Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 27, 2017 | |
Entity Registrant Name | ONCOR ELECTRIC DELIVERY CO LLC | |
Entity Central Index Key | 1,193,311 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 Investment LLC [Member] | ||
Entity Outstanding Membership Interests | 19.75% |
Condensed Statements Of Consoli
Condensed Statements Of Consolidated Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating revenues: | ||||
Nonaffiliates | $ 964 | $ 732 | $ 1,899 | $ 1,455 |
Affiliates | 216 | 436 | ||
Total operating revenues | 964 | 948 | 1,899 | 1,891 |
Operating expenses: | ||||
Wholesale transmission service | 229 | 220 | 460 | 440 |
Operation and maintenance (Note 10) | 174 | 169 | 369 | 351 |
Depreciation and amortization | 193 | 193 | 387 | 403 |
Provision in lieu of income taxes (Note 10) | 64 | 63 | 106 | 112 |
Taxes other than amounts related to income taxes | 107 | 107 | 220 | 220 |
Total operating expenses | 767 | 752 | 1,542 | 1,526 |
Operating income | 197 | 196 | 357 | 365 |
Other income and deductions: | ||||
Other income and (deductions) - net (Note 11) | (3) | (3) | (7) | (8) |
Nonoperating provision in lieu of income taxes | (3) | (1) | (5) | (2) |
Interest expense and related charges (Note 11) | 85 | 84 | 170 | 168 |
Net income | $ 112 | $ 110 | $ 185 | $ 191 |
Condensed Statements Of Consol3
Condensed Statements Of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||||
Net income | $ 112 | $ 110 | $ 185 | $ 191 |
Other comprehensive income (loss): | ||||
Cash flow hedges – derivative value net loss recognized in net income (net of tax expense of $–, $–, $– and $–) | 1 | 1 | 1 | |
Defined benefit pension plans (net of tax benefit of $–, $–, $– and $–) | 1 | 1 | ||
Total other comprehensive income | 1 | 1 | 2 | 1 |
Comprehensive income | $ 113 | $ 111 | $ 187 | $ 192 |
Condensed Statements Of Consol4
Condensed Statements Of Consolidated Comprehensive Income (Parenthetical) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||||
Cash flow hedges - derivative value net loss recognized in net income, tax expense | ||||
Defined benefit pension plans- net tax benefit |
Condensed Statements Of Consol5
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows - operating activities: | ||
Net income | $ 185 | $ 191 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 412 | 427 |
Provision in lieu of deferred income taxes - net | 158 | 83 |
Other - net | (1) | (2) |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs (Note 4) | (27) | (103) |
Other operating assets and liabilities | (89) | (124) |
Cash provided by operating activities | 638 | 472 |
Cash flows - financing activities: | ||
Repayments of long-term debt (Note 6) | (41) | |
Net increase in short-term borrowings (Note 5) | 367 | 293 |
Distributions to members (Note 8) | (172) | (121) |
Cash provided by financing activities | 195 | 131 |
Cash flows - investing activities: | ||
Capital expenditures (Note 10) | (856) | (671) |
Other - net | 8 | 44 |
Cash used in investing activities | (848) | (627) |
Net change in cash and cash equivalents | (15) | (24) |
Cash and cash equivalents - beginning balance | 16 | 25 |
Cash and cash equivalents - ending balance | $ 1 | $ 1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1 | $ 16 |
Trade accounts receivable - net (Note 11) | 590 | 545 |
Amounts receivable from members related to income taxes (Note 10) | 32 | 80 |
Materials and supplies inventories - at average cost | 88 | 89 |
Prepayments and other current assets | 100 | 100 |
Total current assets | 811 | 830 |
Investments and other property (Note 11) | 106 | 100 |
Property, plant and equipment - net (Note 11) | 14,391 | 13,829 |
Goodwill (Note 11) | 4,064 | 4,064 |
Regulatory assets (Note 4) | 1,982 | 1,974 |
Other noncurrent assets | 9 | 14 |
Total assets | 21,363 | 20,811 |
Current liabilities: | ||
Short-term borrowings (Note 5) | 1,156 | 789 |
Long-term debt due currently (Note 6) | 324 | 324 |
Trade accounts payable (Note 10) | 248 | 231 |
Amounts payable to members related to income taxes (Note 10) | 12 | 20 |
Accrued taxes other than amounts related to income | 107 | 182 |
Accrued interest | 83 | 83 |
Other current liabilities | 154 | 144 |
Total current liabilities | 2,084 | 1,773 |
Long-term debt, less amounts due currently (Note 6) | 5,519 | 5,515 |
Liability in lieu of deferred income taxes (Note 10) | 2,949 | 2,788 |
Regulatory liabilities - (Note 4) | 925 | 856 |
Employee benefit obligations and other (Note 10 and 11) | 2,160 | 2,168 |
Total liabilities | 13,637 | 13,100 |
Commitments and contingencies (Note 7) | ||
Membership interests (Note 8): | ||
Capital account — number of interests outstanding 2017 and 2016 - 635,000,000 | 7,835 | 7,822 |
Accumulated other comprehensive loss | (109) | (111) |
Total membership interests | 7,726 | 7,711 |
Total liabilities and membership interests | 21,363 | 20,811 |
Bondco [Member] | ||
Current liabilities: | ||
Long-term debt due currently (Note 6) | $ 324 | $ 324 |
Condensed Consolidated Balance7
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2017 | Dec. 31, 2016 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Capital account, interests outstanding | 635,000,000 | 635,000,000 |
Business and Significant Accoun
Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
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 that sell power in the north-central, eastern and western parts of Texas. Revenues from subsidiaries of Vistra (subsidiaries of TCEH until October 3, 2016) represented 21% and 23% of our total operating revenues for each of the six-month periods ended June 30, 2017 and 2016. 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 former wholly-owned, bankruptcy-remote financing subsidiary, Bondco, a variable interest entity through December 29, 2016, at which time it was dissolved. 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. 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. 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 Debtors commenced proceedings under Chapter 11 of the U.S. 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 2016 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 U.S. dollars unless otherwise indicated. Use of Estimates Preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. Revenue Recognition General Oncor’s revenue is billed under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service including a reasonable rate of return on invested capital. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. 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 (ASU) 2016-2 which created FASB Topic 842, Leases (Topic 842) . Topic 842 amends previous GAAP to require the balance sheet recognition of lease assets and liabilities for operating leases. We will be required to adopt Topic 842 by January 1, 2019 and do not expect to early adopt. Retrospective application to the 2017 and 2018 comparative periods presented will be required in the year of adoption. The recognition of any lease obligation on the balance sheet would be classified as long-term debt for GAAP purposes and would be defined as debt for our regulatory capital structure purposes (see Note 8 for details). Adoption of Topic 842 will affect our balance sheet, debt covenant calculations and capitalization ratios, as leased buildings and vehicles are recognized on the balance sheet. We continue to evaluate the impact of Topic 842 on our financial statements. Since May 2014, the FASB has issued ASU No. 2014-09, Revenue from Contracts with Customers along with other supplemental guidance (together, Topic 606). Topic 606 introduces new, increased requirements for disclosure of revenue in financial statements and guidance that are intended to eliminate inconsistencies in the recognition of revenue. We are required to adopt Topic 606 by January 1, 2018 and expect to adopt at that time using the modified retrospective approach. Our revenues from customers are tariff-based and are designed to recover the cost of providing electric delivery service to customers including a reasonable rate of return on invested capital. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. At this time, we do not expect the new guidance to change this pattern of recognition and therefore it is not expected to have a material effect on our reported results of operations, financial position or cash flows. We continue to evaluate the application of the new guidance. In March 2017, the FASB issued ASU 2017-07 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , an amendment to Topic 715, Compensation – Retirement Benefits (Topic 715). Topic 715, as amended, will require the non-service cost components of net retirement benefit plan costs be presented as non-operating in the income statement. In addition, only the service cost component of net retirement benefit plan cost will be eligible for capitalization as part of inventory or property, plant and equipment. We are required to adopt the amendment effective January 1, 2018. The income statement presentation requirement must be applied on a retrospective basis while the capitalization eligibility requirement is applied on a prospective basis. At this time, we do not expect the new guidance to have a material effect on our results of operations, financial position or cash flows but continue to evaluate for potential impacts. |
EFH Bankruptcy Proceedings
EFH Bankruptcy Proceedings | 6 Months Ended |
Jun. 30, 2017 | |
