Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 03, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Energy Future Holdings Corp /TX/ | |
Entity Central Index Key | 1,023,291 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,669,861,379 |
Condensed Statements Of Consoli
Condensed Statements Of Consolidated Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating revenues | $ 1,737 | $ 1,807 | $ 4,265 | $ 4,731 |
Fuel, purchased power costs and delivery fees | (831) | (868) | (2,090) | (2,256) |
Net gain (loss) from commodity hedging and trading activities | 103 | 75 | 226 | (118) |
Operating costs | (189) | (204) | (598) | (660) |
Depreciation and amortization | (203) | (330) | (643) | (993) |
Selling, general and administrative expenses | (192) | (183) | (547) | (594) |
Impairment of goodwill | (700) | 0 | (1,400) | 0 |
Impairment of long-lived assets | (1,295) | (9) | (1,971) | (30) |
Other income | 8 | 8 | 27 | 22 |
Other deductions | (26) | (5) | (86) | (7) |
Interest income | 0 | 0 | 0 | 1 |
Interest expense and related charges | (383) | (382) | (1,375) | (1,816) |
Reorganization Items | (68) | (55) | (275) | (720) |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | (2,039) | (146) | (4,467) | (2,440) |
Income tax benefit | 452 | 72 | 990 | 830 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 127 | 123 | 278 | 276 |
Net income (loss) | $ (1,460) | $ 49 | $ (3,199) | $ (1,334) |
Condensed Statements Of Consol3
Condensed Statements Of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income (loss) | $ (1,460) | $ 49 | $ (3,199) | $ (1,334) |
Other comprehensive income (loss), net of tax effects: | ||||
Effects related to pension and other retirement benefit obligations (net of tax benefit of $1, $6, $2 and $7) | (1) | (11) | (3) | (14) |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period (net of tax benefit of $— in all periods) | 0 | 0 | 1 | 1 |
Net effects related to Oncor — reported in equity in earnings of unconsolidated subsidiaries (net of tax expense of $— in all periods) | 1 | (1) | 2 | 0 |
Total other comprehensive income (loss) | 0 | (12) | 0 | (13) |
Comprehensive income (loss) | $ (1,460) | $ 37 | $ (3,199) | $ (1,347) |
Condensed Statements Of Consol4
Condensed Statements Of Consolidated Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Effects related to pension and other retirement benefit obligations, tax benefit | $ 1 | $ 6 | $ 2 | $ 7 |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period, tax benefit | 0 | 0 | 0 | 0 |
Net effects related to Oncor — reported in equity in earnings of unconsolidated subsidiaries, tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Statements Of Consol5
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Cash flows — operating activities: | |||
Net income (loss) | $ (3,199) | $ (1,334) | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 757 | 1,118 | |
Deferred income tax benefit, net | (784) | (604) | |
Impairment of goodwill | 1,400 | 0 | |
Impairment of long-lived assets | 1,971 | 30 | |
Contract rejection claims | 26 | 0 | |
Fees paid on EFIH Second Lien Notes repayment (reported as financing activities) | 28 | 0 | |
Fees paid for DIP Facilities (reported as financing activities) | 0 | 180 | |
Loss on exchange and settlement of EFIH First Lien Notes | 0 | 108 | |
Unrealized net (gain) loss from mark-to-market valuations of commodity positions | (107) | 502 | |
Unrealized net (gain) from mark-to-market valuations of interest rate swaps | 0 | (1,303) | |
Liability adjustment arising from termination of interest rate swaps | 0 | 278 | |
Noncash realized loss on termination of interest rate swaps | 0 | 1,237 | [1] |
Noncash realized gain on termination of natural gas hedging positions | 0 | (117) | |
Interest expense on toggle notes payable in additional principal | 0 | 65 | |
Amortization of debt related costs, discounts, fair value discounts and losses on dedesignated cash flow hedges | 0 | 72 | |
Equity in earnings of unconsolidated subsidiaries | (278) | (276) | |
Distributions of earnings from unconsolidated subsidiaries | 206 | 128 | |
Impairment of intangible assets | 83 | 0 | |
Other, net | 49 | 52 | |
Changes in operating assets and liabilities: | |||
Margin deposits, net | 108 | (270) | |
Accrued interest | (1) | 512 | |
Payable due to unconsolidated subsidiary | (113) | (32) | |
Other operating assets and liabilities, including liabilities subject to compromise | (269) | (79) | |
Cash provided by (used in) operating activities | (123) | 267 | |
Cash flows — financing activities: | |||
Repayments/repurchases of debt | (469) | (2,536) | |
Fees paid on EFIH Second Lien Notes repayment | (28) | 0 | |
Proceeds from DIP Facilities before fees paid | 0 | 4,989 | |
Fees paid for DIP Facilities | 0 | (180) | |
Other, net | 0 | 1 | |
Cash provided by (used in) financing activities | (497) | 2,274 | |
Cash flows — investing activities: | |||
Capital expenditures | (261) | (249) | |
Nuclear fuel purchases | (77) | (76) | |
Changes in restricted cash | 33 | 194 | |
Proceeds from sales of nuclear decommissioning trust fund securities | 315 | 250 | |
Investments in nuclear decommissioning trust fund securities | (328) | (263) | |
Other, net | 11 | (8) | |
Cash used in investing activities | (307) | (152) | |
Net change in cash and cash equivalents | (927) | 2,389 | |
Cash and cash equivalents — beginning balance | 3,428 | 1,217 | |
Cash and cash equivalents — ending balance | $ 2,501 | $ 3,606 | |
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 14) and $12 million related to other interest rate swaps. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 2,501 | $ 3,428 |
Restricted cash | 368 | 6 |
Trade accounts receivable — net | 770 | 589 |
Inventories | 388 | 468 |
Commodity and other derivative contractual assets | 393 | 492 |
Other current assets | 88 | 100 |
Total current assets | 4,508 | 5,083 |
Restricted cash | 506 | 901 |
Receivable from unconsolidated subsidiary | 47 | 47 |
Investment in unconsolidated subsidiary | 6,131 | 6,058 |
Other investments | 974 | 995 |
Property, plant and equipment — net | 10,072 | 12,397 |
Goodwill | 952 | 2,352 |
Identifiable intangible assets — net | 1,163 | 1,315 |
Commodity and other derivative contractual assets | 30 | 5 |
Accumulated deferred income taxes | 48 | 0 |
Other noncurrent assets | 97 | 95 |
Total assets | 24,528 | 29,248 |
Current liabilities: | ||
Borrowings under debtor-in-possession credit facilities due currently | 6,825 | 0 |
Long-term debt due currently | 36 | 39 |
Trade accounts payable | 382 | 406 |
Net payables due to unconsolidated subsidiary | 124 | 237 |
Commodity and other derivative contractual liabilities | 160 | 316 |
Margin deposits related to commodity contracts | 126 | 26 |
Accumulated deferred income taxes | 129 | 135 |
Accrued taxes | 111 | 157 |
Accrued interest | 116 | 119 |
Other current liabilities | 327 | 360 |
Total current liabilities | 8,336 | 1,795 |
Borrowings under debtor-in-possession credit facilities | 0 | 6,825 |
Long-term debt, less amounts due currently | 103 | 128 |
Liabilities subject to compromise | 36,924 | 37,432 |
Commodity and other derivative contractual liabilities | 4 | 1 |
Accumulated deferred income taxes | 0 | 713 |
Other noncurrent liabilities and deferred credits | 2,083 | 2,077 |
Total liabilities | $ 47,450 | $ 48,971 |
Commitments and Contingencies | ||
Shareholders' equity | $ (22,922) | $ (19,723) |
Total liabilities and equity | $ 24,528 | $ 29,248 |
Business And Significant Accoun
Business And Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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 16 for further information concerning reportable business segments. Bankruptcy Proceeding 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). In September 2015, the Debtors filed the Plan of Reorganization and the Disclosure Statement. The Disclosure Statement was approved by the Bankruptcy Court in September 2015. In October 2015, the Debtors filed a plan supplement to the Plan of Reorganization that provides greater detail about the Plan of Reorganization and the Debtors post-emergence structure (the Plan Supplement). Following the approval of the Disclosure Statement by the Bankruptcy Court, the Debtors solicited the vote of their required creditors for approval of the Plan of Reorganization. In October 2015, the required creditors voted to approve the Plan of Reorganization. The Bankruptcy Court hearing to review the Plan of Reorganization for confirmation is scheduled to begin on November 3, 2015. The Debtors cannot predict the outcome of the confirmation hearing. See Note 2 for further discussion regarding the Chapter 11 Cases and the Plan of Reorganization and the Disclosure Statement. Basis of Presentation, Including Application of Bankruptcy Accounting The condensed consolidated financial statements have been prepared in accordance with US GAAP. The condensed 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 condensed consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification (ASC) 852, Reorganizations . During the pendency of 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. 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 8 and 10 for discussion of these accounting and reporting changes. Investments in unconsolidated subsidiaries, which are 50% or less owned and/or do not meet accounting standards criteria for consolidation, are accounted for under the equity method (see Note 3 ). Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the audited financial statements and related notes included in our 2014 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. Use of Estimates Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements and estimates of expected allowed claims. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. Changes in Accounting Standards In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 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 of 2015. This new requirement is relevant to our presentation of the equity method investment in Oncor and our presentation of TCEH. The new guidance eliminated a scope exception previously applicable to equity method investments, resulting in the requirement of further analysis of the presentation of the Oncor equity method investment. Based on our analysis, ASU 2014-08 will not materially affect our results of operations, financial position, or cash flows, unless a sale of our Oncor investment and/or a spin-off of TCEH is approved by the Bankruptcy Court (see Note 2 ), at which time presentation as discontinued operations may be appropriate. In February 2015, the FASB issued Accounting Standards Update 2015-02 (ASU 2015-02), Amendments to the Consolidation Analysis . The ASU is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015. Early adoption is permitted. The new consolidation standard changes the criteria a reporting enterprise uses to evaluate if certain legal entities, such as limited partnerships and similar entities, should be consolidated. We are in the process of assessing the effects of the application of the new guidance on our financial statements. In April 2015, the FASB issued Accounting Standards Update 2015-03 (ASU 2015-03), Simplifying Balance Sheet Presentation by Presenting Debt Issuance Costs as a Deduction from Recognized Debt Liability. The ASU is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2015. Early adoption is permitted. The new standard requires debt issuance costs to be classified as reductions to the face value of the related debt. We do not expect ASU 2015-03 to materially affect our financial position until we issue new debt. During the Chapter 11 Cases, debt issuance costs on prepetition debt subject to compromise will continue to be reported in liabilities subject to compromise. In August 2015, the FASB issued Accounting Standards Update 2015-15 (ASU 2015-15), Interest-Imputation of Interest (Topic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements . ASU 2015-15 provides guidance on the presentation of debt issuance costs associated with line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, ASU 2015-15 allows an entity to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit. In May 2015, the FASB issued Accounting Standards Update 2015-07 (ASU 2015-07), Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent) . The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with retrospective application to all periods presented. Early adoption is permitted. ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by Accounting Standards Codification 820, Fair Value Measurement . Disclosures about investments in certain entities that calculate net asset value per share are limited under ASU 2015-07 to those investments for which the entity has elected to estimate the fair value using the net asset value practical expedient. We are currently evaluating the impact of the adoption of this ASU on our financial statements. In August 2015, the FASB issued Accounting Standards Update 2015-13, Derivatives and Hedging (Topic 815), Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets . The ASU clarified that the use of locational marginal pricing by an independent system operator does not constitute net settlement of a contract for the purchase or sale of electricity if all the criterion of the normal purchase and normal sale scope exception are met, including physical delivery. The ASU was effective upon issuance and did not impact our financial statements. |
Chapter 11 Cases
Chapter 11 Cases | 9 Months Ended |
Sep. 30, 2015 | |
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 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. 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. Proposed Plan of Reorganization A Chapter 11 plan of reorganization, among other things, determines the rights and satisfaction of claims of various creditors and security holders of an entity operating under the protection of the Bankruptcy Court and is subject to the ultimate outcome of stakeholder negotiations and Bankruptcy Court decisions ongoing through the date on which the Chapter 11 plan is confirmed. 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 of reorganization. In September 2015, the Debtors filed the Plan of Reorganization and the Disclosure Statement. The Disclosure Statement was approved by the Bankruptcy Court in September 2015. In October 2015, the Debtors filed the Plan Supplement. The Debtors have the exclusive right to solicit the appropriate votes for the Plan of Reorganization until December 29, 2015 (the exclusivity period). In October 2015, the Plan of Reorganization was approved by the required creditors. In general, the Plan of Reorganization proposes a structure that involves a tax-free deconsolidation or tax-free spin-off of TCEH from EFH Corp. (Reorganized TCEH), immediately followed by the acquisition of reorganized EFH Corp. financed by existing TCEH creditors and third-party investors. Pursuant to the Plan of Reorganization and subject to certain conditions and required regulatory approvals, among other things: • TCEH will execute a transaction that will result in a partial step-up in the tax basis of certain TCEH assets; • the Reorganized TCEH Spin-Off will occur; • a consortium (collectively, the Investor Group) consisting of certain TCEH creditors, an affiliate of Hunt Consolidated, Inc. (Hunt) and certain other investors designated by Hunt will acquire (the EFH Acquisition) reorganized EFH Corp. (Reorganized EFH); • in connection with the EFH Acquisition, (i) the Investor Group will raise up to approximately $12.6 billion of equity and debt financing to invest in Reorganized EFH, (ii) a successor to Reorganized EFH will be converted to a real estate investment trust (REIT) under the Internal Revenue Code and (iii) all allowed claims against the EFH Debtors and the EFIH Debtors will receive treatment rendering them unimpaired (excluding any claims derived from or based upon make-whole, applicable premium, redemption premium or other similar payment provisions, or any other alleged premiums, fees, or claims relating to the repayment of claims and unsecured claims for post-petition interest in excess of the federal judgment rate of interest, each of which will be disallowed under the Plan of Reorganization), and • the Debtors, the Sponsor Group, certain settling TCEH first lien creditors, certain settling TCEH second lien creditors, certain settling TCEH unsecured creditors and the official committee of unsecured creditors of the TCEH Debtors (collectively, the Settling Parties) agreed to settle certain disputes, claims and causes of action. Plan Support Agreement In August 2015 (as amended in September 2015), each of the Debtors entered into a Plan Support Agreement (Plan Support Agreement) with various of their respective creditors, the Sponsor Group, the official committee of unsecured creditors of the TCEH Debtors and the Investor Group in order to effect an agreed upon restructuring of the Debtors pursuant to the Plan of Reorganization. Pursuant to the Plan Support Agreement, the parties agreed, subject to the terms and conditions contained in the Plan Support Agreement, to support the Debtors' Plan of Reorganization. Pursuant to the Plan Support Agreement, certain of the parties to the Plan Support Agreement are required to not object to or interfere with an alternative plan of reorganization even if the EFH Acquisition is not completed so long as such plan meets certain minimum conditions. All or part of the Plan Support Agreement may be terminated upon the occurrence of certain events described in the Plan Support Agreement. In addition, under the Plan Support Agreement, the supporting parties have committed to support the inclusion of releases with respect to the claims described in the Settlement Agreement (described below) in the context of an alternative plan (which would become effective when a plan becomes effective). Settlement Agreement The Settling Parties entered into a settlement agreement (the Settlement Agreement) in August 2015 (as amended in September 2015) to compromise and settle, among other things (a) intercompany claims among the Debtors, (b) claims and causes of actions against holders of first lien claims against TCEH and the agents and under the TCEH Senior Secured Facilities, (c) claims and causes of action against holders of interests in EFH Corp. and certain related entities and (d) claims and causes of action against each of the Debtors' current and former directors, the Sponsor Group, managers and officers and other related entities. The Settlement Agreement contemplates a release of such claims upon approval of the Settlement Agreement by the Bankruptcy Court, which would remain effective regardless of whether the EFH Acquisition is completed. The Debtors expect to seek Bankruptcy Court approval of the Settlement Agreement at the confirmation hearing for the Plan of Reorganization. Merger and Purchase Agreement In August 2015, EFH Corp. and EFIH entered into a Purchase Agreement and Agreement and Plan of Merger (Merger and Purchase Agreement) with two acquisition entities, Ovation Acquisition I, L.L.C. (OV1) and Ovation Acquisition II, L.L.C. (collectively, the Purchasers), which are controlled by the Investor Group. Pursuant to the Merger and Purchase Agreement, at the effective time of the Plan of Reorganization and immediately after consummation of the Reorganized TCEH Spin-Off, the Investor Group will acquire Reorganized EFH. The Merger and Purchase Agreement contemplates that funds received by the Purchasers pursuant to the Equity Commitment Letter, the Debt Commitment Letter and the Rights Offering and Backstop (each as defined below) will be used to facilitate the acquisition of Reorganized EFH and, as applicable, repay the allowed claims of holders of claims and interests in EFH Corp. and EFIH in full in cash (or otherwise render such claims unimpaired) pursuant to the Plan of Reorganization and, if applicable, to complete the Texas Transmission Acquisition (as defined below). The Merger and Purchase Agreement includes various conditions precedent to consummation of the transactions contemplated thereby, including a condition that certain approvals and rulings be obtained, including from the PUCT and the IRS, that are necessary to consummate the EFH Acquisition and convert Reorganized EFH into a REIT. The Merger and Purchase Agreement may be terminated upon certain events, including, among other things, (a) by either party, if certain termination events occur under the Plan Support Agreement, including if the EFH Acquisition is not completed by April 30, 2016, subject to extension to June 30, 2016 or August 31, 2016 under certain conditions, (b) by EFH Corp. or EFIH, if their respective board of directors or managers determines in good faith that proceeding with the transactions contemplated by the Merger and Purchase Agreement would be inconsistent with its applicable fiduciary duties or (c) by the Purchasers, if EFH Corp. or EFIH fails to meet various milestones related to the Debtors' Chapter 11 Cases or otherwise materially breaches the Merger and Purchase Agreement. EFH Corp.'s and EFIH's respective obligations under the Merger and Purchase Agreement are subject in all respects to the prior approval of the Bankruptcy Court. Rights Offering As contemplated by the Plan of Reorganization, OV1 intends to conduct an offering of equity rights (each, a Right, and such offering, the Rights Offering) to holders of unsecured debt claims, second lien debt claims, general unsecured claims and first lien secured claims against TCEH (Rights Offering Participants) enabling the Rights Offering Participants to purchase an aggregate of $5.787 billion of common stock of OV1 (as the successor by merger of Reorganized EFH), of which $5.087 billion of such common stock will be offered to holders of unsecured debt claims, second lien debt claims, and general unsecured claims against TCEH, and $700 million of such common stock will be offered to holders of first lien secured claims against TCEH. In October 2015, OV1 filed a registration statement on Form S-11 with the SEC to register the equity rights under the Securities Act of 1933. This quarterly report on Form 10-Q does not constitute an offer to sell, or a solicitation of an offer to purchase, the Rights. Pursuant to a Backstop Agreement (Backstop Agreement), among certain investors named therein and their permitted assignees (Backstop Purchasers), EFH Corp., EFIH and OV1, the Backstop Purchasers have agreed to backstop $5.087 billion of Rights offered to certain of the Rights Offering Participants (Backstop). In connection with the execution of the Merger and Purchase Agreement, each member of the Investor Group (collectively, the Equity Commitment Parties) delivered (a) an equity commitment letter (Equity Commitment Letter) in favor of EFH Corp. (including Reorganized EFH), EFIH and the Purchasers pursuant to which the Equity Commitment Parties committed to invest in one or more of the Purchasers an aggregate amount of approximately $2.013 billion (assuming the Texas Transmission Acquisition (as described below) is completed) and (b) a limited guarantee (Guarantee) in favor of EFH Corp. (including Reorganized EFH) and EFIH pursuant to which each such Equity Commitment Party committed to pay its pro rata share of all fees, costs or expenses payable by the Purchasers under the Merger and Purchase Agreement or under the Plan of Reorganization if such fees, costs or expenses become payable pursuant thereto. The aggregate liability of the Equity Commitment Parties under the Guarantee for fees and expenses is capped at $35 million . If the Merger and Purchase Agreement, the Backstop Agreement or the Equity Commitment Letter are terminated for any reason, EFH Corp. and EFIH have waived their rights to seek any legal or equitable remedies, except in connection with the reimbursement of certain fees and expenses capped at $35 million , against the Purchasers or the Investor Group, the Backstop Purchasers or the Equity Commitment Parties, respectively. Debt Funding Arrangements In August 2015, in connection with the execution of the Merger and Purchase Agreement, the Investor Group entered into a commitment letter (Debt Commitment Letter) with Morgan Stanley Senior Funding, Inc. (Debt Commitment Lender) pursuant to which the Debt Commitment Lender committed to fund up to $5.5 billion under a senior secured term loan facility and $250 million under a senior secured bridge loan facility to reorganized EFIH and its subsidiaries at the closing of the EFH Acquisition. Texas Transmission Acquisition In connection with the EFH Acquisition and the Rights Offering, the Purchasers, EFH Corp. and EFIH have formulated a plan to create and implement an IPO Conversion (as such term is defined in the Investor Rights Agreement (Investor Rights Agreement), dated November 2008 among Oncor and certain of its direct and indirect equity holders, including EFH Corp. and Texas Transmission, pursuant to which one of the Purchasers, as the successor to Reorganized EFH as a result of the EFH Acquisition, would serve as an IPO corporation (as defined in the Investor Rights Agreement). In connection with the execution of the Merger and Purchase Agreement, the Purchasers have delivered to EFH Corp. an offer to purchase substantially all of the outstanding IPO Units (as defined in the Investor Rights Agreement) in the IPO corporation and all of the LLC Units (as defined in the Investor Rights Agreement) in Oncor held by Texas Transmission (the Texas Transmission Acquisition). EFH Corp. has instituted an adversary proceeding in the Bankruptcy Court to enforce certain rights against Texas Transmission under the Investor Rights Agreement (see Note 11 ). Other The Plan of Reorganization is subject to revision in response to creditor and/or stakeholder claims and objections and the requirements of the Bankruptcy Code and/or the Bankruptcy Court. Unless the Plan of Reorganization receives the requisite approval from the Bankruptcy Court, upon expiration of the exclusivity period (which has already been extended to the maximum period permitted by the Bankruptcy Code, but which has been, as described below, contractually extended with certain creditors), any creditor or stakeholder would have the ability to file in the Chapter 11 Cases one or more Chapter 11 plans of reorganization. Under an agreed stipulation approved by the Bankruptcy Court, if the exclusivity period has not been terminated by December 29, 2015, certain creditor constituencies have agreed that they will not file a chapter 11 plan of reorganization (or a disclosure statement) or cause such a filing until the Bankruptcy Court issues a final ruling regarding the confirmation of the Plan of Reorganization and that until the issuance of such a ruling, the Debtors will prosecute the Plan of Reorganization with reasonable diligence. The Plan of Reorganization and the Disclosure Statement contain or discuss certain projections of certain of the Debtors' financial performance for fiscal years 2015 through 2020. The Debtors do not, as a matter of course, publish their business plans, budgets or strategies, or make external projections or forecasts of their anticipated financial position or results of operations. The projections reflected numerous assumptions concerning our anticipated future performance and prevailing and anticipated market and economic conditions at the time they were prepared that were and continue to be beyond our control and that may not materialize. Projections are inherently subject to uncertainties and to a wide variety of significant business, economic and competitive risks, including those risks discussed in Part I, Item 1A. Risk Factors in our 2014 Form 10-K and our subsequent quarterly reports on Form 10-Q. Our actual results will vary from those contemplated by the projections and the variations may be material. Nothing contained in this quarterly report on Form 10-Q is intended to be, nor should it be construed as, a solicitation for a vote on the Plan of Reorganization, as filed or as it may be amended. The Plan of Reorganization will become effective only if it is confirmed by the Bankruptcy Court and the conditions to consummation set forth therein are satisfied. There can be no assurance that the Bankruptcy Court will confirm the Plan of Reorganization or that the conditions to consummation of the Plan of Reorganization will be satisfied. Scheduling Matters In August 2015, the Bankruptcy Court issued an order establishing November 3, 2015 as the date for the commencement of the hearing to confirm the Plan of Reorganization (the Confirmation Hearing Commencement Date). The Confirmation Hearing Commencement Date could be changed by the Bankruptcy Court (on its own, upon the motion of a party or upon the Debtors' request). Mediation In May 2015, the Bankruptcy Court issued an order authorizing and establishing mediation between the Debtors and certain TCEH stakeholders with respect to Plan of Reorganization issues that affect the TCEH Debtors' estates. In October 2015, the parties to the mediation and the mediator agreed to extend mediation to January 15, 2016 unless otherwise extended or terminated by the Bankruptcy Court or the mediator. Tax Matters In June 2014, EFH Corp. filed a request with the IRS for a private letter ruling, which request has been supplemented from time to time in response to requests from the IRS for information or as required by changes in the contemplated transactions (as supplemented, the Private Letter Ruling). It is expected that, among other things, the Private Letter Ruling if obtained will provide (A) for certain rulings regarding the qualification of (i) the transfer of certain assets and ordinary course operating liabilities to a newly-formed entity wholly-owned by TCEH (Reorganized TCEH) and (ii) the distribution of the equity of Reorganized TCEH, the cash proceeds from Reorganized TCEH debt, the cash proceeds from the sale of preferred stock in a newly-formed entity, and the right to receive payments under a tax receivables agreement (if any), to holders of TCEH first lien claims under Sections 368(a)(1)(G), 355 and 356 of the Code and (B) certain rulings regarding the eligibility of EFH Corp. to qualify as a REIT for federal income tax purposes. The Debtors intend to continue to pursue the Private Letter Ruling to support the Plan of Reorganization. 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 9 , 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. These circumstances and uncertainties inherent in the bankruptcy proceedings raise substantial doubt about our ability to continue as a going concern. Operations During 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 segregation of certain cash balances which require further order of the Bankruptcy Court for distribution, 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 9 . 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. 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. In addition, in July 2015, the Bankruptcy Court entered an order establishing December 14, 2015 as the bar date for certain asbestos claims that arose or are deemed to have arisen before the Petition Date, except for certain specifically exempt claims. We have received approximately 13,900 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 November 3, 2015 , approximately 5,000 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 Debtors as liabilities subject to compromise and claims filed by creditors will be investigated and, if necessary, the Bankruptcy Court will make a final determination of the allowable claim. Differences between those final allowed claims and the liabilities recorded in the condensed consolidated balance sheets will be recognized as reorganization items in our condensed 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 our 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 rejection damages. Since the Petition Date, we have renegotiated or rejected a limited number of executory contracts and unexpired leases. For the three and nine months ended September 30, 2015 , this activity has resulted in the recognition of approximately a $2 million benefit and a $26 million expense, respectively, in contract claim adjustments recorded in reorganization items as detailed in Note 8 . The Plan Supplement includes a list of contracts that the Debtors intend to either assume or reject pursuant to the Bankruptcy Code. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
