorganization items as required by ASC 852, 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 statements of consolidated income (loss): | ||||||||||||||||
Post-Petition Period Through December 31, 2014 | ||||||||||||||||
Expenses related to legal advisory and representation services | $ | 13 | ||||||||||||||
Expenses related to other professional consulting and advisory services | 13 | |||||||||||||||
Noncash liability adjustment arising from termination of interest rate swaps | 1 | |||||||||||||||
Total reorganization items | $ | 27 | ||||||||||||||
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 December 31, 2014: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | ||||||||||||||||
Notes, loans and other debt | $ | 1,577 | ||||||||||||||
Accrued interest on notes, loans and other debt | 57 | |||||||||||||||
Tax sharing liability | 212 | |||||||||||||||
Trade accounts payable and accrued liabilities | 52 | |||||||||||||||
Advances and other payables to affiliates | 1 | |||||||||||||||
Total liabilities subject to compromise | $ | 1,899 | ||||||||||||||
GUARANTEES | ||||||||||||||||
As discussed below, EFH Corp. (Parent) has 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, through 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 pre-closing tax and employee related matters. No indemnity claims were made or asserted by Atmos, and no payments were made pursuant to this indemnity. | ||||||||||||||||
Assumption of Indebtedness — In 1990, EFCH purchased an electric co-op's minority ownership interest in the Comanche Peak nuclear generation facilities and assumed the co-op's indebtedness to the US government related to the co-op's investment in the facilities (without the co-op being released from its obligations under such indebtedness). EFCH is making principal and interest payments in an amount sufficient to satisfy the co-op's requirements under the indebtedness. In the event that payments on the indebtedness are not made in a timely manner, the US government would be entitled to enforce the payment of the debt against EFCH. At December 31, 2014, the balance of the indebtedness on EFCH's balance sheet was $50 million with maturities of principal and interest extending to December 2021. The indebtedness is secured by a lien on the Comanche Peak generation facilities. EFH Corp. (Parent) has guaranteed EFCH's obligation under this agreement. | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||
In August 2014, the Bankruptcy Court entered an order in the Chapter 11 Cases establishing discovery procedures governing, among other things, certain prepetition transactions among the various Debtors' estates, including EFH Corp. (Parent). In February 2015, the ad hoc committee of certain TCEH unsecured noteholders; the official committee representing unsecured interests at EFCH and its direct subsidiary, TCEH; and the official committee representing unsecured interests at EFH and EFIH filed motions with the Bankruptcy Court seeking standing to prosecute derivative claims on behalf of TCEH relating to certain of these prepetition transactions. These motions are currently scheduled to be heard by the Bankruptcy Court at the Debtors' omnibus hearing in April 2015. In addition to the claims described above, certain of the Debtors (or creditors purporting to act derivatively in the name of a Debtor) may bring additional inter-Debtor or intra-Debtor claims (including claims under the Federal and State Income Tax Allocation Agreement among EFH Corp. (Parent) and certain of its subsidiaries under which TCEH and EFH Corp. have previously filed claims in the Chapter 11 Cases) that could be material in amount. We cannot predict the timing or outcome of future proceedings, if any, related to these transactions. The outcome of any of these claims could be material and could affect the results of operation, liquidity or financial condition of a particular Debtor, including EFH Corp. (Parent). | ||||||||||||||||
DIVIDEND RESTRICTIONS | ||||||||||||||||
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. | ||||||||||||||||
EFH Corp. (Parent) has not declared or paid any dividends since the Merger. | ||||||||||||||||
EFH Corp. (Parent) received no dividends from its consolidated subsidiaries in the year ended December 31, 2014. EFH Corp. (Parent) received dividends from its consolidated subsidiaries totaling $690 million and $950 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Cash payments (receipts) related to: | ||||||||||||||||
Interest paid | $ | 30 | $ | 525 | $ | 675 | ||||||||||
Income taxes | (243 | ) | (224 | ) | (227 | ) | ||||||||||
Reorganization items (a) | 14 | — | — | |||||||||||||
Noncash investing and financing activities: | ||||||||||||||||
Debt exchange transactions | — | — | — | |||||||||||||
Principal amount of toggle notes issued in lieu of cash | — | — | 398 | |||||||||||||
___________ | ||||||||||||||||
(a) | Represents cash payments for legal and other consulting services. |
Business_And_Significant_Accou1
Business And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements have been prepared as if EFH Corp. is a going concern and contemplate the realization of assets and liabilities in the normal course of business. The consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification (ASC) 852, 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 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. See Notes 10 and 12 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). All intercompany items and transactions have been eliminated in consolidation. 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. |
Derivative Instruments and Mark-to-Market Accounting | We enter into contracts for the purchase and sale of electricity, natural gas, coal, uranium and other commodities and also enter into other derivative instruments such as options, swaps, futures and forwards primarily to manage our commodity price and interest rate risks. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, changes in the fair value of the derivative are recognized in net income as unrealized gains and losses, unless the criteria for certain exceptions are met, and an offsetting derivative asset or liability is recorded in the consolidated balance sheets. This recognition is referred to as mark-to-market accounting. The fair values of our unsettled derivative instruments under mark-to-market accounting are reported in the consolidated balance sheets as commodity and other derivative contractual assets or liabilities. We report derivative assets and liabilities in the consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. Margin deposits that contractually offset these assets and liabilities are reported separately in the consolidated balance sheets. When derivative instruments are settled and realized gains and losses are recorded, the previously recorded unrealized gains and losses and derivative assets and liabilities are reversed. See Notes 15 and 16 for additional information regarding fair value measurement and commodity and other derivative contractual assets and liabilities. Under the election criteria of accounting standards related to derivative instruments and hedging activities, we may elect the normal purchase and sale exemption. A commodity-related derivative contract may be designated as a normal purchase or sale if the commodity is to be physically received or delivered for use or sale in the normal course of business. If designated as normal, the derivative contract is accounted for under the accrual method of accounting (not marked-to-market) with no balance sheet or income statement recognition of the contract until settlement. |
Because derivative instruments are frequently used as economic hedges, accounting standards related to derivative instruments and hedging activities allow for hedge accounting, which provides for the designation of such instruments as cash flow or fair value hedges if certain conditions are met. A cash flow hedge mitigates the risk associated with the variability of the future cash flows related to an asset or liability (e.g., a forecasted sale of electricity in the future at market prices or the payment of interest related to variable rate debt), while a fair value hedge mitigates risk associated with fixed future cash flows (e.g., debt with fixed interest rate payments). In accounting for changes in the fair value of cash flow hedges, derivative assets and liabilities are recorded on the consolidated balance sheets with an offset to other comprehensive income to the extent the hedges are effective and the hedged transaction remains probable of occurring. If the hedged transaction becomes probable of not occurring, hedge accounting is discontinued and the amount recorded in other comprehensive income is immediately reclassified into net income. If the relationship between the hedge and the hedged transaction ceases to exist or is dedesignated, hedge accounting is discontinued, and the amounts recorded in other comprehensive income are reclassified to net income as the previously hedged transaction impacts net income. Changes in value of fair value hedges are recorded as derivative assets or liabilities with an offset to net income, and the carrying value of the related asset or liability (hedged item) is adjusted for changes in fair value with an offset to net income. If the fair value hedge is settled prior to the maturity of the hedged item, the cumulative fair value gain or loss associated with the hedge is amortized into income over the remaining life of the hedged item. In the statement of cash flow, the effects of settlements of derivative instruments are classified consistent with the related hedged transactions. | |
To qualify for hedge accounting, a hedge must be considered highly effective in offsetting changes in fair value of the hedged item. Assessment of the hedge's effectiveness is tested at least quarterly throughout its term to continue to qualify for hedge accounting. Changes in fair value that represent hedge ineffectiveness, even if the hedge continues to be assessed as effective, are immediately recognized in net income. Ineffectiveness is generally measured as the cumulative excess, if any, of the change in value of the hedging instrument over the change in value of the hedged item. | |
At December 31, 2014 and 2013, there were no derivative positions accounted for as cash flow or fair value hedges. Accumulated other comprehensive income includes amounts related to interest rate swaps previously designated as cash flow hedges that are being reclassified to net income as the hedged transactions impact net income (see Note 16). | |
Realized and unrealized gains and losses from transacting in energy-related derivative instruments are primarily reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. In accordance with accounting rules, upon settlement of physical derivative sales and purchase contracts that are marked-to-market in net income, related wholesale electricity revenues and fuel and purchased power costs are reported at approximated market prices, instead of the contract price. As a result, this noncash difference between market and contract prices is included in the operating revenues and fuel and purchased power costs and delivery fees line items of the statements of consolidated income (loss), with offsetting amounts included in net gain (loss) from commodity hedging and trading activities. | |
Revenue Recognition | We record revenue from electricity sales and delivery service under the accrual method of accounting. Revenues are recognized when electricity or delivery services are provided to customers on the basis of periodic cycle meter readings and include an estimated accrual for the revenues earned from the meter reading date to the end of the period (unbilled revenue). |
We report physically delivered commodity sales and purchases in the statements of consolidated income (loss) on a gross basis in revenues and fuel, purchased power and delivery fees, respectively, and we report all other commodity related contracts and financial instruments (primarily derivatives) in the statements of consolidated income (loss) on a net basis in net gain (loss) from commodity hedging and trading activities. Volumes under bilateral purchase and sales contracts, including contracts intended as hedges, are not scheduled as physical power with ERCOT. Accordingly, unless the volumes represent physical deliveries to customers or purchases from counterparties, such contracts are reported net in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities instead of reported gross as wholesale revenues or purchased power costs. If volumes delivered to our retail and wholesale customers are less than our generation volumes (as determined on a daily settlement basis), we record additional wholesale revenues, and if volumes delivered to our retail and wholesale customers exceed our generation volumes, we record additional purchased power costs. The additional wholesale revenues or purchased power costs are offset in net gain (loss) from commodity hedging and trading activities. | |
Impairment of Long-Lived Assets | We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss would be recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. See Note 8 for discussion of the 2014 impairment of certain long-lived assets and Note 4 for discussion of impairment in 2014 of certain intangible assets. See Note 8 for discussion of the 2013 impairment of assets of our joint venture to develop additional nuclear units and Note 4 for discussion of impairments of intangible assets and mining-related assets in 2012. |
We evaluate investments in unconsolidated subsidiaries for impairment when factors indicate that a decrease in the value of the investment has occurred that is not temporary. Indicators that should be evaluated for possible impairment of investments include recurring operating losses of the investee or fair value measures that are less than carrying value. Any impairment recognition is based on fair value that is not reflective of temporary conditions. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. | |
Finite-lived intangibles identified as a result of purchase accounting are amortized over their estimated useful lives based on the expected realization of economic effects. | |
Goodwill and Intangible Assets with Indefinite Lives | We evaluate goodwill and intangible assets with indefinite lives for impairment at least annually (at December 1), or when indications of impairment exist. |
Amortization of Nuclear Fuel | Amortization of nuclear fuel is calculated on the units-of-production method and is reported as fuel costs. |
Major Maintenance | Major maintenance costs incurred during generation plant outages and the costs of other maintenance activities are charged to expense as incurred and reported as operating costs. |
Defined Benefit Pension Plans and OPEB Plans | We offer certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees from the company and also offer pension benefits to eligible employees under collective bargaining agreements based on either a traditional defined benefit formula or a cash balance formula. Costs of pension and OPEB plans are dependent upon numerous factors, assumptions and estimates. |
Stock-Based Incentive Compensation | Our 2007 Stock Incentive Plan authorizes discretionary grants to directors, officers and qualified managerial employees of EFH Corp. or its affiliates of non-qualified stock options, stock appreciation rights, restricted shares, shares of common stock, the opportunity to purchase shares of common stock and other stock-based awards. Stock-based compensation expense is recognized over the vesting period based on the grant-date fair value of those awards. |
Sales and Excise Taxes | Sales and excise taxes are accounted for as a "pass through" item on the consolidated balance sheets with no effect on the statements of consolidated income (loss); i.e., the tax is billed to customers and recorded as trade accounts receivable with an offsetting amount recorded as a liability to the taxing jurisdiction. |
Franchise and Revenue-Based Taxes | Unlike sales and excise taxes, franchise and gross receipt taxes are not a "pass through" item. These taxes are assessed to us by state and local government bodies, based on revenues or kWh delivered, as a cost of doing business and are recorded as an expense. Rates we charge to customers are intended to recover our costs, including the franchise and gross receipt taxes, but we are not acting as an agent to collect the taxes from customers. |
Income Taxes | EFH Corp. files a consolidated US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. Deferred income taxes are provided for temporary differences between the book and tax basis of assets and liabilities as required under accounting rules. See Note 6. |
We report interest and penalties related to uncertain tax positions as current income tax expense. | |
Accounting for Contingencies | Our financial results may be affected by judgments and estimates related to loss contingencies. Accruals for loss contingencies are recorded when management determines that it is probable that an asset has been impaired or a liability has been incurred and that such economic loss can be reasonably estimated. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events. |
Cash and Cash Equivalents | Restricted Cash |
The terms of certain agreements require the restriction of cash for specific purposes. At December 31, 2014, $901 million of cash was restricted to support letters of credit. See Notes 11, 12 and 21 for more details regarding restricted cash. | |
Restricted Cash | The terms of certain agreements require the restriction of cash for specific purposes. At December 31, 2014, $901 million of cash was restricted to support letters of credit. |
Property, Plant and Equipment | As a result of purchase accounting, carrying amounts of property, plant and equipment related to competitive businesses were adjusted to estimated fair values at the Merger date. Subsequent additions have been recorded at cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead, including payroll-related costs. Interest related to qualifying construction projects and qualifying software projects is capitalized in accordance with accounting guidance related to capitalization of interest cost. See Note 9. |
Depreciation of our property, plant and equipment is calculated on a straight-line basis over the estimated service lives of the properties. Depreciation expense is calculated on a component asset-by-asset basis. Estimated depreciable lives are based on management's estimates of the assets' economic useful lives. | |
Asset Retirement Obligations | A liability is initially recorded at fair value for an asset retirement obligation associated with the retirement of tangible long-lived assets in the period in which it is incurred if a fair value is reasonably estimable. 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. Over time, the liability is accreted for the change in present value and the initial capitalized costs are depreciated over the remaining useful lives of the assets. |
Inventories | Inventories are reported at the lower of cost (on a weighted average basis) or market unless expected to be used in the generation of electricity. Also see discussion immediately below regarding environmental allowances and credits. |
Environmental Allowances and Credits | We account for all environmental allowances and credits as identifiable intangible assets with finite lives that are subject to amortization. The recorded values of these intangible assets were originally established reflecting fair value determinations as of the date of the Merger under purchase accounting. Amortization expense associated with these intangible assets is recognized on a unit of production basis as the allowances or credits are consumed in generation operations. The environmental allowances and credits are assessed for impairment when conditions or events occur that could affect the carrying value of the assets and are evaluated with the generation units to the extent they are planned to be consumed in generation operations. |
Investments | Investments in a nuclear decommissioning trust fund are carried at current market value in the consolidated balance sheets. Assets related to employee benefit plans represent investments held to satisfy deferred compensation liabilities and are recorded at current market value. |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 years ended December 31, 2014, 2013 and 2012 are presented below: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating revenues | $ | 3,822 | $ | 3,552 | $ | 3,328 | ||||||
Operation and maintenance expenses | (1,453 | ) | (1,269 | ) | (1,171 | ) | ||||||
Depreciation and amortization | (851 | ) | (814 | ) | (771 | ) | ||||||
Taxes other than income taxes | (438 | ) | (424 | ) | (415 | ) | ||||||
Other income | 13 | 18 | 26 | |||||||||
Other deductions | (15 | ) | (15 | ) | (64 | ) | ||||||
Interest income | 3 | 4 | 24 | |||||||||
Interest expense and related charges | (353 | ) | (371 | ) | (374 | ) | ||||||
Income before income taxes | 728 | 681 | 583 | |||||||||
Income tax expense | (289 | ) | (259 | ) | (243 | ) | ||||||
Net income | 439 | 422 | 340 | |||||||||
Net income attributable to noncontrolling interests | (90 | ) | (87 | ) | (70 | ) | ||||||
Net income attributable to Oncor Holdings | $ | 349 | $ | 335 | $ | 270 | ||||||
Schedule of assets and liabilities of Oncor Holdings | Assets and liabilities of Oncor Holdings at December 31, 2014 and 2013 are presented below: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 5 | $ | 28 | ||||||||
Restricted cash | 56 | 52 | ||||||||||
Trade accounts receivable — net | 407 | 385 | ||||||||||
Trade accounts and other receivables from affiliates | 118 | 135 | ||||||||||
Income taxes receivable from EFH Corp. | 144 | 16 | ||||||||||
Inventories | 73 | 65 | ||||||||||
Accumulated deferred income taxes | 10 | 32 | ||||||||||
Prepayments and other current assets | 91 | 82 | ||||||||||
Total current assets | 904 | 795 | ||||||||||
Restricted cash | 16 | 16 | ||||||||||
Other investments | 97 | 91 | ||||||||||
Property, plant and equipment — net | 12,463 | 11,902 | ||||||||||
Goodwill | 4,064 | 4,064 | ||||||||||
Regulatory assets — net | 1,429 | 1,324 | ||||||||||
Other noncurrent assets | 67 | 71 | ||||||||||
Total assets | $ | 19,040 | $ | 18,263 | ||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Short-term borrowings | $ | 711 | $ | 745 | ||||||||
Long-term debt due currently | 639 | 131 | ||||||||||
Trade accounts payable — nonaffiliates | 202 | 178 | ||||||||||
Income taxes payable to EFH Corp. | 24 | 23 | ||||||||||
Accrued taxes other than income | 174 | 169 | ||||||||||
Accrued interest | 93 | 95 | ||||||||||
Other current liabilities | 156 | 135 | ||||||||||
Total current liabilities | 1,999 | 1,476 | ||||||||||
Accumulated deferred income taxes | 1,978 | 1,905 | ||||||||||
Long-term debt, less amounts due currently | 4,997 | 5,381 | ||||||||||
Other noncurrent liabilities and deferred credits | 2,245 | 1,822 | ||||||||||
Total liabilities | $ | 11,219 | $ | 10,584 | ||||||||
Goodwill_And_Identifiable_Inta1
Goodwill And Identifiable Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 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. None of the goodwill is being deducted for tax purposes. | ||||||||||||||||||||||||
Goodwill before impairment charges | $ | 18,342 | |||||||||||||||||||||||
Accumulated noncash impairment charges through 2013 (a) | (14,390 | ) | |||||||||||||||||||||||
Balance at December 31, 2013 | 3,952 | ||||||||||||||||||||||||
Additional noncash impairment charge in 2014 | (1,600 | ) | |||||||||||||||||||||||
Balance at December 31, 2014 (b) | $ | 2,352 | |||||||||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) | Includes $1.0 billion, $1.2 billion and $4.1 billion recorded in 2013, 2012 and 2010, respectively, and $8.090 billion largely recorded in 2008. | ||||||||||||||||||||||||
(b) | Net of accumulated impairment charges totaling $15.99 billion. | ||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Identifiable Intangible Asset | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Retail customer relationship | $ | 463 | $ | 425 | $ | 38 | $ | 463 | $ | 402 | $ | 61 | |||||||||||||
Favorable purchase and sales contracts (a) | 169 | 162 | 7 | 352 | 139 | 213 | |||||||||||||||||||
Capitalized in-service software | 362 | 216 | 146 | 355 | 192 | 163 | |||||||||||||||||||
Environmental allowances and credits (a) | 141 | 51 | 90 | 209 | 20 | 189 | |||||||||||||||||||
Mining development costs | 150 | 78 | 72 | 156 | 69 | 87 | |||||||||||||||||||
Total identifiable intangible assets subject to amortization | $ | 1,285 | $ | 932 | 353 | $ | 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 | $ | 1,315 | $ | 1,679 | |||||||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) | See discussion below regarding impairment charges recorded in 2014 related to favorable purchase and sales contracts and environmental allowances and credits. | ||||||||||||||||||||||||
Schedule of amortization expense related to intangible assets (including income statement line item) | Amortization expense related to identifiable finite-lived intangible assets (including the statements of consolidated income (loss) line item) consisted of: | ||||||||||||||||||||||||
Identifiable Intangible Asset | Statements of Consolidated Income (Loss) Line | Segment | Remaining useful lives at December 31, 2014 (weighted average in years) | Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Retail customer relationship | Depreciation and amortization | Competitive Electric | 3 | $ | 23 | $ | 24 | $ | 34 | ||||||||||||||||
Favorable purchase and sales contracts | Operating revenues/fuel, purchased power costs and delivery fees | Competitive Electric | 5 | 23 | 24 | 25 | |||||||||||||||||||
Capitalized in-service software | Depreciation and amortization | Competitive Electric and Corporate and Other | 3 | 45 | 42 | 40 | |||||||||||||||||||
Environmental allowances and credits | Fuel, purchased power costs and delivery fees | Competitive Electric | 23 | 31 | 14 | 18 | |||||||||||||||||||
Mining development costs | Depreciation and amortization | Competitive Electric | 3 | 34 | 31 | 27 | |||||||||||||||||||
Total amortization expense (a) | $ | 156 | $ | 135 | $ | 144 | |||||||||||||||||||
____________ | |||||||||||||||||||||||||
(a) | Amounts recorded in depreciation and amortization totaled $102 million, $97 million and $101 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Schedule of estimated aggregate amortization expense of intangible assets for each of the next five fiscal years | The estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as follows: | ||||||||||||||||||||||||
Year | Estimated Amortization Expense | ||||||||||||||||||||||||
2015 | $ | 95 | |||||||||||||||||||||||
2016 | $ | 77 | |||||||||||||||||||||||
2017 | $ | 58 | |||||||||||||||||||||||
2018 | $ | 35 | |||||||||||||||||||||||
2019 | $ | 18 | |||||||||||||||||||||||
Accounting_For_Uncertainty_In_1
Accounting For Uncertainty In Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting for Uncertainty in Income Taxes [Abstract] | ||||||||||||
Summary of changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheet | The following table summarizes the changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheets, during the years ended December 31, 2014, 2013 and 2012: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance at January 1, excluding interest and penalties | $ | 231 | $ | 1,788 | $ | 1,779 | ||||||
Additions based on tax positions related to prior years | 61 | 655 | 19 | |||||||||
Reductions based on tax positions related to prior years | (205 | ) | (1,817 | ) | (33 | ) | ||||||
Additions based on tax positions related to the current year | — | 16 | 23 | |||||||||
Reductions based on tax positions related to the current year | — | (4 | ) | — | ||||||||
Settlements with taxing authorities | (22 | ) | (407 | ) | — | |||||||
Balance at December 31, excluding interest and penalties | $ | 65 | $ | 231 | $ | 1,788 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of components of our income tax expense (benefit) applicable to continuing operations | The components of our income tax expense (benefit) are as follows: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
US Federal | $ | (126 | ) | $ | (283 | ) | $ | (19 | ) | |||||||||||||||
State | 25 | 40 | 39 | |||||||||||||||||||||
Total current | (101 | ) | (243 | ) | 20 | |||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
US Federal | (2,507 | ) | (1,027 | ) | (1,233 | ) | ||||||||||||||||||
State | (11 | ) | (1 | ) | (19 | ) | ||||||||||||||||||
Total deferred | (2,518 | ) | (1,028 | ) | (1,252 | ) | ||||||||||||||||||
Total | $ | (2,619 | ) | $ | (1,271 | ) | $ | (1,232 | ) | |||||||||||||||
Reconciliation of income taxes computed at the US federal statutory rate to income tax expense | Reconciliation of income taxes computed at the US federal statutory rate to income tax benefit recorded: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | $ | (9,374 | ) | $ | (3,931 | ) | $ | (4,862 | ) | |||||||||||||||
Income taxes at the US federal statutory rate of 35% | $ | (3,281 | ) | $ | (1,376 | ) | $ | (1,702 | ) | |||||||||||||||
Nondeductible goodwill impairment | 560 | 350 | 420 | |||||||||||||||||||||
Impairment of joint venture assets attributable to noncontrolling interests (Note 8) | — | 37 | — | |||||||||||||||||||||
IRS audit and appeals settlements (Note 5) | 7 | (305 | ) | — | ||||||||||||||||||||
Texas margin tax, net of federal benefit | 11 | 10 | 12 | |||||||||||||||||||||
Interest accrued for uncertain tax positions, net of tax | — | (16 | ) | 16 | ||||||||||||||||||||
Nondeductible interest expense | 22 | 23 | 22 | |||||||||||||||||||||
Lignite depletion allowance | (14 | ) | (12 | ) | (19 | ) | ||||||||||||||||||
Nondeductible debt restructuring costs | 78 | 6 | — | |||||||||||||||||||||
Other | (2 | ) | 12 | 19 | ||||||||||||||||||||
Income tax benefit | $ | (2,619 | ) | $ | (1,271 | ) | $ | (1,232 | ) | |||||||||||||||
Effective tax rate | 27.9 | % | 32.3 | % | 25.3 | % | ||||||||||||||||||
Schedule of deferred tax assets and liabilities | Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Total | Current | Noncurrent | Total | Current | Noncurrent | |||||||||||||||||||
Deferred Income Tax Assets | ||||||||||||||||||||||||
Alternative minimum tax credit carryforwards | $ | 124 | $ | — | $ | 124 | $ | 22 | $ | — | $ | 22 | ||||||||||||
Employee benefit obligations | 143 | 8 | 135 | 129 | 13 | 116 | ||||||||||||||||||
Net operating loss (NOL) carryforwards | 1,022 | — | 1,022 | 160 | — | 160 | ||||||||||||||||||
Unfavorable purchase and sales contracts | 202 | — | 202 | 210 | — | 210 | ||||||||||||||||||
Commodity contracts and interest rate swaps | 6 | — | 6 | 212 | 192 | 20 | ||||||||||||||||||
Debt extinguishment gains | 879 | — | 879 | 815 | — | 815 | ||||||||||||||||||
Accrued interest | — | — | — | 239 | — | 239 | ||||||||||||||||||
Other | 85 | 2 | 83 | 97 | 1 | 96 | ||||||||||||||||||
Total | 2,461 | 10 | 2,451 | 1,884 | 206 | 1,678 | ||||||||||||||||||
Deferred Income Tax Liabilities | ||||||||||||||||||||||||
Property, plant and equipment | 2,422 | — | 2,422 | 4,292 | — | 4,292 | ||||||||||||||||||
Commodity contracts and interest rate swaps | 44 | 44 | — | — | — | — | ||||||||||||||||||
Identifiable intangible assets | 355 | — | 355 | 490 | — | 490 | ||||||||||||||||||
Debt fair value discounts | 342 | — | 342 | 329 | — | 329 | ||||||||||||||||||
Debt extinguishment gains | 101 | 101 | — | 101 | 101 | — | ||||||||||||||||||
