Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2023 | |
Document Type | S-4 |
Entity Registrant Name | Oncor Electric Delivery Company LLC |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 75-2967830 |
Entity Address, Address Line One | 1616 Woodall Rodgers Fwy |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75202 |
City Area Code | 214 |
Local Phone Number | 486-2000 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001193311 |
Amendment Flag | false |
Entity Primary SIC Number | 4911 |
Business Contact [Member] | |
Entity Address, Address Line One | 1616 Woodall Rodgers Fwy |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75202 |
City Area Code | 214 |
Local Phone Number | 486-2000 |
Contact Personnel Name | Matthew C. Henry |
Condensed Statements of Consoli
Condensed Statements of Consolidated Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Statements of Consolidated Income [Abstract] | |||||||
Operating revenues (Note 3) | $ 1,592 | $ 1,438 | $ 4,227 | $ 3,980 | $ 5,243 | $ 4,764 | $ 4,511 |
Operating expenses: | |||||||
Wholesale transmission service | 322 | 291 | 965 | 862 | 1,162 | 1,039 | 975 |
Operation and maintenance | 296 | 264 | 830 | 768 | 1,055 | 983 | 925 |
Depreciation and amortization | 247 | 227 | 729 | 672 | 904 | 820 | 786 |
Provision in lieu of income taxes (Note 9) | 78 | 70 | 146 | 162 | 201 | 165 | 148 |
Taxes other than amounts related to income taxes | 142 | 147 | 428 | 432 | 561 | 555 | 538 |
Write-off of rate base disallowances (Note 2) | 55 | ||||||
Total operating expenses | 1,085 | 999 | 3,153 | 2,896 | 3,883 | 3,562 | 3,372 |
Operating income | 507 | 439 | 1,074 | 1,084 | 1,360 | 1,202 | 1,139 |
Other (income) and deductions – net (Note 10) | (12) | 9 | (10) | 19 | 20 | 31 | 33 |
Non-operating benefit in lieu of income taxes | (1) | (3) | (9) | (7) | (10) | (12) | (12) |
Interest expense and related charges (Note 10) | 140 | 115 | 396 | 331 | 445 | 413 | 405 |
Write-off of non-operating rate base disallowances (Note 2) | 14 | ||||||
Net income | $ 380 | $ 318 | $ 683 | $ 741 | $ 905 | $ 770 | $ 713 |
Condensed Statements of Conso_2
Condensed Statements of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||||||
Net income | $ 380 | $ 318 | $ 683 | $ 741 | $ 905 | $ 770 | $ 713 |
Other comprehensive income (loss): | |||||||
Net effects of cash flow hedges (net of tax) | 1 | 1 | 2 | 2 | |||
Cash flow hedges - derivative value net gain (loss) recognized in net income (net of tax expense (benefit) of $1, $1 and ($5) (Notes 1 and 8) | 2 | 3 | (21) | ||||
Defined benefit pension plans (Notes 2 and 7) | 1 | (20) | 3 | (33) | 17 | 9 | |
Total other comprehensive income (loss) | 1 | 2 | (18) | 5 | (31) | 20 | (12) |
Comprehensive income | $ 381 | $ 320 | $ 665 | $ 746 | $ 874 | $ 790 | $ 701 |
Condensed Statements of Conso_3
Condensed Statements of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Cash flow hedges - derivative value net gain (loss) recognized in net income, tax expense (benefit) | $ 1 | $ 1 | $ (5) |
Defined benefit pension plans- net tax expense | $ 0 | $ 0 | $ 0 |
Condensed Statements of Conso_4
Condensed Statements of Consolidated Cash Flows - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows – operating activities: | |||||
Net income | $ 683 | $ 741 | $ 905 | $ 770 | $ 713 |
Adjustments to reconcile net income to cash provided by operating activities: | |||||
Depreciation and amortization, including regulatory amortization | 826 | 734 | 985 | 901 | 866 |
Write-off of rate base disallowances (Note 2) | 69 | (251) | |||
Provision in lieu of deferred income taxes – net | 36 | 27 | 41 | 68 | 32 |
Other – net | (1) | (13) | (14) | (1) | (1) |
Changes in operating assets and liabilities: | |||||
Accounts receivable | (257) | (166) | (138) | 37 | (78) |
Inventories | (32) | (27) | 4 | ||
Accounts payable - trade | 45 | 27 | (29) | ||
Regulatory assets - deferred revenues (Note 2) | 120 | (46) | 33 | ||
Regulatory assets - self-insurance reserve (Note 2) | (198) | (118) | (14) | ||
Other - assets | 16 | (9) | (57) | ||
Other - liabilities | 137 | 56 | 56 | ||
Regulatory assets (Note 2) | (266) | (74) | |||
Other operating assets and liabilities | 95 | 162 | |||
Cash provided by operating activities | 1,185 | 1,411 | 1,867 | 1,658 | 1,525 |
Cash flows – financing activities: | |||||
Issuances and borrowings of long-term debt (excluding AR Facility) (Note 5) | 2,175 | 3,950 | 3,950 | 2,090 | 1,810 |
Repayments of long-term debt (excluding AR Facility) (Note 5) | (875) | (2,732) | (2,732) | (1,290) | (1,164) |
Borrowings under AR Facility (Note 5) | 600 | ||||
Repayments under AR Facility (Note 5) | (100) | ||||
Net change in short-term borrowings (Note 4) | (116) | (215) | |||
Capital contributions from members (Note 7) | 336 | 318 | 425 | 705 | 788 |
Distributions to members (Note 7) | (404) | (318) | (425) | (839) | (356) |
Debt discount, financing and reacquisition costs – net | (35) | (29) | (31) | (9) | (54) |
Net increase (decrease) in short-term borrowings (Note 5) | (17) | 145 | 24 | ||
Cash provided by financing activities | 1,581 | 974 | 1,170 | 802 | 1,048 |
Cash flows – investing activities: | |||||
Capital expenditures | (2,797) | (2,161) | (3,049) | (2,497) | (2,540) |
Other – net | 23 | 44 | 31 | 32 | 20 |
Expenditures for third party in joint project | (2) | (67) | (96) | ||
Reimbursement from third party in joint project | 6 | 99 | 66 | ||
Proceeds from sales of non-utility properties | 21 | ||||
Cash used in investing activities | (2,774) | (2,117) | (2,993) | (2,433) | (2,550) |
Net change in cash, cash equivalents and restricted cash | (8) | 268 | 44 | 27 | 23 |
Cash, cash equivalents and restricted cash – beginning balance | 98 | 54 | 54 | 27 | 4 |
Cash, cash equivalents and restricted cash – ending balance | $ 90 | $ 322 | $ 98 | $ 54 | $ 27 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 9 | $ 10 | $ 11 |
Restricted cash, current (Note 1) | 25 | 16 | 13 |
Trade accounts receivable – net (Note 10) | 1,149 | 884 | 738 |
Amounts receivable from members related to income taxes (Note 10) | 6 | ||
Materials and supplies inventories – at average cost | 289 | 204 | 171 |
Prepayments and other current assets | 103 | 109 | 101 |
Total current assets | 1,575 | 1,223 | 1,040 |
Restricted cash, noncurrent (Note 1) | 56 | 72 | 30 |
Investments and other property (Note 10) | 146 | 137 | 155 |
Property, plant and equipment – net (Note 10) | 27,298 | 25,203 | 22,954 |
Goodwill (Note 1) | 4,740 | 4,740 | 4,740 |
Regulatory assets (Note 2) | 1,592 | 1,502 | 1,547 |
Right-of-use operating lease and other assets (Note 6) | 147 | 161 | 167 |
Total assets | 35,554 | 33,038 | 30,633 |
Current liabilities: | |||
Short-term borrowings (Note 4) | 82 | 198 | 215 |
Long-term debt due currently (Note 5) | 500 | 100 | 882 |
Trade accounts payable | 608 | 536 | 441 |
Amounts payable to members related to income taxes | 35 | 45 | 24 |
Accrued taxes other than amounts related to income | 242 | 277 | 286 |
Accrued interest | 167 | 97 | 89 |
Operating lease and other current liabilities (Note 6) | 424 | 330 | 283 |
Total current liabilities | 2,058 | 1,583 | 2,220 |
Long-term debt, less amounts due currently (Note 5) | 12,500 | 11,128 | 9,150 |
Liability in lieu of deferred income taxes (Note 9) | 2,275 | 2,182 | 2,065 |
Regulatory liabilities (Note 2) | 2,988 | 3,014 | 2,876 |
Employee benefit plan obligations (Note 8) | 1,406 | 1,394 | 1,503 |
Operating lease and other obligations (Notes 6 and 10) | 268 | 275 | 231 |
Total liabilities | 21,495 | 19,576 | 18,045 |
Commitments and contingencies (Note 6) | |||
Membership interests (Note 7): | |||
Capital account – number of units outstanding at September 30, 2023 and December 31, 2022 – 635,000,000 | 14,239 | 13,624 | 12,719 |
Accumulated other comprehensive loss | (180) | (162) | (131) |
Total membership interests | 14,059 | 13,462 | 12,588 |
Total liabilities and membership interests | $ 35,554 | $ 33,038 | $ 30,633 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Consolidated Balance Sheets [Abstract] | ||||
Capital account, units 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 | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital account: | |||||
Balance at beginning of period | $ 13,624 | $ 12,719 | $ 12,719 | $ 12,083 | $ 10,938 |
Net income | 683 | 741 | 905 | 770 | 713 |
Capital contributions from members (Note 8) | 425 | 705 | 788 | ||
Distributions to members (Note 8) | (425) | (839) | (356) | ||
Other Comprehensive Income (Loss), Net of Tax | (18) | 5 | (31) | 20 | (12) |
Balance at end of period | 14,239 | 13,624 | 12,719 | 12,083 | |
Membership Interest [Abstract] | |||||
Membership Equity | 14,059 | 13,462 | 12,588 | 11,932 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Capital account: | |||||
Balance at beginning of period | (162) | (131) | (131) | (151) | (139) |
Balance at end of period | (162) | (131) | (151) | ||
Membership Interest [Abstract] | |||||
Membership Equity | $ (180) | $ (126) | (162) | (131) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||||
Capital account: | |||||
Other Comprehensive Income (Loss), Net of Tax | 2 | 3 | (21) | ||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
Capital account: | |||||
Other Comprehensive Income (Loss), Net of Tax | $ (33) | $ 17 | $ 9 |
Statements Of Consolidated Me_2
Statements Of Consolidated Membership Interests (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statements Of Consolidated Membership Interest [Abstract] | |||
Interests outstanding | 635,000,000 | 635,000,000 | 635,000,000 |
Net effects of cash flow hedges, tax expense | $ 1 | $ 1 | $ (5) |
Defined benefit pension plans- net tax expense | $ 0 | $ 0 | $ 0 |
Business and Significant Accoun
Business and Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
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 the definition of terms and abbreviations. We are a regulated electricity transmission and distribution company that provides the essential service of delivering electricity safely, reliably and economically to end-use no separate 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 the 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 after obtaining various approvals, including PUCT approval through the Sempra Order, which 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. Our Limited Liability Company Agreement requires PUCT approval of certain revisions to the Limited Liability Company Agreement, including, among other things, revisions to our governance structure and other various ring-fencing measures. 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 13 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 (each, an Oncor Officer Director), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of our board of directors and Chief Executive, respectively. Until March 9, 2028, 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 subsidiaries or affiliated entities (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 In addition, the Sempra Order provides that Oncor’s board of directors cannot be overruled by the board of directors 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 members of the board of directors, 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 of directors must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board of director 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 and the directors designated by Texas Transmission that are present and voting (of which at least one must be present and voting) 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 or either of the two directors appointed by Texas Transmission 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 debt-to-equity debt-to-equity • 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 membership interests 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, borrow money from or 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; and • There must be maintained certain “separateness measures” that reinforce the legal and 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 of Presentation These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our 2022 Form 10-K. 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. 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 3 for additional information regarding revenues. Interest Rate Derivatives, Hedge Accounting and Mark-to-Market 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. Designating interest rate derivative instruments as cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk that the future cash flows of interest payments may vary, and other criteria. 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 (loss). Amounts remain in accumulated other comprehensive income (loss) and are reclassified into net income as the interest expense on the related debt affects net income. The fair value of an interest rate derivative instrument is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income if the criteria for cash flow hedge accounting are not met or if the instrument is not designated as a cash flow hedge. This recognition is referred to as “mark-to-market” 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. For our annual goodwill impairment testing, we generally have the option to directly perform a quantitative assessment or first make a qualitative assessment of whether it is more likely than not that our enterprise fair value is less than our enterprise carrying value before applying the quantitative assessment. If we elect to perform the qualitative assessment, we evaluate relevant events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors and our overall financial performance. If, after assessing these qualitative factors, we determine that it is more-likely-than-not Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash and cash equivalents, highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the unaudited condensed consolidated balance sheets to the sum of such amounts reported on the unaudited condensed statements of consolidated cash flows: At September 30, At December 31, 2023 2022 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 9 $ 10 Restricted cash, current (a) 25 16 Restricted cash, noncurrent (a) 56 72 Total cash, cash equivalents and restricted cash on the condensed statements of consolidated cash flows $ 90 $ 98 (a) Restricted cash represents amounts deposited with Onco r for cus C ontingencies Our financial results may be affected by judgments and estimates related to contingencies. For loss contingencies, we accrue the loss if an event has occurred on or before the balance sheet date, and: • information available through the date we file our financial statements indicates it is probable that a loss has been incurred, given the likelihood of uncertain future events; and • the amount of the loss can be reasonably estimated. We do not accrue contingencies that might result in gains. We continuously assess contingencies for litigation claims, environmental remediation and other events. See Note 6 for a discussion of c ontingen | 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 the definition of terms and abbreviations. We are a regulated electricity transmission and distribution company that provides the essential service of delivering electricity safely, reliably and economically to end-use 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 the 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 after obtaining various approvals, including PUCT approval through the Sempra Order, which 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 (each, an Oncor Officer Director), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of our board of directors and Chief Executive, respectively. Until March 9, 2028, 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 subsidiaries or affiliated entities (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 In addition, the Sempra Order provides that Oncor’s board of directors cannot be overruled by the board of directors 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 members of the board of directors, 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 of directors must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board of director 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 and the directors designated by Texas Transmission that are present and voting (of which at least one must be present and voting) 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 or either of the two directors appointed by Texas Transmission 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 debt-to-equity debt-to-equity • 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 membership interests 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, borrow money from or 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 legal and 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 • Until March 9, 2023, Sempra must hold indirectly at least 51% of the ownership interests in Oncor and Oncor Holdings, 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 U.S. dollars in millions 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 3 for additional information regarding revenues. Interest Rate Derivatives, Hedge Accounting and Mark-to-Market 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. Designating interest rate derivative instruments as cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk that the future cash flows of interest payments may vary, and other criteria. 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 (loss). Amounts remain in accumulated other comprehensive income (loss) and are reclassified into net income as the interest expense on the related debt affects net income. The fair value of an interest rate derivative instrument is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income if the criteria for cash flow hedge accounting are not met or if the instrument is not designated as a cash flow hedge. This recognition is referred to as “mark-to-market” 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. For our annual goodwill impairment testing, we generally have the option to directly perform a quantitative assessment or first make a qualitative assessment of whether it is more likely than not that our enterprise fair value is less than our enterprise carrying value before applying the quantitative assessment. If we elect to perform the qualitative assessment, we evaluate relevant events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors and our overall financial performance. If, after assessing these qualitative factors, we determine that it is more-likely-than-not For our annual goodwill impairment testing in 2022, we elected to perform a quantitative assessment of goodwill as of October 1, 2022. We estimated our enterprise fair value by weighting results from a market-based approach and an income-based approach. Key assumptions in the valuation methodologies for goodwill included terminal value, discount rates, and comparable multiples from publicly traded companies in our industry. Based on our analysis, we determined that our estimated enterprise fair value was in excess of our enterprise carrying book value, indicating none of our goodwill was impaired and no impairment was recognized in 2022. For our annual goodwill impairment testing in 2021, we elected to perform a qualitative assessment of goodwill as of October 1, 2021 and concluded that an estimated enterprise fair value was more likely than not greater than our enterprise carrying book value. As a result, no additional testing for impairment was required and no impairment was recognized in 2021. Goodwill totaling $4.740 billion was reported on our balance sheet at both December 31, 2022 and 2021. Provision in Lieu of Income Taxes Our tax sharing agreement with Oncor Holdings, Texas Transmission and STH 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 4. Defined Benefit Pension Plans and 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 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 OPEB Plans are dependent on numerous factors, assumptions and estimates. See Note 9 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 Property, plant and equipment is stated at original cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead and AFUDC. Depreciation 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 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. 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 2 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 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 11 for detail of amounts reducing interest expense and increasing other income. Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash and cash equivalents, highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the sum of such amounts reported on the Statements of Consolidated Cash Flows: At December 31, 2022 2021 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 10 $ 11 Restricted cash, current (a) 16 13 Restricted cash, noncurrent (a) 72 30 Total cash, cash equivalents and restricted cash on the Statements of Consolidated Cash Flows $ 98 $ 54 (a) Restricted cash represents amounts deposited with Oncor for customer advances for construction that are subject to return in accordance with PUCT rules, ERCOT requirements or our tariffs relating to generation interconnection and construction and/or extension of electric delivery system facilities. We maintain these amounts in a separate escrow account. 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 plans’ and OPEB Plans’ trusts (see Note 9) and long-term debt (see Note 6). 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” mid-point 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 • 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 NAV per share as a practical expedient. Such investments measured at NAV are not required to be categorized within the fair value hierarchy. Contingencies Our financial results may be affected by judgments and estimates related to contingencies. For loss contingencies, we accrue the loss if an event has occurred on or before the balance sheet date, and: • information available through the date we file our financial statements indicates it is probable that a loss has been incurred, given the likelihood of uncertain future events; and • the amount of the loss can be reasonably estimated. We do not accrue contingencies that might result in gains. We continuously assess contingencies for litigation claims, environmental remediation and other events. See Note 7 for a discussion of contingencies. |
Regulatory Matters
Regulatory Matters | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Regulatory Matters [Abstract] | ||
REGULATORY MATTERS | 2. REGULATORY MATTERS Rate Proceedings Base Rate Review (PUCT Docket No. 53601) On April 6, 2023, the PUCT issued a final order in our comprehensive base rate review filed in May 2022 with the PUCT and the cities in our service territory that have retained original jurisdiction over rates. New base rates implementing the final order went into effect on May 1, 2023. Key findings made by the PUCT in the final order include setting our authorized return on equity at 9.7% (a decrease from our prior authorized return on equity of 9.8%), maintaining our regulatory capital structure at 57.5% debt to 42.5% equity, approving our requested regulatory asset amortization period of five years, changing depreciation rates and lives of certain depreciable assets, and approving our requested increase for our annual self-insurance reserve accrual primarily associated with storm related costs. In addition, the final order excluded from rates an acquisition premium and its associated amortization costs relating to certain plant facilities acquired by Oncor in 2019, as well as $65 million of certain employee benefit and compensation related costs that we had previously capitalized primarily to property, plant and equipment during the period of 2017 through 2021. As a result, we recognized a charge against income in the first quarter of 2023 for the effects of that $65 million disallowance, as well as an additional $4 million charge against income due to certain similar employee benefit and compensation related costs that were capitalized during 2022. The total $69 million ($54 million after-tax) write-off after-tax) write-off after-tax) write-off non-operating On June 30, 2023, the PUCT issued an order on rehearing in response to the motions for rehearing filed by us and certain intervening parties in the proceeding. The order on rehearing made certain technical and typographical corrections to the final order, but otherwise affirmed the material provisions of the final order and did not require modification of the rates that went into effect on May 1, 2023. On September 22, 2023, we filed an appeal in Travis County District Court. The appeal seeks judicial review of certain of the order on rehearing’s rate base disallowances (the disallowed 2019 acquisition premium and its associated amortization costs as well as certain of the disallowed employee benefit and compensation related costs that we had previously capitalized) and related expense effects of those disallowances. We cannot predict the outcome of the appeal. Capital Trackers DCRF and TCOS interim rate adjustments, also known as capital trackers, allow us to recover, subject to reconciliation, the cost of certain investments before the investments are considered for prudency in a base rate review. In June 2023, legislation was enacted that increased the number of interim DCRF rate adjustment applications that may be filed by utilities in a calendar year from one adjustment filing to up to two adjustment filings per year. Also, under current PUCT rules, we can file up to two TCOS interim rate adjustment applications in a calendar year to reflect changes in our invested transmission capital. These interim rate applications are subject to a regulatory proceeding and PUCT approval. In 2023, Oncor has filed the following interim rate update applications with the PUCT: Filing Type PUCT Docket No. Filed Effective Date Annual Revenue Impact DCRF 55525 September 2023 November 2023 (a) $ 56 (a) DCRF 55190 June 2023 September 2023 (b) $ 153 TCOS 55282 July 2023 September 2023 $ 42 (a) The effective date and annual revenue impact are pending PUCT approval. The Annual revenue impact reflects the requested increase amount. (b) The PUCT approved rates reflecting a $153 million revenue impact on November 2, 2023. However, in accordance with PUCT rules and pursuant to an order issued by the administrative law judge in the proceeding, we implemented interim rates reflecting our requested annual revenue impact on September 1, 2023. 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. 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. On May 1, 2023, as part of the implementation of new base rates reflecting the final order in our comprehensive base rate review (PUCT Docket No. 53601), we commenced a five-year amortization period for certain regulatory assets and liabilities accrued through the end of the December 31, 2021 test year. The following table presents components of our regulatory assets and liabilities and their remaining recovery periods in effect at September 30, 2023. Remaining Rate At September 30, 2023 At December 31, 2022 Regulatory assets: Employee retirement liability (a)(b)(c)(d) To be determined $ 162 $ 157 Employee retirement costs being amortized 5 years 102 158 Employee retirement costs incurred since the last base rate review periods (b) To be determined 74 91 Self-insurance reserve (primarily storm recovery costs) being amortized 5 years 483 181 Self-insurance reserve incurred since the last base rate review periods (primarily storm related) (b) To be determined 440 571 Debt reacquisition costs Lives of related debt 11 15 Under-recovered AMS costs being amortized 5 years 89 107 Energy efficiency program performance bonus (a) Approximately 1 year 28 28 Wholesale distribution substation service costs being amortized 5 years 69 — Wholesale distribution substation service costs incurred since the last base rate review periods (b) To be determined 28 97 Expenses related to COVID-19 5 years 32 — Unrecovered expenses related to COVID-19 To be determined 2 37 Recoverable deferred income taxes Various 34 25 Uncollectible payments from REPs being amortized 5 years 7 — Uncollectible payments from REPs incurred since the last base rate review periods (b) To be determined — 8 Other regulatory assets Various 31 27 Total regulatory assets 1,592 1,502 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,500 1,431 Excess deferred taxes Primarily over lives of related 1,326 1,375 Over-recovered wholesale transmission service expense (a) Approximately 1 year 41 101 Unamortized gain on reacquisition of debt Lives of related debt 25 25 Employee retirement costs over-recovered being refunded 5 years 25 — Employee retirement costs over-recovered since the last base rate review periods (b) To be determined 36 60 Other regulatory liabilities Various 35 22 Total regulatory liabilities 2,988 3,014 Net regulatory assets (liabilities) $ (1,396 ) $ (1,512 ) (a) Not earning a return in the regulatory rate-setting process. (b) Recovery/refund 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) Reflects a $20 million reclassification related to employee retirement liabilities from regulatory assets to other comprehensive income in the first quarter of 2023, recorded as a result of the final order in our comprehensive base rate review (PUCT Docket No. 53601). | 2. REGULATORY MATTERS 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. 