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. 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. The maximum exposure to loss from our interest in Oncor Holdings does not exceed our carrying value. Non-Consolidation of Oncor and Oncor Holdings Our investment in unconsolidated subsidiary as presented in the condensed consolidated balance sheets totaled $6.131 billion and $6.058 billion at September 30, 2015 and December 31, 2014 , respectively, and consists almost entirely of our interest in Oncor Holdings, which we account for under the equity method as described above. Oncor provides services, principally electricity distribution, to TCEH's retail operations, and the related revenues represented 25% and 26% of Oncor Holdings' consolidated operating revenues for the nine months ended September 30, 2015 and 2014 , respectively. See Note 15 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 $206 million and $128 million for the nine months ended September 30, 2015 and 2014 , respectively. Distributions may not be paid except to the extent Oncor maintains a required regulatory capital structure as discussed below. At September 30, 2015 , $111 million was eligible to be distributed to Oncor's members after taking into account the regulatory capital structure limit, of which approximately 80% relates to our ownership interest in Oncor. The boards of directors of each of Oncor and Oncor Holdings can withhold distributions to the extent the applicable board determines in good faith that it is necessary to retain such amounts to meet expected future requirements of Oncor and/or Oncor Holdings. Oncor's distributions are limited by its regulatory capital structure, which is required to be at or below the assumed debt-to-equity ratio established by the PUCT for ratemaking purposes, which is currently set at 60% debt to 40% equity. At September 30, 2015 , Oncor's regulatory capitalization ratio was 59.3% debt and 40.7% equity. For purposes of this ratio, debt is calculated as long-term debt plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. The debt calculation excludes bonds issued by Oncor Electric Delivery Transition Bond Company LLC, which were issued in 2003 and 2004 to recover specific generation-related regulatory assets and other qualified costs. Equity is calculated as membership interests determined in accordance with US GAAP, excluding the effects of accounting for the Merger (which included recording the initial goodwill and fair value adjustments and the subsequent related impairments and amortization). 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 three and nine months ended September 30, 2015 and 2014 are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating revenues $ 1,072 $ 1,054 $ 2,957 $ 2,883 Operation and maintenance expenses (387 ) (376 ) (1,134 ) (1,074 ) Depreciation and amortization (217 ) (218 ) (653 ) (638 ) Taxes other than income taxes (116 ) (115 ) (336 ) (330 ) Other income 1 3 5 10 Other deductions (9 ) (4 ) (21 ) (11 ) Interest income (1 ) 1 (1 ) 3 Interest expense and related charges (84 ) (89 ) (250 ) (266 ) Income before income taxes 259 256 567 577 Income tax expense (99 ) (101 ) (217 ) (230 ) Net income 160 155 350 347 Net income attributable to noncontrolling interests (33 ) (32 ) (72 ) (71 ) Net income attributable to Oncor Holdings $ 127 $ 123 $ 278 $ 276 Assets and liabilities of Oncor Holdings at September 30, 2015 and December 31, 2014 are presented below: September 30, December 31, ASSETS Current assets: Cash and cash equivalents $ 18 $ 5 Restricted cash 62 56 Trade accounts receivable — net 444 407 Trade accounts and other receivables from affiliates 156 118 Income taxes receivable from EFH Corp. — 144 Inventories 80 73 Accumulated deferred income taxes 7 10 Prepayments and other current assets 93 91 Total current assets 860 904 Restricted cash — 16 Other investments 95 97 Property, plant and equipment — net 12,908 12,463 Goodwill 4,064 4,064 Regulatory assets — net 1,177 1,429 Other noncurrent assets 71 67 Total assets $ 19,175 $ 19,040 LIABILITIES Current liabilities: Short-term borrowings $ 708 $ 711 Long-term debt due currently 86 639 Trade accounts payable — nonaffiliates 164 202 Income taxes payable to EFH Corp. 31 24 Accrued taxes other than income 150 174 Accrued interest 67 93 Other current liabilities 149 156 Total current liabilities 1,355 1,999 Accumulated deferred income taxes 1,918 1,978 Long-term debt, less amounts due currently 5,681 4,997 Other noncurrent liabilities and deferred credits 2,270 2,245 Total liabilities $ 11,224 $ 11,219 |
Goodwill And Identifiable Intan
Goodwill And Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
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 (15,990 ) Balance at December 31, 2014 2,352 Additional noncash impairment charges in 2015 (1,400 ) Balance at September 30, 2015 (a) $ 952 ____________ (a) Net of accumulated impairment charges totaling $17.39 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 now 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 electricity prices, 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 three months ended September 30, 2015, we experienced an impairment indicator related to decreases in forward wholesale electricity prices when compared to those prices reflected in our March 31, 2015 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, 2015. We substantially completed our testing of goodwill for impairment during the period and recorded an estimated impairment of $700 million at September 30, 2015, which we reported in the Competitive Electric segment results. During the three months ended March 31, 2015, we experienced an impairment indicator related to decreases in forward wholesale electricity prices when compared to those prices reflected in our December 1, 2014 goodwill impairment testing analysis. As a result, the likelihood of a goodwill impairment had increased, and we initiated further testing of goodwill as of March 31, 2015. We completed our testing of goodwill for impairment during the period, which resulted in an impairment of $700 million of goodwill at March 31, 2015, which we reported in the Competitive Electric segment results. There was no change to the goodwill balance for the three and nine months ended September 30, 2014 . Key inputs into our goodwill impairment testing at September 30 and March 31, 2015 and December 1, 2014 were as follows: • The carrying value (excluding debt) of the Competitive Electric segment exceeded its estimated enterprise value by approximately 50% at September 30, 2015, 34% at March 31, 2015 and by 17% at December 1, 2014. • 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 a terminal year EBITDA multiple approach. • The discount rates applied to internally developed cash flow projections were 6.00% , 6.00% and 6.25% at September 30, 2015, March 31, 2015 and December 1, 2014, respectively. 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 both 2015 and 2014 assume rising wholesale electricity prices, although the forecasted electricity prices are less than those assumed in the cash flow projections used in prior goodwill impairment testing. 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, operating parameters, 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 13 ). 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: September 30, 2015 December 31, 2014 Identifiable Intangible Asset Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Retail customer relationship $ 463 $ 438 $ 25 $ 463 $ 425 $ 38 Capitalized in-service software 356 210 146 362 216 146 Other identifiable intangible assets (a) 58 27 31 460 291 169 Total identifiable intangible assets subject to amortization $ 877 $ 675 202 $ 1,285 $ 932 353 Retail trade name (not subject to amortization) 955 955 Mineral interests (not currently subject to amortization) 6 7 Total identifiable intangible assets $ 1,163 $ 1,315 ____________ (a) See discussion below regarding impairment charges recorded in the three and nine months ended September 30, 2015 related to other identifiable intangible assets. At September 30, 2015 and 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 in the table above. Amortization expense related to finite-lived identifiable intangible assets (including the condensed statements of consolidated income (loss) line item) consisted of: Identifiable Intangible Asset Condensed Statement of Consolidated Income (Loss) Line Segment Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Retail customer relationship Depreciation and amortization Competitive Electric $ 4 $ 6 $ 13 $ 17 Capitalized in-service software Depreciation and amortization Competitive Electric and Corporate and Other 13 11 35 34 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization Competitive Electric 9 19 21 56 Total amortization expense (a) $ 26 $ 36 $ 69 $ 107 ____________ (a) Amounts recorded in depreciation and amortization totaled $21 million and $25 million for the three months ended September 30, 2015 and 2014 , respectively, and $54 million and $76 million for the nine months ended September 30, 2015 and 2014 , respectively. I ntangible Impairments The impairments of our generation facilities in March and September 2015 (see Note 6 ) resulted in the impairment of the SO 2 allowances under the Clean Air Act's acid rain cap-and-trade program that are associated with those facilities to the extent they are not projected to be used at other sites. The fair market values of the SO 2 allowances were estimated to be de minimis based on Level 3 fair value estimates (see Note 13 ). We also impaired certain of our SO 2 allowances under the Cross-State Air Pollution Rule (CSAPR) related to the impaired generation facilities. Accordingly, in the three and nine months ended September 30, 2015, we recorded noncash impairment charges of $4 million and $55 million , respectively, in our Competitive Electric segment (before deferred income tax benefit) in other deductions related to our existing environmental allowances and credits intangible asset. SO 2 emission allowances granted to us under the acid rain cap-and-trade program were recorded as intangible assets at fair value in connection with purchase accounting related to the Merger in 2007. Additionally, the impairments of our generation and related mining facilities in September 2015 resulted in our recording noncash impairment charges of $19 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions related to mine development costs (included in other identifiable intangible assets in the table above) at the facilities. During the three months ended March 31, 2015, we determined that certain intangible assets related to favorable power purchase contracts should be evaluated for impairment. That conclusion was based on further declines in wholesale electricity prices in ERCOT experienced during the three months ended March 31, 2015. 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 renewable energy credit prices in ERCOT. As a result of the analysis, we recorded a noncash impairment charge of $8 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions (see Note 17 ). 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 $ 86 2016 $ 61 2017 $ 50 2018 $ 30 2019 $ 16 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
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 the 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. 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. and certain of its subsidiaries (including EFCH, EFIH, and TCEH, but not including Oncor Holdings and Oncor) are parties to a Federal and State Income Tax Allocation Agreement, which provides, among other things, that any corporate member or disregarded entity in the EFH Corp. group 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. EFH Corp., Oncor Holdings, Oncor and Oncor's minority investor are parties to a separate 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 calculation of our effective tax rate is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Loss before income taxes and equity in earnings of unconsolidated subsidiaries $ (2,039 ) $ (146 ) $ (4,467 ) $ (2,440 ) Income tax benefit $ 452 $ 72 $ 990 $ 830 Effective tax rate 22.2 % 49.3 % 22.2 % 34.0 % For the three months ended September 30, 2015 , the effective tax rate of 22.2% related to our income tax benefit was lower than the US Federal statutory rate of 35% due primarily to the nondeductible goodwill impairment charge (see Note 4 ) and nondeductible legal and other professional services costs related to the Chapter 11 Cases. For the three months ended September 30, 2014 , the effective tax rate of 49.3% related to our income tax benefit was higher than the US Federal statutory rate of 35% due primarily to an income tax benefit related to an adjustment of reserves for uncertain tax positions for the 2007 tax year, partially offset by nondeductible legal and other professional services costs related to the Chapter 11 Cases. For the nine months ended September 30, 2015 , the effective tax rate of 22.2% related to our income tax benefit was lower than the US Federal statutory rate of 35% due primarily to nondeductible goodwill impairment charges (see Note 4 ) and nondeductible legal and other professional services costs related to the Chapter 11 Cases, partially offset by the difference in the forecasted effective tax rate and the statutory rate applied to long-lived and intangible asset impairment charges (see Notes 4 and 6 ) and the tax benefit recognized due to the Texas margin tax rate reduction in the second quarter of 2015. For the nine months ended September 30, 2014 , the effective tax rate of 34.0% related to our income tax benefit was lower than the US Federal statutory rate of 35% due primarily to nondeductible legal and other professional services costs related to the Chapter 11 Cases, offset by an income tax benefit recorded in the third quarter of 2014 related to an adjustment of reserves for uncertain tax positions for the 2007 tax year. Liability for Uncertain Tax Positions In June 2015, we signed a final agreed Revenue Agent Report (RAR) with the IRS and associated documentation for the 2008 and 2009 tax years. The Bankruptcy Court approved our signing of the RAR in July 2015. As a result of receiving, agreeing to and signing the final RAR, we reduced the liability for uncertain tax positions by $23 million , resulting in a $20 million reclassification to the accumulated deferred income tax liability and the recording of a $3 million income tax benefit recorded in the Competitive Electric segment results. Total cash payment to be assessed by the IRS for tax years 2008 and 2009, but not paid during the pendency of the Chapter 11 Cases, is approximately $15 million , plus any interest that may be assessed. In September 2014, we signed a final agreed 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. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 9 Months Ended |
Sep. 30, 2015 | |
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 September 2015 as a result of an impairment indicator related to the continued decline in forecasted wholesale electricity prices in ERCOT. Our evaluation concluded that impairments existed at our Martin Lake, Sandow 4 and Sandow 5 generation facilities, and the carrying value for those facilities and related mining facilities were reduced in total by $1.295 billion . 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 13 ). 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. We evaluated our generation assets for impairment during March 2015 as a result of an impairment indicator related to lower forecasted wholesale electricity prices in ERCOT. Our evaluation concluded that an impairment existed at our Big Brown generation facility, and the carrying value for that facility and related mining facility was reduced by $676 million . 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 13 ). 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. In July 2015, we filed notice with ERCOT that we intend to seasonally suspend operations at a second of the three units at our Martin Lake generation facility, with the units returning to service for the peak demand months of summer. In June 2015, we also assessed whether this planned notice constituted an impairment indicator for the Martin Lake generation facility and concluded that since the decision is expected to result in improved cash flows for the plant, it was not an indicator of impairment. In the three and nine months ended September 30, 2014 , we wrote off previously incurred and deferred costs totaling $9 million and $30 million , respectively, for mining projects not expected to be completed due to 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 with respect to these assets or other of our generation facilities if forward wholesale electricity prices continue to decline or forecasted costs of producing electricity at our generation facilities increase. |
Interest Expense and Related Ch
Interest Expense and Related Charges | 9 Months Ended |
Sep. 30, 2015 | |
Interest Expense and Related Charges [Abstract] | |
Interest Expense and Related Charges | INTEREST EXPENSE AND RELATED CHARGES Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest paid/accrued on debtor-in-possession financing $ 74 $ 74 $ 221 $ 88 Adequate protection amounts paid/accrued (a) 311 308 919 519 Interest paid/accrued on pre-petition debt (b) — 3 243 1,152 Interest expense on pre-petition toggle notes payable in additional principal (Note 10) — — — 65 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 ) Amortization of debt issuance, amendment and extension costs and discounts — — — 67 Capitalized interest (2 ) (3 ) (8 ) (14 ) Other — — — 5 Total interest expense and related charges $ 383 $ 382 $ 1,375 $ 1,816 ____________ (a) Post-petition period only. (b) For the nine months ended September 30, 2015 , amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 10 ). Includes amounts related to interest rate swaps totaling $194 million for the nine months ended September 30, 2014 . Of the $194 million for the nine months ended September 30, 2014 , $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 14 . (c) Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 14 ) and $12 million related to other interest rate swaps. Interest expense for the nine months ended September 30, 2015 reflects interest paid and accrued on debtor-in-possession financing (see Note 9 ), 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 TCEH interest rate swaps and natural gas hedging positions terminated shortly after the Bankruptcy Filing (see Note 14 ), 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, and interest paid on EFIH's pre-petition 11.00% Second Lien Notes due 2021 and 11.75% Second Lien Notes due 2022 as approved by the Bankruptcy Court in March 2015 (see Note 10 ). The interest rate applicable to the adequate protection amounts paid/accrued for the nine months ended September 30, 2015 is 4.68% (one-month LIBOR plus 4.50% ). In connection with the completion of the Plan of Reorganization, 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 in June 2014 as discussed in Note 9 . Additionally, the Bankruptcy Court approved post-petition interest payments on the EFIH Second Lien Notes in March 2015 as discussed in Note 10 . Additional payments may also be made upon approval by the Bankruptcy Court, at the federal judgment rate (see Note 11 ). Other than these amounts ordered or approved 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). The table below shows contractual interest amounts, which are 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 condensed statements of consolidated income (loss) for the three months ended September 30, 2015 and 2014 , the nine months ended September 30, 2015 and the post-petition period ended September 30, 2014 does not include $327 million , $337 million , $943 million and $574 million , respectively, 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 three months ended September 30, 2015 and 2014 , the nine months ended September 30, 2015 and the post-petition period ended September 30, 2014 , adequate protection paid/accrued presented below excludes $15 million , $15 million , $44 million and $25 million , respectively, related to interest paid/accrued on the TCEH first-lien interest rate and commodity hedge claims (see Note 14 ), as such amounts are not included in contractual interest amounts below. Three Months Ended September 30, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued Contractual Interest on EFH Corp. $ 31 $ — $ — $ 31 EFIH 101 — — 101 EFCH 2 — — 2 TCEH 520 296 — 224 Eliminations (b) (31 ) — — (31 ) Total $ 623 $ 296 $ — $ 327 Three Months Ended September 30, 2014 Entity: Contractual Interest on Adequate Protection Ordered Interest Paid/Accrued Contractual Interest on EFH Corp. $ 31 $ — $ — $ 31 EFIH 114 — — 114 EFCH 2 — — 2 TCEH 514 293 — 221 Eliminations (b) (31 ) — — (31 ) Total $ 630 $ 293 $ — $ 337 Nine Months Ended September 30, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 94 $ — $ — $ 94 EFIH 314 — 50 264 EFCH 5 — — 5 TCEH 1,548 875 — 673 Eliminations (b) (93 ) — — (93 ) Total $ 1,868 $ 875 $ 50 $ 943 Post-Petition Period Ended September 30, 2014 Entity: Contractual Interest on Adequate Protection Ordered Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 53 $ — $ — $ 53 EFIH 248 — 54 194 EFCH 3 — — 3 TCEH 871 494 — 377 Eliminations (b) (53 ) — — (53 ) Total $ 1,122 $ 494 $ 54 $ 574 ___________ (a) For the nine months ended September 30, 2015 represents portion of interest related to the EFIH Second Lien Notes that was repaid based on the approval of the Bankruptcy Court; however, excludes $185 million of post-petition interest paid in 2015 that contractually related to 2014 and default interest (see Note 10 ). For the post-petition period ended September 30, 2014 , represents interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 9 ). (b) Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
Reorganization Items
Reorganization Items | 9 Months Ended |
Sep. 30, 2015 | |
Reorganization Items [Abstract] | |
Reorganization Items | REORGANIZATION ITEMS Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of consolidated income (loss) as reorganization items as required by ASC 852, 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 in the three months ended September 30, 2015 and 2014 , the nine months ended September 30, 2015 and the post-petition period ended September 30, 2014 as reported in the condensed statements of consolidated income (loss): Three Months Ended September 30, 2015 Three Months Ended Nine Months Ended September 30, 2015 Post-Petition Period Ended Expenses related to legal advisory and representation services $ 46 $ 38 $ 148 $ 79 Expenses related to other professional consulting and advisory services 22 22 69 72 Contract claims adjustments (2 ) — 26 — Fees associated with repayment of EFIH Second Lien Notes (Note 10) — — 28 — Noncash liability adjustment arising from termination of interest rate swaps (Note 14) — — — 278 Fees associated with completion of TCEH and EFIH DIP Facilities — (5 ) — 180 Loss on exchange and settlement of EFIH First Lien Notes (Note 9) — — — 108 Other 2 — 4 3 Total reorganization items $ 68 $ 55 $ 275 $ 720 |
Debtor-In-Possession Borrowing
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise | 9 Months Ended |
Sep. 30, 2015 | |
Debtor-In-Possession Obligations [Abstract] | |