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 at the time, including EFIH, EFCH and TCEH, commenced proceedings under Chapter 11 of the U.S. 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 our indirect majority owner in connection with such proceedings. The U.S. 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 June 30, 2017, we had collected our prepetition receivables from the Texas Holdings Group of approximately $129 million. As discussed below, the Plan of Reorganization (defined below) provided for a spin-off of the TCEH Debtors from EFH Corp. As a result of this spin-off (Vistra Spin-Off), Vistra and its subsidiaries, including Luminant and TXU Energy, ceased to be affiliates of ours as of October 3, 2016. The EFH Bankruptcy Proceedings continue to be a complex litigation matter and the full extent of potential impacts on us remain 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 Oncor’s related-party transactions with members of the Texas Holdings Group. Potential Change in Indirect Ownership of Oncor Below is a summary of certain matters relating to the potential change in indirect ownership of Oncor that may arise as a result of the EFH Bankruptcy Proceedings. See Note 2 to Financial Statements in our 2016 Form 10-K for additional information regarding these matters. In May 2016, the Debtors filed a joint Plan of Reorganization (Plan of Reorganization) pursuant to Chapter 11 of the U.S. Bankruptcy Code and a related disclosure statement with the bankruptcy court. The Plan of Reorganization provided that the confirmation and effective date of the Plan of Reorganization with respect to the TCEH Debtors may occur separate from, and independent of, the confirmation and effective date of the Plan of Reorganization with respect to the EFH Debtors. In this regard, the bankruptcy court confirmed the Plan of Reorganization with respect to the TCEH Debtors in August 2016, and it became effective by its terms, and the Vistra Spin-Off occurred, effective October 3, 2016. In July 2016, (i) the EFH Debtors entered into a Plan Support Agreement (NEE Plan Support Agreement) with NextEra Energy, Inc. (NEE) to effect an agreed upon restructuring of the EFH Debtors pursuant to an amendment (NEE Amendment) to the Plan of Reorganization (as amended by the NEE Amendment and as subsequently amended, NEE Plan) and (ii) EFH Corp. and EFIH entered into an Agreement and Plan of Merger (NEE Merger Agreement) with NEE and EFH Merger Co., LLC (NEE Merger Sub), a wholly-owned subsidiary of NEE. Pursuant to the NEE Merger Agreement, at the effective time of the NEE Plan with respect to the EFH Debtors, EFH Corp. would merge with and into NEE Merger Sub (NEE Merger), with NEE Merger Sub surviving as a wholly owned subsidiary of NEE. The NEE Merger Agreement included various conditions precedent to consummation of the transactions contemplated thereby, including, among others, a condition that certain approvals and rulings be obtained, including from, among others, the PUCT and the IRS. The bankruptcy court approved EFH Corp. and EFIH’s entry into the NEE Merger Agreement, the related termination fee, and the NEE Plan Support Agreement in September 2016 and confirmed the NEE Plan in February 2017. In October 2016, we entered into an Interest Purchase Agreement (OMI Agreement) with T & D Equity Acquisition, LLC, a wholly-owned subsidiary of NEE (T&D Equity Acquisition) and Investment LLC pursuant to which T&D Equity Acquisition would purchase the 1,396,008 limited liability company interests of Oncor (representing approximately 0.22% of the outstanding equity of Oncor) that Investment LLC owns in exchange for a purchase price of approximately $27 million. The OMI Agreement contained various conditions precedent to consummation of the transactions contemplated thereby, including the consummation of the transactions contemplated by the NEE Merger Agreement. Also in October 2016, an affiliate of NEE entered into an Agreement and Plan of Merger (the TTI Merger Agreement) with Texas Transmission Holdings Corporation (the parent of Texas Transmission) and certain of its affiliates to purchase Texas Transmission’s 19.75% equity interest in Oncor for approximately $2.4 billion. The parties have agreed to use their best efforts to have the TTI Merger Agreement close contemporaneously with the NEE Merger. The TTI Merger Agreement also contains various conditions precedent to consummation of the transactions contemplated thereby, including a requirement that EFH Corp., subject to bankruptcy court approval, waive its rights of first refusal under the Investor Rights Agreement to purchase Texas Transmission’s 19.75% equity interest in Oncor. Following the execution and delivery of the NEE Merger Agreement, EFIH requested, pursuant to the NEE Merger Agreement, that Oncor Holdings and Oncor enter into a letter agreement (NEE Letter Agreement) with NEE and NEE Merger Sub. The NEE Letter Agreement was executed in August 2016 and set forth certain rights and obligations of the Oncor Ring-Fenced Entities, NEE and NEE Merger Sub to cooperate in the manner set forth therein with respect to initial steps to be taken in connection with the proposed acquisition of Reorganized EFH and the other transactions described in the NEE Merger Agreement. The NEE Letter Agreement did not give NEE or NEE Merger Sub, directly or indirectly, the right to control or direct the operations of any of the Oncor Ring-Fenced Entities prior to the receipt of all approvals required by the bankruptcy court, the PUCT and other governmental entities and the consummation of the transactions contemplated by the NEE Merger Agreement. In addition, Oncor Holdings and Oncor did not act to approve any restructuring involving Oncor Holdings or Oncor or any other transaction proposed by NEE or NEE Merger Sub involving Oncor Holdings or Oncor. The ability of the NEE Plan and the NEE Merger Agreement to become effective were subject to various conditions precedent to consummation of the contemplated transactions, including a condition that certain approvals and rulings be obtained, including from the PUCT and the IRS. As discussed under “Regulatory Matters Related to the EFH Bankruptcy Proceedings” below, on April 13, 2017, the PUCT denied the joint application in PUCT Docket No. 46238 (April 13 Order), which sought certain regulatory approvals with respect to the transactions contemplated by the NEE Plan. Following the PUCT’s denial of the joint application, the parties to the NEE Letter Agreement agreed as of April 17, 2017 to abate the parties’ obligations under the NEE Letter Agreement. On May 8, 2017, NEE filed a motion for rehearing with the PUCT, requesting reconsideration of the April 13 Order. On June 7, 2017, the PUCT re-affirmed its determination that the proposed transaction was not in the public interest. On June 27, 2017, NEE filed a second motion for rehearing, which the PUCT denied on June 29, 2017. Following these developments, on July 6, 2017, EFH and EFIH delivered a notice terminating the NEE Merger Agreement, which caused the NEE Plan to be null and void. The NEE Letter Agreement and OMI Agreement terminated by their terms upon the termination of the NEE Merger Agreement. We cannot assess the impact of the foregoing on the TTI Merger Agreement. In June 2017, the EFH Debtors received a proposal from Berkshire Hathaway Energy Company (BHE) that largely followed the structure of the NEE Plan. Following negotiations, on July 7, 2017, EFH Corp. and EFIH executed a merger agreement (BHE Merger Agreement) with BHE and certain subsidiaries (BHE Merger Subs). Following the execution and delivery of the BHE Merger Agreement, EFIH requested, pursuant to the BHE Merger Agreement, that Oncor Holdings and Oncor enter into a letter agreement (BHE Letter Agreement) with BHE and the BHE Merger Subs (collectively, BHE Purchasers). The BHE Letter Agreement was executed on July 7, 2017 and sets forth certain rights and obligations of the Oncor Ring-Fenced Entities, BHE and the BHE Merger Subs to cooperate in the manner set forth therein with respect to initial steps to be taken in connection with the acquisition of Reorganized EFH (EFH Acquisition) and the other transactions described in the BHE Merger Agreement. Pursuant to the terms of the BHE Letter Agreement, the Oncor Ring-Fenced Entities are to conduct, in all material respects, their businesses in the ordinary course of business and materially consistent with the plan for 2017 and 2018 contained in Oncor’s long-range business plan. The BHE Letter Agreement also provides that the Oncor Ring-Fenced entities will cooperate with the BHE Purchasers to prepare and file all necessary applications for governmental approvals of the transactions contemplated by the BHE Merger Agreement, including PUCT and FERC approvals. As was the case with the NEE Letter Agreement, the BHE Letter Agreement is not intended to give BHE or the BHE Merger Subs, directly or indirectly, the right to control or direct the operations of any of the Oncor Ring-Fenced Entities. In addition, Oncor Holdings and Oncor have not acted to approve any restructuring involving Oncor Holdings or Oncor or any other transaction proposed by BHE or the BHE Merger Subs involving Oncor Holdings or Oncor. In connection with the execution of the BHE Merger Agreement, also on July 7, 2017, the EFH Debtors filed their joint plan of reorganization (BHE Plan) and a related disclosure statement. The bankruptcy court has scheduled a hearing to authorize the EFH Debtors’ entry into the BHE Merger Agreement for August 21, 2017 and a hearing on their disclosure statement for August 29, 2017. Further, the EFH Debtors are currently seeking approval of the bankruptcy court to commence a hearing on confirmation of the BHE Plan on October 24, 2017. We cannot predict the ultimate outcome of the EFH Bankruptcy Proceedings, including whether the transactions contemplated by the BHE Plan, including the BHE Merger, will (or when they will) close. Even if the BHE Plan is confirmed by the bankruptcy court, there remain conditions and uncertainties relating to the BHE Plan becoming effective and the consummation of the BHE Merger, including, without limitation, the ability to obtain required regulatory approvals from the PUCT, as described below under “–Regulatory Matters Related to EFH Bankruptcy Proceedings.” As a result, we remain unable to predict how any reorganization of the EFH Debtors ultimately will impact Oncor or what form any change in indirect ownership of Oncor may take. Regulatory Matters Related to EFH Bankruptcy Proceedings In September 2015, Oncor and the Hunt Investor Group filed in PUCT Docket No. 45188 a joint application with the PUCT seeking certain regulatory approvals with respect to transactions contemplated by a plan of reorganization in the EFH Bankruptcy Proceedings. In March 2016, the PUCT issued an order conditionally approving the joint application. In April 2016, the Hunt Investor Group and certain interveners in PUCT Docket No. 45188 filed motions for rehearing and in May 2016, the PUCT denied such motions and the order became final. In May 2016, the plan of reorganization and related merger and purchase agreement that contemplated the transactions in PUCT Docket No. 45188 were terminated. The Hunt Investor Group filed a petition with the Travis County District Court in June 2016 seeking review of the order. We cannot predict the results of the review or the ultimate disposition of PUCT Docket No. 45188, particularly in light of the termination of the plan of reorganization related to the application filed in such docket. 