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. Components of our regulatory assets and liabilities and their remaining recovery periods as of December 31, 2022 are provided in the table below. Amounts not earning a return through rate regulation are noted. Remaining Rate December 31, 2022 At December 31, 2022 2021 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 157 $ 328 Employee retirement costs being amortized 5 years 158 193 Employee retirement costs incurred since the last base rate review period (b) To be determined 91 99 Self-insurance reserve (primarily storm recovery costs) being amortized 5 years 181 223 Self-insurance reserve incurred since the last base rate review period (primarily storm related) (b) To be determined 571 373 Debt reacquisition costs Lives of related debt 15 19 Under-recovered AMS costs 5 years 107 128 Energy efficiency program performance bonus (a) 1 year or less 28 31 Wholesale distribution substation service (b) To be determined 97 75 Unrecovered expenses related to COVID-19 To be determined 37 35 Recoverable deferred income taxes Various 25 16 Uncollectible payments from REPs (b) To be determined 8 9 Other regulatory assets Various 27 18 Total regulatory assets 1,502 1,547 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,431 1,348 Excess deferred taxes Primarily over lives of related 1,375 1,442 Over-recovered wholesale transmission service expense (a) 1 year or less 101 7 Unamortized gain on reacquisition of debt Lives of related debt 25 26 Employee retirement costs over-recovered since last base rate review period (b) To be determined 60 39 Other regulatory liabilities Various 22 14 Total regulatory liabilities 3,014 2,876 Net regulatory assets (liabilities) $ (1,512 ) $ (1,329 ) (a) Not earning a return in the regulatory rate-setting process. (b) Recovery/refund 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. Base Rate Review (PUCT Docket No. 53601) In May 2022, following an extension approved by the PUCT, we filed a request for a base rate review with the PUCT and the 209 cities in our service territory that have retained original jurisdiction over rates. The base rate review test year is based on calendar year 2021 results with certain adjustments. The base rate review includes a request for an average increase over test year adjusted annualized revenue of 4.5%, and, if approved as requested, would result in an aggregate annualized revenue increase of approximately $251 million. The base rate review also requests a revised regulatory capital structure ratio of 55% debt to 45% equity and an authorized return on equity of 10.3%. Our current authorized regulatory capital structure ratio is 57.5% debt to 42.5% equity and our current authorized return on equity is 9.8%. A hearing on the merits was held before SOAH from September 26, 2022 to October 4, 2022, and a PFD was issued by the SOAH administrative law judges to the PUCT for its consideration on December 28, 2022. The PFD initially recommended a $397 million reduction to our requested annualized base rate revenue requirement, which would be a $146 million reduction to test year adjusted annualized revenue. The PFD also included recommendations for a return on equity of 9.3%, continuation of our existing 57.5% debt to 42.5% equity capital structure, disallowances of various items included in rate base, as well as other modifications to our base rate review requests. On January 19, 2023, PUCT Staff filed an errata memorandum indicating that the number run model relied upon by the PFD included a $680 million accumulated depreciation reallocation error. On February 9, 2023, the SOAH administrative law judges filed an exceptions letter indicating that they agreed that this and certain other number-running corrections and any associated flow-through adjustments should be adopted. We believe the impact of the number-running errors results in an unwarranted reduction to our rate base that drives $51 million of the proposed annualized revenue decrease reflected in the PFD. We further believe that the correction of the accumulated depreciation reallocation number running error will revise the PFD’s recommendation to a $346 million reduction to our requested annualized base rate revenue, which would be a $95 million decrease to our test year adjusted annualized revenue. On January 24, 2023, we filed Exceptions to the Proposal for Decision (Exceptions) explaining why we disagree with certain recommendations of the SOAH administrative law judges in the PFD. Other intervening parties in the proceeding filed Exceptions as well, and on February 1, 2023, we filed a Reply to Exceptions addressing points in those intervenor Exceptions. Resolution of the base rate review requires issuance of a final order by the PUCT, which is expected around the end of the first quarter of 2023, with new rates going into effect following approval of tariffs reflecting that order. We cannot predict whether or to what extent our requests in the base rate review will be approved or what the ultimate impact of the proceeding will be on our results of operations, financial condition, liquidity, or cash flows. DCRF Good Cause Exception Request (PUCT Docket No. 54648) On February 13, 2023, we filed an application with the PUCT requesting that it grant certain exceptions to the DCRF application filing requirements, including extending the filing deadline, due to the timing of our pending base rate review. We requested that our April 8, 2023 deadline for filing a DCRF application for eligible distribution investments placed into service during 2022 be extended until at least May 31, 2023. |
Revenues
Revenues | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
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, EECRF, rate case expenditure and mobile generation riders) 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 energy efficiency program 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. Disaggregation of Revenues The following table reflects electric delivery revenues disaggregated by tariff: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 841 $ 710 $ 2,006 $ 1,888 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 233 237 721 707 Billed to REPs serving Oncor distribution customers, through TCRF 131 132 405 394 Total transmission base revenues 364 369 1,126 1,101 Other miscellaneous revenues 41 49 83 89 Total revenues contributing to earnings 1,246 1,128 3,215 3,078 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 322 291 965 862 EECRF and other revenues 24 19 47 40 Total revenues collected for pass-through expenses 346 310 1,012 902 Total operating revenues $ 1,592 $ 1,438 $ 4,227 $ 3,980 Customers At September 30, 2023, our distribution business customers primarily consisted of over 100 REPs that sell the electricity we distribute to consumers in our certificated service area. The majority of 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 business customers consist of municipally-owned utilities, electric cooperatives and other distribution companies. Revenues from REP subsidiaries of our two largest customers collectively represented 25% and 22%, respectively, of our total operating revenues for the three months ended September 30, 2023 and 28% and 25%, respectively, of our total operating revenues for the nine months ended September 30, 2023. No other customer represented more than 10% of our total operating revenues for such three-month and nine-month periods. 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 of customer billings 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 Revenue equal to expenses that are allowed to be passed-through to customers (primarily third-party wholesale transmission service and energy efficiency program costs) are recognized at the time the expense is recognized. 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. | 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 energy efficiency program 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. The PUCT approved annual energy efficiency program performance bonuses for us of $28 million and $31 million that we recognized in revenues in 2022 and 2021, respectively. Disaggregation of Revenues The following table reflects electric delivery revenues disaggregated by tariff: Years Ended December 31, 2022 2021 2020 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 2,447 $ 2,217 $ 2,156 Transmission base revenues (TCOS revenues) Billed to third-party wholesale customers 944 879 803 Billed to REPs serving Oncor distribution customers, through TCRF 528 479 446 Total transmission base revenues 1,472 1,358 1,249 Other miscellaneous revenues 112 104 87 Total revenues contributing to earnings 4,031 3,679 3,492 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 1,162 1,039 975 EECRF 50 46 44 Revenues collected for pass-through expenses 1,212 1,085 1,019 Total operating revenues $ 5,243 $ 4,764 $ 4,511 Customers At December 31, 2022, our distribution business customers primarily consist of over 100 REPs that sell the electricity we distribute to consumers in our certificated service area. The consumers of the electricity we deliver (other than ultimate end-use 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 of customer billings 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 Revenue equal to expenses that are allowed to be passed-through to customers (primarily third-party wholesale transmission service and energy efficiency program costs) are recognized at the time the expense is recognized. 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, 2022 | |
Provision In Lieu Of Income Taxes [Abstract] | |
PROVISION IN LIEU OF INCOME TAXES | 4. PROVISION IN LIEU OF INCOME TAXES 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, 2022 2021 Deferred Tax Related Assets: Employee benefit liabilities $ 267 $ 253 Regulatory liabilities 48 45 Other 43 45 Total 358 343 Deferred Tax Related Liabilities: Property, plant and equipment 2,261 2,132 Regulatory assets 278 274 Other 1 2 Total 2,540 2,408 Liability in lieu of deferred income taxes – net $ 2,182 $ 2,065 Provision (Benefit) in Lieu of Income Taxes The components of our reported provision (benefit) in lieu of income taxes are as follows: Years Ended December 31, 2022 2021 2020 Reported in operating expenses: Current: U.S. federal $ 136 $ 79 $ 100 State 27 24 22 Deferred: U.S. federal 39 63 27 Amortization of investment tax credits (1 ) (1 ) (1 ) Total reported in operating expenses 201 165 148 Reported in other income and deductions: Current: U.S. federal (13 ) (17 ) (17 ) Deferred federal 3 5 5 Total reported in other income and deductions (10 ) (12 ) (12 ) Total provision in lieu of income taxes $ 191 $ 153 $ 136 Reconciliation of provision in lieu of income taxes computed at the U.S. federal statutory rate to provision in lieu of income taxes: Years Ended December 31, 2022 2021 2020 Income before provision in lieu of income taxes $ 1,096 $ 923 $ 849 Provision in lieu of income taxes at the U.S. federal statutory rate of 21% $ 230 $ 194 $ 178 Amortization of investment tax credits – net of deferred tax effect (1 ) (1 ) (1 ) Amortization of excess deferred taxes (52 ) (52 ) (52 ) Texas margin tax, net of federal tax benefit 22 19 18 Nontaxable gains on benefit plan investments — (3 ) (2 ) Other (8 ) (4 ) (5 ) Reported provision in lieu of income taxes $ 191 $ 153 $ 136 Effective rate 17.4 % 16.6 % 16.0 % The net amounts of $2.182 billion and $2.065 billion reported in the balance sheets at December 31, 2022 and 2021, respectively, as liability in lieu of deferred income taxes include amounts previously recorded as net deferred tax liabilities. In connection with the sale of equity interests to Texas Transmission 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, 2018. We filed a refund claim for the tax year ending December 31, 2018, but the tax year is closed for new issues. Texas margin tax returns are still open for examination for tax years beginning after 2017. 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 approximately $1 million and $495,000 of uncertain tax positions at December 31, 2022 and December 31, 2021, respectively. Noncurrent liabilities included negligible amounts of accrued interest related to uncertain tax positions at December 31, 2022 and December 31, 2021. There were negligible amounts recorded related to interest and penalties in the years ended December 31, 2022 and 2021, respectively, and none in the year ended December 31, 2020. 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | ||
SHORT-TERM BORROWINGS | 4. SHORT-TERM BORROWINGS The following table reflects our outstanding short-term borrowings and available unused credit under the Credit Facility and CP Program at September 30, 2023 and December 31, 2022: At September 30, At December 31, 2023 2022 Total credit facility borrowing capacity $ 2,000 $ 2,000 Credit facility outstanding borrowings — — Commercial paper outstanding (a) (82 ) (198 ) Letters of credit outstanding — — Available unused credit $ 1,918 $ 1,802 (a) The weighted average interest rate for commercial paper was 5.41% and 4.58% at September 30, 2023 and December 31, 2022, respectively. All outstanding CP Notes at September 30, 2023 and December 31, 2022 had maturity dates of less than one year. Credit Facility Our $2.0 billion unsecured revolving Credit Facility, which was entered into in November 2021 and extended in November 2022 by amendment, has a maturity date of November 9, 2027. We have the option to request one additional one-year extension. Borrowings under the Credit Facility bear interest at a per annum rate equal to, at our option, (i) term SOFR for the interest period relevant to such borrowing, plus an adjustment of 0.10% (the SOFR Adjustment), plus an applicable margin of between 0.875% and 1.50%, depending on certain credit ratings assigned to us, or (ii) an alternate base rate (equal to the greatest of (1) the prime rate as quoted by The Wall Street Journal on such date, (2) the greater of the federal funds effective rate or the overnight bank funding rate, plus 0.50%, and (3) term SOFR for a one-month A commitment fee is payable quarterly in arrears and upon termination or commitment reduction at a rate per annum equal to between 0.075% and 0.225%, depending on certain credit ratings assigned to us, of the commitments under the Credit Facility. Letter of credit fees under the Credit Facility are payable quarterly in arrears and upon termination at a rate per annum equal to the applicable margin for adjusted term SOFR under the Credit Facility. Fronting fees in an amount as separately agreed by Oncor and any fronting bank that issues a letter of credit are also payable quarterly in arrears and upon termination to each such fronting bank. The Credit Facility includes sustainability-linked pricing metrics related to specific environmental and employee health and safety sustainability objectives. The Credit Facility provides that the applicable margin and commitment fee may be increased, decreased or have no change depending on our annual performance on the two sustainability-linked pricing metrics set forth in the Credit Facility. The maximum pricing adjustment in any given year is +/- 0.01% on the commitment fee and +/- 0.05% on the applicable margin. The Credit Facility requires that we maintain a maximum consolidated senior debt to consolidated total capitalization ratio of 0.65 to 1.00 and observe certain customary reporting requirements and other affirmative covenants. At September 30, 2023, we were in compliance with these covenants. The Credit Facility also contains customary events of default for facilities of this type, the occurrence of which would allow the lenders to accelerate all outstanding loans and terminate their commitments, including certain changes in control of Oncor that are not permitted transactions under the Credit Facility and cross-default provisions in the event Oncor or any of its subsidiaries defaults on indebtedness in a principal amount in excess of $100 million or receives judgments for the payment of money in excess of $100 million that are not discharged or stayed within 60 days. CP Program We maintain the CP Program under which we may issue unsecured CP Notes (with a maturity date not exceeding 397 days from the date of issue) 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 above. We may utilize either the CP Program or the Credit Facility, at our option, to meet our funding needs. | 5. SHORT-TERM BORROWINGS The following table reflects our outstanding short-term borrowings and available unused credit under the Credit Facility and CP Program at December 31, 2022 and 2021: At December 31, 2022 2021 Total credit facility borrowing capacity $ 2,000 $ 2,000 Credit facility outstanding borrowings — — Commercial paper outstanding (a) (198 ) (215 ) Letters of credit outstanding (b) — (8 ) Available unused credit $1,802 $1,777 (a) The weighted average interest rates for commercial paper were 4.58% and 0.30% at December 31, 2022 and December 31, 2021, respectively. All outstanding CP Notes at December 31, 2022 and December 31, 2021 had maturity dates of less than one year. (b) The interest rate on the outstanding letters of credit at December 31, 2021 was 1.20% based on our credit ratings. Credit Facility At December 31, 2022, we had a $2.0 billion unsecured Credit Facility that may be used for working capital and other general corporate purposes and issuances of letters of credit. Our CP Program obtains liquidity support from the Credit Facility. The Credit Facility, which was entered into in November 2021 and extended in November 2022 by amendment, has a maturity date of November 9, 2027. We have the option to request one additional 1-year extension. The amendment to the Credit Facility in November 2022 also replaced the LIBOR-based interest rates with interest rates based on SOFR, subject to adjustments as specified therein. Borrowings under the Credit Facility bear interest at a per annum rate equal to, at our option, (i) term SOFR for the interest period relevant to such borrowing, plus an adjustment of 0.10% (the SOFR Adjustment), plus an applicable margin of between 0.875% and 1.50%, depending on certain credit ratings assigned to us, or (ii) an alternate base rate (equal to the greatest of (1) the prime rate as quoted by The Wall Street Journal on such date, (2) the greater of the federal funds effective rate or the overnight bank funding rate, plus 0.50%, and (3) term SOFR for a one month interest period on such date, plus the SOFR Adjustment, plus 1.0%), plus, in each case, an applicable margin of between 0.00% and 0.50%, depending on certain credit ratings assigned to our debt. The Credit Facility also provides for an alternative rate of interest upon the occurrence of certain events related to the current benchmark. A commitment fee is payable quarterly in arrears and upon termination or commitment reduction at a rate per annum equal to between 0.075% and 0.225%, depending on certain credit ratings assigned to us, of the commitments under the Credit Facility. Letter of credit fees under the Credit Facility are payable quarterly in arrears and upon termination at a rate per annum equal to the applicable margin for adjusted term SOFR under the Credit Facility. Fronting fees in an amount as separately agreed by Oncor and any fronting bank that issues a letter of credit are also payable quarterly in arrears and upon termination to each such fronting bank. The Credit Facility includes sustainability-linked pricing metrics related to specific environmental and employee health and safety sustainability objectives. The Credit Facility provides that the applicable margin and commitment fee may be increased, decreased or have no change depending on our annual performance on the two sustainability-linked pricing metrics set forth in the Credit Facility. The maximum pricing adjustment in any given year is +/- 0.01% on the commitment fee and +/- 0.05% on the applicable margin. The Credit Facility requires that we maintain a maximum consolidated senior debt to consolidated total capitalization ratio of 0.65 to 1.00 and observe certain customary reporting requirements and other affirmative covenants. At December 31, 2022, we were in compliance with these covenants. The Credit Facility also contains customary events of default for facilities of this type, the occurrence of which would allow the lenders to accelerate all outstanding loans and terminate their commitments, including certain changes in control of Oncor that are not permitted transactions under the Credit Facility and cross-default provisions in the event Oncor or any of its subsidiaries defaults on indebtedness in a principal amount in excess of $100 million or receives judgments for the payment of money in excess of $100 million that are not discharged or stayed within 60 days. CP Program We maintain the CP Program under which we may issue unsecured CP Notes (with a maturity date not exceeding 397 days from the date of issue) 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. In November 2022, we amended the CP Program to provide for, among other things, an extension of the maximum maturity date for CP Notes. As amended, the CP Program now provides that CP Notes may be issued with maturity dates not exceeding 397 days from the date of issuance. The CP Program obtains liquidity support from our Credit Facility discussed above. We may utilize either the CP Program or the Credit Facility at our option, to meet our funding needs. |
Long-Term Debt
Long-Term Debt | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Long-Term Debt [Abstract] | ||
LONG-TERM DEBT | 5. LONG-TERM DEBT At September 30, 2023, our long-term debt consisted of fixed rate senior secured notes and variable rate secured debt borrowed under our AR Facility. Our senior secured notes are secured equally and ratably by a first priority lien on certain transmission and distribution assets. See “Deed of Trust” below for additional information. Amounts borrowed under our AR Facility are secured by accounts receivable from REPs and certain related rights under our AR Facility. See “—Long-Term Debt-Related Activity in 2023—AR Facility” below for additional information. At September 30, 2023 and December 31, 2022, our long-term debt consisted of the following: At September 30, At December 31, Fixed Rate Secured: 2.75% Senior Notes due June 1, 2024 $ 500 $ 500 2.95% Senior Notes due April 1, 2025 350 350 0.55% Senior Notes due October 1, 2025 450 450 3.86% Senior Notes, Series A, due December 3, 2025 174 174 3.86% Senior Notes, Series B, due January 14, 2026 38 38 5.50% Senior Notes, Series C, due May 1, 2026 200 — 4.30% Senior Notes due May 15, 2028 600 — 3.70% Senior Notes due November 15, 2028 650 650 5.75% Senior Notes due March 15, 2029 318 318 2.75% Senior Notes due May 15, 2030 700 700 5.34% Senior Notes, Series D, due May 1, 2031 100 — 7.00% Senior Notes due May 1, 2032 494 494 4.15% Senior Notes due June 1, 2032 400 400 4.55% Senior Notes due September 15, 2032 700 700 7.25% Senior Notes due January 15, 2033 323 323 5.45% Senior Notes, Series E, due May 1, 2036 100 — 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 348 348 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 400 400 2.70% Senior Notes due November 15, 2051 500 500 4.60% Senior Notes due June 1, 2052 400 400 4.95% Senior Notes due September 15, 2052 900 500 5.35% Senior Notes due October 1, 2052 300 300 Fixed rate secured long-term debt 12,645 11,245 Variable Rate Secured: AR Facility due April 28, 2026 500 — Variable Rate Unsecured: Term loan credit agreement due August 30, 2023 — 100 Total long-term debt 13,145 11,345 Unamortized discount, premium and debt issuance costs (145 ) (117 ) Less amount due currently (500 ) (100 ) Long-term debt, less amounts due currently $ 12,500 $ 11,128 Deed of Trust Our long-term senior secured notes are secured equally and ratably by a first priority lien on all property acquired or constructed by us for use in our electricity transmission and distribution business, subject to certain exceptions. 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. Long-Term Debt-Related Activity in 2023 Senior Secured Notes March 2023 Note Purchase Agreement On March 29, 2023, we entered into a note purchase agreement (March 2023 NPA) with the purchasers named therein, which provided for the issuance by us of certain senior secured notes. Pursuant to the March 2023 NPA, on March 29, 2023, we sold $200 million aggregate principal amount of 5.50% Senior Secured Notes, Series C, due May 1, 2026 (Series C Notes), $72 million aggregate principal amount of 5.34% Senior Secured Notes, Series D, due May 1, 2031 (Initial Series D Notes) and $80 million aggregate principal amount of 5.45% Senior Secured Notes, Series E, due May 1, 2036 (Initial Series E Notes), and on April 26, 2023, we sold an additional $28 million aggregate principal amount of 5.34% Senior Secured Notes, Series D, due May 1, 2031 (Additional Series D Notes and, together with the Initial Series D Notes, the Series D Notes) and an additional $20 million aggregate principal amount of 5.45% Senior Secured Notes, Series E, due May 1, 2036 (Additional Series E Notes and together with the Initial Series E Notes, Series E Notes). The senior secured notes issued under the March 2023 NPA are secured pursuant to the Deed of Trust. The March 2023 NPA provides for optional prepayment and make-whole payments with respect to any series of notes issued under the March 2023 NPA. The March 2023 NPA also contains customary covenants, restricting us, subject to certain exceptions, from among other things, entering into mergers and consolidations, and sales of substantial assets. In addition, the March 2023 NPA requires that we maintain a consolidated senior debt to consolidated total capitalization ratio of no greater than 0.65 to 1.00 and observe certain customary reporting requirements and other affirmative covenants. The March 2023 NPA contains customary events of default, including the failure to pay principal or interest when due, among others. If any such event of default occurs and is continuing, among other remedies provided in the March 2023 NPA, the outstanding principal of the notes issued under the March 2023 NPA may be declared due and payable. We used the proceeds from the sale of the senior secured notes under the March 2023 NPA for general corporate purposes, including repayment of outstanding CP Notes. The Series C Notes bear interest at a rate of 5.50% per annum and mature on May 1, 2026. The Series D Notes bear interest at a rate of 5.34% per annum and mature on May 1, 2031. The Series E Notes bear interest at a rate of 5.45% per annum and mature on May 1, 2036. Interest on the senior secured notes issued on March 29, 2023 was accrued beginning from March 29, 2023. Interest on the senior secured notes issued on April 26, 2023 was accrued beginning from April 26, 2023. All interest will be payable semi-annually on May 1 and November 1 of each year, beginning on November 1, 2023. Issuance of Senior Secured Notes Under Indenture On May 11, 2023, we issued $600 million aggregate principal amount of 4.30% Senior Secured Notes due May 15, 2028 (2028 Notes) and $400 million aggregate principal amount of 4.95% Senior Secured Notes due September 15, 2052 (2052 Notes). The 2052 Notes constitute an additional issuance of our 4.95% Senior Secured Notes due 2052, $500 million of which we previously issued on September 8, 2022. The 2028 Notes and 2052 Notes were issued under one of our existing indentures and are secured pursuant to the Deed of Trust. We used the proceeds (net of the initial purchasers’ discount fees, expenses and accrued interest) of approximately $970 million from the sale of the 2028 Notes and 2052 Notes for general corporate purposes, including to repay on May 11, 2023, the full amount of $625 million outstanding under our unsecured term loan credit agreement, dated January 24, 2023, the full amount of $150 million outstanding under our unsecured term loan credit agreement, dated March 22, 2023, and the then-full amount of $100 million outstanding under our AR Facility. The 2028 Notes bear interest at a rate of 4.30% per annum and mature on May 15, 2028. The 2052 Notes bear interest at a rate of 4.95% per annum and mature on September 15, 2052. Interest on the 2028 Notes accrued from May 11, 2023 and will be payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2023. Interest on the 2052 Notes accrued from March 15, 2023, and will be payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2023. Prior to April 15, 2028 in the case of the 2028 Notes and March 15, 2052 in the case of the 2052 Notes, we 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 April 15, 2028 in the case of the 2028 Notes and March 15, 2052 in the case of the 2052 Notes, we may redeem them 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. AR Facility On April 28, 2023, we and our