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 TCEH DIP Facility — The Bankruptcy Court approved the TCEH DIP Facility in June 2014. The TCEH DIP Facility currently provides for up to $3.375 billion in senior secured, super-priority financing consisting of a revolving credit facility of up to $1.95 billion and a term loan facility of up to $1.425 billion . The 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 September 30, 2015 are presented below. Borrowings are reported in the condensed consolidated balance sheets as borrowings under debtor-in-possession credit facilities. In the September 30, 2015 condensed consolidated balance sheet the borrowings under the TCEH DIP Facility are reported as current liabilities since the maturity date of the facility was May 2016 as of such date. In October 2015, the TCEH Debtors paid an $8 million extension fee and extended the maturity date of the TCEH DIP Facility to the earlier of (a) November 2016 or (b) the effective date of any reorganization plan of TCEH. The terms of the facility were otherwise unchanged by the extension. In September 2015, the TCEH Debtors extended their use of cash collateral to the earlier of (a) the effective date of a plan of reorganization or (b) 60 days following termination of the Debtors' Plan Support Agreement, provided that the TCEH Debtors do not otherwise cause an event of default under the cash collateral order. September 30, 2015 TCEH DIP Facility Facility Limit Available Cash Borrowing Capacity Available Letter of Credit Capacity TCEH DIP Revolving Credit Facility (a) $ 1,950 $ 1,950 $ — TCEH DIP Term Loan Facility (b) 1,425 — 436 Total TCEH DIP Facility $ 3,375 $ 1,950 $ 436 ___________ (a) Facility used for general corporate purposes. No amounts were borrowed at September 30, 2015 . 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 both September 30, 2015 and 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 at September 30, 2015 , $436 million is reported as cash and cash equivalents and $364 million is reported as restricted cash, which represents the amount of outstanding letters of credit. Amounts borrowed under the TCEH DIP Facility bear interest based on applicable LIBOR rates, subject to a 0.75% floor, plus 3% . At both September 30, 2015 and 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 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. 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. 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, EFIH First Lien Notes Settlement and EFIH Second Lien Notes Repayment — 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. Since inception, the facility has been utilized as follows: • In June 2014, $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; • In June 2014, $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 • In March 2015, $750 million of cash borrowings were used to repay $445 million principal amount of EFIH Second Lien Notes (including accrued and unpaid pre-petition interest of $55 million and post-petition interest of $235 million ) and certain fees (see Note 10 ). As of September 30, 2015 , remaining cash on hand from borrowings under the EFIH DIP Facility, net of fees, totaled approximately $370 million , which was held as cash and cash equivalents. In the September 30, 2015 condensed consolidated balance sheet, the borrowings under the EFIH DIP Facility are reported as current liabilities since the maturity date of the facility is June 2016. 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 both September 30, 2015 and 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 . As of September 30, 2015 , EFIH was in compliance with this minimum liquidity covenant. 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 — Amounts presented in the table below represent 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. September 30, December 31, EFH Corp. (parent entity) 8.82% Non-Debtor Building Financing due semiannually through February 11, 2022 $ 35 $ 40 Unamortized fair value premium (a) 6 7 Total EFH Corp. 41 47 EFCH 9.58% Fixed Notes due in annual installments through December 4, 2019 (b) 21 21 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) 25 29 Unamortized fair value discount (a) (2 ) (3 ) Total EFCH 44 47 TCEH 7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (c) 13 25 7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 (c) — 4 Capital lease obligations 40 44 Other 2 2 Unamortized discount (1 ) (2 ) Total TCEH 54 73 Total EFH Corp. consolidated 139 167 Less amounts due currently (36 ) (39 ) Total long-term debt not subject to compromise $ 103 $ 128 ____________ (a) Amount represents unamortized fair value adjustments recorded under purchase accounting. (b) Approved by the Bankruptcy Court for repayment. (c) Debt issued by trust and secured by assets held by the trust. |
Liabilities Subject to Compromi
Liabilities Subject to Compromise | 9 Months Ended |
Sep. 30, 2015 | |
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 collateralized by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 : September 30, December 31, Notes, loans and other debt per the following table $ 34,679 $ 35,124 Accrued interest on notes, loans and other debt 749 804 Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 14) 1,235 1,235 Trade accounts payable and other expected allowed claims 261 269 Total liabilities subject to compromise $ 36,924 $ 37,432 Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise Amounts presented below represent principal amounts of pre-petition notes, loans and other debt reported as liabilities subject to compromise. September 30, December 31, 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 Unamortized fair value discount (b) (118 ) (118 ) Total EFH Corp. 529 529 EFIH 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 322 406 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 1,389 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 243 243 Unamortized discount (121 ) (121 ) Total EFIH 3,401 3,846 EFCH 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 (b) (1 ) (1 ) Total EFCH 8 8 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 September 30, December 31, 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 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 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 (b) (103 ) (103 ) Other: Other 1 1 Unamortized discount (91 ) (91 ) Total TCEH 31,474 31,474 Deferred debt issuance and extension costs (733 ) (733 ) Total EFH Corp. consolidated notes, loans and other debt $ 34,679 $ 35,124 ___________ (a) Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. September 30, December 31, 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) Amount represents unamortized fair value adjustments recorded under purchase accounting. 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% Fixed Senior Secured Second Lien Notes due October 1, 2021 (11.00% Notes) and 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 (11.75% Notes) and $15 million in certain fees and expenses of the trustee for such notes. The Repayment resulted in an $84 million reduction in the principal amount of the 11.00% Notes, a $361 million reduction in the principal amount of the 11.75% Notes and the payment of $235 million and $55 million of accrued and unpaid post-petition and pre-petition interest, respectively, at contractual rates. The Repayment required the requisite consent of the lenders under EFIH's DIP Facility. EFIH received such consent from approximately 97% of the lenders under the EFIH DIP Facility in consideration of an aggregate consent fee equal to approximately $13 million . As a result of the Repayment, as of September 30, 2015 , the principal amount outstanding on the 11.00% Notes and 11.75% Notes are $322 million and $1.389 billion , respectively. TCEH Letter of Credit Facility Activity Borrowings under the TCEH Letter of Credit Facility have been recorded by TCEH as restricted cash that supports issuances of letters of credit. At September 30, 2015 , the restricted cash related to the pre-petition TCEH Letter of Credit Facility totaled $506 million , and there were no outstanding letters of credit related to the pre-petition TCEH Letter of Credit Facility. Due to the default under the pre-petition TCEH Senior Secured Facilities, the 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 in 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. For the year ended December 31, 2014 and the nine months ended September 30, 2015 , $245 million and $45 million , respectively, of letters of credit have been drawn upon by counterparties to settle amounts due from TCEH. Included in the nine months ended September 30, 2015 amount was $20 million drawn by certain executive officers to satisfy payments related to long-term incentive awards. Information Regarding Significant Pre-Petition Debt 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 (including EFIH's guarantee of the EFH Corp. 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 September 30, 2015 as the notes were exchanged or settled in June 2014 as discussed in Note 9 . 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 September 30, 2015 as the notes were exchanged or settled in June 2014 as discussed in Note 9 . 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 $322 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 $1.389 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%) in February 2013 and by an additional 25 basis points (to 12.25%) in May 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. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Guarantees We have entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. See Notes 9 and 10 for discussion of guarantees and security for certain of our post-petition and pre-petition debt. Letters of Credit At September 30, 2015 , TCEH had outstanding letters of credit under credit facilities totaling $364 million as follows: • $203 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; • $74 million to support executory contracts and insurance agreements; • $55 million to support TCEH's REP financial requirements with the PUCT, and • $32 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 10 for discussion of letter of credit draws in 2014 and 2015. 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. 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 9 and that such make-whole premium is an allowed secured claim, or in the alternative, an allowed secured or unsecured claim for breach of contract (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. The indenture trustee also filed a motion in May 2014 asking the Bankruptcy Court to lift the automatic stay for cause in order to allow the trustee's notice purporting to rescind the automatic acceleration of the EFIH First Lien Notes to take effect. 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 all but the issue of whether to lift the automatic stay. In July 2015, the Bankruptcy Court issued a ruling and order in favor of the EFIH Debtors on the issue of whether to lift the automatic stay. The result of these two rulings is that the Bankruptcy Court has found that no make-whole premium is due with respect to the EFIH 10% First Lien Notes. In July 2015, the first lien indenture trustee appealed the Bankruptcy Court's ruling to the United States District Court for the District of Delaware. The EFIH Debtors intend to vigorously defend against this appeal. We cannot predict the outcome of this appeal. 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, or in the alternative, an allowed secured or unsecured claim for breach of contract (the EFIH Second Lien Make-whole Claims). If, as of September 30, 2015 , the EFIH Second Lien Make-whole Claims were allowed, the amount of such claims would have been approximately $455 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). As a result of EFIH's partial repayment of the EFIH Second Lien Notes, the indenture trustee for the EFIH Second Lien Notes amended its complaint in April 2015, and the EFIH Debtors filed an answer to such complaint in April 2015. In July 2015, the EFIH Debtors filed a motion for summary judgment in the adversary proceeding. In October 2015, the Bankruptcy Court issued a ruling and order in favor of the EFIH Debtors. The order and ruling found that no make-whole premium is due with respect to the EFIH Second Lien Notes. 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 redemption 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. In June 2015, the Bankruptcy Court issued an opinion and entered an order dismissing the EFIH Debtors' adversary proceeding. However, in its opinion, the Bankruptcy Court noted that as an alternative the EFIH Debtors may file a claim objection to the EFIH PIK noteholders' claims made in the Chapter 11 Cases. In July 2015, the EFIH Debtors filed a claim objection with the Bankruptcy Court regarding the EFIH PIK noteholders' claims for a redemption premium and post-petition interest at the contract rate under the EFIH PIK Notes. In October 2015, the Bankruptcy Court issued opinions in favor of the EFIH Debtors. One opinion found that no make-whole premium is due with respect to the EFIH PIK Notes. The second opinion found that the EFIH PIK noteholders' allowed claim does not, as a matter of law, include post-petition interest whether at the contract rate or the Federal Judgment Rate. This opinion did find, however, that, in connection with the confirmation of a Plan of Reorganization, the Bankruptcy Court could, at its discretion, grant post-petition interest as part of the EFIH PIK noteholders' allowed claim under general principals of equity and that such grant could be at the contract rate, the Federal Judgment Rate or any other amount that the Bankruptcy Court determines to be equitable. We cannot predict whether the Bankruptcy Court will decide to grant post-petition interest to the EFIH PIK noteholders as part of their allowed claim in connection with the confirmation of the Plan of Reorganization. In October 2015, EFH Corp. filed a claim objection with the Bankruptcy Court with respect to the EFH Corp. Series P, Q and R Senior Notes (collectively, the EFH Legacy Notes) noteholders' claims for, among other things, make-whole premiums and post-petition interest. If, as of September 30, 2015 , a make-whole claim and a post-petition interest claim were allowed, such claims would be $224 million and $56 million , respectively. In October 2015, the indenture trustee for the EFH Legacy Notes filed a response to this claim objection. No argument date has been set by the Bankruptcy Court regarding the EFH Legacy Notes claim objection. EFH Corp. intends to vigorously defend against the claims described above. We cannot predict the outcome of this proceeding. In October 2015, EFH Corp. filed a claim objection with the Bankruptcy Court with respect to the EFH Corp. 10.875% Senior Notes and 11.25%/12% Senior Toggle Notes (collectively, the EFH LBO Notes) noteholders' claims for, among other things, optional redemption payment and post-petition interest. If, as of September 30, 2015 , a redemption claim and a post-petition interest claim were allowed, such claims would be $1 million and $11 million , respectively. The indenture trustee for the EFH LBO Notes has not yet filed a response to this claim objection. No argument date has been set by the Bankruptcy Court regarding the EFH LBO Notes claim objection. EFH Corp. intends to vigorously defend against the claims described above. We cannot predict the outcome of this proceeding. 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. 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 group of TCEH unsecured creditors; 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. The claims asserted by the ad hoc group of TCEH unsecured creditors and the official committee representing unsecured interests at EFCH and its direct subsidiary, TCEH, are subject to the Settlement Agreement and the Plan Support Agreement, to which both groups are party. The Bankruptcy Court entered an order in September 2015 (a) adjourning the motions filed by the ad hoc group of TCEH unsecured creditors and the official committee representing unsecured interests at EFCH and its direct subsidiary, TCEH, pending further order of the Bankruptcy Court and subject to the terms of the Plan Support Agreement and (b) adjourning the motion filed by the official committee representing unsecured interests at EFH and EFIH (who is not party to the Settlement Agreement or the Plan Support Agreement) to January 2016. The Settlement Agreement is anticipated to be heard in connection with the hearing to consider confirmation of the Plan of Reorganization. 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 operations, liquidity or financial condition of a particular Debtor. Adversary Complaint against Texas Transmission — In October 2015, as contemplated by the Merger and Purchase Agreement, EFH Corp. filed with the Bankruptcy Court an adversary complaint against Texas Transmission seeking a judgment from the Bankruptcy Court ordering Texas Transmission to comply with its obligation under the Investor Rights Agreement in connection with the transactions contemplated by the Merger and Purchase Agreement, including (a) in connection with the closing of the merger, selling its interests in Oncor to the Investor Group at the same price that the Investor Group has agreed to purchase EFH Corp equity under the Merger and Purchase Agreement and (b) cooperating with Oncor and EFH Corp. in implementing the IPO Conversion Plan contemplated by the Merger and Purchase Agreement in order to effectuate the REIT. 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 Clean Air Act (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. 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 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 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 August 2015, the district court issued its ruling on our motion to dismiss and granted the motion as to seven of the nine claims asserted by the EPA in the lawsuit. Two claims remain before the district court, and those are currently scheduled for trial in October 2017. We believe that we have complied with all requirements of the CAA and intend to vigorously defend against the remaining 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. Greenhouse Gas Emissions — The EPA has finalized two rules to address greenhouse gas (GHG) emissions from new, modified and reconstructed units, and existing electricity generation plants. In January 2014, the EPA proposed standards to regulate CO 2 emissions from new electricity generation plants. Luminant filed comments on the proposed standards for new sources in May 2014. In June 2014, the EPA proposed two additional rules: 1) guidelines for states to develop standards that address CO 2 emissions from existing electricity generation plants, and 2) proposed standards for modified and reconstructed electricity generation plants. The final rule for new and modified or reconstructed units were combined into one regulation in August 2015. The final rule for existing plants, also released in August 2015, would establish state-specific emission rate goals to reduce nationwide CO 2 emissions related to affected electricity generation units by over 30% from 2012 emission levels by 2030. In October 2015, the final rules, including the rule for existing plants, were published in the Federal Register. Immediately following publication of the rule for existing plants, a number of petitions for review were filed in the D.C. Circuit Court by various parties and groups challenging the rule, including challenges from twenty-six different states opposed to the rule as well as those from, among others, certain power generating companies, various business groups and some labor unions. Luminant also filed its own petition for review. In addition, several parties have filed motions to stay the implementation of the rule while the court reviews the legality of the rule for existing units. Along with several other companies, Luminant supported a motion to stay the rule filed by the Utility Air Regulatory Group by submitting a declaration in support of the stay. In August 2015, the EPA also proposed federal plan requirements and model rules for states to consider as they develop state plans to comply with the rules for GHG emissions. A federal plan would be deemed final for a state if a state fails to submit a state plan or if the EPA disapproves a submitted state plan. Comments on the federal plan proposal are due in January 2016. The EPA is expected to finalize the rule that establishes federal plan requirements by the summer of 2016. While we cannot predict the outcome of this rulemaking and legal proceedings on our results of operations, liquidity or financial condition, the impacts could be material. 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 (SO 2 ) and nitrogen oxide (NO x ) 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 SO 2 , 3% higher for annual NO x and 2% higher for seasonal NO x . The CSAPR became effective January 1, 2015. In July 2015, following a remand of the case from the US Supreme Court to consider further legal challenges, the D.C. Circuit Court unanimously ruled in favor of us and other petitioners, holding that the CSAPR emissions budgets over-controlled Texas and other states. The D.C. Circuit Court remanded those states' budgets to the EPA for prompt reconsideration. We plan to participate in the EPA's reconsideration process to develop increased budgets that do not over-control Texas. While we cannot predict the outcome of future proceedings related to the CSAPR, including the EPA's reconsideration of the CSAPR emissions budgets for affected states, based upon our current operating plans 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. In May 2015, the EPA finalized the proposal. In June 2015, we filed a petition for review in the Fifth Circuit Court challenging certain aspects of the EPA's final rule as they apply to the Texas SIP. The State of Texas and other parties have also filed similar petitions in the Fifth Circuit Court. In August 2015, the Fifth Circuit Court transferred the petitions that Luminant and other parties filed to the D.C. Circuit Court, and in October 2015 the petitions were consolidated with the pending petitions challenging the EPA's action in the D.C. Circuit Court. 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. We filed comments on this proposal in April 2015. 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. Other Matters We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolutions of which, in the opinion of management, are not anticipated to have a material effect on our results of operations, liquidity or financial condition. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY EFH Corp. has not declared or paid any dividends since the Merger. The agreement governing the TCEH DIP Facility generally restricts TCEH's ability to make distributions or loans to any of its parent companies or their subsidiaries unless such distributions or loans are expressly permitted under the agreement governing such facility. The agreement governing the EFIH DIP Facility generally restricts EFIH's ability to make distributions or loans to any of its parent companies or their subsidiaries unless such distributions or loans are expressly permitted under the agreement governing such facility. Under applicable law, we are prohibited from paying any dividend to the extent that immediately following payment of such dividend, there would be no statutory surplus or we would be insolvent. In addition, due to the Chapter 11 Cases, no dividends are eligible to be paid without the approval of the Bankruptcy Court. Equity The following table presents the changes to equity for the nine months ended September 30, 2015 : EFH Corp. Shareholders’ Equity Common Stock (a) Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests Total Equity Balance at December 31, 2014 $ 2 $ 7,968 $ (27,563 ) $ (130 ) $ — $ (19,723 ) Net loss — — (3,199 ) — — (3,199 ) Change in unrecognized losses related to pension and OPEB plans — — — (3 ) — (3 ) Net effects of cash flow hedges — — — 1 — 1 Net effects related to Oncor — — — 2 — 2 Balance at September 30, 2015 $ 2 $ 7,968 $ (30,762 ) $ (130 ) $ — $ (22,922 ) ________________ (a) Authorized shares totaled 2,000,000,000 at September 30, 2015 . Outstanding shares totaled 1,669,861,379 and 1,669,861,379 at September 30, 2015 and December 31, 2014 , respectively. The following table presents the changes to equity for the nine months ended September 30, 2014 : EFH Corp. Shareholders’ Equity Common Stock (a) Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests Total Equity Balance at December 31, 2013 $ 2 $ 7,962 $ (21,157 ) $ (63 ) $ 1 $ (13,255 ) Net loss — — (1,334 ) — — (1,334 ) Effects of stock-based incentive compensation plans — 6 — — — 6 Change in unrecognized losses related to pension and OPEB plans — — — (14 ) — (14 ) Net effects of cash flow hedges — — — 1 — 1 Investment by noncontrolling interests — — — — 1 1 Other — 1 — — (2 ) (1 ) Balance at September 30, 2014 $ 2 $ 7,969 $ (22,491 ) $ (76 ) $ — $ (14,596 ) ________________ (a) Authorized shares totaled 2,000,000,000 at September 30, 2014 . Outstanding shares totaled 1,669,861,379 and 1,669,861,383 at September 30, 2014 and December 31, 2013 , respectively. Accumulated Other Comprehensive Income (Loss) The following table presents the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2015 . There was no other comprehensive income (loss) before reclassification for the period. Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 14) Pension and Other Postretirement Employee Benefit Liabilities Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ (53 ) $ (77 ) $ (130 ) Amounts reclassified from accumulated other comprehensive income (loss) and reported in: Operating costs — (2 ) (2 ) Depreciation and amortization 1 — 1 Selling, general and administrative expenses — (3 ) (3 ) Income tax benefit (expense) — 2 2 Equity in earnings of unconsolidated subsidiaries (net of tax) 1 1 2 Total amount reclassified from accumulated other comprehensive income (loss) during the period 2 (2 ) — Balance at September 30, 2015 $ (51 ) $ (79 ) $ (130 ) The following table presents the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2014 . Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 14) Pension and Other Postretirement Employee Benefit Liabilities Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2013 $ (56 ) $ (7 ) $ (63 ) Other comprehensive loss before reclassifications (after tax) — (11 ) (11 ) Amounts reclassified from accumulated other comprehensive income (loss) and reported in: Operating costs — (3 ) (3 ) Depreciation and amortization 1 — 1 Selling, general and administrative expenses — (2 ) (2 ) Interest expense and related charges — — — Income tax benefit (expense) — 2 2 Equity in earnings of unconsolidated subsidiaries (net of tax) 1 (1 ) — Total amount reclassified from accumulated other comprehensive income (loss) during the period 2 (4 ) (2 ) Total change during the period 2 (15 ) (13 ) Balance at September 30, 2014 $ (54 ) $ (22 ) $ (76 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
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 from 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 14 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: September 30, 2015 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 328 $ 45 $ 34 $ 16 $ 423 Nuclear decommissioning trust – 355 205 — — 560 Nuclear decommissioning trust – — 314 — — 314 Total assets $ 683 $ 564 $ 34 $ 16 $ 1,297 Liabilities: Commodity contracts $ 108 $ 33 $ 7 $ 16 $ 164 Total liabilities $ 108 $ 33 $ 7 $ 16 $ 164 December 31, 2014 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 402 $ 46 $ 49 $ — $ 497 Nuclear decommissioning trust – 375 217 — — 592 Nuclear decommissioning trust – — 301 — — 301 Total assets $ 777 $ 564 $ 49 $ — $ 1,390 Liabilities: Commodity contracts $ 278 $ 25 $ 14 $ — $ 317 Total liabilities $ 278 $ 25 $ 14 $ — $ 317 ____________ (a) See table below for description of Level 3 assets and liabilities. (b) Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in the condensed consolidated balance sheets. (c) The nuclear decommissioning trust investment is included in the other investments line in the condensed consolidated balance sheets. See Note 17 . 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 14 for further discussion regarding derivative instruments, including the termination of certain natural gas hedging agreements 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 three and nine months ended September 30, 2015 and 2014 . See the table of changes in fair values of Level 3 assets and liabilities below for discussion of transfers between Level 2 and Level 3 for the three and nine months ended September 30, 2015 and 2014 . 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 September 30, 2015 and December 31, 2014 : September 30, 2015 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 2 $ (1 ) $ 1 Valuation Model Illiquid pricing locations (c) $25 to $40/ MWh Hourly price curve shape (d) $15 to $55/ MWh Electricity congestion revenue rights 27 (3 ) 24 Market Approach (e) Illiquid price differences between settlement points (f) $0 to $10/MWh Other (i) 5 (3 ) 2 Total $ 34 $ (7 ) $ 27 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 congestion revenue rights 38 (4 ) 34 Market Approach (e) Illiquid price differences between settlement points (f) $0 to $20/MWh Coal purchases — (4 ) (4 ) Market Approach (e) Illiquid price variances between mines (g) $0 to $1/ton Illiquid price variances between heat content (h) $0 to $1/ton Other (i) 7 (1 ) 6 Total $ 49 $ (14 ) $ 35 ____________ (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 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. (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) 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. (f) Based on the historical price differences between settlement points within the ERCOT hubs and load zones. (g) Based on the historical range of price variances between mine locations. (h) Based on historical ranges of forward average prices between different heat contents (potential energy in coal for a given mass). (i) Other includes contracts for ancillary services, natural gas, power options, diesel options and coal options. The following table presents the changes in fair value of the Level 3 assets and liabilities for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net asset (liability) balance at beginning of period $ 44 $ 45 $ 35 $ (973 ) Total unrealized valuation gains (losses) (1 ) (3 ) 13 (97 ) Purchases, issuances and settlements (a): Purchases 5 10 37 39 Issuances (2 ) (1 ) (7 ) (3 ) Settlements (19 ) (21 ) (44 ) 1,063 Transfers into Level 3 (b) — — — — Transfers out of Level 3 (b) — (1 ) (7 ) — Net change (c) (17 ) (16 ) (8 ) 1,002 Net asset balance at end of period $ 27 $ 29 $ 27 $ 29 Unrealized valuation gains relating to instruments held at end of period $ 1 $ — $ 1 $ 2 ____________ (a) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. Settlement amounts in the nine months ended September 30, 2014 reflect termination of the TCEH interest rate swaps and include the reversal of a nonperformance risk adjustment as discussed in Note 14 . (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 periods presented are in and out of Level 2. (c) Substantially all changes in values of commodity contracts are reported in the condensed statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. 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 quarter. |
