Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Entity Registrant Name | ONCOR ELECTRIC DELIVERY CO LLC | |
Entity Central Index Key | 1,193,311 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 [Member] | ||
Entity Outstanding Membership Interests | 19.75% |
Condensed Statements of Consoli
Condensed Statements of Consolidated Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating revenues: | ||
Nonaffiliates | $ 723 | $ 710 |
Affiliates | 220 | 236 |
Total operating revenues | 943 | 946 |
Operating expenses: | ||
Wholesale transmission service | 219 | 194 |
Operation and maintenance (Note 10) | 182 | 186 |
Depreciation and amortization | 211 | 217 |
Provision in lieu of income taxes (Note 10) | 49 | 58 |
Taxes other than amounts related to income taxes | 113 | 111 |
Total operating expenses | 774 | 766 |
Operating income | 169 | 180 |
Other income and deductions: | ||
Other income and (deductions) - net (Note 11) | (5) | (1) |
Nonoperating provision in lieu of income taxes | (1) | |
Interest expense and related charges (Note 11) | 84 | 81 |
Net income | $ 81 | $ 98 |
Condensed Statements of Consol3
Condensed Statements of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||
Net income | $ 81 | $ 98 |
Other comprehensive income (loss): | ||
Cash flow hedges – derivative value net gain (loss) recognized in net income (net of tax expense of $–and $–) (Note 1) | 1 | |
Total other comprehensive income (loss) | 1 | |
Comprehensive income | $ 81 | $ 99 |
Condensed Statements Of Consol4
Condensed Statements Of Consolidated Comprehensive Income (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||
Cash flow hedges - derivative value net gain (loss) recognized in net income, tax expense |
Condensed Statements Of Consol5
Condensed Statements Of Consolidated Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows - operating activities: | ||
Net income | $ 81,000,000 | $ 98,000,000 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 223,000,000 | 228,000,000 |
Provision in lieu of deferred income taxes - net | 41,000,000 | (29,000,000) |
Other - net | (2,000,000) | (1,000,000) |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs (Note 4) | (49,000,000) | 6,000,000 |
Other operating assets and liabilities | (105,000,000) | (139,000,000) |
Cash provided by operating activities | 189,000,000 | 163,000,000 |
Cash flows - financing activities: | ||
Issuances of long-term debt (Note 6) | 725,000,000 | |
Repayments of long-term debt (Note 6) | 0 | (530,000,000) |
Net increase in short-term borrowings (Note 5) | 214,000,000 | 89,000,000 |
Distributions to members (Note 8) | (56,000,000) | (100,000,000) |
Debt discount, premium, financing and reacquisition expenses - net | (10,000,000) | |
Cash provided by financing activities | 158,000,000 | 174,000,000 |
Cash flows - investing activities: | ||
Capital expenditures (Note 10) | (335,000,000) | (325,000,000) |
Other - net | (17,000,000) | 2,000,000 |
Cash used in investing activities | (352,000,000) | (323,000,000) |
Net change in cash and cash equivalents | (5,000,000) | 14,000,000 |
Cash and cash equivalents - beginning balance | 25,000,000 | 4,000,000 |
Cash and cash equivalents - ending balance | $ 20,000,000 | $ 18,000,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Current assets: | |||
Cash and cash equivalents | $ 20 | $ 25 | |
Restricted cash - Bondco | 60 | 38 | |
Trade accounts receivable from nonaffiliates - net (Note 11) | 382 | 388 | |
Trade accounts and other receivables from affiliates - net (Note 10) | 101 | 118 | |
Amounts receivable from members related to income taxes (Note 10) | 132 | 136 | |
Materials and supplies inventories - at average cost | 100 | 82 | |
Prepayments and other current assets | 101 | 89 | |
Total current assets | 896 | 876 | |
Investments and other property (Note 11) | 94 | 97 | |
Property, plant and equipment - net (Note 11) | 13,234 | 13,024 | |
Goodwill (Notes 11) | 4,064 | 4,064 | |
Regulatory assets - net (Note 4) | 1,163 | 1,194 | |
Other noncurrent assets | 41 | 32 | |
Total assets | 19,492 | 19,287 | |
Current liabilities: | |||
Short-term borrowings (Note 5) | 1,054 | 840 | |
Trade accounts payable (Note 10) | 197 | 150 | |
Amounts payable to members related to income taxes (Note 10) | 24 | 20 | |
Accrued taxes other than amounts related to income | 67 | 181 | |
Accrued interest | 67 | 82 | |
Other current liabilities | 141 | 144 | |
Total current liabilities | 1,591 | 1,458 | |
Long-term debt, less amounts due currently (Note 6) | [1] | 5,648 | 5,646 |
Liability in lieu of deferred income taxes (Note 10) | 2,650 | 2,612 | |
Employee benefit obligations and other (Note 10 and 11) | 2,070 | 2,063 | |
Total liabilities | $ 11,959 | $ 11,779 | |
Commitments and contingencies (Note 7) | |||
Membership interests (Note 8): | |||
Capital account — number of interests outstanding 2016 and 2015 - 635,000,000 | $ 7,646 | $ 7,621 | |
Accumulated other comprehensive loss | (113) | (113) | |
Total membership interests | 7,533 | 7,508 | |
Total liabilities and membership interests | 19,492 | 19,287 | |
Bondco [Member] | |||
Current liabilities: | |||
Long-term debt due currently (Note 6) | [2] | $ 41 | $ 41 |
[1] | 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. | ||
[2] | The transition bonds are nonrecourse to Oncor and were issued to securitize a regulatory asset. |
Condensed Consolidated Balance7
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Capital account, interests outstanding | 635,000,000 | 635,000,000 |
Business and Significant Accoun
Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 23% and 25% of our total operating revenues for the three months ended March 31, 2016 and 2015, 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 to recover generation-related regulatory asset stranded costs and other qualified costs under an order issued by the PUCT in 2002. Bondco issued an aggregate $1.3 billion principal amount of transition bonds during 2003 and 2004. The 2003 Series transition bonds matured in 2015 and were paid in full. The 2004 Series transition bonds, with an outstanding balance of $41 million at March 31, 2016, mature in May 2016 . Final true-up proceedings for the transition bonds are expected to be conducted by Oncor and the PUCT during 2016 and are expected to have minimal or no net income impact. 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, 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. See Note 2 for a discussion of the potential impacts of the EFH Bankruptcy Proceedings on our financial statements. Basis of Presentation These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes included in the 2015 Form 10-K. In the opinion of Oncor management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been made. All intercompany items and transactions have been eliminated in consolidation. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality. 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. 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 February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-2 (ASU 2016-2), Leases . The ASU amends previous GAAP to require the balance sheet recognition of lease assets and liabilities for operating leases. Oncor will be required to adopt the ASU by January 1, 2019 and does not expect to early adopt. Retrospective application to the 2017 and 2018 comparative periods presented will be required in the year of adoption. We are currently evaluating the impact of this ASU on our financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-08 (ASU 2016-08), Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . ASU 2016-08 clarifies the implementation guidance for principal versus agent considerations related to ASU 2014-09, Revenue from Contracts with Customers , which provides the core principle and key steps in determining the recognition of revenue. Oncor will be required to adopt these updates by January 1, 2018 and continues to assess the impact on the financial statements. The adoption is not expected to have a material effect on our reported results of operations, financial condition or cash flows. |
EFH Bankruptcy Proceedings
EFH Bankruptcy Proceedings | 3 Months Ended |
Mar. 31, 2016 | |