bankruptcy-remote special purpose entity Receivables LLC, a wholly-owned subsidiary of Oncor, established the AR Facility, a revolving accounts receivable securitization facility. Under the terms of the AR Facility, Oncor sells or contributes all of its existing and future accounts receivable from REPs and certain related rights to Receivables LLC as contemplated by the terms of the AR Facility. Receivables LLC then pledges those REP receivables and related rights to the lenders under the AR Facility as collateral for borrowings. Oncor serves as servicer of the AR Facility and receives a fee from Receivables LLC equal to 1.00% per annum of the aggregate unpaid balance of receivables as of the last day of each settlement period. Receivables LLC’s sole business consists of the purchase or acceptance through capital contributions of the receivables and related rights from Oncor and the subsequent retransfer of or granting of a security interest in such receivables and related rights to the administrative agent for the benefit of the lenders pursuant to the receivables financing agreement. Receivables LLC is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to have amounts owed to them be satisfied out of Receivables LLC’s assets prior to any assets or value in Receivables LLC becoming available to Receivables LLC’s equity holder. The assets of Receivables LLC are not available to pay creditors of Oncor or any affiliate thereof. Receivables LLC is considered a VIE. See Note 10 for more information related to our consolidated VIE. Oncor has access to the AR Facility, under which Receivables LLC may borrow at any one time an amount equal to the borrowing base. The borrowing base is defined under the receivables financing agreement as an amount equal to the lesser of (i) the facility limit of $500 million and (ii) the amount calculated based on the outstanding balance of eligible receivables held as collateral at a particular time, subject to certain reserves, concentration limits, and other limitations. At September 30, 2023, the borrowing base for the AR Facility was $500 million and $500 million in aggregate borrowings were outstanding under the AR Facility. The agreements relating to the AR Facility contain customary representations and warranties, affirmative and negative covenants, and events of default, including but not limited to those providing for the acceleration of amounts owed under the AR Facility if, among other things, Receivables LLC fails to pay interest or other amounts due, Receivables LLC becomes insolvent or subject to bankruptcy proceedings or certain judicial judgments or breaches of certain representations and warranties and covenants. The AR Facility will terminate at the earlier of (i) April 28, 2026, (ii) the date on which the termination date is declared or deemed to have occurred upon the exercise of remedies by the administrative agent, or (iii) the date that is 30 days after notice by Receivables LLC. Subject to the consent of the administrative agent and the lenders, Receivables LLC may, 30 days prior to each anniversary date of the receivables financing agreement, extend the AR Facility in one-year Term Loan Credit Agreement Activity On January 9, 2023, we repaid the remaining $100 million principal amount outstanding under a term loan credit agreement, dated July 6, 2022, that was due to mature on August 30, 2023. Following such repayment, no borrowings remained outstanding and the term loan credit agreement ceased to be in effect. On January one-month On March 22, 2023, we entered into an unsecured term loan credit agreement with a commitment equal to an aggregate principal amount of $150 million. The term loan credit agreement had a maturity date of April 30, 2024. On March 23, 2023, we borrowed $150 million under the term loan credit agreement. The proceeds from the borrowing were used for general corporate purposes, including repayment of outstanding CP Notes. Loans under the term loan credit agreement bore interest at a rate per annum equal to SOFR calculated based on term SOFR for a one-month Fair Value of Long-Term Debt At September 30, 2023 and December 31, 2022, the estimated fair value of our long-term debt (including current maturities) totaled $11.558 billion and $10.398 billion, respectively, and the carrying amount totaled $13.000 billion and $11.228 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. | 6. LONG-TERM DEBT Our long-term debt at December 31, 2022 consisted of fixed rate secured debt and variable rate unsecured debt. Our secured debt is secured equally and ratably by a first priority lien on certain transmission and distribution assets. See “Deed of Trust” below for additional information. At December 31, 2022 and 2021, our long-term debt consisted of the following: At December 31, 2022 2021 Fixed Rate Secured: 4.10% Senior Notes, due June 1, 2022 $ — $ 400 7.00% Debentures due September 1, 2022 — 482 2.75% Senior Notes due June 1, 2024 500 500 2.95% Senior Notes due April 1, 2025 350 350 0.55% Senior Notes due October 1, 2025 450 450 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 2.75% Senior Notes due May 15, 2030 700 700 7.00% Senior Notes due May 1, 2032 494 494 4.15% Senior Notes due June 1, 2032 400 — 4.55% Senior Notes due September 15, 2032 700 — 7.25% Senior Notes due January 15, 2033 323 323 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 348 348 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 400 400 2.70% Senior Notes due November 15, 2051 500 500 4.60% Senior Notes due June 1, 2052 400 — 4.95% Senior Notes due September 15, 2052 500 — 5.35% Senior Notes due October 1, 2052 300 300 Fixed rate secured long-term debt 11,245 10,127 Variable Rate Unsecured: Term loan credit agreement due August 30, 2023 100 — Variable rate unsecured long-term debt 100 — Total long-term debt 11,345 10,127 Unamortized discount and debt issuance costs (117 ) (95 ) Less amount due currently (100 ) (882 ) Long-term debt, less amounts due currently $ 11,128 $ 9,150 Deed of Trust Our long-term secured debt is secured equally and ratably by a first priority lien on all property acquired or constructed by Oncor for use in its electricity transmission and distribution business, subject to certain exceptions. 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. Long-Term Debt-Related Activities in 2022 January 2022 Term Loan Credit Agreement On January 28, 2022, we entered into an unsecured term loan credit agreement with a commitment equal to an aggregate principal amount of $1.30 billion (January 2022 Term Loan Credit Agreement). The January 2022 Term Loan Credit Agreement had a maturity date of April 29, 2023. We borrowed $400 million on January 28, 2022, $600 million on February 28, 2022 (February 2022 borrowing), $185 million on March 28, 2022, and $115 million on April 28, 2022 under the January 2022 Term Loan Credit Agreement. The proceeds from each borrowing were used for general corporate purposes, including to repay outstanding CP Notes and, in the case of the February 2022 borrowing, to redeem in full the $400 million aggregate principal amount outstanding of our 4.10% senior secured notes due June 1, 2022 (2022 Notes), plus accrued and unpaid interest on the 2022 Notes. On each of May 20, 2022 and September 9, 2022, we repaid $650 million of the aggregate principal amount outstanding under the January 2022 Term Loan Credit Agreement. Following the repayment on September 9, 2022, no borrowings remained outstanding and the January 2022 Term Loan Credit Agreement was no longer in effect. Loans under the January 2022 Term Loan Credit Agreement bore interest, at our option, at either (i) an adjusted term SOFR (calculated based on one-month July 2022 Term Loan Credit Agreement On July 6, 2022, we entered into an unsecured term loan credit agreement with a commitment equal to an aggregate principal amount of $650 million (July 2022 Term Loan Credit Agreement). The July 2022 Term Loan Credit Agreement had a maturity date of August 30, 2023. On August 29, 2022, we borrowed the entire $650 million aggregate principal amount available under the July 2022 Term Loan Credit Agreement. The proceeds from the borrowing were used for general corporate purposes, including to repay in full the $482 million principal amount outstanding of our 7.00% Debentures due 2022 (the Debentures), plus accrued and unpaid interest on the Debentures. On September 9, 2022, we repaid $550 million of the aggregate principal amount outstanding under the July 2022 Term Loan Credit Agreement. As a result of the repayment, the aggregate principal amount outstanding under the July 2022 Term Loan Credit Agreement at December 31, 2022 was $100 million. Loans under the July 2022 Term Loan Credit Agreement bore interest, at our option, at either (i) an adjusted term SOFR (calculated based on one-month Secured Debt Repayments On March 1, 2022, we redeemed in full the $400 million aggregate principal amount outstanding of our 2022 Notes, which were to mature on June 1, 2022. The redemption price was equal to 100% of the principal amount of the 2022 Notes, plus accrued interest to, but not including, the redemption date of March 1, 2022. Following the redemption of the 2022 Notes, none of the 2022 Notes remain outstanding. On September 1, 2022, we repaid in full at maturity the $482 million aggregate principal amount outstanding of the Debentures, plus accrued and unpaid interest on the Debentures. Following the repayment of the Debentures, none of the Debentures remain outstanding. May 2022 Notes Issuances On May 20, 2022, we issued $400 million aggregate principal amount of 4.15% senior secured notes due June 1, 2032 (4.15% 2032 Notes) and $400 million aggregate principal amount of 4.60% senior secured notes due June 1, 2052 (4.60% 2052 Notes). We intend to allocate/disburse the proceeds from the sale of the 4.15% 2032 Notes (net of the discounts and fees to the initial purchasers and the estimated pro rata expenses related to the offering of the 4.15% 2032 Notes) of approximately $395 million, or an amount equal to the net proceeds from the sale of the 4.15% 2032 Notes, to finance and/or refinance, in whole or in part, investments in or expenditures on one or more new and/or existing eligible green projects in accordance with our sustainable financing framework. Eligible green projects include transmission and distribution projects connecting renewable energy sources to the ERCOT grid, customer energy efficiency programs, and deployment of automated metering infrastructure and smart grid technology. Prior to the allocation/disbursement of the full amount of the net proceeds from the sale of the 4.15% 2032 Notes, we temporarily applied the entire amount of such net proceeds to repay a portion of the principal amount outstanding under the January 2022 Term Loan Credit Agreement. We used the proceeds from the sale of the 4.60% 2052 Notes (net of the discounts and fees to the initial purchasers and the estimated pro rata expenses related to the offering of the 4.60% 2052 Notes) of approximately $392 million for general corporate purposes, including to repay $255 million of the principal amount outstanding under the January 2022 Term Loan Credit Agreement. The 4.15% 2032 Notes bear interest at a rate of 4.15% per annum and mature on June 1, 2032. The 4.60% 2052 Notes bear interest at a rate of 4.60% per annum and mature on June 1, 2052. Interest on the 4.15% 2032 Notes and the 4.60% 2052 Notes is payable in cash semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2022. Prior to March 1, 2032, in the case of the 4.15% 2032 Notes and December 1, 2051 in the case of the 4.60% 2052 Notes, we 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 March 1, 2032 in the case of the 4.15% 2032 Notes and December 1, 2051 in the case of the 4.60% 2052 Notes, we 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. September 2022 Notes Issuances On September 8, 2022, we issued $700 million aggregate principal amount of 4.55% senior secured notes due September 15, 2032 (4.55% 2032 Notes) and $500 million aggregate principal amount of 4.95% senior secured notes due September 15, 2052 (4.95% 2052 Notes). We used the proceeds from the sale of the 4.55% 2032 Notes and the 4.95% 2052 Notes (net of the discounts, fees and expenses) of approximately $1.185 billion for general corporate purposes, including to repay the full $650 million of the principal amount outstanding under the January 2022 Term Loan Credit Agreement and a portion of the principal amount outstanding under the July 2022 Term Loan Credit Agreement. The 4.55% 2032 Notes bear interest at a rate of 4.55% per annum and mature on September 15, 2032. The 4.95% 2052 Notes bear interest at a rate of 4.95% per annum and mature on September 15, 2052. Interest on the 4.55% 2032 Notes and the 4.95% 2052 Notes is payable in cash semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2023. Prior to June 15, 2032, in the case of the 4.55% 2032 Notes and March 15, 2052 in the case of the 4.95% 2052 Notes, we 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 June 15, 2032 in the case of the 4.55% 2032 Notes and March 15, 2052 in the case of the 4.95% 2052 Notes, we 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. Long-Term Debt-Related Activities in 2023 On January 9, 2023, we repaid the remaining $100 million principal amount outstanding under the July 2022 Term Loan Credit Agreement. Following the repayment on January 9, 2023, no borrowings remained outstanding and the July 2022 Term Loan Credit Agreement was no longer in effect. On January 24, 2023, we entered into an unsecured term loan credit agreement with a commitment equal to an aggregate principal amount of $625 million (January 2023 Term Loan Credit Agreement). The January 2023 Term Loan Credit Agreement has a maturity date of February 28, 2024. On January 27, 2023, we borrowed $500 million and on February 27, 2023, we borrowed the remaining $125 million under the January 2023 Term Loan Credit Agreement. As a result of the February 27, 2023 borrowing, no additional amount remains available for borrowing under the January 2023 Term Loan Credit Agreement. The proceeds from the borrowings were used for general corporate purposes, including repayment of outstanding CP Notes. Loans under the January 2023 Term Loan Credit Agreement bear interest, at our option, at either (i) an adjusted term SOFR (calculated based on term SOFR for a one-, six-month Maturities Long-term debt maturities at December 31, 2022, are as follows: Years Amounts 2023 $ 100 2024 500 2025 974 2026 38 2027 — Thereafter 9,733 Total $ 11,345 Fair Value of Long-Term Debt At December 31, 2022 and 2021, the estimated fair value of our long-term debt (including current maturities) totaled $10.398 billion and $11.758 billion, respectively, and the carrying amount totaled $11.228 billion and $10.032 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES Legal/Regulatory Proceedings See Note 2 for information regarding our base rate review and pending capital trackers. We are also involved in other 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 Notes 1 and 2 above and Note 7 to Financial Statements in our 2022 Form 10-K 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 GAAP purposes. At September 30, 2023, we had $4 million in GAAP operating leases that are treated as capital leases (referred to as finance leases under current accounting literature) solely for 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. See Note 7 to Financial Statements in our 2022 Form 10-K Sales and Use Tax Audits We are subject to sales and use tax audits in the normal course of business. Currently, the Texas State Comptroller’s office is conducting sales and use tax audits for audit periods January 2010 through June 2013, July 2013 through December 2017, and January 2018 through December 2022, respectively. No audit reports have been issued for these audits. While the outcome is uncertain, based on our analysis, we do not expect the ultimate resolution of these audits will have a material adverse effect on our financial position, results of operations, or cash flows. | 7. 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 GAAP purposes. At December 31, 2022 and 2021, we had $5 million and $3 million, respectively, in GAAP operating leases that are treated as capital leases solely for 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 table presents GAAP operating lease related balance sheet information: At December 31, 2022 2021 ROU assets: Operating lease RO $ 145 $ 146 Lease liabilities: Operating lease and other current liabilities $ 38 $ 37 Operating lease and other obligations (noncurr 131 133 Total operating leas $ 169 $ 170 Weighted-average remaining lease term (in years) 6 7 Weighted-average discount rate 2.6 % 2.5 % The following table presents costs related to lease activities: Years Ended December 31, 2022 2021 2020 Operating lease costs (including amounts allocated to property, plant and equipment) $ 52 $ 51 $ 42 Short-term lease costs 9 11 10 Total operating lease costs $ 61 $ 62 $ 52 The following table presents lease related cash flows and other information: Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 49 $ 40 $ 35 ROU assets obtained in exchange for operating lease obligations (noncash) $ 42 $ 52 $ 72 The following table presents the maturity analysis of our operating lease liabilities and reconciliation to the present value of lease liabilities: Years Amounts 2023 $ 42 2024 33 2025 24 2026 16 2027 12 Thereafter 53 Total undiscounted lease payments 180 Less imputed interest (11 ) Total operating lease obligations $ 169 Capital Expenditures As part of the Sempra Acquisition, Oncor committed to make minimum aggregate capital expenditures equal to at least $7.5 billion from January 1, 2018 to December 31, 2022. Our actual capital expenditures from January 1, 2018 to December 31, 2022 totaled $11.9 billion. Sales and Use Tax Audits We are subject to sales and use tax audits in the normal course of business. Currently, the Texas State Comptroller’s office is conducting sales and use tax audits for audit periods January 2010 through June 2013, July 2013 through December 2017, and January 2018 through December 2022, respectively. No audit reports have been issued for these audits. While the outcome is uncertain, based on our analysis, we do not expect the ultimate resolution of these audits will have a material adverse effect on our financial position, results of operations, or cash flows. Energy Efficiency Spending We are required to annually invest in programs designed to improve customer electricity demand and consumption efficiencies to satisfy ongoing regulatory requirements. The requirement for the year 2023 is $52 million, which is recoverable through EECRF rates. Legal/Regulatory Proceedings In May 2022, we filed a base rate review with the PUCT and the cities in our service territory that have retained original jurisdiction over rates. In addition, in February 2023, we filed an application with the PUCT requesting that it grant certain exceptions to the DCRF filing application requirements, including extending the filing deadline. See Note 2 above for additional information regarding these proceedings. We are also involved in other 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, 2022, approximately 17% of our full time employees were represented by a labor union and covered by a collective bargaining agreement that expires in October 2026. 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 We have not identified any significant potential environmental liabilities at this time. |
Membership Interests
Membership Interests | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Membership Interests [Abstract] | ||
MEMBERSHIP INTERESTS | 7. MEMBERSHIP INTERESTS Contributions We received cash capital contributions from our members of $116 million on October 26, 2023. In the nine months ended September 30, 2023, we received the following cash capital contributions from our members: Receipt Dates Amounts February 13, 2023 $ 106 April 27, 2023 $ 115 July 27, 2023 $ 115 Distributions The Sempra Order 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 (other than contractual tax payments) to our members that would cause us to exceed the PUCT’s authorized debt-to-equity debt-to-equity The PUCT has the authority to determine what types of debt and equity are included in a utility’s regulatory debt-to-equity On October 24, 2023, our board of directors declared a cash distribution of $148 million, which was paid to our members on October 25, 2023. In the nine months ended September 30, 2023, our board of directors declared, and we paid, the following cash distributions to our members: Declaration Dates Payment Dates Amounts February 14, 2023 February 15, 2023 $ 106 April 25, 2023 April 26, 2023 $ 149 July 25, 2023 July 26, 2023 $ 149 Membership Interests The following tables present the changes to membership interests during the three and nine months ended September 30, 2023 and 2022, net of tax: Capital Account Accumulated Other Total Balance at June 30, 2023 $ 13,893 $ (181 ) $ 13,712 Net income 380 — 380 Capital contributions 115 — 115 Distributions (149 ) — (149 ) Net effects of cash flow hedges — 1 1 Balance at September 30, 2023 $ 14,239 $ (180 ) $ 14,059 Balance at June 30, 2022 $ 13,142 $ (128 ) $ 13,014 Net income 318 — 318 Capital contributions 106 — 106 Distributions (106 ) — (106 ) Net effects of cash flow hedges — 1 1 Defined benefit pension plans — 1 1 Balance at September 30, 2022 $ 13,460 $ (126 ) $ 13,334 Capital Account Accumulated Other Total Balance at December 31, 2022 $ 13,624 $ (162 ) $ 13,462 Net income 683 — 683 Capital contributions 336 — 336 Distributions (404 ) — (404 ) Net effects of cash flow hedges — 2 2 Defined benefit pension plans (a) — (20 ) (20 ) Balance at September 30, 2023 $ 14,239 $ (180 ) $ 14,059 Balance at December 31, 2021 $ 12,719 $ (131 ) $ 12,588 Net income 741 — 741 Capital contributions 318 — 318 Distributions (318 ) — (318 ) Net effects of cash flow hedges — 2 2 Defined benefit pension plans — 3 3 Balance at September 30, 2022 $ 13,460 $ (126 ) $ 13,334 (a) Includes a $20 million reclassification from regulatory assets related to employee retirement liabilities to other comprehensive income in the first quarter of 2023, recorded as a result of the final order in our comprehensive base rate review (PUCT Docket No. 53601). Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the changes to AOCI for the nine months ended September 30, 2023 and 2022, net of tax: Cash Flow Defined Benefit Total Accumulated Balance at December 31, 2022 $ (34 ) $ (128 ) $ (162 ) Defined benefit pension plans (a) — (20 ) (20 ) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $0) 2 — 2 Balance at September 30, 2023 $ (32 ) $ (148 ) $ (180 ) Balance at December 31, 2021 $ (36 ) $ (95 ) $ (131 ) Defined benefit pension plans — 3 3 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $0) 2 — 2 Balance at September 30, 2022 $ (34 ) $ (92 ) $ (126 ) (a) Includes a $20 million reclassification from regulatory assets related to employee retirement liabilities to other comprehensive income in the first quarter of 2023, recorded as a result of the final order in our comprehensive base rate review (PUCT Docket No. 53601). | 8. MEMBERSHIP INTERESTS Contributions On February 13, 2023, we received cash capital contributions from our members totaling $106 million. During 2022, we received the following cash capital contributions from our members. Receipt Dates Amounts February 17, 2022 $ 106 April 26, 2022 $ 106 July 26, 2022 $ 106 October 24, 2022 $ 106 Distributions Distributions are limited by the requirement to maintain our regulatory capital structure at or below the debt-to-equity debt-to-equity The Sempra Order 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 (other than contractual tax payments) to our members that would cause us to exceed the PUCT’s authorized debt-to-equity debt-to-equity On February 14, 2023, our board of directors declared a cash distribution of $106 million, which was paid to our members on February 15, 2023. During 2022, our board of directors declared, and we paid, the following cash distributions to our members: Declaration Dates Payment Dates Amounts February 18, 2022 February 18, 2022 $ 106 April 27, 2022 April 28, 2022 $ 106 July 27, 2022 July 28, 2022 $ 106 October 25, 2022 October 26, 2022 $ 106 Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the changes to AOCI for the years ended December 31, 2022, 2021 and 2020 net of tax: Cash Flow Defined Benefit Accumulated Other Balance at December 31, 2019 $ (18 ) $ (121 ) $ (139 ) Defined benefit pension plans — 9 9 Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6) (24 ) — (24 ) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $1) 3 — 3 Balance at December 31, 2020 (39 ) (112 ) (151 ) Defined benefit pension plans — 17 17 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $0) 3 — 3 Balance at December 31, 2021 (36 ) (95 ) (131 ) Defined benefit pension plans — (33 ) (33 ) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $1) 2 — 2 Balance at December 31, 2022 $ (34 ) $ (128 ) $ (162 ) |
Pension and OPEB Plans
Pension and OPEB Plans | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
