Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Entity Registrant Name | ONCOR ELECTRIC DELIVERY CO LLC | |
Entity Central Index Key | 0001193311 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Trading Symbol | None | |
Title of 12(b) Security | None | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Current Reporting Status | No | |
Oncor Electric Delivery Holdings Company LLC [Member] | ||
Entity Outstanding Membership Interests | 80.25% | |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Statements Of Consolidated Income [Abstract] | ||||
Operating revenues (Note 3) | $ 1,041 | $ 1,021 | $ 2,057 | $ 2,011 |
Operating expenses: | ||||
Wholesale transmission service | 254 | 238 | 514 | 483 |
Operation and maintenance | 204 | 203 | 425 | 422 |
Depreciation and amortization | 178 | 168 | 350 | 334 |
Provision in lieu of income taxes (Note 9) | 31 | 47 | 56 | 80 |
Taxes other than amounts related to income taxes | 121 | 121 | 243 | 246 |
Total operating expenses | 788 | 777 | 1,588 | 1,565 |
Operating income | 253 | 244 | 469 | 446 |
Other deductions and (income) - net (Note 10) | 25 | 18 | 42 | 50 |
Nonoperating provision (benefit) in lieu of income taxes (Note 5) | (4) | (4) | (7) | (11) |
Interest expense and related charges (Note 10) | 93 | 87 | 179 | 175 |
Net income | $ 139 | $ 143 | $ 255 | $ 232 |
Condensed Statements Of Conso_2
Condensed Statements Of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||||
Net income | $ 139 | $ 143 | $ 255 | $ 232 |
Other comprehensive income (loss): | ||||
Net effects of cash flow hedges (net of tax) (Note 1) | (3) | |||
Defined benefit pension plans (net of tax) | 3 | 1 | 3 | 2 |
Total other comprehensive income (loss) | 3 | 1 | 2 | |
Comprehensive income | $ 142 | $ 144 | $ 255 | $ 234 |
Condensed Statements Of Conso_3
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows - operating activities: | ||
Net income | $ 255 | $ 232 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization, including regulatory amortization | 391 | 393 |
Provision in lieu of deferred income taxes | 13 | 26 |
Other - net | (3) | (1) |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs (Note 2) | (108) | 45 |
Other operating assets and liabilities | (193) | (145) |
Cash provided by operating activities | 355 | 550 |
Cash flows - financing activities: | ||
Issuances of long-term debt (Note 5) | 1,300 | |
Repayments of long-term debt (Note 5) | (738) | (144) |
Proceeds of business acquisition bridge loan (Note 4) | 600 | |
Repayment of business acquisition bridge loan (Note 4) | (600) | |
Payment of acquired entity credit facilities | (114) | |
Change in short-term borrowings (Note 4) | 260 | 346 |
Capital contributions from members (Note 7) | 1,470 | 144 |
Issuance of short-term notes under the CP Program (Note 6) | 600 | |
Distributions to members (Note 7) | (142) | |
Debt discount, premium, financing and reacquisition costs - net | (29) | |
Cash provided by financing activities | 2,007 | 346 |
Cash flows - investing activities: | ||
Capital expenditures | (1,047) | (926) |
Business acquisition (Note 11) | (1,328) | |
Other - net | 17 | 10 |
Cash used in investing activities | (2,358) | (916) |
Net change in cash and cash equivalents | 4 | (20) |
Cash and cash equivalents - beginning balance | 3 | 21 |
Cash and cash equivalents - ending balance | $ 7 | $ 1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 7 | $ 3 |
Trade accounts receivable - net (Note 10) | 652 | 559 |
Amounts receivable from members related to income taxes (Note 9) | 3 | |
Materials and supplies inventories - at average cost | 136 | 116 |
Prepayments and other current assets | 100 | 94 |
Total current assets | 898 | 772 |
Investments and other property (Note 10) | 122 | 120 |
Property, plant and equipment - net (Note 10) | 18,631 | 16,090 |
Goodwill (Note 1) | 4,751 | 4,064 |
Regulatory assets (Note 2) | 1,775 | 1,691 |
Operating lease ROU assets and other (Note 6) | 106 | 15 |
Total assets | 26,283 | 22,752 |
Current liabilities: | ||
Short-term borrowings (Note 4) | 1,073 | 813 |
Long-term debt due currently (Note 5) | 361 | 600 |
Trade accounts payable | 370 | 300 |
Amounts payable to members related to income taxes (Note 9) | 13 | 26 |
Accrued taxes other than amounts related to income | 131 | 199 |
Accrued interest | 78 | 68 |
Operating lease and other current liabilities (Note 6) | 225 | 209 |
Total current liabilities | 2,251 | 2,215 |
Long-term debt, less amounts due currently (Note 5) | 7,470 | 5,835 |
Liability in lieu of deferred income taxes (Note 9) | 1,747 | 1,602 |
Regulatory liabilities (Note 2) | 2,756 | 2,697 |
Employee benefit, operating lease and other obligations (Notes 6, 8 and 10) | 2,013 | 1,943 |
Total liabilities | 16,237 | 14,292 |
Commitments and contingencies (Note 6) | ||
Membership interests (Note 7): | ||
Capital account ― number of interests outstanding 2019 and 2018 – 635,000,000 | 10,210 | 8,624 |
Accumulated other comprehensive loss | (164) | (164) |
Total membership interests | 10,046 | 8,460 |
Total liabilities and membership interests | $ 26,283 | $ 22,752 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
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, 2019 | |
Business and Significant Accounting Policies [Abstract] | |
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 1. BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor and/or its subsidiaries. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company primarily engaged in providing delivery services to REPs that sell power in the north-central, eastern, western and panhandle regions of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is indirectly wholly owned by Sempra. Oncor Holdings owns 80.25% of our membership interests and Texas Transmission owns 19.75% of our membership interests. We are managed as an integrated business; consequently, there are no separate reportable business segments. Our consolidated financial statements include the results of our wholly-owned indirect subsidiary NTU, which is a regulated utility that provides electricity transmission delivery service in the north-central , western and panhandle regions of Texas. We acquired NTU as part of the InfraREIT Acquisition that closed on May 16, 2019. Various “ring-fencing” measures have been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities, Sempra and its affiliates (other than the Oncor Ring-Fenced Entities), and any other entities with a direct or indirect ownership interest in Oncor or Oncor Holdings. These measures serve to mitigate the Oncor Ring-Fenced Entities’ credit exposure to Sempra and its affiliates and any other direct or indirect owners of Oncor and Oncor Holdings, and to reduce the risk that the assets and liabilities of Oncor Ring-Fenced Entities would be substantively consolidated with the assets and liabilities of any Sempra entity or any other direct or indirect owners of Oncor and Oncor Holdings in connection with a bankruptcy of any such entities. Such measures include, among other things: the 19.75% equity interest held by Texas Transmission; maintenance of separate books and records for the Oncor Ring-Fenced Entities; and our board of directors being comprised of a majority of directors who meet certain independent/disinterested director standards. As a result, none of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. Basis of Presentation These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in the 2018 Form 10-K. In the opinion of Oncor management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been made. We have evaluated all subsequent events through the date the financial statements were issued. All appropriate intercompany items and transactions have been eliminated in consolidation. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality (see Note 13 to Financial Statements in our 2018 Form 10-K for additional information regarding quarterly results of operations). Our consolidated financial statements have been prepared in accordance with GAAP governing rate-regulated operations. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. Use of Estimates Preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. No material adjustments were made to previous estimates or assumptions during the current period. Goodwill We discuss goodwill in Note 1 to Financial Statements in our 2018 Form 10-K. The increase in goodwill from $4,064 million at December 31, 2018 to $4,751 million at June 30, 2019 is due to the InfraREIT Acquisition. See Note 11 for more information on the InfraREIT Acquisition. Changes in Accounting Standards Topic 842, “Leases” – In February 2016, the FASB issued ASU 2016-02 which created FASB Topic 842, Leases (Topic 842). Topic 842 amends previous GAAP to require the balance sheet recognition of substantially all lease assets and liabilities, including operating leases. Operating lease liabilities are not classified as debt for GAAP purposes under Topic 842 and are not treated as debt for our regulatory purposes. All of Oncor’s existing leases meet the definition of an operating lease. Under the new rules, the recognition of any finance leases (previously known as capital leases) on the balance sheet are classified as debt for both GAAP and regulatory capital structure purposes (see Note 7 for details) similar to the previous capital lease treatment. We adopted Topic 842 on January 1, 2019, using the optional transition method to apply the new guidance prospectively and not restate comparative periods. We elected the package of practical expedients that permits us to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which allows us to carry forward accounting conclusions under previous GAAP on contracts that commenced prior to adoption of the lease standard. We also elected the land easement practical expedient, which allows us to continue to account for pre-existing land easements under our accounting policy that existed before adoption of the lease standard. We did not elect the practical expedient to use hindsight in making judgments when determining the lease term. The adoption of Topic 842 affects our balance sheet, as our contracts for office space, service centers and fleet vehicles are operating leases. The following table shows the increases on our balance sheet at January 1, 2019 from the initial adoption of Topic 842. At January 1, 2019 Operating Leases: ROU assets: Operating lease ROU and other assets $ 82 Lease liabilities: Other current liabilities $ 26 Employee benefit, operating lease and other obligations 56 Total operating lease liabilities $ 82 Topic 220, “Income Statement—Reporting Comprehensive Income” amended by ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” – In February 2018, the FASB issued ASU 2018-02, an amendment to Topic 220. Under ASU 2018-02, an entity is required to provide certain disclosures regarding stranded tax effects, including its accounting policy related to releasing the income tax effects from accumulated other comprehensive income (AOCI). We elected to reclassify stranded tax effects resulting from the TCJA from AOCI to capital accounts. Our stranded tax effects in AOCI, which are related to previous interest rate cash flow hedges, were $4 million and increased our capital account upon reclassification. We adopted the standard on a prospective basis January 1, 2019. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 2. REGULATORY MATTERS Regulatory Assets and Liabilities Recognition of regulatory assets and liabilities and the periods over which they are to be recovered or refunded through rate regulation reflect the decisions of the PUCT. Components of our regulatory assets and liabilities and their remaining recovery periods as of June 30, 2019 are provided in the table below. Amounts not currently earning a return through rate regulation are noted. Remaining Rate Recovery/Amortization Period At June 30, 2019 At June 30, 2019 At December 31, 2018 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 631 $ 648 Employee retirement costs being amortized 8 years 279 297 Employee retirement costs incurred since the last rate review period (b) To be determined 76 73 Self-insurance reserve (primarily storm recovery costs) being amortized 8 years 330 351 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 152 59 Securities reacquisition costs Lives of related debt 32 10 Deferred conventional meter and metering facilities depreciation 1 year 26 36 Under-recovered AMS costs 8 years 174 185 Energy efficiency performance bonus (a) 1 year or less 3 7 Under-recovered wholesale transmission service expense (a) 1 year or less 32 - Other regulatory assets Various 40 25 Total regulatory assets 1,775 1,691 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,134 1,023 Excess deferred taxes Primarily over lives of related assets 1,608 1,571 Over-recovered wholesale transmission service expense (a) 1 year or less - 89 Other regulatory liabilities Various 14 14 Total regulatory liabilities 2,756 2,697 Net regulatory assets (liabilities) $ (981) $ (1,006) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. InfraREIT Acquisition Approval (PUCT Docket No. 48929) On May 9, 2019, the PUCT issued a final order in Docket No. 48929 approving the transactions contemplated by the InfraREIT Acquisition, including the SDTS-SU Asset Exchange, and the Sempra-Sharyland Transaction. For more information on these transactions, see Note 11. Regulatory Status of the TCJA The excess deferred tax related balances above are primarily the result of the TCJA corporate federal income tax rate reduction from 35% to 21% . These regulatory liabilities reflect our obligation, as required by PUCT order in Docket No. 46957, to refund to utility customers any excess deferred tax related balances created by the reduction in the corporate federal income tax rate through reductions in our tariffs. Docket No. 48325 In 2018, we made filings to incorporate the impacts of the TCJA into our tariffs, including the reduction in the corporate income tax rate from 35% to 21% and amortization of excess deferred federal income taxes. In the filings, we proposed a total net decrease in the revenue requirement used to set transmission and distribution rates of approximately $181 million annually as compared to the revenue requirement approved in Oncor’s most recent rate review, PUCT Docket No. 46957. In September 2018, we reached an unopposed stipulation regarding an overall settlement of the TCJA impacts. The settlement included, on an annual basis, $144 million related to the reduction of income tax expense currently in rates and $75 million related to amortization of excess deferred federal income taxes. The settlement rates were implemented on an interim basis during 2018 and were approved by the PUCT on April 4, 2019. These rates include the refund of the unprotected portion of excess deferred federal income taxes over a ten-year period and the protected portion over the lives of the related assets. Docket No. 49160 During 2018, interim TCOS rates included refunds of excess deferred federal income taxes that were lower than the amount approved by the PUCT. We proposed refunding the related $9 million regulatory liability balance at March 31, 2019 over a one-month period as part of our Docket No. 49160 interim TCOS update filed in January 2019. This TCOS filing was approved by the PUCT on April 26, 2019 and a total refund of $9 million was made in April and May of 2019. DCRF (PUCT Docket No. 49427) On April 8, 2019, we filed with the PUCT, as well as with cities with original jurisdiction over our rates, an application for approval of an updated DCRF. The DCRF allows us to recover, primarily through our tariff for retail delivery service, certain costs related to our distribution investments. In our DCRF application, we requested a $29 million increase in annual distribution revenues related to 2018 distribution investments. On May 30, 2019, a stipulated settlement agreement among the parties to the proceeding was reached that included a $25 million increase in annual distribution revenues, and, on June 10, 2019, interim rates based on the stipulated settlement agreement were authorized to begin on September 1, 2019. The stipulated settlement agreement and interim rates are pending final PUCT approval. AMS Final Reconciliation (PUCT Docket No. 49721 ) On July 9, 2019, we filed a request with the PUCT for a final reconciliation of our AMS costs. Effective with the implementation of rates pursuant to the Docket No. 46957 rate review, we ceased recovering AMS charges through a surcharge on November 26, 2017, and AMS costs are now being recovered through base rates. We made the following requests in our AMS reconciliation filing: · a reconciliation of all costs incurred with the $87 million of revenues collected during the final period of the AMS surcharge from January 1, 2017 to November 26, 2017, · a final PUCT determination of the net operating cost savings of $16 million from the final period of our AMS deployment that were used to reduce the amount of costs that were ultimately recovered through our AMS surcharge, · authorization to add the under-recovery of the 2017 AMS costs from this reconciliation proceeding of $6 million to the existing AMS regulatory asset currently being recovered through base rates, and · authorization to establish a regulatory asset to capture the costs associated with this reconciliation proceeding (if approved, Oncor would seek recovery of that regulatory asset in a future Oncor rate case). We cannot predict the outcome of the proceeding at this time. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
REVENUES | 3. REVENUES General Our revenue is billed monthly under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service to customers including a reasonable rate of return on invested capital. As the volumes delivered can be directly measured, our revenues are recognized when the underlying service has been provided in an amount prescribed by the related tariff. We recognize revenue in the amount that we have the right to invoice. Substantially all of our revenues are from contracts with customers except for alternative revenue program revenues discussed below. Reconcilable Tariffs The PUCT has designated certain tariffs (primarily TCRF and EECRF) as reconcilable, which means the differences between amounts billed under these tariffs and the related incurred costs are deferred as either regulatory assets or regulatory liabilities. Accordingly, at prescribed intervals, future tariffs are adjusted to either repay regulatory liabilities or collect regulatory assets. Alternative Revenue Program The PUCT has implemented an incentive program allowing us to earn performance bonuses by exceeding PUCT energy efficiency program targets. This incentive program and the related performance bonus revenues are considered an “alternative revenue program” under GAAP. Annual performance bonuses are recognized as revenue when approved by the PUCT, typically in the third or fourth quarter each year. Disaggregation of Revenues The following table reflects electric delivery revenues disaggregated by tariff for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 497 $ 529 $ 996 $ 1,036 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 168 141 312 266 Billed to REPs serving Oncor distribution customers, through TCRF 93 79 177 157 Total transmission base revenues 261 220 489 423 Other miscellaneous revenues 19 16 35 31 Total revenues contributing to earnings 777 765 1,520 1,490 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 254 238 514 483 EECRF and other regulatory charges 10 18 23 38 Revenues collected for pass-through expenses 264 256 537 521 Total operating revenues $ 1,041 $ 1,021 $ 2,057 $ 2,011 Customers Our distribution customers consist of approximately 90 REPs and certain electric cooperatives in our certificated service area. The consumers of the electricity we deliver are free to choose their electricity supplier from REPs who compete for their business. Our transmission base revenues are collected from load serving entities benefiting from our transmission system. Our transmission customers consist of municipalities, electric cooperatives and other distribution companies. REP subsidiaries of our two largest counterparties represent ed 18% and 15% of our total operating revenues for the three months ended June 30, 2019, and 21% and 15% of our total operating revenues for the six months ended June 30, 2019. No other customer represented more than 10% of our total operating revenues. Variability Our revenues and cash flows are subject to seasonality, timing of customer billings, weather conditions and other electricity usage drivers, with revenues being highest in the summer. Payment is due 35 days after invoicing. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by nonaffiliated REPs are recoverable as a regulatory asset. Pass-through Expenses Expenses which are allowed to be passed-through to customers (primarily, third party wholesale transmission service and energy efficiency program costs) are generally recognized as revenue at the time the costs are incurred. Franchise taxes are assessed by local governmental bodies, based on kWh delivered and are not a “pass-through” item. The rates we charge customers are intended to recover the franchise taxes, but we are not acting as an agent to collect the taxes from customers; therefore, franchise taxes are reported as a principal component of “taxes other than amounts related to income taxes” instead of a reduction to “revenues” in the income statement. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Short-Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | 4. SHORT-TERM BORROWINGS At June 30, 2019 and December 31, 2018, outstanding short-term borrowings under our CP Program and Credit Facility consisted of the following: At June 30, At December 31, 2019 2018 Total borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) (1,073) (813) Credit facility outstanding (b) - - Letters of credit outstanding (c) (10) (9) Available unused credit $ 917 $ 1,178 ____________ a) The weighted average interest rates for commercial paper at June 30, 2019 and December 31, 2018 were 2.70% and 2.74% , respectively. b) At June 30, 2019, the applicable interest rate for any outstanding borrowings would have been LIBOR plus 1.00% c) The interest rate on outstanding letters of credit at both June 30, 2019 and December 31, 2018 was 1.20% based on our credit ratings. CP Program In March 2018, we established the CP Program, under which we may issue unsecured commercial paper notes ( CP Notes) on a private placement basis up to a maximum aggregate face or principal amount outstanding at any time of $2.0 billion. The proceeds of CP Notes issued under the CP Program are used for working capital and general corporate purposes. The CP Program obtains liquidity support from our Credit Facility , which is discussed below. If at any time funds are not available on favorable terms under the CP Program, we may utilize the Credit Facility for funding. Credit Facility At June 30, 2019, we had a $2.0 billion unsecured revolving Credit Facility to be used for working capital and general corporate purposes, issuances of letters of credit and support for commercial paper issuances . We may request increases in our borrowing capacity in increments of not less than $100 million, not to exceed $400 million in the aggregate provided certain conditions are met, including lender approvals. The Credit Facility’s five -year term expires in November 2022 and gives us the option of requesting up to two one -year extensions, with such extensions subject to certain conditions and lender approvals. Borrowings are classified as short-term on the balance sheet. May 2019 Term Loan Credit Agreement On May 9, 2019, we entered into a short-term unsecured term loan credit agreement (Bridge Loan) in an aggregate principal amount of up to $600 million in connection with the InfraREIT Acquisition. The Bridge Loan had a six -month term. B orrowings under the Bridge Loan could only be used to finance the repayment of indebtedness of InfraREIT or its affiliates and to pay expenses and fees related to the InfraREIT Acquisition. A fee was payable to the lenders under the Bridge Loan in an amount equal to 0.075% per annum on the average daily undrawn amount of the commitments. The Bridge Loan contained customary covenants for facilities of this type, restricting, subject to certain exceptions, us and our subsidiaries from, among other things, incurring additional liens, entering into mergers and consolidations, and sales of substantial assets. The Bridge Loan also contained a senior debt-to-capitalization ratio covenant that effectively limited our ability to incur indebtedness in the future. On May 15, 2019, we borrowed $600 million under the Bridge Loan to pay, at closing of the InfraREIT Acquisition, all amounts outstanding under SDTS’s term loan, all amounts outstanding under the revolving credit facilities of SDTS and InfraREIT Partners, and amounts owed to discharge certain outstanding notes of SDTS. The borrowing under the Bridge Loan bore interest at a per annum rate equal to LIBOR plus 0.65% . The Bridge Loan was repaid in full in May 2019 with the proceeds from our May 23, 2019 senior secured notes issuance (discussed in Note 5 below) and as a result the agreement is no longer in effect. InfraREIT Short-Term Debt Repayments in Connection with InfraREIT Acquisition In connection with the closing of the InfraREIT Acquisition, on May 16, 2019, the credit facilities of InfraREIT and its subsidiaries were terminated and borrowings totaling $114 million were repaid in full by Oncor. For more information on the extinguishment of InfraREIT debt in connection with the InfraREIT Acquisition, see Notes 5 and 11. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Long-Term Debt [Abstract] | |
LONG-TERM DEBT | 5. LONG-TERM DEBT Our senior notes are secured by a first priority lien on certain transmission and distribution assets equally and ratably with all of Oncor’s other secured indebtedness. See “Deed of Trust” below for additional information. At June 30, 2019 and December 31, 2018, our long-term debt consisted of the following: June 30, December 31, 2019 2018 Fixed Rate Secured: 2.15% Senior Notes due June 1, 2019 $ - $ 250 5.75% Senior Notes due September 30, 2020 126 126 8.50% Senior Notes, Series C, due December 30, 2020 14 - 4.10% Senior Notes, due June 1, 2022 400 400 7.00% Debentures due September 1, 2022 482 482 2.75% Senior Notes due June 1, 2024 500 - 2.95% Senior Notes due April 1, 2025 350 350 3.86% Senior Notes, Series A, due December 3, 2025 174 - 3.86% Senior Notes, Series B, due January 14, 2026 38 - 3.70% Senior Notes due November 15, 2028 650 350 5.75% Senior Notes due March 15, 2029 318 318 7.25% Senior Notes, Series B, due December 30, 2029 38 - 6.47% Senior Notes, Series A, due September 30, 2030 87 - 7.00% Senior Notes due May 1, 2032 500 500 7.25% Senior Notes due January 15, 2033 350 350 7.50% Senior Notes due September 1, 2038 300 300 5.25% Senior Notes due September 30, 2040 475 475 4.55% Senior Notes due December 1, 2041 400 400 5.30% Senior Notes due June 1, 2042 500 500 3.75% Senior Notes due April 1, 2045 550 550 3.80% Senior Notes due September 30, 2047 325 325 4.10% Senior Notes due November 15, 2048 450 450 3.80% Senior Notes, due June 1, 2049 500 - Secured long-term debt 7,527 6,126 Unsecured: Term loan credit agreement maturing December 9, 2019 350 350 Total long-term debt 7,877 6,476 Unamortized discount and debt issuance costs (46) (41) Less amount due currently (361) (600) Long-term debt, less amounts due currently $ 7,470 $ 5,835 Long-Term Debt-Related Activity in 2019 Debt Repayments Repayments of long-term debt in the six months ended June 30, 2019 included $250 million aggregate principal amount of our 2.15% senior secured notes due June 1, 2019 and $488 million aggregate principal amount of long-term debt of InfraREIT’s subsidiaries that we paid on May 16, 2019 in connection with and immediately following the InfraREIT Acquisition. Long-Term Debt Activity in Connection with InfraREIT Acquisition [ In connection with the closing of the InfraREIT Acquisition, on May 16, 2019, we extinguished all of the $839 million of outstanding long-term debt of InfraREIT and its subsidiaries. As part of that extinguishment, we repaid $288 million principal amount of outstanding InfraREIT subsidiary senior notes (plus $5 million in accrued interest and $19 million in make-whole fees relating to those notes ) and an o utstanding $200 million principal amount InfraREIT subsidiary term loan . Additionally, we issued $351 million of new Oncor secured senior notes in exchange for a like principal amount of outstanding InfraREIT subsidiary senior notes. ] We received no proceeds from the issuance of the new Oncor notes and the exchanges were accoun ted for as debt modifications. Following are details of the exchanges: (i) $87 million aggregate principal amount of newly issued Oncor 6.47% Senior Notes, Series A, due September 30, 2030 (2030 Notes), issued in exchange for a like principal amount of SDTS’s 6.47% Senior Notes due September 30, 2030, (ii) $38 million aggregate principal amount of newly issued Oncor 7.25% Senior Notes, Series B, due December 30, 2029 (2029 Notes), issued in exchange for a like principal amount of SDTS’s 7.25% Senior Notes due December 30, 2029, (iii) $14 million aggregate principal amount of newly issued Oncor 8.50% Senior Notes, Series C, due December 30, 2020 (2020 Notes), issued in exchange for a like principal amount of Transmission and Distributions Company, L.L.C.’s 8.5% Senior Notes due December 30, 2020, (iv) $174 million aggregate principal amount of newly issued Oncor 3.86% Senior Notes, Series A, due December 3, 2025 (2025 Notes), issued in exchange for a like principal amount of SDTS’s 3.86% Senior Notes due December 3, 2025, and (v) $38 million aggregate principal amount of newly issued Oncor 3.86% Senior Notes, Series B, due January 14, 2026 (2026 Notes), issued in exchange for a like principal amount of SDTS’s 3.86% Senior Notes due January 14, 2026. The 2030 Notes, 2029 Notes and 2020 Notes were issued pursuant to a note purchase agreement (ABC Note Purchase Agreement) that we entered into on May 3, 2019. The 2025 Notes and 2026 Notes were issued pursuant to a note purchase agreement (AB Note Purchase Agreement, and together with the ABC Note Purchase Agreement, Note Purchase Agreements) that we entered into on May 6, 2019. Closing of the Note Purchase Agreements and issuance of the 2030 Notes, 2029 Notes, 2020 Notes, 2025 Notes and 2026 Notes (collectively, NPA Notes) occurred on May 16, 2019, immediately following consummation of the InfraREIT Acquisition. Interest and the applicable principal prepayment for the 2029 Notes and 2030 Notes are payable on the 30 th day of March , June, September and December of each year, and interest and the applicable principal prepayment for the 2020 Notes are payable on the 15th day of January, April, July and October of each year. Interest on the 2025 Notes is payable on June 3 and December 3 of each year, and interest on the 2026 Notes is payable on January 14 and July 14 of each year. At closing of the Note Purchase Agreements, we paid accrued and unpaid interest and certain fees with respect to the exchanged notes totaling an aggregate of $6 million. The Note Purchase Agreements contain customary covenant restrictions and events of default. The NPA Notes are secured equally and ratably with our other secured indebtedness pursuant to the Deed of Trust. For more information on the Deed of Trust, see “Deed of Trust” below. We received no proceeds from the issuance of the NPA Notes. Additional Long-Term Debt Issuances On May 23, 2019, we completed a sale of $500 million aggregate principal amount of 2.75% Senior Secured Notes due 2024 (2024 Notes), $300 million aggregate principal amount of 3.70% Senior Secured Notes due 2028 (2028 Notes) and $500 million aggregate principal amount of 3.80% Senior Secured Notes due 2049 (2049 Notes and, together with the 2024 Notes and the 2028 Notes, the New Indenture Notes). The 2028 Notes constitute an additional issuance of our 3.70% Senior Secured Notes due 2028, $350 million of which we previously issued on August 10, 2018 and are currently outstanding (Outstanding