Accrued interest | 45 | — | 45 | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||
Total | 3,309 | 145 | 3,164 | 5,212 | 101 | 5,111 | ||||||||||||||||||
Net Accumulated Deferred Income Tax Liability | $ | 848 | $ | 135 | $ | 713 | $ | 3,328 | $ | (105 | ) | $ | 3,433 | |||||||||||
Other_Income_and_Deductions_Ta
Other Income and Deductions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Schedule of other income and deductions | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Other income: | ||||||||||||
Office space rental income (a) | $ | 11 | $ | 11 | $ | 12 | ||||||
Mineral rights royalty income (b) | 4 | 5 | 4 | |||||||||
Consent fee related to novation of hedge positions between | — | — | 6 | |||||||||
counterparties (b) | ||||||||||||
All other | 16 | 10 | 8 | |||||||||
Total other income | $ | 31 | $ | 26 | $ | 30 | ||||||
Other deductions: | ||||||||||||
Impairment of favorable purchase contracts (Note 4) (b) | $ | 183 | $ | — | $ | — | ||||||
Impairment of emission allowances (Note 4) (b) | 80 | — | — | |||||||||
Impairment of remaining equipment from cancelled generation development program (b) | — | 27 | 35 | |||||||||
Impairment of mineral interests (b) | — | — | 24 | |||||||||
Charges related to pension plan actions (Note 17) (c) | — | — | 285 | |||||||||
Ongoing employee retirement benefit expense related to discontinued businesses (a) | — | — | 10 | |||||||||
All other | 13 | 26 | 26 | |||||||||
Total other deductions | $ | 276 | $ | 53 | $ | 380 | ||||||
____________ | ||||||||||||
(a) | Reported in Corporate and Other. | |||||||||||
(b) | Reported in Competitive Electric segment. | |||||||||||
(c) | Includes $141 million reported in Competitive Electric segment and $144 million reported in Corporate and Other. |
Reorganization_Items_Reorganiz1
Reorganization Items (Reorganization Items) (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Reorganization Items [Abstract] | ||||
Reorganization Items [Table Text Block] | Expenses and income directly associated with the Chapter 11 Cases are reported separately in the statements of consolidated income (loss) as reorganization items as required by ASC 852, 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 statements of consolidated income (loss): | |||
Post-Petition Period Through December 31, 2014 | ||||
Noncash liability adjustment arising from termination of interest rate swaps (Note 12) | $ | 278 | ||
Fees associated with completion of TCEH and EFIH DIP Facilities | 187 | |||
Loss on exchange and settlement of EFIH First Lien Notes (Note 5) | 108 | |||
Expenses related to legal advisory and representation services | 127 | |||
Expenses related to other professional consulting and advisory services | 95 | |||
Contract claims adjustments and other | 20 | |||
Total reorganization items | $ | 815 | ||
Interest_Expense_and_Related_C1
Interest Expense and Related Charges Interest Expense and Related Charges (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Interest Expense and Related Charges [Abstract] | |||||||||||||||||
Schedule of Interest Expense and Related Charges [Table Text Block] | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Interest paid/accrued on debtor-in-possession financing | $ | 162 | $ | — | $ | — | |||||||||||
Adequate protection amounts paid/accrued (a) | 827 | — | — | ||||||||||||||
Interest paid/accrued on pre-petition debt (including net amounts paid/accrued under interest rate swaps) (b) | 1,158 | 3,376 | 3,269 | ||||||||||||||
Interest expense on pre-petition toggle notes payable in additional principal (Note 12) | 65 | 176 | 209 | ||||||||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) (c) | 1,237 | — | — | ||||||||||||||
Unrealized mark-to-market net gain on interest rate swaps | (1,303 | ) | (1,058 | ) | (172 | ) | |||||||||||
Amortization of interest rate swap (gains) losses at dedesignation of hedge accounting | (1 | ) | 7 | 8 | |||||||||||||
Amortization of fair value debt discounts resulting from purchase accounting | 7 | 20 | 44 | ||||||||||||||
Amortization of debt issuance, amendment and extension costs and discounts | 66 | 208 | 186 | ||||||||||||||
Capitalized interest | (17 | ) | (25 | ) | (36 | ) | |||||||||||
Total interest expense and related charges | $ | 2,201 | $ | 2,704 | $ | 3,508 | |||||||||||
____________ | |||||||||||||||||
(a) | Post-petition period only. | ||||||||||||||||
(b) | Includes amounts related to interest rate swaps totaling $194 million, $625 million and $675 million for the years ended December 31, 2014, 2013 and 2012, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 16. | ||||||||||||||||
(c) | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 16) and $12 million related to other interest rate swaps. | ||||||||||||||||
Contractual Interest Expense On Pre-Petition Liabilities [Table Text Block] | 11. Payments may also be made upon approval by the Bankruptcy Court, at the federal judgment rate (see Note 13). Other than these amounts ordered by the Bankruptcy Court, effective April 29, 2014, we discontinued recording interest expense on outstanding pre-petition debt classified as liabilities subject to compromise (LSTC). Contractual interest represents amounts due under the contractual terms of the outstanding debt, including debt subject to compromise during the Chapter 11 Cases. Interest expense reported in the statements of consolidated income (loss) for the year ended December 31, 2014 does not include $919 million in contractual interest on pre-petition debt classified as LSTC, which has been stayed by the Bankruptcy Court effective on the Petition Date. For the post-petition period ended December 31, 2014, adequate protection paid/accrued excludes $40 million related to the TCEH first-lien interest rate and commodity hedge claims (see Note 16), as such amounts are not included in contractual interest amounts presented below. | ||||||||||||||||
Post-Petition Period Through December 31, 2014 | |||||||||||||||||
Entity: | Contractual Interest on | Adequate Protection | Ordered Interest Paid/Accrued (a) | Contractual Interest on | |||||||||||||
Debt Classified as LSTC | Paid/Accrued | Debt Classified as LSTC Not | |||||||||||||||
Paid/Accrued | |||||||||||||||||
EFH Corp. | $ | 84 | $ | — | $ | — | $ | 84 | |||||||||
EFIH | 363 | — | 54 | 309 | |||||||||||||
EFCH | 4 | — | — | 4 | |||||||||||||
TCEH | 1,392 | 787 | — | 605 | |||||||||||||
Eliminations (b) | (83 | ) | — | — | (83 | ) | |||||||||||
Total | $ | 1,760 | $ | 787 | $ | 54 | $ | 919 | |||||||||
___________ | |||||||||||||||||
(a) | Interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 11). | ||||||||||||||||
(b) | Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as liabilities subject to compromise. |
DebtorInPossession_Borrowing_F1
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Debtor-In-Possession Borrowing Facilities) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debtor-In-Possession Borrowing Facilities [Abstract] | |||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | The TCEH DIP Facility and related available capacity at December 31, 2014 are presented below. Borrowings are reported in the consolidated balance sheets as borrowings under debtor-in-possession credit facilities. | ||||||||||||
December 31, 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 | — | 450 | ||||||||||
Total TCEH DIP Facility | $ | 3,375 | $ | 1,950 | $ | 450 | |||||||
___________ | |||||||||||||
(a) | Facility used for general corporate purposes. No amounts were borrowed at December 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 TCEH 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. |
Liabilities_Subject_to_Comprom1
Liabilities Subject to Compromise (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Liabilities Subject to Compromise [Abstract] | ||||||||
Liabilities Subject To Compromise | The amounts classified as liabilities subject to compromise (LSTC) reflect the company's estimate of pre-petition liabilities and other expected allowed claims 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 consolidated balance sheets at December 31, 2014: | |||||||
December 31, | ||||||||
2014 | ||||||||
Notes, loans and other debt per the following table | $ | 35,124 | ||||||
Accrued interest on notes, loans and other debt | 804 | |||||||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 16) | 1,235 | |||||||
Trade accounts payable and accrued liabilities | 269 | |||||||
Total liabilities subject to compromise | $ | 37,432 | ||||||
Schedule of Long-term Debt Instruments | ||||||||
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 | ||||||
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 Series 2001D-2 due May 1, 2033 (e) | — | 97 | ||||||
Floating Taxable Series 2001I due December 1, 2036 (e) | — | 62 | ||||||
Floating 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 | ||||||
Capital lease obligations (b) | — | 52 | ||||||
Other | 1 | 3 | ||||||
Unamortized discount | (91 | ) | (103 | ) | ||||
Total TCEH | 31,474 | 31,758 | ||||||
Deferred debt issuance and extension costs (f) | (733 | ) | — | |||||
Total EFH Corp. consolidated notes, loans and other debt | $ | 35,124 | $ | 40,252 | ||||
___________ | ||||||||
(a)Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. | ||||||||
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) | Represents pre-petition debt not subject to compromise classified as debt in the consolidated balance sheet at December 31, 2014. See notes (a) and (b) to the consolidated balance sheets. | |||||||
(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 11). | |||||||
(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. | |||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Schedule of noncancellable commitments under energy-related contracts, leases and other agreements | At December 31, 2014, we had contractual commitments, some of which are subject to potential rejection in the Chapter 11 Cases, under energy-related contracts, leases and other agreements as follows: | |||||||||||||||
Coal purchase | Pipeline | Nuclear | Other Contracts | |||||||||||||
and | transportation and | Fuel Contracts | ||||||||||||||
transportation | storage reservation | |||||||||||||||
agreements | fees | |||||||||||||||
2015 | $ | 309 | $ | 14 | $ | 156 | $ | 81 | ||||||||
2016 | 95 | 1 | 95 | 10 | ||||||||||||
2017 | 86 | 1 | 74 | 3 | ||||||||||||
2018 | — | 1 | 112 | 3 | ||||||||||||
2019 | — | 1 | 66 | 3 | ||||||||||||
Thereafter | — | 8 | 313 | 84 | ||||||||||||
Total | $ | 490 | $ | 26 | $ | 816 | $ | 184 | ||||||||
Schedule of future minimum lease payments for capital leases and operating leases | At December 31, 2014, future minimum lease payments under both capital leases and operating leases are as follows: | |||||||||||||||
Capital | Operating | |||||||||||||||
Leases | Leases (a) | |||||||||||||||
2015 | $ | 6 | $ | 24 | ||||||||||||
2016 | 7 | 25 | ||||||||||||||
2017 | 35 | 35 | ||||||||||||||
2018 | — | 33 | ||||||||||||||
2019 | — | 19 | ||||||||||||||
Thereafter | — | 116 | ||||||||||||||
Total future minimum lease payments | 48 | $ | 252 | |||||||||||||
Less amounts representing interest | 4 | |||||||||||||||
Present value of future minimum lease payments | 44 | |||||||||||||||
Less current portion | 5 | |||||||||||||||
Long-term capital lease obligation | $ | 39 | ||||||||||||||
___________ | ||||||||||||||||
(a) | Includes operating leases with initial or remaining noncancellable lease terms in excess of one year. |
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Schedule of Common Stock Outstanding Roll Forward | Changes in common stock shares outstanding for each of the last three years are reflected (in millions of shares) in the table below. Essentially all shares issued and purchased were as a result of stock-based compensation transactions for the benefit of certain officers, directors and employees. See Note 18 for discussion of stock-based compensation. | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Shares outstanding at beginning of year | 1,669.90 | 1,680.50 | 1,679.50 | |||||||||
Shares issued (a) | — | 1.7 | 1 | |||||||||
Shares repurchased | — | (12.3 | ) | — | ||||||||
Shares outstanding at end of year | 1,669.90 | 1,669.90 | 1,680.50 | |||||||||
____________ | ||||||||||||
(a) | Includes share awards granted to directors and other nonemployees (see Note 18). 2013 issuances also included 0.7 million shares of previously issued restricted or deferred stock units that vested in 2013. | |||||||||||
Schedule of Changes to Accumulated Other Comprehensive Income (Loss) | The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2014. In conjunction with the remeasurement of the EFH Corp. OPEB liability during the period (see Note 17), we recognized an additional $17 million of other comprehensive loss. | |||||||||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 16) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 17) | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance at December 31, 2013 | $ | (56 | ) | $ | (7 | ) | $ | (63 | ) | |||
Other comprehensive loss before reclassifications (after tax) | — | (66 | ) | (66 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||||||||||
Operating costs | — | (4 | ) | (4 | ) | |||||||
Depreciation and amortization | 2 | — | 2 | |||||||||
Selling, general and administrative expenses | — | (2 | ) | (2 | ) | |||||||
Income tax benefit (expense) | (1 | ) | 2 | 1 | ||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | — | 2 | |||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 3 | (4 | ) | (1 | ) | |||||||
Total change during the period | 3 | (70 | ) | (67 | ) | |||||||
Balance at December 31, 2014 | $ | (53 | ) | $ | (77 | ) | $ | (130 | ) | |||
The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2013. | ||||||||||||
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 16) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 17) | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance at December 31, 2012 | $ | (64 | ) | $ | 17 | $ | (47 | ) | ||||
Other comprehensive loss before reclassifications (after tax) | — | (20 | ) | (20 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||||||||||
Operating costs | — | (4 | ) | (4 | ) | |||||||
Depreciation and amortization | 2 | — | 2 | |||||||||
Selling, general and administrative expenses | — | (3 | ) | (3 | ) | |||||||
Interest expense and related charges | 7 | — | 7 | |||||||||
Income tax benefit (expense) | (3 | ) | 3 | — | ||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | — | 2 | |||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 8 | (4 | ) | 4 | ||||||||
Total change during the period | 8 | (24 | ) | (16 | ) | |||||||
Balance at December 31, 2013 | $ | (56 | ) | $ | (7 | ) | $ | (63 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 (a) | Total | ||||||||||||||||
Assets: | |||||||||||||||||||
Commodity contracts | $ | 402 | $ | 46 | $ | 49 | $ | 497 | |||||||||||
Nuclear decommissioning trust – | 375 | 217 | — | 592 | |||||||||||||||
equity securities (b) | |||||||||||||||||||
Nuclear decommissioning trust – | — | 301 | — | 301 | |||||||||||||||
debt securities (b) | |||||||||||||||||||
Total assets | $ | 777 | $ | 564 | $ | 49 | $ | 1,390 | |||||||||||
Liabilities: | |||||||||||||||||||
Commodity contracts | $ | 278 | $ | 25 | $ | 14 | $ | 317 | |||||||||||
Total liabilities | $ | 278 | $ | 25 | $ | 14 | $ | 317 | |||||||||||
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 – | 330 | 191 | — | 521 | |||||||||||||||
equity securities (b) | |||||||||||||||||||
Nuclear decommissioning trust – | — | 270 | — | 270 | |||||||||||||||
debt securities (b) | |||||||||||||||||||
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 consolidated balance sheets. See Note 21. | ||||||||||||||||||
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 December 31, 2014 and 2013: | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Contract Type (a) | Assets | Liabilities | Total | Valuation Technique | Significant Unobservable Input | Range (b) | |||||||||||||
Electricity purchases and sales | $ | 4 | $ | (5 | ) | $ | (1 | ) | Valuation Model | Illiquid pricing locations (c) | $30 to $50/ MWh | ||||||||
Hourly price curve shape (d) | $20 to $70/ MWh | ||||||||||||||||||
Electricity spread options | 2 | (1 | ) | 1 | Option Pricing Model | Gas to power correlation (e) | 15% to 95% | ||||||||||||
Power volatility (f) | 10% to 30% | ||||||||||||||||||
Electricity congestion revenue rights | 38 | (4 | ) | 34 | Market Approach (g) | Illiquid price differences between settlement points (h) | $0.00 to $20.00 | ||||||||||||
Coal purchases | — | (4 | ) | (4 | ) | Market Approach (g) | Illiquid price variances between mines (i) | $0.00 to $1.00 | |||||||||||
Illiquid price variances between heat content (j) | $0.30 to $0.40 | ||||||||||||||||||
Other (n) | 5 | — | 5 | ||||||||||||||||
Total | $ | 49 | $ | (14 | ) | $ | 35 | ||||||||||||
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 (k) | 0% to 40% | ||||||||||||||||||
Recovery rate (l) | 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 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 16). | ||||||||||||||||||
(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) | Based on historical ranges of forward average prices between different heat contents (potential energy in coal for a given mass). | ||||||||||||||||||
(k) | 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. | ||||||||||||||||||
(l) | Estimate of the default recovery rate based on historical corporate rates. | ||||||||||||||||||
(m) | Estimate of nonperformance risk adjustment based on TCEH senior secured debt trading values. See discussion immediately below regarding transfers into Level 3. | ||||||||||||||||||
(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) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Net asset (liability) balance at beginning of period | $ | (973 | ) | $ | 29 | $ | 53 | ||||||||||||
Total unrealized valuation losses | (97 | ) | (48 | ) | (17 | ) | |||||||||||||
Purchases, issuances and settlements (a): | |||||||||||||||||||
Purchases | 63 | 92 | 73 | ||||||||||||||||
Issuances | (5 | ) | (7 | ) | (23 | ) | |||||||||||||
Settlements | 1,053 | 138 | (12 | ) | |||||||||||||||
Transfers into Level 3 (b) | — | (1,181 | ) | (42 | ) | ||||||||||||||
Transfers out of Level 3 (b) | (6 | ) | 4 | (3 | ) | ||||||||||||||
Net change (c) | 1,008 | (1,002 | ) | (24 | ) | ||||||||||||||
Net asset (liability) balance at end of period | $ | 35 | $ | (973 | ) | $ | 29 | ||||||||||||
Unrealized valuation gains (losses) relating to instruments held at end of period | (5 | ) | 435 | (24 | ) | ||||||||||||||
____________ | |||||||||||||||||||
(a) | Settlement amounts in 2014 reflect termination of TCEH interest rate swaps and include the nonperformance risk adjustment as discussed in Note 16. 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. All Level 3 transfers during the years presented are in and out of Level 2. Transfers into Level 3 during 2013 reflect a nonperformance risk adjustment in the valuation of the TCEH interest rate swaps, which 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 (see Note 12). Transfers out during 2012 reflect increased observability of pricing related to certain congestion revenue rights. Transfers in during 2012 were driven by an increase in nonperformance risk adjustments related to certain coal purchase contracts as well as certain power contracts that include unobservable inputs related to the hourly shaping of the price curve. The amount of the nonperformance risk adjustment was after consideration of derivative assets related to contracts with the same counterparties that are also secured by a first-lien interest in the assets of TCEH, and a master netting agreement in place providing for netting and setoff of amounts related to these contracts. | ||||||||||||||||||
(c) | Substantially all changes in values of commodity contracts are reported in the 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 2013 are reported in the statements of consolidated income (loss) in interest expense and related charges (see Note 9). 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) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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 consolidated balance sheets at December 31, 2014 and 2013: | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Derivative assets | Derivative liabilities | |||||||||||||||||||
Commodity contracts | Interest rate swaps | Commodity contracts | Interest rate swaps | Total | ||||||||||||||||
Current assets | $ | 492 | $ | — | $ | — | $ | — | $ | 492 | ||||||||||
Noncurrent assets | 5 | — | — | — | 5 | |||||||||||||||
Current liabilities | — | — | (316 | ) | — | (316 | ) | |||||||||||||
Noncurrent liabilities | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net assets (liabilities) | $ | 497 | $ | — | $ | (317 | ) | $ | — | $ | 180 | |||||||||
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: | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
Derivative (statements of consolidated income (loss) presentation) | 2014 | 2013 | 2012 | |||||||||||||||||
Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) | $ | 17 | $ | (54 | ) | $ | 279 | |||||||||||||
Interest rate swaps (Interest expense and related charges) (b) | (128 | ) | 433 | (503 | ) | |||||||||||||||
Interest rate swaps (Reorganization items) (Note 10) | (278 | ) | — | — | ||||||||||||||||
Net gain (loss) | $ | (389 | ) | $ | 379 | $ | (224 | ) | ||||||||||||
____________ | ||||||||||||||||||||
(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 9). | |||||||||||||||||||
Schedule of Pre-tax Effect on Net Income and Other Comprehensive Income (OCI) of Derivative Instruments Previously Accounted for as Cash Flow Hedges | The following table presents the pretax effect (all losses) on net income and other comprehensive income (OCI) of derivative instruments previously accounted for as cash flow hedges. There were no amounts recognized in OCI for the years ended December 31, 2014, 2013 or 2012. | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
Derivative (statements of consolidated income (loss) presentation of loss reclassified from accumulated OCI into income) | 2014 | 2013 | 2012 | |||||||||||||||||
Interest rate swaps (Interest expense and related charges) | $ | — | $ | (7 | ) | $ | (8 | ) | ||||||||||||
Interest rate swaps (Depreciation and amortization) | (2 | ) | (2 | ) | (2 | ) | ||||||||||||||
Total | $ | (2 | ) | $ | (9 | ) | $ | (10 | ) | |||||||||||
Offsetting Assets and Liabilities [Table Text Block] | The following tables reconcile our derivative assets and liabilities as presented in the consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Amounts Presented in Balance Sheet | Offsetting Instruments | Financial Collateral (Received) Pledged (b) | Net Amounts | |||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Commodity contracts | $ | 497 | $ | (298 | ) | $ | (16 | ) | $ | 183 | ||||||||||
Derivative liabilities: | ||||||||||||||||||||
Commodity contracts | (317 | ) | 298 | 2 | (17 | ) | ||||||||||||||
Net amounts | $ | 180 | $ | — | $ | (14 | ) | $ | 166 | |||||||||||
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 | Derivative Volumes — The following table presents the gross notional amounts of derivative volumes at December 31, 2014 and 2013: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 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) | 1,687 | 2,150 | Million MMBtu | |||||||||||||||||
Electricity | 22,820 | 16,482 | GWh | |||||||||||||||||
Congestion Revenue Rights (c) | 89,484 | 77,799 | GWh | |||||||||||||||||
Coal | 10 | 9 | Million US tons | |||||||||||||||||
Fuel oil | 36 | 26 | Million gallons | |||||||||||||||||
Uranium | 150 | 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. |
Pension_And_Other_Postretireme1
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||
Schedule of Net Benefit Costs | Pension and OPEB Costs | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Pension costs (a) | $ | 13 | $ | 26 | $ | 512 | ||||||||||||||||||
OPEB costs | 27 | 39 | 25 | |||||||||||||||||||||
Total benefit costs | 40 | 65 | 537 | |||||||||||||||||||||
Less amounts expensed by Oncor (and not consolidated) | (13 | ) | (25 | ) | (36 | ) | ||||||||||||||||||
Less amounts deferred principally as a regulatory asset or property by Oncor | (15 | ) | (25 | ) | (165 | ) | ||||||||||||||||||
Net amounts recognized as expense by EFH Corp. and consolidated subsidiaries | $ | 12 | $ | 15 | $ | 336 | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | As a result of pension plan actions discussed in this Note, the 2012 amount includes $285 million recorded by EFH Corp. as a settlement charge and $81 million recorded by Oncor as a regulatory asset. | |||||||||||||||||||||||
Schedule of Assumptions Used | The Retirement Plan strategic asset allocation is determined in conjunction with the plan's advisors and utilizes a comprehensive Asset-Liability modeling approach to evaluate potential long-term outcomes of various investment strategies. The study incorporates long-term rate of return assumptions for each asset class based on historical and future expected asset class returns, current market conditions, rate of inflation, current prospects for economic growth, and taking into account the diversification benefits of investing in multiple asset classes and potential benefits of employing active investment management. | |||||||||||||||||||||||
Retirement Plan | ||||||||||||||||||||||||
Asset Class: | Expected Long-Term | |||||||||||||||||||||||
Rate of Return | ||||||||||||||||||||||||
US equity securities | 6.8 | % | ||||||||||||||||||||||
International equity securities | 7.5 | % | ||||||||||||||||||||||
Fixed income securities | 4.4 | % | ||||||||||||||||||||||
Weighted average | 5.4 | % | ||||||||||||||||||||||
Schedule of Expected Benefit Payments | Estimated future benefit payments to beneficiaries, including amounts related to nonqualified plans, are as follows: | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020-24 | |||||||||||||||||||
Pension benefits | $ | 11 | $ | 12 | $ | 14 | $ | 15 | $ | 18 | $ | 105 | ||||||||||||
OPEB | $ | 8 | $ | 8 | $ | 8 | $ | 8 | $ | 9 | $ | 46 | ||||||||||||
Pension Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The following information is based on December 31, 2014, 2013 and 2012 measurement dates: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Assumptions Used to Determine Net Periodic Pension Cost: | ||||||||||||||||||||||||
Discount rate (a) | 5.07 | % | 4.3 | % | 5 | % | ||||||||||||||||||
Expected return on plan assets | 6.17 | % | 5.4 | % | 7.4 | % | ||||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | 3.81 | % | ||||||||||||||||||
Components of Net Pension Cost: | ||||||||||||||||||||||||
Service cost | $ | 7 | $ | 8 | $ | 44 | ||||||||||||||||||
Interest cost | 14 | 12 | 157 | |||||||||||||||||||||
Expected return on assets | (12 | ) | (7 | ) | (161 | ) | ||||||||||||||||||
Amortization of net actuarial loss | 4 | 8 | 106 | |||||||||||||||||||||
Effect of pension plan actions (b) | — | 5 | 366 | |||||||||||||||||||||
Net periodic pension cost | $ | 13 | $ | 26 | $ | 512 | ||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||||||||||||||||||||
Net loss | $ | 15 | $ | 5 | $ | 57 | ||||||||||||||||||
Amortization of net loss | — | — | (31 | ) | ||||||||||||||||||||
Effect of pension plan actions (c) | — | (4 | ) | (307 | ) | |||||||||||||||||||
Total loss (income) recognized in other comprehensive income | $ | 15 | $ | 1 | $ | (281 | ) | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 28 | $ | 27 | $ | 231 | ||||||||||||||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||||||||||||||||
Discount rate | 4.19 | % | 5.07 | % | 4.3 | % | ||||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | As a result of the amendments discussed above, the discount rate reflected in net pension costs for January through July 2012 was 5.00%, for August through September 2012 was 4.15% and for October through December 2012 was 4.20%. | |||||||||||||||||||||||
(b) | Amount in 2012 includes settlement charges of $285 million recorded by EFH Corp. and $81 million recorded by Oncor as a regulatory asset. | |||||||||||||||||||||||
(c) | Amount in 2012 includes $285 million in actuarial losses reclassified to net income (loss) as a settlement charge and a $22 million plan curtailment adjustment. | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Change in Pension Obligation: | ||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 272 | $ | 285 | ||||||||||||||||||||
Service cost | 7 | 8 | ||||||||||||||||||||||
Interest cost | 14 | 12 | ||||||||||||||||||||||
Actuarial (gain) loss | 45 | (21 | ) | |||||||||||||||||||||
Benefits paid | (7 | ) | (5 | ) | ||||||||||||||||||||
Settlements | — | (7 | ) | |||||||||||||||||||||
Projected benefit obligation at end of year | $ | 331 | $ | 272 | ||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 307 | $ | 250 | ||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair value of assets at beginning of year | $ | 126 | $ | 151 | ||||||||||||||||||||
Actual return on assets | 26 | (13 | ) | |||||||||||||||||||||
Employer contributions | 85 | 7 | ||||||||||||||||||||||
Benefits paid | (7 | ) | (5 | ) | ||||||||||||||||||||
Settlements | — | (14 | ) | |||||||||||||||||||||
Fair value of assets at end of year | $ | 230 | $ | 126 | ||||||||||||||||||||
Funded Status: | ||||||||||||||||||||||||
Projected pension benefit obligation | $ | (331 | ) | $ | (272 | ) | ||||||||||||||||||
Fair value of assets | 230 | 126 | ||||||||||||||||||||||
Funded status at end of year (a) | $ | (101 | ) | $ | (146 | ) | ||||||||||||||||||
Amounts Recognized in the Balance Sheet Consist of: | ||||||||||||||||||||||||
Other current liabilities | (1 | ) | (1 | ) | ||||||||||||||||||||
Liabilities subject to compromise | (23 | ) | — | |||||||||||||||||||||
Other noncurrent liabilities | (77 | ) | (145 | ) | ||||||||||||||||||||
Net liability recognized | $ | (101 | ) | $ | (146 | ) | ||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||||||||||||||||
Net loss | $ | 17 | $ | 3 | ||||||||||||||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | ||||||||||||||||||||||||
Net loss | $ | 56 | $ | 44 | ||||||||||||||||||||
Net amount recognized | $ | 56 | $ | 44 | ||||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | Amounts in 2014 and 2013 include $47 million and $93 million, respectively, for which Oncor is contractually responsible and which are expected to be recovered in Oncor's rates. See Note 19. | |||||||||||||||||||||||
At December 31, 2014 and 2013, pension plan assets measured at fair value on a recurring basis consisted of the following: | ||||||||||||||||||||||||
December 31, (a) | ||||||||||||||||||||||||
Asset Category: | 2014 | 2013 | ||||||||||||||||||||||
Interest-bearing cash | $ | 21 | $ | 17 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US | 25 | 16 | ||||||||||||||||||||||
International | 20 | 12 | ||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate bonds (b) | 127 | 51 | ||||||||||||||||||||||
US Treasuries | 19 | 27 | ||||||||||||||||||||||
Other (c) | 18 | 3 | ||||||||||||||||||||||
Total assets | $ | 230 | $ | 126 | ||||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | All amounts are based on Level 2 valuations. See Note 15. | |||||||||||||||||||||||
(b) | Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. | |||||||||||||||||||||||
(c) | Other consists primarily of municipal bonds. | |||||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation (ABO) in excess of the fair value of plan assets. | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pension Plans with PBO and ABO in Excess Of Plan Assets: | ||||||||||||||||||||||||