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 related to 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 9 to Financial Statements in our 2022 Form 10-K 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. The second plan covers 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 10-K Pension and OPEB Costs Our net costs related to pension plans and the OPEB Plans for the three and nine months ended September 30, 2023 and 2022, were comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Components of net pension costs: Service cost $ 6 $ 7 $ 18 $ 23 Interest cost (a) 30 23 91 68 Expected return on assets (a) (33 ) (26 ) (97 ) (79 ) Amortization of net loss (a) 1 8 2 24 Net pension costs 4 12 14 36 Net adjustments (b) — (1 ) 6 (3 ) Net pension costs recognized as operation and maintenance expense or other deductions $ 4 $ 11 $ 20 $ 33 Components of net OPEB costs: Service cost $ 1 $ 1 $ 3 $ 3 Interest cost (a) 8 6 24 18 Expected return on assets (a) (2 ) (2 ) (6 ) (6 ) Amortization of net loss (a) (8 ) — (24 ) — Net OPEB costs (1 ) 5 (3 ) 15 Net adjustments (b) 3 3 17 8 Net OPEB costs recognized as operation and maintenance expense or other deductions $ 2 $ 8 $ 14 $ 23 (a) The components of net costs other than service cost component are recorded in (b) Net adjustments include amounts principally deferred as property, plant and equipment, regulatory assets or regulatory liabilities. The discount rates reflected in net pension and OPEB costs in 2023 are 5.19%, 5.19% and 5.11% for the Oncor Retirement Plan, the Vistra Retirement Plan and the OPEB Plans, respectively. The expected return on pension and OPEB plan assets reflected in the 2023 cost amounts are 6.05%, 6.47% and 6.94% for the Oncor Retirement Plan, the Vistra Retirement Plan and the OPEB Plans, respectively. Pension Plans and OPEB Plans Cash Contributions We made cash contributions to the pension plans and OPEB Plans of $3 million and $20 million, respectively, during the nine months ended September 30, 2023. Based on funding considerations in the latest actuarial projections, including applicable minimum funding requirements, our future fundings for the pension plans and the OPEB Plans are expected to total $2 million and $4 million, respectively, during the remainder of 2023 and approximately $466 million and $128 million, respectively, in the five-year period from 2023 to 2027. Future funding estimates for our pension plans and OPEB Plans are dependent on a variety of variables and assumptions, including investment returns on plan assets, market interest rates, and levels of discretionary contributions over minimum funding requirements, which we continue to monitor. Financial market volatility and its effects on the returns on our plan assets and liability valuations could significantly change our anticipated future funding amounts. | 9. 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 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, 2022 and 2021, we had recorded net regulatory assets totaling $346 million and $581 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 non-recoverable Pension Plans We sponsor the Oncor Retirement Plan and also have liabilities related to the Vistra 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 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, 2022, the pension plans’ projected benefit obligation included a net actuarial gain of $662 million for 2022 attributable primarily to an increase in the discount rate due to changes in the corporate bond markets, partially offset by losses associated with economic assumption updates and plan experience different than expected. 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 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, 2022, the OPEB Plans’ projected benefit obligation included a net actuarial gain of $190 million for 2022 attributable primarily to an increase in the discount rate due to changes in the corporate bond markets. Pension and OPEB Costs Recognized as Expense Pension and OPEB amounts provided herein include amounts related only to our obligations with respect to the various plans based on actuarial computations and reflect our employee and retiree demographics as described above. 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 plans and OPEB Plans information is based on December 31, 2022, 2021 and 2020 measurement dates: Pension Plans OPEB Plans Years Ended December 31, Years Ended December 31, 2022 2021 2020 2022 2021 2020 Assumptions Used to Determine Net Periodic Pension and OPEB Costs: Discount rate 2.75 % 2.40 % 3.13 % 2.91 % 2.58 % 3.29 % Expected return on plan assets 4.70 % 4.35 % 4.94 % 5.61 % 5.24 % 5.90 % Rate of compensation increase 4.98 % 4.80 % 4.64 % — — — Components of Net Pension and OPEB Costs: Service cost $ 31 $ 33 $ 29 $ 4 $ 5 $ 6 Interest cost (a) 90 84 103 25 26 32 Expected return on assets (a) (104 ) (99 ) (109 ) (8 ) (7 ) (8 ) Amortization of prior service credit (a) — — — — (17 ) (20 ) Amortization of net loss (gain) (a) 32 52 48 (1 ) 18 10 Curtailment credit (a) — — — — — (1 ) Net pension and OPEB costs 49 70 71 20 25 19 Net adjustments (b) (6 ) (25 ) (24 ) 11 6 11 Net pension and OPEB costs recognized as operation and maintenance expense or other deductions $ 43 $ 45 $ 47 $ 31 $ 31 $ 30 Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: Curtailment $ — $ — $ — $ — $ — $ 2 Net loss (gain) 50 (164 ) 61 (157 ) (142 ) 14 Amortization of net gain (loss) (32 ) (52 ) (48 ) 1 (18 ) (10 ) Amortization of prior service credit — — — — 17 20 Total recognized as regulatory assets or other comprehensive income 18 (216 ) 13 (156 ) (143 ) 26 Total recognized in net periodic pension and OPEB costs and as regulatory assets or other comprehensive income $ 61 $ (171 ) $ 60 $ (125 ) $ (112 ) $ 56 (a) The components of net costs other than service cost component are recorded in “Other deductions and (income) – net” in Statements of Consolidated Income. (b) Net adjustments include amounts principally deferred as property, regulatory asset or regulatory liability. Pension Plans OPEB Plans Years Ended December 31, Years Ended December 31, 2022 2021 2020 2022 2021 2020 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate 4.94 % 2.75 % 2.40 % 5.19 % 2.91 % 2.58 % Rate of compensation increase 5.34 % 4.98 % 4.80 % — — — Pension Plans OPEB Plans Years Ended December 31, Years Ended December 31, 2022 2021 2020 2022 2021 2020 Change in Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 3,358 $ 3,596 $ 3,400 $ 861 $ 1,013 $ 999 Service cost 31 33 29 4 5 6 Interest cost 90 84 103 25 26 32 Participant contributions — — — 19 19 18 Actuarial loss (gain) (662 ) (95 ) 302 (190 ) (136 ) 20 Benefits paid (169 ) (171 ) (165 ) (55 ) (66 ) (63 ) Curtailment — — — — — 1 Settlements (81 ) (89 ) (73 ) — — — Projected benefit obligation at end of year $ 2,567 $ 3,358 $ 3,596 $ 664 $ 861 $ 1,013 Accumulated benefit obligation at end of year $ 2,452 $ 3,199 $ 3,433 $ — $ — $ — Change in Plan Assets: Fair value of assets at beginning of year $ 2,669 $ 2,740 $ 2,494 $ 146 $ 145 $ 141 Actual return (loss) on assets (608 ) 168 350 (25 ) 13 14 Employer contributions 6 21 134 35 35 35 Participant contributions — — — 19 19 18 Benefits paid (169 ) (171 ) (165 ) (55 ) (66 ) (63 ) Settlements (81 ) (89 ) (73 ) — — — Fair value of assets at end of year $ 1,817 $ 2,669 $ 2,740 $ 120 $ 146 $ 145 Funded Status: Projected benefit obligation at end of year $ (2,567 ) $ (3,358 ) $ (3,596 ) $ (664 ) $ (861 ) $ (1,013 ) Fair value of assets at end of year 1,817 2,669 2,740 120 146 145 Funded status at end of year $ (750 ) $ (689 ) $ (856 ) $ (544 ) $ (715 ) $ (868 ) Pension Plans OPEB Plans At December 31, At December 31, 2022 2021 2022 2021 Amounts Recognized in the Balance Sheet Consist of: Liabilities: Other current liabilities $ (5 ) $ (5 ) $ (16 ) $ (12 ) Other noncurrent liabilities (764 ) (705 ) (528 ) (703 ) Net liabilities recognized $ (769 ) $ (710 ) $ (544 ) $ (715 ) Assets: Other noncurrent assets $ 19 $ 21 $ — $ — Net regulatory assets recognized 337 355 (180 ) (27 ) Net assets recognized $ 356 $ 376 $ (180 ) $ (27 ) Accumulated other comprehensive net loss $ 129 $ 93 $ — $ 3 The following table provides information regarding the assumed health care cost trend rates. Years Ended December 31, 2022 2021 2020 Assumed Health Care Cost Trend Rates - Not Medicare Eligible: Health care cost trend rate assumed for next year 7.40 % 6.70 % 6.90 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2032 2029 2029 Assumed Health Care Cost Trend Rates - Medicare Eligible: Health care cost trend rate assumed for next year 8.30 % 7.50 % 7.80 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2032 2031 2030 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, 2022 2021 Pension Plans with PBO and ABO in Excess of Plan Assets (a): Projected benefit obligations $ 2,567 $ 3,358 Accumulated benefit obligations $ 2,452 $ 3,199 Plan assets $ 1,817 $ 2,669 (a) PBO, ABO and the plan assets relating to Oncor’s obligations with respect to the Vistra Retirement Plan are included. Oncor’s obligations with respect to the Vistra Retirement Plan are overfunded. As of December 31, 2022, PBO, ABO and the plan assets relating to Oncor’s obligations with respect to the Vistra Retirement Plan were $140 million, $139 million and $159 million, respectively. As of December 31, 2021, PBO, ABO and the plan assets relating to Oncor’s obligations with respect to the Vistra Retirement Plan were $187 million, $185 million and $208 million, respectively. The following table provides information regarding OPEB Plans with accumulated projected benefit obligations (APBO) in excess of the fair value of plan assets. At December 31, 2022 2021 OPEB Plans with APBO in Excess of Plan Assets Accumulated postretirement benefit obligations $ 664 $ 861 Plan assets $ 120 $ 146 Pension Plans 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 The target asset allocation ranges of the pension plans’ investments by asset category are as follows: Target Allocation Ranges Asset Category Recoverable Non-recoverable International equities 8% – 16% 5% – 11% U.S. equities 17% – 25% 11% – 17% Real estate 7% – 11% 3% – 7% Credit strategies 3% – 7% 3% – 7% Fixed income 48% – 58% 65% – 75% Our investment objective for the 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, 2022 provided below are consistent with the asset allocation targets. Fair Value Measurement of Pension Plans’ Assets At December 31, 2022 and 2021, pension plans’ assets measured at fair value on a recurring basis consisted of the following: At December 31, 2022 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ — $ 20 $ — $ 20 Equity securities: U.S. 35 3 — 38 International 67 — — 67 Fixed income securities: Corporate bonds (a) — 543 — 543 U.S. Treasuries — 41 — 41 Other (b) — 41 — 41 Total assets in the fair value hierarchy $ 102 $ 648 $ — 750 Total assets measured at NAV (c) 1,067 Total fair value of plan assets $ 1,817 At December 31, 2021 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ — $ 9 $ — $ 9 Equity securities: U.S. 65 1 — 66 International 138 1 — 139 Fixed income securities: Corporate bonds (a) — 879 — 879 U.S. Treasuries — 55 — 55 Other (b) — 50 — 50 Total assets in the fair value hierarchy $ 203 $ 995 $ — 1,198 Total assets measured at NAV (c) 1,471 Total fair value of plan assets $ 2,669 (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 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 OPEB Plans’ Assets At December 31, 2022 and 2021, the OPEB Plans’ assets measured at fair value on a recurring basis consisted of the following: At December 31, 2022 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ 9 $ — $ — $ 9 Equity securities: U.S. 13 — — 13 International 11 — — 11 Fixed income securities: Corporate bonds (a) — 28 — 28 U.S. Treasuries — 2 — 2 Other (b) 15 2 — 17 Total assets in the fair value hierarchy $ 48 $ 32 $ — 80 Total assets measured at NAV (c) 40 Total fair value of plan assets $ 120 At December 31, 2021 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ 9 $ — $ — $ 9 Equity securities: U.S. 16 — — 16 International 17 — — 17 Fixed income securities: Corporate bonds (a) — 37 — 37 U.S. Treasuries — 2 — 2 Other (b) 16 2 — 18 Total assets in the fair value hierarchy $ 58 $ 41 $ — 99 Total assets measured at NAV (c) 47 Total fair value of plan assets $ 146 (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 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 OPEB Plans Asset Class Expected Long-Term Asset Class Expected Long-Term International equity securities 7.83 % 401(h) accounts 7.37 % U.S. equity securities 7.40 % Life insurance VEBA 6.95 % Real estate 4.80 % Union VEBA 6.95 % Credit strategies 7.00 % Non-union 3.30 % Fixed income securities 5.17 % Shared retiree VEBA 3.30 % Weighted average (a) 6.05 % Weighted average 6.94 % (a) The 2023 expected long-term rate of return for the nonregulated portion of the Oncor Retirement Plan is 5.83%, and for Oncor’s obligations with respect to the Vistra Retirement Plan is 6.47%. 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 Plan at December 31, 2022, we selected the assumed discount rate using the Aon AA-AAA Future Pension Plans and OPEB Plans Cash Contributions Based on applicable minimum funding requirements and the latest actuarial projections, our future funding for the pension plans and the OPEB Plans, is expected to total $5 million and $22 million, respectively, in 2023 and approximately $356 million and $126 million, respectively, in the five-year period 2023 to 2027. We may also elect to make additional discretionary contributions based on market and/or business conditions. Future Benefit Payments Estimated future benefit payments to participants are as follows: 2023 2024 2025 2026 2027 2028-32 Pension plans $ 176 $ 180 $ 184 $ 186 $ 186 $ 925 OPEB Plans $ 45 $ 47 $ 48 $ 48 $ 49 $ 242 Thrift Plan Our employees are eligible to participate in a qualified savings plan, the Oncor Thrift Plan, which is a participant-directed defined contribution plan subject to the provisions of ERISA and intended to qualify under Section 401(a) of the Code, and to meet the requirements of Code Sections 401(k) and 401(m). Under the plan, employees may contribute, through pre-tax after-tax |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Related-Party Transactions [Abstract] | ||
RELATED-PARTY TRANSACTIONS | 9. RELATED-PARTY TRANSACTIONS The following represents 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, 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 to Financial Statements in our 2022 Form 10-K Amounts payable to (receivable from) members related to income taxes under the tax sharing agreement and reported on our balance sheet consisted of the following: At September 30, 2023 At December 31, 2022 STH Texas Total STH Texas Total Federal income taxes payable (receivable) $ 11 $ 3 $ 14 $ 14 $ 4 $ 18 Texas margin tax payable 21 — 21 27 — 27 Net payable (receivable) $ 32 $ 3 $ 35 $ 41 $ 4 $ 45 Cash payments made to members related to income taxes in the nine months ended September 30, 2023 and 2022 consisted of the following: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 STH Texas Total STH Texas Total Federal income taxes $ 67 $ 17 $ 84 $ 61 $ 15 $ 76 Texas margin tax 28 — 28 24 — 24 Total payments $ 95 $ 17 $ 112 $ 85 $ 15 $ 100 See Note 7 for information regarding cash capital contributions from and distributions to members. • Sempra owns an indirect 50 percent interest in the parent of Sharyland. Sharyland provided wholesale transmission service to us in the amount of $4 million during each of the three months ended September 30, 2023 and 2022, and $12 million and $7 million in the nine months ended September 30, 2023 and 2022, respectively, at rates set pursuant to PUCT-approved tariffs. Pursuant to an operation agreement between us and Sharyland that was entered into in connection with a PUCT order, we provide Sharyland with substation monitoring and switching services. These services totaled less than $1 million in each of the nine months ended September 30, 2023 and 2022. | 10. 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, 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 these regulatory amounts 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, 2022 2021 STH Texas Total STH Texas Total Federal income taxes payable (receivable) $ 14 $ 4 $ 18 $ (5 ) $ (1 ) $ (6 ) Texas margin tax payable 27 — 27 24 — 24 Net payable (receivable) $ 41 $ 4 $ 45 $ 19 $ (1 ) $ 18 Cash payments made to our members related to income taxes consisted of the following: Years Ended December 31, 2022 2021 2020 STH Texas Total STH Texas Total STH Texas Total Federal income taxes $ 79 $ 20 $ 99 $ 49 $ 12 $ 61 $ 70 $ 17 $ 87 Texas margin taxes 24 — 24 23 — 23 22 — 22 Total payments $ 103 $ 20 $ 123 $ 72 $ 12 $ 84 $ 92 $ 17 $ 109 • Pursuant to the PUCT order in Docket No. 48929 relating to Oncor’s 2019 acquisition of InfraREIT,Inc., we entered into an operation agreement with Sharyland under which we provide certain operations services to Sharyland at cost with no markup or profit. Sempra owns an indirect 50% interest in the parent of Sharyland. Sharyland provided wholesale transmission service to us in the amount of $11 million, $10 million and $13 million in the years ended December 31, 2022, 2021 and 2020, respectively. We provided substation monitoring and switching service to Sharyland in the amount of $639,000, $592,000 and $629,000 in the years ended December 31, 2022, 2021 and 2020, respectively. • We paid Sempra $103,000, $116,000 and $119,000 for the years ended December 31, 2022, 2021 and 2020, respectively, for tax consulting and related services. See Notes 1, 4, and 8 for information regarding the tax sharing agreement and distributions to members. |
Supplementary Financial Informa
Supplementary Financial Information | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Supplementary Financial Information [Abstract] | ||
SUPPLEMENTARY FINANCIAL INFORMATION | 10. SUPPLEMENTARY FINANCIAL INFORMATION Other (Income) and Deductions – Net Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Professional fees $ 1 $ 2 $ 6 $ 5 Recoverable Pension and OPEB – non-service 4 14 27 41 Non-recoverable (1 ) — (2 ) — Gain on sale of non-utility (1 ) — (1 ) (11 ) AFUDC – equity income (12 ) (9 ) (35 ) (23 ) Interest and investment loss (income) – net (5 ) 1 (9 ) 5 Other 2 1 4 2 Total other (income) and deductions – net $ (12 ) $ 9 $ (10 ) $ 19 Interest Expense and Related Charges Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest $ 143 $ 117 $ 406 $ 335 Amortization of discount, premium and debt issuance costs 4 3 10 8 Less AFUDC – capitalized interest portion (7 ) (5 ) (20 ) (12 ) Total interest expense and related charges $ 140 $ 115 $ 396 $ 331 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheet consisted of the following: At September 30, At December 31, 2023 2022 Gross trade accounts and other receivables $ 1,162 $ 897 Allowance for uncollectible accounts (13 ) (13 ) Trade accounts receivable – net $ 1,149 $ 884 At September 30, 2023, REP subsidiaries of our two largest customers collectively represented 27% and 24%, respectively, of the trade accounts receivable balance. At December 31, 2022, REP subsidiaries of our two largest customers represented 23% and 20%, respectively, 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 consisted of the following: At September 30, At December 31, 2023 2022 Assets related to employee benefit plans $ 132 $ 123 Non-utility 12 12 Other 2 2 Total investments and other property $ 146 $ 137 Consolidated VIE We have a controlling financial interest that has been identified as a VIE under ASC 810 in Receivables LLC, which has entered into the AR Facility. See Note 5 for more information on AR Facility. The summarized financial information for our consolidated VIE consisted of the following: At September 30, 2023 Assets Cash and cash equivalents $ 2 Accounts receivable – net 776 Income tax receivable 2 Total assets $ 780 Liabilities Accounts payable $ 2 Accrued interest 3 Long-term debt – net (a) 498 Total Liabilities $ 503 (a) Reflects $500 million in aggregate borrowings outstanding under the AR Facility less $2 million of related unamortized debt issuance costs at September 30, 2023. Property, Plant and Equipment Property, plant and equipment – net reported on our balance sheet consisted of the following: Composite Depreciation Rate/ At September 30, At December 31, Assets in service: Distribution 2.7% / 36.4 years $ 18,359 $ 17,226 Transmission 2.4% / 42.4 years 14,462 13,874 Other assets 7.4% / 13.9 years 2,041 2,156 Total 34,862 33,256 Less accumulated depreciation 9,225 9,054 Net of accumulated depreciation 25,637 24,202 Construction work in progress 1,613 953 Held for future use 48 48 Property, plant and equipment – net $ 27,298 $ 25,203 (a) Reflects depreciation rates and average lives of depreciable plant in the final order in our comprehensive base rate review (PUCT Docket No. 53601) that went into effect on May 1, 2023. See Note 2 for more information on the base rate review. Intangible Assets Intangible assets (other than goodwill) reported on our balance sheet as part of property, plant and equipment consisted of the following: At September 30, 2023 At December 31, 2022 Gross Accumulated Net Gross Accumulated Net Identifiable intangible assets subject to amortization: Land easements $ 669 $ 126 $ 543 $ 662 $ 122 $ 540 Capitalized software and other 1,139 405 734 1,183 441 742 Total $ 1,808 $ 531 $ 1,277 $ 1,845 $ 563 $ 1,282 Aggregate Year Amortization 2023 $ 97 2024 $ 96 2025 $ 96 2026 $ 96 2027 $ 96 (a) Amortization rates and average lives of depreciable intangible assets, reflected in the final order in our comprehensive base rate review (PUCT Docket No. 53601) that went into effect on May 1, 2023. Operating Lease and Other Obligations Operating lease and other obligations reported on our balance sheet consisted of the following: At September 30, At December 31, Operating lease liabilities $ 115 $ 131 Investment tax credits 3 3 Customer advances for construction – noncurrent 55 71 Other 95 70 Total operating lease and other obligations $ 268 $ 275 Supplemental Cash Flow Information Nine Months Ended 2023 2022 Cash payments related to: Interest $ 330 $ 296 Less capitalized interest (20 ) (12 ) Interest payments (net of amounts capitalized) $ 310 $ 284 Amount in lieu of income taxes (Note 9): Federal $ 84 $ 76 State 28 24 Total payments in lieu of income taxes $ 112 $ 100 Noncash investing activities: Construction expenditures financed through accounts payable (a) $ 342 $ 201 (a) Represents end-of-period | 11. SUPPLEMENTARY FINANCIAL INFORMATION Other Deductions and (Income) Years Ended December 31, 2022 2021 2020 Professional fees $ 7 $ 9 $ 6 Recoverable Pension and OPEB - non-service 56 54 55 Non-recoverable 2 3 4 Gain on sale of non-utility (12 ) (1 ) — AFUDC - equity income (36 ) (27 ) (29 ) Interest and investment loss (income) - net 2 (8 ) (4 ) Other 1 1 1 Total other deductions and (income) - net $ 20 $ 31 $ 33 Interest Expense and Related Charges Years Ended December 31, 2022 2021 2020 Interest $ 453 $ 415 $ 413 Amortization of discount, premium and debt issuance costs 10 11 11 Less AFUDC - capitalized interest portion (18 ) (13 ) (19 ) Total interest expense and related charges $ 445 $ 413 $ 405 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheet consisted of the following: At December 31, 2022 2021 Gross trade accounts and other receivables $ 897 $ 750 Allowance for uncollectible accounts (13 ) (12 ) Trade accounts receivable - net $ 884 $ 738 REP subsidiaries of our two largest customers collectively represented 23% and 20%, respectively, of the trade accounts receivable balance at December 31, 2022 and 22% and 21%, respectively, at December 31, 2021. No other customers represented 10% or more of the total 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, 2022 2021 Assets related to employee benefit plans $ 123 $ 133 Non-utility 12 20 Other 2 2 Total investments and other property $ 137 $ 155 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, 2022 and 2021, the face amount of these policies totaled $175 million and $198 million, respectively, and the net cash surrender values (determined using a Level 2 valuation technique) totaled $94 million and $99 million at December 31, 2022 and 2021, 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 At December 31, 2022 2021 Assets in service: Distribution 2.5% / 39.6 years $ 17,226 $ 15,994 Transmission 2.9% / 34.4 years 13,874 13,075 Other assets 5.9% / 17.0 years 2,156 1,960 Total 33,256 31,029 Less accumulated depreciation 9,054 8,659 Net of accumulated depreciation 24,202 22,370 Construction work in progress 953 557 Held for future use 48 27 Property, plant and equipment— net $ 25,203 $ 22,954 Depreciation expense as a percent of average depreciable property approximated 2.7% for each of the years ended December 31, 2022 and 2021. 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, 2022 At December 31, 2021 Gross Accumulated Net Gross Accumulated Net Identifiable intangible assets subject to amortization: Land easements $ 662 $ 122 $ 540 $ 641 $ 117 $ 524 Capitalized software 1,183 441 742 1,066 451 615 Total $ 1,845 $ 563 $ 1,282 $ 1,707 $ 568 $ 1,139 Aggregate amortization expense for intangible assets totaled $76 million, $50 million and $62 million for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, 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: Years Amortization 2023 $ 86 2024 $ 85 2025 $ 85 2026 $ 85 2027 $ 85 Goodwill totaling $4.740 billion was reported on our balance sheet at both December 31, 2022 and 2021. See Note 1 regarding goodwill impairment assessment and testing. Operating Lease and Other Obligations Operating lease and other obligations reported on our balance sheet consisted of the following: At December 31, 2022 2021 Operating lease liabilities (Notes 1 and 7) $ 131 $ 133 Investment tax credits 3 4 Customer advances for construction—noncurrent 71 30 Other 70 64 Total operating lease and other obligations $ 275 $ 231 Supplemental Cash Flow Information Years Ended December 31, 2022 2021 2020 Cash payments related to: Interest $ 441 $ 409 $ 406 Less capitalized interest (18 ) (13 ) (19 ) Interest payments (net of amounts capitalized) $ 423 $ 396 $ 387 Amount in lieu of income taxes (a): Federal $ 99 $ 61 $ 87 State 24 23 22 Total payments in lieu of income taxes $ 123 $ 84 $ 109 Noncash investing and financing activities: Construction expenditures financed through accounts payable (investing) (b) $ 305 $ 254 $ 254 Transfer of title to assets constructed for and prepaid by LP&L (investing) $ — $ 150 $ — Debt exchange offering (financing) $ — $ — $ 300 (a) See Note 10 for income tax related detail. (b) Represents end-of-period |
Business and Significant Acco_2
Business and Significant Accounting Policies (Policy) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
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 the definition of terms and abbreviations. We are a regulated electricity transmission and distribution company that provides the essential service of delivering electricity safely, reliably and economically to end-use no separate | 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 the definition of terms and abbreviations. We are a regulated electricity transmission and distribution company that provides the essential service of delivering electricity safely, reliably and economically to end-use |
Ring-Fencing Measures | 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 the 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 after obtaining various approvals, including PUCT approval through the Sempra Order, which 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. Our Limited Liability Company Agreement requires PUCT approval of certain revisions to the Limited Liability Company Agreement, including, among other things, revisions to our governance structure and other various ring-fencing measures. 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 13 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 (each, an Oncor Officer Director), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of our board of directors and Chief Executive, respectively. Until March 9, 2028, 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 subsidiaries or affiliated entities (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 In addition, the Sempra Order provides that Oncor’s board of directors cannot be overruled by the board of directors 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 members of the board of directors, 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 of directors must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board of director 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 and the directors designated by Texas Transmission that are present and voting (of which at least one must be present and voting) 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 or either of the two directors appointed by Texas Transmission 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 debt-to-equity debt-to-equity • 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 membership interests 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, borrow money from or 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; and • There must be maintained certain “separateness measures” that reinforce the legal and 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 | 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 the 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 after obtaining various approvals, including PUCT approval through the Sempra Order, which 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 (each, an Oncor Officer Director), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of our board of directors and Chief Executive, respectively. Until March 9, 2028, 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 subsidiaries or affiliated entities (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 In addition, the Sempra Order provides that Oncor’s board of directors cannot be overruled by the board of directors 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 members of the board of directors, 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 of directors must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board of director 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 and the directors designated by Texas Transmission that are present and voting (of which at least one must be present and voting) 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 or either of the two directors appointed by Texas Transmission 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 debt-to-equity debt-to-equity • 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 membership interests 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, borrow money from or 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 legal and 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 • Until March 9, 2023, Sempra must hold indirectly at least 51% of the ownership interests in Oncor and Oncor Holdings, unless otherwise specifically authorized by the PUCT. |
Basis of Presentation | 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 2022 Form 10-K. 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. | 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 U.S. dollars in millions 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 period. | 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 | 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 3 for additional information regarding revenues. | 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 3 for additional information regarding revenues. |
Interest Rate Derivatives, Hedge Accounting and Mark-to-Market Accounting | Interest Rate Derivatives, Hedge Accounting and Mark-to-Market 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. Designating interest rate derivative instruments as cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk that the future cash flows of interest payments may vary, and other criteria. 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 (loss). Amounts remain in accumulated other comprehensive income (loss) and are reclassified into net income as the interest expense on the related debt affects net income. The fair value of an interest rate derivative instrument is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income if the criteria for cash flow hedge accounting are not met or if the instrument is not designated as a cash flow hedge. This recognition is referred to as “mark-to-market” | Interest Rate Derivatives, Hedge Accounting and Mark-to-Market 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. Designating interest rate derivative instruments as cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk that the future cash flows of interest payments may vary, and other criteria. 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 (loss). Amounts remain in accumulated other comprehensive income (loss) and are reclassified into net income as the interest expense on the related debt affects net income. The fair value of an interest rate derivative instrument is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income if the criteria for cash flow hedge accounting are not met or if the instrument is not designated as a cash flow hedge. This recognition is referred to as “mark-to-market” |