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, 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 1 and below for further information regarding the EFH Bankruptcy Proceedings and the proposed change in control of Oncor’s indirect majority owner in connection with such 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 March 31, 2016. Potential Change in Indirect Ownership of Oncor As part of the EFH Bankruptcy Proceedings, on September 21, 2015, the EFH Debtors filed their fifth amended plan of reorganization (Fifth Amended 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 solicited votes on the Fifth Amended Plan of Reorganization and received significant support in favor of confirmation. The EFH Debtors filed their sixth amended Plan of Reorganization (Sixth Amended Plan of Reorganization) on December 6, 2015 to address and resolve several issues raised by parties in interest and the bankruptcy court. The bankruptcy court confirmed the EFH Debtors' Sixth Amended Plan of Reorganization by order dated December 9, 2015. In general, the Sixth Amended Plan of Reorganization called for a merger and investment structure that involved 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 Sixth Amended Plan of Reorganization provided for a series of transactions that would lead to a significant change in the indirect equity ownership of Oncor. Under the terms of the Sixth Amended Plan of Reorganization, on the effective date, 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 (Hunt-Led Acquisition) reorganized EFH Corp. (Reorganized EFH), would acquire pursuant to a merger and purchase agreement (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 intended to raise up to $12.6 billion of equity and debt financing to invest in Reorganized EFH, and a successor to Reorganized EFH would have at some point been 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 set 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 Hunt-Led Acquisition and the other transactions described in the Merger and Purchase A greement. The letter agreement did not 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 PUCT and other governmental entities and the consummation of the Hunt-Led 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. The EFH Debtors and certain creditors are party to a Plan Support Agreement, dated September 11, 2015 (as amended, Plan Support Agreement) that sets forth, among other things, their respective obligations to act and/or support Plans of Reorganization. On May 1, 2016, certain first lien creditors of TCEH delivered a written notice (Plan Support Termination Notice) to the EFH Debtors and the other parties to the Plan Support Agreement notifying such parties of the occurrence of a Plan Support Termination Event (as defined in the Plan Support Agreement). The delivery of the Plan Support Agreement Termination Notice caused the Sixth Amended Plan of Reorganization to become null and void. On May 1, 2016, following receipt of the Plan Support Termination Notice, EFH Corp. and EFIH delivered a written notice (Merger and Purchase Agreement Termination Notice) to the Purchasers notifying the Purchasers that EFH Corp. and EFIH terminated the Merger and Purchase Agreement. The termination of the Merger and Purchase Agreement also caused the automatic termination (without the necessity of further action) of (i) certain agreements defining the investment obligations of certain Investor Group members, and (ii) the letter agreement between Oncor and the Purchasers. We understand that, under the constituent documents of Ovation Acquisition I, L.L.C., one of the Purchasers, the termination of the Merger and Purchase Agreement resulted in the dissolution of that entity. Following the occurrence of the Plan Support Termination Event as described above, the EFH Debtors filed a new joint Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code and a related disclosure statement with the Bankruptcy Court on May 1, 2016. In connection with the proposed Hunt-Led Acquisition, EFH Corp. took the position that, unless the Purchasers had 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 Hunt-Led 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 Hunt-Led Acquisition. In this regard, in October 2015, EFH Corp. 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 and , if found to be a valid drag right and a valid IPO Conversion (as defined in the Investor Rights Agreement), to cooperate with an IPO Conversion in connection with the proposed Hunt-Led Acquisition. The Purchasers intervened in the pending litigation. On April 5, 2016, the Bankruptcy Court indicated it intends to grant summary judgment in favor of EFH Corp. and the Purchasers, but we cannot predict what impact the Plan Support Termination Notice, the Merger and Purchase Agreement Termination Notice, or any other consequences of the Sixth Amended Plan of Reorganization becoming null and void may have on this litigation. The parties have not had an opportunity to review or respond to the ruling as a final order has not yet been issued . We believe that the parties could have a right to appeal the ruling. Accordingly, the matter has not yet been fully decided. We cannot predict the ultimate outcome of this pending or any subsequent litigation between EFH Corp. and Texas Transmission relating to the Investor Rights Agreement and the impact of such litigation on the Hunt-Led Acquisition and related transactions. As a general matter, we cannot predict the ultimate outcome of the EFH Bankruptcy Proceedings, including whether the transactions contemplated by any Plan of Reorganization will (or when they will) close. In September 2015, Oncor and the Purchasers filed in PUCT Docket No. 45188 a joint application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by the Sixth Amended Plan of Reorganization. On March 24, 2016, the PUCT issued an order conditionally approving the joint application. On April 18, 2016, the Purchasers and certain intervenors in PUCT Docket No. 45188 filed motions for rehearing. We cannot predict the results of the motions for rehearing or the ultimate disposition of PUCT Docket No. 45188. Regulatory approvals with respect to the transactions were also the subject of an application filed by Oncor and the Purchasers with FERC. FERC issued an order conditionally approving the transactions on December 4, 2015. In connection with PUCT Docket No. 45188, certain cities that have retained original jurisdiction over electric utility rates passed resolutions directing Oncor to file rate review proceedings. It is unclear what effect an abandonment of the transaction approved in Docket 45188 would have on how or whether any rate proceedings go forward. For more information, see Note 3 – “City Rate Reviews”. In addition, in connection with the EFH Bankruptcy Proceedings, the EFH Debtors and various creditor parties entered into a settlement agreement (the Settlement Agreement) in August 2015 (as amended in September 2015) to compromise and settle, among other things (a) intercompany claims among the EFH Debtors, (b) claims and causes of actions against holders of first lien claims against TCEH and the agents under the TCEH Senior Secured Facilities, (c) claims and causes of action against holders of interests in EFH Corp. and certain related entities and (d) claims and causes of action against each of the EFH Debtors' current and former directors, the Sponsor Group, managers and officers and other related entities. The Settlement Agreement contemplates a release of such claims upon approval of the Settlement Agreement by the Bankruptcy Court, which would remain in effect whether or not the Hunt-Led Acquisition is completed or the Sixth Amended Plan of Reorganization becomes effective. The Bankruptcy Court approved the Settlement Agreement in December 2015. The Settlement Agreement settles substantially all inter-debtor claims through the effective date of the Settlement Agreement. These settled claims include potentially contentious inter-debtor claims, including various potential avoidance actions and claims arising under numerous debt agreements, tax sharing agreements, and contested property transfers. The release provisions of the Settlement Agreement took effect immediately upon the entry of the Bankruptcy Court order approving the Settlement Agreement and are not contingent upon either the Sixth Amended Plan of Reorganization becoming effective or the closing of the Hunt-Led Acquisition. Accordingly, substantially all of the potential affiliate claims, derivative claims and other types of disputes among affiliates (including claims against Oncor) have been resolved by bankruptcy court order. Accordingly, we believe the Settlement Agreement resolves all affiliate claims against Oncor and its assets existing as of the effective date of the Settlement Agreement. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 3. REGULATORY MATTERS Change in Control Review In connection with the Hunt-Led Acquisition contemplated by the Sixth Amended Plan of Reorganization filed in the EFH Bankruptcy Proceedings, in September 2015, Oncor and the Purchasers in the Hunt-Led Acquisition filed a joint report and application for regulatory approvals pursuant to PURA , which was conditionally approved on March 24, 2016. For additional information regarding the Hunt-Led Acquisition and application for regulatory approval, see Note 2 to Financial Statements and “City Rate Reviews” below . City Rate Reviews In connection with PUCT Docket No. 45188, certain cities that have retained original jurisdiction over electric utility rates passed resolutions directing Oncor to file rate review proceedings. It is unclear what effect an abandonment of the transaction approved in Docket 45188 would have on how or whether any rate proceedings go forward. To date, Oncor has received resolutions passed by approximately 50 cities with original jurisdiction over electric utility rates directing Oncor to file rate review proceedings. In the near future, Oncor expects other cities with original jurisdiction over electric utility rates may consider and possibly enact resolutions directing Oncor to file rate review proceedings. The resolutions passed require Oncor to file a rate review with each city by September 1, 2016 based on a January 1, 2015 to December 31, 2015 test year, with the cities’ analysis of such rate review filing due on October 13, 2016, Oncor’s rebuttal due on November 10, 2016, and hearings before city councils to be held between November 15 – December 15, 2016. Final action by each city must be taken within 185 days from the rate review filing date, and Oncor has the right to appeal any city action to the PUCT. 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 (PUCT Docket No. 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. On February 19, 2016, the Texas Supreme Court granted the petition for review, with the date and time of oral arguments to be set at a later date. 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 a $135 million loss (after tax) including interest. Interest accrues at the PUCT approved rate for over-collections, which is 0.18% for 2016. 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. See Note 3 to Financial Statements in our 2015 Form 10-K for additional information regarding regulatory matters. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 March 31, 2016 December 31, 2015 Regulatory assets: Generation-related regulatory assets securitized by transition bonds (a)(e) < 1 year $ 11 $ 31 Employee retirement costs 4 years 35 38 Employee retirement costs to be reviewed (b)(c) To be determined 299 291 Employee retirement liability (a)(c)(d) To be determined 839 853 Self-insurance reserve (primarily storm recovery costs) ― net 4 years 88 95 Self-insurance reserve to be reviewed ― net (b)(c) To be determined 327 332 Securities reacquisition costs (pre-industry restructure) 1 year 12 14 Securities reacquisition costs (post-industry restructure) ― net Lives of related debt 9 9 Recoverable amounts in lieu of deferred income taxes ― net Life of related asset or liability 9 12 Deferred conventional meter and metering facilities depreciation Largely 5 years 94 100 Deferred AMS costs To be determined 176 164 Energy efficiency performance bonus (a) 1 year 7 10 Under-recovered wholesale transmission service expense ― net (a) 1 year 22 - Other regulatory assets Various 8 9 Total regulatory assets 1,936 1,958 Regulatory liabilities: Estimated net removal costs Lives of related assets 723 686 Investment tax credit and protected excess deferred taxes Various 13 14 Over-collection of transition bond revenues (a)(e) < 1 year 19 29 Over-recovered wholesale transmission service expense ― net (a) 1 year - 24 Energy efficiency programs (a) Not applicable 18 11 Total regulatory liabilities 773 764 Net regulatory asset $ 1,163 $ 1,194 ____________ (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 accor dance with pension and OPEB accounting standards. (e) Bondco net regulatory liabilities of $10 million at March 31, 2016 consisted of the regulatory liability for over-collection of transition bond revenues of $ 20 million (excludes $1 million of an over-refund by Oncor related to Series 2003-1 transition bonds) net of $10 million included in generation-related regulatory assets. Bondco net regulatory assets of $10 million at December 31, 2015 consisted of $31 million included in generation-related regulatory assets net of the regulatory liability for over-collection of tran sition bond revenues of $21 million (excludes $8 million of over-collections related to Series 2003-1 transition bonds assumed by Oncor for final settlement). |
Borrowings Under Credit Facilit
Borrowings Under Credit Facilities | 3 Months Ended |
Mar. 31, 2016 | |
Borrowings Under Credit Facilities [Abstract] | |
BORROWINGS UNDER CREDIT FACILITIES | 5. BORROWINGS UNDER CREDIT FACILITIES At March 31, 2016, we had a $2.0 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. The revolving credit facility expires in October 2017 . The terms of the revolving credit facility allow us to request an increase in our borrowing capacity of $100 million in the aggregate and/or a one -year extension, 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 March 31, 2016, we had outstanding borrowings under the revolving credit facility totaling $1.054 b illion with an interest rate of 1.56% and outstanding letters of credit totaling $7 million. At December 31, 2015, we had outstanding borrowings under the revolving credit facility totaling $840 million with an interest rate of 1.48% 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 March 31, 2016 , 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 March 31, 2016 , 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 describe d below, borrowing capacity available under the revolving credit facility at March 31, 2016 and December 31, 2015 was $939 m illion and $1.153 billion, respectively. 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 indeb tedness (including borrowings under our revolving credit facility) with the lien of the Deed of Trust. At March 31, 2016 , 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 March 31, 2016 , we were in compliance with this covenant and with all other covenants . |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Long-Term Debt [Abstract] | |
LONG-TERM DEBT | 6. LONG-TERM DEBT At March 31, 2016 and December 31, 2015 , our long-term debt consisted of the following: March 31, December 31, 2016 2015 Oncor (a): 5.000% Fixed Senior Notes due September 30, 2017 $ 324 $ 324 6.800% Fixed Senior Notes due September 1, 2018 550 550 2.150% Fixed Senior Notes due June 1, 2019 250 250 5.750% Fixed Senior Notes due September 30, 2020 126 126 4.100% Fixed Senior Notes due June 1, 2022 400 400 7.000% Fixed Debentures due September 1, 2022 800 800 2.950% Fixed Senior Notes due April 1, 2025 350 350 7.000% Fixed Senior Notes due May 1, 2032 500 500 7.250% Fixed Senior Notes due January 15, 2033 350 350 7.500% Fixed Senior Notes due September 1, 2038 300 300 5.250% Fixed Senior Notes due September 30, 2040 475 475 4.550% Fixed Senior Notes due December 1, 2041 400 400 5.300% Fixed Senior Notes due June 1, 2042 500 500 3.750% Fixed Senior Notes due April 1, 2045 375 375 Unamortized discount and debt issuance costs (52) (54) Less amount due currently - - Long-term debt, less amounts due currently — Oncor 5,648 5,646 Bondco (b): 5.290% Fixed Series 2004 Bonds due May 15, 2016 41 41 Total 41 41 Less amount due currently (41) (41) Long-term debt, less amounts due currently — Bondco - - Total long-term debt, less amounts due currently $ 5,648 $ 5,646 __________ (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 201 6 There were no issuances or r ep ayments of long-term debt in the three months ended March 31, 2016. 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 March 31, 2016 , the amount of available bond credits was approximately $2.363 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 $1.302 billion. Fair Value of Long-Term Debt At March 31, 2016 and December 31, 2015, the estimated fair value of our long-term debt (including current maturities, if any) totaled $6.614 billion and $6.287 billion, respectively, and the carrying amount totaled $5.689 billion and $5.687 billion, respectively. The fair value is estimated using observable market data, representing Level 2 valuations under accounting standards related to the determination of fair value. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES EFH Bankruptcy Proceedings On the EFH Petition Date, the EFH Debtors 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 2015 Form 10-K for additional information regarding our legal and regulatory proceedings. |