Notes). The 2028 Notes were issued as part of the same series as the Outstanding Notes. Additionally, the 2028 Notes exchanged or sold in connection with the transactions contemplated by a registration rights agreement are expected to become fungible with the Outstanding Notes. We used the proceeds (net of the initial purchasers’ discount, fees, expenses and accrued interest) of $1,297 million from the sale of the New Indenture Notes for general corporate purposes, including to repay all amounts outstanding under the Bridge Loan, to repay our $250 million aggregate principal amount of 2.15% Senior Secured Notes due June 1, 2019 and to repay CP Notes, when due, under our CP Program. For more information on the Bridge Loan, see Note 4. The New Indenture Notes were issued in a private placement and were not registered under the Securities Act of 1933. We have agreed, subject to certain exceptions, to register with the SEC notes having substantially identical terms as the New Indenture Notes (except for provisions relating to the transfer restriction and payment of additional interest) as part of an offer to exchange freely tradable exchange notes for the New Indenture Notes. We have agreed to use commercially reasonable efforts to cause the exchange offer to be completed within 315 days after the issue date of the New Indenture Notes. If a registration statement for the exchange offer is not declared effective by the SEC within 270 days after the issue date of the New Indenture Notes or the exchange offer is not completed within 315 days after the issue date of the New Indenture Notes (an exchange default), then the annual interest rate on the New Indenture Notes will increase 50 basis points per annum until the earlier of the expiration of the exchange default or the second anniversary of the issue date of the New Indenture Notes. Deed of Trust Our secured indebtedness is secured equally and ratably by a first priority lien on property we acquired or constructed for the transmission and distribution of electricity. The property is mortgaged under the Deed of Trust. The Deed of Trust permits us to secure indebtedness (excluding borrowings under the CP Program, the Credit Facility and the term loan credit agreement) 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, 2019, the amount of available bond credits was $3,232 million and the amount of future debt we could secure with property additions, subject to those property additions being certified to the Deed of Trust collateral agent, was $1,790 million. Borrowings under the CP Program, the Credit Facility, the term loan credit agreement and, while it was outstanding, the Bridge Loan, are not secured. Maturities Long-term maturities (including current maturities) at June 30, 2019, are as follows: Year Amount 2019 $ 361 2020 148 2021 9 2022 891 2023 10 Thereafter 6,458 Unamortized discount and debt issuance costs (46) Total $ 7,831 Fair Value of Long-Term Debt At June 30, 2019 and December 31, 2018, the estimated fair value of our long-term debt (including current maturities) totaled $9,085 million and $7,086 million, respectively, and the carrying amount totaled $7,831 million and $6,435 million, 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, 2019 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES Legal/Regulatory Proceedings We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolution of which, in the opinion of management, should not have a material effect upon our financial position, results of operations or cash flows. See Notes 2 and 11 and Note 8 to Financial Statements in our 2018 Form 10-K for additional information regarding our regulatory and legal proceedings, respectively. Leases General A lease exists when a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessee, our leased assets primarily consist of our vehicle fleet and real estate leased for company offices and service centers. Our leases are accounted for as operating leases for both GAAP and rate-making purposes. We generally recognize operating lease costs on a straight-line basis over the lease term in operating expenses. We are not a lessor to any material lease contracts. As of the lease commencement date, we recognize a lease liability for our obligation to make lease payments, which we initially measure at present value using our incremental borrowing rate at the date of lease commencement, unless the rate implicit in the lease is readily determinable. We determine our incremental borrowing rate based on the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We also record a ROU asset for our right to use the underlying asset, which is initially equal to the lease liability and adjusted for any lease payments made at or before lease commencement, lease incentives and any initial direct costs. Some of our lease agreements contain nonlease components, which represent items or activities that transfer a good or service. We separate lease components from nonlease components, if any, for our fleet vehicle and real estate leases for purposes of calculating the related lease liability and ROU asset. Certain of our leases include options to extend the lease terms for up to 20 years, while others include options to terminate early. Our lease liabilities and ROU assets are based on lease terms that may include such options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Short-term Leases Some of our contracts are short-term leases, which have a lease term of 12 months or less at lease commencement. As allowed by GAAP, we do not recognize a lease liability or ROU asset arising from short-term leases for all existing classes of underlying assets. We recognize short-term lease costs on a straight-line basis over the lease term. Lease Obligations, Lease Costs and Other Supplemental Data The following tables summarize lease information as of and for the six months ended June 30, 2019 . At June 30, 2019 Operating Leases: ROU assets: Operating lease ROU assets and other $ 89 Lease liabilities: Operating lease and other current liabilities $ 26 Employee benefit, operating lease and other obligations 63 Total operating lease liabilities $ 89 Weighted-average remaining lease term (in years) 4 Weighted-average discount rate 3.4% The components of lease costs and cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2019 were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost: Operating lease costs (including amounts allocated to property, plant and equipment) $ 9 $ 19 Short-term lease costs 11 22 Total operating lease costs $ 20 $ 41 Operating lease payments: Cash paid for amounts included in the measurement of lease liabilities $ 8 $ 15 The table below presents the maturity analysis of our lease liabilities and reconciliation to the present value of lease liabilities: Year Amount 2019 (remaining six months) $ 16 2020 25 2021 22 2022 16 2023 10 Thereafter 7 Total undiscounted lease payments 96 Less imputed interest (7) Total future minimum lease payments $ 89 Lease Disclosures Under Previous GAAP The table below presents the future minimum lease payments under previous GAAP: Year Amount 2019 $ 29 2020 22 2021 20 2022 15 2023 8 Thereafter 5 Total future minimum lease payments $ 99 |
Membership Interests
Membership Interests | 6 Months Ended |
Jun. 30, 2019 | |
Membership Interests [Abstract] | |
MEMBERSHIP INTERESTS | 7. MEMBERSHIP INTERESTS Cash Distributions The PUCT order issued in the Sempra Acquisition and our limited liability company agreement set forth various restrictions on distributions to our members. Among those restrictions is the commitment that we will make no distributions that would cause us to be out of compliance with the PUCT’s approved debt-to-equity ratio which is currently 57.5% debt to 42.5% equity. The distribution restrictions also include the ability of our board, a majority of the disinterested directors, or any Texas Transmission director to limit distributions to the extent each determines it is necessary to meet expected future requirements of Oncor (including continuing compliance with the PUCT debt-to-equity ratio commitment). The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt including finance leases plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. Equity is calculated as membership interests determined in accordance with GAAP, excluding the effects of acquisition accounting from a 2007 transaction. At June 30, 2019, we had $612 million available to distribute to our members as our regulatory capitalization ratio was 55.0% debt to 45.0% equity. On July 30, 2019, our board of directors declared a cash distribution of $71 million, which was paid to our members on July 31, 2019. On May 1, 2019, our board of directors declared a cash distribution of $71 million, which was paid to our members on May 2, 2019. Cash Contributions O n July 29 , 2019 our members made capital contributions of 70 million. On May 15, 2019, Sempra and certain indirect owners of Texas Transmission made capital contributions of $1,330 million to fund the cash consideration and certain expenses payable in connection with the InfraREIT Acquisition. For more information on the InfraREIT Acquisition, see Note 11. In addition, on April 30, 2019, our members made capital contributions of $70 million . Membership Interests The following table presents the changes to membership interests during the three months and six months ended June 30, 2019 and 2018, net of tax: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2018 $ 8,624 $ (164) $ 8,460 Net income 116 - 116 Distributions (71) - (71) Capital contributions 70 - 70 Net effects of cash flow hedges (Note 1) 4 (4) - Defined benefit pension plans - 1 1 Balance at March 31, 2019 8,743 (167) 8,576 Net income 139 - 139 Distributions (71) - (71) Capital contributions 1,400 - 1,400 Net effects of cash flow hedges (Note 1) (1) 1 - Defined benefit pension plans - 2 2 Balance at June 30, 2019 $ 10,210 $ (164) $ 10,046 Balance at December 31, 2017 $ 8,004 $ (101) $ 7,903 Net income 89 - 89 Defined benefit pension plans - 1 1 Balance at March 31, 2018 8,093 (100) 7,993 Net income 143 - 143 Capital contributions 144 - 144 Defined benefit pension plans - 1 1 Balance at June 30, 2018 $ 8,380 $ (99) $ 8,281 Accumulated Other Comprehensive Income (Loss) The following table presents the changes to accumulated other comprehensive income (loss) for the six months ended June 30, 2019 and 2018, net of tax: Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ (16) $ (148) $ (164) Defined benefit pension plans - 3 3 Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges 1 - 1 Amounts reclassified from accumulated other comprehensive income (loss) to capital account (Note 1) (4) - (4) Balance at June 30, 2019 $ (19) $ (145) $ (164) Balance at December 31, 2017 $ (18) $ (83) $ (101) Defined benefit pension plans - 2 2 Balance at June 30, 2018 $ (18) $ (81) $ (99) |