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. For our annual goodwill impairment testing, we generally have the option to directly perform a quantitative assessment or first make a qualitative assessment of whether it is more likely than not that our enterprise fair value is less than our enterprise carrying value before applying the quantitative assessment. If we elect to perform the qualitative assessment, we evaluate relevant events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors and our overall financial performance. If, after assessing these qualitative factors, we determine that it is more-likely-than-not | 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. For our annual goodwill impairment testing, we generally have the option to directly perform a quantitative assessment or first make a qualitative assessment of whether it is more likely than not that our enterprise fair value is less than our enterprise carrying value before applying the quantitative assessment. If we elect to perform the qualitative assessment, we evaluate relevant events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors and our overall financial performance. If, after assessing these qualitative factors, we determine that it is more-likely-than-not For our annual goodwill impairment testing in 2022, we elected to perform a quantitative assessment of goodwill as of October 1, 2022. We estimated our enterprise fair value by weighting results from a market-based approach and an income-based approach. Key assumptions in the valuation methodologies for goodwill included terminal value, discount rates, and comparable multiples from publicly traded companies in our industry. Based on our analysis, we determined that our estimated enterprise fair value was in excess of our enterprise carrying book value, indicating none of our goodwill was impaired and no impairment was recognized in 2022. For our annual goodwill impairment testing in 2021, we elected to perform a qualitative assessment of goodwill as of October 1, 2021 and concluded that an estimated enterprise fair value was more likely than not greater than our enterprise carrying book value. As a result, no additional testing for impairment was required and no impairment was recognized in 2021. Goodwill totaling $4.740 billion was reported on our balance sheet at both December 31, 2022 and 2021. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash and cash equivalents, highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the unaudited condensed consolidated balance sheets to the sum of such amounts reported on the unaudited condensed statements of consolidated cash flows: At September 30, At December 31, 2023 2022 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 9 $ 10 Restricted cash, current (a) 25 16 Restricted cash, noncurrent (a) 56 72 Total cash, cash equivalents and restricted cash on the condensed statements of consolidated cash flows $ 90 $ 98 (a) Restricted cash represents amounts deposited with Onco r for cus | Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash and cash equivalents, highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the sum of such amounts reported on the Statements of Consolidated Cash Flows: At December 31, 2022 2021 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 10 $ 11 Restricted cash, current (a) 16 13 Restricted cash, noncurrent (a) 72 30 Total cash, cash equivalents and restricted cash on the Statements of Consolidated Cash Flows $ 98 $ 54 (a) Restricted cash represents amounts deposited with Oncor for customer advances for construction that are subject to return in accordance with PUCT rules, ERCOT requirements or our tariffs relating to generation interconnection and construction and/or extension of electric delivery system facilities. We maintain these amounts in a separate escrow account. |
Provision In Lieu Of Income Taxes | Provision in Lieu of Income Taxes Our tax sharing agreement with Oncor Holdings, Texas Transmission and STH 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 4. | |
Defined Benefit Pension Plans And OPEB Plans | Defined Benefit Pension Plans and 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 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 OPEB Plans are dependent on numerous factors, assumptions and estimates. See Note 9 for additional information regarding pension and OPEB Plans. | |
Contingencies | C ontingencies Our financial results may be affected by judgments and estimates related to contingencies. For loss contingencies, we accrue the loss if an event has occurred on or before the balance sheet date, and: • information available through the date we file our financial statements indicates it is probable that a loss has been incurred, given the likelihood of uncertain future events; and • the amount of the loss can be reasonably estimated. We do not accrue contingencies that might result in gains. We continuously assess contingencies for litigation claims, environmental remediation and other events. See Note 6 for a discussion of c ontingen | Contingencies Our financial results may be affected by judgments and estimates related to contingencies. For loss contingencies, we accrue the loss if an event has occurred on or before the balance sheet date, and: • information available through the date we file our financial statements indicates it is probable that a loss has been incurred, given the likelihood of uncertain future events; and • the amount of the loss can be reasonably estimated. We do not accrue contingencies that might result in gains. We continuously assess contingencies for litigation claims, environmental remediation and other events. See Note 7 for a discussion of contingencies. |
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 Property, plant and equipment is stated at original cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead and AFUDC. Depreciation 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 | |
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. 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 2 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 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 11 for detail of amounts reducing interest expense and increasing other income. | |
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 plans’ and OPEB Plans’ trusts (see Note 9) and long-term debt (see Note 6). 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” mid-point 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 • 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 NAV per share as a practical expedient. Such investments measured at NAV are not required to be categorized within the fair value hierarchy. |
Business and Significant Acco_3
Business and Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Business and Significant Accounting Policies [Abstract] | ||
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the unaudited condensed consolidated balance sheets to the sum of such amounts reported on the unaudited condensed statements of consolidated cash flows: At September 30, At December 31, 2023 2022 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 9 $ 10 Restricted cash, current (a) 25 16 Restricted cash, noncurrent (a) 56 72 Total cash, cash equivalents and restricted cash on the condensed statements of consolidated cash flows $ 90 $ 98 (a) Restricted cash represents amounts deposited with Onco r for cus | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the sum of such amounts reported on the Statements of Consolidated Cash Flows: At December 31, 2022 2021 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 10 $ 11 Restricted cash, current (a) 16 13 Restricted cash, noncurrent (a) 72 30 Total cash, cash equivalents and restricted cash on the Statements of Consolidated Cash Flows $ 98 $ 54 (a) Restricted cash represents amounts deposited with Oncor for customer advances for construction that are subject to return in accordance with PUCT rules, ERCOT requirements or our tariffs relating to generation interconnection and construction and/or extension of electric delivery system facilities. We maintain these amounts in a separate escrow account. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Regulatory Matters [Abstract] | ||
Components of Regulatory Assets and Liabilities | Remaining Rate At September 30, 2023 At December 31, 2022 Regulatory assets: Employee retirement liability (a)(b)(c)(d) To be determined $ 162 $ 157 Employee retirement costs being amortized 5 years 102 158 Employee retirement costs incurred since the last base rate review periods (b) To be determined 74 91 Self-insurance reserve (primarily storm recovery costs) being amortized 5 years 483 181 Self-insurance reserve incurred since the last base rate review periods (primarily storm related) (b) To be determined 440 571 Debt reacquisition costs Lives of related debt 11 15 Under-recovered AMS costs being amortized 5 years 89 107 Energy efficiency program performance bonus (a) Approximately 1 year 28 28 Wholesale distribution substation service costs being amortized 5 years 69 — Wholesale distribution substation service costs incurred since the last base rate review periods (b) To be determined 28 97 Expenses related to COVID-19 5 years 32 — Unrecovered expenses related to COVID-19 To be determined 2 37 Recoverable deferred income taxes Various 34 25 Uncollectible payments from REPs being amortized 5 years 7 — Uncollectible payments from REPs incurred since the last base rate review periods (b) To be determined — 8 Other regulatory assets Various 31 27 Total regulatory assets 1,592 1,502 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,500 1,431 Excess deferred taxes Primarily over lives of related 1,326 1,375 Over-recovered wholesale transmission service expense (a) Approximately 1 year 41 101 Unamortized gain on reacquisition of debt Lives of related debt 25 25 Employee retirement costs over-recovered being refunded 5 years 25 — Employee retirement costs over-recovered since the last base rate review periods (b) To be determined 36 60 Other regulatory liabilities Various 35 22 Total regulatory liabilities 2,988 3,014 Net regulatory assets (liabilities) $ (1,396 ) $ (1,512 ) (a) Not earning a return in the regulatory rate-setting process. (b) Recovery/refund 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) Reflects a $20 million reclassification related to employee retirement liabilities from regulatory assets to other comprehensive income in the first quarter of 2023, recorded as a result of the final order in our comprehensive base rate review (PUCT Docket No. 53601). | Remaining Rate December 31, 2022 At December 31, 2022 2021 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 157 $ 328 Employee retirement costs being amortized 5 years 158 193 Employee retirement costs incurred since the last base rate review period (b) To be determined 91 99 Self-insurance reserve (primarily storm recovery costs) being amortized 5 years 181 223 Self-insurance reserve incurred since the last base rate review period (primarily storm related) (b) To be determined 571 373 Debt reacquisition costs Lives of related debt 15 19 Under-recovered AMS costs 5 years 107 128 Energy efficiency program performance bonus (a) 1 year or less 28 31 Wholesale distribution substation service (b) To be determined 97 75 Unrecovered expenses related to COVID-19 To be determined 37 35 Recoverable deferred income taxes Various 25 16 Uncollectible payments from REPs (b) To be determined 8 9 Other regulatory assets Various 27 18 Total regulatory assets 1,502 1,547 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,431 1,348 Excess deferred taxes Primarily over lives of related 1,375 1,442 Over-recovered wholesale transmission service expense (a) 1 year or less 101 7 Unamortized gain on reacquisition of debt Lives of related debt 25 26 Employee retirement costs over-recovered since last base rate review period (b) To be determined 60 39 Other regulatory liabilities Various 22 14 Total regulatory liabilities 3,014 2,876 Net regulatory assets (liabilities) $ (1,512 ) $ (1,329 ) (a) Not earning a return in the regulatory rate-setting process. (b) Recovery/refund 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. |
Schedule of Interim Rate Update Applications | Filing Type PUCT Docket No. Filed Effective Date Annual Revenue Impact DCRF 55525 September 2023 November 2023 (a) $ 56 (a) DCRF 55190 June 2023 September 2023 (b) $ 153 TCOS 55282 July 2023 September 2023 $ 42 (a) The effective date and annual revenue impact are pending PUCT approval. The Annual revenue impact reflects the requested increase amount. (b) The PUCT approved rates reflecting a $153 million revenue impact on November 2, 2023. However, in accordance with PUCT rules and pursuant to an order issued by the administrative law judge in the proceeding, we implemented interim rates reflecting our requested annual revenue impact on September 1, 2023. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Revenues [Abstract] | ||
Disaggregation of Revenues | The following table reflects electric delivery revenues disaggregated by tariff: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 841 $ 710 $ 2,006 $ 1,888 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 233 237 721 707 Billed to REPs serving Oncor distribution customers, through TCRF 131 132 405 394 Total transmission base revenues 364 369 1,126 1,101 Other miscellaneous revenues 41 49 83 89 Total revenues contributing to earnings 1,246 1,128 3,215 3,078 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 322 291 965 862 EECRF and other revenues 24 19 47 40 Total revenues collected for pass-through expenses 346 310 1,012 902 Total operating revenues $ 1,592 $ 1,438 $ 4,227 $ 3,980 | Years Ended December 31, 2022 2021 2020 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 2,447 $ 2,217 $ 2,156 Transmission base revenues (TCOS revenues) Billed to third-party wholesale customers 944 879 803 Billed to REPs serving Oncor distribution customers, through TCRF 528 479 446 Total transmission base revenues 1,472 1,358 1,249 Other miscellaneous revenues 112 104 87 Total revenues contributing to earnings 4,031 3,679 3,492 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 1,162 1,039 975 EECRF 50 46 44 Revenues collected for pass-through expenses 1,212 1,085 1,019 Total operating revenues $ 5,243 $ 4,764 $ 4,511 |
Provision In Lieu Of Income T_2
Provision In Lieu Of Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provision In Lieu Of Income Taxes [Abstract] | |
Schedule Of Deferred Tax Assets and Liabilities | At December 31, 2022 2021 Deferred Tax Related Assets: Employee benefit liabilities $ 267 $ 253 Regulatory liabilities 48 45 Other 43 45 Total 358 343 Deferred Tax Related Liabilities: Property, plant and equipment 2,261 2,132 Regulatory assets 278 274 Other 1 2 Total 2,540 2,408 Liability in lieu of deferred income taxes – net $ 2,182 $ 2,065 |
Components Of Income Tax Provisions (Benefits) | Years Ended December 31, 2022 2021 2020 Reported in operating expenses: Current: U.S. federal $ 136 $ 79 $ 100 State 27 24 22 Deferred: U.S. federal 39 63 27 Amortization of investment tax credits (1 ) (1 ) (1 ) Total reported in operating expenses 201 165 148 Reported in other income and deductions: Current: U.S. federal (13 ) (17 ) (17 ) Deferred federal 3 5 5 Total reported in other income and deductions (10 ) (12 ) (12 ) Total provision in lieu of income taxes $ 191 $ 153 $ 136 |
Schedule Of Income Tax Reconciliation | Years Ended December 31, 2022 2021 2020 Income before provision in lieu of income taxes $ 1,096 $ 923 $ 849 Provision in lieu of income taxes at the U.S. federal statutory rate of 21% $ 230 $ 194 $ 178 Amortization of investment tax credits – net of deferred tax effect (1 ) (1 ) (1 ) Amortization of excess deferred taxes (52 ) (52 ) (52 ) Texas margin tax, net of federal tax benefit 22 19 18 Nontaxable gains on benefit plan investments — (3 ) (2 ) Other (8 ) (4 ) (5 ) Reported provision in lieu of income taxes $ 191 $ 153 $ 136 Effective rate 17.4 % 16.6 % 16.0 % |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Short-Term Borrowings [Abstract] | ||
Schedule of Short-Term Borrowings | At September 30, At December 31, 2023 2022 Total credit facility borrowing capacity $ 2,000 $ 2,000 Credit facility outstanding borrowings — — Commercial paper outstanding (a) (82 ) (198 ) Letters of credit outstanding — — Available unused credit $ 1,918 $ 1,802 (a) The weighted average interest rate for commercial paper was 5.41% and 4.58% at September 30, 2023 and December 31, 2022, respectively. All outstanding CP Notes at September 30, 2023 and December 31, 2022 had maturity dates of less than one year. | At December 31, 2022 2021 Total credit facility borrowing capacity $ 2,000 $ 2,000 Credit facility outstanding borrowings — — Commercial paper outstanding (a) (198 ) (215 ) Letters of credit outstanding (b) — (8 ) Available unused credit $1,802 $1,777 (a) The weighted average interest rates for commercial paper were 4.58% and 0.30% at December 31, 2022 and December 31, 2021, respectively. All outstanding CP Notes at December 31, 2022 and December 31, 2021 had maturity dates of less than one year. (b) The interest rate on the outstanding letters of credit at December 31, 2021 was 1.20% based on our credit ratings. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Long-Term Debt [Abstract] | ||
Schedule Of Long-Term Debt | At September 30, At December 31, Fixed Rate Secured: 2.75% Senior Notes due June 1, 2024 $ 500 $ 500 2.95% Senior Notes due April 1, 2025 350 350 0.55% Senior Notes due October 1, 2025 450 450 3.86% Senior Notes, Series A, due December 3, 2025 174 174 3.86% Senior Notes, Series B, due January 14, 2026 38 38 5.50% Senior Notes, Series C, due May 1, 2026 200 — 4.30% Senior Notes due May 15, 2028 600 — 3.70% Senior Notes due November 15, 2028 650 650 5.75% Senior Notes due March 15, 2029 318 318 2.75% Senior Notes due May 15, 2030 700 700 5.34% Senior Notes, Series D, due May 1, 2031 100 — 7.00% Senior Notes due May 1, 2032 494 494 4.15% Senior Notes due June 1, 2032 400 400 4.55% Senior Notes due September 15, 2032 700 700 7.25% Senior Notes due January 15, 2033 323 323 5.45% Senior Notes, Series E, due May 1, 2036 100 — 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 348 348 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 400 400 2.70% Senior Notes due November 15, 2051 500 500 4.60% Senior Notes due June 1, 2052 400 400 4.95% Senior Notes due September 15, 2052 900 500 5.35% Senior Notes due October 1, 2052 300 300 Fixed rate secured long-term debt 12,645 11,245 Variable Rate Secured: AR Facility due April 28, 2026 500 — Variable Rate Unsecured: Term loan credit agreement due August 30, 2023 — 100 Total long-term debt 13,145 11,345 Unamortized discount, premium and debt issuance costs (145 ) (117 ) Less amount due currently (500 ) (100 ) Long-term debt, less amounts due currently $ 12,500 $ 11,128 | At December 31, 2022 and 2021, our long-term debt consisted of the following: At December 31, 2022 2021 Fixed Rate Secured: 4.10% Senior Notes, due June 1, 2022 $ — $ 400 7.00% Debentures due September 1, 2022 — 482 2.75% Senior Notes due June 1, 2024 500 500 2.95% Senior Notes due April 1, 2025 350 350 0.55% Senior Notes due October 1, 2025 450 450 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 2.75% Senior Notes due May 15, 2030 700 700 7.00% Senior Notes due May 1, 2032 494 494 4.15% Senior Notes due June 1, 2032 400 — 4.55% Senior Notes due September 15, 2032 700 — 7.25% Senior Notes due January 15, 2033 323 323 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 348 348 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 400 400 2.70% Senior Notes due November 15, 2051 500 500 4.60% Senior Notes due June 1, 2052 400 — 4.95% Senior Notes due September 15, 2052 500 — 5.35% Senior Notes due October 1, 2052 300 300 Fixed rate secured long-term debt 11,245 10,127 Variable Rate Unsecured: Term loan credit agreement due August 30, 2023 100 — Variable rate unsecured long-term debt 100 — Total long-term debt 11,345 10,127 Unamortized discount and debt issuance costs (117 ) (95 ) Less amount due currently (100 ) (882 ) Long-term debt, less amounts due currently $ 11,128 $ 9,150 |
Schedule Of Long-Term Debt Maturity | Long-term debt maturities at December 31, 2022, are as follows: Years Amounts 2023 $ 100 2024 500 2025 974 2026 38 2027 — Thereafter 9,733 Total $ 11,345 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Lease Information | The following table presents GAAP operating lease related balance sheet information: At December 31, 2022 2021 ROU assets: Operating lease RO $ 145 $ 146 Lease liabilities: Operating lease and other current liabilities $ 38 $ 37 Operating lease and other obligations (noncurr 131 133 Total operating leas $ 169 $ 170 Weighted-average remaining lease term (in years) 6 7 Weighted-average discount rate 2.6 % 2.5 % |
Schedule Of Lease Costs | The following table presents costs related to lease activities: Years Ended December 31, 2022 2021 2020 Operating lease costs (including amounts allocated to property, plant and equipment) $ 52 $ 51 $ 42 Short-term lease costs 9 11 10 Total operating lease costs $ 61 $ 62 $ 52 The following table presents lease related cash flows and other information: Years Ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 49 $ 40 $ 35 ROU assets obtained in exchange for operating lease obligations (noncash) $ 42 $ 52 $ 72 |
Schedule Of Operating Lease Maturity | The following table presents the maturity analysis of our operating lease liabilities and reconciliation to the present value of lease liabilities: Years Amounts 2023 $ 42 2024 33 2025 24 2026 16 2027 12 Thereafter 53 Total undiscounted lease payments 180 Less imputed interest (11 ) Total operating lease obligations $ 169 |
Membership Interests (Tables)
Membership Interests (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Membership Interests [Abstract] | ||
Schedule of Cash Capital Contributions | Receipt Dates Amounts February 13, 2023 $ 106 April 27, 2023 $ 115 July 27, 2023 $ 115 | Receipt Dates Amounts February 17, 2022 $ 106 April 26, 2022 $ 106 July 26, 2022 $ 106 October 24, 2022 $ 106 |
Schedule of Distributions Paid | Declaration Dates Payment Dates Amounts February 14, 2023 February 15, 2023 $ 106 April 25, 2023 April 26, 2023 $ 149 July 25, 2023 July 26, 2023 $ 149 | Declaration Dates Payment Dates Amounts February 18, 2022 February 18, 2022 $ 106 April 27, 2022 April 28, 2022 $ 106 July 27, 2022 July 28, 2022 $ 106 October 25, 2022 October 26, 2022 $ 106 |
Schedule of Changes to Accumulated Other Comprehensive Income (Loss) | Cash Flow Defined Benefit Total Accumulated Balance at December 31, 2022 $ (34 ) $ (128 ) $ (162 ) Defined benefit pension plans (a) — (20 ) (20 ) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $0) 2 — 2 Balance at September 30, 2023 $ (32 ) $ (148 ) $ (180 ) Balance at December 31, 2021 $ (36 ) $ (95 ) $ (131 ) Defined benefit pension plans — 3 3 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $0) 2 — 2 Balance at September 30, 2022 $ (34 ) $ (92 ) $ (126 ) (a) Includes a $20 million reclassification from regulatory assets related to employee retirement liabilities to other comprehensive income in the first quarter of 2023, recorded as a result of the final order in our comprehensive base rate review (PUCT Docket No. 53601). | The following table presents the changes to AOCI for the years ended December 31, 2022, 2021 and 2020 net of tax: Cash Flow Defined Benefit Accumulated Other Balance at December 31, 2019 $ (18 ) $ (121 ) $ (139 ) Defined benefit pension plans — 9 9 Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6) (24 ) — (24 ) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $1) 3 — 3 Balance at December 31, 2020 (39 ) (112 ) (151 ) Defined benefit pension plans — 17 17 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $0) 3 — 3 Balance at December 31, 2021 (36 ) (95 ) (131 ) Defined benefit pension plans — (33 ) (33 ) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $1) 2 — 2 Balance at December 31, 2022 $ (34 ) $ (128 ) $ (162 ) |
Schedule of Changes to Membership Interests | Capital Account Accumulated Other Total Balance at June 30, 2023 $ 13,893 $ (181 ) $ 13,712 Net income 380 — 380 Capital contributions 115 — 115 Distributions (149 ) — (149 ) Net effects of cash flow hedges — 1 1 Balance at September 30, 2023 $ 14,239 $ (180 ) $ 14,059 Balance at June 30, 2022 $ 13,142 $ (128 ) $ 13,014 Net income 318 — 318 Capital contributions 106 — 106 Distributions (106 ) — (106 ) Net effects of cash flow hedges — 1 1 Defined benefit pension plans — 1 1 Balance at September 30, 2022 $ 13,460 $ (126 ) $ 13,334 Capital Account Accumulated Other Total Balance at December 31, 2022 $ 13,624 $ (162 ) $ 13,462 Net income 683 — 683 Capital contributions 336 — 336 Distributions (404 ) — (404 ) Net effects of cash flow hedges — 2 2 Defined benefit pension plans (a) — (20 ) (20 ) Balance at September 30, 2023 $ 14,239 $ (180 ) $ 14,059 Balance at December 31, 2021 $ 12,719 $ (131 ) $ 12,588 Net income 741 — 741 Capital contributions 318 — 318 Distributions (318 ) — (318 ) Net effects of cash flow hedges — 2 2 Defined benefit pension plans — 3 3 Balance at September 30, 2022 $ 13,460 $ (126 ) $ 13,334 (a) Includes a $20 million reclassification from regulatory assets related to employee retirement liabilities to other comprehensive income in the first quarter of 2023, recorded as a result of the final order in our comprehensive base rate review (PUCT Docket No. 53601). |
Pension and OPEB Plans (Tables)
Pension and OPEB Plans (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Schedule of Pension and OPEB Plan Costs | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Components of net pension costs: Service cost $ 6 $ 7 $ 18 $ 23 Interest cost (a) 30 23 91 68 Expected return on assets (a) (33 ) (26 ) (97 ) (79 ) Amortization of net loss (a) 1 8 2 24 Net pension costs 4 12 14 36 Net adjustments (b) — (1 ) 6 (3 ) Net pension costs recognized as operation and maintenance expense or other deductions $ 4 $ 11 $ 20 $ 33 Components of net OPEB costs: Service cost $ 1 $ 1 $ 3 $ 3 Interest cost (a) 8 6 24 18 Expected return on assets (a) (2 ) (2 ) (6 ) (6 ) Amortization of net loss (a) (8 ) — (24 ) — Net OPEB costs (1 ) 5 (3 ) 15 Net adjustments (b) 3 3 17 8 Net OPEB costs recognized as operation and maintenance expense or other deductions $ 2 $ 8 $ 14 $ 23 (a) The components of net costs other than service cost component are recorded in (b) Net adjustments include amounts principally deferred as property, plant and equipment, regulatory assets or regulatory liabilities. | |
Schedule Of Detailed Pension And OPEB Benefit Information | Pension Plans OPEB Plans Years Ended December 31, Years Ended December 31, 2022 2021 2020 2022 2021 2020 Assumptions Used to Determine Net Periodic Pension and OPEB Costs: Discount rate 2.75 % 2.40 % 3.13 % 2.91 % 2.58 % 3.29 % Expected return on plan assets 4.70 % 4.35 % 4.94 % 5.61 % 5.24 % 5.90 % Rate of compensation increase 4.98 % 4.80 % 4.64 % — — — Components of Net Pension and OPEB Costs: Service cost $ 31 $ 33 $ 29 $ 4 $ 5 $ 6 Interest cost (a) 90 84 103 25 26 32 Expected return on assets (a) (104 ) (99 ) (109 ) (8 ) (7 ) (8 ) Amortization of prior service credit (a) — — — — (17 ) (20 ) Amortization of net loss (gain) (a) 32 52 48 (1 ) 18 10 Curtailment credit (a) — — — — — (1 ) Net pension and OPEB costs 49 70 71 20 25 19 Net adjustments (b) (6 ) (25 ) (24 ) 11 6 11 Net pension and OPEB costs recognized as operation and maintenance expense or other deductions $ 43 $ 45 $ 47 $ 31 $ 31 $ 30 Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: Curtailment $ — $ — $ — $ — $ — $ 2 Net loss (gain) 50 (164 ) 61 (157 ) (142 ) 14 Amortization of net gain (loss) (32 ) (52 ) (48 ) 1 (18 ) (10 ) Amortization of prior service credit — — — — 17 20 Total recognized as regulatory assets or other comprehensive income 18 (216 ) 13 (156 ) (143 ) 26 Total recognized in net periodic pension and OPEB costs and as regulatory assets or other comprehensive income $ 61 $ (171 ) $ 60 $ (125 ) $ (112 ) $ 56 (a) The components of net costs other than service cost component are recorded in “Other deductions and (income) – net” in Statements of Consolidated Income. (b) Net adjustments include amounts principally deferred as property, regulatory asset or regulatory liability. | |
Schedule Of Assumptions Used And Net Periodic Benefit Cost Not Yet Recognized And Amounts Recognized In Other Comprehensive Income (Loss) | Pension Plans OPEB Plans Years Ended December 31, Years Ended December 31, 2022 2021 2020 2022 2021 2020 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate 4.94 % 2.75 % 2.40 % 5.19 % 2.91 % 2.58 % Rate of compensation increase 5.34 % 4.98 % 4.80 % — — — | |