Membership Interests
Membership Interests | 3 Months Ended |
Mar. 31, 2016 | |
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 periodically by the PUCT for ratemaking purposes, which is currently set at 60% debt to 40% equity. At March 31, 2016, $54 million was available for distribution to our members as our regulatory capitalization ratio was 59.7% debt to 40.3% 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 April 27, 2016, our board of directors declared a cash distribution of an amount up to and including $65 million, to be paid to our members in May 2016, with the exact amount to be determined by management in accordance with the regulatory capital structure limitation described above . In February 2016, our board of directors declared, and we paid a cash distribution of $56 million to our members. Membership Interests The following table present s the changes to membership interests during the three months ended March 31, 2016 and 2015 : Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2015 $ 7,621 $ (113) $ 7,508 Net income 81 - 81 Distributions (56) - (56) Net effects of cash flow hedges (net of tax) - - - Balance at March 31, 2016 $ 7,646 $ (113) $ 7,533 Balance at December 31, 2014 $ 7,625 $ (107) $ 7,518 Net income 98 - 98 Distributions (100) - (100) Net effects of cash flow hedges (net of tax) - 1 1 Balance at March 31, 2015 $ 7,623 $ (106) $ 7,517 Accumulated Other Comprehensive Income (Loss) The following table present s the changes to accumulated other comprehensive income (loss) for the three months ended March 31, 2016 and 2015: Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2015 $ (22) $ (91) $ (113) 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 March 31, 2016 $ (22) $ (91) $ (113) Balance at December 31, 2014 $ (24) $ (83) $ (107) Defined benefit pension plans (net of tax) - - - Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges 1 - 1 Balance at March 31, 2015 $ (23) $ (83) $ (106) |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefits Plans | 3 Months Ended |
Mar. 31, 2016 | |
Pension And Other Postretirement Employee Benefits Plans [Abstract] | |
PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS PLANS | 9. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS PLANS Pension 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, and are subject to the provisions of ERISA. Employees do not contribute to either plan. We also have a supplemental pension plan for certain employees whose retirement benefits cannot be fully earned under the qualified retirement plans. See Note 10 to Financial Statements in our 2015 Form 10-K for additional information regarding pension plans. OPEB Plan The Oncor OPEB Plan includes 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. EFH Corp. retain s its portion of the liability for retiree benefits related to those retirees. 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. See Note 10 to Financial Statements in our 2015 Form 10-K for additional information. Pension and OPEB Costs Our net costs related to pension and OPEB plans for the three months ended March 31, 2016 and 2015 were comprised of the following: Three Months Ended March 31, 2016 2015 Components of net allocated pension costs: Service cost $ 6 $ 6 Interest cost 34 33 Expected return on assets (31) (29) Amortization of net loss 10 16 Net pension costs 19 26 Components of net OPEB costs: Service cost 2 2 Interest cost 12 11 Expected return on assets (2) (3) Amortization of prior service cost (5) (5) Amortization of net loss 8 8 Net OPEB costs 15 13 Total net pension and OPEB costs 34 39 Less amounts deferred principally as property or a regulatory asset (25) (28) Net amounts recognized as expense $ 9 $ 11 The discount rates reflected in net pension and OPEB costs in 201 6 are 4.28% , 4.57% and 4.60% for the Oncor Retirement Plan, the EFH Retirement Plan and the OPEB plan, respectively. The expected return on pension and OPEB plan assets reflected in the 201 6 cost amounts are 5.53% , 5.64% and 6.30% for the Oncor Retirement Plan, the EFH Retirement Plan and the OPEB plan, respectively. Pension and OPEB Plans Cash Contributions We made cash contribution s to the pension plans and OPEB plan of $1 million and $6 million, respectively, during the three months ended March 31, 2016, and we expect to make additional cash contributions to the pension plans and OPEB plan of $3 million and $24 million, respectively, during the remainder of 201 6 . |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
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 $220 million and $236 million for the three months ended March 31, 2016 and 2015 , 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 - month periods ended March 31, 2016 and 2015 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 March 31, At December 31, 2016 2015 Trade accounts and other receivables from affiliates $ 103 $ 120 Trade accounts and other payables to affiliates (2) (2) Trade accounts and other receivables from affiliates – net $ 101 $ 118 · 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, tota led less than $1 m illion and $5 million for the three months ended March 31, 2016 and 2015 , respectively . We also charge each other for shared facilities at cost. Our payments to EFH Corp. for shared facilities totaled $1 mi llion for the each of the three - month periods ended March 31, 2016 and 2015 . Payments we received from EFH Corp. subsidiaries related to shared facilities totaled less than $1 m illion for the each of the three - month periods ended March 31, 2016 and 2015, respectively. · 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 2015 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. No income tax payments were made to or received from members in the three months ended March 31, 2016 and 2015. In the unlikely event such amounts are not paid under the tax sharing agreement, it is probable that this regulatory liability will continue to be included in Oncor’s rate setting processes. Amounts payable to (receivable from) members related to income taxes under the tax sharing agreement and reported on our balance sheet consisted of the following: At March 31, 2016 At December 31, 2015 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes receivable $ (105) $ (27) $ (132) $ (109) $ (27) $ (136) Texas margin taxes payable 24 - 24 20 - 20 Net payable (receivable) $ (81) $ (27) $ (108) $ (89) $ (27) $ (116) · Our PUCT-approved tariffs include requirements to assure adequate creditworthiness 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 March 31, 2016 and December 31, 2015 , TCEH had posted security in the amount of $6 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 total ed $4 million for each of the three - month period s ended March 31, 2016 and 2015, respectively. 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. · Related parties 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. Also, as of March 31, 2015, 16.6% of the equity in an existing vendor of the company was acquired by a member of the Sponsor Group. During 2016 and 2015, this vendor performed transmission and distribution system construction and maintenance services for us. Cash payments were made for such services to this vendor totaling $37 million dollars for the three months ended March 31, 2016 of which approximately $35 million was capitalized and $2 million recor ded to operation and maintenance expense. At March 31, 2016 we had outstanding trade payables to this vendor of $3 million. See Note 8 for information regarding distributions to members and Note 9 for information regarding our participation in the EFH Corp. pension plan and transactions with EFH Corp. involving employee benefit matters. |
Supplementary Financial Informa