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. In connection with those resolutions, counsel for those cities notified Oncor that they expected Oncor to make a rate filing to comply with their resolutions on or before March 17, 2017. That filing was made with the PUCT and original jurisdiction cities on March 17, 2017. For more information, see Note 3 – “2017 Rate Review (PUCT Docket No. 46957).” The NEE Merger Agreement contemplated that Oncor and NEE file a joint application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by the Amended EFH Debtor Plan. Oncor and NEE filed that joint application in PUCT Docket No. 46238 in October 2016. The PUCT denied the application on April 13, 2017. The PUCT issued an Order on Rehearing on June 7, 2017 and denied NEE’s Second Motion for Rehearing on June 29, 2017. On July 13, 2017, NEE filed a petition with the Travis County District Court seeking review of the PUCT order. We cannot predict the results of the review or the ultimate disposition of PUCT Docket No. 46238, particularly in light of the termination of the NEE Merger Agreement. The BHE Merger Agreement contemplates that Oncor and BHE will file a joint application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by the BHE Plan, but that filing has not been made. Settlement Agreement 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 approval was obtained 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. In this regard, 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. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 3. REGULATORY MATTERS Change in Control Reviews See “Regulatory Matters Related to EFH Bankruptcy Proceedings” in Note 2 to Financials Statements. 2017 Rate Review (PUCT Docket No. 46957) In response to resolutions passed by numerous cities with original jurisdiction over electric utility rates in 2016, we filed rate review proceedings with the PUCT and original jurisdiction cities in our service territory on March 17, 2017 based on a January 1, 2016 to December 31, 2016 test year. If our proposed tariffs are adopted as filed, our annual revenue would increase by approximately $320 million. A procedural schedule was agreed to by the parties to the case, which would result in PUCT hearings being held July 31, 2017 to August 9, 2017. Oncor agreed to extend the requested effective date of the rate case increase such that the jurisdictional deadline for the PUCT to act has been extended to November 30, 2017. On June 2, 2017, Oncor filed an Unopposed Motion to Abate the Procedural Schedule. The Motion indicated that the parties in the proceeding are engaged in settlement negotiations. To facilitate those negotiations, the parties agreed to abate the schedule. On July 7, 2017, Oncor filed a Status Report, indicating that the parties were in the final stages of completing the settlement stipulation to be filed in the rate case proceeding. On July 21, 2017, we and certain parties to our rate review agreed to a settlement of that rate review. The stipulation setting forth the terms of that settlement (Rate Settlement) provides, if the Sharyland Mergers (see Note 12) are consummated, for new rates to take effect on November 27, 2017. The Rate Settlement further provides, among other items, that the base rate revenue requirement before intercompany eliminations would be $4.3 billion, our authorized return on equity would be 9.8% , and our authorized regulatory capital structure would be 57.5% debt and 42.5% equity. Our current authorized regulatory capital structure is 60% debt and 40% equity (see Note 8). The Rate Settlement also includes an agreement as to findings necessary for the inclusion of certain investments in Oncor’s rate base and depreciation and amortization rates for certain property and regulatory assets. If the Sharyland Mergers are not consummated, Oncor and the parties will work to establish a new procedural sched ule for the rate review. The PUCT has not yet issued an order incorporating the terms of the Rate Settlement and we cannot predict when or if it will do so. We are involved in various other regulatory proceedings in the normal course of business, the ultimate resolution of which, in the opinion of management, should not have a material effect upon our financial position, results of operations or cash flows. See Note 3 to Financial Statements in our 2016 Form 10-K for additional information regarding regulatory matters. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
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 our 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 June 30, 2017 June 30, 2017 December 31, 2016 Regulatory assets: Employee retirement costs being amortized 3 years $ 15 $ 23 Unrecovered employee retirement costs incurred since the last rate review period (b) To be determined 343 327 Employee retirement liability (a)(b)(c) To be determined 818 849 Self-insurance reserve (primarily storm recovery costs) being amortized 3 years 48 64 Unrecovered self-insurance reserve incurred since the last rate review period (b) To be determined 405 367 Securities reacquisition costs (post-industry restructure) Lives of related debt 13 13 Deferred conventional meter and metering facilities depreciation Largely 4 years 68 78 Under-recovered AMS costs To be determined 212 205 Under-recovered wholesale transmission service expense (a) 1 year or less 21 - Energy efficiency performance bonus (a) 1 year or less 5 10 Other regulatory assets Various 34 38 Total regulatory assets 1,982 1,974 Regulatory liabilities: Estimated net removal costs Lives of related assets 895 819 Investment tax credit and protected excess deferred taxes Various 9 10 Over-recovered wholesale transmission service expense (a) 1 year or less - 10 Other regulatory liabilities Various 21 17 Total regulatory liabilities 925 856 Net regulatory asset $ 1,057 $ 1,118 ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Borrowings Under Credit Facilit
Borrowings Under Credit Facilities | 6 Months Ended |
Jun. 30, 2017 | |
Borrowings Under Credit Facilities [Abstract] | |
BORROWINGS UNDER CREDIT FACILITIES | 5. BORROWINGS UNDER CREDIT FACILITIES At June 30, 2017 , 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. In October 2016, we exercised the second of two one -year extensions available to us and extended the term of the revolving credit facility to October 2018 . The terms of the revolving credit facility allow us to request an increase in our borrowing capacity of $100 million in the aggregate 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 June 30, 2017 , we had outstanding borrowings under the revolving credit facility totaling $1.156 bill ion with an interest rate of 2.18% and outstanding letters of credit totaling $9 million. At December 31, 2016 , we had outstanding borrowings under the revolving credit facility totaling $789 million with an interest rate of 1.72% 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 June 30, 2017 , substantially all outstanding borrowings bore interest at LIBOR plus 1.00% . 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 June 30, 2017 , letters of credit bore interest at 1.20% , and a commitment fee (at a rate of 0.10% per annum) was payable on the unfunded commitments under the revolving credit facility, each based on our current credit ratings. Subject to the limitations described below, borrowing capacity available under the revolving credit facility at June 30, 2017 and December 31, 2016 was $83 5 m illion and $1.204 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 June 30, 2017 , 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 GAAP). Capitalization is calculated as membership interests determined in accordance with GAAP plus indebtedness described above. At June 3 0 , 2017, we were in compli ance with this covenant and with all other covenants . |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Long-Term Debt [Abstract] | |
LONG-TERM DEBT | 6. LONG-TERM DEBT Our long-term debt is s ecured by a first priority lien on certain transmission and distribution assets equally and ratably with all of Oncor’s other secured indebtedness. See “Deed of Trust” below for additional information. At June 30, 2017 and December 31, 2016 , our long-term debt consisted of the following: June 30, December 31, 2017 2016 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 550 550 Unamortized discount and debt issuance costs (32) (36) Less amount due currently (324) (324) Long-term debt, less amounts due currently 5,519 5,515 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 June 30, 2017 , the amount of available bond credits was $2.257 billion and the amount of future debt we could secure with property additions, subject to those property additions being certified to the Deed of Trust collateral agent, was $ 2 . 060 billion. Fair Value of Long-Term Debt At June 30, 2017 and December 31, 2016 , the estimated fair value of our long-term debt (including current maturities, if any) totaled $6.792 billion and $6.751 billion, respectively, and the carrying amount totaled $5.843 billion and $5.839 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 | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 7. COMMITMENTS AND CONTINGENCIES EFH Bankruptcy Proceedings On the EFH Petition Date, the Debtors commenced the EFH Bankruptcy Proceedings . 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 2016 Form 10-K for additional information regarding our legal and regulatory proceedings. |
