Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Document and Entity Information [Abstract] | ||||
Document Type | S-4 | |||
Document Period End Date | Mar. 31, 2020 | |||
Entity Registrant Name | ONCOR ELECTRIC DELIVERY CO LLC | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
Capital account, interests outstanding | 635,000,000 | 635,000,000 | 635,000,000 | 635,000,000 |
Entity Central Index Key | 0001193311 | |||
Amendment Flag | false | |||
Document Fiscal Year Focus | 2020 | |||
Document Fiscal Period Focus | Q1 |
Condensed Statements Of Consoli
Condensed Statements Of Consolidated Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Statements Of Consolidated Income [Abstract] | |||||
Operating revenues (Note 3) | $ 1,072 | $ 1,016 | $ 4,347 | $ 4,101 | $ 3,958 |
Operating expenses: | |||||
Wholesale transmission service | 245 | 260 | 1,005 | 962 | 929 |
Operation and maintenance | 232 | 221 | 899 | 875 | 731 |
Depreciation and amortization | 193 | 172 | 723 | 671 | 762 |
Provision in lieu of income taxes (Note 9) | 29 | 25 | 138 | 152 | 266 |
Taxes other than amounts related to income taxes | 131 | 122 | 508 | 496 | 462 |
Total operating expenses | 830 | 800 | 3,273 | 3,156 | 3,150 |
Operating income | 242 | 216 | 1,074 | 945 | 808 |
Other deductions and (income) - net (Note 10) | 13 | 17 | 63 | 84 | 46 |
Nonoperating benefit in lieu of income taxes | (3) | (3) | (15) | (35) | 1 |
Interest expense and related charges (Note 10) | 101 | 86 | 375 | 351 | 342 |
Net income | $ 131 | $ 116 | $ 651 | $ 545 | $ 419 |
Condensed Statements Of Conso_2
Condensed Statements Of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | |||||
Net income | $ 131 | $ 116 | $ 651 | $ 545 | $ 419 |
Other comprehensive income (loss): | |||||
Net effects of cash flow hedges (net of tax) (Note 1) | (23) | (4) | 2 | 2 | 2 |
Defined benefit pension plans (net of tax) | 1 | 1 | 27 | (65) | 8 |
Total other comprehensive income (loss) | (22) | (3) | 29 | (63) | 10 |
Comprehensive income | $ 109 | $ 113 | $ 680 | $ 482 | $ 429 |
Condensed Statements Of Conso_3
Condensed Statements Of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | |||
Cash flow hedges - derivative value net loss recognized in net income, tax expense | $ 1 | $ 1 | |
Defined benefit pension plans- net tax benefit | $ 45 | $ 4 |
Condensed Statements Of Conso_4
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows - operating activities: | |||||
Net income | $ 131 | $ 116 | $ 651 | $ 545 | $ 419 |
Adjustments to reconcile net income to cash provided by operating activities: | |||||
Depreciation and amortization, including regulatory amortization | 213 | 192 | 806 | 777 | 815 |
Provision in lieu of deferred income taxes - net | 13 | 8 | 55 | 18 | 309 |
Other - net | (2) | (3) | (3) | (2) | |
Changes in operating assets and liabilities: | |||||
Accounts receivable - trade | (53) | 68 | (76) | ||
Inventories | (30) | (25) | (1) | ||
Accounts payable - trade | 21 | 30 | (11) | ||
Regulatory accounts related to reconcilable tariffs (Note 2) | (3) | (20) | (44) | 66 | 29 |
Other - assets | (204) | 33 | 54 | ||
Other - liabilities | 76 | (27) | (77) | ||
Other operating assets and liabilities | (152) | (108) | |||
Cash provided by operating activities | 202 | 186 | 1,275 | 1,482 | 1,459 |
Cash flows - financing activities: | |||||
Issuances of long-term debt (Note 5) | 1,250 | 2,460 | 1,150 | 600 | |
Repayment of long-term debt (Note 5) | (462) | (1,094) | (825) | (324) | |
Proceeds of business acquisition bridge loan (Note 6) | 600 | ||||
Payment of business acquisition bridge loan (Note 6) | (600) | ||||
Net change in short-term borrowings (Note 4) | (46) | 328 | (882) | (137) | 161 |
Capital contributions from members (Note 7) | 87 | 70 | 1,978 | 284 | |
Distributions to members (Note 7) | (91) | (71) | (319) | (209) | (237) |
Debt discount and financing costs - net | (34) | (39) | (14) | (10) | |
Cash provided by financing activities | 704 | 327 | 2,104 | 249 | 190 |
Cash flows - investing activities: | |||||
Capital expenditures | (628) | (523) | (2,097) | (1,767) | (1,631) |
Other - net | 8 | 12 | 43 | 18 | 12 |
Cash used in investing activities | (620) | (511) | (3,378) | (1,749) | (1,644) |
Net change in cash and cash equivalents | 286 | 2 | 1 | (18) | 5 |
Cash and cash equivalents - beginning balance | 4 | 3 | 3 | 21 | 16 |
Cash and cash equivalents - ending balance | $ 290 | $ 5 | $ 4 | $ 3 | $ 21 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 290 | $ 4 | $ 3 |
Trade accounts receivable - net (Note 10) | 656 | 661 | 559 |
Amounts receivable from members related to income taxes (Note 9) | 3 | ||
Materials and supplies inventories - at average cost | 159 | 148 | 116 |
Prepayments and other current assets | 106 | 96 | 94 |
Total current assets | 1,211 | 912 | 772 |
Investments and other property (Note 10) | 126 | 133 | 120 |
Property, plant and equipment - net (Note 10) | 19,816 | 19,370 | 16,090 |
Goodwill (Notes 1 and 11) | 4,740 | 4,740 | 4,064 |
Regulatory assets (Note 2) | 1,720 | 1,775 | 1,691 |
Operating lease ROU and other assets (Note 6) | 141 | 106 | 15 |
Total assets | 27,754 | 27,036 | 22,752 |
Current liabilities: | |||
Short-term borrowings (Note 4) | 46 | 813 | |
Long-term debt due currently (Note 5) | 148 | 608 | 600 |
Trade accounts payable | 393 | 394 | 300 |
Amounts payable to members related to income taxes (Note 9) | 32 | 22 | 26 |
Accrued taxes other than amounts related to income taxes | 92 | 236 | 199 |
Accrued interest | 94 | 83 | 68 |
Operating lease and other current liabilities (Note 6) | 205 | 237 | 209 |
Total current liabilities | 964 | 1,626 | 2,215 |
Long-term debt, less amounts due currently (Note 5) | 9,256 | 8,017 | 5,835 |
Liability in lieu of deferred income taxes (Note 9) | 1,846 | 1,821 | 1,602 |
Regulatory liabilities (Note 2) | 2,786 | 2,793 | 2,697 |
Employee benefit, operating lease and other obligations (Notes 6, 8 and 10) | 1,998 | 1,980 | 1,943 |
Total liabilities | 16,850 | 16,237 | 14,292 |
Commitments and contingencies (Note 6) | |||
Membership interests (Note 7): | |||
Capital account number of interests outstanding 2020 and 2019 - 635,000,000 | 11,065 | 10,938 | 8,624 |
Accumulated other comprehensive loss | (161) | (139) | (164) |
Total membership interests | 10,904 | 10,799 | 8,460 |
Total liabilities and membership interests | $ 27,754 | $ 27,036 | $ 22,752 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Consolidated Balance Sheets [Abstract] | ||||
Capital account, interests outstanding | 635,000,000 | 635,000,000 | 635,000,000 | 635,000,000 |
Statements Of Consolidated Memb
Statements Of Consolidated Membership Interests - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Capital account: | ||||||||
Balance at beginning of period | $ 10,938 | $ 8,624 | $ 8,004 | $ 8,624 | $ 8,004 | $ 7,822 | ||
Net income | 131 | $ 133 | 116 | $ 119 | 89 | 651 | 545 | 419 |
Capital contributions from members (Note 9) | 1,978 | 284 | ||||||
Distributions to members (Note 9) | (319) | (209) | (237) | |||||
Balance at end of period (number of units outstanding: 2019, 2018 and 2017 - 635,000,000) | 10,938 | 8,624 | 10,938 | 8,624 | 8,004 | |||
Accumulated other comprehensive income (loss) net of tax effects (Note 9): | ||||||||
Balance at beginning of period | (139) | (164) | $ (101) | (164) | (101) | (111) | ||
Net effects of cash flow hedges (net of tax expense of $1, $1 and $1) | 2 | 2 | 2 | |||||
Defined benefit pension plans (net of tax) | 1 | $ 1 | 27 | (65) | 8 | |||
ASU 2018-02 stranded tax effects (Note 1) | (4) | |||||||
Balance at end of period | $ (161) | (139) | (164) | (139) | (164) | (101) | ||
Total membership interests at end of period | $ 10,799 | $ 8,460 | $ 10,799 | $ 8,460 | $ 7,903 |
Statements Of Consolidated Me_2
Statements Of Consolidated Membership Interests (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statements Of Consolidated Membership Interest [Abstract] | ||
Interests outstanding | 635,000,000 | 635,000,000 |
Net effects of cash flow hedges, tax expense | $ 1 | $ 1 |
Defined benefit pension plans- net tax benefit | $ 45 |
Business And Significant Accoun
Business And Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Business And Significant Accounting Policies [Abstract] | ||
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 1. BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor and/or its subsidiaries as apparent in the context. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs that sell power in the north-central, eastern, western and panhandle regions of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is indirectly and wholly owned by Sempra. Oncor Holdings owns 80.25% of our outstanding membership interests and Texas Transmission owns 19.75% of our outstanding membership interests. We are managed as an integrated business; consequently, there is only one reportable segment. Our condensed consolidated financial statements for the three months ended March 31, 2020, include the results of our wholly owned indirect subsidiary, NTU, which is a regulated utility that provides electricity transmission delivery service in the north-central, western and panhandle regions of Texas. We acquired NTU as part of the InfraREIT Acquisition that closed on May 16, 2019. Ring-Fencing Measures Since 2007, various ring-fencing measures have been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities and entities with ownership interests in Oncor or Oncor Holdings. These ring-fencing measures serve to mitigate the Oncor Ring-Fenced Entities’ credit exposure to owners of Oncor and Oncor Holdings, and to reduce the risk that the assets and liabilities of Oncor Ring-Fenced Entities would be substantively consolidated with the assets and liabilities of any direct or indirect owners of Oncor and Oncor Holdings in connection with a bankruptcy of any such entities. These measures include the November 2008 sale of 19.75% of Oncor’s equity interests to Texas Transmission. In March 2018, Sempra indirectly acquired Oncor Holdings through the Sempra Acquisition. The Sempra Acquisition was consummated after obtaining the approval of the bankruptcy court in the EFH Bankruptcy Proceedings and the PUCT. The PUCT approval was obtained in Docket No. 47675, and the final order issued in that docket (Sempra Order) outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. Oncor is a limited liability company governed by a board of directors, not its members. The Sempra Order and our Limited Liability Company Agreement require that the board of directors of Oncor consist of thirteen members, constituted as follows: · seven Disinterested Directors, who (i) shall be independent directors in all material respects under the rules of the New York Stock Exchange in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years; · two members designated by Sempra (through Oncor Holdings); · two members designated by Texas Transmission; and · two current or former officers of Oncor (the Oncor Officer Directors), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of the Board and Chief Executive, respectively. In order for a current or former officer of Oncor to be eligible to serve as an Oncor Officer Director, the officer cannot have worked for Sempra or any of its affiliates (excluding Oncor Holdings and Oncor) or any other entity with a direct or indirect ownership interest in Oncor or Oncor Holdings in the ten-year period prior to the officer being employed by Oncor. Oncor Holdings, at the direction of STIH, has the right to nominate and/or seek the removal of the Oncor Officer Directors, subject to approval by a majority of the Oncor board of directors. STIH is a wholly owned indirect subsidiary of, and controlled by, Sempra following the Sempra Acquisition. In addition, the Sempra Order provides that Oncor’s board cannot be overruled by the board of Sempra or any of its subsidiaries on dividend policy, the issuance of dividends or other distributions (except for contractual tax payments), debt issuance, capital expenditures, operation and maintenance expenditures, management and service fees, and appointment or removal of board members, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board positions on Oncor’s board of directors that Texas Transmission is entitled to appoint will be eliminated and the size of Oncor’s board of directors will be reduced by two. Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order and our Limited Liability Company Agreement to ring-fence Oncor from its owners include, among others: · A majority of the Disinterested Directors of Oncor must approve any annual or multi-year budget if the aggregate amount of capital expenditures or operating and maintenance expenditures in such budget is more than a 10% increase or decrease from the corresponding amounts of such expenditures in the budget for the preceding fiscal year or multi-year period, as applicable; · Oncor may not pay any dividends or make any other distributions (except for contractual tax payments) if a majority of its Disinterested Directors determines that it is in the best interests of Oncor to retain such amounts to meet expected future requirements; · At all times, Oncor will remain in compliance with the debt-to-equity ratio established by the PUCT from time to time for ratemaking purposes, and Oncor will not pay dividends or other distributions (except for contractual tax payments), if that payment would cause its debt-to-equity ratio to exceed the debt-to-equity ratio approved by the PUCT; · If the credit rating on Oncor’s senior secured debt by any of the three major rating agencies falls below BBB (or the equivalent), Oncor will suspend dividends and other distributions (except for contractual tax payments), unless otherwise allowed by the PUCT; · Without the prior approval of the PUCT, neither Sempra nor any of its affiliates (excluding Oncor) will incur, guaranty or pledge assets in respect of any indebtedness that is dependent on the revenues of Oncor in more than a proportionate degree than the other revenues of Sempra or on the stock of Oncor, and there will be no debt at STH or STIH at any time following the closing of the Sempra Acquisition; · Neither Oncor nor Oncor Holdings will lend money to or borrow money from Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and neither Oncor nor Oncor Holdings will share credit facilities with Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings; · There must be maintained certain “separateness measures” that reinforce the financial separation of Oncor from its owners, including a requirement that dealings between Oncor, Oncor Holdings and their subsidiaries with Sempra, any of Sempra’s other affiliates or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, must be on an arm’s-length basis, limitations on affiliate transactions, separate recordkeeping requirements and a prohibition on Sempra or its affiliates pledging Oncor assets or stock for any entity other than Oncor; and · Sempra will continue to hold indirectly at least 51% of the ownership interests in Oncor and Oncor Holdings for at least five years following the closing of the Sempra Acquisition, unless otherwise specifically authorized by the PUCT. Basis of Presentation These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our 2019 Form 10-K. In the opinion of Oncor management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been made. We have evaluated all subsequent events through the date the financial statements were issued. All appropriate intercompany items and transactions have been eliminated in consolidation. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality (see Note 13 to Financial Statements in our 2019 Form 10-K for additional information regarding quarterly results of operations). Our consolidated financial statements have been prepared in accordance with GAAP governing rate-regulated operations. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. Use of Estimates Preparation of our financial statements requires management to make 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. 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. No material adjustments were made to previous estimates or assumptions during the current period. Interest Rate Derivatives and Hedge Accounting We are exposed to interest rates primarily as a result of our current and expected use of financing. We may, from time to time, utilize interest rate derivative instruments typically designated as cash flow hedges, to lock in interest rates in anticipation of future financings. We may designate an interest rate derivative instrument as a cash flow hedge if it effectively converts anticipated cash flows associated with interest payments to a fixed dollar amount. In accounting for cash flow hedges, derivative assets and liabilities are recorded on the balance sheet at fair value with an offset to other comprehensive income. Amounts remain in accumulated other comprehensive income and are reclassified into net income as the interest expense on the related debt affects net income. See Note 5 for details on our interest rate hedging activity. Impairment of Long-Lived Assets and Goodwill We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We also evaluate goodwill for impairment annually on October 1 and whenever events or changes in circumstances indicate that an impairment may exist. The determination of the existence of these and other indications of impairment involves judgments that are subjective in nature and may require the use of estimates in forecasting future results and cash flows. Changes in Accounting Standards Topic 326, “Financial Instruments—Credit Losses” – In June 2016 the FASB issued ASU No. 2016-13, which changes how entities account for credit losses on receivables and certain other financial assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. We adopted the new standard effective January 1, 2020. The adoption of the new standard did not have a material impact on our consolidated financial statements. Topic 848, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” – In March 2020 the FASB issued ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The standard allows entities to account for contract modifications as an event that does not require reassessment or remeasurement (i.e., as a continuation of the existing contract). We are currently evaluating the optional expedients and exceptions under the standard. | 1. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor and/or its subsidiaries as apparent in the context. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs that sell power in the north-central, eastern, western and panhandle regions of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is indirectly and wholly owned by Sempra. Oncor Holdings owns 80.25% of our membership interests and Texas Transmission owns 19.75% of our membership interests. We are managed as an integrated business; consequently, there are no separate reportable business segments. Our consolidated financial statements for the fiscal year ended December 31, 2019, include the results of our wholly owned indirect subsidiary, NTU, which is a regulated utility that provides electricity transmission delivery service in the north-central, western and panhandle regions of Texas. We acquired NTU as part of the InfraREIT Acquisition that closed on May 16, 2019. Ring-Fencing Measures Since 200 7 , various ring-fencing measures have been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities and entities with ownership interests in Oncor or Oncor Holdings. These ring-fencing measures serve to mitigate the Oncor Ring-Fenced Entities’ credit exposure to owners of Oncor and Oncor Holdings, and to reduce the risk that the assets and liabilities of Oncor Ring-Fenced Entities would be substantively consolidated with the assets and liabilities of any direct or indirect owners of Oncor and Oncor Holdings in connection with a bankruptcy of any such entities. These measures include the November 2008 sale of 19.75% of Oncor’s equity interests to Texas Transmission. In March 2018, Sempra indirectly acquired Oncor Holdings through the Sempra Acquisition. The Sempra Acquisition was consummated after obtaining the approval of the bankruptcy court in the EFH Bankruptcy Proceedings and the PUCT. The PUCT approval was obtained in Docket No. 47675, and the final order issued in that docket (Sempra Order) outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. Oncor is a limited liability company governed by a board of directors, not its members. The Sempra Order and our Limited Liability Company Agreement require that the board of directors of Oncor consist of thirteen members, constituted as follows: · seven Disinterested Directors, who (i) shall be independent directors in all material respects under the rules of the New York Stock Exchange in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years; · two members designated by Sempra (through Oncor Holdings); · two members designated by Texas Transmission; and · two current or former officers of Oncor (the Oncor Officer Directors), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of the Board and Chief Executive, respectively. In order for a current or former officer of Oncor to be eligible to serve as an Oncor Officer Director, the officer cannot have worked for Sempra or any of its affiliates (excluding Oncor Holdings and Oncor) or any other entity with a direct or indirect ownership interest in Oncor or Oncor Holdings in the ten-year period prior to the officer being employed by Oncor. Oncor Holdings, at the direction of STIH, has the right to nominate and/or seek the removal of the Oncor Officer Directors, subject to approval by a majority of the Oncor board of directors. STIH is a wholly owned indirect subsidiary of, and controlled by, Sempra following the Sempra Acquisition. In addition, the Sempra Order provides that Oncor’s board cannot be overruled by the board of Sempra or any of its subsidiaries on dividend policy, the issuance of dividends or other distributions (except for contractual tax payments), debt issuance, capital expenditures, operation and maintenance expenditures, management and service fees, and appointment or removal of board members, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board positions on Oncor’s board of directors that Texas Transmission is entitled to appoint will be eliminated and the size of Oncor’s board of directors will be reduced by two. Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order and our Limited Liability Company Agreement to ring-fence Oncor from its owners include, among others: · A majority of the Disinterested Directors of Oncor must approve any annual or multi-year budget if the aggregate amount of capital expenditures or operating and maintenance expenditures in such budget is more than a 10% increase or decrease from the corresponding amounts of such expenditures in the budget for the preceding fiscal year or multi-year period, as applicable; · Oncor may not pay any dividends or make any other distributions (except for contractual tax payments) if a majority of its Disinterested Directors determines that it is in the best interests of Oncor to retain such amounts to meet expected future requirements; · At all times, Oncor will remain in compliance with the debt-to-equity ratio established by the PUCT from time to time for ratemaking purposes, and Oncor will not pay dividends or other distributions (except for contractual tax payments), if that payment would cause its debt-to-equity ratio to exceed the debt-to-equity ratio approved by the PUCT; · If the credit rating on Oncor’s senior secured debt by any of the three major rating agencies falls below BBB (or the equivalent), Oncor will suspend dividends and other distributions (except for contractual tax payments), unless otherwise allowed by the PUCT; · Without the prior approval of the PUCT, neither Sempra nor any of its affiliates (excluding Oncor) will incur, guaranty or pledge assets in respect of any indebtedness that is dependent on the revenues of Oncor in more than a proportionate degree than the other revenues of Sempra or on the stock of Oncor, and there will be no debt at STH or STIH at any time following the closing of the Sempra Acquisition; · Neither Oncor nor Oncor Holdings will lend money to or borrow money from Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and neither Oncor nor Oncor Holdings will share credit facilities with Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings; · There must be maintained certain “separateness measures” that reinforce the financial separation of Oncor from its owners, including a requirement that dealings between Oncor, Oncor Holdings and their subsidiaries with Sempra, any of Sempra’s other affiliates or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, must be on an arm’s-length basis, limitations on affiliate transactions, separate recordkeeping requirements and a prohibition on Sempra or its affiliates pledging Oncor assets or stock for any entity other than Oncor; and · Sempra will continue to hold indirectly at least 51% of the ownership interests in Oncor and Oncor Holdings for at least five years following the closing of the Sempra Acquisition, unless otherwise specifically authorized by the PUCT. Basis of Presentation Our consolidated financial statements have been prepared in accordance with GAAP governing rate-regulated operations. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. Use of Estimates Preparation of our financial statements requires management to make 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. 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. No material adjustments were made to previous estimates or assumptions during the current year. Revenue Recognition Oncor’s revenue is billed under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service including a reasonable rate of return on invested capital. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. See Note 4 for additional information regarding revenues. Goodwill The increase in goodwill to $4,740 million at December 31, 2019 from $4,064 million at December 31, 2018 is due to the InfraREIT Acquisition. See Note 2 for more information on the InfraREIT Acquisition. Impairment of Long-Lived Assets and Goodwill We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We also evaluate goodwill for impairment annually on October 1 and whenever events or changes in circumstances indicate that an impairment may exist. The determination of the existence of these and other indications of impairment involves judgments that are subjective in nature and may require the use of estimates in forecasting future results and cash flows. If at the assessment date our carrying value exceeds our estimated fair value (enterprise value), then the estimated enterprise value is compared to the estimated fair values of our operating assets (including identifiable intangible assets) and liabilities at the assessment date. The resultant implied goodwill amount is compared to the recorded goodwill amount. Any excess of the recorded goodwill amount over the implied goodwill amount is written off as an impairment charge. In each of 2019, 2018 and 2017, we concluded, based on a qualitative assessment, that our estimated enterprise fair value was more likely than not greater than our carrying value. As a result , no additional testing for impairment was required and n o impairments were recognized . Provision in Lieu of Income Taxes Our tax sharing agreement with Oncor Holdings, Texas Transmission and STH (as successor to EFH Corp.) provides for the calculation of amounts related to income taxes for each of Oncor Holdings and Oncor substantially as if these entities were taxed as corporations and requires payments to the members determined on that basis (without duplication for any income taxes paid by a subsidiary of Oncor Holdings). We are a partnership for U.S. federal income tax purposes. Accordingly, while partnerships are not subject to income taxes, in consideration of the presentation of our financial statements as an entity subject to cost-based regulatory rate-setting processes, with such costs historically including income taxes, the financial statements present amounts determined under the tax sharing agreement as “provision in lieu of income taxes” and “liability in lieu of deferred income taxes”. Such amounts are determined in accordance with the provisions of the accounting guidance for income taxes and accounting standards that provide interpretive guidance for accounting for uncertain tax positions and thus differences between the book and tax bases of assets and liabilities are accounted for as if we were a stand-alone corporation. In the event such amounts are not paid under the tax sharing agreement, it is probable that this regulatory liability will continue to be included in Oncor’s rate setting processes. We classify any interest and penalties expense related to uncertain tax positions as current provision in lieu of income taxes as discussed in Note 5. Defined Benefit Pension Plans and Oncor OPEB Plans We have liabilities under pension plans that offer benefits based on either a traditional defined benefit formula or a cash balance formula and Oncor OPEB plans that offer certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees. Costs of pension and Oncor OPEB plans are dependent upon numerous factors, assumptions and estimates. See Note 10 for additional information regarding pension and OPEB plans. System of Accounts Our accounting records have been maintained in accordance with the FERC Uniform System of Accounts as adopted by the PUCT. Property, Plant and Equipment Properties are stated at original cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead and an allowance for funds used during construction. D epreciation of property, plant and equipment is calculated on a straight-line basis over the estimated service lives of the properties based on depreciation rates approved by the PUCT. As is common in the industry, depreciation expense is recorded using composite depreciation rates that reflect blended estimates of the lives of major asset groups as compared to depreciation expense calculated on a component asset-by-asset basis. Depreciation rates include plant removal costs as a component of depreciation expense, consistent with regulatory treatment. Actual removal costs incurred are charged to accumulated depreciation. Accrued removal costs in excess of incurred removal costs are reclassified as a regulatory liability to retire assets in the future. Regulatory Assets and Liabilities We are subject to rate regulation and our financial statements reflect regulatory assets and liabilities in accordance with accounting standards related to the effect of certain types of regulation. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process based on PURA and/or the PUCT’s orders, precedents or substantive rules. Rate regulation is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital subject to PUCT review for reasonableness and prudence and possible disallowance. Regulatory decisions can have an impact on the recovery of costs, the rate earned on invested capital and the timing and amount of assets to be recovered by rates. See Note 3 for more information regarding regulatory assets and liabilities. Franchise Taxes Franchise taxes are assessed to us by local governmental bodies, based on kWh delivered and are a principal component of taxes other than amounts related to income taxes as reported in the income statement. Franchise taxes are not a “pass through” item. The rates we charge customers are intended to recover the franchise taxes, but we are not acting as an agent to collect the taxes from customers. Allowance for Funds Used During Construction (AFUDC) AFUDC is a regulatory cost accounting procedure whereby both interest charges on borrowed funds and a return on equity capital used to finance construction are included in the recorded cost of utility plant and equipment being constructed. AFUDC is capitalized on all projects involving construction periods lasting greater than thirty days. The interest portion of capitalized AFUDC is accounted for as a reduction to interest expense and the equity portion of capitalized AFUDC is accounted for as other income. See Note 13 for detail of amounts reducing interest expense and increasing other income. Cash and Cash Equivalents For purposes of reporting cash and cash equivalents, temporary cash investments purchased with an original maturity of three months or less are considered to be cash equivalents. Fair Value of Nonderivative Financial Instruments The carrying amounts for financial assets classified as current assets and the carrying amounts for financial liabilities classified as current liabilities approximate fair value due to the short maturity of such instruments. The fair values of other financial instruments, for which carrying amounts and fair values have not been presented, are not materially different than their related carrying amounts. The following discussion of fair value accounting standards applies primarily to our determination of the fair value of assets in the pension and Oncor OPEB plans’ trusts (see Note 10) and long-term debt (see Note 7). Accounting standards related to the determination of fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a “mid-market” valuation convention (the mid-point price between bid and ask prices) as a practical expedient to measure fair value for the majority of our assets and liabilities subject to fair value measurement on a recurring basis. We primarily use the market approach for recurring fair value measurements and use valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. We categorize our assets and liabilities recorded at fair value based upon the following fair value hierarchy: · Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. · Level 2 valuations use inputs that, in the absence of actively quoted market prices, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets , (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Our Level 2 valuations utilize over-the-counter broker quotes, quoted prices for similar assets or liabilities that are corroborated by correlations or other mathematical means and other valuation inputs. · 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. 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. The fair value of certain investments is measured using the net asset value (NAV) per share as a practical expedient. Such investments measured at NAV are not required to be categorized within the fair value hierarchy. Derivative Instruments and Mark-to-Market Accounting From time-to-time we enter into derivative instruments to hedge interest rate risk. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, the fair value of each derivative is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income, unless criteria for cash flow hedge accounting are met. This recognition is referred to as “mark-to-market” accounting. Changes in Accounting Standards Topic 842, “Leases” – In February 2016, the FASB issued ASU 2016-02 which created FASB Topic 842, Leases (Topic 842). Topic 842 amends previous GAAP to require the balance sheet recognition of substantially all lease assets and liabilities, including operating leases. Operating lease liabilities are not classified as debt for GAAP purposes under Topic 842 and are not treated as debt for our regulatory purposes. All of Oncor’s existing leases meet the definition of an operating lease. Under the new rules, the recognition of any finance leases (previously known as capital leases) on the balance sheet are classified as debt for both GAAP and regulatory capital structure purposes (see Note 8 for details) similar to the previous capital lease treatment. We adopted Topic 842 on January 1, 2019, using the optional transition method to apply the new guidance prospectively and not restate comparative periods. We elected the package of practical expedients that permits us to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which allows us to carry forward accounting conclusions under previous GAAP on contracts that commenced prior to adoption of the lease standard. We also elected the land easement practical expedient, which allows us to continue to account for pre-existing land easements under our accounting policy that existed before adoption of the lease standard. We did not elect the practical expedient to use hindsight in making judgments when determining the lease term. The adoption of Topic 842 affects our balance sheet, as our contracts for office space, service centers and fleet vehicles are operating leases. The following table shows the increases on our balance sheet at January 1, 2019 from the initial adoption of Topic 842. At January 1, 2019 Operating Leases: ROU assets: Operating lease ROU and other assets $ 82 Lease liabilities: Operating lease and other current liabilities $ 26 Employee benefit, operating lease and other obligations 56 Total operating lease liabilities $ 82 Topic 220, “Income Statement—Reporting Comprehensive Income” amended by ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” – In February 2018, the FASB issued ASU 2018-02, an amendment to Topic 220. Under ASU 2018-02, an entity is required to provide certain disclosures regarding stranded tax effects, including its accounting policy related to releasing the income tax effects from accumulated other comprehensive income (AOCI). We elected to reclassify stranded tax effects resulting from the TCJA from AOCI to capital accounts. Our stranded tax effects in AOCI, which are related to previous interest rate cash flow hedges, were $4 million and increased our capital account upon reclassification. We adopted the standard on a prospective basis effective January 1, 2019. Topic 326, “Financial Instruments—Credit Losses” – In June 2016 the FASB issued ASU No. 2016-13, which changes how entities account for credit losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. Topic 326 is required to be adopted in the first quarter of fiscal 2020 with earlier adoption permitted. We adopted on a prospective basis effective January 1, 2020. The adoption of the new standard did not have a material impact on our consolidated financial statements. Topic 350, “Intangibles, Goodwill and Other —Internal-Use Software (Subtopic 40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service ” – In August 2018, the FASB issued ASU 2018-15 which clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is required to be adopted in the first quarter of fiscal 2020 with earlier adoption permitted. We have early adopted on a prospective basis effective July 1, 2019. The early adoption did not have a material effect on our consolidated financial statements. |