Supplementary Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 11. SUPPLEMENTARY FINANCIAL INFORMATION Major Customers Revenues from TCEH represente d 23% and 25% of our total operating revenues for the three months ended March 31, 2016 and 2015 , respectively. Revenues from REP subsidiaries of NRG Energy, Inc., a nonaffiliated entity, collectively represented 16% and 17% of our total operating revenues for the three months ended March 31, 2016 and 2015 , respectively. No other customer represented 10 % or more of our total operating revenues. Other Income and ( Deductions ) Three Months Ended March 31, 2016 2015 Accretion of fair value adjustment (discount) to regulatory assets due to purchase accounting $ 1 $ 2 Gain on disposition of property 1 - Professional fees (4) (2) Non-recoverable pension and OPEB (Note 9) (1) (2) Gains (losses) on certain benefit plan trust assets (2) 1 Total other income and (deductions) - net $ (5) $ (1) Interest Expense and Related Charges Three Months Ended March 31, 2016 2015 Interest expense $ 85 $ 81 Amortization of debt issuance costs and discounts 1 1 Allowance for funds used during construction – capitalized interest portion (2) (1) Total interest expense and related charges $ 84 $ 81 Restricted Cash Restricted cash amounts reported on our balance sheet at March 31, 2016 and December 31, 2015 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 March 31, At December 31, 2016 2015 Gross trade accounts and other receivables - net $ 486 $ 509 Trade accounts and other receivables from affiliates - net (101) (118) Allowance for uncollectible accounts (3) (3) Trade accounts receivable from nonaffiliates – net $ 382 $ 388 At March 31, 2016 and December 31, 2015 , REP subsidiaries of NRG Energy, Inc., a nonaffiliated entity, collectively represented approximately 12% and 13% 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 March 31, At December 31, 2016 2015 Assets related to employee benefit plans, including employee savings programs $ 91 $ 94 Land and other investments 3 3 Total investments and other property $ 94 $ 97 Property, Plant and Equipment Property, plant and equipment reported on our balance sheet consisted of the following: At March 31, At December 31, 2016 2015 Total assets in service $ 19,212 $ 19,072 Less accumulated depreciation 6,572 6,479 Net of accumulated depreciation 12,640 12,593 Construction work in progress 579 416 Held for future use 15 15 Property, plant and equipment – net $ 13,234 $ 13,024 Intangible Assets Intangible assets (other than goodwill) reported on our balance sheet consisted of the following: At March 31, 2016 At December 31, 2015 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 $ 467 $ 92 $ 375 $ 467 $ 91 $ 376 Capitalized software 446 284 162 435 269 166 Total $ 913 $ 376 $ 537 $ 902 $ 360 $ 542 A ggregate amortization expense for intangible assets totaled $16 millio n for each of the three - month periods ended March 31, 2016 and 2015 , respectively. The estimated aggregate amortization expense for each of the next five fiscal years is as follows: Year Amortization Expense 2016 $ 61 2017 52 2018 47 2019 44 2020 43 At both March 31, 2016 and December 31, 2015 , goodwill totaling $ 4.1 billion was reported on our balance sheet. None of this goodwill is being deducted for tax purposes. Employee Benefit Obligations and Other Employee benefit obligations and other reported on our balance sheet consisted of the following: At March 31, At December 31, 2016 2015 Retirement plans and other employee benefits $ 1,985 $ 1,985 Uncertain tax positions (including accrued interest) 3 3 Investment tax credits 14 15 Other 68 60 Total employee benefit obligations and other $ 2,070 $ 2,063 Supplemental Cash Flow Information Three Months Ended March 31, 2016 2015 Cash payments (receipts) related to: Interest $ 98 $ 118 Capitalized interest (2) (1) Interest (net of amounts capitalized) $ 96 $ 117 Noncash construction expenditures (a) $ 82 $ 60 _____________ (a) Represents end-of-period accruals. |
Business and Significant Acco19
Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 23% and 25% of our total operating revenues for the three months ended March 31, 2016 and 2015, 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 to recover generation-related regulatory asset stranded costs and other qualified costs under an order issued by the PUCT in 2002. Bondco issued an aggregate $1.3 billion principal amount of transition bonds during 2003 and 2004. The 2003 Series transition bonds matured in 2015 and were paid in full. The 2004 Series transition bonds, with an outstanding balance of $41 million at March 31, 2016, mature in May 2016 . Final true-up proceedings for the transition bonds are expected to be conducted by Oncor and the PUCT during 2016 and are expected to have minimal or no net income impact. 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, 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. 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 These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes included in the 2015 Form 10-K. In the opinion of Oncor management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been made. All intercompany items and transactions have been eliminated in consolidation. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality. 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. |
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 February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-2 (ASU 2016-2), Leases . The ASU amends previous GAAP to require the balance sheet recognition of lease assets and liabilities for operating leases. Oncor will be required to adopt the ASU by January 1, 2019 and does not expect to early adopt. Retrospective application to the 2017 and 2018 comparative periods presented will be required in the year of adoption. We are currently evaluating the impact of this ASU on our financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-08 (ASU 2016-08), Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . ASU 2016-08 clarifies the implementation guidance for principal versus agent considerations related to ASU 2014-09, Revenue from Contracts with Customers , which provides the core principle and key steps in determining the recognition of revenue. Oncor will be required to adopt these updates by January 1, 2018 and continues to assess the impact on the financial statements. The adoption is not expected to have a material effect on our reported results of operations, financial condition or cash flows. |
Regulatory Assets and Liabili20
Regulatory Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulatory Assets and Liabilities [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period at Carrying Amount At March 31, 2016 March 31, 2016 December 31, 2015 Regulatory assets: Generation-related regulatory assets securitized by transition bonds (a)(e) < 1 year $ 11 $ 31 Employee retirement costs 4 years 35 38 Employee retirement costs to be reviewed (b)(c) To be determined 299 291 Employee retirement liability (a)(c)(d) To be determined 839 853 Self-insurance reserve (primarily storm recovery costs) ― net 4 years 88 95 Self-insurance reserve to be reviewed ― net (b)(c) To be determined 327 332 Securities reacquisition costs (pre-industry restructure) 1 year 12 14 Securities reacquisition costs (post-industry restructure) ― net Lives of related debt 9 9 Recoverable amounts in lieu of deferred income taxes ― net Life of related asset or liability 9 12 Deferred conventional meter and metering facilities depreciation Largely 5 years 94 100 Deferred AMS costs To be determined 176 164 Energy efficiency performance bonus (a) 1 year 7 10 Under-recovered wholesale transmission service expense ― net (a) 1 year 22 - Other regulatory assets Various 8 9 Total regulatory assets 1,936 1,958 Regulatory liabilities: Estimated net removal costs Lives of related assets 723 686 Investment tax credit and protected excess deferred taxes Various 13 14 Over-collection of transition bond revenues (a)(e) < 1 year 19 29 Over-recovered wholesale transmission service expense ― net (a) 1 year - 24 Energy efficiency programs (a) Not applicable 18 11 Total regulatory liabilities 773 764 Net regulatory asset $ 1,163 $ 1,194 ____________ (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 accor dance with pension and OPEB accounting standards. (e) Bondco net regulatory liabilities of $10 million at March 31, 2016 consisted of the regulatory liability for over-collection of transition bond revenues of $ 20 million (excludes $1 million of an over-refund by Oncor related to Series 2003-1 transition bonds) net of $10 million included in generation-related regulatory assets. Bondco net regulatory assets of $10 million at December 31, 2015 consisted of $31 million included in generation-related regulatory assets net of the regulatory liability for over-collection of tran sition bond revenues of $21 million (excludes $8 million of over-collections related to Series 2003-1 transition bonds assumed by Oncor for final settlement). |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | March 31, December 31, 2016 2015 Oncor (a): 5.000% Fixed Senior Notes due September 30, 2017 $ 324 $ 324 6.800% Fixed Senior Notes due September 1, 2018 550 550 2.150% Fixed Senior Notes due June 1, 2019 250 250 5.750% Fixed Senior Notes due September 30, 2020 126 126 4.100% Fixed Senior Notes due June 1, 2022 400 400 7.000% Fixed Debentures due September 1, 2022 800 800 2.950% Fixed Senior Notes due April 1, 2025 350 350 7.000% Fixed Senior Notes due May 1, 2032 500 500 7.250% Fixed Senior Notes due January 15, 2033 350 350 7.500% Fixed Senior Notes due September 1, 2038 300 300 5.250% Fixed Senior Notes due September 30, 2040 475 475 4.550% Fixed Senior Notes due December 1, 2041 400 400 5.300% Fixed Senior Notes due June 1, 2042 500 500 3.750% Fixed Senior Notes due April 1, 2045 375 375 Unamortized discount and debt issuance costs (52) (54) Less amount due currently - - Long-term debt, less amounts due currently — Oncor 5,648 5,646 Bondco (b): 5.290% Fixed Series 2004 Bonds due May 15, 2016 41 41 Total 41 41 Less amount due currently (41) (41) Long-term debt, less amounts due currently — Bondco - - Total long-term debt, less amounts due currently $ 5,648 $ 5,646 __________ (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) | 3 Months Ended |