Membership Interests
Membership Interests | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017, $114 million was available for distribution to our members as our regulatory capitalization ratio was 59.3% debt to 40.7% equity. The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. Equity is calculated as membership interests determined in accordance with GAAP, excluding the effects of acquisition accounting (which included recording the initial goodwill and fair value adjustments and subsequent related impairments and amortization). On July 2 6 , 201 7 , our board of directors declared a cash distribution of $ 65 million, to be paid to our members on August 1, 201 7. During the six months ended June 30, 2017, our board of directors declared, and we paid, the following cash distributions to our members. Declaration Date Payment Date Amount April 26, 2017 April 27, 2017 $ 86 March 22, 2017 March 24, 2017 $ 86 Membership Interests The following table present s the changes to membership interests during the six months ended June 30, 2017 and 2016 : Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2016 $ 7,822 $ (111) $ 7,711 Net income 185 - 185 Distributions (172) - (172) Net effects of cash flow hedges (net of tax) - 1 1 Defined benefit pension plans (net of tax) - 1 1 Balance at June 30, 2017 $ 7,835 $ (109) $ 7,726 Balance at December 31, 2015 $ 7,621 $ (113) $ 7,508 Net income 191 - 191 Distributions (121) - (121) Net effects of cash flow hedges (net of tax) - 1 1 Balance at June 30, 2016 $ 7,691 $ (112) $ 7,579 Accumulated Other Comprehensive Income (Loss) The following table present s the changes to accumulated other comprehensive income (loss) for the six months ended June 30, 2017 and 2016 : Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2016 $ (20) $ (91) $ (111) Defined benefit pension plans (net of tax) - 1 1 Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges 1 - 1 Balance at June 30, 2017 $ (19) $ (90) $ (109) 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 1 - 1 Balance at June 30, 2016 $ (21) $ (91) $ (112) |
Pension and OPEB Plans
Pension and OPEB Plans | 6 Months Ended |
Jun. 30, 2017 | |
Pension And OPEB Plans [Abstract] | |
PENSION AND OPEB PLANS | 9. PENSION AND OPEB PLANS Pension Plans We sponsor the Oncor Retirement Plan and also have liabilities under the Vistra Retirement Plan , both of which are qualified pension plans under Section 401(a) of the Internal Revenue Code of 1986, as amended, and are subject to the provisions of ERISA. Employees do not contribute to either plan. We also have a supplemental 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 2016 Form 10-K for additional information regarding pension plans. Oncor OPEB Plan The Oncor OPEB Plan covers our eligible current and future retirees as well as certain eligible retirees of EFH Corp. /Vistra whose employment included service with both Oncor (or a predecessor regulated electric business) and a non-regulated business of EFH Corp. Vistra is solely responsible for its portion of the liability for retiree benefits related to those retirees. As we are not responsible for Vistra’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 2016 Form 10-K for additional information. Pension and OPEB Costs Our net costs related to pension plans and the Oncor OPEB P lan for the three and six months ended June 30, 2017 and 2016 were comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Components of net allocated pension costs: Service cost $ 6 $ 6 $ 12 $ 12 Interest cost 33 34 66 68 Expected return on assets (29) (31) (58) (62) Amortization of net loss 11 10 22 20 Net pension costs 21 19 42 38 Components of net OPEB costs: Service cost 2 2 4 4 Interest cost 12 12 24 24 Expected return on assets (2) (2) (4) (4) Amortization of prior service cost (5) (5) (10) (10) Amortization of net loss 8 8 16 17 Net OPEB costs 15 15 30 31 Total net pension and OPEB costs 36 34 72 69 Less amounts deferred principally as property or a regulatory asset (25) (25) (51) (50) Net amounts recognized as expense $ 11 $ 9 $ 21 $ 19 The discount rates reflected in net pension and OPEB costs in 2017 are 4.04% , 4.28% and 4.35% for the Oncor Retirement Plan, the Vistra Retirement Plan and the Oncor OPEB Plan, respectively. The expected return on pension and OPEB plan assets reflected in the 2017 cost amounts are 5.17% , 5.13% and 6.10% for the Oncor Retirement Plan, the Vistra Retirement Plan and the Oncor OPEB Plan, respectively. Pension and OPEB Plans Cash Contributions We made cash contribution s to the pension plans and Oncor OPEB P lan of $22 million and $16 million, respectively, during the six months ended June 30, 2017. We expect to make additional cash contributions to the pension plans and Oncor OPEB Plan of $127 million and $15 million, respectively, during the remainder of 201 7 . Our aggregate pension plans and Oncor OPEB Plan funding is expected to total approximately $564 million and $153 million, respectively, in the 201 7 to 202 1 period based on the latest actuarial projections. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related-Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | 10. RELATED-PARTY TRANSACTIONS The following represent our significant related-party transactions at June 30, 2017 . See Note 2 for additional information regarding related-party contingencies resulting from the EFH Bankruptcy Proceedings and information regarding the Vistra Spin-Off. As a result of the Vistra Spin-Off, Vistra and its subsidiaries, including Luminant and TXU Energy, ceased to be related parties as of October 3, 2016. · We recorded revenue from TCEH, principally for electricity delivery fees, which totaled $216 million and $436 million for the three and six months ended June 30, 2016, respectively. The fees are based on rates regulated by th e PUCT that apply to all REPs. · EFH Corp. subsidiaries charge d 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 l ed less than $1 million for each of the three - and six-month periods ended June 30, 2016. We also charge d each other for shared facilities at cost. Our payments to EFH Corp. for shared facilities totaled $1 m i llion and $2 million for the three and six month s ended June 30, 2016, respectively . Payments we received from EFH Corp. subsidiaries related to shared facilities totaled less than $1 m illion for each of the three - and six- month periods ended June 30, 2016. · 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 2016 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. 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 June 30, 2017 At December 31, 2016 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes receivable $ (26) $ (6) $ (32) $ (62) $ (18) $ (80) Texas margin taxes payable 12 - 12 20 - 20 Net payable (receivable) $ (14) $ (6) $ (20) $ (42) $ (18) $ (60) Cash payments made to (received from) members related to income taxes consisted of the following: Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes $ (102) $ (12) $ (114) $ - $ - $ - Texas margin taxes 18 - 18 18 - 18 Total payments (receipts) $ (84) $ (12) $ (96) $ 18 $ - $ 18 · 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 June 30, 2017, approximately 16% of the equity in an existing vendor of the company was held by a member of the Sponsor Group. During 2017 and 2016, this vendor performed transmission and distribution system construction and maintenance services for us. Cash payments were made for such services to this vendor totaling $113 million dollars for the six months ended June 30, 2017, of which approximately $107 million was capitalized and $6 million was recor ded as an operation and maintenance expense. At June 30, 2017, we had outstanding trade payables to this vendor of $8 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 | 6 Months Ended |
Jun. 30, 2017 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 11. SUPPLEMENTARY FINANCIAL INFORMATION Major Customers Revenues from subsidiaries of Vistra ( subsidiaries of TCEH until October 3, 2016) represented 20% and 23% of our total operating revenues for the three-month periods ended June 30, 2017 and 2016, respectively, and 21% and 23% of our total operating revenues for the six months ended June 30, 2017 and 2016, respectively. Revenues from REP subsidiaries of another nonaffiliated entity, collectively represented 16% and 14% of total operating revenues for the three months ended June 30, 2017 and 2016, respectively, and 17% and 15% of our total operating revenues for the six months ended June 30, 2017 and 2016, respectively. No other customer represented 10% or more of our total operating revenues. Other Income and ( Deductions ) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Professional fees $ (3) $ (4) $ (8) $ (8) Non-recoverable pension and OPEB (Note 9) (1) - (3) (1) Interest income and other 1 1 4 1 Total other income and (deductions) - net $ (3) $ (3) $ (7) $ (8) Interest Expense and Related Charges Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest $ 88 $ 85 $ 174 $ 170 Amortization of debt issuance costs and discounts - 1 1 1 Less allowance for funds used during construction – capitalized interest portion (3) (2) (5) (3) Total interest expense and related charges $ 85 $ 84 $ 170 $ 168 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheet consisted of the following: At June 30, At December 31, 2017 2016 Gross trade accounts and other receivables $ 593 $ 548 Allowance for uncollectible accounts (3) (3) Trade accounts receivable – net $ 590 $ 545 At June 30, 2017 and December 31, 2016, REP subsidiaries of a nonaffiliated entity collectively represented approximately 15% of the trade accounts receivable amount. At June 30, 2017 and December 31, 2016 , REP subsidiaries of a nother nonaffiliated entity collectively represented approximately 11% and 12% of the trade accounts receivable amount, respectively. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by nonaffiliated REPs are deferred as a regulatory asset. Investments and Other Property Investments and other property reported on our balance sheet consisted of the following: At June 30, At December 31, 2017 2016 Assets related to employee benefit plans, including employee savings programs $ 104 $ 98 Land and other investments 2 2 Total investments and other property $ 106 $ 100 Property, Plant and Equipment Property, plant and equipment reported on our balance sheet consisted of the following: At June 30, At December 31, 2017 2016 Total assets in service $ 20,784 $ 20,234 Less accumulated depreciation 7,031 6,836 Net of accumulated depreciation 13,753 13,398 Construction work in progress 623 416 Held for future use 15 15 Property, plant and equipment – net $ 14,391 $ 13,829 Intangible Assets Intangible assets (other than goodwill) reported on our balance sheet as part of property, plant and equipment consisted of the following: At June 30, 2017 At December 31, 2016 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 499 $ 96 $ 403 $ 491 $ 94 $ 397 Capitalized software 485 353 132 470 326 144 Total $ 984 $ 449 $ 535 $ 961 $ 420 $ 541 A ggregate amortization expense for intangible assets totaled $15 million and $16 milli on for the three months ended June 30, 2017 and 2016, respectively, and $29 million and $32 million for the six months ended June 30, 2017 and 2016, respectively. The estimated aggregate amortization expense for each of the next five fiscal years is as follows: Year Amortization Expense 2017 $ 57 2018 52 2019 50 2020 48 2021 48 At both June 30, 2017 and December 31, 2016 , 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 June 30, At December 31, 2017 2016 Retirement plans and other employee benefits $ 2,083 $ 2,092 Uncertain tax positions (including accrued interest) - 3 Investment tax credits 11 12 Other 66 61 Total employee benefit obligations and other $ 2,160 $ 2,168 In the first quarter of 2017, EFH Corp. settled all open tax claims with the IRS. As a result, we reduced the liability for uncertain tax positions by $3 million. This reduction is reported as a decrease in provision in lieu of income taxes. Supplemental Cash Flow Information Six Months Ended June 30, 2017 2016 Cash payments (receipts) related to: Interest $ 170 $ 167 Less capitalized interest (5) (3) Interest payments (net of amounts capitalized) $ 165 $ 164 Amount in lieu of income taxes (a): Federal (114) - State 18 18 Total amount in lieu of income taxes $ (96) $ 18 Noncash construction expenditures (b) $ 132 $ 99 _____________ (a) See Note 10 for income tax related detail. (b) Represents end-of-period accruals. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Event [Abstract] | |
Subsequent Event | 12. SUBSEQUENT EVENT On July 21, 2017, we entered into an agreement (Sharyland Merger Agreement) with Sharyland Distribution & Transmission Services, L.L.C., a Texas limited liability company (SDTS), Sharyland Utilities, L.P., a Texas limited partnership (SU), and certain of their subsidiaries. The Sharyland Merger Agreement provides that pursuant to separate mergers (collectively, Sharyland Mergers), (i) we will receive certain of the electricity distribution-related assets and liabilities of SDTS and SU (constituting substantially all of the electricity distribution business of SDTS and SU) (collectively, Sharyland Distribution Business and the portion held by SDTS, the SDTS Merger Assets ), (ii) SDTS will receive portions of certain of our electricity transmission-related assets and liabilities (Oncor Merger Assets) and cash, and (iii) SU will receive cash. The transaction for assets between Oncor and SDTS is structured to qualify, in part, as a simultaneous tax deferred like kind exchange of assets to the extent that the assets exchanged are of “like kind” (within the meaning of Section 1031 of the Internal Revenue Code). The actual assets exchanged and cash received pursuant to the Sharyland Mergers is expected to change based on the difference between the current net book value of the Oncor Merger A ssets and/or the actual net book value of the Sharyland Distribution Business as of closing, as provided in the Sharyland Merger Agreement. To the extent of any such difference, (i) we may reduce transmission lines and/or contribute different assets, and/or (ii) a party allocated a higher net book value of assets will settle the difference with cash. The current net book value of the Oncor Merger Assets is approximately $380 million and of the SDTS Merger Assets is approximatel y $401 million (each after taking into account working capital adjustments based on amounts as of the date of the Sharyland Merger Agreement). Based on current net book values, we would owe SDTS approximately $21 million in cash and SU approximately $4 million in cash. While these amounts are expected to change, Oncor does not expect its cash obligations to be material to it. The closing of the transactions contemplated by the Sharyland Merger Agreement is subject to the satisfaction of customary conditions, including SDTS’s receipt of consent from the holders of certain of its indebtedness and the satisfaction of certain regulatory conditions set forth in the Sharyland Merger Agreement (Regulatory Merger Conditions). One of the Regulatory Merger Conditions is approval by the PUCT of the material terms of the stipulation relating to the settlement of our rate review (as described in Note 3). In addition, closing is subject to the entry by the court in the EFH Bankruptcy Proceedings of an order approving the consent by EFIH to our entry into the Sharyland Merger Agreement. EFH Corp. and EFIH have consented to our entry into the Sharyland Merger Agreement subject to such court approval. The closing of the transactions contemplated by the Sharyland Merger Agreement is also subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Among other customary termination rights, the Sharyland Merger Agreement may be terminated by SDTS, SU or Oncor, if the closing does not occur within 240 days after the date of the Sharyland Merger Agreement; provided, however, that if the Regulatory Merger Conditions have not been satisfied by such date, SDTS, SU or Oncor may extend such date by no more than the lesser of (i) 90 days or (ii) 45 days following receipt of the necessary approval of the Regulatory Merger Conditions by the PUCT. We do not expect the transaction to have a material effect on our results of operations, financial position or cash flows. |
Business and Significant Acco20
Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 that sell power in the north-central, eastern and western parts of Texas. Revenues from subsidiaries of Vistra (subsidiaries of TCEH until October 3, 2016) represented 21% and 23% of our total operating revenues for each of the six-month periods ended June 30, 2017 and 2016. 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 former wholly-owned, bankruptcy-remote financing subsidiary, Bondco, a variable interest entity through December 29, 2016, at which time it was dissolved. 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. 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. 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 Debtors commenced proceedings under Chapter 11 of the U.S. 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 2016 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 U.S. dollars unless otherwise indicated. |
Use Of Estimates | Use of Estimates Preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. |
Revenue Recognition | Revenue Recognition General Oncor’s revenue is billed under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service including a reasonable rate of return on invested capital. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. 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 (ASU) 2016-2 which created FASB Topic 842, Leases (Topic 842) . Topic 842 amends previous GAAP to require the balance sheet recognition of lease assets and liabilities for operating leases. We will be required to adopt Topic 842 by January 1, 2019 and do not expect to early adopt. Retrospective application to the 2017 and 2018 comparative periods presented will be required in the year of adoption. The recognition of any lease obligation on the balance sheet would be classified as long-term debt for GAAP purposes and would be defined as debt for our regulatory capital structure purposes (see Note 8 for details). Adoption of Topic 842 will affect our balance sheet, debt covenant calculations and capitalization ratios, as leased buildings and vehicles are recognized on the balance sheet. We continue to evaluate the impact of Topic 842 on our financial statements. Since May 2014, the FASB has issued ASU No. 2014-09, Revenue from Contracts with Customers along with other supplemental guidance (together, Topic 606). Topic 606 introduces new, increased requirements for disclosure of revenue in financial statements and guidance that are intended to eliminate inconsistencies in the recognition of revenue. We are required to adopt Topic 606 by January 1, 2018 and expect to adopt at that time using the modified retrospective approach. Our revenues from customers are tariff-based and are designed to recover the cost of providing electric delivery service to customers including a reasonable rate of return on invested capital. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. At this time, we do not expect the new guidance to change this pattern of recognition and therefore it is not expected to have a material effect on our reported results of operations, financial position or cash flows. We continue to evaluate the application of the new guidance. In March 2017, the FASB issued ASU 2017-07 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , an amendment to Topic 715, Compensation – Retirement Benefits (Topic 715). Topic 715, as amended, will require the non-service cost components of net retirement benefit plan costs be presented as non-operating in the income statement. In addition, only the service cost component of net retirement benefit plan cost will be eligible for capitalization as part of inventory or property, plant and equipment. We are required to adopt the amendment effective January 1, 2018. The income statement presentation requirement must be applied on a retrospective basis while the capitalization eligibility requirement is applied on a prospective basis. At this time, we do not expect the new guidance to have a material effect on our results of operations, financial position or cash flows but continue to evaluate for potential impacts. |
