Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Energy Future Holdings Corp /TX/ | |
Entity Central Index Key | 1,023,291 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,669,861,379 |
Condensed Statements Of Consoli
Condensed Statements Of Consolidated Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating revenues | $ 1,690 | $ 1,737 | $ 3,973 | $ 4,265 |
Fuel, purchased power costs and delivery fees | (874) | (831) | (2,082) | (2,090) |
Net gain from commodity hedging and trading activities | 336 | 103 | 282 | 226 |
Operating costs | (190) | (189) | (664) | (598) |
Depreciation and amortization | (159) | (203) | (467) | (643) |
Selling, general and administrative expenses | (169) | (192) | (487) | (547) |
Impairment of goodwill | 0 | (700) | 0 | (1,400) |
Impairment of long-lived assets | 0 | (1,295) | 0 | (1,971) |
Other income | 10 | 8 | 32 | 27 |
Other deductions | (44) | (26) | (92) | (86) |
Interest expense and related charges | (435) | (383) | (1,232) | (1,375) |
Reorganization items | (84) | (68) | (206) | (275) |
Income (loss) before income taxes and equity in earnings of unconsolidated subsidiaries | 81 | (2,039) | (943) | (4,467) |
Income tax benefit (expense) | (42) | 452 | 256 | 990 |
Equity in earnings of unconsolidated subsidiaries | 127 | 127 | 274 | 278 |
Net income (loss) | $ 166 | $ (1,460) | $ (413) | $ (3,199) |
Condensed Statements Of Consol3
Condensed Statements Of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income (loss) | $ 166 | $ (1,460) | $ (413) | $ (3,199) |
Other comprehensive income (loss), net of tax effects: | ||||
Effects related to pension and other retirement benefit obligations (net of tax benefit of $1, $1, $3 and $2) | (2) | (1) | (5) | (3) |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period (net of tax benefit of $— in all periods) | 0 | 0 | 1 | 1 |
Net effects related to Oncor — reported in equity in earnings of unconsolidated subsidiaries (net of tax) | 1 | 1 | 2 | 2 |
Total other comprehensive loss | (1) | 0 | (2) | 0 |
Comprehensive income (loss) | $ 165 | $ (1,460) | $ (415) | $ (3,199) |
Condensed Statements Of Consol4
Condensed Statements Of Consolidated Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Effects related to pension and other retirement benefit obligations, tax benefit | $ 1 | $ 1 | $ 3 | $ 2 |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period, tax benefit | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Statements Of Consol5
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Cash flows — operating activities: | |||
Net income (loss) | $ (413) | $ (3,199) | |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Depreciation and amortization | 539 | 757 | |
Deferred income tax benefit, net | (215) | (784) | |
Impairment of goodwill | 0 | 1,400 | |
Impairment of long-lived assets | 0 | 1,971 | |
Contract claims adjustments | 13 | 26 | |
Adjustment to asbestos liability | 23 | [1] | 0 |
Fees paid on EFIH Second Lien Notes repayment and EFIH DIP Facility (reported as financing activities) | 14 | 28 | |
Unrealized net (gain) loss from mark-to-market valuations of commodity positions | 36 | (107) | |
Equity in earnings of unconsolidated subsidiaries | (274) | (278) | |
Distributions of earnings from unconsolidated subsidiaries | 135 | 206 | |
Write-off of intangible assets | 45 | 83 | |
Other, net | 64 | 49 | |
Changes in operating assets and liabilities: | |||
Margin deposits, net | (124) | 108 | |
Payables due to unconsolidated subsidiary | 6 | (113) | |
Other operating assets and liabilities, including liabilities subject to compromise | (177) | (270) | |
Cash used in operating activities | (328) | (123) | |
Cash flows — financing activities: | |||
Borrowings under TCEH DIP Roll Facilities and TCEH DIP Facility | 4,680 | 0 | |
Repayments/repurchases of debt | (2,699) | (469) | |
TCEH DIP Roll Facilities financing fees | (112) | 0 | |
Fees paid on EFIH Second Lien Notes repayment and EFIH DIP Facility | (14) | (28) | |
Cash provided by (used in) financing activities | 1,855 | (497) | |
Cash flows — investing activities: | |||
Capital expenditures | (230) | (261) | |
Nuclear fuel purchases | (33) | (77) | |
Lamar and Forney acquisition — net of cash acquired | (1,343) | 0 | |
Changes in restricted cash | 365 | 33 | |
Proceeds from sales of nuclear decommissioning trust fund securities | 201 | 315 | |
Investments in nuclear decommissioning trust fund securities | (215) | (328) | |
Other, net | 8 | 11 | |
Cash used in investing activities | (1,247) | (307) | |
Net change in cash and cash equivalents | 280 | (927) | |
Cash and cash equivalents — beginning balance | 2,286 | 3,428 | |
Cash and cash equivalents — ending balance | $ 2,566 | $ 2,501 | |
[1] | Includes $12 million reported in Corporate and Other and $11 million in Competitive Electric segment. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 2,566 | $ 2,286 |
Restricted cash | 16 | 524 |
Trade accounts receivable — net | 751 | 533 |
Inventories | 374 | 428 |
Commodity and other derivative contractual assets | 256 | 465 |
Margin deposits related to commodity contracts | 42 | 6 |
Other current assets | 65 | 81 |
Total current assets | 4,070 | 4,323 |
Restricted cash | 650 | 507 |
Investment in unconsolidated subsidiary | 6,204 | 6,064 |
Other investments | 1,061 | 984 |
Property, plant and equipment — net | 10,427 | 9,430 |
Goodwill | 152 | 152 |
Identifiable intangible assets — net | 1,138 | 1,166 |
Commodity and other derivative contractual assets | 72 | 10 |
Accumulated deferred income taxes | 830 | 609 |
Other noncurrent assets | 96 | 85 |
Total assets | 24,700 | 23,330 |
Current liabilities: | ||
Borrowings under debtor-in-possession credit facilities | 5,400 | 6,825 |
Long-term debt due currently | 9 | 35 |
Trade accounts payable | 418 | 413 |
Net payables due to unconsolidated subsidiary | 210 | 204 |
Commodity and other derivative contractual liabilities | 125 | 203 |
Margin deposits related to commodity contracts | 64 | 152 |
Accrued taxes | 145 | 134 |
Accrued interest | 111 | 121 |
Other current liabilities | 372 | 425 |
Total current liabilities | 6,854 | 8,512 |
Borrowings under debtor-in-possession credit facility | 3,387 | 0 |
Long-term debt, less amounts due currently | 31 | 60 |
Liabilities subject to compromise | 37,815 | 37,786 |
Commodity and other derivative contractual liabilities | 5 | 1 |
Other noncurrent liabilities and deferred credits | 2,084 | 2,032 |
Total liabilities | 50,176 | 48,391 |
Commitments and Contingencies | ||
Total equity | (25,476) | (25,061) |
Total liabilities and equity | $ 24,700 | $ 23,330 |
Business And Significant Accoun
Business And Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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 Oncor subsidiary and, prior to October 3, 2016 (the Effective Date), its TCEH subsidiaries. EFH Corp. is a subsidiary of Texas Holdings, which is controlled by the Sponsor Group. Prior to the Effective Date, TCEH was 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 retail electricity operations. On the Effective Date, subsidiaries of TCEH (the TCEH Debtors) and certain EFH Corp. subsidiaries (the Contributed EFH Debtors) emerged from the Chapter 11 Cases as subsidiaries of a newly-formed company, Reorganized TCEH. On the Effective Date, Reorganized TCEH was spun-off from EFH Corp. in a tax-free transaction to the former first lien creditors of TCEH (see Note 2 ). Oncor is engaged in regulated electricity transmission and distribution operations in Texas. Oncor provides distribution services to REPs, including subsidiaries of Reorganized 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 ownership of a 19.75% equity interest in Oncor by 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. 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. At September 30, 2016 , we had 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 17 for further information concerning reportable business segments. Bankruptcy Proceeding On April 29, 2014 (the Petition Date), EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities (collectively, the Debtors), filed voluntary petitions for relief (the Bankruptcy Filing) under Chapter 11 of the United States Bankruptcy Code (the Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court). On the Effective Date, the TCEH Debtors and the Contributed EFH Debtors completed their reorganization under the Bankruptcy Code and emerged from the Chapter 11 Cases as subsidiaries of Reorganized TCEH. The EFH Debtors have not yet completed their Chapter 11 Cases. See Note 2 for further discussion regarding the Chapter 11 Cases. Basis of Presentation, Including Application of Bankruptcy Accounting and Discontinued Operations The condensed consolidated financial statements have been prepared in accordance with US GAAP. The condensed consolidated financial statements have been prepared as if EFH Corp. is a going concern and contemplate the realization of assets and liabilities in the normal course of business. The condensed consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification 852, Reorganizations (ASC 852). During the Chapter 11 Cases, the EFH 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 9 and 11 for discussion of these accounting and reporting changes. The results of operations of TCEH are included in continuing operations in the accompanying financial statements. As discussed in Note 2 , the spin-off of Reorganized TCEH occurred on October 3, 2016. The results of operations of Reorganized TCEH will be reported as discontinued operations in our statement of consolidated income (loss) for the year ended December 31, 2016. 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 ). Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the audited financial statements and related notes included in our 2015 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. Use of Estimates Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements and estimates of expected allowed claims. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. |
Chapter 11 Cases
Chapter 11 Cases | 9 Months Ended |
Sep. 30, 2016 | |
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 Chapter 11 Cases, the EFH 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. Plan of Reorganization In August 2016, the Debtors filed the Plan of Reorganization and the Disclosure Statement, each as it related to the TCEH Debtors and the Contributed EFH Debtors, with the Bankruptcy Court and the Plan of Reorganization was confirmed. The Plan of Reorganization provides that the confirmation and effective date of the Plan of Reorganization with respect to the TCEH Debtors and the Contributed EFH Debtors may occur separate from, and independent of, the confirmation and effective date of the Plan of Reorganization with respect to the EFH Debtors. The TCEH Debtors and the Contributed EFH Debtors emerged from the Chapter 11 Cases on the Effective Date in a tax-free spin-off from EFH Corp. The tax-free spin-off generated a taxable gain that will be largely offset with available net operating losses (NOLs), substantially reducing the NOLs that will be available to EFH Corp. after the transaction. With respect to the EFH Debtors, the Plan of Reorganization, subject to certain conditions and certain regulatory approvals, provides for, among other things, the acquisition by affiliates of NextEra Energy Inc. (NEE) of the EFH Debtors (as reorganized). The EFH Debtors will emerge from bankruptcy if and when a plan of reorganization (including the Plan of Reorganization) receives the requisite approval from the appropriate holders of claims, the Bankruptcy Court enters an order confirming such plan of reorganization and certain conditions to the effectiveness of such plan of reorganization are satisfied. There are no assurances that the Bankruptcy Court will confirm the Plan of Reorganization as it relates to the EFH Debtors. If the Bankruptcy Court does enter such a confirmation order, the EFH Debtors cannot emerge from the Chapter 11 Cases until certain conditions precedent (set forth in the Plan of Reorganization) are satisfied (or otherwise waived by the sponsor of the Plan of Reorganization). Such conditions include, among other things, the receipt of all necessary tax opinions and regulatory approvals, all conditions to the completion of the transactions contemplated by the Merger Agreement (defined below) having been satisfied, and the disallowance by the Bankruptcy Court (pursuant to an order that has not been stayed or reversed or remanded on appeal as of the date the EFH Debtors emerge from the Chapter 11 Cases) of all make-whole claims asserted by the EFIH first lien trustee and EFIH second lien trustee. As described in Note 12 , certain of the proceedings related to make-whole claims asserted by various constituencies remain ongoing. Additional disclosures regarding the conditions precedent to the consummation of the Plan of Reorganization are set forth in the Disclosure Statement approved by the Bankruptcy Court in September 2016. EFH Debtors Plan Support Agreement In July 2016, the EFH Debtors and NEE entered into a plan support agreement (the EFH Debtors Plan Support Agreement) to effect an agreed upon restructuring of the EFH Debtors pursuant to the Plan of Reorganization. In September 2016, certain creditors of EFH Corp. and EFIH became parties to the EFH Debtors Plan Support Agreement. The Bankruptcy Court approved the EFH Debtors Plan Support Agreement in September 2016. 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. Under the terms of the Settlement Agreement, TCEH was granted a $700 million unsecured claim against EFH Corp. This claim remains outstanding and is subject to treatment under the Plan of Reorganization as it relates to the EFH Debtors. The Bankruptcy Court approved the Settlement Agreement in December 2015. Merger Agreements In July 2016, EFH Corp. and EFIH entered into an Agreement and Plan of Merger (Merger Agreement) with NEE and a wholly-owned subsidiary of NEE (Merger Sub). The Merger Agreement was amended in September 2016. Pursuant to the Merger Agreement, at the effective time of the Plan of Reorganization as it relates to the EFH Debtors, NEE will acquire the EFH Debtors (as reorganized) as a result of a merger (EFH Debtor Merger) between EFH Corp. and Merger Sub in which Merger Sub will survive as a wholly owned subsidiary of NEE. The consideration payable by NEE pursuant to the Merger Agreement consists of cash and NEE common stock paid to certain creditors of the EFH Debtors. The Merger Agreement was approved by the Bankruptcy Court in September 2016. The Merger Agreement contains representations and warranties and interim operating covenants that are customary for an agreement of this nature. The Merger Agreement also includes various conditions precedent to consummation of the transactions, including a condition that certain approvals and rulings are obtained, including from the PUCT, the FERC and the IRS. NEE will not be required to consummate the EFH Debtor Merger if, among other items, the PUCT approval is obtained but with conditions, commitments or requirements that impose a Burdensome Condition (as defined in the Merger Agreement). In October 2016, NEE and Oncor filed a joint merger approval application with the PUCT. The PUCT has up to 180 days to approve the application. NEE's and Merger Sub's obligations under the Merger Agreement are not subject to any financing condition. Following the approval of the Merger Agreement by the Bankruptcy Court and until confirmation of the Plan of Reorganization as it relates to the EFH Debtors by the Bankruptcy Court, EFH Corp. and EFIH may continue or have discussions or negotiations with respect to acquisition proposals for the EFH Debtors (a) with persons that were in active negotiation at the time of approval of the Merger Agreement by the Bankruptcy Court and (b) with persons that submit an unsolicited acquisition proposal that is, or is reasonably likely to lead to, a Superior Proposal (as defined in the Merger Agreement). If the Merger Agreement is terminated for certain reasons set forth therein and an alternative transaction is consummated by EFH Corp. or EFIH in which neither NEE nor any of its affiliates obtains direct or indirect ownership of approximately 80% of Oncor, then EFH Corp. and/or EFIH will be required to pay a termination fee of $275 million to NEE (though the allocation between EFH Corp. and EFIH of such fee is subject to a separate order of the Bankruptcy Court). The Merger Agreement may be terminated upon certain events, including, among other things: • by either party, if the EFH Debtor Merger is not consummated by March 26, 2017, subject to a 90 -day extension under certain conditions, or • by EFH Corp. or EFIH, until the entry of the confirmation order of the Plan of Reorganization with respect to the EFH Debtors, if their respective board of directors or managers determines, after consultation with its independent financial advisors and outside legal counsel, and based on advice of such counsel, that the failure to terminate the Merger Agreement is inconsistent with its fiduciary duties; provided that a material breach of EFH Corp.'s or EFIH’s obligations under certain provisions of the Merger Agreement has not provided the basis for such determination. In October 2016, an affiliate of NEE entered into an Agreement and Plan of Merger (the TTI Merger Agreement) with Texas Transmission and certain of its affiliates to purchase Texas Transmission's 19.75% interest in Oncor for approximately $2.4 billion . The TTI Merger Agreement contains various conditions precedent to consummation of the transactions contemplated thereby. In connection with the TTI Merger Agreement and subject to Bankruptcy Court approval, EFH Corp. waived its rights of first refusal to purchase (as set forth in an Investor Rights Agreement, dated November 5, 2008, by and among Oncor, Oncor Holdings, TTI and EFH Corp.) Texas Transmission's 19.75% interest in Oncor. So long as such waiver is in effect, NEE has agreed not to consummate the transactions contemplated by the TTI Merger Agreement prior to the consummation of the transactions contemplated by the Merger Agreement. In October 2016, an affiliate of NEE entered into an Interest Purchase Agreement (the Oncor Purchase Agreement) with Oncor and Oncor Management Investment LLC, an entity that owns approximately 0.22% interest in Oncor on behalf of certain members of Oncor's current and former management, for approximately $27 million . The Oncor Purchase Agreement contains various conditions precedent to consummation of the transactions contemplated thereby, including the consummation of the transactions contemplated by the Merger Agreement. Scheduling Matters In May 2016, the Bankruptcy Court entered an order establishing a timeline for approval of a disclosure statement and a hearing to consider confirmation of the Plan of Reorganization as it applies to the EFH Debtors. In September 2016, the Bankruptcy Court approved the Disclosure Statement as it relates to the EFH Debtors. The Bankruptcy Court has scheduled the confirmation hearing for the Plan of Reorganization as it relates to the EFH Debtors in December 2016. The timelines set forth in the scheduling order are subject to further revision by the Bankruptcy Court and may change based on subsequent orders entered by the Bankruptcy Court (on its own, upon the motion of a party, or upon the EFH Debtors' request). Tax Matters In July 2016, we received a private letter ruling (the Private Letter Ruling) from the IRS. It provides, among other things, for certain rulings regarding the qualification of (a) the transfer of certain assets and ordinary course operating liabilities to Reorganized TCEH and (b) the distribution of the equity of Reorganized TCEH, the cash proceeds from Reorganized TCEH debt, if any, the cash proceeds from the sale of preferred stock in a newly-formed subsidiary of Reorganized TCEH, and the right to receive payments under a tax receivables agreement, to holders of TCEH first lien claims, as a reorganization qualifying for tax-free treatment to the extent of the Reorganized TCEH stock received. The Merger Agreement provides that a closing condition to the EFH Debtor Merger is the receipt of a supplemental private letter ruling (the Supplemental Ruling) from the IRS regarding the impact of the EFH Debtor Merger on certain rulings received in the Private Letter Ruling. We expect to submit a request to the IRS for the Supplemental Ruling in the fourth quarter of 2016. 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 EFIH DIP Facility described in Note 10 , our ability to obtain new debtor in possession financing in the event the EFIH DIP Facility were to expire during the pendency of the Chapter 11 Cases, our ability to complete a Chapter 11 plan of reorganization in a timely manner, including obtaining creditor and Bankruptcy Court approval of such plan, obtaining applicable regulatory approvals required for such plan and our ability to obtain any exit financing needed to implement such plan. These circumstances and uncertainties inherent in the bankruptcy proceedings raise substantial doubt about our ability to continue as a going concern. Pre-Petition Claims Holders of the substantial majority of pre-petition claims against the Debtors 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. Since the Petition Date and prior to the applicable bar dates (which have expired), the Debtors received approximately 41,300 filed pre-petition claims, including approximately 30,900 in filed asbestos claims. We have substantially completed the process of reconciling all non-asbestos claims that were filed and have recorded such claims at the expected allowed amount. As of November 1, 2016 , approximately 5,700 of those claims have been settled, withdrawn or expunged. We continue to work with creditors regarding unsettled claims to determine the ultimate amount of the allowed claims. Differences between those final allowed claims and the liabilities recorded in the condensed consolidated balance sheets will be recognized as reorganization items in our condensed statements of consolidated income (loss) as they are resolved. The resolution of such claims could result in material adjustments to our financial statements. In September and October 2016, the Debtors filed with the Bankruptcy Court reports developed by independent experts that provide analysis and estimation of potential liabilities associated with asbestos-related claims. In connection with developing those reports, we recorded an adjustment to our estimated liability associated with those claims during the three months ended September 30, 2016 (see Note 18 ). That estimated liability is subject to revisions, which may be material, as further information arises. Certain claims filed or reflected in our schedules of assets and liabilities will be resolved on the applicable effective dates of the applicable 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. On the Effective Date, the TCEH Debtors (together with the Contributed EFH Debtors) emerged from the Chapter 11 Cases and discharged approximately $33.7 billion in LSTC. Distributions for the settled claims related to the funded debt TCEH Debtors have commenced subsequent to the Effective Date. Separation of the EFH Debtors from the TCEH Debtors and the Contributed EFH Debtors Upon the Effective Date of the Plan of Reorganization as it relates to the TCEH Debtors and the Contributed EFH Debtors, the EFH Debtors and the TCEH Debtors (together with the Contributed EFH Debtors) were separated and are no longer affiliated companies. In addition to the Plan of Reorganization, the separation was effectuated, in part, pursuant to the terms of a separation agreement, a transition services agreement and a tax matters agreement. Separation Agreement On the Effective Date, EFH Corp., Reorganized TCEH and a subsidiary of Reorganized TCEH entered into a separation agreement that provides for, among other things, the transfer of certain assets and liabilities by EFH Corp., EFCH and TCEH to Reorganized TCEH. Among other things, EFH Corp., EFCH and/or TCEH, as applicable, (1) transferred the TCEH Debtors and certain contracts and assets (and related liabilities) primarily related to the business of the TCEH Debtors to Reorganized TCEH, (2) transferred sponsorship of certain employee benefit plans (including related assets), programs and policies to a subsidiary of Reorganized TCEH and (3) assigned certain employment agreements from EFH Corp. and certain of the Contributed EFH Debtors to a subsidiary of Reorganized TCEH. Transition Services Agreement On the Effective Date, EFH Corp. and a subsidiary of Reorganized TCEH entered into a transition services agreement that provides for, among other things, (1) the applicable subsidiaries of Reorganized TCEH to provide certain services to the EFH Debtors, including business services administration, accounting, corporate secretary, tax, human resources, information technology, internal audit and SOX compliance, physical facilities and corporate security, treasury and legal services and (2) EFH Corp. to pay such subsidiary of Reorganized TCEH all reasonable and documented fees, costs and expenses (including employee-related overhead and general and administrative expenses) incurred by Reorganized TCEH and its subsidiaries related directly to these services. Tax Matters Agreement On the Effective Date, Reorganized TCEH and EFH Corp. entered into a tax matters agreement whereby the parties agreed to take certain actions and refrain from taking certain actions to preserve the intended tax treatment of the tax-free spin-off of Reorganized TCEH from EFH Corp. The Tax Matters Agreement includes limitations on certain actions of Reorganized TCEH, EFH Corp. and EFIH in order to preserve the tax-free nature of the TCEH spin-off, as well as certain indemnification obligations in the event the reorganization fails to be treated as a tax-free transaction (a) as a result of the breach of any covenants in the Tax Matters Agreement or (b) under "no-fault" circumstances. In the event any indemnification obligations are triggered, the party owing the obligation would likely be materially and adversely affected. Additionally, the covenants and other limitations with respect to the Tax Matters Agreement may limit the ability of Reorganized TCEH, EFH Corp. and/or EFIH to undertake certain transactions that may otherwise be value-maximizing. Unaudited Condensed Combined Debtor Financial Statements The condensed combined financial statements presented below represent the financial statements of the Debtors. EFH Corp.'s non-Debtor subsidiaries, excluding the Oncor Ring-Fenced Entities, which are substantively comprised of the recently acquired Lamar and Forney generation assets, are accounted for as non-consolidated subsidiaries in these financial statements, and their net income is included in equity in earnings of non-debtor entities (net of tax) in these condensed statements of combined loss and investment in non-debtor entities in these condensed combined balance sheets. Intercompany items and transactions among the Debtors have been eliminated in consolidation in these financial statements. Condensed statements of combined income (loss) of the Debtors for the three and nine months ended September 30, 2016 and 2015 are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating revenues $ 1,690 $ 1,737 $ 3,973 $ 4,265 Fuel, purchased power costs and delivery fees (913 ) (831 ) (2,143 ) (2,090 ) Net gain from commodity hedging and trading activities 153 103 101 226 Operating costs (184 ) (194 ) (646 ) (615 ) Depreciation and amortization (133 ) (200 ) (407 ) (633 ) Selling, general and administrative expenses (169 ) (190 ) (481 ) (542 ) Impairment of goodwill — (700 ) — (1,400 ) Impairment of long-lived assets — (1,295 ) — (1,971 ) Other income (deductions) and interest income (31 ) (18 ) (61 ) (70 ) Interest expense and related charges (434 ) (385 ) (1,231 ) (1,372 ) Reorganization items (84 ) (68 ) (206 ) (275 ) Loss before income taxes and equity in earnings of non-debtor entities (105 ) (2,041 ) (1,101 ) (4,477 ) Income tax benefit 24 453 312 997 Equity in earnings of non-debtor entities (net of tax) 247 128 376 281 Net income (loss) $ 166 $ (1,460 ) $ (413 ) $ (3,199 ) Condensed statements of combined comprehensive income (loss) of the Debtors for the three and nine months ended September 30, 2016 and 2015 are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) $ 166 $ (1,460 ) $ (413 ) $ (3,199 ) Other comprehensive loss (net of tax) (1 ) — (2 ) — Comprehensive income (loss) $ 165 $ (1,460 ) $ (415 ) $ (3,199 ) Condensed statements of combined cash flows of the Debtors for the nine months ended September 30, 2016 and 2015 are presented below: Nine Months Ended September 30, 2016 2015 Cash used in operating activities $ (482 ) $ (137 ) Cash flows — financing activities: Borrowings under TCEH DIP Roll Facilities and TCEH DIP Revolving Credit Facility 4,680 — TCEH DIP Roll Facilities financing fees (112 ) — Repayments/repurchases of debt (2,686 ) (453 ) Advances from non-debtor affiliates 97 — Fees paid on EFIH Second Lien Notes repayment and EFIH DIP Facility (14 ) (28 ) Cash provided by (used in) financing activities 1,965 (481 ) Cash flows — investing activities: Advances to non-debtor affiliates (6 ) (8 ) Investment in non-debtor affiliates (1,325 ) — Capital expenditures (189 ) (261 ) Nuclear fuel purchases (33 ) (77 ) Proceeds from sales of nuclear decommissioning trust fund securities 201 315 Investments in nuclear decommissioning trust fund securities (215 ) (328 ) Changes in restricted cash 365 33 Other, net 8 2 Cash used in investing activities (1,194 ) (324 ) Net change in cash and cash equivalents 289 (942 ) Cash and cash equivalents — beginning balance 2,258 3,417 Cash and cash equivalents — ending balance $ 2,547 $ 2,475 Condensed combined balance sheets of the Debtors at September 30, 2016 and December 31, 2015 are presented below: September 30, December 31, ASSETS Total current assets $ 4,153 $ 4,443 Restricted cash 650 507 Advances to non-debtor entities 115 115 Investment in non-debtor entities 7,720 6,147 Other investments 1,061 984 Property, plant and equipment — net 8,988 9,287 Goodwill 152 152 Identifiable intangible assets — net 1,133 1,170 Commodity and other derivative contractual assets 29 10 Accumulated deferred income taxes 679 424 Other noncurrent assets 58 39 Total assets $ 24,738 $ 23,278 LIABILITIES AND EQUITY Total current liabilities $ 6,923 $ 8,496 Borrowings under debtor-in-possession credit facility 3,387 — Long-term debt, less amounts due currently — 23 Liabilities subject to compromise 37,815 37,786 Commodity and other derivative contractual liabilities 4 1 Other noncurrent liabilities and deferred credits 2,085 2,033 Total liabilities 50,214 48,339 Total equity (25,476 ) (25,061 ) Total liabilities and equity $ 24,738 $ 23,278 |