Mar. 31, 2016 | |
Membership Interests [Abstract] | |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2015 $ 7,621 $ (113) $ 7,508 Net income 81 - 81 Distributions (56) - (56) Net effects of cash flow hedges (net of tax) - - - Balance at March 31, 2016 $ 7,646 $ (113) $ 7,533 Balance at December 31, 2014 $ 7,625 $ (107) $ 7,518 Net income 98 - 98 Distributions (100) - (100) Net effects of cash flow hedges (net of tax) - 1 1 Balance at March 31, 2015 $ 7,623 $ (106) $ 7,517 |
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, 2015 $ (22) $ (91) $ (113) 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 March 31, 2016 $ (22) $ (91) $ (113) Balance at December 31, 2014 $ (24) $ (83) $ (107) Defined benefit pension plans (net of tax) - - - Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges 1 - 1 Balance at March 31, 2015 $ (23) $ (83) $ (106) |
Pension and Other Postretirem23
Pension and Other Postretirement Employee Benefits Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Pension And Other Postretirement Employee Benefits Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended March 31, 2016 2015 Components of net allocated pension costs: Service cost $ 6 $ 6 Interest cost 34 33 Expected return on assets (31) (29) Amortization of net loss 10 16 Net pension costs 19 26 Components of net OPEB costs: Service cost 2 2 Interest cost 12 11 Expected return on assets (2) (3) Amortization of prior service cost (5) (5) Amortization of net loss 8 8 Net OPEB costs 15 13 Total net pension and OPEB costs 34 39 Less amounts deferred principally as property or a regulatory asset (25) (28) Net amounts recognized as expense $ 9 $ 11 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related-Party Transactions [Abstract] | |
Schedule Of Trade Accounts And Other Receivables From Related Parties | At March 31, At December 31, 2016 2015 Trade accounts and other receivables from affiliates $ 103 $ 120 Trade accounts and other payables to affiliates (2) (2) Trade accounts and other receivables from affiliates – net $ 101 $ 118 |
Schedule Of Amounts Payable To (Receivable From) Members In Lieu Of Income Taxes | At March 31, 2016 At December 31, 2015 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes receivable $ (105) $ (27) $ (132) $ (109) $ (27) $ (136) Texas margin taxes payable 24 - 24 20 - 20 Net payable (receivable) $ (81) $ (27) $ (108) $ (89) $ (27) $ (116) |
Supplementary Financial Infor25
Supplementary Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Other Income And (Deductions) | Three Months Ended March 31, 2016 2015 Accretion of fair value adjustment (discount) to regulatory assets due to purchase accounting $ 1 $ 2 Gain on disposition of property 1 - Professional fees (4) (2) Non-recoverable pension and OPEB (Note 9) (1) (2) Gains (losses) on certain benefit plan trust assets (2) 1 Total other income and (deductions) - net $ (5) $ (1) |
Schedule Of Interest Expense And Related Charges | Three Months Ended March 31, 2016 2015 Interest expense $ 85 $ 81 Amortization of debt issuance costs and discounts 1 1 Allowance for funds used during construction – capitalized interest portion (2) (1) Total interest expense and related charges $ 84 $ 81 |
Schedule Of Trade Accounts And Other Receivables | At March 31, At December 31, 2016 2015 Gross trade accounts and other receivables - net $ 486 $ 509 Trade accounts and other receivables from affiliates - net (101) (118) Allowance for uncollectible accounts (3) (3) Trade accounts receivable from nonaffiliates – net $ 382 $ 388 |
Summary of Investments And Other Property | At March 31, At December 31, 2016 2015 Assets related to employee benefit plans, including employee savings programs $ 91 $ 94 Land and other investments 3 3 Total investments and other property $ 94 $ 97 |
Schedule Of Property, Plant And Equipment | At March 31, At December 31, 2016 2015 Total assets in service $ 19,212 $ 19,072 Less accumulated depreciation 6,572 6,479 Net of accumulated depreciation 12,640 12,593 Construction work in progress 579 416 Held for future use 15 15 Property, plant and equipment – net $ 13,234 $ 13,024 |
Schedule Of Intangible Assets | At March 31, 2016 At December 31, 2015 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 $ 467 $ 92 $ 375 $ 467 $ 91 $ 376 Capitalized software 446 284 162 435 269 166 Total $ 913 $ 376 $ 537 $ 902 $ 360 $ 542 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2016 $ 61 2017 52 2018 47 2019 44 2020 43 |
Schedule Of Employee Benefit Obligations And Other | At March 31, At December 31, 2016 2015 Retirement plans and other employee benefits $ 1,985 $ 1,985 Uncertain tax positions (including accrued interest) 3 3 Investment tax credits 14 15 Other 68 60 Total employee benefit obligations and other $ 2,070 $ 2,063 |
Schedule Of Supplemental Cash Flow Information | Three Months Ended March 31, 2016 2015 Cash payments (receipts) related to: Interest $ 98 $ 118 Capitalized interest (2) (1) Interest (net of amounts capitalized) $ 96 $ 117 Noncash construction expenditures (a) $ 82 $ 60 _____________ (a) Represents end-of-period accruals. |
Business And Significant Acco26
Business And Significant Accounting Policies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Nov. 30, 2008 | Mar. 31, 2016USD ($)entity | Mar. 31, 2015 | Dec. 31, 2004USD ($) | Dec. 31, 2003USD ($) | |
Business And Significant Accounting Polices [Line Items] | |||||
Number of entities that would possibly be bankrupt | entity | 1 | ||||
Principal amount of transition bonds issued | $ 1,300 | $ 1,300 | |||
2004 Series transition bonds outstanding | $ 41 | ||||
2004 Series transition bonds maturity date | 2016-05 | ||||
Percentage of equity interest sold in the event of bankruptcy | 19.75% | ||||
Oncor [Member] | |||||
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% | ||||
Sales [Member] | TCEH [Member] | |||||
Business And Significant Accounting Polices [Line Items] | |||||
Concentration Risk Percentage | 23.00% | 25.00% |
EFH Bankruptcy Proceedings (Nar
EFH Bankruptcy Proceedings (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Apr. 28, 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 | 3 Months Ended |
Mar. 31, 2016USD ($)item | |
Number of cities resolutions passed over electric utility rates | 50 |
Final action period | 185 days |
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 |
Rate at which interest accrues for over-collections | 0.18% |
Maximum [Member] | |
Estimated impact on earnings | $ | $ 135 |
Minimum [Member] | |
Estimated impact on earnings | $ | $ 0 |
Regulatory Assets And Liabili29
Regulatory Assets And Liabilities (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Regulatory Assets And Liabilities [Line Items] | |||
Carrying Amount, Regulatory Assets | $ 1,936 | $ 1,958 | |
Carrying Amount, Regulatory Liabilities | 773 | 764 | |
Net regulatory asset | 1,163 | 1,194 | |
Bondco [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Carrying Amount, Regulatory Liabilities | 10 | ||
Net regulatory asset | $ 10 | 10 | |
Estimated Net Removal Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related assets | ||
Carrying Amount, Regulatory Liabilities | $ 723 | 686 | |
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 | $ 13 | 14 | |
Over-Collection Of Transition Bond Revenues [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1],[2] | < 1 year | |