Regulatory Assets and Liabili21
Regulatory Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Assets and Liabilities [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period at Carrying Amount At June 30, 2017 June 30, 2017 December 31, 2016 Regulatory assets: Employee retirement costs being amortized 3 years $ 15 $ 23 Unrecovered employee retirement costs incurred since the last rate review period (b) To be determined 343 327 Employee retirement liability (a)(b)(c) To be determined 818 849 Self-insurance reserve (primarily storm recovery costs) being amortized 3 years 48 64 Unrecovered self-insurance reserve incurred since the last rate review period (b) To be determined 405 367 Securities reacquisition costs (post-industry restructure) Lives of related debt 13 13 Deferred conventional meter and metering facilities depreciation Largely 4 years 68 78 Under-recovered AMS costs To be determined 212 205 Under-recovered wholesale transmission service expense (a) 1 year or less 21 - Energy efficiency performance bonus (a) 1 year or less 5 10 Other regulatory assets Various 34 38 Total regulatory assets 1,982 1,974 Regulatory liabilities: Estimated net removal costs Lives of related assets 895 819 Investment tax credit and protected excess deferred taxes Various 9 10 Over-recovered wholesale transmission service expense (a) 1 year or less - 10 Other regulatory liabilities Various 21 17 Total regulatory liabilities 925 856 Net regulatory asset $ 1,057 $ 1,118 ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | June 30, December 31, 2017 2016 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 550 550 Unamortized discount and debt issuance costs (32) (36) Less amount due currently (324) (324) Long-term debt, less amounts due currently 5,519 5,515 |
Membership Interests (Tables)
Membership Interests (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Membership Interests [Abstract] | |
Schedule Of Distributions Paid | Declaration Date Payment Date Amount April 26, 2017 April 27, 2017 $ 86 March 22, 2017 March 24, 2017 $ 86 |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2016 $ 7,822 $ (111) $ 7,711 Net income 185 - 185 Distributions (172) - (172) Net effects of cash flow hedges (net of tax) - 1 1 Defined benefit pension plans (net of tax) - 1 1 Balance at June 30, 2017 $ 7,835 $ (109) $ 7,726 Balance at December 31, 2015 $ 7,621 $ (113) $ 7,508 Net income 191 - 191 Distributions (121) - (121) Net effects of cash flow hedges (net of tax) - 1 1 Balance at June 30, 2016 $ 7,691 $ (112) $ 7,579 |
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, 2016 $ (20) $ (91) $ (111) Defined benefit pension plans (net of tax) - 1 1 Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges 1 - 1 Balance at June 30, 2017 $ (19) $ (90) $ (109) 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 1 - 1 Balance at June 30, 2016 $ (21) $ (91) $ (112) |
Pension and OPEB Plans (Tables)
Pension and OPEB Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Pension And OPEB Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Components of net allocated pension costs: Service cost $ 6 $ 6 $ 12 $ 12 Interest cost 33 34 66 68 Expected return on assets (29) (31) (58) (62) Amortization of net loss 11 10 22 20 Net pension costs 21 19 42 38 Components of net OPEB costs: Service cost 2 2 4 4 Interest cost 12 12 24 24 Expected return on assets (2) (2) (4) (4) Amortization of prior service cost (5) (5) (10) (10) Amortization of net loss 8 8 16 17 Net OPEB costs 15 15 30 31 Total net pension and OPEB costs 36 34 72 69 Less amounts deferred principally as property or a regulatory asset (25) (25) (51) (50) Net amounts recognized as expense $ 11 $ 9 $ 21 $ 19 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related-Party Transactions [Abstract] | |
Schedule Of Related Party Transactions | 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 June 30, 2017 At December 31, 2016 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes receivable $ (26) $ (6) $ (32) $ (62) $ (18) $ (80) Texas margin taxes payable 12 - 12 20 - 20 Net payable (receivable) $ (14) $ (6) $ (20) $ (42) $ (18) $ (60) Cash payments made to (received from) members related to income taxes consisted of the following: Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes $ (102) $ (12) $ (114) $ - $ - $ - Texas margin taxes 18 - 18 18 - 18 Total payments (receipts) $ (84) $ (12) $ (96) $ 18 $ - $ 18 |
Supplementary Financial Infor26
Supplementary Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Other Income And (Deductions) | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Professional fees $ (3) $ (4) $ (8) $ (8) Non-recoverable pension and OPEB (Note 9) (1) - (3) (1) Interest income and other 1 1 4 1 Total other income and (deductions) - net $ (3) $ (3) $ (7) $ (8) |
Schedule Of Interest Expense And Related Charges | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest $ 88 $ 85 $ 174 $ 170 Amortization of debt issuance costs and discounts - 1 1 1 Less allowance for funds used during construction – capitalized interest portion (3) (2) (5) (3) Total interest expense and related charges $ 85 $ 84 $ 170 $ 168 |
Schedule Of Trade Accounts And Other Receivables | At June 30, At December 31, 2017 2016 Gross trade accounts and other receivables $ 593 $ 548 Allowance for uncollectible accounts (3) (3) Trade accounts receivable – net $ 590 $ 545 |
Summary of Investments And Other Property | At June 30, At December 31, 2017 2016 Assets related to employee benefit plans, including employee savings programs $ 104 $ 98 Land and other investments 2 2 Total investments and other property $ 106 $ 100 |
Schedule Of Property, Plant And Equipment | At June 30, At December 31, 2017 2016 Total assets in service $ 20,784 $ 20,234 Less accumulated depreciation 7,031 6,836 Net of accumulated depreciation 13,753 13,398 Construction work in progress 623 416 Held for future use 15 15 Property, plant and equipment – net $ 14,391 $ 13,829 |
Schedule Of Intangible Assets | At June 30, 2017 At December 31, 2016 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 499 $ 96 $ 403 $ 491 $ 94 $ 397 Capitalized software 485 353 132 470 326 144 Total $ 984 $ 449 $ 535 $ 961 $ 420 $ 541 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2017 $ 57 2018 52 2019 50 2020 48 2021 48 |
Schedule Of Employee Benefit Obligations And Other | At June 30, At December 31, 2017 2016 Retirement plans and other employee benefits $ 2,083 $ 2,092 Uncertain tax positions (including accrued interest) - 3 Investment tax credits 11 12 Other 66 61 Total employee benefit obligations and other $ 2,160 $ 2,168 |
Schedule Of Supplemental Cash Flow Information | Six Months Ended June 30, 2017 2016 Cash payments (receipts) related to: Interest $ 170 $ 167 Less capitalized interest (5) (3) Interest payments (net of amounts capitalized) $ 165 $ 164 Amount in lieu of income taxes (a): Federal (114) - State 18 18 Total amount in lieu of income taxes $ (96) $ 18 Noncash construction expenditures (b) $ 132 $ 99 _____________ (a) See Note 10 for income tax related detail. (b) Represents end-of-period accruals. |
Business And Significant Acco27
Business And Significant Accounting Policies (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2008 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017segmententity | Jun. 30, 2016 | |
Business And Significant Accounting Polices [Line Items] | |||||
Number of reportable business segments | segment | 0 | ||||
Number of entities that would possibly be bankrupt | entity | 1 | ||||
Percentage of equity interest sold in the event of bankruptcy | 19.75% | ||||
Oncor Holdings [Member] | |||||
Business And Significant Accounting Polices [Line Items] | |||||
Ownership | 80.03% | 80.03% | |||
Texas Transmission [Member] | |||||
Business And Significant Accounting Polices [Line Items] | |||||
Percentage of membership interest owned by non-controlling owners | 19.75% | 19.75% | |||
Sales [Member] | Vistra [Member] | |||||
Business And Significant Accounting Polices [Line Items] | |||||
Concentration risk percentage | 20.00% | 23.00% | 21.00% | 23.00% |
EFH Bankruptcy Proceedings (Nar
EFH Bankruptcy Proceedings (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |
Oct. 31, 2016 | Jun. 30, 2017 | |
OMI Agreement [Member] | ||
Bankruptcy [Line Items] | ||
Percent of outstanding equity interests required | 0.22% | |
Limited liability company interests, shares | 1,396,008 | |
Limited liability company interests, value | $ 27 | |
Texas Holdings Group [Member] | ||
Bankruptcy [Line Items] | ||
Amount receivable from related party | $ 129 | |
Texas Holdings Group [Member] | TTI Merger Agreement [Member] | ||
Bankruptcy [Line Items] | ||
Percent of outstanding equity interests required | 19.75% | |
Purchase price | $ 2,400 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | Jul. 21, 2017 | Jun. 30, 2017 |
Increase (decrease) in revenue, upon adoption of proposed tariffs | $ 320 | |
Authorized regulatory capital structure, debt | 60.00% | |
Authorized regulatory capital structure, equity | 40.00% | |
Subsequent Event [Member] | ||