Commodity And Other Derivative
Commodity And Other Derivative Contractual Assets And Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
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 13 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. Consistent with existing Bankruptcy Court orders, to a limited extent, TCEH also enters into derivative transactions for proprietary trading purposes, principally in natural gas and electricity markets. Unrealized gains and losses arising from changes in the fair value of hedging and trading instruments as well as realized gains and losses upon settlement of the instruments are reported in the condensed statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Interest Rate Swap Transactions — Interest rate swap agreements have been used to reduce exposure to interest rate changes by converting floating-rate debt to fixed rates, thereby hedging future interest costs and related cash flows. Interest rate basis swaps were used to effectively reduce the hedged borrowing costs. Unrealized gains and losses arising from changes in the fair value of the swaps as well as realized gains and losses upon settlement of the swaps were reported in the condensed statements of consolidated income (loss) in interest expense and related charges. As of September 30, 2015 and December 31, 2014 , we had no active interest rate swap derivatives. 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. 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 condensed 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 as permitted by TCEH's cash collateral order approved by the Bankruptcy Court (see Note 7 ). The derivative liability related to the TCEH interest rate swaps had included a nonperformance risk adjustment (resulting in a Level 3 valuation). This fair value adjustment reflected the counterparties' exposure to our credit risk. The amount of the adjustment was after consideration of derivative assets related to natural gas hedging positions with the same counterparties. The difference between the net liability arising upon the termination of the interest rate swaps and the natural gas hedging positions and the net derivative assets and liabilities recorded totaled $278 million , substantially all of which represented the nonperformance risk adjustment, and is reported as a noncash charge in reorganization items in the condensed statements of consolidated income (loss) in accordance with ASC 852-10, Reorganizations (see Note 8 ). Financial Statement Effects of Derivatives Substantially all derivative contractual assets and liabilities arise from mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of commodity and other derivative contractual assets and liabilities (with the column totals representing the net positions of the contracts) as reported in the condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 . All amounts relate to commodity contracts. September 30, 2015 December 31, 2014 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Current assets $ 393 $ — $ 492 $ — Noncurrent assets 14 16 5 — Current liabilities — (160 ) — (316 ) Noncurrent liabilities — (4 ) — (1 ) Net assets (liabilities) $ 407 $ (148 ) $ 497 $ (317 ) At September 30, 2015 and December 31, 2014 , there were no derivative positions accounted for as cash flow or fair value hedges. The following table presents the pretax effect of derivatives on net income (gains (losses)), including realized and unrealized effects: Three Months Ended September 30, Nine Months Ended September 30, Derivative (condensed statements of consolidated income (loss) presentation) 2015 2014 2015 2014 Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) $ 130 $ 54 $ 281 $ (114 ) Interest rate swaps (Interest expense and related charges) (b) — — — (128 ) Interest rate swaps (Reorganization items) (Note 8) — — — (278 ) Net gain (loss) $ 130 $ 54 $ 281 $ (520 ) ____________ (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 7 ). The pretax effect (all losses) on net income and other comprehensive income (OCI) of derivative instruments previously accounted for as cash flow hedges was immaterial in both the three and nine months ended September 30, 2015 and 2014 . There were no amounts recognized in OCI for the three and nine months ended September 30, 2015 and 2014 . Accumulated other comprehensive income related to cash flow hedges (excluding Oncor's interest rate hedges) at September 30, 2015 and December 31, 2014 totaled $35 million and $36 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 September 30, 2015 will be reclassified into net income during the next twelve months as the related hedged transactions affect net income. Balance Sheet Presentation of Derivatives Consistent with elections under US GAAP to present amounts on a gross basis, we report derivative assets and liabilities in the condensed consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. We may enter into offsetting positions with the same counterparty, resulting in both assets and liabilities. Volatility in underlying commodity prices can result in significant changes in assets and liabilities presented from period to period. Margin deposits that contractually offset these derivative instruments are reported separately in the condensed consolidated balance sheets. Margin deposits received from counterparties are either used for working capital or other corporate purposes or are deposited in a separate restricted cash account. At September 30, 2015 and December 31, 2014 , all margin deposits held were unrestricted. We maintain standardized master netting agreements with certain counterparties that allow for the netting of positive and negative exposures. Generally, we utilize the International Swaps and Derivatives Association (ISDA) standardized contract for financial transactions, the Edison Electric Institute standardized contract for physical power transactions and the North American Energy Standards Board (NAESB) standardized contract for physical natural gas transactions. These contain credit enhancements that allow for the right to offset assets and liabilities and collateral received in order to reduce credit exposure between us and the counterparty. These agreements contain specific language related to margin requirements, monthly settlement netting, cross-commodity netting and early termination netting, which is negotiated with the contract counterparty. The following tables reconcile our derivative assets and liabilities as presented in the condensed consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: September 30, 2015 Amounts Presented in Balance Sheet Offsetting Instruments (a) Financial Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 423 $ (142 ) $ (123 ) $ 158 Derivative liabilities: Commodity contracts (164 ) 142 1 (21 ) Net amounts $ 259 $ — $ (122 ) $ 137 December 31, 2014 Amounts Presented in Balance Sheet Offsetting Instruments (a) 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 ____________ (a) 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Derivative type Notional Volume Unit of Measure Natural gas (a) 1,821 1,687 Million MMBtu Electricity 43,425 22,820 GWh Congestion Revenue Rights (b) 94,195 89,484 GWh Coal 8 10 Million US tons Fuel oil 42 36 Million gallons Uranium 126 150 Thousand pounds ____________ (a) Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. (b) 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 September 30, 2015 and December 31, 2014 , the fair value of liabilities related to derivative instruments under agreements with credit risk-related contingent features that were not fully collateralized and the liquidity exposure associated with those liabilities were immaterial. 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 have been cancelled. There was no liquidity exposure associated with these liabilities at both September 30, 2015 and December 31, 2014 . See Note 10 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, were not material at both September 30, 2015 and December 31, 2014 . 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 September 30, 2015 , total credit risk exposure to all counterparties related to derivative contracts totaled $506 million (including associated accounts receivable). The net exposure to those counterparties totaled $237 million at September 30, 2015 after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to a single counterparty totaling $75 million . At September 30, 2015 , the credit risk exposure to the banking and financial sector represented 74% of the total credit risk exposure and 52% of the net exposure. Exposure to banking and financial sector counterparties is considered to be within an acceptable level of risk tolerance because all of this exposure is with counterparties with investment grade credit ratings. However, this concentration increases the risk that a default by any of these counterparties would have a material effect on our financial condition, results of operations and liquidity. The transactions with these counterparties contain certain provisions that would require the counterparties to post collateral in the event of a material downgrade in their credit rating. We maintain credit risk policies with regard to our counterparties to minimize overall credit risk. These policies authorize specific risk mitigation tools including, but not limited to, use of standardized master agreements that allow for netting of positive and negative exposures associated with a single counterparty. Credit enhancements such as parent guarantees, letters of credit, surety bonds, liens on assets and margin deposits are also utilized. Prospective material changes in the payment history or financial condition of a counterparty or downgrade of its credit quality result in the reassessment of the credit limit with that counterparty. The process can result in the subsequent reduction of the credit limit or a request for additional financial assurances. An event of default by one or more counterparties could subsequently result in termination-related settlement payments that reduce available liquidity if amounts are owed to the counterparties related to the derivative contracts or delays in receipts of expected settlements if the counterparties owe amounts to us. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The following represent our significant related-party transactions. • On a quarterly basis, we accrue a management fee payable to the Sponsor Group under the terms of a management agreement. Related amounts expensed and reported as SG&A expense totaled $10 million for both the three months ended September 30, 2015 and 2014 and $30 million for both the nine months ended September 30, 2015 and 2014 . No payments were made in the three and nine months ended September 30, 2015 and 2014 . 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), and fees accrued after the Petition Date have been reported in other noncurrent liabilities and deferred credits. Pursuant to the Settlement Agreement and the Plan of Reorganization discussed in Note 2 , as of the effective date of the Plan of Reorganization, (a) the Sponsor Group has agreed to forego any and all claims under the management agreement in exchange for releases of liability against the causes of actions brought forth by various creditor groups and (b) EFH Corp. has proposed to reject the management agreement pursuant to the Bankruptcy Code. • In 2007, TCEH entered into the TCEH Senior Secured Facilities with syndicates of financial institutions and other lenders. These syndicates included affiliates of GS Capital Partners, which is a member of the Sponsor Group. Affiliates of each member of the Sponsor Group have from time to time engaged in commercial banking transactions with us and/or provided financial advisory services to us, in each case in the normal course of business. • Affiliates of GS Capital Partners were parties to certain commodity and interest rate hedging transactions with us in the normal course of business. • Affiliates of the Sponsor Group have sold or acquired, and in the future may sell or acquire, debt or debt securities issued by us in open market transactions or through loan syndications. • 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 September 30, 2015 and December 31, 2014 . EFH Corp. held $303 million principal amount of TCEH debt at both September 30, 2015 and December 31, 2014 . Under the terms of the Plan of Reorganization and the Settlement Agreement, EFH Corp. and EFIH will waive their rights to the claims associated with these debt securities as of the effective time of the Plan of Reorganization. • 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 $279 million and $281 million for the three months ended September 30, 2015 and 2014 , respectively, and $739 million and $746 million for the nine months ended September 30, 2015 and 2014 , respectively. The fees are based on rates regulated by the PUCT that apply to all REPs. The condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 reflect amounts due currently to Oncor totaling $156 million and $118 million , respectively (included in net payables due to unconsolidated subsidiary), largely related to these electricity delivery fees. Also see discussion below regarding receivables from Oncor under a Federal and State Income Tax Allocation Agreement. • A subsidiary of EFH Corp. bills Oncor for financial and other administrative services and shared facilities at cost. Such amounts reduced reported SG&A expense by $6 million and $8 million for the three months ended September 30, 2015 and 2014 , respectively, and $16 million and $23 million for the nine months ended September 30, 2015 and 2014 , respectively. • A subsidiary of EFH Corp. bills TCEH subsidiaries for information technology, financial, accounting and other administrative services at cost. These charges totaled $52 million and $47 million for the three months ended September 30, 2015 and 2014 , respectively, and $151 million and $147 million for the nine months ended September 30, 2015 and 2014 , respectively. • See Note 10 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. • For the three months ended March 31, 2015, TCEH settled a $15 million payable related to information technology assets purchased from a subsidiary of EFH Corp. in 2014. In the three months ended June 30, 2015, TCEH purchased and settled $12 million of additional assets. 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. In the third quarter of 2014, additional information technology assets totaling $7 million were sold to TCEH, and a subsidiary of EFH Corp. settled this obligation by drawing on the letter of credit issued by TCEH. 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 condensed consolidated balance sheets, will ultimately be sufficient to fund the future decommissioning liability, reported in noncurrent liabilities in our condensed consolidated balance sheets. The delivery fee surcharges remitted to TCEH totaled $5 million for both the three months ended September 30, 2015 and 2014 and $13 million for both the nine months ended September 30, 2015 and 2014 . 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 September 30, 2015 and December 31, 2014 , the excess of the trust fund balance over the decommissioning liability resulted in a payable totaling $372 million and $479 million , respectively, and is reported in noncurrent liabilities. In June 2015, Luminant filed an updated nuclear decommissioning cost study and funding analysis with the PUCT. • 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 September 30, 2015 , our net current amount receivable from Oncor Holdings related to federal and state income taxes (reported in net payables due to unconsolidated subsidiary) totaled $31 million , $29 million of which related to Oncor. The $29 million net receivable from Oncor included a $14 million state margin tax receivable and a $15 million federal income tax receivable. Additionally, at September 30, 2015 we had a noncurrent tax payable to Oncor of $65 million recorded in other noncurrent liabilities and deferred credits and a noncurrent tax receivable from Oncor Holdings of $2 million recorded in other noncurrent assets. At December 31, 2014 , our net current amount payable to Oncor Holdings 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, at December 31, 2014 we had noncurrent tax payable to Oncor of $64 million recorded in other noncurrent liabilities and deferred credits. For the nine months ended September 30, 2015 , EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $20 million and $63 million , respectively. For the nine months ended September 30, 2014 , EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $17 million and $163 million , respectively. • Certain transmission and distribution utilities in Texas have requirements in place to assure adequate creditworthiness of any REP to support the REP's obligation to collect securitization bond-related (transition) charges on behalf of the utility. Under these requirements, as a result of TCEH's credit rating being below investment grade, TCEH is required to post collateral support in an amount equal to estimated transition charges over specified time periods. Accordingly, at both September 30, 2015 and December 31, 2014 , TCEH had posted letters of credit and/or cash in the amount of $9 million for the benefit of Oncor. • In December 2012, Oncor became the sponsor of a new pension plan (the Oncor Plan), the participants in which consist of all of Oncor's active employees and all retirees and terminated vested participants of EFH Corp. and its subsidiaries (including discontinued businesses). Oncor had previously contractually agreed to assume responsibility for pension 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 be not 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. • EFH Corp.'s condensed 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 both September 30, 2015 and December 31, 2014 , the receivable amount relates only to the EFH Corp. pension plan and totaled $47 million . The amounts are classified as a noncurrent receivable from unconsolidated subsidiary. Net amounts of pension and OPEB expenses recognized in the three and nine months ended September 30, 2015 and 2014 are not material. • 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 15 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 to the Financial Statements in our 2014 Form 10-K. Our chief operating decision maker uses more than one measure to assess segment performance, including reported segment net income (loss), which is the measure most comparable to consolidated net income (loss) prepared based on GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices or regulated rates. Certain shared services costs are allocated to the segments. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating revenues (all Competitive Electric) $ 1,737 $ 1,807 $ 4,265 $ 4,731 Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $32, $72 and $71) $ 127 $ 123 $ 278 $ 276 Net income (loss): Competitive Electric $ (1,517 ) $ (37 ) $ (3,068 ) $ (1,195 ) Regulated Delivery 127 123 278 276 Corporate and Other (70 ) (37 ) (409 ) (415 ) Consolidated net income (loss) $ (1,460 ) $ 49 $ (3,199 ) $ (1,334 ) |
Supplementary Financial Informa
Supplementary Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplementary Financial Information [Abstract] | |
Supplementary Financial Information | SUPPLEMENTARY FINANCIAL INFORMATION Other Income and Deductions Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Other income: Office space rental income (a) $ 3 $ 3 $ 8 $ 8 Sale of land (b) — 2 6 2 Mineral rights royalty income (b) 1 1 3 3 Contract settlements (b) 2 — 2 — All other 2 2 8 9 Total other income $ 8 $ 8 $ 27 $ 22 Other deductions: Impairment of favorable purchase contracts (Note 4) (b) $ — $ — $ 8 $ — Impairment of emission allowances (Note 4) (b) 4 — 55 — Impairment of mining development costs (Note 4) (b) 19 — 19 — All other 3 5 4 7 Total other deductions $ 26 $ 5 $ 86 $ 7 ____________ (a) Reported in Corporate and Other. (b) Reported in Competitive Electric segment. Restricted Cash September 30, 2015 December 31, 2014 Current Noncurrent Assets Current Noncurrent Assets Amounts related to TCEH's DIP Facility (Note 9) $ 364 $ — $ — $ 350 Amounts related to TCEH's pre-petition Letter of Credit — 506 — 551 Other 4 — 6 — Total restricted cash $ 368 $ 506 $ 6 $ 901 ____________ (a) See Note 10 for discussion of letter of credit draws in 2015 and 2014. Trade Accounts Receivable September 30, December 31, Wholesale and retail trade accounts receivable $ 786 $ 604 Allowance for uncollectible accounts (16 ) (15 ) Trade accounts receivable — net $ 770 $ 589 Gross trade accounts receivable at September 30, 2015 and December 31, 2014 included unbilled revenues of $287 million and $239 million , respectively. Allowance for Uncollectible Accounts Receivable Nine Months Ended September 30, 2015 2014 Allowance for uncollectible accounts receivable at beginning of period $ 15 $ 14 Increase for bad debt expense 29 30 Decrease for account write-offs (28 ) (27 ) Allowance for uncollectible accounts receivable at end of period $ 16 $ 17 Inventories by Major Category September 30, December 31, Materials and supplies $ 215 $ 214 Fuel stock 144 215 Natural gas in storage 29 39 Total inventories $ 388 $ 468 Other Investments September 30, December 31, Nuclear plant decommissioning trust $ 874 $ 893 Assets related to employee benefit plans, including employee savings programs, net of distributions 60 61 Land 36 37 Miscellaneous other 4 4 Total other investments $ 974 $ 995 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 15 ). The nuclear decommissioning trust fund is not a debtor under the Chapter 11 Cases. A summary of investments in the fund follows: September 30, 2015 Cost (a) Unrealized gain Unrealized loss Fair market value Debt securities (b) $ 304 $ 11 $ (1 ) $ 314 Equity securities (c) 289 279 (8 ) 560 Total $ 593 $ 290 $ (9 ) $ 874 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 ____________ (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 3.58% and 4.35% at September 30, 2015 and December 31, 2014 , respectively, and an average maturity of 7 years and 6 years at September 30, 2015 and December 31, 2014 , respectively. (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 September 30, 2015 mature as follows: $96 million in one to five years, $85 million in five to ten years and $133 million after ten years. The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Realized gains $ 1 $ 1 $ 2 $ 2 Realized losses $ (2 ) $ — $ (3 ) $ (1 ) Proceeds from sales of securities $ 242 $ 165 $ 315 $ 250 Investments in securities $ (247 ) $ (170 ) $ (328 ) $ (263 ) Property, Plant and Equipment At September 30, 2015 and December 31, 2014 , property, plant and equipment of $10.1 billion and $12.4 billion , respectively, is stated net of accumulated depreciation and amortization of $4.2 billion and $5.3 billion , respectively. The estimated remaining useful lives of our lignite/coal and nuclear generation facilities range from 17 to 54 years. Those estimated lives are subject to change as market factors evolve, including changes in environmental regulation and wholesale electricity price forecasts. 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 (the CCR rule), and in April 2015, the rule was posted in the Federal Register. We have established an estimated $59 million asset retirement obligation related to the rule for our existing facilities. The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the condensed consolidated balance sheets, for the nine months ended September 30, 2015 : Nuclear Plant Decommissioning Mining Land Reclamation Other Total Liability at December 31, 2014 $ 413 $ 165 $ 36 $ 614 Additions: Accretion 19 15 4 38 Adjustment for new cost estimate (a) 70 — — 70 Incremental reclamation costs (b) — — 59 59 Reductions: Payments — (44 ) (1 ) (45 ) Liability at September 30, 2015 502 136 98 736 Less amounts due currently — (65 ) — (65 ) Noncurrent liability at September 30, 2015 $ 502 $ 71 $ 98 $ 671 ____________ (a) The adjustment for nuclear plant decommissioning resulted from a new cost estimate completed in the second quarter of 2015. In accordance with regulatory requirements, a new cost estimate is completed every five years. The increase in the liability was driven by increased security and fuel-handling costs. (b) The adjustment for other asset retirement obligations resulted from the effect on our estimated retirement obligation related to coal combustion residual facilities at our lignite/coal fueled generation facilities that arose from the CCR rule discussed above. Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: September 30, December 31, Uncertain tax positions, including accrued interest $ 53 $ 74 Retirement plan and other employee benefits (a) 248 243 Asset retirement and mining reclamation obligations 671 560 Unfavorable purchase and sales contracts 549 566 Nuclear decommissioning fund excess over asset retirement obligation (Note 15) 372 479 Other 190 155 Total other noncurrent liabilities and deferred credits $ 2,083 $ 2,077 ____________ (a) Includes $47 million at both September 30, 2015 and December 31, 2014 , representing pension liabilities related to Oncor (see Note 15 ). Unfavorable Purchase and Sales Contracts — The amortization of unfavorable purchase and sales contracts totaled $6 million for both the three months ended September 30, 2015 and 2014 and $17 million for both the nine months ended September 30, 2015 and 2014 . 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 September 30, 2015 December 31, 2014 Debt: Carrying Amount Fair Value Carrying Amount Fair Value Borrowings under debtor-in-possession credit facilities (Note 9) $ 6,825 $ 6,815 $ 6,825 $ 6,830 Pre-petition notes, loans and other debt reported as liabilities subject to compromise (Note 10) (a) $ 35,412 $ 14,251 $ 35,857 $ 21,411 Long-term debt not subject to compromise, excluding capital lease obligations (Note 9) $ 99 $ 102 $ 123 $ 119 ____________ (a) Carrying amount excludes deferred debt issuance and extension costs. We determine fair value in accordance with accounting standards as discussed in Note 13 , and at September 30, 2015 , 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 Nine Months Ended September 30, 2015 2014 Cash payments related to: Interest paid (a) $ 1,440 $ 1,251 Capitalized interest (8 ) (14 ) Interest paid (net of capitalized interest) (a) $ 1,432 $ 1,237 Income taxes $ 51 $ 55 Reorganization items (b) $ 229 $ 69 Noncash investing and financing activities: Construction expenditures (c) $ 64 $ 77 Debt exchange and extension transactions (d) $ — $ (85 ) Income tax adjustment related to AMT utilization (e) $ 3 $ — ____________ (a) Net of amounts received under interest rate swap agreements. 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 nine months ended September 30, 2014 , represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 9 ). (e) Represents a reduction to EFH Corp.'s investment in Oncor Holdings due to an income tax adjustment related to alternative minimum tax (AMT) utilization by Oncor. |
