Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Entity Registrant Name | ONCOR ELECTRIC DELIVERY CO LLC | |
Entity Central Index Key | 1,193,311 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Oncor's Management and Board of Directors [Member] | ||
Entity Outstanding Membership Interests | 0.22% | |
Oncor Electric Delivery Holdings Company LLC [Member] | ||
Entity Outstanding Membership Interests | 80.03% | |
Texas Transmission and Investment LLC [Member] | ||
Entity Outstanding Membership Interests | 19.75% |
Condensed Statements of Consoli
Condensed Statements of Consolidated Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating revenues: | ||||
Nonaffiliates | $ 793 | $ 773 | $ 2,218 | $ 2,137 |
Affiliates | 279 | 281 | 739 | 746 |
Total operating revenues | 1,072 | 1,054 | 2,957 | 2,883 |
Operating expenses: | ||||
Wholesale transmission service | 201 | 193 | 595 | 557 |
Operation and maintenance | 186 | 183 | 539 | 517 |
Depreciation and amortization | 217 | 218 | 653 | 638 |
Provision in lieu of income taxes (Note 10) | 99 | 98 | 214 | 221 |
Taxes other than amounts related to income taxes | 116 | 115 | 336 | 330 |
Total operating expenses | 819 | 807 | 2,337 | 2,263 |
Operating income | 253 | 247 | 620 | 620 |
Other income and deductions: | ||||
Other income (Note 11) | 1 | 3 | 5 | 10 |
Other deductions (Note 11) | 9 | 4 | 21 | 11 |
Nonoperating provision in lieu of income taxes | (3) | (6) | 1 | |
Interest income | (1) | 1 | (1) | 3 |
Interest expense and related charges (Note 11) | 84 | 89 | 250 | 266 |
Net income | $ 163 | $ 158 | $ 359 | $ 355 |
Condensed Statements of Consol3
Condensed Statements of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||||
Net income | $ 163 | $ 158 | $ 359 | $ 355 |
Other comprehensive income (loss): | ||||
Cash flow hedges - derivative value net loss recognized in net income (net of tax expense of $-, $-, $- and $1) (Note 1) | 1 | 1 | 1 | 2 |
Defined benefit pension plans (net of tax benefit of $-, $-, $- and $-) (Note 9) | $ (1) | 1 | (1) | |
Total other comprehensive income (loss) | 1 | 2 | 1 | |
Comprehensive income | $ 164 | $ 158 | $ 361 | $ 356 |
Condensed Statements Of Consol4
Condensed Statements Of Consolidated Comprehensive Income (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2014USD ($) | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | |
Cash flow hedges - derivative value net loss recognized in net income, tax benefit | $ 1 |
Condensed Statements Of Consol5
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows - operating activities: | ||
Net income | $ 359 | $ 355 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 686 | 669 |
Provision in lieu of deferred income taxes - net | (65) | (36) |
Other - net | (2) | (2) |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs (Note 4) | 41 | (20) |
Other operating assets and liabilities | 34 | (101) |
Cash provided by operating activities | 1,053 | 865 |
Cash flows - financing activities: | ||
Issuances of long-term debt (Note 6) | 725 | 250 |
Repayments of long-term debt (Note 6) | (594) | (89) |
Net increase in short-term borrowings (Note 5) | (3) | (25) |
Distributions to members (Note 8) | (283) | (181) |
Debt discount, premium, financing and reacquisition expenses - net | (11) | (4) |
Cash used in financing activities | (166) | (49) |
Cash flows - investing activities: | ||
Capital expenditures | (893) | (822) |
Other - net | 20 | (4) |
Cash used in investing activities | (873) | (826) |
Net change in cash and cash equivalents | 14 | (10) |
Cash and cash equivalents - beginning balance | 4 | 27 |
Cash and cash equivalents - ending balance | $ 18 | $ 17 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 18 | $ 4 |
Restricted cash - Bondco (Note 11) | 62 | 56 |
Trade accounts receivable from nonaffiliates - net (Note 11) | 444 | 407 |
Trade accounts and other receivables from affiliates - net (Note 10) | 156 | 118 |
Amounts receivable from members related to income taxes (Note 10) | 180 | |
Materials and supplies inventories - at average cost | 80 | 73 |
Prepayments and other current assets | 90 | 88 |
Total current assets | 850 | 926 |
Restricted cash - Bondco (Note 11) | 16 | |
Investments and other property (Note 11) | 95 | 97 |
Property, plant and equipment - net (Note 11) | 12,908 | 12,463 |
Goodwill (Notes 11) | 4,064 | 4,064 |
Other noncurrent assets | 71 | 67 |
Total assets | 19,165 | 19,062 |
Current liabilities: | ||
Short-term borrowings (Note 5) | 708 | 711 |
Trade accounts payable to nonaffiliates | 164 | 202 |
Amounts payable to members related to income taxes (Note 10) | 32 | 24 |
Accrued taxes other than amounts related to income taxes | 150 | 174 |
Accrued interest | 67 | 93 |
Other current liabilities | 149 | 156 |
Total current liabilities | 1,356 | 1,999 |
Long-term debt, less amounts due currently (Note 6) | 5,681 | 4,997 |
Liability in lieu of deferred income taxes (Notes 10) | 2,510 | 2,559 |
Other noncurrent liabilities and deferred credits (Notes 11) | 2,022 | 1,989 |
Total liabilities | $ 11,569 | $ 11,544 |
Commitments and contingencies (Note 7) | ||
Membership interests (Note 8): | ||
Capital account — number of interests outstanding 2015 and 2014 - 635,000,000 | $ 7,701 | $ 7,625 |
Accumulated other comprehensive loss | (105) | (107) |
Total membership interests | 7,596 | 7,518 |
Total liabilities and membership interests | 19,165 | 19,062 |
Oncor | ||
Current assets: | ||
Regulatory assets - net (Note 4) | 1,148 | 1,321 |
Current liabilities: | ||
Long-term debt due currently (Note 6) | 500 | |
Long-term debt, less amounts due currently (Note 6) | 5,681 | 4,956 |
Bondco | ||
Current assets: | ||
Regulatory assets - net (Note 4) | 29 | 108 |
Current liabilities: | ||
Long-term debt due currently (Note 6) | $ 86 | 139 |
Long-term debt, less amounts due currently (Note 6) | $ 41 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Capital account, interests outstanding | 635,000,000 | 635,000,000 |
Business and Significant Accoun
Business and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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 subsidiary as apparent in the context. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs, including subsidiaries of TCEH, that sell power in the north-central, eastern and western parts of Texas. Revenues from TCEH represented 25 % and 26 % of our total operating revenues for the nine months ended September 30, 2015 and 2014, respectively. We are a direct, majority-owned subsidiary of Oncor Holdings, which is a direct, wholly-owned subsidiary of EFIH, a direct, wholly-owned subsidiary of EFH Corp. EFH Corp. is a subsidiary of Texas Holdings, which is controlled by the Sponsor Group. Oncor Holdings owns 80.03 % of our membership interests, Texas Transmission owns 19.75 % of our membership interests and certain members of our management team and board of directors indirectly own the remaining membership interests through Investment LLC. We are managed as an integrated business; consequently, there are no separate reportable business segments. Our consolidated financial statements include our wholly-owned, bankruptcy-remote financing subsidiary, Bondco, a variable interest entity . This financing subsidiary was organized for the limited purpose of issuing certain transition bonds in 2003 and 2004. Bondco issued transition bonds to recover generation-related regulatory asset stranded costs and other qualified costs under an order issued by the PUCT in 2002. Various “ring-fencing” measures have been taken to enhance the separateness between the Oncor Ring-Fenced Entities and the Texas Holdings Group and our credit quality. These measures serve to mitigate our and Oncor Holdings’ credit exposure to the Texas Holdings Group and to reduce the risk that our assets and liabilities or those of Oncor Holdings would be substantively consolidated with the assets and liabilities of the Texas Holdings Group in connection with a bankruptcy of one or more of those entities, including the EFH Bankruptcy Proceedings discussed below. Such measures include, among other things: our sale of a 19.75 % equity interest to Texas Transmission in November 2008; maintenance of separate books and records for the Oncor Ring-Fenced Entities; our board of directors being comprised of a majority of independent directors; and prohibitions on the Oncor Ring-Fenced Entities providing credit support to, or receiving credit support from, any member of the Texas Holdings Group. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of the Texas Holdings Group, including TXU Energy and Luminant, and none of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or contractual obligations of any member of the Texas Holdings Group. We do not bear any liability for debt or contractual obligations of the Texas Holdings Group, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from the Texas Holdings Group. EFH Corp. Bankruptcy Proceedings On the EFH Petition Date, EFH Corp. and the substantial majority of its direct and indirect subsidiaries that are members of the Texas Holdings Group, including EFIH, EFCH and TCEH, commenced proceedings under Chapter 11 of the US Bankruptcy Code. The Oncor Ring-Fenced Entities are not parties to the EFH Bankruptcy Proceedings. We believe the “ring-fencing” measures discussed above mitigate our potential exposure to the EFH Bankruptcy Proceedings. See Note 2 for a discussion of the potential impacts of the EFH Bankruptcy Proceedings on our financial statements. Basis of Presentation Our condensed consolidated financial statements have been prepared in accordance with US GAAP and on the same basis as the audited financial statements in our 2014 Form 10-K. Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules and regulations of the SEC . Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the audited financial statements and related notes in our 2014 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. Use of Estimates Preparation of 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. Derivative Instruments and Mark-to-Market Accounting We have from time-to-time entered into derivative instruments to hedge interest rate risk. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, the fair value of each derivative is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income, unless criteria for certain exceptions are met. This recognition is referred to as “mark-to-market” accounting. Reconcilable Tariffs The PUCT has designated certain tariffs (TCRF, EECRF surcharges, AMS surcharges and charges related to transition bonds) 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. Contingencies We evaluate and account for contingencies using the best information available. A loss contingency is accrued and disclosed when it is probable that an asset has been impaired or a liability incurred and the amount of the loss can be reasonably estimated. If a range of probable loss is established, the minimum amount in the range is accrued, unless some other amount within the range appears to be a better estimate. If the probable loss cannot be reasonably estimated, no accrual is recorded, but the loss contingency is disclosed to the effect that the probable loss cannot be reasonably estimated. A loss contingency will be disclosed when it is reasonably possible that an asset has been impaired or a liability incurred. If the likelihood that an impairment or incurrence is remote, the contingency is neither accrued nor disclosed. Gain contingencies are recognized upon realization. Changes in Accounting Standards In April 2015, the Financial Accounting Standards Board issued a new accounting standard update, which changes the presentation of debt issuance costs in the balance sheet. The update requires that such costs be presented as a direct reduction to the face value of the related debt rather than as an asset. This will make the presentation of debt issuance costs consistent with debt discounts. The update is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. When adopted, we anticipate that both other noncurrent assets and long-term debt amounts will decrease by approximately $ 40 million. |
EFH Bankruptcy Proceedings
EFH Bankruptcy Proceedings | 9 Months Ended |
Sep. 30, 2015 | |
EFH Bankruptcy Proceedings [Abstract] | |