Pension and OPEB Plans
Pension and OPEB Plans | 6 Months Ended |
Jun. 30, 2019 | |
Pension and OPEB Plans [Abstract] | |
Pension and OPEB Plans | 8. PENSION AND OPEB PLANS Pension Plans We sponsor the Oncor Retirement Plan and also have liabilities under the Vistra Retirement Plan, both of which are qualified pension plans under Section 401(a) of the Internal Revenue Code of 1986, as amended, and are subject to the provisions of ERISA. Employees do not contribute to either plan. We also have a supplemental 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 2018 Form 10-K for additional information regarding pension plans. OPEB Plans We currently sponsor two OPEB plans. One plan covers our eligible current and future retirees whose services are 100% attributed to the regulated business. Effective January 1, 2018, we established a second plan to cover EFH Corp./Vistra retirees and eligible current and future retirees whose employment services were assigned to both Oncor (or a predecessor regulated utility business) and the non-regulated business of EFH Corp./Vistra. Vistra is solely responsible for its portion of the liability for retiree benefits related to those retirees. See Note 10 to Financial Statements in our 2018 Form 10-K for additional information. Pension and OPEB Costs Our net costs related to pension plans and the Oncor OPEB Plans for the three and six months ended June 30, 2019 and 2018 were comprised of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Components of net allocated pension costs: Service cost $ 6 $ 7 $ 13 $ 14 Interest cost 32 30 64 60 Expected return on assets (30) (30) (60) (60) Amortization of net loss 8 12 15 24 Net pension costs 16 19 32 38 Components of net OPEB costs: Service cost 1 2 3 4 Interest cost 11 11 22 22 Expected return on assets (2) (2) (4) (4) Amortization of prior service cost (5) (7) (10) (14) Amortization of net loss 5 14 9 28 Net OPEB costs 10 18 20 36 Total net pension and OPEB costs 26 37 52 74 Less amounts deferred principally as property or a regulatory asset (7) (18) (14) (35) Net amounts recognized as operation and maintenance expense or other deductions $ 19 $ 19 $ 38 $ 39 The discount rates reflected in net pension and OPEB costs in 2019 are 4.16% , 4.40% and 4.41% for the Oncor Retirement Plan, the Vistra Retirement Plan and the Oncor OPEB Plans, respectively. The expected return on pension and OPEB plan assets reflected in the 2019 cost amounts are 5.43% , 5.29% and 6.19% for the Oncor Retirement Plan, the Vistra Retirement Plan and the Oncor OPEB Plans, respectively. Pension and OPEB Plans Cash Contributions We made cash contributions to the pension plans and Oncor OPEB Plans of $12 million and $18 million, respectively, during the six months ended June 30, 2019. We expect to make additional cash contributions to the pension plans and Oncor OPEB Plans of $29 million and $17 million, respectively, during the remainder of 2019. Our aggregate pension plans and Oncor OPEB Plans funding is expected to total approximately $538 million and $179 million, respectively, in the 2019 to 2023 period based on the latest actuarial projections. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related-Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | 9. RELATED-PARTY TRANSACTIONS The following represent our significant related-party transactions. As a result of the Sempra Acquisition, Sempra became a related party and the Sponsor Group ceased to be a related party as of March 9, 2018. In addition, as of the May 16, 2019 closing of the Sempra-Sharyland Transaction, Sharyland became a related party. · We are not a member of another entity’s consolidated tax group, but our owners’ federal income tax returns include their portion of our results. Under the terms of a tax sharing agreement among us, Oncor Holdings, Texas Transmission and STH (as successor to EFH Corp.), we are generally obligated to make payments to our owners, pro rata in accordance with their respective membership interests, in an aggregate amount that is substantially equal to the amount of federal income taxes that we would have been required to pay if we were filing our own corporate income tax return. STH will file a combined Texas margin tax return that includes our results and our share of Texas margin tax payments, which are accounted for as income taxes and calculated as if we were filing our own return. See discussion in Note 1 to Financial Statements in our 2018 Form 10-K under “Provision in Lieu of Income Taxes.” Under the “in lieu of” tax concept, all in lieu of tax assets and tax liabilities represent amounts that will eventually be settled with our members. In the event such amounts are not paid under the tax sharing agreement, it is probable that this regulatory liability will continue to be included in Oncor’s rate setting processes. Amounts payable to (receivable from) members related to income taxes under the tax sharing agreement and reported on our balance sheets consisted of the following: At June 30, 2019 At December 31, 2018 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ (2) $ (1) $ (3) $ 4 $ 1 $ 5 Texas margin taxes payable 13 - 13 21 - 21 Net payable (receivable) $ 11 $ (1) $ 10 $ 25 $ 1 $ 26 Cash payments made to (received from) members related to income taxes consisted of the following: Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 STH Texas Transmission Total STH EFH Corp. Texas Transmission Total Federal income taxes $ 27 $ 6 $ 33 $ 29 $ (19) $ 2 $ 12 Texas margin taxes 20 - 20 19 - - 19 Total payments (receipts) $ 47 $ 6 $ 53 $ 48 $ (19) $ 2 $ 31 See Note 7 for information regarding distributions to and capital contributions from members, including an aggregate of $1,330 million in capital contributions received from members to fund the InfraREIT Acquisition and certain expenses. · From the May 16, 2019 InfraREIT Acquisition date through June 30, 2019, Sharyland provided wholesale transmission service to Oncor in the amount of $2 million. |
Supplementary Financial Informa
Supplementary Financial Information | 6 Months Ended |
Jun. 30, 2019 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 10. SUPPLEMENTARY FINANCIAL INFORMATION Other Deductions and (Income) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Professional fees $ 1 $ 2 $ 4 $ 4 Sempra Acquisition related costs - - - 16 InfraREIT Acquisition related costs 7 - 9 - Recoverable pension and OPEB - non-service costs 14 13 28 27 Non-recoverable pension and OPEB costs (Note 8) 1 - 2 3 Other, including interest income 2 3 (1) - Total other deductions and (income) - net $ 25 $ 18 $ 42 $ 50 Interest Expense and Related Charges Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest $ 95 $ 89 $ 182 $ 178 Amortization of debt issuance costs and discounts 2 2 4 3 Less allowance for funds used during construction – capitalized interest portion (4) (4) (7) (6) Total interest expense and related charges $ 93 $ 87 $ 179 $ 175 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, 2019 2018 Gross trade accounts and other receivables $ 656 $ 562 Allowance for uncollectible accounts (4) (3) Trade accounts receivable – net $ 652 $ 559 At both June 30, 2019 and December 31, 2018, REP subsidiaries of our two largest counterparties represented 13% and 10% of the trade accounts receivable balance. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by nonaffiliated REPs are deferred as a regulatory asset. Investments and Other Property Investments and other property reported on our balance sheets consisted of the following: At June 30, At December 31, 2019 2018 Assets related to employee benefit plans, including employee savings programs $ 107 $ 108 Land 12 12 Other 3 - Total investments and other property $ 122 $ 120 Property, Plant and Equipment Property, plant and equipment - net reported on our balance sheets consisted of the following. Property, plant and equipment - net at June 30, 2019 includes an increase of approximately $1,799 million due to the InfraREIT Acquisition: Composite Depreciation Rate/ At June 30, At December 31, Avg. Life at June 30, 2019 2019 2018 Assets in service: Distribution 2.8% / 35.4 years $ 13,659 $ 13,105 Transmission 2.8% / 35.2 years 10,611 8,568 Other assets 6.9% / 14.5 years 1,548 1,497 Total 25,818 23,170 Less accumulated depreciation 7,866 7,513 Net of accumulated depreciation 17,952 15,657 Construction work in progress 661 417 Held for future use 18 16 Property, plant and equipment – net $ 18,631 $ 16,090 Intangible Assets Intangible assets (other than goodwill) reported on our balance sheets as part of property, plant and equipment consisted of the following: At June 30, 2019 At December 31, 2018 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 559 $ 105 $ 454 $ 464 $ 101 $ 363 Capitalized software 803 410 393 787 385 402 Total $ 1,362 $ 515 $ 847 $ 1,251 $ 486 $ 765 A ggregate amortization expenses for intangible assets totaled $13 million and $14 million for the three months ended June 30, 2019 and 2018, respectively, and $26 million and $26 million for the six months ended June 30, 2019 and 2018, respectively. The estimated aggregate amortization expense for each of the next five fiscal years is as follows: Year Amortization Expense 2019 $ 52 2020 51 2021 51 2022 51 2023 51 Employee Benefit, Operating Lease and Other Obligations Employee benefit, operating lease and other obligations reported on our balance sheet consisted of the following: At June 30, At December 31, 2019 2018 Retirement plans and other employee benefits $ 1,853 $ 1,858 Operating lease liabilities 63 - Investment tax credits 7 8 Other 90 77 Total employee benefit, operating lease and other obligations $ 2,013 $ 1,943 Supplemental Cash Flow Information Six Months Ended June 30, 2019 2018 Cash payments (receipts) related to: Interest $ 171 $ 172 Less capitalized interest (7) (6) Interest payments (net of amounts capitalized) $ 164 $ 166 Amount in lieu of income taxes (a): Federal $ 33 $ 12 State 20 19 Total payments (receipts) in lieu of income taxes $ 53 $ 31 Noncash increase in operating lease obligations for ROU assets $ 22 $ - Noncash investing and financing activity (b): Acquisition: Assets acquired $ 2,552 $ - Liabilities assumed (1,224) - Cash paid $ 1,328 $ - Noncash construction expenditures (c) $ 246 $ 121 ____________ (a) See Note 9 for income tax related detail. (b) See Note 5 for more information on noncash debt exchanges related to InfraREIT Acquisition. (c) Represents end-of-period accruals . |
Infrareit Acquisition
Infrareit Acquisition | 6 Months Ended |
Jun. 30, 2019 | |
Infrareit Acquisition [Abstract] | |
