Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 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-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 1,669,861,379 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Statements Of Consolidated Inco
Statements Of Consolidated Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Operating revenues | $ 5,370 | $ 5,978 | $ 5,899 |
Fuel, purchased power costs and delivery fees | (2,692) | (2,842) | (2,848) |
Net gain (loss) from commodity hedging and trading activities | 334 | 11 | (54) |
Operating costs | (834) | (914) | (881) |
Depreciation and amortization | (864) | (1,283) | (1,355) |
Selling, general and administrative expenses | (745) | (794) | (822) |
Impairment of goodwill | (2,200) | (1,600) | (1,000) |
Impairment of long-lived assets | (2,541) | (4,670) | (140) |
Other income | 35 | 31 | 26 |
Other deductions | (95) | (276) | (53) |
Interest income | 1 | 1 | 1 |
Interest expense and related charges | (1,760) | (2,201) | (2,704) |
Reorganization Items | (1,355) | (815) | 0 |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | (7,346) | (9,374) | (3,931) |
Income tax benefit | 1,670 | 2,619 | 1,271 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Net loss | (5,342) | (6,406) | (2,325) |
Net loss attributable to noncontrolling interests | 0 | 0 | 107 |
Net loss attributable to EFH Corp. | $ (5,342) | $ (6,406) | $ (2,218) |
Statements Of Consolidated Comp
Statements Of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | $ (5,342) | $ (6,406) | $ (2,325) |
Other comprehensive income (loss), net of tax effects: | |||
Effects related to pension and other retirement benefit obligations (net of tax (expense) benefit of $(4), $12 and $5) | 7 | (21) | (8) |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period (net of tax benefit of $—, $1 and $3) | 2 | 1 | 6 |
Net effects related to Oncor — reported in equity in earnings of unconsolidated subsidiaries (net of tax) | (5) | (47) | (14) |
Total other comprehensive income (loss) | 4 | (67) | (16) |
Comprehensive loss | (5,338) | (6,473) | (2,341) |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 107 |
Comprehensive loss attributable to EFH Corp. | $ (5,338) | $ (6,473) | $ (2,234) |
Statements Of Consolidated Com4
Statements Of Consolidated Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effects related to pension and other retirement benefit obligations, tax | $ (4) | $ 12 | $ 5 |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period, tax | $ 0 | $ 1 | $ 3 |
Statements Of Consolidated Cash
Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash flows — operating activities: | ||||
Net loss | $ (5,342) | $ (6,406) | $ (2,325) | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,006 | 1,453 | 1,521 | |
Deferred income tax benefit, net | (1,484) | (2,539) | (992) | |
Income tax benefit due to IRS audit resolutions | 0 | 7 | (305) | |
Impairment of goodwill | 2,200 | 1,600 | 1,000 | |
Impairment of long-lived assets and nuclear generation development joint venture | 2,541 | 4,670 | 140 | |
Noncash adjustment for estimated allowed claims related to debt | 926 | 0 | 0 | |
Contract claims adjustments | 52 | 20 | 0 | |
Management fee settlement adjustment | (49) | 0 | 0 | |
Unrealized net (gain) loss from mark-to-market of commodity positions | (119) | 370 | 1,091 | |
Unrealized net gain from mark-to-market valuations of interest rate swaps | 0 | (1,303) | (1,058) | |
Noncash liability adjustment arising from termination of interest rate swaps (Note 13) | 0 | 278 | 0 | |
Noncash realized loss on termination of interest rate swaps | 0 | 1,237 | [1] | 0 |
Noncash realized gain on termination of natural gas hedging positions | 0 | (117) | 0 | |
Fees paid on EFIH Second Lien Notes repayment (reported as financing activities) | 37 | 187 | 0 | |
Fees associated with completion and extension of the TCEH and EFIH DIP Facilities (Note 12) | 9 | |||
Loss on exchange and settlement of EFIH First Lien Notes | 0 | 108 | 0 | |
Interest expense on toggle notes payable in additional principal | 0 | 65 | 176 | |
Amortization of debt related costs, discounts, fair value discounts and losses on dedesignated cash flow hedges | 0 | 72 | 235 | |
Equity in earnings of unconsolidated subsidiaries | (334) | (349) | (335) | |
Distributions of earnings from unconsolidated subsidiaries | 322 | 202 | 213 | |
Impairment of intangible and other assets | 84 | 263 | 37 | |
Other, net | 65 | 63 | 82 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable — trade | 17 | 63 | (33) | |
Inventories | 34 | (67) | (6) | |
Accounts payable — trade | 41 | 108 | 11 | |
Payables due to unconsolidated subsidiary | (33) | 109 | 109 | |
Commodity and other derivative contractual assets and liabilities | 30 | (25) | 49 | |
Margin deposits, net | 129 | (192) | (320) | |
Accrued interest | 5 | 519 | (8) | |
Other — net assets | 20 | (43) | 131 | |
Other — net liabilities | (145) | 51 | 84 | |
Cash provided by (used in) operating activities | 3 | 404 | (503) | |
Cash flows — financing activities: | ||||
Repayments/repurchases of debt | (515) | (2,546) | (187) | |
Fees paid on EFIH Second Lien Notes repayment and DIP Facilities | (37) | (187) | 0 | |
Proceeds from DIP Facilities before fees paid | 0 | 4,989 | 0 | |
Other, net | 0 | 1 | (9) | |
Cash provided by (used in) financing activities | (552) | 2,257 | (196) | |
Cash flows — investing activities: | ||||
Capital expenditures | (344) | (386) | (501) | |
Nuclear fuel purchases | (123) | (77) | (116) | |
Acquisition of combustion turbine trust interest | 0 | 0 | (40) | |
Restricted cash investment used to settle TCEH Demand Notes | 0 | 0 | 680 | |
Other changes in restricted cash | (122) | 42 | (2) | |
Proceeds from sales of nuclear decommissioning trust fund securities | 401 | 314 | 175 | |
Investments in nuclear decommissioning trust fund securities | (418) | (331) | (191) | |
Other, net | 13 | (12) | (2) | |
Cash provided by (used in) investing activities | (593) | (450) | 3 | |
Net change in cash and cash equivalents | (1,142) | 2,211 | (696) | |
Cash and cash equivalents — beginning balance | 3,428 | 1,217 | 1,913 | |
Cash and cash equivalents — ending balance | $ 2,286 | $ 3,428 | $ 1,217 | |
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps and $12 million related to other interest rate swaps. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 2,286 | $ 3,428 |
Restricted cash | 524 | 6 |
Trade accounts receivable — net | 533 | 589 |
Inventories | 428 | 468 |
Commodity and other derivative contractual assets | 465 | 492 |
Other current assets | 87 | 100 |
Total current assets | 4,323 | 5,083 |
Restricted cash | 507 | 901 |
Receivable from unconsolidated subsidiary | 0 | 47 |
Investment in unconsolidated subsidiary | 6,064 | 6,058 |
Other investments | 984 | 995 |
Property, plant and equipment — net | 9,430 | 12,397 |
Goodwill | 152 | 2,352 |
Identifiable intangible assets — net | 1,166 | 1,315 |
Accumulated deferred income taxes | 609 | 0 |
Other noncurrent assets | 95 | 100 |
Total assets | 23,330 | 29,248 |
Current liabilities: | ||
Borrowings under debtor-in-possession credit facilities | 6,825 | 0 |
Long-term debt due currently | 35 | 39 |
Trade accounts payable | 413 | 406 |
Net payables due to unconsolidated subsidiary | 204 | 237 |
Commodity and other derivative contractual liabilities | 203 | 316 |
Margin deposits related to commodity contracts | 152 | 26 |
Accumulated deferred income taxes | 0 | 135 |
Accrued taxes | 134 | 157 |
Accrued interest | 121 | 119 |
Other current liabilities | 425 | 360 |
Total current liabilities | 8,512 | 1,795 |
Borrowings under debtor-in-possession credit facilities | 0 | 6,825 |
Long-term debt, less amounts due currently | 60 | 128 |
Liabilities subject to compromise | 37,786 | 37,432 |
Accumulated deferred income taxes | 0 | 713 |
Other noncurrent liabilities and deferred credits | 2,033 | 2,078 |
Total liabilities | $ 48,391 | $ 48,971 |
Commitments and Contingencies | ||
Equity: | ||
Common stock (shares outstanding 2015 — 1,669,861,379; 2014 — 1,669,861,379) | $ 2 | $ 2 |
Additional paid-in capital | 7,968 | 7,968 |
Retained deficit | (32,905) | (27,563) |
Accumulated other comprehensive loss | (126) | (130) |
Total equity | (25,061) | (19,723) |
Total liabilities and equity | $ 23,330 | $ 29,248 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, shares outstanding | 1,669,861,379 | 1,669,861,379 | 1,669,861,383 | 1,680,539,245 |
Statements of Consolidated Equi
Statements of Consolidated Equity - USD ($) $ in Millions | Total | Parent [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] | Accumulated Other Comprehensive Loss, Net of Tax Effects [Member] | Noncontrolling Interest [Member] |
Balance at beginning of period at Dec. 31, 2012 | $ 2 | $ 7,959 | $ (18,939) | $ 102 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 7 | ||||||
Common stock repurchases | (5) | ||||||
Other | 1 | ||||||
Net loss attributable to EFH Corp. | $ (2,218) | (2,218) | |||||
Balance at beginning of period at Dec. 31, 2012 | $ 17 | ||||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | (24) | ||||||
Balance at end of period at Dec. 31, 2013 | (7) | ||||||
Balance at beginning of period at Dec. 31, 2012 | (64) | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 8 | ||||||
Balance at end of period at Dec. 31, 2013 | (56) | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2013 | (63) | (63) | |||||
Noncontrolling interests in subsidiaries | |||||||
Net loss attributable to noncontrolling interests | (107) | (107) | |||||
Investments by noncontrolling interests | 6 | ||||||
Other | 0 | ||||||
Total equity at end of period at Dec. 31, 2013 | (13,255) | $ (13,256) | 2 | 7,962 | (21,157) | 1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 6 | ||||||
Common stock repurchases | 0 | ||||||
Other | 0 | ||||||
Net loss attributable to EFH Corp. | (6,406) | (6,406) | |||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | (70) | ||||||
Balance at end of period at Dec. 31, 2014 | (77) | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 3 | ||||||
Balance at end of period at Dec. 31, 2014 | (53) | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2014 | (130) | (130) | |||||
Noncontrolling interests in subsidiaries | |||||||
Net loss attributable to noncontrolling interests | 0 | 0 | |||||
Investments by noncontrolling interests | 1 | ||||||
Other | (2) | ||||||
Total equity at end of period at Dec. 31, 2014 | (19,723) | (19,723) | 2 | 7,968 | (27,563) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 0 | ||||||
Common stock repurchases | 0 | ||||||
Other | 0 | ||||||
Net loss attributable to EFH Corp. | (5,342) | (5,342) | |||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | 1 | ||||||
Balance at end of period at Dec. 31, 2015 | (76) | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 3 | ||||||
Balance at end of period at Dec. 31, 2015 | (50) | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2015 | (126) | $ (126) | |||||
Noncontrolling interests in subsidiaries | |||||||
Net loss attributable to noncontrolling interests | 0 | 0 | |||||
Investments by noncontrolling interests | 0 | ||||||
Other | 0 | ||||||
Total equity at end of period at Dec. 31, 2015 | $ (25,061) | $ (25,061) | $ 2 | $ 7,968 | $ (32,905) | $ 0 |
Condensed Statements of Consoli
Condensed Statements of Consolidated Equity (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding | 1,669,861,379 | 1,669,861,379 | 1,669,861,383 |
Business And Significant Accoun
Business And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 4 ). Various ring-fencing measures have been taken to enhance the credit quality of Oncor. Such measures include, among other things: the sale in November 2008 of a 19.75% equity interest in Oncor to Texas Transmission; maintenance of separate books and records for the Oncor Ring-Fenced Entities; Oncor's board of directors being comprised of a majority of independent directors, and prohibitions on the Oncor Ring-Fenced Entities providing credit support to, or receiving credit support from, any member of the Texas Holdings Group. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of the Texas Holdings Group, and none of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or contractual obligations of any member of the Texas Holdings Group. Moreover, Oncor's operations are conducted, and its cash flows managed, independently from the Texas Holdings Group. Consistent with the ring-fencing measures discussed above, the assets and liabilities of the Oncor Ring-Fenced Entities have not been, and are not expected to be, substantively consolidated with the assets and liabilities of the Debtors in the Chapter 11 Cases. We have two reportable segments: the Competitive Electric segment, consisting largely of TCEH, and the Regulated Delivery segment, consisting largely of our investment in Oncor. See Note 20 for further information concerning reportable business segments. Chapter 11 Cases 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 Fifth Plan of Reorganization (which was amended by the Sixth Plan of Reorganization in November 2015) and the Disclosure Statement. The Disclosure Statement was approved by the Bankruptcy Court in September 2015. 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 confirmed the Plan of Reorganization in December 2015. See Note 2 for further discussion regarding the Chapter 11 Cases, the Plan of Reorganization and the Disclosure Statement. Basis of Presentation, Including Application of Bankruptcy Accounting The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements have been prepared as if EFH Corp. is a going concern and contemplate the realization of assets and liabilities in the normal course of business. The consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification (ASC) 852, Reorganizations . During the pendency of the 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 11 and 13 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 4 ). All intercompany items and transactions have been eliminated in consolidation. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. Use of Estimates Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements and estimates of expected allowed claims. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. Derivative Instruments and Mark-to-Market Accounting We enter into contracts for the purchase and sale of electricity, natural gas, coal, uranium and other commodities and also enter into other derivative instruments such as options, swaps, futures and forwards primarily to manage our commodity price and interest rate risks. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, changes in the fair value of the derivative are recognized in net income as unrealized gains and losses, unless the criteria for certain exceptions are met, and an offsetting derivative asset or liability is recorded in the consolidated balance sheets. This recognition is referred to as mark-to-market accounting. The fair values of our unsettled derivative instruments under mark-to-market accounting are reported in the consolidated balance sheets as commodity and other derivative contractual assets or liabilities. We report derivative assets and liabilities in the consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. Margin deposits that contractually offset these assets and liabilities are reported separately in the consolidated balance sheets. When derivative instruments are settled and realized gains and losses are recorded, the previously recorded unrealized gains and losses and derivative assets and liabilities are reversed. See Notes 16 and 17 for additional information regarding fair value measurement and commodity and other derivative contractual assets and liabilities. Under the election criteria of accounting standards related to derivative instruments and hedging activities, we may elect the normal purchase and sale exemption. A commodity-related derivative contract may be designated as a normal purchase or sale if the commodity is to be physically received or delivered for use or sale in the normal course of business. If designated as normal, the derivative contract is accounted for under the accrual method of accounting (not marked-to-market) with no balance sheet or income statement recognition of the contract until settlement. Because derivative instruments are frequently used as economic hedges, accounting standards related to derivative instruments and hedging activities allow for hedge accounting, which provides for the designation of such instruments as cash flow or fair value hedges if certain conditions are met. At December 31, 2015 and 2014 , there were no derivative positions accounted for as cash flow or fair value hedges. Accumulated other comprehensive loss includes amounts related to interest rate swaps previously designated as cash flow hedges that are being reclassified to net loss as the hedged transactions impact net loss (see Note 17 ). Realized and unrealized gains and losses from transacting in energy-related derivative instruments are primarily reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Revenue Recognition We record revenue from electricity sales and delivery fees under the accrual method of accounting. Revenues are recognized when electricity or delivery fees are provided to customers on the basis of periodic cycle meter readings and include an estimated accrual for the revenues earned from the meter reading date to the end of the period (unbilled revenue). We report physically delivered commodity sales and purchases in the statements of consolidated income (loss) on a gross basis in revenues and fuel, purchased power and delivery fees, respectively, and we report all other commodity related contracts and financial instruments (primarily derivatives) in the statements of consolidated income (loss) on a net basis in net gain (loss) from commodity hedging and trading activities. Volumes under bilateral purchase and sales contracts, including contracts intended as hedges, are not scheduled as physical power with ERCOT. Accordingly, unless the volumes represent physical deliveries to customers or purchases from counterparties, such contracts are reported net in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities instead of reported gross as wholesale revenues or purchased power costs. If volumes delivered to our retail and wholesale customers are less than our generation volumes (as determined on a daily settlement basis), we record additional wholesale revenues, and if volumes delivered to our retail and wholesale customers exceed our generation volumes, we record additional purchased power costs. The additional wholesale revenues or purchased power costs are offset in net gain (loss) from commodity hedging and trading activities. Impairment of Long-Lived Assets We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss would be recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. See Note 9 for discussion of impairments of certain long-lived assets. We evaluate investments in unconsolidated subsidiaries for impairment when factors indicate that a decrease in the value of the investment has occurred that is not temporary. Indicators that should be evaluated for possible impairment of investments include recurring operating losses of the investee or fair value measures that are less than carrying value. Any impairment recognition is based on fair value that is not reflective of temporary conditions. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. Finite-lived intangibles identified as a result of purchase accounting are amortized over their estimated useful lives based on the expected realization of economic effects. See Note 5 for additional information. Goodwill and Intangible Assets with Indefinite Lives We evaluate goodwill and intangible assets with indefinite lives for impairment at least annually (at December 1), or when indications of impairment exist. See Note 5 for details of goodwill and intangible assets with indefinite lives, including discussion of fair value determinations and goodwill impairments. Amortization of Nuclear Fuel Amortization of nuclear fuel is calculated on the units-of-production method and is reported as fuel costs. Major Maintenance Major maintenance costs incurred during generation plant outages and the costs of other maintenance activities are charged to expense as incurred and reported as operating costs. Defined Benefit Pension Plans and OPEB Plans We offer certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees from the company and also offer pension benefits to eligible employees under collective bargaining agreements based on either a traditional defined benefit formula or a cash balance formula. Costs of pension and OPEB plans are dependent upon numerous factors, assumptions and estimates. See Notes 18 and 19 for additional information regarding pension and OPEB plans, including a discussion of the separation of the EFH Corp. and Oncor OPEB plans effective July 1, 2014. Sales and Excise Taxes Sales and excise taxes are accounted for as a "pass through" item on the consolidated balance sheets with no effect on the statements of consolidated income (loss); i.e., the tax is billed to customers and recorded as trade accounts receivable with an offsetting amount recorded as a liability to the taxing jurisdiction. Franchise and Revenue-Based Taxes Unlike sales and excise taxes, franchise and gross receipt taxes are not a "pass through" item. These taxes are assessed to us by state and local government bodies, based on revenues or kWh delivered, as a cost of doing business and are recorded as an expense. Rates we charge to customers are intended to recover our costs, including the franchise and gross receipt taxes, but we are not acting as an agent to collect the taxes from customers. We report franchise and revenue-based taxes in SG&A expense in our statements of consolidated income (loss). Income Taxes EFH Corp. files a consolidated US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. Deferred income taxes are provided for temporary differences between the book and tax basis of assets and liabilities as required under accounting rules. See Note 7 . We report interest and penalties related to uncertain tax positions as current income tax expense. See Note 6 . Accounting for Contingencies Our financial results may be affected by judgments and estimates related to loss contingencies. Accruals for loss contingencies are recorded when management determines that it is probable that an asset has been impaired or a liability has been incurred and that such economic loss can be reasonably estimated. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events. As part of our Chapter 11 Cases we have received numerous pre-petition claims, many of which are unsubstantiated or irrelevant to our business operations. Further, at this time, some of those claims might be relevant but are not reasonably estimable. See Notes 2 and 14 for a discussion of contingencies. Restricted Cash The terms of certain agreements require the restriction of cash for specific purposes. See Notes 12 , 13 and 21 for more details regarding restricted cash. Property, Plant and Equipment As a result of purchase accounting, carrying amounts of property, plant and equipment related to competitive businesses were adjusted to estimated fair values at the Merger date. Subsequent additions have been recorded at cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead, including payroll-related costs. Interest related to qualifying construction projects and qualifying software projects is capitalized in accordance with accounting guidance related to capitalization of interest cost. See Note 10 . Depreciation of our property, plant and equipment is calculated on a straight-line basis over the estimated service lives of the properties. Depreciation expense is calculated on a component asset-by-asset basis. Estimated depreciable lives are based on management's estimates of the assets' economic useful lives. See Note 21 . Asset Retirement Obligations A liability is initially recorded at fair value for an asset retirement obligation associated with the retirement of tangible long-lived assets in the period in which it is incurred if a fair value is reasonably estimable. These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, removal of lignite/coal fueled plant ash treatment facilities and generation plant asbestos removal and disposal costs. Over time, the liability is accreted for the change in present value and the initial capitalized costs are depreciated over the remaining useful lives of the assets. See Note 21 . Inventories Inventories are reported at the lower of cost (on a weighted average basis) or market unless expected to be used in the generation of electricity. Investments Investments in a nuclear decommissioning trust fund are carried at current market value in the consolidated balance sheets. Assets related to employee benefit plans represent investments held to satisfy deferred compensation liabilities and are recorded at current market value. See Note 21 for discussion of these and other investments. Noncontrolling Interests See Note 15 for discussion of accounting for noncontrolling interests in subsidiaries. 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 was 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 each of the Bankruptcy Court and all of the other regulatory entities with approval authority (see Note 2 ), at which time presentation as discontinued operations may be appropriate. 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, beginning after December 15, 2015. 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. 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 and 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 November 2015, the FASB issued Accounting Standards Update 2015-17 (ASU 2015-17), Balance Sheet Classification of Deferred Taxes . The ASU simplifies the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as noncurrent in a statement of financial position. We early adopted ASU 2015-17 effective December 31, 2015 on a prospective basis. Adoption of this ASU resulted in a reclassification of our net current deferred tax asset and liability to the net noncurrent deferred tax asset and liability in our consolidated balance sheet as of December 31, 2015. No prior periods were retrospectively adjusted. In February 2016, the FASB issued Accounting Standards Update 2016-2 (ASU 2016-2), Leases . The ASU amends previous GAAP to require the recognition of lease assets and liabilities for operating leases. The ASU will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years. We are currently evaluating the impact of this ASU on our financial statements. |
Chapter 11 Cases Chapter 11 Cas
Chapter 11 Cases Chapter 11 Cases | 12 Months Ended |
Dec. 31, 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. 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. 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. In October 2015, the Plan of Reorganization was approved by the required creditors, and in December 2015, the Plan of Reorganization was confirmed by the Bankruptcy Court. In general, the Plan of Reorganization contemplates a structure that involves a tax-free deconsolidation or tax-free spin-off of TCEH from EFH Corp. (Reorganized TCEH Spin-Off), 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 Corp. 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 certain 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 pursuant to the Settlement Agreement (described below). 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. The Bankruptcy Court approved the Debtors' entry into the Plan Support Agreement in September 2015. 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 an alternative plan of reorganization 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 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 is expected to remain effective regardless of whether the EFH Acquisition is completed. The Bankruptcy Court approved the Settlement Agreement in December 2015. In December 2015, pursuant to the approved Settlement Agreement, Backstop Agreement, Merger Agreement and Plan of Reorganization, we recorded legal and representation service fees, financial advisory fees and other professional fees of $144 million , along with a gain for an adjustment related to the Sponsor Group's agreement to forego claims related to a management agreement of $86 million , both of which are reported in our statement of consolidated income (loss) in reorganization items. Additionally, we recorded an adjustment to intercompany claims among the debtors to adjust for a TCEH unsecured claim against EFH Corp. of $700 million as contemplated by the Plan of Reorganization. See Notes 13 and 19 for discussion of additional transactions resulting from the Settlement Agreement. 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. The Bankruptcy Court approved the Merger and Purchase Agreement in connection with confirmation of the Plan of Reorganization in December 2015. 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). This annual report on Form 10-K 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 $2.513 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. In December 2015, pursuant to the court approved Merger and Purchase Agreement and the Backstop Agreement, we incurred approximately $49 million in fees to the Purchasers for expenses incurred in connection with those agreements. 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 14 ). Other Although the Plan of Reorganization has been confirmed by the Bankruptcy Court, the effective date of the Plan of Reorganization has not occurred and there are no assurances that the transactions contemplated thereby will occur because they are subject to completion of various conditions including, but not limited to, receipt of regulatory approval from the PUCT, NRC and FERC, receipt of the Private Letter Ruling from the IRS and the repayment of the DIP Facilities. 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 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 12 , 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 as well as our ability to obtain applicable regulatory approvals required for the effectiveness of the Plan of Reorganization and our ability to obtain any exit financing needed to implement the Plan of Reorganization. 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 12 . 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 41,300 filed claims since the Petition Date, including approximately 30,900 in filed asbestos claims. Most of the asbestos claims were received at or near the bar date and we are actively validating, reconciling and reviewing those claims. For all of the claims, 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 February 29, 2016 , approximately 5,500 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. Certain claims filed or reflected in our schedules of assets and liabilities will be resolved on the effective date of the Plan of Reorganization, including certain claims filed by holders of funded debt and contract counterparties. 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. 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 consolidated balance sheets will be recognized as reorganization items in our statements of consolidated income (loss) as they are resolved. The determination of how liabilities will ultimately be resolved cannot be made until a plan of reorganization or a court approved order related to settlement of specific liabilities becomes effective. 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 years ended December 31, 2015 and 2014 this activity has resulted in the recognition of approximately $38 million and $20 million , respectively, in contract claim and assumption adjustments recorded in reorganization items as detailed in Note 11 . The Plan Supplement includes a list of contracts that the Debtors intend to either assume or reject pursuant to the Bankruptcy Code. |
Pending Purchase of La Frontera
Pending Purchase of La Frontera Holdings, LLC (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Pending Purchase of La Frontera Holdings, LLC [Abstract] | |
Business Combination Disclosure [Text Block] | PENDING PURCHASE OF LA FRONTERA HOLDINGS, LLC In November 2015, Luminant entered into a purchase and sale agreement with La Frontera Ventures, LLC, a subsidiary of NextEra Energy, Inc., to purchase all of the membership interests in La Frontera Holdings, LLC, the indirect owner of two natural gas fueled generation facilities totaling 2,988 MW of capacity located in ERCOT. The aggregate purchase price under the agreement is approximately $1.313 billion plus approximately $276 million for cash and net working capital, subject to customary adjustments based on the amounts of cash and net working capital at closing. The existing project financing of La Frontera Holdings, LLC and its subsidiaries will be repaid at closing of the transaction. The purchase price is expected to be funded by cash-on-hand and borrowings under the TCEH DIP Facility. The purchase and sale agreement contains customary closing conditions for transactions of this type. The only remaining regulatory approval necessary to complete the acquisition is approval by the PUCT. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 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 interests in VIEs does not exceed our carrying value. Non-Consolidation of Oncor and Oncor Holdings In reaching the conclusion to deconsolidate, we conducted an extensive analysis of Oncor Holdings' underlying governing documents and management structure. Oncor Holdings' unique governance structure was adopted in conjunction with the Merger, when the Sponsor Group, EFH Corp. and Oncor agreed to implement structural and operational measures to ring-fence (the Ring-Fencing Measures) Oncor Holdings and Oncor as discussed in Note 1 . The Ring-Fencing Measures were designed to prevent, among other things, (i) increased borrowing costs at Oncor due to the attribution to Oncor of debt from any of our other subsidiaries, (ii) the activities of our competitive operations following the Merger resulting in the deterioration of Oncor's business, financial condition and/or investment in infrastructure, and (iii) Oncor becoming substantively consolidated into a bankruptcy proceeding involving any member of the Texas Holdings Group. The Ring-Fencing Measures effectively separate the daily operational and management control of Oncor Holdings and Oncor from EFH Corp. and its other subsidiaries. By implementing the Ring-Fencing Measures, Oncor maintained its investment grade credit rating following the Merger, and we reaffirmed Oncor's independence from our competitive businesses to the PUCT. We determined the most significant activities affecting the economic performance of Oncor Holdings (and Oncor) are the operation, maintenance and growth of Oncor's electric transmission and distribution assets and the preservation of its investment grade credit profile. The boards of directors of Oncor Holdings and Oncor have ultimate responsibility for the management of the day-to-day operations of their respective businesses, including the approval of Oncor's capital expenditure and operating budgets and the timing and prosecution of Oncor's rate cases. While both boards include members appointed by EFH Corp., a majority of the board members are independent in accordance with rules established by the New York Stock Exchange, and therefore, we concluded for purposes of applying the amended accounting standards that EFH Corp. does not have the power to control the activities deemed most significant to Oncor Holdings' (and Oncor's) economic performance. In assessing EFH Corp.'s ability to exercise control over Oncor Holdings and Oncor, we considered whether it could take actions to circumvent the purpose and intent of the Ring-Fencing Measures (including changing the composition of Oncor Holdings' or Oncor's board) in order to gain control over the day-to-day operations of either Oncor Holdings or Oncor. We also considered whether (i) EFH Corp. has the unilateral power to dissolve, liquidate or force into bankruptcy either Oncor Holdings or Oncor, (ii) EFH Corp. could unilaterally amend the Ring-Fencing Measures contained in the underlying governing documents of Oncor Holdings or Oncor, and (iii) EFH Corp. could control Oncor's ability to pay distributions and thereby enhance its own cash flow. We concluded that, in each case, no such opportunity exists. Our investment in unconsolidated subsidiary as presented in the consolidated balance sheets totaled $6.064 billion and $6.058 billion at December 31, 2015 and 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% , 25% and 27% of Oncor Holdings' consolidated operating revenues for the years ended December 31, 2015 , 2014 and 2013 , respectively. See Note 19 for discussion of Oncor Holdings' and Oncor's transactions with EFH Corp. and its other subsidiaries. Distributions from Oncor Holdings and Related Considerations — Oncor Holdings' distributions of earnings to us totaled $322 million , $202 million and $213 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Distributions may not be paid except to the extent Oncor maintains a required regulatory capital structure as discussed below. At December 31, 2015 , $30 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 December 31, 2015 , Oncor's regulatory capitalization ratio was 59.8% debt and 40.2% equity. For purposes of this ratio, debt is calculated as long-term debt plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. The debt calculation excludes bonds issued by Oncor Electric Delivery Transition Bond Company LLC, which were issued in 2003 and 2004 to recover specific generation-related regulatory assets and other qualified costs. Equity is calculated as membership interests determined in accordance with US GAAP, excluding the effects of accounting for the Merger (which included recording the initial goodwill and fair value adjustments and the subsequent related impairments and amortization). As a result of the Bankruptcy Filing, Oncor had credit risk exposure to trade accounts receivable from subsidiaries of TCEH, which related to delivery services provided by Oncor to TCEH's retail electricity operations. At the Petition Date, these accounts receivable totaled $109 million . In June 2014, the Bankruptcy Court authorized the Debtors to pay all pre-petition delivery charges due Oncor, and such amounts were paid in full. EFH Corp., Oncor Holdings, Oncor and Oncor's minority investor are parties to a Federal and State Income Tax Allocation Agreement. Additional income tax amounts receivable or payable may arise in the normal course under that agreement. Oncor Holdings Financial Statements — Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the years ended December 31, 2015 , 2014 and 2013 are presented below: Year Ended December 31, 2015 2014 2013 Operating revenues $ 3,878 $ 3,822 $ 3,552 Operation and maintenance expenses (1,526 ) (1,453 ) (1,269 ) Depreciation and amortization (863 ) (851 ) (814 ) Taxes other than income taxes (450 ) (438 ) (424 ) Other income 6 13 18 Other deductions (28 ) (15 ) (15 ) Interest income — 3 4 Interest expense and related charges (333 ) (353 ) (371 ) Income before income taxes 684 728 681 Income tax expense (264 ) (289 ) (259 ) Net income 420 439 422 Net income attributable to noncontrolling interests (86 ) (90 ) (87 ) Net income attributable to Oncor Holdings $ 334 $ 349 $ 335 Assets and liabilities of Oncor Holdings at December 31, 2015 and 2014 are presented below: December 31, 2015 2014 ASSETS Current assets: Cash and cash equivalents $ 26 $ 5 Restricted cash 38 56 Trade accounts receivable — net 388 407 Trade accounts and other receivables from affiliates 118 118 Income taxes receivable from EFH Corp. 107 144 Inventories 82 73 Accumulated deferred income taxes — 10 Prepayments and other current assets 88 91 Total current assets 847 904 Restricted cash — 16 Other investments 97 97 Property, plant and equipment — net 13,024 12,463 Goodwill 4,064 4,064 Regulatory assets — net 1,194 1,429 Other noncurrent assets 31 34 Total assets $ 19,257 $ 19,007 LIABILITIES Current liabilities: Short-term borrowings $ 840 $ 711 Long-term debt due currently 41 639 Trade accounts payable — nonaffiliates 150 202 Income taxes payable to EFH Corp. 20 24 Accrued taxes other than income 181 174 Accrued interest 82 93 Other current liabilities 144 156 Total current liabilities 1,458 1,999 Accumulated deferred income taxes 1,985 1,978 Long-term debt, less amounts due currently 5,646 4,964 Other noncurrent liabilities and deferred credits 2,306 2,245 Total liabilities $ 11,395 $ 11,186 |
Goodwill And Identifiable Intan
Goodwill And Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 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 through 2014 (15,990 ) Balance at December 31, 2014 2,352 Additional noncash impairment charges in 2015 (2,200 ) Balance at December 31, 2015 (a) $ 152 ____________ (a) Net of accumulated impairment charges totaling $18.190 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 fourth quarter of 2015, we performed our goodwill impairment analysis as of our annual testing date of December 1. Further, during the fourth quarter of 2015, there were significant declines in the market values of several similarly situated peer companies (with respect to our Competitive Electric segment) with publicly traded equity, which indicated the overall enterprise value of our Competitive Electric segment should be reassessed. Our testing resulted in an impairment of goodwill of $800 million at December 1, 2015, which we reported in the Competitive Electric segment results. During the first nine months of 2015, we experienced impairment indicators 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. Our testing of goodwill for impairment during the first nine months of 2015 resulted in impairment charges totaling $1.4 billion , which we reported in the Competitive Electric segment results. Key inputs into our goodwill impairment testing at December 1, 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 48% at December 1, 2015 and 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% for the impairments recorded in 2015 and 6.25% at December 1, 2014. 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. Changes in the above and other assumptions could materially affect the calculated amount of implied goodwill and any resulting goodwill impairment charge. During the third quarter of 2014, we experienced an impairment indicator related to significant decreases in forward wholesale electricity prices when compared to those prices reflected in our December 1, 2013 goodwill impairment testing analysis. As a result, the likelihood of a goodwill impairment had increased, and we initiated further testing of goodwill as of September 30, 2014, which was completed during the fourth quarter. Our testing resulted in an impairment of $1.6 billion of goodwill at September 30, 2014, which we recorded in the fourth quarter of 2014 and is reported in the Competitive Electric segment results. During the fourth quarter of 2014, we also performed our goodwill impairment analysis as of our annual testing date of December 1. During the fourth quarter of 2014, we completed our annual update of our long-range financial and operating plan, which reflected extended seasonal outages and reduced operations at several of our older lignite/coal fueled generation facilities as a result of the lower wholesale electricity prices and potential impacts to those facilities from proposed environmental regulations. The resulting impairment charge recorded on our long-lived assets was factored into our December 1 goodwill impairment test. Our testing did no t result in an additional impairment of goodwill at December 1, 2014. During the fourth quarter of 2013, we recorded a $1.0 billion goodwill impairment charge related to the Competitive Electric segment. The impairment charge in 2013 reflected declines in the estimated fair value of the Competitive Electric segment as a result of lower wholesale electricity prices, the sustained decline in natural gas prices, the maturing of positions in our natural gas hedge program and declines in market values of securities of comparable companies. The impairment determinations involved significant assumptions and judgments. The calculations supporting the estimates of the fair value of our Competitive Electric segment and the fair values of its assets and liabilities utilized models that take into consideration multiple inputs, including commodity prices, 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 16 ). 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: December 31, 2015 December 31, 2014 Identifiable Intangible Asset Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Retail customer relationship $ 463 $ 442 $ 21 $ 463 $ 425 $ 38 Capitalized in-service software 362 214 148 362 216 146 Other identifiable intangible assets (a) 72 35 37 460 291 169 Total identifiable intangible assets subject to amortization $ 897 $ 691 206 $ 1,285 $ 932 353 Retail trade name (not subject to amortization) 955 955 Mineral interests (not currently subject to amortization) 5 7 Total identifiable intangible assets $ 1,166 $ 1,315 ____________ (a) Includes favorable purchase and sales contracts, environmental allowances and credits and mining development costs. See discussion below regarding impairment charges recorded in 2014 and 2015 related to other identifiable intangible assets. At December 31, 2015 and 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 statements of consolidated income (loss) line item) consisted of: Identifiable Intangible Asset Statements of Consolidated Income (Loss) Line Segment Remaining useful lives at December 31, 2015 (weighted average in years) Year Ended December 31, 2015 2014 2013 Retail customer relationship Depreciation and amortization Competitive Electric 2 $ 17 $ 23 $ 24 Capitalized in-service software Depreciation and amortization Competitive Electric and Corporate and Other 3 49 45 42 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees Competitive Electric 8 30 88 69 Total amortization expense (a) $ 96 $ 156 $ 135 ____________ (a) Amounts recorded in depreciation and amortization totaled $74 million , $102 million and $97 million in 2015 , 2014 and 2013 , respectively. Following is a description of the separately identifiable intangible assets recorded as part of purchase accounting for the Merger. The intangible assets were recorded at estimated fair value as of the Merger date, based on observable prices or estimates of fair value using valuation models. • Retail customer relationship – Retail customer relationship intangible asset represents the fair value of the non-contracted customer base and is being amortized using an accelerated method based on customer attrition rates and reflecting the expected pattern in which economic benefits are realized over their estimated useful life. • Retail trade name – The trade name intangible asset represents the fair value of the TXU Energy trade name, and was determined to be an indefinite-lived asset not subject to amortization. This intangible asset is evaluated for impairment at least annually in accordance with accounting guidance related to goodwill and other intangible assets. Significant assumptions included within the development of the fair value estimate include TXU Energy's estimated gross margin for future periods and an implied royalty rate. No impairment was recorded as a result of our 2015 analysis. • Favorable purchase and sales contracts – Favorable purchase and sales contracts intangible asset primarily represents the above market value of commodity contracts for which: (i) we had made the normal purchase or sale election allowed by accounting standards related to derivative instruments and hedging transactions or (ii) the contracts did not meet the definition of a derivative. The amortization periods of these intangible assets are based on the terms of the contracts. Unfavorable purchase and sales contracts are recorded as other noncurrent liabilities and deferred credits (see Note 21 ). See below for discussion of impairment of certain intangible assets related to favorable purchase and sales contracts in 2015 and 2014. Environmental allowances and credits – This intangible asset represents the fair value of environmental credits, substantially all of which were expected to be used in our power generation activities. These credits are amortized utilizing a units-of-production method. See below for discussion of impairment of certain allowances in 2015 and 2014. I ntangible Impairments The impairments of our generation facilities in 2015 (see Note 9 ) 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 16 ). 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 year ended December 31, 2015, we recorded noncash impairment charges of $55 million 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 (see Note 8 ) related to mine development costs (included in other identifiable intangible assets in the table above) at the facilities. During the first quarter of 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 first quarter of 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 (REC) 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 8 ). During the fourth quarter of 2014, we determined that certain intangible assets related to favorable power purchase contracts should be evaluated for impairment. That conclusion was based on the combination of (1) the review of contracts for rejection as part of the Chapter 11 Cases, which could result in termination of contracts before the end of their estimated useful life and (2) declines in wholesale electricity prices. Our fair value measurement was based on a discounted cash flow analysis of the contracts that compared the contractual price and terms of the contract to forecasted wholesale electricity and REC prices in ERCOT. As a result of the analysis, we recorded a noncash impairment charge of $183 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions (see Note 8 ). As a result of the CSAPR, which became effective on January 1, 2015, and other new or proposed EPA rules, we projected that as of December 31, 2014 we had excess SO 2 emission allowances under the Clean Air Act's existing acid rain cap-and-trade program. In addition, the impairments of our Monticello, Martin Lake and Sandow 5 generation facilities (see Note 9 ) resulted in the impairment of the SO 2 allowances 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 16 ). Accordingly we recorded a noncash impairment charge of $80 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions related to our existing environmental allowances and credits intangible asset in 2014. SO 2 emission allowances granted to us were recorded as intangible assets at fair value in connection with purchase accounting related to the Merger in 2007. Estimated Amortization of Identifiable Intangible Assets The estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as follows: Year Estimated Amortization Expense 2016 $ 66 2017 $ 55 2018 $ 35 2019 $ 22 2020 $ 11 |