Infrareit Acquisition
Infrareit Acquisition | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Infrareit Acquisition [Abstract] | ||
INFRAREIT ACQUISITION | 11. INFRAREIT ACQUISITION On May 16, 2019, we completed the InfraREIT Acquisition, pursuant to which we acquired all of the equity interests of InfraREIT and its subsidiary, InfraREIT Partners. In connection with and immediately following the closing of the InfraREIT Acquisition, on May 16, 2019, we extinguished all outstanding debt of InfraREIT and its subsidiaries through repaying $602 million principal amount of InfraREIT subsidiary debt and exchanging $351 million principal amount of InfraREIT subsidiary debt for new Oncor senior secured debt. The assets we acquired include approximately 1,575 miles of transmission lines, including 1,235 circuit miles of 345k V transmission lines and approximately 340 circuit miles of 138kV transmission lines. The north, central, and west Texas transmission system acquired by us in the transaction is directly connected to approximately 20 operational generation facilities totaling approximately 3,900 MW and serves over 50 substations. Business Combination Accounting We accounted for the InfraREIT Acquisition as a business acquisition with identifiable assets acquired and liabilities assumed recorded at their estimated fair values on the closing date. The combined results of operations are reported in our condensed consolidated financial statements beginning as of the closing date. The following table sets forth the final purchase price paid. In the three months ended March 31, 2020, we made no material purchase price allocation adjustments. The final purchase price allocation was completed as of March 31, 2020. Purchase of outstanding InfraREIT shares and units $ 1,275 Certain transaction costs of InfraREIT paid by Oncor (a) 49 Total purchase price paid $ 1,324 __________________ (b) Represents certain transaction costs incurred by InfraREIT in connection with the transaction and paid by Oncor, including a $40 million management termination fee payable to an affiliate of Hunt Consolidated, Inc. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information for the three months ended March 31, 2019 assumes that the InfraREIT Acquisition occurred on January 1, 2018. 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 InfraREIT Acquisition been completed on January 1, 2018, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here. Three Months Ended March 31, 2019 Oncor Consolidated Pro Forma Revenues $ 1,072 The unaudited pro forma financial information above excludes pro forma earnings due to the impracticability of a calculation. The acquiree previously operated under a real estate investment trust structure with a unique cost structure and unique federal tax attributes. An accurate retrospective application cannot be objectively and reliably calculated as the new cost structure and new tax attributes would require a significant amount of estimates and judgments. | 2. ACQUISITION ACTIVITY InfraREIT Acquisition On May 16, 2019, we completed the InfraREIT Acquisition, pursuant to which we acquired all of the equity interests of InfraREIT and its subsidiary, InfraREIT Partners. The InfraREIT Acquisition occurred through the merger of InfraREIT with and into a newly formed wholly owned subsidiary of Oncor, followed by the merger of another newly formed wholly owned subsidiary of Oncor with and into InfraREIT Partners. The stockholders of InfraREIT and the limited partners of InfraREIT Partners received $21.00 in cash per share of common stock or limited partnership unit, as applicable, resulting in a total cash consideration of $1,275 million . In addition , we paid certain transaction costs incurred by InfraREIT (including a management agreement termination fee of $40 million that InfraREIT paid an affiliate of Hunt Consolidated, Inc. at closing), with the aggregate cash consideration and payment of InfraREIT expenses totaling $1,324 million. In connection with and immediately following the closing of the InfraREIT Acquisition, on May 16, 2019, we extinguished all $953 million outstanding principal amount of debt of InfraREIT and its subsidiaries through repaying $602 million principal amount of InfraREIT subsidiary debt and exchanging $351 million principal amount of InfraREIT subsidiary debt for new Oncor senior secured debt, as discussed in more detail in Notes 6 and 7. On May 15, 2019, in connection with the InfraREIT Acquisition, we received capital contributions in an aggregate amount of $1,330 million from Sempra and certain indirect equity holders of Texas Transmission to fund the cash consideration and certain transaction expenses. As a condition to the InfraREIT Acquisition, SDTS, and SDTS’s tenant, SU, completed the SDTS-SU Asset Exchange immediately prior to the closing of the InfraREIT Acquisition, pursuant to which SDTS exchanged certain of its south Texas assets for certain north Texas assets owned by SU. The north Texas assets acquired by SDTS consisted of certain real property and other assets owned by SU and used in the electric transmission and distribution business in central, north and west Texas, as well as equity interests in GS Project Entity, L.L.C., a Texas limited liability company that was merged with and into SDTS. The south Texas assets acquired by SU consisted of real property and other assets near the Texas-Mexico border. As a result of the InfraREIT Acquisition closing, we and our subsidiary NTU now own all of the assets and projects in the north, central, west and panhandle regions of Texas held by SDTS and SU immediately prior to the InfraREIT Acquisition, and Sharyland owns the assets that were held by SU and SDTS in south Texas immediately prior to the InfraREIT Acquisition. The assets we acquired include approximately 1,575 miles of transmission lines, including 1,235 circuit miles of 345 kV transmission lines and approximately 340 circuit miles of 138 kV transmission lines. The north, central, and west Texas transmission system acquired by us in the transaction is directly connected to approximately 20 operational generation facilities totaling approximately 3,900 MW and serves over 50 substations. We also acquired various projects in the north, central, west and panhandle regions of Texas, including a joint project with Lubbock Power & Light (LP&L) for the build out and associated station work to join most of the City of Lubbock’s electric facilities to the ERCOT market. Costs and investments for this project are ultimately to be split between Oncor and LP&L, with Oncor performing the construction and invoicing LP&L for its portion of the costs on a monthly basis. In addition, as a condition to the closing of the SDTS-SU Asset Exchange, Sempra acquired an indirect 50 percent interest in Sharyland Holdings, the parent of Sharyland, in the Sempra-Sharyland Transaction. As a result of the Sempra-Sharyland Transaction, Sharyland is now our affiliate for purposes of PUCT rules. Pursuant to the agreement governing the SDTS-SU Asset Exchange and the PUCT order in Docket No. 48929 approving the InfraREIT Acquisition, upon closing of the InfraREIT Acquisition we entered into an operation agreement pursuant to which we will provide certain operations services to Sharyland at cost with no markup or profit. Business Combination Accounting We accounted for the InfraREIT Acquisition as a business acquisition with identifiable assets acquired and liabilities assumed recorded at their estimated fair values on the closing date. The combined results of operations are reported in our consolidated financial statements beginning as of the closing date. A summary of techniques used to estimate the preliminary fair value of the identifiable assets and liabilities is listed below. · Assets and liabilities that are included in the PUCT cost-based regulatory rate-setting processes are recorded at fair values equal to their regulatory carrying value consistent with GAAP and industry practice. · Working capital was valued using market information (Level 2). The following tables set forth the purchase price paid and the allocation of the total purchase price paid to the identifiable assets acquired and liabilities assumed. The purchase price allocation is preliminary and the allocation to each identifiable asset acquired and liability assumed may change based upon the receipt of more detailed information and additional analyses related primarily to income tax liabilities. In the year ended December 31, 2019, we made various purchase price allocation adjustments related primarily to working capital accounts resulting in an $11 million reduction to goodwill. We currently expect the final purchase price allocation will be completed no later than the second quarter of 2020. The total purchase price paid was comprised of the following Purchase of outstanding InfraREIT shares and units $ 1,275 Certain transaction costs of InfraREIT paid by Oncor (a) 49 Total purchase price paid $ 1,324 ________________ (a) Represents certain transaction costs incurred by InfraREIT in connection with the transaction and paid by Oncor, including a $40 million management termination fee payable to an affiliate of Hunt Consolidated, Inc. Purchase price allocation is as follows: As of May 16, 2019 Assets acquired: Current assets $ 45 Property, plant and equipment - net 1,800 Goodwill 676 Regulatory assets 16 Other noncurrent assets 10 Total assets acquired 2,547 Liabilities assumed: Short-term debt 115 Other current liabilities 24 Regulatory liabilities 148 Liability in lieu of deferred income taxes 97 Long-term debt, including due currently 839 Total liabilities assumed 1,223 Net assets acquired 1,324 Total purchase price paid $ 1,324 The goodwill of $676 million arising from the InfraREIT Acquisition is attributable to the assets acquired, which expand our transmission footprint and help us support ERCOT market growth. None of the goodwill is recoverable nor provides a tax benefit in the rate-making process. We did not assume any employee benefit obligations in the acquisition. Acquisition costs incurred in the InfraREIT Acquisition by Oncor and recorded to other deductions totaled $9 million in 2019. Our statements of consolidated income include revenues and net income of the acquired business totaling $156 million and $58 million, respectively, since the May 16, 2019 acquisition date. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information for the year ended December 31, 2019 and 2018 assumes that the InfraREIT Acquisition occurred on January 1, 2018. 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 InfraREIT Acquisition been completed on January 1, 2018, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here. Year Ended December 31, 2019 2018 Oncor Consolidated Pro Forma Revenues $ 4,431 $ 4,318 The unaudited pro forma financial information above excludes pro forma earnings due to the impracticability of a calculation. The acquiree previously operated under a real estate investment trust structure with a unique cost structure and unique federal tax attributes. An accurate retrospective application cannot be objectively and reliably calculated as the new cost structure and new tax attributes would require a significant amount of estimates and judgments. Sharyland 2017 Asset Exchange In November, 2017, we exchanged approximately $383 million of our transmission assets, consisting of 517 circuit miles of 345 kV transmission lines, and approximately $25 million in cash for approximately $408 million of the Sharyland Entities’ distribution assets (constituting substantially all of their electricity distribution business) and certain of their transmission assets pursuant to the Sharyland 2017 Agreement. The Sharyland 2017 Asset Exchange expanded our customer base in west Texas and provides some potential growth opportunities for our distribution network. The exchange of assets between Oncor and the Sharyland Entities was structured to qualify, in part, as a simultaneous tax deferred like kind exchange to the extent that the assets exchanged are of “like kind” (within the meaning of section 1031 of the Code). The Sharyland 2017 Asset Exchange did not have a material effect on our results of operations, financial position or cash flows. |
Regulatory Matters
Regulatory Matters | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Regulatory Matters [Abstract] | ||
REGULATORY MATTERS | 2. REGULATORY MATTERS Regulatory Assets and Liabilities Recognition of regulatory assets and liabilities and the periods over which they are to be recovered or refunded through rate regulation reflect the decisions of the PUCT. Components of our regulatory assets and liabilities and their remaining recovery periods as of March 31, 2020 are provided in the table below. Amounts not currently earning a return through rate regulation are noted. Remaining Rate Recovery/ Amortization Period At March 31, 2020 At March 31, 2020 At December 31, 2019 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 615 $ 623 Employee retirement costs being amortized 8 years 253 262 Employee retirement costs incurred since the last rate review period (b) To be determined 76 79 Self-insurance reserve (primarily storm recovery costs) being amortized 8 years 298 309 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 221 238 Securities reacquisition costs Lives of related debt 27 29 Deferred conventional meter and metering facilities depreciation 1 year 10 15 Under-recovered AMS costs 8 years 165 170 Energy efficiency performance bonus (a) 1 year or less 7 9 Wholesale distribution substation service To be determined 39 34 Other regulatory assets (d) Various 9 7 Total regulatory assets 1,720 1,775 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,199 1,178 Excess deferred taxes Primarily over lives of related assets 1,557 1,574 Over-recovered wholesale transmission service expense (a) 1 year or less 14 30 Other regulatory liabilities Various 16 11 Total regulatory liabilities 2,786 2,793 Net regulatory assets (liabilities) $ (1,066) $ (1,018) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. (d) Includes $1 million in regulatory assets established to track our incremental costs related to the impact of COVID-19, including costs relating to our pandemic response plan. PUCT Project No. 50664 Issues Related to the State of Disaster for the Coronavirus Disease 2019 On March 26, 2020, the PUCT issued an order in PUCT Project No. 50664 Issues Related to the State of Disaster for the Coronavirus Disease 2019 creating the COVID-19 Electricity Relief Program (COVID-19 ERP) to aid certain eligible residential customers unable to pay their electricity bills as a result of COVID-19 impacts. To fund that program, the PUCT order also provided for an initial $0.33 per MWh surcharge to be collected by transmission and distribution utilities through rates and directed ERCOT to provide an aggregate amount of $15 million in loans to those transmission and distribution utilities for the initial funding of the COVID-19 ERP. As a result, we filed a tariff rider on April 1, 2020 implementing the surcharge. The PUCT order provides that we may request an increase of the surcharge amount if the collections appear insufficient to cover eligible costs of the COVID-19 ERP. Surcharge collections will be recorded as a regulatory liability until the funds are used. Surcharge collections may only be used to reimburse transmission and distribution utilities and REPs for eligible unpaid bills from residential customers enrolled in the COVID-19 ERP, to cover costs of a third-party administrator to administer the eligibility process, and to reimburse ERCOT for the initial funding of the program. Pursuant to an order issued April 17, 2020, the COVID-19 ERP will expire July 17, 2020 unless extended by the PUCT. Pursuant to the PUCT order, we received an unsecured loan from ERCOT on April 9, 2020 in the amount of $7 million. Under the terms of the loan agreement, we must repay the amount of the loan prior to September 26, 2020, (the original expiration date of the COVID-19 ERP pursuant to the March 26, 2020 PUCT order) or such repayment date as may be set forth in a PUCT order. The PUCT also authorized the transmission and distribution utilities to use a regulatory asset accounting mechanism and a subsequent process to seek future recovery of expenses resulting from the effects of COVID-19. Therefore, we are recording incremental costs incurred by Oncor resulting from the effects of COVID-19, including costs relating to the implementation of our pandemic response plan, as a regulatory asset. | 3. REGULATORY MATTERS Regulatory Assets and Liabilities Recognition of regulatory assets and liabilities and the periods over which they are to be recovered or refunded through rate regulation reflect the decisions of the PUCT. Components of our regulatory assets and liabilities and their remaining recovery periods as of December 31, 2019 are provided in the table below. Amounts not earning a return through rate regulation are noted. Remaining Rate Recovery/Amortization Period at At December 31, December 31, 2019 2019 2018 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 623 $ 648 Employee retirement costs being amortized 8 years 262 297 Employee retirement costs incurred since the last rate review period (b) To be determined 79 73 Self-insurance reserve (primarily storm recovery costs) being amortized 8 years 309 351 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 238 59 Securities reacquisition costs Lives of related debt 29 10 Deferred conventional meter and metering facilities depreciation 1 year 15 36 Under-recovered AMS costs 8 years 170 185 Energy efficiency performance bonus (a) 1 year or less 9 7 Wholesale distribution substation service To be determined 34 15 Other regulatory assets Various 7 10 Total regulatory assets 1,775 1,691 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,178 1,023 Excess deferred taxes Primarily over lives of related assets 1,574 1,571 Over-recovered wholesale transmission service expense (a) 1 year or less 30 89 Other regulatory liabilities Various 11 14 Total regulatory liabilities 2,793 2,697 Net regulatory assets (liabilities) $ (1,018) $ (1,006) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. InfraREIT Acquisition Approval (PUCT Docket No. 48929) On May 9, 2019, the PUCT issued a final order in Docket No. 48929 approving the transactions contemplated by the InfraREIT Acquisition, including the SDTS-SU Asset Exchange, and the Sempra-Sharyland Transaction. For more information on these transactions, see Note 2. Regulatory Status of the TCJA The excess deferred tax related balances above are primarily the result of the TCJA corporate federal income tax rate reduction from 35% to 21%. These regulatory liabilities reflect our obligation, as required by PUCT order in Docket No. 46957, to refund to utility customers any excess deferred tax related balances created by the reduction in the corporate federal income tax rate through reductions in our tariffs. In 2018, we made filings to incorporate the impacts of the TCJA into our tariffs, including the reduction in the corporate income tax rate from 35% to 21% and amortization of excess deferred federal income taxes. In September 2018, we reached an unopposed stipulation regarding an overall settlement of the TCJA impacts. The settlement included, on an annual basis, $144 million decrease in our revenue requirement related to the reduction of income tax expense currently in rates and a $75 million decrease related to amortization of excess deferred federal income taxes. Unprotected excess deferred federal income taxes are being refunded over a ten-year period and the protected excess deferred federal income taxes are being refunded over the lives of the related assets. The settlement rates were implemented on an interim basis during 2018 and were approved by the PUCT on April 4, 2019. During 2018, interim TCOS rates included refunds of excess deferred federal income taxes that were lower than the amount ultimately approved by the PUCT. Therefore, the PUCT approved in Docket 49160 an additional one time refund of $9 million, which was made in April and May of 2019. DCRF (PUCT Docket No. 49427) On April 8, 2019, we filed with the PUCT, as well as with cities with original jurisdiction over our rates, an application for approval of an updated DCRF. The DCRF allows us to recover, primarily through our tariff for retail delivery service, certain costs related to our distribution investments. In our DCRF application, we requested a $29 million increase in annual distribution revenues related to 2018 distribution investments. On May 30, 2019, a stipulated settlement agreement among the parties to the proceeding was reached that included a $25 million increase in annual distribution revenues, and, on June 10, 2019, interim rates based on the stipulated settlement agreement were authorized to begin on September 1, 2019. On September 12, 2019, the PUCT issued a final order implementing the settlement agreement and rates. AMS Final Reconciliation (PUCT Docket No. 49721) On July 9, 2019, we filed a request with the PUCT for a final reconciliation of our AMS costs. Effective with the implementation of rates pursuant to the Docket No. 46957 rate review, we ceased recovering AMS charges through a surcharge on November 26, 2017, and AMS costs are now being recovered through base rates. We made the following requests in our AMS reconciliation filing: · a reconciliation of all costs incurred with the $87 million of revenues collected during the final period of the AMS surcharge from January 1, 2017 to November 26, 2017, · a final PUCT determination of the net operating cost savings of $16 million from the final period of our AMS deployment that were used to reduce the amount of costs that were ultimately recovered through our AMS surcharge, · authorization to add the under-recovery of the 2017 AMS costs from this reconciliation proceeding of $6 million to the existing AMS regulatory asset currently being recovered through base rates, and · authorization to establish a regulatory asset to capture the costs associated with this reconciliation proceeding (if approved, Oncor would seek recovery of that regulatory asset in a future Oncor rate case). On October 8, 2019, Oncor filed a joint motion to admit evidence and for approval of a joint proposed order that implements the requests detailed above, as agreed to by the PUCT staff and the Steering Committee of Cities. On December 16, 2019, the PUCT signed a Final Order approving Oncor’s requests as listed above. 2017 Rate Review (PUCT Docket No. 46957) In response to resolutions passed by numerous cities with original jurisdiction over electric utility rates, we filed rate review proceedings with the PUCT and original jurisdiction cities in our service territory in March 2017 based on a January 1, 2016 to December 31, 2016 test year. In July 2017, we and certain parties to our rate review agreed to a settlement of that rate review, and on August 2, 2017 a settlement agreement was filed with the PUCT that settled all issues in the docket. On October 13, 2017, the PUCT issued an order approving the settlement of the rate review, subject to closing of the Sharyland Asset Exchange, which closed on November 9, 2017. As a result of the closing, the contingency in the PUCT Docket No. 46957 order was met and our new rates as set forth in that order took effect on November 27, 2017. The order also required us to record as a regulatory liability, instead of revenue, the amount that we collected through our approved tariffs for federal income taxes that was above the new corporate federal income rate. Other significant findings in the order include a change in our authorized return on equity to 9.80% and a change in our authorized regulatory capital structure to 57.5% debt to 42.5% equity. Our previous authorized return on equity was 10.25% and our previous authorized regulatory capital structure was 60% debt to 40% equity. The PUCT order required us to record a regulatory liability from November 27, 2017 until the new authorized regulatory capital structure was met to reflect our actual capitalization prior to achieving the authorized capital structure. Our authorized regulatory capital structure was met in May 2018, and therefore we ceased accruing amounts to the capital structure refund regulatory liability as of that time. The regulatory liability of $6 million was approved on September 14, 2018 in PUCT Docket No. 48522, and the liability was subsequently returned to customers in September 2018. Also, in accordance with the rate review final order, effective November 27, 2017, the AMS surcharge ceased and ongoing AMS costs are being recovered through base rates which include the recovery of the AMS regulatory asset over a 10-year period. We continue to recover previously approved retired conventional meters over time as a regulatory asset. Sharyland 2017 Asset Exchange (PUCT Docket No. 47469) On July 21, 2017, we entered into the Sharyland 2017 Agreement, which provided for us to exchange certain of our transmission assets and cash for certain of the Sharyland Entities’ distribution assets (constituting substantially all of their electricity distribution business) and certain of their transmission assets. On October 13, 2017, the PUCT issued an order approving the Sharyland 2017 Asset Exchange and on November 9, 2017, the parties consummated the transaction. For more information on the Sharyland 2017 Agreement and the Sharyland 2017 Asset Exchange, see Note 2. We are involved in various other regulatory proceedings in the normal course of business, the ultimate resolution of which, in the opinion of management, should not have a material effect upon our financial position, results of operations or cash flows. |
Revenues
Revenues | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Revenues [Abstract] | ||
REVENUES | 3. REVENUES General Our revenue is billed monthly under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service to customers including a reasonable rate of return on invested capital. As the volumes delivered can be directly measured, our revenues are recognized when the underlying service has been provided in an amount prescribed by the related tariff. We recognize revenue in the amount that we have the right to invoice. Substantially all of our revenues are from contracts with customers except for alternative revenue program revenues discussed below. Reconcilable Tariffs The PUCT has designated certain tariffs (primarily TCRF and EECRF) as reconcilable, which means the differences between amounts billed under these tariffs and the related incurred costs are deferred as either regulatory assets or regulatory liabilities. Accordingly, at prescribed intervals, future tariffs are adjusted to either repay regulatory liabilities or collect regulatory assets. Alternative Revenue Program The PUCT has implemented an incentive program allowing us to earn performance bonuses by exceeding PUCT-approved energy efficiency program targets. This incentive program and the related performance bonus revenues are considered an “alternative revenue program” under GAAP. Annual performance bonuses are recognized as revenue when approved by the PUCT, typically in the third or fourth quarter each year. Disaggregation of Revenues The following table reflects electric delivery revenues disaggregated by tariff for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 496 $ 499 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 196 143 Billed to REPs serving Oncor distribution customers, through TCRF 109 85 Total transmission base revenues 305 228 Other miscellaneous revenues 16 17 Total revenues contributing to earnings 817 744 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 245 260 EECRF and other regulatory charges 10 12 Revenues collected for pass-through expenses 255 272 Total operating revenues $ 1,072 $ 1,016 Customers Our distribution customers consist of approximately 90 REPs and certain electric cooperatives in our certificated service area. The consumers of the electricity we deliver are free to choose their electricity supplier from REPs who compete for their business. Our transmission base revenues are collected from load serving entities benefiting from our transmission system. Our transmission customers consist of municipalities, electric cooperatives and other distribution companies. REP subsidiaries of our two largest counterparties represented 25% and 18% of our total operating revenues for the three months ended March 31, 2020. No other customer represented more than 10% of our total operating revenues. Variability Our revenues and cash flows are subject to seasonality, timing of customer billings, weather conditions and other electricity usage drivers, with revenues being highest in the summer. Payment is due 35 days after invoicing. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by REPs are recoverable as a regulatory asset. Pass-through Expenses Expenses which are allowed to be passed-through to customers (primarily, third party wholesale transmission service and energy efficiency program costs) are generally recognized as revenue at the time the costs are incurred. Franchise taxes are assessed by local governmental bodies, based on kWh delivered and are not a “pass-through” item. The rates we charge customers are intended to recover the franchise taxes, but we are not acting as an agent to collect the taxes from customers; therefore, franchise taxes are reported as a principal component of “taxes other than amounts related to income taxes” instead of a reduction to “revenues” in the income statement. | 4. REVENUES General Our revenue is billed monthly under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service to customers including a reasonable rate of return on invested capital. As the volumes delivered can be directly measured, our revenues are recognized when the underlying service has been provided in an amount prescribed by the related tariff. We recognize revenue in the amount that we have the right to invoice. Substantially all of our revenues are from contracts with customers except for alternative revenue program revenues discussed below. Reconcilable Tariffs The PUCT has designated certain tariffs (primarily TCRF and EECRF) as reconcilable, which means the differences between amounts billed under these tariffs and the related incurred costs are deferred as either regulatory assets or regulatory liabilities. Accordingly, at prescribed intervals, future tariffs are adjusted to either repay regulatory liabilities or collect regulatory assets. Alternative Revenue Program The PUCT has implemented an incentive program allowing us to earn performance bonuses by exceeding PURA-mandated energy efficiency program targets. This incentive program and the related performance bonus revenues are considered an “alternative revenue program” under GAAP. Annual performance bonuses are recognized as revenue when approved by the PUCT, typically in the third or fourth quarter each year. In 2019 and 2018, the PUCT approved a $9 million and $7 million bonus that we recognized in revenues in 2019 and 2018, respectively. Disaggregation of Revenues The following table reflects electric delivery revenues disaggregated by tariff: Year Ended December 31, 2019 2018 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 2,143 $ 2,139 Transmission base revenues (TCOS revenues) Billed to third-party wholesale customers 681 548 Billed to REPs serving Oncor distribution customers, through TCRF 391 310 Total transmission base revenues 1,072 858 Other miscellaneous revenues 77 71 Total revenues contributing to earnings 3,292 3,068 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 1,005 962 EECRF and other regulatory charges 50 71 Revenues collected for pass-through expenses 1,055 1,033 Total operating revenues $ 4,347 $ 4,101 Customers Our distribution customers consist of approximately 90 REPs and certain electric cooperatives in our certificated service area. The consumers of the electricity we deliver are free to choose their electricity supplier from REPs who compete for their business. Our transmission base revenues are collected from load serving entities benefitting from our transmission system. Our transmission customers consist of municipalities, electric cooperatives and other distribution companies. REP subsidiaries of our two largest counterparties represented 23% and 18% of our total operating revenues for the year ended 2019, 23% and 19% for the year ended 2018 and 22% and 18% for the year ended 2017. No other customer represented more than 10% of our total operating revenues. Variability Our revenues and cash flows are subject to seasonality, timing of customer billings, weather conditions and other electricity usage drivers, with revenues being highest in the summer. Payment is due 35 days after invoicing. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by REPs are recoverable as a regulatory asset. Pass-through Expenses Expenses which are allowed to be passed-through to customers (primarily, third party wholesale transmission service and energy efficiency program costs) are generally recognized as revenue at the time the costs are incurred. Franchise taxes are assessed by local governmental bodies, based on kWh delivered and are not a “pass-through” item. The rates we charge customers are intended to recover the franchise taxes, but we are not acting as an agent to collect the taxes from customers; therefore, franchise taxes are reported as a principal component of “taxes other than amounts related to income taxes” instead of a reduction to “revenues” in the income statement. |
Provision In Lieu Of Income Tax
Provision In Lieu Of Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Provision In Lieu Of Income Taxes [Abstract] | |