Base rate revenue before intercompany eliminations | $ 4,300 | |
Authorized return on equity | 9.80% | |
Authorized regulatory capital structure, debt | 57.50% | |
Authorized regulatory capital structure, equity | 42.50% |
Regulatory Assets And Liabili30
Regulatory Assets And Liabilities (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | ||
Regulatory Assets And Liabilities [Line Items] | |||
Carrying Amount, Regulatory Assets | $ 1,982 | $ 1,974 | |
Carrying Amount, Regulatory Liabilities | 925 | 856 | |
Net regulatory asset | $ 1,057 | 1,118 | |
Estimated Net Removal Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related assets | ||
Carrying Amount, Regulatory Liabilities | $ 895 | 819 | |
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 | $ 9 | 10 | |
Over-Recovered Wholesale Transmission Service Expense [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1] | 1 year or less | |
Carrying Amount, Regulatory Liabilities | [1] | 10 | |
Other Regulatory Liabilities [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Various | ||
Carrying Amount, Regulatory Liabilities | $ 21 | 17 | |
Employee Retirement Costs Being Amortized [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 3 years | ||
Carrying Amount, Regulatory Assets | $ 15 | 23 | |
Unrecovered Employee Retirement Costs Incurred Since The Last Rate Review Period [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2] | To be determined | |
Carrying Amount, Regulatory Assets | [2] | $ 343 | 327 |
Employee Retirement Liability [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1],[2],[3] | To be determined | |
Carrying Amount, Regulatory Assets | [1],[2],[3] | $ 818 | 849 |
Self Insurance Reserve (Primarily Storm Recovery Costs) Being Amortized [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 3 years | ||
Carrying Amount, Regulatory Assets | $ 48 | 64 | |
Unrecovered Self-Insurance Reserve Incurred Since The Last Rate Review Period [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2] | To be determined | |
Carrying Amount, Regulatory Assets | [2] | $ 405 | 367 |
Securities Reacquisition Costs (Post-Industry Restructure) [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related debt | ||
Carrying Amount, Regulatory Assets | $ 13 | 13 | |
Deferred Conventional Meter And Metering Facilities Depreciation [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Largely 4 years | ||
Carrying Amount, Regulatory Assets | $ 68 | 78 | |
Under-recovered AMS Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | ||
Carrying Amount, Regulatory Assets | $ 212 | 205 | |
Under-Recovered Wholesale Transmission Service Expense [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1] | 1 year or less | |
Carrying Amount, Regulatory Assets | [1] | $ 21 | |
Energy Efficiency Performance Bonus [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1] | 1 year or less | |
Carrying Amount, Regulatory Assets | [1] | $ 5 | 10 |
Other Regulatory Assets [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Various | ||
Carrying Amount, Regulatory Assets | $ 34 | $ 38 | |
[1] | Not earning a return in the regulatory rate-setting process. | ||
[2] | Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. | ||
[3] | Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Borrowings Under Credit Facil31
Borrowings Under Credit Facilities (Narrative) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)item | Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | ||
Outstanding borrowing under the revolving credit facility | $ 1,156 | $ 789 |
Outstanding borrowing, interest rate | 2.18% | 1.72% |
Letters of credit | $ 9 | $ 7 |
Commitment fee | 0.10% | |
Borrowing capacity available under the credit facility | $ 835 | $ 1,204 |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fee | 0.275% | |
Debt-to-capitalization ratio | 1 | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fee | 0.10% | |
Debt-to-capitalization ratio | 0.65 | |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding borrowing, interest rate | 1.20% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 2,000 | |
Number of revolving credit facilities extension options | item | 2 | |
Extension period for revolving line of credit | 1 year | |
Expiration of revolving credit facility | Oct. 31, 2018 | |
Additional increase in borrowing capacity amount | $ 100 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 1.00% | |
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 ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Long-Term Debt [Line Items] | |||
Repayments of long-term debt | $ 41 | ||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85.00% | ||
Available bond credits | $ 2,257 | ||
Future debt subject to property additions to the Deed of Trust | 2,060 | ||
Estimated fair value of our long-term debt including current maturities | 6,792 | $ 6,751 | |
Carrying amount | $ 5,843 | $ 5,839 | |
3.750% Fixed Senior Notes due April 1, 2045 [Member] | |||
Long-Term Debt [Line Items] | |||
Interest percentage | 3.75% | 3.75% | |
Due date | Apr. 1, 2045 | Apr. 1, 2045 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Unamortized discount and debt issuance costs | $ (32) | $ (36) |
Less amount due currently | (324) | (324) |
Long-term debt, less amounts due currently | 5,519 | 5,515 |
5.000% Fixed Senior Notes Due September 30, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 324 | $ 324 |
Interest percentage | 5.00% | 5.00% |
Due date | Sep. 30, 2017 | Sep. 30, 2017 |
6.800% Fixed Senior Notes Due September 1, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 550 | $ 550 |
Interest percentage | 6.80% | 6.80% |
Due date | Sep. 1, 2018 | Sep. 1, 2018 |
2.150% Fixed Senior Notes Due June 1, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 250 | $ 250 |
Interest percentage | 2.15% | 2.15% |
Due date | Jun. 1, 2019 | Jun. 1, 2019 |
5.750% Fixed Senior Notes Due September 30, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 126 | $ 126 |
Interest percentage | 5.75% | 5.75% |
Due date | Sep. 30, 2020 | Sep. 30, 2020 |
4.100% Fixed Senior Notes Due June 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 400 | $ 400 |
Interest percentage | 4.10% | 4.10% |
Due date | Jun. 1, 2022 | Jun. 1, 2022 |
7.000% Fixed Debentures Due September 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 800 | $ 800 |
Interest percentage | 7.00% | 7.00% |
Due date | Sep. 1, 2022 | Sep. 1, 2022 |
2.950% Fixed Senior Notes due April 1, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 350 | $ 350 |
Interest percentage | 2.95% | 2.95% |
Due date | Apr. 1, 2025 | Apr. 1, 2025 |
7.000% Fixed Senior Notes Due May 1, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 500 | $ 500 |
Interest percentage | 7.00% | 7.00% |
Due date | May 1, 2032 | May 1, 2032 |
7.250% Fixed Senior Notes Due January 15, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 350 | $ 350 |
Interest percentage | 7.25% | 7.25% |
Due date | Jan. 15, 2033 | Jan. 15, 2033 |
7.500% Fixed Senior Notes Due September 1, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 300 | $ 300 |
Interest percentage | 7.50% | 7.50% |
Due date | Sep. 1, 2038 | Sep. 1, 2038 |
5.250% Fixed Senior Notes Due September 30, 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 475 | $ 475 |
Interest percentage | 5.25% | 5.25% |
Due date | Sep. 30, 2040 | Sep. 30, 2040 |
4.550% Fixed Senior Notes Due December 1, 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 400 | $ 400 |
Interest percentage | 4.55% | 4.55% |
Due date | Dec. 1, 2041 | Dec. 1, 2041 |
5.300% Fixed Senior Notes Due June 1, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 500 | $ 500 |
Interest percentage | 5.30% | 5.30% |
Due date | Jun. 1, 2042 | Jun. 1, 2042 |
3.750% Fixed Senior Notes due April 1, 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed Senior Note | $ 550 | $ 550 |
Interest percentage | 3.75% | 3.75% |
Due date | Apr. 1, 2045 | Apr. 1, 2045 |
Bondco [Member] | ||
Debt Instrument [Line Items] | ||
Less amount due currently | $ (324) | $ (324) |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | Aug. 01, 2017 | Jul. 21, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | ||||
Assumed debt to equity ratio, debt | 60.00% | |||
Assumed debt to equity ratio, equity | 40.00% | |||
Cash available for distribution under the capital structure restriction | $ 114 | |||
Regulatory capitalization ratio, debt | 59.30% | |||
Regulatory capitalization ratio, equity | 40.70% | |||
Cash distribution to members | $ 172 | $ 121 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Assumed debt to equity ratio, debt | 57.50% | |||
Assumed debt to equity ratio, equity | 42.50% | |||
Cash distribution to members | $ 65 |
Membership Interests (Schedule
Membership Interests (Schedule Of Distributions Paid) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Dividends Payable [Line Items] | ||
Amount | $ 172 | $ 121 |
Payment One FY 2017 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Apr. 26, 2017 | |
Payment Date | Apr. 27, 2017 | |
Amount | $ 86 | |
Payment Two FY 2017 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Mar. 22, 2017 | |
Payment Date | Mar. 24, 2017 | |
Amount | $ 86 |
Membership Interests (Schedul36
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | $ 7,711 | $ 7,508 | ||
Net income | $ 112 | $ 110 | 185 | 191 |
Distributions | (172) | (121) | ||
Net effects of cash flow hedges (net of tax) | 1 | 1 | 1 | |
Defined benefit pension plans (net of tax) | 1 | 1 | ||
Balance | 7,726 | 7,579 | 7,726 | 7,579 |
Capital Accounts [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | 7,822 | 7,621 | ||
Net income | 185 | 191 | ||
Distributions | (172) | (121) | ||
Net effects of cash flow hedges (net of tax) | ||||
Defined benefit pension plans (net of tax) | ||||
Balance | 7,835 | 7,691 | 7,835 | 7,691 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | (111) | (113) | ||
Net income | ||||
Distributions | ||||
Net effects of cash flow hedges (net of tax) | 1 | 1 | ||
Defined benefit pension plans (net of tax) | 1 | |||
Balance | $ (109) | $ (112) | $ (109) | $ (112) |