Projected benefit obligations | $ | 331 | $ | 272 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 307 | $ | 250 | ||||||||||||||||||||
Plan assets | $ | 230 | $ | 126 | ||||||||||||||||||||
Schedule of Allocation of Plan Assets | The target asset allocation ranges of pension plan investments by asset category are as follows: | |||||||||||||||||||||||
Asset Category: | Target | |||||||||||||||||||||||
Allocation | ||||||||||||||||||||||||
Ranges | ||||||||||||||||||||||||
US equities | 8 | % | - | 14% | ||||||||||||||||||||
International equities | 6 | % | - | 12% | ||||||||||||||||||||
Fixed income | 74 | % | - | 86% | ||||||||||||||||||||
OPEB [Member] | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | At December 31, 2014, the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. At December 31, 2013, OPEB plan assets measured at fair value on a recurring basis consisted of the following: | |||||||||||||||||||||||
Asset Category: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Interest-bearing cash | $ | — | $ | 6 | $ | — | $ | 6 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
US | 53 | 5 | — | 58 | ||||||||||||||||||||
International | 35 | — | — | 35 | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate bonds (a) | — | 34 | — | 34 | ||||||||||||||||||||
US Treasuries | — | 1 | — | 1 | ||||||||||||||||||||
Other (b) | 43 | 2 | — | 45 | ||||||||||||||||||||
Total assets | $ | 131 | $ | 48 | $ | — | $ | 179 | ||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. | |||||||||||||||||||||||
(b) | Other consists primarily of US agency securities. | |||||||||||||||||||||||
The following OPEB information is based on December 31, 2014, 2013 and 2012 measurement dates (includes amounts related to Oncor): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Assumptions Used to Determine Net Periodic Benefit Cost: | ||||||||||||||||||||||||
Discount rate | 4.98 | % | 4.1 | % | 4.95 | % | ||||||||||||||||||
Expected return on plan assets | 7.05 | % | 6.7 | % | 6.8 | % | ||||||||||||||||||
Components of Net Postretirement Benefit Cost: | ||||||||||||||||||||||||
Service cost | $ | 8 | $ | 11 | $ | 9 | ||||||||||||||||||
Interest cost | 28 | 41 | 44 | |||||||||||||||||||||
Expected return on assets | (6 | ) | (12 | ) | (12 | ) | ||||||||||||||||||
Amortization of net transition obligation | — | — | 1 | |||||||||||||||||||||
Amortization of prior service cost/(credit) | (21 | ) | (31 | ) | (32 | ) | ||||||||||||||||||
Amortization of net actuarial loss | 18 | 30 | 15 | |||||||||||||||||||||
Net periodic OPEB cost | $ | 27 | $ | 39 | $ | 25 | ||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||||||||||||||||||||
Net (gain) loss | $ | 12 | $ | 4 | $ | 17 | ||||||||||||||||||
Amortization of net gain | (5 | ) | (3 | ) | (1 | ) | ||||||||||||||||||
Amortization of prior service credit | 11 | 11 | 11 | |||||||||||||||||||||
Total loss recognized in other comprehensive income | $ | 18 | $ | 12 | $ | 27 | ||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 45 | $ | 51 | $ | 52 | ||||||||||||||||||
Assumptions Used to Determine Benefit Obligations at Period End: | ||||||||||||||||||||||||
Discount rate (EFH Corp. Plan) | 3.81 | % | 4.98 | % | 4.1 | % | ||||||||||||||||||
Discount rate (Oncor Plan) | 4.23 | % | N/A | N/A | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Change in Postretirement Benefit Obligation: | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,049 | $ | 1,032 | ||||||||||||||||||||
Service cost | 8 | 11 | ||||||||||||||||||||||
Interest cost | 28 | 41 | ||||||||||||||||||||||
Participant contributions | 10 | 16 | ||||||||||||||||||||||
Medicare Part D reimbursement | — | 2 | ||||||||||||||||||||||
Actuarial (gain) loss | 84 | 15 | ||||||||||||||||||||||
Benefits paid | (40 | ) | (68 | ) | ||||||||||||||||||||
Transfers to new plan sponsored by Oncor | (1,000 | ) | — | |||||||||||||||||||||
Benefit obligation at end of year | $ | 139 | $ | 1,049 | ||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair value of assets at beginning of year | $ | 179 | $ | 191 | ||||||||||||||||||||
Actual return on assets | 11 | 22 | ||||||||||||||||||||||
Employer contributions | 16 | 18 | ||||||||||||||||||||||
Participant contributions | 10 | 16 | ||||||||||||||||||||||
Benefits paid | (40 | ) | (68 | ) | ||||||||||||||||||||
Transfers to new plan sponsored by Oncor | (176 | ) | — | |||||||||||||||||||||
Fair value of assets at end of year | $ | — | $ | 179 | ||||||||||||||||||||
Funded Status: | ||||||||||||||||||||||||
Benefit obligation | $ | (139 | ) | $ | (1,049 | ) | ||||||||||||||||||
Fair value of assets | — | 179 | ||||||||||||||||||||||
Funded status at end of year (a) | $ | (139 | ) | $ | (870 | ) | ||||||||||||||||||
Amounts Recognized on the Balance Sheet Consist of: | ||||||||||||||||||||||||
Other current liabilities | $ | (8 | ) | $ | (8 | ) | ||||||||||||||||||
Other noncurrent liabilities | (131 | ) | (862 | ) | ||||||||||||||||||||
Net liability recognized | $ | (139 | ) | $ | (870 | ) | ||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||||||||||||||||
Prior service credit | $ | (43 | ) | $ | (54 | ) | ||||||||||||||||||
Net loss | 41 | 34 | ||||||||||||||||||||||
Net amount recognized | $ | (2 | ) | $ | (20 | ) | ||||||||||||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | ||||||||||||||||||||||||
Net loss | $ | — | $ | 221 | ||||||||||||||||||||
Prior service credit | — | (91 | ) | |||||||||||||||||||||
Net amount recognized | $ | — | $ | 130 | ||||||||||||||||||||
___________ | ||||||||||||||||||||||||
(a) | Amounts in 2013 include $745 million for which Oncor is contractually responsible, substantially all of which is expected to be recovered in Oncor's rates. See Note 19. | |||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates | The following tables provide information regarding the assumed health care cost trend rates. | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Assumed Health Care Cost Trend Rates-Not Medicare Eligible: | ||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 8 | % | 8 | % | ||||||||||||||||||||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | ||||||||||||||||||||||
Assumed Health Care Cost Trend Rates-Medicare Eligible: | ||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 6.5 | % | 7 | % | ||||||||||||||||||||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | ||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ||||||||||||||||||||||||
1-Percentage Point | 1-Percentage Point | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
Sensitivity Analysis of Assumed Health Care Cost Trend Rates: | ||||||||||||||||||||||||
Effect on accumulated postretirement obligation | $ | (3 | ) | $ | 2 | |||||||||||||||||||
Effect on postretirement benefits cost | $ | — | $ | — | ||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of Stock-based Compensation Expenses Recorded | Stock-based compensation expense recorded for the years ended December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Type of award | 2014 | 2013 | 2012 | ||||||||||||||||||
Restricted stock units | $ | 6 | $ | 6 | $ | 6 | |||||||||||||||
Stock options | — | 1 | 5 | ||||||||||||||||||
Total compensation expense | $ | 6 | $ | 7 | $ | 11 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units | A summary of restricted stock unit activity is presented below: | ||||||||||||||||||||
Restricted Stock Unit Activity in 2014: | Units | Weighted | |||||||||||||||||||
(millions) | Average Grant Date Fair Value | ||||||||||||||||||||
Total outstanding at beginning of period | 26.1 | $ | 0.28 | - | $ | 0.93 | |||||||||||||||
Granted | 0.6 | $ | — | - | $ | — | |||||||||||||||
Exercised | — | $ | — | - | $ | — | |||||||||||||||
Forfeited | (0.2 | ) | $ | 0.28 | - | $ | 0.93 | ||||||||||||||
Total outstanding at end of period | 26.5 | $ | — | - | $ | 0.93 | |||||||||||||||
Expected forfeitures | — | $ | — | - | $ | — | |||||||||||||||
Vested at end of period | 26.5 | $ | — | - | $ | 0.93 | |||||||||||||||
Restricted Stock Unit Activity in 2013: | Units | Weighted | |||||||||||||||||||
(millions) | Average Grant Date Fair Value | ||||||||||||||||||||
Total outstanding at beginning of period | 27.5 | $ | 0.38 | - | $ | 0.93 | |||||||||||||||
Granted | 4 | $ | 0.28 | - | $ | 0.28 | |||||||||||||||
Exercised | — | $ | — | - | $ | — | |||||||||||||||
Forfeited | (5.4 | ) | $ | 0.38 | - | $ | 0.93 | ||||||||||||||
Total outstanding at end of period | 26.1 | $ | 0.28 | - | $ | 0.93 | |||||||||||||||
Expected forfeitures | — | $ | — | - | $ | — | |||||||||||||||
Expected to vest at end of period | 26.1 | $ | 0.28 | - | $ | 0.93 | |||||||||||||||
Restricted Stock Unit Activity in 2012: | Units | Weighted | |||||||||||||||||||
(millions) | Average Grant Date Fair Value | ||||||||||||||||||||
Total outstanding at beginning of period | 24.2 | $ | 0.81 | - | $ | 0.93 | |||||||||||||||
Granted | 4.1 | $ | 0.38 | - | $ | 0.38 | |||||||||||||||
Exercised | — | $ | — | - | $ | — | |||||||||||||||
Forfeited | (0.8 | ) | $ | 0.81 | - | $ | 0.93 | ||||||||||||||
Total outstanding at end of period | 27.5 | $ | 0.38 | - | $ | 0.93 | |||||||||||||||
Expected forfeitures | — | $ | — | - | $ | — | |||||||||||||||
Expected to vest at end of period | 27.5 | $ | 0.38 | - | $ | 0.93 | |||||||||||||||
Time-Based Options [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of Nonvested Share Activity | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Nonvested Time-Based Options Activity: | Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||
(millions) | Average | (millions) | Average | (millions) | Average | ||||||||||||||||
Grant- | Grant- | Grant- | |||||||||||||||||||
Date Fair | Date Fair | Date Fair | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||
Total nonvested at beginning of period | 2.2 | $ | 0.17 | 3.3 | $ | 0.17 | — | $ | — | ||||||||||||
Granted | — | $ | — | — | $ | — | 5 | $ | 0.17 | ||||||||||||
Vested | (1.1 | ) | $ | 0.17 | (1.1 | ) | $ | 0.17 | (1.7 | ) | $ | 0.17 | |||||||||
Forfeited | — | $ | — | — | $ | — | — | $ | — | ||||||||||||
Exchanged | — | $ | — | — | $ | — | — | $ | — | ||||||||||||
Total nonvested at end of period | 1.1 | $ | 0.17 | 2.2 | $ | 0.17 | 3.3 | $ | 0.17 | ||||||||||||
Schedule of Stock-based Activity | A summary of activity for 2012 is presented below: | ||||||||||||||||||||
Time-Based Options Activity in 2012: | Options | Weighted | |||||||||||||||||||
(millions) | Average | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Total outstanding at beginning of period | 1.5 | $ | 4.67 | ||||||||||||||||||
Granted | 5 | $ | 0.5 | ||||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||||
Forfeited | (0.4 | ) | $ | 4.33 | |||||||||||||||||
Total outstanding at end of period (weighted average remaining term of 5 – 10 years) | 6.1 | $ | 1.32 | ||||||||||||||||||
Exercisable at end of period (weighted average remaining term of 5 – 10 years) | — | $ | — | ||||||||||||||||||
Expected forfeitures | (6.1 | ) | $ | 1.32 | |||||||||||||||||
Expected to vest at end of period (weighted average remaining term of 5 – 10 years) | — | $ | — | ||||||||||||||||||
Performance-Based Options [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||
Schedule of Nonvested Share Activity | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Performance-Based Nonvested Options Activity: | Options | Grant-Date | |||||||||||||||||||
(millions) | Fair Value | ||||||||||||||||||||
Total nonvested at beginning of period | 0.5 | $ | 1.92 | - | $ | 2.01 | |||||||||||||||
Granted | — | $ | — | - | $ | — | |||||||||||||||
Vested | (0.5 | ) | $ | 1.92 | - | $ | 2.01 | ||||||||||||||
Forfeited | — | $ | — | - | $ | — | |||||||||||||||
Exchanged | — | $ | — | - | $ | — | |||||||||||||||
Total nonvested at end of period | — | $ | — | - | $ | — | |||||||||||||||
Schedule of Stock-based Activity | |||||||||||||||||||||
Performance-Based Options Activity in 2012: | Options | Weighted | |||||||||||||||||||
(millions) | Average | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Outstanding at beginning of period | 1.8 | $ | 5 | ||||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||||
Forfeited | (0.8 | ) | $ | 5 | |||||||||||||||||
Exchanged | — | $ | — | ||||||||||||||||||
Total outstanding at end of period (weighted average remaining term of 5 – 7 years) | 1 | $ | — | ||||||||||||||||||
Exercisable at end of period (weighted average remaining term of 5 – 7 years) | — | $ | — | ||||||||||||||||||
Expected forfeitures | (1.0 | ) | $ | 5 | |||||||||||||||||
Expected to vest at end of period (weighted average remaining term of 5 – 7 years) | — | $ | — | ||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of segment reporting information, by segment | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating revenues (all Competitive Electric) | $ | 5,978 | $ | 5,899 | $ | 5,636 | ||||||
Depreciation and amortization | ||||||||||||
Competitive Electric | $ | 1,270 | $ | 1,333 | $ | 1,344 | ||||||
Corporate and Other | 13 | 22 | 29 | |||||||||
Consolidated | $ | 1,283 | $ | 1,355 | $ | 1,373 | ||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) (all Regulated Delivery) | $ | 349 | $ | 335 | $ | 270 | ||||||
Interest income | ||||||||||||
Competitive Electric | $ | — | $ | 6 | $ | 46 | ||||||
Corporate and Other | 51 | 148 | 143 | |||||||||
Eliminations | (50 | ) | (153 | ) | (187 | ) | ||||||
Consolidated | $ | 1 | $ | 1 | $ | 2 | ||||||
Interest expense and related charges | ||||||||||||
Competitive Electric | $ | 1,799 | $ | 2,062 | $ | 2,892 | ||||||
Corporate and Other | 452 | 795 | 803 | |||||||||
Eliminations | (50 | ) | (153 | ) | (187 | ) | ||||||
Consolidated | $ | 2,201 | $ | 2,704 | $ | 3,508 | ||||||
Income tax benefit | ||||||||||||
Competitive Electric | $ | 2,339 | $ | 794 | $ | 954 | ||||||
Corporate and Other | 280 | 477 | 278 | |||||||||
Consolidated | $ | 2,619 | $ | 1,271 | $ | 1,232 | ||||||
Net income (loss) attributable to EFH Corp. | ||||||||||||
Competitive Electric | $ | (6,260 | ) | $ | (2,309 | ) | $ | (3,063 | ) | |||
Regulated Delivery | 349 | 335 | 270 | |||||||||
Corporate and Other | (495 | ) | (244 | ) | (567 | ) | ||||||
Consolidated | $ | (6,406 | ) | $ | (2,218 | ) | $ | (3,360 | ) | |||
Investment in equity investees | ||||||||||||
Competitive Electric | $ | 8 | $ | 9 | $ | 8 | ||||||
Regulated Delivery | 6,050 | 5,950 | 5,842 | |||||||||
Consolidated | $ | 6,058 | $ | 5,959 | $ | 5,850 | ||||||
Total assets | ||||||||||||
Competitive Electric | $ | 21,347 | $ | 28,828 | $ | 33,002 | ||||||
Regulated Delivery | 6,050 | 5,950 | 5,842 | |||||||||
Corporate and Other | 4,025 | 3,692 | 4,861 | |||||||||
Eliminations | (2,174 | ) | (2,024 | ) | (2,735 | ) | ||||||
Consolidated | $ | 29,248 | $ | 36,446 | $ | 40,970 | ||||||
Capital expenditures | ||||||||||||
Competitive Electric | $ | 336 | $ | 472 | $ | 630 | ||||||
Corporate and Other | 50 | 29 | 34 | |||||||||
Consolidated | $ | 386 | $ | 501 | $ | 664 | ||||||
Supplementary_Financial_Inform1
Supplementary Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Supplementary Financial Information [Abstract] | |||||||||||||||||
Schedule of restricted cash | Restricted Cash | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Current | Noncurrent Assets | Current | Noncurrent Assets | ||||||||||||||
Assets | Assets | ||||||||||||||||
Amounts related to TCEH's DIP Facility (Note 11) | $ | — | $ | 350 | $ | — | $ | — | |||||||||
Amounts related to TCEH's pre-petition Letter of Credit Facility (Note 12) (a) | — | 551 | 945 | — | |||||||||||||
Other | 6 | — | 4 | — | |||||||||||||
Total restricted cash | $ | 6 | $ | 901 | $ | 949 | $ | — | |||||||||
____________ | |||||||||||||||||
(a) | |||||||||||||||||
Schedule of trade accounts receivable and allowance for uncollectible accounts receivable | Trade Accounts Receivable | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Wholesale and retail trade accounts receivable | $ | 604 | $ | 732 | |||||||||||||
Allowance for uncollectible accounts | (15 | ) | (14 | ) | |||||||||||||
Trade accounts receivable — net | $ | 589 | $ | 718 | |||||||||||||
Gross trade accounts receivable at December 31, 2014 and 2013 included unbilled revenues of $239 million and $272 million, respectively. | |||||||||||||||||
Allowance for Uncollectible Accounts Receivable | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Allowance for uncollectible accounts receivable at beginning of period | $ | 14 | $ | 9 | $ | 27 | |||||||||||
Increase for bad debt expense | 38 | 33 | 26 | ||||||||||||||
Decrease for account write-offs | (37 | ) | (28 | ) | (44 | ) | |||||||||||
Allowance for uncollectible accounts receivable at end of period | $ | 15 | $ | 14 | $ | 9 | |||||||||||
Schedule of program fees and activities related to securitization | Program fee amounts were as follows: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Program fees | $ | 5 | $ | 9 | |||||||||||||
Program fees as a percentage of average funding (annualized) | 4.7 | % | 6.7 | % | |||||||||||||
Activities of TXU Energy Receivables Company and its predecessor were as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash collections on accounts receivable | $ | 3,589 | $ | 4,566 | |||||||||||||
Face amount of new receivables purchased (a) | (3,144 | ) | (4,496 | ) | |||||||||||||
Discount from face amount of purchased receivables | 32 | 11 | |||||||||||||||
Program fees paid to financial institution | (5 | ) | (9 | ) | |||||||||||||
Servicing fees paid for recordkeeping and collection services | (1 | ) | (2 | ) | |||||||||||||
Decrease in subordinated notes payable | (97 | ) | (323 | ) | |||||||||||||
Settlement of accrued income taxes payable | (9 | ) | — | ||||||||||||||
Cash contribution from TCEH, net of cash held | 52 | 275 | |||||||||||||||
Capital distribution to TCEH upon termination of the program | (335 | ) | — | ||||||||||||||
Cash flows used under the program | $ | 82 | $ | 22 | |||||||||||||
Schedule of inventories by major category | Inventories by Major Category | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Materials and supplies | $ | 214 | $ | 216 | |||||||||||||
Fuel stock | 215 | 154 | |||||||||||||||
Natural gas in storage | 39 | 29 | |||||||||||||||
Total inventories | $ | 468 | $ | 399 | |||||||||||||
Summary of other investments | Other Investments | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Nuclear plant decommissioning trust | $ | 893 | $ | 791 | |||||||||||||
Assets related to employee benefit plans, including employee savings programs, net of distributions | 61 | 61 | |||||||||||||||
Land | 37 | 37 | |||||||||||||||
Miscellaneous other | 4 | 2 | |||||||||||||||
Total other investments | $ | 995 | $ | 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: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Cost (a) | Unrealized gain | Unrealized loss | Fair market | ||||||||||||||
value | |||||||||||||||||
Debt securities (b) | $ | 288 | $ | 13 | $ | — | $ | 301 | |||||||||
Equity securities (c) | 276 | 320 | (4 | ) | 592 | ||||||||||||
Total | $ | 564 | $ | 333 | $ | (4 | ) | $ | 893 | ||||||||
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 4.35% and 3.96% at December 31, 2014 and 2013, respectively, and an average maturity of 6 years at both December 31, 2014 and 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. | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Realized gains | $ | 11 | $ | 2 | $ | 1 | |||||||||||
Realized losses | $ | (2 | ) | $ | (4 | ) | $ | (2 | ) | ||||||||
Proceeds from sales of securities | $ | 314 | $ | 175 | $ | 106 | |||||||||||
Investments in securities | $ | (331 | ) | $ | (191 | ) | $ | (122 | ) | ||||||||
Schedule of property, plant and equipment | Property, Plant and Equipment | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Competitive Electric: | |||||||||||||||||
Generation and mining (Note 8) | $ | 15,468 | $ | 23,894 | |||||||||||||
Nuclear fuel (net of accumulated amortization of $1.237 billion and $1.096 billion) | 265 | 333 | |||||||||||||||
Other assets | 45 | 34 | |||||||||||||||
Corporate and Other | 220 | 225 | |||||||||||||||
Total | 15,998 | 24,486 | |||||||||||||||
Less accumulated depreciation | 4,065 | 7,056 | |||||||||||||||
Net of accumulated depreciation | 11,933 | 17,430 | |||||||||||||||
Construction work in progress: | |||||||||||||||||
Competitive Electric | 459 | 348 | |||||||||||||||
Corporate and Other | 5 | 13 | |||||||||||||||
Total construction work in progress | 464 | 361 | |||||||||||||||
Property, plant and equipment — net | $ | 12,397 | $ | 17,791 | |||||||||||||
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 consolidated balance sheets, for the years ended December 31, 2014 and 2013: | ||||||||||||||||
Nuclear Plant Decommissioning | Mining Land Reclamation | Other | Total | ||||||||||||||
Liability at January 1, 2013 | $ | 368 | $ | 135 | $ | 33 | $ | 536 | |||||||||
Additions: | |||||||||||||||||
Accretion | 22 | 30 | 3 | 55 | |||||||||||||
Incremental reclamation costs | — | 20 | — | 20 | |||||||||||||
Reductions: | |||||||||||||||||
Payments | — | (87 | ) | — | (87 | ) | |||||||||||
Liability at December 31, 2013 | $ | 390 | $ | 98 | $ | 36 | $ | 524 | |||||||||
Additions: | |||||||||||||||||
Accretion | 23 | 22 | 3 | 48 | |||||||||||||
Incremental reclamation costs (a) | — | 127 | — | 127 | |||||||||||||
Reductions: | |||||||||||||||||
Payments | — | (82 | ) | (3 | ) | (85 | ) | ||||||||||
Adjustment to estimate of reclamation costs | — | — | — | — | |||||||||||||
Liability at December 31, 2014 | 413 | 165 | 36 | 614 | |||||||||||||
Less amounts due currently | — | (54 | ) | — | (54 | ) | |||||||||||
Noncurrent liability at December 31, 2014 | $ | 413 | $ | 111 | $ | 36 | $ | 560 | |||||||||
____________ | |||||||||||||||||
(a) | |||||||||||||||||
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: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Uncertain tax positions, including accrued interest (Note 5) | $ | 74 | $ | 246 | |||||||||||||
Retirement plan and other employee benefits (a) | 243 | 1,057 | |||||||||||||||
Asset retirement and mining reclamation obligations | 560 | 440 | |||||||||||||||
Unfavorable purchase and sales contracts | 566 | 589 | |||||||||||||||
Nuclear decommissioning cost over-recovery (Note 19) | 479 | 400 | |||||||||||||||
Other | 155 | 30 | |||||||||||||||
Total other noncurrent liabilities and deferred credits | $ | 2,077 | $ | 2,762 | |||||||||||||
____________ | |||||||||||||||||
(a) | Includes $47 million and $838 million at December 31, 2014 and 2013, respectively, representing pension and OPEB liabilities related to Oncor (see Note 19). | ||||||||||||||||
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 | ||||||||||||||||
2015 | $ | 24 | |||||||||||||||
2016 | $ | 24 | |||||||||||||||
2017 | $ | 24 | |||||||||||||||
2018 | $ | 24 | |||||||||||||||
2019 | $ | 24 | |||||||||||||||
Schedule of fair value of debt | Fair Value of Debt | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Debt: | Carrying Amount | Fair | Carrying Amount | Fair | |||||||||||||
Value | Value | ||||||||||||||||
Borrowings under debtor-in-possession credit facilities (Note 11) | $ | 6,825 | $ | 6,830 | $ | — | $ | — | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise (Note 12) | $ | 35,857 | $ | 21,411 | $ | — | $ | — | |||||||||
Long-term debt, excluding capital lease obligations | $ | 123 | $ | 119 | $ | — | $ | — | |||||||||
Pre-petition notes, loans and other debt (excluding capital lease obligations) (Note 12) | $ | — | $ | — | $ | 40,200 | $ | 26,050 | |||||||||
Schedule of supplemental cash flow information | Supplemental Cash Flow Information | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cash payments related to: | |||||||||||||||||
Interest paid (a) | $ | 1,632 | $ | 3,388 | $ | 3,151 | |||||||||||
Capitalized interest | $ | (17 | ) | $ | (25 | ) | $ | (36 | ) | ||||||||
Interest paid (net of capitalized interest) (a) | $ | 1,615 | $ | 3,363 | $ | 3,115 | |||||||||||
Income taxes | $ | 55 | $ | 65 | $ | 71 | |||||||||||
Reorganization items (b) | $ | 146 | $ | — | $ | — | |||||||||||
Noncash investing and financing activities: | |||||||||||||||||
Principal amount of toggle notes issued in lieu of cash interest | $ | — | $ | 173 | $ | 235 | |||||||||||
Construction expenditures (c) | $ | 113 | $ | 46 | $ | 50 | |||||||||||
Debt exchange and extension transactions (d) | $ | (85 | ) | $ | (326 | ) | $ | 457 | |||||||||
Debt assumed related to acquired combustion turbine trust interest (Note 12) | $ | — | $ | (45 | ) | $ | — | ||||||||||
Capital leases | $ | — | $ | — | $ | 15 | |||||||||||
____________ | |||||||||||||||||
(a) | Net of amounts received under interest rate swap agreements. For the year ended December 31, 2014, this amount also includes amounts paid for adequate protection. | ||||||||||||||||
(b) | Represents cash payments for legal and other consulting services. | ||||||||||||||||
(c) | Represents end-of-period accruals. | ||||||||||||||||
(d) | For the year ended December 31, 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 11). For the year ended December 31, 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 (see Note 12). For the year ended December 31, 2012 represents $1.304 billion principal amount of EFIH debt issued in exchange for $1.761 billion principal amount of EFH Corp. debt. |
Business_And_Significant_Accou2
Business And Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2008 |
Reportable_segment | |||
Entity Information [Line Items] | |||
Derivative Positions Accounted For As Cash Flow Or Fair Value Hedges | $0 | $0 | |
Restricted cash (Note 21) | 901 | 0 | |
Business and Significant Accounting Policies | |||
Number of reportable segments (in reportable segments) | 2 | ||
Equity method investment, maximum ownership percentage for accounting treatment (as a percent) | 50.00% | ||
Oncor [Member] | |||
Business and Significant Accounting Policies | |||
Sale of equity ownership interest (as a percent) | 19.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Oncor [Member] | |||
Business and Significant Accounting Policies | |||
Equity method investment, ownership (as a percent) | 80.00% | ||
Amount Related To Texas Competitive Electric Holdings Company LLC Letter Of Credit Facility [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Entity Information [Line Items] | |||
Restricted cash (Note 21) | 551 | 0 | |
Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Entity Information [Line Items] | |||
Restricted cash (Note 21) | $901 |
Chapter_11_Cases_Details
Chapter 11 Cases (Details) (USD $) | 8 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | ||
Debtor Reorganization Items, Net Gain (Loss) on Rejection of Leases and Other Executory Contracts | ($20) | |
Subsequent Event [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Bankruptcy Claims, Amount of Claims under Review by Management | 10,000 | |
Bankruptcy Claims, Number of Claims Settled, Withdrawn or Expunged by Bankruptcy Court | 2,450 |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Sep. 30, 2008 | Apr. 29, 2014 |
Cash_commitments | ||||||
Variable Interest Entity [Line Items] | ||||||
Investment in unconsolidated subsidiary | $6,058 | $5,959 | $5,850 | |||
Distributions of earnings from unconsolidated subsidiaries | 202 | 213 | 147 | |||
Consolidated VIEs [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Public Utilities Number Of New Nuclear Generation Units In Development | 2 | |||||
Oncor Holdings [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Distributions of earnings from unconsolidated subsidiaries | 202 | 213 | 147 | |||
Eligible distributions after accounting for regulatory restrictions | 184 | |||||
Goodwill impairment charge removal | 860 | |||||
Number of cash commitments (in cash commitments) | 2 | |||||
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) | 58.80% | |||||
Regulatory capitalization, ratio of debt to equity, equity (as a percent) | 41.20% | |||||
Trade accounts and other receivables from affiliates | 118 | 135 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Oncor [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity method investment, ownership (as a percent) | 80.00% | |||||
Oncor Holdings [Member] | Oncor [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Percentage of equity method investment consolidated revenues related to services provided to entity (as a percent) | 25.00% | 27.00% | 29.00% | |||
Refunds to customers [Member] | Oncor Holdings [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash commitment refund to customers (before-tax) | 72 | |||||
Cash commitment refund to customers (after-tax) | 46 | |||||
Number of customer refunds (in customer refunds) | 1 | |||||
Commitment for additional energy efficiency initiatives [Member] | Oncor Holdings [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Total commitment for additional energy efficiency initiatives, period of time to spend funds | 5 years | |||||
Total commitment for additional energy efficiency initiatives | 100 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | Oncor Holdings [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Trade accounts and other receivables from affiliates | $109 |
Variable_Interest_Entities_Sch
Variable Interest Entities (Schedule of condensed statements of consolidated income of Oncor Holdings and its subsidiaries) (Details) (Oncor Holdings [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Oncor Holdings [Member] | |||
Variable Interest Entity [Line Items] | |||
Operating revenues | $3,822 | $3,552 | $3,328 |
Operation and maintenance expenses | -1,453 | -1,269 | -1,171 |
Depreciation and amortization | -851 | -814 | -771 |
Taxes other than income taxes | -438 | -424 | -415 |
Other income | 13 | 18 | 26 |
Other deductions | -15 | -15 | -64 |
Interest income | 3 | 4 | 24 |
Interest expense and related charges | -353 | -371 | -374 |
Income before income taxes | 728 | 681 | 583 |
Income tax expense | -289 | -259 | -243 |
Net income | 439 | 422 | 340 |
Net income attributable to noncontrolling interests | -90 | -87 | -70 |
Net income attributable to Oncor Holdings | $349 | $335 | $270 |
Variable_Interest_Entities_Sch1
Variable Interest Entities (Schedule of assets and liabilities of Oncor Holdings) (Details) (Oncor Holdings [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Oncor Holdings [Member] | ||
Current assets: | ||
Cash and cash equivalents | $5 | $28 |
Restricted cash | 56 | 52 |
Trade accounts receivable — net | 407 | 385 |
Trade accounts and other receivables from affiliates | 118 | 135 |
Income taxes receivable from EFH Corp. | 144 | 16 |
Inventories | 73 | 65 |
Accumulated deferred income taxes | 10 | 32 |
Prepayments and other current assets | 91 | 82 |
Total current assets | 904 | 795 |
Restricted cash | 16 | 16 |
Other investments | 97 | 91 |
Property, plant and equipment — net | 12,463 | 11,902 |
Goodwill | 4,064 | 4,064 |
Regulatory assets — net | 1,429 | 1,324 |
Other noncurrent assets | 67 | 71 |
Total assets | 19,040 | 18,263 |
Current liabilities: | ||
Short-term borrowings | 711 | 745 |
Long-term debt due currently | 639 | 131 |
Trade accounts payable — nonaffiliates | 202 | 178 |
Income taxes payable to EFH Corp. | 24 | 23 |
Accrued taxes other than income | 174 | 169 |
Accrued interest | 93 | 95 |
Other current liabilities | 156 | 135 |
Total current liabilities | 1,999 | 1,476 |
Accumulated deferred income taxes | 1,978 | 1,905 |
Long-term debt, less amounts due currently | 4,997 | 5,381 |
Other noncurrent liabilities and deferred credits | 2,245 | 1,822 |
Total liabilities | $11,219 | $10,584 |
Goodwill_And_Identifiable_Inta2
Goodwill And Identifiable Intangible Assets (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 01, 2014 | Dec. 01, 2013 |
Goodwill and Indentifiable Intangible Assets [Line Items] | |||||||||
Impairment of goodwill | $1,600 | $1,000 | $1,200 | ||||||