PROVISION IN LIEU OF INCOME TAXES | 5. PROVISION IN LIEU OF INCOME TAXES Tax Cuts and Jobs Act (TCJA) On December 22, 2017, the TCJA was signed into law. Substantially all of the provisions of the TCJA were effective for our taxable years beginning January 1, 2018. The TCJA included significant changes to the Code, including amendments which significantly change the taxation of business entities and includes specific provisions related to regulated public utilities such as Oncor. The most significant TCJA change that impacts us is the reduction in the corporate federal income tax rate from 35% to 21% . The specific provisions related to regulated public utilities in the TCJA applicable to us include the continued deductibility of interest expense, the elimination of bonus depreciation on certain property acquired after September 27, 2017 and certain rate normalization requirements for accelerated depreciation benefits. Changes in the Code from the TCJA had a material impact on our financial statements in 2017. Under GAAP, specifically Topic 740, Income Taxes, the tax effects of changes in tax laws must be recognized when the law is enacted, or December 22, 2017 for the TCJA. Topic 740 also requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Based on this, our liability in lieu of deferred income taxes w as re-measured at the date of enactment using the new tax rate. We have completed the measurement and accounting for the effects of the TCJA. The re-measurement of our liability in lieu of deferred income taxes related to our non-regulated operations resulted in a $21 million charge to the nonoperating provision in lieu of tax expense for the year ended December 31, 2017. The re-measurement of our liability in lieu of deferred income taxes related to our regulated operations resulted in a $1.6 billion decrease in our liability in lieu of deferred income taxes at December 22, 2017 and a corresponding increase in our regulatory liabilities. Components of Liability in Lieu of Deferred Income Taxes The components of our liability in lieu of deferred income taxes are provided in the table below. At December 31, 2019 2018 Deferred Tax Related Assets: Employee benefit liabilities $ 224 $ 234 Regulatory liabilities 51 55 Other 28 6 Total 303 295 Deferred Tax Related Liabilities: Property, plant and equipment 1,851 1,651 Regulatory assets 272 245 Other 1 1 Total 2,124 1,897 Liability in lieu of deferred income taxes - net $ 1,821 $ 1,602 Provision (Benefit) in Lieu of Income Taxes The components of our reported provision (benefit) in lieu of income taxes are as follows: Year Ended December 31, 2019 2018 2017 Reported in operating expenses: Current: U.S. federal $ 69 $ 112 $ (55) State 22 21 20 Deferred: U.S. federal 49 21 303 State - - - Amortization of investment tax credits (2) (2) (2) Total reported in operating expenses 138 152 266 Reported in other income and deductions: Current: U.S. federal (21) (32) (5) State - - - Deferred federal 6 (3) 6 Total reported in other income and deductions (15) (35) 1 Total provision in lieu of income taxes $ 123 $ 117 $ 267 Reconciliation of provision in lieu of income taxes computed at the U.S. federal statutory rate to provision in lieu of income taxes: Year Ended December 31, 2019 2018 2017 Income before provision in lieu of income taxes $ 774 $ 662 $ 686 Provision in lieu of income taxes at the U.S. federal statutory rate of 21% for 2019 and 2018 and 35% for 2017 $ 163 $ 139 $ 240 Amortization of investment tax credits – net of deferred tax effect (2) (2) (2) Amortization of excess deferred taxes (52) (18) (1) Impact of federal statutory rate change from 35% to 21% - - 21 Texas margin tax, net of federal tax benefit 17 17 13 Nontaxable gains on benefit plan investments (2) (1) (4) Other (1) (18) - Reported provision in lieu of income taxes $ 123 $ 117 $ 267 Effective rate 15.9% 17.7% 38.9% The net amounts of $1.821 billion and $1.602 billion reported in the balance sheets at December 31, 2019 and 2018, respectively, as liability in lieu of deferred income taxes include amounts previously recorded as net deferred tax liabilities. Upon the sale of equity interests to Texas Transmission and Investment LLC in 2008, we became a partnership for U.S. federal income tax purposes, and the temporary differences that gave rise to the deferred taxes will, over time, become taxable to the equity holders. Under a tax sharing agreement among us and our equity holders (see Note 1), we make payments to the equity holders related to income taxes when amounts would have become due to the IRS if Oncor was taxed as a corporation. Accordingly, as the temporary differences become taxable, we will pay the equity holders. In the event such amounts are not paid under the tax sharing agreement, it is probable that this regulatory liability will continue to be included in Oncor’s rate setting processes. Accounting For Uncertainty in Provision in Lieu of Income Taxes The statute of limitations is open for our partnership tax returns for the years beginning after December 31, 2009, however, the IRS has declined to review the tax returns for the years ended prior to January 1, 2016. Texas margin tax returns are under examination or still open for examination for tax years beginning after 2014. We are not a member of any consolidated federal tax group and assess our liability for uncertain tax positions in our partnership returns. We had no uncertain tax positions in 2019 and 2018. In the first quarter 2017, EFH Corp. settled all open tax claims with the IRS. As a result, we reduced the liability for uncertain tax positions by $3 million. This reduction is reported as a decrease in income taxes in 2017. Noncurrent liabilities included no accrued interest related to uncertain tax positions at December 31, 2019 and 2018. There were no amounts recorded related to interest and penalties in the years ended December 31, 2019, 2018 and 2017. The federal income tax benefit on the interest accrued on uncertain tax positions, if any, is recorded as liability in lieu of deferred income taxes. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Short-Term Borrowings [Abstract] | ||
SHORT-TERM BORROWINGS | 4. SHORT-TERM BORROWINGS At March 31, 2020 and December 31, 2019, outstanding short-term borrowings under our CP Program and Credit Facility consisted of the following: At March 31, At December 31, 2020 2019 Total credit facility borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) - (46) Credit facility outstanding (b) - - Letters of credit outstanding (c) (9) (10) Available unused credit $ 1,991 $ 1,944 ____________ a) The weighted average interest rate for commercial paper was 1.84% at December 31, 2019. b) At March 31, 2020, the applicable interest rate for any outstanding borrowings was LIBOR plus 1.00% . c) The interest rate on outstanding letters of credit at both March 31, 2020 and December 31, 2019 was 1.20% based on our credit ratings. CP Program In March 2018, we established the CP Program, under which we may issue CP Notes on a private placement basis up to a maximum aggregate face or principal amount outstanding at any time of $2.0 billion. The proceeds of CP Notes issued under the CP Program are used for working capital and general corporate purposes. The CP Program obtains liquidity support from our Credit Facility, which is discussed below. We may utilize either the CP Program or the Credit Facility, at our option, to meet our funding needs. Credit Facility In November 2017, we entered into a $2.0 billion unsecured Credit Facility to be used for working capital and general corporate purposes, issuances of letters of credit and support our CP Program . We may request increases in our borrowing capacity in increments of not less than $100 million, not to exceed $400 million in the aggregate provided certain conditions are met, including lender approvals. The Credit Facility’s five -year term expires in November 2022 and gives us the option of requesting up to two one -year extensions, with such extensions subject to certain conditions and lender approvals. Ma rch 2020 Term Loan Agreement On March 23, 2020, we entered into a short-term unsecured term loan credit agreement (March 2020 Term Loan Agreement) in an aggregate principal amount of $350 million, which may be increased, at our option and upon the agreement of one or more existing or additional lenders, by an aggregate principal amount of between $50 million and $100 million prior to our first borrowing under the March 2020 Term Loan Agreement. The March 2020 Term Loan Agreement has a maturity date of March 22, 2021 , which may be extended once, in whole or part, at our option and upon the payment to the extending lenders of an extension fee to be agreed upon by such extending lenders, to a date not later than September 24, 2021 . We may borrow up to $350 million in up to four borrowings which may be made, at our option, at any time between April 1, 2020 and July 21, 2020. Upon the earlier to occur of the fourth borrowing and July 21, 2020, the unused commitments of the lenders to make term loans shall terminate. Loans under the March 2020 Term Loan Agreement bear interest at per annum rates equal to, at our option, (i) LIBOR plus 0.675% , or (ii) an alternate base rate (the highest of (1) the prime rate of Wells Fargo Bank, National Association, the administrative agent and a lender under the agreement, (2) the federal funds effective rate plus 0.50% , and (3) daily one-month LIBOR plus 1% ). No amounts were outstanding under the March 2020 Term Loan Agreement as of March 31, 2020. | 6. SHORT-TERM BORROWINGS At December 31, 2019 and 2018, outstanding short-term borrowings under our CP Program and Credit Facility consisted of the following: At December 31, 2019 2018 Total credit facility borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) (46) (813) Credit facility outstanding (b) - - Letters of credit outstanding (c) (10) (9) Available unused credit $ 1,944 $ 1,178 ____________ a) The weighted average interest rate for commercial paper was 1.84% and 2.74% at December 31, 2019 and December 31, 2018, respectively. b) At December 31, 2019, the applicable interest rate for any outstanding borrowings would have been LIBOR plus 1.00% . c) Interest rates on outstanding letters of credit at December 31, 2019 and December 31, 2018 were 1.2% based on our credit ratings. CP Program In March 2018, we established the CP Program, under which we may issue unsecured commercial paper notes (CP Notes) on a private placement basis up to a maximum aggregate face or principal amount outstanding at any time of $2.0 billion. The proceeds of CP Notes issued under the CP Program are used for working capital and general corporate purposes. The CP Program obtains liquidity support from our Credit Facility discussed below. We may utilize either CP Program or the Credit Facility at our option, to meet our funding needs. Credit Facility In November 2017, we entered into a $2.0 billion unsecured Credit Facility to be used for working capital and general corporate purposes, issuances of letters of credit and support for any commercial paper issuances. We may request increases in our borrowing capacity in increments of not less than $100 million, not to exceed $400 million in the aggregate, provided certain conditions are met, including lender approvals. The Credit Facility has a five -year term expiring in November 2022 and gives us the option of requesting up to two one -year extensions, with such extensions subject to certain conditions and lender approvals. The Credit Facility replaced our previous $2.0 billion secured revolving credit facility (previous credit facility), which was terminated in connection with our entrance into the Credit Facility. Borrowings under our previous credit facility were secured with the lien of the Deed of Trust discussed in Note 7 below. Borrowings under the Credit Facility bear interest at per annum rates equal to, at our option, (i) adjusted LIBOR plus a spread ranging from 0 .875% to 1.50% depending on credit ratings assigned to our senior secured non-credit enhanced long-term debt or (ii) an alternate base rate (the highest of (1) the prime rate of JPMorgan Chase, (2) the federal funds effective rate plus 0.50% , and (3) adjusted LIBOR plus 1.00% ) plus a spread ranging from 0.00% to 0.50% depending on credit ratings assigned to our senior secured non-credit enhanced long-term debt. Amounts borrowed under the Credit Facility, once repaid, can be borrowed again from time to time. An unused commitment fee is payable quarterly in arrears and upon termination or commitment reduction at a rate equal to 0.075% to 0.225% (such spread depending on certain credit ratings assigned to our senior secured debt) of the daily unused commitments under the Credit Facility. Letter of credit fees on the stated amount of letters of credit issued under the Credit Facility are payable to the lenders quarterly in arrears and upon termination at a rate per annum equal to the spread over adjusted LIBOR. Customary fronting and administrative fees are also payable to letter of credit fronting banks. At December 31, 2019, letters of credit bore interest at 1.20% , and a commitment fee (at a rate of 0.125% per annum) was payable on the unfunded commitments under the Credit Facility, each based on our current credit ratings. Under the terms of the Credit Facility, the commitments of the lenders to make loans to us are several and not joint. Accordingly, if any lender fails to make loans to us, our available liquidity could be reduced by an amount up to the aggregate amount of such lender’s commitments under the facility. May 2019 Short-Term Bridge Loan On May 9, 2019, we entered into a short-term unsecured term loan credit agreement (Bridge Loan) in an aggregate principal amount of up to $600 million in connection with the InfraREIT Acquisition. The Bridge Loan had a six-month term. Borrowings under the Bridge Loan could only be used to finance the repayment of indebtedness of InfraREIT or its affiliates and to pay expenses and fees related to the InfraREIT Acquisition. A fee was payable to the lenders under the Bridge Loan in an amount equal to 0.075% per annum on the average daily undrawn amount of the commitments. The Bridge Loan contained customary covenants for facilities of this type, restricting, subject to certain exceptions, us and our subsidiaries from, among other things, incurring additional liens, entering into mergers and consolidations, and sales of substantial assets. The Bridge Loan also contained a senior debt-to-capitalization ratio covenant that effectively limited our ability to incur indebtedness in the future. On May 15, 2019, we borrowed $600 million under the Bridge Loan to pay, at closing of the InfraREIT Acquisition, all amounts outstanding under SDTS’s term loan, all amounts outstanding under the revolving credit facilities of SDTS and InfraREIT Partners, and amounts owed to discharge certain outstanding notes of InfraREIT’s subsidiaries. The borrowing under the Bridge Loan bore interest at a per annum rate equal to LIBOR plus 0.65% . The Bridge Loan was repaid in full in May 2019 with the proceeds from our May 23, 2019 senior secured notes issuance (discussed in Note 7 below) and as a result, the agreement is no longer in effect. InfraREIT Short-Term Debt Repayments in Connection with the InfraREIT Acquisition In connection with the closing of the InfraREIT Acquisition, on May 16, 2019, the credit facilities of InfraREIT and its subsidiaries were terminated and borrowings totaling $114 million principal amount were repaid in full by Oncor. For more information on the extinguishment of InfraREIT debt in connection with the InfraREIT Acquisition, see Notes 2 and 7. |
Long-Term Debt
Long-Term Debt | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Long-Term Debt [Abstract] | ||
LONG-TERM DEBT | 5. LONG-TERM DEBT Our senior notes are secured by a first priority lien on certain transmission and distribution assets equally and ratably with all of Oncor’s other secured indebtedness. See “Deed of Trust” below for additional information. At March 31, 2020 and December 31, 2019, our long-term debt consisted of the following: March 31, December 31, 2020 2019 Fixed Rate Secured: 5.75% Senior Notes due September 30, 2020 $ 126 $ 126 8.50% Senior Notes, Series C, due December 30, 2020 13 14 4.10% Senior Notes, due June 1, 2022 400 400 7.00% Debentures due September 1, 2022 482 482 2.75% Senior Notes due June 1, 2024 500 500 2.95% Senior Notes due April 1, 2025 350 350 3.86% Senior Notes, Series A, due December 3, 2025 174 174 3.86% Senior Notes, Series B, due January 14, 2026 38 38 3.70% Senior Notes due November 15, 2028 650 650 5.75% Senior Notes due March 15, 2029 318 318 7.25% Senior Notes, Series B, due December 30, 2029 36 36 2.75% Senior Notes due May 15, 2030 400 - 6.47% Senior Notes, Series A, due September 30, 2030 82 83 7.00% Senior Notes due May 1, 2032 500 500 7.25% Senior Notes due January 15, 2033 350 350 7.50% Senior Notes due September 1, 2038 300 300 5.25% Senior Notes due September 30, 2040 475 475 4.55% Senior Notes due December 1, 2041 400 400 5.30% Senior Notes due June 1, 2042 500 500 3.75% Senior Notes due April 1, 2045 550 550 3.80% Senior Notes due September 30, 2047 325 325 4.10% Senior Notes due November 15, 2048 450 450 3.80% Senior Notes, due June 1, 2049 500 500 3.10% Senior Notes, due September 15, 2049 700 700 3.70% Senior Notes due May 15, 2050 400 - Secured long-term debt 9,019 8,221 Unsecured: Term loan credit agreement maturing October 6, 2020 - 460 Term loan credit agreement maturing June 1, 2021 450 - Total long-term debt 9,469 8,681 Unamortized discount and debt issuance costs (65) (56) Less amount due currently (148) (608) Long-term debt, less amounts due currently $ 9,256 $ 8,017 Long-Term Debt-Related Activity in 2020 Debt Issuances On March 20, 2020, we completed a sale of $400 million aggregate principal amount of 2.75% Senior Secured Notes due 2030 (2030 Notes) and $400 million aggregate principal amount of 3.70% Senior Secured Notes due 2050 (2050 Notes and, together with the 2030 Notes, the Notes). We used the proceeds (net of the initial purchasers’ discount, fees and expenses) of approximately $790 million from the sale of the Notes for general corporate purposes, including the repayment of short-term and long-term debt. The Notes were issued pursuant to the provisions of an Indenture, dated as of August 1, 2002, between Oncor and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon, formerly The Bank of New York) (as amended and supplemented, the Indenture). The 2030 Notes and the 2050 Notes each constitute a separate series of notes under the Indenture, but will be treated together with Oncor’s other outstanding debt securities issued under the Indenture for amendments and waivers and for taking certain other actions. The Notes were issued in separate private placements and were not registered under the Securities Act. We have agreed, subject to certain exceptions, to register with the SEC notes having substantially identical terms as the Notes (except for provisions relating to the transfer restriction and payment of additional interest) as part of our offers to exchange freely tradable exchange notes for the Notes. We have agreed to use commercially reasonable efforts to cause the exchange offers to be completed within 315 days after the applicable issue date of the Notes. If a registration statement for the exchange offers is not declared effective by the SEC within 270 days after the applicable issue date of the Notes or the exchange offers are not completed within 315 days after the applicable issue date of the Notes (an exchange default), then the annual interest rate on each series of the Notes will increase 50 basis points per annum until the earlier of the expiration of the exchange default or the second anniversary of the issue dates of the Notes. January 2020 Term Loan Credit Agreement On January 28, 2020, we executed a $450 million term loan credit agreement that matures on June 1, 2021 (January 2020 Term Loan Agreement). The January 2020 Term Loan Agreement provides that we can borrow the full amount in up to four borrowings by April 27, 2020. We borrowed $163 million on January 29, 2020, $55 million on February 28, 2020 and $232 million on March 17, 2020 under the January 2020 Term Loan Agreement. At March 31, 2020, borrowings under the January 2020 Term Loan Agreement totaled $450 million, the full amount available under the agreement. The proceeds from each borrowing were used for general corporate purposes, including the repayment of notes outstanding under our CP Program. Loans under the January 2020 Term Loan Agreement bear interest at per annum rates equal to, at our option, (i) LIBOR plus 0.50% until June 1, 2021, or (ii) an alternate base rate (the highest of (1) the prime rate of Sumitomo Mitsui Banking Corporation, the administrative agent and a lender under the agreement, (2) the federal funds effective rate plus 0.50% , and (3) daily one-month LIBOR plus 1% ). Interest Rate Hedge Transactions In February and March of 2020, we entered into interest rate hedge transactions hedging the variability of benchmark bond rates used to determine interest rates on anticipated issuances of ten -year and thirty -year senior secured notes. The hedges were terminated in March 2020 upon our issuance of the senior secured notes discussed in “Debt Issuances” above. We recognized a $29 million ( $23 million after-tax) loss related to the fair value of the hedge transactions in accumulated other comprehensive loss. We expect approximately $4 million of the amount reported in accumulated other comprehensive loss at March 31, 2020 related to interest rate hedges to be reclassified into net income as an increase to interest expense within the next 12 months, including $2 million from the current period transactions. Debt Repayments Repayments of long-term debt in the three months ended March 31, 2020 included $460 million principal amount borrowed under a term loan agreement entered into in 2019 that was to mature in October 2020 (2019 Term Loan Agreement) and $2 million principal amount of the quarterly amortizing debt for senior secured notes issued under one of our Note Purchase Agreements . The $460 million repaid under the 2019 Term Loan Agreement constituted all amounts outstanding under that agreement, and as a result of that repayment the agreement is no longer in effect. Deed of Trust Our secured indebtedness is secured equally and ratably by a first priority lien on property we acquired or constructed for the transmission and distribution of electricity. The property is mortgaged under the Deed of Trust. The Deed of Trust permits us to secure indebtedness with the lien of the Deed of Trust up to the aggregate of (i) the amount of available bond credits, and (ii) 85% of the lower of the fair value or cost of certain property additions that could be certified to the Deed of Trust collateral agent. At March 31, 2020, the amount of available bond credits was $1.973 billion and the amount of future debt we could secure with property additions, subject to those property additions being certified to the Deed of Trust collateral agent, was $2.602 billion. Borrowings under the CP Program, the Credit Facility, and our term loan credit agreements are not secured. Maturities Long-term maturities (including current maturities) at March 31, 2020, are as follows: Year Amount 2020 (excluding first three months of 2020) $ 148 2021 459 2022 891 2023 10 2024 510 Thereafter 7,451 Unamortized discount and debt issuance costs (65) Total $ 9,404 Fair Value of Long-Term Debt At March 31, 2020 and December 31, 2019, the estimated fair value of our long-term debt (including current maturities) totaled $10.734 billion and $10.003 billion, respectively, and the carrying amount totaled $9.404 billion and $8.625 billion, respectively. The fair value is estimated using observable market data, representing Level 2 valuations under accounting standards related to the determination of fair value. | 7. LONG-TERM DEBT Our senior notes are secured by a first priority lien on certain transmission and distribution assets equally and ratably with all of Oncor’s other secured indebtedness. See “Deed of Trust” below for additional information. At December 31, 2019 and 2018, our long-term debt consisted of the following: December 31, 2019 2018 Fixed Rate Secured: 2.15% Senior Notes due June 1, 2019 $ - $ 250 5.75% Senior Notes due September 30, 2020 126 126 8.50% Senior Notes, Series C, due December 30, 2020 14 - 4.10% Senior Notes, due June 1, 2022 400 400 7.00% Debentures due September 1, 2022 482 482 2.75% Senior Notes due June 1, 2024 500 - 2.95% Senior Notes due April 1, 2025 350 350 3.86% Senior Notes, Series A, due December 3, 2025 174 - 3.86% Senior Notes, Series B, due January 14, 2026 38 - 3.70% Senior Notes due November 15, 2028 650 350 5.75% Senior Notes due March 15, 2029 318 318 7.25% Senior Notes, Series B, due December 30, 2029 36 - 6.47% Senior Notes, Series A, due September 30, 2030 83 - 7.00% Senior Notes due May 1, 2032 500 500 7.25% Senior Notes due January 15, 2033 350 350 7.50% Senior Notes due September 1, 2038 300 300 5.25% Senior Notes due September 30, 2040 475 475 4.55% Senior Notes due December 1, 2041 400 400 5.30% Senior Notes due June 1, 2042 500 500 3.75% Senior Notes due April 1, 2045 550 550 3.80% Senior Notes due September 30, 2047 325 325 4.10% Senior Notes due November 15, 2048 450 450 3.80% Senior Notes, due June 1, 2049 500 - 3.10% Senior Notes, due September 15, 2049 700 - Secured long-term debt 8,221 6,126 Variable Rate Unsecured: Term loan credit agreement maturing December 9, 2019 - 350 Term loan credit agreement maturing October 6, 2020 460 - Total long-term debt 8,681 6,476 Unamortized discount and debt issuance costs (56) (41) Less amount due currently (608) (600) Long-term debt, less amounts due currently $ 8,017 $ 5,835 Long-Term Debt-Related Activity in 2019 Debt Repayments Repayments of long-term debt in 2019 consisted of $488 million aggregate principal amount of long-term debt of InfraREIT’s subsidiaries that we paid on May 16, 2019 in connection with and immediately following the InfraREIT Acquisition through repayment of $288 million principal amount of outstanding InfraREIT subsidiary senior notes (plus $5 million in accrued interest and $19 million in make-whole fees relating to those notes ) and repayment of an outstanding $200 million principal amount InfraREIT subsidiary term loan , $250 million aggregate principal amount of our 2.15 % senior secured notes due June 1, 2019, $350 million aggregate principal amount of the term loan credit agreement maturing on December 9, 2019 (which was repaid in full and extinguished in November 2019) and $6 million principal amount of the quarterly amortizing debt for senior secured notes issued under the Note Purchase Agreements . Debt Issuances Senior Secured Notes In May 2019 we issued $500 million aggregate principal amount of 2.75% senior secured notes due 2024 (2024 Notes), $300 million aggregate principal amount of 3.70% senior secured notes due 2028 (2028 Notes) and $500 million aggregate principal amount of 3.80% Senior Secured Notes due 2049 (3.80% 2049 Notes). The 2028 Notes constitute an additional issuance of our 3.70% Senior Secured Notes due 2028, $350 million of which we previously issued on August 10, 2018 and are currently outstanding (Outstanding 2028 Notes). The 2028 Notes were issued as part of the same series as the Outstanding 2028 Notes. Additionally, the 2028 Notes exchanged or sold in connection with the transactions contemplated by a registration rights agreement are expected to become fungible with the Outstanding 2028 Notes. We used the proceeds (net of the initial purchasers’ discount, fees, expenses and accrued interest) of $1,297 million from the sale of the notes for general corporate purposes, including to repay all amounts outstanding under the Bridge Loan, to repay $250 million aggregate principal amount of our 2.15% Senior Secured Notes due June 1, 2019 and to repay CP Notes, when due, under our CP Program. For more information on the Bridge Loan, see Note 6. Prior to May 1, 2024, in the case of the 2024 Notes, August 15, 2028 in the case of the 2028 Notes and December 1, 2048, in the case of the 2049 Notes, Oncor may redeem such notes at any time, in whole or in part, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a “make-whole” premium. On and after May 1, 2024, in the case of the 2024 Notes, August 15, 2028 in the case of the 2028 Notes and December 1, 2048, in the case of the 2049 Notes, Oncor may redeem such notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of such notes, plus accrued and unpaid interest. On September 12, 2019, we issued $700 million aggregate principal amount of 3.10% senior secured notes due September 15, 2049 (3.10% 2049 Notes and, together with the 2024 Notes, 2028 Notes and the 3.80% 2049 Notes, the New Indenture Notes). We used the proceeds (net of the initial purchasers’ discount, fees and expenses) of $689 million from the sale of the 3.10% 2049 Notes for general corporate purposes, including to repay CP Notes, when due, under our CP Program. Prior to March 15, 2049, Oncor may redeem the 3.10% 2049 Notes at any time, in whole or in part, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a “make-whole” premium. On and after March 15, 2049, Oncor may redeem the 3.10% 2049 Notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the 3.10% 2049 Notes, plus accrued and unpaid interest. The New Indenture Notes also contain customary events of default, including failure to pay principal or interest when due. The New Indenture Notes were issued in separate private placements . In November 2019, we completed an offering with the holders of the New Indenture Notes to exchange their respective New Indenture Notes for notes that have terms identical in all material respects to the New Indenture Notes (Exchange Notes), except that the Exchange Notes do not contain terms with respect to transfer restrictions, registration rights and payment of additional interest for failure to observe certain obligations in a certain registration rights agreement. The Exchange Notes were registered on a Form S-4, which was declared effective in October 2019. Debt Exchange In connection with closing the InfraREIT Acquisition on May 16, 2019, we exchanged $351 million principal amount of outstanding InfraREIT subsidiary senior notes for a like principal amount of newly issued Oncor secured senior notes. We received no proceeds from the issuance of the new Oncor notes and the exchanges were accounted for as debt modifications. Following are details of the exchanges: (i) $87 million aggregate principal amount of newly issued Oncor 6.47% Senior Notes, Series A, due September 30, 2030 (2030 Notes), issued in exchange for a like principal amount of SDTS’s 6.47% Senior Notes due September 30, 2030, (ii) $38 million aggregate principal amount of newly issued Oncor 7.25% Senior Notes, Series B, due December 30, 2029 (2029 Notes), issued in exchange for a like principal amount of SDTS’s 7.25% Senior Notes due December 30, 2029, (iii) $14 million aggregate principal amount of newly issued Oncor 8.50% Senior Notes, Series C, due December 30, 2020 (2020 Notes), issued in exchange for a like principal amount of Transmission and Distributions Company, L.L.C.’s 8.5 0 % Senior Notes due December 30, 2020, (iv) $174 million aggregate principal amount of newly issued Oncor 3.86% Senior Notes, Series A, due December 3, 2025 (2025 Notes), issued in exchange for a like principal amount of SDTS’s 3.86% Senior Notes due December 3, 2025, and (v) $38 million aggregate principal amount of newly issued Oncor 3.86% Senior Notes, Series B, due January 14, 2026 (2026 Notes), issued in exchange for a like principal amount of SDTS’s 3.86% Senior Notes due January 14, 2026. The 2030 N otes, 2029 Notes, 2020 Notes, 2025 Notes and 2026 Notes were each issued pursuant to a N ote P urchase A greement . Closing of the Note Purchase Agreements and issuance of the 2030 Notes, 2029 Notes, 2020 Notes, 2025 Notes and 2026 Notes (collectively, NPA Notes) occurred on May 16, 2019, immediately following consummation of the InfraREIT Acquisition. The Note Purchase Agreements contain customary covenant restrictions and events of default. The NPA Notes are secured equally and ratably with our other secured indebtedness pursuant to the Deed of Trust. For more information on the Deed of Trust, see “Deed of Trust” below. We received no proceeds from the issuance of the NPA Notes. Term Loan Credit Agreements On September 6, 2019, we entered into an unsecured term loan credit agreement (2019 Term Loan Agreement) in an aggregate principal amount of up to $460 million. The 2019 Term Loan Agreement has a 13-month term, maturing on October 6, 2020. We borrowed the full aggregate principal amount available under the 2019 Term Loan Agreement of $460 million on September 25, 2019. The 2019 Term Loan Agreement bears interest at per annum rates equal to, at Oncor’s option, (i) LIBOR plus 0.50% , or (ii) an alternate base rate (the highest of (1) the prime rate of Wells Fargo Bank National Association, the administrative agent under the agreement , (2) the federal funds effective rate plus 0.50% , and (3) daily one-month LIBOR plus 1% ). We used the proceeds (net of fees and expenses) for general corporate purposes, including to repay CP Notes, when due, under our CP program. The 2019 Term Loan Agreement contains customary covenants for facilities of this type, restricting, subject to certain exceptions, us and our subsidiaries from, among other things, incurring additional liens, entering into mergers and consolidations, and sales of substantial assets. The 2019 Term Loan Agreement contains a senior debt-to-capitalization ratio covenant that effectively limits our ability to incur indebtedness in the future. At December 31, 2019, we were in compliance with this covenant and all other covenants in the term loan credit agreement. See “Credit Rating Provisions, Covenants and Cross Default Provisions” below for additional information on this covenant and the calculation of this ratio. In November 2019, we repaid $350 million, representing the full principal amount owed, under the term loan credit agreement entered into in 2018 that was scheduled to mature in December 2019. That term loan credit agreement contained covenants similar to the 2019 Term Loan Agreement. Upon repayment, th e 2018 term loan agreement ceased to be in effect. Deed of Trust Our secured indebtedness is secured equally and ratably by a first priority lien on property we acquired or constructed for the transmission and distribution of electricity. The property is mortgaged under the Deed of Trust. The Deed of Trust permits us to secure indebtedness with the lien of the Deed of Trust up to the aggregate of (i) the amount of available bond credits, and (ii) 85% of the lower of the fair value or cost of certain property additions that could be certified to the Deed of Trust collateral agent. At December 31, 2019, the amount of available bond credits was $2,771 million and the amount of future debt we could secure with property additions, subject to those property additions being certified to the Deed of Trust collateral agent, was $2,410 million. Borrowings under the CP Program, the Credit Facility and our term loan credit agreements are not secured. Maturities Long-term debt maturities at December 31, 2019, are as follows: Year Amount 2020 $ 608 2021 9 2022 891 2023 10 2024 510 Thereafter 6,653 Unamortized discount and debt issuance costs (56) Total $ 8,625 Fair Value of Long-Term Debt At December 31, 2019 and 2018, the estimated fair value of our long-term debt (including current maturities) totaled $10.003 billion and $7.086 billion, respectively, and the carrying amount totaled $8.625 billion and $6.435 billion, respectively. The fair value is estimated using observable market data, representing Level 2 valuations under accounting standards related to the determination of fair value. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES Legal/Regulatory Proceedings We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolution of which, in the opinion of management, should not have a material effect upon our financial position, results of operations or cash flows. See Note 2 above and Note 8 to Financial Statements in our 2019 Form 10-K for additional information regarding our regulatory and legal proceedings, respectively. Leases As lessee, our leased assets primarily consist of our vehicle fleet and real estate leased for company offices and service centers. Our leases are accounted for as operating leases for both GAAP and rate-making purposes. We generally recognize operating lease costs on a straight-line basis over the lease term in operating expenses. We are not a lessor to any material lease contracts. In December 2019, we entered into a 15 year lease agreement for replacement office space. The operating lease partially commenced in February 2020 and increased our lease obligation by $24 million. The table below presents the maturity analysis of our lease liabilities and reconciliation to the present value of lease liabilities: Year Amount 2020 (remaining nine months) $ 23 2021 28 2022 24 2023 18 2024 12 Thereafter 28 Total undiscounted lease payments 133 Less imputed interest (12) Total future minimum lease payments $ 121 See Note 8 to Financial Statements in our 2019 Form 10-K for additional information on leases. | 8. COMMITMENTS AND CONTINGENCIES Leases General A lease exists when a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessee, our leased assets primarily consist of our vehicle fleet and real estate leased for company offices and service centers. Our leases are accounted for as operating leases for both GAAP and rate-making purposes. We generally recognize operating lease costs on a straight-line basis over the lease term in operating expenses. We are not a lessor to any material lease contracts. As of the lease commencement date, we recognize a lease liability for our obligation to make lease payments, which we initially measure at present value using our incremental borrowing rate at the date of lease commencement, unless the rate implicit in the lease is readily determinable. We determine our incremental borrowing rate based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. We also record a ROU asset for our right to use the underlying asset, which is initially equal to the lease liability and adjusted for any lease payments made at or before lease commencement, lease incentives and any initial direct costs. Some of our lease agreements contain nonlease components, which represent items or activities that transfer a good or service. We separate lease components from nonlease components, if any, for our fleet vehicle and real estate leases for purposes of calculating the related lease liability and ROU asset. Certain of our leases include options to extend the lease terms for up to 20 years, while others include options to terminate early. Our lease liabilities and ROU assets are based on lease terms that may include such options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Short-term Leases Some of our contracts are short-term leases, which have a lease term of 12 months or less at lease commencement. As allowed by GAAP, we do not recognize a lease liability or ROU asset arising from short-term leases for all existing classes of underlying assets. We recognize short-term lease costs on a straight-line basis over the lease term. Lease Obligations, Lease Costs and Other Supplemental Data The following tables summarize lease information on the consolidated balance sheet at December 31, 2019 . At December 31, 2019 Operating Leases: ROU assets: Operating lease ROU and other assets $ 92 Lease liabilities: Operating lease and other current liabilities $ 26 Employee benefit, operating lease and other obligations 66 Total operating lease liabilities $ 92 Weighted-average remaining lease term (in years) 4 Weighted-average discount rate 3.3% The components of lease costs and cash paid for amounts included in the measurement of lease liabilities in 2019 were as follows: Year Ended December 31, 2019 Operating lease cost: Operating lease costs (including amounts allocated to property, plant and equipment) $ 40 Short-term lease costs 34 Total operating lease costs $ 74 Operating lease payments: Cash paid for amounts included in the measurement of lease liabilities $ 32 The table below presents the maturity analysis of our lease liabilities and reconciliation to the present value of lease liabilities: Year Amount 2020 $ 28 2021 25 2022 19 2023 13 2024 8 Thereafter 3 Total undiscounted lease payments 96 Less imputed interest (4) Total operating lease obligations $ 92 Leases that Have Not Yet Commenced In December 2019, we entered into a 15 year lease agreement for replacement office space. The lease will commence in February 2020 and is expected to be accounted for as an operating lease. Leases Disclosures Under Previous GAAP At December 31, 2018, our future minimum lease payments under our operating leases (with initial or remaining noncancelable lease terms in excess of one year) were as follows: Year Amount 2019 $ 29 2020 22 2021 20 2022 15 2023 8 Thereafter 5 Total future minimum lease payments $ 99 Rent charged to operation and maintenance expense totaled $28 million and $27 million for the years ended December 31, 2018 and 2017, respectively. Capital Expenditures As part of the Sempra Acquisition, Oncor has committed to make minimum aggregate capital expenditures equal to at least $7.5 billion over the five year period ending December 31, 2022. Energy Efficiency Spending We are required to annually invest in programs designed to improve customer electricity demand efficiencies to satisfy ongoing regulatory requirements. The requirement for the year 2020 is $50 million, which is recoverable in rates. Legal/Regulatory Proceedings We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolution of which, in the opinion of management, should not have a material effect upon our financial position, results of operations or cash flows. Labor Contracts At December 31, 2019, approximately 18% of our full time employees were represented by a labor union and covered by a collective bargaining agreement with an expiration date of October 25, 2022 . Environmental Contingencies We must comply with environmental laws and regulations applicable to the handling and disposal of hazardous waste. We are in compliance with all current laws and regulations; however, the impact, if any, of changes to existing regulations or the implementation of new regulations is not determinable. The costs to comply with environmental regulations can be significantly affected by the following external events or conditions: · changes to existing state or federal regulation by governmental authorities having jurisdiction over control of toxic substances and hazardous and solid wastes, and other environmental matters, and · the identification of additional sites requiring clean-up or the filing of other complaints in which we may be asserted to be a potential responsible party. We have not identified any significant potential environmental liabilities at this time. |