Accounting For Uncertainty In I
Accounting For Uncertainty In Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Accounting for Uncertainty in Income Taxes [Abstract] | |
Accounting for Uncertainty in Income Taxes | ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES Accounting guidance related to uncertain tax positions requires that all tax positions subject to uncertainty be reviewed and assessed with recognition and measurement of the tax benefit based on a "more-likely-than-not" standard with respect to the ultimate outcome, regardless of whether this assessment is favorable or unfavorable. We file or have filed income tax returns in US federal, state and foreign jurisdictions and are subject to examinations by the IRS and other taxing authorities. Examinations of our income tax returns for the years ending prior to January 1, 2010 are complete. Federal income tax returns are under examination for tax years 2010 to 2014. Texas franchise and margin tax returns are under examination or still open for examination for tax years beginning after 2006. In the fourth quarter of 2015, we and the IRS agreed to a revised estimate of interest owed with respect to prior tax years settled at audit and appeals. This agreement around interest computations had the effect of lowering our expected payable to the IRS related to these tax years by approximately $15 million . 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 2014, the IRS filed a claim with the Bankruptcy Court for open tax years through 2013 that was consistent with the settlement we reached with IRS Appeals for tax years 2003-2006. Also in 2014, we signed a final agreed RAR with the IRS and associated documentation for the 2007 tax year. As a result of these events, we effectively settled the 2003-2007 open tax years and reduced the liability for uncertain tax positions related to such years by $174 million , resulting in a $139 million reclassification to the accumulated deferred income tax liability and the recording of a net $35 million income tax benefit reflecting the settlement of certain positions. These events also resulted in an increase in the payable to the IRS of $50 million (including $18 million of interest), and a payable to Oncor of $64 million . The total income tax benefit of $35 million reflected a $31 million income tax benefit recorded in Corporate and Other activities and a $4 million income tax benefit reported in the Competitive Electric segment results. In recording the 2014 impacts, the Company identified approximately $90 million of income tax expense related to 2013 which was recorded in December 2014. The impact of recording this expense was not material to the financial statements in 2013 or 2014. In 2013, EFH Corp. and the IRS agreed on terms to resolve disputed adjustments related to the IRS audit for the years 2003 through 2006, which was concluded in June 2011. Also in 2013, we received approval from the Joint Committee on Taxation of the IRS appeals settlement of all issues arising from the 1997 through 2002 IRS audit, which includes all tax issues related to EFH Corp.'s discontinued Europe operations. The IRS proposed a significant number of adjustments to the originally filed returns for such years related to one significant accounting method issue and other less significant issues. As a result of these events, we reduced the liability for uncertain tax positions by $1.598 billion , including $188 million in interest accruals. Other effects included the recording of a $13 million noncurrent federal income tax liability, an $8 million current federal income tax liability related to an expected interest payment owed as a result of the settlement of all issues arising from the 1997 through 2002 IRS audit, a $15 million current state income tax liability and a $33 million federal income tax receivable from Oncor under the Federal and State Income Tax Allocation Agreement (see Note 7 ). The settlements in 2013 resulted in the elimination of a substantial majority of the net operating loss carryforwards and alternative minimum tax credit carryforwards generated through 2013. In total, the settlements in 2013 resulted in an increase of $1.193 billion in the accumulated deferred income tax liability and an income tax benefit of $305 million . Of the total income tax benefit, $122 million (after-tax) was attributable to the release of accrued interest. The $305 million tax benefit reflected a $226 million income tax benefit reported in Corporate and Other activities and a $79 million income tax benefit reported in the Competitive Electric segment results. In September 2013, the US Treasury and the IRS issued final tangible property regulations that relate to repair and maintenance costs. As a result of our analysis of these regulations, in the fourth quarter 2013 we reduced the liability for uncertain tax positions by $159 million and reclassified that amount to the accumulated deferred income tax liability and recorded a $6 million income tax benefit representing a reversal of accrued interest. We classify interest and penalties related to uncertain tax positions as current income tax expense. Amounts recorded related to interest and penalties totaled benefits of $3 million and $3 million in 2015 and 2014, respectively, and a benefit of $132 million in 2013, reflecting a reversal of interest previously accrued as a result of the IRS settlements discussed above (all amounts after tax). Ongoing accruals of interest after the IRS settlements were not material in 2015, 2014 and 2013. Noncurrent liabilities included a total of $4 million and $9 million in accrued interest at December 31, 2015 and 2014 , respectively. The federal income tax benefit on the interest accrued on uncertain tax positions is recorded as accumulated deferred income taxes. The following table summarizes the changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheets, during the years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Balance at January 1, excluding interest and penalties $ 65 $ 231 $ 1,788 Additions based on tax positions related to prior years — 61 655 Reductions based on tax positions related to prior years (11 ) (205 ) (1,817 ) Additions based on tax positions related to the current year — — 16 Reductions based on tax positions related to the current year — — (4 ) Settlements with taxing authorities (18 ) (22 ) (407 ) Balance at December 31, excluding interest and penalties $ 36 $ 65 $ 231 Of the balance at December 31, 2015 , $2 million represents tax positions for which the uncertainty relates to the timing of recognition in tax returns. The disallowance of such positions would not affect the effective tax rate, but could accelerate the payment of cash to the taxing authority to an earlier period. With respect to tax positions for which the ultimate deductibility is uncertain (permanent items), should we sustain such positions on income tax returns previously filed, tax liabilities recorded would be reduced by $35 million , and accrued interest would be reversed resulting in a $2 million after-tax benefit, resulting in increased net income and a favorable impact on the effective tax rate. With respect to the items discussed above, we reasonably expect the total amount of liabilities recorded related to uncertain tax positions will significantly decrease in the next twelve months due to the anticipated resolution of claims outstanding with the Texas Comptroller of Public Accounts and the IRS. We expect an approximately $2 million reclassification to the accumulated deferred income tax liability from the uncertain tax position liability during the next 12 months. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 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. Prior to April 2013, EFCH was a corporate member of the EFH Corp. consolidated group. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. Pursuant to applicable US Treasury regulations and published guidance of the IRS, corporations that are members of a consolidated group have joint and several liability for the taxes of such group. EFH Corp. 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. The Plan of Reorganization provides that upon the effective date of the plan the Debtors will reject this agreement. Under the terms of the Settlement Agreement, no further cash payments among the Debtors will be made in respect of federal income taxes. However, solely for accounting purposes, the EFH Corp. group continues to allocate federal income taxes among the entities that are parties to the Federal and State Income Tax Allocation Agreement. The Settlement Agreement did not alter the allocation and payment for state income taxes, which will continue to be settled. 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 Settlement Agreement had no impact on the tax sharing agreement among EFH, Oncor Holdings and Oncor. The components of our income tax benefit are as follows: Year Ended December 31, 2015 2014 2013 Current: US Federal $ (203 ) $ (126 ) $ (283 ) State 17 25 40 Total current (186 ) (101 ) (243 ) Deferred: US Federal (1,414 ) (2,507 ) (1,027 ) State (70 ) (11 ) (1 ) Total deferred (1,484 ) (2,518 ) (1,028 ) Total $ (1,670 ) $ (2,619 ) $ (1,271 ) Reconciliation of income taxes computed at the US federal statutory rate to income tax benefit recorded is as follows: Year Ended December 31, 2015 2014 2013 Loss before income taxes and equity in earnings of unconsolidated subsidiaries $ (7,346 ) $ (9,374 ) $ (3,931 ) Income taxes at the US federal statutory rate of 35% $ (2,571 ) $ (3,281 ) $ (1,376 ) Nondeductible goodwill impairment 770 560 350 Impairment of joint venture assets attributable to noncontrolling interests (Note 9) — — 37 IRS audit and appeals settlements (Note 6) (1 ) 7 (305 ) Texas margin tax, net of federal benefit — 11 10 Interest accrued for uncertain tax positions, net of tax (2 ) — (16 ) Nondeductible interest expense 23 22 23 Lignite depletion allowance (8 ) (14 ) (12 ) Nondeductible debt restructuring costs 136 78 6 Other (17 ) (2 ) 12 Income tax benefit $ (1,670 ) $ (2,619 ) $ (1,271 ) Effective tax rate 22.7 % 27.9 % 32.3 % Deferred Income Tax Balances Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2015 and 2014 are as follows: December 31, 2015 2014 Total Noncurrent (a) Total Current Noncurrent Deferred Income Tax Assets Alternative minimum tax credit carryforwards $ 99 $ 124 $ — $ 124 Employee benefit obligations 143 143 8 135 Net operating loss (NOL) carryforwards 966 1,022 — 1,022 Unfavorable purchase and sales contracts 193 202 — 202 Commodity contracts and interest rate swaps 129 6 — 6 Debt extinguishment gains 1,120 879 — 879 Accrued interest — — — — Other 113 85 2 83 Total 2,763 2,461 10 2,451 Deferred Income Tax Liabilities Property, plant and equipment 1,506 2,422 — 2,422 Commodity contracts and interest rate swaps — 44 44 — Identifiable intangible assets 312 355 — 355 Debt fair value discounts — 342 — 342 Debt extinguishment gains — 101 101 — Accrued interest 336 45 — 45 Other — — — — Total 2,154 3,309 145 3,164 Net Accumulated Deferred Income Tax (Asset) Liability $ (609 ) $ 848 $ 135 $ 713 ____________ (a) Reflects adoption of ASU 2015-17, Balance Sheet Classification of Deferred Taxes . See Note 1 . At December 31, 2015 we had $2.760 billion in net operating loss (NOL) carryforwards for federal income tax purposes that will begin to expire in 2034 . As discussed in Note 6 , audit settlements reached in 2013 resulted in the elimination of substantially all NOL carryforwards generated through 2013 and available AMT credits. The NOL carryforwards can be used to offset future taxable income. After analyzing our forecasted tax position at December 31, 2015 we currently expect to utilize all of our NOL carryforwards prior to their expiration dates. During 2014 and 2015, our deferred tax liabilities related to property, plant and equipment were significantly reduced due to impairment charges on certain long-lived assets recorded in those periods. See Note 9 for a discussion of impairment charges. Additionally, our deferred tax liabilities related to debt fair value discounts were eliminated due to the write-off of unamortized deferred debt issuance and extension costs, premiums and discounts previously classified as LSTC (see Note 13 ). At December 31, 2015 we had $99 million in alternative minimum tax (AMT) credit carryforwards available which may, in certain limited circumstances, be used to offset future tax payments. The AMT credit carryforwards have no expiration date, but may be limited in a change of control. The income tax effects of the components included in accumulated other comprehensive income at December 31, 2015 and 2014 totaled a net deferred tax asset of $68 million and $71 million , respectively. See Note 6 for discussion regarding accounting for uncertain tax positions, including the effects of the resolution of IRS audit matters. |
Other Income and Deductions
Other Income and Deductions | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income and Deductions | OTHER INCOME AND DEDUCTIONS Year Ended December 31, 2015 2014 2013 Other income: Office space rental income (a) $ 11 $ 11 $ 11 Sale of land (b) 5 2 1 Mineral rights royalty income (b) 4 4 5 All other 15 14 9 Total other income $ 35 $ 31 $ 26 Other deductions: Impairment of favorable purchase contracts (Note 5) (b) $ 8 $ 183 $ — Impairment of emission allowances (Note 5) (b) 55 80 — Impairment of mining development costs (Note 5) (b) 19 — — Impairment of remaining equipment from cancelled generation development program (b) — — 27 All other 13 13 26 Total other deductions $ 95 $ 276 $ 53 ____________ (a) Reported in Corporate and Other. (b) Reported in Competitive Electric segment. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets Impairment of Long-Lived Assets | 12 Months Ended |
Dec. 31, 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 2015 as a result of impairment indicators related to the continued decline in forecasted wholesale electricity prices in ERCOT. Our evaluations concluded that impairments existed, and the carrying values at our Big Brown, Martin Lake, Monticello, Sandow 4 and Sandow 5 generation facilities and related mining facilities were reduced in total by $2.541 billion . We evaluated our generation assets for impairment during 2014 as a result of several impairment indicators, including lower forecasted wholesale electricity prices in ERCOT, changes to operating assumptions for certain generation assets as detailed in our updated annual financial and operating plan and potential effects of new and/or proposed environmental regulations. Our evaluation concluded that impairments existed, and the carrying values for our Martin Lake, Monticello and Sandow 5 generation facilities and related mining facilities were reduced in total by $4.640 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 16 ). 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 2014, we wrote off previously incurred and deferred costs totaling $30 million 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, including increased costs of compliance with new and/or proposed environmental regulations. Impairment of Nuclear Generation Development Joint Venture Assets in 2013 In 2009, subsidiaries of TCEH and Mitsubishi Heavy Industries Ltd. (MHI) formed a joint venture, Comanche Peak Nuclear Power Company LLC (CPNPC), to develop two new nuclear generation units at our existing Comanche Peak nuclear plant site. CPNPC was consolidated as a VIE. In the fourth quarter 2014, MHI withdrew from the joint venture, and the TCEH subsidiary now owns 100% of CPNPC. In the fourth quarter of 2013, MHI notified us and the NRC of its plans to reduce its support of review activities related to the NRC's Design Certification of MHI's US-APWR technology. As a result, Luminant notified the NRC of its intent to suspend (but not withdraw) all reviews associated with the combined operating license application by March 31, 2014. MHI's decision and the expected amendment of the joint venture agreement triggered an analysis of the recoverability of the joint venture's assets. Because of the significant uncertainty regarding the development of the nuclear generation units, considering the wholesale electricity price environment in ERCOT and risks related to financing and cost escalation, in the fourth quarter 2013 essentially all the joint venture's assets were impaired resulting in a charge of $140 million . The charge is reported as other deductions and included in the Competitive Electric segment's results. MHI's allocated portion of the impairment charge totaled $107 million and is reported in net loss attributable to noncontrolling interests in the statements of consolidated income (loss). A deferred income tax benefit was recorded for our $33 million allocated portion of the impairment charge and is included in income tax benefit in the statements of consolidated income (loss). |
Reorganization Items (Reorganiz
Reorganization Items (Reorganization Items) (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Reorganization Items [Abstract] | |
Reorganization Items [Text Block] | REORGANIZATION ITEMS Expenses and income directly associated with the Chapter 11 Cases are reported separately in the statements of consolidated income (loss) as reorganization items as required by ASC 852, Reorganizations . Reorganization items also include adjustments to reflect the carrying value of liabilities subject to compromise (LSTC) at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the year ended December 31, 2015 and the post-petition period ended December 31, 2014 as reported in the statements of consolidated income (loss): Twelve Months Ended December 31, 2015 Post-Petition Period Ended December 31, 2014 Expenses related to legal advisory and representation services $ 310 $ 127 Expenses related to other professional consulting and advisory services 128 95 Contract claims adjustments 52 20 Noncash adjustment for estimated allowed claims related to debt (Note 13) 926 — Sponsor management agreement settlement (Notes 2 and 19) (86 ) — Contract assumption adjustments (14 ) — Noncash liability adjustment arising from termination of interest rate swaps (Note 13) — 278 Fees associated with repayment of EFIH Second Lien Notes (Note 13) 28 — Loss on exchange and settlement of EFIH First Lien Notes — 108 Fees associated with completion and extension of the TCEH and EFIH DIP Facilities (Note 12) 9 187 Other 2 — Total reorganization items $ 1,355 $ 815 |
Interest Expense and Related Ch
Interest Expense and Related Charges Interest Expense and Related Charges (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Interest Expense and Related Charges [Abstract] | |
Interest Expense Disclosure [Text Block] | INTEREST EXPENSE AND RELATED CHARGES Year Ended December 31, 2015 2014 2013 Interest paid/accrued on debtor-in-possession financing $ 295 $ 162 $ — Adequate protection amounts paid/accrued (a) 1,232 827 — Interest paid/accrued on pre-petition debt (b) 244 1,158 3,376 Interest expense on pre-petition toggle notes payable in additional principal (Note 13) — 65 176 Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) (c) — 1,237 — Unrealized mark-to-market net gain on interest rate swaps — (1,303 ) (1,058 ) Amortization of debt issuance, amendment and extension costs and discounts — 66 208 Capitalized interest (11 ) (17 ) (25 ) Other — 6 27 Total interest expense and related charges $ 1,760 $ 2,201 $ 2,704 ____________ (a) Post-petition period only. (b) For the year ended December 31, 2015 , amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 13 ). Includes amounts related to interest rate swaps totaling $194 million and $625 million for the years ended December 31, 2014 and 2013, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 17 . (c) Includes $1.225 billion related to terminated TCEH interest rate swaps and $12 million related to other interest rate swaps. Interest expense for the year ended December 31, 2015 reflects interest paid and accrued on debtor-in-possession financing (see Note 12 ), 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 $1.243 billion net liability related to the TCEH first-lien interest rate swaps and natural gas hedging positions terminated shortly after the Bankruptcy Filing (see Note 17 ), 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 13 ). The interest rate applicable to the adequate protection amounts paid/accrued at December 31, 2015 is 4.69% (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 12 . Additionally, the Bankruptcy Court approved post-petition interest payments on the EFIH Second Lien Notes in March 2015 as discussed in Note 13 . Additional interest payments may also be made upon approval by the Bankruptcy Court (see Note 14 ). 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 statements of consolidated income (loss) for the year ended December 31, 2015 and the post-petition period ended December 31, 2014 does not include $1.270 billion and $919 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 year ended December 31, 2015 and the post-petition period ended December 31, 2014 , adequate protection paid/accrued presented below excludes $60 million and $40 million , respectively, related to interest paid/accrued on the TCEH first-lien interest rate and commodity hedge claims (see Note 17 ), as such amounts are not included in contractual interest amounts below. Year Ended December 31, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 125 $ — $ — $ 125 EFIH 415 — 50 365 EFCH 7 — — 7 TCEH 2,069 1,172 — 897 Eliminations (b) (124 ) — — (124 ) Total $ 2,492 $ 1,172 $ 50 $ 1,270 Post-Petition Period Ended December 31, 2014 Entity: Contractual Interest on Adequate Protection Ordered Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 84 $ — $ — $ 84 EFIH 363 — 54 309 EFCH 4 — — 4 TCEH 1,392 787 — 605 Eliminations (b) (83 ) — — (83 ) Total $ 1,760 $ 787 $ 54 $ 919 ___________ (a) For the year ended December 31, 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 13 ). For the post-petition period ended December 31, 2014, represents interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 12 ). (b) Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
Debtor-In-Possession Borrowing
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise) (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Debtor-In-Possession Borrowing Facilities [Abstract] | |
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise [Text Block] | DEBTOR-IN-POSSESSION BORROWING FACILITIES AND LONG-TERM DEBT NOT SUBJECT TO COMPROMISE TCEH DIP Facility — The Bankruptcy Court approved the TCEH DIP Facility in June 2014. The TCEH DIP Facility currently provides for up to $3.375 billion 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 December 31, 2015 are presented below. Borrowings are reported in the consolidated balance sheets as borrowings under debtor-in-possession credit facilities. 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. The TCEH DIP Facility must be repaid in full prior to the TCEH Debtors emergence from the Chapter 11 Cases. December 31, 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 — 281 Total TCEH DIP Facility $ 3,375 $ 1,950 $ 281 ___________ (a) Facility used for general corporate purposes. No amounts were borrowed at December 31, 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 December 31, 2015 and 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 December 31, 2015 , $281 million is reported as cash and cash equivalents and $519 million is reported as restricted cash, which represents the amount of outstanding letters of credit. As discussed in Note 3 , we intend to utilize a portion of the remaining available cash borrowing capacity under the TCEH DIP Revolving Credit Facility and cash on hand to fund the acquisition of La Frontera Holdings, LLC. Amounts borrowed under the TCEH DIP Facility bear interest based on applicable LIBOR rates, subject to a 0.75% floor, plus 3% . At both December 31, 2015 and 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. As a result, in July 2014, TCEH terminated the $1.1 billion RCT Delayed Draw Letter of Credit commitment included in the original DIP facility. The TCEH DIP Facility provides for affirmative and negative covenants applicable to the TCEH Debtors, including affirmative covenants requiring the TCEH Debtors to provide financial information, budgets and other information to the agents under the TCEH DIP Facility, and negative covenants restricting the TCEH Debtors' ability to incur additional indebtedness, grant liens, dispose of assets, make investments, pay dividends or take certain other actions, in each case except as permitted in the TCEH DIP Facility. The TCEH Debtors' ability to borrow under the TCEH DIP Facility is subject to the satisfaction of certain customary conditions precedent set forth therein. The TCEH DIP Facility provides for certain customary events of default, including events of default resulting from non-payment of principal, interest or other amounts when due, material breaches of representations and warranties, material breaches of covenants in the TCEH DIP Facility or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against the TCEH Debtors. The agreement governing the TCEH DIP Facility includes a covenant that requires the Consolidated Superpriority Secured Net Debt to Consolidated EBITDA ratio not exceed 3.50 to 1.00. 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 13 ). The exchange and settlement of the EFIH First Lien Notes in 2014 resulted in a loss of $108 million , reported in reorganization items, which represents the excess of the principal amounts of debt issued, cash repayments and deferred financing costs associated with the exchanged and settled debt over the carrying value of the exchanged and settled debt and related accrued interest. As of December 31, 2015 , remaining cash on hand from borrowings under the EFIH DIP Facility, net of fees, totaled approximately $354 million , which was held as cash and cash equivalents. In the December 31, 2015 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. In January 2016, the EFIH Debtors paid a $13.5 million extension fee to extend the maturity date of the EFIH DIP Facility to December 2016. The terms of the EFIH DIP Facility were otherwise unchanged. The EFIH DIP Facility must be repaid in full prior to the EFIH Debtors emergence from the Chapter 11 Cases. 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 December 31, 2015 and 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) December 2016. 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 December 31, 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. December 31, 2015 2014 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) 13 21 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) 24 29 Unamortized fair value discount (a) (2 ) (3 ) Total EFCH 35 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 5 44 Other 2 2 Unamortized discount (1 ) (2 ) Total TCEH 19 73 Total EFH Corp. consolidated 95 167 Less amounts due currently (35 ) (39 ) Total long-term debt not subject to compromise $ 60 $ 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 | 12 Months Ended |
Dec. 31, 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. Prior to December 2015, 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 consolidated balance sheets at December 31, 2015 and 2014 : December 31, 2015 2014 Notes, loans and other debt per the following table $ 35,560 $ 35,124 Accrued interest on notes, loans and other debt 745 804 Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 17) 1,243 1,235 Trade accounts payable and other expected allowed claims 238 269 Total liabilities subject to compromise $ 37,786 $ 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. December 31, 2015 2014 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) 89 90 6.50% Fixed Series Q Senior Notes due November 15, 2024 (a) 198 201 6.55% Fixed Series R Senior Notes due November 15, 2034 (a) 288 291 Unamortized fair value discount (b) — (118 ) Total EFH Corp. 640 529 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 1,530 1,566 9.75% Fixed Senior Notes due October 15, 2019 2 2 Unamortized premium (b) — 243 Unamortized discount (b) — (121 ) Total EFIH 3,243 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 ) Total EFCH 9 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 December 31, 2015 2014 TCEH Floating Rate Term Loan Facilities due October 10, 2017 (a) 15,691 15,691 TCEH Floating Rate Letter of Credit Facility due October 10, 2017 1,020 1,020 11.5% Fixed Senior Secured Notes due October 1, 2020 1,750 1,750 15% Fixed Senior Secured Second Lien Notes due April 1, 2021 336 336 15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B 1,235 1,235 10.25% Fixed Senior Notes due November 1, 2015 (a) 1,833 1,833 10.25% Fixed Senior Notes due November 1, 2015, Series B (a) 1,292 1,292 10.50% / 11.25% Senior Toggle Notes due November 1, 2016 1,749 1,749 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 ) Other: Other 1 1 Unamortized discount (b) — (91 ) Total TCEH 31,668 31,474 Deferred debt issuance and extension costs (b) — (733 ) Total EFH Corp. consolidated notes, loans and other debt $ 35,560 $ 35,124 ___________ (a) Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity). The amounts of TCEH debt held by EFIH or EFH Corp. (parent entity) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. See Note 2 for discussion of the Settlement Agreement. . December 31, 2014 EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014 281 EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024 545 EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034 456 TCEH Floating Rate Term Loan Facilities due October 10, 2017 19 TCEH 10.25% Fixed Senior Notes due November 1, 2015 213 TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B 150 Total $ 1,664 (b) Due to the Settlement Agreement our pre-petition notes, loans and other debt reported as liabilities subject to compromise were updated to reflect our expected allowed claim amounts, resulting in the write-off to reorganization items of unamortized deferred debt issuance and extension costs, premiums and discounts classified as LSTC (see Note 11 ). Repayment of EFIH 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 December 31, 2015 , the principal amount outstanding on the 11.00% Notes and 11.75% Notes are $322 million and $1.389 billion , respectively. Charging Lien Advances In December 2015, the Bankruptcy Court approved certain charging lien advances related to pre-petition debt of both EFH Corp. and EFIH. Pursuant to those charging lien advances, the Debtors paid approximately $36 million to reduce EFIH Toggle Notes and accrued approximately $7 million to reduce EFH Corp. 5.55% Series P Notes due 2014, 6.50% Series Q Notes due 2024 and 6.55% Series R Notes due 2034. 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 December 31, 2015 , the restricted cash related to the pre-petition TCEH Letter of Credit Facility totaled $507 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 years ended December 31, 2015 and 2014 , $45 million and $245 million , respectively, of letters of credit were drawn upon by counterparties to settle amounts due from TCEH. Included in the year ended December 31, 2015 amount was $20 million drawn by certain executive officers to satisfy payments related to long-term incentive awards, and included in the year ended December 31, 2014 amount was $204 million related to pollution control revenue bonds that were tendered as noted below. Debt Related Activity in 2014 Repayments of debt in the year ended December 31, 2014 totaled $241 million and consisted of $233 million of payments of principal at scheduled maturity or mandatory tender and remarketing dates (including $204 million of pollution control revenue bond and $11 million of fixed secured facility bond payments) and $8 million of contractual payments under capital leases. Information Regarding Significant Pre-Petition Debt TCEH elected not to make interest payments due in April 2014 totaling $123 million on certain debt obligations. The TCEH pre-petition debt described below is junior in right of priority and payment to the TCEH DIP Facility, and the EFIH pre-petition debt (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% ; • $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 , and the notes are fully and unconditionally guaranteed on a joint and several unsecured basis by TCEH's direct parent, EFCH, and by each subsidiary that guarantees the TCEH Senior Secured Facilities. The TCEH 10.25% Notes bore interest at a fixed rate of 10.25% per annum. The TCEH Toggle Notes bore interest at a fixed rate of 10.50% per annum. EFIH 6.875% Senior Secured First Lien Notes — There were no principal amounts of the EFIH 6.875% Notes outstanding at December 31, 2015 as the notes were exchanged or settled in June 2014 as discussed in Note 12 . The notes bore interest at a fixed rate of 6.875% per annum. The EFIH 6.875% Notes were secured on a first-priority basis by EFIH's pledge of its 100% ownership of the membership interests in Oncor Holdings (the EFIH Collateral) on an equal and ratable basis with the EFIH 10% Notes (discussed below). EFIH 10% Senior Secured First Lien Notes — There were no principal amounts of the EFIH 10% Notes outstanding at December 31, 2015 as the notes were exchanged or settled in June 2014 as discussed in Note 12 . 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 $1.530 billion with interest at a fixed rate of 11.25% per annum for cash interest and 12.25% per annum for PIK Interest. The terms of the Toggle Notes include an election by EFIH, for any interest period until June 1, 2016, to pay interest on the Toggle Notes (i) entirely in cash; (ii) by increasing the principal amount of the notes or by issuing new EFIH Toggle Notes (PIK Interest); or (iii) 50% in cash and 50% in PIK Interest. EFIH made its pre-petition interest payments on the EFIH Toggle Notes by using the PIK feature of those notes. The EFIH Toggle Notes were issued in private placements and are not registered under the Securities Act. EFIH had agreed to use its commercially reasonable efforts to register with the SEC notes having substantially identical terms as the EFIH Toggle Notes (except for provisions relating to transfer restrictions and payment of additional interest) as part of an offer to exchange freely tradable notes for the EFIH Toggle Notes. Because the exchange offer was not completed, the annual interest rate on the EFIH Toggle Notes increased by 25 basis points (to 11.50% ) in December 2013 and by an additional 25 basis points (to 11.75% ) in March 2014. EFH Corp. 10.875% Senior Notes and 11.25%/12.00% Senior Toggle Notes — The collective principal amount of these notes totals $60 million . The notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by EFCH and EFIH. The notes bore interest at a fixed rate for the 10.875% Notes of 10.875% per annum and at a fixed rate for the Toggle Notes of 11.25% per annum. Material Cross Default/Acceleration Provisions — Certain of our pre-petition financing arrangements contain provisions that result in an event of default if there were a failure under other financing arrangements to meet payment terms or to observe other covenants that could or does result in an acceleration of payments due. Such provisions are referred to as "cross default" or "cross acceleration" provisions. The Bankruptcy Filing triggered defaults on our pre-petition debt obligations, but pursuant to the Bankruptcy Code, the creditors are stayed from taking any actions against the Debtors as a result of such defaults. Intercreditor Agreement — TCEH has entered into an intercreditor agreement with Citibank, N.A. and five secured commodity hedge counterparties (the Secured Commodity Hedge Counterparties). The intercreditor agreement takes into account, among other things, the possibility that TCEH could have issued notes and/or loans secured by collateral (other than the collateral that secures the TCEH Senior Secured Facilities) that ranks on parity with, or junior to, TCEH's existing first lien obligations under the TCEH Senior Secured Facilities. The Intercreditor Agreement provides that the lien granted to the Secured Commodity Hedge Counterparties ranks pari passu with the lien granted with respect to the collateral of the secured parties under the TCEH Senior Secured Facilities. The Intercreditor Agreement also provides that the Secured Commodity Hedge Counterparties are entitled to share, on a pro rata basis, in the proceeds of any liquidation of such collateral in connection with a foreclosure on such collateral in an amount provided in the TCEH Senior Secured Facilities. The Intercreditor Agreement also provides that the Secured Commodity Hedge Counterparties have voting rights with respect to any amendment or waiver of any provision of the Intercreditor Agreement that changes the priority of the Secured Commodity Hedge Counterparties' lien on such collateral relative to the priority of lien granted to the secured parties under the TCEH Senior Secured Facilities or the priority of payments to the Secured Commodity Hedge Counterparties upon a foreclosure and liquidation of such collateral relative to the priority of the lien granted to the secured parties under the TCEH Senior Secured Facilities. Second Lien Intercreditor Agreement — TCEH has also entered into a second lien intercreditor agreement (the Second Lien Intercreditor Agreement) with Citibank, N.A., as senior collateral agent, and The Bank of New York Mellon Trust Company, N.A., as initial second priority representative. The Second Lien Intercreditor Agreement provides that liens on the collateral that secure the obligations under the TCEH Senior Secured Facilities, the obligations of the Secured Commodity Hedge Counterparties and any other obligations which are permitted to be secured on a pari passu basis therewith (collectively, the First Lien Obligations) rank prior to the liens on such collateral securing the obligations under the TCEH Senior Secured Second Lien Notes, and any other obligations which are permitted to be secured on a pari passu basis (collectively, the Second Lien Obligations). The Second Lien Intercreditor Agreement provides that the holders of the First Lien Obligations are entitled to the proceeds of any liquidation of such collateral in connection with a foreclosure on such collateral until paid in full, and that the holders of the Second Lien Obligations are not entitled to receive any such proceeds until the First Lien Obligations have been paid in full. The Second Lien Intercreditor Agreement also provides that the holders of the First Lien Obligations control enforcement actions with respect to such collateral, and the holders of the Second Lien Obligations are not entitled to commence any such enforcement actions, with limited exceptions. The Second Lien Intercreditor Agreement also provides that releases of the liens on the collateral by the holders of the First Lien Obligations automatically require that the liens on such collateral by the holders of the Second Lien Obligations be automatically released, and that amendments, waivers or consents with respect to any of the collateral documents in connection with the First Lien Obligations apply automatically to any comparable provision of the collateral documents in connection with the Second Lien Obligations. EFIH Collateral Trust Agreement — EFIH entered into a Collateral Trust Agreement, among EFIH, Delaware Trust Company, as First Lien Successor Trustee, the other Secured Debt Representatives named therein and the Collateral Trustee. The Collateral Trust Agreement governing the pledge of collateral generally provides that the holders of a majority of the debt secured by a first priority lien on the collateral, including the notes and other future debt incurred by EFH or EFIH secured by the collateral equally and ratably, have, subject to certain limited exceptions, the exclusive right to manage, perform and enforce the terms of the security documents securing the rights of secured debt holders in the collateral, and to exercise and enforce all privileges, rights and remedies thereunder. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Contractual Commitments At December 31, 2015 , we had contractual commitments under energy-related contracts, leases and other agreements, some of which remain subject to potential rejection in the Chapter 11 Cases, as follows: Coal purchase and transportation agreements Pipeline transportation and storage reservation fees Nuclear Fuel Contracts Other Contracts 2016 $ 307 $ 13 $ 62 $ 130 2017 — 1 46 42 2018 — 1 72 14 2019 — 1 35 12 2020 — 1 37 14 Thereafter — 7 96 36 Total $ 307 $ 24 $ 348 $ 248 Expenditures under our coal purchase and coal transportation agreements totaled $218 million , $348 million and $353 million for the years ended December 31, 2015, 2014 and 2013 , respectively. At December 31, 2015 , future minimum lease payments under both capital leases and operating leases are as follows: Capital Leases Operating Leases (a) 2016 $ 3 $ 26 2017 2 32 2018 — 30 2019 — 28 2020 — 26 Thereafter — 139 Total future minimum lease payments 5 $ 281 Less amounts representing interest — Present value of future minimum lease payments 5 Less current portion 3 Long-term capital lease obligation $ 2 ___________ (a) Includes operating leases with initial or remaining noncancellable lease terms in excess of one year. Rent reported as operating costs, fuel costs and SG&A expenses totaled $84 million , $84 million and $90 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Guarantees We have entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. See Notes 12 and 13 for discussion of guarantees and security for certain of our post-petition and pre-petition debt. Letters of Credit At December 31, 2015 , TCEH had outstanding letters of credit under the TCEH DIP Facility totaling $519 million as follows: • $230 million to support commodity risk management and trading margin requirements in the normal course of business, including over-the-counter and exchange-traded hedging transactions and collateral postings with ERCOT; • $72 million to support executory contracts and insurance agreements; • $55 million to support TCEH's REP financial requirements with the PUCT, and • $162 million for other credit support requirements, including $131 million to support our purchase and sale agreement with La Frontera Holdings, LLC. 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 13 for discussion of letter of credit draws in 2015 and 2014. Litigation Aurelius Derivative Claim — Aurelius Capital Master, Ltd. and ACP Master, Ltd. (Aurelius) filed a lawsuit in March 2013, amended in May 2013, in the US District Court for the Northern District of Texas (Dallas Division) against EFCH as a nominal defendant and each of the current directors and a former director of EFCH. In the lawsuit, Aurelius, as a creditor under the TCEH Senior Secured Facilities and certain TCEH secured bonds, both of which are guaranteed by EFCH, filed a derivative claim against EFCH and its directors. Aurelius alleged that the directors of EFCH breached their fiduciary duties to EFCH and its creditors, including Aurelius, by permitting TCEH to make certain loans "without collecting fair and reasonably equivalent value." The lawsuit sought recovery for the benefit of EFCH. In January 2014, the district court granted EFCH's and the directors' motion to dismiss and in February 2014 dismissed the lawsuit. Aurelius has appealed the district court's judgment to the US Court of Appeals for the Fifth Circuit (Fifth Circuit Court). The appeal was automatically stayed as a result of the Bankruptcy Filing. We cannot predict the outcome of this proceeding, including the financial effects, if any. 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 12 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. In separate rulings in March and July 2015, the Bankruptcy Court found that no make-whole premium is due with respect to the EFIH 10% First Lien Notes. In July 2015, the indenture trustee appealed the Bankruptcy Court's ruling to the United States District Court for the District of Delaware and in February 2016 that court affirmed the Bankruptcy Court's rulings. In February 2016, the Indenture Trustee appealed the District Court's ruling to the Third Circuit Court of Appeals. 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 December 31, 2015 , the EFIH Second Lien Make-whole Claims were allowed, the amount of such claims would have been approximately $401 million plus reimbursement of expenses. 