Schedule Of Changes In Projected Benefit Obligations And Changes In Fair Value Of Plan Assets And Net Funded Status | Pension Plans OPEB Plans Years Ended December 31, Years Ended December 31, 2022 2021 2020 2022 2021 2020 Change in Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 3,358 $ 3,596 $ 3,400 $ 861 $ 1,013 $ 999 Service cost 31 33 29 4 5 6 Interest cost 90 84 103 25 26 32 Participant contributions — — — 19 19 18 Actuarial loss (gain) (662 ) (95 ) 302 (190 ) (136 ) 20 Benefits paid (169 ) (171 ) (165 ) (55 ) (66 ) (63 ) Curtailment — — — — — 1 Settlements (81 ) (89 ) (73 ) — — — Projected benefit obligation at end of year $ 2,567 $ 3,358 $ 3,596 $ 664 $ 861 $ 1,013 Accumulated benefit obligation at end of year $ 2,452 $ 3,199 $ 3,433 $ — $ — $ — Change in Plan Assets: Fair value of assets at beginning of year $ 2,669 $ 2,740 $ 2,494 $ 146 $ 145 $ 141 Actual return (loss) on assets (608 ) 168 350 (25 ) 13 14 Employer contributions 6 21 134 35 35 35 Participant contributions — — — 19 19 18 Benefits paid (169 ) (171 ) (165 ) (55 ) (66 ) (63 ) Settlements (81 ) (89 ) (73 ) — — — Fair value of assets at end of year $ 1,817 $ 2,669 $ 2,740 $ 120 $ 146 $ 145 Funded Status: Projected benefit obligation at end of year $ (2,567 ) $ (3,358 ) $ (3,596 ) $ (664 ) $ (861 ) $ (1,013 ) Fair value of assets at end of year 1,817 2,669 2,740 120 146 145 Funded status at end of year $ (750 ) $ (689 ) $ (856 ) $ (544 ) $ (715 ) $ (868 ) | |
Schedule Of Amounts Recognized In Balance Sheet | Pension Plans OPEB Plans At December 31, At December 31, 2022 2021 2022 2021 Amounts Recognized in the Balance Sheet Consist of: Liabilities: Other current liabilities $ (5 ) $ (5 ) $ (16 ) $ (12 ) Other noncurrent liabilities (764 ) (705 ) (528 ) (703 ) Net liabilities recognized $ (769 ) $ (710 ) $ (544 ) $ (715 ) Assets: Other noncurrent assets $ 19 $ 21 $ — $ — Net regulatory assets recognized 337 355 (180 ) (27 ) Net assets recognized $ 356 $ 376 $ (180 ) $ (27 ) Accumulated other comprehensive net loss $ 129 $ 93 $ — $ 3 | |
Schedule Of Projected Benefit Obligations And Accumulated Benefit Obligations In Excess Of Plan Assets Fair Value | 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, 2022 2021 Pension Plans with PBO and ABO in Excess of Plan Assets (a): Projected benefit obligations $ 2,567 $ 3,358 Accumulated benefit obligations $ 2,452 $ 3,199 Plan assets $ 1,817 $ 2,669 (a) PBO, ABO and the plan assets relating to Oncor’s obligations with respect to the Vistra Retirement Plan are included. Oncor’s obligations with respect to the Vistra Retirement Plan are overfunded. As of December 31, 2022, PBO, ABO and the plan assets relating to Oncor’s obligations with respect to the Vistra Retirement Plan were $140 million, $139 million and $159 million, respectively. As of December 31, 2021, PBO, ABO and the plan assets relating to Oncor’s obligations with respect to the Vistra Retirement Plan were $187 million, $185 million and $208 million, respectively. The following table provides information regarding OPEB Plans with accumulated projected benefit obligations (APBO) in excess of the fair value of plan assets. At December 31, 2022 2021 OPEB Plans with APBO in Excess of Plan Assets Accumulated postretirement benefit obligations $ 664 $ 861 Plan assets $ 120 $ 146 | |
Schedule Of Target Asset Allocation Ranges By Asset Category | The target asset allocation ranges of the pension plans’ investments by asset category are as follows: Target Allocation Ranges Asset Category Recoverable Non-recoverable International equities 8% – 16% 5% – 11% U.S. equities 17% – 25% 11% – 17% Real estate 7% – 11% 3% – 7% Credit strategies 3% – 7% 3% – 7% Fixed income 48% – 58% 65% – 75% | |
Schedule Of Health Care Cost Trend Rates | The following table provides information regarding the assumed health care cost trend rates. Years Ended December 31, 2022 2021 2020 Assumed Health Care Cost Trend Rates - Not Medicare Eligible: Health care cost trend rate assumed for next year 7.40 % 6.70 % 6.90 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2032 2029 2029 Assumed Health Care Cost Trend Rates - Medicare Eligible: Health care cost trend rate assumed for next year 8.30 % 7.50 % 7.80 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2032 2031 2030 | |
Schedule Of Expected Long-Term Rate Of Return On Assets Assumptions | Pension Plans OPEB Plans Asset Class Expected Long-Term Asset Class Expected Long-Term International equity securities 7.83 % 401(h) accounts 7.37 % U.S. equity securities 7.40 % Life insurance VEBA 6.95 % Real estate 4.80 % Union VEBA 6.95 % Credit strategies 7.00 % Non-union 3.30 % Fixed income securities 5.17 % Shared retiree VEBA 3.30 % Weighted average (a) 6.05 % Weighted average 6.94 % (a) The 2023 expected long-term rate of return for the nonregulated portion of the Oncor Retirement Plan is 5.83%, and for Oncor’s obligations with respect to the Vistra Retirement Plan is 6.47%. | |
Schedule Of Estimated Future Benefit Payments | 2023 2024 2025 2026 2027 2028-32 Pension plans $ 176 $ 180 $ 184 $ 186 $ 186 $ 925 OPEB Plans $ 45 $ 47 $ 48 $ 48 $ 49 $ 242 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Schedule Of Assets Fair Value Measured On Recurring Basis | At December 31, 2022 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ — $ 20 $ — $ 20 Equity securities: U.S. 35 3 — 38 International 67 — — 67 Fixed income securities: Corporate bonds (a) — 543 — 543 U.S. Treasuries — 41 — 41 Other (b) — 41 — 41 Total assets in the fair value hierarchy $ 102 $ 648 $ — 750 Total assets measured at NAV (c) 1,067 Total fair value of plan assets $ 1,817 At December 31, 2021 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ — $ 9 $ — $ 9 Equity securities: U.S. 65 1 — 66 International 138 1 — 139 Fixed income securities: Corporate bonds (a) — 879 — 879 U.S. Treasuries — 55 — 55 Other (b) — 50 — 50 Total assets in the fair value hierarchy $ 203 $ 995 $ — 1,198 Total assets measured at NAV (c) 1,471 Total fair value of plan assets $ 2,669 (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 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, 2022 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ 9 $ — $ — $ 9 Equity securities: U.S. 13 — — 13 International 11 — — 11 Fixed income securities: Corporate bonds (a) — 28 — 28 U.S. Treasuries — 2 — 2 Other (b) 15 2 — 17 Total assets in the fair value hierarchy $ 48 $ 32 $ — 80 Total assets measured at NAV (c) 40 Total fair value of plan assets $ 120 At December 31, 2021 Level 1 Level 2 Level 3 Total Asset Category Interest-bearing cash $ 9 $ — $ — $ 9 Equity securities: U.S. 16 — — 16 International 17 — — 17 Fixed income securities: Corporate bonds (a) — 37 — 37 U.S. Treasuries — 2 — 2 Other (b) 16 2 — 18 Total assets in the fair value hierarchy $ 58 $ 41 $ — 99 Total assets measured at NAV (c) 47 Total fair value of plan assets $ 146 (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 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. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Related-Party Transactions [Abstract] | ||
Schedule of Amounts Payable to (Receivables from) Related Parties | At September 30, 2023 At December 31, 2022 STH Texas Total STH Texas Total Federal income taxes payable (receivable) $ 11 $ 3 $ 14 $ 14 $ 4 $ 18 Texas margin tax payable 21 — 21 27 — 27 Net payable (receivable) $ 32 $ 3 $ 35 $ 41 $ 4 $ 45 | At December 31, 2022 2021 STH Texas Total STH Texas Total Federal income taxes payable (receivable) $ 14 $ 4 $ 18 $ (5 ) $ (1 ) $ (6 ) Texas margin tax payable 27 — 27 24 — 24 Net payable (receivable) $ 41 $ 4 $ 45 $ 19 $ (1 ) $ 18 |
Schedule of Cash Payments Made to Related Parties to Income Taxes | Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 STH Texas Total STH Texas Total Federal income taxes $ 67 $ 17 $ 84 $ 61 $ 15 $ 76 Texas margin tax 28 — 28 24 — 24 Total payments $ 95 $ 17 $ 112 $ 85 $ 15 $ 100 | Years Ended December 31, 2022 2021 2020 STH Texas Total STH Texas Total STH Texas Total Federal income taxes $ 79 $ 20 $ 99 $ 49 $ 12 $ 61 $ 70 $ 17 $ 87 Texas margin taxes 24 — 24 23 — 23 22 — 22 Total payments $ 103 $ 20 $ 123 $ 72 $ 12 $ 84 $ 92 $ 17 $ 109 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Supplementary Financial Information [Abstract] | ||
Schedule of Other (Income) and Deductions - Net | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Professional fees $ 1 $ 2 $ 6 $ 5 Recoverable Pension and OPEB – non-service 4 14 27 41 Non-recoverable (1 ) — (2 ) — Gain on sale of non-utility (1 ) — (1 ) (11 ) AFUDC – equity income (12 ) (9 ) (35 ) (23 ) Interest and investment loss (income) – net (5 ) 1 (9 ) 5 Other 2 1 4 2 Total other (income) and deductions – net $ (12 ) $ 9 $ (10 ) $ 19 | Years Ended December 31, 2022 2021 2020 Professional fees $ 7 $ 9 $ 6 Recoverable Pension and OPEB - non-service 56 54 55 Non-recoverable 2 3 4 Gain on sale of non-utility (12 ) (1 ) — AFUDC - equity income (36 ) (27 ) (29 ) Interest and investment loss (income) - net 2 (8 ) (4 ) Other 1 1 1 Total other deductions and (income) - net $ 20 $ 31 $ 33 |
Schedule of Interest Expense and Related Charges | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest $ 143 $ 117 $ 406 $ 335 Amortization of discount, premium and debt issuance costs 4 3 10 8 Less AFUDC – capitalized interest portion (7 ) (5 ) (20 ) (12 ) Total interest expense and related charges $ 140 $ 115 $ 396 $ 331 | Years Ended December 31, 2022 2021 2020 Interest $ 453 $ 415 $ 413 Amortization of discount, premium and debt issuance costs 10 11 11 Less AFUDC - capitalized interest portion (18 ) (13 ) (19 ) Total interest expense and related charges $ 445 $ 413 $ 405 |
Schedule of Trade Accounts and Other Receivables | At September 30, At December 31, 2023 2022 Gross trade accounts and other receivables $ 1,162 $ 897 Allowance for uncollectible accounts (13 ) (13 ) Trade accounts receivable – net $ 1,149 $ 884 | At December 31, 2022 2021 Gross trade accounts and other receivables $ 897 $ 750 Allowance for uncollectible accounts (13 ) (12 ) Trade accounts receivable - net $ 884 $ 738 |
Summary of Investments and Other Property | At September 30, At December 31, 2023 2022 Assets related to employee benefit plans $ 132 $ 123 Non-utility 12 12 Other 2 2 Total investments and other property $ 146 $ 137 | At December 31, 2022 2021 Assets related to employee benefit plans $ 123 $ 133 Non-utility 12 20 Other 2 2 Total investments and other property $ 137 $ 155 |
Schedule of Property, Plant and Equipment | Property, plant and equipment – net reported on our balance sheet consisted of the following: Composite Depreciation Rate/ At September 30, At December 31, Assets in service: Distribution 2.7% / 36.4 years $ 18,359 $ 17,226 Transmission 2.4% / 42.4 years 14,462 13,874 Other assets 7.4% / 13.9 years 2,041 2,156 Total 34,862 33,256 Less accumulated depreciation 9,225 9,054 Net of accumulated depreciation 25,637 24,202 Construction work in progress 1,613 953 Held for future use 48 48 Property, plant and equipment – net $ 27,298 $ 25,203 (a) Reflects depreciation rates and average lives of depreciable plant in the final order in our comprehensive base rate review (PUCT Docket No. 53601) that went into effect on May 1, 2023. See Note 2 for more information on the base rate review. | Composite Depreciation At December 31, 2022 2021 Assets in service: Distribution 2.5% / 39.6 years $ 17,226 $ 15,994 Transmission 2.9% / 34.4 years 13,874 13,075 Other assets 5.9% / 17.0 years 2,156 1,960 Total 33,256 31,029 Less accumulated depreciation 9,054 8,659 Net of accumulated depreciation 24,202 22,370 Construction work in progress 953 557 Held for future use 48 27 Property, plant and equipment— net $ 25,203 $ 22,954 |
Schedule of Intangible Assets | At September 30, 2023 At December 31, 2022 Gross Accumulated Net Gross Accumulated Net Identifiable intangible assets subject to amortization: Land easements $ 669 $ 126 $ 543 $ 662 $ 122 $ 540 Capitalized software and other 1,139 405 734 1,183 441 742 Total $ 1,808 $ 531 $ 1,277 $ 1,845 $ 563 $ 1,282 | At December 31, 2022 At December 31, 2021 Gross Accumulated Net Gross Accumulated Net Identifiable intangible assets subject to amortization: Land easements $ 662 $ 122 $ 540 $ 641 $ 117 $ 524 Capitalized software 1,183 441 742 1,066 451 615 Total $ 1,845 $ 563 $ 1,282 $ 1,707 $ 568 $ 1,139 |
Schedule of Estimated Aggregate Amortization Expenses | Year Amortization 2023 $ 97 2024 $ 96 2025 $ 96 2026 $ 96 2027 $ 96 (a) Amortization rates and average lives of depreciable intangible assets, reflected in the final order in our comprehensive base rate review (PUCT Docket No. 53601) that went into effect on May 1, 2023. | Years Amortization 2023 $ 86 2024 $ 85 2025 $ 85 2026 $ 85 2027 $ 85 |
Schedule of Operating Lease and Other Obligations | At September 30, At December 31, Operating lease liabilities $ 115 $ 131 Investment tax credits 3 3 Customer advances for construction – noncurrent 55 71 Other 95 70 Total operating lease and other obligations $ 268 $ 275 | At December 31, 2022 2021 Operating lease liabilities (Notes 1 and 7) $ 131 $ 133 Investment tax credits 3 4 Customer advances for construction—noncurrent 71 30 Other 70 64 Total operating lease and other obligations $ 275 $ 231 |
Schedule of Supplemental Cash Flow Information | Supplemental Cash Flow Information Nine Months Ended 2023 2022 Cash payments related to: Interest $ 330 $ 296 Less capitalized interest (20 ) (12 ) Interest payments (net of amounts capitalized) $ 310 $ 284 Amount in lieu of income taxes (Note 9): Federal $ 84 $ 76 State 28 24 Total payments in lieu of income taxes $ 112 $ 100 Noncash investing activities: Construction expenditures financed through accounts payable (a) $ 342 $ 201 (a) Represents end-of-period | Years Ended December 31, 2022 2021 2020 Cash payments related to: Interest $ 441 $ 409 $ 406 Less capitalized interest (18 ) (13 ) (19 ) Interest payments (net of amounts capitalized) $ 423 $ 396 $ 387 Amount in lieu of income taxes (a): Federal $ 99 $ 61 $ 87 State 24 23 22 Total payments in lieu of income taxes $ 123 $ 84 $ 109 Noncash investing and financing activities: Construction expenditures financed through accounts payable (investing) (b) $ 305 $ 254 $ 254 Transfer of title to assets constructed for and prepaid by LP&L (investing) $ — $ 150 $ — Debt exchange offering (financing) $ — $ — $ 300 (a) See Note 10 for income tax related detail. (b) Represents end-of-period |
Summarized Financial Information for Consolidated VIE | At September 30, 2023 Assets Cash and cash equivalents $ 2 Accounts receivable – net 776 Income tax receivable 2 Total assets $ 780 Liabilities Accounts payable $ 2 Accrued interest 3 Long-term debt – net (a) 498 Total Liabilities $ 503 (a) Reflects $500 million in aggregate borrowings outstanding under the AR Facility less $2 million of related unamortized debt issuance costs at September 30, 2023. |
Business and Significant Acco_4
Business and Significant Accounting Policies (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) item | Dec. 31, 2022 USD ($) segment item | Dec. 31, 2021 USD ($) | |
Business And Significant Accounting Polices [Line Items] | |||
Number of reportable business segments | 0 | 0 | |
Number of board of directors | 13 | 13 | |
Number of disinterested directors | 7 | 7 | |
Direct or indirect ownership interest time period | 10 years | 10 years | |
Number of board positions to be eliminated upon acquisition | 2 | 2 | |
Number of directors appointed | 2 | 2 | |
Disinterested directors expenditure budget percentage | 10% | ||
Goodwill | $ | $ 4,740 | $ 4,740 | $ 4,740 |
Minimum [Member] | |||
Business And Significant Accounting Polices [Line Items] | |||
Disinterested directors expenditure budget percentage | 10% | ||
Sempra Energy [Member] | |||
Business And Significant Accounting Polices [Line Items] | |||
Number of disinterested directors | 2 | 2 | |
Oncor Holdings [Member] | |||
Business And Significant Accounting Polices [Line Items] | |||
Number of directors appointed | 2 | 2 | |
Ownership | 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% | ||
Texas Transmission [Member] | |||
Business And Significant Accounting Polices [Line Items] | |||
Number of disinterested directors | 2 | 2 | |
Ownership | 19.75% | 19.75% |
Business and Significant Acco_5
Business and Significant Accounting Policies (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business and Significant Accounting Policies [Abstract] | ||||||
Cash and cash equivalents | $ 9 | $ 10 | $ 11 | |||
Restricted cash, current | 25 | 16 | 13 | |||
Restricted cash, noncurrent | 56 | 72 | 30 | |||
Total cash, cash equivalents and restricted cash on the condensed statements of consolidated cash flows | $ 90 | $ 98 | $ 322 | $ 54 | $ 27 | $ 4 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Apr. 06, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Public Utilities, General Disclosures [Line Items] | |||
Amount of disallowed costs from rate base | $ 65 | ||
Additional charge against income | 4 | ||
Write-off of rate base disallowances | 69 | ||
Write-off of rate base disallowances, net of tax | 54 | ||
Write-off of rate base disallowances | 55 | ||
Write-off of rate base disallowances, operating, net of tax | 43 | ||
Write-off of non-operating rate base disallowances | 14 | ||
Write-off of non-operating rate base disallowances, net of tax | 11 | ||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 4.50% | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ (69) | $ 251 | |
Public Utilities, Requested Debt Capital Structure, Percentage | 57.50% | 55% | |
Public Utilities, Requested Equity Capital Structure, Percentage | 42.50% | 45% | |
Public Utilities, Requested Return on Equity, Percentage | 10.30% | ||
Percentage of Debt in Current Capital Structure | 57.50% | 57.50% | 57.50% |
Percentage of Equity in Current Capital Structure | 42.50% | 42.50% | 42.50% |
Authorized return on equity | 9.70% | 9.80% | |
Public Utilities, Accumulated Depreciation Reallocation | $ 680 | ||
Annual rate reductions related to reduction in income taxes | $ 146 | ||
Amortization period for the recovery of regulatory asset | 5 years | ||
Recommended [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Debt Capital Structure, Percentage | 9.30% | ||
Public Utilities, Requested Equity Capital Structure, Percentage | 57.50% | ||
Public Utilities, Requested Return on Equity, Percentage | 42.50% | ||
Recommended, Total Adjusted [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 397 | ||
Number-Running Errors [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | 51 | ||
Public Utilities, Accumulated Depreciation Reallocation | 346 | ||
Annual rate reductions related to reduction in income taxes | $ 95 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Interim Rate Update Applications) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Nov. 02, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ (69) | $ 251 | |
DCRF [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | 56 | ||
Public Utilities, Interim Rate Increase (Decrease), Amount | 153 | ||
TCOS [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 42 | ||
Subsequent Event [Member] | DCRF [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 153 |
Regulatory Matters (Components
Regulatory Matters (Components of Regulatory Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | $ 1,592 | $ 1,502 | $ 1,547 | ||
Reclassification adjustment regulatory assets | 266 | $ 74 | |||
Total regulatory liabilities | 2,988 | 3,014 | 2,876 | ||
Net regulatory assets (liabilities) | (1,396) | (1,512) | (1,329) | ||
Estimated Net Removal Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory liabilities | 1,500 | 1,431 | 1,348 | ||
Excess Deferred Taxes [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory liabilities | 1,326 | 1,375 | 1,442 | ||
Over-Recovered Wholesale Transmission Service Expense [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory liabilities | 41 | 101 | 7 | ||
Unamortized Gain On Reacquisition Of Debt [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory liabilities | $ 25 | 25 | 26 | ||
Employee Retirement Costs Over Recovered Being Refunded [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 5 years | ||||
Total regulatory liabilities | $ 25 | ||||
Employee Retirement Costs Over-recovered Since Last Rate Review Period [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | 36 | 60 | |||
Total regulatory liabilities | 60 | 39 | |||
Other Regulatory Liabilities [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory liabilities | 35 | 22 | 14 | ||
Employee Retirement Liability [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | $ 162 | $ 157 | 328 | ||
Reclassification adjustment regulatory assets | $ 20 | ||||
Employee Retirement Costs Being Amortized [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 5 years | 5 years | |||
Total regulatory assets | $ 102 | $ 158 | 193 | ||
Employee Retirement Costs Incurred Since The Last Rate Review Period [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | $ 74 | $ 91 | 99 | ||
Self-Insurance Reserve (Primarily Storm Recovery Costs) Being Amortized [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 5 years | 5 years | |||
Total regulatory assets | $ 483 | $ 181 | 223 | ||
Self-Insurance Reserve Incurred Since The Last Rate Review Period (Primarily Storm Related) [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | 440 | 571 | 373 | ||
Debt Reacquisition Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | $ 11 | $ 15 | 19 | ||
Under-recovered AMS Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 5 years | 5 years | |||
Total regulatory assets | $ 89 | $ 107 | 128 | ||
Energy Efficiency Performance Bonus [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | $ 28 | 28 | 31 | ||
Wholesale Distribution Substation Service Costs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 5 years | ||||
Total regulatory assets | $ 69 | 97 | 75 | ||
Wholesale Distribution Substation Service Costs To Be Reviewed [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | $ 28 | 97 | |||
Expenses Related To Covid 19 [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 5 years | ||||
Total regulatory assets | $ 32 | ||||
Unrecovered Expenses Related To Covid 19 To Be Reviewed [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | 2 | 37 | |||
Unrecovered Expenses Related To Covid19 [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | 37 | 35 | |||
Recoverable Deferred Income Taxes - Net [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | $ 34 | 25 | 16 | ||
Uncollectible Payments From REPs [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 5 years | ||||
Total regulatory assets | $ 7 | 8 | 9 | ||
Uncollectible Payments From Reps To Be Reviewed [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | 8 | ||||
Other Regulatory Assets [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Total regulatory assets | $ 31 | $ 27 | $ 18 | ||
Maximum [Member] | Over-Recovered Wholesale Transmission Service Expense [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 1 year | 1 year | |||
Maximum [Member] | Energy Efficiency Performance Bonus [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Remaining Rate Recovery/Amortization Period | 1 year | 1 year |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 customer | Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Approved bonus | $ | $ 28 | $ 31 | |||
Number of REPS | 100 | 100 | |||
Number of largest customers | 2 | 2 | |||
Payment term | 35 days | 35 days | |||
REP Subsidiary One [Member] | Customers [Member] | Customer Concentration Risk [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk percentage | 25% | 28% | 26% | 25% | 25% |
REP Subsidiary Two [Member] | Customers [Member] | Customer Concentration Risk [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk percentage | 22% | 25% | 24% | 23% | 18% |
Revenues (Disaggregation of Rev
Revenues (Disaggregation of Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||||
Total revenues contributing to earnings | $ 1,246 | $ 1,128 | $ 3,215 | $ 3,078 | $ 4,031 | $ 3,679 | $ 3,492 |
Total revenues collected for pass-through expenses | 346 | 310 | 1,012 | 902 | 1,212 | 1,085 | 1,019 |
Total operating revenues | 1,592 | 1,438 | 4,227 | 3,980 | 5,243 | 4,764 | 4,511 |
Distribution Base Revenues [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenues contributing to earnings | 841 | 710 | 2,006 | 1,888 | 2,447 | 2,217 | 2,156 |
Transmission Base Revenues (TCOS Revenues) [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenues contributing to earnings | 364 | 369 | 1,126 | 1,101 | 1,472 | 1,358 | 1,249 |
Transmission Base Revenues (TCOS Revenues) [Member] | Third-Party Wholesale Customers [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenues contributing to earnings | 233 | 237 | 721 | 707 | 944 | 879 | 803 |
Transmission Base Revenues (TCOS Revenues) [Member] | REPS Serving Oncor Distribution Customers, Through TCRF [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenues contributing to earnings | 131 | 132 | 405 | 394 | 528 | 479 | 446 |
Other Miscellaneous Revenues [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenues contributing to earnings | 41 | 49 | 83 | 89 | 112 | 104 | 87 |
TCRF - Third-party Wholesale Transmission Service [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenues collected for pass-through expenses | 322 | 291 | 965 | 862 | 1,162 | 1,039 | 975 |
EECRF [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Total revenues collected for pass-through expenses | $ 24 | $ 19 | $ 47 | $ 40 | $ 50 | $ 46 | $ 44 |
Provision In Lieu Of Income T_3
Provision In Lieu Of Income Taxes (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Provision In Lieu Of Income Taxes [Abstract] | |||
Net liability in lieu of deferred income taxes | $ 2,182,000,000 | $ 2,065,000,000 | |
Uncertain tax positions related to timing of recognition | $ 1,000,000 | $ 495,000 | |
Benefit (expense) from interest and penalties | $ 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, 2022 | Dec. 31, 2021 |
Provision In Lieu Of Income Taxes [Abstract] | ||
Deferred tax assets, Employee benefit liabilities | $ 267 | $ 253 |
Deferred tax assets, Regulatory liabilities | 48 | 45 |
Deferred tax assets, Other | 43 | 45 |
Total | 358 | 343 |
Deferred tax liabilities, Property, plant and equipment | 2,261 | 2,132 |
Deferred tax liabilities, Regulatory assets | 278 | 274 |
Deferred Tax Liabilities, Other | 1 | 2 |
Total | 2,540 | 2,408 |
Liability in lieu of deferred income taxes - net | $ 2,182 | $ 2,065 |
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 | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provision In Lieu Of Income Taxes [Abstract] | |||||||
Current: U.S. federal | $ 136 | $ 79 | $ 100 | ||||
Current: State | 27 | 24 | 22 | ||||
Deferred: U.S. federal | 39 | 63 | 27 | ||||
Amortization of investment tax credits | (1) | (1) | (1) | ||||
Total reported in operating expenses | $ 78 | $ 70 | $ 146 | $ 162 | 201 | 165 | 148 |
U.S. federal | (13) | (17) | (17) | ||||
Deferred federal | 3 | 5 | 5 | ||||
Total reported in other income and deductions | (10) | (12) | (12) | ||||
Total provision in lieu of income taxes | $ 191 | $ 153 | $ 136 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provision In Lieu Of Income Taxes [Abstract] | |||
Income before provision in lieu of income taxes | $ 1,096 | $ 923 | $ 849 |
Provision in lieu of income taxes at the U.S. federal statutory rate of 21% for 2019 and 2018 and 35% for 2017 | 230 | 194 | 178 |
Amortization of investment tax credits - net of deferred tax effect | (1) | (1) | (1) |
Amortization of excess deferred taxes | (52) | (52) | (52) |
Texas margin tax, net of federal tax benefit | 22 | 19 | 18 |
Nontaxable gains on benefit plan investments | (3) | (2) | |
Other | (8) | (4) | (5) |
Total provision in lieu of income taxes | $ 191 | $ 153 | $ 136 |
Effective rate | 17.40% | 16.60% | 16% |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) item | Dec. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | |
Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 2,000,000,000 | $ 2,000,000,000 | |
Number of revolving credit facilities extension options | item | 1 | ||
Extension period for revolving line of credit | 1 year | 1 year | |
Possible additional increase in borrowing capacity amount | $ 400,000,000 | ||
Increments in additional bororwing capacity | $ 100,000,000 | ||
Maximum pricing adjustment on commitment fee, percentage | 0.01% | 0.01% | |
Maximum pricing adjustment on applicable margin, percentage | 0.05% | 0.05% | |
Maximum indebtness amount before default | $ 100,000,000 | $ 100,000,000 | |
Maximum judgement for payment amount before default | $ 100,000,000 | $ 100,000,000 | |
Discharge period | 60 days | 60 days | |
Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Possible additional increase in borrowing capacity amount | $ 100,000,000 | ||
Spread over variable rate | 0% | ||
Commitment fee | 0.075% | 0.075% | |
Debt to capitalization ratio | 0.65 | 0.65 | |
Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Possible additional increase in borrowing capacity amount | $ 400,000,000 | ||
Spread over variable rate | 0.50% | ||
Commitment fee | 0.225% | 0.225% | |
Debt to capitalization ratio | 1 | 1 | |
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 2,000,000,000 | $ 2,000,000,000 | |
Commercial Paper [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility, term | 397 days | 397 days | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 0.85% | ||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.10% | ||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 0.875% | ||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 1.50% | ||