Purchase of La Frontera Holding
Purchase of La Frontera Holdings, LLC (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Purchase of La Frontera Holdings, LLC [Abstract] | |
Business Combination Disclosure [Text Block] | In April 2016, Luminant purchased all of the membership interests in La Frontera Holdings, LLC (La Frontera), the indirect owner of two combined-cycle gas turbine (CCGT) natural gas fueled generation facilities representing nearly 3,000 MW of capacity located in ERCOT, from a subsidiary of NextEra Energy, Inc. (the Lamar and Forney Acquisition). The facility in Forney, Texas has a capacity of 1,912 MW and the facility in Paris, Texas has a capacity of 1,076 MW. The acquisition diversified TCEH's fuel mix and increased the dispatch flexibility in its fleet. The aggregate purchase price was approximately $1.313 billion , which included the repayment of approximately $950 million of existing project financing indebtedness of La Frontera at closing, plus approximately $236 million for cash and net working capital. The purchase price was funded by cash-on-hand and additional borrowings under the TCEH DIP Facility totaling $1.1 billion . After completing the acquisition, we repaid approximately $230 million of borrowings under the TCEH DIP Revolving Credit Facility primarily utilizing cash acquired in the transaction. La Frontera and its subsidiaries were subsidiary guarantors under the TCEH DIP Roll Facilities and, on the Effective Date, became subsidiary guarantors under the senior secured exit facilities (see Note 10 ). Purchase Accounting The Lamar and Forney Acquisition has been accounted for in accordance with ASC 805, Business Combinations (ASC 805), with identifiable assets acquired and liabilities assumed recorded at their estimated fair values on the acquisition date. To fair value the acquired property, plant and equipment, we used a discounted cash flow analysis, classified as Level 3 within the fair value hierarchy levels (see Note 14 ). This discounted cash flow model was created for each generation facility based on its remaining useful life. The discounted cash flow model included gross margin forecasts for each power generation facility determined using forward commodity market prices obtained from long-term forecasts. We also used management's forecasts of generation output, operations and maintenance expense, SG&A and capital expenditures. The resulting cash flows, estimated based upon the age of the assets, efficiency, location and useful life, were then discounted using plant specific discount rates of approximately 9%. The following table summarizes the consideration paid and the preliminary allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Lamar and Forney Acquisition as of the acquisition date. During the three months ended September 30, 2016, the working capital adjustment included in the purchase price was finalized between the parties, and the purchase price allocation was completed. Cash paid to seller at close $ 603 Net working capital adjustments (4 ) Consideration paid to seller 599 Cash paid to repay project financing at close 950 Total cash paid related to acquisition $ 1,549 Cash and cash equivalents $ 210 Property, plant and equipment — net 1,316 Commodity and other derivative contractual assets 47 Other assets 44 Total assets acquired 1,617 Commodity and other derivative contractual liabilities 53 Trade accounts payable and other liabilities 15 Total liabilities assumed 68 Identifiable net assets acquired $ 1,549 The Lamar and Forney Acquisition did not result in the recording of goodwill since the purchase price did not exceed the fair value of the net assets acquired. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information for the nine months ended September 30, 2016 and 2015 assumes that the Lamar and Forney Acquisition occurred on January 1, 2015. The unaudited pro forma financial information is provided for information purposes only and is not necessarily indicative of the results of operations that would have occurred had the Lamar and Forney Acquisition been completed on January 1, 2015, nor are they indicative of future results of operations. Nine Months Ended September 30, 2016 2015 Revenues $ 4,116 $ 4,942 Net income (loss) $ (429 ) $ (3,141 ) The unaudited pro forma financial information includes adjustments for incremental depreciation as a result of the fair value determination of the net assets acquired and interest expense on borrowings under the TCEH DIP Roll Facilities in lieu of interest expense incurred prior to the acquisition. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2016 | |
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 Our investment in unconsolidated subsidiary as presented in the condensed consolidated balance sheets totaled $6.204 billion and $6.064 billion at September 30, 2016 and December 31, 2015 , 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 24% and 25% of Oncor Holdings' consolidated operating revenues for the nine months ended September 30, 2016 and 2015 , respectively. See Note 16 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 $135 million and $206 million for the nine months ended September 30, 2016 and 2015 , respectively. Distributions may not be paid except to the extent Oncor maintains a required regulatory capital structure as discussed below. At September 30, 2016 , $69 million was eligible to be distributed to Oncor's members after taking into account the regulatory capital structure limit, of which approximately 80% relates to our ownership interest in Oncor. The boards of directors of each of Oncor and Oncor Holdings can withhold distributions to the extent the applicable board determines in good faith that it is necessary to retain such amounts to meet expected future requirements of Oncor and/or Oncor Holdings. Oncor's distributions are limited by its regulatory capital structure, which is required to be at or below the assumed debt-to-equity ratio established periodically by the PUCT for ratemaking purposes, which is currently set at 60% debt to 40% equity. At September 30, 2016 , Oncor's regulatory capitalization ratio was 59.6% debt to 40.4% 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. Equity is calculated as membership interests determined in accordance with US GAAP, excluding the effects of accounting for the Merger (which included recording the initial goodwill and fair value adjustments and the subsequent related impairments and amortization). EFH Corp., Oncor Holdings, Oncor and Oncor's minority investor are parties to a Federal and State Income Tax Allocation Agreement. Additional income tax amounts receivable or payable may arise in the normal course under that agreement. Oncor Holdings Financial Statements — Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the three and nine months ended September 30, 2016 and 2015 are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating revenues $ 1,071 $ 1,072 $ 2,962 $ 2,957 Operation and maintenance expenses (414 ) (387 ) (1,206 ) (1,134 ) Depreciation and amortization (190 ) (217 ) (593 ) (653 ) Taxes other than income taxes (118 ) (116 ) (338 ) (336 ) Other income and (deductions) — net (3 ) (9 ) (11 ) (17 ) Interest expense and related charges (85 ) (84 ) (252 ) (250 ) Income before income taxes 261 259 562 567 Income tax expense (101 ) (99 ) (217 ) (217 ) Net income 160 160 345 350 Net income attributable to noncontrolling interests (33 ) (33 ) (71 ) (72 ) Net income attributable to Oncor Holdings $ 127 $ 127 $ 274 $ 278 Assets and liabilities of Oncor Holdings at September 30, 2016 and December 31, 2015 are presented below: September 30, December 31, ASSETS Current assets: Cash and cash equivalents $ 25 $ 26 Restricted cash — 38 Trade accounts receivable — net 450 388 Trade accounts and other receivables from affiliates 146 118 Income taxes receivable from EFH Corp. 79 107 Inventories 91 82 Prepayments and other current assets 97 88 Total current assets 888 847 Other investments 102 97 Property, plant and equipment — net 13,617 13,024 Goodwill 4,064 4,064 Regulatory assets — net 1,114 1,194 Other noncurrent assets 41 31 Total assets $ 19,826 $ 19,257 LIABILITIES Current liabilities: Short-term borrowings $ 880 $ 840 Long-term debt due currently 324 41 Trade accounts payable — nonaffiliates 205 150 Income taxes payable to EFH Corp. 15 20 Accrued taxes other than income 156 181 Accrued interest 69 82 Other current liabilities 139 144 Total current liabilities 1,788 1,458 Accumulated deferred income taxes 2,096 1,985 Long-term debt, less amounts due currently 5,513 5,646 Other noncurrent liabilities and deferred credits 2,338 2,306 Total liabilities $ 11,735 $ 11,395 |
Goodwill And Identifiable Intan
Goodwill And Identifiable Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
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 (18,190 ) Balance at September 30, 2016 and December 31, 2015 152 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. During the three months ended September 30, 2015 and March 31, 2015, we experienced impairment indicators related to decreases in forward wholesale electricity prices when compared to those prices reflected in our goodwill impairment testing analysis as of March 31, 2015 and December 1, 2014, respectively. As a result, the likelihood of goodwill impairments had increased, and we initiated further testing of goodwill. During the three and nine months ended September 30, 2015 , our testing of goodwill for impairment resulted in impairment charges totaling $700 million and $1.4 billion , respectively, which we reported in the Competitive Electric segment results. Identifiable Intangible Assets Identifiable intangible assets, including amounts that arose in connection with accounting for the Merger, are comprised of the following: September 30, 2016 December 31, 2015 Identifiable Intangible Asset Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Retail customer relationship $ 463 $ 451 $ 12 $ 463 $ 442 $ 21 Capitalized in-service software 384 250 134 362 214 148 Other identifiable intangible assets (a) 53 21 32 72 35 37 Total identifiable intangible assets subject to amortization (b) $ 900 $ 722 178 $ 897 $ 691 206 Retail trade name (not subject to amortization) 955 955 Mineral interests (not currently subject to amortization) 5 5 Total identifiable intangible assets $ 1,138 $ 1,166 ____________ (a) Includes favorable purchase and sales contracts, environmental allowances and credits and mining development costs. See discussion below regarding impairment charges recorded in the nine months ended September 30, 2015 related to other identifiable intangible assets. (b) Amounts related to fully amortized assets that are expired, or of no economic value, have been excluded from both the gross carrying and accumulated amortization amounts. Amortization expense related to finite-lived identifiable intangible assets (including the condensed statements of consolidated income (loss) line item) consisted of: Identifiable Intangible Asset Condensed Statements of Consolidated Income (Loss) Line Segment Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Retail customer relationship Depreciation and amortization Competitive Electric $ 3 $ 4 $ 9 $ 13 Capitalized in-service software Depreciation and amortization Competitive Electric and Corporate and Other 13 13 38 35 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization Competitive Electric 3 9 6 21 Total amortization expense (a) $ 19 $ 26 $ 53 $ 69 ____________ (a) Amounts recorded in depreciation and amortization totaled $18 million and $21 million for the three months ended September 30, 2016 and 2015 , respectively, and $52 million and $54 million for the nine months ended September 30, 2016 and 2015 , respectively. As of the Effective Date, the substantial majority of identifiable intangible assets were removed from the condensed consolidated balance sheet in conjunction with the separation of the EFH Debtors from the TCEH Debtors and the Contributed EFH Debtors. I ntangible Impairments The impairments of our generation facilities in March and September 2015 (see Note 7 ) 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 14 ). We also impaired certain of our SO 2 allowances under the Cross-State Air Pollution Rule (CSAPR) related to the impaired generation facilities. Accordingly, in the three and nine months ended September 30, 2015 , we recorded noncash impairment charges of $4 million and $55 million , respectively, in our Competitive Electric segment (before deferred income tax benefit) in other deductions (see Note 18 ) 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 18 ) related to mine development costs (included in other identifiable intangible assets in the table above) at the facilities. During the three months ended March 31, 2015, we determined that certain intangible assets related to favorable power purchase contracts should be evaluated for impairment. That conclusion was based on further declines in wholesale electricity prices in ERCOT experienced during the three months ended March 31, 2015. Our fair value measurement was based on a discounted cash flow analysis of the contracts that compared the contractual price and terms of the contract to forecasted wholesale electricity and renewable energy credit (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 18 ). |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES EFH Corp. files a US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. EFH Corp. is the corporate member of the EFH Corp. consolidated group, while each of EFIH, Oncor Holdings, EFCH and TCEH is classified as a disregarded entity for US federal income tax purposes. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. Pursuant to applicable US Treasury regulations and published guidance of the IRS, corporations that are members of a consolidated group have joint and several liability for the taxes of such group. Subsequent to the Effective Date, the TCEH Debtors and the Contributed EFH Debtors will no longer be included in the consolidated income tax return and will be included in an income tax return with Reorganized TCEH. Prior to the Effective Date, EFH Corp. and certain of its subsidiaries (including EFCH, EFIH, and TCEH, but not including Oncor Holdings and Oncor) were parties to a Federal and State Income Tax Allocation Agreement, which provided, among other things, that any corporate member or disregarded entity in the EFH Corp. group was 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. Pursuant to the Plan of Reorganization, the TCEH Debtors and the Contributed EFH Debtors rejected this agreement on the Effective Date. Additionally, since the date of the Settlement Agreement, no further cash payments among the Debtors were made in respect of federal income taxes. We have elected to continue 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 continued to be settled prior to the Effective Date. EFH Corp., Oncor Holdings, Oncor and Oncor's minority investors 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 calculation of our effective tax rate is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income (loss) before income taxes and equity in earnings of unconsolidated subsidiaries $ 81 $ (2,039 ) $ (943 ) $ (4,467 ) Income tax benefit (expense) $ (42 ) $ 452 $ 256 $ 990 Effective tax rate 51.9 % 22.2 % 27.1 % 22.2 % For the three months ended September 30, 2016 , the effective tax rate of 51.9% related to our income tax expense was higher than the US Federal statutory rate of 35% due primarily to nondeductible legal and other professional services costs related to the Chapter 11 Cases, partially offset by the tax benefit recognized from the settlement agreement with the Texas Comptroller of Public Accounts (Comptroller). For the three months ended September 30, 2015 , the effective tax rate of 22.2% related to our income tax benefit was lower than the US Federal statutory rate of 35% due primarily to the nondeductible goodwill impairment charge (see Note 5 ) and nondeductible legal and other professional services costs related to the Chapter 11 Cases. For the nine months ended September 30, 2016 , the effective tax rate of 27.1% related to our income tax benefit was lower than the US Federal statutory rate of 35% due primarily to nondeductible legal and other professional services costs related to the Chapter 11 Cases. For the nine months ended September 30, 2015 , the effective tax rate of 22.2% related to our income tax benefit was lower than the US Federal statutory rate of 35% due primarily to the nondeductible goodwill impairment charges (see Note 5 ) and nondeductible legal and other professional services costs related to the Chapter 11 Cases, partially offset by the difference in the forecasted effective tax rate and the statutory rate applied to long-lived and intangible asset impairment charges (see Notes 5 and 7 ) and the Texas margin tax rate reduction in 2015. Liability for Uncertain Tax Positions In September 2016, EFH Corp. entered into a settlement agreement with the Texas Comptroller of Public Accounts (Comptroller) whereby the Comptroller agreed to release all claims and liabilities related to the EFH Corp. consolidated group's state taxes, including sales tax, gross receipts utility tax, franchise tax and direct pay tax, through the agreement date, in exchange for a release of all refund claims and a one-time payment of $12 million . This settlement was entered and approved by the Bankruptcy Court in September 2016. As a result of the settlement, we reduced the liability for state uncertain tax positions by $26 million . In July 2016, we executed a Revenue Agent Report (RAR) with the IRS and associated documentation for the 2010 through 2013 tax years. As a result of the RAR, we reduced our liability for uncertain tax positions by $1 million , resulting in a reclassification to the accumulated deferred income tax liability. Total cash payment to be assessed by the IRS for tax years 2010 through 2013, but not expected to be paid during the pendency of the Chapter 11 Cases of the EFH Debtors, is approximately $15 million , plus any interest that may be assessed. In March 2016, we signed a RAR with the IRS for the 2014 tax year. No material financial statement impacts resulted from the signing of the 2014 RAR. In June 2015, we signed a 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 this RAR, we reduced our 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 of the EFH Debtors, is approximately $15 million , plus any interest that may be assessed. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 9 Months Ended |
Sep. 30, 2016 | |
Impairment of Long-Lived Assets [Abstract] | |
Impairment of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS Impairment of Lignite/Coal Fueled Generation and Mining Assets We evaluated our generation assets for impairment during September 2015 as a result of an impairment indicator related to the continued decline in forecasted wholesale electricity prices in ERCOT. Our evaluation concluded that impairments existed at our Martin Lake, Sandow 4 and Sandow 5 generation facilities, and the carrying value for those facilities and related mining facilities were reduced in total by $1.295 billion . We evaluated our generation assets for impairment during March 2015 as a result of an impairment indicator related to the continued decline in forecasted wholesale electricity prices in ERCOT. Our evaluation concluded that an impairment existed, and the carrying value at our Big Brown generation facility and related mining facility was reduced by $676 million . Our fair value measurement for these assets was determined based on an income approach that utilized probability-weighted estimates of discounted future cash flows, which were Level 3 fair value measurements (see Note 14 ). 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. Additional material impairments may occur in the future for Reorganized TCEH's other generation facilities if forward wholesale electricity prices continue to decline or forecasted costs of producing electricity at Reorganized TCEH's generation facilities increase, including increased costs of compliance with proposed environmental regulations. |
Interest Expense and Related Ch
Interest Expense and Related Charges | 9 Months Ended |
Sep. 30, 2016 | |
Interest Expense and Related Charges [Abstract] | |
Interest Expense and Related Charges | INTEREST EXPENSE AND RELATED CHARGES Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest paid/accrued on debtor-in-possession financing $ 97 $ 74 $ 250 $ 221 Adequate protection amounts paid/accrued 331 311 977 919 Interest paid/accrued on pre-petition debt (a) 4 — 8 243 Amortization of debt issuance, amendment and extension costs and discounts 5 — 6 — Capitalized interest (2 ) (2 ) (9 ) (8 ) Total interest expense and related charges $ 435 $ 383 $ 1,232 $ 1,375 ____________ (a) For the nine months ended September 30, 2015 , amount includes $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 11 ). For the three and nine months ended September 30, 2016 and 2015 , includes interest paid/accrued on long-term debt not subject to compromise. Interest expense for the three and nine months ended September 30, 2016 and 2015 reflects interest paid and accrued on debtor-in-possession financing (see Note 10 ), 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 15 ), 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 the EFIH Second Lien Notes as approved by the Bankruptcy Court in March 2015 (see Note 11 ). The interest rate applicable to the adequate protection amounts paid/accrued for the nine months ended September 30, 2016 was 4.95% (one-month LIBOR plus 4.50% ). Upon completion of the Plan of Reorganization with respect to the TCEH Debtors, amounts of adequate protection payments were re-characterized as payments of principal. The Bankruptcy Code generally restricts payment of interest on pre-petition debt, subject to certain exceptions. The Bankruptcy Court approved post-petition interest payments on the EFIH Second Lien Notes in March 2015 as discussed in Note 11 . Additional interest payments may also be made upon approval by the Bankruptcy Court (see Note 12 ). Other than amounts ordered or approved by the Bankruptcy Court, effective on the Petition Date, we discontinued recording interest expense on outstanding pre-petition debt classified as LSTC. The table below shows contractual interest amounts, which are amounts due under the contractual terms of the outstanding debt, including debt subject to compromise during the Chapter 11 Cases. Interest expense reported in the condensed statements of consolidated income (loss) does not include contractual interest on pre-petition debt classified as LSTC totaling $325 million and $327 million for the three months ended September 30, 2016 and 2015 , respectively, and $978 million and $943 million for the nine months ended September 30, 2016 and 2015 , respectively, which has been stayed by the Bankruptcy Court effective on the Petition Date. Adequate protection paid/accrued presented below excludes interest paid/accrued on the TCEH first-lien interest rate and commodity hedge claims (see Note 15 ) totaling $16 million and $15 million for the three months ended September 30, 2016 and 2015 , respectively, and $47 million and $44 million for the nine months ended September 30, 2016 and 2015 , respectively, as such amounts are not included in contractual interest amounts below. Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued Contractual Interest on Contractual Interest on Adequate Protection Approved Interest Paid/Accrued Contractual Interest on EFH Corp. $ 11 $ — $ — $ 11 $ 31 $ — $ — $ 31 EFIH 101 — — 101 101 — — 101 EFCH — — — — 2 — — 2 TCEH 528 315 — 213 520 296 — 224 Eliminations (b) — — — — (31 ) — — (31 ) Total $ 640 $ 315 $ — $ 325 $ 623 $ 296 $ — $ 327 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued Contractual Interest on Contractual Interest on Adequate Protection Approved Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 33 $ — $ — $ 33 $ 94 $ — $ — $ 94 EFIH 304 — — 304 314 — 50 264 EFCH 1 — — 1 5 — — 5 TCEH 1,570 930 — 640 1,548 875 — 673 Eliminations (b) — — — — (93 ) — — (93 ) Total $ 1,908 $ 930 $ — $ 978 $ 1,868 $ 875 $ 50 $ 943 ___________ (a) For the nine months ended September 30, 2015 represents portion of interest related to the EFIH Second Lien Notes that was repaid based on the approval of the Bankruptcy Court; however, excludes $185 million of post-petition interest paid in 2015 that contractually related to 2014 and default interest (see Note 11 ). (b) Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
Reorganization Items
Reorganization Items | 9 Months Ended |
Sep. 30, 2016 | |
Reorganization Items [Abstract] | |
Reorganization Items | REORGANIZATION ITEMS Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of consolidated income (loss) as reorganization items as required by ASC 852, Reorganizations . Reorganization items also include adjustments to reflect the carrying value of LSTC at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the three and nine months ended September 30, 2016 and 2015 as reported in the condensed statements of consolidated income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Expenses related to legal advisory and representation services $ 41 $ 46 $ 101 $ 148 Expenses related to other professional consulting and advisory services 26 22 70 69 Contract claims adjustments 10 (2 ) 13 26 Fees associated with extension of EFIH DIP Facility — — 14 — Fees associated with repayment of EFIH Second Lien Notes (Note 11) — — — 28 Other 7 2 8 4 Total reorganization items $ 84 $ 68 $ 206 $ 275 |
Debtor-In-Possession Borrowing
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise | 9 Months Ended |
Sep. 30, 2016 | |
Debtor-In-Possession Obligations [Abstract] | |
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise | DEBTOR-IN-POSSESSION BORROWING FACILITIES AND LONG-TERM DEBT NOT SUBJECT TO COMPROMISE TCEH DIP Roll Facilities — In August 2016, TCEH entered into the TCEH DIP Roll Facilities. The facilities provided for up to $4.250 billion in senior secured, super-priority financing consisting of a revolving credit facility of up to $750 million (TCEH DIP Roll Revolving Credit Facility), a term loan letter of credit facility of up to $650 million (TCEH DIP Roll Term Loan Letter of Credit Facility) and a term loan facility of up to $2.850 billion (TCEH DIP Roll Term Loan Facility). The TCEH DIP Roll Facilities were senior secured, super-priority debtor-in-possession credit agreements by and among the TCEH Debtors, the lenders that are party thereto from time to time and an administrative and collateral agent. The maturity date of the TCEH DIP Roll Facilities was the earlier of (a) October 31, 2017 or (b) the Effective Date. On the Effective Date, the TCEH DIP Roll Facilities converted to senior secured exit facilities with maturity dates of August 2021 for the revolving credit facility and August 2023 for the term loan facilities (see Note 2 ). The other terms of the exit facilities are substantially the same as the TCEH DIP Roll Facilities. Net proceeds from the TCEH DIP Roll Facilities totaled $3.465 billion and were used to repay $2.65 billion outstanding under the former TCEH DIP Facility, fund a $650 million collateral account used to backstop the issuances of letters of credit and pay $107 million of issuance costs. The remaining balance was used for general corporate purposes. Additionally, $800 million of cash from collateral accounts under the former TCEH DIP Facility that were used to backstop letters of credit were released to TCEH to be used for general corporate purposes. The TCEH DIP Roll Facilities and related available capacity at September 30, 2016 are presented below. In the September 30, 2016 condensed consolidated balance sheet, the borrowings under the TCEH DIP Roll Facilities are reported as noncurrent liabilities. September 30, 2016 TCEH DIP Roll Facilities Facility Limit Cash Borrowings (d) Available Credit Capacity TCEH DIP Roll Revolving Credit Facility (a) $ 750 $ — $ 750 TCEH DIP Roll Term Loan Letter of Credit Facility (b) 650 650 — TCEH DIP Roll Term Loan Facility (c) 2,850 2,850 — Total TCEH DIP Roll Facilities $ 4,250 $ 3,500 $ 750 ___________ (a) Facility to be used for general corporate purposes. (b) Facility used for issuing letters of credit for general corporate purposes. Borrowings under this facility were funded to a collateral account that is reported as restricted cash in the condensed consolidated balance sheet. At September 30, 2016, the restricted cash supports $546 million in letters of credit outstanding (see Note 12 ), leaving $104 million in available letter of credit capacity. (c) Facility used to repay all amounts outstanding under the former TCEH DIP Facility and issuance costs for the TCEH DIP Roll Facilities, with the remaining balance used for general corporate purposes. (d) Borrowings under debtor-in-possession credit facilities in the condensed consolidated balance sheets are presented net of debt issuance costs of $79 million and debt discounts of $34 million . Amounts borrowed under the TCEH DIP Roll Revolving Credit Facility bore interest based on applicable LIBOR rates, plus 3.25% , and there were no outstanding borrowings at September 30, 2016 . Amounts borrowed under the TCEH DIP Roll Term Loan Letter of Credit Facility bore interest based on applicable LIBOR rates, subject to a 1% floor, plus 4% , and the rate outstanding on outstanding borrowings was 5.00% at September 30, 2016 . Amounts borrowed under the TCEH DIP Roll Term Loan Facility bore interest based on applicable LIBOR rates, subject to a 1% floor, plus 4% , and the interest rate on outstanding borrowings was 5.00% at September 30, 2016 . The TCEH DIP Roll Facilities also provided 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 Roll Facilities. TCEH DIP Facility — The TCEH DIP Facility provided for up to $3.375 billion in senior secured, super-priority financing consisting of a revolving credit facility of up to $1.950 billion (TCEH DIP Revolving Credit Facility) and a term loan facility of up to $1.425 billion (TCEH DIP Term Loan Facility). The TCEH DIP Facility was a senior, secured, super-priority credit agreement by and among the TCEH Debtors, the lenders that were party thereto from time to time and an administrative and collateral agent. At December 31, 2015 , all $1.425 billion of the TCEH DIP Term Loan Facility were borrowed at an interest rate of 3.75% . Of this amount, $800 million represented amounts that supported issuances of letters of credit that were funded to a collateral account. Of the collateral account at December 31, 2015 , $281 million was reported as cash and cash equivalents and $519 million was reported as restricted cash, which represented the amounts of outstanding letters of credit. At December 31, 2015 , no amounts were borrowed under the TCEH DIP Revolving Credit Facility. As discussed above, in August 2016, all amounts under the TCEH DIP Facility were repaid using proceeds from the TCEH DIP Roll Facilities. EFIH DIP Facility and EFIH Second Lien Notes Repayment — As of September 30, 2016 , the EFIH DIP Facility provided for a $5.4 billion first-lien debtor-in-possession financing facility. 