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 November 2015, the indenture trustee appealed the Bankruptcy Court's ruling to the United States District Court for the District of Delaware. Briefing is complete, but oral argument has not yet been scheduled. The EFIH Debtors intend to vigorously defend against this appeal. We cannot predict the outcome of this appeal. 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 or make-whole premium in connection with the cash repayment of the EFIH PIK Notes and that any post-petition interest owing on these notes is to be paid at the statutory Federal Judgment Rate of interest. 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. In November 2015, a majority of the EFIH PIK Noteholders settled their claims contingent on the Plan of Reorganization becoming effective. These settling noteholders have appealed both of the Bankruptcy Court's rulings to the United States District Court for the District of Delaware. Those appeals have been stayed, and if the Plan of Reorganization becomes effective, those appeals will likely be moot. If the Plan of Reorganization does not become effective, those appeals may be revived. Some EFIH PIK Noteholders have not settled their claims. They have appealed the Bankruptcy Court's ruling on post-petition interest to the United States District Court for the District of Delaware. That appeal has also been stayed. The non-settling EFIH PIK Noteholders have also sought to be awarded post-petition interest through an equitable proceeding suggested by the Bankruptcy Court’s second opinion. No briefing schedule has been set for that equitable proceeding. The EFIH Debtors intend to vigorously defend against the award of post-petition interest at a rate higher than the Federal Judgment Rate. We cannot predict the outcome of either of these appeals or any equitable proceeding seeking the award of post-petition interest. 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 December 31, 2015 , a make-whole claim and a post-petition interest claim were allowed, such claims would be $208 million and $66 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. In November 2015, these claims were settled contingent on the Plan of Reorganization becoming effective. If the Plan of Reorganization does not become effective, the claims related to the EFH Legacy Notes may be revived. In that case, EFH Corp. would vigorously pursue its claim objection. 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 December 31, 2015 , a redemption claim and a post-petition interest claim were allowed, such claims would be zero and $13 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. In November 2015, these claims were settled contingent on the Plan of Reorganization becoming effective. If the Plan of Reorganization does not become effective, these claims may be revived. In that case, EFH Corp. would vigorously pursue is claim objection. 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. These claims were released effective when the Bankruptcy Court approved the Settlement Agreement. The Settlement Agreement was approved in December 2015 and is expected to remain effective even if the Plan of Reorganization does not become effective. 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. In December 2015, the Bankruptcy Court denied Texas Transmission's motion to dismiss EFH Corp.'s adversary complaint. The Bankruptcy Court has scheduled a trial in March 2016 for this claim. We intend to vigorously pursue this claim, but we cannot predict the ultimate outcome of this proceeding. 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 — In August 2015, the EPA finalized rules to address greenhouse gas (GHG) emissions from new, modified and reconstructed units, and existing electricity generation plants. The rule for existing facilities would establish state-specific emissions rate goals to reduce nationwide CO 2 emissions related to affected electricity generation units by over 30% from 2012 emission levels by 2030. A number of parties, including Luminant, filed petitions for review in the D.C. Circuit Court for the rule for new, modified and reconstructed plants. In addition, a number of petitions for review of the rule for existing plants were filed in the D.C. Circuit Court by various parties and groups, including challenges from twenty-seven 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. In January 2016, the D.C. Circuit Court denied the motion to stay and ordered an expedited briefing on the merits. Oral argument is scheduled for June 2016. In January 2016, a coalition of states, industry (including Luminant) and other parties filed applications with the US Supreme Court asking that the court stay the rule. In February 2016, the US Supreme Court stayed the rule pending the conclusion of legal challenges on the rule before the D.C. Circuit Court and until the US Supreme Court disposes of any subsequent petition for review. 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. In August 2015, the EPA proposed model rules and federal plan requirements for states to consider as they develop state plans to comply with the rules for GHG emissions. A federal plan would then be finalized for a state if a state fails to submit a state plan by the deadlines established in the CAA for existing plants or if the EPA disapproves a submitted state plan. We filed comments on the federal plan proposal in January 2016. The EPA is expected to finalize the model rule 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. While we planned to participate in the EPA's reconsideration process to develop increased budgets that do not over-control Texas, the EPA instead responded to the remand by updating the budget for the 2008 ozone standard with a new rulemaking without explicitly addressing the issues of over-control of the 1997 standard. Comments on the EPA's proposal were submitted by Luminant in February 2016. 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. 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. Briefing in the D.C. Circuit Court on the challenges is scheduled to be completed by October 2016. We cannot predict the timing or outcome of this proceeding. 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. Environmental Contingencies See discussion above regarding the CSAPR that includes provisions which, among other things, place limits on SO 2 and NO X emissions produced by electricity generation plants. We do not believe the CSAPR provisions and the MATS rule issued by the EPA in December 2011 will have any material impact on our business, results of operations, liquidity or financial condition. We must comply with environmental laws and regulations applicable to the handling and disposal of hazardous waste. We believe that we are in compliance with current environmental laws and regulations; however, the impact, if any, of changes to existing regulations or the implementation of new regulations is not determinable and could materially affect our financial condition, results of operations and liquidity. The costs to comply with environmental regulations could be significantly affected by the following external events or conditions: • enactment of state or federal regulations regarding CO 2 and other greenhouse gas emissions; • other changes to existing state or federal regulation regarding air quality, water quality, control of toxic substances and hazardous and solid wastes, and other environmental matters, including revisions to clean air regulations developed by the EPA as a result of court rulings discussed above and MATS and Regional Haze, and • the identification of sites requiring clean-up or the filing of other complaints in which we may be asserted to be a potential responsible party under applicable environmental laws or regulations. In February 2016, the EPA notified Texas of the EPA's preliminary intention to designate as nonattainment areas around our Big Brown, Monticello and Martin Lake plants based on modeling data submitted to the EPA by Sierra Club. We continue to believe that these models do not accurately predict actual SO 2 emissions measurements and that these designations should be determined by emissions data from air quality monitors. Should the EPA finalize these designations as intended in July 2016, Texas will begin the multi-year process to evaluate what potential emission controls or operational changes, if any, may be necessary to demonstrate attainment. Labor Contracts Certain personnel engaged in TCEH activities are represented by labor unions and covered by collective bargaining agreements. During 2015, all collective bargaining agreements covering bargaining unit personnel engaged in lignite mining operations, lignite/coal fueled generation operations, nuclear fueled generation operations and some of our natural gas powered generation operations were extended to March 2017. We do not expect any changes in collective bargaining agreements to have a material effect on our results of operations, liquidity or financial condition. Nuclear Insurance Nuclear insurance includes liability coverage, property damage, decontamination and premature decommissioning coverage and accidental outage and/or extra expense coverage. Nuclear insurance maintained meets or exceeds requirements promulgated by Section 170 (Price-Anderson) of the Atomic Energy Act (Act) and Title 10 of the Code of Federal Regulations. We intend to maintain insurance against nuclear risks as long as such insurance is available. The company is self-insured to the extent that losses (i) are within the policy deductibles, (ii) are not covered per policy exclusions, terms and limitations, (iii) exceed the amount of insurance maintained, or (iv) are not covered due to lack of insurance availability. Such losses could have a material effect on our financial condition and results of operations and liquidity. With regard to liability coverage, the Act provides for financial protection for the public in the event of a significant nuclear generation plant incident. The Act sets the statutory limit of public liability for a single nuclear incident at $13.6 billion and requires nuclear generation plant operators to provide financial protection for this amount. The US Congress could impose revenue-raising measures on the nuclear industry to pay claims exceeding the $13.6 billion limit for a single incident mandated by the Act. As required, the company provides this financial protection for a nuclear incident at Comanche Peak resulting in public bodily injury and property damage through a combination of private insurance and industry-wide retrospective payment plan known as the Secondary Financial Protection (SFP). Under the SFP, in the event of an incident at any nuclear generation plant in the US, each operating licensed reactor in the US is subject to an assessment of up to $127.3 million and this amount is subject to increases for inflation every five years, with the next adjustment expected in September 2018. Assessments are currently limited to $19 million per operating licensed reactor per year per incident. The company's maximum potential assessment under the industry retrospective plan would be $254.6 million per incident but no more than $37.9 million in any one year for each incident. The potential assessment is triggered by a nuclear liability loss in excess of $375 million per accident at any nuclear facility. With respect to nuclear decontamination and property damage insurance, the NRC requires that nuclear generation plant license-holders maintain at least $1.06 billion of such insurance and require the proceeds thereof to be used to place a plant in a safe and stable condition, to decontaminate it pursuant to a plan submitted to and approved by the NRC before the proceeds can be used for plant repair or restoration or to provide for premature decommissioning. The company maintains nuclear decontamination and property damage insurance for Comanche Peak in the amount of $2.25 billion (subject to $5 million deductible per accident), above which the company is self-insured. The company maintains Accidental Outage insurance to cover the additional costs of obtaining replacement electricity from another source if one or both of the units at Comanche Peak are out of service for more than twelve weeks as a result of covered direct physical damage. The coverage provides for weekly payments of $3.5 million for the first fifty-two weeks and $2.8 million for the next 110 weeks for each outage, respectively, after the initial twelve -week waiting period. The total maximum coverage is $490 million per unit. The coverage amounts applicable to each unit will be reduced to 80% if both units are out of service at the same time as a result of the same accident. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY Equity Issuances and Repurchases Changes in common stock shares outstanding for each of the last three years are reflected (in millions of shares) in the table below. Essentially all shares issued and purchased were as a result of stock-based compensation transactions for the benefit of certain officers, directors and employees. Year Ended December 31, 2015 2014 2013 Shares outstanding at beginning of year 1,669.9 1,669.9 1,680.5 Shares issued (a) — — 1.7 Shares repurchased — — (12.3 ) Shares outstanding at end of year 1,669.9 1,669.9 1,669.9 ____________ (a) Includes share awards granted to directors and other nonemployees. Dividend Restrictions EFH Corp. has not declared or paid any dividends since the Merger. The agreement governing the TCEH DIP Facility generally restricts TCEH's ability to make distributions or loans to any of its parent companies or their subsidiaries unless such distributions or loans are expressly permitted under the agreement governing such facility. The agreement governing the EFIH DIP Facility generally restricts EFIH's ability to make distributions or loans to any of its parent companies or their subsidiaries unless such distributions or loans are expressly permitted under the agreement governing such facility. Under applicable law, we are prohibited from paying any dividend to the extent that immediately following payment of such dividend, there would be no statutory surplus or we would be insolvent. In addition, due to the Chapter 11 Cases, no dividends are eligible to be paid without the approval of the Bankruptcy Court. Noncontrolling Interests At December 31, 2015 , ownership of Oncor's membership interests was as follows: 80.03% held indirectly by EFH Corp., 0.22% held indirectly by Oncor's management and board of directors and 19.75% held by Texas Transmission. See Note 4 for discussion of the deconsolidation of Oncor effective January 1, 2010. As discussed in Notes 4 and 9 , we consolidated a joint venture formed in 2009 for the purpose of developing two new nuclear generation units, which resulted in a noncontrolling interests component of equity. Net loss attributable to noncontrolling interests of $107 million for the year ended December 31, 2013 reflected the noncontrolling interest share of the impairment of the assets of the nuclear generation development joint venture. Net loss attributable to the noncontrolling interests was immaterial for the years ended December 31, 2015 and 2014 . Accumulated Other Comprehensive Income (Loss) The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2015 . Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 17) Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 18) Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ (53 ) $ (77 ) $ (130 ) Other comprehensive loss before reclassifications (after tax) — 5 5 Amounts reclassified from accumulated other comprehensive income (loss) and reported in: Operating costs — (3 ) (3 ) Depreciation and amortization 2 — 2 Selling, general and administrative expenses — (4 ) (4 ) 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 3 (4 ) (1 ) Total change during the period 3 1 4 Balance at December 31, 2015 $ (50 ) $ (76 ) $ (126 ) The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2014 . In conjunction with the remeasurement of the EFH Corp. OPEB liability during the period (see Note 18 ), we recognized an additional $17 million of other comprehensive loss. Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 17) Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 18) Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2013 $ (56 ) $ (7 ) $ (63 ) Other comprehensive loss before reclassifications (after tax) — (66 ) (66 ) Amounts reclassified from accumulated other comprehensive income (loss) and reported in: Operating costs — (4 ) (4 ) Depreciation and amortization 2 — 2 Selling, general and administrative expenses — (2 ) (2 ) Interest expense and related charges — — — Income tax benefit (expense) (1 ) 2 1 Equity in earnings of unconsolidated subsidiaries (net of tax) 2 — 2 Total amount reclassified from accumulated other comprehensive income (loss) during the period 3 (4 ) (1 ) Total change during the period 3 (70 ) (67 ) Balance at December 31, 2014 $ (53 ) $ (77 ) $ (130 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 17 for additional information regarding credit risk associated with our derivatives). We utilize published credit ratings, default rate factors and debt trading values in calculating these fair value measurement adjustments. Certain derivatives and financial instruments are valued utilizing option pricing models that take into consideration multiple inputs including, but not limited to, commodity prices, volatility factors, discount rates and other market based factors. Additionally, when there is not a sufficient amount of observable market data, valuation models are developed that incorporate proprietary views of market factors. Significant unobservable inputs used to develop the valuation models include volatility curves, correlation curves, illiquid pricing locations and credit/non-performance risk assumptions. Those valuation models are generally used in developing long-term forward price curves for certain commodities. We believe the development of such curves is consistent with industry practice; however, the fair value measurements resulting from such curves are classified as Level 3. The significant unobservable inputs and valuation models are developed by employees trained and experienced in market operations and fair value measurements and validated by the company's risk management group, which also further analyzes any significant changes in Level 3 measurements. Significant changes in the unobservable inputs could result in significant upward or downward changes in the fair value measurement. With respect to amounts presented in the following fair value hierarchy tables, the fair value measurement of an asset or liability (e.g., a contract) is required to fall in its entirety in one level, based on the lowest level input that is significant to the fair value measurement. Certain assets and liabilities would be classified in Level 2 instead of Level 3 of the hierarchy except for the effects of credit reserves and non-performance risk adjustments, respectively. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability being measured. Assets and liabilities measured at fair value on a recurring basis consisted of the following: December 31, 2015 Level 1 Level 2 Level 3 (a) Total Assets: Commodity contracts $ 385 $ 41 $ 49 $ 475 Nuclear decommissioning trust – equity securities (b) 380 219 — 599 Nuclear decommissioning trust – debt securities (b) — 319 — 319 Total assets $ 765 $ 579 $ 49 $ 1,393 Liabilities: Commodity contracts $ 128 $ 64 $ 12 $ 204 Total liabilities $ 128 $ 64 $ 12 $ 204 December 31, 2014 Level 1 Level 2 Level 3 (a) Total Assets: Commodity contracts $ 402 $ 46 $ 49 $ 497 Nuclear decommissioning trust – equity securities (b) 375 217 — 592 Nuclear decommissioning trust – debt securities (b) — 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) The nuclear decommissioning trust investment is included in the other investments line in the consolidated balance sheets. See Note 21 . Commodity contracts consist primarily of natural gas, electricity, fuel oil, uranium and coal agreements and include financial instruments entered into for hedging purposes as well as physical contracts that have not been designated normal purchases or sales. See Note 17 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. The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at December 31, 2015 and 2014 : December 31, 2015 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 1 $ (1 ) $ — Valuation Model Illiquid pricing locations (c) $15 to $35/MWh Hourly price curve shape (d) $15 to $45/MWh Electricity congestion revenue rights 39 (4 ) 35 Market Approach (e) Illiquid price differences between settlement points (f) $0 to $10/MWh Other (i) 9 (7 ) 2 Total $ 49 $ (12 ) $ 37 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. There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy for the years ended December 31, 2015 , 2014 and 2013 . See the table of changes in fair values of Level 3 assets and liabilities below for discussion of transfers between Level 2 and Level 3 for the years ended December 31, 2015 , 2014 and 2013 . The following table presents the changes in fair value of the Level 3 assets and liabilities for the years ended December 31, 2015 , 2014 and 2013 . Year Ended December 31, 2015 2014 2013 Net asset (liability) balance at beginning of period $ 35 $ (973 ) $ 29 Total unrealized valuation gains (losses) 27 (97 ) (48 ) Purchases, issuances and settlements (a): Purchases 49 63 92 Issuances (13 ) (5 ) (7 ) Settlements (48 ) 1,053 138 Transfers into Level 3 (b) 1 — (1,181 ) Transfers out of Level 3 (b) (14 ) (6 ) 4 Net change (c) 2 1,008 (1,002 ) Net asset (liability) balance at end of period $ 37 $ 35 $ (973 ) Unrealized valuation gains (losses) relating to instruments held at end of period $ 18 $ (5 ) $ 435 ____________ (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 2014 reflect termination of the TCEH interest rate swaps and include the reversal of a nonperformance risk adjustment as discussed in Note 17 . (b) Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. All Level 3 transfers during the years presented are in and out of Level 2. Transfers into Level 3 during 2013 reflect a nonperformance risk adjustment in the valuation of the TCEH interest rate swaps, which were secured by a first-lien interest in the same assets of TCEH (on a pari passu basis) with the TCEH Senior Secured Facilities and the TCEH Senior Secured Notes (see Note 13 ). (c) Substantially all changes in values of commodity contracts are reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Changes in values of interest rate swaps transferred into Level 3 in 2013 are reported in the statements of consolidated income (loss) in interest expense and related charges (see Note 10 ). 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 | 12 Months Ended |
Dec. 31, 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 16 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 statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Interest Rate Swap Transactions — Interest rate swap agreements have been used to reduce exposure to interest rate changes by converting floating-rate debt to fixed rates, thereby hedging future interest costs and related cash flows. Interest rate basis swaps were used to effectively reduce the hedged borrowing costs. Unrealized gains and losses arising from changes in the fair value of the swaps as well as realized gains and losses upon settlement of the swaps were reported in the statements of consolidated income (loss) in interest expense and related charges. As of December 31, 2015 and 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 for the terminations totaled $1.116 billion , which represented a realized loss of $1.233 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 $1.243 billion is subject to the terms of settlement of TCEH's first-lien claims ultimately approved by the Bankruptcy Court and is reported in the consolidated balance sheets as a liability subject to compromise. Additionally, counterparties associated with the net liability are allowed, and have been receiving, adequate protection payments related to their claims as permitted by TCEH's cash collateral order approved by the Bankruptcy Court (see Note 10 ). 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 statements of consolidated income (loss) in accordance with ASC 852 (see Note 11 ). Financial Statement Effects of Derivatives Substantially all derivative contractual assets and liabilities arise from mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of commodity and other derivative contractual assets and liabilities (with the column totals representing the net positions of the contracts) as reported in the consolidated balance sheets at December 31, 2015 and 2014 (noncurrent assets and liabilities are reported in other noncurrent assets and other noncurrent liabilities and deferred credits, respectively). All amounts relate to commodity contracts. December 31, 2015 December 31, 2014 Derivative Assets Derivative Liabilities Total Derivative Assets Derivative Liabilities Total Current assets $ 465 $ — $ 465 $ 492 $ — $ 492 Noncurrent assets 10 — 10 5 — 5 Current liabilities — (203 ) (203 ) — (316 ) (316 ) Noncurrent liabilities — (1 ) (1 ) — (1 ) (1 ) Net assets (liabilities) $ 475 $ (204 ) $ 271 $ 497 $ (317 ) $ 180 At December 31, 2015 and 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: Year Ended December 31, Derivative (statements of consolidated income (loss) presentation) 2015 2014 2013 Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) $ 380 $ 17 $ (54 ) Interest rate swaps (Interest expense and related charges) (b) — (128 ) 433 Interest rate swaps (Reorganization items) (Note 11) — (278 ) — Net gain (loss) $ 380 $ (389 ) $ 379 ____________ (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 10 ). 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 the years ended December 31, 2015 , 2014 and 2013 . There were no amounts recognized in OCI for the years ended December 31, 2015 , 2014 or 2013 . There were no transactions designated as cash flow hedges during the years ended December 31, 2015 , 2014 or 2013 . Accumulated other comprehensive income related to cash flow hedges (excluding Oncor's interest rate hedges) at December 31, 2015 and 2014 totaled $34 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 December 31, 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 consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. We may enter into offsetting positions with the same counterparty, resulting in both assets and liabilities. Volatility in underlying commodity prices can result in significant changes in assets and liabilities presented from period to period. Margin deposits that contractually offset these derivative instruments are reported separately in the consolidated balance sheets. Margin deposits received from counterparties are either used for working capital or other corporate purposes or are deposited in a separate restricted cash account. At December 31, 2015 and 2014 , essentially all margin deposits held were unrestricted. We maintain standardized master netting agreements with certain counterparties that allow for the netting of positive and negative exposures. Generally, we utilize the International Swaps and Derivatives Association (ISDA) standardized contract for financial transactions, the Edison Electric Institute standardized contract for physical power transactions and the North American Energy Standards Board (NAESB) standardized contract for physical natural gas transactions. These contain credit enhancements that allow for the right to offset assets and liabilities and collateral received in order to reduce credit exposure between us and the counterparty. These agreements contain specific language related to margin requirements, monthly settlement netting, cross-commodity netting and early termination netting, which is negotiated with the contract counterparty. The following tables reconcile our derivative assets and liabilities as presented in the consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: December 31, 2015 Amounts Presented in Balance Sheet Offsetting Instruments (a) Financial Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 475 $ (145 ) $ (147 ) $ 183 Derivative liabilities: Commodity contracts (204 ) 145 6 (53 ) Net amounts $ 271 $ — $ (141 ) $ 130 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 December 31, 2015 and 2014 : December 31, 2015 2014 Derivative type Notional Volume Unit of Measure Natural gas (a) 1,489 1,687 Million MMBtu Electricity 58,022 22,820 GWh Congestion Revenue Rights (b) 106,260 89,484 GWh Coal 10 10 Million US tons Fuel oil 35 36 Million gallons Uranium 75 150 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 the Chapter 11 Cases, substantially all of such collateral posting requirements have already been effective. At December 31, 2015 and 2014 , the fair value of liabilities related to derivative instruments under agreements with credit risk-related contingent features that were not fully collateralized totaled $58 million and $17 million , respectively. The liquidity exposure associated with these liabilities was reduced by cash and letter of credit postings with counterparties totaling $31 million and $5 million at December 31, 2015 and 2014 , respectively. If all the credit risk-related contingent features related to these derivatives had been triggered, including cross-default provisions, the remaining liquidity requirements would be immaterial at both December 31, 2015 and 2014 . In addition, certain derivative agreements include indebtedness cross-default provisions that could result in the settlement of such contracts if there were a failure under other financing arrangements to meet payment terms or to comply with other covenants that could result in the acceleration of such indebtedness. At December 31, 2015 and 2014 , the fair value of derivative liabilities subject to such cross-default provisions were immaterial. As discussed immediately above, the aggregate fair values of liabilities under derivative agreements with credit risk-related contingent features, including cross-default provisions, totaled $59 million and $18 million at December 31, 2015 and 2014 , respectively. These amounts are before consideration of cash and letter of credit collateral posted, net accounts receivable and derivative assets under netting arrangements and assets subject to related liens. Some commodity derivative contracts contain credit risk-related contingent features that do not provide for specific amounts to be posted if the features are triggered. These provisions include material adverse change, performance assurance, and other clauses that generally provide counterparties with the right to request additional credit enhancements. The amounts disclosed above exclude credit risk-related contingent features that do not provide for specific amounts or exposure calculations. Concentrations of Credit Risk Related to Derivatives We have concentrations of credit risk with the counterparties to our derivative contracts. At December 31, 2015 , total credit risk exposure to all counterparties related to derivative contracts totaled $527 million (including associated accounts receivable). The net exposure to those counterparties totaled $199 million at December 31, 2015 after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to a single counterparty totaling $110 million . At December 31, 2015 , the credit risk exposure to the banking and financial sector represented 78% of the total credit risk exposure and 56% 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. |
Pension And Other Postretiremen
Pension And Other Postretirement Employee Benefits (OPEB) Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension And Other Postretirement Employee Benefits (OPEB) Plans | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS (OPEB) PLANS EFH Corp. is the plan sponsor of the EFH Retirement Plan (the Retirement Plan), which had provided benefits to eligible employees of its subsidiaries, including Oncor. After amendments in 2012, employees in the Retirement Plan now consist entirely of active and retired collective bargaining unit employees in our competitive business. The Retirement Plan is a qualified defined benefit pension plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (Code), and is subject to the provisions of ERISA. The Retirement Plan provides benefits to participants under one of two formulas: (i) a Cash Balance Formula under which participants earn monthly contribution credits based on their compensation and a combination of their age and years of service, plus monthly interest credits or (ii) a Traditional Retirement Plan Formula based on years of service and the average earnings of the three years of highest earnings. Under the Cash Balance Formula, future increases in earnings will not apply to prior service costs. It is our policy to fund the Retirement Plan assets only to the extent deductible under existing federal tax regulations. We also have supplemental unfunded retirement plans for certain employees whose retirement benefits cannot fully be earned under the qualified Retirement Plan, the information for which is included below. EFH Corp. offers other postretirement employee benefits (OPEB) in the form of health care and life insurance to eligible employees of its subsidiaries and their eligible dependents upon the retirement of such employees. For employees retiring on or after January 1, 2002, the retiree contributions required for such coverage vary based on a formula depending on the retiree's age and years of service. In 2011, we changed the OPEB plan whereby, effective January 1, 2013, Medicare-eligible retirees from the competitive business are subject to a cap on increases in subsidies received under the plan to offset medical costs. In accordance with an agreement between Oncor and EFH Corp., Oncor ceased participation in EFH Corp.'s OPEB Plan effective July 2014 and established its own OPEB plan for Oncor's eligible existing and future retirees and their dependents, as well as split service participants as discussed immediately below under Regulatory Recovery of Pension and OPEB Costs and in Note 19 . The separation resulted in the transfer of a significant portion of the liability associated with our plan to the new Oncor plan, which resulted in a reduction of our OPEB liability of approximately $758 million and a corresponding reduction of an equal amount in the receivable from unconsolidated subsidiary. Regulatory Recovery of Pension and OPEB Costs PURA provides for the recovery by Oncor, in its regulated revenue rates, of pension and OPEB costs applicable to services of Oncor's active and retired employees, as well as services of other EFH Corp. active and retired employees prior to the deregulation and disaggregation of our electric utility business effective January 1, 2002. Oncor is authorized to establish a regulatory asset or liability for the difference between the amounts of pension and OPEB costs reflected in Oncor's approved (by the PUCT) revenue rates and the actual amounts that would otherwise have been recorded as charges or credits to earnings, including amounts related to pre-2002 service of EFH Corp. employees. Regulatory assets and liabilities are ultimately subject to PUCT approval. Oncor is contractually obligated to EFH Corp. to fund pension obligations for which the costs are recoverable in its rates. At December 31, 2015 and 2014 , Oncor had recorded regulatory assets totaling $1.182 billion and $1.166 billion , respectively, related to both EFH Corp. and Oncor pension and OPEB costs, including amounts related to deferred expenses as well as amounts related to unfunded liabilities that otherwise would be recorded as other comprehensive income. Pension and OPEB Costs Year Ended December 31, 2015 2014 2013 Pension costs $ 18 $ 13 $ 26 OPEB costs 3 27 39 Total benefit costs 21 40 65 Less amounts expensed by Oncor (and not consolidated) (2 ) (13 ) (25 ) Less amounts deferred principally as a regulatory asset or property by Oncor (8 ) (15 ) (25 ) Net amounts recognized as expense by EFH Corp. and consolidated subsidiaries $ 11 $ 12 $ 15 Market-Related Value of Assets Held in Postretirement Benefit Trusts We use the calculated value method to determine the market-related value of the assets held in the trust for purposes of calculating pension costs. We include the realized and unrealized gains or losses in the market-related value of assets over a rolling four -year period. Each year, 25% of such gains and losses for the current year and for each of the preceding three years is included in the market-related value. Each year, the market-related value of assets is increased for contributions to the plan and investment income and is decreased for benefit payments and expenses for that year. We use the fair value method to determine the market-related value of the assets held in the trust for purposes of calculating OPEB costs. Detailed Information Regarding Pension Benefits The following information is based on December 31, 2015, 2014 and 2013 measurement dates: Year Ended December 31, 2015 2014 2013 Assumptions Used to Determine Net Periodic Pension Cost: Discount rate 4.19 % 5.07 % 4.30 % Expected return on plan assets 5.38 % 6.17 % 5.40 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Components of Net Pension Cost: Service cost $ 7 $ 7 $ 8 Interest cost 14 14 12 Expected return on assets (12 ) (12 ) (7 ) Amortization of net actuarial loss 9 4 8 Effect of pension plan actions — — 5 Net periodic pension cost $ 18 $ 13 $ 26 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net loss $ 1 $ 15 $ 5 Amortization of net loss (1 ) — — Effect of pension plan actions — — (4 ) Total loss (income) recognized in other comprehensive income $ — $ 15 $ 1 Total recognized in net periodic benefit cost and other comprehensive income $ 18 $ 28 $ 27 Assumptions Used to Determine Benefit Obligations: Discount rate 5.64 % 4.19 % 5.07 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Year Ended December 31, 2015 2014 Change in Pension Obligation: Projected benefit obligation at beginning of year $ 331 $ 272 Service cost 7 7 Interest cost 14 14 Actuarial (gain) loss (19 ) 45 Benefits paid (11 ) (7 ) Projected benefit obligation at end of year $ 322 $ 331 Accumulated benefit obligation at end of year $ 303 $ 307 Change in Plan Assets: Fair value of assets at beginning of year $ 230 $ 126 Actual return on assets (8 ) 26 Employer contributions 68 85 Benefits paid (11 ) (7 ) Fair value of assets at end of year $ 279 $ 230 Funded Status: Projected pension benefit obligation $ (322 ) $ (331 ) Fair value of assets 279 230 Funded status at end of year (a) $ (43 ) $ (101 ) Amounts Recognized in the Balance Sheet Consist of: Other current liabilities (1 ) (1 ) Liabilities subject to compromise (20 ) (23 ) Other noncurrent liabilities (22 ) (77 ) Net liability recognized $ (43 ) $ (101 ) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net loss $ 17 $ 17 Amounts Recognized by Oncor as Regulatory Assets Consist of: Net loss $ 49 $ 56 Net amount recognized $ 49 $ 56 ___________ (a) Amounts in 2015 and 2014 include zero and $47 million , respectively, for which Oncor is contractually responsible and which are expected to be recovered in Oncor's rates. See Note 19 . The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation (ABO) in excess of the fair value of plan assets. December 31, 2015 2014 Pension Plans with PBO and ABO in Excess Of Plan Assets: Projected benefit obligations $ 322 $ 331 Accumulated benefit obligation $ 303 $ 307 Plan assets $ 279 $ 230 Pension Plan Investment Strategy and Asset Allocations Our investment objective for the Retirement Plan is to invest in a suitable mix of assets to meet the future benefit obligations at an acceptable level of risk, while minimizing the volatility of contributions. Fixed income securities held primarily consist of corporate bonds from a diversified range of companies, US Treasuries and agency securities and money market instruments. Equity securities are held to enhance returns by participating in a wide range of investment opportunities. International equity securities are used to further diversify the equity portfolio and may include investments in both developed and emerging markets. The target asset allocation ranges of pension plan investments by asset category are as follows: Asset Category: Target Allocation Ranges Fixed income 74 % - 86% US equities 8 % - 14% International equities 6 % - 12% Expected Long-Term Rate of Return on Assets Assumption The Retirement Plan strategic asset allocation is determined in conjunction with the plan's advisors and utilizes a comprehensive Asset-Liability modeling approach to evaluate potential long-term outcomes of various investment strategies. The study incorporates long-term rate of return assumptions for each asset class based on historical and future expected asset class returns, current market conditions, rate of inflation, current prospects for economic growth, and taking into account the diversification benefits of investing in multiple asset classes and potential benefits of employing active investment management. Retirement Plan Asset Class: Expected Long-Term Rate of Return US equity securities 6.6 % International equity securities 7.5 % Fixed income securities 4.5 % Weighted average 5.6 % Fair Value Measurement of Pension Plan Assets At December 31, 2015 and 2014 , pension plan assets measured at fair value on a recurring basis consisted of the following: December 31, (a) Asset Category: 2015 2014 Interest-bearing cash $ 64 $ 21 Equity securities: US 26 25 International 20 20 Fixed income securities: Corporate bonds (b) 116 127 US Treasuries 40 19 Other (c) 13 18 Total assets $ 279 $ 230 ___________ (a) All amounts are based on Level 2 valuations. See Note 16 . (b) Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. (c) Other consists primarily of municipal bonds. Detailed Information Regarding Postretirement Benefits Other Than Pensions The following OPEB information is based on December 31, 2015, 2014 and 2013 measurement dates (includes amounts related to Oncor): Year Ended December 31, 2015 2014 2013 Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate (EFH Corp. Plan) 3.81 % 4.98 % 4.10 % Discount rate (Oncor Plan) 4.23 % 4.98 % N/A Expected return on plan assets (a) N/A 7.05 % 6.70 % Components of Net Postretirement Benefit Cost: Service cost $ 4 $ 8 $ 11 Interest cost 6 28 41 Expected return on assets — (6 ) (12 ) Amortization of prior service cost/(credit) (11 ) (21 ) (31 ) Amortization of net actuarial loss 4 18 30 Net periodic OPEB cost $ 3 $ 27 $ 39 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net (gain) loss $ (18 ) $ 12 $ 4 Amortization of net gain (5 ) (5 ) (3 ) Amortization of prior service credit 11 11 11 Total loss recognized in other comprehensive income $ (12 ) $ 18 $ 12 Total recognized in net periodic benefit cost and other comprehensive income $ (9 ) $ 45 $ 51 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate (EFH Corp. Plan) 4.13 % 3.81 % 4.98 % Discount rate (Oncor Plan) 4.60 % 4.23 % N/A ___________ (a) At December 31, 2015 and 2014 , the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. Year Ended December 31, 2015 2014 Change in Postretirement Benefit Obligation: Benefit obligation at beginning of year $ 139 $ 1,049 Service cost 4 8 Interest cost 6 28 Participant contributions 3 10 Actuarial (gain) loss (19 ) 84 Benefits paid (11 ) (40 ) Transfers to new plan sponsored by Oncor — (1,000 ) Benefit obligation at end of year $ 122 $ 139 Change in Plan Assets: Fair value of assets at beginning of year $ — $ 179 Actual return on assets — 11 Employer contributions 8 16 Participant contributions 3 10 Benefits paid (11 ) (40 ) Transfers to new plan sponsored by Oncor — (176 ) Fair value of assets at end of year $ — $ — Funded Status: Benefit obligation $ (122 ) $ (139 ) Funded status at end of year $ (122 ) $ (139 ) Amounts Recognized on the Balance Sheet Consist of: Other current liabilities $ (8 ) $ (8 ) Other noncurrent liabilities (114 ) (131 ) Net liability recognized $ (122 ) $ (139 ) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Prior service credit $ (31 ) $ (43 ) Net loss 18 41 Net amount recognized $ (13 ) $ (2 ) The following tables provide information regarding the assumed health care cost trend rates. December 31, 2015 2014 Assumed Health Care Cost Trend Rates-Not Medicare Eligible: Health care cost trend rate assumed for next year 6.00 % 8.00 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2024 2022 Assumed Health Care Cost Trend Rates-Medicare Eligible: Health care cost trend rate assumed for next year 5.80 % 6.50 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2024 2022 1-Percentage Point Increase 1-Percentage Point Decrease Sensitivity Analysis of Assumed Health Care Cost Trend Rates: Effect on accumulated postretirement obligation $ (5 ) $ 4 Effect on postretirement benefits cost $ — $ — Fair Value Measurement of OPEB Plan Assets At December 31, 2015 and 2014 , the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. Significant Concentrations of Risk The plans' investments are exposed to risks such as interest rate, capital market and credit risks. We seek to optimize return on investment consistent with levels of liquidity and investment risk which are prudent and reasonable, given prevailing capital market conditions and other factors specific to us. While we recognize the importance of return, investments will be diversified in order to minimize the risk of large losses unless, under the circumstances, it is clearly prudent not to do so. There are also various restrictions and guidelines in place including limitations on types of investments allowed and portfolio weightings for certain investment securities to assist in the mitigation of the risk of large losses. Assumed Discount Rate We selected the assumed discount rate using the Aon Hewitt AA Above Median yield curve, which is based on corporate bond yields and at December 31, 2015 consisted of 434 corporate bonds with an average rating of AA using Moody's, Standard & Poor's Rating Services and Fitch Ratings, Ltd. ratings. Amortization in 2016 We estimate amortization of the net actuarial loss and prior service cost for the defined benefit pension plan from accumulated other comprehensive income into net periodic benefit cost will be immaterial. We estimate amortization of the net actuarial loss and prior service credit for the OPEB plan from accumulated other comprehensive income into net periodic benefit cost will total $1 million and an $11 million credit, respectively. Contributions in 2015 and 2016 In December 2015, a cash contribution totaling $67 million was made to the Retirement Plan assets, of which $51 million was contributed by Oncor and $16 million was contributed by TCEH, which resulted in the Retirement Plan being fully funded as calculated under the provisions of ERISA. As a result of the Bankruptcy Filing, participants in the Retirement Plan who choose to retire would not be eligible for the lump sum payout option under the Retirement Plan unless the Retirement Plan is fully funded. Pension plan funding in 2016 is expected to total $3 million . OPEB plan funding in 2015 totaled $8 million , and funding in 2016 is expected to total $8 million . Future Benefit Payments Estimated future benefit payments to beneficiaries, including amounts related to nonqualified plans, are as follows: 2016 2017 2018 2019 2020 2021-25 Pension benefits $ 14 $ 14 $ 15 $ 17 $ 19 $ 109 OPEB $ 8 $ 8 $ 8 $ 8 $ 9 $ 44 Thrift Plan Our employees may participate in a qualified savings plan (the Thrift Plan). This plan is a participant-directed defined contribution plan intended to qualify under Section 401(a) of the Code, and is subject to the provisions of ERISA. Under the terms of the Thrift Plan, employees who do not earn more than the IRS threshold compensation limit used to determine highly compensated employees may contribute, through pre-tax salary deferrals and/or after-tax payroll deductions, the lesser of 75% of their regular salary or wages or the maximum amount permitted under applicable law. Employees who earn more than such threshold may contribute from 1% to 20% of their regular salary or wages. Employer matching contributions are also made in an amount equal to 100% ( 75% for employees covered under the Traditional Retirement Plan Formula) of the first 6% of employee contributions. Employer matching contributions are made in cash and may be allocated by participants to any of the plan's investment options. Our contributions to the Thrift Plan totaled $24 million , $24 million and $23 million for the years ended December 31, 2015, 2014 and 2013 , respectively. In accordance with an agreement in 2014 between Oncor and EFH Corp., Oncor ceased participation in EFH Corp.'s Thrift Plan effective January 1, 2015 and established its own plan. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 $37 million , $40 million and $39 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. No payments were made in the years ended December 31, 2015 and 2014 , and amounts paid totaled $29 million in the year ended December 31, 2013 . 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 were reclassified to liabilities subject to compromise (LSTC), and fees accrued after the Petition Date were reported in other noncurrent liabilities and deferred credits. Pursuant to the Settlement Agreement approved by the Bankruptcy Court in December 2015, the management agreement has been terminated and the Sponsor Group has agreed to forego any and all claims under the management agreement in exchange for releases of alleged liabilities against the Debtors. As a result, we adjusted the expected allowed claim and recognized a gain for the Sponsor Group's management agreement claim of $86 million , which is reported in our statement of consolidated income (loss) in reorganization items. • In 2007, TCEH entered into the TCEH Senior Secured Facilities with syndicates of financial institutions and other lenders. These syndicates included affiliates of GS Capital Partners, which is a member of the Sponsor Group. Affiliates of each member of the Sponsor Group have from time to time engaged in commercial banking transactions with us and/or provided financial advisory services to us, in each case in the normal course of business. • In January 2013, fees paid to Goldman, Sachs & Co. (Goldman), an affiliate of GS Capital Partners, for services related to debt exchanges totaled $2 million , described as follows: (i) Goldman acted as a dealer manager for the offers by EFIH and EFIH Finance to exchange new EFIH 10% Notes for EFH Corp. 9.75% Notes, EFH Corp. 10% Notes and EFIH 9.75% Notes (collectively, the Old Notes) and as a solicitation agent in the solicitation of consents by EFH Corp. and EFIH and EFIH Finance to amendments to the Old Notes and indentures governing the Old Notes and (ii) Goldman acted as a dealer manager for the offers by EFIH and EFIH Finance to exchange EFIH Toggle Notes for EFH Corp. 10.875% Notes and EFH Corp. Toggle Notes. Affiliates of GS Capital Partners were parties to certain commodity and interest rate hedging transactions with us in the normal course of business. • Affiliates of the Sponsor Group have sold or acquired, and in the future may sell or acquire, debt or debt securities issued by us in open market transactions or through loan syndications. • TCEH made loans to EFH Corp. in the form of demand notes (TCEH Demand Notes) that were pledged as collateral under the TCEH Senior Secured Facilities for (i) debt principal and interest payments and (ii) other general corporate purposes for EFH Corp. EFH Corp. settled the balance of the TCEH Demand Notes in January 2013 using $680 million of the proceeds from debt issued by EFIH in 2012. • EFH Corp. and EFIH have purchased, or received in exchanges, certain debt securities of EFH Corp. and TCEH, which they have held. Principal and interest payments received by EFH Corp. and EFIH on these investments have been used, in part, to service their outstanding debt. In conjunction with the Settlement Agreement approved by the Bankruptcy Court in December 2015, EFH Corp. and EFIH waived their rights to the claims associated with the these debt securities, and we adjusted the expected allowed claim associated with such investments to zero. These investments, and the effects of the settlement, are eliminated in consolidation in these consolidated financial statements. Prior to the Settlement Agreement, EFIH held $1.282 billion principal amount of EFH Corp. debt and $79 million principal amount of TCEH debt, and EFH Corp. held $303 million principal amount of TCEH debt. In the first quarter 2013, EFIH distributed to EFH Corp. $6.360 billion principal amount of EFH Corp. debt previously received by EFIH in debt exchanges; EFH Corp. cancelled the debt instruments. • TCEH's retail operations pay Oncor for services it provides, principally the delivery of electricity. Expenses recorded for these services, reported in fuel, purchased power costs and delivery fees, totaled approximately $1.0 billion for each of the years ended December 31, 2015 , 2014 and 2013 . The fees are based on rates regulated by the PUCT that apply to all REPs. The consolidated balance sheets at both December 31, 2015 and 2014 reflect amounts due currently to Oncor totaling $118 million (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 $19 million , $34 million and $32 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. • A subsidiary of EFH Corp. bills TCEH subsidiaries for information technology, financial, accounting and other administrative services at cost. These charges totaled $205 million , $204 million and $241 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. • See Note 13 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. • During 2015, TCEH purchased $16 million in information technology assets from a subsidiary of EFH Corp. and cash settled $14 million of these assets in 2015 and $2 million in early 2016. In 2014, a subsidiary of EFH Corp. sold information technology assets to TCEH totaling $52 million . TCEH cash settled $45 million of these transactions and a subsidiary of EFH Corp. cash settled $7 million of 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 consolidated balance sheets, will ultimately be sufficient to fund the future decommissioning liability, reported in noncurrent liabilities in our consolidated balance sheets. The delivery fee surcharges remitted to TCEH totaled $17 million for both the years ended December 31, 2015 and 2014 and $16 million for the year ended December 31, 2013. Income and expenses associated with the trust fund and the decommissioning liability incurred by TCEH are offset by a net change in a receivable/payable that ultimately will be settled through changes in Oncor's delivery fee rates. At December 31, 2015 and 2014 , the excess of the trust fund balance over the decommissioning liability resulted in a payable totaling $409 million and $479 million , respectively, and is reported in noncurrent liabilities. In November 2015, the PUCT approved Luminant's updated nuclear decommissioning cost study and funding analysis. • We file a consolidated federal income tax return that includes Oncor Holdings' results. Oncor is not a member of our consolidated tax group, but our consolidated federal income tax return includes our portion of Oncor's results due to our equity ownership in Oncor. We also file a consolidated Texas state margin tax return that includes all of Oncor Holdings' and Oncor's results. However, under a Federal and State Income Tax Allocation Agreement, Oncor Holdings' and Oncor's federal income tax and Texas margin tax expense and related balance sheet amounts, including our income taxes receivable from or payable to Oncor Holdings and Oncor, are recorded as if Oncor Holdings and Oncor file their own corporate income tax returns. • At December 31, 2015 , our net current amount payable to Oncor Holdings related to federal and state income taxes (reported in net payables due to unconsolidated subsidiary) totaled $87 million , $89 million of which related to Oncor. The $89 million net payable to Oncor included a $109 million federal income tax payable offset by a $20 million state margin tax receivable. Additionally, at December 31, 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 related to federal and state income taxes 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 a noncurrent tax payable to Oncor of $64 million recorded in other noncurrent liabilities and deferred credits. • For the year ended December 31, 2015 , EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $26 million and $132 million , respectively. For the year ended December 31, 2014 , EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $24 million and $237 million , respectively. For the year ended December 31, 2013 , EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $34 million and $90 million , respectively. The 2013 net payment included $33 million from Oncor related to the 1997 through 2002 IRS appeals settlement and a $10 million refund paid to Oncor related to the filing of amended Texas franchise tax returns for 1997 through 2001. • Pursuant to the Federal and State Income Tax Allocation Agreement between EFH Corp. and TCEH, in September 2013, TCEH made a federal income tax payment of $84 million to EFH Corp related to the 1997 through 2002 IRS appeals settlement. The Plan of Reorganization provides that the Debtors will reject this agreement at the effective time of the Plan of Reorganization. Under the Settlement Agreement, no further cash payments will be made in respect of federal income tax. See Note 7 . • 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 December 31, 2015 and 2014 , TCEH had posted letters of credit and/or cash in the amount of $6 million and $9 million , respectively, for the benefit of Oncor. • In December 2012, Oncor became the sponsor of a new pension plan (the Oncor Plan), the participants in which consist of all of Oncor's active employees and all retirees and terminated vested participants of EFH Corp. and its subsidiaries (including discontinued businesses). Oncor had previously contractually agreed to assume responsibility for pension 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. As discussed in Note 18 and reflected in the amounts presented immediately below, our consolidated balance sheet at December 31, 2014 reflects a reduction in other noncurrent liabilities and deferred credits of $758 million and a reduction in our noncurrent receivable from unconsolidated subsidiary in the same amount as a result of the separation of EFH Corp. and Oncor OPEB plans. • EFH Corp.'s consolidated balance sheets reflect unfunded pension liabilities related to plans that it sponsors, but also reflects a receivable from Oncor for that portion of the unfunded liabilities for which Oncor is contractually responsible, substantially all of which is expected to be recovered in Oncor's rates. At December 31, 2015 and 2014 , the receivable amount totaled zero and $47 million , respectively. The amounts are classified as a noncurrent receivable from unconsolidated subsidiary. Net amounts of pension and OPEB expenses recognized in the years ended December 31, 2015 and 2014 are not material. • Until June 30, 2014, Oncor employees participated in a health and welfare benefit program offered by EFH Corp. In connection with Oncor establishing its own health and welfare benefits program, Oncor agreed to pay us $1 million to reimburse us for our increased costs of providing benefits under the EFH Corp. program as a result of Oncor's withdrawal and to compensate us for the administrative work related to the transition. This amount was paid in June 2014. • In the first quarter of 2014, a cash contribution totaling $84 million was made to the EFH Corp. retirement plan, of which $64 million was contributed by Oncor and $20 million was contributed by TCEH. In December 2015, an additional cash contribution totaling $67 million was made to the EFH Corp. retirement plan, of which $51 million was contributed by Oncor and $16 million was contributed by TCEH. These contributions 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 payments by TCEH were accounted for as an advance to EFH Corp. that will be settled as pension expenses are allocated to TCEH in the normal course. • Oncor and Texas Holdings agreed to the terms of a stipulation with major interested parties to resolve all outstanding issues in the PUCT review related to the Merger. As part of this stipulation, TCEH would be required to post a letter of credit in an amount equal to $170 million to secure its payment obligations to Oncor in the event, which has not occurred, two or more rating agencies downgrade Oncor's credit rating below investment grade. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 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 4 for discussion of the reporting of Oncor Holdings and, accordingly, the Regulated Delivery segment, as an equity method investment. See Note 19 for discussion of material transactions with Oncor, including payment to Oncor of electricity delivery fees, which are based on rates regulated by the PUCT. Corporate and Other represents the remaining non-segment operations consisting primarily of discontinued businesses, general corporate expenses and interest and other expenses related to EFH Corp., EFIH and EFCH. The business segment results reflect the application of ASC 852, Reorganizations . The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1 . Our chief operating decision maker uses more than one measure to assess segment performance, including reported segment net income (loss), which is the measure most comparable to consolidated net income (loss) prepared based on GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices or regulated rates. Certain shared services costs are allocated to the segments. Year Ended December 31, 2015 2014 2013 Operating revenues (all Competitive Electric) $ 5,370 $ 5,978 $ 5,899 Depreciation and amortization Competitive Electric $ 852 $ 1,270 $ 1,333 Corporate and Other 12 13 22 Consolidated $ 864 $ 1,283 $ 1,355 Equity in earnings of unconsolidated subsidiaries (net of tax) (all Regulated Delivery) $ 334 $ 349 $ 335 Interest income Competitive Electric $ 1 $ — $ 6 Corporate and Other — 51 148 Eliminations — (50 ) (153 ) Consolidated $ 1 $ 1 $ 1 Interest expense and related charges Competitive Electric $ 1,289 $ 1,799 $ 2,062 Corporate and Other 471 452 795 Eliminations — (50 ) (153 ) Consolidated $ 1,760 $ 2,201 $ 2,704 Income tax benefit Competitive Electric $ 879 $ 2,339 $ 794 Corporate and Other 791 280 477 Consolidated $ 1,670 $ 2,619 $ 1,271 Net income (loss) attributable to EFH Corp. Competitive Electric $ (4,678 ) $ (6,260 ) $ (2,309 ) Regulated Delivery 334 349 335 Corporate and Other (998 ) (495 ) (244 ) Consolidated $ (5,342 ) $ (6,406 ) $ (2,218 ) Investment in equity investees Competitive Electric $ 5 $ 8 $ 9 Regulated Delivery 6,059 6,050 5,950 Consolidated $ 6,064 $ 6,058 $ 5,959 Total assets Competitive Electric $ 15,690 $ 21,347 $ 28,828 Regulated Delivery 6,059 6,050 5,950 Corporate and Other 3,039 4,025 3,692 Eliminations (1,458 ) (2,174 ) (2,024 ) Consolidated $ 23,330 $ 29,248 $ 36,446 Capital expenditures Competitive Electric $ 337 $ 336 $ 472 Corporate and Other 7 50 29 Consolidated $ 344 $ 386 $ 501 |
Supplementary Financial Informa
Supplementary Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplementary Financial Information [Abstract] | |
Supplementary Financial Information | SUPPLEMENTARY FINANCIAL INFORMATION Restricted Cash December 31, 2015 December 31, 2014 Current Noncurrent Assets Current Noncurrent Assets Amounts related to TCEH's DIP Facility (Note 12) $ 519 $ — $ — $ 350 Amounts related to TCEH's pre-petition Letter of Credit Facility (Note 13) (a) — 507 — 551 Other 5 — 6 — Total restricted cash $ 524 $ 507 $ 6 $ 901 ____________ (a) See Note 13 for discussion of letter of credit draws in 2014 and 2015. Trade Accounts Receivable December 31, 2015 2014 Wholesale and retail trade accounts receivable $ 542 $ 604 Allowance for uncollectible accounts (9 ) (15 ) Trade accounts receivable — net $ 533 $ 589 Gross trade accounts receivable at December 31, 2015 and 2014 included unbilled revenues of $231 million and $239 million , respectively. Allowance for Uncollectible Accounts Receivable Year Ended December 31, 2015 2014 2013 Allowance for uncollectible accounts receivable at beginning of period $ 15 $ 14 $ 9 Increase for bad debt expense 34 38 33 Decrease for account write-offs (40 ) (37 ) (28 ) Allowance for uncollectible accounts receivable at end of period $ 9 $ 15 $ 14 Inventories by Major Category December 31, 2015 2014 Materials and supplies $ 226 $ 214 Fuel stock 170 215 Natural gas in storage 32 39 Total inventories $ 428 $ 468 Other Investments December 31, 2015 2014 Nuclear plant decommissioning trust $ 918 $ 893 Assets related to employee benefit plans, including employee savings programs, net of distributions 26 61 Land 36 37 Miscellaneous other 4 4 Total other investments $ 984 $ 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 19 ). The nuclear decommissioning trust fund is not a debtor under the Chapter 11 Cases. A summary of investments in the fund follows: December 31, 2015 Cost (a) Unrealized gain Unrealized loss Fair market value Debt securities (b) $ 310 $ 11 $ (2 ) $ 319 Equity securities (c) 291 315 (7 ) 599 Total $ 601 $ 326 $ (9 ) $ 918 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. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 3.68% and 4.35% at December 31, 2015 and 2014 , respectively, and an average maturity of 8 years and 6 years at December 31, 2015 and 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 December 31, 2015 mature as follows: $102 million in one to five years, $75 million in five to ten years and $142 million after ten years. The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales. Year Ended December 31, 2015 2014 2013 Realized gains $ 1 $ 11 $ 2 Realized losses $ (1 ) $ (2 ) $ (4 ) Proceeds from sales of securities $ 401 $ 314 $ 175 Investments in securities $ (418 ) $ (331 ) $ (191 ) Property, Plant and Equipment December 31, 2015 2014 Competitive Electric: Generation and mining (Note 9) $ 11,380 $ 15,468 Nuclear fuel (net of accumulated amortization of $1.383 billion and $1.237 billion) 248 265 Other assets 54 45 Corporate and Other 193 220 Total 11,875 15,998 Less accumulated depreciation 2,768 4,065 Net of accumulated depreciation 9,107 11,933 Construction work in progress: Competitive Electric 323 459 Corporate and Other — 5 Total construction work in progress 323 464 Property, plant and equipment — net $ 9,430 $ 12,397 Depreciation expense totaled $790 million , $1.181 billion and $1.258 billion for the years ended December 31, 2015 , 2014 and 2013 , respectively. Assets related to capital leases included above totaled $1 million and $51 million at December 31, 2015 and 2014 , respectively, net of accumulated depreciation. In conjunction with the impairment charges taken in 2014 and 2015 (see Note 9 ), we reviewed the estimated useful life of the impaired generation facilities. The estimated remaining useful lives range from 17 to 54 years for the lignite/coal and nuclear fueled generation units. 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. We have established an estimated $69 million asset retirement obligation related to the Disposal of Coal Combustion Residuals from Electric Utilities 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 consolidated balance sheets, for the years ended December 31, 2015 and 2014 : Nuclear Plant Decommissioning Mining Land Reclamation Other Total Liability at January 1, 2014 $ 390 $ 98 $ 36 $ 524 Additions: Accretion 23 22 3 48 Incremental reclamation costs (a) — 127 — 127 Reductions: Payments — (82 ) (3 ) (85 ) Liability at December 31, 2014 $ 413 $ 165 $ 36 $ 614 Additions: Accretion 25 20 6 51 Adjustment for new cost estimate (b) 70 — — 70 Incremental reclamation costs (c) — 84 69 153 Reductions: Payments — (54 ) (4 ) (58 ) Liability at December 31, 2015 508 215 107 830 Less amounts due currently — (66 ) — (66 ) Noncurrent liability at December 31, 2015 $ 508 $ 149 $ 107 $ 764 ____________ (a) The increase in the mining reclamation liability of $127 million during 2014 was primarily due to final remediation for certain mines occurring sooner than previously estimated and increases in remediation cost estimates at other mining locations. (b) The adjustment for nuclear plant decommissioning resulted from a new cost estimate completed in the second quarter of 2015. Under applicable accounting standards, the liability is remeasured when significant changes in the amount or timing of cash flows occurs, and PUCT rules require a new cost estimate at least every five years. The increase in the liability was driven by increased security and fuel-handling costs. (c) 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: December 31, 2015 2014 Uncertain tax positions, including accrued interest (Note 6) $ 40 $ 74 Retirement plan and other employee benefits (a) 169 243 Asset retirement and mining reclamation obligations 764 560 Unfavorable purchase and sales contracts 543 566 Nuclear decommissioning fund excess over asset retirement obligation (Note 19) 409 479 Other 108 156 Total other noncurrent liabilities and deferred credits $ 2,033 $ 2,078 ____________ (a) Includes zero and $47 million at December 31, 2015 and 2014 , respectively, representing pension liabilities related to Oncor (see Note 19 ). Unfavorable Purchase and Sales Contracts — The amortization of unfavorable purchase and sales contracts totaled $23 million , $23 million and $25 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. See Note 5 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 2016 $ 24 2017 $ 24 2018 $ 24 2019 $ 24 2020 $ 24 Fair Value of Debt December 31, 2015 December 31, 2014 Debt: Carrying Amount Fair Value Carrying Amount Fair Value Borrowings under debtor-in-possession credit facilities (Note 12) $ 6,825 $ 6,804 $ 6,825 $ 6,830 Long-term debt not subject to compromise, excluding capital lease obligations (Note 12) $ 90 $ 89 $ 123 $ 119 We determine fair value in accordance with accounting standards as discussed in Note 16 , and at December 31, 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. The fair value estimates of our pre-petition notes, loans and other debt reported as liabilities subject to compromise have been excluded from the table above. As a result of our ongoing Chapter 11 Cases, obtaining the fair value estimates of our pre-petition debt subject to compromise as of December 31, 2015 is impractical, and the fair values will ultimately be decided through the Chapter 11 Cases. Supplemental Cash Flow Information Year Ended December 31, 2015 2014 2013 Cash payments related to: Interest paid (a) $ 1,826 $ 1,632 $ 3,388 Capitalized interest (11 ) (17 ) (25 ) Interest paid (net of capitalized interest) (a) $ 1,815 $ 1,615 $ 3,363 Income taxes $ 53 $ 55 $ 65 Reorganization items (b) $ 419 $ 146 $ — Noncash investing and financing activities: Construction expenditures (c) $ 76 $ 113 $ 46 Income tax adjustment related to AMT utilization (d) $ 3 $ — $ — Debt exchange and extension transactions (e) $ — $ (85 ) $ (326 ) Principal amount of toggle notes issued in lieu of cash interest $ — $ — $ 173 Debt assumed related to acquired combustion turbine trust interest $ — $ — $ (45 ) ____________ (a) Net of amounts received under interest rate swap agreements. For the years ended December 31, 2015 and 2014 , this amount also includes amounts paid for adequate protection. (b) Represents cash payments for legal and other consulting services. (c) Represents end-of-period accruals. (d) 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. (e) For the year ended December 31, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 12 ). For the year ended December 31, 2013, represents $340 million principal amount of term loans issued under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $1.302 billion principal amount of EFIH debt issued in exchange for $1.310 billion principal amount of EFH Corp. and EFIH debt and $89 million principal amount of EFIH debt issued in exchange for $95 million principal amount of EFH Corp. debt. |
Business And Significant Acco31
Business And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements have been prepared as if EFH Corp. is a going concern and contemplate the realization of assets and liabilities in the normal course of business. The consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification (ASC) 852, Reorganizations . During the pendency of the 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 11 and 13 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 4 ). All intercompany items and transactions have been eliminated in consolidation. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. |
Use of Estimates | Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements and estimates of expected allowed claims. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. |
Derivative Instruments and Mark-to-Market Accounting | We enter into contracts for the purchase and sale of electricity, natural gas, coal, uranium and other commodities and also enter into other derivative instruments such as options, swaps, futures and forwards primarily to manage our commodity price and interest rate risks. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, changes in the fair value of the derivative are recognized in net income as unrealized gains and losses, unless the criteria for certain exceptions are met, and an offsetting derivative asset or liability is recorded in the consolidated balance sheets. This recognition is referred to as mark-to-market accounting. The fair values of our unsettled derivative instruments under mark-to-market accounting are reported in the consolidated balance sheets as commodity and other derivative contractual assets or liabilities. We report derivative assets and liabilities in the consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. Margin deposits that contractually offset these assets and liabilities are reported separately in the consolidated balance sheets. When derivative instruments are settled and realized gains and losses are recorded, the previously recorded unrealized gains and losses and derivative assets and liabilities are reversed. See Notes 16 and 17 for additional information regarding fair value measurement and commodity and other derivative contractual assets and liabilities. Under the election criteria of accounting standards related to derivative instruments and hedging activities, we may elect the normal purchase and sale exemption. A commodity-related derivative contract may be designated as a normal purchase or sale if the commodity is to be physically received or delivered for use or sale in the normal course of business. If designated as normal, the derivative contract is accounted for under the accrual method of accounting (not marked-to-market) with no balance sheet or income statement recognition of the contract until settlement. Because derivative instruments are frequently used as economic hedges, accounting standards related to derivative instruments and hedging activities allow for hedge accounting, which provides for the designation of such instruments as cash flow or fair value hedges if certain conditions are met. At December 31, 2015 and 2014 , there were no derivative positions accounted for as cash flow or fair value hedges. Accumulated other comprehensive loss includes amounts related to interest rate swaps previously designated as cash flow hedges that are being reclassified to net loss as the hedged transactions impact net loss (see Note 17 ). Realized and unrealized gains and losses from transacting in energy-related derivative instruments are primarily reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. |
Revenue Recognition | We record revenue from electricity sales and delivery fees under the accrual method of accounting. Revenues are recognized when electricity or delivery fees are provided to customers on the basis of periodic cycle meter readings and include an estimated accrual for the revenues earned from the meter reading date to the end of the period (unbilled revenue). We report physically delivered commodity sales and purchases in the statements of consolidated income (loss) on a gross basis in revenues and fuel, purchased power and delivery fees, respectively, and we report all other commodity related contracts and financial instruments (primarily derivatives) in the statements of consolidated income (loss) on a net basis in net gain (loss) from commodity hedging and trading activities. Volumes under bilateral purchase and sales contracts, including contracts intended as hedges, are not scheduled as physical power with ERCOT. Accordingly, unless the volumes represent physical deliveries to customers or purchases from counterparties, such contracts are reported net in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities instead of reported gross as wholesale revenues or purchased power costs. If volumes delivered to our retail and wholesale customers are less than our generation volumes (as determined on a daily settlement basis), we record additional wholesale revenues, and if volumes delivered to our retail and wholesale customers exceed our generation volumes, we record additional purchased power costs. The additional wholesale revenues or purchased power costs are offset in net gain (loss) from commodity hedging and trading activities. |
Impairment of Long-Lived Assets | We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss would be recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. See Note 9 for discussion of impairments of certain long-lived assets. We evaluate investments in unconsolidated subsidiaries for impairment when factors indicate that a decrease in the value of the investment has occurred that is not temporary. Indicators that should be evaluated for possible impairment of investments include recurring operating losses of the investee or fair value measures that are less than carrying value. Any impairment recognition is based on fair value that is not reflective of temporary conditions. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. Finite-lived intangibles identified as a result of purchase accounting are amortized over their estimated useful lives based on the expected realization of economic effects. |
Goodwill and Intangible Assets with Indefinite Lives | We evaluate goodwill and intangible assets with indefinite lives for impairment at least annually (at December 1), or when indications of impairment exist. |
Amortization of Nuclear Fuel | Amortization of nuclear fuel is calculated on the units-of-production method and is reported as fuel costs. |
Major Maintenance | Major maintenance costs incurred during generation plant outages and the costs of other maintenance activities are charged to expense as incurred and reported as operating costs. |
Defined Benefit Pension Plans and OPEB Plans | We offer certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees from the company and also offer pension benefits to eligible employees under collective bargaining agreements based on either a traditional defined benefit formula or a cash balance formula. Costs of pension and OPEB plans are dependent upon numerous factors, assumptions and estimates. |
Sales and Excise Taxes | Sales and excise taxes are accounted for as a "pass through" item on the consolidated balance sheets with no effect on the statements of consolidated income (loss); i.e., the tax is billed to customers and recorded as trade accounts receivable with an offsetting amount recorded as a liability to the taxing jurisdiction. |
Franchise and Revenue-Based Taxes | Unlike sales and excise taxes, franchise and gross receipt taxes are not a "pass through" item. These taxes are assessed to us by state and local government bodies, based on revenues or kWh delivered, as a cost of doing business and are recorded as an expense. Rates we charge to customers are intended to recover our costs, including the franchise and gross receipt taxes, but we are not acting as an agent to collect the taxes from customers. |
Income Taxes | EFH Corp. files a consolidated US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. Deferred income taxes are provided for temporary differences between the book and tax basis of assets and liabilities as required under accounting rules. See Note 7 . We report interest and penalties related to uncertain tax positions as current income tax expense. |
Accounting for Contingencies | Our financial results may be affected by judgments and estimates related to loss contingencies. Accruals for loss contingencies are recorded when management determines that it is probable that an asset has been impaired or a liability has been incurred and that such economic loss can be reasonably estimated. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events. As part of our Chapter 11 Cases we have received numerous pre-petition claims, many of which are unsubstantiated or irrelevant to our business operations. Further, at this time, some of those claims might be relevant but are not reasonably estimable. |
Restricted Cash | The terms of certain agreements require the restriction of cash for specific purposes. |
Property, Plant and Equipment | As a result of purchase accounting, carrying amounts of property, plant and equipment related to competitive businesses were adjusted to estimated fair values at the Merger date. Subsequent additions have been recorded at cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead, including payroll-related costs. Interest related to qualifying construction projects and qualifying software projects is capitalized in accordance with accounting guidance related to capitalization of interest cost. See Note 10 . Depreciation of our property, plant and equipment is calculated on a straight-line basis over the estimated service lives of the properties. Depreciation expense is calculated on a component asset-by-asset basis. Estimated depreciable lives are based on management's estimates of the assets' economic useful lives. |
Asset Retirement Obligations | A liability is initially recorded at fair value for an asset retirement obligation associated with the retirement of tangible long-lived assets in the period in which it is incurred if a fair value is reasonably estimable. These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, removal of lignite/coal fueled plant ash treatment facilities and generation plant asbestos removal and disposal costs. Over time, the liability is accreted for the change in present value and the initial capitalized costs are depreciated over the remaining useful lives of the assets. |
Inventories | Inventories are reported at the lower of cost (on a weighted average basis) or market unless expected to be used in the generation of electricity. |
Investments | Investments in a nuclear decommissioning trust fund are carried at current market value in the consolidated balance sheets. Assets related to employee benefit plans represent investments held to satisfy deferred compensation liabilities and are recorded at current market value. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 , 2014 and 2013 are presented below: Year Ended December 31, 2015 2014 2013 Operating revenues $ 3,878 $ 3,822 $ 3,552 Operation and maintenance expenses (1,526 ) (1,453 ) (1,269 ) Depreciation and amortization (863 ) (851 ) (814 ) Taxes other than income taxes (450 ) (438 ) (424 ) Other income 6 13 18 Other deductions (28 ) (15 ) (15 ) Interest income — 3 4 Interest expense and related charges (333 ) (353 ) (371 ) Income before income taxes 684 728 681 Income tax expense (264 ) (289 ) (259 ) Net income 420 439 422 Net income attributable to noncontrolling interests (86 ) (90 ) (87 ) Net income attributable to Oncor Holdings $ 334 $ 349 $ 335 |
Schedule of assets and liabilities of Oncor Holdings | Assets and liabilities of Oncor Holdings at December 31, 2015 and 2014 are presented below: December 31, 2015 2014 ASSETS Current assets: Cash and cash equivalents $ 26 $ 5 Restricted cash 38 56 Trade accounts receivable — net 388 407 Trade accounts and other receivables from affiliates 118 118 Income taxes receivable from EFH Corp. 107 144 Inventories 82 73 Accumulated deferred income taxes — 10 Prepayments and other current assets 88 91 Total current assets 847 904 Restricted cash — 16 Other investments 97 97 Property, plant and equipment — net 13,024 12,463 Goodwill 4,064 4,064 Regulatory assets — net 1,194 1,429 Other noncurrent assets 31 34 Total assets $ 19,257 $ 19,007 LIABILITIES Current liabilities: Short-term borrowings $ 840 $ 711 Long-term debt due currently 41 639 Trade accounts payable — nonaffiliates 150 202 Income taxes payable to EFH Corp. 20 24 Accrued taxes other than income 181 174 Accrued interest 82 93 Other current liabilities 144 156 Total current liabilities 1,458 1,999 Accumulated deferred income taxes 1,985 1,978 Long-term debt, less amounts due currently 5,646 4,964 Other noncurrent liabilities and deferred credits 2,306 2,245 Total liabilities $ 11,395 $ 11,186 |
Goodwill And Identifiable Int33
Goodwill And Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 through 2014 (15,990 ) Balance at December 31, 2014 2,352 Additional noncash impairment charges in 2015 (2,200 ) Balance at December 31, 2015 (a) $ 152 ____________ (a) Net of accumulated impairment charges totaling $18.190 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: December 31, 2015 December 31, 2014 Identifiable Intangible Asset Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Retail customer relationship $ 463 $ 442 $ 21 $ 463 $ 425 $ 38 Capitalized in-service software 362 214 148 362 216 146 Other identifiable intangible assets (a) 72 35 37 460 291 169 Total identifiable intangible assets subject to amortization $ 897 $ 691 206 $ 1,285 $ 932 353 Retail trade name (not subject to amortization) 955 955 Mineral interests (not currently subject to amortization) 5 7 Total identifiable intangible assets $ 1,166 $ 1,315 ____________ (a) Includes favorable purchase and sales contracts, environmental allowances and credits and mining development costs. See discussion below regarding impairment charges recorded in 2014 and 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 statements of consolidated income (loss) line item) consisted of: Identifiable Intangible Asset Statements of Consolidated Income (Loss) Line Segment Remaining useful lives at December 31, 2015 (weighted average in years) Year Ended December 31, 2015 2014 2013 Retail customer relationship Depreciation and amortization Competitive Electric 2 $ 17 $ 23 $ 24 Capitalized in-service software Depreciation and amortization Competitive Electric and Corporate and Other 3 49 45 42 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees Competitive Electric 8 30 88 69 Total amortization expense (a) $ 96 $ 156 $ 135 ____________ (a) Amounts recorded in depreciation and amortization totaled $74 million , $102 million and $97 million in 2015 , 2014 and 2013 , 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 2016 $ 66 2017 $ 55 2018 $ 35 2019 $ 22 2020 $ 11 |
Accounting For Uncertainty In34
Accounting For Uncertainty In Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting for Uncertainty in Income Taxes [Abstract] | |
Summary of changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheet | The following table summarizes the changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheets, during the years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Balance at January 1, excluding interest and penalties $ 65 $ 231 $ 1,788 Additions based on tax positions related to prior years — 61 655 Reductions based on tax positions related to prior years (11 ) (205 ) (1,817 ) Additions based on tax positions related to the current year — — 16 Reductions based on tax positions related to the current year — — (4 ) Settlements with taxing authorities (18 ) (22 ) (407 ) Balance at December 31, excluding interest and penalties $ 36 $ 65 $ 231 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of our income tax expense (benefit) applicable to continuing operations | The components of our income tax benefit are as follows: Year Ended December 31, 2015 2014 2013 Current: US Federal $ (203 ) $ (126 ) $ (283 ) State 17 25 40 Total current (186 ) (101 ) (243 ) Deferred: US Federal (1,414 ) (2,507 ) (1,027 ) State (70 ) (11 ) (1 ) Total deferred (1,484 ) (2,518 ) (1,028 ) Total $ (1,670 ) $ (2,619 ) $ (1,271 ) |
Reconciliation of income taxes computed at the US federal statutory rate to income tax expense | Reconciliation of income taxes computed at the US federal statutory rate to income tax benefit recorded is as follows: Year Ended December 31, 2015 2014 2013 Loss before income taxes and equity in earnings of unconsolidated subsidiaries $ (7,346 ) $ (9,374 ) $ (3,931 ) Income taxes at the US federal statutory rate of 35% $ (2,571 ) $ (3,281 ) $ (1,376 ) Nondeductible goodwill impairment 770 560 350 Impairment of joint venture assets attributable to noncontrolling interests (Note 9) — — 37 IRS audit and appeals settlements (Note 6) (1 ) 7 (305 ) Texas margin tax, net of federal benefit — 11 10 Interest accrued for uncertain tax positions, net of tax (2 ) — (16 ) Nondeductible interest expense 23 22 23 Lignite depletion allowance (8 ) (14 ) (12 ) Nondeductible debt restructuring costs 136 78 6 Other (17 ) (2 ) 12 Income tax benefit $ (1,670 ) $ (2,619 ) $ (1,271 ) Effective tax rate 22.7 % 27.9 % 32.3 % |
Schedule of deferred tax assets and liabilities | Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2015 and 2014 are as follows: December 31, 2015 2014 Total Noncurrent (a) Total Current Noncurrent Deferred Income Tax Assets Alternative minimum tax credit carryforwards $ 99 $ 124 $ — $ 124 Employee benefit obligations 143 143 8 135 Net operating loss (NOL) carryforwards 966 1,022 — 1,022 Unfavorable purchase and sales contracts 193 202 — 202 Commodity contracts and interest rate swaps 129 6 — 6 Debt extinguishment gains 1,120 879 — 879 Accrued interest — — — — Other 113 85 2 83 Total 2,763 2,461 10 2,451 Deferred Income Tax Liabilities Property, plant and equipment 1,506 2,422 — 2,422 Commodity contracts and interest rate swaps — 44 44 — Identifiable intangible assets 312 355 — 355 Debt fair value discounts — 342 — 342 Debt extinguishment gains — 101 101 — Accrued interest 336 45 — 45 Other — — — — Total 2,154 3,309 145 3,164 Net Accumulated Deferred Income Tax (Asset) Liability $ (609 ) $ 848 $ 135 $ 713 |
Other Income and Deductions (Ta
Other Income and Deductions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of other income and deductions | Year Ended December 31, 2015 2014 2013 Other income: Office space rental income (a) $ 11 $ 11 $ 11 Sale of land (b) 5 2 1 Mineral rights royalty income (b) 4 4 5 All other 15 14 9 Total other income $ 35 $ 31 $ 26 Other deductions: Impairment of favorable purchase contracts (Note 5) (b) $ 8 $ 183 $ — Impairment of emission allowances (Note 5) (b) 55 80 — Impairment of mining development costs (Note 5) (b) 19 — — Impairment of remaining equipment from cancelled generation development program (b) — — 27 All other 13 13 26 Total other deductions $ 95 $ 276 $ 53 ____________ (a) Reported in Corporate and Other. (b) Reported in Competitive Electric segment. |
Reorganization Items (Reorgan37
Reorganization Items (Reorganization Items) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reorganization Items [Abstract] | |
Reorganization Items | Expenses and income directly associated with the Chapter 11 Cases are reported separately in the statements of consolidated income (loss) as reorganization items as required by ASC 852, Reorganizations . Reorganization items also include adjustments to reflect the carrying value of liabilities subject to compromise (LSTC) at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the year ended December 31, 2015 and the post-petition period ended December 31, 2014 as reported in the statements of consolidated income (loss): Twelve Months Ended December 31, 2015 Post-Petition Period Ended December 31, 2014 Expenses related to legal advisory and representation services $ 310 $ 127 Expenses related to other professional consulting and advisory services 128 95 Contract claims adjustments 52 20 Noncash adjustment for estimated allowed claims related to debt (Note 13) 926 — Sponsor management agreement settlement (Notes 2 and 19) (86 ) — Contract assumption adjustments (14 ) — Noncash liability adjustment arising from termination of interest rate swaps (Note 13) — 278 Fees associated with repayment of EFIH Second Lien Notes (Note 13) 28 — Loss on exchange and settlement of EFIH First Lien Notes — 108 Fees associated with completion and extension of the TCEH and EFIH DIP Facilities (Note 12) 9 187 Other 2 — Total reorganization items $ 1,355 $ 815 |
Interest Expense and Related 38
Interest Expense and Related Charges Interest Expense and Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest Expense and Related Charges [Abstract] | |
Schedule of Interest Expense and Related Charges [Table Text Block] | Year Ended December 31, 2015 2014 2013 Interest paid/accrued on debtor-in-possession financing $ 295 $ 162 $ — Adequate protection amounts paid/accrued (a) 1,232 827 — Interest paid/accrued on pre-petition debt (b) 244 1,158 3,376 Interest expense on pre-petition toggle notes payable in additional principal (Note 13) — 65 176 Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) (c) — 1,237 — Unrealized mark-to-market net gain on interest rate swaps — (1,303 ) (1,058 ) Amortization of debt issuance, amendment and extension costs and discounts — 66 208 Capitalized interest (11 ) (17 ) (25 ) Other — 6 27 Total interest expense and related charges $ 1,760 $ 2,201 $ 2,704 ____________ (a) Post-petition period only. (b) For the year ended December 31, 2015 , amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 13 ). Includes amounts related to interest rate swaps totaling $194 million and $625 million for the years ended December 31, 2014 and 2013, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 17 . (c) Includes $1.225 billion related to terminated TCEH interest rate swaps and $12 million related to other interest rate swaps. |
Contractual Interest Expense On Pre-Petition Liabilities [Table Text Block] | 12 . Additionally, the Bankruptcy Court approved post-petition interest payments on the EFIH Second Lien Notes in March 2015 as discussed in Note 13 . Additional interest payments may also be made upon approval by the Bankruptcy Court (see Note 14 ). 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 statements of consolidated income (loss) for the year ended December 31, 2015 and the post-petition period ended December 31, 2014 does not include $1.270 billion and $919 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 year ended December 31, 2015 and the post-petition period ended December 31, 2014 , adequate protection paid/accrued presented below excludes $60 million and $40 million , respectively, related to interest paid/accrued on the TCEH first-lien interest rate and commodity hedge claims (see Note 17 ), as such amounts are not included in contractual interest amounts below. Year Ended December 31, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 125 $ — $ — $ 125 EFIH 415 — 50 365 EFCH 7 — — 7 TCEH 2,069 1,172 — 897 Eliminations (b) (124 ) — — (124 ) Total $ 2,492 $ 1,172 $ 50 $ 1,270 Post-Petition Period Ended December 31, 2014 Entity: Contractual Interest on Adequate Protection Ordered Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 84 $ — $ — $ 84 EFIH 363 — 54 309 EFCH 4 — — 4 TCEH 1,392 787 — 605 Eliminations (b) (83 ) — — (83 ) Total $ 1,760 $ 787 $ 54 $ 919 ___________ (a) For the year ended December 31, 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 13 ). For the post-petition period ended December 31, 2014, represents interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 12 ). (b) Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