Membership Interests
Membership Interests | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Membership Interests [Abstract] | ||
MEMBERSHIP INTERESTS | 7. MEMBERSHIP INTERESTS Cash Contributions We received cash capital contributions from our members on February 18, 2020 and April 27, 2020 each totaling $87 million. Cash Distributions The PUCT order issued in the Sempra Acquisition and our Limited Liability Company Agreement set forth various restrictions on distributions to our members. Among those restrictions is the commitment that we will make no distributions that would cause us to be out of compliance with the PUCT’s approved debt-to-equity ratio, which is currently 57.5% debt to 42.5% equity. The distribution restrictions also include the ability of our board, a majority of the Disinterested Directors, or either of the two member directors designated by Texas Transmission to limit distributions to the extent each determines it is necessary to meet expected future requirements of Oncor (including continuing compliance with the PUCT debt-to-equity ratio commitment). At March 31, 2020, we had $301 million available to distribute to our members as our regulatory capitalization ratio was 56.5% debt to 43.5% equity. The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt including any finance leases 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 GAAP, excluding accumulated other comprehensive loss and the effects of acquisition accounting from a 2007 transaction. On February 19, 2020, our board of directors declared a cash distribution of $91 million, which was paid to our members on February 20, 2020. On April 29, 2020, our board of directors declared a cash distribution of $91 million, which was paid to our members on April 30, 2020. Membership Interests The following tables present the changes to membership interests during the three months ended March 31, 2020 and 2019, net of tax: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Three Months Ended March 31, 2020 Balance at December 31, 2019 $ 10,938 $ (139) $ 10,799 Net income 131 - 131 Distributions (91) - (91) Capital contributions 87 - 87 Net effects of cash flow hedges (Note 5) - (23) (23) Defined benefit pension plans - 1 1 Balance at March 31, 2020 $ 11,065 $ (161) $ 10,904 Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Three Months Ended March 31, 2019 Balance at December 31, 2018 $ 8,624 $ (164) $ 8,460 Net income 116 - 116 Distributions (71) - (71) Capital contributions 70 - 70 Net effects of cash flow hedges 4 (4) - Defined benefit pension plans - 1 1 Balance at March 31, 2019 $ 8,743 $ (167) $ 8,576 Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the changes to AOCI for the three months ended March 31, 2020 and 2019, net of tax: Cash Flow Hedges – Interest Rate Swaps Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ (18) $ (121) $ (139) Defined benefit pension plans - 1 1 Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6 ) (Note 5) (23) - (23) Balance at March 31, 2020 $ (41) $ (120) $ (161) Balance at December 31, 2018 $ (16) $ (148) $ (164) Defined benefit pension plans - 1 1 Amounts reclassified from accumulated other comprehensive income (loss) to capital account (4) - (4) Balance at March 31, 2019 $ (20) $ (147) $ (167) | 9. MEMBERSHIP INTERESTS Cash Contributions On February 18, 2020, we received cash capital contributions from our members totaling $87 million. During 2019, we received the following capital cash contributions from our members. Received Amount November 21, 2019 $ 340 October 28, 2019 98 July 29, 2019 70 May 15, 2019 1,330 April 30, 2019 70 February 19, 2019 70 $ 1,978 Cash Distributions Distributions are limited by the requirement to maintain our regulatory capital structure at or below the assumed debt-to-equity ratio established periodically by the PUCT for ratemaking purposes. The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt including any finance leases 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 GAAP, excluding the effects of acquisition accounting from a 2007 transaction (which included recording the initial goodwill and fair value adjustments and subsequent related impairments and amortization). The PUCT order issued in the Sempra Acquisition and our Limited Liability Company Agreement set forth various restrictions on distributions to our members. Among those restrictions is the commitment that we will make no distributions that would cause us to be out of compliance with the PUCT’s approved debt-to-equity ratio, which is currently 57.5% debt to 42.5% equity. The distribution restrictions also include the ability of our board, a majority of the Disinterested Directors, or either of the two member directors designated by Texas Transmission to limit distributions to the extent each determines it is necessary to meet expected future requirements of Oncor (including continuing compliance with the PUCT debt-to-equity ratio commitment). At December 31, 2019, we had $751 million available to distribute to our members as our regulatory capitalization ratio was 54.8% debt to 45.2% equity. On February 19, 2020, our board of directors declared a cash distribution of $91 million, which was paid to our members on February 20, 2020. During 2019, our board of directors declared, and we paid, the following cash distributions to our members: Declaration Date Payment Date Amount October 29, 2019 October 31, 2019 $ 106 July 30, 2019 July 31, 2019 71 May 1, 2019 May 2, 2019 71 February 20, 2019 February 22, 2019 71 $ 319 During 2018, our board of directors declared, and we paid, the following cash distributions to our members: Declaration Date Payment Date Amount October 24, 2018 November 6, 2018 $ 179 July 25, 2018 August 1, 2018 30 $ 209 Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the changes to accumulated other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017 net of tax. Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2016 $ (20) $ (91) $ (111) Defined benefit pension plans - 8 8 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges 2 - 2 Balance at December 31, 2017 $ (18) $ (83) $ (101) Defined benefit pension plans - (65) (65) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges 2 - 2 Balance at December 31, 2018 $ (16) $ (148) $ (164) Defined benefit pension plans - 27 27 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges 2 - 2 Amounts reclassified from accumulated other comprehensive income (loss) to capital account (4) - (4) Balance at December 31, 2019 $ (18) $ (121) $ (139) |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Pension And OPEB Plans [Abstract] | ||
PENSION AND OPEB PLANS | 8. PENSION AND OPEB PLANS Pension Plans We sponsor the Oncor Retirement Plan and also have liabilities under the Vistra Retirement Plan, both of which are qualified pension plans under Section 401(a) of the Internal Revenue Code of 1986, as amended, and are subject to the provisions of ERISA. Employees do not contribute to either plan. We also have a Supplemental Retirement Plan for certain employees whose retirement benefits cannot be fully earned under the qualified retirement plans. See Note 10 to Financial Statements in our 2019 Form 10-K for additional information regarding pension plans. OPEB Plans We currently sponsor two OPEB plans. One plan covers our eligible current and future retirees whose services are 100% attributed to the regulated business. Effective January 1, 2018, we established a second plan to cover EFH Corp./Vistra retirees and eligible current and future retirees whose employment services were assigned to both Oncor (or a predecessor regulated utility business) and the non-regulated business of EFH Corp./Vistra. Vistra is solely responsible for its portion of the liability for retiree benefits related to those retirees. See Note 10 to Financial Statements in our 2019 Form 10-K for additional information. Pension and OPEB Costs Our net costs related to pension plans and the Oncor OPEB Plans for the three months ended March 31, 2020 and 2019 were comprised of the following: Three Months Ended March 31, 2020 2019 Components of net allocated pension costs: Service cost $ 8 $ 7 Interest cost 25 32 Expected return on assets (27) (30) Amortization of net loss 12 7 Net pension costs 18 16 Components of net OPEB costs: Service cost 1 2 Interest cost 8 11 Expected return on assets (2) (2) Amortization of prior service cost (5) (5) Amortization of net loss 3 4 Net OPEB costs 5 10 Total net pension and OPEB costs 23 26 Less amounts deferred principally as property or a regulatory asset (4) (7) Net amounts recognized as operation and maintenance expense or other deductions $ 19 $ 19 The discount rates reflected in net pension and OPEB costs in 2020 are 3.12% , 3.26% and 3.29% for the Oncor Retirement Plan, the Vistra Retirement Plan and the Oncor OPEB Plans, respectively. The expected return on pension and OPEB plan assets reflected in the 2020 cost amounts are 4.94% , 4.89% and 5.90% for the Oncor Retirement Plan, the Vistra Retirement Plan and the Oncor OPEB Plans, respectively. Pension and OPEB Plans Cash Contributions We made cash contributions to the pension plans and Oncor OPEB Plans of $13 million and $10 million, respectively, during the three months ended March 31, 2020. We expect to make additional cash contributions to the pension plans and Oncor OPEB Plans of $164 million and $25 million, respectively, during the remainder of 2020. Our aggregate pension plans and Oncor OPEB Plans funding is expected to total approximately $571 million and $176 million, respectively, in the five-year period 2020 to 2024 based on the latest actuarial projections. | 10. EMPLOYEE BENEFIT PLANS Regulatory Recovery of Pension and OPEB Costs PURA provides for our recovery of pension and OPEB costs applicable to services of our active and retired employees, as well as services of certain EFH Corp./Vistra active and retired employees for periods prior to the deregulation and disaggregation of EFH Corp.’s electric utility businesses effective January 1, 2002 (recoverable service). Accordingly, in 2005, we entered into an agreement with a predecessor of EFH Corp. whereby we assumed responsibility for applicable pension and OPEB costs related to those personnel’s recoverable service. We subsequently entered into agreements with EFH Corp. and a Vistra affiliate regarding provision of these benefits. Pursuant to our agreement with the Vistra affiliate, we now sponsor an OPEB plan that provides certain retirement healthcare and life insurance benefits to eligible former Oncor, EFH Corp. and Vistra employees for whom both Oncor and Vistra bear a portion of the benefit responsibility. See “OPEB Plans” below for more information. We are authorized to establish a regulatory asset or liability for the difference between the amounts of pension and OPEB costs approved in current billing rates and the actual amounts that would otherwise have been recorded as charges or credits to earnings related to recoverable service. Amounts deferred are ultimately subject to regulatory approval. At December 31, 2019 and 2018, we had recorded regulatory assets totaling $964 million and $ 1,018 million, respectively, related to pension and OPEB costs, including amounts related to deferred expenses as well as amounts related to unfunded liabilities that otherwise would be recorded as other comprehensive income. We have also assumed primary responsibility for pension benefits of a closed group of retired and terminated vested plan participants not related to our regulated utility business (non-recoverable service) in a 2012 transaction. Any retirement costs associated with non-recoverable service are not recoverable through rates. Pension Plans We sponsor the Oncor Retirement Plan and also have liabilities under the Vistra Retirement Plan (formerly EFH Retirement Plan), both of which are qualified pension plans under Section 401(a) of the Code, and are subject to the provisions of ERISA. Employees do not contribute to either plan. These pension plans provide benefits to participants under one of two formulas: (i) a Cash Balance Formula under which participants earn monthly contribution credits based on their compensation and a combination of their age and years of service, plus monthly interest credits or (ii) a Traditional Retirement Plan Formula based on years of service and the average earnings of the three years of highest earnings. The interest component of the Cash Balance Formula is variable and is determined using the yield on 30-year Treasury bonds. Under the Cash Balance Formula, future increases in earnings will not apply to prior service costs. All eligible employees hired after January 1, 2001 participate under the Cash Balance Formula. Certain employees, who, prior to January 1, 2002, participated under the Traditional Retirement Plan Formula, continue their participation under that formula. It is Oncor’s policy to fund its plans on a current basis to the extent required under existing federal tax and ERISA regulations. We also have the Supplemental Retirement Plan for certain employees whose retirement benefits cannot be fully earned under the qualified retirement plan. Supplemental Retirement Plan amounts are included in the reported pension amounts below. At December 31, 2019, the pension plans’ projected benefit obligation included a net actuarial loss of $367 million for 2019 due primarily to a decrease in the discount rate. Actual returns on the plans’ assets in 2019 were more than the expected return on assets by $367 million. We expect the pension plans’ amortizations of net actuarial losses to be $47 million in 2020. OPEB Plans We currently sponsor two OPEB Plans. One plan covers our eligible current and future retirees whose services are 100% attributed to the regulated business. Effective January 1, 2018, we established a second plan to cover eligible retirees of Oncor and EFH Corp./Vistra whose employment services were assigned to both Oncor (or a predecessor regulated utility business) and the non-regulated business of EFH Corp./Vistra. Vistra is solely responsible for its portion of the liability for retiree benefits related to those retirees. Oncor’s contribution policy for the OPEB Plans is to place in irrevocable external trusts dedicated to the payment of OPEB expenses an amount at least equal to the OPEB expense recovered in rates. At December 31, 2019, the Oncor OPEB Plans’ projected benefit obligation included a net actuarial gain of $5 million for 2019, including $145 million gain associated with mortality assumption changes, and updates to health care claims and trend assumptions, offset by a loss of $126 million due to a decrease in the discount rate and a loss of $14 million associated with census date updates. Actual returns on Oncor OPEB Plans’ assets in 2019 were more than the expected return on assets by $17 million resulting in a net actuarial gain of $22 million. We expect the Oncor OPEB Plans’ amortizations of net actuarial losses to decrease by $9 million in 2020 reflecting these changes. Pension and OPEB Costs Recognized as Expense Pension and OPEB amounts provided herein include amounts related only to our portion of the various plans based on actuarial computations and reflect our employee and retiree demographics as described above. Our net costs related to pension and the Oncor OPEB Plans were comprised of the following: Year Ended December 31, 2019 2018 2017 Pension costs $ 63 $ 77 $ 85 OPEB costs 41 70 58 Total benefit costs 104 147 143 Less amounts recognized principally as property or a regulatory asset (27) (69) (98) Net amounts recognized as operation and maintenance expense or other deductions $ 77 $ 78 $ 45 The calculated value method is used to determine the market-related value of the assets held in the trust for purposes of calculating our pension costs. Realized and unrealized gains or losses in the market-related value of assets are included over a rolling four -year period. Each year, 25% of such gains and losses for the current year and for each of the preceding three years is included in the market-related value. Each year, the market-related value of assets is increased for contributions to the plan and investment income and is decreased for benefit payments and expenses for that year. The fair value method is used to determine the market-related value of the assets held in the trust for purposes of calculating OPEB cost. Detailed Information Regarding Pension and OPEB Benefits The following pension and OPEB information is based on December 31, 2019, 2018 and 2017 measurement dates: Pension Plans OPEB Plans Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Assumptions Used to Determine Net Periodic Pension and OPEB Costs: Discount rate 4.18% 3.54% 4.05% 4.41% 3.73% 4.35% Expected return on plan assets 5.42% 5.11% 5.17% 6.19% 6.20% 6.10% Rate of compensation increase 4.53% 4.46% 3.33% - - - Components of Net Pension and OPEB Costs: Service cost $ 25 $ 27 $ 24 $ 6 $ 8 $ 7 Interest cost 128 121 131 43 44 47 Expected return on assets (119) (120) (115) (7) (9) (8) Amortization of prior service cost (credit) - - - (20) (30) (20) Amortization of net loss 29 49 45 19 57 32 Net periodic pension and OPEB costs $ 63 $ 77 $ 85 $ 41 $ 70 $ 58 Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: Net loss (gain) $ - $ 67 $ (11) $ (22) $ (177) $ 139 Amortization of net loss (29) (49) (45) (19) (57) (32) Plan amendments - - - - - (78) Amortization of prior service (cost) credit - - - 20 30 20 Total recognized as regulatory assets or other comprehensive income (29) 18 (56) (21) (204) 49 Total recognized in net periodic pension and OPEB costs and as regulatory assets or other comprehensive income $ 34 $ 95 $ 29 $ 20 $ (134) $ 107 Pension Plans OPEB Plans Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate 3.13% 4.18% 3.54% 3.29% 4.41% 3.73% Rate of compensation increase 4.64% 4.53% 4.46% - - - Pension Plans OPEB Plans Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Change in Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 3,162 $ 3,500 $ 1,006 $ 1,198 Service cost 25 27 6 8 Interest cost 128 121 43 44 Participant contributions - - 19 19 Plan amendments - - - - Actuarial (gain) loss 367 (232) (5) (196) Benefits paid (164) (175) (70) (67) Annuity purchase (118) (79) - - Projected benefit obligation at end of year $ 3,400 $ 3,162 $ 999 $ 1,006 Accumulated benefit obligation at end of year $ 3,283 $ 3,069 $ - $ - Change in Plan Assets: Fair value of assets at beginning of year $ 2,249 $ 2,600 $ 132 $ 149 Actual return (loss) on assets 486 (179) 25 (10) Employer contributions 41 82 35 41 Participant contributions - - 19 19 Benefits paid (164) (175) (70) (67) Annuity purchase (118) (79) - - Fair value of assets at end of year $ 2,494 $ 2,249 $ 141 $ 132 Funded Status: Projected benefit obligation at end of year $ (3,400) $ (3,162) $ (999) $ (1,006) Fair value of assets at end of year 2,494 2,249 141 132 Funded status at end of year $ (906) $ (913) $ (858) $ (874) Pension Plans OPEB Plans Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Amounts Recognized in the Balance Sheet Consist of: Liabilities: Other current liabilities $ (5) $ (4) $ (15) $ (7) Other noncurrent liabilities (901) (909) (843) (867) Net liability recognized $ (906) $ (913) $ (858) $ (874) Regulatory assets: Net loss $ 531 $ 534 $ 129 $ 171 Prior service cost (credit) - - (37) (57) Net regulatory asset recognized $ 531 $ 534 $ 92 $ 114 Accumulated other comprehensive net loss $ 120 $ 147 $ 1 $ 1 The following tables provide information regarding the assumed health care cost trend rates. Year Ended December 31, 2019 2018 Assumed Health Care Cost Trend Rates – Not Medicare Eligible: Health care cost trend rate assumed for next year 7.20% 7.60% Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2029 2026 Assumed Health Care Cost Trend Rates – Medicare Eligible: Health care cost trend rate assumed for next year 8.00% 8.70% Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2029 2027 1-Percentage Point Increase 1-Percentage Point Decrease Sensitivity Analysis of Assumed Health Care Cost Trend Rates: Effect on accumulated postretirement obligation $ 128 $ (106) Effect on postretirement benefits cost 5 (4) The following table provides information regarding pension plans with projected benefit obligations (PBO) and accumulated benefit obligations (ABO) in excess of the fair value of plan assets. At December 31, 2019 2018 Pension Plans with PBO and ABO in Excess of Plan Assets: Projected benefit obligations $ 3,400 $ 3,162 Accumulated benefit obligations 3,283 3,069 Plan assets 2,494 2,249 Pension and OPEB Plans Investment Strategy and Asset Allocations Our investment objective for the retirement plans is to invest in a suitable mix of assets to meet the future benefit obligations at an acceptable level of risk, while minimizing the volatility of contributions. Equity securities are held to achieve returns in excess of passive indexes by participating in a wide range of investment opportunities. International equity, real estate securities and credit strategies (high yield bonds, emerging market debt and bank loans) are used to further diversify the equity portfolio. International equity securities may include investments in both developed and emerging international markets. Fixed income securities include primarily corporate bonds from a diversified range of companies, U.S. Treasuries and agency securities and money market instruments. Our investment strategy for fixed income investments is to maintain a high grade portfolio of securities, which assists us in managing the volatility and magnitude of plan contributions and expense while maintaining sufficient cash and short-term investments to pay near-term benefits and expenses. The Oncor Retirement Plan’s investments are managed in two pools: one pool associated with the recoverable service portion of plan obligations related to Oncor’s regulated utility business, and a second pool associated with the non-recoverable service portion of plan obligations not related to Oncor’s regulated utility business. Each pool is invested in a broadly diversified portfolio as shown below. The second pool represents 27% of total investments at December 31, 2019. The target asset allocation ranges of the pension plan’s investments by asset category are as follows: Target Allocation Ranges Asset Category Recoverable Non-recoverable International equities 13% - 21% 6% - 12% U.S. equities 16% - 24% 8% - 14% Real estate 3% - 7% - Credit strategies 5% - 10% 5% - 9% Fixed income 45% - 55% 68% - 78% Our investment objective for the Oncor OPEB Plans primarily follows the objectives of the pension plans discussed above, while maintaining sufficient cash and short-term investments to pay near-term benefits and expenses. The actual amounts at December 31, 2019 provided below are consistent with the asset allocation targets. Fair Value Measurement of Pension Plans’ Assets At December 31, 2019 and 2018, pension plans’ assets measured at fair value on a recurring basis consisted of the following: At December 31, 2019 Level 1 Level 2 Level 3 Total Asset Category Equity securities: U.S. $ 194 $ 2 $ - $ 196 International 290 1 - 291 Fixed income securities: Corporate bonds (a) - 908 - 908 U.S. Treasuries - 147 - 147 Other (b) - 63 - 63 Real estate - - 3 3 Total assets in the fair value hierarchy $ 484 $ 1,121 $ 3 1,608 Total assets measured at net asset value (c) 886 Total fair value of plan assets $ 2,494 At December 31, 2018 Level 1 Level 2 Level 3 Total Asset Category Equity securities: U.S. $ 170 $ 2 $ - $ 172 International 239 - - 239 Fixed income securities: Corporate bonds (a) - 930 - 930 U.S. Treasuries - 110 - 110 Other (b) - 69 - 69 Real estate - - 3 3 Total assets in the fair value hierarchy $ 409 $ 1,111 $ 3 1,523 Total assets measured at net asset value (c) 726 Total fair value of plan assets $ 2,249 _____________ (a) Substantially all corporate bonds are rated investment grade by Fitch, Moody’s or S&P. (b) Other consists primarily of municipal bonds, emerging market debt, bank loans and fixed income derivative instruments. (c) Fair value was measured using the net asset value (NAV) per share as a practical expedient as the investments did not have a readily determinable fair value and are not required to be classified in the fair value hierarchy. The NAV fair value amounts presented here are intended to permit a reconciliation to the total fair value of plan assets. Fair Value Measurement of Oncor OPEB Plans’ Assets At December 31, 2019 and 2018, the Oncor OPEB Plans’ assets measured at fair value on a recurring basis consisted of the following: At December 31, 2019 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ 6 $ - $ - $ 6 Equity securities: U.S. 24 - - 24 International 28 - - 28 Fixed income securities: Corporate bonds (a) - 31 - 31 U.S. Treasuries - 3 - 3 Other (b) 22 2 - 24 Total assets in the fair value hierarchy $ 80 $ 36 $ - 116 Total assets measured at net asset value (c) 25 Total fair value of plan assets $ 141 At December 31, 2018 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ 15 $ - $ - $ 15 Equity securities: U.S. 21 - - 21 International 22 - - 22 Fixed income securities: Corporate bonds (a) - 26 - 26 U.S. Treasuries - 3 - 3 Other (b) 28 1 - 29 Total assets in the fair value hierarchy $ 86 $ 30 $ - 116 Total assets measured at net asset value (c) 16 Total fair value of plan assets $ 132 _____________ (a) Substantially all corporate bonds are rated investment grade by Fitch, Moody’s or S&P. (b) Other consists primarily of diversified bond mutual funds. (c) Fair value was measured using the net asset value (NAV) per share as a practical expedient as the investments did not have a readily determinable fair value and are not required to be classified in the fair value hierarchy. The NAV fair value amounts presented here are intended to permit a reconciliation to the total fair value of plan assets. Expected Long-Term Rate of Return on Assets Assumption The retirement plans’ strategic asset allocation is determined in conjunction with the plans’ advisors and utilizes a comprehensive Asset-Liability modeling approach to evaluate potential long-term outcomes of various investment strategies. The modeling incorporates long-term rate of return assumptions for each asset class based on historical and future expected asset class returns, current market conditions, rate of inflation, current prospects for economic growth, and taking into account the diversification benefits of investing in multiple asset classes and potential benefits of employing active investment management. Pension Plans Oncor OPEB Plans Asset Class Expected Long-Term Rate of Return Asset Class Expected Long-Term Rate of Return International equity securities 7.63% 401(h) accounts 6.26% U.S. equity securities 6.80% Life insurance VEBA 6.04% Real estate 5.20% Union VEBA 6.04% Credit strategies 4.56% Non-union VEBA 1.80% Fixed income securities 3.40% Shared retiree VEBA 1.80% Weighted average (a) 5.22% Weighted average 5.90% _____________ (a) The 2020 expected long-term rate of return for the nonregulated portion of the Oncor Retirement Plan is 4.18%, and for Oncor’s portion of the Vistra Retirement Plan is 4.89% . Significant Concentrations of Risk The plans’ investments are exposed to risks such as interest rate, capital market and credit risks. We seek to optimize return on investment consistent with levels of liquidity and investment risk which are prudent and reasonable, given prevailing capital market conditions and other factors specific to participating employers. While we recognize the importance of return, investments will be diversified in order to minimize the risk of large losses unless, under the circumstances, it is clearly prudent not to do so. There are also various restrictions and guidelines in place including limitations on types of investments allowed and portfolio weightings for certain investment securities to assist in the mitigation of the risk of large losses. Assumed Discount Rate For the Oncor retirement plans at December 31, 2019, we selected the assumed discount rate using the Aon AA-AAA Bond Universe yield curve, which is based on corporate bond yields and at December 31, 2019 consisted of 927 corporate bonds with an average rating of AA and AAA using Moody’s, S&P and Fitch ratings. For Oncor’s portion of the Vistra Retirement Plan and the Oncor OPEB Plans at December 31, 2019, we selected the assumed discount rate using the Aon AA Above Median yield curve, which is based on corporate bond yields and at December 31, 2019 consisted of 361 corporate bonds with an average rating of AA using Moody’s, S&P and Fitch ratings. Amortization in 2020 In 2020, amortization of the net actuarial loss for the defined benefit pension plans from regulatory assets and other comprehensive income into net periodic benefit cost is expected to be $43 million and $5 million, respectively. No amortization of prior service credit is expected in 2020 for the defined benefit pension plans. Amortization of the net actuarial loss for the OPEB plans from regulatory assets and other comprehensive income into net periodic benefit cost is expected to be $10 million and zero , respectively. Amortization of prior service credit for the OPEB plans from regulatory assets and other comprehensive income into net periodic benefit cost is expected to be $20 million and zero , respectively. Pension and Oncor OPEB Plans Cash Contributions Our contributions to the benefit plans were as follows: Year Ended December 31, 2019 2018 2017 Pension plans contributions $ 41 $ 82 $ 149 Oncor OPEB Plans contributions 35 41 31 Total contributions $ 76 $ 123 $ 180 Our funding for the pension plans and the Oncor OPEB Plans is expected to total $177 million and $35 million, respectively in 2020 and approximately $571 million and $176 million, respectively, in the five year period 2020 to 2024. Future Benefit Payments Estimated future benefit payments to participants are as follows: 2020 2021 2022 2023 2024 2025-29 Pension plans $ 179 $ 183 $ 188 $ 191 $ 196 $ 996 Oncor OPEB Plans $ 50 $ 51 $ 53 $ 55 $ 56 $ 285 Thrift Plan Our employees are eligible to participate in a qualified savings plan, a participant-directed defined contribution plan intended to qualify under Section 401(a) of the Code, and is subject to the provisions of ERISA. Under the plan, employees may contribute, through pre-tax salary deferrals and/or after-tax applicable payroll deductions, a portion of their regular salary or wages as permitted under law. Employer matching contributions are made in an amount equal to 100% of the first 6% of employee contributions for employees who are covered under the Cash Balance Formula of the Oncor Retirement Plan, and 75% of the first 6% of employee contributions for employees who are covered under the Traditional Retirement Plan Formula of the Oncor Retirement Plan. Employer matching contributions are made in cash and may be allocated by participants to any of the plan’s investment options. Our contributions to the Oncor Thrift Plan totaled $20 million, $19 million and $17 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
STOCK-BASED COMPENSATION | 11. STOCK-BASED COMPENSATION We currently do not offer stock-based compensation to our employees or directors. In 2008 and 2009, we established stock appreciation rights (SARs) plans under which certain of our executive officers, key employees and non-employee members of our board of directors were granted SARs payable in cash, or in some circumstances, Oncor membership interests. In November 2012, we accepted the early exercise for cash payments of all outstanding SARs (both vested and unvested) issued to date pursuant to both SARs plans. As part of the 2012 early exercise of SARs we began accruing interest on dividends declared with respect to the SARs. Under both SARs plans, dividends that were paid in respect of Oncor membership interests while the SARs were outstanding were credited to the SARs holder’s account as if the SARs were units, payable upon the earliest to occur of death, disability, separation from service, unforeseeable emergency, a change in control, or the occurrence of an event triggering SAR exercisability . As a result of the Sempra Acquisition, the dividend and interest accounts were distributed in 2018, totaling $15 million. For accounting purposes, the liability was discounted based on an employee’s or director’s expected retirement date . We recognized $4 million and $1 million in accretion and interest with respect to such dividend and interest accounts in years 2018 and 2017, respectively. No SARs liability remained at December 31, 2019. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Related-Party Transactions [Abstract] | ||