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 11 ). As of September 30, 2016 , remaining cash on hand from borrowings under the EFIH DIP Facility, net of fees, totaled approximately $256 million , which was held as cash and cash equivalents. In the September 30, 2016 condensed consolidated balance sheet, the borrowings under the EFIH DIP Facility are reported as current liabilities. In January 2016, the EFIH Debtors paid a $14 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. In October 2016, the EFIH DIP Facility was amended, in part, to extend the maturity date of the facility and to increase the borrowings under the facility by $75 million . The EFH Debtors paid fees and expenses of $10 million in connection with the amendment. Further, the EFIH DIP Facility will now mature on the earlier of (a) the effective date of any plan of reorganization as it relates to the EFH Debtors, (b) upon the event of the sale of substantially all of EFIH's assets or (c) June 2017, subject to the right of the EFH Debtors, upon the payment of certain extension fees, to extend the maturity an additional six months. The principal amounts outstanding under the EFIH DIP Facility bear interest based on applicable LIBOR rates, subject to a 1% floor, plus 3.25% . At both September 30, 2016 and December 31, 2015 , 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. EFIH's obligations under the EFIH DIP Facility are secured by a first lien covering substantially all of EFIH's assets, rights and properties, subject to certain exceptions set forth in the EFIH DIP Facility. The EFIH DIP Facility provides that all obligations thereunder constitute administrative expenses in the Chapter 11 Cases, with administrative priority and senior secured status under the Bankruptcy Code and, subject to certain exceptions set forth in the EFIH DIP Facility, will have priority over any and all administrative expense claims, unsecured claims and costs and expenses in the Chapter 11 Cases. The EFIH DIP Facility provides for affirmative and negative covenants applicable to EFIH and EFIH Finance, including affirmative covenants requiring EFIH and EFIH Finance to provide financial information, budgets and other information to the agents under the EFIH DIP Facility, and negative covenants restricting EFIH's and EFIH Finance's ability to incur additional indebtedness, grant liens, dispose of assets, pay dividends or take certain other actions, in each case except as permitted in the EFIH DIP Facility. The EFIH DIP Facility also includes a minimum liquidity covenant pursuant to which EFIH cannot allow the amount of its unrestricted cash (as defined in the EFIH DIP Facility) to be less than $150 million . As of September 30, 2016 , EFIH was in compliance with this minimum liquidity covenant. The Oncor Ring-Fenced Entities are not restricted subsidiaries for purposes of the EFIH DIP Facility. The EFIH DIP Facility provides for certain customary events of default, including events of default resulting from non-payment of principal, interest or other amounts when due, material breaches of representations and warranties, material breaches of covenants in the EFIH DIP Facility or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against EFIH. Upon the existence of an event of default, the EFIH DIP Facility provides that all principal, interest and other amounts due thereunder will become immediately due and payable, either automatically or at the election of specified lenders. The EFIH DIP Facility permits, subject to certain terms, conditions and limitations set forth in the EFIH DIP Facility, EFIH to incur incremental junior lien subordinated debt in an aggregate amount not to exceed $3 billion . Long-Term Debt Not Subject to Compromise — Amounts presented in the table below represent pre-petition liabilities that are not subject to compromise due to the debt being fully collateralized or specific orders from the Bankruptcy Court approving repayment of the debt. September 30, December 31, EFH Corp. (parent entity) 8.82% Non-Debtor Building Financing due semiannually through February 11, 2022 $ 31 $ 35 Unamortized fair value premium (a) 5 6 Total EFH Corp. 36 41 EFCH 9.58% Fixed Notes due in annual installments through December 4, 2019 (b) — 13 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) — 24 Unamortized fair value discount (a) — (2 ) Total EFCH — 35 TCEH 7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (c) — 13 Capital lease obligations 2 5 Other 2 2 Unamortized discount — (1 ) Total TCEH 4 19 Total EFH Corp. consolidated 40 95 Less amounts due currently (9 ) (35 ) Total long-term debt not subject to compromise $ 31 $ 60 ____________ (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. Pursuant to the Plan of Reorganization, in September 2016, we repaid all outstanding EFCH fixed notes, including $3 million in prepayment, legal and other related fees. |
Liabilities Subject to Compromi
Liabilities Subject to Compromise | 9 Months Ended |
Sep. 30, 2016 | |
Liabilities Subject to Compromise [Abstract] | |
Liabilities Subject to Compromise | LIABILITIES SUBJECT TO COMPROMISE (LSTC) The amounts classified as 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. Amounts classified to LSTC do not include pre-petition liabilities that are fully collateralized by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015 : September 30, December 31, Notes, loans and other debt per the following table $ 35,560 $ 35,560 Accrued interest on notes, loans and other debt 745 745 Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 15) 1,243 1,243 Trade accounts payable and other expected allowed claims 267 238 Total liabilities subject to compromise $ 37,815 $ 37,786 On the Effective Date, the TCEH Debtors (together with the Contributed EFH Debtors) emerged from the Chapter 11 Cases and discharged approximately $33.7 billion in LSTC. Pre-Petition Notes, Loans and Other Debt Reported as LSTC Amounts presented below represent principal amounts of pre-petition notes, loans and other debt reported as LSTC. September 30, December 31, EFH Corp. (parent entity) 9.75% Fixed Senior Notes due October 15, 2019 $ 2 $ 2 10% Fixed Senior Notes due January 15, 2020 3 3 10.875% Fixed Senior Notes due November 1, 2017 33 33 11.25% / 12.00% Senior Toggle Notes due November 1, 2017 27 27 5.55% Fixed Series P Senior Notes due November 15, 2014 89 89 6.50% Fixed Series Q Senior Notes due November 15, 2024 198 198 6.55% Fixed Series R Senior Notes due November 15, 2034 288 288 Total EFH Corp. 640 640 EFIH 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 322 322 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 1,389 1,389 11.25% / 12.25% Senior Toggle Notes due December 1, 2018 1,530 1,530 9.75% Fixed Senior Notes due October 15, 2019 2 2 Total EFIH 3,243 3,243 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 Total EFCH 9 9 TCEH Senior Secured Facilities: TCEH Floating Rate Term Loan Facilities due October 10, 2014 3,809 3,809 TCEH Floating Rate Letter of Credit Facility due October 10, 2014 42 42 TCEH Floating Rate Revolving Credit Facility due October 10, 2016 2,054 2,054 TCEH Floating Rate Term Loan Facilities due October 10, 2017 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 September 30, December 31, 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 1,833 1,833 10.25% Fixed Senior Notes due November 1, 2015, Series B 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 Other 1 1 Total TCEH 31,668 31,668 Total EFH Corp. consolidated notes, loans and other debt $ 35,560 $ 35,560 TCEH Letter of Credit Facility Activity Borrowings under the TCEH Letter of Credit Facility had been recorded by TCEH as restricted cash that supported 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. Pursuant to the confirmation of the Plan of Reorganization in August 2016 with respect to the TCEH Debtors and the Contributed EFH Debtors, the restricted cash was reclassified to cash and cash equivalents. 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 . Information Regarding Significant Pre-Petition Debt See Note 13 to the Financial Statements in our 2015 Form 10-K for information regarding our pre-petition debt. There have been no changes in pre-petition debt since December 31, 2015. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Guarantees We have entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. See Notes 10 and 11 for discussion of guarantees and security for certain of our post-petition and pre-petition debt. Letters of Credit At September 30, 2016 , TCEH had outstanding letters of credit under the TCEH DIP Roll Facilities totaling $546 million as follows: • $399 million to support commodity risk management and trading collateral requirements in the normal course of business, including over-the-counter and exchange-traded hedging transactions and collateral postings with ERCOT; • $64 million to support executory contracts and insurance agreements; • $55 million to support TCEH's REP financial requirements with the PUCT, and • $28 million for other credit support requirements. On the Effective Date, all of TCEH's outstanding letters of credit under the TCEH DIP Roll Facilities became obligations under Reorganized TCEH's exit facility (see Note 10 ). Litigation 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 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 February 2016, the US District Court for the District of Delaware affirmed the Bankruptcy Court's rulings. In September 2016, the US Court of Appeals for the Third Circuit heard oral argument in the Indenture Trustee's appeal of the District Court's ruling. The EFIH Debtors intend to vigorously defend against this appeal. We cannot predict the outcome or timing of this appeal. In June 2014, the indenture trustee for the EFIH Second Lien Notes initiated litigation in the Bankruptcy Court seeking similar relief as the trustee of the EFIH 10% First Lien Notes with respect to the EFIH Second Lien Notes, including among other things, that EFIH is obligated to pay a make-whole premium in connection with any repayment of the EFIH Second Lien Notes and that such make-whole premium would be an allowed secured claim, or in the alternative, an allowed secured or unsecured claim for breach of contract (the EFIH Second Lien Make-whole Claims). If, as of September 30, 2016 , the EFIH Second Lien Make-whole Claims were allowed, the amount of such claims would have been approximately $270 million plus reimbursement of expenses. In October 2015, the Bankruptcy Court issued a finding that no make-whole premium is due with respect to the EFIH Second Lien Notes. In April 2016, the US District Court for the District of Delaware issued a ruling and order affirming the Bankruptcy Court's decision. The indenture trustee has appealed that decision to the US Court of Appeals for the Third Circuit, and that court has consolidated the appeal with the appeal filed by the indenture trustee for the EFIH 10% First Lien Notes described above for the purposes of oral argument and final disposition. In September 2016, the appeals court heard oral argument in the appeal. The EFIH Debtors intend to vigorously defend against this appeal. We cannot predict the outcome or timing of this appeal. In July 2015, the EFIH Debtors filed a claim objection with the Bankruptcy Court regarding the EFIH PIK noteholders' claims for a redemption or make-whole 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. The EFIH PIK Noteholders have appealed both rulings to the US District Court for the District of Delaware. The parties agreed to and completed a briefing schedule; however, the US District Court for the District of Delaware has not scheduled oral arguments or otherwise issued a ruling. The appeal of the post-petition interest ruling has been stayed by the US District Court for the District of Delaware pending 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 appeals and 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 September 30, 2016 , a make-whole claim and a post-petition interest claim were allowed, such claims would be $254 million and $98 million , respectively. In October 2015, the indenture trustee for the EFH Legacy Notes filed a response to this claim objection. No argument date has been set by the Bankruptcy Court regarding the EFH Legacy Notes claim objection. EFH Corp. intends to vigorously 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 September 30, 2016 , a redemption claim and a post-petition interest claim were allowed, such claims would be zero and $20 million , respectively. The indenture trustee for the EFH LBO Notes has not yet filed a response to this claim objection. No argument date has been set by the Bankruptcy Court regarding the EFH LBO Notes claim objection. EFH Corp. intends to vigorously pursue its 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. 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. In August 2016, the EPA filed an amended complaint, eliminating one of the two remaining claims and withdrawing a request for civil penalties in the other remaining claim. The EPA also filed a motion for entry of final judgment. In September 2016, we filed a motion opposing the EPA's motion for entry of final judgment. In October 2016, the district court denied the EPA's motion for entry of final judgment. Presently, the part of the one remaining claim remains before the district court, and it is 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 carbon dioxide 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 US Court of Appeals for the District of Columbia Circuit (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 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 while the court reviews the legality of the rule for existing plants. 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. Oral argument on the merits of the legal challenges to the rule was heard in September 2016 before the entire D.C. Circuit Court. 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. While we cannot predict the timing or 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). 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 NO X ozone season 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. In June 2016, the EPA issued a memorandum describing the EPA's proposed approach for responding to the D.C. Circuit Court's remand for reconsideration of the CSAPR SO 2 emission budgets for Texas and three other states that had been remanded to the EPA by the D.C. Circuit Court. In the memorandum, the EPA stated that those four states could either voluntarily participate in the CSAPR by submitting a SIP revision adopting the SO 2 budgets that had been previously held invalid by the D.C. Circuit Court and the current annual NOx budgets or, if the state chooses not to participate in the CSAPR, the EPA could withdraw the CSAPR FIPs by the fall of 2016 for those states and address any interstate transport and regional haze obligations on a state-by-state basis. While we cannot predict the outcome of future proceedings related to the CSAPR, including the EPA's recent actions concerning the CSAPR annual emissions budgets for affected states and participating in the CSAPR program, based upon our current operating plans we do not believe that the CSAPR will cause any material operational, financial or compliance issues. We are currently evaluating the EPA's recent proposed actions regarding SO 2 budgets for Texas. Regional Haze The Regional Haze Program of the CAA establishes "as a national goal the prevention of any future, and the remedying of any existing, impairment of visibility in mandatory Class I federal areas, like national parks, which impairment results from man-made pollution." There are two components to the Regional Haze Program. First, states must establish goals for reasonable progress for Class I federal areas within the state and establish long-term strategies to reach those goals and to assist Class I federal areas in neighboring states to achieve reasonable progress set by those states towards a goal of natural visibility by 2064. Second, electricity generation units built between 1962 and 1977 are subject to best available retrofit technology (BART) standards designed to improve visibility. BART reductions of SO 2 and NO X are required either on a unit-by-unit basis or are deemed satisfied by state participation in an EPA-approved regional trading program such as the CSAPR. In February 2009, the TCEQ submitted a State Implementation Plan (SIP) concerning regional haze (Regional Haze SIP) to the EPA. In December 2011, the EPA proposed a limited disapproval of the Regional Haze SIP due to its reliance on the Clean Air Interstate Rule (CAIR) instead of the EPA's replacement CSAPR program. In August 2012, we filed a petition for review in the Fifth Circuit Court challenging the EPA's limited disapproval of the Regional Haze SIP on the grounds that the CAIR continued in effect pending the D.C. Circuit Court's decision in the CSAPR litigation. In September 2012, we filed a petition to intervene in a case filed by industry groups and other states and private parties in the D.C. Circuit Court challenging the EPA's limited disapproval and issuance of a Federal Implementation Plan (FIP) regarding the regional haze BART program. The Fifth Circuit Court case has since been transferred to the D.C. Circuit Court and consolidated with other pending BART program regional haze appeals. Briefing in the D.C. Circuit Court is scheduled to be completed by March 2017. In response to a lawsuit by environmental groups, the D.C. Circuit Court issued a consent decree in March 2012 that required the EPA to propose a decision on the Regional Haze SIP by May 2012 and finalize that decision by November 2012. The consent decree requires a FIP for any provisions that the EPA disapproves. The D.C. Circuit Court has amended the consent decree several times to extend the dates for the EPA to propose and finalize a decision on the Regional Haze SIP. The consent decree was modified in December 2015 to extend the deadline for the EPA to finalize action on the determination and adoption of requirements for BART for electricity generation. Under the amended consent decree the EPA has until December 2016 to finalize a FIP for BART for Texas electricity generation sources, if the EPA determines that BART requirements have not been met. In June 2014, the EPA issued requests for information under Section 114 of the CAA to Luminant and other generators in Texas. After releasing a proposed rule in November 2014 and receiving comments from a number of parties, including Luminant and the State of Texas in April 2015, the EPA released a final rule in January 2016 approving in part and disapproving in part Texas' SIP for Regional Haze and issuing a FIP for Regional Haze. In the rule, the EPA asserts that the Texas SIP does not show reasonable progress in improving visibility for two areas in Texas and that its long-term strategy fails to make emission reductions needed to achieve reasonable progress in improving visibility in the Wichita Mountains of Oklahoma. Unlike the proposed rule and inconsistent with how the EPA has applied Regional Haze rules to other states, the EPA's final rule does not treat Texas's compliance with the CSAPR as satisfying its obligations under the BART portion of the Regional Haze Program. The EPA concluded that it would not be appropriate to finalize that determination at this time given the remand of the CSAPR budgets. In our view, the EPA's proposed FIP for Texas goes beyond the requirements of the CAA and sets emission limits on a unit-by-unit basis for 15 electricity generation units in Texas. The EPA's proposed emission limits assume additional control equipment for specific coal fueled generation units across Texas, including new flue gas desulfurization systems (scrubbers) at seven generation units and upgrades to existing scrubbers at seven generation units. Specifically for Luminant, the EPA's emission limitations are based on new scrubbers at Big Brown Units 1 and 2 and Monticello Units 1 and 2 and scrubber upgrades at Martin Lake Units 1, 2 and 3, Monticello Unit 3 and Sandow Unit 4. Luminant is continuing to evaluate the requirements and potential financial and operational impacts of the rule, but new scrubbers at the Big Brown and Monticello units necessary to achieve the emission limits required by the FIP (if those limits are possible to attain), along with the existence of low wholesale power prices in ERCOT, would likely challenge the long-term economic viability of those units. Under the terms of the rule, the scrubber upgrades will be required by February 2019, and the new scrubbers will be required by February 2021. In March 2016, Luminant and a number of other parties, including the State of Texas, filed petitions for review in the US Fifth Circuit Court challenging the FIP on Texas. Luminant and other parties also filed motions to stay the FIP while the court reviews the legality of the EPA's action. In July 2016, the Fifth Circuit Court denied the EPA's motion to dismiss our challenge to the FIP and denied the EPA's motion to transfer the challenges Luminant, the other industry petitioners and the State of Texas filed to the D.C. Circuit Court. In addition, the Fifth Circuit Court granted the motions to stay filed by Luminant, the other industry petitioners and the State of Texas pending final review of the petitions for review. The case is currently abated until the end of November 2016 in order to allow the parties to pursue settlement discussions. While we cannot predict the outcome of the rulemaking and legal proceedings, the result may have a material impact on our results of operations, liquidity or financial condition. 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 was completed in 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 Mercury and Air Toxics Standard (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. In March 2016, the EPA finalized the MATS technical corrections, including the removal of affirmative defense for malfunctions. Except as set forth above, we cannot predict the timing or outcome of future proceedings related to this petition, the petition for administrative reconsideration that is pending before the EPA or the financial effects of these proceedings, if any. Other Matters We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolutions of which, in the opinion of management, are not anticipated to have a material effect on our results of operations, liquidity or financial condition. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY EFH Corp. has not declared or paid any dividends since the Merger. The agreement governing the TCEH DIP Roll Facilities 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. Equity The following table presents the changes to equity for the nine months ended September 30, 2016 : EFH Corp. Shareholders’ Equity Common Stock (a) Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Total Equity Balance at December 31, 2015 $ 2 $ 7,968 $ (32,905 ) $ (126 ) $ (25,061 ) Net loss — — (413 ) — (413 ) Change in unrecognized losses related to pension and OPEB plans — — — (5 ) (5 ) Net effects of cash flow hedges — — — 1 1 Net effects related to Oncor — — — 2 2 Balance at September 30, 2016 $ 2 $ 7,968 $ (33,318 ) $ (128 ) $ (25,476 ) ________________ (a) Authorized shares totaled 2,000,000,000 at September 30, 2016 . Outstanding shares totaled 1,669,861,379 at both September 30, 2016 and December 31, 2015 . The following table presents the changes to equity for the nine months ended September 30, 2015 : EFH Corp. Shareholders’ Equity Common Stock (a) Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Total Equity Balance at December 31, 2014 $ 2 $ 7,968 $ (27,563 ) $ (130 ) $ (19,723 ) Net loss — — (3,199 ) — (3,199 ) Change in unrecognized losses related to pension and OPEB plans — — — (3 ) (3 ) Net effects of cash flow hedges — — — 1 1 Net effects related to Oncor — — — 2 2 Balance at September 30, 2015 $ 2 $ 7,968 $ (30,762 ) $ (130 ) $ (22,922 ) ________________ (a) Authorized shares totaled 2,000,000,000 at September 30, 2015 . Outstanding shares totaled 1,669,861,379 at both September 30, 2015 and December 31, 2014 . Accumulated Other Comprehensive Loss The following table presents the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2016 . There was no other comprehensive income (loss) before reclassification for the period. Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 15) Pension and Other Postretirement Employee Benefit Liabilities Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2015 $ (50 ) $ (76 ) $ (126 ) Amounts reclassified from accumulated other comprehensive loss and reported in: Operating costs — (4 ) (4 ) Depreciation and amortization 1 — 1 Selling, general and administrative expenses — (4 ) (4 ) Income tax benefit — 3 3 Equity in earnings of unconsolidated subsidiaries (net of tax) 1 1 2 Total amount reclassified from accumulated other comprehensive loss during the period 2 (4 ) (2 ) Balance at September 30, 2016 $ (48 ) $ (80 ) $ (128 ) The following table presents the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2015 . There was no other comprehensive income (loss) before reclassification for the period. Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 15) Pension and Other Postretirement Employee Benefit Liabilities Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ (53 ) $ (77 ) $ (130 ) Amounts reclassified from accumulated other comprehensive loss and reported in: Operating costs — (2 ) (2 ) Depreciation and amortization 1 — 1 Selling, general and administrative expenses — (3 ) (3 ) Income tax benefit — 2 2 Equity in earnings of unconsolidated subsidiaries (net of tax) 1 1 2 Total amount reclassified from accumulated other comprehensive loss during the period 2 (2 ) — Balance at September 30, 2015 $ (51 ) $ (79 ) $ (130 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
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. 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 15 for additional information regarding credit risk associated with our derivatives). We utilize credit ratings and default rate factors in calculating these fair value measurement adjustments. Certain derivatives and financial instruments are valued utilizing option pricing models that take into consideration multiple inputs including, but not limited to, commodity prices, volatility factors, discount rates and other market based factors. Additionally, when there is not a sufficient amount of observable market data, valuation models are developed that incorporate proprietary views of market factors. Significant unobservable inputs used to develop the valuation models include volatility curves, correlation curves, illiquid pricing locations and credit/non-performance risk assumptions. Those valuation models are generally used in developing long-term forward price curves for certain commodities. We believe the development of such curves is consistent with industry practice; however, the fair value measurements resulting from such curves are classified as Level 3. The significant unobservable inputs and valuation models are developed by employees trained and experienced in market operations and fair value measurements and validated by the company's risk management group, which also further analyzes any significant changes in Level 3 measurements. Significant changes in the unobservable inputs could result in significant upward or downward changes in the fair value measurement. With respect to amounts presented in the following fair value hierarchy tables, the fair value measurement of an asset or liability (e.g., a contract) is required to fall in its entirety in one level, based on the lowest level input that is significant to the fair value measurement. Certain assets and liabilities would be classified in Level 2 instead of Level 3 of the hierarchy except for the effects of credit reserves and non-performance risk adjustments, respectively. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability being measured. Assets and liabilities measured at fair value on a recurring basis consisted of the following: September 30, 2016 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 118 $ 97 $ 109 $ 4 $ 328 Nuclear decommissioning trust – 410 — — — 410 Nuclear decommissioning trust – — 348 — — 348 Sub-total $ 528 $ 445 $ 109 $ 4 1,086 Assets measured at net asset value (d): Nuclear decommissioning trust – 237 Total assets $ 1,323 Liabilities: Commodity contracts $ 97 $ 17 $ 12 $ 4 $ 130 Total liabilities $ 97 $ 17 $ 12 $ 4 $ 130 December 31, 2015 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 385 $ 41 $ 49 $ — $ 475 Nuclear decommissioning trust – 380 219 — — 599 Nuclear decommissioning trust – — 319 — — 319 Total assets $ 765 $ 579 $ 49 $ — $ 1,393 Liabilities: Commodity contracts $ 128 $ 64 $ 12 $ — $ 204 Total liabilities $ 128 $ 64 $ 12 $ — $ 204 ____________ (a) See table below for description of Level 3 assets and liabilities. (b) Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in the condensed consolidated balance sheets. (c) The nuclear decommissioning trust investment is included in the other investments line in the condensed consolidated balance sheets. See Note 18 . (d) Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. This presentation is only allowed for periods beginning after December 15, 2015. The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. 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 15 for further discussion regarding derivative instruments. 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 September 30, 2016 and December 31, 2015 : September 30, 2016 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 39 $ (1 ) $ 38 Valuation Model Hourly price curve shape (d) $0 to $35/ MWh Illiquid delivery periods for ERCOT hub power prices and heat rates (e) $30 to $70/ MWh Electricity spread options 31 (4 ) 27 Option Pricing Model Gas to power correlation (f) 50% to 95% Power volatility (g) 10% to 60% Electricity congestion revenue rights 32 (6 ) 26 Market Approach (h) Illiquid price differences between settlement points (i) $0 to $10/MWh Other (j) 7 (1 ) 6 Total $ 109 $ (12 ) $ 97 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 spread options 2 (7 ) (5 ) Option Pricing Model Gas to power correlation (f) 35% to 80% Power volatility (g) 10% to 35% Electricity congestion revenue rights 39 (4 ) 35 Market Approach (h) Illiquid price differences between settlement points (i) $0 to $10/MWh Other (j) 7 — 7 Total $ 49 $ (12 ) $ 37 ____________ (a) Electricity purchase and sales contracts include power and heat rate hedging positions in the ERCOT regions. Electricity spread options contracts consist of physical electricity call options. Electricity congestion revenue rights contracts consist of forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within ERCOT. (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) Based on historical forward ERCOT power price and heat rate variability. (f) Estimate of the historical range based on forward natural gas and on-peak power prices for the ERCOT hubs most relevant to our spread options. (g) Based on historical forward price changes. (h) While we use the market approach, there is insufficient market data to consider the valuation liquid. (i) Based on the historical price differences between settlement points within the ERCOT hubs and load zones. (j) Other includes contracts for ancillary services, natural gas, power options, coal and coal options. There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy for the three and nine months ended September 30, 2016 and 2015 . See the table of changes in fair values of Level 3 assets and liabilities below for discussion of transfers between Level 2 and Level 3 for the three and nine months ended September 30, 2016 and 2015 . During the three months ended June 30, 2016, in conjunction with the Lamar and Forney Acquisition, we assumed certain electricity spread options that are classified in Level 3 of the fair value hierarchy. The following table presents the changes in fair value of the Level 3 assets and liabilities for the three and nine months ended September 30, 2016 and 2015 . Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net asset (liability) balance at beginning of period $ (9 ) $ 44 $ 37 $ 35 Total unrealized valuation gains (losses) 126 (1 ) 122 13 Purchases, issuances and settlements (a): Purchases 11 5 37 37 Issuances (4 ) (2 ) (20 ) (7 ) Settlements (24 ) (19 ) (51 ) (44 ) Transfers into Level 3 (b) — — 1 — Transfers out of Level 3 (b) — — 1 (7 ) Net liabilities assumed in the Lamar and Forney Acquisition (Note 3) (3 ) — (30 ) — Net change (c) 106 (17 ) 60 (8 ) Net asset balance at end of period $ 97 $ 27 $ 97 $ 27 Unrealized valuation gains relating to instruments held at end of period $ 92 $ 1 $ 98 $ 1 ____________ (a) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. (b) Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. All Level 3 transfers during the periods presented are in and out of Level 2. (c) Substantially all changes in values of commodity contracts (excluding net liabilities assumed in the Lamar and Forney Acquisition) are reported in the condensed statements of consolidated income (loss) in net gain from commodity hedging and trading activities. Activity excludes changes in fair value in the month the positions settled as well as amounts related to positions entered into and settled in the same quarter. |