Debtor-In-Possession Borrowin39
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Debtor-In-Possession Borrowing Facilities) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debtor-In-Possession Borrowing Facilities [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | The TCEH DIP Facility and related available capacity at December 31, 2015 are presented below. Borrowings are reported in the consolidated balance sheets as borrowings under debtor-in-possession credit facilities. 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. The TCEH DIP Facility must be repaid in full prior to the TCEH Debtors emergence from the Chapter 11 Cases. December 31, 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 — 281 Total TCEH DIP Facility $ 3,375 $ 1,950 $ 281 ___________ (a) Facility used for general corporate purposes. No amounts were borrowed at December 31, 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 [Table Text Block] | 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. December 31, 2015 2014 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) 13 21 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) 24 29 Unamortized fair value discount (a) (2 ) (3 ) Total EFCH 35 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 5 44 Other 2 2 Unamortized discount (1 ) (2 ) Total TCEH 19 73 Total EFH Corp. consolidated 95 167 Less amounts due currently (35 ) (39 ) Total long-term debt not subject to compromise $ 60 $ 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. December 31, 2015 2014 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) 89 90 6.50% Fixed Series Q Senior Notes due November 15, 2024 (a) 198 201 6.55% Fixed Series R Senior Notes due November 15, 2034 (a) 288 291 Unamortized fair value discount (b) — (118 ) Total EFH Corp. 640 529 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 1,530 1,566 9.75% Fixed Senior Notes due October 15, 2019 2 2 Unamortized premium (b) — 243 Unamortized discount (b) — (121 ) Total EFIH 3,243 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 ) Total EFCH 9 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 December 31, 2015 2014 TCEH Floating Rate Term Loan Facilities due October 10, 2017 (a) 15,691 15,691 TCEH Floating Rate Letter of Credit Facility due October 10, 2017 1,020 1,020 11.5% Fixed Senior Secured Notes due October 1, 2020 1,750 1,750 15% Fixed Senior Secured Second Lien Notes due April 1, 2021 336 336 15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B 1,235 1,235 10.25% Fixed Senior Notes due November 1, 2015 (a) 1,833 1,833 10.25% Fixed Senior Notes due November 1, 2015, Series B (a) 1,292 1,292 10.50% / 11.25% Senior Toggle Notes due November 1, 2016 1,749 1,749 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 ) Other: Other 1 1 Unamortized discount (b) — (91 ) Total TCEH 31,668 31,474 Deferred debt issuance and extension costs (b) — (733 ) Total EFH Corp. consolidated notes, loans and other debt $ 35,560 $ 35,124 ___________ (a) Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity). The amounts of TCEH debt held by EFIH or EFH Corp. (parent entity) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. See Note 2 for discussion of the Settlement Agreement. . December 31, 2014 EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014 281 EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024 545 EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034 456 TCEH Floating Rate Term Loan Facilities due October 10, 2017 19 TCEH 10.25% Fixed Senior Notes due November 1, 2015 213 TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B 150 Total $ 1,664 (b) Due to the Settlement Agreement our pre-petition notes, loans and other debt reported as liabilities subject to compromise were updated to reflect our expected allowed claim amounts, resulting in the write-off to reorganization items of unamortized deferred debt issuance and extension costs, premiums and discounts classified as LSTC (see Note 11 ). |
Liabilities Subject to Compro40
Liabilities Subject to Compromise (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Liabilities Subject to Compromise [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF INCOME (LOSS) (Millions of Dollars) Year Ended December 31, 2015 2014 2013 Selling, general and administrative expenses $ (58 ) $ (61 ) $ (45 ) Other income 22 — 568 Other deductions — (108 ) (646 ) Interest income 3 74 132 Interest expense and related charges — (83 ) (411 ) Reorganization items (Note 4) 606 (27 ) — Loss before income taxes and equity in earnings of unconsolidated subsidiaries 573 (205 ) (402 ) Income tax (expense) benefit (9 ) 60 141 Equity in losses of consolidated subsidiaries (net of tax) (6,240 ) (6,610 ) (2,399 ) Equity in earnings of unconsolidated subsidiaries (net of tax) 334 349 335 Net loss (5,342 ) (6,406 ) (2,325 ) Net loss attributable to noncontrolling interests — — 107 Net loss attributable to EFH Corp. (parent) $ (5,342 ) $ (6,406 ) $ (2,218 ) See Notes to the Financial Statements. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Millions of Dollars) Year Ended December 31, 2015 2014 2013 Net loss $ (5,342 ) $ (6,406 ) $ (2,325 ) Other comprehensive income (loss) (net of tax (expense) benefit of $(2), $36 and $9) 4 (67 ) (16 ) Comprehensive loss (5,338 ) (6,473 ) (2,341 ) Comprehensive loss attributable to noncontrolling interests — — 107 Comprehensive loss attributable to EFH Corp. (parent) $ (5,338 ) $ (6,473 ) $ (2,234 ) See Notes to the Financial Statements. ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS (Millions of Dollars) Year Ended December 31, 2015 2014 2013 Cash flows — operating activities Net loss $ (5,342 ) $ (6,406 ) $ (2,325 ) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Equity in losses of consolidated subsidiaries 6,240 6,610 2,399 Equity in earnings of unconsolidated subsidiaries (334 ) (349 ) (335 ) Deferred income tax expense (benefit) — net 23 3 10 Gain on settlement of debt held by affiliates (Note 4) (1,283 ) — — Gain on settlement of interest on debt held by affiliates (Note 4) (35 ) — — Adjustment to intercompany claims pursuant to the Settlement Agreement (Note 4) 341 — — Noncash adjustment for estimated allowed claims related to debt (Note 4) 354 — — Sponsor management agreement settlement (Note 4) (27 ) — — Reduction in reserve recorded for income tax receivable (Note 3) (22 ) — — Income tax benefit due to IRS audit resolutions — (14 ) (132 ) Reserve for income tax receivable from TCEH — 91 — Gain on debt exchanges — — (566 ) Impairment of investment in debt of affiliates — — 70 Reserve for intercompany receivables — 17 642 Amortization of debt related costs — 12 36 Other, net — — 2 Changes in operating assets and liabilities: Changes in assets 29 13 100 Changes in liabilities 135 158 (75 ) Cash provided by (used in) operating activities 79 135 (174 ) Cash flows — financing activities Distributions received from subsidiaries — — 690 Change in notes/advances — affiliate 16 60 (622 ) Other, net — — (5 ) Cash provided by financing activities 16 60 63 Cash flows — investing activities Other, net 1 — 9 Cash provided by investing activities 1 — 9 Net change in cash and cash equivalents 96 195 (102 ) Cash and cash equivalents — beginning balance 392 197 299 Cash and cash equivalents — ending balance $ 488 $ 392 $ 197 ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS (Millions of Dollars) December 31, 2015 2014 ASSETS Current assets: Cash and cash equivalents $ 488 $ 392 Accounts receivable from subsidiaries 8 6 Prepayments 2 7 Total current assets 498 405 Receivables from unconsolidated subsidiary — 47 Investment in debt of subsidiaries (Note 2) — 39 Other investments 24 60 Other noncurrent assets 5 3 Total assets $ 527 $ 554 LIABILITIES AND EQUITY Current liabilities: Payables to subsidiaries $ 33 $ — Trade accounts payable 5 1 Notes payable to affiliates 5 8 Accumulated deferred income taxes — 18 Accrued taxes 17 69 Other current liabilities 42 40 Total current liabilities 102 136 Liabilities subject to compromise (Note 5) 1,409 1,899 Accumulated deferred income taxes 400 368 Payable to subsidiaries 18 7 Other noncurrent liabilities and deferred credits 248 374 Total liabilities 2,177 2,784 Commitments and Contingencies (Note 7) Equity investment in consolidated subsidiaries 23,411 17,493 Shareholders' equity (25,061 ) (19,723 ) Total equity (1,650 ) (2,230 ) Total liabilities and equity $ 527 $ 554 See Notes to the Financial Statements. 1. BASIS OF PRESENTATION The accompanying unconsolidated condensed balance sheets, statements of income (loss) and cash flows present results of operations and cash flows of EFH Corp. (Parent). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules of the SEC. Because the unconsolidated condensed financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the financial statements and related notes of Energy Future Holdings Corp. and Subsidiaries included in Item 8 of this Annual Report on Form 10-K. EFH Corp.'s subsidiaries have been accounted for under the equity method. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. 2. INVESTMENT IN DEBT OF SUBSIDIARY As a result of debt exchanges and purchases in 2009 through 2011, EFH Corp. (Parent) held debt securities of TCEH with carrying values totaling $39 million at December 31, 2014, reported as investment in debt of subsidiaries. The amounts of TCEH debt held by EFH Corp. (Parent) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. This resulted in a loss of $33 million recorded in reorganization items. As of December 31, 2014, all of these debt securities were classified as available-for-sale. In accordance with accounting guidance for investments classified as available-for-sale, the securities were recorded at fair value and unrealized gains or losses were recorded in other comprehensive income unless such losses were other than temporary, in which case they were reported as impairments. The principal amounts, coupon rates, maturities and carrying value were as follows as of December 31, 2014: December 31, 2014 Principal Amount Carrying Value (a) Available-for-sale securities: TCEH 4.730% Term Loan Facilities maturing October 10, 2017 $ 19 $ 12 TCEH 10.25% Fixed Senior Notes due November 1, 2015 (includes $102 million principal amount of Series B Notes) 284 27 Total available-for-sale securities $ 303 $ 39 _____________ (a) Carrying value equals fair value. Impairments — In 2015 and 2013 , we deemed the declines in value of the TCEH debt securities were other than temporary and recorded impairments totaling $6 million and $70 million , respectively, as reductions of interest income. Our assessment considered that the securities were in a loss position for more than 12 months and that declines in natural gas prices and other corresponding effects on the profitability and cash flows of TCEH (which has below investment grade credit ratings) were unlikely to reverse in the near term. No cumulative unrealized losses were recorded in accumulated other comprehensive income at December 31, 2013. Interest income recorded on these investments was as follows: Year Ended December 31, 2015 2014 2013 Available-for-sale securities: Interest received/accrued $ — $ 12 $ 30 Impairments related to issuer credit (6 ) — (70 ) Total interest income $ (6 ) $ 12 $ (40 ) We determine fair value under the fair value hierarchy established in accounting standards. Under the fair value hierarchy, Level 2 valuations are based on evaluated prices that reflect observable market information, such as actual trade information of similar securities, adjusted for observable differences. The fair value of our investment in debt of subsidiaries was estimated at the lesser of either the call price or the market value as determined by broker quotes and quoted market prices for similar securities in active markets. As of December 31, 2014, the fair values of our investment in debt of subsidiaries represent Level 2 valuations. AFFILIATE BALANCES 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 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 is expected to remain effective regardless of whether the EFH Acquisition is completed. The Bankruptcy Court approved the Settlement Agreement in December 2015. In December 2015, pursuant to the approved Settlement Agreement, Backstop Agreement, Merger Agreement and Plan of Reorganization, EFH Corp. (Parent) recorded a gain for an adjustment related to the Sponsor Group's agreement to forego claims related to a management agreement of $64 million , which is reported in our statement of consolidated income (loss) in reorganization items. Additionally, we recorded adjustments to eliminate all intercompany claims among the debtors except for a TCEH unsecured claim against EFH Corp. of $700 million as contemplated by the Plan of Reorganization and a gain of $408 million was recorded in reorganization items related to the forgiveness of an income tax payable due to EFIH. Further, pursuant to the Settlement Agreement, EFH Corp. (Parent) recorded a gain of $1.283 billion related to forgiveness of debt held by affiliates. Other The EFH Corp. (Parent) net income tax receivable from TCEH was reduced during the year ended December 31, 2015, resulting in a credit to the existing reserve of $22 million , which is reported in other income. EFH Corp. (Parent) fully reserved a net income tax receivable from TCEH, resulting in a charge of $91 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved pre-petition interest receivable from EFCH, resulting in a charge of $14 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved a pre-petition intercompany accounts receivable because of significant uncertainty regarding its ultimate settlement, resulting in a charge of $3 million at December 31, 2014, reported in other deductions. On April 29, 2014, EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Prior to December 31, 2013, EFH Corp. (Parent) had entered into certain transactions with its subsidiaries that upon the Bankruptcy Filing resulted in unsecured prepetition liabilities on the part of the subsidiaries that are subject to settlement under a Chapter 11 plan. Because of the significant uncertainty regarding the ultimate settlement of these amounts, in the fourth quarter 2013 EFH Corp. (Parent) fully reserved the following receivables: • A net income tax receivable from TCEH was fully reserved, resulting in a charge of $534 million , reported in other deductions. The receivable arose from a Federal and State Income Tax Allocation Agreement, which provides, among other things, that each of EFCH, EFIH, TCEH and other subsidiaries under the agreement is required to make payments to EFH Corp. in an amount calculated to approximate the amount of tax liability such entity would have owed if it filed a separate corporate tax return. • A demand note receivable from EFCH was fully reserved, resulting in a charge of $103 million reported in other deductions. The receivable arose from borrowings by EFCH to repay certain outstanding debt as it became due. • An interest receivable from TCEH was fully reserved, resulting in a charge of $5 million reported in other deductions. The receivable represented accrued interest related to the EFH Corp.'s holdings of TCEH debt securities. In addition, in the fourth quarter 2013, EFH Corp. (Parent) determined that the likelihood that receivables and payables with certain of its direct subsidiaries would be cash settled was remote. As such $899 million of corporate affiliate receivables and $1.350 billion of corporate affiliate payables were reclassified to equity investment in consolidated subsidiaries. Substantially all of the affiliates represent discontinued operations and are no longer active. REORGANIZATION ITEMS Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of 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 year ended December 31, 2015 and the post-petition period ended December 31, 2014 as reported in the condensed statement of income (loss): Year Ended December 31, 2015 Post-Petition Period Ended December 31, 2014 Expenses related to legal advisory and representation services $ 56 $ 13 Expenses related to other professional consulting and advisory services 26 13 Noncash adjustment for estimated allowed claims related to debt 354 — Adjustment to intercompany claims pursuant to settlement agreement 341 — Gain on settlement of debt held by affiliates (1,283 ) — Gain on settlement of interest on debt held by affiliates (35 ) — Sponsor management agreement settlement (64 ) — Contract claims adjustments (2 ) — Other reorganization items 1 1 Total reorganization items $ (606 ) $ 27 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. Prior to December 2015, debt amounts include related unamortized deferred financing costs and discounts/premiums. Amounts classified to LSTC do not include pre-petition liabilities that are fully secured by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at December 31, 2015 and 2014 : December 31, 2015 2014 Notes, loans and other debt $ 640 $ 1,577 Accrued interest on notes, loans and other debt 20 57 Tax sharing liability — 212 Trade accounts payable and accrued liabilities 49 52 Advances and other payables to affiliates 700 1 Total liabilities subject to compromise $ 1,409 $ 1,899 GUARANTEES As discussed below, EFH Corp. (Parent) has entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. Assumption of Indebtedness — In prior periods, EFCH purchased an electric co-op's minority ownership interest in the Comanche Peak nuclear generation facilities and assumed the co-op's indebtedness to the US government related to the co-op's investment in the facilities (without the co-op being released from its obligations under such indebtedness). EFCH is making principal and interest payments in an amount sufficient to satisfy the co-op's requirements under the indebtedness. In the event that payments on the indebtedness are not made in a timely manner, the US government would be entitled to enforce the payment of the debt against EFCH. At December 31, 2015 , the balance of the indebtedness on EFCH's balance sheet was $37 million with maturities of principal and interest extending to December 2021. The indebtedness is secured by a lien on the Comanche Peak generation facilities. EFH Corp. (Parent) has guaranteed EFCH's obligation under this agreement. COMMITMENTS AND CONTINGENCIES In August 2014, the Bankruptcy Court entered an order establishing discovery procedures governing, among other things, certain prepetition transactions among the various Debtors' estates, including EFH Corp. (Parent). In February 2015, the ad hoc 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. These claims were released effective when the Bankruptcy Court approved the Settlement Agreement. The Settlement Agreement was approved in December 2015 and is expected to remain effective even if the Plan of Reorganization does not become effective. DIVIDEND RESTRICTIONS Under applicable law, EFH Corp. (Parent) is prohibited from paying any dividend to the extent that immediately following payment of such dividend, there would be no statutory surplus or we would be insolvent. In addition, due to the Bankruptcy Filing, no dividends are eligible to be paid without the approval of the Bankruptcy Court. EFH Corp. (Parent) has not declared or paid any dividends since the Merger. EFH Corp. (Parent) received no dividends from its consolidated subsidiaries in the years ended December 31, 2015 and 2014. EFH Corp. (Parent) received dividends from its consolidated subsidiaries totaling $690 million for the year ended December 31, 2013. SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2015 2014 2013 Cash payments (receipts) related to: Interest paid $ — $ 30 $ 525 Income taxes (134 ) (243 ) (224 ) Reorganization items (a) 68 14 — ___________ (a) Represents cash payments for legal and other consulting services. |
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. Prior to December 2015, 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 consolidated balance sheets at December 31, 2015 and 2014 : December 31, 2015 2014 Notes, loans and other debt per the following table $ 35,560 $ 35,124 Accrued interest on notes, loans and other debt 745 804 Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 17) 1,243 1,235 Trade accounts payable and other expected allowed claims 238 269 Total liabilities subject to compromise $ 37,786 $ 37,432 |
Schedule of Long-term Debt Instruments [Table Text Block] | 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. December 31, 2015 2014 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) 13 21 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) 24 29 Unamortized fair value discount (a) (2 ) (3 ) Total EFCH 35 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 5 44 Other 2 2 Unamortized discount (1 ) (2 ) Total TCEH 19 73 Total EFH Corp. consolidated 95 167 Less amounts due currently (35 ) (39 ) Total long-term debt not subject to compromise $ 60 $ 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. December 31, 2015 2014 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) 89 90 6.50% Fixed Series Q Senior Notes due November 15, 2024 (a) 198 201 6.55% Fixed Series R Senior Notes due November 15, 2034 (a) 288 291 Unamortized fair value discount (b) — (118 ) Total EFH Corp. 640 529 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 1,530 1,566 9.75% Fixed Senior Notes due October 15, 2019 2 2 Unamortized premium (b) — 243 Unamortized discount (b) — (121 ) Total EFIH 3,243 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 ) Total EFCH 9 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 December 31, 2015 2014 TCEH Floating Rate Term Loan Facilities due October 10, 2017 (a) 15,691 15,691 TCEH Floating Rate Letter of Credit Facility due October 10, 2017 1,020 1,020 11.5% Fixed Senior Secured Notes due October 1, 2020 1,750 1,750 15% Fixed Senior Secured Second Lien Notes due April 1, 2021 336 336 15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B 1,235 1,235 10.25% Fixed Senior Notes due November 1, 2015 (a) 1,833 1,833 10.25% Fixed Senior Notes due November 1, 2015, Series B (a) 1,292 1,292 10.50% / 11.25% Senior Toggle Notes due November 1, 2016 1,749 1,749 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 ) Other: Other 1 1 Unamortized discount (b) — (91 ) Total TCEH 31,668 31,474 Deferred debt issuance and extension costs (b) — (733 ) Total EFH Corp. consolidated notes, loans and other debt $ 35,560 $ 35,124 ___________ (a) Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity). The amounts of TCEH debt held by EFIH or EFH Corp. (parent entity) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. See Note 2 for discussion of the Settlement Agreement. . December 31, 2014 EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014 281 EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024 545 EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034 456 TCEH Floating Rate Term Loan Facilities due October 10, 2017 19 TCEH 10.25% Fixed Senior Notes due November 1, 2015 213 TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B 150 Total $ 1,664 (b) Due to the Settlement Agreement our pre-petition notes, loans and other debt reported as liabilities subject to compromise were updated to reflect our expected allowed claim amounts, resulting in the write-off to reorganization items of unamortized deferred debt issuance and extension costs, premiums and discounts classified as LSTC (see Note 11 ). |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of noncancellable commitments under energy-related contracts, leases and other agreements | At December 31, 2015 , we had contractual commitments under energy-related contracts, leases and other agreements, some of which remain subject to potential rejection in the Chapter 11 Cases, as follows: Coal purchase and transportation agreements Pipeline transportation and storage reservation fees Nuclear Fuel Contracts Other Contracts 2016 $ 307 $ 13 $ 62 $ 130 2017 — 1 46 42 2018 — 1 72 14 2019 — 1 35 12 2020 — 1 37 14 Thereafter — 7 96 36 Total $ 307 $ 24 $ 348 $ 248 |
Schedule of future minimum lease payments for capital leases and operating leases | At December 31, 2015 , future minimum lease payments under both capital leases and operating leases are as follows: Capital Leases Operating Leases (a) 2016 $ 3 $ 26 2017 2 32 2018 — 30 2019 — 28 2020 — 26 Thereafter — 139 Total future minimum lease payments 5 $ 281 Less amounts representing interest — Present value of future minimum lease payments 5 Less current portion 3 Long-term capital lease obligation $ 2 ___________ (a) Includes operating leases with initial or remaining noncancellable lease terms in excess of one year. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | Changes in common stock shares outstanding for each of the last three years are reflected (in millions of shares) in the table below. Essentially all shares issued and purchased were as a result of stock-based compensation transactions for the benefit of certain officers, directors and employees. Year Ended December 31, 2015 2014 2013 Shares outstanding at beginning of year 1,669.9 1,669.9 1,680.5 Shares issued (a) — — 1.7 Shares repurchased — — (12.3 ) Shares outstanding at end of year 1,669.9 1,669.9 1,669.9 ____________ (a) Includes share awards granted to directors and other nonemployees. |
Schedule of Changes to Accumulated Other Comprehensive Income (Loss) | The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2015 . Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 17) Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 18) Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ (53 ) $ (77 ) $ (130 ) Other comprehensive loss before reclassifications (after tax) — 5 5 Amounts reclassified from accumulated other comprehensive income (loss) and reported in: Operating costs — (3 ) (3 ) Depreciation and amortization 2 — 2 Selling, general and administrative expenses — (4 ) (4 ) 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 3 (4 ) (1 ) Total change during the period 3 1 4 Balance at December 31, 2015 $ (50 ) $ (76 ) $ (126 ) The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2014 . In conjunction with the remeasurement of the EFH Corp. OPEB liability during the period (see Note 18 ), we recognized an additional $17 million of other comprehensive loss. Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 17) Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 18) Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2013 $ (56 ) $ (7 ) $ (63 ) Other comprehensive loss before reclassifications (after tax) — (66 ) (66 ) Amounts reclassified from accumulated other comprehensive income (loss) and reported in: Operating costs — (4 ) (4 ) Depreciation and amortization 2 — 2 Selling, general and administrative expenses — (2 ) (2 ) Interest expense and related charges — — — Income tax benefit (expense) (1 ) 2 1 Equity in earnings of unconsolidated subsidiaries (net of tax) 2 — 2 Total amount reclassified from accumulated other comprehensive income (loss) during the period 3 (4 ) (1 ) Total change during the period 3 (70 ) (67 ) Balance at December 31, 2014 $ (53 ) $ (77 ) $ (130 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 Level 1 Level 2 Level 3 (a) Total Assets: Commodity contracts $ 385 $ 41 $ 49 $ 475 Nuclear decommissioning trust – equity securities (b) 380 219 — 599 Nuclear decommissioning trust – debt securities (b) — 319 — 319 Total assets $ 765 $ 579 $ 49 $ 1,393 Liabilities: Commodity contracts $ 128 $ 64 $ 12 $ 204 Total liabilities $ 128 $ 64 $ 12 $ 204 December 31, 2014 Level 1 Level 2 Level 3 (a) Total Assets: Commodity contracts $ 402 $ 46 $ 49 $ 497 Nuclear decommissioning trust – equity securities (b) 375 217 — 592 Nuclear decommissioning trust – debt securities (b) — 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) The nuclear decommissioning trust investment is included in the other investments line in the consolidated balance sheets. See Note 21 . |
Schedule of fair value of the Level 3 assets and liabilities by major contract type (all related to commodity contracts) and the significant unobservable inputs used in the valuations | The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at December 31, 2015 and 2014 : December 31, 2015 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 1 $ (1 ) $ — Valuation Model Illiquid pricing locations (c) $15 to $35/MWh Hourly price curve shape (d) $15 to $45/MWh Electricity congestion revenue rights 39 (4 ) 35 Market Approach (e) Illiquid price differences between settlement points (f) $0 to $10/MWh Other (i) 9 (7 ) 2 Total $ 49 $ (12 ) $ 37 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) | Year Ended December 31, 2015 2014 2013 Net asset (liability) balance at beginning of period $ 35 $ (973 ) $ 29 Total unrealized valuation gains (losses) 27 (97 ) (48 ) Purchases, issuances and settlements (a): Purchases 49 63 92 Issuances (13 ) (5 ) (7 ) Settlements (48 ) 1,053 138 Transfers into Level 3 (b) 1 — (1,181 ) Transfers out of Level 3 (b) (14 ) (6 ) 4 Net change (c) 2 1,008 (1,002 ) Net asset (liability) balance at end of period $ 37 $ 35 $ (973 ) Unrealized valuation gains (losses) relating to instruments held at end of period $ 18 $ (5 ) $ 435 ____________ (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 2014 reflect termination of the TCEH interest rate swaps and include the reversal of a nonperformance risk adjustment as discussed in Note 17 . (b) Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. All Level 3 transfers during the years presented are in and out of Level 2. Transfers into Level 3 during 2013 reflect a nonperformance risk adjustment in the valuation of the TCEH interest rate swaps, which were secured by a first-lien interest in the same assets of TCEH (on a pari passu basis) with the TCEH Senior Secured Facilities and the TCEH Senior Secured Notes (see Note 13 ). (c) Substantially all changes in values of commodity contracts are reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Changes in values of interest rate swaps transferred into Level 3 in 2013 are reported in the statements of consolidated income (loss) in interest expense and related charges (see Note 10 ). 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 Derivativ44
Commodity And Other Derivative Contractual Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 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 consolidated balance sheets at December 31, 2015 and 2014 (noncurrent assets and liabilities are reported in other noncurrent assets and other noncurrent liabilities and deferred credits, respectively). All amounts relate to commodity contracts. December 31, 2015 December 31, 2014 Derivative Assets Derivative Liabilities Total Derivative Assets Derivative Liabilities Total Current assets $ 465 $ — $ 465 $ 492 $ — $ 492 Noncurrent assets 10 — 10 5 — 5 Current liabilities — (203 ) (203 ) — (316 ) (316 ) Noncurrent liabilities — (1 ) (1 ) — (1 ) (1 ) Net assets (liabilities) $ 475 $ (204 ) $ 271 $ 497 $ (317 ) $ 180 |
Schedule of Pre-tax Effect on Net Income of Derivatives Not Under Hedge Accounting, Including Realized and Unrealized Effects | The following table presents the pretax effect of derivatives on net income (gains (losses)), including realized and unrealized effects: Year Ended December 31, Derivative (statements of consolidated income (loss) presentation) 2015 2014 2013 Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) $ 380 $ 17 $ (54 ) Interest rate swaps (Interest expense and related charges) (b) — (128 ) 433 Interest rate swaps (Reorganization items) (Note 11) — (278 ) — Net gain (loss) $ 380 $ (389 ) $ 379 ____________ (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 10 ). |
Schedule of Pre-tax Effect on Net Income and Other Comprehensive Income (OCI) of Derivative Instruments Previously Accounted for as Cash Flow Hedges | 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 the years ended December 31, 2015 , 2014 and 2013 . There were no amounts recognized in OCI for the years ended December 31, 2015 , 2014 or 2013 . |
Offsetting Assets and Liabilities [Table Text Block] | The following tables reconcile our derivative assets and liabilities as presented in the consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: December 31, 2015 Amounts Presented in Balance Sheet Offsetting Instruments (a) Financial Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 475 $ (145 ) $ (147 ) $ 183 Derivative liabilities: Commodity contracts (204 ) 145 6 (53 ) Net amounts $ 271 $ — $ (141 ) $ 130 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 | Derivative Volumes — The following table presents the gross notional amounts of derivative volumes at December 31, 2015 and 2014 : December 31, 2015 2014 Derivative type Notional Volume Unit of Measure Natural gas (a) 1,489 1,687 Million MMBtu Electricity 58,022 22,820 GWh Congestion Revenue Rights (b) 106,260 89,484 GWh Coal 10 10 Million US tons Fuel oil 35 36 Million gallons Uranium 75 150 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. |
Pension And Other Postretirem45
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs | Pension and OPEB Costs Year Ended December 31, 2015 2014 2013 Pension costs $ 18 $ 13 $ 26 OPEB costs 3 27 39 Total benefit costs 21 40 65 Less amounts expensed by Oncor (and not consolidated) (2 ) (13 ) (25 ) Less amounts deferred principally as a regulatory asset or property by Oncor (8 ) (15 ) (25 ) Net amounts recognized as expense by EFH Corp. and consolidated subsidiaries $ 11 $ 12 $ 15 |
Schedule of Assumptions Used | Expected Long-Term Rate of Return on Assets Assumption The Retirement Plan strategic asset allocation is determined in conjunction with the plan's advisors and utilizes a comprehensive Asset-Liability modeling approach to evaluate potential long-term outcomes of various investment strategies. The study incorporates long-term rate of return assumptions for each asset class based on historical and future expected asset class returns, current market conditions, rate of inflation, current prospects for economic growth, and taking into account the diversification benefits of investing in multiple asset classes and potential benefits of employing active investment management. Retirement Plan Asset Class: Expected Long-Term Rate of Return US equity securities 6.6 % International equity securities 7.5 % Fixed income securities 4.5 % Weighted average 5.6 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments to beneficiaries, including amounts related to nonqualified plans, are as follows: 2016 2017 2018 2019 2020 2021-25 Pension benefits $ 14 $ 14 $ 15 $ 17 $ 19 $ 109 OPEB $ 8 $ 8 $ 8 $ 8 $ 9 $ 44 |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | Year Ended December 31, 2015 2014 Change in Pension Obligation: Projected benefit obligation at beginning of year $ 331 $ 272 Service cost 7 7 Interest cost 14 14 Actuarial (gain) loss (19 ) 45 Benefits paid (11 ) (7 ) Projected benefit obligation at end of year $ 322 $ 331 Accumulated benefit obligation at end of year $ 303 $ 307 Change in Plan Assets: Fair value of assets at beginning of year $ 230 $ 126 Actual return on assets (8 ) 26 Employer contributions 68 85 Benefits paid (11 ) (7 ) Fair value of assets at end of year $ 279 $ 230 Funded Status: Projected pension benefit obligation $ (322 ) $ (331 ) Fair value of assets 279 230 Funded status at end of year (a) $ (43 ) $ (101 ) Amounts Recognized in the Balance Sheet Consist of: Other current liabilities (1 ) (1 ) Liabilities subject to compromise (20 ) (23 ) Other noncurrent liabilities (22 ) (77 ) Net liability recognized $ (43 ) $ (101 ) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net loss $ 17 $ 17 Amounts Recognized by Oncor as Regulatory Assets Consist of: Net loss $ 49 $ 56 Net amount recognized $ 49 $ 56 ___________ (a) Amounts in 2015 and 2014 include zero and $47 million , respectively, for which Oncor is contractually responsible and which are expected to be recovered in Oncor's rates. See Note 19 . The following information is based on December 31, 2015, 2014 and 2013 measurement dates: Year Ended December 31, 2015 2014 2013 Assumptions Used to Determine Net Periodic Pension Cost: Discount rate 4.19 % 5.07 % 4.30 % Expected return on plan assets 5.38 % 6.17 % 5.40 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Components of Net Pension Cost: Service cost $ 7 $ 7 $ 8 Interest cost 14 14 12 Expected return on assets (12 ) (12 ) (7 ) Amortization of net actuarial loss 9 4 8 Effect of pension plan actions — — 5 Net periodic pension cost $ 18 $ 13 $ 26 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net loss $ 1 $ 15 $ 5 Amortization of net loss (1 ) — — Effect of pension plan actions — — (4 ) Total loss (income) recognized in other comprehensive income $ — $ 15 $ 1 Total recognized in net periodic benefit cost and other comprehensive income $ 18 $ 28 $ 27 Assumptions Used to Determine Benefit Obligations: Discount rate 5.64 % 4.19 % 5.07 % Rate of compensation increase 3.50 % 3.50 % 3.50 % At December 31, 2015 and 2014 , pension plan assets measured at fair value on a recurring basis consisted of the following: December 31, (a) Asset Category: 2015 2014 Interest-bearing cash $ 64 $ 21 Equity securities: US 26 25 International 20 20 Fixed income securities: Corporate bonds (b) 116 127 US Treasuries 40 19 Other (c) 13 18 Total assets $ 279 $ 230 ___________ (a) All amounts are based on Level 2 valuations. See Note 16 . (b) Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. (c) Other consists primarily of municipal bonds. |
Schedule of Accumulated and Projected Benefit Obligations | The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation (ABO) in excess of the fair value of plan assets. December 31, 2015 2014 Pension Plans with PBO and ABO in Excess Of Plan Assets: Projected benefit obligations $ 322 $ 331 Accumulated benefit obligation $ 303 $ 307 Plan assets $ 279 $ 230 |
Schedule of Allocation of Plan Assets | The target asset allocation ranges of pension plan investments by asset category are as follows: Asset Category: Target Allocation Ranges Fixed income 74 % - 86% US equities 8 % - 14% International equities 6 % - 12% |
OPEB [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | At December 31, 2015 and 2014 , the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. The following OPEB information is based on December 31, 2015, 2014 and 2013 measurement dates (includes amounts related to Oncor): Year Ended December 31, 2015 2014 2013 Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate (EFH Corp. Plan) 3.81 % 4.98 % 4.10 % Discount rate (Oncor Plan) 4.23 % 4.98 % N/A Expected return on plan assets (a) N/A 7.05 % 6.70 % Components of Net Postretirement Benefit Cost: Service cost $ 4 $ 8 $ 11 Interest cost 6 28 41 Expected return on assets — (6 ) (12 ) Amortization of prior service cost/(credit) (11 ) (21 ) (31 ) Amortization of net actuarial loss 4 18 30 Net periodic OPEB cost $ 3 $ 27 $ 39 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net (gain) loss $ (18 ) $ 12 $ 4 Amortization of net gain (5 ) (5 ) (3 ) Amortization of prior service credit 11 11 11 Total loss recognized in other comprehensive income $ (12 ) $ 18 $ 12 Total recognized in net periodic benefit cost and other comprehensive income $ (9 ) $ 45 $ 51 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate (EFH Corp. Plan) 4.13 % 3.81 % 4.98 % Discount rate (Oncor Plan) 4.60 % 4.23 % N/A ___________ (a) At December 31, 2015 and 2014 , the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. Year Ended December 31, 2015 2014 Change in Postretirement Benefit Obligation: Benefit obligation at beginning of year $ 139 $ 1,049 Service cost 4 8 Interest cost 6 28 Participant contributions 3 10 Actuarial (gain) loss (19 ) 84 Benefits paid (11 ) (40 ) Transfers to new plan sponsored by Oncor — (1,000 ) Benefit obligation at end of year $ 122 $ 139 Change in Plan Assets: Fair value of assets at beginning of year $ — $ 179 Actual return on assets — 11 Employer contributions 8 16 Participant contributions 3 10 Benefits paid (11 ) (40 ) Transfers to new plan sponsored by Oncor — (176 ) Fair value of assets at end of year $ — $ — Funded Status: Benefit obligation $ (122 ) $ (139 ) Funded status at end of year $ (122 ) $ (139 ) Amounts Recognized on the Balance Sheet Consist of: Other current liabilities $ (8 ) $ (8 ) Other noncurrent liabilities (114 ) (131 ) Net liability recognized $ (122 ) $ (139 ) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Prior service credit $ (31 ) $ (43 ) Net loss 18 41 Net amount recognized $ (13 ) $ (2 ) |
Schedule of Health Care Cost Trend Rates | The following tables provide information regarding the assumed health care cost trend rates. December 31, 2015 2014 Assumed Health Care Cost Trend Rates-Not Medicare Eligible: Health care cost trend rate assumed for next year 6.00 % 8.00 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2024 2022 Assumed Health Care Cost Trend Rates-Medicare Eligible: Health care cost trend rate assumed for next year 5.80 % 6.50 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2024 2022 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | 1-Percentage Point Increase 1-Percentage Point Decrease Sensitivity Analysis of Assumed Health Care Cost Trend Rates: Effect on accumulated postretirement obligation $ (5 ) $ 4 Effect on postretirement benefits cost $ — $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Year Ended December 31, 2015 2014 2013 Operating revenues (all Competitive Electric) $ 5,370 $ 5,978 $ 5,899 Depreciation and amortization Competitive Electric $ 852 $ 1,270 $ 1,333 Corporate and Other 12 13 22 Consolidated $ 864 $ 1,283 $ 1,355 Equity in earnings of unconsolidated subsidiaries (net of tax) (all Regulated Delivery) $ 334 $ 349 $ 335 Interest income Competitive Electric $ 1 $ — $ 6 Corporate and Other — 51 148 Eliminations — (50 ) (153 ) Consolidated $ 1 $ 1 $ 1 Interest expense and related charges Competitive Electric $ 1,289 $ 1,799 $ 2,062 Corporate and Other 471 452 795 Eliminations — (50 ) (153 ) Consolidated $ 1,760 $ 2,201 $ 2,704 Income tax benefit Competitive Electric $ 879 $ 2,339 $ 794 Corporate and Other 791 280 477 Consolidated $ 1,670 $ 2,619 $ 1,271 Net income (loss) attributable to EFH Corp. Competitive Electric $ (4,678 ) $ (6,260 ) $ (2,309 ) Regulated Delivery 334 349 335 Corporate and Other (998 ) (495 ) (244 ) Consolidated $ (5,342 ) $ (6,406 ) $ (2,218 ) Investment in equity investees Competitive Electric $ 5 $ 8 $ 9 Regulated Delivery 6,059 6,050 5,950 Consolidated $ 6,064 $ 6,058 $ 5,959 Total assets Competitive Electric $ 15,690 $ 21,347 $ 28,828 Regulated Delivery 6,059 6,050 5,950 Corporate and Other 3,039 4,025 3,692 Eliminations (1,458 ) (2,174 ) (2,024 ) Consolidated $ 23,330 $ 29,248 $ 36,446 Capital expenditures Competitive Electric $ 337 $ 336 $ 472 Corporate and Other 7 50 29 Consolidated $ 344 $ 386 $ 501 |
Supplementary Financial Infor47
Supplementary Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplementary Financial Information [Abstract] | |
Schedule of restricted cash | Restricted Cash December 31, 2015 December 31, 2014 Current Noncurrent Assets Current Noncurrent Assets Amounts related to TCEH's DIP Facility (Note 12) $ 519 $ — $ — $ 350 Amounts related to TCEH's pre-petition Letter of Credit Facility (Note 13) (a) — 507 — 551 Other 5 — 6 — Total restricted cash $ 524 $ 507 $ 6 $ 901 ____________ (a) |
Schedule of trade accounts receivable and allowance for uncollectible accounts receivable | Trade Accounts Receivable December 31, 2015 2014 Wholesale and retail trade accounts receivable $ 542 $ 604 Allowance for uncollectible accounts (9 ) (15 ) Trade accounts receivable — net $ 533 $ 589 Gross trade accounts receivable at December 31, 2015 and 2014 included unbilled revenues of $231 million and $239 million , respectively. Allowance for Uncollectible Accounts Receivable Year Ended December 31, 2015 2014 2013 Allowance for uncollectible accounts receivable at beginning of period $ 15 $ 14 $ 9 Increase for bad debt expense 34 38 33 Decrease for account write-offs (40 ) (37 ) (28 ) Allowance for uncollectible accounts receivable at end of period $ 9 $ 15 $ 14 |
Schedule of inventories by major category | Inventories by Major Category December 31, 2015 2014 Materials and supplies $ 226 $ 214 Fuel stock 170 215 Natural gas in storage 32 39 Total inventories $ 428 $ 468 |
Summary of other investments | Other Investments December 31, 2015 2014 Nuclear plant decommissioning trust $ 918 $ 893 Assets related to employee benefit plans, including employee savings programs, net of distributions 26 61 Land 36 37 Miscellaneous other 4 4 Total other investments $ 984 $ 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: December 31, 2015 Cost (a) Unrealized gain Unrealized loss Fair market value Debt securities (b) $ 310 $ 11 $ (2 ) $ 319 Equity securities (c) 291 315 (7 ) 599 Total $ 601 $ 326 $ (9 ) $ 918 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. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 3.68% and 4.35% at December 31, 2015 and 2014 , respectively, and an average maturity of 8 years and 6 years at December 31, 2015 and 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. Year Ended December 31, 2015 2014 2013 Realized gains $ 1 $ 11 $ 2 Realized losses $ (1 ) $ (2 ) $ (4 ) Proceeds from sales of securities $ 401 $ 314 $ 175 Investments in securities $ (418 ) $ (331 ) $ (191 ) |
Schedule of property, plant and equipment | Property, Plant and Equipment December 31, 2015 2014 Competitive Electric: Generation and mining (Note 9) $ 11,380 $ 15,468 Nuclear fuel (net of accumulated amortization of $1.383 billion and $1.237 billion) 248 265 Other assets 54 45 Corporate and Other 193 220 Total 11,875 15,998 Less accumulated depreciation 2,768 4,065 Net of accumulated depreciation 9,107 11,933 Construction work in progress: Competitive Electric 323 459 Corporate and Other — 5 Total construction work in progress 323 464 Property, plant and equipment — net $ 9,430 $ 12,397 |
Schedule of asset retirement and mining reclamation obligations | The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the consolidated balance sheets, for the years ended December 31, 2015 and 2014 : Nuclear Plant Decommissioning Mining Land Reclamation Other Total Liability at January 1, 2014 $ 390 $ 98 $ 36 $ 524 Additions: Accretion 23 22 3 48 Incremental reclamation costs (a) — 127 — 127 Reductions: Payments — (82 ) (3 ) (85 ) Liability at December 31, 2014 $ 413 $ 165 $ 36 $ 614 Additions: Accretion 25 20 6 51 Adjustment for new cost estimate (b) 70 — — 70 Incremental reclamation costs (c) — 84 69 153 Reductions: Payments — (54 ) (4 ) (58 ) Liability at December 31, 2015 508 215 107 830 Less amounts due currently — (66 ) — (66 ) Noncurrent liability at December 31, 2015 $ 508 $ 149 $ 107 $ 764 ____________ (a) |
Schedule of other noncurrent liabilities and deferred credits | Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: December 31, 2015 2014 Uncertain tax positions, including accrued interest (Note 6) $ 40 $ 74 Retirement plan and other employee benefits (a) 169 243 Asset retirement and mining reclamation obligations 764 560 Unfavorable purchase and sales contracts 543 566 Nuclear decommissioning fund excess over asset retirement obligation (Note 19) 409 479 Other 108 156 Total other noncurrent liabilities and deferred credits $ 2,033 $ 2,078 ____________ (a) Includes zero and $47 million at December 31, 2015 and 2014 , respectively, representing pension liabilities related to Oncor (see Note 19 ). |
Schedule of estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years | The estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years is as follows: Year Amount 2016 $ 24 2017 $ 24 2018 $ 24 2019 $ 24 2020 $ 24 |