EFH BANKRUPTCY PROCEEDINGS | 2. EFH BANKRUPTCY PROCEEDINGS On the EFH Petition Date, EFH Corp. and the substantial majority of its direct and indirect subsidiaries that are members of the Texas Holdings Group, including EFIH, EFCH and TCEH (collectively, the EFH Debtors), commenced proceedings under Chapter 11 of the US Bankruptcy Code. The Oncor Ring-Fenced Entities are not parties to the EFH Bankruptcy Proceedings. We believe the “ring-fencing” measures discussed above mitigate our potential exposure to the EFH Bankruptcy Proceedings. The US Bankruptcy Code automatically enjoined, or stayed, us from judicial or administrative proceedings or filing of other actions against our affiliates or their property to recover, collect or secure our claims arising prior to the EFH Petition Date. Following the EFH Petition Date, EFH Corp. received approval from the bankruptcy court to pay or otherwise honor certain prepetition obligations generally designed to stabilize its operations. Included in the approval were the obligations owed to us representing our prepetition electricity delivery fees. As of the EFH Petition Date, we estimated that our receivables from the Texas Holdings Group totaled approximately $ 129 million. Since that time, we have collected $ 127 million of the prepetition amount. We estimate any potential pre-tax loss resulting from the EFH Bankruptcy Proceedings to be immaterial. A provision for uncollectible accounts from affiliates has not been established as of September 30, 2015. Potential Change in Control of Majority Owner or Other Change in Ownership of Oncor As part of the EFH Bankruptcy Proceedings, on September 21, 2015, the EFH Debtors filed their fifth amended plan of reorganization (as such may be amended from time to time, Plan of Reorganization) and related amended disclosure statement (the Disclosure Statement). Also on September 21, 2015, the bankruptcy court approved the Disclosure Statement and the EFH Debtors’ related Plan of Reorganization solicitation procedures. The EFH Debtors are in the process of soliciting votes on the Plan of Reorganization, and a hearing on confirmation of the Plan of Reorganization is scheduled to begin on November 3, 2015. We cannot predict the outcome of the creditor vote on the Plan of Reorganization or the confirmation hearing. In general, the Plan of Reorganization proposes a merger and investment structure that involves a tax-free deconsolidation of TCEH from EFH Corp., immediately followed by the acquisition of reorganized EFH Corp. financed by existing TCEH creditors and third party investors. In this regard, the Plan of Reorganization provides for a series of transactions that would lead to a significant change in the indirect equity ownership of Oncor. Subject to the approval of the bankruptcy court, acquisition entities (Purchasers) controlled by an investor group (collectively, the Investor Group) consisting of certain unsecured creditors of TCEH and an affiliate of Hunt Consolidated, Inc. (Hunt), as well as certain other investors designated by Hunt to acquire (EFH Acquisition) reorganized EFH Corp. (Reorganized EFH), would acquire pursuant to a merger and purchase agreement direct or indirect equity interests in Reorganized EFH and EFIH that indirectly represent all of the outstanding equity interests in Oncor Holdings and at least 80.03% of the outstanding equity interests in Oncor. As part of the transactions contemplated by the merger and purchase agreement, among other things, the Investor Group intends to raise up to $12.6 billion of equity and debt financing to invest in Reorganized EFH, and a successor to Reorganized EFH will be converted to a real estate investment trust (REIT) under the Internal Revenue Code. In addition, and in connection with the merger and purchase agreement referred to above, at the request of and with the consent of EFIH, we and Oncor Holdings entered into a letter agreement with the Purchasers. The letter agreement sets forth certain rights and obligations of the Oncor entities and the Purchasers to cooperate in the manner set forth therein with respect to initial steps to be taken in connection with the EFH Acquisition and the other transactions described in the merger and purchase agreement. The letter agreement is not intended to give the Purchasers, directly or indirectly, the right to control or direct the operations of any Oncor entity prior to the receipt of all approvals required by the bankruptcy court, the PUCT and other governmental entities and the consummation of the EFH Acquisition and related transactions (if and when such transactions are consummated). In addition, Oncor Holdings and Oncor have not endorsed or approved any restructuring involving Oncor Holdings or Oncor or any other transaction proposed by the Purchasers involving Oncor Holdings or Oncor, and the parties acknowledge that further action will be required by Oncor Holdings and Oncor in order for any such restructuring or other transaction to be completed. In connection with the proposed EFH Acquisition, EFH Corp. has taken the position that, unless the Purchasers have otherwise acquired, or entered into a definitive agreement with Texas Transmission for the acquisition of the equity interest in Oncor held by Texas Transmission at the consummation of the EFH Acquisition, certain of EFH Corp.’s rights contained in the Investor Rights Agreement (Investor Rights Agreement), dated November 2008 among Oncor and certain of its direct and indirect equity holders, including EFH Corp. and Texas Transmission, would require Texas Transmission to sell its equity interest in Oncor to the Purchasers in connection with the EFH Acquisition. In this regard, on October 19, 2015, EFH filed a complaint against Texas Transmission alleging breach of Texas Transmission’s obligations under the Investor Rights Agreement for failing to agree to sell its equity interest in Oncor in connection with the proposed EFH Acquisition. We cannot predict the outcome of this pending litigation between EFH Corp. and Texas Transmission relating to the Investor Rights Agreement and the impact of such litigation on the EFH Acquisition and related transactions. As a general matter, we cannot predict the outcome of the EFH Bankruptcy Proceedings and the related creditor vote and other stakeholder negotiations, including whether the bankruptcy court will approve the EFH Acquisition and the other transactions contemplated by the Plan of Reorganization or whether any such transactions will (or when they will) ultimately close. Bankruptcy courts have broad equitable powers, and as a result, outcomes in bankruptcy proceedings are inherently difficult to predict. In addition to the requirements of the US Bankruptcy Code or the bankruptcy court, any such transactions would be the subject of customary closing conditions, including receipt of all applicable regulatory approvals. In this regard, on September 29, 2015, Oncor and the Purchasers filed a joint application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by the Plan of Reorganization. Regulatory approvals with respect to those transactions also are the subject of a pending application filed with the Federal Energy Regulatory Commission. As indicated above, such approvals remain pending, and there can be no assurance if or when the required regulatory approvals will be obtained or if the conditions to any such approvals will be acceptable to the Purchasers. The EFH Bankruptcy Proceedings continue to be a complex litigation matter and the full extent of potential impacts on Oncor remains unknown. We will continue to evaluate our affiliate transactions and contingencies throughout the EFH Bankruptcy Proceedings to determine any risks and resulting impacts on our results of operations, financial statements and cash flows. See Note 10 for details of our related-party transactions with members of the Texas Holdings Group. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 3. REGULATORY MATTERS 2008 Rate Review In August 2009, the PUCT issued a final order with respect to our June 2008 rate review filing with the PUCT and 204 cities based on a test year ended December 31, 2007 (Docket 35717), and new rates were implemented in September 2009. We and four other parties appealed various portions of the rate review final order to a state district court. In January 2011, the district court signed its judgment reversing the PUCT with respect to two issues: the PUCT’s disallowance of certain franchise fees and the PUCT’s decision that PURA no longer requires imposition of a rate discount for state colleges and universities. We filed an appeal with the Texas Third Court of Appeals (Austin Court of Appeals) in February 2011 with respect to the issues we appealed to the district court and did not prevail upon, as well as the district court’s decision to reverse the PUCT with respect to discounts for state colleges and universities. In early August 2014, the Austin Court of Appeals reversed the district court and affirmed the PUCT with respect to the PUCT’s disallowance of certain franchise fees and the PUCT’s decision that PURA no longer requires imposition of a rate discount for state colleges and universities. The Austin Court of Appeals also reversed the PUCT and district court’s rejection of a proposed consolidated tax savings adjustment arising out of EFH Corp.’s ability to offset our taxable income against losses from other investments and remanded the issue to the PUCT to determine the amount of the consolidated tax savings adjustment. In late August 2014, we filed a motion on rehearing with the Austin Court of Appeals with respect to certain appeal issues on which we were not successful, including the consolidated tax savings adjustment. In December 2014, the Austin Court of Appeals issued its opinion, clarifying that it was rendering judgment on the rate discount for state colleges and universities issue (affirming that PURA no longer requires imposition of the rate discount) rather than remanding it to the PUCT, and dismissing the motions for rehearing regarding the franchise fee issue and the consolidated tax savings adjustment. We filed a petition for review with the Texas Supreme Court in February 2015. At the request of the court, the parties filed responses to the petitions for review and replies in June and July 2015, respectively. The Texas Supreme Court subsequently requested full briefing on the merits, with the briefing period ending on December 9, 2015. There is no deadline for the court to act. If our appeals efforts are unsuccessful and the proposed consolidated tax savings adjustment is implemented, we estimate that on remand, the impact on earnings of the consolidated tax savings adjustment’s value could range from zero , as originally determined by the PUCT in Docket 35717, to an approximate $ 130 million loss (after tax). We do not believe that any of the other issues ruled upon by the Austin Court of Appeals would result in a material impact to our results of operations or financial condition. Change in Control Review In connection with the EFH Acquisition contemplated by the Plan of Reorganization filed in the EFH Bankruptcy Proceedings, on September 29, 2015, Oncor and the Purchasers in the proposed EFH Acquisition filed a joint report and application for regulatory approvals pursuant to PURA. For additional information on the EFH Acquisition and application for regulatory approval, see Note 2 to Financial Statements. See Note 3 to Financial Statements in our 2014 Form 10-K for additional information regarding regulatory matters. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Assets and Liabilities [Abstract] | |