Carrying Amount, Regulatory Liabilities | [1],[2] | $ 19 | 29 |
Net regulatory asset | 20 | ||
Over-Collection Of Transition Bond Revenues [Member] | Bondco [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Carrying Amount, Regulatory Liabilities | $ 20 | 21 | |
Over-Recovered Wholesale Transmission Service Expense - Net [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2] | 1 year | |
Carrying Amount, Regulatory Liabilities | [2] | 24 | |
Energy Efficiency Programs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2] | Not applicable | |
Carrying Amount, Regulatory Liabilities | [2] | $ 18 | 11 |
Excluded Over-Collected Series 2003-1 Transition Bond Revenues [Member] | Bondco [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Net regulatory asset | $ 1 | 8 | |
Generation Related Regulatory Assets Securitized by Transition Bonds [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1],[2] | < 1 year | |
Carrying Amount, Regulatory Assets | [1],[2] | $ 11 | 31 |
Generation Related Regulatory Assets Securitized by Transition Bonds [Member] | Bondco [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Carrying Amount, Regulatory Assets | 31 | ||
Net regulatory asset | $ 10 | ||
Employee Retirement Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 4 years | ||
Carrying Amount, Regulatory Assets | $ 35 | 38 | |
Employee Retirement Costs To Be Reviewed [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [3],[4] | To be determined | |
Carrying Amount, Regulatory Assets | [3],[4] | $ 299 | 291 |
Employee Retirement Liability [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2],[4],[5] | To be determined | |
Carrying Amount, Regulatory Assets | [2],[4],[5] | $ 839 | 853 |
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 | $ 88 | 95 | |
Self Insurance Reserve to be Reviewed [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [3],[4] | To be determined | |
Carrying Amount, Regulatory Assets | [3],[4] | $ 327 | 332 |
Securities Reacquisition Costs (Pre-Industry Restructure) [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 1 year | ||
Carrying Amount, Regulatory Assets | $ 12 | 14 | |
Securities Reacquisition Costs (Post-Industry Restructure) - Net [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related debt | ||
Carrying Amount, Regulatory Assets | $ 9 | 9 | |
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 | $ 9 | 12 | |
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 | $ 94 | 100 | |
Deferred AMS Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | ||
Carrying Amount, Regulatory Assets | $ 176 | 164 | |
Energy Efficiency Performance Bonus [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2] | 1 year | |
Carrying Amount, Regulatory Assets | [2] | $ 7 | 10 |
Under-Recovered Wholesale Transmission Service Expense - Net [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2] | 1 year | |
Carrying Amount, Regulatory Assets | [2] | $ 22 | |
Other Regulatory Assets [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Various | ||
Carrying Amount, Regulatory Assets | $ 8 | $ 9 | |
[1] | Bondco net regulatory liabilities of $10 million at March 31, 2016 consisted of the regulatory liability for over-collection of transition bond revenues of $20 million (excludes $1 million of an over-refund by Oncor related to Series 2003-1 transition bonds) net of $10 million included in generation-related regulatory assets. Bondco net regulatory assets of $10 million at December 31, 2015 consisted of $31 million included in generation-related regulatory assets net of the regulatory liability for over-collection of transition bond revenues of $21 million (excludes $8 million of over-collections related to Series 2003-1 transition bonds assumed by Oncor for final settlement). | ||
[2] | Not earning a return in the regulatory rate-setting process. | ||
[3] | Costs incurred since the period covered under the last rate review. | ||
[4] | Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. | ||
[5] | Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Borrowings Under Credit Facil30
Borrowings Under Credit Facilities (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | ||
Outstanding borrowing under the revolving credit facility | $ 1,054 | $ 840 |
Outstanding borrowing, interest rate | 1.56% | 1.48% |
Letters of credit | $ 7 | $ 7 |
Commitment fee | 0.125% | |
Borrowing capacity available under the credit facility | $ 939 | $ 1,153 |
Available bond credits | $ 2,363 | |
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] | ||
Maximum borrowing capacity | $ 2,000 | |
Expiration of revolving credit facility | Oct. 1, 2017 | |
Extension period for revolving line of credit | 1 year | |
Additional increase in borrowing capacity amount | $ 100 | |
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 London Interbank Offered Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 1.00% | |
One-Month London Interbank Offered Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 0.75% | |
One-Month London Interbank Offered Rate [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 ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Long-Term Debt [Abstract] | |||
Debt issuance of long-term debt | $ 0 | ||
Repayments of long-term debt | $ 0 | $ 530,000,000 | |
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85.00% | ||
Available bond credits | $ 2,363,000,000 | ||
Future debt subject to property additions to the Deed of Trust | 1,302,000,000 | ||
Estimated fair value of our long-term debt including current maturities | 6,614,000,000 | $ 6,287,000,000 | |
Carrying amount | $ 5,689,000,000 | $ 5,687,000,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Unamortized discount and debt issuance costs | [1] | $ (52) | $ (54) |
Total long-term debt, less amounts due currently | [1] | 5,648 | 5,646 |
5.000% Fixed Senior Notes Due September 30, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | [1] | $ 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 | [1] | $ 550 | $ 550 |
Interest percentage | 6.80% | 6.80% | |
Due date | Sep. 1, 2018 | ||
2.150% Fixed Senior Notes Due June 1, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | [1] | $ 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 | [1] | $ 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 | [1] | $ 400 | $ 400 |
Interest percentage | 4.10% | 4.10% | |
Due date | Jun. 1, 2022 | ||
7.000% Fixed Debentures Due September 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Senior Note | [1] | $ 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 | [1] | $ 350 | $ 350 |
Interest percentage | 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 | [1] | $ 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 | [1] | $ 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 | [1] | $ 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 | [1] | $ 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 | [1] | $ 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 | [1] | $ 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 | [1] | $ 375 | $ 375 |
Interest percentage | 3.75% | 3.75% | |
Due date | Apr. 1, 2045 | ||
Bondco [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Bonds | [2] | $ 41 | $ 41 |
Less amount due currently | [2] | (41) | (41) |
Bondco [Member] | 5.290% Fixed Series 2004 Bonds Due May 15, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Fixed Bonds | [2] | $ 41 | $ 41 |
Interest percentage | 5.29% | 5.29% | |
Due date | May 15, 2016 | ||
[1] | 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. | ||
[2] | The transition bonds are nonrecourse to Oncor and were issued to securitize a regulatory asset. |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | Apr. 27, 2016 | Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Subsequent Event [Line Items] | ||||
Cash distribution to members | $ 56 | $ 56 | $ 100 | |
Assumed debt to equity ratio, debt | 60.00% | |||
Assumed debt to equity ratio, equity | 40.00% | |||
Regulatory capitalization ratio, debt | 59.70% | |||
Regulatory capitalization ratio, equity | 40.30% | |||
Cash available for distribution under the capital structure restriction | $ 54 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash distribution to members | $ 65 |
Membership Interests (Schedule
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | $ 7,508 | $ 7,518 | |
Net income | 81 | 98 | |
Distributions | $ (56) | $ (56) | (100) |
Net effects of cash flow hedges (net of tax) | 1 | ||
Balance | $ 7,533 | 7,517 | |
Capital Accounts [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | 7,621 | 7,625 | |
Net income | 81 | 98 | |