RELATED-PARTY TRANSACTIONS | 9. RELATED-PARTY TRANSACTIONS The following represent our significant related-party transactions. As a result of the Sempra-Sharyland Transaction, Sharyland became a related party as of May 16, 2019. · We are not a member of another entity’s consolidated tax group, but our owners’ federal income tax returns include their portion of our results. Under the terms of a tax sharing agreement among us, Oncor Holdings, Texas Transmission and STH (as successor to EFH Corp.), we are generally obligated to make payments to our owners, pro rata in accordance with their respective membership interests, in an aggregate amount that is substantially equal to the amount of federal income taxes that we would have been required to pay if we were filing our own corporate income tax return. STH will file a combined Texas margin tax return that includes our results and our share of Texas margin tax payments, which are accounted for as income taxes and calculated as if we were filing our own return. See discussion in Note 1 to Financial Statements in our 2019 Form 10-K under “Provision in Lieu of Income Taxes.” Under the “in lieu of” tax concept, all in lieu of tax assets and tax liabilities represent amounts that will eventually be settled with our members. In the event such amounts are not paid under the tax sharing agreement, it is probable that this regulatory liability will continue to be included in Oncor’s rate setting processes. Amounts payable to (receivable from) members related to income taxes under the tax sharing agreement and reported on our balance sheets consisted of the following: At March 31, 2020 At December 31, 2019 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ 3 $ 1 $ 4 $ (2) $ (1) $ (3) Texas margin taxes payable 28 - 28 22 - 22 Net payable (receivable) $ 31 $ 1 $ 32 $ 20 $ (1) $ 19 There were no cash payments made to (received from) members related to income taxes for the three months ended March 31, 2020 and 2019. See Note 7 for information regarding distributions to and capital contributions from members. · Sharyland provided wholesale transmission service to us in the amount of $3 million and we provided Sharyland with substation monitoring and switching services of less than $1 million in the three months ended March 31, 2020. | 12. RELATED-PARTY TRANSACTIONS The following represent our significant related-party transactions and related matters. · We are not a member of another entity’s consolidated tax group, but our owners’ federal income tax returns include their portion of our results. Under the terms of a tax sharing agreement among us, Oncor Holdings, Texas Transmission and STH (as successor to EFH Corp.), we are generally obligated to make payments to our owners, pro rata in accordance with their respective membership interests, in an aggregate amount that is substantially equal to the amount of federal income taxes that we would have been required to pay if we were filing our own corporate income tax return. STH will file a combined Texas margin tax return which includes our results and our share of Texas margin tax payments, which are accounted for as income taxes and calculated as if we were filing our own return. See discussion in Note 1 under “Provision in Lieu of Income Taxes.” Under the “in lieu of” tax concept, all in lieu of tax assets and tax liabilities represent amounts that will eventually be settled with our members. In the event such amounts are not paid under the tax sharing agreement, it is probable that this regulatory liability will continue to be included in Oncor’s rate setting processes. Amounts payable to (receivable from) members related to income taxes under the agreement and reported on our balance sheet consisted of the following: At December 31, 2019 At December 31, 2018 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ (2) $ (1) $ (3) $ 4 $ 1 $ 5 Texas margin taxes payable 22 - 22 21 - 21 Net payable (receivable) $ 20 $ (1) $ 19 $ 25 $ 1 $ 26 Cash payments made to (received from) members related to income taxes consisted of the following: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 STH Texas Transm. Total STH EFH Corp. Texas Transm. Total EFH Corp. Texas Transm. Total Federal income taxes $ 45 $ 11 $ 56 $ 59 $ (19) $ 10 $ 50 $ (102) $ (12) $ (114) Texas margin taxes 22 - 22 21 - - 21 20 - 20 Total payments (receipts) $ 67 $ 11 $ 78 $ 80 $ (19) $ 10 $ 71 $ (82) $ (12) $ (94) · As of March 8, 2018, approximately 16% of the equity in an existing vendor of the company was owned by a member of the Sponsor Group. As a result of the Sempra Acquisition, the Sponsor Group ceased to be a related party as of March 9, 2018. During 2018 and 2017, this vendor performed transmission and distribution system construction and maintenance services for us. Cash payments were made for such services to this vendor and/or its subsidiaries totaling $35 million dollars for the year-to-date period ended March 8, 2018, of which approximately $33 million was capitalized and $2 million was recorded as an operation and maintenance expense. Cash payments were made for such services to this vendor and/or its subsidiaries totaling $219 million for 2017, of which approximately $210 million was capitalized and $9 million recorded as an operation and maintenance expense. · From the May 16, 2019 InfraREIT Acquisition date through December 31, 2019, we paid Sharyland $9 million pursuant to certain of their transmission and distribution tariffs applicable to us and we provided Sharyland with substation monitoring and switching service of $303,000 . · For the year ended December 31, 2019, we paid Sempra $109,000 pursuant to an agreement for certain corporate support services, including tax work. See Notes 1, 5, and 9 for information regarding the tax sharing agreement and distributions to members. |
Supplementary Financial Informa
Supplementary Financial Information | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Supplementary Financial Information [Abstract] | ||
SUPPLEMENTARY FINANCIAL INFORMATION | 10. SUPPLEMENTARY FINANCIAL INFORMATION Other Deductions and (Income) Three Months Ended March 31, 2020 2019 Professional fees $ 1 $ 3 Recoverable pension and OPEB - non-service costs 14 14 AFUDC equity income (5) - Other, including interest income 3 - Total other deductions and (income) - net $ 13 $ 17 Interest Expense and Related Charges Three Months Ended March 31, 2020 2019 Interest $ 101 $ 88 Amortization of debt issuance costs and discounts 3 1 Less allowance for funds used during construction – capitalized interest portion (3) (3) Total interest expense and related charges $ 101 $ 86 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheets consisted of the following: At March 31, At December 31, 2020 2019 Gross trade accounts and other receivables $ 662 $ 666 Allowance for uncollectible accounts (6) (5) Trade accounts receivable – net $ 656 $ 661 At both March 31 , 2020 and December 31, 2019, REP subsidiaries of our two largest customers represented 15% and 11% of the trade accounts receivable balance, respectively. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by REPs are deferred as a regulatory asset. Investments and Other Property Investments and other property reported on our balance sheets consisted of the following: At March 31, At December 31, 2020 2019 Assets related to employee benefit plans $ 112 $ 119 Land 12 12 Other 2 2 Total investments and other property $ 126 $ 133 Property, Plant and Equipment Property, plant and equipment - net reported on our balance sheets consisted of the following. Composite Depreciation Rate/ At March 31, At December 31, Avg. Life at March 31, 2020 2020 2019 Assets in service: Distribution 2.8% / 35.9 years $ 14,211 $ 14,007 Transmission 2.9% / 35.0 years 11,201 11,094 Other assets 6.9% / 14.6 years 1,653 1,648 Total 27,065 26,749 Less accumulated depreciation 8,102 7,986 Net of accumulated depreciation 18,963 18,763 Construction work in progress 832 585 Held for future use 21 22 Property, plant and equipment – net $ 19,816 $ 19,370 Intangible Assets Intangible assets (other than goodwill) reported on our balance sheets as part of property, plant and equipment consisted of the following: At March 31, 2020 At December 31, 2019 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 576 $ 108 $ 468 $ 575 $ 107 $ 468 Capitalized software 937 444 493 933 430 503 Total $ 1,513 $ 552 $ 961 $ 1,508 $ 537 $ 971 A ggregate amortization expenses for intangible assets totaled $15 million and $13 million for the three months ended March 31, 2020 and 2019, respectively. The estimated aggregate amortization expense for each of the next five fiscal years is as follows: Year Amortization Expense 2020 $ 61 2021 61 2022 61 2023 61 2024 60 Employee Benefit, Operating Lease and Other Obligations Employee benefit, operating lease and other obligations reported on our balance sheets consisted of the following: At March 31, At December 31, 2020 2019 Retirement plans and other employee benefits $ 1,810 $ 1,834 Operating lease liabilities 94 66 Investment tax credits 6 6 Other 88 74 Total employee benefit, operating lease and other obligations $ 1,998 $ 1,980 Supplemental Cash Flow Information Three Months Ended March 31, 2020 2019 Cash payments (receipts) related to: Interest $ 90 $ 56 Less capitalized interest (3) (3) Interest payments (net of amounts capitalized) $ 87 $ 53 Noncash increase in operating lease obligations for ROU assets $ 37 $ 88 Noncash construction expenditures (a) $ 221 $ 168 ____________ (d) Represents end-of-period accruals. | 13. SUPPLEMENTARY FINANCIAL INFORMATION Other Deductions and (Income) Year Ended December 31, 2019 2018 2017 Professional fees $ 10 $ 12 $ 15 Sempra Acquisition related costs - 12 - InfraREIT Acquisition related costs 9 - - Recoverable Pension and OPEB - non-service costs 57 53 31 Non-recoverable pension and OPEB (Note 10) 4 6 5 AFUDC equity income (10) - - Interest income (5) (1) (6) Other (2) 2 1 Total other deductions and (income) - net $ 63 $ 84 $ 46 Interest Expense and Related Charges Year Ended December 31, 2019 2018 2017 Interest $ 382 $ 358 $ 351 Amortization of debt issuance costs and discounts 9 6 3 Less AFUDC – capitalized interest portion (16) (13) (12) Total interest expense and related charges $ 375 $ 351 $ 342 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheet consisted of the following: At December 31, 2019 2018 Gross trade accounts and other receivables $ 666 $ 562 Allowance for uncollectible accounts (5) (3) Trade accounts receivable – net $ 661 $ 559 At December 31, 2019, REP subsidiaries of two of our largest counterparties represented 15% and 11% of the trade accounts receivable balance and at December 31, 2018, represented 13% and 10% of the trade accounts receivable balance. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by REPs are deferred as a regulatory asset. Investments and Other Property Investments and other property reported on our balance sheet consist of the following: At December 31, 2019 2018 Assets related to employee benefit plans $ 119 $ 108 Land 12 12 Other 2 - Total investments and other property $ 133 $ 120 The majority of these assets represent cash surrender values of life insurance policies that are purchased to fund liabilities under deferred compensation plans. At December 31, 2019 and 2018, the face amount of these policies totaled $172 million and $157 million, respectively, and the net cash surrender values (determined using a Level 2 valuation technique) totaled $95 million and $87 million at December 31, 2019 and 2018, respectively. Changes in cash surrender value are netted against premiums paid. Other investment assets held to satisfy deferred compensation liabilities are recorded at market value. Property, Plant and Equipment Property, plant and equipment reported on our balance sheet consisted of the following: Composite Depreciation Rate/ At December 31, Avg. Life at December 31, 2019 2019 2018 Assets in service: Distribution 2.8% / 35.8 years $ 14,007 $ 13,105 Transmission 2.9% / 35.0 years 11,094 8,568 Other assets 6.9% / 14.5 years 1,648 1,497 Total 26,749 23,170 Less accumulated depreciation 7,986 7,513 Net of accumulated depreciation 18,763 15,657 Construction work in progress 585 417 Held for future use 22 16 Property, plant and equipment – net $ 19,370 $ 16,090 Depreciation expense as a percent of average depreciable property approximated 2.7% , 2.8% and 3.4% for the years ended December 31, 2019, 2018 and 2017, respectively. Intangible Assets Intangible assets (other than goodwill) reported on our balance sheet as part of property, plant and equipment consisted of the following: At December 31, 2019 At December 31, 2018 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 575 $ 107 $ 468 $ 464 $ 101 $ 363 Capitalized software 933 430 503 787 385 402 Total $ 1,508 $ 537 $ 971 $ 1,251 $ 486 $ 765 A ggregate amortization expense for intangible assets totaled $52 million, $50 million and $57 million for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019, the weighted average remaining useful lives of capitalized land easements and software were 83 years and 9 years, respectively. The estimated aggregate amortization expense for each of the next five fiscal years is as follows: Year Amortization Expense 2020 $ 61 2021 61 2022 61 2023 61 2024 60 Goodwill totaling $ 4,740 million and $4,064 million were reported on our balance sheet at December 31, 2019 and 2018, respectively. The increase is due to the InfraREIT Acquisition. None of this goodwill is being deducted for tax purposes. See Note 1 regarding goodwill impairment assessment and testing. Employee Benefit, Operating Lease and Other Obligations Employee benefit, operating lease and other obligations reported on our balance sheet consisted of the following: At December 31, 2019 2018 Retirement plans and other employee benefits $ 1,834 $ 1,858 Operating lease liabilities (Notes 1 and 8) 66 - Investment tax credits 6 8 Other 74 77 Total employee benefit, operating lease and other obligations $ 1,980 $ 1,943 Supplemental Cash Flow Information Year Ended December 31, 2019 2018 2017 Cash payments related to: Interest $ 368 $ 368 $ 345 Less capitalized interest (16) (13) (12) Interest payments (net of amounts capitalized) $ 352 $ 355 $ 333 Amount in lieu of income taxes (a): Federal $ 56 $ 50 $ (114) State 22 21 20 Total payments (refunds) in lieu of income taxes $ 78 $ 71 $ (94) Noncash increase in operating lease obligation for ROU assets $ 38 $ - $ - Noncash Sharyland 2017 Asset Exchange costs $ - $ - $ 383 Noncash investing and financing activity (b): Acquisition: Assets acquired $ 2,547 $ - $ - Liabilities assumed (1,223) - - Cash paid $ 1,324 $ - $ - Noncash construction expenditures (c) $ 278 $ 174 $ 129 ______________ (a) See Note 12 for income tax related detail. (b) See Note 7 for more information on noncash debt exchanges related to InfraREIT Acquisition. (c) Represents end-of-period accruals. Quarterly Information (unaudited) Results of operations by quarter for the years ended December 31, 2019 and 2018 are summarized below. In our opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of such amounts have been made. Quarterly results are not necessarily indicative of a full year’s operations because of seasonal and other factors. 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Operating revenues $ 1,016 $ 1,041 $ 1,211 $ 1,079 Operating income 216 253 369 236 Net income 116 139 263 133 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Operating revenues $ 990 $ 1,021 $ 1,095 $ 995 Operating income 202 244 293 206 Net income 89 143 194 119 |
EFH Bankruptcy Proceedings And
EFH Bankruptcy Proceedings And Sempra Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
EFH Bankruptcy Proceedings And Sempra Acquisition [Abstract] | |
EFH BANKRUPTCY PROCEEDINGS AND SEMPRA ACQUISITION | 14. EFH BANKRUPTCY PROCEEDINGS AND SEMPRA ACQUISITION In April 2014, EFH Corp. and the substantial majority of its direct and indirect subsidiaries at the time commenced proceedings under Chapter 11 of the U.S. Bankruptcy Code. The Oncor Ring-Fenced Entities were not parties to the EFH Bankruptcy Proceedings. On March 9, 2018, Sempra acquired the 80.03% of Oncor’s membership interests owned indirectly by EFH Corp. and EFIH (Sempra Acquisition). As a result of the Sempra Acquisition, EFH Corp. merged with an indirect subsidiary of Sempra, with EFH Corp. (renamed STH) continuing as the surviving company and an indirect, wholly owned subsidiary of Sempra. Sempra paid cash consideration of approximately $9.45 billion to acquire the indirect 80.03% outstanding membership interest in Oncor held by Oncor Holdings and other EFH Corp. assets and liabilities unrelated to Oncor. In addition, in a separate transaction, Oncor Holdings acquired 0.22% of the outstanding membership interests in Oncor from Investment LLC for $26 million in cash, which represents approximately $18.60 per membership interest. As a result, after the Sempra Acquisition, Oncor Holdings owns 80.25% of our outstanding membership interests and Texas Transmission owns 19.75% of our outstanding membership interests. In February 20 20 , Sempra acquired (through STIH) an indirect 1% ownership interest in Texas Transmission. The Sempra Acquisition was consummated after obtaining the approval of the bankruptcy court in the EFH Bankruptcy Proceedings, the Federal Communications Commission and the PUCT. The PUCT approval was obtained in Docket No. 47675, and the final order issued in that docket as well as our Limited Liability Company Agreement outline certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. These limitations include limited representation on the board of directors of Oncor. For more information on the ring-fencing measures applicable after the Sempra Acquisition, see Note 1. The Sempra Order also contains certain operational and financial commitments, including that Oncor will make minimum capital expenditures equal to at least $7.5 billion over the period from January 1, 2018 until December 31, 2022 (subject to certain adjustments). |
Business And Significant Acco_2
Business And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Business And Significant Accounting Policies [Abstract] | |
Description Of Business | Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor and/or its subsidiaries as apparent in the context. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs that sell power in the north-central, eastern, western and panhandle regions of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is indirectly and wholly owned by Sempra. Oncor Holdings owns 80.25% of our membership interests and Texas Transmission owns 19.75% of our membership interests. We are managed as an integrated business; consequently, there are no separate reportable business segments. Our consolidated financial statements for the fiscal year ended December 31, 2019, include the results of our wholly owned indirect subsidiary, NTU, which is a regulated utility that provides electricity transmission delivery service in the north-central, western and panhandle regions of Texas. We acquired NTU as part of the InfraREIT Acquisition that closed on May 16, 2019. |
Ring-Fencing Measures | Ring-Fencing Measures Since 200 7 , various ring-fencing measures have been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities and entities with ownership interests in Oncor or Oncor Holdings. These ring-fencing measures serve to mitigate the Oncor Ring-Fenced Entities’ credit exposure to owners of Oncor and Oncor Holdings, and to reduce the risk that the assets and liabilities of Oncor Ring-Fenced Entities would be substantively consolidated with the assets and liabilities of any direct or indirect owners of Oncor and Oncor Holdings in connection with a bankruptcy of any such entities. These measures include the November 2008 sale of 19.75% of Oncor’s equity interests to Texas Transmission. In March 2018, Sempra indirectly acquired Oncor Holdings through the Sempra Acquisition. The Sempra Acquisition was consummated after obtaining the approval of the bankruptcy court in the EFH Bankruptcy Proceedings and the PUCT. The PUCT approval was obtained in Docket No. 47675, and the final order issued in that docket (Sempra Order) outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. Oncor is a limited liability company governed by a board of directors, not its members. The Sempra Order and our Limited Liability Company Agreement require that the board of directors of Oncor consist of thirteen members, constituted as follows: · seven Disinterested Directors, who (i) shall be independent directors in all material respects under the rules of the New York Stock Exchange in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years; · two members designated by Sempra (through Oncor Holdings); · two members designated by Texas Transmission; and · two current or former officers of Oncor (the Oncor Officer Directors), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of the Board and Chief Executive, respectively. In order for a current or former officer of Oncor to be eligible to serve as an Oncor Officer Director, the officer cannot have worked for Sempra or any of its affiliates (excluding Oncor Holdings and Oncor) or any other entity with a direct or indirect ownership interest in Oncor or Oncor Holdings in the ten-year period prior to the officer being employed by Oncor. Oncor Holdings, at the direction of STIH, has the right to nominate and/or seek the removal of the Oncor Officer Directors, subject to approval by a majority of the Oncor board of directors. STIH is a wholly owned indirect subsidiary of, and controlled by, Sempra following the Sempra Acquisition. In addition, the Sempra Order provides that Oncor’s board cannot be overruled by the board of Sempra or any of its subsidiaries on dividend policy, the issuance of dividends or other distributions (except for contractual tax payments), debt issuance, capital expenditures, operation and maintenance expenditures, management and service fees, and appointment or removal of board members, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board positions on Oncor’s board of directors that Texas Transmission is entitled to appoint will be eliminated and the size of Oncor’s board of directors will be reduced by two. Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order and our Limited Liability Company Agreement to ring-fence Oncor from its owners include, among others: · A majority of the Disinterested Directors of Oncor must approve any annual or multi-year budget if the aggregate amount of capital expenditures or operating and maintenance expenditures in such budget is more than a 10% increase or decrease from the corresponding amounts of such expenditures in the budget for the preceding fiscal year or multi-year period, as applicable; · Oncor may not pay any dividends or make any other distributions (except for contractual tax payments) if a majority of its Disinterested Directors determines that it is in the best interests of Oncor to retain such amounts to meet expected future requirements; · At all times, Oncor will remain in compliance with the debt-to-equity ratio established by the PUCT from time to time for ratemaking purposes, and Oncor will not pay dividends or other distributions (except for contractual tax payments), if that payment would cause its debt-to-equity ratio to exceed the debt-to-equity ratio approved by the PUCT; · If the credit rating on Oncor’s senior secured debt by any of the three major rating agencies falls below BBB (or the equivalent), Oncor will suspend dividends and other distributions (except for contractual tax payments), unless otherwise allowed by the PUCT; · Without the prior approval of the PUCT, neither Sempra nor any of its affiliates (excluding Oncor) will incur, guaranty or pledge assets in respect of any indebtedness that is dependent on the revenues of Oncor in more than a proportionate degree than the other revenues of Sempra or on the stock of Oncor, and there will be no debt at STH or STIH at any time following the closing of the Sempra Acquisition; · Neither Oncor nor Oncor Holdings will lend money to or borrow money from Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and neither Oncor nor Oncor Holdings will share credit facilities with Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings; · There must be maintained certain “separateness measures” that reinforce the financial separation of Oncor from its owners, including a requirement that dealings between Oncor, Oncor Holdings and their subsidiaries with Sempra, any of Sempra’s other affiliates or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, must be on an arm’s-length basis, limitations on affiliate transactions, separate recordkeeping requirements and a prohibition on Sempra or its affiliates pledging Oncor assets or stock for any entity other than Oncor; and · Sempra will continue to hold indirectly at least 51% of the ownership interests in Oncor and Oncor Holdings for at least five years following the closing of the Sempra Acquisition, unless otherwise specifically authorized by the PUCT. |
Basis Of Presentation | Basis of Presentation Our consolidated financial statements have been prepared in accordance with GAAP governing rate-regulated operations. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. |
Use Of Estimates | Use of Estimates Preparation of our financial statements requires management to make 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. 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. No material adjustments were made to previous estimates or assumptions during the current year. |
Goodwill | Goodwill The increase in goodwill to $4,740 million at December 31, 2019 from $4,064 million at December 31, 2018 is due to the InfraREIT Acquisition. See Note 2 for more information on the InfraREIT Acquisition. |
Revenue Recognition | Revenue Recognition Oncor’s revenue is billed under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service including a reasonable rate of return on invested capital. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. See Note 4 for additional information regarding revenues. |
Provision In Lieu Of Income Taxes | Provision in Lieu of Income Taxes Our tax sharing agreement with Oncor Holdings, Texas Transmission and STH (as successor to EFH Corp.) provides for the calculation of amounts related to income taxes for each of Oncor Holdings and Oncor substantially as if these entities were taxed as corporations and requires payments to the members determined on that basis (without duplication for any income taxes paid by a subsidiary of Oncor Holdings). We are a partnership for U.S. federal income tax purposes. Accordingly, while partnerships are not subject to income taxes, in consideration of the presentation of our financial statements as an entity subject to cost-based regulatory rate-setting processes, with such costs historically including income taxes, the financial statements present amounts determined under the tax sharing agreement as “provision in lieu of income taxes” and “liability in lieu of deferred income taxes”. Such amounts are determined in accordance with the provisions of the accounting guidance for income taxes and accounting standards that provide interpretive guidance for accounting for uncertain tax positions and thus differences between the book and tax bases of assets and liabilities are accounted for as if we were a stand-alone corporation. In the event such amounts are not paid under the tax sharing agreement, it is probable that this regulatory liability will continue to be included in Oncor’s rate setting processes. We classify any interest and penalties expense related to uncertain tax positions as current provision in lieu of income taxes as discussed in Note 5. |
Defined Benefit Pension Plans And OPEB Plans | Defined Benefit Pension Plans and Oncor OPEB Plans We have liabilities under pension plans that offer benefits based on either a traditional defined benefit formula or a cash balance formula and Oncor OPEB plans that offer certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees. Costs of pension and Oncor OPEB plans are dependent upon numerous factors, assumptions and estimates. See Note 10 for additional information regarding pension and OPEB plans. |
System Of Accounts | System of Accounts Our accounting records have been maintained in accordance with the FERC Uniform System of Accounts as adopted by the PUCT. |
Property, Plant And Equipment | Property, Plant and Equipment Properties are stated at original cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead and an allowance for funds used during construction. D epreciation of property, plant and equipment is calculated on a straight-line basis over the estimated service lives of the properties based on depreciation rates approved by the PUCT. As is common in the industry, depreciation expense is recorded using composite depreciation rates that reflect blended estimates of the lives of major asset groups as compared to depreciation expense calculated on a component asset-by-asset basis. Depreciation rates include plant removal costs as a component of depreciation expense, consistent with regulatory treatment. Actual removal costs incurred are charged to accumulated depreciation. Accrued removal costs in excess of incurred removal costs are reclassified as a regulatory liability to retire assets in the future. |
Regulatory Assets And Liabilities | Regulatory Assets and Liabilities We are subject to rate regulation and our financial statements reflect regulatory assets and liabilities in accordance with accounting standards related to the effect of certain types of regulation. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process based on PURA and/or the PUCT’s orders, precedents or substantive rules. Rate regulation is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital subject to PUCT review for reasonableness and prudence and possible disallowance. Regulatory decisions can have an impact on the recovery of costs, the rate earned on invested capital and the timing and amount of assets to be recovered by rates. See Note 3 for more information regarding regulatory assets and liabilities. |
Franchise Taxes | Franchise Taxes Franchise taxes are assessed to us by local governmental bodies, based on kWh delivered and are a principal component of taxes other than amounts related to income taxes as reported in the income statement. Franchise taxes are not a “pass through” item. The rates we charge customers are intended to recover the franchise taxes, but we are not acting as an agent to collect the taxes from customers. |
Allowance For Funds Used During Construction (AFUDC) | Allowance for Funds Used During Construction (AFUDC) AFUDC is a regulatory cost accounting procedure whereby both interest charges on borrowed funds and a return on equity capital used to finance construction are included in the recorded cost of utility plant and equipment being constructed. AFUDC is capitalized on all projects involving construction periods lasting greater than thirty days. The interest portion of capitalized AFUDC is accounted for as a reduction to interest expense and the equity portion of capitalized AFUDC is accounted for as other income. See Note 13 for detail of amounts reducing interest expense and increasing other income. |
Cash And Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash and cash equivalents, temporary cash investments purchased with an original maturity of three months or less are considered to be cash equivalents. |
Fair Value Of Nonderivative Financial Instruments | Fair Value of Nonderivative Financial Instruments The carrying amounts for financial assets classified as current assets and the carrying amounts for financial liabilities classified as current liabilities approximate fair value due to the short maturity of such instruments. The fair values of other financial instruments, for which carrying amounts and fair values have not been presented, are not materially different than their related carrying amounts. The following discussion of fair value accounting standards applies primarily to our determination of the fair value of assets in the pension and Oncor OPEB plans’ trusts (see Note 10) and long-term debt (see Note 7). Accounting standards related to the determination of fair value define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use a “mid-market” valuation convention (the mid-point price between bid and ask prices) as a practical expedient to measure fair value for the majority of our assets and liabilities subject to fair value measurement on a recurring basis. We primarily use the market approach for recurring fair value measurements and use valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. We categorize our assets and liabilities recorded at fair value based upon the following fair value hierarchy: · Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. · Level 2 valuations use inputs that, in the absence of actively quoted market prices, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets , (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Our Level 2 valuations utilize over-the-counter broker quotes, quoted prices for similar assets or liabilities that are corroborated by correlations or other mathematical means and other valuation inputs. · 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. 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. The fair value of certain investments is measured using the net asset value (NAV) per share as a practical expedient. Such investments measured at NAV are not required to be categorized within the fair value hierarchy. |
Interest Rate Derivatives And Hedge Accounting | Derivative Instruments and Mark-to-Market Accounting From time-to-time we enter into derivative instruments to hedge interest rate risk. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, the fair value of each derivative is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income, unless criteria for cash flow hedge accounting are met. This recognition is referred to as “mark-to-market” accounting. |
Impairment Of Long-Lived Assets And Goodwill | Impairment of Long-Lived Assets and Goodwill We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We also evaluate goodwill for impairment annually on October 1 and whenever events or changes in circumstances indicate that an impairment may exist. The determination of the existence of these and other indications of impairment involves judgments that are subjective in nature and may require the use of estimates in forecasting future results and cash flows. If at the assessment date our carrying value exceeds our estimated fair value (enterprise value), then the estimated enterprise value is compared to the estimated fair values of our operating assets (including identifiable intangible assets) and liabilities at the assessment date. The resultant implied goodwill amount is compared to the recorded goodwill amount. Any excess of the recorded goodwill amount over the implied goodwill amount is written off as an impairment charge. In each of 2019, 2018 and 2017, we concluded, based on a qualitative assessment, that our estimated enterprise fair value was more likely than not greater than our carrying value. As a result , no additional testing for impairment was required and n o impairments were recognized . |
Changes In Accounting Standards | Changes in Accounting Standards Topic 842, “Leases” – In February 2016, the FASB issued ASU 2016-02 which created FASB Topic 842, Leases (Topic 842). Topic 842 amends previous GAAP to require the balance sheet recognition of substantially all lease assets and liabilities, including operating leases. Operating lease liabilities are not classified as debt for GAAP purposes under Topic 842 and are not treated as debt for our regulatory purposes. All of Oncor’s existing leases meet the definition of an operating lease. Under the new rules, the recognition of any finance leases (previously known as capital leases) on the balance sheet are classified as debt for both GAAP and regulatory capital structure purposes (see Note 8 for details) similar to the previous capital lease treatment. We adopted Topic 842 on January 1, 2019, using the optional transition method to apply the new guidance prospectively and not restate comparative periods. We elected the package of practical expedients that permits us to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which allows us to carry forward accounting conclusions under previous GAAP on contracts that commenced prior to adoption of the lease standard. We also elected the land easement practical expedient, which allows us to continue to account for pre-existing land easements under our accounting policy that existed before adoption of the lease standard. We did not elect the practical expedient to use hindsight in making judgments when determining the lease term. The adoption of Topic 842 affects our balance sheet, as our contracts for office space, service centers and fleet vehicles are operating leases. The following table shows the increases on our balance sheet at January 1, 2019 from the initial adoption of Topic 842. At January 1, 2019 Operating Leases: ROU assets: Operating lease ROU and other assets $ 82 Lease liabilities: Operating lease and other current liabilities $ 26 Employee benefit, operating lease and other obligations 56 Total operating lease liabilities $ 82 Topic 220, “Income Statement—Reporting Comprehensive Income” amended by ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” – In February 2018, the FASB issued ASU 2018-02, an amendment to Topic 220. Under ASU 2018-02, an entity is required to provide certain disclosures regarding stranded tax effects, including its accounting policy related to releasing the income tax effects from accumulated other comprehensive income (AOCI). We elected to reclassify stranded tax effects resulting from the TCJA from AOCI to capital accounts. Our stranded tax effects in AOCI, which are related to previous interest rate cash flow hedges, were $4 million and increased our capital account upon reclassification. We adopted the standard on a prospective basis effective January 1, 2019. Topic 326, “Financial Instruments—Credit Losses” – In June 2016 the FASB issued ASU No. 2016-13, which changes how entities account for credit losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. Topic 326 is required to be adopted in the first quarter of fiscal 2020 with earlier adoption permitted. We adopted on a prospective basis effective January 1, 2020. The adoption of the new standard did not have a material impact on our consolidated financial statements. Topic 350, “Intangibles, Goodwill and Other —Internal-Use Software (Subtopic 40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service ” – In August 2018, the FASB issued ASU 2018-15 which clarifies the accounting for implementation costs in cloud computing arrangements. ASU 2018-15 is required to be adopted in the first quarter of fiscal 2020 with earlier adoption permitted. We have early adopted on a prospective basis effective July 1, 2019. The early adoption did not have a material effect on our consolidated financial statements. |