REGULATORY ASSETS AND LIABILITIES | 4. REGULATORY ASSETS AND LIABILITIES Recognition of regulatory assets and liabilities and the amortization periods over which they are expected to be recovered or refunded through rate regulation reflect the decisions of the PUCT. Components of the regulatory assets and liabilities are provided in the table below. Amounts not earning a return through rate regulation are noted. Remaining Rate Recovery/Amortization Period at Carrying Amount At September 30, 2015 September 30, 2015 December 31, 2014 Regulatory assets: Generation-related regulatory assets securitized by transition bonds (a)(e) 1 year $ $ Employee retirement costs 4 years Employee retirement costs to be reviewed (b)(c) To be determined Employee retirement liability (a)(c)(d) To be determined Self-insurance reserve (primarily storm recovery costs) ― net 4 years Self-insurance reserve to be reviewed ― net (b)(c) To be determined Securities reacquisition costs (pre-industry restructure) 2 years Securities reacquisition costs (post-industry restructure) ― net Terms of related debt Recoverable amounts in lieu of deferred income taxes ― net Life of related asset or liability Deferred conventional meter and metering facilities depreciation Largely 5 years Deferred AMS costs To be determined Energy efficiency performance bonus (a) 1 year Under-recovered wholesale transmission service expense ― net (a) 1 year - Other regulatory assets Various Total regulatory assets Regulatory liabilities: Estimated net removal costs Life of utility plant Investment tax credit and protected excess deferred taxes Various Over-collection of transition bond revenues (a)(e) 1 year Energy efficiency programs (a) Not applicable Over-recovered wholesale transmission service expense ― net (a) 1 year - Total regulatory liabilities Net regulatory asset $ $ ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Costs incurred since the period covered under the last rate review. (c) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (d) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. (e) Bondco net regulatory assets of $ 29 million at September 30, 2015 consisted of $ 51 million included in generation-related regulatory assets net of the regulatory liability for over-collection of transition bond revenues of $ 22 million (excludes $8 million of over-collections related to Series 2003-1 transition bonds assumed by Oncor for final settlement). Bondco net regulatory assets of $ 108 million at December 31, 2014 consisted of $ 140 million included in generation-related regulatory assets net of the regulatory liability for over-collection of transition bond revenues of $ 32 million. |
Borrowings Under Credit Facilit
Borrowings Under Credit Facilities | 9 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
BORROWINGS UNDER CREDIT FACILITIES | 5. BORROWINGS UNDER CREDIT FACILITIES At September 30, 2015, we had a $ 2.4 billion secured revolving credit facility to be used for working capital and general corporate purposes, issuances of letters of credit and support for any commercial paper issuances. In October 2015, we exercised one of the two one -year extensions available to us and extended the term of the revolving credit facility to October 2017 . In addition, we exercised our option to permanently reduce the revolving loan commitment available under the revolving credit facility. As a result of this reduction, the revolving loan commitment available under the revolving credit facility was reduced to $2.0 billion on October 9, 2015. The terms of the revolving credit facility allow us to request an additional increase in our borrowing capacity of $ 100 million, provided certain conditions are met, including lender approval. Borrowings under the revolving credit facility are classified as short-term on the balance sheet and are secured equally and ratably with all of our other secured indebtedness by a first priority lien on property we acquired or constructed for the transmission and distribution of electricity. The property is mortgaged under the Deed of Trust. At September 30, 2015, we had outstanding borrowings under the revolving credit facility totaling $ 708 million with an interest rate of 1.31 % and outstanding letters of credit totaling $ 7 million. At December 31, 2014, we had outstanding borrowings under the revolving credit facility totaling $ 711 million with an interest rate of 1.29 % and outstanding letters of credit totaling $ 7 million. Borrowings under the revolving credit facility bear interest at per annum rates equal to, at our option, (i) LIBOR plus a spread ranging from 1.00 % to 1.75 % depending on credit ratings assigned to our senior secured non-credit enhanced long-term debt or (ii) an alternate base rate (the highest of (1) the prime rate of JPMorgan Chase, (2) the federal funds effective rate plus 0.50 %, and (3) daily one-month LIBOR plus 1.00 %) plus a spread ranging from 0.00 % to 0.75 % depending on credit ratings assigned to our senior secured non-credit enhanced long-term debt. At September 30, 2015, all outstanding borrowings bore interest at LIBOR plus 1.125 %. Amounts borrowed under the revolving credit facility, once repaid, can be borrowed again from time to time. An unused commitment fee is payable quarterly in arrears and upon termination or commitment reduction at a rate equal to 0.100 % to 0.275 % (such spread depending on certain credit ratings assigned to our senior secured debt) of the daily unused commitments under the revolving credit facility. Letter of credit fees on the stated amount of letters of credit issued under the revolving credit facility are payable to the lenders quarterly in arrears and upon termination at a rate per annum equal to the spread over adjusted LIBOR. Customary fronting and administrative fees are also payable to letter of credit fronting banks. At September 30, 2015, letters of credit bore interest at 1.325 %, and a commitment fee (at a rate of 0.125 % per annum) was payable on the unfunded commitments under the revolving credit facility, each based on our current credit ratings. Subject to the limitations described below, borrowing capacity available under the revolving credit facility at September 30, 2015 and December 31, 2014 was $ 1.685 billion and $ 1.682 billion, respectively. As discussed above, in October 2015 we reduced the revolving loan commitment under the revolving credit facility by $400 million. Generally, our indentures and revolving credit facility limit the incurrence of other secured indebtedness except for indebtedness secured equally and ratably with the indentures and revolving credit facility and certain permitted exceptions. As described further in Note 6, the Deed of Trust permits us to secure indebtedness (including borrowings under our revolving credit facility) with the lien of the Deed of Trust. At September 30, 2015, the available borrowing capacity of the revolving credit facility could be fully drawn. The revolving credit facility contains customary covenants for facilities of this type, restricting, subject to certain exceptions, us and our subsidiaries from, among other things: incurring additional liens; entering into mergers and consolidations; and sales of substantial assets. In addition, the revolving credit facility requires that we maintain a consolidated senior debt-to-capitalization ratio of no greater than 0.65 to 1.00 and observe certain customary reporting requirements and other affirmative covenants. For purposes of the ratio, debt is calculated as indebtedness defined in the revolving credit facility (principally, the sum of long-term debt, any capital leases, short-term debt and debt due currently in accordance with US GAAP). The debt calculation excludes transition bonds issued by Bondco, but includes the unamortized fair value discount related to Bondco. Capitalization is calculated as membership interests determined in accordance with US GAAP plus indebtedness described above. At September 30, 2015, we were in compliance with this covenant and with all other covenants . |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
LONG-TERM DEBT | 6. LONG-TERM DEBT At September 30, 2015 and December 31, 2014, our long-term debt consisted of the following: September 30, December 31, 2015 2014 Oncor (a): 6.375% Fixed Senior Notes due January 15, 2015 $ - $ 5.000% Fixed Senior Notes due September 30, 2017 6.800% Fixed Senior Notes due September 1, 2018 2.150% Fixed Senior Notes due June 1, 2019 5.750% Fixed Senior Notes due September 30, 2020 4.100% Fixed Senior Notes due June 1, 2022 7.000% Fixed Debentures due September 1, 2022 2.950% Fixed Senior Notes due April 1, 2025 - 7.000% Fixed Senior Notes due May 1, 2032 7.250% Fixed Senior Notes due January 15, 2033 7.500% Fixed Senior Notes due September 1, 2038 5.250% Fixed Senior Notes due September 30, 2040 4.550% Fixed Senior Notes due December 1, 2041 5.300% Fixed Senior Notes due June 1, 2042 3.750% Fixed Senior Notes due April 1, 2045 - Unamortized discount Less amount due currently - Long-term debt, less amounts due currently — Oncor Bondco (b): 5.420% Fixed Series 2003 Bonds due in semiannual installments through August 15, 2015 - 5.290% Fixed Series 2004 Bonds due in semiannual installments through May 15, 2016 Less amount due currently Long-term debt, less amounts due currently — Bondco - Total long-term debt, less amounts due currently $ $ __________ (a) Secured by first priority lien on certain transmission and distribution assets equally and ratably with all of Oncor’s other secured indebtedness. See “Deed of Trust” below for additional information. (b) The transition bonds are nonrecourse to Oncor and were issued to securitize a regulatory asset. Debt-Related Activity in 2015 Debt Repayments Rep ayments of long-term debt in the nine months ended September 30, 2015 totaled $ 594 million representing $500 million aggregate principal amount of 6.375% senior secured notes paid at the scheduled maturity date of January 15, 2015 and $94 million of transition bond principal payments at scheduled maturity dates. Issuance of New Senior Secured Notes In March 2015 , we issued $ 350 million aggregate principal amount of 2.950 % senior secured notes maturing in April 2025 (2025 Notes) and $375 million aggregate principal amount of 3.750% senior secured notes maturing in April 2045 (2045 Notes, and together with the 2025 Notes, the Notes). We used the proceeds (net of the initial purchasers’ discount, fees and expenses) of approximately $ 714 million from the sale of the Notes to repay borrowings under our revolving credit facility and for other general corporate purposes. The Notes are secured by a first priority lien , and are secured equally and ratably with all of our other secured indebtedness. Interest on the Notes is payable in cash semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2015. Prior to January 1, 2025, in the case of the 2025 Notes, and October 1, 2044, in the case of the 2045 Notes, we may at our option at any time redeem all or part of the Notes at a price equal to 100 % of their principal amount, plus accrued and unpaid interest and a make-whole premium. On and after January 1, 2025, in the case of the 2025 Notes, and October 1, 2044, in the case of the 2045 Notes, Oncor may redeem the 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. The Notes also contain customary events of default, including failure to pay principal or interest on the Notes when due. The Notes were issued in a private placement. In October 2015 we completed an offering with the holders of the Notes to exchange their respective Notes for notes that have terms identical in all material respects to the Notes (Exchange Notes), except that the Exchange Notes do not contain terms with respect to transfer restrictions, registration rights and payment of additional interest for failure to observe certain obligations in a certain registration rights agreement. The Exchange Notes were registered on a Form S-4, which was declared effective in September 2015. Deed of Trust Our secured indebtedness, including the revolving credit facility described in Note 5, is secured equally and ratably by a first priority lien on property we acquired or constructed for the transmission and distribution of electricity. The property is mortgaged under the Deed of Trust. The Deed of Trust permits us to secure indebtedness (including borrowings under our revolving credit facility) with the lien of the Deed of Trust up to the aggregate of (i) the amount of available bond credits, and (ii) 85% of the lower of the fair value or cost of certain property additions that could be certified to the Deed of Trust collateral agent. At September 30, 2015, the amount of available bond credits was approximately $2.709 billion and the amount of future debt we could secure with property additions, subject to those property additions being certified to the Deed of Trust collateral agent, was $1.130 billion. Fair Value of Long-Term Debt At September 30, 2015 and December 31, 2014, the estimated fair value of our long-term debt (including current maturities) totaled $ 6.539 billion and $ 6.844 billion, respectively, and the carrying amount totaled $ 5.767 billion and $ 5.636 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 |