Infrareit Acquisition | 11. INFRAREIT ACQUISITION On May 16, 2019, we completed the InfraREIT Acquisition, pursuant to which we acquired all of the equity interests of InfraREIT and its subsidiary, InfraREIT Partners. The InfraREIT Acquisition occurred through the merger of InfraREIT with and into a newly formed wholly-owned subsidiary of Oncor, followed by the merger of another newly formed wholly-owned subsidiary of Oncor with and into InfraREIT Partners. The stockholders of InfraREIT and the limited partners of InfraREIT Partners received $21.00 in cash per share of common stock or limited partnership unit, as applicable, resulting in a total cash consideration of $1,275 million . In addition , we paid certain transaction costs incurred by InfraREIT (including a management agreement termination fee of $40 million that InfraREIT paid an affiliate of Hunt Consolidated, Inc. at closing), with the aggregate cash consideration and payment of InfraREIT expenses totaling $1,328 million. In connection with and immediately following the closing of the InfraREIT Acquisition, on May 16, 2019, we extinguished all outstanding debt of InfraREIT and its subsidiaries through repaying $602 million principal amount of InfraREIT subsidiary debt and exchanging $351 million principal amount of InfraREIT subsidiary debt for new Oncor senior secured debt, as discussed in more detail in Notes 4 and 5. On May 15, 2019, in connection with the InfraREIT Acquisition, we received capital contributions in an aggregate amount of $1,330 million from Sempra and certain indirect equity holders of Texas Transmission (collectively, Equity Commitment Parties) to fund the cash consideration and certain transaction expenses. As a condition to the InfraREIT Acquisition, SDTS, and SDTS’s tenant, SU, completed the SDTS-SU Asset Exchange immediately prior to the closing of the InfraREIT Acquisition, pursuant to which SDTS exchanged certain of its south Texas assets for certain north Texas assets owned by SU. The north Texas assets acquired by SDTS consisted of certain real property and other assets used in the electric transmission and distribution business in Central, North and West Texas, as well as equity interests in GS Project Entity, L.L.C., a Texas limited liability company that was merged with and into SDTS. The south Texas assets acquired by SU consisted of real property and other assets near the Texas-Mexico border. As a result of the InfraREIT Acquisition closing, we and our subsidiary NTU now own all of the assets and projects in the north, central, west and panhandle regions of Texas held by SDTS and SU immediately prior to the InfraREIT Acquisition, and Sharyland owns the assets that were held by SU and SDTS in south Texas immediately prior to the InfraREIT Acquisition. The assets we acquired include approximately 1,575 miles of transmission lines, including 1,235 circuit miles of 345k V transmission lines and approximately 340 circuit miles of 138kV transmission lines. The north, central, and west Texas transmission system acquired by us in the transaction is directly connected to approximately 20 operational generation facilities totaling approximately 3,900 MW and serves over 50 transmission stations and substations. In addition, as a condition to the closing of the SDTS-SU Asset Exchange, Sempra acquired an indirect 50 percent interest in Sharyland Holdings, the parent of Sharyland (Sempra-Sharyland Transaction). As a result of the Sempra-Sharyland Transaction, Sharyland is now our affiliate for purposes of PUCT rules. Pursuant to the agreement governing the SDTS-SU Asset Exchange and the PUCT order in Docket No. 48929 approving the InfraREIT Acquisition, upon closing of the InfraREIT Acquisition we entered into an operation agreement pursuant to which we will provide certain operations services to Sharyland at cost with no markup or profit. Business Combination Accounting We accounted for the InfraREIT Acquisition as a business acquisition with identifiable assets acquired and liabilities assumed recorded at their estimated fair values on the closing date. The combined results of operations are reported in our consolidated financial statements beginning as of the closing date. A summary of techniques used to estimate the preliminary fair value of the identifiable assets and liabilities is listed below. · Assets and liabilities that are included in the PUCT cost-based regulatory rate-setting processes are recorded at fair values equal to their regulatory carrying value consistent with GAAP and industry practice. · Working capital was valued using market information (Level 2). The following tables set forth the purchase price paid and the allocation of the total purchase price paid to the identifiable assets acquired and liabilities assumed. The purchase price allocation is preliminary and the allocation to each identifiable asset acquired and liability assumed may change based upon the receipt of more detailed information and additional analyses related primarily to final working capital adjustments. We currently expect the final purchase price allocation will be completed no later than the second quarter of 2020. The total purchase price paid was comprised of the following Purchase of outstanding InfraREIT shares and units $ 1,275 Certain transaction costs of InfraREIT paid by Oncor (a) 53 Total purchase price paid $ 1,328 __________________ (a) Represents certain transaction costs incurred by InfraREIT in connection with the transaction and paid by Oncor, including a $40 million management termination fee payable to an affiliate of Hunt Consolidated, Inc. Purchase price allocation is as follows: At May 16, 2019 Assets acquired: Accounts receivables, inventories and other current assets $ 40 Property, plant and equipment - net 1,799 Goodwill 687 Regulatory assets 16 Other noncurrent assets 10 Total assets acquired 2,552 Liabilities assumed: Short-term debt 114 Other current liabilities 25 Regulatory liabilities 148 Deferred tax liabilities 98 Long-term debt, including due currently 839 Total liabilities assumed 1,224 Net assets acquired $ 1,328 Total purchase price paid $ 1,328 The goodwill of $687 million arising from the InfraREIT Acquisition is attributable to t he assets acquired, which expand our transmission footprint and help us support ERCOT market growth. None of the goodwill is recoverable nor provides a tax benefit in the rate-making process. We did not assume any employee benefit obligations in the acquisition. Acquisition costs incurred in the InfraREIT Acquisition by Oncor and recorded to other deductions totaled $7 million and $9 million for the three months and six months ended June 30, 2019, respectively. Our condensed statements of consolidated income include estimated revenues and net income totaling $31 million and $13 million, respectively, since the May 16, 2019 acquisition date. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information for the six months ended June 30, 2019 and 2018 assumes that the InfraREIT Acquisition occurred on January 1, 2018. The unaudited pro forma financial information is provided for information purposes only and is not necessarily indicative of the results of operations that would have occurred had the InfraREIT Acquisition been completed on January 1, 2018, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here. Six Months Ended June 30, 2019 2018 Oncor Consolidated Pro Forma Revenues $ 2,141 $ 2,119 The unaudited pro forma financial information above excludes pro forma earnings due to the impracticability of a calculation. The acquiree previously operated under a real estate investment trust structure with a unique cost structure and unique federal tax attributes. An accurate retrospective application cannot be objectively and reliably calculated as the new cost structure and new tax attributes would require a significant amount of estimates and judgments. |
Business and Significant Acco_2
Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Business and Significant Accounting Policies [Abstract] | |
Description Of Business | Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor and/or its subsidiaries. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company primarily engaged in providing delivery services to REPs that sell power in the north-central, eastern, western and panhandle regions of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is indirectly wholly owned by Sempra. Oncor Holdings owns 80.25% of our membership interests and Texas Transmission owns 19.75% of our membership interests. We are managed as an integrated business; consequently, there are no separate reportable business segments. Our consolidated financial statements include the results of our wholly-owned indirect subsidiary NTU, which is a regulated utility that provides electricity transmission delivery service in the north-central , western and panhandle regions of Texas. We acquired NTU as part of the InfraREIT Acquisition that closed on May 16, 2019. Various “ring-fencing” measures have been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities, Sempra and its affiliates (other than the Oncor Ring-Fenced Entities), and any other entities with a direct or indirect ownership interest in Oncor or Oncor Holdings. These measures serve to mitigate the Oncor Ring-Fenced Entities’ credit exposure to Sempra and its affiliates and any other direct or indirect owners of Oncor and Oncor Holdings, and to reduce the risk that the assets and liabilities of Oncor Ring-Fenced Entities would be substantively consolidated with the assets and liabilities of any Sempra entity or any other direct or indirect owners of Oncor and Oncor Holdings in connection with a bankruptcy of any such entities. Such measures include, among other things: the 19.75% equity interest held by Texas Transmission; maintenance of separate books and records for the Oncor Ring-Fenced Entities; and our board of directors being comprised of a majority of directors who meet certain independent/disinterested director standards. As a result, none of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. |
Basis Of Presentation | Basis of Presentation These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in the 2018 Form 10-K. In the opinion of Oncor management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been made. We have evaluated all subsequent events through the date the financial statements were issued. All appropriate intercompany items and transactions have been eliminated in consolidation. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality (see Note 13 to Financial Statements in our 2018 Form 10-K for additional information regarding quarterly results of operations). Our consolidated financial statements have been prepared in accordance with GAAP governing rate-regulated operations. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. |