Business And Significant Acco_3
Business And Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business And Significant Accounting Policies [Abstract] | |
Schedule Of Adoption Of Topic 842 | At January 1, 2019 Operating Leases: ROU assets: Operating lease ROU and other assets $ 82 Lease liabilities: Operating lease and other current liabilities $ 26 Employee benefit, operating lease and other obligations 56 Total operating lease liabilities $ 82 |
Infrareit Acquisition (Tables)
Infrareit Acquisition (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Infrareit Acquisition [Abstract] | ||
Total Purchase Price Paid | Purchase of outstanding InfraREIT shares and units $ 1,275 Certain transaction costs of InfraREIT paid by Oncor (a) 49 Total purchase price paid $ 1,324 __________________ (b) Represents certain transaction costs incurred by InfraREIT in connection with the transaction and paid by Oncor, including a $40 million management termination fee payable to an affiliate of Hunt Consolidated, Inc. | Purchase of outstanding InfraREIT shares and units $ 1,275 Certain transaction costs of InfraREIT paid by Oncor (a) 49 Total purchase price paid $ 1,324 ________________ Represents certain transaction costs incurred by InfraREIT in connection with the transaction and paid by Oncor, including a $40 million management termination fee payable to an affiliate of Hunt Consolidated, Inc. |
Assets And Liabilities Assumed | Purchase price allocation is as follows: As of May 16, 2019 Assets acquired: Current assets $ 45 Property, plant and equipment - net 1,800 Goodwill 676 Regulatory assets 16 Other noncurrent assets 10 Total assets acquired 2,547 Liabilities assumed: Short-term debt 115 Other current liabilities 24 Regulatory liabilities 148 Liability in lieu of deferred income taxes 97 Long-term debt, including due currently 839 Total liabilities assumed 1,223 Net assets acquired 1,324 Total purchase price paid $ 1,324 | |
Pro Forma Information | Three Months Ended March 31, 2019 Oncor Consolidated Pro Forma Revenues $ 1,072 | Year Ended December 31, 2019 2018 Oncor Consolidated Pro Forma Revenues $ 4,431 $ 4,318 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Regulatory Matters [Abstract] | ||
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/ Amortization Period At March 31, 2020 At March 31, 2020 At December 31, 2019 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 615 $ 623 Employee retirement costs being amortized 8 years 253 262 Employee retirement costs incurred since the last rate review period (b) To be determined 76 79 Self-insurance reserve (primarily storm recovery costs) being amortized 8 years 298 309 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 221 238 Securities reacquisition costs Lives of related debt 27 29 Deferred conventional meter and metering facilities depreciation 1 year 10 15 Under-recovered AMS costs 8 years 165 170 Energy efficiency performance bonus (a) 1 year or less 7 9 Wholesale distribution substation service To be determined 39 34 Other regulatory assets (d) Various 9 7 Total regulatory assets 1,720 1,775 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,199 1,178 Excess deferred taxes Primarily over lives of related assets 1,557 1,574 Over-recovered wholesale transmission service expense (a) 1 year or less 14 30 Other regulatory liabilities Various 16 11 Total regulatory liabilities 2,786 2,793 Net regulatory assets (liabilities) $ (1,066) $ (1,018) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. (d) Includes $1 million in regulatory assets established to track our incremental costs related to the impact of COVID-19, including costs relating to our pandemic response plan. | Remaining Rate Recovery/Amortization Period at At December 31, December 31, 2019 2019 2018 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 623 $ 648 Employee retirement costs being amortized 8 years 262 297 Employee retirement costs incurred since the last rate review period (b) To be determined 79 73 Self-insurance reserve (primarily storm recovery costs) being amortized 8 years 309 351 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 238 59 Securities reacquisition costs Lives of related debt 29 10 Deferred conventional meter and metering facilities depreciation 1 year 15 36 Under-recovered AMS costs 8 years 170 185 Energy efficiency performance bonus (a) 1 year or less 9 7 Wholesale distribution substation service To be determined 34 15 Other regulatory assets Various 7 10 Total regulatory assets 1,775 1,691 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,178 1,023 Excess deferred taxes Primarily over lives of related assets 1,574 1,571 Over-recovered wholesale transmission service expense (a) 1 year or less 30 89 Other regulatory liabilities Various 11 14 Total regulatory liabilities 2,793 2,697 Net regulatory assets (liabilities) $ (1,018) $ (1,006) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Revenues [Abstract] | ||
Disaggregation Of Revenues | Three Months Ended March 31, 2020 2019 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 496 $ 499 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 196 143 Billed to REPs serving Oncor distribution customers, through TCRF 109 85 Total transmission base revenues 305 228 Other miscellaneous revenues 16 17 Total revenues contributing to earnings 817 744 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 245 260 EECRF and other regulatory charges 10 12 Revenues collected for pass-through expenses 255 272 Total operating revenues $ 1,072 $ 1,016 | Year Ended December 31, 2019 2018 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 2,143 $ 2,139 Transmission base revenues (TCOS revenues) Billed to third-party wholesale customers 681 548 Billed to REPs serving Oncor distribution customers, through TCRF 391 310 Total transmission base revenues 1,072 858 Other miscellaneous revenues 77 71 Total revenues contributing to earnings 3,292 3,068 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 1,005 962 EECRF and other regulatory charges 50 71 Revenues collected for pass-through expenses 1,055 1,033 Total operating revenues $ 4,347 $ 4,101 |
Provision In Lieu Of Income T_2
Provision In Lieu Of Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Provision In Lieu Of Income Taxes [Abstract] | |
Schedule Of Deferred Tax Assets and Liabilities | At December 31, 2019 2018 Deferred Tax Related Assets: Employee benefit liabilities $ 224 $ 234 Regulatory liabilities 51 55 Other 28 6 Total 303 295 Deferred Tax Related Liabilities: Property, plant and equipment 1,851 1,651 Regulatory assets 272 245 Other 1 1 Total 2,124 1,897 Liability in lieu of deferred income taxes - net $ 1,821 $ 1,602 |
Components Of Income Tax Provisions (Benefits) | Year Ended December 31, 2019 2018 2017 Reported in operating expenses: Current: U.S. federal $ 69 $ 112 $ (55) State 22 21 20 Deferred: U.S. federal 49 21 303 State - - - Amortization of investment tax credits (2) (2) (2) Total reported in operating expenses 138 152 266 Reported in other income and deductions: Current: U.S. federal (21) (32) (5) State - - - Deferred federal 6 (3) 6 Total reported in other income and deductions (15) (35) 1 Total provision in lieu of income taxes $ 123 $ 117 $ 267 |
Schedule Of Income Tax Reconciliation | Year Ended December 31, 2019 2018 2017 Income before provision in lieu of income taxes $ 774 $ 662 $ 686 Provision in lieu of income taxes at the U.S. federal statutory rate of 21% for 2019 and 2018 and 35% for 2017 $ 163 $ 139 $ 240 Amortization of investment tax credits – net of deferred tax effect (2) (2) (2) Amortization of excess deferred taxes (52) (18) (1) Impact of federal statutory rate change from 35% to 21% - - 21 Texas margin tax, net of federal tax benefit 17 17 13 Nontaxable gains on benefit plan investments (2) (1) (4) Other (1) (18) - Reported provision in lieu of income taxes $ 123 $ 117 $ 267 Effective rate 15.9% 17.7% 38.9% |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Short-Term Borrowings [Abstract] | ||
Schedule Of Short-Term Borrowings | At March 31, At December 31, 2020 2019 Total credit facility borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) - (46) Credit facility outstanding (b) - - Letters of credit outstanding (c) (9) (10) Available unused credit $ 1,991 $ 1,944 ____________ a) The weighted average interest rate for commercial paper was 1.84% at December 31, 2019. b) At March 31, 2020, the applicable interest rate for any outstanding borrowings was LIBOR plus 1.00% . c) The interest rate on outstanding letters of credit at both March 31, 2020 and December 31, 2019 was 1.20% based on our credit ratings. | At December 31, 2019 2018 Total credit facility borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) (46) (813) Credit facility outstanding (b) - - Letters of credit outstanding (c) (10) (9) Available unused credit $ 1,944 $ 1,178 ____________ a) The weighted average interest rate for commercial paper was 1.84% and 2.74% at December 31, 2019 and December 31, 2018, respectively. b) At December 31, 2019, the applicable interest rate for any outstanding borrowings would have been LIBOR plus 1.00% . c) Interest rates on outstanding letters of credit at December 31, 2019 and December 31, 2018 were 1.2% based on our credit ratings. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Long-Term Debt [Abstract] | ||
Schedule Of Long-Term Debt | March 31, December 31, 2020 2019 Fixed Rate Secured: 5.75% Senior Notes due September 30, 2020 $ 126 $ 126 8.50% Senior Notes, Series C, due December 30, 2020 13 14 4.10% Senior Notes, due June 1, 2022 400 400 7.00% Debentures due September 1, 2022 482 482 2.75% Senior Notes due June 1, 2024 500 500 2.95% Senior Notes due April 1, 2025 350 350 3.86% Senior Notes, Series A, due December 3, 2025 174 174 3.86% Senior Notes, Series B, due January 14, 2026 38 38 3.70% Senior Notes due November 15, 2028 650 650 5.75% Senior Notes due March 15, 2029 318 318 7.25% Senior Notes, Series B, due December 30, 2029 36 36 2.75% Senior Notes due May 15, 2030 400 - 6.47% Senior Notes, Series A, due September 30, 2030 82 83 7.00% Senior Notes due May 1, 2032 500 500 7.25% Senior Notes due January 15, 2033 350 350 7.50% Senior Notes due September 1, 2038 300 300 5.25% Senior Notes due September 30, 2040 475 475 4.55% Senior Notes due December 1, 2041 400 400 5.30% Senior Notes due June 1, 2042 500 500 3.75% Senior Notes due April 1, 2045 550 550 3.80% Senior Notes due September 30, 2047 325 325 4.10% Senior Notes due November 15, 2048 450 450 3.80% Senior Notes, due June 1, 2049 500 500 3.10% Senior Notes, due September 15, 2049 700 700 3.70% Senior Notes due May 15, 2050 400 - Secured long-term debt 9,019 8,221 Unsecured: Term loan credit agreement maturing October 6, 2020 - 460 Term loan credit agreement maturing June 1, 2021 450 - Total long-term debt 9,469 8,681 Unamortized discount and debt issuance costs (65) (56) Less amount due currently (148) (608) Long-term debt, less amounts due currently $ 9,256 $ 8,017 | December 31, 2019 2018 Fixed Rate Secured: 2.15% Senior Notes due June 1, 2019 $ - $ 250 5.75% Senior Notes due September 30, 2020 126 126 8.50% Senior Notes, Series C, due December 30, 2020 14 - 4.10% Senior Notes, due June 1, 2022 400 400 7.00% Debentures due September 1, 2022 482 482 2.75% Senior Notes due June 1, 2024 500 - 2.95% Senior Notes due April 1, 2025 350 350 3.86% Senior Notes, Series A, due December 3, 2025 174 - 3.86% Senior Notes, Series B, due January 14, 2026 38 - 3.70% Senior Notes due November 15, 2028 650 350 5.75% Senior Notes due March 15, 2029 318 318 7.25% Senior Notes, Series B, due December 30, 2029 36 - 6.47% Senior Notes, Series A, due September 30, 2030 83 - 7.00% Senior Notes due May 1, 2032 500 500 7.25% Senior Notes due January 15, 2033 350 350 7.50% Senior Notes due September 1, 2038 300 300 5.25% Senior Notes due September 30, 2040 475 475 4.55% Senior Notes due December 1, 2041 400 400 5.30% Senior Notes due June 1, 2042 500 500 3.75% Senior Notes due April 1, 2045 550 550 3.80% Senior Notes due September 30, 2047 325 325 4.10% Senior Notes due November 15, 2048 450 450 3.80% Senior Notes, due June 1, 2049 500 - 3.10% Senior Notes, due September 15, 2049 700 - Secured long-term debt 8,221 6,126 Variable Rate Unsecured: Term loan credit agreement maturing December 9, 2019 - 350 Term loan credit agreement maturing October 6, 2020 460 - Total long-term debt 8,681 6,476 Unamortized discount and debt issuance costs (56) (41) Less amount due currently (608) (600) Long-term debt, less amounts due currently $ 8,017 $ 5,835 |
Schedule Of Long-Term Debt Maturity | Year Amount 2020 (excluding first three months of 2020) $ 148 2021 459 2022 891 2023 10 2024 510 Thereafter 7,451 Unamortized discount and debt issuance costs (65) Total $ 9,404 | Year Amount 2020 $ 608 2021 9 2022 891 2023 10 2024 510 Thereafter 6,653 Unamortized discount and debt issuance costs (56) Total $ 8,625 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | ||
Schedule Of Lease Information | At December 31, 2019 Operating Leases: ROU assets: Operating lease ROU and other assets $ 92 Lease liabilities: Operating lease and other current liabilities $ 26 Employee benefit, operating lease and other obligations 66 Total operating lease liabilities $ 92 Weighted-average remaining lease term (in years) 4 Weighted-average discount rate 3.3% | |
Schedule Of Lease Costs | Year Ended December 31, 2019 Operating lease cost: Operating lease costs (including amounts allocated to property, plant and equipment) $ 40 Short-term lease costs 34 Total operating lease costs $ 74 Operating lease payments: Cash paid for amounts included in the measurement of lease liabilities $ 32 | |
Schedule Of Operating Lease Maturity | Year Amount 2020 (remaining nine months) $ 23 2021 28 2022 24 2023 18 2024 12 Thereafter 28 Total undiscounted lease payments 133 Less imputed interest (12) Total future minimum lease payments $ 121 | Year Amount 2020 $ 28 2021 25 2022 19 2023 13 2024 8 Thereafter 3 Total undiscounted lease payments 96 Less imputed interest (4) Total operating lease obligations $ 92 |
Schedule Of Future Miinimum Lease Payments Under Operating Leases | Year Amount 2019 $ 29 2020 22 2021 20 2022 15 2023 8 Thereafter 5 Total future minimum lease payments $ 99 |
Membership Interests (Tables)
Membership Interests (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Membership Interests [Abstract] | ||
Schedule Of Cash Capital Contributions | Received Amount November 21, 2019 $ 340 October 28, 2019 98 July 29, 2019 70 May 15, 2019 1,330 April 30, 2019 70 February 19, 2019 70 $ 1,978 | |
Schedule Of Distributions Paid | During 2019, our board of directors declared, and we paid, the following cash distributions to our members: Declaration Date Payment Date Amount October 29, 2019 October 31, 2019 $ 106 July 30, 2019 July 31, 2019 71 May 1, 2019 May 2, 2019 71 February 20, 2019 February 22, 2019 71 $ 319 During 2018, our board of directors declared, and we paid, the following cash distributions to our members: Declaration Date Payment Date Amount October 24, 2018 November 6, 2018 $ 179 July 25, 2018 August 1, 2018 30 $ 209 | |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Three Months Ended March 31, 2020 Balance at December 31, 2019 $ 10,938 $ (139) $ 10,799 Net income 131 - 131 Distributions (91) - (91) Capital contributions 87 - 87 Net effects of cash flow hedges (Note 5) - (23) (23) Defined benefit pension plans - 1 1 Balance at March 31, 2020 $ 11,065 $ (161) $ 10,904 | |
Schedule Of Changes To Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges – Interest Rate Swaps Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ (18) $ (121) $ (139) Defined benefit pension plans - 1 1 Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6 ) (Note 5) (23) - (23) Balance at March 31, 2020 $ (41) $ (120) $ (161) Balance at December 31, 2018 $ (16) $ (148) $ (164) Defined benefit pension plans - 1 1 Amounts reclassified from accumulated other comprehensive income (loss) to capital account (4) - (4) Balance at March 31, 2019 $ (20) $ (147) $ (167) | Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2016 $ (20) $ (91) $ (111) Defined benefit pension plans - 8 8 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges 2 - 2 Balance at December 31, 2017 $ (18) $ (83) $ (101) Defined benefit pension plans - (65) (65) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges 2 - 2 Balance at December 31, 2018 $ (16) $ (148) $ (164) Defined benefit pension plans - 27 27 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges 2 - 2 Amounts reclassified from accumulated other comprehensive income (loss) to capital account (4) - (4) Balance at December 31, 2019 $ (18) $ (121) $ (139) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Schedule Of Pension And OPEB Plan Costs | Three Months Ended March 31, 2020 2019 Components of net allocated pension costs: Service cost $ 8 $ 7 Interest cost 25 32 Expected return on assets (27) (30) Amortization of net loss 12 7 Net pension costs 18 16 Components of net OPEB costs: Service cost 1 2 Interest cost 8 11 Expected return on assets (2) (2) Amortization of prior service cost (5) (5) Amortization of net loss 3 4 Net OPEB costs 5 10 Total net pension and OPEB costs 23 26 Less amounts deferred principally as property or a regulatory asset (4) (7) Net amounts recognized as operation and maintenance expense or other deductions $ 19 $ 19 | Year Ended December 31, 2019 2018 2017 Pension costs $ 63 $ 77 $ 85 OPEB costs 41 70 58 Total benefit costs 104 147 143 Less amounts recognized principally as property or a regulatory asset (27) (69) (98) Net amounts recognized as operation and maintenance expense or other deductions $ 77 $ 78 $ 45 |
Schedule Of Detailed Pension And OPEB Benefit Information | Pension Plans OPEB Plans Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Assumptions Used to Determine Net Periodic Pension and OPEB Costs: Discount rate 4.18% 3.54% 4.05% 4.41% 3.73% 4.35% Expected return on plan assets 5.42% 5.11% 5.17% 6.19% 6.20% 6.10% Rate of compensation increase 4.53% 4.46% 3.33% - - - Components of Net Pension and OPEB Costs: Service cost $ 25 $ 27 $ 24 $ 6 $ 8 $ 7 Interest cost 128 121 131 43 44 47 Expected return on assets (119) (120) (115) (7) (9) (8) Amortization of prior service cost (credit) - - - (20) (30) (20) Amortization of net loss 29 49 45 19 57 32 Net periodic pension and OPEB costs $ 63 $ 77 $ 85 $ 41 $ 70 $ 58 Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: Net loss (gain) $ - $ 67 $ (11) $ (22) $ (177) $ 139 Amortization of net loss (29) (49) (45) (19) (57) (32) Plan amendments - - - - - (78) Amortization of prior service (cost) credit - - - 20 30 20 Total recognized as regulatory assets or other comprehensive income (29) 18 (56) (21) (204) 49 Total recognized in net periodic pension and OPEB costs and as regulatory assets or other comprehensive income $ 34 $ 95 $ 29 $ 20 $ (134) $ 107 | |
Schedule Of Assumptions Used | Pension Plans OPEB Plans Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate 3.13% 4.18% 3.54% 3.29% 4.41% 3.73% Rate of compensation increase 4.64% 4.53% 4.46% - - - | |
Schedule Of Changes In Projected Benefit Obligations And Changes In Fair Value Of Plan Assets And Net Funded Status | Pension Plans OPEB Plans Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Change in Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 3,162 $ 3,500 $ 1,006 $ 1,198 Service cost 25 27 6 8 Interest cost 128 121 43 44 Participant contributions - - 19 19 Plan amendments - - - - Actuarial (gain) loss 367 (232) (5) (196) Benefits paid (164) (175) (70) (67) Annuity purchase (118) (79) - - Projected benefit obligation at end of year $ 3,400 $ 3,162 $ 999 $ 1,006 Accumulated benefit obligation at end of year $ 3,283 $ 3,069 $ - $ - Change in Plan Assets: Fair value of assets at beginning of year $ 2,249 $ 2,600 $ 132 $ 149 Actual return (loss) on assets 486 (179) 25 (10) Employer contributions 41 82 35 41 Participant contributions - - 19 19 Benefits paid (164) (175) (70) (67) Annuity purchase (118) (79) - - Fair value of assets at end of year $ 2,494 $ 2,249 $ 141 $ 132 Funded Status: Projected benefit obligation at end of year $ (3,400) $ (3,162) $ (999) $ (1,006) Fair value of assets at end of year 2,494 2,249 141 132 Funded status at end of year $ (906) $ (913) $ (858) $ (874) | |
Schedule Of Amounts Recognized In Balance Sheet | Pension Plans OPEB Plans Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Amounts Recognized in the Balance Sheet Consist of: Liabilities: Other current liabilities $ (5) $ (4) $ (15) $ (7) Other noncurrent liabilities (901) (909) (843) (867) Net liability recognized $ (906) $ (913) $ (858) $ (874) Regulatory assets: Net loss $ 531 $ 534 $ 129 $ 171 Prior service cost (credit) - - (37) (57) Net regulatory asset recognized $ 531 $ 534 $ 92 $ 114 Accumulated other comprehensive net loss $ 120 $ 147 $ 1 $ 1 | |
Schedule Of Projected Benefit Obligations And Accumulated Benefit Obligations In Excess Of Plan Assets Fair Value | At December 31, 2019 2018 Pension Plans with PBO and ABO in Excess of Plan Assets: Projected benefit obligations $ 3,400 $ 3,162 Accumulated benefit obligations 3,283 3,069 Plan assets 2,494 2,249 | |
Schedule Of Target Asset Allocation Ranges By Asset Category | Target Allocation Ranges Asset Category Recoverable Non-recoverable International equities 13% - 21% 6% - 12% U.S. equities 16% - 24% 8% - 14% Real estate 3% - 7% - Credit strategies 5% - 10% 5% - 9% Fixed income 45% - 55% 68% - 78% | |
Schedule Of Expected Long-Term Rate Of Return On Assets Assumptions | Pension Plans Oncor OPEB Plans Asset Class Expected Long-Term Rate of Return Asset Class Expected Long-Term Rate of Return International equity securities 7.63% 401(h) accounts 6.26% U.S. equity securities 6.80% Life insurance VEBA 6.04% Real estate 5.20% Union VEBA 6.04% Credit strategies 4.56% Non-union VEBA 1.80% Fixed income securities 3.40% Shared retiree VEBA 1.80% Weighted average (a) 5.22% Weighted average 5.90% _____________ (a) The 2020 expected long-term rate of return for the nonregulated portion of the Oncor Retirement Plan is 4.18%, and for Oncor’s portion of the Vistra Retirement Plan is 4.89% . | |
Schedule Of Contributions | Year Ended December 31, 2019 2018 2017 Pension plans contributions $ 41 $ 82 $ 149 Oncor OPEB Plans contributions 35 41 31 Total contributions $ 76 $ 123 $ 180 | |
Schedule Of Estimated Future Benefit Payments | 2020 2021 2022 2023 2024 2025-29 Pension plans $ 179 $ 183 $ 188 $ 191 $ 196 $ 996 Oncor OPEB Plans $ 50 $ 51 $ 53 $ 55 $ 56 $ 285 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Schedule Of Assets Fair Value Measured On Recurring Basis | At December 31, 2019 Level 1 Level 2 Level 3 Total Asset Category Equity securities: U.S. $ 194 $ 2 $ - $ 196 International 290 1 - 291 Fixed income securities: Corporate bonds (a) - 908 - 908 U.S. Treasuries - 147 - 147 Other (b) - 63 - 63 Real estate - - 3 3 Total assets in the fair value hierarchy $ 484 $ 1,121 $ 3 1,608 Total assets measured at net asset value (c) 886 Total fair value of plan assets $ 2,494 At December 31, 2018 Level 1 Level 2 Level 3 Total Asset Category Equity securities: U.S. $ 170 $ 2 $ - $ 172 International 239 - - 239 Fixed income securities: Corporate bonds (a) - 930 - 930 U.S. Treasuries - 110 - 110 Other (b) - 69 - 69 Real estate - - 3 3 Total assets in the fair value hierarchy $ 409 $ 1,111 $ 3 1,523 Total assets measured at net asset value (c) 726 Total fair value of plan assets $ 2,249 _____________ (a) Substantially all corporate bonds are rated investment grade by Fitch, Moody’s or S&P. (b) Other consists primarily of municipal bonds, emerging market debt, bank loans and fixed income derivative instruments. (c) Fair value was measured using the net asset value (NAV) per share as a practical expedient as the investments did not have a readily determinable fair value and are not required to be classified in the fair value hierarchy. The NAV fair value amounts presented here are intended to permit a reconciliation to the total fair value of plan assets. | |
OPEB Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Schedule Of Assets Fair Value Measured On Recurring Basis | At December 31, 2019 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ 6 $ - $ - $ 6 Equity securities: U.S. 24 - - 24 International 28 - - 28 Fixed income securities: Corporate bonds (a) - 31 - 31 U.S. Treasuries - 3 - 3 Other (b) 22 2 - 24 Total assets in the fair value hierarchy $ 80 $ 36 $ - 116 Total assets measured at net asset value (c) 25 Total fair value of plan assets $ 141 At December 31, 2018 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ 15 $ - $ - $ 15 Equity securities: U.S. 21 - - 21 International 22 - - 22 Fixed income securities: Corporate bonds (a) - 26 - 26 U.S. Treasuries - 3 - 3 Other (b) 28 1 - 29 Total assets in the fair value hierarchy $ 86 $ 30 $ - 116 Total assets measured at net asset value (c) 16 Total fair value of plan assets $ 132 _____________ (a) Substantially all corporate bonds are rated investment grade by Fitch, Moody’s or S&P. (b) Other consists primarily of diversified bond mutual funds. (c) Fair value was measured using the net asset value (NAV) per share as a practical expedient as the investments did not have a readily determinable fair value and are not required to be classified in the fair value hierarchy. The NAV fair value amounts presented here are intended to permit a reconciliation to the total fair value of plan assets. | |
Postretirement Health Coverage [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Schedule Of Assumptions Used | Year Ended December 31, 2019 2018 Assumed Health Care Cost Trend Rates – Not Medicare Eligible: Health care cost trend rate assumed for next year 7.20% 7.60% Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2029 2026 Assumed Health Care Cost Trend Rates – Medicare Eligible: Health care cost trend rate assumed for next year 8.00% 8.70% Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50% 4.50% Year that the rate reaches the ultimate trend rate 2029 2027 1-Percentage Point Increase 1-Percentage Point Decrease Sensitivity Analysis of Assumed Health Care Cost Trend Rates: Effect on accumulated postretirement obligation $ 128 $ (106) Effect on postretirement benefits cost 5 (4) |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Related-Party Transactions [Abstract] | ||
Schedule Of Related Party Transactions | At March 31, 2020 At December 31, 2019 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ 3 $ 1 $ 4 $ (2) $ (1) $ (3) Texas margin taxes payable 28 - 28 22 - 22 Net payable (receivable) $ 31 $ 1 $ 32 $ 20 $ (1) $ 19 | Amounts payable to (receivable from) members related to income taxes under the agreement and reported on our balance sheet consisted of the following: At December 31, 2019 At December 31, 2018 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ (2) $ (1) $ (3) $ 4 $ 1 $ 5 Texas margin taxes payable 22 - 22 21 - 21 Net payable (receivable) $ 20 $ (1) $ 19 $ 25 $ 1 $ 26 Cash payments made to (received from) members related to income taxes consisted of the following: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 STH Texas Transm. Total STH EFH Corp. Texas Transm. Total EFH Corp. Texas Transm. Total Federal income taxes $ 45 $ 11 $ 56 $ 59 $ (19) $ 10 $ 50 $ (102) $ (12) $ (114) Texas margin taxes 22 - 22 21 - - 21 20 - 20 Total payments (receipts) $ 67 $ 11 $ 78 $ 80 $ (19) $ 10 $ 71 $ (82) $ (12) $ (94) |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Supplementary Financial Information [Abstract] | ||
Schedule Of Other Deductions And (Income) | Three Months Ended March 31, 2020 2019 Professional fees $ 1 $ 3 Recoverable pension and OPEB - non-service costs 14 14 AFUDC equity income (5) - Other, including interest income 3 - Total other deductions and (income) - net $ 13 $ 17 | Other Deductions and (Income) Year Ended December 31, 2019 2018 2017 Professional fees $ 10 $ 12 $ 15 Sempra Acquisition related costs - 12 - InfraREIT Acquisition related costs 9 - - Recoverable Pension and OPEB - non-service costs 57 53 31 Non-recoverable pension and OPEB (Note 10) 4 6 5 AFUDC equity income (10) - - Interest income (5) (1) (6) Other (2) 2 1 Total other deductions and (income) - net $ 63 $ 84 $ 46 |
Schedule Of Interest Expense And Related Charges | Three Months Ended March 31, 2020 2019 Interest $ 101 $ 88 Amortization of debt issuance costs and discounts 3 1 Less allowance for funds used during construction – capitalized interest portion (3) (3) Total interest expense and related charges $ 101 $ 86 | Year Ended December 31, 2019 2018 2017 Interest $ 382 $ 358 $ 351 Amortization of debt issuance costs and discounts 9 6 3 Less AFUDC – capitalized interest portion (16) (13) (12) Total interest expense and related charges $ 375 $ 351 $ 342 |
Schedule Of Trade Accounts And Other Receivables | At March 31, At December 31, 2020 2019 Gross trade accounts and other receivables $ 662 $ 666 Allowance for uncollectible accounts (6) (5) Trade accounts receivable – net $ 656 $ 661 | At December 31, 2019 2018 Gross trade accounts and other receivables $ 666 $ 562 Allowance for uncollectible accounts (5) (3) Trade accounts receivable – net $ 661 $ 559 |
Summary of Investments And Other Property | At March 31, At December 31, 2020 2019 Assets related to employee benefit plans $ 112 $ 119 Land 12 12 Other 2 2 Total investments and other property $ 126 $ 133 | At December 31, 2019 2018 Assets related to employee benefit plans $ 119 $ 108 Land 12 12 Other 2 - Total investments and other property $ 133 $ 120 |
Schedule Of Property, Plant And Equipment | Composite Depreciation Rate/ At March 31, At December 31, Avg. Life at March 31, 2020 2020 2019 Assets in service: Distribution 2.8% / 35.9 years $ 14,211 $ 14,007 Transmission 2.9% / 35.0 years 11,201 11,094 Other assets 6.9% / 14.6 years 1,653 1,648 Total 27,065 26,749 Less accumulated depreciation 8,102 7,986 Net of accumulated depreciation 18,963 18,763 Construction work in progress 832 585 Held for future use 21 22 Property, plant and equipment – net $ 19,816 $ 19,370 | Composite Depreciation Rate/ At December 31, Avg. Life at December 31, 2019 2019 2018 Assets in service: Distribution 2.8% / 35.8 years $ 14,007 $ 13,105 Transmission 2.9% / 35.0 years 11,094 8,568 Other assets 6.9% / 14.5 years 1,648 1,497 Total 26,749 23,170 Less accumulated depreciation 7,986 7,513 Net of accumulated depreciation 18,763 15,657 Construction work in progress 585 417 Held for future use 22 16 Property, plant and equipment – net $ 19,370 $ 16,090 |
Schedule Of Intangible Assets | At March 31, 2020 At December 31, 2019 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 576 $ 108 $ 468 $ 575 $ 107 $ 468 Capitalized software 937 444 493 933 430 503 Total $ 1,513 $ 552 $ 961 $ 1,508 $ 537 $ 971 | At December 31, 2019 At December 31, 2018 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 575 $ 107 $ 468 $ 464 $ 101 $ 363 Capitalized software 933 430 503 787 385 402 Total $ 1,508 $ 537 $ 971 $ 1,251 $ 486 $ 765 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2020 $ 61 2021 61 2022 61 2023 61 2024 60 | Year Amortization Expense 2020 $ 61 2021 61 2022 61 2023 61 2024 60 |
Schedule Of Employee Benefit Obligations And Other | At March 31, At December 31, 2020 2019 Retirement plans and other employee benefits $ 1,810 $ 1,834 Operating lease liabilities 94 66 Investment tax credits 6 6 Other 88 74 Total employee benefit, operating lease and other obligations $ 1,998 $ 1,980 | At December 31, 2019 2018 Retirement plans and other employee benefits $ 1,834 $ 1,858 Operating lease liabilities (Notes 1 and 8) 66 - Investment tax credits 6 8 Other 74 77 Total employee benefit, operating lease and other obligations $ 1,980 $ 1,943 |
Schedule Of Supplemental Cash Flow Information | Three Months Ended March 31, 2020 2019 Cash payments (receipts) related to: Interest $ 90 $ 56 Less capitalized interest (3) (3) Interest payments (net of amounts capitalized) $ 87 $ 53 Noncash increase in operating lease obligations for ROU assets $ 37 $ 88 Noncash construction expenditures (a) $ 221 $ 168 ____________ Represents end-of-period accruals. | Year Ended December 31, 2019 2018 2017 Cash payments related to: Interest $ 368 $ 368 $ 345 Less capitalized interest (16) (13) (12) Interest payments (net of amounts capitalized) $ 352 $ 355 $ 333 Amount in lieu of income taxes (a): Federal $ 56 $ 50 $ (114) State 22 21 20 Total payments (refunds) in lieu of income taxes $ 78 $ 71 $ (94) Noncash increase in operating lease obligation for ROU assets $ 38 $ - $ - Noncash Sharyland 2017 Asset Exchange costs $ - $ - $ 383 Noncash investing and financing activity (b): Acquisition: Assets acquired $ 2,547 $ - $ - Liabilities assumed (1,223) - - Cash paid $ 1,324 $ - $ - Noncash construction expenditures (c) $ 278 $ 174 $ 129 ______________ (a) See Note 12 for income tax related detail. (b) See Note 7 for more information on noncash debt exchanges related to InfraREIT Acquisition. (c) Represents end-of-period accruals. |
Schedule Of Quarterly Information | 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Operating revenues $ 1,016 $ 1,041 $ 1,211 $ 1,079 Operating income 216 253 369 236 Net income 116 139 263 133 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Operating revenues $ 990 $ 1,021 $ 1,095 $ 995 Operating income 202 244 293 206 Net income 89 143 194 119 |
Business And Significant Acco_4
Business And Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2020USD ($)entity | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)entity | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Mar. 09, 2018 | |
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Ownership holding period | 5 years | |||||||||||||
Number of board of directors | entity | 13 | |||||||||||||
Number of disinterested directors | entity | 7 | 7 | ||||||||||||
Direct or indirect ownership interest time period | 10 years | 10 years | ||||||||||||
Number of board positions to be eliminated upon acquisition | entity | 2 | |||||||||||||
Disinterested directors expenditure budget percentage | 10.00% | |||||||||||||
Goodwill impairment | $ | $ 0 | $ 0 | $ 0 | |||||||||||
Goodwill | $ | $ 4,740,000,000 | $ 4,740,000,000 | $ 4,064,000,000 | 4,740,000,000 | $ 4,064,000,000 | |||||||||
Operating lease obligations | $ | $ 121,000,000 | 92,000,000 | 92,000,000 | |||||||||||
Revenues | $ | 1,079,000,000 | $ 1,211,000,000 | $ 1,041,000,000 | $ 1,016,000,000 | $ 995,000,000 | $ 1,095,000,000 | $ 1,021,000,000 | $ 990,000,000 | ||||||
InfraREIT [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Goodwill | $ | $ 676,000,000 | $ 676,000,000 | ||||||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Operating lease obligations | $ | $ 82,000,000 | |||||||||||||
Oncor Holdings [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Number of disinterested directors | entity | 2 | 2 | ||||||||||||
Oncor Holdings [Member] | Oncor | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Ownership interests acquired | 0.22% | |||||||||||||
Texas Transmission [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Number of disinterested directors | entity | 2 | 2 | ||||||||||||
Sempra Energy [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Number of disinterested directors | entity | 2 | 2 | ||||||||||||
Oncor Holdings [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Ownership | 80.25% | 80.25% | 80.25% | |||||||||||
Oncor Holdings [Member] | Sempra Energy [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Percentage of membership interest owned by non-controlling owners | 51.00% | |||||||||||||
Ownership interests acquired | 51.00% | 51.00% | ||||||||||||
Ownership holding period | 5 years | |||||||||||||
Texas Transmission [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Percentage of membership interest owned by non-controlling owners | 19.75% | 19.75% | 19.75% | |||||||||||