Sep. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES EFH Bankruptcy Proceedings On the EFH Petition Date, EFH Corp. and the substantial majority of its direct and indirect subsidiaries that are members of the Texas Holdings Group, including EFIH, EFCH and TCEH, commenced proceedings under Chapter 11 of the US Bankruptcy Code. T he Oncor Ring-Fenced Entities are not parties to the EFH Bankruptcy Proceedings. See Notes 2 and 10 for a discussion of the potential impacts on us as a result of the EFH Bankruptcy Proceedings and our related-party transactions involving members of the Texas Holdings Group, respectively. Legal/Regulatory Proceedings We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolution of which, in the opinion of management, should not have a material effect upon our financial position, results of operations or cash flows. See Note 3 in this report and Note 8 to Financial Statements in our 2014 Form 10-K for additional information regarding our legal and regulatory proceedings. |
Membership Interests
Membership Interests | 9 Months Ended |
Sep. 30, 2015 | |
Membership Interests [Abstract] | |
MEMBERSHIP INTERESTS | 8. MEMBERSHIP INTERESTS Cash Distributions Distributions are limited by our required regulatory capital structure to be at or below the assumed debt-to-equity ratio established by the PUCT for ratemaking purposes, which is currently set at 60 % debt to 40 % equity. At September 30, 2015, $ 111 million was available for distribution to our members as our regulatory capitalization ratio was 59.3 % debt and 40.7 % equity. The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. The debt calculation excludes transition bonds issued by Bondco. Equity is calculated as membership interests determined in accordance with US GAAP, excluding the effects of purchase accounting (which included recording the initial goodwill and fair value adjustments and the subsequent related impairments and amortization). On October 27, 2015, our board of directors declared a cash distribution of an amount up to and including $140 million to be paid to our members in November 2015, with the exact amount to be determined by management using earnings through October 31, 2015. During the nine months ended September 30, 2015, our board of directors declared, and we paid the following cash distributions to our members: Declaration Date Payment Date Amount July 29, 2015 August 10, 2015 $ April 29, 2015 May 15, 2015 $ February 25, 2015 February 26, 2015 $ Membership Interests The following tables present the changes to membership interests during the nine months ended September 30, 2015 and 2014: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2014 $ $ $ Net income - Distributions - Net effects of cash flow hedges (net of tax) - Defined benefit pension plans (net of tax) - Balance at September 30, 2015 $ $ $ Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2013 $ $ $ Net income - Distributions - Net effects of cash flow hedges (net of tax) - Defined benefit pension plans (net of tax) - Balance at September 30, 2014 $ $ $ Accumulated Other Comprehensive Income (Loss) The following tables present the changes to accumulated other comprehensive income (loss) for the nine months ended September 30, 2015 and 2014: Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ $ $ Defined benefit pension plans (net of tax) - Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges - Balance at September 30, 2015 $ $ $ Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2013 $ $ $ Defined benefit pension plans (net of tax) - - - Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges Balance at September 30, 2014 $ $ $ |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefits Plans | 9 Months Ended |
Sep. 30, 2015 | |
Pension And Other Postretirement Employee Benefits Plans [Abstract] | |
PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS PLANS | 9. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS PLANS We participate in and have liabilities under the Oncor Retirement Plan and the EFH Retirement Plan, both of which are qualified pension plans under Section 401(a) of the Internal Revenue Code of 1986, as amended (Code), and are subject to the provisions of ERISA. Employees do not contribute to either plan. These pension plans provide benefits to participants under one of two formulas: (i) a Cash Balance Formula under which participants earn monthly contribution credits based on their compensation and a combination of their age and years of service, plus monthly interest credits or (ii) a Traditional Retirement Plan Formula based on years of service and the average earnings of the three years of highest earnings. The interest component of the Cash Balance Formula is variable and is determined using the yield on 30-year Treasury bonds. Under the Cash Balance Formula, future increases in earnings will not apply to prior service costs. See Note 10 to Financial Statements in our 2014 Form 10-K for additional information regarding our pension plans and the EFH OPEB Plan. In April 2014, we entered into an agreement with EFH Corp. in which we agreed to transfer to the Oncor OPEB Plan effective July 1, 2014, the assets and liabilities related to our eligible current and future retirees as well as certain eligible retirees of EFH Corp. whose employment included service with both Oncor (or a predecessor regulated electric business) and a non-regulated business of EFH Corp. Pursuant to the agreement, EFH Corp. will retain its portion of the liability for retiree benefits related to those retirees. Since the Oncor OPEB Plan offers identical coverages as the EFH OPEB Plan and we and EFH Corp. retain the same responsibility for participants as before, there was no financial impact as a result of the transfer other than from a remeasurement of the Oncor OPEB Plan’s asset values and obligations. As we are not responsible for EFH Corp.’s portion of the Oncor OPEB Plan’s unfunded liability, that amount is not reported on our balance sheet. Our net costs related to pension and OPEB plans for the three and nine months ended September 30, 2015 and 2014 were comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Components of net allocated pension costs: Service cost $ $ $ $ Interest cost Expected return on assets Amortization of net loss Net pension costs Components of net OPEB costs: Service cost Interest cost Expected return on assets Amortization of prior service cost Amortization of net loss Net OPEB costs Total net pension and OPEB costs Less amounts deferred principally as property or a regulatory asset Net amounts recognized as expense $ $ $ $ The discount rates reflected in net pension and OPEB costs in 2015 are 3.95 %, 4.19 % and 4.23 % for the Oncor Retirement Plan, the EFH Retirement Plan and the OPEB plans, respectively. The expected return on pension and OPEB plan assets reflected in the 2015 cost amounts are 5.25 %, 5.38 % and 6.65 % for the Oncor Retirement Plan, the EFH Retirement Plan and the OPEB plans, respectively. We made cash contributions to the pension plans and OPEB plans of $ 3 million and $ 19 million, respectively, during the nine months ended September 30, 2015. We expect to make additional cash contributions to the pension plans and OPEB plans of $ 48 million and $ 6 million, respectively, during the remainder of 2015 and approximately $373 million and $147 million, respectively, in the 2015 to 2019 period. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related-Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | 10. RELATED-PARTY TRANSACTIONS The following represent our significant related-party transactions. See Note 2 for additional information regarding related-party contingencies resulting from the EFH Bankruptcy Proceedings. · We record revenue from TCEH, principally for electricity delivery fees, which totaled $279 million and $281 million for the three months ended September 30, 2015 and 2014, respectively, and $ 739 million and $ 746 million for the nine months ended September 30, 2015 and 2014, respectively. The fees are based on rates regulated by the PUCT that apply to all REPs. These revenues included less than $ 1 million for each of the three- and nine-month periods ended September 30, 2015 and 2014 pursuant to a transformer maintenance agreement with TCEH. Trade accounts and other receivables from EFH Corp. affiliates – net reported on our balance sheet, primarily consisting of trade receivables from TCEH related to these electricity delivery fees, are as follows: At September 30, At December 31, 2015 2014 Trade accounts and other receivables from affiliates - billed $ $ Trade accounts and other receivables from affiliates - unbilled Trade accounts and other payables to affiliates Trade accounts and other receivables from affiliates – net $ $ · EFH Corp. subsidiaries charge us for certain administrative services at cost. Our payments to EFH Corp. subsidiaries for administrative services, which are primarily reported in operation and maintenance expenses, totaled $ 5 million and $7 million for the three months ended September 30, 2015 and 2014, respectively, and $14 million and $22 million for the nine months ended September 30, 2015 and 2014, respectively. We also charge each other for shared facilities at cost. Our payments to EFH Corp. for shared facilities totaled $ 1 million for the each of the three-month periods ended September 30, 2015 and 2014 and $3 million for each of the nine-month periods ended September 30, 2015 and 2014. Payments we received from EFH Corp. subsidiaries related to shared facilities totaled less than $ 1 million for the each of the three months ended September 30, 2015 and 2014 and $1 million and $2 million for the nine months ended September 30, 2015 and 2014, respectively. · Through June 30, 2014, we participated in the Energy Future Holdings Health and Welfare Benefit Program, which provided employee benefits to our workforce. In October 2013, we notified EFH Corp. of our intention to withdraw from the benefit program effective June 30, 2014 and entered into an agreement with EFH Corp. pursuant to which, we agreed to pay EFH Corp. $1 million to reimburse EFH Corp. for its increased costs under the program as a result of our withdrawal from the program and the additional administrative work required to effectuate our withdrawal from the benefit program and transition to the new benefit program. This one-time payment was paid to EFH Corp. in June 2014. In April 2014, we entered into a welfare benefit administration agreement with EFH Corp., pursuant to which EFH Corp. provided us with welfare benefit administration services under our new benefit plans from July 1, 2014 until December 31, 2014. · We are not a member of EFH Corp.’s consolidated tax group, but EFH Corp.’s consolidated federal income tax return includes EFH Corp.’s portion of our results due to EFH Corp.’s equity ownership in us. Under the terms of a tax sharing agreement among us, Oncor Holdings, Texas Transmission, Investment LLC and EFH Corp., we are generally obligated to make payments to Texas Transmission, Investment LLC and EFH Corp., 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. For periods prior to the tax sharing agreement (entered into in October 2007 and amended and restated in November 2008), we are responsible for our share, if any, of redetermined tax liability for the EFH Corp. consolidated tax group. EFH Corp. also includes our results in its consolidated 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 2014 Form 10-K under “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. 