Business And Significant Acco24
Business And Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Including Application of Bankruptcy Accounting | Basis of Presentation, Including Application of Bankruptcy Accounting The condensed consolidated financial statements have been prepared in accordance with US GAAP. The condensed 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 condensed consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification (ASC) 852, Reorganizations . During the pendency of 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. 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 8 and 10 for discussion of these accounting and reporting changes. Investments in unconsolidated subsidiaries, which are 50% or less owned and/or do not meet accounting standards criteria for consolidation, are accounted for under the equity method (see Note 3 ). Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the audited financial statements and related notes included in our 2014 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. |
Use of Estimates | Use of Estimates Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements and estimates of expected allowed claims. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Consolidation Of Variable Interest Entities [Abstract] | |
Schedule of condensed statements of consolidated income of Oncor Holdings and its subsidiaries | Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the three and nine months ended September 30, 2015 and 2014 are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating revenues $ 1,072 $ 1,054 $ 2,957 $ 2,883 Operation and maintenance expenses (387 ) (376 ) (1,134 ) (1,074 ) Depreciation and amortization (217 ) (218 ) (653 ) (638 ) Taxes other than income taxes (116 ) (115 ) (336 ) (330 ) Other income 1 3 5 10 Other deductions (9 ) (4 ) (21 ) (11 ) Interest income (1 ) 1 (1 ) 3 Interest expense and related charges (84 ) (89 ) (250 ) (266 ) Income before income taxes 259 256 567 577 Income tax expense (99 ) (101 ) (217 ) (230 ) Net income 160 155 350 347 Net income attributable to noncontrolling interests (33 ) (32 ) (72 ) (71 ) Net income attributable to Oncor Holdings $ 127 $ 123 $ 278 $ 276 |
Schedule of assets and liabilities of Oncor Holdings | Assets and liabilities of Oncor Holdings at September 30, 2015 and December 31, 2014 are presented below: September 30, December 31, ASSETS Current assets: Cash and cash equivalents $ 18 $ 5 Restricted cash 62 56 Trade accounts receivable — net 444 407 Trade accounts and other receivables from affiliates 156 118 Income taxes receivable from EFH Corp. — 144 Inventories 80 73 Accumulated deferred income taxes 7 10 Prepayments and other current assets 93 91 Total current assets 860 904 Restricted cash — 16 Other investments 95 97 Property, plant and equipment — net 12,908 12,463 Goodwill 4,064 4,064 Regulatory assets — net 1,177 1,429 Other noncurrent assets 71 67 Total assets $ 19,175 $ 19,040 LIABILITIES Current liabilities: Short-term borrowings $ 708 $ 711 Long-term debt due currently 86 639 Trade accounts payable — nonaffiliates 164 202 Income taxes payable to EFH Corp. 31 24 Accrued taxes other than income 150 174 Accrued interest 67 93 Other current liabilities 149 156 Total current liabilities 1,355 1,999 Accumulated deferred income taxes 1,918 1,978 Long-term debt, less amounts due currently 5,681 4,997 Other noncurrent liabilities and deferred credits 2,270 2,245 Total liabilities $ 11,224 $ 11,219 |
Goodwill And Identifiable Int26
Goodwill And Identifiable Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 (15,990 ) Balance at December 31, 2014 2,352 Additional noncash impairment charges in 2015 (1,400 ) Balance at September 30, 2015 (a) $ 952 ____________ (a) Net of accumulated impairment charges totaling $17.39 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: September 30, 2015 December 31, 2014 Identifiable Intangible Asset Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Retail customer relationship $ 463 $ 438 $ 25 $ 463 $ 425 $ 38 Capitalized in-service software 356 210 146 362 216 146 Other identifiable intangible assets (a) 58 27 31 460 291 169 Total identifiable intangible assets subject to amortization $ 877 $ 675 202 $ 1,285 $ 932 353 Retail trade name (not subject to amortization) 955 955 Mineral interests (not currently subject to amortization) 6 7 Total identifiable intangible assets $ 1,163 $ 1,315 ____________ (a) See discussion below regarding impairment charges recorded in the three and nine months ended September 30, 2015 related to other identifiable intangible assets. |
Schedule of amortization expense related to intangible assets (including income statement line item) | Amortization expense related to finite-lived identifiable intangible assets (including the condensed statements of consolidated income (loss) line item) consisted of: Identifiable Intangible Asset Condensed Statement of Consolidated Income (Loss) Line Segment Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Retail customer relationship Depreciation and amortization Competitive Electric $ 4 $ 6 $ 13 $ 17 Capitalized in-service software Depreciation and amortization Competitive Electric and Corporate and Other 13 11 35 34 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization Competitive Electric 9 19 21 56 Total amortization expense (a) $ 26 $ 36 $ 69 $ 107 ____________ (a) Amounts recorded in depreciation and amortization totaled $21 million and $25 million for the three months ended September 30, 2015 and 2014 , respectively, and $54 million and $76 million for the nine months ended September 30, 2015 and 2014 , 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 $ 86 2016 $ 61 2017 $ 50 2018 $ 30 2019 $ 16 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Calculation of Effective Income Tax Rate | The calculation of our effective tax rate is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Loss before income taxes and equity in earnings of unconsolidated subsidiaries $ (2,039 ) $ (146 ) $ (4,467 ) $ (2,440 ) Income tax benefit $ 452 $ 72 $ 990 $ 830 Effective tax rate 22.2 % 49.3 % 22.2 % 34.0 % |
Interest Expense and Related 28
Interest Expense and Related Charges (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Interest Expense and Related Charges [Abstract] | |
Schedule of Interest Expense and Related Charges | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest paid/accrued on debtor-in-possession financing $ 74 $ 74 $ 221 $ 88 Adequate protection amounts paid/accrued (a) 311 308 919 519 Interest paid/accrued on pre-petition debt (b) — 3 243 1,152 Interest expense on pre-petition toggle notes payable in additional principal (Note 10) — — — 65 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 ) Amortization of debt issuance, amendment and extension costs and discounts — — — 67 Capitalized interest (2 ) (3 ) (8 ) (14 ) Other — — — 5 Total interest expense and related charges $ 383 $ 382 $ 1,375 $ 1,816 ____________ (a) Post-petition period only. (b) For the nine months ended September 30, 2015 , amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 10 ). Includes amounts related to interest rate swaps totaling $194 million for the nine months ended September 30, 2014 . Of the $194 million for the nine months ended September 30, 2014 , $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 14 . (c) Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 14 ) and $12 million related to other interest rate swaps. |
Contractual Interest Expense On Pre-Petition Liabilities] | Three Months Ended September 30, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued Contractual Interest on EFH Corp. $ 31 $ — $ — $ 31 EFIH 101 — — 101 EFCH 2 — — 2 TCEH 520 296 — 224 Eliminations (b) (31 ) — — (31 ) Total $ 623 $ 296 $ — $ 327 Three Months Ended September 30, 2014 Entity: Contractual Interest on Adequate Protection Ordered Interest Paid/Accrued Contractual Interest on EFH Corp. $ 31 $ — $ — $ 31 EFIH 114 — — 114 EFCH 2 — — 2 TCEH 514 293 — 221 Eliminations (b) (31 ) — — (31 ) Total $ 630 $ 293 $ — $ 337 Nine Months Ended September 30, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 94 $ — $ — $ 94 EFIH 314 — 50 264 EFCH 5 — — 5 TCEH 1,548 875 — 673 Eliminations (b) (93 ) — — (93 ) Total $ 1,868 $ 875 $ 50 $ 943 Post-Petition Period Ended September 30, 2014 Entity: Contractual Interest on Adequate Protection Ordered Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 53 $ — $ — $ 53 EFIH 248 — 54 194 EFCH 3 — — 3 TCEH 871 494 — 377 Eliminations (b) (53 ) — — (53 ) Total $ 1,122 $ 494 $ 54 $ 574 ___________ (a) For the nine months ended September 30, 2015 represents portion of interest related to the EFIH Second Lien Notes that was repaid based on the approval of the Bankruptcy Court; however, excludes $185 million of post-petition interest paid in 2015 that contractually related to 2014 and default interest (see Note 10 ). For the post-petition period ended September 30, 2014 , represents interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 9 ). (b) Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
Reorganization Items (Tables)
Reorganization Items (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Reorganization Items [Abstract] | |
Reorganization Items | Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of consolidated income (loss) as reorganization items as required by ASC 852, 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 in the three months ended September 30, 2015 and 2014 , the nine months ended September 30, 2015 and the post-petition period ended September 30, 2014 as reported in the condensed statements of consolidated income (loss): Three Months Ended September 30, 2015 Three Months Ended Nine Months Ended September 30, 2015 Post-Petition Period Ended Expenses related to legal advisory and representation services $ 46 $ 38 $ 148 $ 79 Expenses related to other professional consulting and advisory services 22 22 69 72 Contract claims adjustments (2 ) — 26 — Fees associated with repayment of EFIH Second Lien Notes (Note 10) — — 28 — Noncash liability adjustment arising from termination of interest rate swaps (Note 14) — — — 278 Fees associated with completion of TCEH and EFIH DIP Facilities — (5 ) — 180 Loss on exchange and settlement of EFIH First Lien Notes (Note 9) — — — 108 Other 2 — 4 3 Total reorganization items $ 68 $ 55 $ 275 $ 720 |
Debtor-In-Possession Borrowin30
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debtor-In-Possession Obligations [Abstract] | |
Schedule of Line of Credit Facilities | The TCEH DIP Facility and related available capacity at September 30, 2015 are presented below. Borrowings are reported in the condensed consolidated balance sheets as borrowings under debtor-in-possession credit facilities. In the September 30, 2015 condensed consolidated balance sheet the borrowings under the TCEH DIP Facility are reported as current liabilities since the maturity date of the facility was May 2016 as of such date. In October 2015, the TCEH Debtors paid an $8 million extension fee and extended the maturity date of the TCEH DIP Facility to the earlier of (a) November 2016 or (b) the effective date of any reorganization plan of TCEH. The terms of the facility were otherwise unchanged by the extension. In September 2015, the TCEH Debtors extended their use of cash collateral to the earlier of (a) the effective date of a plan of reorganization or (b) 60 days following termination of the Debtors' Plan Support Agreement, provided that the TCEH Debtors do not otherwise cause an event of default under the cash collateral order. September 30, 2015 TCEH DIP Facility Facility Limit Available Cash Borrowing Capacity Available Letter of Credit Capacity TCEH DIP Revolving Credit Facility (a) $ 1,950 $ 1,950 $ — TCEH DIP Term Loan Facility (b) 1,425 — 436 Total TCEH DIP Facility $ 3,375 $ 1,950 $ 436 ___________ (a) Facility used for general corporate purposes. No amounts were borrowed at September 30, 2015 . 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. |
Schedule of Long-term Debt Instruments | Long-Term Debt Not Subject to Compromise — Amounts presented in the table below represent 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. September 30, December 31, EFH Corp. (parent entity) 8.82% Non-Debtor Building Financing due semiannually through February 11, 2022 $ 35 $ 40 Unamortized fair value premium (a) 6 7 Total EFH Corp. 41 47 EFCH 9.58% Fixed Notes due in annual installments through December 4, 2019 (b) 21 21 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) 25 29 Unamortized fair value discount (a) (2 ) (3 ) Total EFCH 44 47 TCEH 7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (c) 13 25 7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 (c) — 4 Capital lease obligations 40 44 Other 2 2 Unamortized discount (1 ) (2 ) Total TCEH 54 73 Total EFH Corp. consolidated 139 167 Less amounts due currently (36 ) (39 ) Total long-term debt not subject to compromise $ 103 $ 128 ____________ (a) Amount represents unamortized fair value adjustments recorded under purchase accounting. (b) Approved by the Bankruptcy Court for repayment. (c) Debt issued by trust and secured by assets held by the trust. Amounts presented below represent principal amounts of pre-petition notes, loans and other debt reported as liabilities subject to compromise. September 30, December 31, 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 Unamortized fair value discount (b) (118 ) (118 ) Total EFH Corp. 529 529 EFIH 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 322 406 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 1,389 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 243 243 Unamortized discount (121 ) (121 ) Total EFIH 3,401 3,846 EFCH 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 (b) (1 ) (1 ) Total EFCH 8 8 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 September 30, December 31, 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 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 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 (b) (103 ) (103 ) Other: Other 1 1 Unamortized discount (91 ) (91 ) Total TCEH 31,474 31,474 Deferred debt issuance and extension costs (733 ) (733 ) Total EFH Corp. consolidated notes, loans and other debt $ 34,679 $ 35,124 ___________ (a) Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. September 30, December 31, 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) Amount represents unamortized fair value adjustments recorded under purchase accounting. |
Liabilities Subject to Compro31
Liabilities Subject to Compromise (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 collateralized by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 : September 30, December 31, Notes, loans and other debt per the following table $ 34,679 $ 35,124 Accrued interest on notes, loans and other debt 749 804 Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 14) 1,235 1,235 Trade accounts payable and other expected allowed claims 261 269 Total liabilities subject to compromise $ 36,924 $ 37,432 |
Schedule of Long-term Debt Instruments | Long-Term Debt Not Subject to Compromise — Amounts presented in the table below represent 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. September 30, December 31, EFH Corp. (parent entity) 8.82% Non-Debtor Building Financing due semiannually through February 11, 2022 $ 35 $ 40 Unamortized fair value premium (a) 6 7 Total EFH Corp. 41 47 EFCH 9.58% Fixed Notes due in annual installments through December 4, 2019 (b) 21 21 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) 25 29 Unamortized fair value discount (a) (2 ) (3 ) Total EFCH 44 47 TCEH 7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (c) 13 25 7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 (c) — 4 Capital lease obligations 40 44 Other 2 2 Unamortized discount (1 ) (2 ) Total TCEH 54 73 Total EFH Corp. consolidated 139 167 Less amounts due currently (36 ) (39 ) Total long-term debt not subject to compromise $ 103 $ 128 ____________ (a) Amount represents unamortized fair value adjustments recorded under purchase accounting. (b) Approved by the Bankruptcy Court for repayment. (c) Debt issued by trust and secured by assets held by the trust. Amounts presented below represent principal amounts of pre-petition notes, loans and other debt reported as liabilities subject to compromise. September 30, December 31, 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 Unamortized fair value discount (b) (118 ) (118 ) Total EFH Corp. 529 529 EFIH 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 322 406 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 1,389 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 243 243 Unamortized discount (121 ) (121 ) Total EFIH 3,401 3,846 EFCH 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 (b) (1 ) (1 ) Total EFCH 8 8 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 September 30, December 31, 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 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 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 (b) (103 ) (103 ) Other: Other 1 1 Unamortized discount (91 ) (91 ) Total TCEH 31,474 31,474 Deferred debt issuance and extension costs (733 ) (733 ) Total EFH Corp. consolidated notes, loans and other debt $ 34,679 $ 35,124 ___________ (a) Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. September 30, December 31, 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) Amount represents unamortized fair value adjustments recorded under purchase accounting. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table presents the changes to equity for the nine months ended September 30, 2015 : EFH Corp. Shareholders’ Equity Common Stock (a) Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests Total Equity Balance at December 31, 2014 $ 2 $ 7,968 $ (27,563 ) $ (130 ) $ — $ (19,723 ) Net loss — — (3,199 ) — — (3,199 ) Change in unrecognized losses related to pension and OPEB plans — — — (3 ) — (3 ) Net effects of cash flow hedges — — — 1 — 1 Net effects related to Oncor — — — 2 — 2 Balance at September 30, 2015 $ 2 $ 7,968 $ (30,762 ) $ (130 ) $ — $ (22,922 ) ________________ (a) Authorized shares totaled 2,000,000,000 at September 30, 2015 . Outstanding shares totaled 1,669,861,379 and 1,669,861,379 at September 30, 2015 and December 31, 2014 , respectively. The following table presents the changes to equity for the nine months ended September 30, 2014 : EFH Corp. Shareholders’ Equity Common Stock (a) Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests Total Equity Balance at December 31, 2013 $ 2 $ 7,962 $ (21,157 ) $ (63 ) $ 1 $ (13,255 ) Net loss — — (1,334 ) — — (1,334 ) Effects of stock-based incentive compensation plans — 6 — — — 6 Change in unrecognized losses related to pension and OPEB plans — — — (14 ) — (14 ) Net effects of cash flow hedges — — — 1 — 1 Investment by noncontrolling interests — — — — 1 1 Other — 1 — — (2 ) (1 ) Balance at September 30, 2014 $ 2 $ 7,969 $ (22,491 ) $ (76 ) $ — $ (14,596 ) ________________ (a) Authorized shares totaled 2,000,000,000 at September 30, 2014 . Outstanding shares totaled 1,669,861,379 and 1,669,861,383 at September 30, 2014 and December 31, 2013 , respectively. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2015 . There was no other comprehensive income (loss) before reclassification for the period. Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 14) Pension and Other Postretirement Employee Benefit Liabilities Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ (53 ) $ (77 ) $ (130 ) Amounts reclassified from accumulated other comprehensive income (loss) and reported in: Operating costs — (2 ) (2 ) Depreciation and amortization 1 — 1 Selling, general and administrative expenses — (3 ) (3 ) Income tax benefit (expense) — 2 2 Equity in earnings of unconsolidated subsidiaries (net of tax) 1 1 2 Total amount reclassified from accumulated other comprehensive income (loss) during the period 2 (2 ) — Balance at September 30, 2015 $ (51 ) $ (79 ) $ (130 ) The following table presents the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2014 . Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 14) Pension and Other Postretirement Employee Benefit Liabilities Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2013 $ (56 ) $ (7 ) $ (63 ) Other comprehensive loss before reclassifications (after tax) — (11 ) (11 ) Amounts reclassified from accumulated other comprehensive income (loss) and reported in: Operating costs — (3 ) (3 ) Depreciation and amortization 1 — 1 Selling, general and administrative expenses — (2 ) (2 ) Interest expense and related charges — — — Income tax benefit (expense) — 2 2 Equity in earnings of unconsolidated subsidiaries (net of tax) 1 (1 ) — Total amount reclassified from accumulated other comprehensive income (loss) during the period 2 (4 ) (2 ) Total change during the period 2 (15 ) (13 ) Balance at September 30, 2014 $ (54 ) $ (22 ) $ (76 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, 2015 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 328 $ 45 $ 34 $ 16 $ 423 Nuclear decommissioning trust – 355 205 — — 560 Nuclear decommissioning trust – — 314 — — 314 Total assets $ 683 $ 564 $ 34 $ 16 $ 1,297 Liabilities: Commodity contracts $ 108 $ 33 $ 7 $ 16 $ 164 Total liabilities $ 108 $ 33 $ 7 $ 16 $ 164 December 31, 2014 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 402 $ 46 $ 49 $ — $ 497 Nuclear decommissioning trust – 375 217 — — 592 Nuclear decommissioning trust – — 301 — — 301 Total assets $ 777 $ 564 $ 49 $ — $ 1,390 Liabilities: Commodity contracts $ 278 $ 25 $ 14 $ — $ 317 Total liabilities $ 278 $ 25 $ 14 $ — $ 317 ____________ (a) See table below for description of Level 3 assets and liabilities. (b) Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in the condensed consolidated balance sheets. (c) The nuclear decommissioning trust investment is included in the other investments line in the condensed consolidated balance sheets. See Note 17 . |
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 September 30, 2015 and December 31, 2014 : September 30, 2015 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 2 $ (1 ) $ 1 Valuation Model Illiquid pricing locations (c) $25 to $40/ MWh Hourly price curve shape (d) $15 to $55/ MWh Electricity congestion revenue rights 27 (3 ) 24 Market Approach (e) Illiquid price differences between settlement points (f) $0 to $10/MWh Other (i) 5 (3 ) 2 Total $ 34 $ (7 ) $ 27 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 congestion revenue rights 38 (4 ) 34 Market Approach (e) Illiquid price differences between settlement points (f) $0 to $20/MWh Coal purchases — (4 ) (4 ) Market Approach (e) Illiquid price variances between mines (g) $0 to $1/ton Illiquid price variances between heat content (h) $0 to $1/ton Other (i) 7 (1 ) 6 Total $ 49 $ (14 ) $ 35 ____________ (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 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. (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) 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. (f) Based on the historical price differences between settlement points within the ERCOT hubs and load zones. (g) Based on the historical range of price variances between mine locations. (h) Based on historical ranges of forward average prices between different heat contents (potential energy in coal for a given mass). (i) Other includes contracts for ancillary services, natural gas, power options, diesel options and coal options. |
Schedule of changes in fair value of the Level 3 assets and liabilities (all related to commodity contracts) | The following table presents the changes in fair value of the Level 3 assets and liabilities for the three and nine months ended September 30, 2015 and 2014 . Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net asset (liability) balance at beginning of period $ 44 $ 45 $ 35 $ (973 ) Total unrealized valuation gains (losses) (1 ) (3 ) 13 (97 ) Purchases, issuances and settlements (a): Purchases 5 10 37 39 Issuances (2 ) (1 ) (7 ) (3 ) Settlements (19 ) (21 ) (44 ) 1,063 Transfers into Level 3 (b) — — — — Transfers out of Level 3 (b) — (1 ) (7 ) — Net change (c) (17 ) (16 ) (8 ) 1,002 Net asset balance at end of period $ 27 $ 29 $ 27 $ 29 Unrealized valuation gains relating to instruments held at end of period $ 1 $ — $ 1 $ 2 ____________ (a) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. Settlement amounts in the nine months ended September 30, 2014 reflect termination of the TCEH interest rate swaps and include the reversal of a nonperformance risk adjustment as discussed in Note 14 . (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 periods presented are in and out of Level 2. (c) Substantially all changes in values of commodity contracts are reported in the condensed statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. 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 quarter. |
Commodity And Other Derivativ34
Commodity And Other Derivative Contractual Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Commodity and Other Derivative Contractual Assets and Liabilities as Reported in the Balance Sheets | The following tables provide detail of commodity and other derivative contractual assets and liabilities (with the column totals representing the net positions of the contracts) as reported in the condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 . All amounts relate to commodity contracts. September 30, 2015 December 31, 2014 Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Current assets $ 393 $ — $ 492 $ — Noncurrent assets 14 16 5 — Current liabilities — (160 ) — (316 ) Noncurrent liabilities — (4 ) — (1 ) Net assets (liabilities) $ 407 $ (148 ) $ 497 $ (317 ) |
Schedule of Pre-tax Effect on Net Income of Derivatives Not Under Hedge Accounting, Including Realized and Unrealized Effects | The following table presents the pretax effect of derivatives on net income (gains (losses)), including realized and unrealized effects: Three Months Ended September 30, Nine Months Ended September 30, Derivative (condensed statements of consolidated income (loss) presentation) 2015 2014 2015 2014 Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) $ 130 $ 54 $ 281 $ (114 ) Interest rate swaps (Interest expense and related charges) (b) — — — (128 ) Interest rate swaps (Reorganization items) (Note 8) — — — (278 ) Net gain (loss) $ 130 $ 54 $ 281 $ (520 ) ____________ (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 7 ). |
Offsetting Assets and Liabilities | The following tables reconcile our derivative assets and liabilities as presented in the condensed consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: September 30, 2015 Amounts Presented in Balance Sheet Offsetting Instruments (a) Financial Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 423 $ (142 ) $ (123 ) $ 158 Derivative liabilities: Commodity contracts (164 ) 142 1 (21 ) Net amounts $ 259 $ — $ (122 ) $ 137 December 31, 2014 Amounts Presented in Balance Sheet Offsetting Instruments (a) 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 ____________ (a) Amounts presented exclude trade accounts receivable and payable related to settled financial instruments. (b) Financial collateral consists entirely of cash margin deposits. |
Schedule of Gross Notional Amounts of Derivative Volumes | The following table presents the gross notional amounts of derivative volumes at September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Derivative type Notional Volume Unit of Measure Natural gas (a) 1,821 1,687 Million MMBtu Electricity 43,425 22,820 GWh Congestion Revenue Rights (b) 94,195 89,484 GWh Coal 8 10 Million US tons Fuel oil 42 36 Million gallons Uranium 126 150 Thousand pounds ____________ (a) Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. (b) Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ERCOT. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating revenues (all Competitive Electric) $ 1,737 $ 1,807 $ 4,265 $ 4,731 Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $32, $72 and $71) $ 127 $ 123 $ 278 $ 276 Net income (loss): Competitive Electric $ (1,517 ) $ (37 ) $ (3,068 ) $ (1,195 ) Regulated Delivery 127 123 278 276 Corporate and Other (70 ) (37 ) (409 ) (415 ) Consolidated net income (loss) $ (1,460 ) $ 49 $ (3,199 ) $ (1,334 ) |
Supplementary Financial Infor36
Supplementary Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplementary Financial Information [Abstract] | |