Minimum [Member] | ||||||||||||||
Business And Significant Accounting Polices [Line Items] | ||||||||||||||
Disinterested directors expenditure budget percentage | 10.00% |
Business And Significant Acco_5
Business And Significant Accounting Policies (Schedule Of Adoption Of Topic 842) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease ROU assets and other | $ 92 | ||
Operating lease and other current liabilities | 26 | ||
Employee benefit, operating lease and other obligations | 66 | ||
Total operating lease liabilities | $ 121 | $ 92 | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease ROU assets and other | $ 82 | ||
Operating lease and other current liabilities | 26 | ||
Employee benefit, operating lease and other obligations | 56 | ||
Total operating lease liabilities | $ 82 |
Infrareit Acquisition (Narrativ
Infrareit Acquisition (Narrative) (Details) $ / shares in Units, $ in Millions | May 16, 2019USD ($)$ / shares | May 15, 2019MW | May 15, 2019kW | May 15, 2019property | May 15, 2019mi | May 15, 2019USD ($) | Jul. 21, 2017USD ($)mikW | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)mikW | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||
Repayment of debt | $ 462 | $ 1,094 | $ 825 | $ 324 | ||||||||||||||||
Revenue | 1,072 | $ 1,016 | 4,347 | 4,101 | 3,958 | |||||||||||||||
Net income | $ 131 | $ 133 | $ 263 | $ 139 | $ 116 | $ 119 | $ 194 | $ 143 | $ 89 | 651 | $ 545 | $ 419 | ||||||||
InfraREIT Acquisition related costs | $ 9 | |||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Outstanding debt acquired | $ 351 | |||||||||||||||||||
Sempra Energy [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Partner capital contribution for business combination | $ 1,330 | |||||||||||||||||||
Sharyland Merger Agreement [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Transmission of assets | $ 383 | |||||||||||||||||||
Number of assets transferred in circuit miles | mi | 517 | |||||||||||||||||||
Power of number of transmission lines transferred | kW | 345 | |||||||||||||||||||
Sharyland Distribution & Transmission Services (SDTS) [Member] | Sempra Texas Holdings [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Partnership interest | 50.00% | |||||||||||||||||||
InfraREIT [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||
Price per share of common stock to stockholders and limited partners | $ / shares | $ 21 | |||||||||||||||||||
Management agreement termination fee | $ 40 | |||||||||||||||||||
Repayment of debt | 602 | |||||||||||||||||||
Outstanding debt acquired | $ 953 | |||||||||||||||||||
Transmission of assets | $ 2,547 | $ 2,547 | $ 2,547 | |||||||||||||||||
Miles of assets transferred | mi | 340 | 1,575 | ||||||||||||||||||
Number of assets transferred in circuit miles | mi | 1,235 | |||||||||||||||||||
Power of number of transmission lines transferred | 3,900 | 138 | 345 | |||||||||||||||||
Number Of Operational Generation Facilities | property | 20 | |||||||||||||||||||
Number Of Transmission Stations And Substations | property | 50 | |||||||||||||||||||
Revenue | 156 | |||||||||||||||||||
Net income | $ 58 | |||||||||||||||||||
Goodwill, Period Increase (Decrease) | $ (11) |
Infrareit Acquisition (Total Pu
Infrareit Acquisition (Total Purchase Price Paid) (Details) - USD ($) $ in Millions | May 16, 2019 | Jul. 21, 2017 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2017 |
Purchase of outstanding InfraREIT shares and units | $ 1,275 | $ 1,324 | $ 25 | |||
Certain transaction costs of InfraREIT paid by Oncor | 49 | |||||
Total purchase price paid | $ 1,324 | |||||
Sharyland Merger Agreement [Member] | ||||||
Purchase of outstanding InfraREIT shares and units | $ 25 | |||||
Total purchase price paid | $ 408 | |||||
InfraREIT [Member] | ||||||
Purchase of outstanding InfraREIT shares and units | $ 1,275 | $ 1,275 | ||||
Certain transaction costs of InfraREIT paid by Oncor | 49 | |||||
Total purchase price paid | $ 1,324 | 1,324 | ||||
Management termination fee | $ 40 |
Infrareit Acquisition (Assets A
Infrareit Acquisition (Assets And Liabilities Assumed) (Details) - USD ($) $ in Millions | May 16, 2019 | Jul. 21, 2017 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill | $ 4,740 | $ 4,740 | $ 4,064 | ||
Total purchase price paid | $ 1,324 | ||||
Sharyland Merger Agreement [Member] | |||||
Total assets acquired | $ 383 | ||||
Total purchase price paid | $ 408 | ||||
InfraREIT [Member] | |||||
Current assets | 45 | ||||
Property, plant and equipment - net | 1,800 | ||||
Goodwill | 676 | ||||
Regulatory assets | 16 | ||||
Other noncurrent assets | 10 | ||||
Total assets acquired | 2,547 | ||||
Short-term debt | 115 | ||||
Other current liabilities | 24 | ||||
Regulatory liabilities | 148 | ||||
Liability in lieu of deferred income taxes | 97 | ||||
Long-term debt, including due currently | 839 | ||||
Total liabilities assumed | 1,223 | ||||
Net assets acquired | 1,324 | ||||
Total purchase price paid | $ 1,324 | $ 1,324 |
Infrareit Acquisition (Pro Form
Infrareit Acquisition (Pro Forma Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Oncor Consolidated Pro Forma Revenues | $ 1,072 | ||
InfraREIT [Member] | |||
Oncor Consolidated Pro Forma Revenues | $ 4,431 | $ 4,318 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | Jul. 09, 2019USD ($) | Sep. 14, 2018USD ($) | Jul. 21, 2017USD ($)mikW | Sep. 30, 2018USD ($) | May 31, 2019USD ($) | Mar. 31, 2020USD ($)$ / MWh | Mar. 31, 2017USD ($) | Nov. 26, 2017USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 09, 2020USD ($) | May 30, 2019USD ($) | Apr. 08, 2019USD ($) |
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
U.S. federal statutory rate | 21.00% | 21.00% | 35.00% | |||||||||||
Reconciliation of all costs incurred with revenues | $ 87,000,000 | |||||||||||||
Net operating cost savings | $ 16,000,000 | |||||||||||||
Authorized under-recovery reconciliation costs | $ 6,000,000 | |||||||||||||
Decrease in revenue requirement | $ 144,000,000 | |||||||||||||
Reduction related to amortization of excess deferred income taxes | $ 75,000,000 | |||||||||||||
Refund of tax rate differential | $ 9,000,000 | |||||||||||||
DCRF increase on annual basis | $ 25,000,000 | $ 29,000,000 | ||||||||||||
Increase (decrease) in liability for deferred income taxes | $ 3,000,000 | |||||||||||||
Authorized return on equity | 9.80% | 10.25% | ||||||||||||
Regulatory capitalization ratio, debt | 57.50% | 57.50% | 60.00% | |||||||||||
Regulatory capitalization ratio, equity | 42.50% | 42.50% | 40.00% | |||||||||||
Increase in regulatory liabililty | $ 6,000,000 | |||||||||||||
Per MWh surcharge to be collected | $ / MWh | 0.33 | |||||||||||||
Aggregate amount of loans available due to COVID-19 | $ 15,000,000 | |||||||||||||
Sharyland Merger Agreement [Member] | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Transmission of assets | $ 383,000,000 | |||||||||||||
Number of assets transferred in circuit miles | mi | 517 | |||||||||||||
Power of number of transmission lines transferred | kW | 345 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||||
Debt principal amount | $ 7,000,000 |
Regulatory Matters (Components
Regulatory Matters (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Regulatory Assets And Liabilities [Line Items] | |||
Carrying Amount, Regulatory Assets | $ 1,720 | $ 1,775 | $ 1,691 |
Carrying Amount, Regulatory Liabilities | 2,786 | 2,793 | 2,697 |
Net regulatory assets (liabilities) | $ (1,066) | $ (1,018) | (1,006) |
Estimated Net Removal Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related assets | Lives of related assets | |
Carrying Amount, Regulatory Liabilities | $ 1,199 | $ 1,178 | 1,023 |
Excess Deferred Taxes [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Primarily over lives of related assets | Primarily over lives of related assets | |
Carrying Amount, Regulatory Liabilities | $ 1,557 | $ 1,574 | 1,571 |
Over-Recovered Wholesale Transmission Service Expense [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 1 year or less | 1 year or less | |
Carrying Amount, Regulatory Liabilities | $ 14 | $ 30 | 89 |
Other Regulatory Liabilities [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Various | Various | |
Carrying Amount, Regulatory Liabilities | $ 16 | $ 11 | 14 |
Employee Retirement Liability [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | To be determined | |
Carrying Amount, Regulatory Assets | $ 615 | $ 623 | 648 |
Employee Retirement Costs Being Amortized [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 8 years | 8 years | |
Carrying Amount, Regulatory Assets | $ 253 | $ 262 | 297 |
Employee Retirement Costs Incurred Since The Last Rate Review Period [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | To be determined | |
Carrying Amount, Regulatory Assets | $ 76 | $ 79 | 73 |
Self-Insurance Reserve (Primarily Storm Recovery Costs) Being Amortized [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 8 years | 8 years | |
Carrying Amount, Regulatory Assets | $ 298 | $ 309 | 351 |
Self-Insurance Reserve Incurred Since The Last Rate Review Period (Primarily Storm Related) [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | To be determined | |
Carrying Amount, Regulatory Assets | $ 221 | $ 238 | 59 |
Securities Reacquisition Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related debt | Lives of related debt | |
Carrying Amount, Regulatory Assets | $ 27 | $ 29 | 10 |
Deferred Conventional Meter And Metering Facilities Depreciation [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 1 year | 1 year | |
Carrying Amount, Regulatory Assets | $ 10 | $ 15 | 36 |
Under-recovered AMS Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 8 years | 8 years | |
Carrying Amount, Regulatory Assets | $ 165 | $ 170 | 185 |
Energy Efficiency Performance Bonus [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 1 year or less | 1 year or less | |
Carrying Amount, Regulatory Assets | $ 7 | $ 9 | 7 |
Wholesale Distribution Substation Service [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | To be determined | |
Carrying Amount, Regulatory Assets | $ 39 | $ 34 | 15 |
Other Regulatory Assets [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Various | Various | |
Carrying Amount, Regulatory Assets | $ 9 | $ 7 | $ 10 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020entityitem | Dec. 31, 2019USD ($)customeritem | Dec. 31, 2018USD ($) | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Approved bonus | $ 9 | $ 7 | ||
Number of REPS | 90 | 90 | ||
Number of counterparties | 2 | 2 | ||
Payment term | 35 days | |||
REP Subsidiary One [Member] | Revenue Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 25.00% | 23.00% | 23.00% | 22.00% |
REP Subsidiary Two [Member] | Revenue Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 18.00% | 18.00% | 19.00% | 18.00% |
Revenues (Disaggregation Of Rev
Revenues (Disaggregation Of Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||
Total revenues contributing to earnings | $ 817 | $ 744 | $ 3,292 | $ 3,068 | |
Revenues collected for pass-through expenses | 255 | 272 | 1,055 | 1,033 | |
Total operating revenues | 1,072 | 1,016 | 4,347 | 4,101 | $ 3,958 |
Distribution Base Revenues [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues contributing to earnings | 496 | 499 | 2,143 | 2,139 | |
Transmission Base Revenues (TCOS Revenues) [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues contributing to earnings | 305 | 228 | 1,072 | 858 | |
Transmission Base Revenues (TCOS Revenues) [Member] | Third-Party Wholesale Customers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues contributing to earnings | 196 | 143 | 681 | 548 | |
Transmission Base Revenues (TCOS Revenues) [Member] | REPS Serving Oncor Distribution Customers, Through TCRF [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues contributing to earnings | 109 | 85 | 391 | 310 | |
Other Miscellaneous Revenues [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues contributing to earnings | 16 | 17 | 77 | 71 | |
TCRF - Third-party Wholesale Transmission Service [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues collected for pass-through expenses | 245 | 260 | 1,005 | 962 | |
EECRF And Other Regulatory Charges [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues collected for pass-through expenses | $ 10 | $ 12 | $ 50 | $ 71 |
Provision In Lieu Of Income T_3
Provision In Lieu Of Income Taxes (Narrative) (Details) - USD ($) | Dec. 22, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Provision In Lieu Of Income Taxes [Abstract] | |||||
U.S. federal statutory rate | 21.00% | 21.00% | 35.00% | ||
Re-measurement of liability in lieu of deferred income taxes | $ 1,600,000,000 | $ 21,000,000 | |||
Increase (decrease) in liability for deferred income taxes | $ 3,000,000 | ||||
Net liability in lieu of deferred income taxes | $ 1,821,000,000 | $ 1,602,000,000 | |||
Accrued interest | 0 | 0 | |||
Benefit (expense) from interest and penalties | $ 0 | $ 0 | $ 0 |
Provision In Liew Of Income Tax
Provision In Liew Of Income Taxes (Schedule Of Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Provision In Lieu Of Income Taxes [Abstract] | ||
Deferred tax assets, Employee benefit liabilities | $ 224 | $ 234 |
Deferred tax assets, Regulatory liabilities | 51 | 55 |
Deferred tax assets, Other | 28 | 6 |
Total | 303 | 295 |
Deferred tax liabilities, Property, plant and equipment | 1,851 | 1,651 |
Deferred tax liabilities, Regulatory assets | 272 | 245 |
Deferred Tax Liabilities, Other | 1 | 1 |
Total | 2,124 | 1,897 |
Liability in lieu of deferred income taxes - net | $ 1,821 | $ 1,602 |
Provision In Lieu Of Income T_4
Provision In Lieu Of Income Taxes (Components Of Income Tax Provisions (Benefits)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Provision In Lieu Of Income Taxes [Abstract] | |||||
Current: U.S. federal | $ 69 | $ 112 | $ (55) | ||
Current: State | 22 | 21 | 20 | ||
Deferred: U.S. federal | 49 | 21 | 303 | ||
Amortization of investment tax credits | (2) | (2) | (2) | ||
Total reported in operating expenses | $ 29 | $ 25 | 138 | 152 | 266 |
U.S. federal | (21) | (32) | (5) | ||
Deferred federal | 6 | (3) | 6 | ||
Total reported in other income and deductions | (15) | (35) | 1 | ||
Total provision in lieu of income taxes | $ 123 | $ 117 | $ 267 |
Provision In Lieu Of Income T_5
Provision In Lieu Of Income Taxes (Schedule Of Income Tax Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Provision In Lieu Of Income Taxes [Abstract] | |||
Income before provision in lieu of income taxes | $ 774 | $ 662 | $ 686 |
Provision in lieu of income taxes at the U.S. federal statutory rate of 21% for 2019 and 2018 and 35% for 2017 | 163 | 139 | 240 |
Amortization of investment tax credits - net of deferred tax effect | (2) | (2) | (2) |
Amortization of excess deferred taxes | (52) | (18) | (1) |
Impact of federal statutory rate change 35% to 21% | 21 | ||
Texas margin tax, net of federal tax benefit | 17 | 17 | 13 |
Nontaxable gains on benefit plan investments | (2) | (1) | (4) |
Other | (1) | (18) | |
Total provision in lieu of income taxes | $ 123 | $ 117 | $ 267 |
Effective rate | 15.90% | 17.70% | 38.90% |
U.S. federal statutory rate | 21.00% | 21.00% | 35.00% |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) | Sep. 06, 2019 | May 16, 2019USD ($) | May 15, 2019USD ($) | May 09, 2019 | Nov. 30, 2017USD ($)item | Mar. 31, 2020USD ($)entityitem | Dec. 31, 2019USD ($) | Mar. 23, 2020USD ($) | Dec. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||||
Aggregate principal amount | $ 46,000,000 | $ 813,000,000 | |||||||
Payment of acquired entity credit facilities | $ 114,000,000 | ||||||||
Borrowing capacity available under the credit facility | $ 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||||
Bridge Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Aggregate principal amount | $ 600,000,000 | ||||||||
Interest rate per annum | 0.075% | ||||||||
Letter of Credit [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Outstanding borrowing under the revolving credit facility | 9,000,000 | $ 10,000,000 | 9,000,000 | ||||||
Outstanding borrowing, interest rate | 1.20% | ||||||||
Commitment fee | 0.125% | ||||||||
Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | $ 2,000,000,000 | ||||||||
Number of revolving credit facilities extension options | item | 2 | ||||||||
Extension period for revolving line of credit | 1 year | ||||||||
Credit facility, term | 5 years | ||||||||
Expiration of revolving credit facility | Nov. 1, 2022 | ||||||||
Credit Facility [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Possible additional increase in borrowing capacity amount | $ 100,000,000 | ||||||||
Libor rate depending on credit ratings | 0.50% | ||||||||
Commitment fee | 0.225% | ||||||||
Credit Facility [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Possible additional increase in borrowing capacity amount | $ 400,000,000 | ||||||||
Libor rate depending on credit ratings | 0.00% | ||||||||
Commitment fee | 0.075% | ||||||||
Commercial Paper [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Outstanding borrowing under the revolving credit facility | $ 46,000,000 | $ 813,000,000 | |||||||
Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum borrowing capacity | $ 350,000,000 | ||||||||
Outstanding borrowing under the revolving credit facility | $ 0 | ||||||||
Number of possible withdraws from credit facility | item | 4 | ||||||||
Number of possible additional lenders | entity | 1 | ||||||||
Term Loan [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Possible additional increase in borrowing capacity amount | 100,000,000 | ||||||||
Term Loan [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Possible additional increase in borrowing capacity amount | $ 50,000,000 | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Spread over variable rate | 1.00% | 1.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Bridge Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rate per annum | 0.65% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Spread over variable rate | 1.00% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Libor rate depending on credit ratings | 1.50% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Libor rate depending on credit ratings | 0.875% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Spread over variable rate | 0.675% | ||||||||
Federal Funds Effective Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Spread over variable rate | 0.50% | ||||||||
Federal Funds Effective Rate [Member] | Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Spread over variable rate | 0.50% | ||||||||
Federal Funds Effective Rate [Member] | Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Spread over variable rate | 0.50% | ||||||||
One-Month London Interbank Offered Rate [Member] | Term Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Spread over variable rate | 1.00% |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | Sep. 06, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||||
Total credit facility borrowing capacity | $ 2,000 | $ 2,000 | $ 2,000 | |
Available unused credit | $ 1,991 | 1,944 | 1,178 | |
Weighted average interest rate | 1.20% | |||
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Outstanding | $ (46) | $ (813) | ||
Weighted average interest rate | 1.84% | 2.74% | ||
Letter of Credit [Member] | ||||
Short-term Debt [Line Items] | ||||
Outstanding | $ (9) | $ (10) | $ (9) | |
Weighted average interest rate | 1.20% | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Short-term Debt [Line Items] | ||||
Spread over variable rate | 1.00% | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Spread over variable rate | 1.00% | |||
Federal Funds Effective Rate [Member] | ||||
Short-term Debt [Line Items] | ||||
Spread over variable rate | 0.50% | |||
Federal Funds Effective Rate [Member] | Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Spread over variable rate | 0.50% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Sep. 12, 2019USD ($) | Sep. 06, 2019 | May 16, 2019USD ($) | Nov. 30, 2019USD ($) | May 31, 2019USD ($) | Mar. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 16, 2020USD ($) | Feb. 28, 2020USD ($) | Jan. 29, 2020USD ($) |
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | $ 462,000,000 | $ 1,094,000,000 | $ 825,000,000 | $ 324,000,000 | ||||||||
Accumulated other comprehensive loss relassified to net income | 4,000,000 | |||||||||||
Current period transactions | 2,000,000 | |||||||||||
Proceeds from sale of Notes | $ 689,000,000 | $ 1,297,000,000 | ||||||||||
Redemption percentage | 100.00% | |||||||||||
Loss on interest rate hedge | 29,000,000 | |||||||||||
Loss on interest rate hedge, after tax | 23,000,000 | |||||||||||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85.00% | |||||||||||
Available bond credits | $ 2,771,000,000 | |||||||||||
Future debt subject to property additions to the Deed of Trust | 2,410,000,000 | |||||||||||
Estimated fair value of our long-term debt including current maturities | 10,734,000,000 | 10,003,000,000 | 7,086,000,000 | |||||||||
Carrying amount | $ 9,404,000,000 | |||||||||||
InfraREIT [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | $ 488,000,000 | |||||||||||
Aggregate principal amount | $ 288,000,000 | |||||||||||
Accrued interest | 5,000,000 | |||||||||||
Make-whole fees | 19,000,000 | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 1.00% | 1.00% | ||||||||||
Federal Funds Effective Rate [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 0.50% | |||||||||||
Term Loan Credit Agreement Maturing December 9, 2019 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | $ 350,000,000 | |||||||||||
3.86% Senior Notes, Series A, due December 3, 2025 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt modification principal amount | $ 174,000,000 | |||||||||||
8.50% Senior Notes, Series C, due December 30, 2020 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt modification principal amount | 14,000,000 | |||||||||||
7.25% Senior Notes, Series B, due December 30, 2029 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt modification principal amount | 38,000,000 | |||||||||||
6.47% Senior Notes, Series A, due September 30, 2030 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt modification principal amount | 87,000,000 | |||||||||||
3.86% Senior Notes, Series B, due January 14, 2026 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt modification principal amount | 38,000,000 | |||||||||||
Subsidiary Term Loan [Member] | InfraREIT [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | 200,000,000 | |||||||||||
Term Loan Credit Agreement Maturing October 6, 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 0.50% | |||||||||||
Term Loan Credit Agreement Maturing October 6, 2020 [Member] | One-Month London Interbank Offered Rate [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 1.00% | |||||||||||
Note Purchase Agreements [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt principal amount | 6,000,000 | |||||||||||
New Indenture Notes [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Proceeds from issuance of debt | 0 | |||||||||||
2030 And 2050 Notes [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Proceeds from sale of Notes | $ 790,000,000 | |||||||||||
Increase in basis points per annum | 0.50% | |||||||||||
Term Loan Credit Agreement Maturing June 1, 2021 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Number of possible withdraws from credit facility | item | 4 | |||||||||||
Outstanding borrowing under the revolving credit facility | $ 232,000,000 | $ 55,000,000 | $ 163,000,000 | |||||||||
Term Loan Credit Agreement Maturing June 1, 2021 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 0.50% | |||||||||||
Term Loan Credit Agreement Maturing June 1, 2021 [Member] | Federal Funds Effective Rate [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 0.50% | |||||||||||
Term Loan Credit Agreement Maturing June 1, 2021 [Member] | One-Month London Interbank Offered Rate [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 1.00% | |||||||||||
Minimum [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Loan term | 10 years | |||||||||||
Maximum [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Loan term | 30 years | |||||||||||
Secured Debt [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | $ 9,019,000,000 | 8,221,000,000 | 6,126,000,000 | |||||||||
Available bond credits | 1,973,000,000 | |||||||||||
Future debt subject to property additions to the Deed of Trust | 2,602,000,000 | |||||||||||
Secured Debt [Member] | 2.15% Fixed Senior Notes Due June 1, 2019 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | 250,000,000 | |||||||||||
Secured Debt [Member] | 3.86% Senior Notes, Series A, due December 3, 2025 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | 174,000,000 | 174,000,000 | ||||||||||
Secured Debt [Member] | 8.50% Senior Notes, Series C, due December 30, 2020 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | 13,000,000 | 14,000,000 | ||||||||||
Secured Debt [Member] | 7.25% Senior Notes, Series B, due December 30, 2029 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | 36,000,000 | 36,000,000 | ||||||||||
Secured Debt [Member] | 6.47% Senior Notes, Series A, due September 30, 2030 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | 82,000,000 | 83,000,000 | ||||||||||
Secured Debt [Member] | 3.86% Senior Notes, Series B, due January 14, 2026 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | 38,000,000 | 38,000,000 | ||||||||||
Secured Debt [Member] | 2.75% Senior Notes due May 15, 2030 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | 400,000,000 | |||||||||||
Secured Debt [Member] | 3.70% Senior Notes Due May 15, 2050 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | 400,000,000 | |||||||||||
Secured Debt [Member] | Note Purchase Agreements [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | 2,000,000 | |||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement Maturing December 9, 2019 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Term loan | $ 350,000,000 | |||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement Maturing October 6, 2020 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Term loan | $ 460,000,000 | |||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement Maturing June 1, 2021 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Term loan | $ 450,000,000 | |||||||||||
InfraREIT [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | 602,000,000 | |||||||||||
Debt principal amount | $ 351,000,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 9,469 | ||
Unamortized discount and debt issuance costs | (65) | $ (56) | $ (41) |
Less amount due currently | (148) | (608) | (600) |
Long-term debt, less amounts due currently | 9,256 | 8,017 | 5,835 |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 9,019 | 8,221 | 6,126 |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 8,681 | $ 6,476 | |
2.15% Fixed Senior Notes Due June 1, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 2.15% | 2.15% | 2.15% |
Due date | Jun. 1, 2019 | ||
2.15% Fixed Senior Notes Due June 1, 2019 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 250 | ||
5.75% Fixed Senior Notes Due September 30, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 5.75% | 5.75% | 5.75% |
Due date | Sep. 30, 2020 | ||
5.75% Fixed Senior Notes Due September 30, 2020 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 126 | $ 126 | $ 126 |
8.50% Senior Notes, Series C, due December 30, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 8.50% | 8.50% | 8.50% |
Due date | Dec. 30, 2020 | ||
8.50% Senior Notes, Series C, due December 30, 2020 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 13 | $ 14 | |
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 4.10% | 4.10% | 4.10% |
Due date | Jun. 1, 2022 | ||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 400 | $ 400 | $ 400 |
7.00% Fixed Debentures Due September 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 7.00% | ||
Due date | Sep. 1, 2022 | ||
7.00% Fixed Debentures Due September 1, 2022 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 482 | 482 | 482 |
2.75% Senior Notes due June 1, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 2.75% | ||
Due date | Jun. 1, 2024 | ||
2.75% Senior Notes due June 1, 2024 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 500 | 500 | |
2.95% Fixed Senior Notes Due April 1, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 2.95% | ||
Due date | Apr. 1, 2025 | ||
2.95% Fixed Senior Notes Due April 1, 2025 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 350 | $ 350 | $ 350 |
3.86% Senior Notes, Series A, due December 3, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 3.86% | 3.86% | 3.86% |
Due date | Dec. 3, 2025 | ||
3.86% Senior Notes, Series A, due December 3, 2025 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 174 | $ 174 | |
3.86% Senior Notes, Series B, due January 14, 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 3.86% | 3.86% | 3.86% |
Due date | Jan. 14, 2026 | ||
3.86% Senior Notes, Series B, due January 14, 2026 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 38 | $ 38 | |
3.70% Fixed Senior Notes Due November 15, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 3.70% | 3.70% | 3.70% |
Due date | Nov. 15, 2028 | ||
3.70% Fixed Senior Notes Due November 15, 2028 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 650 | $ 650 | $ 350 |
5.75% Fixed Senior Notes Due March 15, 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 5.75% | 5.75% | 5.75% |
Due date | Mar. 15, 2029 | ||
5.75% Fixed Senior Notes Due March 15, 2029 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 318 | $ 318 | $ 318 |
7.25% Senior Notes, Series B, due December 30, 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 7.25% | 7.25% | 7.25% |
Due date | Dec. 30, 2029 | ||
7.25% Senior Notes, Series B, due December 30, 2029 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 36 | $ 36 | |
2.75% Senior Notes due May 15, 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 2.75% | ||
Due date | May 15, 2030 | ||
2.75% Senior Notes due May 15, 2030 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 400 | ||
6.47% Senior Notes, Series A, due September 30, 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 6.47% | 6.47% | 6.47% |
Due date | Sep. 30, 2030 | ||
6.47% Senior Notes, Series A, due September 30, 2030 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 82 | $ 83 | |
7.00% Fixed Senior Notes Due May 1, 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 7.00% | 7.00% | 7.00% |
Due date | May 1, 2032 | ||
7.00% Fixed Senior Notes Due May 1, 2032 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 500 | $ 500 | $ 500 |
7.25% Fixed Senior Notes Due January 15, 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 7.25% | 7.25% | 7.25% |
Due date | Jan. 15, 2033 | ||
7.25% Fixed Senior Notes Due January 15, 2033 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 350 | $ 350 | $ 350 |
7.50% Fixed Senior Notes Due September 1, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 7.50% | 7.50% | 7.50% |
Due date | Sep. 1, 2038 | ||
7.50% Fixed Senior Notes Due September 1, 2038 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 300 | $ 300 | $ 300 |
5.25% Fixed Senior Notes Due September 30, 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 5.25% | 5.25% | 5.25% |
Due date | Sep. 30, 2040 | ||
5.25% Fixed Senior Notes Due September 30, 2040 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 475 | $ 475 | $ 475 |
4.55% Fixed Senior Notes Due December 1, 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 4.55% | 4.55% | 4.55% |
Due date | Dec. 1, 2041 | ||
4.55% Fixed Senior Notes Due December 1, 2041 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 400 | $ 400 | $ 400 |
5.30% Fixed Senior Notes Due June 1, 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 5.30% | 5.30% | 5.30% |
Due date | Jun. 1, 2042 | ||
5.30% Fixed Senior Notes Due June 1, 2042 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 500 | $ 500 | $ 500 |
3.75% Fixed Senior Notes Due April 1, 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 3.75% | 3.75% | 3.75% |
Due date | Apr. 1, 2045 | ||
3.75% Fixed Senior Notes Due April 1, 2045 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 550 | $ 550 | $ 550 |
3.80% Fixed Senior Notes Due September 30, 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 3.80% | 3.80% | 3.80% |
Due date | Sep. 30, 2047 | ||
3.80% Fixed Senior Notes Due September 30, 2047 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 325 | $ 325 | $ 325 |
4.10% Fixed Senior Notes Due November 15, 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 4.10% | 4.10% | 4.10% |
Due date | Nov. 15, 2048 | ||
4.10% Fixed Senior Notes Due November 15, 2048 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 450 | $ 450 | $ 450 |
3.80% Senior Notes, Due June 1, 2049 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 3.80% | 3.80% | 3.80% |
Due date | Jun. 1, 2049 | ||
3.80% Senior Notes, Due June 1, 2049 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 500 | $ 500 | |
3.10% Senior Notes, Due September 15, 2049 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 3.10% | 3.10% | 3.10% |
Due date | Sep. 15, 2049 | ||
3.10% Senior Notes, Due September 15, 2049 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 700 | $ 700 | |
3.70% Senior Notes Due May 15, 2050 [Member] | |||
Debt Instrument [Line Items] | |||
Interest percentage | 3.70% | ||
Due date | May 15, 2050 | ||
3.70% Senior Notes Due May 15, 2050 [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt | $ 400 | ||
Term Loan Credit Agreement Maturing December 9, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Due date | Dec. 9, 2019 | ||
Term Loan Credit Agreement Maturing December 9, 2019 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 350 | ||
Term Loan Credit Agreement Maturing October 6, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Due date | Oct. 6, 2020 | ||
Term Loan Credit Agreement Maturing October 6, 2020 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 460 | ||
Term Loan Credit Agreement Maturing June 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Due date | Jun. 1, 2021 | ||
Term Loan Credit Agreement Maturing June 1, 2021 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Term loan | $ 450 |
Long-Term Debt (Schedule Of L_2
Long-Term Debt (Schedule Of Long-Term Debt Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Long-Term Debt [Abstract] | |||
2020 (excluding first three months of 2020) | $ 148 | $ 608 | |
2021 | 459 | 9 | |
2022 | 891 | 891 | |
2023 | 10 | 10 | |
2024 | 510 | 510 | |
Thereafter | 7,451 | 6,653 | |
Unamortized discount and debt issuance costs | (65) | (56) | $ (41) |
Total | $ 9,404 | $ 8,625 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Feb. 29, 2020 | Dec. 31, 2019 | |
Lease term | 20 years | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 15 years | |
Increase in lease obligation | $ 24 | |
Business Combination, Minimum Capital Expenditures Over Five Year Period | $ 7,500 | |
2020 required efficiency spending amount | $ 50 | |
Percentage of full time employees represented by labor union | 18.00% | |
Expiration date of collective bargaining agreement | Oct. 25, 2022 | |
Replacement Office Space [Member] | ||
Lease term | 15 years |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Lease Information) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies [Abstract] | ||
Operating lease ROU and other assets | $ 92 | |
Operating and other current liabilities | 26 | |
Employee benefit, operating lease and other obligations | 66 | |
Total operating lease liabilities | $ 121 | $ 92 |
Weighted-average remaining lease term (in years) | 4 years | |
Weighted-average discount rate | 3.30% |
Commitments And Contingencies_4
Commitments And Contingencies (Schedule Of Lease Costs) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments And Contingencies [Abstract] | |
Operating lease costs (including amounts allocated to property, plant and equipment) | $ 40 |
Short-term lease costs | 34 |
Total operating lease costs | 74 |
Cash paid for amounts included in the measurement of lease liabilities | $ 32 |
Commitments And Contingencies_5
Commitments And Contingencies (Schedule Of Operating Lease Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies [Abstract] | ||
2020 (remaining nine months) | $ 23 | |
2021 | 28 | $ 28 |
2022 | 24 | 25 |
2023 | 18 | 19 |
2024 | 12 | 13 |
2024 | 8 | |
Thereafter | 28 | 3 |
Total undiscounted lease payments | 133 | 96 |
Less imputed interest | (12) | (4) |
Total future minimum lease payments | $ 121 | $ 92 |
Commitments And Contingencies_6
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments Under Operating Leases) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Commitments And Contingencies [Abstract] | |
2019 | $ 29 |
2020 | 22 |
2021 | 20 |
2022 | 15 |
2023 | 8 |
Thereafter | 5 |
Total future minimum lease payments | $ 99 |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | Feb. 18, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 29, 2020 | Feb. 21, 2020 |
Subsequent Event [Line Items] | |||||||
Cash available for distribution | $ 301 | ||||||
Regulatory capitalization ratio, debt | 57.50% | 57.50% | 60.00% | ||||
Regulatory capitalization ratio, equity | 42.50% | 42.50% | 40.00% | ||||