Discount rate applied to internally developed cash flow projections | 6.25% | 6.25% | 8.75% | ||||||
Competitive Electric [Member] | |||||||||
Goodwill and Indentifiable Intangible Assets [Line Items] | |||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | 0 | |||||||
Impairment of goodwill | $0 | $1,600 | $1,600 | $1,000 | $1,200 | $4,100 | $8,090 | ||
Reporting unit, percentage of fair value in excess of carrying amount | 47.00% | 17.00% | 43.00% |
Goodwill_And_Identifiable_Inta3
Goodwill And Identifiable Intangible Assets (Goodwill) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2008 | |||
Goodwill [Line Items] | ||||||||||
Balance, goodwill | $2,352 | $2,352 | $3,952 | |||||||
Additional noncash impairment charge | -1,600 | -1,000 | -1,200 | |||||||
Competitive Electric [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill before impairment charges | 18,342 | |||||||||
Accumulated noncash impairment charges | 15,990 | 15,990 | 14,390 | [1] | ||||||
Balance, goodwill | 2,352 | [2] | 2,352 | [2] | 3,952 | |||||
Additional noncash impairment charge | $0 | ($1,600) | ($1,600) | ($1,000) | ($1,200) | ($4,100) | ($8,090) | |||
[1] | Includes $1.0 billion, $1.2 billion and $4.1 billion recorded in 2013, 2012 and 2010, respectively, and $8.090 billion largely recorded in 2008. | |||||||||
[2] | Net of accumulated impairment charges totaling $15.99 billion. |
Goodwill_And_Identifiable_Inta4
Goodwill And Identifiable Intangible Assets (Identifiable Intangible Assets Reported in the Balance Sheet) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||
Gross Carrying Amount | $1,285,000,000 | $1,535,000,000 | |||
Accumulated Amortization | 932,000,000 | 822,000,000 | |||
Total identifiable intangible assets subject to amortization, net | 353,000,000 | 713,000,000 | |||
Identifiable intangible assets — net | 1,315,000,000 | 1,679,000,000 | |||
Trade Names [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | ||||
Gross Carrying Amount, Unamortized Intangibles | 955,000,000 | 955,000,000 | |||
Mineral interests (not currently subject to amortization) [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||
Gross Carrying Amount, Unamortized Intangibles | 7,000,000 | 11,000,000 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | 24,000,000 | [1] | |
Customer Relationships [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||
Gross Carrying Amount | 463,000,000 | 463,000,000 | |||
Accumulated Amortization | 425,000,000 | 402,000,000 | |||
Total identifiable intangible assets subject to amortization, net | 38,000,000 | 61,000,000 | |||
Favorable purchase and sales contracts [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||
Gross Carrying Amount | 169,000,000 | [2] | 352,000,000 | ||
Accumulated Amortization | 162,000,000 | [2] | 139,000,000 | ||
Total identifiable intangible assets subject to amortization, net | 7,000,000 | [2] | 213,000,000 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 183,000,000 | [1] | 0 | 0 | |
Computer Software, Intangible Asset [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||
Gross Carrying Amount | 362,000,000 | 355,000,000 | |||
Accumulated Amortization | 216,000,000 | 192,000,000 | |||
Total identifiable intangible assets subject to amortization, net | 146,000,000 | 163,000,000 | |||
Environmental allowances and credits [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||
Gross Carrying Amount | 141,000,000 | [2] | 209,000,000 | ||
Accumulated Amortization | 51,000,000 | [2] | 20,000,000 | ||
Total identifiable intangible assets subject to amortization, net | 90,000,000 | [2] | 189,000,000 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 80,000,000 | [1] | 0 | 0 | |
Mine Development [Member] | |||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||
Gross Carrying Amount | 150,000,000 | 156,000,000 | |||
Accumulated Amortization | 78,000,000 | 69,000,000 | |||
Total identifiable intangible assets subject to amortization, net | $72,000,000 | $87,000,000 | |||
[1] | Reported in Competitive Electric segment. | ||||
[2] | See discussion below regarding impairment charges recorded in 2014 related to favorable purchase and sales contracts and environmental allowances and credits. |
Goodwill_And_Identifiable_Inta5
Goodwill And Identifiable Intangible Assets (Amortization Expense Related to Intangible Assets (including income statement line item)) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization expense | $156 | [1] | $135 | [1] | $144 | [1] |
Depreciation and amortization [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization expense | 102 | 97 | 101 | |||
Retail customer relationship [Member] | Depreciation and amortization [Member] | Competitive Electric [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Useful life | 3 years | |||||
Amortization expense | 23 | 24 | 34 | |||
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] | ||||||
Useful life | 5 years | |||||
Amortization expense | 23 | 24 | 25 | |||
Capitalized in-service software [Member] | Depreciation and amortization [Member] | Competitive Electric and Corporate and Other [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Useful life | 3 years | |||||
Amortization expense | 45 | 42 | 40 | |||
Environmental allowances and credits [Member] | Fuel, purchased power costs and delivery fees [Member] | Competitive Electric [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Useful life | 23 years | |||||
Amortization expense | 31 | 14 | 18 | |||
Mining development costs [Member] | Depreciation and amortization [Member] | Competitive Electric [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Useful life | 3 years | |||||
Amortization expense | $34 | $31 | $27 | |||
[1] | Amounts recorded in depreciation and amortization totaled $102 million, $97 million and $101 million in 2014, 2013 and 2012, respectively. |
Goodwill_And_Identifiable_Inta6
Goodwill And Identifiable Intangible Assets (Estimated Amortization of Intangible Assets) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Future Amortization Expense | |
2015 | $95 |
2016 | 77 |
2017 | 58 |
2018 | 35 |
2019 | $18 |
Accounting_For_Uncertainty_In_2
Accounting For Uncertainty In Income Taxes (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2014 | Oct. 31, 2014 | Mar. 31, 2013 | 31-May-13 |
Income Tax Contingency [Line Items] | |||||||||
Income Tax Expense Recorded In Current Year Related To Previous Year | $90 | ||||||||
Income tax benefit (expense) | -2,619 | -1,271 | -1,232 | ||||||
Accumulated deferred income taxes (Note 6) | 713 | 713 | 3,433 | 3,433 | |||||
Accumulated deferred income taxes | 135 | 135 | 0 | 0 | |||||
Accrued taxes | 157 | 157 | 178 | 178 | |||||
Unrecognized tax benefits, interest and penalties | 3 | 132 | |||||||
Unrecognized tax benefits, accrued interest | 9 | 9 | 15 | 15 | |||||
Unrecognized tax benefits, due to timing of recognition in tax returns | 4 | 4 | |||||||
Unrecognized tax benefits, possible reduction in recorded tax liability, if company sustains positions on income tax returns previously filed | 61 | 61 | |||||||
Unrecognized tax benefits, possible reversal of accrued interest, after-tax benefit, resulting from reduction in tax liability if Company sustains positions on income tax returns previously filed | 6 | 6 | |||||||
Corporate and Other [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | -280 | -477 | -278 | ||||||
Competitive Electric [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | -2,339 | -794 | -954 | ||||||
Internal Revenue Service (IRS) [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Uncertain Tax Positions, Amount To Be Reclassified To Accumulated Deferred Tax Liability During Next 12 Months | 20 | 20 | |||||||
Internal Revenue Service (IRS) [Member] | Repair And Maintenance Costs [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | 6 | ||||||||
Uncertain Tax Liability Reclassified To Accumulated Deferred Income Tax Liability | 159 | ||||||||
Internal Revenue Service (IRS) [Member] | Tax Year 1997 [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 58 | ||||||||
Income Tax Examination, Reclassification to Accumulated Deferred Income Tax Liability | 19 | ||||||||
Income tax benefit (expense) | 39 | ||||||||
Internal Revenue Service (IRS) [Member] | Tax Year 1997 [Member] | Corporate and Other [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | 24 | ||||||||
Internal Revenue Service (IRS) [Member] | Tax Year 1997 [Member] | Competitive Electric [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | 15 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 166 | ||||||||
Increase (Decrease) in Income Taxes Payable | 50 | ||||||||
Increase (Decrease) In Accrued Income Taxes Payable Related to Interest | 18 | ||||||||
Income Tax Examination, Reclassification to Accumulated Deferred Income Tax Liability | 52 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 2003 Through 2006 [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 116 | 922 | |||||||
Income Tax Examination, Reclassification to Accumulated Deferred Income Tax Liability | 120 | ||||||||
Income tax benefit (expense) | 4 | ||||||||
Income tax examination, estimated reversal of accrued interest from examination, before tax | 173 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 2003 Through 2006 [Member] | Corporate and Other [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | 7 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 2003 Through 2006 [Member] | Competitive Electric [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | 11 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 1997 Through 2002 [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 676 | ||||||||
Income tax examination, estimated reversal of accrued interest from examination, before tax | 15 | ||||||||
Accumulated deferred income taxes (Note 6) | 13 | ||||||||
Accumulated deferred income taxes | 8 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 1997 Through 2002 [Member] | Oncor [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income taxes receivable — net | 33 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income Tax Examination, Reclassification to Accumulated Deferred Income Tax Liability | 1,193 | ||||||||
Income tax benefit (expense) | 305 | ||||||||
Income tax examination, estimated reversal of accrued interest from examination, net of tax | 122 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Corporate and Other [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | 226 | ||||||||
Internal Revenue Service (IRS) [Member] | Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Competitive Electric [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income tax benefit (expense) | 79 | ||||||||
State and Local Jurisdiction [Member] | Audit Years 1997 Through 2002 [Member] | Oncor [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Accrued taxes | 15 | ||||||||
Oncor [Member] | Internal Revenue Service (IRS) [Member] | Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Increase in Tax Payable to Affiliate | $64 |
Accounting_For_Uncertainty_In_3
Accounting For Uncertainty In Income Taxes (Summary of Uncertain Tax Positions, Reported in Other Noncurrent Liabilities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, excluding interest and penalties | $231 | $1,788 | $1,779 |
Additions based on tax positions related to prior years | 61 | 655 | 19 |
Reductions based on tax positions related to prior years | -205 | -1,817 | -33 |
Additions based on tax positions related to the current year | 0 | 16 | 23 |
Reductions based on tax positions related to the current year | 0 | -4 | 0 |
Settlements with taxing authorities | -22 | -407 | 0 |
Balance at December 31, excluding interest and penalties | $65 | $231 | $1,788 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ||
Alternative minimum tax credit carryforwards | $124 | $22 |
Net deferred tax asset related to accumulated other comprehensive income | 71 | 34 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Amount | $2,920 |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
US Federal | ($126) | ($283) | ($19) |
State | 25 | 40 | 39 |
Total current | -101 | -243 | 20 |
Deferred: | |||
US Federal | -2,507 | -1,027 | -1,233 |
State | -11 | -1 | -19 |
Total deferred | -2,518 | -1,028 | -1,252 |
Income tax benefit | ($2,619) | ($1,271) | ($1,232) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Taxes Computed at the US Federal Statutory Rate to Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | ($9,374) | ($3,931) | ($4,862) |
US federal statutory rate | 35.00% | 35.00% | 35.00% |
Income taxes at the US federal statutory rate of 35% | -3,281 | -1,376 | -1,702 |
Nondeductible goodwill impairment | 560 | 350 | 420 |
Impairment of joint venture assets attributable to noncontrolling interests | 0 | 37 | 0 |
Resolution of audit matters | 7 | -305 | 0 |
Texas margin tax, net of federal benefit | 11 | 10 | 12 |
Interest accrued for uncertain tax positions, net of tax | 0 | -16 | 16 |
Nondeductible interest expense | 22 | 23 | 22 |
Lignite depletion allowance | -14 | -12 | -19 |
Nondeductible debt restructuring costs | 78 | 6 | 0 |
Other | -2 | 12 | 19 |
Income tax benefit | ($2,619) | ($1,271) | ($1,232) |
Effective tax rate | 27.90% | 32.30% | 25.30% |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Tax Balances) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred Income Tax Assets | ||
Alternative minimum tax credit carryforwards | $124 | $22 |
Alternative minimum tax credit carryforwards, Current | 0 | 0 |
Alternative minimum tax credit carryforwards, Noncurrent | 124 | 22 |
Employee benefit obligations | 143 | 129 |
Employee benefit obligations, Current | 8 | 13 |
Employee benefit obligations, Noncurrent | 135 | 116 |
Net operating loss (NOL) carryforwards | 1,022 | 160 |
Net operating loss (NOL) carryforwards, Current | 0 | 0 |
Net operating loss (NOL) carryforwards, Noncurrent | 1,022 | 160 |
Unfavorable purchase and sales contracts | 202 | 210 |
Unfavorable purchase and sales contracts, Current | 0 | 0 |
Unfavorable purchase and sales contracts, Noncurrent | 202 | 210 |
Commodity contracts and interest rate swaps | 6 | 212 |
Commodity contracts and interest rate swaps, Current | 0 | 192 |
Commodity contracts and interest rate swaps, Noncurrent | 6 | 20 |
Debt extinguishment gains | 879 | 815 |
Debt extinguishment gains, Current | 0 | 0 |
Debt extinguishment gains, Noncurrent | 879 | 815 |
Deferred Tax Assets, Accrued Interest | 0 | 239 |
Deferred Tax Assets, Accrued Interest, Current | 0 | 0 |
Deferred Tax Assets, Accrued Interest, Noncurrent | 0 | 239 |
Other | 85 | 97 |
Other, Current | 2 | 1 |
Other, Noncurrent | 83 | 96 |
Total | 2,461 | 1,884 |
Total, Current | 10 | 206 |
Total, Noncurrent | 2,451 | 1,678 |
Deferred Income Tax Liabilities | ||
Property, plant and equipment | 2,422 | 4,292 |
Property, plant and equipment, Current | 0 | 0 |
Property, plant and equipment, Noncurrent | 2,422 | 4,292 |
Commodity contracts and interest rate swaps | 44 | 0 |
Commodity contracts and interest rate swaps, Current | 44 | 0 |
Commodity contracts and interest rate swaps, Noncurrent | 0 | 0 |
Identifiable intangible assets | 355 | 490 |
Identifiable intangible assets, Current | 0 | 0 |
Identifiable intangible assets, Noncurrent | 355 | 490 |
Debt fair value discounts | 342 | 329 |
Debt fair value discounts, Current | 0 | 0 |
Debt fair value discounts, Noncurrent | 342 | 329 |
Debt extinguishment gains | 101 | 101 |
Debt extinguishment gains, Current | 101 | 101 |
Debt extinguishment gains, Noncurrent | 0 | 0 |
Deferred Tax Liability, Accrued Interest | 45 | 0 |
Deferred Tax Liability, Accrued Interest, Current | 0 | 0 |
Deferred Tax Liability, Accrued Interest, Noncurrent | 45 | 0 |
Other | 0 | 0 |
Other, Current | 0 | 0 |
Other, Noncurrent | 0 | 0 |
Total | 3,309 | 5,212 |
Total, Current | 145 | 101 |
Total, Noncurrent | 3,164 | 5,111 |
Net Accumulated Deferred Income Tax Liability | 848 | 3,328 |
Deferred Tax Liabilities, Net, Current | 135 | 0 |
Deferred Tax Assets, Net, Current | 0 | -105 |
Net Deferred Income Tax Liability, Noncurrent | $713 | $3,433 |
Other_Income_and_Deductions_Ot
Other Income and Deductions Other Income and Expenses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Other income: | |||||||
Office space rental income | $11 | [1] | $11 | [1] | $12 | [1] | |
Mineral rights royalty revenue | 4 | [2] | 5 | [2] | 4 | [2] | |
Consent fee related to novation of hedge positions between counterparties | 0 | 0 | 6 | [2] | |||
All other | 16 | 10 | 8 | ||||
Total other income | 31 | 26 | 30 | ||||
Other deductions: | |||||||
Impairment of remaining equipment from cancelled generation development program | 0 | 27 | [2] | 35 | [2] | ||
Charges related to pension plan actions | 0 | 0 | -285 | ||||
Ongoing pension and OPEB expense related to discontinued businesses | 0 | 0 | 10 | [1] | |||
All other | 13 | 26 | 26 | ||||
Total other deductions | 276 | 53 | 380 | ||||
Pension Plan [Member] | |||||||
Other deductions: | |||||||
Charges related to pension plan actions | 285 | 0 | 0 | 285 | [3] | ||
Mineral interests (not currently subject to amortization) [Member] | |||||||
Other deductions: | |||||||
Impairment of Intangible Assets | 0 | 0 | 24 | [2] | |||
Environmental allowances and credits [Member] | |||||||
Other deductions: | |||||||
Impairment of Intangible Assets | 80 | [2] | 0 | 0 | |||
Favorable purchase and sales contracts [Member] | |||||||
Other deductions: | |||||||
Impairment of Intangible Assets | 183 | [2] | 0 | 0 | |||
Competitive Electric [Member] | Pension Plan [Member] | |||||||
Other deductions: | |||||||
Charges related to pension plan actions | 141 | [3] | |||||
Corporate and Other [Member] | Pension Plan [Member] | |||||||
Other deductions: | |||||||
Charges related to pension plan actions | $144 | [3] | |||||
[1] | Reported in Corporate and Other. | ||||||
[2] | Reported in Competitive Electric segment. | ||||||
[3] | Includes $141 million reported in Competitive Electric segment and $144 million reported in Corporate and Other. |
Impairment_of_LongLived_Assets1
Impairment of Long-Lived Assets (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets held for use | $4,670 | $140 | $0 | |
Write-Off Of Deferred Costs Related To Cancelled Mining Projects | 30 | |||
Consolidated VIEs [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Public Utilities Number Of New Nuclear Generation Units In Development | 2 | |||
Impairment of Assets of Generation Development Joint Venture, Including Amounts Attributable to Noncontrolling Interests | 140 | |||
Consolidated VIEs [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment Of Assets Of Generation Development Joint Venture, Amounts Attributable To Parent | 33 | |||
Consolidated VIEs [Member] | Mitsubishi Heavy Industries Ltd. [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment Of Assets Of Nuclear Generation Development Joint Venture, Amounts Attributable To Noncontrolling Interests | 107 | |||
Martin Lake Steam Electric Station [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets held for use | 2,042 | |||
Monticello Steam Electric Station [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets held for use | 1,499 | |||
Sandow 5 Steam Electric Station [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets held for use | $1,099 |
Reorganization_Items_Reorganiz2
Reorganization Items (Reorganization Items) (Details) (USD $) | 8 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reorganization Items [Abstract] | ||||
Liability adjustment arising from termination of interest rate swaps | $278 | $278 | $0 | $0 |
Fees associated with completion of TCEH and EFIH DIP Facilities | 187 | 187 | 0 | 0 |
Loss on exchange and settlement of EFIH First Lien Notes | 108 | 108 | 0 | 0 |
Expenses related to legal advisory and representation services | 127 | |||
Expenses related to other professional consulting and advisory services | 95 | |||
Contract claims adjustments and other | 20 | |||
Total reorganization items | $815 | $815 | $0 | $0 |
Interest_Expense_and_Related_C2
Interest Expense and Related Charges (Interest Expense and Related Charges) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Interest Expense and Related Charges [Line Items] | ||||||
Interest paid/accrued on debtor-in-possession financing | $162 | $0 | $0 | |||
Adequate protection amounts paid/accrued | 827 | [1] | 0 | 0 | ||
Interest paid/accrued on pre-petition debt (including net amounts paid/accrued under interest rate swaps) | 1,158 | [2] | 3,376 | [2] | 3,269 | [2] |
Accrued interest to be paid with additional toggle notes | 65 | 176 | 209 | |||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | 1,237 | [3] | 0 | 0 | ||
Unrealized mark-to-market net gain on interest rate swaps | -1,303 | -1,058 | -172 | |||
Amortization of interest rate swap losses at dedesignation of hedge accounting | -1 | 7 | 8 | |||
Amortization of fair value debt discounts resulting from purchase accounting | 7 | 20 | 44 | |||
Amortization of debt issuance, amendment and extension costs and discounts | 66 | 208 | 186 | |||
Capitalized interest | -17 | -25 | -36 | |||
Interest expense and related charges | 2,201 | 2,704 | 3,508 | |||
Liabilities Subject To Compromise, Debt | 35,124 | |||||
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | 0 | 40,252 | ||||
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,235 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Liabilities Subject To Compromise, Debt | 31,474 | |||||
Parent Company [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | 12 | 0 | 0 | |||
Amortization of debt issuance, amendment and extension costs and discounts | 12 | 36 | 48 | |||
Interest expense and related charges | 83 | 411 | 1,115 | |||
Liabilities Subject To Compromise, Debt | 529 | |||||
Energy Future Intermediate Holding CO LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Liabilities Subject To Compromise, Debt | 3,846 | |||||
Interest Rate Swap [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 194 | 625 | 675 | |||
Interest Rate Swap [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | -1,225 | |||||
Gain (Loss) On Derivative Instruments, Net, Pretax, Representing Matured Positions Not Settled In Cash During the Period | 127 | |||||
Interest Rate Swap [Member] | Parent Company [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | -12 | |||||
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 | |||||
Senior Secured Second Lien 11.75% Notes due March 1, 2022 [Member] | Secured Debt [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Liabilities Subject To Compromise, Debt | $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% | |||||
Adequate Protection Paid Or Accrued, Basis Spread on Variable Rate | 4.50% | |||||
[1] | Post-petition period only. | |||||
[2] | Includes amounts related to interest rate swaps totaling $194 million, $625 million and $675 million for the years ended December 31, 2014, 2013 and 2012, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps | |||||
[3] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 16) 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 $) | 8 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | |
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | $1,760 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 787 | |
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 | 919 | |
Adequate Protection Interest Paid-Accrued, Amount Excluded Related To Terminated Natural Gas Hedging Positions And Interest Rate Swaps | 40 | |
Parent Company [Member] | ||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 84 | |
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 | 84 | |
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 | 363 | |
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 | 309 | |
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 | 4 | |
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 | 4 | |
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 | 1,392 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 787 | |
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 | 605 | |
Consolidation, Eliminations [Member] | ||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | -83 | [2] |
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 | ($83) | [2] |
[1] | Interest on EFIH First Lien Notes exchanged and settled in June 2014 | |
[2] | Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as liabilities subject to compromise. |
DebtorInPossession_Borrowing_F2
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (TCEH Debtor-In-Possession Facility) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Line of Credit Facility [Line Items] | |||
Borrowings under debtor-in-possession credit facilities (Note 11) | $6,825,000,000 | $0 | |
Texas Competitive Electric Holdings Company LLC [Member] | |||
Line of Credit Facility [Line Items] | |||
Consolidated Superpriority Secured Net Debt to Consolidated EBITDA Covenant Threshold | 3.5 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Railroad Commission of Texas [Member] | |||
Line of Credit Facility [Line Items] | |||
Collateral Bond, Securing Mining Land Reclamation Obligations, Secured By First Lien Interest In Assets | 1,100,000,000 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-in-Possession Financing, Amount Arranged | 3,375,000,000 | ||
Debtor-In-Possession Financing, Unused Cash Borrowings | 1,950,000,000 | ||
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | 450,000,000 | ||
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% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-in-Possession Financing, Amount Arranged | 1,950,000,000 | [1] | |
Debtor-In-Possession Financing, Unused Cash Borrowings | 1,950,000,000 | [1] | |
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | 0 | [1] | |
Borrowings under debtor-in-possession credit facilities (Note 11) | 0 | ||
Debtor-In-Possession Financing, Maximum Borrowings Allowed Without Consent Or Bankruptcy Court Order | 1,650,000,000 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-in-Possession Financing, Amount Arranged | 1,425,000,000 | [2] | |
Debtor-In-Possession Financing, Unused Cash Borrowings | 0 | [2] | |
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | 450,000,000 | [2] | |
Borrowings under debtor-in-possession credit facilities (Note 11) | 1,425,000,000 | ||
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 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | Cash and Cash Equivalents [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-In-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 450,000,000 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | Restricted Cash [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-In-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 350,000,000 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Delayed Draw Term Loan Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-In-Possession Financing, Amount Terminated | $1,100,000,000 | ||
[1] | Facility used for general corporate purposes. No amounts were borrowed at December 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 TCEH 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 and Long-Term Debt Not Subject to Compromise (EFIH First-Lien Debtor-In-Possession Facility) (Details) (USD $) | 8 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Jun. 30, 2014 | |
Line of Credit Facility [Line Items] | ||||||
Debtor Reorganization Items, Gain (Loss) On Exchange And Settlement Of Debt Instruments | $108,000,000 | $108,000,000 | $0 | $0 | ||
Borrowings under debtor-in-possession credit facilities (Note 11) | 6,825,000,000 | 6,825,000,000 | 0 | |||
Secured Debt [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,058,000,000 | |||||
Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debtor-In-Possession Financing, Extension Fee, Twenty-Fifth Through Thirtieth Month | 0.25% | |||||
Debtor-In-Possession Financing, Incremental Junior Lien Debt Allowed, Maximum | 3,000,000,000 | |||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | First-Lien Debtor-in-Possession Facility [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 | |||||
Debtor-In-Possession Financing, Borrowings Used to Repay Pre-Petition Debt | 2,438,000,000 | |||||
Debtor-In-Possession Financing, Borrowings Issued And Held As Cash | 1,038,000,000 | |||||
Debtor Reorganization Items, Gain (Loss) On Exchange And Settlement Of Debt Instruments | 108,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||
Borrowings under debtor-in-possession credit facilities (Note 11) | 5,400,000,000 | 5,400,000,000 | ||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 4.25% | 4.25% | ||||
Debtor In Possession Financing, Liquidity Covenant, Unrestricted Cash Balance, Minimum | 150,000,000 | 150,000,000 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Secured Debt [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,673,000,000 | |||||
Principal Amount Of Affiliate Debt Repurchased | 2,312,000,000 | |||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [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] | Secured Debt [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Increase, Accrued Interest | 78,000,000 | |||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Debtor-in-Possession Financing, First Lien Debt Facility Agreement [Member] | First-Lien Debtor-in-Possession Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
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% | |||||
Non-Settling Holders Of EFIH First Lien Notes [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] | Secured Debt [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Increase, Accrued Interest | $128,000,000 |
DebtorInPossession_Borrowing_F4
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Long-Term Debt Not Subject to Compromise) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Other Liabilities, Current | $399 | [1] | $326 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 167 | ||
Debt Due Currently [Member] | |||
Debt Instrument [Line Items] | |||
Other Liabilities, Current | 39 | ||
Building Financing [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 40 | ||
Unamortized Fair Value Premium [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 7 | ||
Debt Approved By Bankruptcy Court For Payment [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 50 | ||
Unamortized Fair Value Discount [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 3 | ||
Fixed Secured Facility Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 29 | ||
Unamortized Discount [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 2 | ||
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 44 | ||
Coal Purchase and Transportation Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $2 | ||
[1] | Balance at December 31, 2014 includes $39 million of current portion of debt |
Liabilities_Subject_to_Comprom2
Liabilities Subject to Compromise (Liabilities Subject to Compromise) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liabilities Subject to Compromise [Abstract] | ||
Liabilities Subject To Compromise, Debt | $35,124 | |
Accrued interest on notes, loans and other debt | 804 | |
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,235 | |
Trade accounts payable and accrued liabilities | 269 | |
Total liabilities subject to compromise | $37,432 | $0 |
Liabilities_Subject_to_Comprom3
Liabilities Subject to Compromise (Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | ||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | $35,124 | ||||
Repayments of Debt and Capital Lease Obligations | 241 | ||||
Consolidation, Eliminations [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 1,664 | ||||
Long-term debt, gross | 1,664 | ||||
Deferred Debt Issuance And Extension Costs [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | -733 | [1] | |||
Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 529 | ||||
Unamortized fair value premium (discount) | -121 | [2] | |||
Debt and capital lease obligations | 581 | ||||
Parent Company [Member] | 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, gross | 2 | ||||
Stated interest rate (as a percent) | 9.75% | ||||
Parent Company [Member] | 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, gross | 3 | ||||
Stated interest rate (as a percent) | 10.00% | ||||
Parent Company [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, gross | 33 | ||||
Stated interest rate (as a percent) | 10.88% | ||||
Parent Company [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, gross | 27 | ||||
Parent Company [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, gross | 90 | [3] | |||
Stated interest rate (as a percent) | 5.55% | [3] | |||
Parent Company [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, gross | 281 | ||||
Parent Company [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, gross | 201 | [3] | |||
Stated interest rate (as a percent) | 6.50% | [3] | |||
Parent Company [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, gross | 545 | ||||
Parent Company [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, gross | 291 | [3] | |||
Stated interest rate (as a percent) | 6.55% | [3] | |||
Parent Company [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, gross | 456 | ||||
Parent Company [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 | ||||
Long-term debt, gross | 46 | [4] | |||
Unamortized fair value premium (discount) | -9 | [2],[4] | |||
Stated interest rate (as a percent) | 8.82% | [4] | |||
Parent Company [Member] | Unamortized Fair Value Discount [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 118 | ||||
Energy Future Intermediate Holding CO LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 3,846 | ||||
Unamortized premium | 284 | ||||
Unamortized discount | -146 | ||||
Debt and capital lease obligations | 7,847 | ||||
Energy Future Intermediate Holding CO LLC [Member] | 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, gross | 2 | ||||
Stated interest rate (as a percent) | 9.75% | ||||
Energy Future Intermediate Holding CO LLC [Member] | 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, gross | 503 | ||||
Stated interest rate (as a percent) | 6.88% | [5] | |||
Energy Future Intermediate Holding CO LLC [Member] | 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, gross | 3,482 | ||||
Stated interest rate (as a percent) | 10.00% | [5] | |||
Energy Future Intermediate Holding CO LLC [Member] | 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, gross | 406 | ||||
Stated interest rate (as a percent) | 11.00% | ||||
Energy Future Intermediate Holding CO LLC [Member] | 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, gross | 1,750 | ||||
Stated interest rate (as a percent) | 11.75% | ||||
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 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, gross | 1,566 | ||||
Energy Future Competitive Holdings Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 8 | ||||
Unamortized fair value premium (discount) | -6 | [2] | |||
Debt and capital lease obligations | 66 | ||||
Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | 9.58% Fixed Notes due in annual installments through December 4, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 0 | ||||
Long-term debt, gross | 29 | ||||
Stated interest rate (as a percent) | 9.58% | [4] | |||
Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | 8.254% Fixed Notes due in quarterly installments through December 31, 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 0 | ||||
Long-term debt, gross | 34 | ||||
Stated interest rate (as a percent) | 8.25% | [4] | |||
Energy Future Competitive Holdings Company [Member] | Unamortized Fair Value Discount [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | -1 | ||||
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, gross | 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, gross | 8 | ||||
Stated interest rate (as a percent) | 8.18% | ||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 31,474 | ||||
Unamortized discount | -103 | ||||
Capital lease obligations | 52 | ||||
Other | 3 | ||||
Debt and capital lease obligations | 31,758 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 204 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | Trinity River Authority of Texas [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 103 | [2] | |||
Unamortized fair value premium (discount) | -105 | [2] | |||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 1,571 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | 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, gross | 1,750 | ||||
Stated interest rate (as a percent) | 11.50% | ||||
Texas Competitive Electric Holdings Company LLC [Member] | 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, gross | 336 | ||||
Stated interest rate (as a percent) | 15.00% | ||||
Texas Competitive Electric Holdings Company LLC [Member] | 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, gross | 1,235 | ||||
Stated interest rate (as a percent) | 15.00% | ||||
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] | Fixed Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 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, gross | 1,833 | [3] | |||
Stated interest rate (as a percent) | 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, gross | 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, gross | 1,292 | [3] | |||
Stated interest rate (as a percent) | 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, gross | 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, gross | 1,749 | ||||
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] | TCEH Term Loan Facilities maturing October 10, 2014 [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 3,809 | ||||
Long-term debt, gross | 3,809 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 15,691 | [3] | |||
Long-term debt, gross | 15,691 | [3] | |||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 19 | ||||
Long-term debt, gross | 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, gross | 42 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | TCEH Letter of Credit Facility maturing October 10, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 1,020 | ||||
Long-term debt, gross | 1,020 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Commodity Collateral Posting Facility [Member] | Commodity Collateral Posting Facility maturing December 31, 2012 [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 2,054 | ||||
Long-term debt, gross | 2,054 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | Sabine River Authority of Texas [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | |||||
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, gross | 39 | ||||
Stated interest rate (as a percent) | 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, gross | 111 | ||||
Stated interest rate (as a percent) | 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, gross | 50 | ||||
Stated interest rate (as a percent) | 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, gross | 71 | ||||
Stated interest rate (as a percent) | 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, gross | 171 | ||||
Stated interest rate (as a percent) | 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, gross | 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 | 0 | [6] | |||
Long-term debt, gross | 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, gross | 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, gross | 39 | ||||
Stated interest rate (as a percent) | 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, gross | 52 | ||||
Stated interest rate (as a percent) | 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, gross | 31 | ||||
Stated interest rate (as a percent) | 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, gross | 100 | ||||
Stated interest rate (as a percent) | 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, gross | 51 | ||||
Stated interest rate (as a percent) | 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, gross | 70 | ||||
Stated interest rate (as a percent) | 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, gross | 12 | ||||
Stated interest rate (as a percent) | 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, gross | 45 | ||||
Stated interest rate (as a percent) | 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, gross | 14 | ||||
Stated interest rate (as a percent) | 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 | [4] | |||
Long-term debt, gross | 36 | ||||
Stated interest rate (as a percent) | 7.48% | [4] | |||
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 | [4] | |||
Long-term debt, gross | 4 | ||||
Stated interest rate (as a percent) | 7.46% | [4] | |||
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 | 1 | ||||
Minimum [Member] | Parent Company [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate (as a percent) | 11.25% | ||||
Minimum [Member] | 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] | |||||
Effective interest rate (as a percent) | 11.25% | ||||
Minimum [Member] | 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] | |||||
Effective interest rate (as a percent) | 10.50% | ||||
Maximum [Member] | Parent Company [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Effective interest rate (as a percent) | 12.00% | ||||
Maximum [Member] | 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] | |||||
Effective interest rate (as a percent) | 12.25% | ||||
Maximum [Member] | 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] | |||||
Effective interest rate (as a percent) | 11.25% | ||||
Subsequent Event [Member] | Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 322 | ||||
Subsequent Event [Member] | Energy Future Intermediate Holding CO LLC [Member] | 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 | $1,388 | ||||
[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. December 31, 2014 2013EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014281 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] | Represents pre-petition debt not subject to compromise classified as debt in the consolidated balance sheet at December 31, 2014. See notes (a) and (b) to the consolidated balance sheets. | ||||
[5] | The EFIH First Lien Notes were exchanged or settled in June 2014 | ||||
[6] | These bonds were tendered and settled through letter of credit draws. |
Liabilities_Subject_to_Comprom4
Liabilities Subject to Compromise (Repayment of EFIH Second Lien Notes) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 |
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | $233 | $93 | |
Liabilities Subject To Compromise, Debt | 35,124 | ||
Energy Future Intermediate Holding CO LLC [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 3,846 | ||
Energy Future Intermediate Holding CO LLC [Member] | 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 | ||
Energy Future Intermediate Holding CO LLC [Member] | 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 | ||
Subsequent Event [Member] | Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt | 735 | ||
Debt Repurchase Fees And Expenses | 15 | ||
Consent Fee Related To Novation of Hedge Positions Between Counterparties, Nonoperating | 97.00% | ||
Consent Fee Related To Debt Repurchase Transaction | 13 | ||
Subsequent Event [Member] | Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 322 | ||
Subsequent Event [Member] | Energy Future Intermediate Holding CO LLC [Member] | 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 | $1,388 |
Liabilities_Subject_to_Comprom5
Liabilities Subject to Compromise (Debt Related Activity in 2014) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||||
Repayments of Debt and Capital Lease Obligations | $241 | ||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 2,546 | 105 | 41 | ||
Repayments of Long-term Capital Lease Obligations | 8 | 12 | |||
Repayments of Long-term Debt | 233 | 93 | |||
Restricted cash (Note 21) | 901 | 0 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 204 | 60 | |||
Repayments of Debt | 204 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 11 | 17 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of Credit Drawn By Nonaffiliated Counterparties | 245 | ||||
Restricted cash (Note 21) | 551 | ||||
Restricted Cash, Amount supported in letters of credit outstanding | 184 | ||||
Restricted Cash, Amount Supported in Letters of Credit No Longer Available | 367 | ||||
Letters Of Credit Issued To Affiliated Party | 157 | ||||
Letters Of Credit Drawn By Affiliated Party | 150 | ||||
Letters of Credit Issued To Affiliated Party Remaining At Expiration Date | $7 |
Liabilities_Subject_to_Comprom6
Liabilities Subject to Compromise (Debt Related Activity in 2013) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Jan. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2012 | Apr. 30, 2013 |
Debt Instrument [Line Items] | |||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | $1,904 | ||||||||
Debt Issuance Fee Paid By Issuance Of Debt | 340 | ||||||||
Repurchases of long-term debt | 2,546 | 105 | 41 | ||||||
Repayments of principal at scheduled maturity dates | 233 | 93 | |||||||
Repayments of contractual payments under capitalized lease obligations | 8 | 12 | |||||||
Owner participant Interest Acquired, Cash | 0 | -40 | 0 | ||||||
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | 0 | 40,252 | |||||||
Debt Instrument Principal Amount Of Subsidiaries Still Held By Affiliate | 1,361 | ||||||||
Deferred Tax Assets, Deferred Income Gain (Loss) Relating to Membership Interests Transactions | -21 | ||||||||
Taxable cancellation of debt income | 11 | ||||||||
10.875% Fixed Senior Notes due November 1, 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 1,715 | ||||||||
Toggle Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 3,474 | ||||||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,058 | ||||||||
Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 1,235 | ||||||||
Senior Notes [Member] | 10% Senior Secured notes due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 1,058 | ||||||||
Senior Notes [Member] | 9.75% Secured notes due 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 113 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Senior Secured notes due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 1,302 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 9.75% Secured notes due 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 139 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 253 | 250 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/12.25% Senior Toggle notes due 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 89 | ||||||||
Long Term Debt Issued, Principal Amount, PIK Interest Election | 173 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Oncor Holdings [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Pledged ownership membership interest as a percentage | 100.00% | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Related Party Transactions, Returned Debt as Dividend [Member] | Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 6,360 | ||||||||
Parent Company [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,310 | ||||||||
Parent Company [Member] | Secured Debt [Member] | 9.75% Secured notes due 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 113 | ||||||||
Parent Company [Member] | Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | 60 | ||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 95 | 1,761 | |||||||
Parent Company [Member] | Senior Notes [Member] | 10.875% Senior notes due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 31 | ||||||||
Parent Company [Member] | Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 33 | ||||||||
Parent Company [Member] | Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 2 | ||||||||
Parent Company [Member] | Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 29 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Owner participant Interest Acquired, Cash | 40 | ||||||||
Combustion Turbine Asset Acquired, Fair Value | 83 | ||||||||
Deferred Lease Liability and and Unamortized Lease Valuation Reserve | 18 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchases of long-term debt | 204 | 60 | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchases of long-term debt | $11 | $17 |
Liabilities_Subject_to_Comprom7
Liabilities Subject to Compromise (Information Regarding Other Significant Outstanding Debt) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Apr. 30, 2014 | Dec. 31, 2014 | Aug. 31, 2012 | Feb. 29, 2012 | Oct. 31, 2012 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | |||||||||
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | $40,252 | $0 | |||||||
Liabilities Subject To Compromise, Debt | 35,124 | ||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 1,904 | ||||||||
Consolidation, Eliminations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 1,664 | ||||||||
Liabilities Subject To Compromise, Debt | 1,664 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Payment Amount, Election To Use Permitted Grace Period | 123 | ||||||||
Liabilities Subject To Compromise, Debt | 31,474 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities Subject To Compromise, Debt | 22,616 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2014 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 3,809 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||
Liabilities Subject To Compromise, Debt | 3,809 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2014 [Member] | Consolidation, Eliminations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | 19 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 15,691 | [1] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||
Liabilities Subject To Compromise, Debt | 15,691 | [1] | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 19 | ||||||||
Liabilities Subject To Compromise, Debt | 19 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2014 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 42 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||
Liabilities Subject To Compromise, Debt | 42 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | TCEH Letter of Credit Facility maturing October 10, 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 1,020 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||
Liabilities Subject To Compromise, Debt | 1,020 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Commodity Collateral Posting Facility [Member] | Commodity Collateral Posting Facility maturing December 31, 2012 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 2,054 | ||||||||
Liabilities Subject To Compromise, Debt | 2,054 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 1,571 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 1,750 | ||||||||
Liabilities Subject To Compromise, Debt | 1,750 | ||||||||
Stated interest rate (as a percent) | 11.50% | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 4,874 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | Consolidation, Eliminations [Member] | Financial guarantee [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 363 | ||||||||
Energy Future Competitive Holdings Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities Subject To Compromise, Debt | 8 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities Subject To Compromise, Debt | 3,846 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 3,482 | ||||||||
Liabilities Subject To Compromise, Debt | 0 | [2] | |||||||
Stated interest rate (as a percent) | 10.00% | [2] | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 406 | ||||||||
Liabilities Subject To Compromise, Debt | 406 | ||||||||
Stated interest rate (as a percent) | 11.00% | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, variable interest rate increase for first ninety days | 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% | ||||||||
Long-term debt, gross | 1,750 | ||||||||
Liabilities Subject To Compromise, Debt | 1,750 | ||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 600 | 1,150 | |||||||
Stated interest rate (as a percent) | 11.75% | ||||||||
Debt Instrument Registration Default If Not Fled And Declared Effective After Original Issue Date, Total Interest Rate Percentage For First Ninety Days | 12.00% | ||||||||
Debt Instrument Registration Default If Not Registered Within One Year Of Original Issue Date, Total Interest Rate Percentage After First Ninety Days | 12.25% | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, variable interest rate increase for first ninety days | 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 Fled And Declared Effective After Original Issue Date, Total Interest Rate Percentage For First Ninety Days | 11.50% | ||||||||
Debt Instrument Registration Default If Not Registered Within One Year Of Original Issue Date, Total Interest Rate Percentage After First Ninety Days | 11.75% | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 503 | ||||||||
Liabilities Subject To Compromise, Debt | 0 | [2] | |||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 250 | 253 | |||||||
Stated interest rate (as a percent) | 6.88% | [2] | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Senior Secured notes due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 1,302 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | 1,566 | ||||||||
Liabilities Subject To Compromise, Debt | 1,566 | ||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 1,304 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Until June 1, 2016 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
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% | ||||||||
Parent Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liabilities Subject To Compromise, Debt | 529 | ||||||||
Parent Company [Member] | Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes, loans and other debt, including $2,054 of borrowings under revolving credit facility (Note 12) | $60 | ||||||||
[1] | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. December 31, 2014 2013EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014281 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 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Nov. 30, 2011 | |
Commitments and Contingencies [Line Items] | |||||
Operating leases, rent expense | $84,000,000 | $90,000,000 | $102,000,000 | ||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Letters of Credit | 534,000,000 | ||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Support risk management and trading margin requirements, including over-the-counter hedging transactions and collateral postings with ERCOT [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Letters of Credit | 329,000,000 | ||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Support executory contracts and insurance agreements [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Letters of Credit | 84,000,000 | ||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Support Retail Electric Provider's financial requirements with the PUCT [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Letters of Credit | 62,000,000 | ||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Miscellaneous credit support requirements [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Letters of Credit | 59,000,000 | ||||
Liability related to assets retained by TXU Gas Company, including certain inactive gas plant sites not acquired by Atmos [Member] | TXU Gas Company [Member] | Indemnification Agreement [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Maximum exposure, undiscounted | 500,000,000 | ||||
Contingent liabilities associated with preclosing tax and employee related matters [Member] | TXU Gas Company [Member] | Indemnification Agreement [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Maximum exposure, undiscounted | 1,400,000,000 | ||||
Cross-State Air Pollution Rule [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
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% | ||||
Lignite-Fueled Generation Operations (Excluding Sandow) and Lignite Mining Operations (Excluding A Mine Serving Sandow) [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Labor agreement contract, period | 3 years | ||||
Natural Gas-Fueled Generation Operations [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Labor agreement contract, period | 4 years | ||||
Coal Purchase and Transportation Agreements [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Expenditures | 348,000,000 | 353,000,000 | 245,000,000 | ||
EFIH First-Lien Makewhole Claim [Member] | Pending Litigation [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Loss Contingency, Damages Sought, Value | 432,000,000 | ||||
EFIH Second-Lien Makewhole Claim [Member] | Pending Litigation [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Loss Contingency, Damages Sought, Value | 591,000,000 | ||||
EFIH PIK Notes Makewhole Claim [Member] | Pending Litigation [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Loss Contingency, Damages Sought, Value | 100,000,000 | ||||
Sierra Club Versus EFH Corp And Luminant (Big Brown Generation Facility) [Member] | Pending Litigation [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Gain Contingency, Unrecorded Amount | 6,400,000 | ||||
Minimum [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Pending Litigation [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Loss Contingency Damages Sought Value Per Day | 32,500 | ||||
Maximum [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Pending Litigation [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Loss Contingency Damages Sought Value Per Day | $37,500 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Noncancellable Commitments Under Energy-related Contracts, Leases and Other Agreements) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Coal Purchase and Transportation Agreements [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2015 | $309 |
2016 | 95 |
2017 | 86 |
2018 | 0 |
2019 | 0 |
Thereafter | 0 |
Total | 490 |
Pipeline transportation and storage reservation fees [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2015 | 14 |
2016 | 1 |
2017 | 1 |
2018 | 1 |
2019 | 1 |
Thereafter | 8 |
Total | 26 |
Nuclear fuel contracts [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2015 | 156 |
2016 | 95 |
2017 | 74 |
2018 | 112 |
2019 | 66 |
Thereafter | 313 |
Total | 816 |
Other contracts [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2015 | 81 |
2016 | 10 |
2017 | 3 |
2018 | 3 |
2019 | 3 |
Thereafter | 84 |
Total | $184 |
Commitments_And_Contingencies_3
Commitments And Contingencies (Future Minimum Lease Payments Under Both Capital Leases and Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Capital Leases | |
2015 | $6 |
2016 | 7 |
2017 | 35 |
2018 | 0 |
2019 | 0 |
Thereafter | 0 |
Total future minimum lease payments | 48 |
Less amounts representing interest | 4 |
Present value of future minimum lease payments | 44 |
Less current portion | 5 |
Long-term capital lease obligation | 39 |
Operating Leases | |
2015 | 24 |
2016 | 25 |
2017 | 35 |
2018 | 33 |
2019 | 19 |
Thereafter | 116 |
Total future minimum lease payments | $252 |
Commitments_And_Contingencies_4
Commitments And Contingencies (Nuclear Insurance) (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments maximum coverage per unit | $490,000,000 |
Replacement electricity costs coverage weekly payments percentage reduction if both units are out of service at same time as result of same accident | 80.00% |
Price-Anderson Act [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Annual Coverage limit | 13,600,000,000 |
Price-Anderson Act [Member] | Secondary Financial Protection [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Financial protection pool maximum assessment | 127,300,000 |
Nuclear Insurance Financial Protection Pool, Inflation Period Adjustment On Nuclear Incident Assessment | 5 years |
Nuclear insurance, Financial protection pool maximum annual assessment payment | 19,000,000 |
Mutual insurance, Total retrospective premium obligation | 254,600,000 |
Mutual insurance, Total retrospective premium obligation maximum potential assessment under retrospective plan, excluding taxes per incident per year | 37,900,000 |
Mutual insurance, Total retrospective premium obligation maximum potential assessment under retrospective plan, excluding taxes per incident period | 1 year |
Price-Anderson Act [Member] | Liability Insurance from American Nuclear Insurers [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Required per site | 375,000,000 |
NCR [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Amount of insurance required to maintain | 1,060,000,000 |
Mutual insurance, Nuclear decontamination and property damage insurance | 2,250,000,000 |
Mutual insurance, Total nuclear decontamination and property damage insurance, deductible per accident | 5,000,000 |
First fifty-two weeks after twelve-week waiting period [Member] | Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments | 3,500,000 |
After first fifty-two weeks for next 110 weeks after twelve-week waiting period [Member] | Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments | $2,800,000 |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity | ||
Other comprehensive loss before reclassifications (after tax) | ($66) | ($20) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Equity | ||
Other comprehensive loss before reclassifications (after tax) | -66 | -20 |
Consolidated VIEs [Member] | ||
Equity | ||
Public Utilities Number Of New Nuclear Generation Units In Development | 2 | |
Consolidated VIEs [Member] | Mitsubishi Heavy Industries Ltd. [Member] | ||
Equity | ||
Impairment Of Assets Of Nuclear Generation Development Joint Venture, Amounts Attributable To Noncontrolling Interests | 107 | |
Parent Company [Member] | ||
Equity | ||
Equity method investment, ownership (as a percent) | 80.03% | |
Oncor [Member] | Management and Board of Directors [Member] | ||
Equity | ||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 0.22% | |
Texas Transmission [Member] | ||
Equity | ||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 19.75% | |
Energy Future Holdings Corp. [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Equity | ||
Other comprehensive loss before reclassifications (after tax) | $17 |
Equity_Equity_Issuances_and_Re
Equity (Equity Issuances and Repurchases) (Details) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares outstanding at beginning of year | 1,669,861,383 | 1,680,539,245 | 1,679,539,245 | ||
Shares issued | 0 | 1,700,000 | [1] | 1,000,000 | [1] |
Shares repurchased | 0 | -12,300,000 | 0 | ||
Shares outstanding at end of year | 1,669,861,379 | 1,669,861,383 | 1,680,539,245 | ||
Previously issued restricted or deferred stock units that vested | 700,000 | ||||
[1] | Includes share awards granted to directors and other nonemployees (see Note 18). 2013 issuances also included 0.7 million shares of previously issued restricted or deferred stock units that vested in 2013. |
Accumulated_Other_Comprehensiv
(Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | ($63) | ($47) | |
Other comprehensive loss before reclassifications (after tax) | -66 | -20 | |
Depreciation and amortization | 1,453 | 1,521 | 1,552 |
Selling, general and administrative expenses | -716 | -747 | -674 |
Interest expense and related charges | 2,201 | 2,704 | 3,508 |
Income tax benefit (expense) | -2,619 | -1,271 | -1,232 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | -349 | -335 | -270 |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | -67 | -16 | 175 |