Membership Interests (Schedul37
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (111) | |
Balance at end of period | (109) | |
Cash Flow Hedges - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (20) | $ (22) |
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 end of period | (19) | (21) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (91) | (91) |
Defined benefit pension plans (net of tax) | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | ||
Balance at end of period | (90) | (91) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (111) | (113) |
Defined benefit pension plans (net of tax) | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | 1 | 1 |
Balance at end of period | $ (109) | $ (112) |
Pension And OPEB Plans (Narrati
Pension And OPEB Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Regulatory assets | $ 1,982 | $ 1,982 | $ 1,974 | ||
Oncor Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 4.04% | ||||
Expected return on plan assets | 5.17% | ||||
Vistra Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 4.28% | ||||
Expected return on plan assets | 5.13% | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of net actuarial loss | (11) | $ (10) | $ (22) | $ (20) | |
Cash contributions | 22 | ||||
Additional cash contributions | 127 | 127 | |||
Additional cash contributions, next five years | 564 | ||||
OPEB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of net actuarial loss | (8) | (8) | (16) | (17) | |
Amortization of prior service cost (credit) | (5) | $ (5) | $ (10) | $ (10) | |
Discount rate | 4.35% | ||||
Expected return on plan assets | 6.10% | ||||
Cash contributions | $ 16 | ||||
Additional cash contributions | $ 15 | 15 | |||
Additional cash contributions, next five years | $ 153 |
Pension And OPEB Plans (Schedul
Pension And OPEB Plans (Schedule Of Pension And OPEB Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net costs | $ 36 | $ 34 | $ 72 | $ 69 |
Less amounts recognized principally as property or a regulatory asset | (25) | (25) | (51) | (50) |
Net amounts recognized as expense | 11 | 9 | 21 | 19 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 6 | 6 | 12 | 12 |
Interest cost | 33 | 34 | 66 | 68 |
Expected return on assets | (29) | (31) | (58) | (62) |
Amortization of net loss | 11 | 10 | 22 | 20 |
Net costs | 21 | 19 | 42 | 38 |
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 2 | 4 | 4 |
Interest cost | 12 | 12 | 24 | 24 |
Expected return on assets | (2) | (2) | (4) | (4) |
Amortization of prior service cost | (5) | (5) | (10) | (10) |
Amortization of net loss | 8 | 8 | 16 | 17 |
Net costs | $ 15 | $ 15 | $ 30 | $ 31 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | |||
Revenues from electricity delivery fees | $ 216 | $ 436 | |
TCEH [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from electricity delivery fees | 216 | 436 | |
EFH Corp [Member] | |||
Related Party Transaction [Line Items] | |||
Shared facilities expense | 1 | 2 | |
Sponsor Group [Member] | |||
Related Party Transaction [Line Items] | |||
Equity in existing vendor | 16.00% | ||
Cash payments to vendors related to Texas margin taxes | $ 113 | ||
Trade payables related parties | 8 | ||
Sponsor Group [Member] | Capitalized [Member] | |||
Related Party Transaction [Line Items] | |||
Cash payments to vendors related to Texas margin taxes | 107 | ||
Sponsor Group [Member] | Operation And Maintenance Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Cash payments to vendors related to Texas margin taxes | $ 6 | ||
Maximum [Member] | EFH Corp [Member] | |||
Related Party Transaction [Line Items] | |||
Administrative and services costs | 1 | 1 | |
Shared facilities payments received | $ 1 | $ 1 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Related Party Transactions) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | $ (32) | $ (80) |
Texas margin taxes payable | 12 | 20 |
Net payable (receivable) | (20) | (60) |
EFH Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | (26) | (62) |
Texas margin taxes payable | 12 | 20 |
Net payable (receivable) | (14) | (42) |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes receivable | (6) | (18) |
Net payable (receivable) | $ (6) | $ (18) |
Related-Party Transactions (Cas
Related-Party Transactions (Cash Payments Made To (Received From) Members Related To Income Taxes) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Related Party Transaction [Line Items] | ||
Federal income taxes | $ (114) | |
Texas margin taxes | 18 | $ 18 |
Total payments (receipts) | (96) | 18 |
EFH Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | (102) | |
Texas margin taxes | 18 | 18 |
Total payments (receipts) | (84) | $ 18 |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | (12) | |
Total payments (receipts) | $ (12) |
Supplementary Financial Infor43
Supplementary Financial Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Supplemental Financial Information [Line Items] | ||||||
Aggregate amortization expenses | $ 15 | $ 16 | $ 29 | $ 32 | ||
Increase (decrease) in liability for uncertain tax positions | $ (3) | |||||
Sales [Member] | Vistra [Member] | ||||||
Supplemental Financial Information [Line Items] | ||||||
Concentration risk percentage | 20.00% | 23.00% | 21.00% | 23.00% | ||
Sales [Member] | Nonaffiliated REP [Member] | ||||||
Supplemental Financial Information [Line Items] | ||||||
Concentration risk percentage | 16.00% | 14.00% | 17.00% | 15.00% | ||
Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | ||||||
Supplemental Financial Information [Line Items] | ||||||
Concentration risk percentage | 15.00% | 15.00% | ||||
Trade Accounts Receivable [Member] | Second Nonaffiliated REP [Member] | ||||||
Supplemental Financial Information [Line Items] | ||||||
Concentration risk percentage | 11.00% | 12.00% |
Supplementary Financial Infor44
Supplementary Financial Information (Schedule Of Other Income And (Deductions)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Supplementary Financial Information [Abstract] | ||||
Professional fees | $ (3) | $ (4) | $ (8) | $ (8) |
Non-recoverable pension and OPEB (Note 9) | (1) | (3) | (1) | |
Interest income and other | 1 | 1 | 4 | 1 |
Total other income and (deductions) - net | $ (3) | $ (3) | $ (7) | $ (8) |
Supplementary Financial Infor45
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Supplementary Financial Information [Abstract] | ||||
Interest | $ 88 | $ 85 | $ 174 | $ 170 |
Amortization of debt issuance costs and discounts | 1 | 1 | 1 | |
Less allowance for funds used during construction — capitalized interest portion | (3) | (2) | (5) | (3) |
Total interest expense and related charges | $ 85 | $ 84 | $ 170 | $ 168 |
Supplementary Financial Infor46
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables | $ 593 | $ 548 |
Allowance for uncollectible accounts | (3) | (3) |
Trade accounts receivable - net | $ 590 | $ 545 |
Supplementary Financial Infor47
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans, including employee savings programs | $ 104 | $ 98 |
Land and other investments | 2 | 2 |
Total investments and other property | $ 106 | $ 100 |
Supplementary Financial Infor48
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplementary Financial Information [Abstract] | ||
Total assets in service | $ 20,784 | $ 20,234 |
Less accumulated depreciation | 7,031 | 6,836 |
Net of accumulated depreciation | 13,753 | 13,398 |
Construction work in progress | 623 | 416 |
Held for future use | 15 | 15 |
Property, plant and equipment - net | $ 14,391 | $ 13,829 |
Supplementary Financial Infor49
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 984 | $ 961 |
Accumulated Amortization | 449 | 420 |
Net | 535 | 541 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 499 | 491 |
Accumulated Amortization | 96 | 94 |
Net | 403 | 397 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 485 | 470 |
Accumulated Amortization | 353 | 326 |
Net | $ 132 | $ 144 |
Supplementary Financial Infor50
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Supplementary Financial Information [Abstract] | |
2,017 | $ 57 |
2,018 | 52 |
2,019 | 50 |
2,020 | 48 |
2,021 | $ 48 |
Supplementary Financial Infor51
Supplementary Financial Information (Schedule Of Employee Benefit Obligations And Other) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplementary Financial Information [Abstract] | ||
Retirement plans and other employee benefits | $ 2,083 | $ 2,092 |
Uncertain tax positions (including accrued interest) | 3 | |
Investment tax credits | 11 | 12 |
Other | 66 | 61 |
Total employee benefit obligations and other | $ 2,160 | $ 2,168 |
Supplementary Financial Infor52
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Supplementary Financial Information [Abstract] | |||
Interest | $ 170 | $ 167 | |
Less capitalized interest | (5) | (3) | |
Interest payments (net of amounts capitalized) | 165 | 164 | |
Federal | [1] | (114) | |
State | [1] | 18 | 18 |
Total amount in lieu of income taxes | [1] | (96) | 18 |
Noncash construction expenditures | [2] | $ 132 | $ 99 |
[1] | See Note 10 for income tax related detail. | ||
[2] | Represents end-of-period accruals. |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jul. 21, 2017 | |
Business Acquisition [Line Items] | ||
Merger agreement, termination right period | 240 days | |
Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Merger agreement, extension period | 45 days | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Merger agreement, extension period | 90 days | |
Subsequent Event [Member] | Oncor Merger Assets [Member] | ||
Business Acquisition [Line Items] | ||
Net book value of assets | $ 380 | |
Subsequent Event [Member] | SDTS Merger Assets [Member] | ||
Business Acquisition [Line Items] | ||
Net book value of assets | 401 | |
Subsequent Event [Member] | Sharyland Distribution & Transmission Services (SDTS) [Member] | ||
Business Acquisition [Line Items] | ||
Amount owed | 21 | |
Subsequent Event [Member] | Sharyland Utilities (SU) [Member] | ||
Business Acquisition [Line Items] | ||
Amount owed | $ 4 |