Current regulatory capitalization ratio, debt | 56.50% | ||||||
Current regulatory capitalization ratio, equity | 43.50% | ||||||
Regulatory liability balance | $ 751 | ||||||
Members contribution | $ 87 | $ 70 | $ 1,978 | $ 284 | |||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash available for distribution | $ 91 | $ 91 | |||||
Members contribution | $ 87 |
Membership Interests (Schedule
Membership Interests (Schedule Of Cash Capital Contributions) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||||
Members contribution | $ 87 | $ 70 | $ 1,978 | $ 284 |
November 21, 2019 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Members contribution | 340 | |||
October 28, 2019 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Members contribution | 98 | |||
July 29, 2019 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Members contribution | 70 | |||
May 15, 2019 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Members contribution | 1,330 | |||
April 30, 2019 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Members contribution | 70 | |||
February 18, 2020 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Members contribution | $ 70 |
Membership Interests (Schedul_2
Membership Interests (Schedule Of Distributions Paid) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||||
Amount | $ 91 | $ 71 | $ 319 | $ 209 | $ 237 |
Payment One FY 2019 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Oct. 29, 2019 | ||||
Payment Date | Oct. 31, 2019 | ||||
Amount | $ 106 | ||||
Payment Two FY 2019 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Jul. 30, 2019 | ||||
Payment Date | Jul. 31, 2019 | ||||
Amount | $ 71 | ||||
Payment Three FY 2019 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | May 1, 2019 | ||||
Payment Date | May 2, 2019 | ||||
Amount | $ 71 | ||||
Payment Four FY 2019 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Feb. 20, 2019 | ||||
Payment Date | Feb. 22, 2019 | ||||
Amount | $ 71 | ||||
Payment One FY 2018 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Oct. 24, 2018 | ||||
Payment Date | Nov. 6, 2018 | ||||
Amount | $ 179 | ||||
Payment Two FY 2018 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Jul. 25, 2018 | ||||
Payment Date | Aug. 1, 2018 | ||||
Amount | $ 30 |
Membership Interests (Schedul_3
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Balance | $ 10,799 | $ 8,460 | $ 8,460 | |||||||||
Net income | 131 | $ 133 | $ 263 | $ 139 | 116 | $ 119 | $ 194 | $ 143 | $ 89 | 651 | $ 545 | $ 419 |
Distributions | (91) | (71) | (319) | (209) | (237) | |||||||
Capital contributions | 87 | 70 | 1,978 | 284 | ||||||||
Net effects of cash flow hedges | (23) | (4) | 2 | 2 | 2 | |||||||
Defined benefit pension plans | 1 | 1 | 27 | (65) | $ 8 | |||||||
Balance | 10,904 | 10,799 | 8,460 | 10,799 | 8,460 | |||||||
Capital Accounts [Member] | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Balance | 10,938 | 8,743 | 8,624 | 8,624 | ||||||||
Net income | 131 | 116 | ||||||||||
Distributions | (91) | (71) | ||||||||||
Capital contributions | 87 | 70 | ||||||||||
Net effects of cash flow hedges | 4 | |||||||||||
Defined benefit pension plans | ||||||||||||
Balance | 11,065 | 10,938 | 8,743 | 8,624 | 10,938 | 8,624 | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Balance | (139) | (167) | (164) | (164) | ||||||||
Net income | ||||||||||||
Distributions | ||||||||||||
Capital contributions | ||||||||||||
Net effects of cash flow hedges | (23) | (4) | ||||||||||
Defined benefit pension plans | 1 | 1 | ||||||||||
Balance | (161) | (139) | (167) | (164) | (139) | (164) | ||||||
Membership Interests [Member] | ||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||
Balance | 10,799 | $ 8,576 | 8,460 | 8,460 | ||||||||
Net income | 131 | 116 | ||||||||||
Distributions | (91) | (71) | ||||||||||
Capital contributions | 87 | 70 | ||||||||||
Net effects of cash flow hedges | (23) | |||||||||||
Defined benefit pension plans | 1 | 1 | ||||||||||
Balance | $ 10,904 | $ 10,799 | $ 8,576 | $ 8,460 | $ 10,799 | $ 8,460 |
Membership Interests (Schedul_4
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | $ (139) | $ (164) | $ (164) | $ (101) | $ (111) |
Balance at end of period | (161) | (139) | (164) | (101) | |
Tax benefit cash flow hedges | 6 | ||||
Cash Flow Hedges - Interest Rate Swap [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (18) | (16) | (16) | (18) | (20) |
Defined benefit pension plans | |||||
Cash flow hedges - net decrease in fair value of derivatives (net of tax benefit of $6) | (23) | 2 | 2 | 2 | |
Amounts reclassified from accumulated other comprehensive income (loss) to capital account (Note 1) | (4) | (4) | |||
Balance at end of period | (41) | (20) | (18) | (16) | (18) |
Defined Benefit Pension and OPEB Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (121) | (148) | (148) | (83) | (91) |
Defined benefit pension plans | 1 | 1 | 27 | (65) | 8 |
Cash flow hedges - net decrease in fair value of derivatives (net of tax benefit of $6) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) to capital account (Note 1) | |||||
Balance at end of period | (120) | (147) | (121) | (148) | (83) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (139) | (164) | (164) | (101) | (111) |
Defined benefit pension plans | 1 | 1 | 27 | (65) | 8 |
Cash flow hedges - net decrease in fair value of derivatives (net of tax benefit of $6) | (23) | 2 | 2 | 2 | |
Amounts reclassified from accumulated other comprehensive income (loss) to capital account (Note 1) | (4) | (4) | |||
Balance at end of period | $ (161) | $ (167) | $ (139) | $ (164) | $ (101) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020USD ($)item | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Regulatory assets | $ 1,720,000,000 | $ 1,775,000,000 | $ 1,691,000,000 | |||
Number of defined pension plans in which the Company participates | item | 2 | |||||
Percentage of plan attributed to regulated business | 100.00% | |||||
Earning period | 3 years | |||||
Number of OPEB plans | item | 2 | |||||
Rolling period | 4 years | |||||
Percentage of gains and losses | 25.00% | |||||
Second pool representation of total investments, percentage | 27.00% | |||||
Cash contributions | $ 76,000,000 | 123,000,000 | $ 180,000,000 | |||
Thrift Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Cash contributions | $ 20,000,000 | 19,000,000 | 17,000,000 | |||
Oncor Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Number of corporate bonds | item | 927 | |||||
Discount rate | 3.12% | |||||
Expected return on plan assets | 4.94% | |||||
Pension And OPEB [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Regulatory assets | $ 964,000,000,000 | 1,018,000,000,000 | ||||
Vistra Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 3.26% | |||||
Expected return on plan assets | 4.89% | |||||
Defined Benefit Pension Plans [Member] | Scenario, Forecast [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service cost | $ 0 | |||||
Amortization of net loss | 43,000,000 | |||||
Defined Benefit Pension Plans [Member] | Scenario, Forecast [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of net loss | 5,000,000 | |||||
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net actuarial gain | (367,000,000) | 232,000,000 | ||||
Net gain (loss) | (67,000,000) | 11,000,000 | ||||
Unfunded liability | (906,000,000) | (913,000,000) | ||||
Amortization of net loss | $ (12,000,000) | $ (7,000,000) | (29,000,000) | $ (49,000,000) | $ (45,000,000) | |
Expected funding, 2019 | 177,000,000 | |||||
Expected funding, 2019 to 2023 | $ 571,000,000 | |||||
Discount rate | 4.18% | 3.54% | 4.05% | |||
Expected return on plan assets | 5.42% | 5.11% | 5.17% | |||
Cash contributions | 13,000,000 | $ 41,000,000 | $ 82,000,000 | $ 149,000,000 | ||
Additional cash contributions | 164,000,000 | |||||
Additional cash contributions, next five years | 571,000,000 | |||||
OPEB Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net actuarial gain | 5,000,000 | 196,000,000 | ||||
Net gain (loss) | 22,000,000 | 177,000,000 | (139,000,000) | |||
Unfunded liability | $ (858,000,000) | (874,000,000) | ||||
Number of corporate bonds | item | 361 | |||||
Amortization of prior service cost | (5,000,000) | (5,000,000) | $ (20,000,000) | (30,000,000) | (20,000,000) | |
Amortization of net loss | $ (3,000,000) | $ (4,000,000) | (19,000,000) | $ (57,000,000) | $ (32,000,000) | |
Expected funding, 2019 | 35,000,000 | |||||
Expected funding, 2019 to 2023 | $ 176,000,000 | |||||
Discount rate | 3.29% | 4.41% | 3.73% | 4.35% | ||
Expected return on plan assets | 5.90% | 6.19% | 6.20% | 6.10% | ||
Cash contributions | $ 10,000,000 | $ 35,000,000 | $ 41,000,000 | $ 31,000,000 | ||
Additional cash contributions | 25,000,000 | |||||
Additional cash contributions, next five years | $ 176,000,000 | |||||
OPEB Plan [Member] | Scenario, Forecast [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Increase (decrease) in projected benefit obligation | 9,000,000 | |||||
Amortization of prior service cost | 20,000,000 | |||||
Amortization of net loss | 10,000,000 | |||||
OPEB Plan [Member] | Scenario, Forecast [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service cost | 0 | |||||
Amortization of net loss | $ 0 | |||||
Oncor Cash Balance Formula Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of employee's contribution match by employer | 100.00% | |||||
Percentage of employee's contribution matched 100% by employer | 6.00% | |||||
Oncor Traditional Retirement Plan Formula Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of employee's contribution match by employer | 75.00% | |||||
Percentage of employee's contribution matched 100% by employer | 6.00% |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Pension And OPEB Plan Costs 2) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Total benefit costs | $ 23 | $ 26 | $ 104 | $ 147 | $ 143 |
Less amounts deferred principally as property or a regulatory asset | (4) | (7) | (27) | (69) | (98) |
Net amounts recognized as operation and maintenance expense or other deductions | 77 | 78 | 45 | ||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total benefit costs | 18 | 16 | 63 | 77 | 85 |
OPEB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total benefit costs | $ 5 | $ 10 | $ 41 | $ 70 | $ 58 |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule Of Pension And OPEB Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Net costs | $ 23 | $ 26 | $ 104 | $ 147 | $ 143 |
Less amounts deferred principally as property or a regulatory asset | (4) | (7) | (27) | (69) | (98) |
Net amounts recognized as operation and maintenance expense or other deductions | 19 | 19 | |||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 8 | 7 | 25 | 27 | 24 |
Interest cost | 25 | 32 | 128 | 121 | 131 |
Expected return on assets | (27) | (30) | (119) | (120) | (115) |
Amortization of net loss | 12 | 7 | 29 | 49 | 45 |
Net costs | 18 | 16 | 63 | 77 | 85 |
Net amounts recognized as operation and maintenance expense or other deductions | 34 | 95 | 29 | ||
OPEB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 1 | 2 | 6 | 8 | 7 |
Interest cost | 8 | 11 | 43 | 44 | 47 |
Expected return on assets | (2) | (2) | (7) | (9) | (8) |
Amortization of prior service cost | (5) | (5) | (20) | (30) | (20) |
Amortization of net loss | 3 | 4 | 19 | 57 | 32 |
Net costs | $ 5 | $ 10 | 41 | 70 | 58 |
Net amounts recognized as operation and maintenance expense or other deductions | $ 20 | $ (134) | $ 107 |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension and OPEB Costs Recognized as Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of net OPEB costs: | |||||
Net costs | $ 23 | $ 26 | $ 104 | $ 147 | $ 143 |
Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: | |||||
Net amounts recognized as operation and maintenance expense or other deductions | 19 | 19 | |||
Pension Plan [Member] | |||||
Assumptions Used to Determine Net Periodic Pension and OPEB Costs: | |||||
Discount rate | 4.18% | 3.54% | 4.05% | ||
Expected return on plan assets | 5.42% | 5.11% | 5.17% | ||
Rate of compensation increase | 4.53% | 4.46% | 3.33% | ||
Components of net OPEB costs: | |||||
Service cost | 8 | 7 | $ 25 | $ 27 | $ 24 |
Interest cost | 25 | 32 | 128 | 121 | 131 |
Expected return on assets | (27) | (30) | (119) | (120) | (115) |
Amortization of net loss | 12 | 7 | 29 | 49 | 45 |
Net costs | $ 18 | 16 | 63 | 77 | 85 |
Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: | |||||
Net loss (gain) | 67 | (11) | |||
Amortization of net loss | (29) | (49) | (45) | ||
Plan amendments | |||||
Total recognized as regulatory assets or other comprehensive income | (29) | 18 | (56) | ||
Net amounts recognized as operation and maintenance expense or other deductions | $ 34 | $ 95 | $ 29 | ||
OPEB Plan [Member] | |||||
Assumptions Used to Determine Net Periodic Pension and OPEB Costs: | |||||
Discount rate | 3.29% | 4.41% | 3.73% | 4.35% | |
Expected return on plan assets | 5.90% | 6.19% | 6.20% | 6.10% | |
Components of net OPEB costs: | |||||
Service cost | $ 1 | 2 | $ 6 | $ 8 | $ 7 |
Interest cost | 8 | 11 | 43 | 44 | 47 |
Expected return on assets | (2) | (2) | (7) | (9) | (8) |
Amortization of prior service cost (credit) | (5) | (5) | (20) | (30) | (20) |
Amortization of net loss | 3 | 4 | 19 | 57 | 32 |
Net costs | $ 5 | $ 10 | 41 | 70 | 58 |
Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: | |||||
Net loss (gain) | (22) | (177) | 139 | ||
Amortization of net loss | (19) | (57) | (32) | ||
Plan amendments | (78) | ||||
Amortization of prior service cost (credit) | 20 | 30 | 20 | ||
Total recognized as regulatory assets or other comprehensive income | (21) | (204) | 49 | ||
Net amounts recognized as operation and maintenance expense or other deductions | $ 20 | $ (134) | $ 107 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions Used To Determine Benefit Obligations) (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.13% | 4.18% | 3.54% |
Rate of compensation increase | 4.64% | 4.53% | 4.46% |
OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.29% | 4.41% | 3.73% |
Employee Benefit Plans (Change
Employee Benefit Plans (Change In Project Benefit Obligations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Projected benefit obligation at beginning of year | $ 3,400 | $ 3,162 | $ 3,162 | $ 3,500 | |
Service cost | 8 | 7 | 25 | 27 | $ 24 |
Interest cost | 25 | 32 | 128 | 121 | 131 |
Participant contributions | |||||
Plan amendments | |||||
Actuarial (gain) loss | 367 | (232) | |||
Benefits paid | (164) | (175) | |||
Annuity purchase | (118) | (79) | |||
Projected benefit obligation at end of year | 3,400 | 3,162 | 3,500 | ||
Accumulated benefit obligation at end of year | 3,283 | 3,069 | |||
OPEB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Projected benefit obligation at beginning of year | 999 | 1,006 | 1,006 | 1,198 | |
Service cost | 1 | 2 | 6 | 8 | 7 |
Interest cost | $ 8 | $ 11 | 43 | 44 | 47 |
Participant contributions | 19 | 19 | |||
Plan amendments | (78) | ||||
Actuarial (gain) loss | (5) | (196) | |||
Benefits paid | (70) | (67) | |||
Annuity purchase | |||||
Projected benefit obligation at end of year | 999 | 1,006 | $ 1,198 | ||
Accumulated benefit obligation at end of year |
Employee Benefit Plans (Chang_2
Employee Benefit Plans (Change In Plan Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 76 | $ 123 | $ 180 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets at beginning of year | $ 2,494 | 2,249 | 2,600 | |
Actual return (loss) on assets | 486 | (179) | ||
Employer contributions | 13 | 41 | 82 | 149 |
Participant contributions | ||||
Benefits paid | (164) | (175) | ||
Annuity purchase | (118) | (79) | ||
Fair value of assets at end of year | 2,494 | 2,249 | 2,600 | |
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets at beginning of year | 141 | 132 | 149 | |
Actual return (loss) on assets | 25 | (10) | ||
Employer contributions | $ 10 | 35 | 41 | 31 |
Participant contributions | 19 | 19 | ||
Benefits paid | (70) | (67) | ||
Annuity purchase | ||||
Fair value of assets at end of year | $ 141 | $ 132 | $ 149 |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at end of year | $ (3,400) | $ (3,162) | $ (3,500) |
Fair value of assets at end of year | 2,494 | 2,249 | 2,600 |
Funded status at end of year | (906) | (913) | |
OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation at end of year | (999) | (1,006) | (1,198) |
Fair value of assets at end of year | 141 | 132 | $ 149 |
Funded status at end of year | $ (858) | $ (874) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive net loss | $ (161) | $ (139) | $ (164) | $ (101) | $ (111) |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other current liabilities | (5) | (4) | |||
Other noncurrent liabilities | (901) | (909) | |||
Net liability recognized | (906) | (913) | |||
Net loss | 531 | 534 | |||
Net regulatory asset recognized | 531 | 534 | |||
Accumulated other comprehensive net loss | 120 | 147 | |||
OPEB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Other current liabilities | (15) | (7) | |||
Other noncurrent liabilities | (843) | (867) | |||
Net liability recognized | (858) | (874) | |||
Net loss | 129 | 171 | |||
Prior service cost (credit) | (37) | (57) | |||
Net regulatory asset recognized | 92 | 114 | |||
Accumulated other comprehensive net loss | $ 1 | $ 1 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule Of Assumed Health Care Cost Trend Rates) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Effect on accumulated postretirement obligation, 1-Percentage Point Increase | $ 128 | |
Effect on accumulated postretirement obligation, 1-Percentage Point Decrease | $ (106) | |
Effect on postretirement benefits cost, 1-Percentage Point Increase | $ 5 | |
Effect on postretirement benefits cost, 1-Percentage Point Decrease | $ (4) | |
Not Medicare Eligible [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care and prescription drug cost trend rate assumed for next year | 7.20% | 7.60% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2029 | 2026 |
Medicare Eligible [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care and prescription drug cost trend rate assumed for next year | 8.00% | 8.70% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2029 | 2027 |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule Of Projected Benefit Obligations And Accumulated Benefit Obligations In Excess Of Plan Assets Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension And OPEB Plans [Abstract] | ||
Projected benefit obligations | $ 3,400 | $ 3,162 |
Accumulated benefit obligations | 3,283 | 3,069 |
Plan assets | $ 2,494 | $ 2,249 |
Employee Benefit Plans (Sched_5
Employee Benefit Plans (Schedule Of Target Asset Allocation Ranges By Asset Category) (Details) | Dec. 31, 2019 |
International Equities [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 13.00% |
International Equities [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 21.00% |
International Equities [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 6.00% |
International Equities [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 12.00% |
US Equities [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 16.00% |
US Equities [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 24.00% |
US Equities [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 8.00% |
US Equities [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 14.00% |
Real Estate [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 3.00% |
Real Estate [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 7.00% |
Credit Strategies [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 5.00% |
Credit Strategies [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 10.00% |
Credit Strategies [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 5.00% |
Credit Strategies [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 9.00% |
Fixed Income [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 45.00% |
Fixed Income [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 55.00% |
Fixed Income [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 68.00% |
Fixed Income [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 78.00% |
Employee Benefit Plans (Sched_6
Employee Benefit Plans (Schedule Of Assets Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | $ 2,494 | $ 2,249 | $ 2,600 |
OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 141 | 132 | $ 149 |
Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 484 | 409 | |
Fair Value, Inputs, Level 1 [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 80 | 86 | |
Fair Value, Inputs, Level 1 [Member] | Interest-bearing Cash [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 6 | 15 | |
Fair Value, Inputs, Level 1 [Member] | US Equities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 194 | 170 | |
Fair Value, Inputs, Level 1 [Member] | US Equities [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 24 | 21 | |
Fair Value, Inputs, Level 1 [Member] | International Equities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 290 | 239 | |
Fair Value, Inputs, Level 1 [Member] | International Equities [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 28 | 22 | |
Fair Value, Inputs, Level 1 [Member] | Other [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 22 | 28 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 1,121 | 1,111 | |
Fair Value, Inputs, Level 2 [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 36 | 30 | |
Fair Value, Inputs, Level 2 [Member] | US Equities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 2 | 2 | |
Fair Value, Inputs, Level 2 [Member] | International Equities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 1 | ||
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 908 | 930 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 31 | 26 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 147 | 110 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 3 | 3 | |
Fair Value, Inputs, Level 2 [Member] | Other [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 63 | 69 | |
Fair Value, Inputs, Level 2 [Member] | Other [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 2 | 1 | |
Fair Value, Inputs, Level 3 [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 3 | 3 | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 3 | 3 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 1,608 | 1,523 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 116 | 116 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Interest-bearing Cash [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 6 | 15 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | US Equities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 196 | 172 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | US Equities [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 24 | 21 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | International Equities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 291 | 239 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | International Equities [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 28 | 22 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Corporate Bond Securities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 908 | 930 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Corporate Bond Securities [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 31 | 26 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | US Treasury Securities [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 147 | 110 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | US Treasury Securities [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 3 | 3 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Other [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 63 | 69 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Other [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 24 | 29 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | Real Estate [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 3 | 3 | |
NAV [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | 886 | 726 | |
NAV [Member] | OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value of plan assets | $ 25 | $ 16 |
Employee Benefit Plans (Sched_7
Employee Benefit Plans (Schedule Of Expected Long-Term Rate Of Return On Assets Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 5.22% |
Pension Plan [Member] | International Equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 7.63% |
Pension Plan [Member] | US Equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.80% |
Pension Plan [Member] | Real Estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 5.20% |
Pension Plan [Member] | Credit Strategies [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 4.56% |
Pension Plan [Member] | Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 3.40% |
Pension Plan [Member] | Oncor Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 4.18% |
OPEB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 1.80% |
OPEB Plan [Member] | 401(h) Accounts [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.26% |
OPEB Plan [Member] | Life Insurance VEBA [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.04% |
OPEB Plan [Member] | Union VEBA [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.04% |
OPEB Plan [Member] | Non-union VEBA [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 1.80% |
OPEB Plan [Member] | Vistra Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 4.89% |
Employee Benefit Plans (Sched_8
Employee Benefit Plans (Schedule Of Contributions) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total contributions | $ 76 | $ 123 | $ 180 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total contributions | $ 13 | 41 | 82 | 149 |
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total contributions | $ 10 | $ 35 | $ 41 | $ 31 |
Employee Benefit Plans (Sched_9
Employee Benefit Plans (Schedule Of Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 179 |
2020 | 183 |
2021 | 188 |
2022 | 191 |
2023 | 196 |
2024-28 | 996 |
OPEB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 50 |
2020 | 51 |
2021 | 53 |
2022 | 55 |
2023 | 56 |
2024-28 | $ 285 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 0 | ||
SARs Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend accrual compensation expense | $ 15,000,000 | ||
SARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized dividend accretion and interest | $ 0 | $ 4,000,000 | $ 1,000,000 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | Mar. 08, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||||||
Revenue | $ 1,072,000,000 | $ 1,016,000,000 | $ 4,347,000,000 | $ 4,101,000,000 | $ 3,958,000,000 | ||
Cash payments made to (received from) members related to income taxes | 0 | ||||||
Wholesale transmission service | 245,000,000 | $ 260,000,000 | 1,005,000,000 | $ 962,000,000 | 929,000,000 | ||
Sponsor Group [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity in existing vendor | 16.00% | ||||||
Sempra Texas Holdings [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Cash payments to vendors | $ 109,000 | ||||||
InfraREIT [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue | 3,000,000 | ||||||
Cash payments to vendors | $ 1,000,000 | ||||||
Sponsor Group [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Cash payments to vendors | $ 35,000,000 | 219,000,000 | |||||
Sponsor Group [Member] | Capitalized [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Cash payments to vendors | 33,000,000 | 210,000,000 | |||||
Sponsor Group [Member] | Operating And Maintenance Expense [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Cash payments to vendors | $ 2,000,000 | $ 9,000,000 | |||||
Sharyland Distribution & Transmission Services (SDTS) [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Wholesale transmission service | $ 303,000 | ||||||
Cash payments to vendors | $ 9,000,000 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Trade Accounts And Other Receivables From Related Parties) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | |||
Texas margin taxes payable | $ 32 | $ 22 | $ 26 |
Net payable (receivable) | 32 | 19 | 26 |
Texas [Member] | |||
Related Party Transaction [Line Items] | |||
Texas margin taxes payable | 28 | 22 | 21 |
Federal [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | 4 | (3) | 5 |
Sempra Texas Holdings [Member] | |||
Related Party Transaction [Line Items] | |||
Net payable (receivable) | 31 | 20 | 25 |
Sempra Texas Holdings [Member] | Texas [Member] | |||
Related Party Transaction [Line Items] | |||
Texas margin taxes payable | 28 | 22 | 21 |
Sempra Texas Holdings [Member] | Federal [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | 3 | (2) | 4 |
Texas Transmission and Investment LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Net payable (receivable) | 1 | (1) | 1 |
Texas Transmission and Investment LLC [Member] | Federal [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | $ 1 | $ (1) | $ 1 |
Related-Party Transactions (S_2
Related-Party Transactions (Schedule Of Related Party Transactions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Federal income taxes | $ 56 | $ 50 | $ (114) |
Texas margin taxes | 22 | 21 | 20 |
Total payments (receipts) | 78 | 71 | (94) |
Sempra Texas Holdings [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes | 45 | 59 | |
Texas margin taxes | 22 | 21 | |
Total payments (receipts) | 67 | 80 | |
EFH Corp [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes | (19) | (102) | |
Texas margin taxes | 20 | ||
Total payments (receipts) | (19) | (82) | |
Texas Transmission and Investment LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes | 11 | 10 | (12) |
Total payments (receipts) | $ 11 | $ 10 | $ (12) |
Supplementary Financial Infor_3
Supplementary Financial Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Financial Information [Line Items] | |||||
Face value of life insurance policies | $ 172 | $ 157 | |||
Net cash surrender values | $ 95 | $ 87 | |||
Depreciation expense as percentage of average depreciable property | 2.70% | 2.80% | 3.40% | ||
Aggregate amortization expenses | $ 15 | $ 13 | $ 52 | $ 50 | $ 57 |
Goodwill | $ 4,740 | $ 4,740 | $ 4,064 | ||
Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration risk percentage | 15.00% | 15.00% | 13.00% | ||
Trade Accounts Receivable [Member] | Second Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration risk percentage | 11.00% | 11.00% | 10.00% | ||
Land Easements [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Weighted average remaining useful life | 83 years | ||||
Capitalized Software [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Weighted average remaining useful life | 9 years |
Supplementary Financial Infor_4
Supplementary Financial Information (Schedule Of Other Deductions And (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Information [Abstract] | |||||
Professional fees | $ 1 | $ 3 | $ 10 | $ 12 | $ 15 |
Sempra Acquisition related costs | 12 | ||||
InfraREIT Acquisition related costs | 9 | ||||
Recoverable pension and OPEB - non-service | 14 | 14 | 57 | 53 | 31 |
Non-recoverable pension and OPEB (Note 10) | 4 | 6 | 5 | ||
AFUDC equity income | (5) | (10) | |||
Interest income | (5) | (1) | (6) | ||
Other | 2 | 1 | |||
Other | (2) | ||||
Other, including interest income | 3 | ||||
Total other deductions and (income) - net | $ 13 | $ 17 | $ 63 | $ 84 | $ 46 |
Supplementary Financial Infor_5
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Information [Abstract] | |||||
Interest | $ 101 | $ 88 | $ 382 | $ 358 | $ 351 |
Amortization of debt issuance costs and discounts | 3 | 1 | 9 | 6 | 3 |
Less allowance for funds used during construction - capitalized interest portion | (3) | (3) | (16) | (13) | (12) |
Total interest expense and related charges | $ 101 | $ 86 | $ 375 | $ 351 | $ 342 |
Supplementary Financial Infor_6
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Supplementary Financial Information [Abstract] | |||
Gross trade accounts and other receivables | $ 662 | $ 666 | $ 562 |
Allowance for uncollectible accounts | (6) | (5) | (3) |
Trade accounts receivable - net | $ 656 | $ 661 | $ 559 |
Supplementary Financial Infor_7
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Supplementary Financial Information [Abstract] | |||
Assets related to employee benefit plans | $ 112 | $ 119 | $ 108 |
Land | 12 | 12 | 12 |
Other | 2 | 2 | |
Total investments and other property | $ 126 | $ 133 | $ 120 |
Supplementary Financial Infor_8
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant and Equipment [Line Items] | |||
Total assets in service | $ 27,065 | $ 26,749 | $ 23,170 |
Less accumulated depreciation | 8,102 | 7,986 | 7,513 |
Net of accumulated depreciation | 18,963 | 18,763 | 15,657 |
Construction work in progress | 832 | 585 | 417 |
Held for future use | 21 | 22 | 16 |
Property, plant and equipment - net | 19,816 | 19,370 | 16,090 |
Distribution [Member] | |||
Property Plant and Equipment [Line Items] | |||
Total assets in service | $ 14,211 | $ 14,007 | 13,105 |
Composite depreciation rate | 2.80% | 2.80% | |
Avg. life | 35 years 10 months 24 days | 35 years 9 months 18 days | |
Transmission [Member] | |||
Property Plant and Equipment [Line Items] | |||
Total assets in service | $ 11,201 | $ 11,094 | 8,568 |
Composite depreciation rate | 2.90% | 2.90% | |
Avg. life | 35 years | 35 years | |
Other Assets [Member] | |||
Property Plant and Equipment [Line Items] | |||
Total assets in service | $ 1,653 | $ 1,648 | $ 1,497 |
Composite depreciation rate | 6.90% | 6.90% | |
Avg. life | 14 years 7 months 6 days | 14 years 6 months |
Supplementary Financial Infor_9
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 1,513 | $ 1,508 | $ 1,251 |
Accumulated Amortization | 552 | 537 | 486 |
Net | 961 | 971 | 765 |
Land Easements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 576 | 575 | 464 |
Accumulated Amortization | 108 | 107 | 101 |
Net | 468 | 468 | 363 |
Capitalized Software [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 937 | 933 | 787 |
Accumulated Amortization | 444 | 430 | 385 |
Net | $ 493 | $ 503 | $ 402 |
Supplementary Financial Info_10
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Supplementary Financial Information [Abstract] | ||
2020 | $ 61 | |
2021 | 61 | $ 61 |
2022 | 61 | 61 |
2023 | 61 | 61 |
2024 | $ 60 | 61 |
2024 | $ 60 |
Supplementary Financial Info_11
Supplementary Financial Information (Schedule Of Employee Benefit Obligations And Other) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Supplementary Financial Information [Abstract] | |||
Retirement plans and other employee benefits | $ 1,810 | $ 1,834 | $ 1,858 |
Operating lease liabilities | 94 | 66 | |
Investment tax credits | 6 | 6 | 8 |
Other | 88 | 74 | 77 |
Total employee benefit, operating lease and other obligations | $ 1,998 | $ 1,980 | $ 1,943 |
Supplementary Financial Info_12
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Information [Abstract] | |||||
Interest | $ 90 | $ 56 | $ 368 | $ 368 | $ 345 |
Less capitalized interest | (3) | (3) | (16) | (13) | (12) |
Interest payments (net of amounts capitalized) | 87 | 53 | 352 | 355 | 333 |
Federal | 56 | 50 | (114) | ||
State | 22 | 21 | 20 | ||
Total payments (refunds) in lieu of income taxes | 78 | 71 | (94) | ||
Noncash increase in operating lease obligations for ROU assets | 37 | 88 | 38 | ||
Noncash Sharyland Asset Exchange costs | 383 | ||||
Assets acquired | 2,547 | ||||
Liabilities assumed | (1,223) | ||||
Cash paid | 1,324 | ||||
Noncash construction expenditures | $ 221 | $ 168 | $ 278 | $ 174 | $ 129 |
Supplementary Financial Info_13
Supplementary Financial Information (Schedule Of Quarterly Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Information [Abstract] | ||||||||||||
Operating revenues (Note 4) | $ 1,079 | $ 1,211 | $ 1,041 | $ 1,016 | $ 995 | $ 1,095 | $ 1,021 | $ 990 | ||||
Operating income | $ 242 | 236 | 369 | 253 | 216 | 206 | 293 | 244 | 202 | $ 1,074 | $ 945 | $ 808 |
Net income | $ 131 | $ 133 | $ 263 | $ 139 | $ 116 | $ 119 | $ 194 | $ 143 | $ 89 | $ 651 | $ 545 | $ 419 |
EFH Bankruptcy Proceedings an_2
EFH Bankruptcy Proceedings and Sempra Acquisition (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 09, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2022 |
Bankruptcy [Line Items] | ||||||
Purchase price | $ 1,324 | |||||
Cash paid | $ 1,275 | $ 1,324 | $ 25 | |||
Regulatory capitalization ratio, debt | 57.50% | 57.50% | 60.00% | |||
Regulatory capitalization ratio, equity | 42.50% | 42.50% | 40.00% | |||
Sempra Energy [Member] | Scenario, Forecast [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Minimum aggregate capital expenditures | $ 7,500 | |||||
Oncor | Sempra Energy [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Cash paid | $ 9,450 | |||||
Oncor | Oncor Holdings [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Ownership interests acquired | 0.22% | |||||
Cash paid | $ 26 | |||||
Price per interest | $ 18.60 | |||||
Oncor Holdings [Member] | Sempra Energy [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Ownership interests acquired | 51.00% | |||||
Percentage of membership interest owned by non-controlling owners | 51.00% | |||||
Texas Transmission [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Percentage of membership interest owned by non-controlling owners | 19.75% | 19.75% |