Schedule of other income and deductions | Other Income and Deductions Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Other income: Office space rental income (a) $ 3 $ 3 $ 8 $ 8 Sale of land (b) — 2 6 2 Mineral rights royalty income (b) 1 1 3 3 Contract settlements (b) 2 — 2 — All other 2 2 8 9 Total other income $ 8 $ 8 $ 27 $ 22 Other deductions: Impairment of favorable purchase contracts (Note 4) (b) $ — $ — $ 8 $ — Impairment of emission allowances (Note 4) (b) 4 — 55 — Impairment of mining development costs (Note 4) (b) 19 — 19 — All other 3 5 4 7 Total other deductions $ 26 $ 5 $ 86 $ 7 ____________ (a) Reported in Corporate and Other. (b) Reported in Competitive Electric segment. |
Schedule of Interest Expense and Related Charges | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest paid/accrued on debtor-in-possession financing $ 74 $ 74 $ 221 $ 88 Adequate protection amounts paid/accrued (a) 311 308 919 519 Interest paid/accrued on pre-petition debt (b) — 3 243 1,152 Interest expense on pre-petition toggle notes payable in additional principal (Note 10) — — — 65 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 ) Amortization of debt issuance, amendment and extension costs and discounts — — — 67 Capitalized interest (2 ) (3 ) (8 ) (14 ) Other — — — 5 Total interest expense and related charges $ 383 $ 382 $ 1,375 $ 1,816 ____________ (a) Post-petition period only. (b) For the nine months ended September 30, 2015 , amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 10 ). Includes amounts related to interest rate swaps totaling $194 million for the nine months ended September 30, 2014 . Of the $194 million for the nine months ended September 30, 2014 , $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 14 . (c) Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 14 ) and $12 million related to other interest rate swaps. |
Schedule of restricted cash | Restricted Cash September 30, 2015 December 31, 2014 Current Noncurrent Assets Current Noncurrent Assets Amounts related to TCEH's DIP Facility (Note 9) $ 364 $ — $ — $ 350 Amounts related to TCEH's pre-petition Letter of Credit — 506 — 551 Other 4 — 6 — Total restricted cash $ 368 $ 506 $ 6 $ 901 ____________ (a) |
Schedule of accounts, notes, loans and financing receivable | Allowance for Uncollectible Accounts Receivable Nine Months Ended September 30, 2015 2014 Allowance for uncollectible accounts receivable at beginning of period $ 15 $ 14 Increase for bad debt expense 29 30 Decrease for account write-offs (28 ) (27 ) Allowance for uncollectible accounts receivable at end of period $ 16 $ 17 Trade Accounts Receivable September 30, December 31, Wholesale and retail trade accounts receivable $ 786 $ 604 Allowance for uncollectible accounts (16 ) (15 ) Trade accounts receivable — net $ 770 $ 589 Gross trade accounts receivable at September 30, 2015 and December 31, 2014 included unbilled revenues of $287 million and $239 million , respectively. |
Schedule of inventories by major category | Inventories by Major Category September 30, December 31, Materials and supplies $ 215 $ 214 Fuel stock 144 215 Natural gas in storage 29 39 Total inventories $ 388 $ 468 |
Summary of other investments | Other Investments September 30, December 31, Nuclear plant decommissioning trust $ 874 $ 893 Assets related to employee benefit plans, including employee savings programs, net of distributions 60 61 Land 36 37 Miscellaneous other 4 4 Total other investments $ 974 $ 995 |
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: September 30, 2015 Cost (a) Unrealized gain Unrealized loss Fair market value Debt securities (b) $ 304 $ 11 $ (1 ) $ 314 Equity securities (c) 289 279 (8 ) 560 Total $ 593 $ 290 $ (9 ) $ 874 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 ____________ (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 3.58% and 4.35% at September 30, 2015 and December 31, 2014 , respectively, and an average maturity of 7 years and 6 years at September 30, 2015 and December 31, 2014 , respectively. (c) The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. |
Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales | The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Realized gains $ 1 $ 1 $ 2 $ 2 Realized losses $ (2 ) $ — $ (3 ) $ (1 ) Proceeds from sales of securities $ 242 $ 165 $ 315 $ 250 Investments in securities $ (247 ) $ (170 ) $ (328 ) $ (263 ) |
Schedule of asset retirement and mining reclamation obligations | The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the condensed consolidated balance sheets, for the nine months ended September 30, 2015 : Nuclear Plant Decommissioning Mining Land Reclamation Other Total Liability at December 31, 2014 $ 413 $ 165 $ 36 $ 614 Additions: Accretion 19 15 4 38 Adjustment for new cost estimate (a) 70 — — 70 Incremental reclamation costs (b) — — 59 59 Reductions: Payments — (44 ) (1 ) (45 ) Liability at September 30, 2015 502 136 98 736 Less amounts due currently — (65 ) — (65 ) Noncurrent liability at September 30, 2015 $ 502 $ 71 $ 98 $ 671 |
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: September 30, December 31, Uncertain tax positions, including accrued interest $ 53 $ 74 Retirement plan and other employee benefits (a) 248 243 Asset retirement and mining reclamation obligations 671 560 Unfavorable purchase and sales contracts 549 566 Nuclear decommissioning fund excess over asset retirement obligation (Note 15) 372 479 Other 190 155 Total other noncurrent liabilities and deferred credits $ 2,083 $ 2,077 ____________ (a) Includes $47 million at both September 30, 2015 and December 31, 2014 , representing pension liabilities related to Oncor (see Note 15 ). |
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 September 30, 2015 December 31, 2014 Debt: Carrying Amount Fair Value Carrying Amount Fair Value Borrowings under debtor-in-possession credit facilities (Note 9) $ 6,825 $ 6,815 $ 6,825 $ 6,830 Pre-petition notes, loans and other debt reported as liabilities subject to compromise (Note 10) (a) $ 35,412 $ 14,251 $ 35,857 $ 21,411 Long-term debt not subject to compromise, excluding capital lease obligations (Note 9) $ 99 $ 102 $ 123 $ 119 |
Schedule of supplemental cash flow information | Supplemental Cash Flow Information Nine Months Ended September 30, 2015 2014 Cash payments related to: Interest paid (a) $ 1,440 $ 1,251 Capitalized interest (8 ) (14 ) Interest paid (net of capitalized interest) (a) $ 1,432 $ 1,237 Income taxes $ 51 $ 55 Reorganization items (b) $ 229 $ 69 Noncash investing and financing activities: Construction expenditures (c) $ 64 $ 77 Debt exchange and extension transactions (d) $ — $ (85 ) Income tax adjustment related to AMT utilization (e) $ 3 $ — ____________ (a) Net of amounts received under interest rate swap agreements. 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 nine months ended September 30, 2014 , represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 9 ). (e) Represents a reduction to EFH Corp.'s investment in Oncor Holdings due to an income tax adjustment related to alternative minimum tax (AMT) utilization by Oncor. |
Business And Significant Acco37
Business And Significant Accounting Policies (Details) - Reportable_segment | 9 Months Ended | |
Sep. 30, 2015 | Nov. 30, 2008 | |
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% |
Chapter 11 Cases (Chapter 11 Ca
Chapter 11 Cases (Chapter 11 Cases) (Details) $ in Millions | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Nov. 03, 2015 | Sep. 22, 2015USD ($) | |
Schedule of Reorganization Costs [Line Items] | |||||||
Proposed Plan Of Reorganization, Maximum Reimbursement Of Fees And Expenses In Event Of Termination Of Merger And Purchase Agreement, Backstop Agreement Or Equity Commitment Letter | $ 35 | ||||||
Contract rejection claims | $ (2) | $ 0 | $ 0 | $ 26 | $ 0 | ||
Subsequent Event [Member] | |||||||
Schedule of Reorganization Costs [Line Items] | |||||||
Bankruptcy Claims, Number of Claims under Review by Management | 13,900 | ||||||
Bankruptcy Claims, Number Of Claims Settled, Withdrawn or Expunged By Bankruptcy Court | 5,000 | ||||||
Investor Group [Member] | |||||||
Schedule of Reorganization Costs [Line Items] | |||||||
Proposed Plan Of Reorganization, Equity And Debt Financing To Be Raised And Invested In Reorganized EFH | 12,600 | ||||||
Proposed Plan Of Reorganization, Merger And Purchase Agreement, Equity Commitment Letter | 2,013 | ||||||
Senior Secured Term Loan Facility [Member] | Investor Group [Member] | Debt Commitment Letter [Member] | |||||||
Schedule of Reorganization Costs [Line Items] | |||||||
Proposed Plan Of Reorganization, Merger And Purchase Agreement, Debt Commitment Letter | 5,500 | ||||||
Senior Secured Bridge Loan Facility [Member] | Investor Group [Member] | Debt Commitment Letter [Member] | |||||||
Schedule of Reorganization Costs [Line Items] | |||||||
Proposed Plan Of Reorganization, Merger And Purchase Agreement, Debt Commitment Letter | 300 | ||||||
Rights Offering Participants [Member] | Ovation Acquisition I, LLC [Member] | |||||||
Schedule of Reorganization Costs [Line Items] | |||||||
Rights Offering, Offering Of Equity Rights In Common Stock | 5,787 | ||||||
Rights Offering Participants [Member] | Backstop Purchasers [Member] | |||||||
Schedule of Reorganization Costs [Line Items] | |||||||
Rights Offering, Backstop Agreement | 5,087 | ||||||
Holders Of Unsecured Debt Claims, Second Lien Debt Claims And General Unsecured Claims [Member] | Ovation Acquisition I, LLC [Member] | |||||||
Schedule of Reorganization Costs [Line Items] | |||||||
Rights Offering, Offering Of Equity Rights In Common Stock | 5,087 | ||||||
Holders Of First Lien Secured Claims Against TCEH [Member] | Ovation Acquisition I, LLC [Member] | |||||||
Schedule of Reorganization Costs [Line Items] | |||||||
Rights Offering, Offering Of Equity Rights In Common Stock | $ 700 |
Variable Interest Entities (Onc
Variable Interest Entities (Oncor Holdings and Distributions from Oncor Holdings) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated subsidiary | $ 6,131 | $ 6,058 | |
Distributions of earnings from unconsolidated subsidiaries | $ 206 | $ 128 | |
Oncor [Member] | Energy Future Intermediate Holding CO LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership (as a percent) | 80.00% | ||
Oncor [Member] | Oncor Holdings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity method investment consolidated revenues related to services provided to entity (as a percent) | 25.00% | 26.00% | |
Oncor Holdings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Distributions of earnings from unconsolidated subsidiaries | $ 206 | $ 128 | |
Eligible distributions after accounting for regulatory restrictions | $ 111 | ||
PUCT required regulatory capitalization, ratio of debt to equity, debt (as a percent) | 60.00% | ||
PUCT required regulatory capitalization, ratio of debt to equity, equity (as a percent) | 40.00% | ||
Regulatory capitalization, ratio of debt to equity, debt (as a percent) | 59.30% | ||
Regulatory capitalization, ratio of debt to equity, equity (as a percent) | 40.70% |
Variable Interest Entities (O40
Variable Interest Entities (Oncor Holdings Financial Statements) (Details) - Oncor Holdings [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Operating revenues | $ 1,072 | $ 1,054 | $ 2,957 | $ 2,883 | |
Operation and maintenance expenses | (387) | (376) | (1,134) | (1,074) | |
Depreciation and amortization | (217) | (218) | (653) | (638) | |
Taxes other than income taxes | (116) | (115) | (336) | (330) | |
Other income | 1 | 3 | 5 | 10 | |
Other deductions | (9) | (4) | (21) | (11) | |
Interest income | (1) | 1 | (1) | 3 | |
Interest expense and related charges | (84) | (89) | (250) | (266) | |
Income before income taxes | 259 | 256 | 567 | 577 | |
Income tax expense | (99) | (101) | (217) | (230) | |
Net income | 160 | 155 | 350 | 347 | |
Net income attributable to noncontrolling interests | (33) | (32) | (72) | (71) | |
Net income attributable to Oncor Holdings | 127 | $ 123 | 278 | $ 276 | |
Current assets: | |||||
Cash and cash equivalents | 18 | 18 | $ 5 | ||
Restricted cash | 62 | 62 | 56 | ||
Trade accounts receivable — net | 444 | 444 | 407 | ||
Trade accounts and other receivables from affiliates | 156 | 156 | 118 | ||
Income taxes receivable from EFH Corp. | 0 | 0 | 144 | ||
Inventories | 80 | 80 | 73 | ||
Accumulated deferred income taxes | 7 | 7 | 10 | ||
Prepayments and other current assets | 93 | 93 | 91 | ||
Total current assets | 860 | 860 | 904 | ||
Restricted cash | 0 | 0 | 16 | ||
Other investments | 95 | 95 | 97 | ||
Property, plant and equipment — net | 12,908 | 12,908 | 12,463 | ||
Goodwill | 4,064 | 4,064 | 4,064 | ||
Regulatory assets — net | 1,177 | 1,177 | 1,429 | ||
Other noncurrent assets | 71 | 71 | 67 | ||
Total assets | 19,175 | 19,175 | 19,040 | ||
Current liabilities: | |||||
Short-term borrowings | 708 | 708 | 711 | ||
Long-term debt due currently | 86 | 86 | 639 | ||
Trade accounts payable — nonaffiliates | 164 | 164 | 202 | ||
Income taxes payable to EFH Corp. | 31 | 31 | 24 | ||
Accrued taxes other than income | 150 | 150 | 174 | ||
Accrued interest | 67 | 67 | 93 | ||
Other current liabilities | 149 | 149 | 156 | ||
Total current liabilities | 1,355 | 1,355 | 1,999 | ||
Accumulated deferred income taxes | 1,918 | 1,918 | 1,978 | ||
Long-term debt, less amounts due currently | 5,681 | 5,681 | 4,997 | ||
Other noncurrent liabilities and deferred credits | 2,270 | 2,270 | 2,245 | ||
Total liabilities | $ 11,224 | $ 11,224 | $ 11,219 |
Goodwill And Identifiable Int41
Goodwill And Identifiable Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 01, 2014 | |
Goodwill [Line Items] | |||||||
Impairment of goodwill | $ 700 | $ 0 | $ 1,400 | $ 0 | |||
Balance, goodwill | $ 952 | $ 952 | $ 2,352 | ||||
Discount rate Applied to Internally Developed Cash Flow Projections | 6.00% | 6.00% | 6.00% | 6.25% | |||
Competitive Electric [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill before impairment charges | 18,342 | ||||||
Accumulated noncash impairment charges | $ (17,390) | $ (17,390) | (15,990) | ||||
Impairment of goodwill | 1,400 | ||||||
Balance, goodwill | 952 | 952 | $ 2,352 | ||||
Goodwill, Period Increase (Decrease) | 700 | $ 700 | $ 0 | 1,400 | $ 0 | ||
Goodwill, Expected Tax Deductible Amount | $ 0 | $ 0 | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 50.00% | 34.00% | 50.00% | 17.00% |
Goodwill And Identifiable Int42
Goodwill And Identifiable Intangible Assets (Identifiable Intangible Assets Reported in the Balance Sheet) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Gross Carrying Amount | $ 877 | $ 877 | $ 1,285 | ||||
Accumulated Amortization | 675 | 675 | 932 | ||||
Total identifiable intangible assets subject to amortization, net | 202 | 202 | 353 | ||||
Total identifiable intangible assets | 1,163 | 1,163 | 1,315 | ||||
Retail trade name (not subject to amortization) [Member] | |||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Gross Carrying Amount, Unamortized Intangibles | 955 | 955 | 955 | ||||
Mineral interests (not currently subject to amortization) [Member] | |||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Gross Carrying Amount, Unamortized Intangibles | 6 | 6 | 7 | ||||
Retail customer relationship [Member] | |||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Gross Carrying Amount | 463 | 463 | 463 | ||||
Accumulated Amortization | 438 | 438 | 425 | ||||
Total identifiable intangible assets subject to amortization, net | 25 | 25 | 38 | ||||
Favorable purchase and sales contracts [Member] | |||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | $ 0 | 8 | [1] | $ 0 | ||
Capitalized in-service software [Member] | |||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Gross Carrying Amount | 356 | 356 | 362 | ||||
Accumulated Amortization | 210 | 210 | 216 | ||||
Total identifiable intangible assets subject to amortization, net | 146 | 146 | 146 | ||||
Environmental allowances and credits [Member] | |||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Impairment of Intangible Assets (Excluding Goodwill) | 4 | [1] | 0 | 55 | [1] | 0 | |
Mine Development [Member] | |||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Impairment of Intangible Assets (Excluding Goodwill) | 19 | [1] | $ 0 | 19 | [1] | $ 0 | |
Other Identifiable Intangible Assets [Member] | |||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | |||||||
Gross Carrying Amount | 58 | [2] | 58 | [2] | 460 | ||
Accumulated Amortization | 27 | [2] | 27 | [2] | 291 | ||
Total identifiable intangible assets subject to amortization, net | $ 31 | [2] | $ 31 | [2] | $ 169 | ||
[1] | Reported in Competitive Electric segment. | ||||||
[2] | See discussion below regarding impairment charges recorded in the three and nine months ended September 30, 2015 related to other identifiable intangible assets. |
Goodwill And Identifiable Int43
Goodwill And Identifiable Intangible Assets (Amortization Expense Related to Identifiable Intangible Assets (including income statement line item)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | [1] | $ 26 | $ 36 | $ 69 | $ 107 |
Depreciation and amortization [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 21 | 25 | 54 | 76 | |
Retail customer relationship [Member] | Depreciation and amortization [Member] | Competitive Electric [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 4 | 6 | 13 | 17 | |
Capitalized in-service software [Member] | Depreciation and amortization [Member] | Competitive Electric and Corporate and Other [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 13 | 11 | 35 | 34 | |
Other Identifiable Intangible Assets [Member] | Operating Revenues, Fuel, Purchased Power Costs And Delivery Fees, Depreciation And Amortization [Member] | Competitive Electric [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 9 | $ 19 | $ 21 | $ 56 | |
[1] | Amounts recorded in depreciation and amortization totaled $21 million and $25 million for the three months ended September 30, 2015 and 2014, respectively, and $54 million and $76 million for the nine months ended September 30, 2015 and 2014, respectively. |
Goodwill And Identifiable Int44
Goodwill And Identifiable Intangible Assets (Estimated Amortization of Identifiable Intangible Assets) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Estimated Amortization Expense | |
2,015 | $ 86 |
2,016 | 61 |
2,017 | 50 |
2,018 | 30 |
2,019 | $ 16 |
Income Taxes (Calculation of Ef
Income Taxes (Calculation of Effective Tax Rate)(Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | $ (2,039) | $ (146) | $ (4,467) | $ (2,440) |
Income tax benefit | $ 452 | $ 72 | $ 990 | $ 830 |
Effective tax rate | 22.20% | 49.30% | 22.20% | 34.00% |
Effective tax rate at federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Income Taxes (Accounting for Un
Income Taxes (Accounting for Uncertainty in Income Taxes) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Contingency [Line Items] | |||||
Income tax benefit | $ (452) | $ (72) | $ (990) | $ (830) | |
Tax Year 2007 [Member] | Internal Revenue Service (IRS) [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 | 39 | ||||
Tax Year 2007 [Member] | Corporate and Other [Member] | Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit | 24 | ||||
Tax Year 2007 [Member] | Competitive Electric [Member] | Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit | $ 15 | ||||
Tax Years 2008 and 2009 [Member] | Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 23 | ||||
Income Tax Examination, Reclassification To Accumulated Deferred Income Tax Liability | 20 | ||||
Income Tax Payments Assessed But Not Paid | 15 | ||||
Tax Years 2008 and 2009 [Member] | Competitive Electric [Member] | Internal Revenue Service (IRS) [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit | $ 3 |
Impairment of Long-Lived Asse47
Impairment of Long-Lived Assets (Impairment of Long-Lived Assets)(Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | $ 1,295 | $ 9 | $ 1,971 | $ 30 |
Write-Off Of Deferred Costs Related To Cancelled Mining Projects | $ 9 | $ 30 | ||
Martin Lake Steam Electric Station, Sandow Steam Electric Station Unit 4 and Sandow Electric Station Unit 5 [Member] [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | 1,295 | |||
Big Brown Steam Electric Station [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment of long-lived assets | $ 676 |
Interest Expense and Related 48
Interest Expense and Related Charges (Interest Expense and Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||||
Interest Expense and Related Charges [Line Items] | ||||||||
Interest paid/accrued on debtor-in-possession financing | $ 74 | $ 74 | $ 221 | $ 88 | ||||
Adequate protection amounts paid/accrued | [1] | 311 | 308 | 919 | 519 | |||
Interest paid/accrued on pre-petition debt | 0 | 3 | 243 | [2] | 1,152 | [2] | ||
Interest expense on pre-petition toggle notes payable in additional principal | 0 | 0 | 0 | 65 | ||||
Noncash realized loss on termination of interest rate swaps | 0 | 0 | 0 | 1,237 | [3] | |||
Unrealized mark-to-market net gain on interest rate swaps | 0 | 0 | 0 | (1,303) | ||||
Amortization of debt issuance, amendment and extension costs and discounts | 0 | 0 | 0 | 67 | ||||
Capitalized interest | (2) | (3) | (8) | (14) | ||||
Other | 0 | 0 | 0 | 5 | ||||
Total interest expense and related charges | 383 | $ 382 | 1,375 | 1,816 | ||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 34,679 | 34,679 | $ 35,124 | |||||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,235 | 1,235 | 1,235 | |||||
Energy Future Intermediate Holding CO LLC [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3,401 | 3,401 | 3,846 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 31,474 | 31,474 | 31,474 | |||||
EFH Corp. [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 529 | 529 | 529 | |||||
Interest Rate Swap [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 194 | |||||||
Interest Rate Swap [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Noncash realized loss on termination of interest rate swaps | (1,225) | |||||||
Gain (Loss) On Derivative Instruments, Net, Pretax, Representing Matured Positions Not Settled In Cash During the Period | 127 | |||||||
Interest Rate Swap [Member] | EFH Corp. [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Noncash realized loss on termination of interest rate swaps | $ (12) | |||||||
Senior Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,571 | 1,571 | ||||||
Line of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 22,616 | 22,616 | ||||||
Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | Senior Secured Debt [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Interest paid/accrued on pre-petition debt | 235 | |||||||
11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | Senior Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,750 | $ 1,750 | $ 1,750 | |||||
Adequate Protection Interest Expense [Member] | ||||||||
Interest Expense and Related Charges [Line Items] | ||||||||
Adequate Protection Paid Or Accrued, Weighted Average Interest Rate | 4.68% | 4.68% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||||
[1] | Post-petition period only. | |||||||
[2] | For the nine months ended September 30, 2015, amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 10). Includes amounts related to interest rate swaps totaling $194 million for the nine months ended September 30, 2014. Of the $194 million for the nine months ended September 30, 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 14) and $12 million related to other interest rate swaps. |
Interest Expense and Related 49
Interest Expense and Related Charges (Contractual Interest Expense on Pre-Petition Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | |||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | $ 623 | $ 630 | $ 1,122 | $ 1,868 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 296 | 293 | 494 | 875 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | [1] | 0 | 54 | [1] | 50 | [1] | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 327 | 337 | 574 | 943 | ||||
Adequate Protection Interest Paid-Accrued, Amount Excluded Related To Terminated Natural Gas Hedging Positions And Interest Rate Swaps | 15 | 15 | 25 | 44 | ||||
Post-Petition Interest Related to Prior Periods Paid And Accrued On Pre-Petition Debt | 185 | |||||||
EFH Corp. [Member] | ||||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 31 | 31 | 53 | 94 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | 0 | 0 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 0 | ||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 31 | 31 | 53 | 94 | ||||
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 | 101 | 114 | 248 | 314 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | 0 | 0 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 54 | [1] | 50 | [1] | ||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 101 | 114 | 194 | 264 | ||||
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 | 2 | 2 | 3 | 5 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | 0 | 0 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 0 | ||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 2 | 2 | 3 | 5 | ||||
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 | 520 | 514 | 871 | 1,548 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 296 | 293 | 494 | 875 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 0 | ||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 224 | 221 | 377 | 673 | ||||
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 | [2] | (31) | (31) | (53) | (93) | |||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | 0 | 0 | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 0 | ||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | [2] | $ (31) | $ (31) | $ (53) | $ (93) | |||
[1] | For the nine months ended September 30, 2015 represents portion of interest related to the EFIH Second Lien Notes that was repaid based on the approval of the Bankruptcy Court; however, excludes $185 million of post-petition interest paid in 2015 that contractually related to 2014 and default interest (see Note 10). For the post-petition period ended September 30, 2014, represents interest on EFIH First Lien Notes exchanged and settled in June 2014 | |||||||
[2] | Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
Reorganization Items (Reorganiz
Reorganization Items (Reorganization Items) (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reorganizations [Abstract] | |||||
Expenses related to legal advisory and representation services | $ 46 | $ 38 | $ 79 | $ 148 | |
Expenses related to other professional consulting and advisory services | 22 | 22 | 72 | 69 | |
Contract rejection claims | (2) | 0 | 0 | 26 | $ 0 |
Fees associated with repayment of EFIH Second Lien Notes | 0 | 0 | 0 | 28 | |
Liability adjustment arising from termination of interest rate swaps | 0 | 0 | 278 | 0 | 278 |
Fees associated with completion of TCEH and EFIH DIP Facilities | 0 | (5) | 180 | 0 | 180 |
Loss on exchange and settlement of EFIH First Lien Notes | 0 | 0 | 108 | 0 | 108 |
Other | 2 | 0 | 3 | 4 | |
Total reorganization items | $ 68 | $ 55 | $ 720 | $ 275 | $ 720 |
Debtor-In-Possession Borrowin51
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (TCEH Debtor-In-Possession Facility) (Details) - Texas Competitive Electric Holdings Company LLC [Member] $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($) | ||
Debtor-In-Possession Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debtor-in-Possession Financing, Amount Arranged | $ 3,375 | |
Debtor-In-Possession Financing, Extension Fee | $ 8 | |
Debtor-In-Possession Financing, Cash Collateral Extension, Number Of Days Following Termination Of Debor's Plan Support Agreement | 60 days | |
Debtor-in-Possession Financing, Unused Cash Borrowings | $ 1,950 | |
Debtor-in-Possession Financing, Unused Letter of Credit Capacity | $ 436 | |
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% | |
Consolidated Superpriority Secured Net Debt to Consolidated EBITDA Covenant Threshold | 3.50 | |
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 | [1] |
Debtor-in-Possession Financing, Unused Cash Borrowings | 1,950 | |
Debtor-in-Possession Financing, Unused Letter of Credit Capacity | 0 | |
Debtor-in-Possession Financing, Borrowings Outstanding | 0 | |
Debtor-in-Possession Financing, Maximum Borrowings Allowed Without Consent Or Bankruptcy Court Order | 1,650 | |
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 | [2] |
Debtor-in-Possession Financing, Unused Cash Borrowings | 0 | |
Debtor-in-Possession Financing, Unused Letter of Credit Capacity | 436 | |
Debtor-in-Possession Financing, Borrowings Outstanding | 1,425 | |