Use Of Estimates | Use of Estimates Preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. No material adjustments were made to previous estimates or assumptions during the current period. |
Goodwill | Goodwill We discuss goodwill in Note 1 to Financial Statements in our 2018 Form 10-K. The increase in goodwill from $4,064 million at December 31, 2018 to $4,751 million at June 30, 2019 is due to the InfraREIT Acquisition. See Note 11 for more information on the InfraREIT Acquisition. |
Changes In Accounting Standards | Changes in Accounting Standards Topic 842, “Leases” – In February 2016, the FASB issued ASU 2016-02 which created FASB Topic 842, Leases (Topic 842). Topic 842 amends previous GAAP to require the balance sheet recognition of substantially all lease assets and liabilities, including operating leases. Operating lease liabilities are not classified as debt for GAAP purposes under Topic 842 and are not treated as debt for our regulatory purposes. All of Oncor’s existing leases meet the definition of an operating lease. Under the new rules, the recognition of any finance leases (previously known as capital leases) on the balance sheet are classified as debt for both GAAP and regulatory capital structure purposes (see Note 7 for details) similar to the previous capital lease treatment. We adopted Topic 842 on January 1, 2019, using the optional transition method to apply the new guidance prospectively and not restate comparative periods. We elected the package of practical expedients that permits us to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which allows us to carry forward accounting conclusions under previous GAAP on contracts that commenced prior to adoption of the lease standard. We also elected the land easement practical expedient, which allows us to continue to account for pre-existing land easements under our accounting policy that existed before adoption of the lease standard. We did not elect the practical expedient to use hindsight in making judgments when determining the lease term. The adoption of Topic 842 affects our balance sheet, as our contracts for office space, service centers and fleet vehicles are operating leases. The following table shows the increases on our balance sheet at January 1, 2019 from the initial adoption of Topic 842. At January 1, 2019 Operating Leases: ROU assets: Operating lease ROU and other assets $ 82 Lease liabilities: Other current liabilities $ 26 Employee benefit, operating lease and other obligations 56 Total operating lease liabilities $ 82 Topic 220, “Income Statement—Reporting Comprehensive Income” amended by ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” – In February 2018, the FASB issued ASU 2018-02, an amendment to Topic 220. Under ASU 2018-02, an entity is required to provide certain disclosures regarding stranded tax effects, including its accounting policy related to releasing the income tax effects from accumulated other comprehensive income (AOCI). We elected to reclassify stranded tax effects resulting from the TCJA from AOCI to capital accounts. Our stranded tax effects in AOCI, which are related to previous interest rate cash flow hedges, were $4 million and increased our capital account upon reclassification. We adopted the standard on a prospective basis January 1, 2019. |
Business and Significant Acco_3
Business and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business and Significant Accounting Policies [Abstract] | |
Schedule Of Adoption Of Topic 842 | At January 1, 2019 Operating Leases: ROU assets: Operating lease ROU and other assets $ 82 Lease liabilities: Other current liabilities $ 26 Employee benefit, operating lease and other obligations 56 Total operating lease liabilities $ 82 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Matters [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period At June 30, 2019 At June 30, 2019 At December 31, 2018 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 631 $ 648 Employee retirement costs being amortized 8 years 279 297 Employee retirement costs incurred since the last rate review period (b) To be determined 76 73 Self-insurance reserve (primarily storm recovery costs) being amortized 8 years 330 351 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 152 59 Securities reacquisition costs Lives of related debt 32 10 Deferred conventional meter and metering facilities depreciation 1 year 26 36 Under-recovered AMS costs 8 years 174 185 Energy efficiency performance bonus (a) 1 year or less 3 7 Under-recovered wholesale transmission service expense (a) 1 year or less 32 - Other regulatory assets Various 40 25 Total regulatory assets 1,775 1,691 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,134 1,023 Excess deferred taxes Primarily over lives of related assets 1,608 1,571 Over-recovered wholesale transmission service expense (a) 1 year or less - 89 Other regulatory liabilities Various 14 14 Total regulatory liabilities 2,756 2,697 Net regulatory assets (liabilities) $ (981) $ (1,006) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Disaggregation Of Revenues | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 497 $ 529 $ 996 $ 1,036 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 168 141 312 266 Billed to REPs serving Oncor distribution customers, through TCRF 93 79 177 157 Total transmission base revenues 261 220 489 423 Other miscellaneous revenues 19 16 35 31 Total revenues contributing to earnings 777 765 1,520 1,490 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 254 238 514 483 EECRF and other regulatory charges 10 18 23 38 Revenues collected for pass-through expenses 264 256 537 521 Total operating revenues $ 1,041 $ 1,021 $ 2,057 $ 2,011 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Short-Term Borrowings [Abstract] | |
Schedule Of Short-Term Borrowings | At June 30, At December 31, 2019 2018 Total borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) (1,073) (813) Credit facility outstanding (b) - - Letters of credit outstanding (c) (10) (9) Available unused credit $ 917 $ 1,178 ____________ a) The weighted average interest rates for commercial paper at June 30, 2019 and December 31, 2018 were 2.70% and 2.74% , respectively. b) At June 30, 2019, the applicable interest rate for any outstanding borrowings would have been LIBOR plus 1.00% c) The interest rate on outstanding letters of credit at both June 30, 2019 and December 31, 2018 was 1.20% based on our credit ratings. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | June 30, December 31, 2019 2018 Fixed Rate Secured: 2.15% Senior Notes due June 1, 2019 $ - $ 250 5.75% Senior Notes due September 30, 2020 126 126 8.50% Senior Notes, Series C, due December 30, 2020 14 - 4.10% Senior Notes, due June 1, 2022 400 400 7.00% Debentures due September 1, 2022 482 482 2.75% Senior Notes due June 1, 2024 500 - 2.95% Senior Notes due April 1, 2025 350 350 3.86% Senior Notes, Series A, due December 3, 2025 174 - 3.86% Senior Notes, Series B, due January 14, 2026 38 - 3.70% Senior Notes due November 15, 2028 650 350 5.75% Senior Notes due March 15, 2029 318 318 7.25% Senior Notes, Series B, due December 30, 2029 38 - 6.47% Senior Notes, Series A, due September 30, 2030 87 - 7.00% Senior Notes due May 1, 2032 500 500 7.25% Senior Notes due January 15, 2033 350 350 7.50% Senior Notes due September 1, 2038 300 300 5.25% Senior Notes due September 30, 2040 475 475 4.55% Senior Notes due December 1, 2041 400 400 5.30% Senior Notes due June 1, 2042 500 500 3.75% Senior Notes due April 1, 2045 550 550 3.80% Senior Notes due September 30, 2047 325 325 4.10% Senior Notes due November 15, 2048 450 450 3.80% Senior Notes, due June 1, 2049 500 - Secured long-term debt 7,527 6,126 Unsecured: Term loan credit agreement maturing December 9, 2019 350 350 Total long-term debt 7,877 6,476 Unamortized discount and debt issuance costs (46) (41) Less amount due currently (361) (600) Long-term debt, less amounts due currently $ 7,470 $ 5,835 |
Schedule Of Long-Term Debt Maturity | Year Amount 2019 $ 361 2020 148 2021 9 2022 891 2023 10 Thereafter 6,458 Unamortized discount and debt issuance costs (46) Total $ 7,831 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Lease Information | At June 30, 2019 Operating Leases: ROU assets: Operating lease ROU assets and other $ 89 Lease liabilities: Operating lease and other current liabilities $ 26 Employee benefit, operating lease and other obligations 63 Total operating lease liabilities $ 89 Weighted-average remaining lease term (in years) 4 Weighted-average discount rate 3.4% |
Schedule Of Lease Costs | Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost: Operating lease costs (including amounts allocated to property, plant and equipment) $ 9 $ 19 Short-term lease costs 11 22 Total operating lease costs $ 20 $ 41 Operating lease payments: Cash paid for amounts included in the measurement of lease liabilities $ 8 $ 15 |
Schedule Of Operating Lease Maturity | Year Amount 2019 (remaining six months) $ 16 2020 25 2021 22 2022 16 2023 10 Thereafter 7 Total undiscounted lease payments 96 Less imputed interest (7) Total future minimum lease payments $ 89 |
Schedule Of Future Miinimum Lease Payments Under Operating Leases | Year Amount 2019 $ 29 2020 22 2021 20 2022 15 2023 8 Thereafter 5 Total future minimum lease payments $ 99 |
Membership Interests (Tables)
Membership Interests (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Membership Interests [Abstract] | |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2018 $ 8,624 $ (164) $ 8,460 Net income 116 - 116 Distributions (71) - (71) Capital contributions 70 - 70 Net effects of cash flow hedges (Note 1) 4 (4) - Defined benefit pension plans - 1 1 Balance at March 31, 2019 8,743 (167) 8,576 Net income 139 - 139 Distributions (71) - (71) Capital contributions 1,400 - 1,400 Net effects of cash flow hedges (Note 1) (1) 1 - Defined benefit pension plans - 2 2 Balance at June 30, 2019 $ 10,210 $ (164) $ 10,046 Balance at December 31, 2017 $ 8,004 $ (101) $ 7,903 Net income 89 - 89 Defined benefit pension plans - 1 1 Balance at March 31, 2018 8,093 (100) 7,993 Net income 143 - 143 Capital contributions 144 - 144 Defined benefit pension plans - 1 1 Balance at June 30, 2018 $ 8,380 $ (99) $ 8,281 |
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, 2018 $ (16) $ (148) $ (164) Defined benefit pension plans - 3 3 Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges 1 - 1 Amounts reclassified from accumulated other comprehensive income (loss) to capital account (Note 1) (4) - (4) Balance at June 30, 2019 $ (19) $ (145) $ (164) Balance at December 31, 2017 $ (18) $ (83) $ (101) Defined benefit pension plans - 2 2 Balance at June 30, 2018 $ (18) $ (81) $ (99) |
Pension and OPEB Plans (Tables)