Distributions | $ (56) | $ (100) | |
Net effects of cash flow hedges (net of tax) | |||
Balance | $ 7,646 | $ 7,623 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | $ (113) | $ (107) | |
Net income | |||
Distributions | |||
Net effects of cash flow hedges (net of tax) | $ 1 | ||
Balance | $ (113) | $ (106) |
Membership Interests (Schedul35
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (113) | |
Balance at end of period | (113) | |
Cash Flow Hedges - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (22) | $ (24) |
Defined benefit pension plans (net of tax) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | $ 1 | |
Balance at end of period | $ (22) | (23) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (91) | $ (83) |
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 end of period | $ (91) | $ (83) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (113) | $ (107) |
Defined benefit pension plans (net of tax) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | $ 1 | |
Balance at end of period | $ (113) | $ (106) |
Pension And Other Postretirem36
Pension And Other Postretirement Employee Benefits Plans (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Oncor Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 4.28% |
Expected return on plan assets | 5.53% |
EFH Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 4.57% |
Expected return on plan assets | 5.64% |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cash contributions | $ 1 |
Additional cash contributions | $ 3 |
OPEB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 4.60% |
Expected return on plan assets | 6.30% |
Cash contributions | $ 6 |
Additional cash contributions | $ 24 |
Pension And Other Postretirem37
Pension And Other Postretirement Employee Benefits Plans (Schedule Of Pension And OPEB Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of net loss | $ 2 | $ (1) |
Net costs | 34 | 39 |
Less amounts deferred principally as property or a regulatory asset | (25) | (28) |
Net amounts recognized as expense | 9 | 11 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 6 | 6 |
Interest cost | 34 | 33 |
Expected return on assets | (31) | (29) |
Amortization of net loss | 10 | 16 |
Net costs | 19 | 26 |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2 | 2 |
Interest cost | 12 | 11 |
Expected return on assets | (2) | (3) |
Amortization of prior service cost | (5) | (5) |
Amortization of net loss | 8 | 8 |
Net costs | $ 15 | $ 13 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Revenues from electricity delivery fees | $ 220 | $ 236 | |
Income tax payments made to or received from members | 0 | 0 | |
TCEH [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from electricity delivery fees | 220 | 236 | |
Posted security amount | 6 | $ 6 | |
Delivery fee surcharges | 4 | 4 | |
EFH Corp [Member] | |||
Related Party Transaction [Line Items] | |||
Administrative and services costs | 1 | 5 | |
Shared facilities expense | 1 | $ 1 | |
Sponsor Group [Member] | |||
Related Party Transaction [Line Items] | |||
Equity in existing vendor | 16.60% | ||
Cash payments to vendors | 37 | ||
Trade payables related parties | 3 | ||
Sponsor Group [Member] | Capitalized [Member] | |||
Related Party Transaction [Line Items] | |||
Cash payments to vendors | 35 | ||
Sponsor Group [Member] | Operation And Maintenance Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Cash payments to vendors | 2 | ||
Maximum [Member] | TCEH [Member] | |||
Related Party Transaction [Line Items] | |||
Transformer maintenance revenue | 1 | $ 1 | |
Maximum [Member] | EFH Corp [Member] | |||
Related Party Transaction [Line Items] | |||
Shared facilities payments received | $ 1 | $ 1 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Trade Accounts And Other Receivables From Related Parties) (Details) - EFH Corp [Member] - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Trade accounts and other receivables from affiliates | $ 103 | $ 120 |
Trade accounts and other payables to affiliates | (2) | (2) |
Trade accounts and other receivables from affiliates - net | $ 101 | $ 118 |
Related-Party Transactions (S40
Related-Party Transactions (Schedule Of Amounts Payable To (Receivable From) Members In Lieu Of Income Taxes) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | $ (132) | $ (136) |
Texas margin taxes payable | 24 | 20 |
Net payable (receivable) | (108) | (116) |
EFH Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | (105) | (109) |
Texas margin taxes payable | 24 | 20 |
Net payable (receivable) | (81) | (89) |
Texas Transmission [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | (27) | (27) |
Net payable (receivable) | $ (27) | $ (27) |
Supplementary Financial Infor41
Supplementary Financial Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Supplemental Financial Information [Line Items] | |||
Aggregate amortization expenses | $ 16 | $ 16 | |
Goodwill | $ 4,064 | $ 4,064 | |
Sales [Member] | TCEH [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration Risk Percentage | 23.00% | 25.00% | |
Sales [Member] | Nonaffiliated REP [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration Risk Percentage | 16.00% | 17.00% | |
Nonaffiliated Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration Risk Percentage | 12.00% | 13.00% |
Supplementary Financial Infor42
Supplementary Financial Information (Schedule Of Other Income And (Deductions)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplementary Financial Information [Abstract] | ||
Accretion of fair value adjustment (discount) to regulatory assets due to purchase accounting | $ 1 | $ 2 |
Gain on disposition of property | 1 | |
Professional fees | (4) | (2) |
Non-recoverable pension and OPEB (Note 9) and other | (1) | (2) |
Gains (losses) on certain benefit plan trust assets | (2) | 1 |
Total other deductions | $ (5) | $ (1) |
Supplementary Financial Infor43
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplementary Financial Information [Abstract] | ||
Interest expense | $ 85 | $ 81 |
Amortization of debt issuance costs and discounts | 1 | 1 |
Allowance for funds used during construction — capitalized interest portion | (2) | (1) |
Total interest expense and related charges | $ 84 | $ 81 |
Supplementary Financial Infor44
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables - net | $ 486 | $ 509 |
Trade accounts and other receivables from affiliates - net | (101) | (118) |
Allowance for uncollectible accounts | (3) | (3) |
Trade accounts receivable from nonaffiliates - net | $ 382 | $ 388 |
Supplementary Financial Infor45
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans, including employee savings programs | $ 91 | $ 94 |
Land and other investments | 3 | 3 |
Total investments and other property | $ 94 | $ 97 |
Supplementary Financial Infor46
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplementary Financial Information [Abstract] | ||
Total assets in service | $ 19,212 | $ 19,072 |
Less accumulated depreciation | 6,572 | 6,479 |
Net of accumulated depreciation | 12,640 | 12,593 |
Construction work in progress | 579 | 416 |
Held for future use | 15 | 15 |
Property, plant and equipment - net | $ 13,234 | $ 13,024 |
Supplementary Financial Infor47
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 913 | $ 902 |
Accumulated Amortization | 376 | 360 |
Net | 537 | 542 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 467 | 467 |
Accumulated Amortization | 92 | 91 |
Net | 375 | 376 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 446 | 435 |
Accumulated Amortization | 284 | 269 |
Net | $ 162 | $ 166 |
Supplementary Financial Infor48
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Supplementary Financial Information [Abstract] | |
2,016 | $ 61 |
2,017 | 52 |
2,018 | 47 |
2,019 | 44 |
2,020 | $ 43 |
Supplementary Financial Infor49
Supplementary Financial Information (Schedule Of Employee Benefit Obligations And Other) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplementary Financial Information [Abstract] | ||
Retirement plans and other employee benefits | $ 1,985 | $ 1,985 |
Uncertain tax positions (including accrued interest) | 3 | 3 |
Investment tax credits | 14 | 15 |
Other | 68 | 60 |
Total employee benefit obligations and other | $ 2,070 | $ 2,063 |
Supplementary Financial Infor50
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Supplementary Financial Information [Abstract] | |||
Interest | $ 98 | $ 118 | |
Capitalized interest | (2) | (1) | |
Interest (net of amounts capitalized) | 96 | 117 | |
Noncash construction expenditures | [1] | $ 82 | $ 60 |
[1] | Represents end-of-period accruals. |