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, 2015 At December 31, 2014 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes receivable $ - $ - $ - $ $ $ Federal income taxes payable - - - Texas margin taxes payable - - Net payable (receivable) $ $ $ $ $ $ Cash payments made to members related to income taxes consisted of the following: Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes $ $ $ $ $ $ Texas margin taxes - - Total payments $ $ $ $ $ $ · In September 2014, EFH Corp. signed the final agreed Revenue Agent Report and associated documentation (RAR) for the 2007 tax year and filed a motion seeking approval of the bankruptcy court in the EFH Bankruptcy Proceedings of its signing of the RAR. The cash income tax impact related to the conclusion of the 2007 audit is a refund from our members of approximately $45 million that is recorded in liability in lieu of deferred income taxes. In the fourth quarter of 2014, the Department of Justice filed a claim with the bankruptcy court for open tax years through 2013 that was consistent with the settlement EFH Corp. reached with the IRS for tax years 2003 through 2006. The cash income tax impact related to the conclusion of the 2003 through 2006 audit is expected to be a refund of approximately $11 million and is recorded in liability in lieu of deferred income taxes. In the second quarter of 2015, EFH Corp. received the final RAR and associated documentation for the 2008 tax year which includes the results of Oncor. In addition, we received the final RAR and associated documentation for tax years 2008 and 2009 in which we filed a partnership tax return. The RARs reflect additional deductions for Oncor resulting in approximately $8 million in tax refunds from our members. Of the expected refunds, $4 million is related to pre-partnership formation and is recorded in liability in lieu of deferred income taxes and $4 million is related to post-partnership formation and was collected during the third quarter of 2015. · Our PUCT-approved tariffs include requirements to assure adequate credit worthiness of any REP to support the REP’s obligation to collect transition bond-related charges on behalf of Bondco. Under these tariffs, as a result of TCEH’s credit rating being below investment grade, TCEH is required to post collateral support in an amount equal to estimated transition charges over specified time periods. Accordingly, at both September 30, 2015 and December 31, 2014, TCEH had posted security in the amount of $9 million for our benefit. · Under Texas regulatory provisions, the trust fund for decommissioning TCEH’s Comanche Peak nuclear generation facility is funded by a delivery fee surcharge we collect from REPs and remit monthly to TCEH. Delivery fee surcharges totaled $ 5 million for each of the three-month periods ended September 30, 2015 and 2014 and $13 million for each of the nine-month periods ended September 30, 2015 and 2014. Our sole obligation with regard to nuclear decommissioning is as the collection agent of funds charged to ratepayers for nuclear decommissioning activities. If, at the time of decommissioning, actual decommissioning costs exceed available trust funds, we would not be obligated to pay any shortfalls but would be required to collect any rates approved by the PUCT to recover any additional decommissioning costs. Further, if there were to be a surplus when decommissioning is complete, such surplus would be returned to ratepayers under terms prescribed by the PUCT. · Affiliates of the Sponsor Group have (1) sold, acquired or participated in the offerings of our debt or debt securities in open market transactions or through loan syndications, and (2) performed various financial advisory, dealer, commercial banking and investment banking services for us and certain of our affiliates for which they have received or will receive customary fees and expenses, and may from time to time in the future participate in any of the items in (1) and (2) above. See Note 8 for information regarding distributions to members and Note 9 for information regarding our participation in EFH Corp. pension and OPEB plans and transactions with EFH Corp. involving employee benefit matters. |
Supplementary Financial Informa
Supplementary Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 11. SUPPLEMENTARY FINANCIAL INFORMATION Major Customers Revenues from TCEH represented 26 % and 27 % of our total operating revenues for the three months ended September 30, 2015 and 2014, respectively, and 25% and 26% for the nine months ended September 30, 2015 and 2014, respectively. Revenues from REP subsidiaries of NRG Energy, Inc., a nonaffiliated entity, collectively represented 18 % and 17 % of our total operating revenues for the three months ended September 30, 2015 and 2014, respectively, and 17% and 16% of our total operating revenues for the nine months ended September 30, 2015 and 2014, respectively. No other customer represented 10 % or more of our total operating revenues. Other Income and Deductions Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Other income: Accretion of fair value adjustment (discount) to regulatory assets due to purchase accounting $ $ $ $ Other - - - Total other income $ $ $ $ Other deductions: Professional fees $ $ $ $ Other Total other deductions $ $ $ $ Interest Expense and Related Charges Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest expense $ $ $ $ Amortization of debt issuance costs and discounts - Allowance for funds used during construction – capitalized interest portion Total interest expense and related charges $ $ $ $ Restricted Cash During the quarter ended September 30, 2015, the Bondco Series 2003-1 bonds matured and were paid in full. As a result, approximately $11 million of Bondco related funds held in trust became unrestricted and was returned to Bondco and distributed by Bondco to Oncor. All restricted cash amounts reported on our balance sheet at September 30, 2015 and December 31, 2014 relate to the transition bonds. 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, 2015 2014 Gross trade accounts and other receivables $ $ Trade accounts and other receivables from affiliates Allowance for uncollectible accounts Trade accounts receivable from nonaffiliates – net $ $ Gross trade accounts receivable at September 30, 2015 and December 31, 2014 included unbilled revenues of $ 207 million and $ 182 million, respectively. At September 30, 2015 and December 31, 2014, REP subsidiaries of NRG Energy, Inc., a nonaffiliated entity, collectively represented approximately 16 % and 12 % of the nonaffiliated trade accounts receivable amount, respectively. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by REPs are deferred as a regulatory asset. Due to commitments made to the PUCT in 2007, we are not allowed to recover bad debt expense, or certain other costs and expenses, from ratepayers in the event of a default or bankruptcy by an affiliate REP. Investments and Other Property Investments and other property reported on our balance sheet consisted of the following: At September 30, At December 31, 2015 2014 Assets related to employee benefit plans, including employee savings programs $ $ Land Total investments and other property $ $ Property, Plant and Equipment Property, plant and equipment reported on our balance sheet consisted of the following: At September 30, At December 31, 2015 2014 Total assets in service $ $ Less accumulated depreciation Net of accumulated depreciation Construction work in progress Held for future use Property, plant and equipment – net $ $ Intangible Assets Intangible assets (other than goodwill) reported on our balance sheet consisted of the following: At September 30, 2015 At December 31, 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization included in property, plant and equipment: Land easements $ $ $ $ $ $ Capitalized software Total $ $ $ $ $ $ A ggregate amortization expense for intangible assets totaled $ 16 million and $ 15 million for the three months ended September 30, 2015 and 2014, respectively, and $48 million and $42 million for the nine months ended September 30, 2015 and 2014, respectively. The estimated aggregate amortization expense for each of the next five fiscal years is as follows: Year Amortization Expense 2015 $ 2016 2017 2018 2019 At both September 30, 2015 and December 31, 2014, goodwill totaling $ 4.1 billion was reported on our balance sheet. None of this goodwill is being deducted for tax purposes. Other Noncurrent Liabilities and Deferred Credits Other noncurrent liabilities and deferred credits reported on our balance sheet consisted of the following: At September 30, At December 31, 2015 2014 Retirement plans and other employee benefits $ $ Uncertain tax positions (including accrued interest) Amount payable related to income taxes - Investment tax credits Other Total other noncurrent liabilities and deferred credits $ $ Interest Income Interest income for the current periods primarily represents unrealized losses on certain benefit plan trust assets. Supplemental Cash Flow Information Nine Months Ended September 30, 2015 2014 Cash payments (receipts) related to: Interest $ $ Capitalized interest Interest (net of amounts capitalized) $ $ Amount in lieu of income taxes (a): Federal $ $ State Total amount in lieu of income taxes $ $ Noncash construction expenditures (b) $ $ _____________ (a) See Note 10 for income tax detail. (b) Represents end-of-period accruals. |
Business and Significant Acco19
Business and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
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 subsidiary as apparent in the context. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs, including subsidiaries of TCEH, that sell power in the north-central, eastern and western parts of Texas. Revenues from TCEH represented 25 % and 26 % of our total operating revenues for the nine months ended September 30, 2015 and 2014, respectively. We are a direct, majority-owned subsidiary of Oncor Holdings, which is a direct, wholly-owned subsidiary of EFIH, a direct, wholly-owned subsidiary of EFH Corp. EFH Corp. is a subsidiary of Texas Holdings, which is controlled by the Sponsor Group. Oncor Holdings owns 80.03 % of our membership interests, Texas Transmission owns 19.75 % of our membership interests and certain members of our management team and board of directors indirectly own the remaining membership interests through Investment LLC. We are managed as an integrated business; consequently, there are no separate reportable business segments. Our consolidated financial statements include our wholly-owned, bankruptcy-remote financing subsidiary, Bondco, a variable interest entity . This financing subsidiary was organized for the limited purpose of issuing certain transition bonds in 2003 and 2004. Bondco issued transition bonds to recover generation-related regulatory asset stranded costs and other qualified costs under an order issued by the PUCT in 2002. Various “ring-fencing” measures have been taken to enhance the separateness between the Oncor Ring-Fenced Entities and the Texas Holdings Group and our credit quality. These measures serve to mitigate our and Oncor Holdings’ credit exposure to the Texas Holdings Group and to reduce the risk that our assets and liabilities or those of Oncor Holdings would be substantively consolidated with the assets and liabilities of the Texas Holdings Group in connection with a bankruptcy of one or more of those entities, including the EFH Bankruptcy Proceedings discussed below. Such measures include, among other things: our sale of a 19.75 % equity interest to Texas Transmission in November 2008; maintenance of separate books and records for the Oncor Ring-Fenced Entities; our board of directors being comprised of a majority of independent directors; and prohibitions on the Oncor Ring-Fenced Entities providing credit support to, or receiving credit support from, any member of the Texas Holdings Group. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of the Texas Holdings Group, including TXU Energy and Luminant, and none of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or contractual obligations of any member of the Texas Holdings Group. We do not bear any liability for debt or contractual obligations of the Texas Holdings Group, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from the Texas Holdings Group. |
EFH Corp. Bankruptcy Proceedings | EFH Corp. Bankruptcy Proceedings On the EFH Petition Date, EFH Corp. and the substantial majority of its direct and indirect subsidiaries that are members of the Texas Holdings Group, including EFIH, EFCH and TCEH, commenced proceedings under Chapter 11 of the US Bankruptcy Code. The Oncor Ring-Fenced Entities are not parties to the EFH Bankruptcy Proceedings. We believe the “ring-fencing” measures discussed above mitigate our potential exposure to the EFH Bankruptcy Proceedings. See Note 2 for a discussion of the potential impacts of the EFH Bankruptcy Proceedings on our financial statements. |