Total change during the period | -67 | -16 | |
Total accumulated other comprehensive loss at end of period | -130 | -63 | -47 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | -4 | -4 | |
Depreciation and amortization | 2 | 2 | |
Selling, general and administrative expenses | -2 | -3 | |
Interest expense and related charges | 7 | ||
Income tax benefit (expense) | 1 | 0 | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | 2 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | -1 | 4 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | -56 | -64 | |
Other comprehensive loss before reclassifications (after tax) | 0 | 0 | |
Total change during the period | 3 | 8 | |
Total accumulated other comprehensive loss at end of period | -53 | -56 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | 0 | 0 | |
Depreciation and amortization | 2 | 2 | |
Selling, general and administrative expenses | 0 | 0 | |
Interest expense and related charges | 7 | ||
Income tax benefit (expense) | -1 | -3 | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | 2 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 3 | 8 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | -7 | 17 | |
Other comprehensive loss before reclassifications (after tax) | -66 | -20 | |
Total change during the period | -70 | -24 | |
Total accumulated other comprehensive loss at end of period | -77 | -7 | |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | -4 | -4 | |
Depreciation and amortization | 0 | 0 | |
Selling, general and administrative expenses | -2 | -3 | |
Interest expense and related charges | 0 | ||
Income tax benefit (expense) | 2 | 3 | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 0 | 0 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | ($4) | ($4) |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets: | ||||
Nuclear decommissioning trust | $893 | $791 | ||
Equity securities [Member] | ||||
Assets: | ||||
Nuclear decommissioning trust | 592 | [1] | 521 | [1] |
Debt securities [Member] | ||||
Assets: | ||||
Nuclear decommissioning trust | 301 | [2] | 270 | [2] |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Assets: | ||||
Total assets | 777 | 491 | ||
Liabilities: | ||||
Total liabilities | 278 | 231 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity securities [Member] | ||||
Assets: | ||||
Nuclear decommissioning trust | 375 | [3] | 330 | [3] |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity contracts [Member] | ||||
Assets: | ||||
Derivative Assets | 402 | 161 | ||
Liabilities: | ||||
Derivative Liabilities | 278 | 231 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Assets: | ||||
Total assets | 564 | 1,098 | ||
Liabilities: | ||||
Total liabilities | 25 | 94 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity securities [Member] | ||||
Assets: | ||||
Nuclear decommissioning trust | 217 | [3] | 191 | [3] |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt securities [Member] | ||||
Assets: | ||||
Nuclear decommissioning trust | 301 | [3] | 270 | [3] |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity contracts [Member] | ||||
Assets: | ||||
Derivative Assets | 46 | 570 | ||
Liabilities: | ||||
Derivative Liabilities | 25 | 14 | ||
Fair Value, Measurements, Recurring [Member] | 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 | 49 | [4] | 57 | [4] |
Liabilities: | ||||
Total liabilities | 14 | [4] | 1,030 | [4] |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity contracts [Member] | ||||
Assets: | ||||
Derivative Assets | 49 | [4] | 57 | [4] |
Liabilities: | ||||
Derivative Liabilities | 14 | [4] | 18 | [4] |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||||
Liabilities: | ||||
Derivative Liabilities | 1,012 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Total assets | 1,390 | 1,646 | ||
Liabilities: | ||||
Total liabilities | 317 | 1,355 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | ||||
Assets: | ||||
Nuclear decommissioning trust | 592 | [3] | 521 | [3] |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | ||||
Assets: | ||||
Nuclear decommissioning trust | 301 | [3] | 270 | [3] |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member] | ||||
Assets: | ||||
Derivative Assets | 497 | 788 | ||
Liabilities: | ||||
Derivative Liabilities | 317 | 263 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [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 4.35% and 3.96% at December 31, 2014 and 2013, respectively, and an average maturity of 6 years at both December 31, 2014 and 2013. | |||
[3] | The nuclear decommissioning trust investment is included in the other investments line in the 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 $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Assets | $49,000,000 | [1] | $57,000,000 | [1] |
Liabilities | -14,000,000 | [1] | -1,030,000,000 | [1] |
Derivative Assets (Liabilities), at Fair Value, Net | 35,000,000 | [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 | -5,000,000 | [1] | -2,000,000 | [1] |
Derivative Assets (Liabilities), at Fair Value, Net | -1,000,000 | [1] | 0 | [1] |
Electricity spread options [Member] | Option Pricing Model [Member] | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Assets | 2,000,000 | [1] | 15,000,000 | [1] |
Liabilities | -1,000,000 | [1] | -2,000,000 | [1] |
Derivative Assets (Liabilities), at Fair Value, Net | 1,000,000 | [1] | 13,000,000 | [1] |
Electricity congestion revenue rights [Member] | Market Approach [Member] | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Assets | 38,000,000 | [1],[2] | 35,000,000 | [1],[2] |
Liabilities | -4,000,000 | [1],[2] | -2,000,000 | [1],[2] |
Derivative Assets (Liabilities), at Fair Value, Net | 34,000,000 | [1],[2] | 33,000,000 | [1],[2] |
Coal purchases [Member] | Market Approach [Member] | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Assets | 0 | [1],[2] | 0 | [1],[2] |
Liabilities | -4,000,000 | [1],[2] | -11,000,000 | [1],[2] |
Derivative Assets (Liabilities), at Fair Value, Net | -4,000,000 | [1],[2] | -11,000,000 | [1],[2] |
Other [Member] | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Assets | 5,000,000 | [1],[3] | 5,000,000 | [1],[3] |
Liabilities | 0 | [1],[3] | -1,000,000 | [1],[3] |
Derivative Assets (Liabilities), at Fair Value, Net | 5,000,000 | [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) | 30 | [1],[4],[5] | 25 | [1],[4],[5] |
Hourly price curve shape (in usd per MWh) | 20 | [1],[5],[6] | 20 | [1],[5],[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) | 15.00% | [1],[5],[7] | 45.00% | [1],[5],[7] |
Power volatility (as a percent) | 10.00% | [1],[5],[8] | 10.00% | [1],[5],[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],[5],[9] | 0 | [1],[2],[5],[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],[5] | 0 | [1],[10],[2],[5] |
Probability of default (as a percent) | 0.00% | [1],[11],[2],[5] | ||
Recovery rate (as a percent) | 0.00% | [1],[12],[2],[5] | ||
Fair Value Inputs, Illiquid Pricing Variances Between Heat Content | 0.3 | [1],[13],[2],[5] | ||
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],[5] | ||
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],[5],[6] | 70 | [1],[5],[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) | 95.00% | [1],[5],[7] | 95.00% | [1],[5],[7] |
Power volatility (as a percent) | 30.00% | [1],[5],[8] | 30.00% | [1],[5],[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 | 20 | [1],[2],[5],[9] | 25 | [1],[2],[5],[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],[5] | 1 | [1],[10],[2],[5] |
Probability of default (as a percent) | 40.00% | [1],[11],[2],[5] | ||
Recovery rate (as a percent) | 40.00% | [1],[12],[2],[5] | ||
Fair Value Inputs, Illiquid Pricing Variances Between Heat Content | $0.40 | [1],[13],[2],[5] | ||
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],[5] | ||
[1] | Electricity purchase and sales contracts include hedging positions in the ERCOT 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] | Based on the historical range of forward average monthly ERCOT hub and load zone prices. | |||
[5] | The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. | |||
[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 (potential energy in coal for a given mass). | |||
[14] | Estimate of nonperformance risk adjustment based on TCEH senior secured debt trading values. See discussion immediately below regarding transfers into Level 3. |
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 $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
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 | ($973) | $29 | $53 | |||
Total unrealized valuation losses | -97 | -48 | -17 | |||
Purchases, issuances and settlements: | ||||||
Purchases | 63 | [1] | 92 | [1] | 73 | [1] |
Issuances | -5 | [1] | -7 | [1] | -23 | [1] |
Settlements | 1,053 | [1] | 138 | [1] | -12 | [1] |
Transfers into Level 3 | 0 | [2] | -1,181 | [2] | -42 | [2] |
Transfers out of Level 3 | -6 | [2] | 4 | [2] | -3 | [2] |
Net change | 1,008 | [3] | -1,002 | [3] | -24 | [3] |
Net asset (liability) balance at end of period | 35 | -973 | 29 | |||
Unrealized valuation gains (losses) relating to instruments held at end of period | ($5) | $435 | ($24) | |||
[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. All Level 3 transfers during the years presented are in and out of Level 2. Transfers into Level 3 during 2013 reflect a nonperformance risk adjustment in the valuation of the TCEH interest rate swaps, which 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 (see Note 12). Transfers out during 2012 reflect increased observability of pricing related to certain congestion revenue rights. Transfers in during 2012 were driven by an increase in nonperformance risk adjustments related to certain coal purchase contracts as well as certain power contracts that include unobservable inputs related to the hourly shaping of the price curve. | |||||
[3] | Substantially all changes in values of commodity contracts are reported in the 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 2013 are reported in the statements of consolidated income (loss) in interest expense and related charges (see Note 9). 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 $) | 8 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | 2-May-14 | |
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||||
Net Liability, Interest Rate and Commodity Contract Positions Terminated | $1,108 | ||||||
Realized Gain (Loss) On Terminated Interest Rate Derivatives | -1,237 | [1] | 0 | 0 | |||
Realized Gain (Loss) On Terminated Commodity Related Derivatives | 117 | 0 | 0 | ||||
Net Liability, Accounts Payable Related To Matured Interest Rate Swaps Secured By First-Lien Secured Interest | 127 | 127 | |||||
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,235 | 1,235 | |||||
Debtor Reorganization Items, Charge Related To Counterparty Termination Of Contractual Agreements | 278 | 278 | 0 | 0 | |||
Commodity contracts [Member] | |||||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||||
Derivative Asset, Fair Value, Portion Of Positions Terminated By Counterparties | 70.00% | ||||||
Interest Rate Swap [Member] | |||||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||||
Derivative Liability, Fair Value, Portion Of Positions Terminated By Counterparties | 100.00% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Commodity contracts [Member] | |||||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||||
Realized Gain (Loss) On Terminated Commodity Related Derivatives | 117 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Interest Rate Swap [Member] | |||||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||||
Realized Gain (Loss) On Terminated Interest Rate Derivatives | $1,225 | ||||||
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 16) 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | $855 | |
Derivative liabilities, Fair Value, Gross Liability | -1,355 | |
Derivative, Fair Value, Net | 180 | -500 |
Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets And Liability, Fair Value, Gross Assets | 492 | 851 |
Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets And Liability, Fair Value, Gross Assets | 5 | 4 |
Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets And Liability, Fair Value, Gross Liability | -316 | -1,355 |
Noncurrent liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets And Liability, Fair Value, Gross Liability | -1 | |
Commodity contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 497 | 788 |
Derivative liabilities, Fair Value, Gross Liability | -317 | -263 |
Derivative asset, Fair Value, Net | 497 | 788 |
Derivative liabilities, Fair Value, Net | -317 | -263 |
Commodity contracts [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 492 | 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 | 5 | 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 | -316 | -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 | -1 | |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Noncurrent Classified As Current Due To Event Of Default | 647 | |
Derivative asset, Fair Value, Gross Asset | 67 | |
Derivative liabilities, Fair Value, Gross Liability | -1,092 | |
Derivative asset, Fair Value, Net | 0 | 67 |
Derivative liabilities, Fair Value, Net | 0 | -1,092 |
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 $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net gain (loss) | ($389) | $379 | ($224) | |||
Income statement presentation of loss reclassified from accumulated OCI into income | 1 | -7 | -8 | |||
Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
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 | |||||
Net gain from commodity hedging and trading activities [Member] | Commodity contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net gain (loss) | 17 | [1] | -54 | [1] | 279 | [1] |
Interest expense and related charges [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net gain (loss) | -128 | [2] | 433 | [2] | -503 | [2] |
Reorganization Items [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net gain (loss) | -278 | 0 | 0 | |||
Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Income statement presentation of loss reclassified from accumulated OCI into income | -2 | -9 | -10 | |||
Cash Flow Hedging [Member] | Interest expense and related charges [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Income statement presentation of loss reclassified from accumulated OCI into income | 0 | -7 | -8 | |||
Cash Flow Hedging [Member] | Depreciation and amortization [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Income statement presentation of loss reclassified from accumulated OCI into income | ($2) | ($2) | ($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 |
Derivative_Assets_and_Liabilit
(Derivative Assets and Liabilities From Balance Sheet to Net Amounts After Consideration Netting Arrangements with Counterparties and Financial Collateral) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets: Amounts Presented in Balance Sheet | $855 | |||
Derivative assets: Offsetting Financial Instruments | -456 | [1] | ||
Derivative assets: Financial Collateral (Received) Pledged | -299 | [2] | ||
Derivative assets: Net Amounts | 100 | |||
Derivative liabilities: Amounts Presented in Balance Sheet | -1,355 | |||
Derivative liabilities: Offsetting Financial Instruments | 456 | [1] | ||
Derivative liabilities: Financial Collateral (Received) Pledged | 70 | [2] | ||
Derivative liabilities: Net Amounts | -829 | |||
Derivative, Fair Value, Net | 180 | -500 | ||
Derivative (Assets) Liability, Fair Value of Collateral, Net | -14 | [2] | -229 | [2] |
Derivative Assets (Liability), Fair Value, Amount Offset Against Collateral | 166 | -729 | ||
Commodity contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets: Amounts Presented in Balance Sheet | 497 | 788 | ||
Derivative assets: Offsetting Financial Instruments | -298 | -389 | [1] | |
Derivative assets: Financial Collateral (Received) Pledged | -16 | [2] | -299 | [2] |
Derivative assets: Net Amounts | 183 | 100 | ||
Derivative liabilities: Amounts Presented in Balance Sheet | -317 | -263 | ||
Derivative liabilities: Offsetting Financial Instruments | 298 | 168 | [1] | |
Derivative liabilities: Financial Collateral (Received) Pledged | 2 | [2] | 70 | [2] |
Derivative liabilities: Net Amounts | -17 | -25 | ||
Interest Rate Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets: Amounts Presented in Balance Sheet | 67 | |||
Derivative assets: Offsetting Financial Instruments | -67 | [1] | ||
Derivative assets: Financial Collateral (Received) Pledged | 0 | [2] | ||
Derivative assets: Net Amounts | 0 | |||
Derivative liabilities: Amounts Presented in Balance Sheet | -1,092 | |||
Derivative liabilities: Offsetting Financial Instruments | 288 | [1] | ||
Derivative liabilities: Financial Collateral (Received) Pledged | 0 | [2] | ||
Derivative liabilities: Net Amounts | ($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_Derivative5
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Interest rate swaps - Floating/fixed [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | $0 | [1] | $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 | 1,687,000,000 | [2] | 2,150,000,000 | [2] |
Electricity (in GWh) [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Nonmonetary Notional Volume | 22,820 | 16,482 | ||
Congestion Revenue RIghts (in GWh) [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Nonmonetary Notional Volume | 89,484 | [3] | 77,799 | [3] |
Coal (in tons) [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Nonmonetary Notional Volume | 10,000,000 | 9,000,000 | ||
Fuel oil (in gallons) [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Nonmonetary Notional Volume | 36,000,000 | 26,000,000 | ||
Uranium (in pounds) [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Nonmonetary Notional Volume | 150,000 | 450,000 | ||
[1] | 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. | |||
[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_Derivative6
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $18,000,000 | $1,107,000,000 |
Credit risk derivative with contingent feature [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | 17,000,000 | 4,000,000 |
Liquidity exposure associated with liabilities reduced by cash and letter of credit postings with the counterparties | 5,000,000 | 3,000,000 |
Cross-default credit derivative [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | 1,000,000 | 1,103,000,000 |
Liquidity exposure associated with liabilities reduced by cash and letter of credit postings with the counterparties | 6,000,000 | |
Assets Needed for Immediate Settlement, Aggregate Fair Value | $0 | $1,154,000,000 |
Commodity_And_Other_Derivative7
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 $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 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 | $575 |
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral | 245 |
Credit risk exposure to Banking and financial sector percentage | 81.00% |
Net exposure to banking and financial sector percentage | 62.00% |
Largest net exposure to single counterparty | $56 |
Pension_And_Other_Postretireme2
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Mar. 31, 2014 | Jul. 31, 2014 | Jul. 01, 2014 | |
Corporate_bond | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Number of corporate bonds | 415 | |||||||||
Settlement charge | $0 | $0 | ($285) | |||||||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in rolling period | 4 years | |||||||||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in rolling period, vesting percentage | 25.00% | |||||||||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in preceding periods related to vesting percentage | 3 years | |||||||||
Pension and Postretirement Benefit Costs [Member] | Oncor [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Regulatory assets of equity method investee related to defined benefit plans | 1,166 | 786 | ||||||||
Termination plan obligations [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Settlement Costs Allocated To Subsidiary Expected to Settle Next Year | 50 | |||||||||
Pension Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Settlement charge | 0 | 0 | 285 | [1] | 285 | |||||
Defined Benefit Plan, Contributions by Employer | 85 | 7 | ||||||||
Discount rate | 4.19% | 5.07% | 4.30% | 4.30% | ||||||
Expected return on plan assets | 6.17% | 5.40% | 7.40% | |||||||
Pension Plan [Member] | Competitive Electric [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Settlement charge | 141 | [1] | ||||||||
Pension Plan [Member] | Oncor [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Regulatory assets of equity method investee related to defined benefit plans | 81 | 81 | ||||||||
Pension Plan [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Settlement Costs Allocated To Subsidiary Total | 141 | |||||||||
Settlement Costs Allocated to Subsidiary Settled Current Year | 91 | |||||||||
Defined Benefit Plan, Contributions by Employer | 20 | 20 | ||||||||
Pension Plan [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Contributions by Employer | 64 | 64 | ||||||||
Pension Plan [Member] | Defined Benefit Plan [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Settlement charge | 92 | |||||||||
Pension Plan [Member] | Termination plan obligations [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Settlement charge | 193 | |||||||||
Other Pension Plan [Member] | Competitive Electric [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Contributions by Employer | 259 | |||||||||
OPEB [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Contributions by Employer | 16 | 18 | ||||||||
Future amortization of gain (loss) | -4 | |||||||||
Future amortization Of prior service cost (credit) | -11 | |||||||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 16 | |||||||||
Discount rate | 3.81% | 4.98% | 4.10% | 4.10% | ||||||
Expected return on plan assets | 7.05% | 6.70% | 6.80% | |||||||
OPEB [Member] | EFH Corp. [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate | 3.77% | |||||||||
OPEB [Member] | Oncor [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate | 4.23% | 4.39% | ||||||||
OPEB [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Defined Benefit Plan, Contributions by Employer | 7 | |||||||||
Oncor [Member] | OPEB [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Increase (Decrease) In Accounts Receivable From Related Party | $758 | |||||||||
[1] | Includes $141 million reported in Competitive Electric segment and $144 million reported in Corporate and Other. |
Pension_And_Other_Postretireme3
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Pension and OPEB Costs Recognized as Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Components of net pension/OPEB costs: | |||||
Total benefit costs | $40 | $65 | $537 | ||
Net amounts recognized as expense by EFH Corp. and consolidated subsidiaries | 12 | 15 | 336 | ||
Settlement charge | 0 | 0 | -285 | ||
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | |||||
Components of net pension/OPEB costs: | |||||
Less amounts expensed by Oncor (and not consolidated) | -13 | -25 | -36 | ||
Less amounts deferred principally as a regulatory asset or property by Oncor | -15 | -25 | -165 | ||
Pension Plan [Member] | |||||
Components of net pension/OPEB costs: | |||||
Total benefit costs | 13 | 26 | 512 | [1] | |
Settlement charge | 285 | 0 | 0 | 285 | [2] |
Pension Plan [Member] | Oncor [Member] | |||||
Components of net pension/OPEB costs: | |||||
Regulatory assets of equity method investee related to defined benefit plans | 81 | 81 | |||
OPEB [Member] | |||||
Components of net pension/OPEB costs: | |||||
Total benefit costs | $27 | $39 | $25 | ||
[1] | As a result of pension plan actions discussed in this Note, the 2012 amount includes $285 million recorded by EFH Corp. as a settlement charge and $81 million recorded by Oncor as a regulatory asset. | ||||
[2] | Includes $141 million reported in Competitive Electric segment and $144 million reported in Corporate and Other. |
Pension_And_Other_Postretireme4
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Detailed Information Regarding Pension and Other Postretirement Benefits) (Details) (USD $) | 12 Months Ended | 2 Months Ended | 3 Months Ended | 7 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 31, 2012 | Jul. 01, 2014 | |||
Components of net pension/OPEB costs: | ||||||||||
Net periodic pension cost | $40 | $65 | $537 | |||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||
Settlement charge | 0 | 0 | -285 | |||||||
Amounts Recognized in the Balance Sheet Consist of: | ||||||||||
Other noncurrent assets | 61 | 61 | ||||||||
Other noncurrent liabilities | -243 | [1] | -1,057 | [1] | ||||||
Pension Plan [Member] | ||||||||||
Assumptions Used to Determine Net Periodic Pension Cost: | ||||||||||
Discount rate | 5.07% | 4.30% | 5.00% | [2] | 4.15% | 4.20% | 5.00% | |||
Expected return on plan assets | 6.17% | 5.40% | 7.40% | |||||||
Rate of compensation increase | 3.50% | 3.50% | 3.81% | |||||||
Components of net pension/OPEB costs: | ||||||||||
Service cost | 7 | 8 | 44 | |||||||
Interest cost | 14 | 12 | 157 | |||||||
Expected return on assets | -12 | -7 | -161 | |||||||
Amortization of net actuarial loss | 4 | 8 | 106 | |||||||
Effect of pension plan actions | 0 | 5 | 366 | [3] | ||||||
Net periodic pension cost | 13 | 26 | 512 | [4] | ||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||||||
Net (gain) loss | 15 | 5 | 57 | |||||||
Amortization of net loss | 0 | 0 | -31 | |||||||
Effect of pension plan actions | 0 | -4 | -307 | [5] | ||||||
Total loss (income) recognized in other comprehensive income | 15 | 1 | -281 | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | 28 | 27 | 231 | |||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||
Discount rate | 4.19% | 5.07% | 4.30% | 4.30% | ||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | 3.50% | ||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 22 | |||||||||
Settlement charge | 0 | 0 | 285 | [6] | 285 | |||||
Change in Pension/OPEB Obligation: | ||||||||||
Projected benefit obligation at beginning of year | 272 | 285 | ||||||||
Service cost | 7 | 8 | ||||||||
Interest cost | 14 | 12 | ||||||||
Actuarial (gain) loss | 45 | -21 | ||||||||
Benefits paid | -7 | -5 | ||||||||
Settlements | 0 | -7 | ||||||||
Projected benefit obligation at end of year | 331 | 272 | 285 | 285 | ||||||
Accumulated benefit obligation at end of year | 307 | 250 | ||||||||
Change in Plan Assets: | ||||||||||
Fair value of assets at beginning of year | 126 | 151 | ||||||||
Actual return on assets | 26 | -13 | ||||||||
Employer contributions | 85 | 7 | ||||||||
Benefits paid | -7 | -5 | ||||||||
Settlements | 0 | -14 | ||||||||
Fair value of assets at end of year | 230 | 126 | 151 | 151 | ||||||
Funded Status: | ||||||||||
Projected pension benefit obligation | -331 | -272 | -285 | -285 | ||||||
Fair value of assets | 230 | 126 | 151 | 151 | ||||||
Funded status at end of year (a) | -101 | [7] | -146 | [7] | ||||||
Amounts Recognized in the Balance Sheet Consist of: | ||||||||||
Other current liabilities | -1 | -1 | ||||||||
Liabilities Subject To Compromise | -23 | 0 | ||||||||
Other noncurrent liabilities | -77 | -145 | ||||||||
Net liability recognized | -101 | -146 | ||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||
Net loss | 17 | 3 | ||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | ||||||||||
Net loss | 56 | 44 | ||||||||
Net amount recognized | 56 | 44 | ||||||||
OPEB [Member] | ||||||||||
Assumptions Used to Determine Net Periodic Pension Cost: | ||||||||||
Discount rate | 4.98% | 4.10% | 4.95% | |||||||
Expected return on plan assets | 7.05% | 6.70% | 6.80% | |||||||
Components of net pension/OPEB costs: | ||||||||||
Service cost | 8 | 11 | 9 | |||||||
Interest cost | 28 | 41 | 44 | |||||||
Expected return on assets | -6 | -12 | -12 | |||||||
Amortization of net transition obligation | 0 | 0 | 1 | |||||||
Amortization of prior service cost/(credit) | -21 | -31 | -32 | |||||||
Amortization of net actuarial loss | 18 | 30 | 15 | |||||||
Net periodic pension cost | 27 | 39 | 25 | |||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||||||
Net (gain) loss | 12 | 4 | 17 | |||||||
Amortization of net loss | -5 | -3 | -1 | |||||||
Amortization of prior service credit | 11 | 11 | 11 | |||||||
Total loss (income) recognized in other comprehensive income | 18 | 12 | 27 | |||||||
Total recognized in net periodic benefit cost and other comprehensive income | 45 | 51 | 52 | |||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||
Discount rate | 3.81% | 4.98% | 4.10% | 4.10% | ||||||
Change in Pension/OPEB Obligation: | ||||||||||
Projected benefit obligation at beginning of year | 1,049 | 1,032 | ||||||||
Participant contributions | 10 | 16 | ||||||||
Medicare Part D reimbursement | 0 | 2 | ||||||||
Actuarial (gain) loss | -84 | -15 | ||||||||
Benefits paid | -40 | -68 | ||||||||
Transfers to new plan sponsored by Oncor | -1,000 | 0 | ||||||||
Projected benefit obligation at end of year | 139 | 1,049 | 1,032 | 1,032 | ||||||
Change in Plan Assets: | ||||||||||
Fair value of assets at beginning of year | 179 | 191 | ||||||||
Actual return on assets | 11 | 22 | ||||||||
Employer contributions | 16 | 18 | ||||||||
Benefits paid | -40 | -68 | ||||||||
Transfers to new plan sponsored by Oncor | -176 | 0 | ||||||||
Fair value of assets at end of year | 0 | 179 | 191 | 191 | ||||||
Funded Status: | ||||||||||
Projected pension benefit obligation | -139 | -1,049 | -1,032 | -1,032 | ||||||
Fair value of assets | 0 | 179 | 191 | 191 | ||||||
Funded status at end of year (a) | -139 | -870 | [8] | |||||||
Amounts Recognized in the Balance Sheet Consist of: | ||||||||||
Other current liabilities | -8 | -8 | ||||||||
Other noncurrent liabilities | -131 | -862 | ||||||||
Net liability recognized | -139 | -870 | ||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | ||||||||||
Prior service credit | -43 | -54 | ||||||||
Net loss | 41 | 34 | ||||||||
Net amount recognized | -2 | -20 | ||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | ||||||||||
Net loss | 0 | 221 | ||||||||
Prior service credit | 0 | -91 | ||||||||
Net amount recognized | 0 | 130 | ||||||||
Oncor [Member] | Pension Plan [Member] | ||||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | ||||||||||
Defined Benefit Plan, Funded Status of Plan, Amount Expected to be Recovered from Equity Method Investee | 47 | 93 | ||||||||
Oncor [Member] | OPEB [Member] | ||||||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||
Discount rate | 4.23% | 4.39% | ||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | ||||||||||
Defined Benefit Plan, Funded Status of Plan, Amount Expected to be Recovered from Equity Method Investee | 745 | |||||||||
Oncor [Member] | ||||||||||
Amounts Recognized in the Balance Sheet Consist of: | ||||||||||
Other noncurrent liabilities | -47 | -838 | ||||||||
Oncor [Member] | Pension Plan [Member] | ||||||||||
Assumptions Used to Determine Benefit Obligations: | ||||||||||
Regulatory assets of equity method investee related to defined benefit plans | $81 | $81 | ||||||||
[1] | Includes $47 million and $838 million at December 31, 2014 and 2013, respectively, representing pension and OPEB liabilities related to Oncor | |||||||||
[2] | As a result of the amendments discussed above, the discount rate reflected in net pension costs for January through July 2012 was 5.00%, for August through September 2012 was 4.15% and for October through December 2012 was 4.20%. | |||||||||
[3] | Amount in 2012 includes settlement charges of $285 million recorded by EFH Corp. and $81 million recorded by Oncor as a regulatory asset. | |||||||||