Schedule of fair value of debt | Fair Value of Debt December 31, 2015 December 31, 2014 Debt: Carrying Amount Fair Value Carrying Amount Fair Value Borrowings under debtor-in-possession credit facilities (Note 12) $ 6,825 $ 6,804 $ 6,825 $ 6,830 Long-term debt not subject to compromise, excluding capital lease obligations (Note 12) $ 90 $ 89 $ 123 $ 119 |
Schedule of supplemental cash flow information | Supplemental Cash Flow Information Year Ended December 31, 2015 2014 2013 Cash payments related to: Interest paid (a) $ 1,826 $ 1,632 $ 3,388 Capitalized interest (11 ) (17 ) (25 ) Interest paid (net of capitalized interest) (a) $ 1,815 $ 1,615 $ 3,363 Income taxes $ 53 $ 55 $ 65 Reorganization items (b) $ 419 $ 146 $ — Noncash investing and financing activities: Construction expenditures (c) $ 76 $ 113 $ 46 Income tax adjustment related to AMT utilization (d) $ 3 $ — $ — Debt exchange and extension transactions (e) $ — $ (85 ) $ (326 ) Principal amount of toggle notes issued in lieu of cash interest $ — $ — $ 173 Debt assumed related to acquired combustion turbine trust interest $ — $ — $ (45 ) ____________ (a) Net of amounts received under interest rate swap agreements. For the years ended December 31, 2015 and 2014 , this amount also includes amounts paid for adequate protection. (b) Represents cash payments for legal and other consulting services. (c) Represents end-of-period accruals. (d) 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. (e) For the year ended December 31, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 12 ). For the year ended December 31, 2013, represents $340 million principal amount of term loans issued under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $1.302 billion principal amount of EFIH debt issued in exchange for $1.310 billion principal amount of EFH Corp. and EFIH debt and $89 million principal amount of EFIH debt issued in exchange for $95 million principal amount of EFH Corp. debt. |
Schedule I - (Tables)
Schedule I - (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF INCOME (LOSS) (Millions of Dollars) Year Ended December 31, 2015 2014 2013 Selling, general and administrative expenses $ (58 ) $ (61 ) $ (45 ) Other income 22 — 568 Other deductions — (108 ) (646 ) Interest income 3 74 132 Interest expense and related charges — (83 ) (411 ) Reorganization items (Note 4) 606 (27 ) — Loss before income taxes and equity in earnings of unconsolidated subsidiaries 573 (205 ) (402 ) Income tax (expense) benefit (9 ) 60 141 Equity in losses of consolidated subsidiaries (net of tax) (6,240 ) (6,610 ) (2,399 ) Equity in earnings of unconsolidated subsidiaries (net of tax) 334 349 335 Net loss (5,342 ) (6,406 ) (2,325 ) Net loss attributable to noncontrolling interests — — 107 Net loss attributable to EFH Corp. (parent) $ (5,342 ) $ (6,406 ) $ (2,218 ) See Notes to the Financial Statements. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Millions of Dollars) Year Ended December 31, 2015 2014 2013 Net loss $ (5,342 ) $ (6,406 ) $ (2,325 ) Other comprehensive income (loss) (net of tax (expense) benefit of $(2), $36 and $9) 4 (67 ) (16 ) Comprehensive loss (5,338 ) (6,473 ) (2,341 ) Comprehensive loss attributable to noncontrolling interests — — 107 Comprehensive loss attributable to EFH Corp. (parent) $ (5,338 ) $ (6,473 ) $ (2,234 ) See Notes to the Financial Statements. ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS (Millions of Dollars) Year Ended December 31, 2015 2014 2013 Cash flows — operating activities Net loss $ (5,342 ) $ (6,406 ) $ (2,325 ) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Equity in losses of consolidated subsidiaries 6,240 6,610 2,399 Equity in earnings of unconsolidated subsidiaries (334 ) (349 ) (335 ) Deferred income tax expense (benefit) — net 23 3 10 Gain on settlement of debt held by affiliates (Note 4) (1,283 ) — — Gain on settlement of interest on debt held by affiliates (Note 4) (35 ) — — Adjustment to intercompany claims pursuant to the Settlement Agreement (Note 4) 341 — — Noncash adjustment for estimated allowed claims related to debt (Note 4) 354 — — Sponsor management agreement settlement (Note 4) (27 ) — — Reduction in reserve recorded for income tax receivable (Note 3) (22 ) — — Income tax benefit due to IRS audit resolutions — (14 ) (132 ) Reserve for income tax receivable from TCEH — 91 — Gain on debt exchanges — — (566 ) Impairment of investment in debt of affiliates — — 70 Reserve for intercompany receivables — 17 642 Amortization of debt related costs — 12 36 Other, net — — 2 Changes in operating assets and liabilities: Changes in assets 29 13 100 Changes in liabilities 135 158 (75 ) Cash provided by (used in) operating activities 79 135 (174 ) Cash flows — financing activities Distributions received from subsidiaries — — 690 Change in notes/advances — affiliate 16 60 (622 ) Other, net — — (5 ) Cash provided by financing activities 16 60 63 Cash flows — investing activities Other, net 1 — 9 Cash provided by investing activities 1 — 9 Net change in cash and cash equivalents 96 195 (102 ) Cash and cash equivalents — beginning balance 392 197 299 Cash and cash equivalents — ending balance $ 488 $ 392 $ 197 ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS (Millions of Dollars) December 31, 2015 2014 ASSETS Current assets: Cash and cash equivalents $ 488 $ 392 Accounts receivable from subsidiaries 8 6 Prepayments 2 7 Total current assets 498 405 Receivables from unconsolidated subsidiary — 47 Investment in debt of subsidiaries (Note 2) — 39 Other investments 24 60 Other noncurrent assets 5 3 Total assets $ 527 $ 554 LIABILITIES AND EQUITY Current liabilities: Payables to subsidiaries $ 33 $ — Trade accounts payable 5 1 Notes payable to affiliates 5 8 Accumulated deferred income taxes — 18 Accrued taxes 17 69 Other current liabilities 42 40 Total current liabilities 102 136 Liabilities subject to compromise (Note 5) 1,409 1,899 Accumulated deferred income taxes 400 368 Payable to subsidiaries 18 7 Other noncurrent liabilities and deferred credits 248 374 Total liabilities 2,177 2,784 Commitments and Contingencies (Note 7) Equity investment in consolidated subsidiaries 23,411 17,493 Shareholders' equity (25,061 ) (19,723 ) Total equity (1,650 ) (2,230 ) Total liabilities and equity $ 527 $ 554 See Notes to the Financial Statements. 1. BASIS OF PRESENTATION The accompanying unconsolidated condensed balance sheets, statements of income (loss) and cash flows present results of operations and cash flows of EFH Corp. (Parent). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules of the SEC. Because the unconsolidated condensed financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the financial statements and related notes of Energy Future Holdings Corp. and Subsidiaries included in Item 8 of this Annual Report on Form 10-K. EFH Corp.'s subsidiaries have been accounted for under the equity method. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. 2. INVESTMENT IN DEBT OF SUBSIDIARY As a result of debt exchanges and purchases in 2009 through 2011, EFH Corp. (Parent) held debt securities of TCEH with carrying values totaling $39 million at December 31, 2014, reported as investment in debt of subsidiaries. The amounts of TCEH debt held by EFH Corp. (Parent) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. This resulted in a loss of $33 million recorded in reorganization items. As of December 31, 2014, all of these debt securities were classified as available-for-sale. In accordance with accounting guidance for investments classified as available-for-sale, the securities were recorded at fair value and unrealized gains or losses were recorded in other comprehensive income unless such losses were other than temporary, in which case they were reported as impairments. The principal amounts, coupon rates, maturities and carrying value were as follows as of December 31, 2014: December 31, 2014 Principal Amount Carrying Value (a) Available-for-sale securities: TCEH 4.730% Term Loan Facilities maturing October 10, 2017 $ 19 $ 12 TCEH 10.25% Fixed Senior Notes due November 1, 2015 (includes $102 million principal amount of Series B Notes) 284 27 Total available-for-sale securities $ 303 $ 39 _____________ (a) Carrying value equals fair value. Impairments — In 2015 and 2013 , we deemed the declines in value of the TCEH debt securities were other than temporary and recorded impairments totaling $6 million and $70 million , respectively, as reductions of interest income. Our assessment considered that the securities were in a loss position for more than 12 months and that declines in natural gas prices and other corresponding effects on the profitability and cash flows of TCEH (which has below investment grade credit ratings) were unlikely to reverse in the near term. No cumulative unrealized losses were recorded in accumulated other comprehensive income at December 31, 2013. Interest income recorded on these investments was as follows: Year Ended December 31, 2015 2014 2013 Available-for-sale securities: Interest received/accrued $ — $ 12 $ 30 Impairments related to issuer credit (6 ) — (70 ) Total interest income $ (6 ) $ 12 $ (40 ) We determine fair value under the fair value hierarchy established in accounting standards. Under the fair value hierarchy, Level 2 valuations are based on evaluated prices that reflect observable market information, such as actual trade information of similar securities, adjusted for observable differences. The fair value of our investment in debt of subsidiaries was estimated at the lesser of either the call price or the market value as determined by broker quotes and quoted market prices for similar securities in active markets. As of December 31, 2014, the fair values of our investment in debt of subsidiaries represent Level 2 valuations. AFFILIATE BALANCES 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 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 is expected to remain effective regardless of whether the EFH Acquisition is completed. The Bankruptcy Court approved the Settlement Agreement in December 2015. In December 2015, pursuant to the approved Settlement Agreement, Backstop Agreement, Merger Agreement and Plan of Reorganization, EFH Corp. (Parent) recorded a gain for an adjustment related to the Sponsor Group's agreement to forego claims related to a management agreement of $64 million , which is reported in our statement of consolidated income (loss) in reorganization items. Additionally, we recorded adjustments to eliminate all intercompany claims among the debtors except for a TCEH unsecured claim against EFH Corp. of $700 million as contemplated by the Plan of Reorganization and a gain of $408 million was recorded in reorganization items related to the forgiveness of an income tax payable due to EFIH. Further, pursuant to the Settlement Agreement, EFH Corp. (Parent) recorded a gain of $1.283 billion related to forgiveness of debt held by affiliates. Other The EFH Corp. (Parent) net income tax receivable from TCEH was reduced during the year ended December 31, 2015, resulting in a credit to the existing reserve of $22 million , which is reported in other income. EFH Corp. (Parent) fully reserved a net income tax receivable from TCEH, resulting in a charge of $91 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved pre-petition interest receivable from EFCH, resulting in a charge of $14 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved a pre-petition intercompany accounts receivable because of significant uncertainty regarding its ultimate settlement, resulting in a charge of $3 million at December 31, 2014, reported in other deductions. On April 29, 2014, EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Prior to December 31, 2013, EFH Corp. (Parent) had entered into certain transactions with its subsidiaries that upon the Bankruptcy Filing resulted in unsecured prepetition liabilities on the part of the subsidiaries that are subject to settlement under a Chapter 11 plan. Because of the significant uncertainty regarding the ultimate settlement of these amounts, in the fourth quarter 2013 EFH Corp. (Parent) fully reserved the following receivables: • A net income tax receivable from TCEH was fully reserved, resulting in a charge of $534 million , reported in other deductions. The receivable arose from a Federal and State Income Tax Allocation Agreement, which provides, among other things, that each of EFCH, EFIH, TCEH and other subsidiaries under the agreement is required to make payments to EFH Corp. in an amount calculated to approximate the amount of tax liability such entity would have owed if it filed a separate corporate tax return. • A demand note receivable from EFCH was fully reserved, resulting in a charge of $103 million reported in other deductions. The receivable arose from borrowings by EFCH to repay certain outstanding debt as it became due. • An interest receivable from TCEH was fully reserved, resulting in a charge of $5 million reported in other deductions. The receivable represented accrued interest related to the EFH Corp.'s holdings of TCEH debt securities. In addition, in the fourth quarter 2013, EFH Corp. (Parent) determined that the likelihood that receivables and payables with certain of its direct subsidiaries would be cash settled was remote. As such $899 million of corporate affiliate receivables and $1.350 billion of corporate affiliate payables were reclassified to equity investment in consolidated subsidiaries. Substantially all of the affiliates represent discontinued operations and are no longer active. REORGANIZATION ITEMS Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of 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 year ended December 31, 2015 and the post-petition period ended December 31, 2014 as reported in the condensed statement of income (loss): Year Ended December 31, 2015 Post-Petition Period Ended December 31, 2014 Expenses related to legal advisory and representation services $ 56 $ 13 Expenses related to other professional consulting and advisory services 26 13 Noncash adjustment for estimated allowed claims related to debt 354 — Adjustment to intercompany claims pursuant to settlement agreement 341 — Gain on settlement of debt held by affiliates (1,283 ) — Gain on settlement of interest on debt held by affiliates (35 ) — Sponsor management agreement settlement (64 ) — Contract claims adjustments (2 ) — Other reorganization items 1 1 Total reorganization items $ (606 ) $ 27 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. Prior to December 2015, debt amounts include related unamortized deferred financing costs and discounts/premiums. Amounts classified to LSTC do not include pre-petition liabilities that are fully secured by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at December 31, 2015 and 2014 : December 31, 2015 2014 Notes, loans and other debt $ 640 $ 1,577 Accrued interest on notes, loans and other debt 20 57 Tax sharing liability — 212 Trade accounts payable and accrued liabilities 49 52 Advances and other payables to affiliates 700 1 Total liabilities subject to compromise $ 1,409 $ 1,899 GUARANTEES As discussed below, EFH Corp. (Parent) has entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. Assumption of Indebtedness — In prior periods, EFCH purchased an electric co-op's minority ownership interest in the Comanche Peak nuclear generation facilities and assumed the co-op's indebtedness to the US government related to the co-op's investment in the facilities (without the co-op being released from its obligations under such indebtedness). EFCH is making principal and interest payments in an amount sufficient to satisfy the co-op's requirements under the indebtedness. In the event that payments on the indebtedness are not made in a timely manner, the US government would be entitled to enforce the payment of the debt against EFCH. At December 31, 2015 , the balance of the indebtedness on EFCH's balance sheet was $37 million with maturities of principal and interest extending to December 2021. The indebtedness is secured by a lien on the Comanche Peak generation facilities. EFH Corp. (Parent) has guaranteed EFCH's obligation under this agreement. COMMITMENTS AND CONTINGENCIES In August 2014, the Bankruptcy Court entered an order establishing discovery procedures governing, among other things, certain prepetition transactions among the various Debtors' estates, including EFH Corp. (Parent). In February 2015, the ad hoc 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. These claims were released effective when the Bankruptcy Court approved the Settlement Agreement. The Settlement Agreement was approved in December 2015 and is expected to remain effective even if the Plan of Reorganization does not become effective. DIVIDEND RESTRICTIONS Under applicable law, EFH Corp. (Parent) is prohibited from paying any dividend to the extent that immediately following payment of such dividend, there would be no statutory surplus or we would be insolvent. In addition, due to the Bankruptcy Filing, no dividends are eligible to be paid without the approval of the Bankruptcy Court. EFH Corp. (Parent) has not declared or paid any dividends since the Merger. EFH Corp. (Parent) received no dividends from its consolidated subsidiaries in the years ended December 31, 2015 and 2014. EFH Corp. (Parent) received dividends from its consolidated subsidiaries totaling $690 million for the year ended December 31, 2013. SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2015 2014 2013 Cash payments (receipts) related to: Interest paid $ — $ 30 $ 525 Income taxes (134 ) (243 ) (224 ) Reorganization items (a) 68 14 — ___________ (a) Represents cash payments for legal and other consulting services. |
Business And Significant Acco49
Business And Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Reportable_segment | Dec. 31, 2014USD ($) | Nov. 30, 2008 | |
Entity Information [Line Items] | |||
Derivative Positions Accounted For As Cash Flow Or Fair Value Hedges | $ 0 | $ 0 | |
Restricted cash | $ 507 | 901 | |
Business and Significant Accounting Policies | |||
Number of reportable segments (in reportable segments) | Reportable_segment | 2 | ||
Equity method investment, maximum ownership percentage for accounting treatment (as a percent) | 50.00% | ||
Oncor [Member] | |||
Business and Significant Accounting Policies | |||
Sale of equity ownership interest (as a percent) | 19.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Oncor [Member] | |||
Business and Significant Accounting Policies | |||
Equity method investment, ownership (as a percent) | 80.00% | ||
Amount Related To Texas Competitive Electric Holdings Company LLC Letter Of Credit Facility [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Entity Information [Line Items] | |||
Restricted cash | $ 507 | $ 551 |
Chapter 11 Cases (Chapter 11 Ca
Chapter 11 Cases (Chapter 11 Cases) (Details) $ in Millions | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 29, 2016 | Sep. 22, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||
Debtor Reorganization Items, Legal and Advisory Professional Fees Related to Settlement, Backstop and Merger and Purchase Agreements and the Plan of Reorganization | $ 144 | ||||||
Sponsor management agreement settlement | $ 0 | $ (86) | |||||
Debtor Reorganization Items, Adjustment To Intercompany Claims For Subsidiary Unsecured Claim Against Parent | 700 | ||||||
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 | ||||||
Debtor Reorganization Items, Expenses Related To Backstop And Merger And Purchase Agreements | $ 49 | ||||||
Contract claims adjustments | (20) | (52) | $ (20) | $ 0 | |||
Debtor Reorganization Items, Net Gain Loss On Contract Claims And Assumption Adjustments | $ 20 | $ 38 | |||||
Subsequent Event [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Bankruptcy Claims, Amount of Claims under Review by Management | 41,300 | ||||||
Bankruptcy Claims Number Of Claims Under Review By Management Related To Asbestos | 30,900 | ||||||
Bankruptcy Claims, Number of Claims Settled, Withdrawn or Expunged by Bankruptcy Court | 5,500 | ||||||
Investor Group [Member] | |||||||
Restructuring Cost and Reserve [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 | 2,513 | ||||||
Rights Offering Participants [Member] | Ovation Acquisition I, LLC [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Proposed Plan Of Reorganization, Rights Offering, Offering Of Equity Rights In Common Stock | 5,787 | ||||||
Rights Offering Participants [Member] | Backstop Purchasers [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Rights Offering, Backstop Agreement | 5,087 | ||||||
Senior Secured Term Loan Facility [Member] | Debt Commitment Letter [Member] | Investor Group [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Proposed Plan Of Reorganization, Merger And Purchase Agreement, Debt Commitment Letter | 5,500 | ||||||
Senior Secured Bridge Loan Facility [Member] | Debt Commitment Letter [Member] | Investor Group [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Proposed Plan Of Reorganization, Merger And Purchase Agreement, Debt Commitment Letter | $ 250 |
Pending Purchase of La Fronte51
Pending Purchase of La Frontera Holdings, LLC (Details) - La Frontera Ventures, LLC [Member] - La Frontera Holdings, LLC [Member] - Texas Competitive Electric Holdings Company LLC [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)Megawatt-hour | |
Number Of Natural Gas Fueled Generation Facilities Purchased | 2 |
Electricity Generation Facility Capacity | Megawatt-hour | 2,988 |
Pending Purchase And Sale Agreement, Aggregate Purchase Price | $ 1,313 |
Pending Purchase And Sale Agreement, Cash And Net Working Capital Estimate | $ 276 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Nuclear_generation_units | Apr. 29, 2014USD ($) | |
Variable Interest Entity [Line Items] | ||||
Investment in unconsolidated subsidiary | $ 6,064 | $ 6,058 | $ 5,959 | |
Distributions of earnings from unconsolidated subsidiaries | 322 | 202 | $ 213 | |
Consolidated VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Public Utilities Number Of New Nuclear Generation Units In Development | Nuclear_generation_units | 2 | |||
Oncor Holdings [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Distributions of earnings from unconsolidated subsidiaries | 322 | 202 | $ 213 | |
Eligible distributions after accounting for regulatory restrictions | $ 30 | |||
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) | 59.80% | |||
Regulatory capitalization, ratio of debt to equity, equity (as a percent) | 40.20% | |||
Trade accounts and other receivables from affiliates | $ 118 | $ 118 | ||
Energy Future Intermediate Holding CO LLC [Member] | Oncor [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investment, ownership (as a percent) | 80.00% | |||
Oncor Holdings [Member] | Oncor [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of equity method investment consolidated revenues related to services provided to entity (as a percent) | 25.00% | 25.00% | 27.00% | |
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | Oncor Holdings [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Trade accounts and other receivables from affiliates | $ 109 |
Variable Interest Entities (Sch
Variable Interest Entities (Schedule of condensed statements of consolidated income of Oncor Holdings and its subsidiaries) (Details) - Oncor Holdings [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Variable Interest Entity [Line Items] | |||
Operating revenues | $ 3,878 | $ 3,822 | $ 3,552 |
Operation and maintenance expenses | (1,526) | (1,453) | (1,269) |
Depreciation and amortization | (863) | (851) | (814) |
Taxes other than income taxes | (450) | (438) | (424) |
Other income | 6 | 13 | 18 |
Other deductions | (28) | (15) | (15) |
Interest income | 0 | 3 | 4 |
Interest expense and related charges | (333) | (353) | (371) |
Income before income taxes | 684 | 728 | 681 |
Income tax expense | (264) | (289) | (259) |
Net income | 420 | 439 | 422 |
Net income attributable to noncontrolling interests | (86) | (90) | (87) |
Net income attributable to Oncor Holdings | $ 334 | $ 349 | $ 335 |
Variable Interest Entities (S54
Variable Interest Entities (Schedule of assets and liabilities of Oncor Holdings) (Details) - Oncor Holdings [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 26 | $ 5 |
Restricted cash | 38 | 56 |
Trade accounts receivable — net | 388 | 407 |
Trade accounts and other receivables from affiliates | 118 | 118 |
Income taxes receivable from EFH Corp. | 107 | 144 |
Inventories | 82 | 73 |
Accumulated deferred income taxes | 0 | 10 |
Prepayments and other current assets | 88 | 91 |
Total current assets | 847 | 904 |
Restricted cash | 0 | 16 |
Other investments | 97 | 97 |
Property, plant and equipment — net | 13,024 | 12,463 |
Goodwill | 4,064 | 4,064 |
Regulatory assets — net | 1,194 | 1,429 |
Other noncurrent assets | 31 | 34 |
Total assets | 19,257 | 19,007 |
Current liabilities: | ||
Short-term borrowings | 840 | 711 |
Long-term debt due currently | 41 | 639 |
Trade accounts payable — nonaffiliates | 150 | 202 |
Income taxes payable to EFH Corp. | 20 | 24 |
Accrued taxes other than income | 181 | 174 |
Accrued interest | 82 | 93 |
Other current liabilities | 144 | 156 |
Total current liabilities | 1,458 | 1,999 |
Accumulated deferred income taxes | 1,985 | 1,978 |
Long-term debt, less amounts due currently | 5,646 | 4,964 |
Other noncurrent liabilities and deferred credits | 2,306 | 2,245 |
Total liabilities | $ 11,395 | $ 11,186 |
Goodwill And Identifiable Int55
Goodwill And Identifiable Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 01, 2015 | Dec. 01, 2014 | |
Goodwill and Indentifiable Intangible Assets [Line Items] | ||||||||
Impairment of goodwill | $ 2,200 | $ 1,600 | $ 1,000 | |||||
Discount rate applied to internally developed cash flow projections | 6.00% | 6.25% | ||||||
Competitive Electric [Member] | ||||||||
Goodwill and Indentifiable Intangible Assets [Line Items] | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | 0 | ||||||
Impairment of goodwill | $ 0 | $ 800 | $ 1,400 | $ 2,200 | $ 1,600 | $ 1,000 | ||
Reporting unit, percentage of fair value in excess of carrying amount | 48.00% | 17.00% |
Goodwill And Identifiable Int56
Goodwill And Identifiable Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Balance, goodwill | $ 152 | $ 2,352 | |
Competitive Electric [Member] | |||
Goodwill [Line Items] | |||
Goodwill before impairment charges | 18,342 | ||
Accumulated noncash impairment charges | 18,190 | 15,990 | |
Balance, goodwill | $ 152 | [1] | $ 2,352 |
[1] | Net of accumulated impairment charges totaling $18.190 billion. |
Goodwill And Identifiable Int57
Goodwill And Identifiable Intangible Assets (Identifiable Intangible Assets Reported in the Balance Sheet) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Gross Carrying Amount | $ 897 | $ 1,285 | ||||
Accumulated Amortization | 691 | 932 | ||||
Total identifiable intangible assets subject to amortization, net | 206 | 353 | ||||
Identifiable intangible assets — net | 1,166 | 1,315 | ||||
Trade Names [Member] | ||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | |||||
Gross Carrying Amount, Unamortized Intangibles | 955 | 955 | ||||
Mineral interests (not currently subject to amortization) [Member] | ||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Gross Carrying Amount, Unamortized Intangibles | 5 | 7 | ||||
Mining development costs [Member] | ||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | 19 | [1] | 0 | $ 0 | ||
Customer Relationships [Member] | ||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Gross Carrying Amount | 463 | 463 | ||||
Accumulated Amortization | 442 | 425 | ||||
Total identifiable intangible assets subject to amortization, net | 21 | 38 | ||||
Favorable purchase and sales contracts [Member] | ||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | 8 | [1] | 183 | [1] | 0 | |
Computer Software, Intangible Asset [Member] | ||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Gross Carrying Amount | 362 | 362 | ||||
Accumulated Amortization | 214 | 216 | ||||
Total identifiable intangible assets subject to amortization, net | 148 | 146 | ||||
Other Identifiable Intangible Assets [Member] | ||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Gross Carrying Amount | [2] | 72 | 460 | |||
Accumulated Amortization | [2] | 35 | 291 | |||
Total identifiable intangible assets subject to amortization, net | [2] | 37 | 169 | |||
Environmental allowances and credits [Member] | ||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 55 | [1] | $ 80 | [1] | $ 0 | |
[1] | Reported in Competitive Electric segment. | |||||
[2] | Includes favorable purchase and sales contracts, environmental allowances and credits and mining development costs. See discussion below regarding impairment charges recorded in 2014 and 2015 related to other identifiable intangible assets. |
Goodwill And Identifiable Int58
Goodwill And Identifiable Intangible Assets (Amortization Expense Related to Intangible Assets (including income statement line item)) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | [1] | $ 96 | $ 156 | $ 135 |
Depreciation and amortization [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 74 | 102 | 97 | |
Retail customer relationship [Member] | Depreciation and amortization [Member] | Competitive Electric [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life | 2 years | |||
Amortization expense | $ 17 | 23 | 24 | |
Capitalized in-service software [Member] | Depreciation and amortization [Member] | Competitive Electric and Corporate and Other [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Useful life | 3 years | |||
Amortization expense | $ 49 | 45 | 42 | |
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] | ||||
Useful life | 8 years | |||
Amortization expense | $ 30 | $ 88 | $ 69 | |
[1] | Amounts recorded in depreciation and amortization totaled $74 million, $102 million and $97 million in 2015, 2014 and 2013, respectively. |
Goodwill And Identifiable Int59
Goodwill And Identifiable Intangible Assets (Estimated Amortization of Intangible Assets) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Future Amortization Expense | |
2,016 | $ 66 |
2,017 | 55 |
2,018 | 35 |
2,019 | 22 |
2,020 | $ 11 |
Accounting For Uncertainty In60
Accounting For Uncertainty In Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 31, 2013 | |
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | $ (1,670) | $ (2,619) | $ (1,271) | ||||
Income Tax Expense Recorded In Current Year Related To Previous Year | $ 90 | ||||||
Accumulated deferred income taxes | 713 | 0 | 713 | ||||
Accumulated deferred income taxes | 135 | 0 | 135 | ||||
Accrued taxes | 157 | 134 | 157 | ||||
Unrecognized tax benefits, interest and penalties | 3 | 3 | 132 | ||||
Unrecognized tax benefits, accrued interest | $ 9 | 4 | 9 | ||||
Unrecognized tax benefits, due to timing of recognition in tax returns | 2 | ||||||
Unrecognized tax benefits, possible reduction in recorded tax liability, if company sustains positions on income tax returns previously filed | 35 | ||||||
Unrecognized tax benefits, possible reversal of accrued interest, after-tax benefit, resulting from reduction in tax liability if Company sustains positions on income tax returns previously filed | 2 | ||||||
Corporate and Other [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | (791) | (280) | (477) | ||||
Competitive Electric [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | (879) | (2,339) | (794) | ||||
Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Increase (Decrease) in Income Taxes Payable | 15 | ||||||
Uncertain Tax Positions, Amount To Be Reclassified To Accumulated Deferred Tax Liability During Next 12 Months | $ 2 | ||||||
Internal Revenue Service (IRS) [Member] | Repair And Maintenance Costs [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | $ 6 | ||||||
Uncertain Tax Liability Reclassified To Accumulated Deferred Income Tax Liability | $ 159 | ||||||
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] | Internal Revenue Service (IRS) [Member] | Competitive Electric [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | $ 3 | ||||||
Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Increase (Decrease) in Income Taxes Payable | 50 | ||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 174 | ||||||
Income Tax Examination, Reclassification To Accumulated Deferred Income Tax Liability | 139 | ||||||
Income tax benefit (expense) | 35 | ||||||
Increase (Decrease) In Accrued Income Taxes Payable Related to Interest | 18 | ||||||
Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | Internal Revenue Service (IRS) [Member] | Corporate and Other [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | 31 | ||||||
Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | Internal Revenue Service (IRS) [Member] | Competitive Electric [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | 4 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 1,598 | ||||||
Income Tax Examination, Reclassification To Accumulated Deferred Income Tax Liability | 1,193 | ||||||
Income tax benefit (expense) | 305 | ||||||
Income tax examination, estimated reversal of accrued interest from examination, before tax | 188 | ||||||
Accumulated deferred income taxes | $ 13 | ||||||
Accumulated deferred income taxes | 8 | ||||||
Income tax examination, estimated reversal of accrued interest from examination, net of tax | 122 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Internal Revenue Service (IRS) [Member] | Oncor [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income taxes receivable — net | 33 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Internal Revenue Service (IRS) [Member] | Corporate and Other [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | 226 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Internal Revenue Service (IRS) [Member] | Competitive Electric [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | $ 79 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | State and Local Jurisdiction [Member] | Oncor [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Accrued taxes | $ 15 | ||||||
Oncor [Member] | Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Increase in Tax Payable to Affiliate | $ 64 |
Accounting For Uncertainty In61
Accounting For Uncertainty In Income Taxes (Summary of Uncertain Tax Positions, Reported in Other Noncurrent Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, excluding interest and penalties | $ 65 | $ 231 | $ 1,788 |
Additions based on tax positions related to prior years | 0 | 61 | 655 |
Reductions based on tax positions related to prior years | (11) | (205) | (1,817) |
Additions based on tax positions related to the current year | 0 | 0 | 16 |
Reductions based on tax positions related to the current year | 0 | 0 | (4) |
Settlements with taxing authorities | (18) | (22) | (407) |
Balance at December 31, excluding interest and penalties | $ 36 | $ 65 | $ 231 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Alternative minimum tax credit carryforwards | $ 99 | $ 124 |
Net deferred tax asset related to accumulated other comprehensive income | 68 | $ 71 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Amount | $ 2,760 | |
Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2034 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
US Federal | $ (203) | $ (126) | $ (283) |
State | 17 | 25 | 40 |
Total current | (186) | (101) | (243) |
Deferred: | |||
US Federal | (1,414) | (2,507) | (1,027) |
State | (70) | (11) | (1) |
Total deferred | (1,484) | (2,518) | (1,028) |
Income tax benefit | $ (1,670) | $ (2,619) | $ (1,271) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes Computed at the US Federal Statutory Rate to Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | $ (7,346) | $ (9,374) | $ (3,931) |
US federal statutory rate | 35.00% | 35.00% | 35.00% |
Income taxes at the US federal statutory rate of 35% | $ (2,571) | $ (3,281) | $ (1,376) |
Nondeductible goodwill impairment | 770 | 560 | 350 |
Impairment of joint venture assets attributable to noncontrolling interests | 0 | 0 | 37 |
IRS audit and appeals settlements | (1) | 7 | (305) |
Texas margin tax, net of federal benefit | 0 | 11 | 10 |
Interest accrued for uncertain tax positions, net of tax | (2) | 0 | (16) |
Nondeductible interest expense | 23 | 22 | 23 |
Lignite depletion allowance | (8) | (14) | (12) |
Nondeductible debt restructuring costs | 136 | 78 | 6 |
Other | (17) | (2) | 12 |
Income tax benefit | $ (1,670) | $ (2,619) | $ (1,271) |
Effective tax rate | 22.70% | 27.90% | 32.30% |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Tax Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Income Tax Assets | ||
Alternative minimum tax credit carryforwards | $ 99 | $ 124 |
Alternative minimum tax credit carryforwards, Current | 0 | |
Alternative minimum tax credit carryforwards, Noncurrent | 124 | |
Employee benefit obligations | 143 | 143 |
Employee benefit obligations, Current | 8 | |
Employee benefit obligations, Noncurrent | 135 | |
Net operating loss (NOL) carryforwards | 966 | 1,022 |
Net operating loss (NOL) carryforwards, Current | 0 | |
Net operating loss (NOL) carryforwards, Noncurrent | 1,022 | |
Unfavorable purchase and sales contracts | 193 | 202 |
Unfavorable purchase and sales contracts, Current | 0 | |
Unfavorable purchase and sales contracts, Noncurrent | 202 | |
Commodity contracts and interest rate swaps | 129 | 6 |
Commodity contracts and interest rate swaps, Current | 0 | |
Commodity contracts and interest rate swaps, Noncurrent | 6 | |
Deferred Tax Assets, Debt Extinguishment Gains | 1,120 | 879 |
Deferred Tax Assets, Debt Extinguishment Gains, Current | 0 | |
Debt extinguishment gains, Noncurrent | 879 | |
Deferred Tax Assets, Accrued Interest | 0 | 0 |
Deferred Tax Assets, Accrued Interest, Current | 0 | |
Deferred Tax Assets, Accrued Interest, Noncurrent | 0 | |
Other | 113 | 85 |
Other, Current | 2 | |
Other, Noncurrent | 83 | |
Total | 2,763 | 2,461 |
Total, Current | 10 | |
Total, Noncurrent | 2,451 | |
Deferred Income Tax Liabilities | ||
Property, plant and equipment | 1,506 | 2,422 |
Property, plant and equipment, Current | 0 | |
Property, plant and equipment, Noncurrent | 2,422 | |
Commodity contracts and interest rate swaps | 0 | 44 |
Commodity contracts and interest rate swaps, Current | 44 | |
Commodity contracts and interest rate swaps | 0 | |
Identifiable intangible assets | 312 | 355 |
Identifiable intangible assets, Current | 0 | |
Identifiable intangible assets, Noncurrent | 355 | |
Debt fair value discounts | 0 | 342 |
Debt fair value discounts, Current | 0 | |
Debt fair value discounts, noncurrent | (342) | |
Debt extinguishment gains | 0 | 101 |
Debt extinguishment gains, Current | 101 | |
Debt extinguishment gains, Noncurrent | 0 | |
Deferred Tax Liability, Accrued Interest | 336 | 45 |
Deferred Tax Liability, Accrued Interest, Current | 0 | |
Deferred Tax Liability, Accrued Interest, Noncurrent | 45 | |
Other | 0 | 0 |
Other, Current | 0 | |
Other, Noncurrent | 0 | |
Total | 2,154 | 3,309 |
Total, Current | 145 | |
Total, Noncurrent | 3,164 | |
Deferred Tax Assets, Net | 609 | |
Net Accumulated Deferred Income Tax (Asset) Liability | 848 | |
Deferred Tax Liabilities, Net, Current | 0 | 135 |
Net Deferred Income Tax Liability, Noncurrent | $ 0 | $ 713 |
Other Income and Deductions Oth
Other Income and Deductions Other Income and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Other income: | |||||||
Office space rental income | [1] | $ 11 | $ 11 | $ 11 | |||
Sale of land | [2] | 5 | 2 | 1 | |||
Mineral rights royalty revenue | [2] | 4 | 4 | 5 | |||
All other | 15 | 14 | 9 | ||||
Total other income | 35 | 31 | 26 | ||||
Other deductions: | |||||||
Impairment of remaining equipment from cancelled generation development program | 0 | 0 | 27 | [2] | |||
All other | 13 | 13 | 26 | ||||
Total other deductions | 95 | 276 | 53 | ||||
Favorable purchase and sales contracts [Member] | |||||||
Other deductions: | |||||||
Impairment of intangible assets | 8 | [2] | 183 | [2] | 0 | ||
Environmental allowances and credits [Member] | |||||||
Other deductions: | |||||||
Impairment of intangible assets | 55 | [2] | 80 | [2] | 0 | ||
Mining development costs [Member] | |||||||
Other deductions: | |||||||
Impairment of intangible assets | $ 19 | [2] | $ 0 | $ 0 | |||
[1] | Reported in Corporate and Other. | ||||||
[2] | Reported in Competitive Electric segment. |
Impairment of Long-Lived Asse67
Impairment of Long-Lived Assets (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Nuclear_generation_units | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held for use | $ 2,541 | $ 4,670 | $ 140 |
Write-Off Of Deferred Costs Related To Cancelled Mining Projects | 30 | ||
Consolidated VIEs [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Public Utilities Number Of New Nuclear Generation Units In Development | Nuclear_generation_units | 2 | ||
Impairment of Assets of Generation Development Joint Venture, Including Amounts Attributable to Noncontrolling Interests | $ 140 | ||
Consolidated VIEs [Member] | Mitsubishi Heavy Industries Ltd. [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment Of Assets Of Nuclear Generation Development Joint Venture, Amounts Attributable To Noncontrolling Interests | 107 | ||
Consolidated VIEs [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment Of Assets Of Generation Development Joint Venture, Amounts Attributable To Parent | $ 33 | ||
Big Brown Steam Electric Station, Martin Lake Steam Electric Station, Monticello Steam Electric Station, Sandow Steam Electric Station Unit 4 And Sandow Electric Station Unit 5 [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held for use | $ 2,541 | ||
Martin Lake Steam Electric Station, Monticello Steam Electric Station And Sandow Steam Electric Station Unit 4 [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held for use | $ 4,640 |
Reorganization Items (Reorgan68
Reorganization Items (Reorganization Items) (Details) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reorganization Items [Abstract] | ||||
Expenses related to legal advisory and representation services | $ 127 | $ 310 | ||
Expenses related to other professional consulting and advisory services | 95 | 128 | ||
Contract claims adjustments | (20) | (52) | $ (20) | $ 0 |
Noncash adjustment for estimated allowed claims related to debt | 0 | 926 | 0 | 0 |
Sponsor management agreement settlement | 0 | (86) | ||
Contract assumption adjustments | 0 | (14) | ||
Noncash liability adjustment arising from termination of interest rate swaps (Note 13) | 278 | 0 | 278 | 0 |
Fees associated with repayment of EFIH Second Lien Notes (Note 13) | 0 | 28 | ||
Loss on exchange and settlement of EFIH First Lien Notes | 108 | 0 | 108 | 0 |
Fees associated with completion and extension of the TCEH and EFIH DIP Facilities (Note 12) | 187 | 9 | ||
Other | 0 | 2 | ||
Total reorganization items | $ 815 | $ 1,355 | $ 815 | $ 0 |
Interest Expense and Related 69
Interest Expense and Related Charges (Interest Expense and Related Charges) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Interest Expense and Related Charges [Line Items] | |||||||
Interest paid/accrued on debtor-in-possession financing | $ 295 | $ 162 | $ 0 | ||||
Adequate protection amounts paid/accrued | 1,232 | [1] | 827 | [1] | 0 | ||
Interest paid/accrued on pre-petition debt | [2] | 244 | 1,158 | 3,376 | |||
Interest expense on pre-petition toggle notes payable in additional principal | 0 | 65 | 176 | ||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | 0 | 1,237 | [3] | 0 | |||
Unrealized mark-to-market net gain on interest rate swaps | 0 | (1,303) | (1,058) | ||||
Amortization of debt issuance, amendment and extension costs and discounts | 0 | 66 | 208 | ||||
Capitalized interest | (11) | (17) | (25) | ||||
Other | 0 | 6 | 27 | ||||
Interest expense and related charges | 1,760 | 2,201 | 2,704 | ||||
Liabilities Subject To Compromise, Debt | 35,560 | 35,124 | |||||
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,243 | 1,235 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Liabilities Subject To Compromise, Debt | 31,668 | 31,474 | |||||
Parent Company [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Amortization of debt issuance, amendment and extension costs and discounts | 0 | 12 | 36 | ||||
Interest expense and related charges | 0 | 83 | 411 | ||||
Liabilities Subject To Compromise, Debt | 640 | 529 | |||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Liabilities Subject To Compromise, Debt | 3,243 | 3,846 | |||||
Interest Rate Swap [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 194 | $ 625 | |||||
Interest Rate Swap [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | (1,225) | ||||||
Gain (Loss) On Derivative Instruments, Net, Pretax, Representing Matured Positions Not Settled In Cash During the Period | 127 | ||||||
Interest Rate Swap [Member] | Parent Company [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | (12) | ||||||
Line of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Liabilities Subject To Compromise, Debt | 22,616 | ||||||
Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Liabilities Subject To Compromise, Debt | 1,571 | ||||||
Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | 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 | 235 | |||||
Senior Secured Second Lien 11.75% Notes due March 1, 2022 [Member] | Secured Debt [Member] | Energy Future Intermediate Holding CO LLC [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Liabilities Subject To Compromise, Debt | 1,389 | 1,750 | |||||
11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Liabilities Subject To Compromise, Debt | $ 1,750 | $ 1,750 | |||||
Adequate Protection Interest Expense [Member] | |||||||
Interest Expense and Related Charges [Line Items] | |||||||
Adequate Protection Paid Or Accrued, Weighted Average Interest Rate | 4.69% | ||||||
Adequate Protection Paid Or Accrued, Basis Spread on Variable Rate | 4.50% | ||||||
[1] | Post-petition period only. | ||||||
[2] | Includes amounts related to interest rate swaps totaling $194 million and $625 million for the years ended December 31, 2014 and 2013, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps | ||||||
[3] | Includes $1.225 billion related to terminated TCEH interest rate swaps and $12 million related to other interest rate swaps. |
Interest Expense and Related 70
Interest Expense and Related Charges (Contractual Interest Expense on Pre-Petition Liabilities) (Details) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | ||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | $ 1,760 | $ 2,492 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 787 | 1,172 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | [1] | 54 | 50 |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 919 | 1,270 | |
Adequate Protection Interest Paid-Accrued, Amount Excluded Related To Terminated Natural Gas Hedging Positions And Interest Rate Swaps | 40 | 60 | |
Post-Petition Interest Related to Prior Periods Paid And Accrued On Pre-Petition Debt | 185 | ||
Parent Company [Member] | |||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 84 | 125 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | 0 | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 84 | 125 | |
Energy Future Intermediate Holding CO LLC [Member] | |||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 363 | 415 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | [1] | 54 | 50 |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 309 | 365 | |
Energy Future Competitive Holdings Company [Member] | |||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 4 | 7 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | 0 | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 4 | 7 | |
Texas Competitive Electric Holdings Company LLC [Member] | |||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 1,392 | 2,069 | |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 787 | 1,172 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | 0 | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 605 | 897 | |