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] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||
Federal Funds Effective Rate [Member] | Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 0% | ||
Federal Funds Effective Rate [Member] | Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 0.50% | ||
Secured Overnight Financing Rate (SOFR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 1% | ||
Secured Overnight Financing Rate (SOFR) [Member] | Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate adjustment | 0.10% | ||
Variable rate plus interest rate adjustment | 1% | ||
Secured Overnight Financing Rate (SOFR) [Member] | Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 0.875% | ||
Secured Overnight Financing Rate (SOFR) [Member] | Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 1.50% | ||
Federal Funds Effective Rate or Overnight Bank Funding Rate [Member] | Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over variable rate | 0.50% |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule of Short-Term Borrowings) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | |||
Total credit facility borrowing capacity | $ 2,000 | $ 2,000 | $ 2,000 |
Available unused credit | 1,918 | 1,802 | 1,777 |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Outstanding | $ (82) | $ (198) | $ (215) |
Interest Rate | 5.41% | 4.58% | 0.30% |
Commercial Paper [Member] | Maximum [Member] | |||
Short-term Debt [Line Items] | |||
Loan term | 1 year | 1 year | |
Letter of Credit [Member] | |||
Short-term Debt [Line Items] | |||
Outstanding | $ (8) | ||
Interest Rate | 1.20% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
May 11, 2023 USD ($) | Apr. 28, 2023 | Mar. 29, 2023 USD ($) | Mar. 22, 2023 USD ($) | Feb. 27, 2023 USD ($) | Jan. 27, 2023 USD ($) | Jan. 09, 2023 USD ($) | Sep. 15, 2022 USD ($) | Sep. 09, 2022 USD ($) | Sep. 08, 2022 USD ($) | Sep. 01, 2022 USD ($) | May 20, 2022 USD ($) | Mar. 01, 2022 USD ($) | Jan. 28, 2022 USD ($) | Jul. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 30, 2023 USD ($) | Apr. 26, 2023 USD ($) | Mar. 23, 2023 USD ($) | Jan. 24, 2023 USD ($) | Aug. 29, 2022 USD ($) | Jul. 06, 2022 USD ($) | |
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 875,000,000 | $ 2,732,000,000 | $ 2,732,000,000 | $ 1,290,000,000 | $ 1,164,000,000 | |||||||||||||||||||||
Percentage of principal amount plus accrued and unpaid interest and make-whole premium | 100% | |||||||||||||||||||||||||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85% | 85% | ||||||||||||||||||||||||
Estimated fair value of our long-term debt including current maturities | $ 11,558,000,000 | $ 10,398,000,000 | 11,758,000,000 | |||||||||||||||||||||||
Carrying amount | 13,000,000,000 | $ 11,228,000,000 | $ 10,032,000,000 | |||||||||||||||||||||||
Daily Secured Overnight Financing Rate [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Spread over variable rate | 1% | |||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Spread over variable rate | 0.85% | |||||||||||||||||||||||||
Federal Funds Effective Rate [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Spread over variable rate | 0.50% | |||||||||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Spread over variable rate | 1% | |||||||||||||||||||||||||
Notes 2032 and Notes 2052 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 650,000,000 | |||||||||||||||||||||||||
Proceeds from sale of Notes | $ 1,185,000,000 | |||||||||||||||||||||||||
Percentage of principal amount plus accrued and unpaid interest and make-whole premium | 100% | |||||||||||||||||||||||||
January, 2022 Term Loan Credit Agreement Maturing April 29, 2023 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Aggregate principal amount | $ 0 | |||||||||||||||||||||||||
Term Loan Credit Agreement1 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||||||||||||||||||
Term Loan Credit Agreement2 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | 600,000,000 | |||||||||||||||||||||||||
Term Loan Credit Agreement3 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | 185,000,000 | |||||||||||||||||||||||||
Term Loan Credit Agreement4 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | 115,000,000 | |||||||||||||||||||||||||
7.00% Fixed Debentures Due September 1, 2022 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 7% | 7% | ||||||||||||||||||||||||
Extinguishment of Debt, Amount | $ 482,000,000 | |||||||||||||||||||||||||
4.15% Senior Notes Due June 1, 2032 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 4.15% | |||||||||||||||||||||||||
Proceeds from sale of Notes | $ 395,000,000 | |||||||||||||||||||||||||
4.60% Senior Notes due June 1, 2052 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 4.60% | |||||||||||||||||||||||||
Repayments of long-term debt | $ 255,000,000 | |||||||||||||||||||||||||
Proceeds from sale of Notes | $ 392,000,000 | |||||||||||||||||||||||||
Term Loan Credit Agreement Maturing July, 2022 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Spread over variable rate | 0.60% | |||||||||||||||||||||||||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||||||||||||||||||
Interest rate | 4.10% | 4.10% | ||||||||||||||||||||||||
Spread over variable rate | 4.10% | 0.575% | ||||||||||||||||||||||||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | Federal Funds Effective Rate [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Spread over variable rate | 0.50% | |||||||||||||||||||||||||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Spread over variable rate | 1% | |||||||||||||||||||||||||
4.55% Senior Notes due September 15, 2032 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Aggregate principal amount | $ 700,000,000 | |||||||||||||||||||||||||
Spread over variable rate | 4.55% | 4.55% | ||||||||||||||||||||||||
4.95% Senior Notes due September 15, 2052 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||||||||||||||||||
Spread over variable rate | 4.95% | 4.95% | ||||||||||||||||||||||||
January 2023 Term Loan Credit Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 100,000,000 | |||||||||||||||||||||||||
July 2022 Term Loan Credit Agreement [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 550,000,000 | |||||||||||||||||||||||||
Aggregate principal amount | $ 100,000,000 | $ 650,000,000 | $ 650,000,000 | |||||||||||||||||||||||
January 2023 Term Loan Credit Agreement 2 [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 625,000,000 | |||||||||||||||||||||||||
Proceeds from sale of Notes | $ 125,000,000 | $ 500,000,000 | ||||||||||||||||||||||||
Senior Notes due September 15, 2052 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 4.95% | 4.95% | ||||||||||||||||||||||||
Term Loan Credit Agreement dated January 24, 2023 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 625,000,000 | |||||||||||||||||||||||||
Term Loan Credit Agreement dated March 22, 2023 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 150,000,000 | |||||||||||||||||||||||||
Maximum [Member] | March 2023 Note Purchase Agreement [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Senior debt to capitalization ratio | 0.65 | |||||||||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Aggregate principal amount | $ 12,645,000,000 | $ 11,245,000,000 | $ 10,127,000,000 | |||||||||||||||||||||||
Secured Debt [Member] | 3.70% Fixed Senior Notes Due November 15, 2028 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 650,000,000 | |||||||||||||||||||||||||
Secured Debt [Member] | 7.00% Fixed Debentures Due September 1, 2022 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Aggregate principal amount | 482,000,000 | |||||||||||||||||||||||||
Secured Debt [Member] | 4.15% Senior Notes Due June 1, 2032 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Aggregate principal amount | $ 400,000,000 | |||||||||||||||||||||||||
Redemption percentage | 4.15% | |||||||||||||||||||||||||
Secured Debt [Member] | 4.60% Senior Notes due June 1, 2052 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Aggregate principal amount | $ 400,000,000 | |||||||||||||||||||||||||
Redemption percentage | 4.60% | |||||||||||||||||||||||||
Secured Debt [Member] | 4.10% Fixed Senior Notes Due June 1, 2022 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Aggregate principal amount | $ 400,000,000 | |||||||||||||||||||||||||
Secured Debt [Member] | Senior Notes, Series C, due May 1, 2026 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 5.50% | 5.50% | 5.50% | |||||||||||||||||||||||
Aggregate principal amount | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Senior Notes, Series D, due May 1, 2031 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 5.34% | 5.34% | 5.34% | 5.34% | ||||||||||||||||||||||
Aggregate principal amount | $ 72,000,000 | $ 100,000,000 | $ 28,000,000 | |||||||||||||||||||||||
Secured Debt [Member] | Senior Notes, Series E, due May 1, 2036 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 5.45% | 5.45% | 5.45% | 5.45% | ||||||||||||||||||||||
Aggregate principal amount | $ 80,000,000 | $ 100,000,000 | $ 20,000,000 | |||||||||||||||||||||||
Secured Debt [Member] | Senior Notes due May 15, 2028 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 4.30% | 4.30% | 4.30% | |||||||||||||||||||||||
Aggregate principal amount | $ 600,000,000 | $ 600,000,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Senior Notes due September 15, 2052 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Interest rate | 4.95% | 4.95% | 4.95% | 4.95% | ||||||||||||||||||||||
Aggregate principal amount | $ 400,000,000 | $ 500,000,000 | $ 900,000,000 | $ 500,000,000 | ||||||||||||||||||||||
Secured Debt [Member] | Notes 2028 and Notes 2052 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Percentage of principal amount plus accrued and unpaid interest and make-whole premium | 100% | |||||||||||||||||||||||||
Proceeds from issuance of long term debt, net | $ 970,000,000 | |||||||||||||||||||||||||
Secured Debt [Member] | AR Facility due April 28, 2026 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | 100,000,000 | |||||||||||||||||||||||||
Aggregate principal amount | 500,000,000 | |||||||||||||||||||||||||
Debt service fee percentage | 1% | |||||||||||||||||||||||||
Maximum borrowing capacity | 500,000,000 | $ 500,000,000 | ||||||||||||||||||||||||
Borrowings | $ 500,000,000 | |||||||||||||||||||||||||
Termination, number of days after notice is given | 30 days | |||||||||||||||||||||||||
Extention notice, subject to consent, number of days prior to anniversary | 30 days | |||||||||||||||||||||||||
Extention, subject to consent, increments | 1 year | |||||||||||||||||||||||||
Unsecured Debt [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Term loan | $ 100,000,000 | |||||||||||||||||||||||||
Unsecured Debt [Member] | Notes 2022 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 482,000,000 | |||||||||||||||||||||||||
Aggregate principal amount | $ 400,000,000 | |||||||||||||||||||||||||
Redemption percentage | 100% | |||||||||||||||||||||||||
Unsecured Debt [Member] | January, 2022 Term Loan Credit Agreement Maturing April 29, 2023 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Term loan | $ 1,300,000,000 | |||||||||||||||||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement dated July 6, 2022 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | 100,000,000 | |||||||||||||||||||||||||
Borrowings | $ 0 | |||||||||||||||||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement due February 28, 2024 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | 625,000,000 | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 625,000,000 | |||||||||||||||||||||||||
Borrowings | 0 | $ 125,000,000 | $ 500,000,000 | |||||||||||||||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement due February 28, 2024 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Variable rate plus interest rate adjustment | 0.85% | |||||||||||||||||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement due April 30, 2024 [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Repayments of long-term debt | $ 150,000,000 | |||||||||||||||||||||||||
Maximum borrowing capacity | $ 150,000,000 | |||||||||||||||||||||||||
Borrowings | $ 150,000,000 | |||||||||||||||||||||||||
Unsecured Debt [Member] | Term Loan Credit Agreement due April 30, 2024 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||||||||||
Long-Term Debt [Line Items] | ||||||||||||||||||||||||||
Spread over variable rate | 0.95% |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | May 11, 2023 | Apr. 26, 2023 | Mar. 29, 2023 | Dec. 31, 2022 | Sep. 08, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||||||
Total long-term debt | $ 13,145 | $ 11,345 | $ 10,127 | ||||
Unamortized discount and debt issuance costs | (145) | (117) | (95) | ||||
Less amount due currently | (500) | (100) | (882) | ||||
Long-term debt, less amounts due currently | 12,500 | 11,128 | 9,150 | ||||
Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | 12,645 | 11,245 | $ 10,127 | ||||
Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate unsecured long-term debt | $ 100 | ||||||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.10% | 4.10% | |||||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 400 | ||||||
7.00% Fixed Debentures Due September 1, 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7% | 7% | |||||
7.00% Fixed Debentures Due September 1, 2022 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 482 | ||||||
Senior Notes due June 1, 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.75% | 2.75% | |||||
Senior Notes due June 1, 2024 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 500 | $ 500 | $ 500 | ||||
Interest rate | 2.75% | 2.75% | |||||
Senior Notes due April 1, 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.95% | 2.95% | |||||
Senior Notes due April 1, 2025 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 350 | $ 350 | $ 350 | ||||
Interest rate | 2.95% | 2.95% | |||||
Senior Notes due October 1, 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 0.55% | 0.55% | |||||
Senior Notes due October 1, 2025 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 450 | $ 450 | $ 450 | ||||
Interest rate | 0.55% | 0.55% | |||||
Senior Notes, Series A, due December 3, 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.86% | 3.86% | |||||
Senior Notes, Series A, due December 3, 2025 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 174 | $ 174 | $ 174 | ||||
Interest rate | 3.86% | 3.86% | |||||
Senior Notes, Series B, due January 14, 2026 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.86% | 3.86% | |||||
Senior Notes, Series B, due January 14, 2026 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 38 | $ 38 | $ 38 | ||||
Interest rate | 3.86% | 3.86% | |||||
Senior Notes, Series C, due May 1, 2026 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 200 | $ 200 | |||||
Interest rate | 5.50% | 5.50% | 5.50% | ||||
Senior Notes due May 15, 2028 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 600 | $ 600 | |||||
Interest rate | 4.30% | 4.30% | 4.30% | ||||
Senior Notes due November 15, 2028 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.70% | 3.70% | |||||
Senior Notes due November 15, 2028 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 650 | $ 650 | $ 650 | ||||
Interest rate | 3.70% | 3.70% | |||||
Senior Notes due March 15, 2029 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.75% | 5.75% | |||||
Senior Notes due March 15, 2029 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 318 | $ 318 | $ 318 | ||||
Interest rate | 5.75% | 5.75% | |||||
Senior Notes due May 15, 2030 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.75% | 2.75% | |||||
Senior Notes due May 15, 2030 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 700 | $ 700 | $ 700 | ||||
Interest rate | 2.75% | 2.75% | |||||
Senior Notes, Series D, due May 1, 2031 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 100 | $ 28 | $ 72 | ||||
Interest rate | 5.34% | 5.34% | 5.34% | 5.34% | |||
Senior Notes due May 1, 2032 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7% | 7% | |||||
Senior Notes due May 1, 2032 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 494 | $ 494 | $ 494 | ||||
Interest rate | 7% | 7% | |||||
Senior Notes due June 1, 2032 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.15% | 4.15% | |||||
Senior Notes due June 1, 2032 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 400 | $ 400 | |||||
Interest rate | 4.15% | 4.15% | |||||
Senior Notes due September 15, 2032 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.55% | 4.55% | |||||
Senior Notes due September 15, 2032 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 700 | $ 700 | |||||
Interest rate | 4.55% | 4.55% | |||||
Senior Notes due January 15, 2033 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.25% | 7.25% | |||||
Senior Notes due January 15, 2033 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 323 | $ 323 | $ 323 | ||||
Interest rate | 7.25% | 7.25% | |||||
Senior Notes, Series E, due May 1, 2036 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 100 | $ 20 | $ 80 | ||||
Interest rate | 5.45% | 5.45% | 5.45% | 5.45% | |||
Senior Notes due September 1, 2038 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.50% | 7.50% | |||||
Senior Notes due September 1, 2038 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 300 | $ 300 | $ 300 | ||||
Interest rate | 7.50% | 7.50% | |||||
Senior Notes due September 30, 2040 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.25% | 5.25% | |||||
Senior Notes due September 30, 2040 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 475 | $ 475 | $ 475 | ||||
Interest rate | 5.25% | 5.25% | |||||
Senior Notes due December 1, 2041 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.55% | 4.55% | |||||
Senior Notes due December 1, 2041 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 400 | $ 400 | $ 400 | ||||
Interest rate | 4.55% | 4.55% | |||||
Senior Notes due June 1, 2042 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.30% | 5.30% | |||||
Senior Notes due June 1, 2042 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 348 | $ 348 | $ 348 | ||||
Interest rate | 5.30% | 5.30% | |||||
Senior Notes due April 1, 2045 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.75% | 3.75% | |||||
Senior Notes due April 1, 2045 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 550 | $ 550 | $ 550 | ||||
Interest rate | 3.75% | 3.75% | |||||
Senior Notes due September 30, 2047 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.80% | 3.80% | |||||
Senior Notes due September 30, 2047 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 325 | $ 325 | $ 325 | ||||
Interest rate | 3.80% | 3.80% | |||||
Senior Notes due November 15, 2048 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.10% | 4.10% | |||||
Senior Notes due November 15, 2048 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 450 | $ 450 | $ 450 | ||||
Interest rate | 4.10% | 4.10% | |||||
Senior Notes due June 1, 2049 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.80% | 3.80% | |||||
Senior Notes due June 1, 2049 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 500 | $ 500 | $ 500 | ||||
Interest rate | 3.80% | 3.80% | |||||
Senior Notes due September 15, 2049 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.10% | 3.10% | |||||
Senior Notes due September 15, 2049 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 700 | $ 700 | $ 700 | ||||
Interest rate | 3.10% | 3.10% | |||||
Senior Notes due May 15, 2050 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.70% | 3.70% | |||||
Senior Notes due May 15, 2050 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 400 | $ 400 | $ 400 | ||||
Interest rate | 3.70% | 3.70% | |||||
Senior Notes Due November 15, 2051 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.70% | 2.70% | |||||
Senior Notes Due November 15, 2051 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 500 | $ 500 | $ 500 | ||||
Interest rate | 2.70% | 2.70% | |||||
Senior Notes due June 1, 2052 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.60% | 4.60% | |||||
Senior Notes due June 1, 2052 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 400 | $ 400 | |||||
Interest rate | 4.60% | 4.60% | |||||
Senior Notes due September 15, 2052 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.95% | 4.95% | |||||
Senior Notes due September 15, 2052 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 900 | $ 400 | $ 500 | $ 500 | |||
Interest rate | 4.95% | 4.95% | 4.95% | 4.95% | |||
Senior Notes due October 1, 2052 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.35% | 5.35% | |||||
Senior Notes due October 1, 2052 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 300 | $ 300 | $ 300 | ||||
Interest rate | 5.35% | 5.35% | |||||
AR Facility due April 28, 2026 [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fixed rate secured long-term debt | $ 500 | ||||||
Term Loan Credit Agreement due August 30, 2023 [Member] | Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate unsecured long-term debt | $ 100 |
Long-Term Debt (Schedule Of L_2
Long-Term Debt (Schedule Of Long-Term Debt Maturity) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Long-Term Debt [Abstract] | |
2023 | $ 100 |
2024 | 500 |
2025 | 974 |
2026 | 38 |
Thereafter | 9,733 |
Total | $ 11,345 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2021 | |
Operating leases treated as capital leases | $ 5 | $ 4 | $ 3 | |
Lessee, Operating Lease, Term of Contract | 20 years | |||
Percentage of full time employees represented by labor union | 17% | |||
January12018 To December312022 [Member] | ||||
Business Combination, Minimum Capital Expenditures Over Five Year Period | $ 7,500 | |||
Capital expenditures | $ 11,900 | |||
Scenario, Forecast [Member] | ||||
2023 required efficiency spending amount | $ 52 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule Of Lease Information) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease ROU and other assets (noncurrent) | $ 145 | $ 146 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating and other current liabilities | $ 38 | $ 37 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Operating Lease And Other Current Liabilities | Operating Lease And Other Current Liabilities |
Operating lease and other obligations (noncurrent) | $ 131 | $ 133 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Operating lease obligations | $ 169 | $ 170 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
Weighted-average remaining lease term (in years) | 6 years | 7 years |
Weighted-average discount rate | 2.60% | 2.50% |
Commitments and Contingencies_4
Commitments and Contingencies (Schedule Of Lease Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease costs (including amounts allocated to property, plant and equipment) | $ 52 | $ 51 | $ 42 |
Short-term lease costs | 9 | 11 | 10 |
Total operating lease costs | 61 | 62 | 52 |
Cash paid for amounts included in the measurement of operating lease liabilities | 49 | 40 | 35 |
ROU assets obtained in exchange for operating lease obligations (noncash) | $ 42 | $ 52 | $ 72 |
Commitments and Contingencies_5
Commitments and Contingencies (Schedule Of Operating Lease Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 | $ 42 | |
2024 | 33 | |
2025 | 24 | |
2026 | 16 | |
2027 | 12 | |
Thereafter | 53 | |
Total undiscounted lease payments | 180 | |
Less imputed interest | (11) | |
Total future minimum lease payments | $ 169 | $ 170 |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||||||
Oct. 26, 2023 | Apr. 06, 2023 | Feb. 17, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 24, 2023 | Feb. 18, 2023 | |
Subsequent Event [Line Items] | ||||||||||
Cash distribution | $ 783 | $ 1,479 | $ 148 | |||||||
Members contribution | $ 116 | $ 336 | $ 318 | $ 425 | $ 705 | $ 788 | ||||
Current authorized regulatory capitalization ratio, debt | 57.50% | 57.50% | 57.50% | |||||||
Current authorized regulatory capitalization ratio, equity | 42.50% | 42.50% | 42.50% | |||||||
Regulatory capitalization ratio, debt | 55.60% | 53.50% | ||||||||
Regulatory capitalization ratio, equity | 44.40% | 46.50% | ||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Cash distribution | $ 106 | |||||||||
Members contribution | $ 106 |
Membership Interests (Schedule
Membership Interests (Schedule of Cash Capital Contributions) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Oct. 26, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||||
Members contribution | $ 116 | $ 336 | $ 318 | $ 425 | $ 705 | $ 788 |
February 17, 2022 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment Date | Feb. 17, 2022 | |||||
Members contribution | $ 106 | |||||
April 26, 2022 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment Date | Apr. 26, 2022 | |||||
Members contribution | $ 106 | |||||
July 26, 2022 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment Date | Jul. 26, 2022 | |||||
Members contribution | $ 106 | |||||
October 24, 2022 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment Date | Oct. 24, 2022 | |||||
Members contribution | $ 106 | |||||
February 13, 2023 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment Date | Feb. 13, 2023 | |||||
Members contribution | $ 106 | |||||
April 27, 2023 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment Date | Apr. 27, 2023 | |||||
Members contribution | $ 115 | |||||
July 27, 2023 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Payment Date | Jul. 27, 2023 | |||||
Members contribution | $ 115 |
Membership Interests (Schedul_2
Membership Interests (Schedule of Distributions Paid) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends Payable [Line Items] | |||||
Amount | $ 404 | $ 318 | $ 425 | $ 839 | $ 356 |
Payment One FY 2022 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Feb. 18, 2022 | ||||
Payment Date | Feb. 18, 2022 | ||||
Amount | $ 106 | ||||
Payment Two FY 2022 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Apr. 27, 2022 | ||||
Payment Date | Apr. 28, 2022 | ||||
Amount | $ 106 | ||||
Payment Three FY 2022 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Jul. 27, 2022 | ||||
Payment Date | Jul. 28, 2022 | ||||
Amount | $ 106 | ||||
Payment Four Fy 2022 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Oct. 25, 2022 | ||||
Payment Date | Oct. 26, 2022 | ||||
Amount | $ 106 | ||||
Payment One FY 2023 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Feb. 14, 2023 | ||||
Payment Date | Feb. 15, 2023 | ||||
Amount | $ 106 | ||||
Payment Two FY 2023 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Apr. 25, 2023 | ||||
Payment Date | Apr. 26, 2023 | ||||
Amount | $ 149 | ||||
Payment Three FY 2023 [Member] | |||||
Dividends Payable [Line Items] | |||||
Declaration Date | Jul. 25, 2023 | ||||
Payment Date | Jul. 26, 2023 | ||||
Amount | $ 149 |
Membership Interests (Schedul_3
Membership Interests (Schedule of Changes to Membership Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Oct. 26, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Balance | $ 13,462 | $ 13,462 | $ 12,588 | $ 12,588 | $ 11,932 | ||||
Net income | $ 380 | $ 318 | 683 | 741 | 905 | 770 | $ 713 | ||
Capital contributions | $ 116 | 336 | 318 | 425 | 705 | 788 | |||
Distributions | (404) | (318) | (425) | (839) | (356) | ||||
Net effects of cash flow hedges | 1 | 1 | 2 | 2 | |||||
Defined benefit pension plans | 1 | (20) | 3 | (33) | 17 | 9 | |||
Balance | 14,059 | 14,059 | 13,462 | 12,588 | $ 11,932 | ||||
Capital Accounts [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Balance | 13,893 | 13,624 | 13,142 | 13,624 | 12,719 | 12,719 | |||
Net income | 380 | 318 | 683 | 741 | |||||
Capital contributions | 115 | 106 | 336 | 318 | |||||
Distributions | (149) | (106) | (404) | (318) | |||||
Balance | 14,239 | 13,460 | 14,239 | 13,460 | 13,624 | 12,719 | |||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Balance | (181) | (162) | (128) | (162) | (131) | (131) | |||
Net effects of cash flow hedges | 1 | 1 | 2 | 2 | |||||
Defined benefit pension plans | 1 | (20) | 3 | ||||||
Balance | (180) | (126) | (180) | (126) | (162) | (131) | |||
Reclassification from regulatory assets related to employee retirement liabilities to other comprehensie income | 20 | ||||||||
Membership Interests [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Balance | 13,712 | 13,462 | 13,014 | 13,462 | 12,588 | 12,588 | |||
Net income | 380 | 318 | 683 | 741 | |||||
Capital contributions | 115 | 106 | 336 | 318 | |||||
Distributions | (149) | (106) | (404) | (318) | |||||
Net effects of cash flow hedges | 1 | 1 | 2 | 2 | |||||
Defined benefit pension plans | 1 | (20) | 3 | ||||||
Balance | $ 14,059 | $ 13,334 | $ 14,059 | $ 13,334 | $ 13,462 | $ 12,588 | |||
Reclassification from regulatory assets related to employee retirement liabilities to other comprehensie income | $ 20 |
Membership Interests (Schedul_4
Membership Interests (Schedule of Changes to Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | $ (162) | $ (131) | $ (131) | ||
Balance at end of period | (180) | (162) | $ (131) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | $ 6 | ||||
Tax expense cash flow hedges reclassified from AOCI | 1 | 0 | 1 | ||