Debtor-in-Possession Financing, Amount Arranged, Maximum Letter of Credit Capacity | 800 | |
Debtor-in-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 800 | |
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 | 436 | |
Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | Other Restricted Cash [Member] | ||
Line of Credit Facility [Line Items] | ||
Debtor-in-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 364 | |
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 | |
[1] | Facility used for general corporate purposes. No amounts were borrowed at September 30, 2015. 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, $800 million for issuing letters of credit. |
Debtor-In-Possession Borrowin52
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (EFIH First-Lien Debtor-In-Possession Facility) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Line of Credit Facility [Line Items] | |||||||||
Interest paid/accrued on pre-petition debt | $ 0 | $ 3 | $ 243 | [1] | $ 1,152 | [1] | |||
Cash and cash equivalents | 2,501 | $ 3,606 | 2,501 | $ 3,606 | $ 3,428 | $ 1,217 | |||
Energy Future Intermediate Holding CO LLC [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Cash and cash equivalents | 370 | $ 370 | |||||||
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 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debtor-in-Possession Financing, Amount Arranged | 5,400 | $ 5,400 | |||||||
Debtor-In-Possession Financing, Borrowings Used In Exchange Transaction For Pre-Petition Debt | $ 1,836 | ||||||||
Debtor-In-Possession Financing, Borrowings Used to Repay Pre-Petition Debt | 2,438 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||
Debtor-in-Possession Financing, Borrowings Outstanding | $ 5,400 | $ 5,400 | |||||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 4.25% | 4.25% | |||||||
Debtor In Possession Financing, Liquidity Covenant, Unrestricted Cash Balance, Minimum | $ 150 | $ 150 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,673 | ||||||||
Principal Amount Of Affiliate Debt Repurchased | $ 2,312 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Repayment of Debt And Pre-Petition And Post-Petition Interest | 750 | ||||||||
Repayments of Debt | 445 | ||||||||
Pre-Petition Interest Paid and Accrued On Pre-Petition Debt | 55 | ||||||||
Interest paid/accrued on pre-petition debt | $ 235 | ||||||||
First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | Debtor-in-Possession Financing, First Lien Debt Facility Agreement [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% | ||||||||
First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Increase, Accrued Interest | $ 78 | ||||||||
Non-Settling Holders Of EFIH First Lien Notes [Member] | Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Increase, Accrued Interest | $ 128 | ||||||||
[1] | For the nine months ended September 30, 2015, amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 10). Includes amounts related to interest rate swaps totaling $194 million for the nine months ended September 30, 2014. Of the $194 million for the nine months ended September 30, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps |
Debtor-In-Possession Borrowin53
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (Long-Term Debt Not Subject to Compromise) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 139 | $ 167 | |
Long-term debt due currently | (36) | (39) | |
Long-term debt, less amounts due currently | 103 | 128 | |
EFH Corp. [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 41 | 47 | |
Energy Future Competitive Holdings Company [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 44 | 47 | |
Debt Instrument, Unamortized premium (discount) fair value adjustments recorded under purchase accounting | [1] | (2) | (3) |
Texas Competitive Electric Holdings Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 54 | 73 | |
Capital lease obligations | 40 | 44 | |
Other Long-term Debt | 2 | 2 | |
Debt Instrument, Unamortized Discount | (1) | (2) | |
8.82% Building Financing due semiannually through February 11, 2022 [Member] | EFH Corp. [Member] | Building Financing [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 35 | 40 | |
Debt Instrument, Unamortized premium (discount) fair value adjustments recorded under purchase accounting | [1] | $ 6 | 7 |
Debt Instrument, Interest Rate, Stated Percentage | 8.82% | ||
Fixed 9.58% Notes due in annual installments through December 4, 2019 [Member] | Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [2] | $ 21 | 21 |
Debt Instrument, Interest Rate, Stated Percentage | 9.58% | ||
Fixed 8.254% Notes due in quarterly installments through December 31, 2021 [Member] | Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [2] | $ 25 | 29 |
Debt Instrument, Interest Rate, Stated Percentage | 8.254% | ||
Fixed 7.48% Secured Facility Bonds With Amortizing Payments Through January 2017 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [3] | $ 13 | 25 |
Debt Instrument, Interest Rate, Stated Percentage | 7.48% | ||
7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [3] | $ 0 | $ 4 |
Debt Instrument, Interest Rate, Stated Percentage | 7.46% | ||
[1] | Amount represents unamortized fair value adjustments recorded under purchase accounting. | ||
[2] | Approved by the Bankruptcy Court for repayment. | ||
[3] | Debt issued by trust and secured by assets held by the trust. |
Liabilities Subject to Compro54
Liabilities Subject to Compromise (Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Liabilities Subject to Compromise [Abstract] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 34,679 | $ 35,124 |
Accrued interest on notes, loans and other debt | 749 | 804 |
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,235 | 1,235 |
Trade accounts payable and other expected allowed claims | 261 | 269 |
Total liabilities subject to compromise | $ 36,924 | $ 37,432 |
Liabilities Subject to Compro55
Liabilities Subject to Compromise (Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 34,679 | $ 35,124 | |
Long-term debt due currently | 36 | 39 | |
Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,664 | 1,664 | |
Deferred Debt Issuance And Extension Costs [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 733 | 733 | |
EFH Corp. [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 529 | 529 | |
EFH Corp. [Member] | Senior Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 2 | 2 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | ||
EFH Corp. [Member] | Senior Secured Debt [Member] | 10% Fixed Senior Secured Notes due January 15, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 3 | 3 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 60 | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 33 | 33 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.875% | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 27 | 27 | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 11.25% | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 12.00% | ||
EFH Corp. [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [1] | $ 90 | 90 |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.55% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 281 | 281 | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [1] | $ 201 | 201 |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.50% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 545 | 545 | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [1] | $ 291 | 291 |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.55% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 456 | 456 | |
EFH Corp. [Member] | Unamortized Fair Value Discount [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [2] | (118) | (118) |
Energy Future Intermediate Holding CO LLC [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3,401 | 3,846 | |
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 2 | 2 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 322 | 406 | |
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,389 | 1,750 | |
Debt Instrument, Interest Rate, Stated Percentage | 11.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 0 | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 0 | ||
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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,566 | 1,566 | |
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 11.25% | ||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 12.25% | ||
Energy Future Intermediate Holding CO LLC [Member] | Unamortized Premium [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 243 | 243 | |
Energy Future Intermediate Holding CO LLC [Member] | Unamortized Discount [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | (121) | (121) | |
Energy Future Competitive Holdings Company [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 8 | 8 | |
Debt Instrument, Unamortized premium (discount) fair value adjustments recorded under purchase accounting | [3] | (2) | (3) |
Energy Future Competitive Holdings Company [Member] | Unamortized Fair Value Discount [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [2] | (1) | (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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1 | 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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 8 | 8 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.175% | ||
Texas Competitive Electric Holdings Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 31,474 | 31,474 | |
Other Long-term Debt | 2 | 2 | |
Debt Instrument, Unamortized Discount | 1 | 2 | |
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,571 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,750 | 1,750 | |
Debt Instrument, Interest Rate, Stated Percentage | 11.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 336 | 336 | |
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,235 | 1,235 | |
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [1] | $ 1,833 | 1,833 |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 10.25% | |
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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 213 | 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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [1] | $ 1,292 | 1,292 |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 10.25% | |
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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 150 | 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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,749 | 1,749 | |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 10.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 11.25% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Unamortized Discount [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ (91) | (91) | |
Texas Competitive Electric Holdings Company LLC [Member] | Unamortized Fair Value Discount [Member] | Pollution control revenue bonds [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [2] | (103) | (103) |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 22,616 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | Term Loan Facilities maturing October 10, 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3,809 | 3,809 | |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [1] | 15,691 | 15,691 |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 19 | 19 | |
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 42 | 42 | |
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,020 | 1,020 | |
Texas Competitive Electric Holdings Company LLC [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility maturing October 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 2,054 | 2,054 | |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.40% Fixed Series 1994A due May 1, 2029 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 39 | 39 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 7.70% Fixed Series 1999A due April 1, 2033 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 111 | 111 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.70% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 7.70% Fixed Series 1999C due March 1, 2032 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 50 | 50 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.70% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 8.25% Fixed Series 2001A due October 1, 2030 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 71 | 71 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 8.25% Fixed Series 2001D-1 due May 1, 2033 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 171 | 171 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ||
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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 39 | 39 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.75% Fixed Series 2003C due October 1, 2038 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 52 | 52 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.40% Fixed Series 2003D due October 1, 2029 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 31 | 31 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.00% Fixed Series 2006 due March 1, 2041 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 100 | 100 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.45% Fixed Series 2000A due June 1, 2021 [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 51 | 51 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.20% Fixed Series 2001C due May 1, 2028 [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 70 | 70 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 5.80% Fixed Series 2003A due July 1, 2022 [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 12 | 12 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.15% Fixed Series 2003B due August 1, 2022 [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 45 | 45 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed/Floating Series [Member] | 6.25% Fixed Series 200A due May 1, 2028 [Member] | Trinity River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 14 | 14 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Other Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1 | $ 1 | |
[1] | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. September 30, 2015 December 31, 2014EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014$281 $281EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024545 545EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034456 456TCEH Floating Rate Term Loan Facilities due October 10, 201719 19TCEH 10.25% Fixed Senior Notes due November 1, 2015213 213TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B150 150Total$1,664 $1,664 | ||
[2] | Amount represents unamortized fair value adjustments recorded under purchase accounting. | ||
[3] | Amount represents unamortized fair value adjustments recorded under purchase accounting. |
Liabilities Subject to Compro56
Liabilities Subject to Compromise (Repayment of EFIH Second Lien Notes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | [1] | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||||||
Interest paid/accrued on pre-petition debt | $ 0 | $ 3 | $ 243 | [1] | $ 1,152 | ||
Liabilities Subject To Compromise, Debt | 34,679 | 34,679 | $ 35,124 | ||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Liabilities Subject To Compromise, Debt | 3,401 | 3,401 | 3,846 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Senior 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 | ||||||
Repayments of Debt | 445 | ||||||
Interest paid/accrued on pre-petition debt | 235 | ||||||
Pre-Petition Interest Paid and Accrued On Pre-Petition Debt | $ 55 | ||||||
Percent Of Lenders Consenting To Debt Repurchase Transaction | 97.00% | ||||||
Consent Fee Related To Debt Repurchase Transaction | $ 13 | ||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | 84 | ||||||
Liabilities Subject To Compromise, Debt | 322 | 322 | 406 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | 361 | ||||||
Liabilities Subject To Compromise, Debt | $ 1,389 | $ 1,389 | $ 1,750 | ||||
[1] | For the nine months ended September 30, 2015, amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 10). Includes amounts related to interest rate swaps totaling $194 million for the nine months ended September 30, 2014. Of the $194 million for the nine months ended September 30, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps |
Liabilities Subject to Compro57
Liabilities Subject to Compromise (TCEH Letter of Credit Facility Activity) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Jul. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Restricted cash | $ 506 | $ 901 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Restricted cash | 506 | |||
Restricted Cash, Amount supported in letters of credit outstanding | 0 | |||
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 | |||
Letters of Credit Drawn By Counterparties | 45 | $ 245 | ||
Letters of Credit Drawn By Executive Officers To Satisfy Payments Related To Long-Term Incentive Awards | $ 20 |
Liabilities Subject to Compro58
Liabilities Subject to Compromise (Information Regarding Significant Outstanding Pre-Petition Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 34,679 | $ 35,124 | |
Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,664 | 1,664 | |
Texas Competitive Electric Holdings Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 31,474 | 31,474 | |
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 22,616 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | Term Loan Facilities maturing October 10, 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 3,809 | 3,809 | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | [1] | $ 15,691 | 15,691 |
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 19 | 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] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 42 | 42 | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,020 | 1,020 | |
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility maturing October 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 2,054 | 2,054 | |
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,571 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,750 | 1,750 | |
Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 4,874 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | Consolidation, Eliminations [Member] | Financial guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 363 | ||
Energy Future Intermediate Holding CO LLC [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3,401 | 3,846 | |
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 0 | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | Oncor Holdings [Member] | |||
Debt Instrument [Line Items] | |||
Pledged Ownership Membership Interest Percentage | 100.00% | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 0 | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 322 | 406 | |
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,389 | 1,750 | |
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 | 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] | Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,566 | 1,566 | |
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] | 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% | ||
EFH Corp. [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 529 | $ 529 | |
EFH Corp. [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 60 | ||
[1] | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity) and eliminated in consolidation. September 30, 2015 December 31, 2014EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014$281 $281EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024545 545EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034456 456TCEH Floating Rate Term Loan Facilities due October 10, 201719 19TCEH 10.25% Fixed Senior Notes due November 1, 2015213 213TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B150 150Total$1,664 $1,664 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2015 | Aug. 31, 2015 | Feb. 29, 2012 | Sep. 30, 2015USD ($) | |
Commitments and Contingencies [Line Items] | ||||
Number Of Rules Finalized By The EPA To Address Greenhouse Gas Emissions | 2 | |||
EPA Rule Addressing Greenhouse Gas Emissions From Existing Electricity Generation Plants, State-Specific Emission Rate Goals, Percent Reduction From 2012 Levels To 2030 Levels | 30.00% | |||
Pending Litigation [Member] | EFIH First-Lien Makewhole Claim [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | $ 432,000,000 | |||
Pending Litigation [Member] | EFIH Second-Lien Makewhole Claim [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | 455,000,000 | |||
Pending Litigation [Member] | EFH Corp. Senior Notes Makewhole Claim [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | 224,000,000 | |||
Pending Litigation [Member] | EFH Corp. Senior Notes Post-Petition Interest Claim [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | 56,000,000 | |||
Pending Litigation [Member] | EFH Corp. Senior LBO Notes Makewhole Claim [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | 1,000,000 | |||
Pending Litigation [Member] | EFH Corp. Senior LBO Notes Post-Petition Interest Claim [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency, Damages Sought, Value | 11,000,000 | |||
Pending Litigation [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Minimum [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency Damages Sought Value Per Day | 32,500 | |||
Pending Litigation [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Maximum [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Loss Contingency Damages Sought Value Per Day | 37,500 | |||
CSAPR [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% | |||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Letters of Credit | 364,000,000 | |||
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 | 203,000,000 | |||
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 | 74,000,000 | |||
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 | 55,000,000 | |||
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 | $ 32,000,000 | |||
Subsequent Event [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
EPA Rule Addressing Greenhouse Gas Emissions From Existing Electricity Generation Plants, Number Of States Challenging Rule | 26 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - shares | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Equity | ||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | ||
Common stock, shares outstanding | 1,669,861,379 | 1,669,861,379 | 1,669,861,379 | 1,669,861,383 |
Equity (Changes to Equity) (Det
Equity (Changes to Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | $ (19,723) | $ (13,255) | ||||||
Net income (loss) | $ (1,460) | $ 49 | (3,199) | (1,334) | ||||
Effects of stock-based incentive compensation plans | 6 | |||||||
Change in unrecognized losses related to pension and OPEB plans | (1) | (11) | (3) | (14) | ||||
Net effects of cash flow hedges | 0 | 0 | 1 | 1 | ||||
Net effects related to Oncor | 1 | (1) | 2 | 0 | ||||
Investments by noncontrolling interest | 1 | |||||||
Other | 1 | |||||||
Ending balance | (22,922) | (14,596) | (22,922) | (14,596) | ||||
Common Stock [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 2 | [1] | 2 | [2] | ||||
Ending balance | 2 | [1] | 2 | [2] | 2 | [1] | 2 | [2] |
Additional Paid-in Capital [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 7,968 | 7,962 | ||||||
Effects of stock-based incentive compensation plans | 6 | |||||||
Other | 1 | |||||||
Ending balance | 7,968 | 7,969 | 7,968 | 7,969 | ||||
Retained Earnings [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | (27,563) | (21,157) | ||||||
Net income (loss) | (3,199) | (1,334) | ||||||
Ending balance | (30,762) | (22,491) | (30,762) | (22,491) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | (130) | (63) | ||||||
Change in unrecognized losses related to pension and OPEB plans | (3) | (14) | ||||||
Net effects of cash flow hedges | 1 | 1 | ||||||
Net effects related to Oncor | 2 | |||||||
Ending balance | (130) | (76) | (130) | (76) | ||||
Noncontrolling Interest [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 0 | 1 | ||||||
Investments by noncontrolling interest | 1 | |||||||
Other | 2 | |||||||
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | ||||
[1] | Authorized shares totaled 2,000,000,000 at September 30, 2015. Outstanding shares totaled 1,669,861,379 and 1,669,861,379 at September 30, 2015 and December 31, 2014, respectively. | |||||||
[2] | Authorized shares totaled 2,000,000,000 at September 30, 2014. Outstanding shares totaled 1,669,861,379 and 1,669,861,383 at September 30, 2014 and December 31, 2013, respectively. |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ (130) | $ (63) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Depreciation and amortization | $ (203) | $ (330) | (643) | (993) |
Selling, general and administrative expenses | (192) | (183) | (547) | (594) |
Interest expense and related charges | (383) | (382) | (1,375) | (1,816) |
Income tax benefit | 452 | 72 | 990 | 830 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 127 | 123 | 278 | 276 |
Total other comprehensive income (loss) | 0 | (12) | 0 | (13) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (11) | |||
Ending balance | (130) | (76) | (130) | (76) |
Other Comprehensive Income (Loss) Total Change for the Period Net of Tax | (13) | |||
Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (53) | (56) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | |||
Ending balance | (51) | (54) | (51) | (54) |
Other Comprehensive Income (Loss) Total Change for the Period Net of Tax | 2 | |||
Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (77) | (7) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (11) | |||
Ending balance | $ (79) | $ (22) | (79) | (22) |
Other Comprehensive Income (Loss) Total Change for the Period Net of Tax | (15) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Operating costs | (2) | (3) | ||
Depreciation and amortization | 1 | 1 | ||
Selling, general and administrative expenses | (3) | (2) | ||
Interest expense and related charges | 0 | |||
Income tax benefit | 2 | 2 | ||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | 0 | ||
Total other comprehensive income (loss) | 0 | (2) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Operating costs | 0 | 0 | ||
Depreciation and amortization | 1 | 1 | ||
Selling, general and administrative expenses | 0 | 0 | ||
Interest expense and related charges | 0 | |||
Income tax benefit | 0 | 0 | ||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 1 | 1 | ||
Total other comprehensive income (loss) | 2 | 2 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Operating costs | (2) | (3) | ||
Depreciation and amortization | 0 | 0 | ||
Selling, general and administrative expenses | (3) | (2) | ||
Interest expense and related charges | 0 | |||
Income tax benefit | 2 | 2 | ||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 1 | (1) | ||
Total other comprehensive income (loss) | $ (2) | $ (4) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Assets: | |||
Nuclear decommissioning trust | $ 874 | $ 893 | |
Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [1] | 560 | 592 |
Debt securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [2] | 314 | 301 |
Commodity contracts [Member] | |||
Assets: | |||
Derivative asset, Fair Value, Gross Asset | 423 | 497 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 164 | 317 | |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Liability | 16 | ||
Liabilities: | |||
Derivative liabilities, Fair Value, Gross Asset | 16 | ||
Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Liability | 16 | ||
Liabilities: | |||
Derivative liabilities, Fair Value, Gross Asset | 16 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Total assets | 683 | 777 | |
Liabilities: | |||
Total liabilities | 108 | 278 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 355 | 375 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Debt securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative asset, Fair Value, Gross Asset | 328 | 402 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 108 | 278 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Assets: | |||
Total assets | 564 | 564 | |
Liabilities: | |||
Total liabilities | 33 | 25 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 205 | 217 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 314 | 301 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative asset, Fair Value, Gross Asset | 45 | 46 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 33 | 25 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Assets: | |||