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] | (83) | (124) |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | |
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | 0 | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | [2] | $ (83) | $ (124) |
[1] | For the year ended December 31, 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 13). For the post-petition period ended December 31, 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. |
Debtor-In-Possession Borrowin71
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (TCEH Debtor-In-Possession Facility) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Line of Credit Facility [Line Items] | |||
Borrowings under debtor-in-possession credit facilities | $ 0 | $ 6,825 | |
Texas Competitive Electric Holdings Company LLC [Member] | |||
Line of Credit Facility [Line Items] | |||
Consolidated Superpriority Secured Net Debt to Consolidated EBITDA Covenant Threshold | 3.50 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Railroad Commission of Texas [Member] | |||
Line of Credit Facility [Line Items] | |||
Collateral Bond, Securing Mining Land Reclamation Obligations, Secured By First Lien Interest In Assets | $ 1,100 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
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, Amount Arranged | $ 3,375 | ||
Debtor-In-Possession Financing, Unused Cash Borrowings | 1,950 | ||
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | $ 281 | ||
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% | 3.75% | |
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-in-Possession Financing, Amount Arranged | [1] | $ 1,950 | |
Debtor-In-Possession Financing, Unused Cash Borrowings | [1] | 1,950 | |
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | [1] | 0 | |
Borrowings under debtor-in-possession credit facilities | 0 | ||
Debtor-In-Possession Financing, Maximum Borrowings Allowed Without Consent Or Bankruptcy Court Order | 1,650 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-in-Possession Financing, Amount Arranged | [2] | 1,425 | |
Debtor-In-Possession Financing, Unused Cash Borrowings | [2] | 0 | |
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | [2] | 281 | |
Borrowings under debtor-in-possession credit facilities | 1,425 | $ 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 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | Cash and Cash Equivalents [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-In-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 281 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | Restricted Cash [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-In-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 519 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Delayed Draw Term Loan Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debtor-In-Possession Financing, Amount Terminated | $ 1,100 | ||
[1] | Facility used for general corporate purposes. No amounts were borrowed at December 31, 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, $800 million for issuing letters of credit. |
Debtor-In-Possession Borrowin72
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (EFIH First-Lien Debtor-In-Possession Facility) (Details) - USD ($) $ in Millions | 1 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Line of Credit Facility [Line Items] | ||||||||
Pre and Post-Petition Interest Paid And Accrued On Pre-Petition Debt | [1] | $ 244 | $ 1,158 | $ 3,376 | ||||
Debtor Reorganization Items, Gain (Loss) On Exchange And Settlement Of Debt Instruments | $ 108 | 0 | 108 | 0 | ||||
Cash and cash equivalents | 3,428 | 2,286 | 3,428 | $ 1,217 | $ 1,913 | |||
Borrowings under debtor-in-possession credit facilities | 6,825 | 0 | 6,825 | |||||
Energy Future Intermediate Holding CO LLC [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Cash and cash equivalents | 354 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debtor-In-Possession Financing, Incremental Junior Lien Debt Allowed, Maximum | 3,000 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Debtor-In-Possession Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debtor-In-Possession Financing, Extension Fee | 13.5 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | First-Lien Debtor-in-Possession Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 5,400 | |||||||
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 | |||||||
Debtor Reorganization Items, Gain (Loss) On Exchange And Settlement Of Debt Instruments | 108 | |||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||
Borrowings under debtor-in-possession credit facilities | $ 5,400 | $ 5,400 | $ 5,400 | |||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 4.25% | 4.25% | 4.25% | |||||
Debtor In Possession Financing, Liquidity Covenant, Unrestricted Cash Balance, Minimum | $ 150 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Secured Debt [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,673 | |||||||
Principal Amount Of Affiliate Debt Repurchased | 2,312 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | Secured Debt [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 | |||||||
Pre and Post-Petition Interest Paid And Accrued On Pre-Petition Debt | $ 235 | $ 235 | ||||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Secured Debt [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Increase, Accrued Interest | $ 78 | |||||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Debtor-in-Possession Financing, First Lien Debt Facility Agreement [Member] | First-Lien Debtor-in-Possession Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debtor-in-Possession Financing, Debt Settlement, Settlement Price, Percentage of Principal and Percentage of Accrued and Unpaid Interest, Percentage of Principal | 105.00% | |||||||
Debtor-in-Possession Financing, Debt Settlement, Settlement Price, Percentage of Principal and Percentage of Accrued and Unpaid Interest, Percentage of Accrued and Unpaid Interest | 101.00% | |||||||
Non-Settling Holders Of EFIH First Lien Notes [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Secured Debt [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Increase, Accrued Interest | $ 128 | |||||||
[1] | Includes amounts related to interest rate swaps totaling $194 million and $625 million for the years ended December 31, 2014 and 2013, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps |
Debtor-In-Possession Borrowin73
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Long-Term Debt Not Subject to Compromise) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 95 | $ 167 | |
Other Liabilities, Current | 425 | 360 | |
Long-term Debt and Capital Lease Obligations, Current | (35) | (39) | |
Long-term debt, less amounts due currently | 60 | 128 | |
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 41 | 47 | |
Other Liabilities, Current | 42 | 40 | |
Energy Future Competitive Holdings Company [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 35 | 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 | 19 | 73 | |
Capital Lease Obligations | 5 | 44 | |
Other Long-term Debt | 2 | 2 | |
Debt Instrument, Unamortized Discount | (1) | (2) | |
9.58% Fixed 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] | $ 13 | 21 |
Stated interest rate (as a percent) | 9.58% | ||
8.254% Fixed 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] | $ 24 | 29 |
Stated interest rate (as a percent) | 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 |
Stated interest rate (as a percent) | 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 |
Stated interest rate (as a percent) | 7.46% | ||
8.82% Building Financing due semiannually through February 11, 2022 [Member] | Parent Company [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 |
Stated interest rate (as a percent) | 8.82% | ||
[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 Compro74
Liabilities Subject to Compromise (Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities Subject to Compromise [Abstract] | ||
Notes, loans and other debt subject to compromise | $ 35,560 | $ 35,124 |
Accrued interest on notes, loans and other debt | 745 | 804 |
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,243 | 1,235 |
Trade accounts payable and other expected allowed claims | 238 | 269 |
Total liabilities subject to compromise | $ 37,786 | $ 37,432 |
Liabilities Subject to Compro75
Liabilities Subject to Compromise (Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 35,560 | $ 35,124 | |
Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 1,664 | ||
Deferred Debt Issuance And Extension Costs [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 0 | (733) | |
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 640 | 529 | |
Parent Company [Member] | Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 2 | 2 | |
Stated interest rate (as a percent) | 9.75% | ||
Parent Company [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due January 15, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 3 | 3 | |
Stated interest rate (as a percent) | 10.00% | ||
Parent Company [Member] | Fixed Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 60 | ||
Parent Company [Member] | Fixed Senior Notes [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 33 | 33 | |
Stated interest rate (as a percent) | 10.875% | ||
Parent Company [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 27 | 27 | |
Parent Company [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 89 | 90 | [1] |
Stated interest rate (as a percent) | 5.55% | ||
Parent Company [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 281 | ||
Parent Company [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 198 | 201 | [1] |
Stated interest rate (as a percent) | 6.50% | ||
Parent Company [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 545 | ||
Parent Company [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 288 | 291 | [1] |
Stated interest rate (as a percent) | 6.55% | ||
Parent Company [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 456 | ||
Parent Company [Member] | Building Financing [Member] | 8.82% Building Financing due semiannually through February 11, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 8.82% | ||
Parent Company [Member] | Unamortized Fair Value Discount [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 0 | 118 | [2] |
Energy Future Intermediate Holding CO LLC [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 3,243 | 3,846 | |
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 2 | 2 | |
Stated interest rate (as a percent) | 9.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 0 | ||
Stated interest rate (as a percent) | 6.875% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 0 | ||
Stated interest rate (as a percent) | 10.00% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 322 | 406 | |
Stated interest rate (as a percent) | 11.00% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 1,389 | 1,750 | |
Stated interest rate (as a percent) | 11.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Unamortized Premium [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 0 | 243 | [2] |
Energy Future Intermediate Holding CO LLC [Member] | Unamortized Discount [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 0 | (121) | [2] |
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] | |||
Notes, loans and other debt subject to compromise | 1,530 | 1,566 | |
Energy Future Competitive Holdings Company [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 9 | 8 | |
Energy Future Competitive Holdings Company [Member] | Unamortized Fair Value Discount [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 0 | (1) | [2] |
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] | |||
Notes, loans and other debt 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] | |||
Notes, loans and other debt subject to compromise | $ 8 | 8 | |
Stated interest rate (as a percent) | 8.175% | ||
Texas Competitive Electric Holdings Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 31,668 | 31,474 | |
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | Trinity River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 0 | 103 | [2] |
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 1,571 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 1,750 | 1,750 | |
Stated interest rate (as a percent) | 11.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 336 | 336 | |
Stated interest rate (as a percent) | 15.00% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 1,235 | 1,235 | |
Stated interest rate (as a percent) | 15.00% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Unamortized Discount [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 0 | (91) | [2] |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt 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] | |||
Notes, loans and other debt subject to compromise | $ 1,833 | 1,833 | |
Stated interest rate (as a percent) | 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] | |||
Notes, loans and other debt subject to compromise | 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] | |||
Notes, loans and other debt subject to compromise | $ 1,292 | 1,292 | |
Stated interest rate (as a percent) | 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] | |||
Notes, loans and other debt subject to compromise | 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] | |||
Notes, loans and other debt subject to compromise | $ 1,749 | 1,749 | |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 22,616 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | TCEH Term Loan Facilities maturing October 10, 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 3,809 | 3,809 | |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 15,691 | 15,691 | |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | 19 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt 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] | |||
Notes, loans and other debt subject to compromise | 1,020 | 1,020 | |
Texas Competitive Electric Holdings Company LLC [Member] | Commodity Collateral Posting Facility [Member] | TCEH Revolving Credit Facility Due October 10, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 2,054 | $ 2,054 | |
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | |||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.40% Fixed Series 1994A due May 1, 2029 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 39 | $ 39 | |
Stated interest rate (as a percent) | 5.40% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 7.70% Fixed Series 1999A due April 1, 2033 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 111 | 111 | |
Stated interest rate (as a percent) | 7.70% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 7.70% Fixed Series 1999C due March 1, 2032 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 50 | 50 | |
Stated interest rate (as a percent) | 7.70% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 8.25% Fixed Series 2001A due October 1, 2030 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 71 | 71 | |
Stated interest rate (as a percent) | 8.25% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 8.25% Fixed Series 2001D-1 due May 1, 2033 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 171 | 171 | |
Stated interest rate (as a percent) | 8.25% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.30% Fixed Series 2003B due July 1, 2032 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 39 | 39 | |
Stated interest rate (as a percent) | 6.30% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.75% Fixed Series 2003C due October 1, 2038 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 52 | 52 | |
Stated interest rate (as a percent) | 6.75% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.40% Fixed Series 2003D due October 1, 2029, remarketing date October 1, 2014 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 31 | 31 | |
Stated interest rate (as a percent) | 5.40% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.00% Fixed Series 2006 due March 1, 2041 [Member] | Brazos River Authority [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 100 | 100 | |
Stated interest rate (as a percent) | 5.00% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.45% Fixed Series 2000A due June 1, 2021 [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 51 | 51 | |
Stated interest rate (as a percent) | 6.45% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.20% Fixed Series 2001C due May 1, 2028 [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 70 | 70 | |
Stated interest rate (as a percent) | 5.20% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.80% Fixed Series 2003A due July 1, 2022 [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 12 | 12 | |
Stated interest rate (as a percent) | 5.80% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.15% Fixed Series 2003B due August 1, 2022 [Member] | Sabine River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 45 | 45 | |
Stated interest rate (as a percent) | 6.15% | ||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.25% Fixed Series 200A due May 1, 2028 [Member] | Trinity River Authority of Texas [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 14 | 14 | |
Stated interest rate (as a percent) | 6.25% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | Fixed 7.48% Secured Facility Bonds With Amortizing Payments Through January 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 7.48% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | 7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 7.46% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Other Debt Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Notes, loans and other debt subject to compromise | $ 1 | $ 1 | |
Minimum [Member] | Parent Company [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 11.25% | ||
Minimum [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 11.25% | ||
Minimum [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 10.50% | ||
Maximum [Member] | Parent Company [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 12.00% | ||
Maximum [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 12.25% | ||
Maximum [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate (as a percent) | 11.25% | ||
[1] | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity). The amounts of TCEH debt held by EFIH or EFH Corp. (parent entity) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. See Note 2 for discussion of the Settlement Agreement.. December 31, 2014EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014281EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024545EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034456TCEH Floating Rate Term Loan Facilities due October 10, 201719TCEH 10.25% Fixed Senior Notes due November 1, 2015213TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B150Total$1,664 | ||
[2] | Due to the Settlement Agreement our pre-petition notes, loans and other debt reported as liabilities subject to compromise were updated to reflect our expected allowed claim amounts, resulting in the write-off to reorganization items of unamortized deferred debt issuance and extension costs, premiums and discounts classified as LSTC (see Note 11) |
Liabilities Subject to Compro76
Liabilities Subject to Compromise (Repayment of EFIH Second Lien Notes) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt | $ 233 | ||||
Pre and Post-Petition Interest Paid And Accrued On Pre-Petition Debt | [1] | $ 244 | 1,158 | $ 3,376 | |
Liabilities Subject To Compromise, Debt | 35,560 | 35,124 | |||
Energy Future Intermediate Holding CO LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Liabilities Subject To Compromise, Debt | 3,243 | 3,846 | |||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt | $ 735 | ||||
Debt Repurchase Fees And Expenses | 15 | ||||
Repayments of Debt | 445 | ||||
Pre and Post-Petition Interest Paid And Accrued On Pre-Petition Debt | 235 | 235 | |||
Pre-Petition Interest Paid and Accrued On Pre-Petition Debt | $ 55 | ||||
Consent Fee Related To Novation of Hedge Positions Between Counterparties, Nonoperating | 97.00% | ||||
Consent Fee Related To Debt Repurchase Transaction | $ 13 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 84 | ||||
Liabilities Subject To Compromise, Debt | 322 | 406 | |||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 361 | ||||
Liabilities Subject To Compromise, Debt | $ 1,389 | $ 1,750 | |||
[1] | Includes amounts related to interest rate swaps totaling $194 million and $625 million for the years ended December 31, 2014 and 2013, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps |
Liabilities Subject to Compro77
Liabilities Subject to Compromise (Charging Lien Advances) (Details) - Senior Notes [Member] $ in Millions | 1 Months Ended |
Dec. 31, 2015USD ($) | |
Energy Future Intermediate Holding CO LLC [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |
Debt Instrument [Line Items] | |
Repayments of Debt | $ 36 |
Parent Company [Member] | |
Debt Instrument [Line Items] | |
Repayments of Debt | $ 7 |
Liabilities Subject to Compro78
Liabilities Subject to Compromise (TCEH Letter of Credit Facility Availability) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Restricted cash | $ 507 | $ 901 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 204 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters Of Credit Drawn By Affiliated Party | 7 | |||
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 | 507 | |||
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 Compro79
Liabilities Subject to Compromise (Debt Related Activity in 2014) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Repayments of Debt and Capital Lease Obligations | $ 241 | ||
Repayments of Long-term Debt | 233 | ||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | $ 515 | 2,546 | $ 187 |
Repayments of Long-term Capital Lease Obligations | 8 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 204 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | $ 11 |
Liabilities Subject to Compro80
Liabilities Subject to Compromise (Information Regarding Other Significant Outstanding Debt) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 35,560 | $ 35,124 | |
Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 1,664 | ||
Texas Competitive Electric Holdings Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Interest Payment Amount, Election To Use Permitted Grace Period | $ 123 | ||
Liabilities Subject To Compromise, Debt | 31,668 | 31,474 | |
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 22,616 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 3,809 | 3,809 | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 15,691 | 15,691 | |
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 19 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | ERROR in label resolution. | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 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] | |||
Liabilities Subject To Compromise, Debt | $ 1,020 | 1,020 | |
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Commodity Collateral Posting Facility [Member] | TCEH Revolving Credit Facility Due October 10, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 2,054 | 2,054 | |
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 1,571 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 1,750 | 1,750 | |
Stated interest rate (as a percent) | 11.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 4,874 | ||
Energy Future Intermediate Holding CO LLC [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 3,243 | 3,846 | |
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 0 | ||
Stated interest rate (as a percent) | 6.875% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 0 | ||
Stated interest rate (as a percent) | 10.00% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 322 | 406 | |
Stated interest rate (as a percent) | 11.00% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 1,389 | 1,750 | |
Stated interest rate (as a percent) | 11.75% | ||
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] | Secured Debt [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, variable interest rate increase for first ninety days | 0.25% | ||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, total variable interest rate increase after first ninety day period | 0.25% | ||
Debt Instrument Registration Default If Not Fled And Declared Effective After Original Issue Date, Total Interest Rate Percentage For First Ninety Days | 11.50% | ||
Debt Instrument Registration Default If Not Registered Within One Year Of Original Issue Date, Total Interest Rate Percentage After First Ninety Days | 11.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 1,530 | 1,566 | |
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Until June 1, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Options to Pay Interest, Percentage Allowed in Cash | 50.00% | ||
Debt Instrument, Options to Pay Interest, Percentage Allowed in PIK Interest | 50.00% | ||
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 640 | $ 529 | |
Parent Company [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 60 |
Commitments And Contingencies81
Commitments And Contingencies (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2015 | Aug. 31, 2015 | Feb. 29, 2012 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Commitments and Contingencies [Line Items] | ||||||
Operating leases, rent expense | $ 84,000,000 | $ 84,000,000 | $ 90,000,000 | |||
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% | |||||
EPA Rule Addressing Greenhouse Gas Emissions From Existing Electricity Generation Plants, Number Of States Challenging Rule | 27 | |||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Letters of Credit | 519,000,000 | |||||
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 | 230,000,000 | |||||
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 | 72,000,000 | |||||
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 | 162,000,000 | |||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Purchase And Sale Agreement With La Frontera Holdings LLC [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Letters of Credit | 131,000,000 | |||||
Cross-State Air Pollution Rule [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Emissions budget generation assets lower sulfur dioxide requirements (as a percent) | 6.00% | |||||
Emissions budget generation assets higher annual nitrogen oxides requirements (as a percent) | 3.00% | |||||
Emissions budget generation assets higher seasonal nitrogen oxides requirements (as a percent) | 2.00% | |||||
Coal Purchase and Transportation Agreements [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Expenditures | 218,000,000 | $ 348,000,000 | $ 353,000,000 | |||
EFIH First-Lien Makewhole Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 432,000,000 | |||||
EFIH Second-Lien Makewhole Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 401,000,000 | |||||
EFH Corp. Senior Legacy Notes Makewhole Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 208,000,000 | |||||
EFH Corp. Senior Notes Post-Petition Interest Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 66,000,000 | |||||
EFH Corp. Senior LBO Notes Makewhole Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 0 | |||||
EFH Corp. Senior LBO Notes Post-Petition Interest Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 13,000,000 | |||||
Minimum [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency Damages Sought Value Per Day | 32,500 | |||||
Maximum [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency Damages Sought Value Per Day | $ 37,500 |
Commitments And Contingencies82
Commitments And Contingencies (Noncancellable Commitments Under Energy-related Contracts, Leases and Other Agreements) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Coal Purchase and Transportation Agreements [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2,016 | $ 307 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | 307 |
Pipeline transportation and storage reservation fees [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2,016 | 13 |
2,017 | 1 |
2,018 | 1 |
2,019 | 1 |
2,020 | 1 |
Thereafter | 7 |
Total | 24 |
Nuclear fuel contracts [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2,016 | 62 |
2,017 | 46 |
2,018 | 72 |
2,019 | 35 |
2,020 | 37 |
Thereafter | 96 |
Total | 348 |
Other contracts [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2,016 | 130 |
2,017 | 42 |
2,018 | 14 |
2,019 | 12 |
2,020 | 14 |
Thereafter | 36 |
Total | $ 248 |
Commitments And Contingencies83
Commitments And Contingencies (Future Minimum Lease Payments Under Both Capital Leases and Operating Leases) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Capital Leases | |
2,016 | $ 3 |
2,017 | 2 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total future minimum lease payments | 5 |
Less amounts representing interest | 0 |
Present value of future minimum lease payments | 5 |
Less current portion | 3 |
Long-term capital lease obligation | 2 |
Operating Leases | |
2,016 | 26 |
2,017 | 32 |
2,018 | 30 |
2,019 | 28 |
2,020 | 26 |
Thereafter | 139 |
Total future minimum lease payments | $ 281 |
Commitments And Contingencies84
Commitments And Contingencies (Nuclear Insurance) (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments maximum coverage per unit | $ 490 |
Replacement electricity costs coverage weekly payments percentage reduction if both units are out of service at same time as result of same accident | 80.00% |
Price-Anderson Act [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Annual Coverage limit | $ 13,600 |
Price-Anderson Act [Member] | Secondary Financial Protection [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Financial protection pool maximum assessment | $ 127.3 |
Nuclear Insurance Financial Protection Pool, Inflation Period Adjustment On Nuclear Incident Assessment | 5 years |
Nuclear insurance, Financial protection pool maximum annual assessment payment | $ 19 |
Mutual insurance, Total retrospective premium obligation | 254.6 |
Mutual insurance, Total retrospective premium obligation maximum potential assessment under retrospective plan, excluding taxes per incident per year | $ 37.9 |
Mutual insurance, Total retrospective premium obligation maximum potential assessment under retrospective plan, excluding taxes per incident period | 1 year |
Price-Anderson Act [Member] | Liability Insurance from American Nuclear Insurers [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Required per site | $ 375 |
NCR [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Amount of insurance required to maintain | 1,060 |
Mutual insurance, Nuclear decontamination and property damage insurance | 2,250 |
Mutual insurance, Total nuclear decontamination and property damage insurance, deductible per accident | 5 |
First fifty-two weeks after twelve-week waiting period [Member] | Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments | 3.5 |
After first fifty-two weeks for next 110 weeks after twelve-week waiting period [Member] | Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments | $ 2.8 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2013USD ($)Nuclear_generation_units | Dec. 31, 2015 | |
Consolidated VIEs [Member] | ||
Equity | ||
Public Utilities Number Of New Nuclear Generation Units In Development | Nuclear_generation_units | 2 | |
Consolidated VIEs [Member] | Mitsubishi Heavy Industries Ltd. [Member] | ||
Equity | ||
Impairment Of Assets Of Nuclear Generation Development Joint Venture, Amounts Attributable To Noncontrolling Interests | $ | $ 107 | |
Parent Company [Member] | ||
Equity | ||
Equity method investment, ownership (as a percent) | 80.03% | |
Oncor [Member] | Management and Board of Directors [Member] | ||
Equity | ||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 0.22% | |
Texas Transmission [Member] | ||
Equity | ||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 19.75% |
Equity (Equity Issuances and Re
Equity (Equity Issuances and Repurchases) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Shares outstanding at beginning of year | 1,669,861,379 | 1,669,861,383 | 1,680,539,245 | |
Shares issued | 0 | 0 | 1,700,000 | [1] |
Shares repurchased | 0 | 0 | (12,300,000) | |
Shares outstanding at end of year | 1,669,861,379 | 1,669,861,379 | 1,669,861,383 | |
[1] | Includes share awards granted to directors and other nonemployees. |
(Accumulated Other Comprehensiv
(Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | $ (130) | $ (63) | |
Other comprehensive loss before reclassifications (after tax) | 5 | (66) | |
Depreciation and amortization | 1,006 | 1,453 | $ 1,521 |
Selling, general and administrative expenses | (745) | (794) | (822) |
Interest expense and related charges | 1,760 | 2,201 | 2,704 |
Income tax benefit (expense) | (1,670) | (2,619) | (1,271) |
Equity in earnings of unconsolidated subsidiaries (net of tax) | (334) | (349) | (335) |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 4 | (67) | (16) |
Total change during the period | 4 | (67) | |
Total accumulated other comprehensive loss at end of period | (126) | (130) | (63) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | (3) | (4) | |
Depreciation and amortization | 2 | 2 | |
Selling, general and administrative expenses | (4) | (2) | |
Interest expense and related charges | 0 | ||
Income tax benefit (expense) | 2 | 1 | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | 2 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | (1) | (1) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | (53) | (56) | |
Other comprehensive loss before reclassifications (after tax) | 0 | 0 | |
Total change during the period | 3 | 3 | |
Total accumulated other comprehensive loss at end of period | (50) | (53) | (56) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | 0 | 0 | |
Depreciation and amortization | 2 | 2 | |
Selling, general and administrative expenses | 0 | 0 | |
Interest expense and related charges | 0 | ||
Income tax benefit (expense) | 0 | (1) | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 1 | 2 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 3 | 3 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | (77) | (7) | |
Other comprehensive loss before reclassifications (after tax) | 5 | (66) | |
Total change during the period | 1 | (70) | |
Total accumulated other comprehensive loss at end of period | (76) | (77) | $ (7) |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | (3) | (4) | |
Depreciation and amortization | 0 | 0 | |
Selling, general and administrative expenses | (4) | (2) | |
Interest expense and related charges | 0 | ||
Income tax benefit (expense) | 2 | 2 | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 1 | 0 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | $ (4) | (4) | |
Energy Future Holdings Corp. [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive loss before reclassifications (after tax) | $ 17 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | |||
Nuclear decommissioning trust | $ 918 | $ 893 | |
Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [1] | 599 | 592 |
Debt securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [2] | 319 | 301 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Total assets | 765 | 777 | |
Liabilities: | |||
Total liabilities | 128 | 278 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [3] | 380 | 375 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative Assets | 385 | 402 | |
Liabilities: | |||
Derivative Liabilities | 128 | 278 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Assets: | |||
Total assets | 579 | 564 | |
Liabilities: | |||
Total liabilities | 64 | 25 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [3] | 219 | 217 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [3] | 319 | 301 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative Assets | 41 | 46 | |
Liabilities: | |||
Derivative Liabilities | 64 | 25 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Assets: | |||
Total assets | 49 | 49 | |
Liabilities: | |||
Total liabilities | 12 | 14 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative Assets | 49 | 49 | |
Liabilities: | |||
Derivative Liabilities | 12 | 14 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Total assets | 1,393 | 1,390 | |
Liabilities: | |||
Total liabilities | 204 | 317 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [3] | 599 | 592 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [3] | 319 | 301 |
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative Assets | 475 | 497 | |
Liabilities: | |||
Derivative Liabilities | $ 204 | $ 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. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 3.68% and 4.35% at December 31, 2015 and 2014, respectively, and an average maturity of 8 years and 6 years at December 31, 2015 and 2014, respectively. | ||
[3] | The nuclear decommissioning trust investment is included in the other investments line in the consolidated balance sheets. |
Fair Value Measurements (Sche89
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 | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / Megawatt-hour | Dec. 31, 2014USD ($)$ / T$ / Megawatt-hour | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1] | $ 49 | $ 49 |
Liabilities | [1] | (12) | (14) |
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 37 | 35 |
Electricity purchases and sales [Member] | Valuation Model [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1] | 1 | 4 |
Liabilities | [1] | (1) | (5) |
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 0 | (1) |
Electricity congestion revenue rights [Member] | Market Approach [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1],[2] | 39 | 38 |
Liabilities | [1],[2] | (4) | (4) |
Derivative Assets (Liabilities), at Fair Value, Net | [1],[2] | 35 | 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] | 9 | 7 |
Liabilities | [1],[3] | (7) | (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] | 15 | 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 | |
Fair Value Inputs, 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] | 35 | 50 |
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour | [1],[5],[6] | 45 | 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 | |
Fair Value Inputs, 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 (Sche90
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 | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net asset (liability) balance at beginning of period | $ 35 | $ (973) | $ 29 | |
Total unrealized valuation gains (losses) | 27 | (97) | (48) | |
Purchases, issuances and settlements: | ||||
Purchases | [1] | 49 | 63 | 92 |
Issuances | [1] | (13) | (5) | (7) |
Settlements | [1] | (48) | 1,053 | 138 |
Transfers into Level 3 | [2] | 1 | 0 | (1,181) |
Transfers out of Level 3 | [2] | (14) | (6) | 4 |
Net change | [3] | 2 | 1,008 | (1,002) |
Net asset (liability) balance at end of period | 37 | 35 | (973) | |
Unrealized valuation gains (losses) relating to instruments held at end of period | $ 18 | $ (5) | $ 435 | |
[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 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 years presented are in and out of Level 2. Transfers into Level 3 during 2013 reflect a nonperformance risk adjustment in the valuation of the TCEH interest rate swaps, which were secured by a first-lien interest in the same assets of TCEH (on a pari passu basis) with the TCEH Senior Secured Facilities and the TCEH Senior Secured Notes | |||
[3] | Substantially all changes in values of commodity contracts are reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Changes in values of interest rate swaps transferred into Level 3 in 2013 are reported in the statements of consolidated income (loss) in interest expense and related charges (see Note 10). 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 Derivativ91
Commodity And Other Derivative Contractual Assets And Liabilities (Termination of Commodity Hedges and Interest Rate Swaps) (Details) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 02, 2014 | |
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||
Net Liability, Interest Rate and Commodity Contract Positions Terminated | $ 1,116 | ||||
Realized Gain (Loss) On Terminated Commodity Related Derivatives | $ 0 | $ 117 | $ 0 | ||
Net Liability, Accounts Payable Related To Matured Interest Rate Swaps Secured By First-Lien Secured Interest | $ 127 | 127 | |||
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,235 | 1,243 | 1,235 | ||
Debtor Reorganization Items, Charge Related To Counterparty Termination Of Contractual Agreements | $ 278 | 0 | 278 | $ 0 | |
Texas Competitive Electric Holdings Company LLC [Member] | Commodity contracts [Member] | |||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||
Realized Gain (Loss) On Terminated Commodity Related Derivatives | $ 117 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Interest Rate Swap [Member] | |||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||
Realized Gain (Loss) On Terminated Interest Rate Derivatives | $ 1,233 |
Commodity And Other Derivativ92
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects of Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ 271 | $ 180 |
Commodity contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 475 | 497 |
Derivative liabilities, Fair Value, Gross Liability | (204) | (317) |
Derivative asset, Fair Value, Net | 475 | (497) |
Derivative liabilities, Fair Value, Net | 204 | (317) |
Derivative, Fair Value, Net | 271 | 180 |
Commodity contracts [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 465 | 492 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Derivative Assets And Liability, Fair Value, Gross Assets | 465 | 492 |
Commodity contracts [Member] | Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 10 | 5 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Derivative Assets And Liability, Fair Value, Gross Assets | 10 | 5 |
Commodity contracts [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Liability | 0 | 0 |
Derivative liabilities, Fair Value, Gross Liability | (203) | (316) |
Derivative Assets And Liability, Fair Value, Gross Liability | (203) | (316) |
Commodity contracts [Member] | Noncurrent liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Liability | 0 | 0 |
Derivative liabilities, Fair Value, Gross Liability | (1) | (1) |
Derivative Assets And Liability, Fair Value, Gross Liability | $ (1) | $ (1) |
Commodity And Other Derivativ93
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 | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) | $ 380 | $ (389) | $ 379 | |
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 | (34) | (36) | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (2) | |||
Net gain from commodity hedging and trading activities [Member] | Commodity contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) | [1] | 380 | 17 | (54) |
Interest expense and related charges [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) | [2] | 0 | (128) | 433 |
Reorganization Items [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) | $ 0 | $ (278) | $ 0 | |
[1] | Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts. | |||
[2] | Includes unrealized mark-to-market net gain (loss) as well as the net realized effect on interest paid/accrued, both reported in Interest Expense and Related Charges |
(Derivative Assets and Liabilit
(Derivative Assets and Liabilities From Balance Sheet to Net Amounts After Consideration Netting Arrangements with Counterparties and Financial Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | $ 271 | $ 180 | |
Derivative (Assets) Liability, Fair Value of Collateral, Net | [1] | (141) | (14) |
Derivative Assets (Liability), Fair Value, Amount Offset Against Collateral | 130 | 166 | |
Commodity contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets: Amounts Presented in Balance Sheet | 475 | 497 | |
Derivative assets: Offsetting Financial Instruments | [2] | (145) | (298) |
Derivative assets: Financial Collateral (Received) Pledged | [1] | (147) | (16) |
Derivative assets: Net Amounts | 183 | 183 | |
Derivative liabilities: Amounts Presented in Balance Sheet | (204) | (317) | |
Derivative liabilities: Offsetting Financial Instruments | [2] | 145 | 298 |
Derivative liabilities: Financial Collateral (Received) Pledged | [1] | 6 | 2 |
Derivative liabilities: Net Amounts | (53) | (17) | |
Derivative, Fair Value, Net | $ 271 | $ 180 | |
[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 Derivativ95
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details) lb in Thousands, gal in Millions, T in Millions, MMBTU in Millions | Dec. 31, 2015TMMBTUGWhgallb | Dec. 31, 2014TMMBTUGWhgallb | |
Natural Gas Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | MMBTU | [1] | 1,489 | 1,687 |
Electricity (in GWh) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | 58,022 | 22,820 | |
Congestion Revenue RIghts (in GWh) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | [2] | 106,260 | 89,484 |
Coal (in tons) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | T | 10 | 10 | |
Fuel oil (in gallons) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | gal | 35 | 36 | |
Uranium (in pounds) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | lb | 75 | 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 Derivativ96
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 59 | $ 18 |
Credit risk derivative with contingent feature [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | 58 | 17 |
Collateral Already Posted, Aggregate Fair Value | 31 | $ 5 |
Cross-default credit derivative [Member] | ||
Credit Derivatives [Line Items] | ||
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 0 |
Commodity And Other Derivativ97
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 | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |
Total credit risk exposure to all counterparties related to derivative contracts | $ 527 |
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral | 199 |
Largest net exposure to single counterparty | $ 110 |
Credit risk exposure to Banking and financial sector percentage | 78.00% |
Net exposure to banking and financial sector percentage | 56.00% |
Pension And Other Postretirem98
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2014USD ($) | Dec. 31, 2015USD ($)Corporate_bond | Dec. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of corporate bonds | Corporate_bond | 434 | ||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in rolling period | 4 years | ||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in rolling period, vesting percentage | 25.00% | ||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in preceding periods related to vesting percentage | 3 years | ||
Pension and Postretirement Benefit Costs [Member] | Oncor [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Regulatory assets of equity method investee related to defined benefit plans | $ 1,182 | $ 1,166 | |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Future amortization of gain (loss) | (1) | ||
Future amortization Of prior service cost (credit) | $ (11) | ||
Oncor [Member] | OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase (Decrease) In Accounts Receivable From Related Party | $ 758 |
Pension And Other Postretirem99
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Pension and OPEB Costs Recognized as Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of net pension/OPEB costs: | |||
Total benefit costs | $ 21 | $ 40 | $ 65 |
Net amounts recognized as expense by EFH Corp. and consolidated subsidiaries | 11 | 12 | 15 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | |||
Components of net pension/OPEB costs: | |||
Less amounts expensed by Oncor (and not consolidated) | (2) | (13) | (25) |
Less amounts deferred principally as a regulatory asset or property by Oncor | (8) | (15) | (25) |
Pension Plan [Member] | |||
Components of net pension/OPEB costs: | |||