Basis Of Presentation | Basis of Presentation Our condensed consolidated financial statements have been prepared in accordance with US GAAP and on the same basis as the audited financial statements in our 2014 Form 10-K. Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with US GAAP have been omitted pursuant to the rules and regulations of the SEC . Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by US GAAP, they should be read in conjunction with the audited financial statements and related notes in our 2014 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality. All dollar amounts in the financial statements and tables in the notes are stated in millions of US dollars unless otherwise indicated. |
Use Of Estimates | Use of Estimates Preparation of 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. |
Derivative Instruments And Mark-To-Market Accounting | Derivative Instruments and Mark-to-Market Accounting We have from time-to-time entered into derivative instruments to hedge interest rate risk. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, the fair value of each derivative is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income, unless criteria for certain exceptions are met. This recognition is referred to as “mark-to-market” accounting. |
Reconcilable Tariffs | Reconcilable Tariffs The PUCT has designated certain tariffs (TCRF, EECRF surcharges, AMS surcharges and charges related to transition bonds) 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. |
Contingencies | Contingencies We evaluate and account for contingencies using the best information available. A loss contingency is accrued and disclosed when it is probable that an asset has been impaired or a liability incurred and the amount of the loss can be reasonably estimated. If a range of probable loss is established, the minimum amount in the range is accrued, unless some other amount within the range appears to be a better estimate. If the probable loss cannot be reasonably estimated, no accrual is recorded, but the loss contingency is disclosed to the effect that the probable loss cannot be reasonably estimated. A loss contingency will be disclosed when it is reasonably possible that an asset has been impaired or a liability incurred. If the likelihood that an impairment or incurrence is remote, the contingency is neither accrued nor disclosed. Gain contingencies are recognized upon realization. |
Changes In Accounting Standards | Changes in Accounting Standards In April 2015, the Financial Accounting Standards Board issued a new accounting standard update, which changes the presentation of debt issuance costs in the balance sheet. The update requires that such costs be presented as a direct reduction to the face value of the related debt rather than as an asset. This will make the presentation of debt issuance costs consistent with debt discounts. The update is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. When adopted, we anticipate that both other noncurrent assets and long-term debt amounts will decrease by approximately $ 40 million. |
Regulatory Assets and Liabili20
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Assets and Liabilities [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period at Carrying Amount At September 30, 2015 September 30, 2015 December 31, 2014 Regulatory assets: Generation-related regulatory assets securitized by transition bonds (a)(e) 1 year $ $ Employee retirement costs 4 years Employee retirement costs to be reviewed (b)(c) To be determined Employee retirement liability (a)(c)(d) To be determined Self-insurance reserve (primarily storm recovery costs) ― net 4 years Self-insurance reserve to be reviewed ― net (b)(c) To be determined Securities reacquisition costs (pre-industry restructure) 2 years Securities reacquisition costs (post-industry restructure) ― net Terms of related debt Recoverable amounts in lieu of deferred income taxes ― net Life of related asset or liability Deferred conventional meter and metering facilities depreciation Largely 5 years Deferred AMS costs To be determined Energy efficiency performance bonus (a) 1 year Under-recovered wholesale transmission service expense ― net (a) 1 year - Other regulatory assets Various Total regulatory assets Regulatory liabilities: Estimated net removal costs Life of utility plant Investment tax credit and protected excess deferred taxes Various Over-collection of transition bond revenues (a)(e) 1 year Energy efficiency programs (a) Not applicable Over-recovered wholesale transmission service expense ― net (a) 1 year - Total regulatory liabilities Net regulatory asset $ $ ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Costs incurred since the period covered under the last rate review. (c) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (d) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. (e) Bondco net regulatory assets of $ 29 million at September 30, 2015 consisted of $ 51 million included in generation-related regulatory assets net of the regulatory liability for over-collection of transition bond revenues of $ 22 million (excludes $8 million of over-collections related to Series 2003-1 transition bonds assumed by Oncor for final settlement). Bondco net regulatory assets of $ 108 million at December 31, 2014 consisted of $ 140 million included in generation-related regulatory assets net of the regulatory liability for over-collection of transition bond revenues of $ 32 million. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | September 30, December 31, 2015 2014 Oncor (a): 6.375% Fixed Senior Notes due January 15, 2015 $ - $ 5.000% Fixed Senior Notes due September 30, 2017 6.800% Fixed Senior Notes due September 1, 2018 2.150% Fixed Senior Notes due June 1, 2019 5.750% Fixed Senior Notes due September 30, 2020 4.100% Fixed Senior Notes due June 1, 2022 7.000% Fixed Debentures due September 1, 2022 2.950% Fixed Senior Notes due April 1, 2025 - 7.000% Fixed Senior Notes due May 1, 2032 7.250% Fixed Senior Notes due January 15, 2033 7.500% Fixed Senior Notes due September 1, 2038 5.250% Fixed Senior Notes due September 30, 2040 4.550% Fixed Senior Notes due December 1, 2041 5.300% Fixed Senior Notes due June 1, 2042 3.750% Fixed Senior Notes due April 1, 2045 - Unamortized discount Less amount due currently - Long-term debt, less amounts due currently — Oncor Bondco (b): 5.420% Fixed Series 2003 Bonds due in semiannual installments through August 15, 2015 - 5.290% Fixed Series 2004 Bonds due in semiannual installments through May 15, 2016 Less amount due currently Long-term debt, less amounts due currently — Bondco - Total long-term debt, less amounts due currently $ $ __________ (a) Secured by first priority lien on certain transmission and distribution assets equally and ratably with all of Oncor’s other secured indebtedness. See “Deed of Trust” below for additional information. (b) The transition bonds are nonrecourse to Oncor and were issued to securitize a regulatory asset. |
Membership Interests (Tables)
Membership Interests (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Membership Interests [Abstract] | |
Schedule Of Distributions Paid | Declaration Date Payment Date Amount July 29, 2015 August 10, 2015 $ April 29, 2015 May 15, 2015 $ February 25, 2015 February 26, 2015 $ |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2014 $ $ $ Net income - Distributions - Net effects of cash flow hedges (net of tax) - Defined benefit pension plans (net of tax) - Balance at September 30, 2015 $ $ $ Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2013 $ $ $ Net income - Distributions - Net effects of cash flow hedges (net of tax) - Defined benefit pension plans (net of tax) - Balance at September 30, 2014 $ $ $ |
Schedule Of Changes To Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2014 $ $ $ Defined benefit pension plans (net of tax) - Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges - Balance at September 30, 2015 $ $ $ Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2013 $ $ $ Defined benefit pension plans (net of tax) - - - Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges Balance at September 30, 2014 $ $ $ |
Pension and Other Postretirem23
Pension and Other Postretirement Employee Benefits Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pension And Other Postretirement Employee Benefits Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Components of net allocated pension costs: Service cost $ $ $ $ Interest cost Expected return on assets Amortization of net loss Net pension costs Components of net OPEB costs: Service cost Interest cost Expected return on assets Amortization of prior service cost Amortization of net loss Net OPEB costs Total net pension and OPEB costs Less amounts deferred principally as property or a regulatory asset Net amounts recognized as expense $ $ $ $ |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related-Party Transactions [Abstract] | |
Schedule OF Trade Accounts And Other Receivables From Related Parties | At September 30, At December 31, 2015 2014 Trade accounts and other receivables from affiliates - billed $ $ Trade accounts and other receivables from affiliates - unbilled Trade accounts and other payables to affiliates Trade accounts and other receivables from affiliates – net $ $ |
Schedule Of Related Party Transactions | At September 30, 2015 At December 31, 2014 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes receivable $ - $ - $ - $ $ $ Federal income taxes payable - - - Texas margin taxes payable - - Net payable (receivable) $ $ $ $ $ $ Cash payments made to members related to income taxes consisted of the following: Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes $ $ $ $ $ $ Texas margin taxes - - Total payments $ $ $ $ $ $ |
Supplementary Financial Infor25
Supplementary Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Other Income And Deductions | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Other income: Accretion of fair value adjustment (discount) to regulatory assets due to purchase accounting $ $ $ $ Other - - - Total other income $ $ $ $ Other deductions: Professional fees $ $ $ $ Other Total other deductions $ $ $ $ |
Schedule Of Interest Expense And Related Charges | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest expense $ $ $ $ Amortization of debt issuance costs and discounts - Allowance for funds used during construction – capitalized interest portion Total interest expense and related charges $ $ $ $ |
Schedule Of Trade Accounts Receivable | At September 30, At December 31, 2015 2014 Gross trade accounts and other receivables $ $ Trade accounts and other receivables from affiliates Allowance for uncollectible accounts Trade accounts receivable from nonaffiliates – net $ $ |
Summary of Investment Balance | At September 30, At December 31, 2015 2014 Assets related to employee benefit plans, including employee savings programs $ $ Land Total investments and other property $ $ |
Schedule Of Property, Plant And Equipment | At September 30, At December 31, 2015 2014 Total assets in service $ $ Less accumulated depreciation Net of accumulated depreciation Construction work in progress Held for future use Property, plant and equipment – net $ $ |
Schedule Of Intangible Assets | At September 30, 2015 At December 31, 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization included in property, plant and equipment: Land easements $ $ $ $ $ $ Capitalized software Total $ $ $ $ $ $ |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2015 $ 2016 2017 2018 2019 |
Schedule Of Other Noncurrent Liabilities And Deferred Credits | At September 30, At December 31, 2015 2014 Retirement plans and other employee benefits $ $ Uncertain tax positions (including accrued interest) Amount payable related to income taxes - Investment tax credits Other Total other noncurrent liabilities and deferred credits $ $ |
Schedule Of Supplemental Cash Flow Information | Nine Months Ended September 30, 2015 2014 Cash payments (receipts) related to: Interest $ $ Capitalized interest Interest (net of amounts capitalized) $ $ Amount in lieu of income taxes (a): Federal $ $ State Total amount in lieu of income taxes $ $ Noncash construction expenditures (b) $ $ _____________ (a) See Note 10 for income tax detail. (b) Represents end-of-period accruals. |
Business And Significant Acco26
Business And Significant Accounting Policies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Nov. 30, 2008 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015entity | Sep. 30, 2014 | Dec. 15, 2015USD ($) | |