[4] | As a result of pension plan actions discussed in this Note, the 2012 amount includes $285 million recorded by EFH Corp. as a settlement charge and $81 million recorded by Oncor as a regulatory asset. | |||||||||
[5] | Amount in 2012 includes $285 million in actuarial losses reclassified to net income (loss) as a settlement charge and a $22 million plan curtailment adjustment. | |||||||||
[6] | Includes $141 million reported in Competitive Electric segment and $144 million reported in Corporate and Other. | |||||||||
[7] | Amounts in 2014 and 2013 include $47 million and $93 million, respectively, for which Oncor is contractually responsible and which are expected to be recovered in Oncor's rates. | |||||||||
[8] | Amounts in 2013 include $745 million for which Oncor is contractually responsible, substantially all of which is expected to be recovered in Oncor's rates. See Note 19. |
Pension_And_Other_Postretireme5
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2022 | 2022 |
OPEB [Member] | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect on accumulated postretirement obligation,1-Percentage Point Increase | -3 | |
Effect on accumulated postretirement obligation,1-Percentage Point Decrease | 2 | |
Effect on postretirement benefits cost,1-Percentage Point Increase | 0 | |
Effect on postretirement benefits cost,1-Percentage Point Decrease | 0 | |
Not Medicare Eligible [Member] | OPEB [Member] | ||
Assumed Health Care Cost Trend Rates : | ||
Health care cost trend rate assumed for next year | 8.00% | 8.00% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00% | 5.00% |
Medicare Eligible [Member] | OPEB [Member] | ||
Assumed Health Care Cost Trend Rates : | ||
Health care cost trend rate assumed for next year | 6.50% | 7.00% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00% | 5.00% |
Pension_And_Other_Postretireme6
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Projected Benefit Obligation (PBO) and Accumulated Benefit Obligation (ABO) in Excess of the Fair Value of Plan Assets) (Details) (Pension Plan [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plan [Member] | ||
Pension Plans with PBO and ABO in Excess Of Plan Assets: | ||
Projected benefit obligations | $331 | $272 |
Accumulated benefit obligation | 307 | 250 |
Plan assets | $230 | $126 |
Pension_And_Other_Postretireme7
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Target Asset Allocation Ranges of Pension Plan Investments by Asset Category) (Details) (Pension Plan [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Equity securities: US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Minimum | 8.00% | 12.00% |
Target Allocation Range, Maximum | 14.00% | 34.00% |
Equity securities: International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Minimum | 6.00% | 10.00% |
Target Allocation Range, Maximum | 12.00% | 26.00% |
Fixed income securities: Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation Range, Minimum | 74.00% | 40.00% |
Target Allocation Range, Maximum | 86.00% | 70.00% |
Pension_And_Other_Postretireme8
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Fair Value Measurement of Pension and OPEB Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Pension Plan [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | $230 | $126 | $151 | ||
OPEB [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | 179 | 191 | ||
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 230 | [1] | 126 | [1] | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Interest-bearing cash [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 21 | [1] | 17 | [1] | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Equity securities: US [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 25 | [1] | 16 | [1] | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Equity securities: International [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 20 | [1] | 12 | [1] | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: Corporate bonds [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 127 | [1],[2] | 51 | [1],[2] | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: US Treasuries [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 19 | [1] | 27 | [1] | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: Other [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 18 | [1],[3] | 3 | [1],[3] | |
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 179 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 131 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 48 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Interest-bearing cash [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 6 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Interest-bearing cash [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Interest-bearing cash [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 6 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Interest-bearing cash [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Equity securities: US [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 58 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Equity securities: US [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 53 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Equity securities: US [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 5 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Equity securities: US [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Equity securities: International [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 35 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Equity securities: International [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 35 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Equity securities: International [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Equity securities: International [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: Corporate bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 34 | [2] | |||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: Corporate bonds [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: Corporate bonds [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 34 | [2] | |||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: Corporate bonds [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: US Treasuries [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 1 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: US Treasuries [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: US Treasuries [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 1 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: US Treasuries [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 0 | ||||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 45 | [4] | |||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: Other [Member] | Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 43 | [4] | |||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: Other [Member] | Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | 2 | [4] | |||
Fair Value, Measurements, Recurring [Member] | OPEB [Member] | Fixed income securities: Other [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of assets | $0 | ||||
[1] | All amounts are based on Level 2 valuations. | ||||
[2] | Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. | ||||
[3] | Other consists primarily of municipal bonds. | ||||
[4] | Other consists primarily of US agency securities. |
Pension_And_Other_Postretireme9
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Expected Long-Term Rate of Return on Assets Assumption) (Details) (Pension Plan [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 5.40% |
US equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 6.80% |
International equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 7.50% |
Fixed income securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 4.40% |
Recovered_Sheet1
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Future Benefit Payments) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan Contributions By Employer Excluding Affiliated Supplemental Plan | $84 | $84 | ||
Defined Benefit Plan, Contributions by Employer | 85 | 7 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 52 | |||
Future Benefit Payments | ||||
2015 | 11 | |||
2016 | 12 | |||
2017 | 14 | |||
2018 | 15 | |||
2019 | 18 | |||
2020-24 | 105 | |||
OPEB [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 16 | 18 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 9 | |||
Future Benefit Payments | ||||
2015 | 8 | |||
2016 | 8 | |||
2017 | 8 | |||
2018 | 8 | |||
2019 | 9 | |||
2020-24 | 46 | |||
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 64 | 64 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 41 | |||
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | OPEB [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 7 | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 0 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | $20 | $20 |
Recovered_Sheet2
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Thrift Plan) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Thrift Plan | |||
Minimum annual contributions per employee as a percent of salary gross pay | 1.00% | ||
Maximum annual contribution per employee, percent | 20.00% | ||
Employer matching contribution, percent | 6.00% | ||
Employer discretionary contribution amount | $24 | $23 | $21 |
Traditional Retirement Plan Formula Of Retirement Plan [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 75.00% | ||
Minimum [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 75.00% | ||
Maximum [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 100.00% |
StockBased_Compensation_EFH_Co
Stock-Based Compensation (EFH Corp. 2007 Stock Incentive Plan) (Narrative) (Details) (2007 SIP [Member]) | Dec. 31, 2014 |
2007 SIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 72,000,000 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $6 | $7 | $11 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | 6 | 6 | 6 |
Time-Based Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $0 | $1 | $5 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Units) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $6 | $7 | $11 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Total outstanding at beginning of period - Units | 26.1 | 27.5 | 24.2 |
Granted - Units | 0.6 | 4 | 4.1 |
Exercised - Units | 0 | 0 | 0 |
Forfeited - Units | -0.2 | -5.4 | -0.8 |
Total outstanding at end of period - Units | 26.5 | 26.1 | 27.5 |
Expected forfeitures - Units | 0 | 0 | 0 |
Expected to vest at end of period - Units | 26.5 | 26.1 | 27.5 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Total outstanding at beginning of period - Weighted Average Grant Date Fair Value | $0.28 | $0.38 | $0.81 |
Granted - Weighted Average Grant Date Fair Value | $0 | $0.28 | $0.38 |
Exercised - Weighted Average Grant Date Fair Value | $0 | $0 | $0 |
Forfeited - Weighted Average Grant Date Fair Value | $0.28 | $0.38 | $0.81 |
Total outstanding at end of period - Weighted Average Grant Date Fair Value | $0 | $0.28 | $0.38 |
Expected forfeitures - Weighted Average Grant Date Fair Value | $0 | $0 | $0 |
Expected to vest at end of period - Weighted Average Grant Date Fair Value | $0 | $0.28 | $0.38 |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Total outstanding at beginning of period - Weighted Average Grant Date Fair Value | $0.93 | $0.93 | $0.93 |
Granted - Weighted Average Grant Date Fair Value | $0 | $0.28 | $0.38 |
Exercised - Weighted Average Grant Date Fair Value | $0 | $0 | $0 |
Forfeited - Weighted Average Grant Date Fair Value | $0.93 | $0.93 | $0.93 |
Total outstanding at end of period - Weighted Average Grant Date Fair Value | $0.93 | $0.93 | $0.93 |
Expected forfeitures - Weighted Average Grant Date Fair Value | $0 | $0 | $0 |
Expected to vest at end of period - Weighted Average Grant Date Fair Value | $0.93 | $0.93 | $0.93 |
StockBased_Compensation_StockB1
Stock-Based Compensation (Stock-Based Compensation Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2010 | Oct. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2013 | Oct. 31, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted | 0 | 0 | ||||||
Exercise period for vested awards | 10 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options for Each Stock Unit | 2 | |||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 1,100,000 | 1,700,000 | 1,100,000 | |||||
Granted | 0 | 5,000,000 | 0 | |||||
Exercise period for vested awards | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options Exchanged for Shares Issued in Period | 16,700,000 | 16,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vested Options Exchanged for Shares Issued in Period | 6,200,000 | 5,200,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease) | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Percentage | 50.00% | |||||||
Employee Stock Option [Member] | Vest in September 2012 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Cliff-Vesting Options, Percentage of Options Vesting | 50.00% | |||||||
Employee Stock Option [Member] | Cliff-Vesting Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Strike Price | $3.50 | |||||||
Employee Stock Option [Member] | Vest in September 2014 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Cliff-Vesting Options, Percentage of Options Vesting | 50.00% | |||||||
Employee Stock Option [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Unrecognized Compensation Expense Related to Nonvested Options Recognition Period | 1 year | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 11,100,000 | 9,400,000 | ||||||
Performance-Based Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Unrecognized Compensation Expense Related To Nonvested Options | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 500,000 | |||||||
Granted | 0 | |||||||
Exercise period for vested awards | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options Exchanged for Shares Issued in Period | 5,500,000 | 2,800,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Vested Options Exchanged for Shares Issued in Period | 3,500,000 | 2,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease) | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Percentage | 50.00% | |||||||
2007 SIP [Member] | Employee Stock Option [Member] | Vesting Schedule Through October 2012 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Strike Price | $5 | |||||||
Director [Member] | Other share and share-based awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued | 5,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | 0.5 | |||||||
Deferred Compensation Arrangement With Individual Awards Vested Number Of Shares | 1,100,000 | 1,700,000 | 1,100,000 | |||||
Director [Member] | Other share and share-based awards [Member] | Vest in 2014 and 2015 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Deferred Compensation Arrangement With Individual Awards Vested Number Of Shares | 1,100,000 | |||||||
Certain Executive Officers and Small Group of Other Employees [Member] | Employee Stock Option [Member] | Cliff-Vesting Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted | 3,100,000 | |||||||
Certain Executive Officers and Small Group of Other Employees [Member] | Employee Stock Option [Member] | Vest in September 2014 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Strike Price | $3.50 | |||||||
Certain Executive Officers and Small Group of Other Employees [Member] | Performance-Based Options [Member] | Vesting Schedule Through December 2012 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Strike Price | $5 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Option Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted | 0 | 0 | |
Time-Based Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease) | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Oustanding at beginning of period | 6,100,000 | 1,500,000 | |
Granted | 0 | 0 | 5,000,000 |
Exercised | 0 | ||
Forfeited | -400,000 | ||
Total outstanding at end of period | 6,100,000 | ||
Exercisable at end of period | 0 | ||
Expected forfeitures | -6,100,000 | ||
Expected to vest at end of period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at beginning of period | $1.32 | $4.67 | |
Granted | $0.50 | ||
Exercised | $0 | ||
Forfeited | $4.33 | ||
Total outstanding at end of period | $1.32 | ||
Exercisable at end of period | $0 | ||
Expected forfeitures | $1.32 | ||
Expected to vest at end of period | $0 | ||
Performance-Based Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares, Period Increase (Decrease) | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Oustanding at beginning of period | 1,000,000 | 1,800,000 | |
Granted | 0 | ||
Exercised | 0 | ||
Forfeited | -800,000 | ||
Exchanged | 0 | ||
Total outstanding at end of period | 1,000,000 | ||
Exercisable at end of period | 0 | ||
Expected forfeitures | -1,000,000 | ||
Expected to vest at end of period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at beginning of period | $0 | $5 | |
Granted | $0 | ||
Exercised | $0 | ||
Forfeited | $5 | ||
Exchanged | $0 | ||
Total outstanding at end of period | $0 | ||
Exercisable at end of period | $0 | ||
Expected forfeitures | $5 | ||
Expected to vest at end of period | $0 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Option Activity Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2012 | |
Time-Based Options [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, weighted average remaining contractual term | 5 years |
Exercisable, weighted average remaining contractual term | 5 years |
Vested and expected to vest, exercisable, weighted average remaining contractual term | 5 years |
Time-Based Options [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, weighted average remaining contractual term | 10 years |
Exercisable, weighted average remaining contractual term | 10 years |
Vested and expected to vest, exercisable, weighted average remaining contractual term | 10 years |
Performance-Based Options [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, weighted average remaining contractual term | 5 years |
Exercisable, weighted average remaining contractual term | 5 years |
Vested and expected to vest, exercisable, weighted average remaining contractual term | 5 years |
Performance-Based Options [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, weighted average remaining contractual term | 7 years |
Exercisable, weighted average remaining contractual term | 7 years |
Vested and expected to vest, exercisable, weighted average remaining contractual term | 7 years |
StockBased_Compensation_Nonves
Stock-Based Compensation (Nonvested Options Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted | 0 | 0 | |
Time-Based Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Total nonvested at beginning of period | 2,200,000 | 3,300,000 | 0 |
Granted | 0 | 0 | 5,000,000 |
Vested | -1,100,000 | -1,100,000 | -1,700,000 |
Forfeited | 0 | 0 | 0 |
Exchanged | 0 | 0 | 0 |
Total nonvested at end of period | 1,100,000 | 2,200,000 | 3,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Total nonvested at beginning of period | $0.17 | $0.17 | $0 |
Granted | $0 | $0 | $0.17 |
Vested | $0.17 | $0.17 | $0.17 |
Forfeited | $0 | $0 | $0 |
Exchanged | $0 | $0 | $0 |
Total nonvested at end of period | $0.17 | $0.17 | $0.17 |
Performance-Based Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Total nonvested at beginning of period | 500,000 | ||
Granted | 0 | ||
Vested | -500,000 | ||
Forfeited | 0 | ||
Exchanged | 0 | ||
Total nonvested at end of period | 0 | ||
Performance-Based Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Total nonvested at beginning of period | $1.92 | ||
Granted | $0 | ||
Vested | $1.92 | ||
Forfeited | $0 | ||
Exchanged | $0 | ||
Total nonvested at end of period | $0 | ||
Performance-Based Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Total nonvested at beginning of period | $2.01 | ||
Granted | $0 | ||
Vested | $2.01 | ||
Forfeited | $0 | ||
Exchanged | $0 | ||
Total nonvested at end of period | $0 |
StockBased_Compensation_Other_
Stock-Based Compensation (Other Share and Share-Based Awards) (Details) (Other share and share-based awards [Member], USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 |
Management [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Deferred Compensation Arrangement With Individual Shares Issued In Exchange For Previously Vested Awards | 2,400,000 | |||
Right to receive common stock, number of shares | 1 | |||
Deferred Compensation Arrangement With Individual Additional Shares Issued | 1,200,000 | |||
Deferred Compensation Arrangement With Individual Percent Of Award Payable In Cash Or Stock | 50.00% | |||
Deferred Compensation Arrangement With Individual Percent Of Award Payable in Stock | 50.00% | |||
Deferred Compensation Arrangement With Individual Total Shares Issued | 3,600,000 | |||
Deferred Compensation Arrangement With Individual Shares Surrendered Upon Termination of Employment | 2,300,000 | |||
Decrease in compensation expense | $0.50 | $0.10 | $1 | |
Compensation expense | 0 | |||
Directors and other nonemployees [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares issued | 0 | 1,000,000 | 1,000,000 | |
Compensation expense | $0.40 | $1.30 | ||
Directors [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Shares issued | 5,000,000 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 8 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2014 | Aug. 31, 2012 | Feb. 29, 2012 | Oct. 31, 2012 | Jan. 31, 2013 | ||
Related Party Transaction [Line Items] | ||||||||||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | $1,904 | |||||||||||||||
Increase (Decrease) In Restricted Cash Related To Debt Issuance | 0 | -680 | 680 | |||||||||||||
Accounts receivable, related parties, noncurrent | 47 | 838 | 47 | |||||||||||||
OPEB [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Defined Benefit Plan, Contributions by Employer | 16 | 18 | ||||||||||||||
Pension Plan [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Defined Benefit Plan Contributions By Employer Excluding Affiliated Supplemental Plan | 84 | 84 | ||||||||||||||
Defined Benefit Plan, Contributions by Employer | 85 | 7 | ||||||||||||||
10.875% Fixed Senior Notes due November 1, 2017 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 1,715 | |||||||||||||||
Senior Notes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 1,235 | |||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Selling, general and administrative expenses from transactions with related party | 204 | 241 | 265 | |||||||||||||
Related party transaction, amounts of transaction | 13 | |||||||||||||||
Related Party Transaction, Sale of Assets To Related Party | 24 | 28 | ||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Internal Revenue Service (IRS) [Member] | Audit Years 1997 Through 2002 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party tax expense, due from affiliates, current | 84 | |||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Debt held by related party [Member] | Senior Notes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Long-term debt, gross | 303 | 303 | 303 | |||||||||||||
Oncor [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Selling, general and administrative expenses from transactions with related party | 34 | 32 | 35 | |||||||||||||
Related party tax expense, due from affiliates, current | 237 | 90 | 3 | |||||||||||||
Oncor [Member] | Internal Revenue Service (IRS) [Member] | Audit Years 1997 Through 2002 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party tax expense, due from affiliates, current | 33 | |||||||||||||||
Oncor [Member] | OPEB [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Increase (Decrease) In Accounts Receivable From Related Party | 758 | |||||||||||||||
Related Party Transaction, Reimbursement Due From Affiliates | 1 | |||||||||||||||
Oncor [Member] | Payable Attributable To Income Taxes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due to Affiliate, Current | 120 | 120 | ||||||||||||||
Oncor [Member] | Payable Attributable To Income Taxes [Member] | Internal Revenue Service (IRS) [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due to affiliate, noncurrent | 64 | 64 | ||||||||||||||
Due to Affiliate, Current | 144 | 18 | 144 | |||||||||||||
Oncor [Member] | Receivable attributable to income taxes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due from affiliate, current | 5 | |||||||||||||||
Oncor [Member] | Receivable attributable to income taxes [Member] | State and Local Jurisdiction [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due from affiliate, current | 24 | 23 | 24 | |||||||||||||
Oncor Holdings [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party tax expense, due from affiliates, current | 24 | 34 | 35 | |||||||||||||
Oncor Holdings [Member] | Internal Revenue Service (IRS) [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related Party Tax Expense, Due to Affiliates, Current | 21 | |||||||||||||||
Oncor Holdings [Member] | Payable Attributable To Income Taxes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due to Affiliate, Current | 120 | 120 | ||||||||||||||
Oncor Holdings [Member] | Receivable attributable to income taxes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due from affiliate, current | 7 | |||||||||||||||
Sponsor Group [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Selling, general and administrative expenses from transactions with related party | 40 | 39 | 38 | |||||||||||||
Related Party Transaction, Selling, General and Administrative Cost Paid in Transactions With Related Party | 0 | 29 | 38 | |||||||||||||
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | OPEB [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Defined Benefit Plan, Contributions by Employer | 7 | |||||||||||||||
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | Pension Plan [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Defined Benefit Plan, Contributions by Employer | 64 | 64 | ||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Stated interest rate (as a percent) | 10.00% | [1] | 10.00% | [1] | ||||||||||||
Long-term debt, gross | 3,482 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured 9.75% First Lien Notes due October 15, 2019 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Stated interest rate (as a percent) | 9.75% | 9.75% | ||||||||||||||
Long-term debt, gross | 2 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Stated interest rate (as a percent) | 11.75% | 11.75% | ||||||||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 600 | 1,150 | ||||||||||||||
Long-term debt, gross | 1,750 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Stated interest rate (as a percent) | 6.88% | [1] | 6.88% | [1] | ||||||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 250 | 253 | ||||||||||||||
Long-term debt, gross | 503 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Related Party Transactions, Returned Debt as Dividend [Member] | Senior Notes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | 6,360 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Debt held by related party [Member] | Senior Notes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Long-term debt, gross | 79 | 79 | 79 | |||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Oncor [Member] | Agreement between parties to settle future reimbursements [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Settlement increase in equity, after tax | 2 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Parent Company [Member] | Debt held by related party [Member] | Senior Notes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Long-term debt, gross | 1,282 | 1,282 | 1,282 | |||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Goldman, Sachs & Co. [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt issuance cost | 2 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Goldman, Sachs & Co. [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 and 11.75% Senior Secured Second Lien Notes due March 1, 2022 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt issuance cost | 10 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Goldman, Sachs & Co. [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt issuance cost | 7 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Goldman, Sachs & Co. [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt issuance cost | 3 | |||||||||||||||
Related party transaction, amounts of transaction | 1 | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Affiliates of KKR and TPG Management, L.P. [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 and 11.75% Senior Secured Second Lien Notes due March 1, 2022 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction, amounts of transaction | 4 | |||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Pension Plan [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Defined Benefit Plan, Contributions by Employer | 20 | 20 | ||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Long-term debt, gross | 1,571 | 1,571 | ||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Long-term debt, gross | 4,874 | 4,874 | ||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction, amounts of transaction | 971 | 967 | 962 | |||||||||||||
Due to Affiliate | 118 | 135 | 118 | 53 | ||||||||||||
Interest expense, related party | 16 | |||||||||||||||
Delivery fee surcharge remitted to related party | 17 | 16 | 16 | |||||||||||||
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 | ||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | Agreement between parties to settle future reimbursements [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related party transaction, amounts of transaction | 159 | |||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | Agreement between parties to settle obligations under the note [Member] | Noninterest bearing note payable maturing in 2016 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Repayments of Related Party Debt | 20 | |||||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | Decommisioning liablity [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Due to affiliate, noncurrent | 479 | 400 | 479 | |||||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | Collateral posted [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Letter of credit posted as collateral | 9 | 9 | 9 | |||||||||||||
Parent Company [Member] | Secured Debt [Member] | Fixed Senior Secured 9.75% First Lien Notes due October 15, 2019 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Stated interest rate (as a percent) | 9.75% | 9.75% | ||||||||||||||
Long-term debt, gross | 2 | |||||||||||||||
Parent Company [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due January 15, 2020 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Stated interest rate (as a percent) | 10.00% | 10.00% | ||||||||||||||
Long-term debt, gross | 3 | |||||||||||||||
Parent Company [Member] | Senior Notes [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Stated interest rate (as a percent) | 10.88% | 10.88% | ||||||||||||||
Long-term debt, gross | 33 | |||||||||||||||
Parent Company [Member] | Oncor [Member] | Texas Comptroller Of Public Accounts [Member] | Audit Years 1997 Through 2001 [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Related Party Tax Expense, Due to Affiliates, Current | $10 | |||||||||||||||
[1] | The EFIH First Lien Notes were exchanged or settled in June 2014 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reportable_segment | |||
Segment Reporting Information [Line Items] | |||
Number of reportable segments (in reportable segments) | 2 | ||
Operating revenues (all Competitive Electric) | $5,978 | $5,899 | $5,636 |