Commodity And Other Derivative
Commodity And Other Derivative Contractual Assets And Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
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 TCEH transacts in derivative instruments, such as options, swaps, futures and forward contracts, to manage commodity price risk. See Note 14 for a discussion of the fair value of derivatives. Commodity Hedging and Trading Activity — TCEH utilizes natural gas derivatives as hedging instruments 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 from our generation assets. In ERCOT, the wholesale price of electricity has generally moved with the price of natural gas. TCEH also enters into derivatives, including electricity, natural gas, fuel oil, uranium, emission and coal instruments, generally for short-term hedging purposes. Unrealized gains and losses arising from changes in the fair value of hedging and trading instruments as well as realized gains and losses upon settlement of the instruments are reported in the condensed statements of consolidated income (loss) in net gain from commodity hedging and trading activities. 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 total net liability of $1.243 billion as of September 30, 2016 is reported in the condensed consolidated balance sheets as a liability subject to compromise. Additionally, counterparties associated with the net liability are allowed, and, prior to the Effective Date, had been receiving, adequate protection payments related to their claims as permitted by TCEH's cash collateral order approved by the Bankruptcy Court (see Note 8 ). Financial Statement Effects of Derivatives Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of derivative contractual assets and liabilities as reported in the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015 . Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract. All amounts relate to commodity contracts. September 30, 2016 December 31, 2015 Derivative Assets Derivative Liabilities Total Derivative Assets Derivative Liabilities Total Current assets $ 256 $ — $ 256 $ 465 $ — $ 465 Noncurrent assets 72 — 72 10 — 10 Current liabilities (4 ) (121 ) (125 ) — (203 ) (203 ) Noncurrent liabilities — (5 ) (5 ) — (1 ) (1 ) Net assets (liabilities) $ 324 $ (126 ) $ 198 $ 475 $ (204 ) $ 271 At September 30, 2016 and December 31, 2015 , there were no derivative positions accounted for as cash flow or fair value hedges. The pretax effect of derivatives on net income (loss), including realized and unrealized effects, totaled $239 million and $130 million in net gains in the three months ended September 30, 2016 and 2015 , respectively, and $194 million and $281 million in net gains in the nine months ended September 30, 2016 and 2015 , respectively, all of which related to commodity contracts reported in net gain from commodity hedging and trading activities in the condensed statements of consolidated income (loss). Amounts represent 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. The pretax effect (all losses) on net income and other comprehensive income (OCI) of derivative instruments previously accounted for as cash flow hedges was immaterial in both the three and nine months ended September 30, 2016 and 2015 . There were no amounts recognized in OCI for the three and nine months ended September 30, 2016 and 2015 . Accumulated other comprehensive income related to cash flow hedges (excluding Oncor's interest rate hedges) at September 30, 2016 and December 31, 2015 totaled $33 million and $34 million in net losses (after-tax), respectively, substantially all of which relates to interest rate swaps previously accounted for as cash flow hedges. We expect that $2 million of net losses (after-tax) related to cash flow hedges included in accumulated other comprehensive income at September 30, 2016 will be reclassified into net income during the next twelve months as the related hedged transactions affect net income. Since all of these amounts related to hedging activity conducted by TCEH, as of the Effective Date, these amounts in accumulated other comprehensive income were removed from the condensed consolidated balance sheet in conjunction with the separation of the EFH Debtors from the TCEH Debtors and the Contributed EFH Debtors. Balance Sheet Presentation of Derivatives Consistent with elections under US GAAP to present amounts on a gross basis, we report derivative assets and liabilities in the condensed consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. We may enter into offsetting positions with the same counterparty, resulting in both assets and liabilities. Volatility in underlying commodity prices can result in significant changes in assets and liabilities presented from period to period. Margin deposits that contractually offset these derivative instruments are reported separately in the condensed consolidated balance sheets. Margin deposits received from counterparties are either used for working capital or other general corporate purposes or, if there are restrictions on the use of cash, amounts are deposited in a separate restricted cash account. At September 30, 2016 and December 31, 2015 , 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. These agreements contain credit enhancements that allow for the right to offset assets and liabilities and collateral received in order to reduce credit exposure between us and the counterparty. These agreements contain specific language related to margin requirements, monthly settlement netting, cross-commodity netting and early termination netting, which is negotiated with the contract counterparty. The following tables reconcile our derivative assets and liabilities as presented in the condensed consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: September 30, 2016 Amounts Presented in Balance Sheet Offsetting Instruments (a) Financial Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 328 $ (126 ) $ (33 ) $ 169 Derivative liabilities: Commodity contracts (130 ) 126 — (4 ) Net amounts $ 198 $ — $ (33 ) $ 165 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 ____________ (a) Amounts presented exclude trade accounts receivable and payable related to settled financial instruments. (b) Financial collateral consists entirely of cash margin deposits. Derivative Volumes The following table presents the gross notional amounts of derivative volumes at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Derivative type Notional Volume Unit of Measure Natural gas (a) 1,464 1,489 Million MMBtu Electricity 85,019 58,022 GWh Congestion Revenue Rights (b) 114,474 106,260 GWh Coal 6 10 Million US tons Fuel oil 21 35 Million gallons Uranium 200 75 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. At September 30, 2016 and December 31, 2015 , the fair value of liabilities related to derivative instruments under agreements with credit risk-related contingent features that were not fully collateralized totaled $11 million and $58 million , respectively. The liquidity exposure associated with these liabilities was reduced by cash and letter of credit postings with counterparties totaling $4 million and $31 million at September 30, 2016 and December 31, 2015 , respectively. If all the credit risk-related contingent features related to these derivatives had been triggered, including cross-default provisions, remaining liquidity requirements would be immaterial at both September 30, 2016 and December 31, 2015 . In addition, certain derivative agreements include 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 September 30, 2016 and December 31, 2015 , the fair value of derivative liabilities subject to such cross-default provisions were immaterial. At both September 30, 2016 and December 31, 2015 , no cash collateral or letters of credit were posted with these counterparties, and there was no liquidity exposure associated with these liabilities. As discussed immediately above, the aggregate fair values of liabilities under derivative agreements with credit risk-related contingent features, including cross-default provisions, totaled $12 million and $59 million at September 30, 2016 and December 31, 2015 , 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 September 30, 2016 , total credit risk exposure to all counterparties related to derivative contracts totaled $460 million (including associated accounts receivable). The net exposure to those counterparties totaled $268 million at September 30, 2016 after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to a single counterparty totaling $114 million . At September 30, 2016 , the credit risk exposure to the banking and financial sector represented 65% of the total credit risk exposure and 57% of the net exposure. Exposure to banking and financial sector counterparties is considered to be within an acceptable level of risk tolerance because all of this exposure is with counterparties with investment grade credit ratings. However, this concentration increases the risk that a default by any of these counterparties would have a material effect on our financial condition, results of operations and liquidity. The transactions with these counterparties contain certain provisions that would require the counterparties to post collateral in the event of a material downgrade in their credit rating. We maintain credit risk policies with regard to our counterparties to minimize overall credit risk. These policies authorize specific risk mitigation tools including, but not limited to, use of standardized master agreements that allow for netting of positive and negative exposures associated with a single counterparty. Credit enhancements such as parent guarantees, letters of credit, surety bonds, liens on assets and margin deposits are also utilized. Prospective material changes in the payment history or financial condition of a counterparty or downgrade of its credit quality result in the reassessment of the credit limit with that counterparty. The process can result in the subsequent reduction of the credit limit or a request for additional financial assurances. An event of default by one or more counterparties could subsequently result in termination-related settlement payments that reduce available liquidity if amounts are owed to the counterparties related to the derivative contracts or delays in receipts of expected settlements if the counterparties owe amounts to us. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The following represent our significant related-party transactions. As of the Effective Date, pursuant to the Plan of Reorganization, EFH, EFIH, Oncor Holdings and Oncor ceased being affiliates of Reorganized TCEH and its subsidiaries, including the TCEH Debtors and the Contributed EFH Debtors. • Previously, we accrued a management fee payable to the Sponsor Group under the terms of a management agreement. Related amounts expensed and reported as SG&A expense totaled $10 million and $30 million for the three and nine months ended September 30, 2015 , respectively. No payments were made in the three and nine months ended September 30, 2016 and 2015 . 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 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 Sponsor Group has agreed to forego any and all claims under the management agreement in exchange for releases of alleged liabilities against the Debtors. • In 2007, TCEH entered into the TCEH Senior Secured Facilities with syndicates of financial institutions and other lenders. These syndicates included affiliates of GS Capital Partners, which is a member of the Sponsor Group. Affiliates of each member of the Sponsor Group have from time to time engaged in commercial banking transactions with us and/or provided financial advisory services to us, in each case in the normal course of business. • Affiliates of GS Capital Partners were parties to certain commodity and interest rate hedging transactions with us in the normal course of business. • Affiliates of the Sponsor Group have sold or acquired, and in the future may sell or acquire, debt or debt securities issued by us in open market transactions or through loan syndications. • TCEH'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 $265 million and $279 million for the three months ended September 30, 2016 and 2015 , respectively, and $700 million and $739 million for the nine months ended September 30, 2016 and 2015 , respectively. The fees are based on rates regulated by the PUCT that apply to all REPs. The condensed consolidated balance sheets at September 30, 2016 and December 31, 2015 reflect amounts due currently to Oncor totaling $146 million and $118 million , respectively (included in net payables due to unconsolidated subsidiary), largely related to these electricity delivery fees. Also see discussion below regarding receivables from Oncor under a Federal and State Income Tax Allocation Agreement. • A former subsidiary of EFH Corp. (and following the Effective Date, a subsidiary of Reorganized TCEH) bills Oncor for financial and other administrative services and shared facilities at cost. Such amounts reduced reported SG&A expense less than $1 million and $6 million for the three months ended September 30, 2016 and 2015 , respectively, and $1 million and $16 million for the nine months ended September 30, 2016 and 2015 , respectively. • A former subsidiary of EFH Corp. (and following the Effective Date, a subsidiary of Reorganized TCEH) bills TCEH subsidiaries for information technology, financial, accounting and other administrative services at cost. These charges totaled $51 million and $52 million for the three months ended September 30, 2016 and 2015 , respectively, and $157 million and $151 million for the nine months ended September 30, 2016 and 2015 , respectively. • For the three months ended March 31, 2016, TCEH settled a $2 million payable related to information technology assets purchased from a subsidiary of EFH Corp. in December 2015. For the three months ended March 31, 2015, TCEH settled a $15 million payable related to information technology assets purchased from a subsidiary of EFH Corp. in 2014. For the three months ended June 30, 2015, TCEH purchased and settled $12 million of additional assets. Following the Effective Date, the assets are substantially for the use of Reorganized 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 (and following the Effective Date, a subsidiary of Reorganized TCEH) for contribution to the trust fund with the intent that the trust fund assets, reported in other investments in our condensed consolidated balance sheets, will ultimately be sufficient to fund the future decommissioning liability, reported in noncurrent liabilities in our condensed consolidated balance sheets. The delivery fee surcharges remitted to TCEH totaled $6 million and $5 million for the three months ended September 30, 2016 and 2015 , respectively, and $15 million and $13 million for the nine months ended September 30, 2016 and 2015 , respectively. Income and expenses associated with the trust fund and the decommissioning liability incurred by TCEH (and following the Effective Date, a subsidiary of Reorganized TCEH) are offset by a net change in a receivable/payable that ultimately will be settled through changes in Oncor's delivery fee rates. At September 30, 2016 and December 31, 2015 , the excess of the trust fund balance over the decommissioning liability resulted in a payable totaling $465 million and $409 million , respectively, and is reported in noncurrent liabilities. • We file a consolidated federal income tax return that includes Oncor Holdings' results. Oncor is not a member of our consolidated tax group, but our consolidated federal income tax return includes our portion of Oncor's results due to our equity ownership in Oncor. We also file a consolidated Texas state margin tax return that includes all of Oncor Holdings' and Oncor's results. However, under a Federal and State Income Tax Allocation Agreement, Oncor Holdings' and Oncor's federal income tax and Texas margin tax expense and related balance sheet amounts, including our income taxes receivable from or payable to Oncor Holdings and Oncor, are recorded as if Oncor Holdings and Oncor file their own corporate income tax returns. At September 30, 2016 , our net current amount payable to Oncor Holdings related to federal and state income taxes (reported in net payables due to unconsolidated subsidiary) totaled $64 million , $69 million of which related to Oncor. The $69 million net payable to Oncor included an $84 million federal income tax payable and a $15 million state margin tax receivable. Additionally, at September 30, 2016 , 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, 2015 , our net current amount payable to Oncor Holdings related to federal and state income taxes 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. For the nine months ended September 30, 2016 , EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $16 million and $20 million , respectively. For the nine months ended September 30, 2015 , EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $20 million and $63 million , respectively. • Oncor collected transition surcharges from its customers to recover the payment obligations related to its securitization (transition) bonds issued to recover generation-related regulatory assets. As of September 30, 2016 , Oncor had over-collected transition charges of approximately $1 million that is expected to be refunded to Reorganized TCEH upon PUCT approval. • Oncor had requirements in place to assure adequate creditworthiness to support TCEH's obligation to collect securitization bond-related (transition) charges on its behalf. Under these requirements, as a result of TCEH's credit rating being below investment grade, TCEH was required to post collateral support in an amount equal to estimated transition charges over specified time periods. Accordingly, at December 31, 2015 , TCEH had posted letters of credit and/or cash in the amount of $6 million for the benefit of Oncor. In May 2016, the last series of Oncor's securitization bonds matured and the letters of credit were released. • 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 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). After the Effective Date, the EFH Corp. pension plan was transferred and assigned to Reorganized TCEH. 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. • In September 2016, a cash contribution totaling $2 million was made to the EFH Corp. retirement plan, all of which was contributed by TCEH, which resulted in the EFH Corp. retirement plan continuing to be fully funded as calculated under the provisions of ERISA. As a result of the Bankruptcy Filing, participants in the EFH Corp. retirement plan who chose to retire would not have been eligible for the lump sum payout option under the retirement plan unless the EFH Corp. retirement plan was fully funded. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION Prior to the Effective Date, our operations were aligned into two reportable business segments: Competitive Electric and Regulated Delivery. The segments were managed separately because they were strategic business units that offer different products or services and involve different risks. The Competitive Electric segment was 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. Prior to the Effective Date, these activities were 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 16 for discussion of material transactions with Oncor, including payment to Oncor of electricity delivery fees, which are based on rates regulated by the PUCT. Corporate and Other represents the remaining non-segment operations consisting primarily of discontinued businesses, general corporate expenses and interest and other expenses related to EFH Corp., EFIH and EFCH. The business segment results reflect the application of ASC 852, Reorganizations . The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1 to the Financial Statements in our 2015 Form 10-K. Our chief operating decision maker uses more than one measure to assess segment performance, including reported segment net income (loss), which is the measure most comparable to consolidated net income (loss) prepared based on GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices or regulated rates. Certain shared services costs are allocated to the segments. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating revenues (all Competitive Electric) $ 1,690 $ 1,737 $ 3,973 $ 4,265 Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $33, $71 and $72) $ 127 $ 127 $ 274 $ 278 Net income (loss): Competitive Electric $ 187 $ (1,517 ) $ (656 ) $ (3,068 ) Regulated Delivery 127 127 274 278 Corporate and Other (148 ) (70 ) (31 ) (409 ) Consolidated net income (loss) $ 166 $ (1,460 ) $ (413 ) $ (3,199 ) |
Supplementary Financial Informa
Supplementary Financial Information | 9 Months Ended |
Sep. 30, 2016 | |
Supplementary Financial Information [Abstract] | |
Supplementary Financial Information | SUPPLEMENTARY FINANCIAL INFORMATION Other Income and Deductions Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Other income: Office space rental income (a) $ 3 $ 3 $ 9 $ 8 Insurance settlement (b) — — 9 — Sale of land (b) 2 — 2 6 All other 5 5 12 13 Total other income $ 10 $ 8 $ 32 $ 27 Other deductions: Adjustment to asbestos liability (c) $ 23 $ — $ 23 $ — Fees associated with TCEH DIP Roll Facilities (b) 5 — 5 — Write-off of generation equipment (b) 4 — 45 — Impairment of favorable purchase contracts (Note 5) (b) — — — 8 Impairment of emission allowances (Note 5) (b) — 4 — 55 Impairment of mining development costs (Note 5) (b) — 19 — 19 All other 12 3 19 4 Total other deductions $ 44 $ 26 $ 92 $ 86 ____________ (a) Reported in Corporate and Other. (b) Reported in Competitive Electric segment. (c) Includes $12 million reported in Corporate and Other and $11 million in Competitive Electric segment. Restricted Cash September 30, 2016 December 31, 2015 Current Noncurrent Assets Current Noncurrent Assets Amounts related to TCEH's DIP Roll Facility (Note 10) $ — $ 650 $ — $ — Amounts related to TCEH's DIP Facility (Note 10) — — 519 — Amounts related to TCEH's pre-petition Letter of Credit — — — 507 Amounts related to margin deposits held 12 — — — Other 4 — 5 — Total restricted cash $ 16 $ 650 $ 524 $ 507 Trade Accounts Receivable September 30, December 31, Wholesale and retail trade accounts receivable $ 764 $ 542 Allowance for uncollectible accounts (13 ) (9 ) Trade accounts receivable — net $ 751 $ 533 Gross trade accounts receivable at September 30, 2016 and December 31, 2015 included unbilled revenues of $245 million and $231 million , respectively. Allowance for Uncollectible Accounts Receivable Nine Months Ended September 30, 2016 2015 Allowance for uncollectible accounts receivable at beginning of period $ 9 $ 15 Increase for bad debt expense 20 29 Decrease for account write-offs (16 ) (28 ) Allowance for uncollectible accounts receivable at end of period $ 13 $ 16 Inventories by Major Category September 30, December 31, Materials and supplies $ 235 $ 226 Fuel stock 119 170 Natural gas in storage 20 32 Total inventories $ 374 $ 428 Other Investments September 30, December 31, Nuclear plant decommissioning trust $ 995 $ 918 Land 36 36 Miscellaneous other 30 30 Total other investments $ 1,061 $ 984 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 16 ). The nuclear decommissioning trust fund was not a debtor in the Chapter 11 Cases. A summary of investments in the fund follows: September 30, 2016 Cost (a) Unrealized gain Unrealized loss Fair market value Debt securities (b) $ 327 $ 22 $ (1 ) $ 348 Equity securities (c) 306 347 (6 ) 647 Total $ 633 $ 369 $ (7 ) $ 995 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 ____________ (a) Includes realized gains and losses on securities sold. (b) The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's Investors Services, Inc. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 3.56% and 3.68% at September 30, 2016 and December 31, 2015 , respectively, and an average maturity of 8 years at both September 30, 2016 and December 31, 2015 . (c) The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. Debt securities held at September 30, 2016 mature as follows: $109 million in one to five years, $82 million in five to ten years and $157 million after ten years. The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Realized gains $ 3 $ 1 $ 3 $ 2 Realized losses $ (2 ) $ (2 ) $ (2 ) $ (3 ) Proceeds from sales of securities $ 46 $ 242 $ 201 $ 315 Investments in securities $ (52 ) $ (247 ) $ (215 ) $ (328 ) Property, Plant and Equipment At September 30, 2016 and December 31, 2015 , property, plant and equipment of $10.427 billion and $9.430 billion , respectively, is stated net of accumulated depreciation and amortization of $4.624 billion and $4.151 billion , respectively. Asset Retirement and Mining Reclamation Obligations These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, removal of lignite/coal fueled plant ash treatment facilities and generation plant asbestos removal and disposal costs. There is no earnings impact with respect to changes in the nuclear plant decommissioning liability, as all costs are recoverable through the regulatory process as part of Oncor's delivery fees. The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the condensed consolidated balance sheets, for the nine months ended September 30, 2016 : Nuclear Plant Decommissioning Mining Land Reclamation Other Total Liability at December 31, 2015 $ 508 $ 215 $ 107 $ 830 Additions: Accretion 22 16 5 43 Adjustment for new cost estimate — — 1 1 Incremental reclamation costs — 14 12 26 Reductions: Payments — (37 ) (3 ) (40 ) Liability at September 30, 2016 530 208 122 860 Less amounts due currently — (50 ) (1 ) (51 ) Noncurrent liability at September 30, 2016 $ 530 $ 158 $ 121 $ 809 Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: September 30, December 31, Uncertain tax positions, including accrued interest $ — $ 40 Retirement plan and other employee benefits 172 169 Asset retirement and mining reclamation obligations 809 764 Unfavorable purchase and sales contracts 525 543 Nuclear decommissioning fund excess over asset retirement obligation (Note 16) 465 409 Other 113 107 Total other noncurrent liabilities and deferred credits $ 2,084 $ 2,032 Unfavorable Purchase and Sales Contracts — The amortization of unfavorable purchase and sales contracts totaled $6 million for both the three months ended September 30, 2016 and 2015 and $18 million and $17 million for the nine months ended September 30, 2016 and 2015 , respectively. See Note 5 for intangible assets related to favorable purchase and sales contracts. As of the Effective Date, unfavorable purchase and sales contracts were removed from the condensed consolidated balance sheet in conjunction with the separation of the EFH Debtors from the TCEH Debtors and the Contributed EFH Debtors. Fair Value of Debt September 30, 2016 December 31, 2015 Debt: Carrying Amount Fair Value Carrying Amount Fair Value Borrowings under debtor-in-possession credit facilities (Note 10) $ 8,787 $ 8,967 $ 6,825 $ 6,804 Long-term debt not subject to compromise, excluding capital lease obligations (Note 10) $ 38 $ 33 $ 90 $ 89 We determine fair value in accordance with accounting standards as discussed in Note 14 , and at September 30, 2016 , 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 is impractical, and the fair values will ultimately be decided through the Chapter 11 Cases. Supplemental Cash Flow Information Nine Months Ended September 30, 2016 2015 Cash payments related to: Interest paid (a) $ 1,246 $ 1,440 Capitalized interest (9 ) (8 ) Interest paid (net of capitalized interest) (a) $ 1,237 $ 1,432 Income taxes $ 43 $ 51 Reorganization items (b) $ 197 $ 229 Noncash investing and financing activities: Construction expenditures (c) $ 54 $ 64 Income tax adjustment related to AMT utilization (d) $ — $ 3 ____________ (a) This amount includes amounts paid for adequate protection. (b) Represents cash payments for legal and other consulting services, including amounts paid on behalf of third parties pursuant to contractual obligations approved by the Bankruptcy Court. (c) Represents end-of-period accruals for ongoing construction projects. (d) Represents a reduction to EFH Corp.'s investment in Oncor Holdings due to an income tax adjustment related to alternative minimum tax utilization by Oncor. |