Business And Significant Accounting Polices [Line Items] | ||||||
Number of entities that would possibly be bankrupt | entity | 1 | |||||
Percentage of equity interest sold in the event of bankruptcy | 19.75% | |||||
Oncor | ||||||
Business And Significant Accounting Polices [Line Items] | ||||||
Percentage of membership interest owned by company | 80.03% | |||||
Texas Transmission [Member] | ||||||
Business And Significant Accounting Polices [Line Items] | ||||||
Percentage of membership interest owned by non-controlling owners | 19.75% | 19.75% | ||||
Sales [Member] | TCEH [Member] | ||||||
Business And Significant Accounting Polices [Line Items] | ||||||
Concentration Risk Percentage | 26.00% | 27.00% | 25.00% | 26.00% | ||
Scenario, Forecast [Member] | ||||||
Business And Significant Accounting Polices [Line Items] | ||||||
Expected decrease to other noncurrent assets and long-term debt | $ (40) |
EFH Bankruptcy Proceedings (Nar
EFH Bankruptcy Proceedings (Narrative) (Details) - USD ($) $ in Millions | Sep. 21, 2015 | Apr. 29, 2014 |
Bankruptcy [Line Items] | ||
Amount receivable from related party | $ 129 | |
Amount collected from related party | $ 127 | |
Plan Of Reorganization [Member] | ||
Bankruptcy [Line Items] | ||
Percent of outstanding equity interests required | 80.03% | |
Intended raise of equity and debt for investment | $ 12,600 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Millions | Sep. 30, 2015item | Feb. 19, 2015USD ($) |
Regulatory Matters [Abstract] | ||
Number of original jurisdiction cities | 204 | |
Number of other parties appealed various portions of rate review final order to state district court | 4 | |
Number of issues revised judgment | 2 | |
Estimated impact on earnings, minimum | $ | $ 0 | |
Estimated impact on earnings, maximum | $ | $ 130 |
Regulatory Assets And Liabili29
Regulatory Assets And Liabilities (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 1,926 | $ 2,023 |
Carrying Amount, Regulatory Liabilities | 749 | 594 |
Net regulatory asset | 1,177 | 1,429 |
Bondco | ||
Regulatory Assets And Liabilities [Line Items] | ||
Net regulatory asset | $ 29 | 108 |
Estimated Net Removal Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Life of utility plant | |
Carrying Amount, Regulatory Liabilities | $ 646 | 531 |
Investment Tax Credit and Protected Excess Deferred Taxes [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Various | |
Carrying Amount, Regulatory Liabilities | $ 14 | 18 |
Over Collection of Transition Bond Revenues [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year | |
Carrying Amount, Regulatory Liabilities | $ 30 | 32 |
Net regulatory asset | 22 | 32 |
Excluded Over-Collected Series 2003-1 Transition Bond Revenues [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Net regulatory asset | $ 8 | |
Generation Related Regulatory Assets Securitized by Transition Bonds [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year | |
Carrying Amount, Regulatory Assets | $ 53 | 148 |
Net regulatory asset | $ 51 | 140 |
Employee Retirement Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 4 years | |
Carrying Amount, Regulatory Assets | $ 43 | 55 |
Employee Retirement Costs to be Reviewed [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 279 | 246 |
Employee Retirement Liability [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 810 | 865 |
Self Insurance Reserve (Primarily Storm Recovery Costs) - Net [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 4 years | |
Carrying Amount, Regulatory Assets | $ 103 | 127 |
Self Insurance Reserve to be Reviewed [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 321 | 242 |
Securities Reacquisition Costs (Pre-Industry Restructure) [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 2 years | |
Carrying Amount, Regulatory Assets | $ 16 | 23 |
Securities Reacquisition Costs (Post Industry Restructure) - Net [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Terms of related debt | |
Carrying Amount, Regulatory Assets | $ 8 | 7 |
Recoverable Amounts In Lieu Of Deferred Income Taxes - Net [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Life of related asset or liability | |
Carrying Amount, Regulatory Assets | $ 11 | 14 |
Deferred Conventional Meter And Metering Facilities Depreciation [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Largely 5 years | |
Carrying Amount, Regulatory Assets | $ 106 | 123 |
Deferred AMS Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 152 | 113 |
Energy Efficiency Performance Bonus [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year | |
Carrying Amount, Regulatory Assets | $ 15 | 22 |
Under Recovered Wholesale Transmission Service Expense - Net [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year | |
Carrying Amount, Regulatory Assets | 26 | |
Under Recovered Wholesale Transmission Service Expense - Net [Member] | Energy Efficiency Programs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year | |
Carrying Amount, Regulatory Liabilities | $ 39 | |
Energy Efficiency Programs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | $ 20 | 13 |
Other Regulatory Assets [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Various | |
Carrying Amount, Regulatory Assets | $ 9 | $ 12 |
Borrowings Under Credit Facil30
Borrowings Under Credit Facilities (Details) $ in Millions | Oct. 09, 2015USD ($) | Oct. 31, 2015USD ($)contract | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Line of Credit Facility [Line Items] | ||||
Secured revolving credit facility | $ 2,400 | |||
Additional increase in borrowing capacity amount | 100 | |||
Outstanding borrowing under the revolving credit facility | $ 708 | $ 711 | ||
Outstanding borrowing, interest rate | 1.31% | 1.29% | ||
Letters of credit | $ 7 | $ 7 | ||
Commitment fee | 0.125% | |||
Borrowing capacity available under the credit facility | $ 1,685 | $ 1,682 | ||
Decrease in revolving credit facility | $ 400 | |||
Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment rate reduction under the revolving credit facility | 0.275% | |||
Required debt-to-capitalization ratio | 1 | |||
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Commitment rate reduction under the revolving credit facility | 0.10% | |||
Required debt-to-capitalization ratio | 0.65 | |||
Letter of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Outstanding borrowing, interest rate | 1.325% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Extension period for revolving line of credit | 1 year | |||
Expiration of revolving credit facility | Oct. 1, 2017 | |||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of exercised extensions of revolving credit facility | contract | 1 | |||
Number of revolving credit facilities extension options | contract | 2 | |||
Remaining available capacity under line of credit facility | $ 2,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 1.125% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 1.75% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 1.00% | |||
Federal Funds Effective Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 0.50% | |||
One Month LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 1.00% | |||
One Month LIBOR [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 0.75% | |||
One Month LIBOR [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 0.00% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Long-Term Debt [Line Items] | ||||
Repayments of long-term debt | $ 594,000,000 | $ 89,000,000 | ||
Note redemption price to principal amount, percentage | 100.00% | |||
Proceeds from issuance of long-term debt | $ 725,000,000 | $ 250,000,000 | ||
Percentage of principal amount plus accrued and unpaid interest and make-whole premium | 100.00% | |||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85.00% | |||
Estimated fair value of our long-term debt including current maturities | $ 6,539,000,000 | $ 6,844,000,000 | ||
Carrying amount | 5,767,000,000 | 5,636,000,000 | ||
Available bond credits | 2,709,000,000 | |||
Future debt subject to property additions to the Deed of Trust | 1,130,000,000 | |||
6.375% Fixed Senior Notes Due January 15, 2015 [Member] | ||||
Long-Term Debt [Line Items] | ||||
Aggregate principal amount | $ 500,000,000 | $ 500,000,000 | ||
Interest percentage | 6.375% | 6.375% | ||
Due date | Jan. 15, 2015 | |||
Transition Bond [Member] | ||||
Long-Term Debt [Line Items] | ||||
Debt principal amount | $ 94,000,000 | |||
2.950% Fixed Senior Notes due April 1, 2025 [Member] | ||||
Long-Term Debt [Line Items] | ||||
Aggregate principal amount | $ 350,000,000 | $ 350,000,000 | ||
Interest percentage | 2.95% | 2.95% | 2.95% | |
Due date | Apr. 1, 2025 | |||
2.150% Fixed Senior Notes Due June 1, 2019 [Member] | ||||
Long-Term Debt [Line Items] | ||||
Aggregate principal amount | $ 250,000,000 | $ 250,000,000 | ||
Interest percentage | 2.15% | 2.15% | ||
Due date | Jun. 1, 2019 | |||
Proceeds from issuance of long-term debt | $ 714,000,000 | |||
4.550% Fixed Senior Notes Due December 1, 2041 [Member] | ||||
Long-Term Debt [Line Items] | ||||
Aggregate principal amount | $ 400,000,000 | $ 400,000,000 | ||
Interest percentage | 4.55% | 4.55% | ||
Due date | Dec. 1, 2041 | |||
3.750% Fixed Senior Notes due April 1, 2045 [Member] | ||||
Long-Term Debt [Line Items] | ||||
Aggregate principal amount | $ 375,000,000 | $ 375,000,000 | ||
Interest percentage | 3.75% | 3.75% | 3.75% | |
Due date | Apr. 1, 2045 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Total long-term debt, less amounts due currently | $ 5,681 | $ 4,997 | |
6.375% Fixed Senior Notes Due January 15, 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 500 | $ 500 | |
Interest percentage | 6.375% | 6.375% | |
Due date | Jan. 15, 2015 | ||
5.000% Fixed Senior Notes Due September 30, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 324 | $ 324 | |
Interest percentage | 5.00% | 5.00% | |
Due date | Sep. 30, 2017 | ||
6.800% Fixed Senior Notes Due September 1, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 550 | $ 550 | |
Interest percentage | 6.80% | ||
Due date | Sep. 1, 2018 | ||
2.150% Fixed Senior Notes Due June 1, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 250 | $ 250 | |
Interest percentage | 2.15% | 2.15% | |
Due date | Jun. 1, 2019 | ||
5.750% Fixed Senior Notes Due September 30, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 126 | $ 126 | |
Interest percentage | 5.75% | 5.75% | |
Due date | Sep. 30, 2020 | ||
4.100% Fixed Senior Notes Due June 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 400 | $ 400 | |
Interest percentage | 4.10% | ||
Due date | Jun. 1, 2022 | ||
7.000% Fixed Debentures Due September 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 800 | $ 800 | |
Interest percentage | 7.00% | 7.00% | |
Due date | Sep. 1, 2022 | ||
2.950% Fixed Senior Notes due April 1, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 350 | $ 350 | |
Interest percentage | 2.95% | 2.95% | 2.95% |
Due date | Apr. 1, 2025 | ||
7.000% Fixed Senior Notes Due May 1, 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 500 | $ 500 | |
Interest percentage | 7.00% | 7.00% | |
Due date | May 1, 2032 | ||
7.250% Fixed Senior Notes Due January 15, 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 350 | $ 350 | |
Interest percentage | 7.25% | 7.25% | |
Due date | Jan. 15, 2033 | ||
7.500% Fixed Senior Notes Due September 1, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 300 | $ 300 | |
Interest percentage | 7.50% | 7.50% | |
Due date | Sep. 1, 2038 | ||
5.250% Fixed Senior Notes Due September 30, 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 475 | $ 475 | |
Interest percentage | 5.25% | 5.25% | |
Due date | Sep. 30, 2040 | ||
4.550% Fixed Senior Notes Due December 1, 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 400 | $ 400 | |
Interest percentage | 4.55% | 4.55% | |
Due date | Dec. 1, 2041 | ||
5.300% Fixed Senior Notes Due June 1, 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 500 | $ 500 | |
Interest percentage | 5.30% | 5.30% | |
Due date | Jun. 1, 2042 | ||
3.750% Fixed Senior Notes due April 1, 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | $ 375 | $ 375 | |
Interest percentage | 3.75% | 3.75% | 3.75% |
Due date | Apr. 1, 2045 | ||
5.420% Fixed Series 2003 Bonds Due Through August 15, 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Bonds | $ 54 | ||
Interest percentage | 5.42% | ||