Depreciation and amortization | 1,283 | 1,355 | 1,373 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 349 | 335 | 270 |
Interest income | 1 | 1 | 2 |
Interest expense and related charges | 2,201 | 2,704 | 3,508 |
Income tax benefit | 2,619 | 1,271 | 1,232 |
Net loss attributable to EFH Corp. | -6,406 | -2,218 | -3,360 |
Investment in equity investees | 6,058 | 5,959 | 5,850 |
Total assets | 29,248 | 36,446 | 40,970 |
Capital expenditures | 386 | 501 | 664 |
Competitive Electric [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues (all Competitive Electric) | 5,978 | 5,899 | 5,636 |
Depreciation and amortization | 1,270 | 1,333 | 1,344 |
Interest income | 0 | 6 | 46 |
Interest expense and related charges | 1,799 | 2,062 | 2,892 |
Income tax benefit | 2,339 | 794 | 954 |
Net loss attributable to EFH Corp. | -6,260 | -2,309 | -3,063 |
Investment in equity investees | 8 | 9 | 8 |
Total assets | 21,347 | 28,828 | 33,002 |
Capital expenditures | 336 | 472 | 630 |
Regulated Delivery [Member] | |||
Segment Reporting Information [Line Items] | |||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 349 | 335 | 270 |
Net loss attributable to EFH Corp. | 349 | 335 | 270 |
Investment in equity investees | 6,050 | 5,950 | 5,842 |
Total assets | 6,050 | 5,950 | 5,842 |
Corp. and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 13 | 22 | 29 |
Interest income | 51 | 148 | 143 |
Interest expense and related charges | 452 | 795 | 803 |
Income tax benefit | 280 | 477 | 278 |
Net loss attributable to EFH Corp. | -495 | -244 | -567 |
Total assets | 4,025 | 3,692 | 4,861 |
Capital expenditures | 50 | 29 | 34 |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | -50 | -153 | -187 |
Interest expense and related charges | -50 | -153 | -187 |
Total assets | ($2,174) | ($2,024) | ($2,735) |
Supplementary_Financial_Inform2
Supplementary Financial Information (Restricted Cash) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Restricted Cash and Investments, Current | $6 | $949 | |
Restricted Cash and Investments, Noncurrent | 901 | 0 | |
Other Restricted Cash [Member] | |||
Restricted Cash and Investments, Current | 6 | 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 | 350 | 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 | $551 | $0 | |
[1] | At December 31, 2013, in consideration of the Bankruptcy Filing, all amounts were classified as current. See Note 12 for discussion of letter of credit draws in 2014. |
Supplementary_Financial_Inform3
Supplementary Financial Information (Schedule of Trade Accounts Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Receivables [Abstract] | ||||
Wholesale and retail trade accounts receivable | $604 | $732 | ||
Allowance for uncollectible accounts | 15 | 14 | 9 | 27 |
Accounts Receivable, Net, Current | 589 | 718 | ||
Unbilled Receivables, Current | $239 | $272 |
Supplementary_Financial_Inform4
Supplementary Financial Information (Schedule for Allowance for Uncollectible Accounts Receivable) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for uncollectible accounts receivable at beginning of period | $14 | $9 | $27 |
Bad debt expense (Note 21) | 38 | 33 | 26 |
Decrease for account write-offs | -37 | -28 | -44 |
Allowance for uncollectible accounts receivable at end of period | $15 | $14 | $9 |
Supplementary_Financial_Inform5
Supplementary Financial Information (Accounts Receivable Securitization Program) (Narrative) (Details) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
Texas Competitive Electric Holdings Company LLC [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts Receivable Securitization Program, Maximum Funding Capacity | 200 |
Texas Competitive Electric Holdings Company LLC [Member] | T X U Receivables Company [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts Receivable Securitization Program Subordinated Notes, Limited Percentage of Uncollected Accounts Receivable Purchased | 25.00% |
Texas Competitive Electric Holdings Company LLC [Member] | Consolidation, Eliminations [Member] | T X U Receivables Company [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts Receivable Securitization Program, Termination, Face Amount of Receivables Repurchased | 491 |
Accounts Receivable Securitization Program, Termination, Purchase Price of Receivables Repurchased | 474 |
Accounts Receivable Securitization Program, Termination, Repayment of Subordinated Notes Payable | 11 |
T X U Receivables Company [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts Receivable Securitization Program, Termination, Repayment of Borrowings To Financial Institution | 126 |
Supplementary_Financial_Inform6
Supplementary Financial Information (Schedule of Program Fees and Activities Related to Securitization) (Details) (Texas Competitive Electric Holdings Company LLC [Member], T X U Receivables Company [Member], USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Texas Competitive Electric Holdings Company LLC [Member] | T X U Receivables Company [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Securitization Program Cash Collections Accounts Receivable | $3,589 | $4,566 | ||
Accounts Receivable Securitization Program face amount of new receivables purchased | -3,144 | [1] | -4,496 | [1] |
Accounts Receivable Securitization Program Discount from face amount of purchased receivables | 32 | 11 | ||
Accounts Receivable Securitization Program, Program fees | -5 | -9 | ||
Accounts Receivable Securitization Program Servicing Fees | -1 | -2 | ||
Accounts Receivable Securitization Program Increase (Decrease) Subordinated Notes Payble | -97 | -323 | ||
Accounts Receivable Securitization Program, Settlement Of Accrued Income Taxes Receivable (Payable) | -9 | 0 | ||
Accounts Receivable Securitization Program, Capital Contribution (Distribution) To From Affiliate, Net of Cash Held | 52 | 275 | ||
Accounts Receivable Securitization Program, Termination, Capital Distribution to Affiliate | -335 | 0 | ||
Cash flows provided to (used in) originator under the program | $82 | $22 | ||
Accounts Receivable Securitization Program, Program fees as a percentage of average funding (annualized) | 4.70% | 6.70% | ||
[1] | Net of allowance for uncollectible accounts. |
Supplementary_Financial_Inform7
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories by Major Category | ||
Materials and supplies | $214 | $216 |
Fuel stock | 215 | 154 |
Natural gas in storage | 39 | 29 |
Total inventories | 468 | 399 |
Other Investments | ||
Nuclear plant decommissioning trust | 893 | 791 |
Assets related to employee benefit plans, including employee savings programs, net of distributions | 61 | 61 |
Land | 37 | 37 |
Miscellaneous other | 4 | 2 |
Total other investments | $995 | $891 |
Supplementary_Financial_Inform8
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||||
Cost | $564 | [1] | $521 | [1] | |
Unrealized gain | 333 | 279 | |||
Unrealized loss | -4 | -9 | |||
Fair market value | 893 | 791 | |||
Realized gains | 11 | 2 | 1 | ||
Realized losses | -2 | -4 | -2 | ||
Proceeds from sales of securities | 314 | 175 | 106 | ||
Investments in securities | -331 | -191 | -122 | ||
Debt securities [Member] | |||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||||
Cost | 288 | [1],[2] | 266 | [1],[2] | |
Unrealized gain | 13 | [2] | 8 | [2] | |
Unrealized loss | 0 | [2] | -4 | [2] | |
Fair market value | 301 | [2] | 270 | [2] | |
Debt securities, weighted average interest rate (as a percent) | 4.35% | 3.96% | |||
Debt securities, average maturity (in years) | 6 years | 6 years | |||
Decommissioning Fund Investments, debt maturities, one through five years, fair value | 85 | ||||
Decommissioning Fund Investments, debt maturities, five through ten years, fair value | 68 | ||||
Decommissioning Fund Investments, debt maturities, after ten years, fair value | 148 | ||||
Equity securities [Member] | |||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||||
Cost | 276 | [1],[3] | 255 | [1],[3] | |
Unrealized gain | 320 | [3] | 271 | [3] | |
Unrealized loss | -4 | [3] | -5 | [3] | |
Fair market value | $592 | [3] | $521 | [3] | |
[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 4.35% and 3.96% at December 31, 2014 and 2013, respectively, and an average maturity of 6 years at both December 31, 2014 and 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_Inform9
Supplementary Financial Information (Property, Plant and Equipment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $15,998 | $24,486 | |
Less accumulated amortization/depreciation | 4,065 | 7,056 | |
Net of accumulated depreciation | 11,933 | 17,430 | |
Construction work in progress, Gross | 464 | 361 | |
Property, plant and equipment - net | 12,397 | 17,791 | |
Depreciation expense | 1,181 | 1,258 | 1,247 |
Assets related to capitalized leases, net of accumulated depreciation | 51 | 59 | |
Competitive Electric [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction work in progress, Gross | 459 | 348 | |
Competitive Electric [Member] | Generation and mining [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 15,468 | 23,894 | |
Competitive Electric [Member] | Nuclear fuel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Nuclear fuel (net of accumulated amortization) | 265 | 333 | |
Competitive Electric [Member] | Other assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 45 | 34 | |
Corporate and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 220 | 225 | |
Construction work in progress, Gross | $5 | $13 | |
Minimum [Member] | Lignite- And Nuclear-Fueled Generation Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 18 years | ||
Maximum [Member] | Lignite- And Nuclear-Fueled Generation Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 55 years |
Recovered_Sheet3
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, Liability | $524 | $536 | |
Accretion | 48 | 55 | |
Incremental reclamation costs | 127 | [1] | 20 |
Payments | -85 | -87 | |
Ending balance, Liability | 614 | 524 | |
Less amounts due currently | -54 | ||
Noncurrent liability at end of period | 560 | 440 | |
Nuclear Plant Decommissioning [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, Liability | 390 | 368 | |
Accretion | 23 | 22 | |
Payments | 0 | ||
Adjustment to estimate of reclamation costs | 0 | ||
Ending balance, Liability | 413 | 390 | |
Less amounts due currently | 0 | ||
Noncurrent liability at end of period | 413 | ||
Mining Land Reclamation [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, Liability | 98 | 135 | |
Accretion | 22 | 30 | |
Incremental reclamation costs | 127 | [1] | 20 |
Payments | -82 | -87 | |
Ending balance, Liability | 165 | 98 | |
Less amounts due currently | -54 | ||
Noncurrent liability at end of period | 111 | ||
Other Asset Retirement Obligations [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, Liability | 36 | 33 | |
Accretion | 3 | 3 | |
Payments | -3 | 0 | |
Adjustment to estimate of reclamation costs | 0 | ||
Ending balance, Liability | 36 | 36 | |
Less amounts due currently | 0 | ||
Noncurrent liability at end of period | $36 | ||
[1] | The increase in the mining reclamation liability of $127 million during 2014 was primarily due to final remediation for certain mines occurring sooner than previously estimated and increases in remediation cost estimates at other mining locations. |
Recovered_Sheet4
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | |||||
Uncertain tax positions, including accrued interest | $74 | $246 | |||
Retirement plan and other employee benefits | 243 | [1] | 1,057 | [1] | |
Asset retirement and mining reclamation obligations | 560 | 440 | |||
Unfavorable purchase and sales contracts | 566 | 589 | |||
Nuclear decommissioning cost over-recovery | 479 | 400 | |||
Other | 155 | 30 | |||
Total other noncurrent liabilities and deferred credits | 2,077 | 2,762 | |||
Amortization of Deferred Charges | |||||
Amortization of Unfavorable Purchase and Sales Contracts | 23 | 25 | 27 | ||
Estimated Future Amortization Expense | |||||
2015 | 24 | ||||
2016 | 24 | ||||
2017 | 24 | ||||
2018 | 24 | ||||
2019 | 24 | ||||
Oncor [Member] | |||||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | |||||
Retirement plan and other employee benefits | $47 | $838 | |||
[1] | Includes $47 million and $838 million at December 31, 2014 and 2013, respectively, representing pension and OPEB liabilities related to Oncor |
Recovered_Sheet5
Supplementary Financial Information (Fair Value of Debt) (Details) (USD $) | Dec. 31, 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 | 35,857 | 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 | 123 | 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 | 6,830 | 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 | 21,411 | 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 | 119 | 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_Sheet6
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Jan. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2012 | |||
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 | 1,904 | ||||||||
Cash payments related to: | |||||||||
Interest paid | 1,632 | [1] | 3,388 | [1] | 3,151 | [1] | |||
Capitalized interest | -17 | -25 | -36 | ||||||
Interest paid (net of capitalized interest) | 1,615 | [1] | 3,363 | [1] | 3,115 | [1] | |||
Income taxes | 55 | 65 | 71 | ||||||
Reorganization items | 146 | [2] | 0 | 0 | |||||
Noncash investing and financing activities: | |||||||||
Principal amount of toggle notes issued in lieu of cash interest | 0 | 173 | 235 | ||||||
Construction expenditures | 113 | [3] | 46 | [3] | 50 | [3] | |||
Debt exchange and extension transactions | -85 | [4] | -326 | [4] | 457 | [4] | |||
Debt assumed related to acquired combustion turbine trust interest | 0 | -45 | 0 | ||||||
Capital leases | 0 | 0 | 15 | ||||||
Secured Debt [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,058 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Debtor-In-Possession Financing, Borrowings Used In Exchange Transaction For Pre-Petition Debt | 1,836 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,673 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Senior Secured notes due 2020 [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 1,302 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Long-term debt, gross | 406 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/12.25% Senior Toggle notes due 2018 [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 89 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 1,304 | ||||||||
Long-term debt, gross | 1,566 | ||||||||
Parent Company [Member] | |||||||||
Cash payments related to: | |||||||||
Interest paid | 30 | 525 | 675 | ||||||
Income taxes | 243 | 224 | 227 | ||||||
Reorganization items | 14 | 0 | 0 | ||||||
Noncash investing and financing activities: | |||||||||
Principal amount of toggle notes issued in lieu of cash interest | 0 | 0 | 398 | ||||||
Debt exchange and extension transactions | 0 | 0 | 0 | ||||||
Parent Company [Member] | Secured Debt [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,310 | ||||||||
Parent Company [Member] | Senior Notes [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 95 | 1,761 | |||||||
Parent Company [Member] | Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Long-term debt, gross | 27 | ||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 33 | ||||||||
Parent Company [Member] | Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Long-term debt, gross | 90 | [5] | |||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 2 | ||||||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | |||||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||||
Debt Instrument, Increase, Accrued Interest | $78 | ||||||||
[1] | Net of amounts received under interest rate swap agreements. For the year ended December 31, 2014, this amount also includes amounts paid for adequate protection. | ||||||||
[2] | Represents cash payments for legal and other consulting services. | ||||||||
[3] | Represents end-of-period accruals. | ||||||||
[4] | For the year ended December 31, 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 11). For the year ended December 31, 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 (see Note 12). For the year ended December 31, 2012 represents $1.304 billion principal amount of EFIH debt issued in exchange for $1.761 billion principal amount of EFH Corp. debt. | ||||||||
[5] | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. December 31, 2014 2013EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014281 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 |
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Selling, general and administrative expenses | ($716) | ($747) | ($674) |
Other income | 31 | 26 | 30 |
Other deductions | -276 | -53 | -380 |
Interest income | 1 | 1 | 2 |
Interest expense and related charges | -2,201 | -2,704 | -3,508 |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | -9,374 | -3,931 | -4,862 |
Income tax benefit | 2,619 | 1,271 | 1,232 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 349 | 335 | 270 |
Net loss | -6,406 | -2,325 | -3,360 |
Net loss attributable to noncontrolling interests | 0 | 107 | 0 |
Net loss attributable to EFH Corp. | -6,406 | -2,218 | -3,360 |
Other comprehensive income (loss) (net of tax benefit (expense) of $36, $9 and $(94)) | -67 | -16 | 175 |
Comprehensive income (loss) | -6,473 | -2,341 | -3,185 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 107 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -6,473 | -2,234 | -3,185 |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Selling, general and administrative expenses | -61 | -45 | -25 |
Other income | 0 | 568 | 1 |
Other deductions | -108 | -646 | -1 |
Interest income | 74 | 132 | 164 |
Interest expense and related charges | -83 | -411 | -1,115 |
Restructuring Charges | -27 | 0 | 0 |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | -205 | -402 | -976 |
Income tax benefit | 60 | 141 | 340 |
Equity in losses of consolidated subsidiaries (net of tax) | -6,610 | -2,399 | -2,994 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 349 | 335 | 270 |
Net loss | -6,406 | -2,325 | -3,360 |
Net loss attributable to noncontrolling interests | 0 | 107 | 0 |
Net loss attributable to EFH Corp. | -6,406 | -2,218 | -3,360 |
Other comprehensive income (loss) (net of tax benefit (expense) of $36, $9 and $(94)) | -67 | -16 | 175 |
Comprehensive income (loss) | -6,473 | -2,341 | -3,185 |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 107 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -6,473 | -2,234 | -3,185 |
Other Comprehensive Income (Loss), Tax | $36 | $9 | ($94) |
Schedule_I_Condensed_Financial2
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Cash Flows) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows — operating activities: | ||||
Net loss | ($6,406) | ($2,325) | ($3,360) | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||
Equity in earnings of unconsolidated subsidiaries | -349 | -335 | -270 | |
Deferred income tax benefit, net | -2,539 | -992 | -1,252 | |
Unrealized Gain Loss on Interest Rate Derivatives | -1,303 | -1,058 | -172 | |
Noncash loss on termination of interest rate swaps (Note 9) | 1,237 | [1] | 0 | 0 |
Income tax benefit due to IRS audit resolutions (Note 5) | 7 | -305 | 0 | |
Increase (Decrease) in Income Taxes Receivable from Affiliate | -91 | -534 | ||
Interest expense on toggle notes payable in additional principal | 65 | 176 | 209 | |
Reserve recorded for intercompany notes receivable | 3 | |||
Amortization of debt related costs | 66 | 208 | 186 | |
Other, net | 0 | 16 | 15 | |
Changes in operating assets and liabilities: | ||||
Other — net assets | -43 | 131 | -61 | |
Other — net liabilities | 71 | 84 | -454 | |
Cash provided by (used in) operating activities | 404 | -503 | -818 | |
Cash flows — financing activities: | ||||
Other, net | 1 | -9 | -22 | |
Cash provided by (used in) financing activities | 2,257 | -196 | 3,373 | |
Cash flows — investing activities: | ||||
Other, net | -12 | -2 | -24 | |
Cash provided by (used in) investing activities | -450 | 3 | -1,468 | |
Net change in cash and cash equivalents | 2,211 | -696 | 1,087 | |
Cash and cash equivalents — beginning balance | 1,217 | 1,913 | 826 | |
Cash and cash equivalents — ending balance | 3,428 | 1,217 | 1,913 | |
Parent Company [Member] | ||||
Cash flows — operating activities: | ||||
Net loss | -6,406 | -2,325 | -3,360 | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||
Equity in losses of consolidated subsidiaries | 6,610 | 2,399 | 2,994 | |
Equity in earnings of unconsolidated subsidiaries | -349 | -335 | -270 | |
Deferred income tax benefit, net | 3 | 10 | -235 | |
Unrealized Gain Loss on Interest Rate Derivatives | -14 | 0 | 0 | |
Noncash loss on termination of interest rate swaps (Note 9) | 12 | 0 | 0 | |
Income tax benefit due to IRS audit resolutions (Note 5) | -14 | -132 | 0 | |
Increase (Decrease) in Income Taxes Receivable from Affiliate | 91 | 0 | 0 | |
Gain on Debt Exchange Transaction | 0 | -566 | 0 | |
Interest expense on toggle notes payable in additional principal | 0 | 0 | 334 | |
Impairment of investment in debt of affiliates | 0 | 70 | 27 | |
Reserve recorded for intercompany notes receivable | 3 | 642 | 0 | |
Reserve recorded for intercompany interest receivable | 14 | 0 | 0 | |
Amortization of debt related costs | 12 | 36 | 48 | |
Other, net | 2 | 2 | -3 | |
Changes in operating assets and liabilities: | ||||
Other — net assets | 13 | 100 | 94 | |
Other — net liabilities | 158 | -75 | -68 | |
Cash provided by (used in) operating activities | 135 | -174 | -439 | |
Cash flows — financing activities: | ||||
Distributions received from subsidiaries | 0 | 690 | 950 | |
Change in notes/advances — affiliate | 60 | -622 | -871 | |
Other, net | 0 | -5 | 0 | |
Cash provided by (used in) financing activities | 60 | 63 | 79 | |
Cash flows — investing activities: | ||||
Other, net | 0 | 9 | 0 | |
Cash provided by (used in) investing activities | 0 | 9 | 0 | |
Net change in cash and cash equivalents | 195 | -102 | -360 | |
Cash and cash equivalents — beginning balance | 197 | 299 | 659 | |
Cash and cash equivalents — ending balance | $392 | $197 | $299 | |
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 16) and $12 million related to other interest rate swaps. |
Schedule_I_Condensed_Financial3
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Millions, unless otherwise specified | |||||
Current assets: | |||||
Cash and cash equivalents | $3,428 | $1,217 | $1,913 | $826 | |
Trade accounts receivable — net | 589 | 718 | |||
Commodity and other derivative contractual assets | 492 | 851 | |||
Other current assets | 91 | 135 | |||
Total current assets | 5,083 | 4,467 | |||
Receivables from unconsolidated subsidiary | 47 | 838 | |||
Other investments | 4 | 2 | |||
Other noncurrent assets | 95 | 865 | |||
Total assets | 29,248 | 36,446 | 40,970 | ||
Current liabilities: | |||||
Trade accounts payable | 406 | 401 | |||
Commodity and other derivative contractual liabilities | 316 | 1,355 | |||
Accumulated deferred income taxes | 135 | 0 | |||
Accrued interest (Notes 9 and 12) | 119 | 564 | |||
Accrued taxes | 157 | 178 | |||
Other Liabilities, Current | 399 | [1] | 326 | ||
Total current liabilities | 1,795 | 43,506 | |||
Liabilities Subject to Compromise | 37,432 | 0 | |||
Accumulated deferred income taxes (Note 6) | 713 | 3,433 | |||
Other noncurrent liabilities and deferred credits | 2,077 | 2,762 | |||
Total liabilities | 48,971 | 49,701 | |||
Shareholders' equity | -19,723 | -13,256 | |||
Total liabilities and equity | 29,248 | 36,446 | |||
Parent Company [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 392 | 197 | 299 | 659 | |
Trade accounts receivable — net | 0 | 9 | |||
Accounts receivable from affiliates | 6 | 9 | |||
Commodity and other derivative contractual assets | 0 | 67 | |||
Other Prepaid Expense, Current | 7 | 0 | |||
Other current assets | 0 | 1 | |||
Total current assets | 405 | 283 | |||
Receivables from unconsolidated subsidiary | 47 | 838 | |||
Investment in debt of subsidiaries | 39 | 32 | |||
Other investments | 60 | 59 | |||
Other noncurrent assets | 3 | 7 | |||
Total assets | 554 | 1,219 | |||
Current liabilities: | |||||
Notes, loans and other debt | 0 | 1,565 | |||
Trade accounts payable | 1 | 2 | |||
Notes payable to affiliates | 8 | 0 | |||
Commodity and other derivative contractual liabilities | 0 | 80 | |||
Accumulated deferred income taxes | 18 | 12 | |||
Accrued interest (Notes 9 and 12) | 0 | 25 | |||
Accrued taxes | 69 | 59 | |||
Other Liabilities, Current | 40 | 14 | |||
Total current liabilities | 136 | 1,757 | |||
Liabilities Subject to Compromise | 1,899 | 0 | |||
Accumulated deferred income taxes (Note 6) | 368 | 411 | |||
Notes or other liabilities due affiliates/unconsolidated subsidiary | 7 | 0 | |||
Other noncurrent liabilities and deferred credits | 374 | 1,097 | |||
Total liabilities | 2,784 | 3,265 | |||
Equity investment in consolidated subsidiaries | 17,493 | 11,210 | |||
Shareholders' equity | -19,723 | -13,256 | |||
Total equity | -2,230 | -2,046 | |||
Total liabilities and equity | $554 | $1,219 | |||
[1] | Balance at December 31, 2014 includes $39 million of current portion of debt |
Schedule_I_Condensed_Financial4
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Investment in Long-Term Debt of Subsidiary) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Available-for-sale Securities [Abstract] | |||||
Total interest income | $1 | $1 | $2 | ||
10.25% Fixed Senior Notes due November 1, 2015, Series B [Member] | |||||
Available-for-sale securities: | |||||
Principal Amount | 102 | 102 | |||
Parent Company [Member] | |||||
Schedule of Held-to-maturity Securities And Available-for-sale Securities [Line Items] | |||||
Investment in debt of subsidiaries | 39 | 32 | |||
Available-for-sale Securities [Abstract] | |||||
Total interest income | 74 | 132 | 164 | ||
Parent Company [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | |||||
Available-for-sale securities: | |||||
Principal Amount | 19 | 19 | |||
Carrying Value | 12 | [1] | 13 | [1] | |
Parent Company [Member] | 10.25% Fixed Senior Notes due November 1, 2015 [Member] | |||||
Available-for-sale securities: | |||||
Principal Amount | 284 | 284 | |||
Carrying Value | 27 | [1] | 19 | [1] | |
Parent Company [Member] | Debt securities [Member] | |||||
Available-for-sale securities: | |||||
Principal Amount | 303 | 303 | |||
Carrying Value | 39 | [1] | 32 | [1] | |
Parent Company [Member] | Available-for-sale Securities [Member] | |||||
Available-for-sale Securities [Abstract] | |||||
Interest received/accrued | 12 | 30 | 30 | ||
Accretion of purchase discount | 0 | 0 | 1 | ||
Impairments related to issuer credit | 0 | -70 | -27 | ||
Total interest income | 12 | -40 | 4 | ||
Interest Income [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Parent Company [Member] | |||||
Schedule of Held-to-maturity Securities And Available-for-sale Securities [Line Items] | |||||
Impairment of investments | 70 | 27 | |||
Available-for-sale Securities [Abstract] | |||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | $1 | ||||
[1] | Carrying value equals fair value. |
Schedule_I_Condensed_Financial5
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Affiliate Balances) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Increase (Decrease) in Income Taxes Receivable from Affiliate | $91 | $534 |
Increase (Decrease) Note Receivable from Affiliate | 103 | |
Increase (Decrease) Interest Receivable from Affiliate | 14 | 5 |
Reclassification Of Affiliate Receivables To Equity Investment In Consolidated Subsidiaries | 899 | |
Reclassification Of Affiliate Payables To Equity Investment In Consolidated Subsidiaries | 1,350 | |
Reserve recorded for intercompany notes receivable | $3 |
Schedule_I_Condensed_Financial6
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Reorganization Items) (Details) (USD $) | 8 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Expenses related to legal advisory and representation services | $127 | |||
Expenses related to other professional consulting and advisory services | 95 | |||
Liability adjustment arising from termination of interest rate swaps | 278 | 278 | 0 | 0 |
Total reorganization items | 815 | 815 | 0 | 0 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Expenses related to legal advisory and representation services | 13 | |||
Expenses related to other professional consulting and advisory services | 13 | |||
Liability adjustment arising from termination of interest rate swaps | 1 | |||
Total reorganization items | $27 |
Schedule_I_Condensed_Financial7
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Liabilities Subject to Compromise) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Condensed Financial Statements, Captions [Line Items] | ||
Accrued interest on notes, loans and other debt | $804 | |
Trade accounts payable and accrued liabilities | 269 | |
Liabilities Subject to Compromise | 37,432 | 0 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Notes, loans and other debt | 1,577 | |
Accrued interest on notes, loans and other debt | 57 | |
Tax sharing liability | 212 | |
Trade accounts payable and accrued liabilities | 52 | |
Advances and other payables to affiliates | 1 | |
Liabilities Subject to Compromise | $1,899 | $0 |
Schedule_I_Condensed_Financial8
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Guarantees) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Indebtedness Guarantee | $50 |
Indemnification Agreement [Member] | Liability related to assets retained by TXU Gas Company, including certain inactive gas plant sites not acquired by Atmos [Member] | TXU Gas Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Maximum exposure, undiscounted | 500 |
Indemnification Agreement [Member] | Contingent liabilities associated with preclosing tax and employee related matters [Member] | TXU Gas Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Maximum exposure, undiscounted | $1,400 |
Schedule_I_Condensed_Financial9
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Dividend Restrictions) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Cash dividends paid to parent company by consolidated subsidiaries | $0 | $690,000,000 | $950,000,000 |
Recovered_Sheet7
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Supplemental Cash Flow Information) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Cash payments (receipts) related to: | ||||||
Interest paid | $1,632 | [1] | $3,388 | [1] | $3,151 | [1] |
Income taxes | -55 | -65 | -71 | |||
Reorganization items | 146 | [2] | 0 | 0 | ||
Noncash investing and financing activities: | ||||||
Debt exchange and extension transactions | -85 | [3] | -326 | [3] | 457 | [3] |
Principal amount of toggle notes issued in lieu of cash | 0 | 173 | 235 | |||
Parent Company [Member] | ||||||
Cash payments (receipts) related to: | ||||||
Interest paid | 30 | 525 | 675 | |||
Income taxes | -243 | -224 | -227 | |||
Reorganization items | 14 | 0 | 0 | |||
Noncash investing and financing activities: | ||||||
Debt exchange and extension transactions | 0 | 0 | 0 | |||
Principal amount of toggle notes issued in lieu of cash | $0 | $0 | $398 | |||
[1] | Net of amounts received under interest rate swap agreements. For the year ended December 31, 2014, this amount also includes amounts paid for adequate protection. | |||||
[2] | Represents cash payments for legal and other consulting services. | |||||
[3] | For the year ended December 31, 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 11). For the year ended December 31, 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 (see Note 12). For the year ended December 31, 2012 represents $1.304 billion principal amount of EFIH debt issued in exchange for $1.761 billion principal amount of EFH Corp. debt. |