Business And Significant Acco25
Business And Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Including Application of Bankruptcy Accounting | Basis of Presentation, Including Application of Bankruptcy Accounting and Discontinued Operations The condensed consolidated financial statements have been prepared in accordance with US GAAP. The condensed consolidated financial statements have been prepared as if EFH Corp. is a going concern and contemplate the realization of assets and liabilities in the normal course of business. The condensed consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification 852, Reorganizations (ASC 852). During the Chapter 11 Cases, the EFH 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 9 and 11 for discussion of these accounting and reporting changes. The results of operations of TCEH are included in continuing operations in the accompanying financial statements. As discussed in Note 2 , the spin-off of Reorganized TCEH occurred on October 3, 2016. The results of operations of Reorganized TCEH will be reported as discontinued operations in our statement of consolidated income (loss) for the year ended December 31, 2016. 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 ). Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the audited financial statements and related notes included in our 2015 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. |
Use of Estimates | Use of Estimates Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements and estimates of expected allowed claims. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. |
Chapter 11 Cases (Chapter 11 Ca
Chapter 11 Cases (Chapter 11 Cases) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Reorganizations [Abstract] | |
Condensed Income Statement [Table Text Block] | Condensed statements of combined income (loss) of the Debtors for the three and nine months ended September 30, 2016 and 2015 are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating revenues $ 1,690 $ 1,737 $ 3,973 $ 4,265 Fuel, purchased power costs and delivery fees (913 ) (831 ) (2,143 ) (2,090 ) Net gain from commodity hedging and trading activities 153 103 101 226 Operating costs (184 ) (194 ) (646 ) (615 ) Depreciation and amortization (133 ) (200 ) (407 ) (633 ) Selling, general and administrative expenses (169 ) (190 ) (481 ) (542 ) Impairment of goodwill — (700 ) — (1,400 ) Impairment of long-lived assets — (1,295 ) — (1,971 ) Other income (deductions) and interest income (31 ) (18 ) (61 ) (70 ) Interest expense and related charges (434 ) (385 ) (1,231 ) (1,372 ) Reorganization items (84 ) (68 ) (206 ) (275 ) Loss before income taxes and equity in earnings of non-debtor entities (105 ) (2,041 ) (1,101 ) (4,477 ) Income tax benefit 24 453 312 997 Equity in earnings of non-debtor entities (net of tax) 247 128 376 281 Net income (loss) $ 166 $ (1,460 ) $ (413 ) $ (3,199 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | Condensed statements of combined comprehensive income (loss) of the Debtors for the three and nine months ended September 30, 2016 and 2015 are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) $ 166 $ (1,460 ) $ (413 ) $ (3,199 ) Other comprehensive loss (net of tax) (1 ) — (2 ) — Comprehensive income (loss) $ 165 $ (1,460 ) $ (415 ) $ (3,199 ) |
Condensed Cash Flow Statement [Table Text Block] | Condensed statements of combined cash flows of the Debtors for the nine months ended September 30, 2016 and 2015 are presented below: Nine Months Ended September 30, 2016 2015 Cash used in operating activities $ (482 ) $ (137 ) Cash flows — financing activities: Borrowings under TCEH DIP Roll Facilities and TCEH DIP Revolving Credit Facility 4,680 — TCEH DIP Roll Facilities financing fees (112 ) — Repayments/repurchases of debt (2,686 ) (453 ) Advances from non-debtor affiliates 97 — Fees paid on EFIH Second Lien Notes repayment and EFIH DIP Facility (14 ) (28 ) Cash provided by (used in) financing activities 1,965 (481 ) Cash flows — investing activities: Advances to non-debtor affiliates (6 ) (8 ) Investment in non-debtor affiliates (1,325 ) — Capital expenditures (189 ) (261 ) Nuclear fuel purchases (33 ) (77 ) Proceeds from sales of nuclear decommissioning trust fund securities 201 315 Investments in nuclear decommissioning trust fund securities (215 ) (328 ) Changes in restricted cash 365 33 Other, net 8 2 Cash used in investing activities (1,194 ) (324 ) Net change in cash and cash equivalents 289 (942 ) Cash and cash equivalents — beginning balance 2,258 3,417 Cash and cash equivalents — ending balance $ 2,547 $ 2,475 |
Condensed Balance Sheet [Table Text Block] | Condensed combined balance sheets of the Debtors at September 30, 2016 and December 31, 2015 are presented below: September 30, December 31, ASSETS Total current assets $ 4,153 $ 4,443 Restricted cash 650 507 Advances to non-debtor entities 115 115 Investment in non-debtor entities 7,720 6,147 Other investments 1,061 984 Property, plant and equipment — net 8,988 9,287 Goodwill 152 152 Identifiable intangible assets — net 1,133 1,170 Commodity and other derivative contractual assets 29 10 Accumulated deferred income taxes 679 424 Other noncurrent assets 58 39 Total assets $ 24,738 $ 23,278 LIABILITIES AND EQUITY Total current liabilities $ 6,923 $ 8,496 Borrowings under debtor-in-possession credit facility 3,387 — Long-term debt, less amounts due currently — 23 Liabilities subject to compromise 37,815 37,786 Commodity and other derivative contractual liabilities 4 1 Other noncurrent liabilities and deferred credits 2,085 2,033 Total liabilities 50,214 48,339 Total equity (25,476 ) (25,061 ) Total liabilities and equity $ 24,738 $ 23,278 |
Purchase of La Frontera Holdi27
Purchase of La Frontera Holdings, LLC (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Purchase of La Frontera Holdings, LLC [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the consideration paid and the preliminary allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Lamar and Forney Acquisition as of the acquisition date. During the three months ended September 30, 2016, the working capital adjustment included in the purchase price was finalized between the parties, and the purchase price allocation was completed. Cash paid to seller at close $ 603 Net working capital adjustments (4 ) Consideration paid to seller 599 Cash paid to repay project financing at close 950 Total cash paid related to acquisition $ 1,549 Cash and cash equivalents $ 210 Property, plant and equipment — net 1,316 Commodity and other derivative contractual assets 47 Other assets 44 Total assets acquired 1,617 Commodity and other derivative contractual liabilities 53 Trade accounts payable and other liabilities 15 Total liabilities assumed 68 Identifiable net assets acquired $ 1,549 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma financial information for the nine months ended September 30, 2016 and 2015 assumes that the Lamar and Forney Acquisition occurred on January 1, 2015. The unaudited pro forma financial information is provided for information purposes only and is not necessarily indicative of the results of operations that would have occurred had the Lamar and Forney Acquisition been completed on January 1, 2015, nor are they indicative of future results of operations. Nine Months Ended September 30, 2016 2015 Revenues $ 4,116 $ 4,942 Net income (loss) $ (429 ) $ (3,141 ) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Consolidation Of Variable Interest Entities [Abstract] | |
Schedule of condensed statements of consolidated income of Oncor Holdings and its subsidiaries | Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the three and nine months ended September 30, 2016 and 2015 are presented below: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating revenues $ 1,071 $ 1,072 $ 2,962 $ 2,957 Operation and maintenance expenses (414 ) (387 ) (1,206 ) (1,134 ) Depreciation and amortization (190 ) (217 ) (593 ) (653 ) Taxes other than income taxes (118 ) (116 ) (338 ) (336 ) Other income and (deductions) — net (3 ) (9 ) (11 ) (17 ) Interest expense and related charges (85 ) (84 ) (252 ) (250 ) Income before income taxes 261 259 562 567 Income tax expense (101 ) (99 ) (217 ) (217 ) Net income 160 160 345 350 Net income attributable to noncontrolling interests (33 ) (33 ) (71 ) (72 ) Net income attributable to Oncor Holdings $ 127 $ 127 $ 274 $ 278 |
Schedule of assets and liabilities of Oncor Holdings | Assets and liabilities of Oncor Holdings at September 30, 2016 and December 31, 2015 are presented below: September 30, December 31, ASSETS Current assets: Cash and cash equivalents $ 25 $ 26 Restricted cash — 38 Trade accounts receivable — net 450 388 Trade accounts and other receivables from affiliates 146 118 Income taxes receivable from EFH Corp. 79 107 Inventories 91 82 Prepayments and other current assets 97 88 Total current assets 888 847 Other investments 102 97 Property, plant and equipment — net 13,617 13,024 Goodwill 4,064 4,064 Regulatory assets — net 1,114 1,194 Other noncurrent assets 41 31 Total assets $ 19,826 $ 19,257 LIABILITIES Current liabilities: Short-term borrowings $ 880 $ 840 Long-term debt due currently 324 41 Trade accounts payable — nonaffiliates 205 150 Income taxes payable to EFH Corp. 15 20 Accrued taxes other than income 156 181 Accrued interest 69 82 Other current liabilities 139 144 Total current liabilities 1,788 1,458 Accumulated deferred income taxes 2,096 1,985 Long-term debt, less amounts due currently 5,513 5,646 Other noncurrent liabilities and deferred credits 2,338 2,306 Total liabilities $ 11,735 $ 11,395 |
Goodwill And Identifiable Int29
Goodwill And Identifiable Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 (18,190 ) Balance at September 30, 2016 and December 31, 2015 152 |
Schedule of identifiable intangible assets reported in the balance sheet | Identifiable intangible assets, including amounts that arose in connection with accounting for the Merger, are comprised of the following: September 30, 2016 December 31, 2015 Identifiable Intangible Asset Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Retail customer relationship $ 463 $ 451 $ 12 $ 463 $ 442 $ 21 Capitalized in-service software 384 250 134 362 214 148 Other identifiable intangible assets (a) 53 21 32 72 35 37 Total identifiable intangible assets subject to amortization (b) $ 900 $ 722 178 $ 897 $ 691 206 Retail trade name (not subject to amortization) 955 955 Mineral interests (not currently subject to amortization) 5 5 Total identifiable intangible assets $ 1,138 $ 1,166 ____________ (a) Includes favorable purchase and sales contracts, environmental allowances and credits and mining development costs. See discussion below regarding impairment charges recorded in the nine months ended September 30, 2015 related to other identifiable intangible assets. |
Schedule of amortization expense related to intangible assets (including income statement line item) | Amortization expense related to finite-lived identifiable intangible assets (including the condensed statements of consolidated income (loss) line item) consisted of: Identifiable Intangible Asset Condensed Statements of Consolidated Income (Loss) Line Segment Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Retail customer relationship Depreciation and amortization Competitive Electric $ 3 $ 4 $ 9 $ 13 Capitalized in-service software Depreciation and amortization Competitive Electric and Corporate and Other 13 13 38 35 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization Competitive Electric 3 9 6 21 Total amortization expense (a) $ 19 $ 26 $ 53 $ 69 ____________ (a) Amounts recorded in depreciation and amortization totaled $18 million and $21 million for the three months ended September 30, 2016 and 2015 , respectively, and $52 million and $54 million for the nine months ended September 30, 2016 and 2015 , respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Calculation of Effective Income Tax Rate | The calculation of our effective tax rate is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income (loss) before income taxes and equity in earnings of unconsolidated subsidiaries $ 81 $ (2,039 ) $ (943 ) $ (4,467 ) Income tax benefit (expense) $ (42 ) $ 452 $ 256 $ 990 Effective tax rate 51.9 % 22.2 % 27.1 % 22.2 % |
Interest Expense and Related 31
Interest Expense and Related Charges (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Interest Expense and Related Charges [Abstract] | |
Schedule of Interest Expense and Related Charges | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest paid/accrued on debtor-in-possession financing $ 97 $ 74 $ 250 $ 221 Adequate protection amounts paid/accrued 331 311 977 919 Interest paid/accrued on pre-petition debt (a) 4 — 8 243 Amortization of debt issuance, amendment and extension costs and discounts 5 — 6 — Capitalized interest (2 ) (2 ) (9 ) (8 ) Total interest expense and related charges $ 435 $ 383 $ 1,232 $ 1,375 ____________ (a) For the nine months ended September 30, 2015 , amount includes $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 11 ). For the three and nine months ended September 30, 2016 and 2015 , includes interest paid/accrued on long-term debt not subject to compromise. |
Contractual Interest Expense On Pre-Petition Liabilities] | Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued Contractual Interest on Contractual Interest on Adequate Protection Approved Interest Paid/Accrued Contractual Interest on EFH Corp. $ 11 $ — $ — $ 11 $ 31 $ — $ — $ 31 EFIH 101 — — 101 101 — — 101 EFCH — — — — 2 — — 2 TCEH 528 315 — 213 520 296 — 224 Eliminations (b) — — — — (31 ) — — (31 ) Total $ 640 $ 315 $ — $ 325 $ 623 $ 296 $ — $ 327 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Entity: Contractual Interest on Adequate Protection Approved Interest Paid/Accrued Contractual Interest on Contractual Interest on Adequate Protection Approved Interest Paid/Accrued (a) Contractual Interest on EFH Corp. $ 33 $ — $ — $ 33 $ 94 $ — $ — $ 94 EFIH 304 — — 304 314 — 50 264 EFCH 1 — — 1 5 — — 5 TCEH 1,570 930 — 640 1,548 875 — 673 Eliminations (b) — — — — (93 ) — — (93 ) Total $ 1,908 $ 930 $ — $ 978 $ 1,868 $ 875 $ 50 $ 943 ___________ (a) For the nine months ended September 30, 2015 represents portion of interest related to the EFIH Second Lien Notes that was repaid based on the approval of the Bankruptcy Court; however, excludes $185 million of post-petition interest paid in 2015 that contractually related to 2014 and default interest (see Note 11 ). (b) Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
Reorganization Items (Tables)
Reorganization Items (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Reorganization Items [Abstract] | |
Reorganization Items | Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of consolidated income (loss) as reorganization items as required by ASC 852, Reorganizations . Reorganization items also include adjustments to reflect the carrying value of LSTC at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the three and nine months ended September 30, 2016 and 2015 as reported in the condensed statements of consolidated income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Expenses related to legal advisory and representation services $ 41 $ 46 $ 101 $ 148 Expenses related to other professional consulting and advisory services 26 22 70 69 Contract claims adjustments 10 (2 ) 13 26 Fees associated with extension of EFIH DIP Facility — — 14 — Fees associated with repayment of EFIH Second Lien Notes (Note 11) — — — 28 Other 7 2 8 4 Total reorganization items $ 84 $ 68 $ 206 $ 275 |
Debtor-In-Possession Borrowin33
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debtor-In-Possession Obligations [Abstract] | |
Schedule of Line of Credit Facilities | The TCEH DIP Roll Facilities and related available capacity at September 30, 2016 are presented below. In the September 30, 2016 condensed consolidated balance sheet, the borrowings under the TCEH DIP Roll Facilities are reported as noncurrent liabilities. September 30, 2016 TCEH DIP Roll Facilities Facility Limit Cash Borrowings (d) Available Credit Capacity TCEH DIP Roll Revolving Credit Facility (a) $ 750 $ — $ 750 TCEH DIP Roll Term Loan Letter of Credit Facility (b) 650 650 — TCEH DIP Roll Term Loan Facility (c) 2,850 2,850 — Total TCEH DIP Roll Facilities $ 4,250 $ 3,500 $ 750 ___________ (a) Facility to be used for general corporate purposes. (b) Facility used for issuing letters of credit for general corporate purposes. Borrowings under this facility were funded to a collateral account that is reported as restricted cash in the condensed consolidated balance sheet. At September 30, 2016, the restricted cash supports $546 million in letters of credit outstanding (see Note 12 ), leaving $104 million in available letter of credit capacity. (c) Facility used to repay all amounts outstanding under the former TCEH DIP Facility and issuance costs for the TCEH DIP Roll Facilities, with the remaining balance used for general corporate purposes. (d) Borrowings under debtor-in-possession credit facilities in the condensed consolidated balance sheets are presented net of debt issuance costs of $79 million and debt discounts of $34 million . |
Schedule of Long-term Debt Instruments | Long-Term Debt Not Subject to Compromise — Amounts presented in the table below represent pre-petition liabilities that are not subject to compromise due to the debt being fully collateralized or specific orders from the Bankruptcy Court approving repayment of the debt. September 30, December 31, EFH Corp. (parent entity) 8.82% Non-Debtor Building Financing due semiannually through February 11, 2022 $ 31 $ 35 Unamortized fair value premium (a) 5 6 Total EFH Corp. 36 41 EFCH 9.58% Fixed Notes due in annual installments through December 4, 2019 (b) — 13 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) — 24 Unamortized fair value discount (a) — (2 ) Total EFCH — 35 TCEH 7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (c) — 13 Capital lease obligations 2 5 Other 2 2 Unamortized discount — (1 ) Total TCEH 4 19 Total EFH Corp. consolidated 40 95 Less amounts due currently (9 ) (35 ) Total long-term debt not subject to compromise $ 31 $ 60 ____________ (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. Pursuant to the Plan of Reorganization, in September 2016, we repaid all outstanding EFCH fixed notes, including $3 million in prepayment, legal and other related fees. Amounts presented below represent principal amounts of pre-petition notes, loans and other debt reported as LSTC. September 30, December 31, EFH Corp. (parent entity) 9.75% Fixed Senior Notes due October 15, 2019 $ 2 $ 2 10% Fixed Senior Notes due January 15, 2020 3 3 10.875% Fixed Senior Notes due November 1, 2017 33 33 11.25% / 12.00% Senior Toggle Notes due November 1, 2017 27 27 5.55% Fixed Series P Senior Notes due November 15, 2014 89 89 6.50% Fixed Series Q Senior Notes due November 15, 2024 198 198 6.55% Fixed Series R Senior Notes due November 15, 2034 288 288 Total EFH Corp. 640 640 EFIH 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 322 322 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 1,389 1,389 11.25% / 12.25% Senior Toggle Notes due December 1, 2018 1,530 1,530 9.75% Fixed Senior Notes due October 15, 2019 2 2 Total EFIH 3,243 3,243 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 Total EFCH 9 9 TCEH Senior Secured Facilities: TCEH Floating Rate Term Loan Facilities due October 10, 2014 3,809 3,809 TCEH Floating Rate Letter of Credit Facility due October 10, 2014 42 42 TCEH Floating Rate Revolving Credit Facility due October 10, 2016 2,054 2,054 TCEH Floating Rate Term Loan Facilities due October 10, 2017 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 September 30, December 31, 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 1,833 1,833 10.25% Fixed Senior Notes due November 1, 2015, Series B 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 Other 1 1 Total TCEH 31,668 31,668 Total EFH Corp. consolidated notes, loans and other debt $ 35,560 $ 35,560 |
Liabilities Subject to Compro34
Liabilities Subject to Compromise (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Liabilities Subject to Compromise [Abstract] | |
Liabilities Subject To Compromise | The amounts classified as 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. Amounts classified to LSTC do not include pre-petition liabilities that are fully collateralized by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015 : September 30, December 31, Notes, loans and other debt per the following table $ 35,560 $ 35,560 Accrued interest on notes, loans and other debt 745 745 Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 15) 1,243 1,243 Trade accounts payable and other expected allowed claims 267 238 Total liabilities subject to compromise $ 37,815 $ 37,786 |
Schedule of Long-term Debt Instruments | Long-Term Debt Not Subject to Compromise — Amounts presented in the table below represent pre-petition liabilities that are not subject to compromise due to the debt being fully collateralized or specific orders from the Bankruptcy Court approving repayment of the debt. September 30, December 31, EFH Corp. (parent entity) 8.82% Non-Debtor Building Financing due semiannually through February 11, 2022 $ 31 $ 35 Unamortized fair value premium (a) 5 6 Total EFH Corp. 36 41 EFCH 9.58% Fixed Notes due in annual installments through December 4, 2019 (b) — 13 8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) — 24 Unamortized fair value discount (a) — (2 ) Total EFCH — 35 TCEH 7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (c) — 13 Capital lease obligations 2 5 Other 2 2 Unamortized discount — (1 ) Total TCEH 4 19 Total EFH Corp. consolidated 40 95 Less amounts due currently (9 ) (35 ) Total long-term debt not subject to compromise $ 31 $ 60 ____________ (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. Pursuant to the Plan of Reorganization, in September 2016, we repaid all outstanding EFCH fixed notes, including $3 million in prepayment, legal and other related fees. Amounts presented below represent principal amounts of pre-petition notes, loans and other debt reported as LSTC. September 30, December 31, EFH Corp. (parent entity) 9.75% Fixed Senior Notes due October 15, 2019 $ 2 $ 2 10% Fixed Senior Notes due January 15, 2020 3 3 10.875% Fixed Senior Notes due November 1, 2017 33 33 11.25% / 12.00% Senior Toggle Notes due November 1, 2017 27 27 5.55% Fixed Series P Senior Notes due November 15, 2014 89 89 6.50% Fixed Series Q Senior Notes due November 15, 2024 198 198 6.55% Fixed Series R Senior Notes due November 15, 2034 288 288 Total EFH Corp. 640 640 EFIH 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 322 322 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 1,389 1,389 11.25% / 12.25% Senior Toggle Notes due December 1, 2018 1,530 1,530 9.75% Fixed Senior Notes due October 15, 2019 2 2 Total EFIH 3,243 3,243 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 Total EFCH 9 9 TCEH Senior Secured Facilities: TCEH Floating Rate Term Loan Facilities due October 10, 2014 3,809 3,809 TCEH Floating Rate Letter of Credit Facility due October 10, 2014 42 42 TCEH Floating Rate Revolving Credit Facility due October 10, 2016 2,054 2,054 TCEH Floating Rate Term Loan Facilities due October 10, 2017 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 September 30, December 31, 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 1,833 1,833 10.25% Fixed Senior Notes due November 1, 2015, Series B 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 Other 1 1 Total TCEH 31,668 31,668 Total EFH Corp. consolidated notes, loans and other debt $ 35,560 $ 35,560 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table presents the changes to equity for the nine months ended September 30, 2016 : EFH Corp. Shareholders’ Equity Common Stock (a) Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Total Equity Balance at December 31, 2015 $ 2 $ 7,968 $ (32,905 ) $ (126 ) $ (25,061 ) Net loss — — (413 ) — (413 ) Change in unrecognized losses related to pension and OPEB plans — — — (5 ) (5 ) Net effects of cash flow hedges — — — 1 1 Net effects related to Oncor — — — 2 2 Balance at September 30, 2016 $ 2 $ 7,968 $ (33,318 ) $ (128 ) $ (25,476 ) ________________ (a) Authorized shares totaled 2,000,000,000 at September 30, 2016 . Outstanding shares totaled 1,669,861,379 at both September 30, 2016 and December 31, 2015 . The following table presents the changes to equity for the nine months ended September 30, 2015 : EFH Corp. Shareholders’ Equity Common Stock (a) Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Loss Total Equity Balance at December 31, 2014 $ 2 $ 7,968 $ (27,563 ) $ (130 ) $ (19,723 ) Net loss — — (3,199 ) — (3,199 ) Change in unrecognized losses related to pension and OPEB plans — — — (3 ) (3 ) Net effects of cash flow hedges — — — 1 1 Net effects related to Oncor — — — 2 2 Balance at September 30, 2015 $ 2 $ 7,968 $ (30,762 ) $ (130 ) $ (22,922 ) ________________ (a) Authorized shares totaled 2,000,000,000 at September 30, 2015 . Outstanding shares totaled 1,669,861,379 at both September 30, 2015 and December 31, 2014 . |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss The following table presents the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2016 . There was no other comprehensive income (loss) before reclassification for the period. Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 15) Pension and Other Postretirement Employee Benefit Liabilities Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2015 $ (50 ) $ (76 ) $ (126 ) Amounts reclassified from accumulated other comprehensive loss and reported in: Operating costs — (4 ) (4 ) Depreciation and amortization 1 — 1 Selling, general and administrative expenses — (4 ) (4 ) Income tax benefit — 3 3 Equity in earnings of unconsolidated subsidiaries (net of tax) 1 1 2 Total amount reclassified from accumulated other comprehensive loss during the period 2 (4 ) (2 ) Balance at September 30, 2016 $ (48 ) $ (80 ) $ (128 ) The following table presents the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2015 . There was no other comprehensive income (loss) before reclassification for the period. Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 15) Pension and Other Postretirement Employee Benefit Liabilities Adjustments Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ (53 ) $ (77 ) $ (130 ) Amounts reclassified from accumulated other comprehensive loss and reported in: Operating costs — (2 ) (2 ) Depreciation and amortization 1 — 1 Selling, general and administrative expenses — (3 ) (3 ) Income tax benefit — 2 2 Equity in earnings of unconsolidated subsidiaries (net of tax) 1 1 2 Total amount reclassified from accumulated other comprehensive loss during the period 2 (2 ) — Balance at September 30, 2015 $ (51 ) $ (79 ) $ (130 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis consisted of the following: September 30, 2016 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 118 $ 97 $ 109 $ 4 $ 328 Nuclear decommissioning trust – 410 — — — 410 Nuclear decommissioning trust – — 348 — — 348 Sub-total $ 528 $ 445 $ 109 $ 4 1,086 Assets measured at net asset value (d): Nuclear decommissioning trust – 237 Total assets $ 1,323 Liabilities: Commodity contracts $ 97 $ 17 $ 12 $ 4 $ 130 Total liabilities $ 97 $ 17 $ 12 $ 4 $ 130 December 31, 2015 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 385 $ 41 $ 49 $ — $ 475 Nuclear decommissioning trust – 380 219 — — 599 Nuclear decommissioning trust – — 319 — — 319 Total assets $ 765 $ 579 $ 49 $ — $ 1,393 Liabilities: Commodity contracts $ 128 $ 64 $ 12 $ — $ 204 Total liabilities $ 128 $ 64 $ 12 $ — $ 204 ____________ (a) See table below for description of Level 3 assets and liabilities. (b) Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in the condensed consolidated balance sheets. (c) The nuclear decommissioning trust investment is included in the other investments line in the condensed consolidated balance sheets. See Note 18 . (d) Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. This presentation is only allowed for periods beginning after December 15, 2015. The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. |