Total benefit costs | 18 | 13 | 26 |
OPEB [Member] | |||
Components of net pension/OPEB costs: | |||
Total benefit costs | $ 3 | $ 27 | $ 39 |
Pension And Other Postretire100
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Detailed Information Regarding Pension and Other Postretirement Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Components of net pension/OPEB costs: | |||||||
Net periodic pension cost | $ 21 | $ 40 | $ 65 | ||||
Amounts Recognized in the Balance Sheet Consist of: | |||||||
Other noncurrent assets | $ 26 | $ 61 | |||||
Other noncurrent liabilities | [1] | $ (169) | $ (243) | ||||
Pension Plan [Member] | |||||||
Assumptions Used to Determine Net Periodic Pension Cost: | |||||||
Discount rate | 4.19% | 5.07% | 4.30% | ||||
Expected return on plan assets | 5.38% | 6.17% | 5.40% | ||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | ||||
Components of net pension/OPEB costs: | |||||||
Service cost | $ 7 | $ 7 | $ 8 | ||||
Interest cost | 14 | 14 | 12 | ||||
Expected return on assets | (12) | (12) | (7) | ||||
Amortization of net actuarial loss | 9 | 4 | 8 | ||||
Effect of pension plan actions | 0 | 0 | 5 | ||||
Net periodic pension cost | 18 | 13 | 26 | ||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||||||
Net (gain) loss | 1 | 15 | 5 | ||||
Amortization of net loss | (1) | 0 | 0 | ||||
Effect of pension plan actions | 0 | 0 | (4) | ||||
Total loss (income) recognized in other comprehensive income | 0 | 15 | 1 | ||||
Total recognized in net periodic benefit cost and other comprehensive income | 18 | 28 | 27 | ||||
Assumptions Used to Determine Benefit Obligations: | |||||||
Discount rate | 5.64% | 4.19% | 5.07% | ||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | ||||
Change in Pension/OPEB Obligation: | |||||||
Projected benefit obligation at beginning of year | 331 | 272 | |||||
Service cost | 7 | 7 | |||||
Interest cost | 14 | 14 | |||||
Actuarial (gain) loss | (19) | 45 | |||||
Benefits paid | (11) | (7) | |||||
Projected benefit obligation at end of year | 322 | 331 | 272 | ||||
Accumulated benefit obligation at end of year | 303 | 307 | |||||
Change in Plan Assets: | |||||||
Fair value of assets at beginning of year | 230 | 126 | |||||
Actual return on assets | (8) | 26 | |||||
Employer contributions | 68 | 85 | |||||
Benefits paid | (11) | (7) | |||||
Fair value of assets at end of year | 279 | 230 | 126 | ||||
Funded Status: | |||||||
Projected pension benefit obligation | (331) | (272) | (272) | $ (322) | $ (331) | $ (272) | |
Fair value of assets | $ 230 | $ 126 | $ 126 | 279 | 230 | $ 126 | |
Funded status at end of year | [2] | (43) | (101) | ||||
Amounts Recognized in the Balance Sheet Consist of: | |||||||
Other current liabilities | (1) | (1) | |||||
Liabilities Subject To Compromise | (20) | (23) | |||||
Other noncurrent liabilities | (22) | (77) | |||||
Net liability recognized | (43) | (101) | |||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||||
Net loss | 17 | 17 | |||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | |||||||
Net loss | 49 | 56 | |||||
Net amount recognized | $ 49 | $ 56 | |||||
OPEB [Member] | |||||||
Assumptions Used to Determine Net Periodic Pension Cost: | |||||||
Discount rate | 3.81% | 4.98% | 4.10% | ||||
Expected return on plan assets | 7.05% | 6.70% | |||||
Components of net pension/OPEB costs: | |||||||
Service cost | $ 4 | $ 8 | $ 11 | ||||
Interest cost | 6 | 28 | 41 | ||||
Expected return on assets | 0 | (6) | (12) | ||||
Amortization of prior service cost/(credit) | (11) | (21) | (31) | ||||
Amortization of net actuarial loss | 4 | 18 | 30 | ||||
Net periodic pension cost | 3 | 27 | 39 | ||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||||||
Net (gain) loss | (18) | 12 | 4 | ||||
Amortization of net loss | (5) | (5) | (3) | ||||
Amortization of prior service credit | 11 | 11 | 11 | ||||
Total loss (income) recognized in other comprehensive income | (12) | 18 | 12 | ||||
Total recognized in net periodic benefit cost and other comprehensive income | (9) | 45 | 51 | ||||
Assumptions Used to Determine Benefit Obligations: | |||||||
Discount rate | 4.13% | 3.81% | 4.98% | ||||
Change in Pension/OPEB Obligation: | |||||||
Projected benefit obligation at beginning of year | 139 | 1,049 | |||||
Participant contributions | 3 | 10 | |||||
Actuarial (gain) loss | 19 | (84) | |||||
Benefits paid | (11) | (40) | |||||
Transfers to new plan sponsored by Oncor | 0 | (1,000) | |||||
Projected benefit obligation at end of year | 122 | 139 | 1,049 | ||||
Change in Plan Assets: | |||||||
Fair value of assets at beginning of year | 0 | 179 | |||||
Actual return on assets | 0 | 11 | |||||
Employer contributions | 8 | 16 | |||||
Benefits paid | (11) | (40) | |||||
Transfers to new plan sponsored by Oncor | 0 | (176) | |||||
Fair value of assets at end of year | 0 | 0 | 179 | ||||
Funded Status: | |||||||
Projected pension benefit obligation | (139) | (1,049) | (1,049) | $ (122) | $ (139) | $ (1,049) | |
Fair value of assets | $ 0 | $ 179 | $ 179 | 0 | 0 | $ 179 | |
Funded status at end of year | (122) | (139) | |||||
Amounts Recognized in the Balance Sheet Consist of: | |||||||
Other current liabilities | (8) | (8) | |||||
Other noncurrent liabilities | (114) | (131) | |||||
Net liability recognized | (122) | (139) | |||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||||
Prior service credit | (31) | (43) | |||||
Net loss | 18 | 41 | |||||
Net amount recognized | (13) | (2) | |||||
Oncor [Member] | Pension Plan [Member] | |||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | |||||||
Defined Benefit Plan, Funded Status of Plan, Amount Expected to be Recovered from Equity Method Investee | $ 0 | $ 47 | |||||
Oncor [Member] | OPEB [Member] | |||||||
Assumptions Used to Determine Net Periodic Pension Cost: | |||||||
Discount rate | 4.23% | 4.98% | |||||
Assumptions Used to Determine Benefit Obligations: | |||||||
Discount rate | 4.60% | 4.23% | |||||
Oncor [Member] | |||||||
Amounts Recognized in the Balance Sheet Consist of: | |||||||
Other noncurrent liabilities | $ 0 | $ (47) | |||||
[1] | Includes zero and $47 million at December 31, 2015 and 2014, respectively, representing pension liabilities related to Oncor | ||||||
[2] | Amounts in 2015 and 2014 include zero and $47 million, respectively, for which Oncor is contractually responsible and which are expected to be recovered in Oncor's rates. See Note 19. |
Pension And Other Postretire101
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Assumed Health Care Cost Trend Rates) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,024 | 2,022 |
OPEB [Member] | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect on accumulated postretirement obligation,1-Percentage Point Increase | $ (5) | |
Effect on accumulated postretirement obligation,1-Percentage Point Decrease | 4 | |
Effect on postretirement benefits cost,1-Percentage Point Increase | 0 | |
Effect on postretirement benefits cost,1-Percentage Point Decrease | $ 0 | |
Not Medicare Eligible [Member] | OPEB [Member] | ||
Assumed Health Care Cost Trend Rates : | ||
Health care cost trend rate assumed for next year | 6.00% | 8.00% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00% | 5.00% |
Medicare Eligible [Member] | OPEB [Member] | ||
Assumed Health Care Cost Trend Rates : | ||
Health care cost trend rate assumed for next year | 5.80% | 6.50% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00% | 5.00% |
Pension And Other Postretire102
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Projected Benefit Obligation (PBO) and Accumulated Benefit Obligation (ABO) in Excess of the Fair Value of Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans with PBO and ABO in Excess Of Plan Assets: | ||
Projected benefit obligations | $ 322 | $ 331 |
Accumulated benefit obligation | 303 | 307 |
Plan assets | $ 279 | $ 230 |
Pension And Other Postretire103
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Target Asset Allocation Ranges of Pension Plan Investments by Asset Category) (Details) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Fixed income securities: Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Range, Minimum | 74.00% |
Target Allocation Range, Maximum | 86.00% |
Equity securities: US [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Range, Minimum | 8.00% |
Target Allocation Range, Maximum | 14.00% |
Equity securities: International [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Range, Minimum | 6.00% |
Target Allocation Range, Maximum | 12.00% |
Pension And Other Postretire104
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Fair Value Measurement of Pension and OPEB Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | $ 279 | $ 230 | $ 126 | |
OPEB [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | 0 | 0 | $ 179 | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | [1] | 279 | 230 | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Interest-bearing cash [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | [1] | 64 | 21 | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Equity securities: US [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | [1] | 26 | 25 | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Equity securities: International [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | [1] | 20 | 20 | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: Corporate bonds [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | [1],[2] | 116 | 127 | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: US Treasuries [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | [1] | 40 | 19 | |
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: Other [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of assets | [1],[3] | $ 13 | $ 18 | |
[1] | All amounts are based on Level 2 valuations. | |||
[2] | Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. | |||
[3] | Other consists primarily of municipal bonds. |
Pension And Other Postretire105
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Expected Long-Term Rate of Return on Assets Assumption) (Details) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 5.60% |
US equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 6.60% |
International equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 7.50% |
Fixed income securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 4.50% |
Pension And Other Postretire106
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Future Benefit Payments) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan Contributions By Employer Excluding Affiliated Supplemental Plan | $ 67 | $ 84 | ||
Defined Benefit Plan, Contributions by Employer | $ 68 | $ 85 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 3 | |||
Future Benefit Payments | ||||
2,016 | 14 | 14 | ||
2,017 | 14 | 14 | ||
2,018 | 15 | 15 | ||
2,019 | 17 | 17 | ||
2,020 | 19 | 19 | ||
2021-25 | 109 | 109 | ||
OPEB [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 8 | $ 16 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 8 | |||
Future Benefit Payments | ||||
2,016 | 8 | 8 | ||
2,017 | 8 | 8 | ||
2,018 | 8 | 8 | ||
2,019 | 8 | 8 | ||
2,020 | 9 | 9 | ||
2021-25 | 44 | $ 44 | ||
Majority-Owned Subsidiary, Unconsolidated [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 51 | 64 | ||
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 51 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | $ 16 | $ 20 |
Pension And Other Postretire107
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Thrift Plan) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Thrift Plan | |||
Minimum annual contributions per employee as a percent of salary gross pay | 1.00% | ||
Maximum annual contribution per employee, percent | 20.00% | ||
Employer matching contribution, percent | 6.00% | ||
Employer discretionary contribution amount | $ 24 | $ 24 | $ 23 |
Traditional Retirement Plan Formula Of Retirement Plan [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 75.00% | ||
Minimum [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 75.00% | ||
Maximum [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 100.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015USD ($)Rating-Agencies-Downgrades | Jul. 31, 2014USD ($) | Jan. 31, 2013USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)Rating-Agencies-Downgrades | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Related Party Transaction [Line Items] | |||||||||||
Sponsor management agreement settlement | $ 0 | $ (86) | |||||||||
Increase (Decrease) In Restricted Cash Related To Debt Issuance | 0 | $ 0 | $ (680) | ||||||||
Accounts receivable, related parties, noncurrent | $ 0 | 47 | 0 | 47 | |||||||
Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Selling, general and administrative expenses from transactions with related party | 19 | 34 | 32 | ||||||||
Related party tax expense, due from affiliates, current | 132 | 237 | 90 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Selling, general and administrative expenses from transactions with related party | 205 | 204 | 241 | ||||||||
Related party transaction, amounts of transaction | 14 | 45 | |||||||||
Related Party Transaction, Sale of Assets To Related Party | 16 | 52 | |||||||||
Oncor Holdings [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from Affiliate, Noncurrent | 2 | 2 | |||||||||
Related party tax expense, due from affiliates, current | 26 | 24 | 34 | ||||||||
Sponsor Group [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Selling, general and administrative expenses from transactions with related party | 37 | 40 | 39 | ||||||||
Related Party Transaction, Selling, General and Administrative Cost Paid in Transactions With Related Party | 0 | 0 | 29 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Letters Of Credit Drawn By Affiliated Party | 7 | ||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Letters Of Credit Drawn By Affiliated Party | 150 | ||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Affiliate | 118 | 118 | |||||||||
Related party transaction, amounts of transaction | 955 | 971 | 967 | ||||||||
Delivery fee surcharge remitted to related party | 17 | 17 | 16 | ||||||||
Event of credit rating downgrade, letter of credit required to be posted to secure payment obligations | $ 170 | $ 170 | |||||||||
Event of credit rating downgrade, minimum number of rating agencies downgrade below investment grade (in credit agencies downgrades) | Rating-Agencies-Downgrades | 2 | 2 | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 10.00% | 10.00% | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured 9.75% First Lien Notes due October 15, 2019 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 9.75% | 9.75% | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 11.75% | 11.75% | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 6.875% | 6.875% | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Goldman, Sachs & Co. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt issuance cost | $ 2 | ||||||||||
Parent Company [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Sponsor management agreement settlement | 0 | $ (64) | |||||||||
Due to affiliate, noncurrent | $ 18 | 7 | 18 | 7 | |||||||
Due to Affiliate, Current | $ 33 | 0 | $ 33 | 0 | |||||||
Parent Company [Member] | Secured Debt [Member] | Fixed Senior Secured 9.75% First Lien Notes due October 15, 2019 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 9.75% | 9.75% | |||||||||
Parent Company [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due January 15, 2020 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 10.00% | 10.00% | |||||||||
Parent Company [Member] | Senior Notes [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 10.875% | 10.875% | |||||||||
Audit Years 1997 Through 2001 [Member] | Parent Company [Member] | Oncor [Member] | Texas Comptroller Of Public Accounts [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Tax Expense, Due to Affiliates, Current | 10 | ||||||||||
Audit Years 1997 Through 2002 [Member] | Oncor [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party tax expense, due from affiliates, current | $ 33 | ||||||||||
Audit Years 1997 Through 2002 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party tax expense, due from affiliates, current | $ 84 | ||||||||||
Related Party Transactions, Debt Held By Related Party [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Long-term debt, gross | 303 | 303 | |||||||||
Related Party Transactions, Debt Held By Related Party [Member] | Energy Future Intermediate Holding CO LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Long-term debt, gross | 79 | 79 | |||||||||
Related Party Transactions, Debt Held By Related Party [Member] | Energy Future Intermediate Holding CO LLC [Member] | Parent Company [Member] | Senior Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Long-term debt, gross | 1,282 | 1,282 | |||||||||
Related Party Transactions, Returned Debt as Dividend [Member] | Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | $ 6,360 | ||||||||||
Payable Attributable To Income Taxes [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Affiliate, Current | $ 89 | 120 | $ 89 | 120 | |||||||
Payable Attributable To Income Taxes [Member] | Oncor [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to affiliate, noncurrent | 65 | 64 | 65 | 64 | |||||||
Due to Affiliate, Current | 109 | 144 | 109 | 144 | |||||||
Payable Attributable To Income Taxes [Member] | Oncor Holdings [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Affiliate, Current | 87 | 120 | 87 | 120 | |||||||
Receivable Attributable to Income Taxes [Member] | Oncor [Member] | State and Local Jurisdiction [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from affiliate, current | 20 | 24 | 20 | 24 | |||||||
Related Party Transactions, Decommisioning Liablity [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to affiliate, noncurrent | 409 | 479 | 409 | 479 | |||||||
Related Party Transactions, Collateral Posted [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Letter of credit posted as collateral | 6 | $ 9 | 6 | 9 | |||||||
Subsequent Event [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, amounts of transaction | $ 2 | ||||||||||
OPEB [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Defined Benefit Plan, Contributions by Employer | 8 | 16 | |||||||||
OPEB [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Increase (Decrease) In Accounts Receivable From Related Party | $ 758 | ||||||||||
Related Party Transaction, Reimbursement Due From Affiliates | $ 1 | ||||||||||
Pension Plan [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Defined Benefit Plan Contributions By Employer Excluding Affiliated Supplemental Plan | 67 | $ 84 | |||||||||
Defined Benefit Plan, Contributions by Employer | $ 68 | $ 85 | |||||||||
Pension Plan [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Defined Benefit Plan, Contributions by Employer | 16 | 20 | |||||||||
Pension Plan [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Defined Benefit Plan, Contributions by Employer | $ 51 | $ 64 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Reportable_segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments (in reportable segments) | Reportable_segment | 2 | ||
Operating revenues (all Competitive Electric) | $ 5,370 | $ 5,978 | $ 5,899 |
Depreciation and amortization | 864 | 1,283 | 1,355 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Interest income | 1 | 1 | 1 |
Interest expense and related charges | 1,760 | 2,201 | 2,704 |
Income tax (expense) benefit | 1,670 | 2,619 | 1,271 |
Net loss attributable to EFH Corp. | (5,342) | (6,406) | (2,218) |
Investment in equity investees | 6,064 | 6,058 | 5,959 |
Total assets | 23,330 | 29,248 | 36,446 |
Capital expenditures | 344 | 386 | 501 |
Competitive Electric [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues (all Competitive Electric) | 5,370 | 5,978 | 5,899 |
Depreciation and amortization | 852 | 1,270 | 1,333 |
Interest income | 1 | 0 | 6 |
Interest expense and related charges | 1,289 | 1,799 | 2,062 |
Income tax (expense) benefit | 879 | 2,339 | 794 |
Net loss attributable to EFH Corp. | (4,678) | (6,260) | (2,309) |
Investment in equity investees | 5 | 8 | 9 |
Total assets | 15,690 | 21,347 | 28,828 |
Capital expenditures | 337 | 336 | 472 |
Regulated Delivery [Member] | |||
Segment Reporting Information [Line Items] | |||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Net loss attributable to EFH Corp. | 334 | 349 | 335 |
Investment in equity investees | 6,059 | 6,050 | 5,950 |
Total assets | 6,059 | 6,050 | 5,950 |
Corp. and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 12 | 13 | 22 |
Interest income | 0 | 51 | 148 |
Interest expense and related charges | 471 | 452 | 795 |
Income tax (expense) benefit | 791 | 280 | 477 |
Net loss attributable to EFH Corp. | (998) | (495) | (244) |
Total assets | 3,039 | 4,025 | 3,692 |
Capital expenditures | 7 | 50 | 29 |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | (50) | (153) |
Interest expense and related charges | 0 | (50) | (153) |
Total assets | $ (1,458) | $ (2,174) | $ (2,024) |
Supplementary Financial Info110
Supplementary Financial Information (Restricted Cash) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Investments, Current | $ 524 | $ 6 |
Restricted Cash and Investments, Noncurrent | 507 | 901 |
Other Restricted Cash [Member] | ||
Restricted Cash and Investments, Current | 5 | 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 | 519 | 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 | $ 507 | $ 551 |
Supplementary Financial Info111
Supplementary Financial Information (Schedule of Trade Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ||||
Wholesale and retail trade accounts receivable | $ 542 | $ 604 | ||
Allowance for uncollectible accounts | 9 | 15 | $ 14 | $ 9 |
Trade accounts receivable — net | 533 | 589 | ||
Unbilled Receivables, Current | $ 231 | $ 239 |
Supplementary Financial Info112
Supplementary Financial Information (Schedule for Allowance for Uncollectible Accounts Receivable) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for uncollectible accounts receivable at beginning of period | $ 15 | $ 14 | $ 9 |
Bad debt expense | 34 | 38 | 33 |
Decrease for account write-offs | (40) | (37) | (28) |
Allowance for uncollectible accounts receivable at end of period | $ 9 | $ 15 | $ 14 |
Supplementary Financial Info113
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories by Major Category | ||
Materials and supplies | $ 226 | $ 214 |
Fuel stock | 170 | 215 |
Natural gas in storage | 32 | 39 |
Total inventories | 428 | 468 |
Other Investments | ||
Nuclear plant decommissioning trust | 918 | 893 |
Assets related to employee benefit plans, including employee savings programs, net of distributions | 26 | 61 |
Land | 36 | 37 |
Miscellaneous other | 4 | 4 |
Total other investments | $ 984 | $ 995 |
Supplementary Financial Info114
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||
Cost | [1] | $ 601 | $ 564 | |
Unrealized gain | 326 | 333 | ||
Unrealized loss | (9) | (4) | ||
Fair market value | 918 | 893 | ||
Realized gains | 1 | 11 | $ 2 | |
Realized losses | (1) | (2) | (4) | |
Proceeds from sales of securities | 401 | 314 | 175 | |
Investments in securities | (418) | (331) | $ (191) | |
Debt securities [Member] | ||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||
Cost | [1],[2] | 310 | 288 | |
Unrealized gain | [2] | 11 | 13 | |
Unrealized loss | [2] | (2) | 0 | |
Fair market value | [2] | $ 319 | $ 301 | |
Debt securities, weighted average interest rate (as a percent) | 3.68% | 4.35% | ||
Debt securities, average maturity (in years) | 8 years | 6 years | ||
Decommissioning Fund Investments, debt maturities, one through five years, fair value | $ 102 | |||
Decommissioning Fund Investments, debt maturities, five through ten years, fair value | 75 | |||
Decommissioning Fund Investments, debt maturities, after ten years, fair value | 142 | |||
Equity securities [Member] | ||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||
Cost | [1],[3] | 291 | $ 276 | |
Unrealized gain | [3] | 315 | 320 | |
Unrealized loss | [3] | (7) | (4) | |
Fair market value | [3] | $ 599 | $ 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. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 3.68% and 4.35% at December 31, 2015 and 2014, respectively, and an average maturity of 8 years and 6 years at December 31, 2015 and 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 Info115
Supplementary Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 11,875 | $ 15,998 | |
Less accumulated amortization/depreciation | 2,768 | 4,065 | |
Net of accumulated depreciation | 9,107 | 11,933 | |
Construction work in progress, Gross | 323 | 464 | |
Property, plant and equipment - net | 9,430 | 12,397 | |
Depreciation expense | 790 | 1,181 | $ 1,258 |
Assets related to capitalized leases, net of accumulated depreciation | 1 | 51 | |
Competitive Electric [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction work in progress, Gross | 323 | 459 | |
Competitive Electric [Member] | Generation and mining [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 11,380 | 15,468 | |
Competitive Electric [Member] | Nuclear fuel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Nuclear fuel (net of accumulated amortization) | 248 | 265 | |
Competitive Electric [Member] | Other assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 54 | 45 | |
Corporate and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 193 | 220 | |
Construction work in progress, Gross | $ 0 | $ 5 | |
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 Info116
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | $ 614 | $ 524 | |||
Additions: | |||||
Accretion | 51 | 48 | |||
Asset Retirement Obligation, Liabilities Incurred | 153 | [1] | 127 | [2] | |
Adjustment for new cost estimate | [3] | 70 | |||
Reductions: | |||||
Payments | 58 | 85 | |||
Ending balance | 830 | 614 | |||
Less amounts due currently | 66 | ||||
Noncurrent liability at end of period | 764 | 560 | |||
Nuclear Plant Decommissioning [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | 413 | 390 | |||
Additions: | |||||
Accretion | 25 | 23 | |||
Asset Retirement Obligation, Liabilities Incurred | 0 | 0 | |||
Adjustment for new cost estimate | [3] | 70 | |||
Reductions: | |||||
Payments | 0 | 0 | |||
Ending balance | 508 | 413 | |||
Less amounts due currently | 0 | ||||
Noncurrent liability at end of period | 508 | ||||
Mining Land Reclamation [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | 165 | 98 | |||
Additions: | |||||
Accretion | 20 | 22 | |||
Asset Retirement Obligation, Liabilities Incurred | 84 | 127 | [2] | ||
Adjustment for new cost estimate | 0 | ||||
Reductions: | |||||
Payments | 54 | 82 | |||
Ending balance | 215 | 165 | |||
Less amounts due currently | 66 | ||||
Noncurrent liability at end of period | 149 | ||||
Other Asset Retirement Obligations [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance | 36 | 36 | |||
Additions: | |||||
Accretion | 6 | 3 | |||
Asset Retirement Obligation, Liabilities Incurred | 69 | [1] | 0 | ||
Adjustment for new cost estimate | 0 | ||||
Reductions: | |||||
Payments | 4 | 3 | |||
Ending balance | 107 | $ 36 | |||
Less amounts due currently | 0 | ||||
Noncurrent liability at end of period | $ 107 | ||||
[1] | 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. | ||||
[2] | The increase in the mining reclamation liability of $127 million during 2014 was primarily due to final remediation for certain mines occurring sooner than previously estimated and increases in remediation cost estimates at other mining locations. | ||||
[3] | The adjustment for nuclear plant decommissioning resulted from a new cost estimate completed in the second quarter of 2015. Under applicable accounting standards, the liability is remeasured when significant changes in the amount or timing of cash flows occurs, and PUCT rules require a new cost estimate at least every five years. The increase in the liability was driven by increased security and fuel-handling costs. |
Supplementary Financial Info117
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | ||||
Uncertain tax positions, including accrued interest | $ 40 | $ 74 | ||
Retirement plan and other employee benefits | [1] | 169 | 243 | |
Asset retirement and mining reclamation obligations | 764 | 560 | ||
Unfavorable purchase and sales contracts | 543 | 566 | ||
Nuclear decommissioning fund excess over asset retirement obligation | 409 | 479 | ||
Other | 108 | 156 | ||
Total other noncurrent liabilities and deferred credits | 2,033 | 2,078 | ||
Amortization of Deferred Charges | ||||
Amortization of Unfavorable Purchase and Sales Contracts | 23 | 23 | $ 25 | |
Estimated Future Amortization Expense | ||||
2,016 | 24 | |||
2,017 | 24 | |||
2,018 | 24 | |||
2,019 | 24 | |||
2,020 | 24 | |||
Oncor [Member] | ||||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | ||||
Retirement plan and other employee benefits | $ 0 | $ 47 | ||
[1] | Includes zero and $47 million at December 31, 2015 and 2014, respectively, representing pension liabilities related to Oncor |
Supplementary Financial Info118
Supplementary Financial Information (Fair Value of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Borrowings under debtor-in-possession credit facilities | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 6,825 | $ 6,825 |
Long-term debt not subject to compromise, excluding capital lease obligations | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 90 | 123 |
Fair Value, Inputs, Level 2 [Member] | Borrowings under debtor-in-possession credit facilities | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 6,804 | 6,830 |
Fair Value, Inputs, Level 2 [Member] | Long-term debt not subject to compromise, excluding capital lease obligations | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 89 | $ 119 |
Supplementary Financial Info119
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Debt Issuance Fee Paid By Issuance Of Debt | $ 340 | |||||||
Cash payments related to: | ||||||||
Interest paid | [1] | $ 1,826 | $ 1,632 | 3,388 | ||||
Capitalized interest | (11) | (17) | (25) | |||||
Interest paid (net of capitalized interest) | [1] | 1,815 | 1,615 | 3,363 | ||||
Income taxes | 53 | 55 | 65 | |||||
Reorganization items | 419 | [2] | 146 | [2] | 0 | |||
Noncash investing and financing activities: | ||||||||
Construction expenditures | [3] | 76 | 113 | 46 | ||||
Income tax adjustment related to AMT utilization | 3 | [4] | 0 | 0 | ||||
Debt exchange and extension transactions | 0 | (85) | [5] | (326) | [5] | |||
Principal amount of toggle notes issued in lieu of cash interest | 0 | 0 | 173 | |||||
Debt assumed related to acquired combustion turbine trust interest | 0 | 0 | (45) | |||||
Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Debtor-In-Possession Financing, Borrowings Used In Exchange Transaction For Pre-Petition Debt | $ 1,836 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,673 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Senior Secured notes due 2020 [Member] | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 1,302 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/12.25% Senior Toggle notes due 2018 [Member] | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 89 | |||||||
Parent Company [Member] | ||||||||
Cash payments related to: | ||||||||
Interest paid | 0 | 30 | 525 | |||||
Income taxes | 134 | 243 | 224 | |||||
Reorganization items | $ 68 | $ 14 | 0 | |||||
Parent Company [Member] | Secured Debt [Member] | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,310 | |||||||
Parent Company [Member] | Senior Notes [Member] | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | $ 95 | |||||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | ||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||
Debt Instrument, Increase, Accrued Interest | $ 78 | |||||||
[1] | Net of amounts received under interest rate swap agreements. For the years ended December 31, 2015 and 2014, this amount also includes amounts paid for adequate protection. | |||||||
[2] | Represents cash payments for legal and other consulting services. | |||||||
[3] | Represents end-of-period accruals. | |||||||
[4] | 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. | |||||||
[5] | For the year ended December 31, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 12). For the year ended December 31, 2013, represents $340 million principal amount of term loans issued under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $1.302 billion principal amount of EFIH debt issued in exchange for $1.310 billion principal amount of EFH Corp. and EFIH debt and $89 million principal amount of EFIH debt issued in exchange for $95 million principal amount of EFH Corp. debt. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Selling, general and administrative expenses | $ (745) | $ (794) | $ (822) |
Other income | 35 | 31 | 26 |
Other deductions | (95) | (276) | (53) |
Interest income | 1 | 1 | 1 |
Interest expense and related charges | (1,760) | (2,201) | (2,704) |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | (7,346) | (9,374) | (3,931) |
Income tax (expense) benefit | 1,670 | 2,619 | 1,271 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Net loss | (5,342) | (6,406) | (2,325) |
Net loss attributable to noncontrolling interests | 0 | 0 | 107 |
Net loss attributable to EFH Corp. | (5,342) | (6,406) | (2,218) |
Other comprehensive income (loss) (net of tax (expense) benefit of $(2), $36 and $9) | 4 | (67) | (16) |
Comprehensive income (loss) | (5,338) | (6,473) | (2,341) |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 107 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (5,338) | (6,473) | (2,234) |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Selling, general and administrative expenses | (58) | (61) | (45) |
Other income | 22 | 0 | 568 |
Other deductions | 0 | (108) | (646) |
Interest income | 3 | 74 | 132 |
Interest expense and related charges | 0 | (83) | (411) |
Reorganization items | 606 | (27) | 0 |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | 573 | (205) | (402) |
Income tax (expense) benefit | (9) | 60 | 141 |
Equity in losses of consolidated subsidiaries (net of tax) | (6,240) | (6,610) | (2,399) |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Net loss | (5,342) | (6,406) | (2,325) |
Net loss attributable to noncontrolling interests | 0 | 0 | 107 |
Net loss attributable to EFH Corp. | (5,342) | (6,406) | (2,218) |
Other comprehensive income (loss) (net of tax (expense) benefit of $(2), $36 and $9) | 4 | (67) | (16) |
Comprehensive income (loss) | (5,338) | (6,473) | (2,341) |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 107 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (5,338) | (6,473) | (2,234) |
Other Comprehensive Income (Loss), Tax | $ (2) | $ 36 | $ 9 |
Schedule I - Condensed Finan121
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Cash Flows) (Details) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash flows — operating activities: | |||||
Net loss | $ (5,342) | $ (6,406) | $ (2,325) | ||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||
Equity in earnings of unconsolidated subsidiaries | (334) | (349) | (335) | ||
Deferred income tax benefit, net | (1,484) | (2,539) | (992) | ||
Noncash adjustment for estimated allowed claims related to debt | $ 0 | 926 | 0 | 0 | |
Management fee settlement adjustment | (49) | 0 | 0 | ||
Unrealized Gain Loss on Interest Rate Derivatives | 0 | (1,303) | (1,058) | ||
Noncash realized loss on termination of interest rate swaps | 0 | 1,237 | [1] | 0 | |
Income tax benefit due to IRS audit resolutions | 0 | 7 | (305) | ||
Increase (Decrease) in Income Taxes Receivable from Affiliate | (91) | (534) | |||
Interest expense on toggle notes payable in additional principal | 0 | 65 | 176 | ||
Reserve for intercompany receivables | 3 | ||||
Amortization of debt related costs | 0 | 66 | 208 | ||
Other, net | 65 | 63 | 82 | ||
Changes in operating assets and liabilities: | |||||
Other — net assets | 20 | (43) | 131 | ||
Other — net liabilities | (145) | 51 | 84 | ||
Cash provided by (used in) operating activities | 3 | 404 | (503) | ||
Cash flows — financing activities: | |||||
Other, net | 0 | 1 | (9) | ||
Cash provided by (used in) financing activities | (552) | 2,257 | (196) | ||
Cash flows — investing activities: | |||||
Other, net | 13 | (12) | (2) | ||
Cash provided by (used in) investing activities | (593) | (450) | 3 | ||
Net change in cash and cash equivalents | (1,142) | 2,211 | (696) | ||
Cash and cash equivalents — beginning balance | 3,428 | 1,217 | 1,913 | ||
Cash and cash equivalents — ending balance | 3,428 | 2,286 | 3,428 | 1,217 | |
Parent Company [Member] | |||||
Cash flows — operating activities: | |||||
Net loss | (5,342) | (6,406) | (2,325) | ||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||
Equity in losses of consolidated subsidiaries | 6,240 | 6,610 | 2,399 | ||
Equity in earnings of unconsolidated subsidiaries | (334) | (349) | (335) | ||
Deferred income tax benefit, net | 23 | 3 | 10 | ||
Debtor Reorganization Items, Gain on Settlement of Debt Held By Affiliate | 0 | (1,283) | 0 | 0 | |
Debtor reorganization items, gain on settlement of interest on debt held by affiliates | 0 | (35) | 0 | 0 | |
Debtor Reorganization Items, Adjustment for Estimated Allowed Claims Related to Debt | 0 | 341 | 0 | 0 | |
Noncash adjustment for estimated allowed claims related to debt | 0 | 354 | 0 | 0 | |
Management fee settlement adjustment | (27) | 0 | 0 | ||
Reduction in reserve recorded for income tax receivable (Note 3) | (22) | 0 | 0 | ||
Income tax benefit due to IRS audit resolutions | 0 | (14) | (132) | ||
Increase (Decrease) in Income Taxes Receivable from Affiliate | 0 | 91 | 0 | ||
Gain on Debt Exchange Transaction | 0 | 0 | (566) | ||
Impairment of investment in debt of affiliates | 0 | 0 | 70 | ||
IncreaseDecreaseInReserveForAffiliatedReceivables | 0 | (17) | (642) | ||
Amortization of debt related costs | 0 | 12 | 36 | ||
Other, net | 0 | 0 | 2 | ||
Changes in operating assets and liabilities: | |||||
Other — net assets | 29 | 13 | 100 | ||
Other — net liabilities | 135 | 158 | (75) | ||
Cash provided by (used in) operating activities | 79 | 135 | (174) | ||
Cash flows — financing activities: | |||||
Distributions received from subsidiaries | 0 | 0 | 690 | ||
Change in notes/advances — affiliate | 16 | 60 | (622) | ||
Other, net | 0 | 0 | (5) | ||
Cash provided by (used in) financing activities | 16 | 60 | 63 | ||
Cash flows — investing activities: | |||||
Other, net | 1 | 0 | 9 | ||
Cash provided by (used in) investing activities | 1 | 0 | 9 | ||
Net change in cash and cash equivalents | 96 | 195 | (102) | ||
Cash and cash equivalents — beginning balance | 392 | 197 | 299 | ||
Cash and cash equivalents — ending balance | $ 392 | $ 488 | $ 392 | $ 197 | |
[1] | Includes $1.225 billion related to terminated TCEH interest rate swaps and $12 million related to other interest rate swaps. |
Schedule I - Condensed Finan122
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||
Cash and cash equivalents | $ 2,286 | $ 3,428 | $ 1,217 | $ 1,913 |
Trade accounts receivable — net | 533 | 589 | ||
Commodity and other derivative contractual assets | 465 | 492 | ||
Other current assets | 87 | 100 | ||
Total current assets | 4,323 | 5,083 | ||
Receivables from unconsolidated subsidiary | 0 | 47 | ||
Other investments | 4 | 4 | ||
Other noncurrent assets | 95 | 100 | ||
Total assets | 23,330 | 29,248 | 36,446 | |
Current liabilities: | ||||
Trade accounts payable | 413 | 406 | ||
Commodity and other derivative contractual liabilities | 203 | 316 | ||
Accumulated deferred income taxes | 0 | 135 | ||
Accrued interest | 121 | 119 | ||
Accrued taxes | 134 | 157 | ||
Other Liabilities, Current | 425 | 360 | ||
Total current liabilities | 8,512 | 1,795 | ||
Liabilities Subject to Compromise | 37,786 | 37,432 | ||
Accumulated deferred income taxes | 0 | 713 | ||
Other noncurrent liabilities and deferred credits | 2,033 | 2,078 | ||
Total liabilities | 48,391 | 48,971 | ||
Total liabilities and equity | 23,330 | 29,248 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 488 | 392 | $ 197 | $ 299 |
Accounts receivable from subsidiaries | 8 | 6 | ||
Prepayments | 2 | 7 | ||
Total current assets | 498 | 405 | ||
Receivables from unconsolidated subsidiary | 0 | 47 | ||
Investment in debt of subsidiaries | 0 | 39 | ||
Other investments | 24 | 60 | ||
Other noncurrent assets | 5 | 3 | ||
Total assets | 527 | 554 | ||
Current liabilities: | ||||
Due to Affiliate, Current | 33 | 0 | ||
Trade accounts payable | 5 | 1 | ||
Notes payable to affiliates | 5 | 8 | ||
Accumulated deferred income taxes | 0 | 18 | ||
Accrued taxes | 17 | 69 | ||
Other Liabilities, Current | 42 | 40 | ||
Total current liabilities | 102 | 136 | ||
Liabilities Subject to Compromise | 1,409 | 1,899 | ||
Accumulated deferred income taxes | 400 | 368 | ||
Due to affiliate, noncurrent | 18 | 7 | ||
Other noncurrent liabilities and deferred credits | 248 | 374 | ||
Total liabilities | 2,177 | 2,784 | ||
Equity investment in consolidated subsidiaries | 23,411 | 17,493 | ||
Shareholders' equity | (25,061) | (19,723) | ||
Total equity | (1,650) | (2,230) | ||
Total liabilities and equity | $ 527 | $ 554 |
Schedule I - Condensed Finan123
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Investment in Long-Term Debt of Subsidiary) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Available-for-sale Securities [Abstract] | ||||
Total interest income | $ 1 | $ 1 | $ 1 | |
10.25% Fixed Senior Notes due November 1, 2015, Series B [Member] | ||||
Available-for-sale securities: | ||||
Principal Amount | 102 | |||
Parent Company [Member] | ||||
Schedule of Held-to-maturity Securities And Available-for-sale Securities [Line Items] | ||||
Investment in debt of subsidiaries | 0 | 39 | ||
Available-for-sale Securities [Abstract] | ||||
Total interest income | 3 | 74 | 132 | |
Parent Company [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | ||||
Available-for-sale securities: | ||||
Principal Amount | 19 | |||
Carrying Value | [1] | 12 | ||
Parent Company [Member] | 10.25% Fixed Senior Notes due November 1, 2015 [Member] | ||||
Available-for-sale securities: | ||||
Principal Amount | 284 | |||
Carrying Value | [1] | 27 | ||
Parent Company [Member] | Debt securities [Member] | ||||
Available-for-sale securities: | ||||
Principal Amount | 303 | |||
Carrying Value | [1] | 39 | ||
Parent Company [Member] | Available-for-sale Securities [Member] | ||||
Available-for-sale Securities [Abstract] | ||||
Interest received/accrued | 0 | 12 | 30 | |
Impairments related to issuer credit | (6) | 0 | (70) | |
Total interest income | (6) | $ 12 | (40) | |
Interest Income [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Parent Company [Member] | ||||
Schedule of Held-to-maturity Securities And Available-for-sale Securities [Line Items] | ||||
Impairment of investments | $ 6 | $ 70 | ||
[1] | Carrying value equals fair value. |
Schedule I - Condensed Finan124
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Affiliate Balances) (Details) - USD ($) $ in Millions | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sponsor management agreement settlement | $ 0 | $ (86) | |||
Debtor Reorganization Items, Adjustment To Intercompany Claims For Subsidiary Unsecured Claim Against Parent | $ 700 | ||||
Increase (Decrease) in Income Taxes Receivable from Affiliate | $ 91 | $ 534 | |||
Increase (Decrease) Note Receivable from Affiliate | 103 | ||||
Increase (Decrease) Interest Receivable from Affiliate | 14 | 5 | |||
Reclassification Of Affiliate Receivables To Equity Investment In Consolidated Subsidiaries | 899 | ||||
Reclassification Of Affiliate Payables To Equity Investment In Consolidated Subsidiaries | 1,350 | ||||
Reserve for intercompany receivables | 3 | ||||
Parent Company [Member] | |||||
Sponsor management agreement settlement | 0 | (64) | |||
Debtor Reorganization Items, Gain (Loss) On Income Tax Receivable Due From Affiliate | 408 | ||||
Debtor Reorganization Items, Gain on Settlement of Debt Held By Affiliate | $ 0 | 1,283 | 0 | 0 | |
Reduction in Reserve, Income Tax Receivable | 22 | 0 | 0 | ||
Increase (Decrease) in Income Taxes Receivable from Affiliate | $ 0 | $ (91) | $ 0 |
Schedule I - Condensed Finan125
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Reorganization Items) (Details) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Expenses related to legal advisory and representation services | $ 127 | $ 310 | ||
Expenses related to other professional consulting and advisory services | 95 | 128 | ||
Noncash adjustment for estimated allowed claims related to debt | 0 | 926 | $ 0 | $ 0 |
Sponsor management agreement settlement | 0 | (86) | ||
Contract assumption adjustments | 0 | (14) | ||
Other | 0 | 2 | ||
Total reorganization items | 815 | 1,355 | 815 | 0 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Expenses related to legal advisory and representation services | 13 | 56 | ||
Expenses related to other professional consulting and advisory services | 13 | 26 | ||
Noncash adjustment for estimated allowed claims related to debt | 0 | 354 | 0 | 0 |
Adjustment to intercompany claims pursuant to settlement agreement | 0 | 341 | 0 | 0 |
Gain on settlement of debt held by affiliates | 0 | (1,283) | 0 | 0 |
Gain on settlement of interest on debt held by affiliates | 0 | (35) | $ 0 | $ 0 |
Sponsor management agreement settlement | 0 | (64) | ||
Contract assumption adjustments | 0 | (2) | ||
Other | 1 | 1 | ||
Total reorganization items | $ 27 | $ (606) |
Schedule I - Condensed Finan126
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Accrued interest on notes, loans and other debt | $ 745 | $ 804 |
Trade accounts payable and other expected allowed claims | 238 | 269 |
Liabilities Subject to Compromise | 37,786 | 37,432 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Notes, loans and other debt | 640 | 1,577 |
Accrued interest on notes, loans and other debt | 20 | 57 |
Tax sharing liability | 0 | 212 |
Trade accounts payable and other expected allowed claims | 49 | 52 |
Advances and other payables to affiliates | 700 | 1 |
Liabilities Subject to Compromise | $ 1,409 | $ 1,899 |
Schedule I - Condensed Finan127
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Guarantees) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Indebtedness Guarantee | $ 37 |
Schedule I - Condensed Finan128
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Dividend Restrictions) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Cash dividends paid to parent company by consolidated subsidiaries | $ 0 | $ 0 | $ 690,000,000 |
Schedule I - Condensed Finan129
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Cash payments (receipts) related to: | |||||||
Interest paid | [1] | $ 1,826 | $ 1,632 | $ 3,388 | |||
Income taxes | (53) | (55) | (65) | ||||
Reorganization items | 419 | [2] | 146 | [2] | 0 | ||
Noncash investing and financing activities: | |||||||
Debt exchange and extension transactions | 0 | (85) | [3] | (326) | [3] | ||
Principal amount of toggle notes issued in lieu of cash | 0 | 0 | 173 | ||||
Parent Company [Member] | |||||||
Cash payments (receipts) related to: | |||||||
Interest paid | 0 | 30 | 525 | ||||
Income taxes | (134) | (243) | (224) | ||||
Reorganization items | $ 68 | $ 14 | $ 0 | ||||
[1] | Net of amounts received under interest rate swap agreements. For the years ended December 31, 2015 and 2014, this amount also includes amounts paid for adequate protection. | ||||||
[2] | Represents cash payments for legal and other consulting services. | ||||||
[3] | For the year ended December 31, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 12). For the year ended December 31, 2013, represents $340 million principal amount of term loans issued under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $1.302 billion principal amount of EFIH debt issued in exchange for $1.310 billion principal amount of EFH Corp. and EFIH debt and $89 million principal amount of EFIH debt issued in exchange for $95 million principal amount of EFH Corp. debt. |