5.290% Fixed Series 2004 Bonds Due Through May 15, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Bonds | $ 86 | 126 | |
Interest percentage | 5.29% | ||
Oncor | |||
Debt Instrument [Line Items] | |||
Unamortized discount | $ (19) | (19) | |
Less amount due currently | (500) | ||
Total long-term debt, less amounts due currently | 5,681 | 4,956 | |
Bondco | |||
Debt Instrument [Line Items] | |||
Less amount due currently | $ (86) | (139) | |
Total long-term debt, less amounts due currently | $ 41 |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | Oct. 27, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Subsequent Event [Line Items] | |||
Declaration of cash distribution to members | $ 283 | $ 181 | |
Assumed debt to equity ratio, debt | 60.00% | ||
Assumed debt to equity ratio, equity | 40.00% | ||
Regulatory capitalization ratio, debt | 59.30% | ||
Regulatory capitalization ratio, equity | 40.70% | ||
Cash available for distribution under the capital structure restriction | $ 111 | ||
Subsequent Event [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Declaration of cash distribution to members | $ 140 |
Membership Interests (Schedule
Membership Interests (Schedule Of Distributions Paid) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Dividends Payable [Line Items] | ||
Amount | $ 283 | $ 181 |
Payment One FY 2015 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Feb. 25, 2015 | |
Payment Date | Feb. 26, 2015 | |
Amount | $ 100 | |
Payment Two FY 2015 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Apr. 29, 2015 | |
Payment Date | May 15, 2015 | |
Amount | $ 65 | |
Payment Three FY 2015 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Jul. 29, 2015 | |
Payment Date | Aug. 10, 2015 | |
Amount | $ 118 |
Membership Interests (Schedul35
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | $ 7,518 | $ 7,409 | ||
Net income | $ 163 | $ 158 | 359 | 355 |
Distributions | (283) | (181) | ||
Net effects of cash flow hedges (net of tax) | 1 | 1 | 1 | 2 |
Defined benefit pension plans (net of tax) | (1) | 1 | (1) | |
Balance | 7,596 | 7,584 | 7,596 | 7,584 |
Capital Accounts [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | 7,625 | 7,457 | ||
Net income | 359 | 355 | ||
Distributions | $ (283) | $ (181) | ||
Net effects of cash flow hedges (net of tax) | ||||
Defined benefit pension plans (net of tax) | ||||
Balance | 7,701 | 7,631 | $ 7,701 | $ 7,631 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | $ (107) | $ (48) | ||
Net income | ||||
Distributions | ||||
Net effects of cash flow hedges (net of tax) | $ 1 | $ 2 | ||
Defined benefit pension plans (net of tax) | 1 | (1) | ||
Balance | $ (105) | $ (47) | $ (105) | $ (47) |
Membership Interests (Schedul36
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (107) | |
Balance at end of period | (105) | |
Cash Flow Hedges - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (24) | $ (26) |
Defined benefit pension plans (net of tax) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | $ 1 | 2 |
Balance at end of period | (23) | (24) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (83) | (22) |
Defined benefit pension plans (net of tax) | $ 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | (1) | |
Balance at end of period | $ (82) | (23) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (107) | (48) |
Defined benefit pension plans (net of tax) | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | 1 | 1 |
Balance at end of period | $ (105) | $ (47) |
Pension And Other Postretirem37
Pension And Other Postretirement Employee Benefits Plans (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Earning period | 3 years |
Oncor Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 3.95% |
Expected return on plan assets | 5.25% |
EFH Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 4.19% |
Expected return on plan assets | 5.38% |
Defined Benefit Pension Plans For 2015 To 2019 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Additional cash contributions | $ 373 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cash contributions | 3 |
Additional cash contributions | $ 48 |
OPEB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 4.23% |
Expected return on plan assets | 6.65% |
Cash contributions | $ 19 |
Additional cash contributions | 6 |
OPEB Plan For 2015 To 2019 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Additional cash contributions | $ 147 |
Pension And Other Postretirem38
Pension And Other Postretirement Employee Benefits Plans (Recognized Net Periodic Pension And Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net costs | $ 39 | $ 27 | $ 117 | $ 78 |
Less amounts deferred principally as property or a regulatory asset | (28) | (18) | (84) | (51) |
Net amounts recognized as expense | 11 | 9 | 33 | 27 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 6 | 6 | 18 | 18 |
Interest cost | 33 | 33 | 99 | 99 |
Expected return on assets | (29) | (34) | (87) | (102) |
Amortization of net loss | 16 | 9 | 48 | 29 |
Net costs | 26 | 14 | 78 | 44 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 2 | 6 | 5 |
Interest cost | 11 | 11 | 33 | 33 |
Expected return on assets | (3) | (3) | (9) | (9) |
Amortization of prior service cost | (5) | (5) | (15) | (15) |
Amortization of net loss | 8 | 8 | 24 | 20 |
Net costs | $ 13 | $ 13 | $ 39 | $ 34 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||||
Revenues from electricity delivery fees | $ 279 | $ 281 | $ 739 | $ 746 | |||
Interest income | (1) | 1 | (1) | 3 | |||
TCEH [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Revenues from electricity delivery fees | 279 | 281 | 739 | 746 | |||
Delivery fee surcharges | 5 | 5 | 13 | 13 | |||
Posted security amount | 9 | 9 | $ 9 | ||||
EFH Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Cash income tax refund 2007 audit | 45 | 45 | |||||
Cash income tax refund 2003 to 2006 audit | $ 11 | ||||||
Cash income tax refund 2008 to 2009 audit | $ 8 | ||||||
Pre-partnership liability of deferred income taxes | 4 | 4 | |||||
Post-partnership liability collected | 4 | 4 | |||||
Administrative and services costs | 5 | 7 | 14 | 22 | |||
Shared facilities expense | 1 | 1 | 3 | 3 | |||
Reimbursement payment amount | $ 1 | ||||||
Maximum [Member] | TCEH [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Transformer maintenance revenue | 1 | 1 | 1 | 1 | |||
Maximum [Member] | EFH Corp [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Shared facilities payments received | $ 1 | $ 1 | $ 1 | $ 2 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Accounts Receivable From Related Party) (Details) - EFH Corp [Member] - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Trade accounts and other receivables from affiliates - billed | $ 100 | $ 71 |
Trade accounts and other receivables from affiliates - unbilled | 60 | 52 |
Trade accounts and other payables to affiliates | (4) | (5) |
Trade accounts and other receivables from affiliates - net | $ 156 | $ 118 |
Related-Party Transactions (Amo
Related-Party Transactions (Amounts Payable To (Receivable From) Members In Lieu Of Income Taxes) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | $ (180) | |
Federal income taxes payable | $ 18 | |
Texas margin taxes payable | 14 | 24 |
Net payable (receivable) | 32 | (156) |
EFH Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | (144) | |
Federal income taxes payable | 15 | |
Texas margin taxes payable | 14 | 24 |
Net payable (receivable) | 29 | (120) |
Texas Transmission and Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | (36) | |
Federal income taxes payable | 3 | |
Net payable (receivable) | $ 3 | $ (36) |
Related-Party Transactions (Cas
Related-Party Transactions (Cash Payments Made To (Received From) Members In Lieu Of Income Taxes) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ||
Federal income taxes | $ 49 | $ 175 |
Texas margin taxes | 24 | 23 |
Total payments | 73 | 198 |
EFH Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | 39 | 140 |
Texas margin taxes | 24 | 23 |
Total payments | 63 | 163 |
Texas Transmission and Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | 10 | 35 |
Total payments | $ 10 | $ 35 |
Supplementary Financial Infor43
Supplementary Financial Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Supplemental Financial Information [Line Items] | |||||
Unbilled revenue | $ 207 | $ 207 | $ 182 | ||
Aggregate amortization expenses | 16 | $ 15 | 48 | $ 42 | |
Goodwill | 4,064 | $ 4,064 | $ 4,064 | ||
Bondco | |||||
Supplemental Financial Information [Line Items] | |||||
Decrease in Restricted Cash | $ 11 | ||||
Sales [Member] | TCEH [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration Risk Percentage | 26.00% | 27.00% | 25.00% | 26.00% | |
Sales [Member] | Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration Risk Percentage | 18.00% | 17.00% | 17.00% | 16.00% | |
Nonaffiliated Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration Risk Percentage | 16.00% | 12.00% |
Supplementary Financial Infor44
Supplementary Financial Information (Schedule Of Other Income And Deductions) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Supplementary Financial Information [Abstract] | ||||
Accretion of fair value adjustment (discount) to regulatory assets due to purchase accounting | $ 1 | $ 3 | $ 5 | $ 9 |
Other | 1 | |||
Total other income | 1 | 3 | 5 | 10 |
Professional fees | 7 | 3 | 14 | 10 |
Other | 2 | 1 | 7 | 1 |
Total other deductions | $ 9 | $ 4 | $ 21 | $ 11 |
Supplementary Financial Infor45
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Supplementary Financial Information [Abstract] | ||||
Interest expense | $ 85 | $ 89 | $ 251 | $ 267 |
Amortization of debt issuance costs and discounts | 1 | 2 | 2 | |
Allowance for funds used during construction — capitalized interest portion | (1) | (1) | (3) | (3) |
Total interest expense and related charges | $ 84 | $ 89 | $ 250 | $ 266 |
Supplementary Financial Infor46
Supplementary Financial Information (Schedule Of Trade Accounts Receivable) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables | $ 603 | $ 528 |
Trade accounts and other receivables from affiliates | (156) | (118) |
Allowance for uncollectible accounts | (3) | (3) |
Trade accounts receivable from nonaffiliates - net | $ 444 | $ 407 |
Supplementary Financial Infor47
Supplementary Financial Information (Summary of Investment Balance) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans, including employee savings programs | $ 92 | $ 94 |
Land | 3 | 3 |
Total investments and other property | $ 95 | $ 97 |
Supplementary Financial Infor48
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplementary Financial Information [Abstract] | ||
Total assets in service | $ 18,846 | $ 18,238 |
Less accumulated depreciation | 6,421 | 6,125 |
Net of accumulated depreciation | 12,425 | 12,113 |
Construction work in progress | 468 | 335 |
Held for future use | 15 | 15 |
Property, plant and equipment - net | $ 12,908 | $ 12,463 |
Supplementary Financial Infor49
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 918 | $ 896 |
Accumulated Amortization | 376 | 328 |
Net | 542 | 568 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 466 | 463 |
Accumulated Amortization | 90 | 86 |
Net | 376 | 377 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 452 | 433 |
Accumulated Amortization | 286 | 242 |
Net | $ 166 | $ 191 |
Supplementary Financial Infor50
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Supplementary Financial Information [Abstract] | |
2,015 | $ 64 |
2,016 | 62 |
2,017 | 53 |
2,018 | 48 |
2,019 | $ 45 |
Supplementary Financial Infor51
Supplementary Financial Information (Schedule Of Other Noncurrent Liabilities And Deferred Credits) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplementary Financial Information [Abstract] | ||
Retirement plans and other employee benefits | $ 1,942 | $ 1,894 |
Uncertain tax positions (including accrued interest) | 2 | 2 |
Amounts payable related to income taxes | 17 | |
Investment tax credits | 16 | 17 |
Other | 62 | 59 |
Total other noncurrent liabilities and deferred credits | $ 2,022 | $ 1,989 |
Supplementary Financial Infor52
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplementary Financial Information [Abstract] | ||
Interest | $ 277 | $ 296 |
Capitalized interest | (3) | (3) |
Interest (net of amounts capitalized) | 274 | 293 |
Federal | 49 | 175 |
State | 24 | 23 |
Total amount is lieu of income taxes | 73 | 198 |
Noncash construction expenditures | $ 60 | $ 34 |