Schedule of fair value of the Level 3 assets and liabilities by major contract type (all related to commodity contracts) and the significant unobservable inputs used in the valuations | The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at September 30, 2016 and December 31, 2015 : September 30, 2016 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 39 $ (1 ) $ 38 Valuation Model Hourly price curve shape (d) $0 to $35/ MWh Illiquid delivery periods for ERCOT hub power prices and heat rates (e) $30 to $70/ MWh Electricity spread options 31 (4 ) 27 Option Pricing Model Gas to power correlation (f) 50% to 95% Power volatility (g) 10% to 60% Electricity congestion revenue rights 32 (6 ) 26 Market Approach (h) Illiquid price differences between settlement points (i) $0 to $10/MWh Other (j) 7 (1 ) 6 Total $ 109 $ (12 ) $ 97 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 spread options 2 (7 ) (5 ) Option Pricing Model Gas to power correlation (f) 35% to 80% Power volatility (g) 10% to 35% Electricity congestion revenue rights 39 (4 ) 35 Market Approach (h) Illiquid price differences between settlement points (i) $0 to $10/MWh Other (j) 7 — 7 Total $ 49 $ (12 ) $ 37 ____________ (a) Electricity purchase and sales contracts include power and heat rate hedging positions in the ERCOT regions. Electricity spread options contracts consist of physical electricity call options. Electricity congestion revenue rights contracts consist of forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within ERCOT. (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) Based on historical forward ERCOT power price and heat rate variability. (f) Estimate of the historical range based on forward natural gas and on-peak power prices for the ERCOT hubs most relevant to our spread options. (g) Based on historical forward price changes. (h) While we use the market approach, there is insufficient market data to consider the valuation liquid. (i) Based on the historical price differences between settlement points within the ERCOT hubs and load zones. (j) Other includes contracts for ancillary services, natural gas, power options, coal and coal options. There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy for the three and nine months ended September 30, 2016 and 2015 . See the table of changes in fair values of Level 3 assets and liabilities below for discussion of transfers between Level 2 and Level 3 for the three and nine months ended September 30, 2016 and 2015 . During the three months ended June 30, 2016, in conjunction with the Lamar and Forney Acquisition, we assumed certain electricity spread options that are classified in Level 3 of the fair value hierarchy. |
Schedule of changes in fair value of the Level 3 assets and liabilities | The following table presents the changes in fair value of the Level 3 assets and liabilities for the three and nine months ended September 30, 2016 and 2015 . Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net asset (liability) balance at beginning of period $ (9 ) $ 44 $ 37 $ 35 Total unrealized valuation gains (losses) 126 (1 ) 122 13 Purchases, issuances and settlements (a): Purchases 11 5 37 37 Issuances (4 ) (2 ) (20 ) (7 ) Settlements (24 ) (19 ) (51 ) (44 ) Transfers into Level 3 (b) — — 1 — Transfers out of Level 3 (b) — — 1 (7 ) Net liabilities assumed in the Lamar and Forney Acquisition (Note 3) (3 ) — (30 ) — Net change (c) 106 (17 ) 60 (8 ) Net asset balance at end of period $ 97 $ 27 $ 97 $ 27 Unrealized valuation gains relating to instruments held at end of period $ 92 $ 1 $ 98 $ 1 ____________ (a) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. (b) Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. All Level 3 transfers during the periods presented are in and out of Level 2. (c) Substantially all changes in values of commodity contracts (excluding net liabilities assumed in the Lamar and Forney Acquisition) are reported in the condensed statements of consolidated income (loss) in net gain from commodity hedging and trading activities. Activity excludes changes in fair value in the month the positions settled as well as amounts related to positions entered into and settled in the same quarter. |
Commodity And Other Derivativ37
Commodity And Other Derivative Contractual Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Commodity and Other Derivative Contractual Assets and Liabilities as Reported in the Balance Sheets | Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of derivative contractual assets and liabilities as reported in the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015 . Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract. All amounts relate to commodity contracts. September 30, 2016 December 31, 2015 Derivative Assets Derivative Liabilities Total Derivative Assets Derivative Liabilities Total Current assets $ 256 $ — $ 256 $ 465 $ — $ 465 Noncurrent assets 72 — 72 10 — 10 Current liabilities (4 ) (121 ) (125 ) — (203 ) (203 ) Noncurrent liabilities — (5 ) (5 ) — (1 ) (1 ) Net assets (liabilities) $ 324 $ (126 ) $ 198 $ 475 $ (204 ) $ 271 |
Offsetting Assets and Liabilities | The following tables reconcile our derivative assets and liabilities as presented in the condensed consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: September 30, 2016 Amounts Presented in Balance Sheet Offsetting Instruments (a) Financial Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 328 $ (126 ) $ (33 ) $ 169 Derivative liabilities: Commodity contracts (130 ) 126 — (4 ) Net amounts $ 198 $ — $ (33 ) $ 165 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 ____________ (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 | following table presents the gross notional amounts of derivative volumes at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Derivative type Notional Volume Unit of Measure Natural gas (a) 1,464 1,489 Million MMBtu Electricity 85,019 58,022 GWh Congestion Revenue Rights (b) 114,474 106,260 GWh Coal 6 10 Million US tons Fuel oil 21 35 Million gallons Uranium 200 75 Thousand pounds ____________ (a) Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. (b) Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ERCOT. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating revenues (all Competitive Electric) $ 1,690 $ 1,737 $ 3,973 $ 4,265 Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $33, $71 and $72) $ 127 $ 127 $ 274 $ 278 Net income (loss): Competitive Electric $ 187 $ (1,517 ) $ (656 ) $ (3,068 ) Regulated Delivery 127 127 274 278 Corporate and Other (148 ) (70 ) (31 ) (409 ) Consolidated net income (loss) $ 166 $ (1,460 ) $ (413 ) $ (3,199 ) |
Supplementary Financial Infor39
Supplementary Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Supplementary Financial Information [Abstract] | |
Schedule of other income and deductions | Other Income and Deductions Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Other income: Office space rental income (a) $ 3 $ 3 $ 9 $ 8 Insurance settlement (b) — — 9 — Sale of land (b) 2 — 2 6 All other 5 5 12 13 Total other income $ 10 $ 8 $ 32 $ 27 Other deductions: Adjustment to asbestos liability (c) $ 23 $ — $ 23 $ — Fees associated with TCEH DIP Roll Facilities (b) 5 — 5 — Write-off of generation equipment (b) 4 — 45 — Impairment of favorable purchase contracts (Note 5) (b) — — — 8 Impairment of emission allowances (Note 5) (b) — 4 — 55 Impairment of mining development costs (Note 5) (b) — 19 — 19 All other 12 3 19 4 Total other deductions $ 44 $ 26 $ 92 $ 86 ____________ (a) Reported in Corporate and Other. (b) Reported in Competitive Electric segment. (c) Includes $12 million reported in Corporate and Other and $11 million in Competitive Electric segment. |
Schedule of Interest Expense and Related Charges | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest paid/accrued on debtor-in-possession financing $ 97 $ 74 $ 250 $ 221 Adequate protection amounts paid/accrued 331 311 977 919 Interest paid/accrued on pre-petition debt (a) 4 — 8 243 Amortization of debt issuance, amendment and extension costs and discounts 5 — 6 — Capitalized interest (2 ) (2 ) (9 ) (8 ) Total interest expense and related charges $ 435 $ 383 $ 1,232 $ 1,375 ____________ (a) For the nine months ended September 30, 2015 , amount includes $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 11 ). For the three and nine months ended September 30, 2016 and 2015 , includes interest paid/accrued on long-term debt not subject to compromise. |
Schedule of restricted cash | Restricted Cash September 30, 2016 December 31, 2015 Current Noncurrent Assets Current Noncurrent Assets Amounts related to TCEH's DIP Roll Facility (Note 10) $ — $ 650 $ — $ — Amounts related to TCEH's DIP Facility (Note 10) — — 519 — Amounts related to TCEH's pre-petition Letter of Credit — — — 507 Amounts related to margin deposits held 12 — — — Other 4 — 5 — Total restricted cash $ 16 $ 650 $ 524 $ 507 |
Schedule of accounts, notes, loans and financing receivable | Allowance for Uncollectible Accounts Receivable Nine Months Ended September 30, 2016 2015 Allowance for uncollectible accounts receivable at beginning of period $ 9 $ 15 Increase for bad debt expense 20 29 Decrease for account write-offs (16 ) (28 ) Allowance for uncollectible accounts receivable at end of period $ 13 $ 16 Trade Accounts Receivable September 30, December 31, Wholesale and retail trade accounts receivable $ 764 $ 542 Allowance for uncollectible accounts (13 ) (9 ) Trade accounts receivable — net $ 751 $ 533 Gross trade accounts receivable at September 30, 2016 and December 31, 2015 included unbilled revenues of $245 million and $231 million , respectively. |
Schedule of inventories by major category | Inventories by Major Category September 30, December 31, Materials and supplies $ 235 $ 226 Fuel stock 119 170 Natural gas in storage 20 32 Total inventories $ 374 $ 428 |
Summary of other investments | Other Investments September 30, December 31, Nuclear plant decommissioning trust $ 995 $ 918 Land 36 36 Miscellaneous other 30 30 Total other investments $ 1,061 $ 984 |
Summary of investments in the fund | The nuclear decommissioning trust fund was not a debtor in the Chapter 11 Cases. A summary of investments in the fund follows: September 30, 2016 Cost (a) Unrealized gain Unrealized loss Fair market value Debt securities (b) $ 327 $ 22 $ (1 ) $ 348 Equity securities (c) 306 347 (6 ) 647 Total $ 633 $ 369 $ (7 ) $ 995 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 ____________ (a) Includes realized gains and losses on securities sold. (b) The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's Investors Services, Inc. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 3.56% and 3.68% at September 30, 2016 and December 31, 2015 , respectively, and an average maturity of 8 years at both September 30, 2016 and December 31, 2015 . (c) The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. |
Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales | The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Realized gains $ 3 $ 1 $ 3 $ 2 Realized losses $ (2 ) $ (2 ) $ (2 ) $ (3 ) Proceeds from sales of securities $ 46 $ 242 $ 201 $ 315 Investments in securities $ (52 ) $ (247 ) $ (215 ) $ (328 ) |
Schedule of asset retirement and mining reclamation obligations | The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the condensed consolidated balance sheets, for the nine months ended September 30, 2016 : Nuclear Plant Decommissioning Mining Land Reclamation Other Total Liability at December 31, 2015 $ 508 $ 215 $ 107 $ 830 Additions: Accretion 22 16 5 43 Adjustment for new cost estimate — — 1 1 Incremental reclamation costs — 14 12 26 Reductions: Payments — (37 ) (3 ) (40 ) Liability at September 30, 2016 530 208 122 860 Less amounts due currently — (50 ) (1 ) (51 ) Noncurrent liability at September 30, 2016 $ 530 $ 158 $ 121 $ 809 |
Schedule of other noncurrent liabilities and deferred credits | Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: September 30, December 31, Uncertain tax positions, including accrued interest $ — $ 40 Retirement plan and other employee benefits 172 169 Asset retirement and mining reclamation obligations 809 764 Unfavorable purchase and sales contracts 525 543 Nuclear decommissioning fund excess over asset retirement obligation (Note 16) 465 409 Other 113 107 Total other noncurrent liabilities and deferred credits $ 2,084 $ 2,032 |
Schedule of fair value of debt | Fair Value of Debt September 30, 2016 December 31, 2015 Debt: Carrying Amount Fair Value Carrying Amount Fair Value Borrowings under debtor-in-possession credit facilities (Note 10) $ 8,787 $ 8,967 $ 6,825 $ 6,804 Long-term debt not subject to compromise, excluding capital lease obligations (Note 10) $ 38 $ 33 $ 90 $ 89 |
Schedule of supplemental cash flow information | Supplemental Cash Flow Information Nine Months Ended September 30, 2016 2015 Cash payments related to: Interest paid (a) $ 1,246 $ 1,440 Capitalized interest (9 ) (8 ) Interest paid (net of capitalized interest) (a) $ 1,237 $ 1,432 Income taxes $ 43 $ 51 Reorganization items (b) $ 197 $ 229 Noncash investing and financing activities: Construction expenditures (c) $ 54 $ 64 Income tax adjustment related to AMT utilization (d) $ — $ 3 ____________ (a) This amount includes amounts paid for adequate protection. (b) Represents cash payments for legal and other consulting services, including amounts paid on behalf of third parties pursuant to contractual obligations approved by the Bankruptcy Court. (c) Represents end-of-period accruals for ongoing construction projects. (d) Represents a reduction to EFH Corp.'s investment in Oncor Holdings due to an income tax adjustment related to alternative minimum tax utilization by Oncor. |
Business And Significant Acco40
Business And Significant Accounting Policies (Details) - Reportable_segment | 9 Months Ended | |
Sep. 30, 2016 | Nov. 30, 2008 | |
Business and Significant Accounting Policies | ||
Number of reportable segments (in reportable segments) | 2 | |
Equity method investment, Maximum ownership percentage for accounting treatment (as a percent) | 50.00% | |
Oncor [Member] | ||
Business and Significant Accounting Policies | ||
Sale of equity ownership interest (as a percent) | 19.75% | |
Energy Future Intermediate Holding CO LLC [Member] | Oncor [Member] | ||
Business and Significant Accounting Policies | ||
Equity method investment, ownership (as a percent) | 80.00% |
Chapter 11 Cases (Narrative) (D
Chapter 11 Cases (Narrative) (Details) $ in Millions | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Nov. 01, 2016 | |
Schedule of Reorganization Costs [Line Items] | |||
Debtor Reorganization Items, Unsecured Intercompany Claim Of Subsidiary With Parent | $ 700 | ||
Subsequent Event [Member] | |||
Schedule of Reorganization Costs [Line Items] | |||
Bankruptcy Claims, Number 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 | 5,700 | ||
Energy Future Holdings Corp. and Energy Future Intermediate Holding Company LLC [Member] | NextEra Energy, Inc. [Member] | |||
Schedule of Reorganization Costs [Line Items] | |||
Merger Agreement, Number Of Days Termination Date May Be Extended | 90 days | ||
Merger Agreement, Termination Fee | $ 275 | ||
TCEH Debtors [Member] | Subsequent Event [Member] | |||
Schedule of Reorganization Costs [Line Items] | |||
Debtor Reorganization Items, Discharge of Claims and Liabilities | $ 33,700 | ||
Minimum [Member] | Energy Future Holdings Corp. and Energy Future Intermediate Holding Company LLC [Member] | NextEra Energy, Inc. [Member] | |||
Schedule of Reorganization Costs [Line Items] | |||
Merger Agreement, Termination Fee Threshold, Approximate Percentage Of Direct And Indirect Ownership In Oncor | 80.00% | ||
Texas Transmission Investment LLC [Member] | Subsequent Event [Member] | |||
Schedule of Reorganization Costs [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.75% | ||
Texas Transmission Investment LLC [Member] | NextEra Energy, Inc. [Member] | Subsequent Event [Member] | |||
Schedule of Reorganization Costs [Line Items] | |||
Agreement And Plan Of Merger, Aggregate Purchase Price | $ 2,400 | ||
Management and Board of Directors [Member] | Subsequent Event [Member] | |||
Schedule of Reorganization Costs [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.22% | ||
Management and Board of Directors [Member] | NextEra Energy, Inc. [Member] | Subsequent Event [Member] | |||
Schedule of Reorganization Costs [Line Items] | |||
Purchase And Sale Agreement, Aggregate Purchase Price | $ 27 |
Chapter 11 Cases (Condensed Com
Chapter 11 Cases (Condensed Combined Debtor Financial Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenues | $ 1,690 | $ 1,737 | $ 3,973 | $ 4,265 | ||
Fuel, purchased power costs and delivery fees | (874) | (831) | (2,082) | (2,090) | ||
Net gain from commodity hedging and trading activities | 336 | 103 | 282 | 226 | ||
Operating costs | (190) | (189) | (664) | (598) | ||
Depreciation and amortization | (159) | (203) | (467) | (643) | ||
Selling, general and administrative expenses | (169) | (192) | (487) | (547) | ||
Impairment of goodwill | 0 | (700) | 0 | (1,400) | ||
Impairment of long-lived assets | 0 | (1,295) | 0 | (1,971) | ||
Interest expense and related charges | (435) | (383) | (1,232) | (1,375) | ||
Reorganization items | (84) | (68) | (206) | (275) | ||
Income tax benefit (expense) | (42) | 452 | 256 | 990 | ||
Net income (loss) | 166 | (1,460) | (413) | (3,199) | ||
Other comprehensive loss (net of tax) | (1) | 0 | (2) | 0 | ||
Comprehensive income (loss) | 165 | (1,460) | (415) | (3,199) | ||
Cash flows — operating activities: | ||||||
Cash used in operating activities | (328) | (123) | ||||
Cash flows — financing activities: | ||||||
Borrowings under TCEH DIP Roll Facilities and TCEH DIP Facility | 4,680 | 0 | ||||
TCEH DIP Roll Facilities financing fees | (112) | 0 | ||||
Repayments/repurchases of debt | (2,699) | (469) | ||||
Fees paid on EFIH Second Lien Notes repayment and EFIH DIP Facility | (14) | (28) | ||||
Cash provided by (used in) financing activities | 1,855 | (497) | ||||
Cash flows — investing activities: | ||||||
Capital expenditures | (230) | (261) | ||||
Nuclear fuel purchases | (33) | (77) | ||||
Proceeds from sales of nuclear decommissioning trust fund securities | 46 | 242 | 201 | 315 | ||
Investments in securities | (52) | (247) | (215) | (328) | ||
Changes in restricted cash | 365 | 33 | ||||
Other, net | (8) | (11) | ||||
Cash used in investing activities | (1,247) | (307) | ||||
Net change in cash and cash equivalents | 280 | (927) | ||||
Cash and cash equivalents — beginning balance | 2,286 | 3,428 | ||||
Cash and cash equivalents — ending balance | 2,566 | 2,501 | 2,566 | 2,501 | ||
ASSETS | ||||||
Total current assets | 4,070 | 4,070 | $ 4,323 | |||
Restricted cash | 650 | 650 | 507 | |||
Other investments | 1,061 | 1,061 | 984 | |||
Property, plant and equipment — net | 10,427 | 10,427 | 9,430 | |||
Goodwill | 152 | 152 | 152 | |||
Identifiable intangible assets — net | 1,138 | 1,138 | 1,166 | |||
Commodity and other derivative contractual assets | 72 | 72 | 10 | |||
Accumulated deferred income taxes | 830 | 830 | 609 | |||
Other noncurrent assets | 96 | 96 | 85 | |||
Total assets | 24,700 | 24,700 | 23,330 | |||
LIABILITIES AND EQUITY | ||||||
Total current liabilities | 6,854 | 6,854 | 8,512 | |||
Borrowings under debtor-in-possession credit facility | 3,387 | 3,387 | 0 | |||
Long-term debt, less amounts due currently | 31 | 31 | 60 | |||
Liabilities subject to compromise | 37,815 | 37,815 | 37,786 | |||
Commodity and other derivative contractual liabilities | 5 | 5 | 1 | |||
Other noncurrent liabilities and deferred credits | 2,084 | 2,084 | 2,032 | |||
Total liabilities | 50,176 | 50,176 | 48,391 | |||
Total equity | (25,476) | (22,922) | (25,476) | (22,922) | (25,061) | $ (19,723) |
Total liabilities and equity | 24,700 | 24,700 | 23,330 | |||
EFH Corp Debtors [Member] | ||||||
Operating revenues | 1,690 | 1,737 | 3,973 | 4,265 | ||
Fuel, purchased power costs and delivery fees | (913) | (831) | (2,143) | (2,090) | ||
Net gain from commodity hedging and trading activities | 153 | 103 | 101 | 226 | ||
Operating costs | (184) | (194) | (646) | (615) | ||
Depreciation and amortization | (133) | (200) | (407) | (633) | ||
Selling, general and administrative expenses | (169) | (190) | (481) | (542) | ||
Impairment of goodwill | 0 | (700) | 0 | (1,400) | ||
Impairment of long-lived assets | 0 | (1,295) | 0 | (1,971) | ||
Other income (deductions) and interest income | (31) | (18) | (61) | (70) | ||
Interest expense and related charges | (434) | (385) | (1,231) | (1,372) | ||
Reorganization items | (84) | (68) | (206) | (275) | ||
Loss before income taxes and equity in earnings of non-debtor entities | (105) | (2,041) | (1,101) | (4,477) | ||
Income tax benefit (expense) | 24 | 453 | 312 | 997 | ||
Equity in earnings of non-debtor entities (net of tax) | 247 | 128 | 376 | 281 | ||
Net income (loss) | 166 | (1,460) | (413) | (3,199) | ||
Other comprehensive loss (net of tax) | (1) | 0 | (2) | 0 | ||
Comprehensive income (loss) | 165 | (1,460) | (415) | (3,199) | ||
Cash flows — operating activities: | ||||||
Cash used in operating activities | (482) | (137) | ||||
Cash flows — financing activities: | ||||||
Borrowings under TCEH DIP Roll Facilities and TCEH DIP Facility | 4,680 | 0 | ||||
TCEH DIP Roll Facilities financing fees | (112) | 0 | ||||
Repayments/repurchases of debt | (2,686) | (453) | ||||
Advances from non-debtor affiliates | 97 | 0 | ||||
Fees paid on EFIH Second Lien Notes repayment and EFIH DIP Facility | (14) | (28) | ||||
Cash provided by (used in) financing activities | 1,965 | (481) | ||||
Cash flows — investing activities: | ||||||
Advances to non-debtor affiliates | (6) | (8) | ||||
Investment in non-debtor affiliates | (1,325) | 0 | ||||
Capital expenditures | (189) | (261) | ||||
Nuclear fuel purchases | (33) | (77) | ||||
Proceeds from sales of nuclear decommissioning trust fund securities | 201 | 315 | ||||
Investments in securities | (215) | (328) | ||||
Changes in restricted cash | 365 | 33 | ||||
Other, net | (8) | (2) | ||||
Cash used in investing activities | (1,194) | (324) | ||||
Net change in cash and cash equivalents | 289 | (942) | ||||
Cash and cash equivalents — beginning balance | 2,258 | 3,417 | ||||
Cash and cash equivalents — ending balance | 2,547 | $ 2,475 | 2,547 | $ 2,475 | ||
ASSETS | ||||||
Total current assets | 4,153 | 4,153 | 4,443 | |||
Restricted cash | 650 | 650 | 507 | |||
Advances to non-debtor entities | 115 | 115 | 115 | |||
Investment in non-debtor entities | 7,720 | 7,720 | 6,147 | |||
Other investments | 1,061 | 1,061 | 984 | |||
Property, plant and equipment — net | 8,988 | 8,988 | 9,287 | |||
Goodwill | 152 | 152 | 152 | |||
Identifiable intangible assets — net | 1,133 | 1,133 | 1,170 | |||
Commodity and other derivative contractual assets | 29 | 29 | 10 | |||
Accumulated deferred income taxes | 679 | 679 | 424 | |||
Other noncurrent assets | 58 | 58 | 39 | |||
Total assets | 24,738 | 24,738 | 23,278 | |||
LIABILITIES AND EQUITY | ||||||
Total current liabilities | 6,923 | 6,923 | 8,496 | |||
Borrowings under debtor-in-possession credit facility | 3,387 | 3,387 | 0 | |||
Long-term debt, less amounts due currently | 0 | 0 | 23 | |||
Liabilities subject to compromise | 37,815 | 37,815 | 37,786 | |||
Commodity and other derivative contractual liabilities | 4 | 4 | 1 | |||
Other noncurrent liabilities and deferred credits | 2,085 | 2,085 | 2,033 | |||
Total liabilities | 50,214 | 50,214 | 48,339 | |||
Total equity | (25,476) | (25,476) | (25,061) | |||
Total liabilities and equity | $ 24,738 | $ 24,738 | $ 23,278 |
Purchase of La Frontera Holdi43
Purchase of La Frontera Holdings, LLC Narrative (Details) - La Frontera Holdings, LLC [Member] - Texas Competitive Electric Holdings Company LLC [Member] $ in Millions | 1 Months Ended | |
Apr. 30, 2016USD ($) | Apr. 04, 2016Megawatt-hour | |
La Frontera Ventures, LLC [Member] | ||
Number Of Natural Gas Fueled Generation Facilities Purchased | 2 | |
Electricity Generation Facility Capacity | Megawatt-hour | 3,000 | |
Purchase And Sale Agreement, Aggregate Purchase Price | $ 1,313 | |
Purchase And Sale Agreement, Repayment Of Existing Project Financing At Closing | 950 | |
Pending Purchase And Sale Agreement, Cash And Net Working Capital Estimate | 236 | |
Forney Power Plant [Member] | La Frontera Ventures, LLC [Member] | ||
Electricity Generation Facility Capacity | Megawatt-hour | 1,912 | |
Lamar Power Plant [Member] | La Frontera Ventures, LLC [Member] | ||
Electricity Generation Facility Capacity | Megawatt-hour | 1,076 | |
Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Revolving Credit Facility [Member] | ||
Repayments of Lines of Credit | 230 | |
Proceeds from Lines of Credit | $ 1,100 |
Purchase of La Frontera Holdi44
Purchase of La Frontera Holdings, LLC Schedule of Assets Acquired and Liabilities Assumed (Details) - La Frontera Holdings, LLC [Member] - USD ($) $ in Millions | 1 Months Ended | |
Apr. 30, 2016 | Apr. 04, 2016 | |
Cash paid to seller at close | $ 603 | |
Net working capital adjustments | (4) | |
Consideration paid to seller | 599 | |
Cash paid to repay project financing at close | 950 | |
Total cash paid related to acquisition | $ 1,549 | |
Cash and cash equivalents | $ 210 | |
Property, plant and equipment — net | 1,316 | |
Commodity and other derivative contractual assets | 47 | |
Other assets | 44 | |
Total assets acquired | 1,617 | |
Commodity and other derivative contractual liabilities | 53 | |
Trade accounts payable and other liabilities | 15 | |
Total liabilities assumed | 68 | |
Identifiable net assets acquired | $ 1,549 |
Purchase of La Frontera Holdi45
Purchase of La Frontera Holdings, LLC Pro Forma Financial Information (Details) - La Frontera Holdings, LLC [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement [Line Items] | ||
Revenues | $ 4,116 | $ 4,942 |
Net income (loss) | $ (429) | $ (3,141) |
Variable Interest Entities (Onc
Variable Interest Entities (Oncor Holdings and Distributions from Oncor Holdings) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated subsidiary | $ 6,204 | $ 6,064 | |
Distributions of earnings from unconsolidated subsidiaries | $ 135 | $ 206 | |
Oncor [Member] | Energy Future Intermediate Holding CO LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership (as a percent) | 80.00% | ||
Oncor [Member] | Oncor Holdings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of equity method investment consolidated revenues related to services provided to entity (as a percent) | 24.00% | 25.00% | |
Oncor Holdings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Distributions of earnings from unconsolidated subsidiaries | $ 135 | $ 206 | |
Eligible distributions after accounting for regulatory restrictions | $ 69 | ||
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) | 59.60% | ||
Regulatory capitalization, ratio of debt to equity, equity (as a percent) | 40.40% |
Variable Interest Entities (O47
Variable Interest Entities (Oncor Holdings Financial Statements) (Details) - Oncor Holdings [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Operating revenues | $ 1,071 | $ 1,072 | $ 2,962 | $ 2,957 | |
Operation and maintenance expenses | (414) | (387) | (1,206) | (1,134) | |
Depreciation and amortization | (190) | (217) | (593) | (653) | |
Taxes other than income taxes | (118) | (116) | (338) | (336) | |
Other income and (deductions) — net | (3) | (9) | (11) | (17) | |
Interest expense and related charges | (85) | (84) | (252) | (250) | |
Income before income taxes | 261 | 259 | 562 | 567 | |
Income tax expense | (101) | (99) | (217) | (217) | |
Net income | 160 | 160 | 345 | 350 | |
Net income attributable to noncontrolling interests | (33) | (33) | (71) | (72) | |
Net income attributable to Oncor Holdings | 127 | $ 127 | 274 | $ 278 | |
Current assets: | |||||
Cash and cash equivalents | 25 | 25 | $ 26 | ||
Restricted cash | 0 | 0 | 38 | ||
Trade accounts receivable — net | 450 | 450 | 388 | ||
Trade accounts and other receivables from affiliates | 146 | 146 | 118 | ||
Income taxes receivable from EFH Corp. | 79 | 79 | 107 | ||
Inventories | 91 | 91 | 82 | ||
Prepayments and other current assets | 97 | 97 | 88 | ||
Total current assets | 888 | 888 | 847 | ||
Other investments | 102 | 102 | 97 | ||
Property, plant and equipment — net | 13,617 | 13,617 | 13,024 | ||
Goodwill | 4,064 | 4,064 | 4,064 | ||
Regulatory assets — net | 1,114 | 1,114 | 1,194 | ||
Other noncurrent assets | 41 | 41 | 31 | ||
Total assets | 19,826 | 19,826 | 19,257 | ||
Current liabilities: | |||||
Short-term borrowings | 880 | 880 | 840 | ||
Long-term debt due currently | 324 | 324 | 41 | ||
Trade accounts payable — nonaffiliates | 205 | 205 | 150 | ||
Income taxes payable to EFH Corp. | 15 | 15 | 20 | ||
Accrued taxes other than income | 156 | 156 | 181 | ||
Accrued interest | 69 | 69 | 82 | ||
Other current liabilities | 139 | 139 | 144 | ||
Total current liabilities | 1,788 | 1,788 | 1,458 | ||
Accumulated deferred income taxes | 2,096 | 2,096 | 1,985 | ||
Long-term debt, less amounts due currently | 5,513 | 5,513 | 5,646 | ||
Other noncurrent liabilities and deferred credits | 2,338 | 2,338 | 2,306 | ||
Total liabilities | $ 11,735 | $ 11,735 | $ 11,395 |
Goodwill And Identifiable Int48
Goodwill And Identifiable Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||||
Balance, goodwill | $ 152 | $ 152 | $ 152 | ||
Impairment of goodwill | 0 | $ 700 | 0 | $ 1,400 | |
Competitive Electric [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill before impairment charges | 18,342 | 18,342 | 18,342 | ||
Accumulated noncash impairment charges | (18,190) | (18,190) | (18,190) | ||
Balance, goodwill | 152 | 152 | $ 152 | ||
Goodwill, Expected Tax Deductible Amount | $ 0 | $ 0 |
Goodwill And Identifiable Int49
Goodwill And Identifiable Intangible Assets (Identifiable Intangible Assets Reported in the Balance Sheet) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | [3] | Dec. 31, 2015 | |||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Gross Carrying Amount | [1] | $ 900 | $ 900 | $ 897 | ||||
Accumulated Amortization | [1] | 722 | 722 | 691 | ||||
Total identifiable intangible assets subject to amortization, net | 178 | 178 | 206 | |||||
Total identifiable intangible assets | 1,138 | 1,138 | 1,166 | |||||
Retail trade name (not subject to amortization) [Member] | ||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Gross Carrying Amount, Unamortized Intangibles | 955 | 955 | 955 | |||||
Mineral interests (not currently subject to amortization) [Member] | ||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Gross Carrying Amount, Unamortized Intangibles | 5 | 5 | 5 | |||||
Retail customer relationship [Member] | ||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Gross Carrying Amount | 463 | 463 | 463 | |||||
Accumulated Amortization | 451 | 451 | 442 | |||||
Total identifiable intangible assets subject to amortization, net | 12 | 12 | 21 | |||||
Capitalized in-service software [Member] | ||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Gross Carrying Amount | 384 | 384 | 362 | |||||
Accumulated Amortization | 250 | 250 | 214 | |||||
Total identifiable intangible assets subject to amortization, net | 134 | 134 | 148 | |||||
Other Identifiable Intangible Assets [Member] | ||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Gross Carrying Amount | [2] | 53 | 53 | 72 | ||||
Accumulated Amortization | [2] | 21 | 21 | 35 | ||||
Total identifiable intangible assets subject to amortization, net | [2] | 32 | 32 | $ 37 | ||||
Environmental allowances and credits [Member] | ||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | $ 4 | [3] | 0 | $ 55 | |||
Mine Development [Member] | ||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 19 | [3] | 0 | 19 | |||
Favorable purchase and sales contracts [Member] | ||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 | $ 8 | ||||