Cash Flow Hedges - Interest Rate Swap [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (34) | (36) | (36) | (39) | (18) |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | (24) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to the capital account (Note 1) | 3 | ||||
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax $-) | 2 | 2 | 2 | 3 | |
Balance at end of period | (32) | (34) | (34) | (36) | (39) |
Defined Benefit Pension and OPEB Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (128) | (95) | (95) | (112) | (121) |
Defined benefit pension plans | (20) | 3 | (33) | 17 | 9 |
Balance at end of period | (148) | (92) | (128) | (95) | (112) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance at beginning of period | (162) | (131) | (131) | (151) | (139) |
Defined benefit pension plans | (20) | 3 | (33) | 17 | 9 |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | (24) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to the capital account (Note 1) | 3 | ||||
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax $-) | 2 | 2 | 2 | 3 | |
Balance at end of period | $ (180) | $ (126) | $ (162) | $ (131) | $ (151) |
Pension and OPEB Plans (Narrati
Pension and OPEB Plans (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Regulatory Assets | $ (1,396) | $ (1,512) | $ (1,329) | |
Number of OPEB plans | item | 2 | |||
Rolling period | 4 years | |||
Percentage of gains and losses | 25% | |||
Second pool representation of total investments, percentage | 25% | |||
Number of defined pension plans in which the Company participates | item | 2 | |||
Percentage of plan attributed to regulated business | 100% | |||
Gain Due To Increase In Discount Rates [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial gain | $ 662 | |||
Thrift Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Cash contributions | $ 26 | 24 | $ 23 | |
Oncor Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of corporate bonds | item | 1,138 | |||
Discount rate | 5.19% | |||
Expected return on plan assets | 6.05% | |||
Pension And OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Regulatory Assets | $ 346 | 581 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial gain | $ 662 | $ 95 | $ (302) | |
Weighted-average interest crediting rate assumption for Cash Balance Formula | 3% | |||
Expected funding, 2019 | $ 5 | |||
Expected funding, 2019 to 2023 | $ 356 | |||
Discount rate | 2.75% | 2.40% | 3.13% | |
Expected return on plan assets | 4.70% | 4.35% | 4.94% | |
Cash contributions | $ 3 | $ 6 | $ 21 | $ 134 |
Additional cash contributions | 2 | |||
Additional cash contributions, next five years | $ 466 | |||
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial gain | $ 190 | $ 136 | $ (20) | |
Number of corporate bonds | item | 504 | |||
Expected funding, 2019 | $ 22 | |||
Expected funding, 2019 to 2023 | $ 126 | |||
Discount rate | 5.11% | 2.91% | 2.58% | 3.29% |
Expected return on plan assets | 6.94% | 5.61% | 5.24% | 5.90% |
Cash contributions | $ 20 | $ 35 | $ 35 | $ 35 |
Additional cash contributions | 4 | |||
Additional cash contributions, next five years | $ 128 | |||
Oncor Cash Balance Formula Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's contribution match by employer | 100% | |||
Percentage of employee's contribution matched 100% by employer | 6% | |||
Oncor Traditional Retirement Plan Formula Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of employee's contribution match by employer | 75% | |||
Percentage of employee's contribution matched 100% by employer | 6% | |||
Vistra Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 5.19% | |||
Expected return on plan assets | 6.47% |
Pension and OPEB Plans (Schedul
Pension and OPEB Plans (Schedule of Pension and OPEB Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | |||||||
Assumptions Used to Determine Net Periodic Pension and OPEB Costs: | |||||||
Discount rate | 2.75% | 2.40% | 3.13% | ||||
Expected return on plan assets | 4.70% | 4.35% | 4.94% | ||||
Rate of compensation increase | 4.98% | 4.80% | 4.64% | ||||
Components of net OPEB costs: | |||||||
Service cost | $ 6 | $ 7 | $ 18 | $ 23 | $ 31 | $ 33 | $ 29 |
Interest cost | 30 | 23 | 91 | 68 | 90 | 84 | 103 |
Expected return on assets | (33) | (26) | (97) | (79) | (104) | (99) | (109) |
Amortization of net loss (gain) | 1 | 8 | 2 | 24 | 32 | 52 | 48 |
Net pension and OPEB costs | 4 | 12 | 14 | 36 | 49 | 70 | 71 |
Net adjustments | (1) | 6 | (3) | (6) | (25) | (24) | |
Net pension and OPEB costs recognized as operation and maintenance expense or other deductions | 4 | 11 | $ 20 | 33 | 43 | 45 | 47 |
Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: | |||||||
Net loss (gain) | 50 | (164) | 61 | ||||
Amortization of net gain (loss) | (32) | (52) | (48) | ||||
Total recognized as regulatory assets or other comprehensive income | 18 | (216) | 13 | ||||
Total recognized in net periodic pension and OPEB costs and as regulatory assets or other comprehensive income | $ 61 | $ (171) | $ 60 | ||||
OPEB Plan [Member] | |||||||
Assumptions Used to Determine Net Periodic Pension and OPEB Costs: | |||||||
Discount rate | 5.11% | 2.91% | 2.58% | 3.29% | |||
Expected return on plan assets | 6.94% | 5.61% | 5.24% | 5.90% | |||
Components of net OPEB costs: | |||||||
Service cost | 1 | 1 | $ 3 | 3 | $ 4 | $ 5 | $ 6 |
Interest cost | 8 | 6 | 24 | 18 | 25 | 26 | 32 |
Expected return on assets | (2) | (2) | (6) | (6) | (8) | (7) | (8) |
Amortization of prior service credit | (17) | (20) | |||||
Amortization of net loss (gain) | (8) | (24) | (1) | 18 | 10 | ||
Curtailment credit | (1) | ||||||
Net pension and OPEB costs | (1) | 5 | (3) | 15 | 20 | 25 | 19 |
Net adjustments | 3 | 3 | 17 | 8 | 11 | 6 | 11 |
Net pension and OPEB costs recognized as operation and maintenance expense or other deductions | $ 2 | $ 8 | $ 14 | $ 23 | 31 | 31 | 30 |
Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: | |||||||
Curtailment | 2 | ||||||
Net loss (gain) | (157) | (142) | 14 | ||||
Amortization of net gain (loss) | 1 | (18) | (10) | ||||
Amortization of prior service credit | 17 | 20 | |||||
Total recognized as regulatory assets or other comprehensive income | (156) | (143) | 26 | ||||
Total recognized in net periodic pension and OPEB costs and as regulatory assets or other comprehensive income | $ (125) | $ (112) | $ 56 |
Pension and OPEB Plans (Assumpt
Pension and OPEB Plans (Assumptions Used To Determine Benefit Obligations) (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.94% | 2.75% | 2.40% |
Rate of compensation increase | 5.34% | 4.98% | 4.80% |
OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.19% | 2.91% | 2.58% |
Pension and OPEB Plans (Change
Pension and OPEB Plans (Change In Project Benefit Obligations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Projected benefit obligation at beginning of year | $ 2,567 | $ 3,358 | $ 3,358 | $ 3,596 | $ 3,400 | ||
Service cost | $ 6 | $ 7 | 18 | 23 | 31 | 33 | 29 |
Interest cost | 30 | 23 | 91 | 68 | 90 | 84 | 103 |
Actuarial loss (gain) | (662) | (95) | 302 | ||||
Benefits paid | (169) | (171) | (165) | ||||
Settlement charges | (81) | (89) | (73) | ||||
Projected benefit obligation at end of year | 2,567 | 3,358 | 3,596 | ||||
Accumulated benefit obligation at end of year | 2,452 | 3,199 | 3,433 | ||||
OPEB Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Projected benefit obligation at beginning of year | 664 | 861 | 861 | 1,013 | 999 | ||
Service cost | 1 | 1 | 3 | 3 | 4 | 5 | 6 |
Interest cost | $ 8 | $ 6 | $ 24 | $ 18 | 25 | 26 | 32 |
Participant contributions | 19 | 19 | 18 | ||||
Actuarial loss (gain) | (190) | (136) | 20 | ||||
Benefits paid | (55) | (66) | (63) | ||||
Curtailment | 1 | ||||||
Projected benefit obligation at end of year | $ 664 | $ 861 | $ 1,013 |
Pension and OPEB Plans (Chang_2
Pension and OPEB Plans (Change In Plan Assets) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets at beginning of year | $ 1,817 | $ 2,669 | $ 2,740 | $ 2,494 |
Actual return (loss) on assets | (608) | 168 | 350 | |
Employer contributions | 3 | 6 | 21 | 134 |
Benefits paid | (169) | (171) | (165) | |
Settlement charges | (81) | (89) | (73) | |
Fair value of assets at end of year | 1,817 | 2,669 | 2,740 | |
Funded Status: | ||||
Projected benefit obligation at end of year | (2,567) | (3,358) | (3,596) | |
Fair value of assets at end of year | 1,817 | 2,669 | 2,740 | |
Unfunded liability | (750) | (689) | (856) | |
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of assets at beginning of year | 120 | 146 | 145 | 141 |
Actual return (loss) on assets | (25) | 13 | 14 | |
Employer contributions | $ 20 | 35 | 35 | 35 |
Participant contributions | 19 | 19 | 18 | |
Benefits paid | (55) | (66) | (63) | |
Fair value of assets at end of year | 120 | 146 | 145 | |
Funded Status: | ||||
Projected benefit obligation at end of year | (664) | (861) | (1,013) | |
Fair value of assets at end of year | 120 | 146 | 145 | |
Unfunded liability | $ (544) | $ (715) | $ (868) |
Pension and OPEB Plans (Amounts
Pension and OPEB Plans (Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Other noncurrent liabilities | $ (1,406) | $ (1,394) | $ (1,503) |
Accumulated other comprehensive net loss | $ (180) | (162) | (131) |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other current liabilities | (5) | (5) | |
Other noncurrent liabilities | (764) | (705) | |
Net liability recognized | (769) | (710) | |
Other noncurrent assets | 19 | 21 | |
Net regulatory assets recognized | 337 | 355 | |
Net assets recognized | 356 | 376 | |
Accumulated other comprehensive net loss | 129 | 93 | |
OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other current liabilities | (16) | (12) | |
Other noncurrent liabilities | (528) | (703) | |
Net liability recognized | (544) | (715) | |
Net regulatory assets recognized | (180) | (27) | |
Net assets recognized | $ (180) | (27) | |
Accumulated other comprehensive net loss | $ 3 |
Pension and OPEB Plans (Sched_2
Pension and OPEB Plans (Schedule Of Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Not Medicare Eligible [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 7.40% | 6.70% | 6.90% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2032 | 2029 | 2029 |
Medicare Eligible [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 8.30% | 7.50% | 7.80% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2032 | 2031 | 2030 |
Pension and OPEB Plans (Sched_3
Pension and OPEB Plans (Schedule Of Projected Benefit Obligations And Accumulated Benefit Obligations In Excess Of Plan Assets Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Vistra Retirement Plan [Member] | |||
Projected benefit obligations | $ 187 | $ 185 | $ 208 |
Accumulated benefit obligations | 140 | 139 | |
Plan assets | 159 | ||
Pension Plan [Member] | |||
Projected benefit obligations | 2,567 | 3,358 | |
Accumulated benefit obligations | 2,452 | 3,199 | |
Plan assets | 1,817 | 2,669 | |
OPEB Plan [Member] | |||
Accumulated benefit obligations | 664 | 861 | |
Plan assets | $ 120 | $ 146 |
Pension and OPEB Plans (Sched_4
Pension and OPEB Plans (Schedule Of Target Asset Allocation Ranges By Asset Category) (Details) | Dec. 31, 2022 |
International Equities [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 8% |
International Equities [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 16% |
International Equities [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 5% |
International Equities [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 11% |
US Equities [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 17% |
US Equities [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 25% |
US Equities [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 11% |
US Equities [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 17% |
Real Estate [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 7% |
Real Estate [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 11% |
Real Estate [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 3% |
Real Estate [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 7% |
Credit Strategies [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 3% |
Credit Strategies [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 7% |
Credit Strategies [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 3% |
Credit Strategies [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 7% |
Fixed Income [Member] | Recoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 48% |
Fixed Income [Member] | Recoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 58% |
Fixed Income [Member] | Nonrecoverable [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 65% |
Fixed Income [Member] | Nonrecoverable [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset allocation | 75% |
Pension and OPEB Plans (Sched_5
Pension and OPEB Plans (Schedule Of Assets Fair Value Measured On Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan assets | $ 1,817 | $ 2,669 | $ 2,740 | $ 2,494 |
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan assets | 120 | 146 | $ 145 | $ 141 |
Interest-bearing Cash [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 20 | 9 | ||
Interest-bearing Cash [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 9 | 9 | ||
US Equities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 38 | 66 | ||
US Equities [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 13 | 16 | ||
International Equities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 67 | 139 | ||
International Equities [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 11 | 17 | ||
Corporate Bond Securities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 543 | 879 | ||
Corporate Bond Securities [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 28 | 37 | ||
US Treasury Securities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 41 | 55 | ||
US Treasury Securities [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 2 | 2 | ||
Other [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 41 | 50 | ||
Other [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 17 | 18 | ||
Plan Assets [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 750 | 1,198 | ||
Plan Assets [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 80 | 99 | ||
Fair Value, Inputs, Level 1 [Member] | Interest-bearing Cash [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 9 | 9 | ||
Fair Value, Inputs, Level 1 [Member] | US Equities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 35 | 65 | ||
Fair Value, Inputs, Level 1 [Member] | US Equities [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 13 | 16 | ||
Fair Value, Inputs, Level 1 [Member] | International Equities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 67 | 138 | ||
Fair Value, Inputs, Level 1 [Member] | International Equities [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 11 | 17 | ||
Fair Value, Inputs, Level 1 [Member] | Other [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 15 | 16 | ||
Fair Value, Inputs, Level 1 [Member] | Plan Assets [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 102 | 203 | ||
Fair Value, Inputs, Level 1 [Member] | Plan Assets [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 48 | 58 | ||
Fair Value, Inputs, Level 2 [Member] | Interest-bearing Cash [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 20 | 9 | ||
Fair Value, Inputs, Level 2 [Member] | US Equities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 3 | 1 | ||
Fair Value, Inputs, Level 2 [Member] | International Equities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 1 | |||
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 543 | 879 | ||
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 28 | 37 | ||
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 41 | 55 | ||
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 2 | 2 | ||
Fair Value, Inputs, Level 2 [Member] | Other [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 41 | 50 | ||
Fair Value, Inputs, Level 2 [Member] | Other [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 2 | 2 | ||
Fair Value, Inputs, Level 2 [Member] | Plan Assets [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 648 | 995 | ||
Fair Value, Inputs, Level 2 [Member] | Plan Assets [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets in the fair value hierarchy | 32 | 41 | ||
NAV [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan assets | 1,067 | 1,471 | ||
NAV [Member] | OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total fair value of plan assets | $ 40 | $ 47 |
Pension and OPEB Plans (Sched_6
Pension and OPEB Plans (Schedule Of Expected Long-Term Rate Of Return On Assets Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.05% |
Pension Plan [Member] | International Equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 7.83% |
Pension Plan [Member] | US Equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 7.40% |
Pension Plan [Member] | Real Estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 4.80% |
Pension Plan [Member] | Credit Strategies [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 7% |
Pension Plan [Member] | Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 5.17% |
Pension Plan [Member] | Oncor Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 5.83% |
OPEB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.94% |
OPEB Plan [Member] | 401(h) Accounts [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 7.37% |
OPEB Plan [Member] | Life Insurance VEBA [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.95% |
OPEB Plan [Member] | Union VEBA [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.95% |
OPEB Plan [Member] | Non-union VEBA [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 3.30% |
OPEB Plan [Member] | Shared Retiree Veba [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 3.30% |
OPEB Plan [Member] | Vistra Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average expected long-term rate of return | 6.47% |
Pension and OPEB Plans (Sched_7
Pension and OPEB Plans (Schedule Of Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 176 |
2024 | 180 |
2025 | 184 |
2026 | 186 |
2027 | 186 |
2028-32 | 925 |
OPEB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 45 |
2024 | 47 |
2025 | 48 |
2026 | 48 |
2027 | 49 |
2028-32 | $ 242 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||||
Revenue from contracts | $ 1,592,000,000 | $ 1,438,000,000 | $ 4,227,000,000 | $ 3,980,000,000 | $ 5,243,000,000 | $ 4,764,000,000 | $ 4,511,000,000 |
Substation monitoring and switching services | 639,000 | 592,000 | 629,000 | ||||
Sempra Texas Holdings [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Tax related payments (received from) | 103,000 | 116,000 | 119,000 | ||||
Sharyland Distribution & Transmission Services (SDTS) [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from contracts | $ 4,000,000 | $ 4,000,000 | 12,000,000 | 7,000,000 | $ 11,000,000 | $ 10,000,000 | $ 13,000,000 |
Sharyland Distribution & Transmission Services (SDTS) [Member] | Maximum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Substation monitoring and switching services | $ 1,000,000 | $ 1,000,000 | |||||
Sharyland Distribution & Transmission Services (SDTS) [Member] | Sempra Texas Holdings [Member] | Parent Of Sharyland [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of membership interest owned by non-controlling owners | 50% | 50% | 50% |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule of Amounts Payable to (Receivables from) Related Parties) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | $ 14 | $ 18 | |
Texas margin tax payable | 21 | 27 | |
Net payable (receivable) | 35 | 45 | $ 18 |
Texas [Member] | |||
Related Party Transaction [Line Items] | |||
Texas margin tax payable | 27 | 24 | |
Federal [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | 18 | (6) | |
Sempra Texas Holdings [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | 11 | 14 | |
Texas margin tax payable | 21 | 27 | |
Net payable (receivable) | 32 | 41 | 19 |
Sempra Texas Holdings [Member] | Texas [Member] | |||
Related Party Transaction [Line Items] | |||
Texas margin tax payable | 27 | 24 | |
Sempra Texas Holdings [Member] | Federal [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | 14 | (5) | |
Texas Transmission Investment LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | 3 | 4 | |
Net payable (receivable) | $ 3 | 4 | (1) |
Texas Transmission Investment LLC [Member] | Federal [Member] | |||
Related Party Transaction [Line Items] | |||
Federal income taxes payable (receivable) | $ 4 | $ (1) |
Related-Party Transactions (S_2
Related-Party Transactions (Schedule of Cash Payments Made to Related Parties to Income Taxes) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Federal income taxes | $ 84 | $ 76 | $ 99 | $ 61 | $ 87 |
Texas margin taxes | 28 | 24 | 24 | 23 | 22 |
Total payments | 112 | 100 | 123 | 84 | 109 |
Sempra Texas Holdings [Member] | |||||
Related Party Transaction [Line Items] | |||||
Federal income taxes | 67 | 61 | 79 | 49 | 70 |
Texas margin taxes | 28 | 24 | 24 | 23 | 22 |
Total payments | 95 | 85 | 103 | 72 | 92 |
Texas Transmission Investment LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Federal income taxes | 17 | 15 | 20 | 12 | 17 |
Total payments | $ 17 | $ 15 | $ 20 | $ 12 | $ 17 |
Supplementary Financial Infor_3
Supplementary Financial Information (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) customer | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Supplemental Financial Information [Line Items] | |||||||
Number of largest customers | customer | 2 | 2 | |||||
Face value of life insurance policies | $ 175 | $ 198 | |||||
Net cash surrender values | $ 94 | 99 | |||||
Depreciation expense as percentage of average depreciable property | 2.70% | ||||||
Aggregate amortization expenses | $ 27 | $ 19 | $ 72 | $ 57 | $ 76 | 50 | $ 62 |
Goodwill | $ 4,740 | $ 4,740 | $ 4,740 | $ 4,740 | |||
Trade Accounts Receivable [Member] | |||||||
Supplemental Financial Information [Line Items] | |||||||
Number of largest customers | customer | 2 | 2 | |||||
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 | ||||||
Trade Accounts Receivable [Member] | |||||||
Supplemental Financial Information [Line Items] | |||||||
Number of largest customers | customer | 2 | ||||||
Trade Accounts Receivable [Member] | Customers [Member] | Nonaffiliated REP [Member] | |||||||
Supplemental Financial Information [Line Items] | |||||||
Concentration risk percentage | 23% | 22% | |||||
Trade Accounts Receivable [Member] | Customers [Member] | Second Nonaffiliated REP [Member] | |||||||
Supplemental Financial Information [Line Items] | |||||||
Concentration risk percentage | 20% | 21% | |||||
Customers [Member] | Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | |||||||
Supplemental Financial Information [Line Items] | |||||||
Concentration risk percentage | 27% | 23% | |||||
Customers [Member] | Trade Accounts Receivable [Member] | Second Nonaffiliated REP [Member] | |||||||
Supplemental Financial Information [Line Items] | |||||||
Concentration risk percentage | 24% | 20% |
Supplementary Financial Infor_4
Supplementary Financial Information (Schedule of Other (Income) and Deductions - Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplementary Financial Information [Abstract] | |||||||
Professional fees | $ 1 | $ 2 | $ 6 | $ 5 | $ 7 | $ 9 | $ 6 |
Recoverable pension and OPEB - non-service costs | 4 | 14 | 27 | 41 | 56 | 54 | 55 |
Non-recoverable pension and OPEB | (1) | (2) | 2 | 3 | 4 | ||
Gain on sale of non-utility property | 1 | 1 | 11 | (12) | (1) | ||
AFUDC – equity income | (12) | (9) | (35) | (23) | (36) | (27) | (29) |
Interest and investment loss (income) – net | (5) | 1 | (9) | 5 | 2 | (8) | (4) |
Other | 2 | 1 | 4 | 2 | 1 | 1 | 1 |
Total other (income) and deductions – net | $ (12) | $ 9 | $ (10) | $ 19 | $ 20 | $ 31 | $ 33 |
Supplementary Financial Infor_5
Supplementary Financial Information (Schedule of Interest Expense and Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplementary Financial Information [Abstract] | |||||||
Interest | $ 143 | $ 117 | $ 406 | $ 335 | $ 453 | $ 415 | $ 413 |
Amortization of discount, premium and debt issuance costs | 4 | 3 | 10 | 8 | 10 | 11 | 11 |
Less AFUDC – capitalized interest portion | (7) | (5) | (20) | (12) | (18) | (13) | (19) |
Total interest expense and related charges | $ 140 | $ 115 | $ 396 | $ 331 | $ 445 | $ 413 | $ 405 |
Supplementary Financial Infor_6
Supplementary Financial Information (Schedule of Trade Accounts and Other Receivables) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Supplementary Financial Information [Abstract] | |||
Gross trade accounts and other receivables | $ 1,162 | $ 897 | $ 750 |
Allowance for uncollectible accounts | (13) | (13) | (12) |
Trade accounts receivable - net | $ 1,149 | $ 884 | $ 738 |
Supplementary Financial Infor_7
Supplementary Financial Information (Summary of Investments and Other Property) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Supplementary Financial Information [Abstract] | |||
Assets related to employee benefit plans | $ 132 | $ 123 | $ 133 |
Non-utility property – land | 12 | 12 | 20 |
Other | 2 | 2 | 2 |
Total investments and other property | $ 146 | $ 137 | $ 155 |
Supplementary Financial Infor_8
Supplementary Financial Information (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property Plant and Equipment [Line Items] | |||
Total assets in service | $ 34,862 | $ 33,256 | $ 31,029 |
Less accumulated depreciation | 9,225 | 9,054 | 8,659 |
Net of accumulated depreciation | 25,637 | 24,202 | 22,370 |
Construction work in progress | 1,613 | 953 | 557 |
Held for future use | 48 | 48 | 27 |
Property, plant and equipment - net | 27,298 | 25,203 | 22,954 |
Distribution [Member] | |||
Property Plant and Equipment [Line Items] | |||
Total assets in service | $ 18,359 | $ 17,226 | 15,994 |
Composite depreciation rate | 2.70% | 2.50% | |
Avg. life | 36 years 4 months 24 days | 39 years 7 months 6 days | |
Transmission [Member] | |||
Property Plant and Equipment [Line Items] | |||
Total assets in service | $ 14,462 | $ 13,874 | 13,075 |
Composite depreciation rate | 2.40% | 2.90% | |
Avg. life | 42 years 4 months 24 days | 34 years 4 months 24 days | |
Other Assets [Member] | |||
Property Plant and Equipment [Line Items] | |||
Total assets in service | $ 2,041 | $ 2,156 | $ 1,960 |
Composite depreciation rate | 7.40% | 5.90% | |
Avg. life | 13 years 10 months 24 days | 17 years |
Supplementary Financial Infor_9
Supplementary Financial Information (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 1,808 | $ 1,845 | $ 1,707 |
Accumulated Amortization | 531 | 563 | 568 |
Net | 1,277 | 1,282 | 1,139 |
Land Easements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 669 | 662 | 641 |
Accumulated Amortization | 126 | 122 | 117 |
Net | 543 | 540 | 524 |
Capitalized Software and Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,139 | 1,183 | 1,066 |
Accumulated Amortization | 405 | 441 | 451 |
Net | $ 734 | $ 742 | $ 615 |
Supplementary Financial Info_10
Supplementary Financial Information (Schedule of Estimated Aggregate Amortization Expenses) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Supplementary Financial Information [Abstract] | ||
2023 | $ 97 | |
2024 | 96 | $ 86 |
2025 | 96 | 85 |
2026 | 96 | 85 |
2027 | $ 96 | 85 |
2027 | $ 85 |
Supplementary Financial Info_11
Supplementary Financial Information (Schedule of Operating Lease and Other Obligations) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Supplementary Financial Information [Abstract] | |||
Operating lease liabilities | $ 115 | $ 131 | $ 133 |
Investment tax credits | 3 | 3 | 4 |
Customer advances for construction – noncurrent | 55 | 71 | 30 |
Other | 95 | 70 | 64 |
Total operating lease, third party joint project and other obligations | $ 268 | $ 275 | $ 231 |
Supplementary Financial Info_12
Supplementary Financial Information (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplementary Financial Information [Abstract] | |||||
Interest | $ 330 | $ 296 | $ 441 | $ 409 | $ 406 |
Less capitalized interest | (20) | (12) | (18) | (13) | (19) |
Interest payments (net of amounts capitalized) | 310 | 284 | 423 | 396 | 387 |
Federal | 84 | 76 | 99 | 61 | 87 |
State | 28 | 24 | 24 | 23 | 22 |
Total payments in lieu of income taxes | 112 | 100 | 123 | 84 | 109 |
Construction expenditures financed through accounts payable (investing) | $ 342 | $ 201 | $ 305 | 254 | 254 |
Transfer of title to assets constructed for and prepaid by LP&L | $ 150 | ||||
Debt exchange offering (financing) | $ 300 |
Supplementary Financial Info_13
Supplementary Financial Information (Summarized Financial Information for Consolidated VIE) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 9 | $ 10 | $ 11 |
Accounts receivable – net | 1,149 | 884 | 738 |
Assets | 35,554 | 33,038 | 30,633 |
Accounts payable | 35 | 45 | 24 |
Accrued interest | 167 | 97 | 89 |
Long-term debt | 500 | 100 | 882 |
Liabilities | 21,495 | 19,576 | 18,045 |
Regulatory Liability, Noncurrent | 2,988 | $ 3,014 | $ 2,876 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Cash and cash equivalents | 2 | ||
Accounts receivable – net | 776 | ||
Income tax receivable | 2 | ||
Assets | 780 | ||
Accounts payable | 2 | ||
Accrued interest | 3 | ||
Long-term debt | 498 | ||
Liabilities | 503 | ||
Outstanding | 500 | ||
Regulatory Liability, Noncurrent | $ 2 |