Total assets | 34 | 49 | |
Liabilities: | |||
Total liabilities | 7 | 14 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Debt securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative asset, Fair Value, Gross Asset | 34 | 49 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 7 | 14 | |
Total [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total assets | 1,297 | 1,390 | |
Liabilities: | |||
Total liabilities | 164 | 317 | |
Total [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 560 | 592 | |
Total [Member] | Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 314 | 301 | |
Total [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative Assets | 423 | 497 | |
Liabilities: | |||
Derivative Liabilities | $ 164 | $ 317 | |
[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 3.58% and 4.35% at September 30, 2015 and December 31, 2014, respectively, and an average maturity of 7 years and 6 years at September 30, 2015 and December 31, 2014, respectively. |
Fair Value Measurements (Sche64
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] $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)$ / Megawatt-hour | Dec. 31, 2014USD ($)$ / T$ / Megawatt-hour | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1] | $ 34 | $ 49 |
Liabilities | [1] | (7) | (14) |
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 27 | 35 |
Electricity purchases and sales [Member] | Valuation Model [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1] | 2 | 4 |
Liabilities | [1] | (1) | (5) |
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 1 | (1) |
Electricity congestion revenue rights [Member] | Market Approach [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1],[2] | 27 | 38 |
Liabilities | [1],[2] | (3) | (4) |
Derivative Assets (Liabilities), at Fair Value, Net | [1],[2] | 24 | 34 |
Coal purchases [Member] | Market Approach [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1],[2] | 0 | |
Liabilities | [1],[2] | (4) | |
Derivative Assets (Liabilities), at Fair Value, Net | [1],[2] | (4) | |
Other [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1],[3] | 5 | 7 |
Liabilities | [1],[3] | (3) | (1) |
Derivative Assets (Liabilities), at Fair Value, Net | [1],[3] | $ 2 | $ 6 |
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) | $ / Megawatt-hour | [1],[4],[5] | 25 | 30 |
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour | [1],[5],[6] | 15 | 20 |
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 | $ / Megawatt-hour | [1],[2],[5],[7] | 0 | 0 |
Minimum [Member] | Coal purchases [Member] | Market Approach [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Illiquid price variances between mines | $ / T | [1],[2],[5],[8] | 0 | |
Illiquid pricing variances between heat content | $ / T | [1],[2],[5],[9] | 0 | |
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) | $ / Megawatt-hour | [1],[4],[5] | 40 | 50 |
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour | [1],[5],[6] | 55 | 70 |
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 | $ / Megawatt-hour | [1],[2],[5],[7] | 10 | 20 |
Maximum [Member] | Coal purchases [Member] | Market Approach [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Illiquid price variances between mines | $ / T | [1],[2],[5],[8] | 1 | |
Illiquid pricing variances between heat content | $ / T | [1],[2],[5],[9] | 1 | |
[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 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. | ||
[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, power options, diesel options and coal 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] | Based on the historical price differences between settlement points within the ERCOT hubs and load zones. | ||
[8] | Based on the historical range of price variances between mine locations. | ||
[9] | Based on historical ranges of forward average prices between different heat contents (potential energy in coal for a given mass). |
Fair Value Measurements (Sche65
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 ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Net asset (liability) balance at beginning of period | $ 44 | $ 45 | $ 35 | $ (973) | |
Total unrealized valuation gains (losses) | (1) | (3) | 13 | (97) | |
Purchases, issuances and settlements: | |||||
Purchases | [1] | 5 | 10 | 37 | 39 |
Issuances | [1] | (2) | (1) | (7) | (3) |
Settlements | [1] | (19) | (21) | (44) | 1,063 |
Transfers into Level 3 | [2] | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | [2] | 0 | (1) | (7) | 0 |
Net change | [3] | (17) | (16) | (8) | 1,002 |
Net asset (liability) balance at end of period | 27 | 29 | 27 | 29 | |
Unrealized valuation gains relating to instruments held at end of period | $ 1 | $ 0 | $ 1 | $ 2 | |
[1] | Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. Settlement amounts in the nine months ended September 30, 2014 reflect termination of the TCEH interest rate swaps and include the reversal of a nonperformance risk adjustment | ||||
[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 periods presented are in and out of Level 2. | ||||
[3] | Substantially all changes in values of commodity contracts are reported in the condensed statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. 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 quarter. |
Commodity And Other Derivativ66
Commodity And Other Derivative Contractual Assets And Liabilities (Termination of Commodity Hedges and Interest Rate Swaps) (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | May. 02, 2014 | ||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | ||||||||
Net Liability, Interest Rate and Commodity Contract Positions Terminated | $ 1,108 | |||||||
Noncash realized loss on termination of interest rate swaps | $ 0 | $ 0 | $ 0 | $ (1,237) | [1] | |||
Noncash realized gain on termination of natural gas hedging positions | 0 | 117 | ||||||
Net Liability, Accounts Payable Related To Matured Interest Rate Swaps Secured By First-Lien Secured Interest | 127 | 127 | ||||||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,235 | 1,235 | $ 1,235 | |||||
Liability adjustment arising from termination of interest rate swaps | $ 0 | $ 0 | $ 278 | $ 0 | 278 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Commodity Contract [Member] | ||||||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | ||||||||
Noncash realized gain on termination of natural gas hedging positions | 117 | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | Interest Rate Swap [Member] | ||||||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | ||||||||
Noncash realized loss on termination of interest rate swaps | $ 1,225 | |||||||
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps (see Note 14) and $12 million related to other interest rate swaps. |
Commodity And Other Derivativ67
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects of Derivatives) (Details) - Commodity contracts [Member] - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | $ 423 | $ 497 |
Derivative liabilities, Fair Value, Gross Liability | (164) | (317) |
Derivative asset, Fair Value, Net | 407 | 497 |
Derivative liabilities, Fair Value, Net | (148) | (317) |
Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 393 | 492 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 14 | 5 |
Derivative liabilities, Fair Value, Gross Asset | 16 | 0 |
Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Liability | 0 | 0 |
Derivative liabilities, Fair Value, Gross Liability | (160) | (316) |
Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Liability | 0 | 0 |
Derivative liabilities, Fair Value, Gross Liability | $ (4) | $ (1) |
Commodity And Other Derivativ68
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 ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Net gain (loss) | $ 130 | $ 54 | $ 281 | $ (520) | |||
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 | 35 | 35 | $ 36 | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (2) | (2) | |||||
Net gain from commodity hedging and trading activities [Member] | Commodity contracts [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Net gain (loss) | [1] | 130 | 54 | 281 | (114) | ||
Interest expense and related charges [Member] | Interest Rate Swap [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Net gain (loss) | 0 | 0 | 0 | (128) | [2] | ||
Reorganization Items [Member] | Interest Rate Swap [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Net gain (loss) | $ 0 | $ 0 | $ 0 | $ (278) | |||
[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 |
Commodity And Other Derivativ69
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Assets and Liabilities From Balance Sheet to Net Amounts After Consideration Netting Arrangements with Counterparties and Financial Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | $ 259 | $ 180 | |
Derivative (Assets) Liability, Fair Value of Collateral, Net | [1] | (122) | (14) |
Derivative Assets (Liability), Fair Value, Amount Offset Against Collateral | 137 | 166 | |
Commodity contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets: Amounts Presented in Balance Sheet | 423 | 497 | |
Derivative assets: Offsetting Financial Instruments | [2] | (142) | (298) |
Derivative assets: Financial Collateral (Received) Pledged | [1] | (123) | (16) |
Derivative assets: Net Amounts | 158 | 183 | |
Derivative liabilities: Amounts Presented in Balance Sheet | (164) | (317) | |
Derivative liabilities: Offsetting Financial Instruments | [2] | 142 | 298 |
Derivative liabilities: Financial Collateral (Received) Pledged | [1] | 1 | 2 |
Derivative liabilities: Net Amounts | $ (21) | $ (17) | |
[1] | Financial collateral consists entirely of cash margin deposits. | ||
[2] | Amounts presented exclude trade accounts receivable and payable related to settled financial instruments. |
Commodity And Other Derivativ70
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details) lb in Thousands, gal in Millions, T in Millions, MMBTU in Millions | Sep. 30, 2015TMMBTUGWhgallb | Dec. 31, 2014TMMBTUGWhgallb | |
Natural Gas Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | MMBTU | [1] | 1,821 | 1,687 |
Electricity (in GWh) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | 43,425 | 22,820 | |
Congestion Revenue RIghts (in GWh) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | [2] | 94,195 | 89,484 |
Coal (in tons) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | T | 8 | 10 | |
Fuel oil (in gallons) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | gal | 42 | 36 | |
Uranium (in pounds) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | lb | 126 | 150 | |
[1] | Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. | ||
[2] | Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ERCOT. |
Commodity And Other Derivativ71
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Cross-default credit derivative [Member] | ||
Credit Derivatives [Line Items] | ||
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 0 | $ 0 |
Commodity And Other Derivativ72
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] $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Derivative [Line Items] | |
Total credit risk exposure to all counterparties related to derivative contracts | $ 506 |
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral | 237 |
Largest net exposure to single counterparty | $ 75 |
Credit risk exposure to Banking and financial sector percentage | 74.00% |
Net exposure to banking and financial sector percentage | 52.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2014USD ($) | Sep. 30, 2015USD ($)Rating-Agencies-Downgrades | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Rating-Agencies-Downgrades | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 34,679 | $ 34,679 | $ 35,124 | ||||||
Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Selling, general and administrative expenses from transactions with related party | 6 | $ 8 | 16 | $ 23 | |||||
Related party tax expense, due from affiliates, current | 63 | 163 | |||||||
Accounts receivable, related parties, noncurrent | 47 | 47 | 47 | ||||||
Oncor Holdings [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party tax expense, due from affiliates, current | 20 | 17 | |||||||
Sponsor Group [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Selling, general and administrative expenses from transactions with related party | 10 | 10 | 30 | 30 | |||||
Related Party Transaction, Selling, General and Administrative Cost Paid in Transactions With Related Party | 0 | 0 | 0 | 0 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Selling, general and administrative expenses from transactions with related party | 52 | 47 | 151 | 147 | |||||
Related party transaction, amounts of transaction | $ 15 | ||||||||
Related Party Transaction, Sale of Assets To Related Party | $ 24 | $ 12 | 7 | ||||||
EFH Corp. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 529 | 529 | 529 | ||||||
EFH Corp. [Member] | Senior Notes [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 60 | 60 | |||||||
EFH Corp. [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | Senior Secured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 2 | 2 | 2 | ||||||
EFH Corp. [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | Senior Notes [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 33 | 33 | 33 | ||||||
EFH Corp. [Member] | 10% Fixed Senior Secured Notes due January 15, 2020 [Member] | Senior Secured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3 | 3 | 3 | ||||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3,401 | 3,401 | 3,846 | ||||||
Energy Future Intermediate Holding CO LLC [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | Senior Secured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 0 | 0 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | Senior Secured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 2 | 2 | 2 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 31,474 | 31,474 | 31,474 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | 279 | 281 | 739 | 746 | |||||
Due to Affiliate | 156 | 156 | 118 | ||||||
Delivery fee surcharge remitted to related party | 5 | 5 | 13 | $ 13 | |||||
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) | Rating-Agencies-Downgrades | 2 | 2 | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,571 | $ 1,571 | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 4,874 | 4,874 | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 22,616 | 22,616 | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | Term Loan Facilities maturing October 10, 2014 [Member] | Line of Credit [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3,809 | 3,809 | 3,809 | ||||||
Debt held by related party [Member] | Senior Notes [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 303 | 303 | $ 303 | ||||||
Debt held by related party [Member] | Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | EFH Corp. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,282 | 1,282 | 1,282 | ||||||
Debt held by related party [Member] | Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 79 | 79 | $ 79 | ||||||
Decommisioning liablity [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to affiliate, noncurrent | 372 | 372 | 479 | ||||||
Payable Attributable To Income Taxes [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to affiliate, noncurrent | 65 | 65 | 64 | ||||||
Due to Affiliate, Current | 120 | ||||||||
Due from affiliate, current | 29 | 29 | |||||||
Payable Attributable To Income Taxes [Member] | Oncor Holdings [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Affiliate, Current | 120 | ||||||||
Due from affiliate, current | 31 | 31 | |||||||
Due from Affiliate, Noncurrent | 2 | 2 | |||||||
Collateral posted [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cash and letters of credit posted as collateral | 9 | 9 | 9 | ||||||
State and Local Jurisdiction [Member] | Receivable Attributable to Income Taxes [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due from affiliate, current | 14 | 14 | 24 | ||||||
Internal Revenue Service (IRS) [Member] | Payable Attributable To Income Taxes [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Affiliate, Current | 144 | ||||||||
Due from affiliate, current | 15 | 15 | |||||||
Pension Plan, Defined Benefit [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Defined Benefit Plan Contributions By Employer Excluding Affiliated Supplemental Plan | 84 | ||||||||
Pension Plan, Defined Benefit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Defined Benefit Plan, Contributions by Employer | 20 | ||||||||
Oncor [Member] | Pension Plan, Defined Benefit [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Defined Benefit Plan, Contributions by Employer | $ 64 | ||||||||
Consolidation, Eliminations [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,664 | $ 1,664 | $ 1,664 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Reportable_segment | Sep. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments (in reportable segments) | Reportable_segment | 2 | |||
Operating revenues (all Competitive Electric) | $ 1,737 | $ 1,807 | $ 4,265 | $ 4,731 |
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $32, $72 and $71) | 127 | 123 | 278 | 276 |
Net income (loss): | (1,460) | 49 | (3,199) | (1,334) |
Competitive Electric [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues (all Competitive Electric) | 1,737 | 1,807 | 4,265 | 4,731 |
Net income (loss): | (1,517) | (37) | (3,068) | (1,195) |
Regulated Delivery [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $32, $72 and $71) | 127 | 123 | 278 | 276 |
Net income (loss): | 127 | 123 | 278 | 276 |
Corp. and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss): | (70) | (37) | (409) | (415) |
Noncontrolling Interest [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $32, $72 and $71) | $ 33 | $ 32 | $ 72 | $ 71 |
Supplementary Financial Infor75
Supplementary Financial Information (Other Income and Deductions) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||
Other income: | |||||||||
Office space rental income | [1] | $ 3 | $ 3 | $ 8 | $ 8 | ||||
Sale of land | 0 | 2 | [2] | 6 | [2] | 2 | [2] | ||
Mineral rights royalty income | [2] | 1 | 1 | 3 | 3 | ||||
Contract settlements | 2 | [2] | 0 | 2 | [2] | 0 | |||
All other | 2 | 2 | 8 | 9 | |||||
Total other income | 8 | 8 | 27 | 22 | |||||
Other deductions: | |||||||||
All other | 3 | 5 | 4 | 7 | |||||
Total other deductions | 26 | 5 | 86 | 7 | |||||
Favorable purchase and sales contracts [Member] | |||||||||
Other deductions: | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | 8 | [2] | 0 | ||||
Environmental allowances and credits [Member] | |||||||||
Other deductions: | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 4 | [2] | 0 | 55 | [2] | 0 | |||
Mine Development [Member] | |||||||||
Other deductions: | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 19 | [2] | $ 0 | $ 19 | [2] | $ 0 | |||
[1] | Reported in Corporate and Other. | ||||||||
[2] | Reported in Competitive Electric segment. |
Supplementary Financial Infor76
Supplementary Financial Information (Restricted Cash) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Restricted Cash and Investments, Current | $ 368 | $ 6 |
Restricted Cash and Investments, Noncurrent | 506 | 901 |
Other Restricted Cash [Member] | ||
Restricted Cash and Investments, Current | 4 | 6 |
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 | 364 | 0 |
Restricted Cash and Investments, Noncurrent | 0 | 350 |
Texas Competitive Electric Holdings Company LLC [Member] | Amounts Related to TCEH's Letter of Credit Facility [Member] | ||
Restricted Cash and Investments, Current | 0 | 0 |
Restricted Cash and Investments, Noncurrent | $ 506 | $ 551 |
Supplementary Financial Infor77
Supplementary Financial Information (Trade Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Supplementary Financial Information [Abstract] | ||||
Wholesale and retail trade accounts receivable | $ 786 | $ 604 | ||
Allowance for uncollectible accounts | $ (15) | $ (14) | (16) | (15) |
Trade accounts receivable — net | 770 | 589 | ||
Unbilled Receivables, Current | $ 287 | $ 239 | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Allowance for uncollectible accounts receivable at beginning of period | 15 | 14 | ||
Increase for bad debt expense | 29 | 30 | ||
Decrease for account write-offs | (28) | (27) | ||
Allowance for uncollectible accounts receivable at end of period | $ 16 | $ 17 |
Supplementary Financial Infor78
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Inventories by Major Category | ||
Materials and supplies | $ 215 | $ 214 |
Fuel stock | 144 | 215 |
Natural gas in storage | 29 | 39 |
Total inventories | 388 | 468 |
Other Investments | ||
Nuclear plant decommissioning trust | 874 | 893 |
Assets related to employee benefit plans, including employee savings programs, net of distributions | 60 | 61 |
Land | 36 | 37 |
Miscellaneous other | 4 | 4 |
Total other investments | $ 974 | $ 995 |
Supplementary Financial Infor79
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||
Cost | [1] | $ 593 | $ 593 | $ 564 | ||
Unrealized gain | 290 | 290 | 333 | |||
Unrealized loss | (9) | (9) | (4) | |||
Fair market value | 874 | 874 | 893 | |||
Realized gains | 1 | $ 1 | 2 | $ 2 | ||
Realized losses | (2) | 0 | (3) | (1) | ||
Proceeds from sales of securities | 242 | 165 | 315 | 250 | ||
Investments in securities | (247) | $ (170) | (328) | $ (263) | ||
Debt securities [Member] | ||||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||
Cost | [1],[2] | 304 | 304 | 288 | ||
Unrealized gain | [2] | 11 | 11 | 13 | ||
Unrealized loss | [2] | (1) | (1) | 0 | ||
Fair market value | [2] | $ 314 | $ 314 | $ 301 | ||
Debt, Weighted Average Interest Rate | 3.58% | 3.58% | 4.35% | |||
Decommissioning Fund Investments, Debt securities, average maturity | 7 years | 6 years | ||||
Decommissioning Fund Investments, debt maturities, one through five years, fair value | $ 96 | $ 96 | ||||
Decommissioning Fund Investments, debt maturities, five through ten years, fair value | 85 | 85 | ||||
Decommissioning Fund Investments, debt maturities, after ten years, fair value | 133 | 133 | ||||
Equity securities [Member] | ||||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||
Cost | [1],[3] | 289 | 289 | $ 276 | ||
Unrealized gain | [3] | 279 | 279 | 320 | ||
Unrealized loss | [3] | (8) | (8) | (4) | ||
Fair market value | [3] | $ 560 | $ 560 | $ 592 | ||
[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 3.58% and 4.35% at September 30, 2015 and December 31, 2014, respectively, and an average maturity of 7 years and 6 years at September 30, 2015 and December 31, 2014, respectively. | |||||
[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 Infor80
Supplementary Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment — net | $ 10,072 | $ 12,397 |
Less accumulated amortization/depreciation | $ 4,200 | $ 5,300 |
Minimum [Member] | Lignite- And Nuclear-Fueled Generation Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 17 years | |
Maximum [Member] | Lignite- And Nuclear-Fueled Generation Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 54 years |
Supplementary Financial Infor81
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance, Liability | $ 614 | |||
Additions: | ||||
Accretion | 38 | |||
Adjustment for new cost estimate | [1] | 70 | ||
Incremental reclamation costs | [2] | 59 | ||
Reductions: | ||||
Payments | (45) | |||
Ending balance, Liability | 614 | $ 736 | $ 614 | |
Less amounts due currently | (65) | |||
Noncurrent liability at end of period | 671 | 560 | ||
Nuclear Plant Decommissioning [Member] | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance, Liability | 413 | |||
Additions: | ||||
Accretion | 19 | |||
Adjustment for new cost estimate | [1] | 70 | ||
Incremental reclamation costs | 0 | |||
Reductions: | ||||
Payments | 0 | |||
Ending balance, Liability | 413 | 502 | 413 | |
Less amounts due currently | 0 | |||
Noncurrent liability at end of period | 502 | |||
Mining Land Reclamation [Member] | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance, Liability | 165 | |||
Additions: | ||||
Accretion | 15 | |||
Adjustment for new cost estimate | 0 | |||
Incremental reclamation costs | 0 | |||
Reductions: | ||||
Payments | (44) | |||
Ending balance, Liability | 165 | 136 | 165 | |
Less amounts due currently | (65) | |||
Noncurrent liability at end of period | 71 | |||
Other Asset Retirement Obligations [Member] | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance, Liability | 36 | |||
Additions: | ||||
Accretion | 4 | |||
Adjustment for new cost estimate | 0 | |||
Incremental reclamation costs | [2] | 59 | ||
Reductions: | ||||
Payments | (1) | |||
Ending balance, Liability | $ 36 | 98 | $ 36 | |
Less amounts due currently | 0 | |||
Noncurrent liability at end of period | $ 98 | |||
[1] | The adjustment for nuclear plant decommissioning resulted from a new cost estimate completed in the second quarter of 2015. In accordance with regulatory requirements, a new cost estimate is completed every five years. The increase in the liability was driven by increased security and fuel-handling costs. | |||
[2] | The adjustment for other asset retirement obligations resulted from the effect on our estimated retirement obligation related to coal combustion residual facilities at our lignite/coal fueled generation facilities that arose from the CCR rule discussed above. |
Supplementary Financial Infor82
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | ||||||
Uncertain tax positions, including accrued interest | $ 53 | $ 53 | $ 74 | |||
Retirement plan and other employee benefits | [1] | 248 | 248 | 243 | ||
Asset retirement and mining reclamation obligations | 671 | 671 | 560 | |||
Unfavorable purchase and sales contracts | 549 | 549 | 566 | |||
Nuclear decomissioning cost over-recovery | 372 | 372 | 479 | |||
Other | 190 | 190 | 155 | |||
Total other noncurrent liabilities and deferred credits | 2,083 | 2,083 | 2,077 | |||
Income tax benefit | (452) | $ (72) | (990) | $ (830) | ||
Amortization of Deferred Charges | ||||||
Amortization of Unfavorable Purchase and Sales Contracts | 6 | $ 6 | 17 | $ 17 | ||
Estimated Future Amortization Expense | ||||||
2,015 | 24 | |||||
2,016 | 24 | |||||
2,017 | 24 | |||||
2,018 | 24 | |||||
2,019 | 24 | |||||
Oncor [Member] | ||||||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | ||||||
Retirement plan and other employee benefits | $ 47 | $ 47 | $ 47 | |||
[1] | Includes $47 million at both September 30, 2015 and December 31, 2014, representing pension liabilities related to Oncor |
Supplementary Financial Infor83
Supplementary Financial Information (Fair Value of Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
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 | $ 6,825 | |
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 | [1] | 35,412 | 35,857 |
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 | 99 | 123 | |
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 | 6,815 | 6,830 | |
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 | 14,251 | 21,411 | |
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 | $ 102 | $ 119 | |
[1] | Carrying amount excludes deferred debt issuance and extension costs. |
Supplementary Financial Infor84
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Cash payments related to: | ||||||
Interest paid | [1] | $ 1,440 | $ 1,251 | |||
Capitalized interest | (8) | (14) | ||||
Interest paid (net of capitalized interest) | 1,432 | 1,237 | ||||
Income taxes | 51 | 55 | ||||
Reorganization items | [2] | 229 | 69 | |||
Noncash investing and financing activities: | ||||||
Construction expenditures | [3] | 64 | 77 | |||
Debt exchange and extension transactions | 0 | (85) | [4] | |||
Income tax adjustment related to AMT utilization | $ 3 | [5] | $ 0 | |||
Senior Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | $ 1,673 | |||||
First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Debtor-In-Possession Financing, Borrowings Used In Exchange Transaction For Pre-Petition Debt | 1,836 | |||||
First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Senior Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Debt Instrument, Increase, Accrued Interest | $ 78 | |||||
[1] | Net of amounts received under interest rate swap agreements. 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 nine months ended September 30, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest | |||||
[5] | Represents a reduction to EFH Corp.'s investment in Oncor Holdings due to an income tax adjustment related to alternative minimum tax (AMT) utilization by Oncor. |