[1] | 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. | |||||||
[2] | Includes favorable purchase and sales contracts, environmental allowances and credits and mining development costs. See discussion below regarding impairment charges recorded in the nine months ended September 30, 2015 related to other identifiable intangible assets. | |||||||
[3] | Reported in Competitive Electric segment. |
Goodwill And Identifiable Int50
Goodwill And Identifiable Intangible Assets (Amortization Expense Related to Identifiable Intangible Assets (including income statement line item)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | [1] | $ 19 | $ 26 | $ 53 | $ 69 |
Depreciation and amortization [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 18 | 21 | 52 | 54 | |
Retail customer relationship [Member] | Depreciation and amortization [Member] | Competitive Electric [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 3 | 4 | 9 | 13 | |
Capitalized in-service software [Member] | Depreciation and amortization [Member] | Competitive Electric and Corporate and Other [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 13 | 13 | 38 | 35 | |
Other Identifiable Intangible Assets [Member] | Operating Revenues, Fuel, Purchased Power Costs And Delivery Fees, Depreciation And Amortization [Member] | Competitive Electric [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 3 | $ 9 | $ 6 | $ 21 | |
[1] | Amounts recorded in depreciation and amortization totaled $18 million and $21 million for the three months ended September 30, 2016 and 2015, respectively, and $52 million and $54 million for the nine months ended September 30, 2016 and 2015, respectively. |
Income Taxes (Calculation of Ef
Income Taxes (Calculation of Effective Tax Rate)(Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Income (loss) before income taxes and equity in earnings of unconsolidated subsidiaries | $ 81 | $ (2,039) | $ (943) | $ (4,467) |
Income tax benefit (expense) | $ (42) | $ 452 | $ 256 | $ 990 |
Effective tax rate | 51.90% | 22.20% | 27.10% | 22.20% |
Effective tax rate at federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Income Taxes (Accounting for Un
Income Taxes (Accounting for Uncertainty in Income Taxes) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Jul. 31, 2016 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Examination [Line Items] | |||||||
Income tax benefit | $ 42 | $ (452) | $ (256) | $ (990) | |||
Texas Comptroller Of Public Accounts [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Tax Payment Related To Settlement With Taxing Authority, Net | $ 12 | ||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 26 | ||||||
Tax Years 2010 Through 2013 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 1 | ||||||
Income Tax Payments Assessed But Not Paid | $ 15 | ||||||
Tax Years 2008 and 2009 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Examination [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 | ||||||
Competitive Electric [Member] | Tax Years 2008 and 2009 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Income tax benefit | $ 3 |
Impairment of Long-Lived Asse53
Impairment of Long-Lived Assets (Impairment of Long-Lived Assets)(Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of long-lived assets | $ 0 | $ 1,295 | $ 0 | $ 1,971 | |
Martin Lake Steam Electric Station, Sandow Steam Electric Station Unit 4 and Sandow Electric Station Unit 5 [Member] [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of long-lived assets | $ 1,295 | ||||
Big Brown Steam Electric Station [Member] | |||||
Impaired Long-Lived Assets Held and Used [Line Items] | |||||
Impairment of long-lived assets | $ 676 |
Interest Expense and Related 54
Interest Expense and Related Charges (Interest Expense and Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Interest Expense and Related Charges [Line Items] | ||||||
Interest paid/accrued on debtor-in-possession financing | $ 97 | $ 74 | $ 250 | $ 221 | ||
Adequate protection amounts paid/accrued | 331 | 311 | 977 | 919 | ||
Interest paid/accrued on pre-petition debt | 4 | 0 | 8 | 243 | [1] | |
Amortization of debt issuance, amendment and extension costs and discounts | 5 | 0 | 6 | 0 | ||
Capitalized interest | (2) | (2) | (9) | (8) | ||
Total interest expense and related charges | 435 | $ 383 | 1,232 | 1,375 | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 35,560 | 35,560 | $ 35,560 | |||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,243 | 1,243 | 1,243 | |||
Energy Future Intermediate Holding CO LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3,243 | 3,243 | 3,243 | |||
Texas Competitive Electric Holdings Company LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 31,668 | 31,668 | 31,668 | |||
Line of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 22,616 | 22,616 | ||||
Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | Senior Secured Debt [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Interest paid/accrued on pre-petition debt | $ 235 | |||||
11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | Senior Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,750 | $ 1,750 | $ 1,750 | |||
Adequate Protection Interest Expense [Member] | ||||||
Interest Expense and Related Charges [Line Items] | ||||||
Adequate Protection Paid Or Accrued, Weighted Average Interest Rate | 4.95% | 4.95% | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
[1] | For the nine months ended September 30, 2015, amount includes $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 11). For the three and nine months ended September 30, 2016 and 2015, includes interest paid/accrued on long-term debt not subject to compromise. |
Interest Expense and Related 55
Interest Expense and Related Charges (Contractual Interest Expense on Pre-Petition Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | $ 640 | $ 623 | $ 1,908 | $ 1,868 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 315 | 296 | 930 | 875 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 50 | [1] | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 325 | 327 | 978 | 943 | ||
Adequate Protection Interest Paid-Accrued, Amount Excluded Related To Terminated Natural Gas Hedging Positions And Interest Rate Swaps | 16 | 15 | 47 | 44 | ||
Post-Petition Interest Related to Prior Periods Paid And Accrued On Pre-Petition Debt | 185 | |||||
Reportable Legal Entities [Member] | EFH Corp. [Member] | ||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 11 | 31 | 33 | 94 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | 0 | 0 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 0 | ||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 11 | 31 | 33 | 94 | ||
Reportable Legal Entities [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 101 | 101 | 304 | 314 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | 0 | 0 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 50 | [1] | |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 101 | 101 | 304 | 264 | ||
Reportable Legal Entities [Member] | 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 | 0 | 2 | 1 | 5 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | 0 | 0 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 0 | ||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 0 | 2 | 1 | 5 | ||
Reportable Legal Entities [Member] | 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 | 528 | 520 | 1,570 | 1,548 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 315 | 296 | 930 | 875 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 0 | ||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 213 | 224 | 640 | 673 | ||
Consolidation, Eliminations [Member] | ||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | ||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 0 | (31) | [2] | 0 | (93) | [2] |
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | 0 | 0 | ||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled-Repaid | 0 | 0 | 0 | 0 | ||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | $ 0 | $ (31) | [2] | $ 0 | $ (93) | [2] |
[1] | For the nine months ended September 30, 2015 represents portion of interest related to the EFIH Second Lien Notes that was repaid based on the approval of the Bankruptcy Court; however, excludes $185 million of post-petition interest paid in 2015 that contractually related to 2014 and default interest | |||||
[2] | Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
Reorganization Items (Reorganiz
Reorganization Items (Reorganization Items) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reorganizations [Abstract] | ||||
Expenses related to legal advisory and representation services | $ 41 | $ 46 | $ 101 | $ 148 |
Expenses related to other professional consulting and advisory services | 26 | 22 | 70 | 69 |
Contract claims adjustments | 10 | (2) | 13 | 26 |
Fees associated with extension of EFIH DIP Facilities | 0 | 0 | 14 | 0 |
Fees associated with repayment of EFIH Second Lien Notes | 0 | 0 | 0 | 28 |
Other | 7 | 2 | 8 | 4 |
Total reorganization items | $ 84 | $ 68 | $ 206 | $ 275 |
Debtor-In-Possession Borrowin57
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (TCEH Debtor-In-Possession to Exit Facility) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Aug. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Line of Credit Facility [Line Items] | |||||
Borrowings under debtor-in-possession credit facilities | $ 5,400 | $ 6,825 | |||
TCEH DIP Roll Facilities financing fees | (112) | $ 0 | |||
Texas Competitive Electric Holdings Company LLC [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Unamortized Discount | 0 | 1 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession to Exit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unamortized Debt Issuance Expense | 79 | ||||
Debt Instrument, Unamortized Discount | 34 | ||||
Debtor-in-Possession Financing, Amount Arranged | 4,250 | ||||
Debtor-In-Possession Financing, Proceeds From Issuance Net Of Premium (Discount) | $ 3,465 | ||||
Borrowings under debtor-in-possession credit facilities | [1] | 3,500 | |||
Debtor-in-Possession Financing, Unused Capacity | 750 | ||||
Debtor-In-Possession Financing, Amendment Fee, Issuance Costs | 107 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession to Exit Facility [Member] | Senior Secured Super-Priority Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debtor-in-Possession Financing, Amount Arranged | [2] | 750 | |||
Borrowings under debtor-in-possession credit facilities | [1],[2] | 0 | |||
Debtor-in-Possession Financing, Unused Capacity | [2] | $ 750 | |||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession to Exit Facility [Member] | Senior Secured Super-Priority Letter of Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debtor-in-Possession Financing, Letters of Credit Outstanding | $ 546 | ||||
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | 104 | ||||
Debtor-in-Possession Financing, Amount Arranged | [3] | 650 | |||
Borrowings under debtor-in-possession credit facilities | [1],[3] | 650 | |||
Debtor-in-Possession Financing, Unused Capacity | [3] | 0 | |||
Debtor-in-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | $ 650 | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 5.00% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession to Exit Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debtor-in-Possession Financing, Amount Arranged | [3] | $ 2,850 | |||
Borrowings under debtor-in-possession credit facilities | [1],[4] | 2,850 | |||
Debtor-in-Possession Financing, Unused Capacity | [4] | $ 0 | |||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 5.00% | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debtor-in-Possession Financing, Amount Arranged | 3,375 | ||||
Debtor-In-Possession Financing, Repayment Of Outstanding Amounts | $ 2,650 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debtor-in-Possession Financing, Amount Arranged | 1,950 | ||||
Debtor-in-Possession Financing, Borrowings Outstanding | 0 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debtor-in-Possession Financing, Amount Arranged | 1,425 | ||||
Debtor-in-Possession Financing, Borrowings Outstanding | 1,425 | ||||
Debtor-in-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | $ 800 | ||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 3.75% | ||||
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 | ||||
Minimum [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession to Exit Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
[1] | Borrowings under debtor-in-possession credit facilities in the condensed consolidated balance sheets are presented net of debt issuance costs of $79 million and debt discounts of $34 million. | ||||
[2] | Facility to be used for general corporate purposes. | ||||
[3] | Facility used for issuing letters of credit for general corporate purposes. Borrowings under this facility were funded to a collateral account that is reported as restricted cash in the condensed consolidated balance sheet. At September 30, 2016, the restricted cash supports $546 million in letters of credit outstanding (see Note 12), leaving $104 million in available letter of credit capacity. | ||||
[4] | Facility used to repay all amounts outstanding under the former TCEH DIP Facility and issuance costs for the TCEH DIP Roll Facilities, with the remaining balance used for general corporate purposes. |
Debtor-In-Possession Borrowin58
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (TCEH Debtor-In-Possession Facility) (Details) - Texas Competitive Electric Holdings Company LLC [Member] - Debtor-In-Possession Facility [Member] $ in Millions | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |
Debtor-in-Possession Financing, Amount Arranged | $ 3,375 |
Senior Secured Super-Priority Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Debtor-in-Possession Financing, Amount Arranged | 1,950 |
Debtor-in-Possession Financing, Borrowings Outstanding | 0 |
Senior Secured Super-Priority Term Loan [Member] | |
Line of Credit Facility [Line Items] | |
Debtor-in-Possession Financing, Amount Arranged | 1,425 |
Debtor-in-Possession Financing, Borrowings Outstanding | $ 1,425 |
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 3.75% |
Debtor-in-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | $ 800 |
Cash and Cash Equivalents [Member] | Senior Secured Super-Priority Term Loan [Member] | |
Line of Credit Facility [Line Items] | |
Debtor-in-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 281 |
Restricted Cash [Member] | Senior Secured Super-Priority Term Loan [Member] | |
Line of Credit Facility [Line Items] | |
Debtor-in-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | $ 519 |
Debtor-In-Possession Borrowin59
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (EFIH First-Lien Debtor-In-Possession Facility) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2016 | Jan. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Line of Credit Facility [Line Items] | |||||||||
Interest paid/accrued on pre-petition debt | $ 4 | $ 0 | $ 8 | $ 243 | [1] | ||||
Cash and cash equivalents | 2,566 | $ 2,501 | 2,566 | 2,501 | $ 2,286 | $ 3,428 | |||
TCEH DIP Roll Facilities financing fees | (112) | 0 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Cash and cash equivalents | 256 | 256 | |||||||
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] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 5,400 | $ 5,400 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 4.25% | 4.25% | |||||||
Debtor-in-Possession Financing, Borrowings Outstanding | $ 5,400 | $ 5,400 | |||||||
Debtor In Possession Financing, Liquidity Covenant, Unrestricted Cash Balance, Minimum | $ 150 | $ 150 | |||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Repayment of Debt And Pre-Petition And Post-Petition Interest | 750 | ||||||||
Repayments of Debt | 445 | ||||||||
Pre-Petition Interest Paid and Accrued On Pre-Petition Debt | 55 | ||||||||
Interest paid/accrued on pre-petition debt | $ 235 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Debtor-In-Possession Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debtor-In-Possession Financing, Extension Fee | $ 14 | ||||||||
Minimum [Member] | Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | |||||||
Subsequent Event [Member] | Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debtor-in-Possession Financing, Amendments to Arrangement, Increase (Decrease) in Amount Arranged | $ 75 | ||||||||
TCEH DIP Roll Facilities financing fees | $ 10 | ||||||||
[1] | For the nine months ended September 30, 2015, amount includes $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 11). For the three and nine months ended September 30, 2016 and 2015, includes interest paid/accrued on long-term debt not subject to compromise. |
Debtor-In-Possession Borrowin60
Debtor-In-Possession Borrowing Facilities And Long-Term Debt Not Subject To Compromise (Long-Term Debt Not Subject to Compromise) (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 40 | $ 95 | |
Long-term debt due currently | (9) | (35) | |
Long-term debt, less amounts due currently | 31 | 60 | |
EFH Corp. [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 36 | 41 | |
Energy Future Competitive Holdings Company [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 0 | 35 | |
Debt Instrument, Unamortized premium (discount) fair value adjustments recorded under purchase accounting | [1] | 0 | (2) |
Texas Competitive Electric Holdings Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 4 | 19 | |
Capital lease obligations | 2 | 5 | |
Other Long-term Debt | 2 | 2 | |
Debt Instrument, Unamortized Discount | 0 | (1) | |
8.82% Building Financing due semiannually through February 11, 2022 [Member] | EFH Corp. [Member] | Building Financing [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 31 | 35 | |
Debt Instrument, Unamortized premium (discount) fair value adjustments recorded under purchase accounting | [1] | $ 5 | 6 |
Debt Instrument, Interest Rate, Stated Percentage | 8.82% | ||
Fixed 9.58% Notes due in annual installments through December 4, 2019 [Member] | Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [2] | $ 0 | 13 |
Debt Instrument, Interest Rate, Stated Percentage | 9.58% | ||
Fixed 8.254% Notes due in quarterly installments through December 31, 2021 [Member] | Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [2] | $ 0 | 24 |
Debt Instrument, Interest Rate, Stated Percentage | 8.254% | ||
Fixed 7.48% Secured Facility Bonds With Amortizing Payments Through January 2017 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Debt Repurchase, Prepayment, Legal And Related Fees | $ 3 | ||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [3] | $ 0 | $ 13 |
Debt Instrument, Interest Rate, Stated Percentage | 7.48% | ||
[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 Compro61
Liabilities Subject to Compromise (Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 35,560 | $ 35,560 | |
Accrued interest on notes, loans and other debt | 745 | 745 | |
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,243 | 1,243 | |
Trade accounts payable and other expected allowed claims | 267 | 238 | |
Total liabilities subject to compromise | $ 37,815 | $ 37,786 | |
TCEH Debtors [Member] | Subsequent Event [Member] | |||
Debtor Reorganization Items, Discharge of Claims and Liabilities | $ 33,700 |
Liabilities Subject to Compro62
Liabilities Subject to Compromise (Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 35,560 | $ 35,560 |
EFH Corp. [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 640 | 640 |
EFH Corp. [Member] | Senior Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 2 | 2 |
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | |
EFH Corp. [Member] | Senior Secured Debt [Member] | 10% Fixed Senior Secured Notes due January 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 3 | 3 |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 33 | 33 |
Debt Instrument, Interest Rate, Stated Percentage | 10.875% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 27 | 27 |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate (as a percent) | 11.25% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate (as a percent) | 12.00% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 89 | 89 |
Debt Instrument, Interest Rate, Stated Percentage | 5.55% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 198 | 198 |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
EFH Corp. [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 288 | 288 |
Debt Instrument, Interest Rate, Stated Percentage | 6.55% | |
Energy Future Intermediate Holding CO LLC [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 3,243 | 3,243 |
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 2 | 2 |
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | |
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 322 | 322 |
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,389 | 1,389 |
Debt Instrument, Interest Rate, Stated Percentage | 11.75% | |
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,530 | 1,530 |
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate (as a percent) | 11.25% | |
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate (as a percent) | 12.25% | |
Energy Future Competitive Holdings Company [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 9 | 9 |
Energy Future Competitive Holdings Company [Member] | Junior Subordinated Debentures [Member] | Floating Rate Junior Subordinated Debentures, Series D due January 30, 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1 | 1 |
Energy Future Competitive Holdings Company [Member] | Junior Subordinated Debentures [Member] | 8.175% Fixed Junior Subordinated Debentures, Series E due January 30, 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 8 | 8 |
Debt Instrument, Interest Rate, Stated Percentage | 8.175% | |
Texas Competitive Electric Holdings Company LLC [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 31,668 | 31,668 |
Other Long-term Debt | 2 | 2 |
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,750 | 1,750 |
Debt Instrument, Interest Rate, Stated Percentage | 11.50% | |
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 336 | 336 |
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | |
Texas Competitive Electric Holdings Company LLC [Member] | Senior Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,235 | 1,235 |
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,833 | 1,833 |
Debt Instrument, Interest Rate, Stated Percentage | 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] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,292 | 1,292 |
Debt Instrument, Interest Rate, Stated Percentage | 10.25% | |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1,749 | 1,749 |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate (as a percent) | 10.50% | |
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate (as a percent) | 11.25% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 39 | 39 |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 111 | 111 |
Debt Instrument, Interest Rate, Stated Percentage | 7.70% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 50 | 50 |
Debt Instrument, Interest Rate, Stated Percentage | 7.70% | |
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | Fixed 8.25% Series 2001A due October 1, 2030 [Member] | Brazos River Authority [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 71 | 71 |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 171 | 171 |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 39 | 39 |
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 52 | 52 |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.40% Fixed Series 2003D due October 1, 2029 [Member] | Brazos River Authority [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 31 | 31 |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 100 | 100 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 51 | 51 |
Debt Instrument, Interest Rate, Stated Percentage | 6.45% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 70 | 70 |
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 12 | 12 |
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 45 | 45 |
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | |
Texas Competitive Electric Holdings Company LLC [Member] | 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] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 14 | 14 |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 22,616 | |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | Term Loan Facilities maturing October 10, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 3,809 | 3,809 |
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | Term Loan Facilities maturing October 10, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 15,691 | 15,691 |
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 42 | 42 |
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 1,020 | 1,020 |
Texas Competitive Electric Holdings Company LLC [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility maturing October 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | 2,054 | 2,054 |
Texas Competitive Electric Holdings Company LLC [Member] | Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise | $ 1 | $ 1 |
Liabilities Subject to Compro63
Liabilities Subject to Compromise (TCEH Letter of Credit Facility Activity) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Restricted cash | $ 650 | $ 507 |
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 |
Liabilities Subject to Compro64
Liabilities Subject to Compromise (Repayment of EFIH Second Lien Notes) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Debt Instrument [Line Items] | |||||
Interest paid/accrued on pre-petition debt | $ 4 | $ 0 | $ 8 | $ 243 | [1] |
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt | 735 | ||||
Debt Repurchase Fees And Expenses | 15 | ||||
Repayments of Debt | 445 | ||||
Interest paid/accrued on pre-petition debt | 235 | ||||
Pre-Petition Interest Paid and Accrued On Pre-Petition Debt | $ 55 | ||||
Percent Of Lenders Consenting To Debt Repurchase Transaction | 97.00% | ||||
Consent Fee Related To Debt Repurchase Transaction | $ 13 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 84 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 361 | ||||
[1] | For the nine months ended September 30, 2015, amount includes $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 11). For the three and nine months ended September 30, 2016 and 2015, includes interest paid/accrued on long-term debt not subject to compromise. |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2015 | Aug. 31, 2015 | Sep. 30, 2016USD ($) | |
Commitments and Contingencies [Line Items] | |||
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 | ||
Pending Litigation [Member] | EFIH First-Lien Makewhole Claim [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | $ 432,000,000 | ||
Pending Litigation [Member] | EFIH Second-Lien Makewhole Claim [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | 270,000,000 | ||
Pending Litigation [Member] | EFH Corp. Senior Legacy Notes Makewhole Claim [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | 254,000,000 | ||
Pending Litigation [Member] | EFH Corp. Senior Notes Post-Petition Interest Claim [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | 98,000,000 | ||
Pending Litigation [Member] | EFH Corp. Senior LBO Notes Makewhole Claim [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | 0 | ||
Pending Litigation [Member] | EFH Corp. Senior LBO Notes Post-Petition Interest Claim [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | 20,000,000 | ||
Pending Litigation [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Minimum [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency Damages Sought Value Per Day | 32,500 | ||
Pending Litigation [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Maximum [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency Damages Sought Value Per Day | 37,500 | ||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Commitments and Contingencies [Line Items] | |||
Letters of Credit | 546,000,000 | ||
Support Risk Management And Trading Margin Requirements Including Over The Counter Hedging Transactions And Collateral Postings With Electric Reliability Council Of Texas [Member] | Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Commitments and Contingencies [Line Items] | |||
Letters of Credit | 399,000,000 | ||
Support Executory Contracts And Insurance Agreements [Member] | Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Commitments and Contingencies [Line Items] | |||
Letters of Credit | 64,000,000 | ||
Support Retail Electric Provider's financial requirements with the Public Utility Commission of Texas [Member] | Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Commitments and Contingencies [Line Items] | |||
Letters of Credit | 55,000,000 | ||
Miscellaneous credit support requirements [Member] | Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Commitments and Contingencies [Line Items] | |||
Letters of Credit | $ 28,000,000 | ||
Region Haze Program Of The Clean Air Act [Member] | |||
Commitments and Contingencies [Line Items] | |||
Public Utilities, Number Of Components Of Federal Program | 2 | ||
Public Utilities, Number Of Electricity Generation Units In Texas, Affected By The EPA's Proposed FIP On Texas, Total | 15 | ||
Public Utilities, Number Of Electricity Generation Units In Texas, Affected By The EPA's Proposed FIP On Texas, Units Subject To New Scrubbers | 7 | ||
Public Utilities, Number Of Electricity Units In Texas, Affected By The EPA's Proposed FIP On Texas, Units Subject To Upgrades To Existing Scrubbers | 7 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - shares | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Equity | ||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | ||
Common stock, shares outstanding | 1,669,861,379 | 1,669,861,379 | 1,669,861,379 | 1,669,861,379 |
Equity (Changes to Equity) (Det
Equity (Changes to Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | $ (25,061) | $ (19,723) | ||||||
Net income (loss) | $ 166 | $ (1,460) | (413) | (3,199) | ||||
Change in unrecognized losses related to pension and OPEB plans | (2) | (1) | (5) | (3) | ||||
Net effects of cash flow hedges | 0 | 0 | (1) | (1) | ||||
Net effects related to Oncor | 1 | 1 | 2 | 2 | ||||
Ending balance | (25,476) | (22,922) | (25,476) | (22,922) | ||||
Common Stock [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 2 | [1] | 2 | [2] | ||||
Ending balance | 2 | [1] | 2 | [2] | 2 | [1] | 2 | [2] |
Additional Paid-in Capital [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 7,968 | 7,968 | ||||||
Ending balance | 7,968 | 7,968 | 7,968 | 7,968 | ||||
Retained Earnings [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | (32,905) | (27,563) | ||||||
Net income (loss) | (413) | (3,199) | ||||||
Ending balance | (33,318) | (30,762) | (33,318) | (30,762) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | (126) | (130) | ||||||
Change in unrecognized losses related to pension and OPEB plans | (5) | (3) | ||||||
Net effects of cash flow hedges | (1) | (1) | ||||||
Net effects related to Oncor | 2 | 2 | ||||||
Ending balance | $ (128) | $ (130) | $ (128) | $ (130) | ||||
[1] | Authorized shares totaled 2,000,000,000 at September 30, 2016. Outstanding shares totaled 1,669,861,379 at both September 30, 2016 and December 31, 2015. | |||||||
[2] | Authorized shares totaled 2,000,000,000 at September 30, 2015. Outstanding shares totaled 1,669,861,379 at both September 30, 2015 and December 31, 2014. |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ (126) | $ (130) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Depreciation and amortization | $ (159) | $ (203) | (467) | (643) |
Selling, general and administrative expenses | (169) | (192) | (487) | (547) |
Income tax benefit (expense) | (42) | 452 | 256 | 990 |
Equity in earnings of unconsolidated subsidiaries | 127 | 127 | 274 | 278 |
Total other comprehensive loss | (1) | 0 | (2) | 0 |
Ending balance | (128) | (130) | (128) | (130) |
Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (50) | (53) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Ending balance | (48) | (51) | (48) | (51) |
Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (76) | (77) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Ending balance | $ (80) | $ (79) | (80) | (79) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Operating costs | (4) | (2) | ||
Depreciation and amortization | 1 | 1 | ||
Selling, general and administrative expenses | (4) | (3) | ||
Income tax benefit (expense) | 3 | 2 | ||
Equity in earnings of unconsolidated subsidiaries | 2 | 2 | ||
Total other comprehensive loss | (2) | 0 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Dedesignated Cash Flow Hedges – Interest Rate Swaps [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Operating costs | 0 | 0 | ||
Depreciation and amortization | 1 | 1 | ||
Selling, general and administrative expenses | 0 | 0 | ||
Income tax benefit (expense) | 0 | 0 | ||
Equity in earnings of unconsolidated subsidiaries | 1 | 1 | ||
Total other comprehensive loss | 2 | 2 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Employee Benefit Liabilities Adjustments [Member] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | ||||
Operating costs | (4) | (2) | ||
Depreciation and amortization | 0 | 0 | ||
Selling, general and administrative expenses | (4) | (3) | ||
Income tax benefit (expense) | 3 | 2 | ||
Equity in earnings of unconsolidated subsidiaries | 1 | 1 | ||
Total other comprehensive loss | $ (4) | $ (2) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Assets: | |||
Nuclear decommissioning trust | $ 995 | $ 918 | |
Assets, Fair Value Disclosure, Including Assets Measured At Net Asset Value | 1,323 | ||
Commodity contracts [Member] | |||
Assets: | |||
Derivative asset, Fair Value, Gross Asset | 328 | 475 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 130 | 204 | |
Level 3 [Member] | |||
Assets: | |||
Sub-total | [1] | 109 | 49 |
Liabilities: | |||
Total liabilities | [1] | 12 | 12 |
Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Liability | [2] | 4 | |
Liabilities: | |||
Derivative liabilities, Fair Value, Gross Asset | [2] | 4 | |
Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Liability | [2] | 4 | |
Liabilities: | |||
Derivative liabilities, Fair Value, Gross Asset | [2] | 4 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Sub-total | 528 | 765 | |
Liabilities: | |||
Total liabilities | 97 | 128 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative asset, Fair Value, Gross Asset | 118 | 385 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 97 | 128 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Assets: | |||
Sub-total | 445 | 579 | |
Liabilities: | |||
Total liabilities | 17 | 64 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative asset, Fair Value, Gross Asset | 97 | 41 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 17 | 64 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 0 | ||
Sub-total | 109 | 49 | |
Liabilities: | |||
Total liabilities | 12 | 12 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative asset, Fair Value, Gross Asset | 109 | 49 | |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 12 | 12 | |
Total [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Sub-total | 1,086 | 1,393 | |
Liabilities: | |||
Total liabilities | 130 | 204 | |
Total [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member] | |||
Assets: | |||
Derivative Assets | 328 | 475 | |
Liabilities: | |||
Derivative Liabilities | 130 | 204 | |
Equity Securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [3] | 647 | 599 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Assets, Measured at Net Asset Value | [4],[5] | 237 | |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [5] | 410 | 380 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [5] | 219 | |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 0 | 0 | |
Equity Securities [Member] | Total [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [5] | 410 | 599 |
Debt Securities [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [6] | 348 | 319 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 0 | ||
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [5] | 348 | 319 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Assets: | |||
Nuclear decommissioning trust | 0 | ||
Debt Securities [Member] | Total [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets: | |||
Nuclear decommissioning trust | [5] | $ 348 | $ 319 |
[1] | Electricity purchase and sales contracts include power and heat rate hedging positions in the ERCOT regions. Electricity spread options contracts consist of physical electricity call options. Electricity congestion revenue rights contracts consist of forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within ERCOT. | ||
[2] | Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in the condensed consolidated balance sheets. | ||
[3] | The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. | ||
[4] | Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. This presentation is only allowed for periods beginning after December 15, 2015. The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated balance sheets. | ||
[5] | The nuclear decommissioning trust investment is included in the other investments line in the condensed consolidated balance sheets. | ||
[6] | The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's Investors Services, Inc. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 3.56% and 3.68% at September 30, 2016 and December 31, 2015, respectively, and an average maturity of 8 years at both September 30, 2016 and December 31, 2015. |
Fair Value Measurements (Sche70
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) - Level 3 [Member] $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016USD ($)$ / Megawatt-hour | Dec. 31, 2015USD ($)$ / Megawatt-hour | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1] | $ 109 | $ 49 |
Liabilities | [1] | (12) | (12) |
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 97 | 37 |
Electricity purchases and sales [Member] | Valuation Model [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1] | 39 | 1 |
Liabilities | [1] | (1) | (1) |
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 38 | 0 |
Electricity spread options [Member] | Option Pricing Model Valuation Technique [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1] | 31 | 2 |
Liabilities | [1] | (4) | (7) |
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 27 | (5) |
Electricity congestion revenue rights [Member] | Market Approach [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1],[2] | 32 | 39 |
Liabilities | [1],[2] | (6) | (4) |
Derivative Assets (Liabilities), at Fair Value, Net | [1],[2] | 26 | 35 |
Other [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Assets | [1],[3] | 7 | 7 |
Liabilities | [1],[3] | (1) | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | [1],[3] | $ 6 | $ 7 |
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 | |
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour | [1],[5],[6] | 0 | 15 |
Fair Value Inputs Illiquid Delivery Periods For ERCOT Hub Power Prices And Heat Rates | $ / Megawatt-hour | [1],[5],[7] | 30 | |
Minimum [Member] | Electricity spread options [Member] | Option Pricing Model Valuation Technique [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Gas to power correlation | [1],[5],[8] | 50.00% | 35.00% |
Power volatility | [1],[5],[9] | 10.00% | 10.00% |
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],[10] | 0 | 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 | |
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour | [1],[5],[6] | 35 | 45 |
Fair Value Inputs Illiquid Delivery Periods For ERCOT Hub Power Prices And Heat Rates | $ / Megawatt-hour | [1],[5],[7] | 70 | |
Maximum [Member] | Electricity spread options [Member] | Option Pricing Model Valuation Technique [Member] | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Gas to power correlation | [1],[5],[8] | 95.00% | 80.00% |
Power volatility | [1],[5],[9] | 60.00% | 35.00% |
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],[10] | 10 | 10 |
[1] | Electricity purchase and sales contracts include power and heat rate hedging positions in the ERCOT regions. Electricity spread options contracts consist of physical electricity call options. Electricity congestion revenue rights contracts consist of forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within ERCOT. | ||
[2] | While we use the market approach, there is insufficient market data to consider the valuation liquid. | ||
[3] | Other includes contracts for ancillary services, natural gas, power options, coal 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 historical forward ERCOT power price and heat rate variability. | ||
[8] | Estimate of the historical range based on forward natural gas and on-peak power prices for the ERCOT hubs most relevant to our spread options. | ||
[9] | Based on historical forward price changes. | ||
[10] | Based on the historical price differences between settlement points within the ERCOT hubs and load zones. |
Fair Value Measurements (Sche71
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 Contract [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Net asset (liability) balance at beginning of period | $ (9) | $ 44 | $ 37 | $ 35 | |
Total unrealized valuation gains (losses) | 126 | (1) | 122 | 13 | |
Purchases, issuances and settlements | |||||
Purchases | [1] | 11 | 5 | 37 | 37 |
Issuances | [1] | (4) | (2) | (20) | (7) |
Settlements | [1] | (24) | (19) | (51) | (44) |
Transfers into Level 3 | [2] | 0 | 0 | 1 | 0 |
Transfers out of Level 3 | [2] | 0 | 0 | 1 | (7) |
Net liabilities assumed in the Lamar and Forney Acquisition | (3) | 0 | (30) | 0 | |
Net change | [3] | 106 | (17) | 60 | (8) |
Net asset balance at end of period | 97 | 27 | 97 | 27 | |
Unrealized valuation gains relating to instruments held at end of period | $ 92 | $ 1 | $ 98 | $ 1 | |
[1] | Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. | ||||
[2] | Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. All Level 3 transfers during the periods presented are in and out of Level 2. | ||||
[3] | Substantially all changes in values of commodity contracts (excluding net liabilities assumed in the Lamar and Forney Acquisition) are reported in the condensed statements of consolidated income (loss) in net gain from commodity hedging and trading activities. Activity excludes changes in fair value in the month the positions settled as well as amounts related to positions entered into and settled in the same quarter. |
Commodity And Other Derivativ72
Commodity And Other Derivative Contractual Assets And Liabilities (Termination of Commodity Hedges and Interest Rate Swaps) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | ||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | $ 1,243 | $ 1,243 |
Commodity And Other Derivativ73
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects of Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ 198 | $ 271 |
Commodity contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 328 | 475 |
Derivative liabilities, Fair Value, Gross Liability | (130) | (204) |
Derivative asset, Fair Value, Net | 324 | 475 |
Derivative liabilities, Fair Value, Net | (126) | (204) |
Derivative, Fair Value, Net | 198 | 271 |
Commodity contracts [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 256 | 465 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Derivative Assets And Liability, Fair Value, Gross Assets | 256 | 465 |
Commodity contracts [Member] | Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 72 | 10 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Derivative Assets And Liability, Fair Value, Gross Assets | 72 | 10 |
Commodity contracts [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Liability | (4) | 0 |
Derivative liabilities, Fair Value, Gross Liability | (121) | (203) |
Derivative Assets And Liability, Fair Value, Gross Liability | (125) | (203) |
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 | (5) | (1) |
Derivative Assets And Liability, Fair Value, Gross Liability | $ (5) | $ (1) |
Commodity And Other Derivativ74
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative (Income Statement Presentation) and Derivative type (Income Statement Presentation of Loss Reclassified from Accumulated OCI into Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
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 | $ 33 | $ 33 | $ 34 | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (2) | (2) | |||
Net gain from commodity hedging and trading activities [Member] | Commodity contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gain (loss) | $ 239 | $ 130 | $ 194 | $ 281 |
Commodity And Other Derivativ75
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Assets and Liabilities From Balance Sheet to Net Amounts After Consideration Netting Arrangements with Counterparties and Financial Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Net | $ 198 | $ 271 | |
Derivative (Assets) Liability, Fair Value of Collateral, Net | [1] | (33) | (141) |
Derivative Assets (Liability), Fair Value, Amount Offset Against Collateral | 165 | 130 | |
Commodity contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets: Amounts Presented in Balance Sheet | 328 | 475 | |
Derivative assets: Offsetting Financial Instruments | [2] | (126) | (145) |
Derivative assets: Financial Collateral (Received) Pledged | [1] | (33) | (147) |
Derivative assets: Net Amounts | 169 | 183 | |
Derivative liabilities: Amounts Presented in Balance Sheet | (130) | (204) | |
Derivative liabilities: Offsetting Financial Instruments | [2] | 126 | 145 |
Derivative liabilities: Financial Collateral (Received) Pledged | [1] | 0 | 6 |
Derivative liabilities: Net Amounts | (4) | (53) | |
Derivative, Fair Value, Net | $ 198 | $ 271 | |
[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 Derivativ76
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details) lb in Thousands, gal in Millions, T in Millions, MMBTU in Millions | Sep. 30, 2016TMMBTUGWhgallb | Dec. 31, 2015TMMBTUGWhgallb | |
Natural Gas Derivative [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | MMBTU | [1] | 1,464 | 1,489 |
Electricity (in GWh) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | 85,019 | 58,022 | |
Congestion Revenue RIghts (in GWh) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | [2] | 114,474 | 106,260 |
Coal (in tons) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | T | 6 | 10 | |
Fuel oil (in gallons) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | gal | 21 | 35 | |
Uranium (in pounds) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Nonmonetary Notional Volume | lb | 200 | 75 | |
[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 Derivativ77
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 12 | $ 59 |
Credit risk derivative with contingent feature [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | 11 | 58 |
Collateral Already Posted, Aggregate Fair Value | $ 4 | $ 31 |
Commodity And Other Derivativ78
Commodity And Other Derivative Contractual Assets And Liabilities (Concentrations of Credit Risk Related to Derivatives) (Details) - Texas Competitive Electric Holdings Company LLC [Member] - Credit Risk Contract [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Derivative [Line Items] | |
Total credit risk exposure to all counterparties related to derivative contracts | $ 460 |
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral | 268 |
Largest net exposure to single counterparty | $ 114 |
Credit risk exposure to Banking and financial sector percentage | 65.00% |
Net exposure to banking and financial sector percentage | 57.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Selling, general and administrative expenses from transactions with related party | $ 0 | $ 6 | $ 1 | $ 16 | |||||
Related party tax expense, due from affiliates, current | 20 | 63 | |||||||
Oncor Holdings [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party tax expense, due from affiliates, current | 16 | 20 | |||||||
Sponsor Group [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Selling, general and administrative expenses from transactions with related party | 10 | 30 | |||||||
Related Party Transaction, Selling, General and Administrative Cost Paid in Transactions With Related Party | 0 | 0 | 0 | 0 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Selling, general and administrative expenses from transactions with related party | 51 | 52 | 157 | 151 | |||||
Related party transaction, amounts of transaction | $ 2 | $ 12 | $ 15 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | 265 | 279 | 700 | 739 | |||||
Due to Affiliate | $ 146 | 146 | 146 | $ 118 | |||||
Delivery fee surcharge remitted to related party | 6 | $ 5 | 15 | $ 13 | |||||
Public Utilities, Transition Charge Over-Recovery To Be Received | 1 | ||||||||
Decommisioning liablity [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to affiliate, noncurrent | 465 | 465 | 465 | 409 | |||||
Payable Attributable To Income Taxes [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to affiliate, noncurrent | 65 | 65 | 65 | 65 | |||||
Due to Affiliate, Current | 69 | 69 | 69 | 89 | |||||
Payable Attributable To Income Taxes [Member] | Oncor Holdings [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Affiliate, Current | 64 | 64 | 64 | 87 | |||||
Due from Affiliate, Noncurrent | 2 | 2 | 2 | 2 | |||||
Collateral posted [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Cash and letters of credit posted as collateral | 0 | 0 | 0 | 6 | |||||
State and Local Jurisdiction [Member] | Receivable Attributable to Income Taxes [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due from affiliate, current | 15 | 15 | 15 | 20 | |||||
Internal Revenue Service (IRS) [Member] | Payable Attributable To Income Taxes [Member] | Oncor [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Due to Affiliate, Current | 84 | $ 84 | $ 84 | $ 109 | |||||
Pension Plan [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Defined Benefit Plan, Contributions by Employer | $ 2 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Reportable_segment | Sep. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments (in reportable segments) | Reportable_segment | 2 | |||
Operating revenues (all Competitive Electric) | $ 1,690 | $ 1,737 | $ 3,973 | $ 4,265 |
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $33, $71 and $72) | 127 | 127 | 274 | 278 |
Net income (loss): | 166 | (1,460) | (413) | (3,199) |
Competitive Electric [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues (all Competitive Electric) | 1,690 | 1,737 | 3,973 | 4,265 |
Net income (loss): | 187 | (1,517) | (656) | (3,068) |
Regulated Delivery [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $33, $71 and $72) | 127 | 127 | 274 | 278 |
Net income (loss): | 127 | 127 | 274 | 278 |
Corp. and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income (loss): | (148) | (70) | (31) | (409) |
Noncontrolling Interest [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Equity in earnings of unconsolidated subsidiaries (net of tax) — Regulated Delivery (net of noncontrolling interests of $33, $33, $71 and $72) | $ 33 | $ 33 | $ 71 | $ 72 |
Supplementary Financial Infor81
Supplementary Financial Information (Other Income and Deductions) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||||||
Other income: | |||||||||
Office space rental income | [1] | $ 3 | $ 3 | $ 9 | $ 8 | ||||
Insurance settlements | 0 | 0 | 9 | [2] | 0 | ||||
Sale of land | 2 | [2] | 0 | 2 | [2] | 6 | [2] | ||
All other | 5 | 5 | 12 | 13 | |||||
Total other income | 10 | 8 | 32 | 27 | |||||
Other deductions: | |||||||||
Adjustment to asbestos liability | 23 | [3] | 0 | 23 | [3] | 0 | |||
Fees associated with TCEH DIP Roll Facilities | 5 | [2] | 0 | 5 | [2] | 0 | |||
Write-off of generation equipment | 4 | [2] | 0 | 45 | [2] | 0 | |||
All other | 12 | 3 | 19 | 4 | |||||
Total other deductions | 44 | 26 | 92 | 86 | |||||
Favorable purchase and sales contracts [Member] | |||||||||
Other deductions: | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 0 | 0 | 8 | [2] | ||||
Environmental allowances and credits [Member] | |||||||||
Other deductions: | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 0 | 4 | [2] | 0 | 55 | [2] | |||
Mine Development [Member] | |||||||||
Other deductions: | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 19 | [2] | 0 | $ 19 | [2] | |||
Corporate and Other [Member] | |||||||||
Other deductions: | |||||||||
Adjustment to asbestos liability | 12 | ||||||||
Competitive Electric [Member] | |||||||||
Other deductions: | |||||||||
Adjustment to asbestos liability | $ 11 | ||||||||
[1] | Reported in Corporate and Other. | ||||||||
[2] | Reported in Competitive Electric segment. | ||||||||
[3] | Includes $12 million reported in Corporate and Other and $11 million in Competitive Electric segment. |
Supplementary Financial Infor82
Supplementary Financial Information (Restricted Cash) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Restricted Cash and Investments, Current | $ 16 | $ 524 |
Restricted Cash and Investments, Noncurrent | 650 | 507 |
Other | ||
Restricted Cash and Investments, Current | 4 | 5 |
Restricted Cash and Investments, Noncurrent | 0 | 0 |
Texas Competitive Electric Holdings Company LLC [Member] | Amounts related to TCEH's DIP Roll Facility | ||
Restricted Cash and Investments, Current | 0 | 0 |
Restricted Cash and Investments, Noncurrent | 650 | 0 |
Texas Competitive Electric Holdings Company LLC [Member] | Amounts related to TCEH's DIP Facility | ||
Restricted Cash and Investments, Current | 0 | 519 |
Restricted Cash and Investments, Noncurrent | 0 | 0 |
Texas Competitive Electric Holdings Company LLC [Member] | Amounts related to TCEH's pre-petition Letter of Credit Facility | ||
Restricted Cash and Investments, Current | 0 | 0 |
Restricted Cash and Investments, Noncurrent | 0 | 507 |
Texas Competitive Electric Holdings Company LLC [Member] | Amounts related to margin deposits held | ||
Restricted Cash and Investments, Current | 12 | 0 |
Restricted Cash and Investments, Noncurrent | $ 0 | $ 0 |
Supplementary Financial Infor83
Supplementary Financial Information (Trade Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Supplementary Financial Information [Abstract] | ||||
Wholesale and retail trade accounts receivable | $ 764 | $ 542 | ||
Allowance for uncollectible accounts | $ (9) | $ (15) | (13) | (9) |
Trade accounts receivable — net | 751 | 533 | ||
Unbilled Receivables, Current | $ 245 | $ 231 | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Allowance for uncollectible accounts receivable at beginning of period | 9 | 15 | ||
Increase for bad debt expense | 20 | 29 | ||
Decrease for account write-offs | (16) | (28) | ||
Allowance for uncollectible accounts receivable at end of period | $ 13 | $ 16 |
Supplementary Financial Infor84
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Inventories by Major Category | ||
Materials and supplies | $ 235 | $ 226 |
Fuel stock | 119 | 170 |
Natural gas in storage | 20 | 32 |
Total inventories | 374 | 428 |
Other Investments | ||
Nuclear plant decommissioning trust | 995 | 918 |
Land | 36 | 36 |
Miscellaneous other | 30 | 30 |
Total other investments | $ 1,061 | $ 984 |
Supplementary Financial Infor85
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||
Cost | [1] | $ 633 | $ 633 | $ 601 | ||
Unrealized gain | 369 | 369 | 326 | |||
Unrealized loss | (7) | (7) | (9) | |||
Fair market value | 995 | 995 | 918 | |||
Realized gains | 3 | $ 1 | 3 | $ 2 | ||
Realized losses | (2) | (2) | (2) | (3) | ||
Proceeds from sales of securities | 46 | 242 | 201 | 315 | ||
Investments in securities | (52) | $ (247) | (215) | $ (328) | ||
Debt Securities [Member] | ||||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||
Cost | [1],[2] | 327 | 327 | 310 | ||
Unrealized gain | [2] | 22 | 22 | 11 | ||
Unrealized loss | [2] | (1) | (1) | (2) | ||
Fair market value | [2] | $ 348 | $ 348 | $ 319 | ||
Debt, Weighted Average Interest Rate | 3.56% | 3.56% | 3.68% | |||
Decommissioning Fund Investments, Debt securities, average maturity | 8 years | 8 years | ||||
Decommissioning Fund Investments, debt maturities, one through five years, fair value | $ 109 | $ 109 | ||||
Decommissioning Fund Investments, debt maturities, five through ten years, fair value | 82 | 82 | ||||
Decommissioning Fund Investments, debt maturities, after ten years, fair value | 157 | 157 | ||||
Equity Securities [Member] | ||||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||
Cost | [1],[3] | 306 | 306 | $ 291 | ||
Unrealized gain | [3] | 347 | 347 | 315 | ||
Unrealized loss | [3] | (6) | (6) | (7) | ||
Fair market value | [3] | $ 647 | $ 647 | $ 599 | ||
[1] | Includes realized gains and losses on securities sold. | |||||
[2] | The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's Investors Services, Inc. The debt securities are heavily weighted with municipal bonds. The debt securities had an average coupon rate of 3.56% and 3.68% at September 30, 2016 and December 31, 2015, respectively, and an average maturity of 8 years at both September 30, 2016 and December 31, 2015. | |||||
[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 Infor86
Supplementary Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment — net | $ 10,427 | $ 9,430 |
Less accumulated amortization/depreciation | $ 4,624 | $ 4,151 |
Supplementary Financial Infor87
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, Liability | $ 830 | ||
Additions: | |||
Accretion | 43 | ||
Adjustment for new cost estimate | 1 | ||
Incremental reclamation costs | 26 | ||
Reductions: | |||
Payments | (40) | ||
Ending balance, Liability | 830 | $ 860 | $ 830 |
Less amounts due currently | (51) | ||
Noncurrent liability at end of period | 809 | 764 | |
Nuclear Plant Decommissioning [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, Liability | 508 | ||
Additions: | |||
Accretion | 22 | ||
Adjustment for new cost estimate | 0 | ||
Incremental reclamation costs | 0 | ||
Reductions: | |||
Payments | 0 | ||
Ending balance, Liability | 508 | 530 | 508 |
Less amounts due currently | 0 | ||
Noncurrent liability at end of period | 530 | ||
Mining Land Reclamation [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, Liability | 215 | ||
Additions: | |||
Accretion | 16 | ||
Adjustment for new cost estimate | 0 | ||
Incremental reclamation costs | 14 | ||
Reductions: | |||
Payments | (37) | ||
Ending balance, Liability | 215 | 208 | 215 |
Less amounts due currently | (50) | ||
Noncurrent liability at end of period | 158 | ||
Other Asset Retirement Obligations [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, Liability | 107 | ||
Additions: | |||
Accretion | 5 | ||
Adjustment for new cost estimate | 1 | ||
Incremental reclamation costs | 12 | ||
Reductions: | |||
Payments | (3) | ||
Ending balance, Liability | $ 107 | 122 | $ 107 |
Less amounts due currently | (1) | ||
Noncurrent liability at end of period | $ 121 |
Supplementary Financial Infor88
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | |||||
Uncertain tax positions, including accrued interest | $ 0 | $ 0 | $ 40 | ||
Retirement plan and other employee benefits | 172 | 172 | 169 | ||
Asset retirement and mining reclamation obligations | 809 | 809 | 764 | ||
Unfavorable purchase and sales contracts | 525 | 525 | 543 | ||
Nuclear decommissioning fund excess over asset retirement obligation | 465 | 465 | 409 | ||
Other | 113 | 113 | 107 | ||
Total other noncurrent liabilities and deferred credits | 2,084 | 2,084 | $ 2,032 | ||
Amortization of Deferred Charges | |||||
Amortization of Unfavorable Purchase and Sales Contracts | $ 6 | $ 6 | $ 18 | $ 17 |
Supplementary Financial Infor89
Supplementary Financial Information (Fair Value of Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debtor-In-Possession Facility [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 8,787 | $ 6,825 |
Long-Term Debt, Including Amounts Due Currently [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 38 | 90 |
Fair Value, Inputs, Level 2 [Member] | Debtor-In-Possession Facility [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 8,967 | 6,804 |
Fair Value, Inputs, Level 2 [Member] | Long-Term Debt, Including Amounts Due Currently [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 33 | $ 89 |
Supplementary Financial Infor90
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | |||
Cash payments related to: | ||||
Interest paid | [1] | $ 1,246 | $ 1,440 | |
Capitalized interest | (9) | (8) | ||
Interest paid (net of capitalized interest) | [1] | 1,237 | 1,432 | |
Income taxes | 43 | 51 | ||
Reorganization items | [2] | 197 | 229 | |
Noncash investing and financing activities: | ||||
Construction expenditures | [3] | 54 | 64 | |
Income tax adjustment related to AMT utilization (d) | $ 0 | $ 3 | [4] | |
[1] | This amount includes amounts paid for adequate protection. | |||
[2] | Represents cash payments for legal and other consulting services, including amounts paid on behalf of third parties pursuant to contractual obligations approved by the Bankruptcy Court. | |||
[3] | Represents end-of-period accruals for ongoing construction projects. | |||
[4] | Represents a reduction to EFH Corp.'s investment in Oncor Holdings due to an income tax adjustment related to alternative minimum tax utilization by Oncor. |