Pension and OPEB Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Pension and OPEB Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Components of net allocated pension costs: Service cost $ 6 $ 7 $ 13 $ 14 Interest cost 32 30 64 60 Expected return on assets (30) (30) (60) (60) Amortization of net loss 8 12 15 24 Net pension costs 16 19 32 38 Components of net OPEB costs: Service cost 1 2 3 4 Interest cost 11 11 22 22 Expected return on assets (2) (2) (4) (4) Amortization of prior service cost (5) (7) (10) (14) Amortization of net loss 5 14 9 28 Net OPEB costs 10 18 20 36 Total net pension and OPEB costs 26 37 52 74 Less amounts deferred principally as property or a regulatory asset (7) (18) (14) (35) Net amounts recognized as operation and maintenance expense or other deductions $ 19 $ 19 $ 38 $ 39 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Related-Party Transactions [Abstract] | |
Schedule Of Trade Accounts And Other Receivables From Related Parties | At June 30, 2019 At December 31, 2018 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ (2) $ (1) $ (3) $ 4 $ 1 $ 5 Texas margin taxes payable 13 - 13 21 - 21 Net payable (receivable) $ 11 $ (1) $ 10 $ 25 $ 1 $ 26 |
Schedule Of Related Party Transactions | Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 STH Texas Transmission Total STH EFH Corp. Texas Transmission Total Federal income taxes $ 27 $ 6 $ 33 $ 29 $ (19) $ 2 $ 12 Texas margin taxes 20 - 20 19 - - 19 Total payments (receipts) $ 47 $ 6 $ 53 $ 48 $ (19) $ 2 $ 31 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Interest Expense And Related Charges | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Interest $ 95 $ 89 $ 182 $ 178 Amortization of debt issuance costs and discounts 2 2 4 3 Less allowance for funds used during construction – capitalized interest portion (4) (4) (7) (6) Total interest expense and related charges $ 93 $ 87 $ 179 $ 175 |
Schedule Of Trade Accounts And Other Receivables | At June 30, At December 31, 2019 2018 Gross trade accounts and other receivables $ 656 $ 562 Allowance for uncollectible accounts (4) (3) Trade accounts receivable – net $ 652 $ 559 |
Summary of Investments And Other Property | At June 30, At December 31, 2019 2018 Assets related to employee benefit plans, including employee savings programs $ 107 $ 108 Land 12 12 Other 3 - Total investments and other property $ 122 $ 120 |
Schedule Of Property, Plant And Equipment | Composite Depreciation Rate/ At June 30, At December 31, Avg. Life at June 30, 2019 2019 2018 Assets in service: Distribution 2.8% / 35.4 years $ 13,659 $ 13,105 Transmission 2.8% / 35.2 years 10,611 8,568 Other assets 6.9% / 14.5 years 1,548 1,497 Total 25,818 23,170 Less accumulated depreciation 7,866 7,513 Net of accumulated depreciation 17,952 15,657 Construction work in progress 661 417 Held for future use 18 16 Property, plant and equipment – net $ 18,631 $ 16,090 |
Schedule Of Intangible Assets | At June 30, 2019 At December 31, 2018 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 559 $ 105 $ 454 $ 464 $ 101 $ 363 Capitalized software 803 410 393 787 385 402 Total $ 1,362 $ 515 $ 847 $ 1,251 $ 486 $ 765 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2019 $ 52 2020 51 2021 51 2022 51 2023 51 |
Schedule Of Employee Benefit Obligations And Other | At June 30, At December 31, 2019 2018 Retirement plans and other employee benefits $ 1,853 $ 1,858 Operating lease liabilities 63 - Investment tax credits 7 8 Other 90 77 Total employee benefit, operating lease and other obligations $ 2,013 $ 1,943 |
Schedule Of Supplemental Cash Flow Information | Six Months Ended June 30, 2019 2018 Cash payments (receipts) related to: Interest $ 171 $ 172 Less capitalized interest (7) (6) Interest payments (net of amounts capitalized) $ 164 $ 166 Amount in lieu of income taxes (a): Federal $ 33 $ 12 State 20 19 Total payments (receipts) in lieu of income taxes $ 53 $ 31 Noncash increase in operating lease obligations for ROU assets $ 22 $ - Noncash investing and financing activity (b): Acquisition: Assets acquired $ 2,552 $ - Liabilities assumed (1,224) - Cash paid $ 1,328 $ - Noncash construction expenditures (c) $ 246 $ 121 ____________ (a) See Note 9 for income tax related detail. (b) See Note 5 for more information on noncash debt exchanges related to InfraREIT Acquisition. (c) Represents end-of-period accruals . |
Infrareit Acqusition (Tables)
Infrareit Acqusition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Infrareit Acquisition [Abstract] | |
Total Purchase Price Paid | The total purchase price paid was comprised of the following Purchase of outstanding InfraREIT shares and units $ 1,275 Certain transaction costs of InfraREIT paid by Oncor (a) 53 Total purchase price paid $ 1,328 __________________ Represents certain transaction costs incurred by InfraREIT in connection with the transaction and paid by Oncor, including a $40 million management termination fee payable to an affiliate of Hunt Consolidated, Inc. |
Assets And Liabilities Assumed | Purchase price allocation is as follows: At May 16, 2019 Assets acquired: Accounts receivables, inventories and other current assets $ 40 Property, plant and equipment - net 1,799 Goodwill 687 Regulatory assets 16 Other noncurrent assets 10 Total assets acquired 2,552 Liabilities assumed: Short-term debt 114 Other current liabilities 25 Regulatory liabilities 148 Deferred tax liabilities 98 Long-term debt, including due currently 839 Total liabilities assumed 1,224 Net assets acquired $ 1,328 Total purchase price paid $ 1,328 |
Pro Forma Information | Six Months Ended June 30, 2019 2018 Oncor Consolidated Pro Forma Revenues $ 2,141 $ 2,119 |
Business and Significant Acco_4
Business and Significant Accounting Policies (Narrative) (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019USD ($)segment | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Business And Significant Accounting Polices [Line Items] | |||
Number of reportable business segments | segment | 0 | ||
Goodwill | $ 4,751 | $ 4,064 | |
Operating lease obligations | 89 | ||
Accounting Standards Update 2016-02 [Member] | |||
Business And Significant Accounting Polices [Line Items] | |||
Operating lease obligations | $ 82 | ||
Accounting Standards Update 2018-02 [Member] | |||
Business And Significant Accounting Polices [Line Items] | |||
Reclassification from AOCI to membership interests for stranded tax effects | $ 4 | ||
Oncor Holdings [Member] | |||
Business And Significant Accounting Polices [Line Items] | |||
Ownership | 80.25% | ||
Texas Transmission [Member] | |||
Business And Significant Accounting Polices [Line Items] | |||
Percentage of membership interest owned by non-controlling owners | 19.75% |
Business and Significant Acco_5
Business and Significant Accounting Policies (Schedule Of Adoption Of Topic 842) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU assets and other | $ 89 | |
Other current liabilities | 26 | |
Employee benefit, operating lease and other obligations | 63 | |
Total operating lease liabilities | $ 89 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease ROU assets and other | $ 82 | |
Other current liabilities | 26 | |
Employee benefit, operating lease and other obligations | 56 | |
Total operating lease liabilities | $ 82 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | Jul. 09, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Nov. 26, 2017 | Dec. 31, 2017 | May 30, 2019 | Dec. 31, 2018 |
Public Utilities, General Disclosures [Line Items] | ||||||||
U.S. federal statutory rate | 21.00% | 35.00% | ||||||
DCRF increase | $ 25 | |||||||
Reconciliation of all costs incurred with revenues | $ 87 | |||||||
Decrease in revenue requirement | $ 181 | |||||||
Annual rate reductions related to reduction in income taxes | $ 144 | |||||||
Reduction related to amortization of excess deferred income taxes | $ 75 | |||||||
Increase in regulatory liabililty | $ 9 | |||||||
Subsequent Event [Member] | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Net operating cost savings | $ 16 | |||||||
Authorized under-recovery reconciliation costs | $ 6 |
Regulatory Matters (Components
Regulatory Matters (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 1,775 | $ 1,691 |
Carrying Amount, Regulatory Liabilities | 2,756 | 2,697 |
Net regulatory assets (liabilities) | $ (981) | (1,006) |
Estimated Net Removal Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Lives of related assets | |
Carrying Amount, Regulatory Liabilities | $ 1,134 | 1,023 |
Excess Deferred Taxes [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Primarily over lives of related assets | |
Carrying Amount, Regulatory Liabilities | $ 1,608 | 1,571 |
Over-Recovered Wholesale Transmission Service Expense [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year or less | |
Carrying Amount, Regulatory Liabilities | 89 | |
Other Regulatory Liabilities [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Various | |
Carrying Amount, Regulatory Liabilities | $ 14 | 14 |
Employee Retirement Liability [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 631 | 648 |
Employee Retirement Costs Being Amortized [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 8 years | |
Carrying Amount, Regulatory Assets | $ 279 | 297 |
Employee Retirement Costs Incurred Since The Last Rate Review Period [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 76 | 73 |
Self-Insurance Reserve (Primarily Storm Recovery Costs) Being Amortized [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 8 years | |
Carrying Amount, Regulatory Assets | $ 330 | 351 |
Self-Insurance Reserve Incurred Since The Last Rate Review Period (Primarily Storm Related) [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 152 | 59 |
Securities Reacquisition Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Lives of related debt | |
Carrying Amount, Regulatory Assets | $ 32 | 10 |
Deferred Conventional Meter And Metering Facilities Depreciation [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year | |
Carrying Amount, Regulatory Assets | $ 26 | 36 |
Under-recovered AMS Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 8 years | |
Carrying Amount, Regulatory Assets | $ 174 | 185 |
Energy Efficiency Performance Bonus [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year or less | |
Carrying Amount, Regulatory Assets | $ 3 | 7 |
Other Regulatory Assets [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Various | |
Carrying Amount, Regulatory Assets | $ 40 | $ 25 |
Under-Recovered Wholesale Transmission Service Expense [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year or less | |
Carrying Amount, Regulatory Assets | $ 32 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - item | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Number of REPS | 90 | |
REP Subsidiary One [Member] | Revenue Benchmark [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 18.00% | 21.00% |
REP Subsidiary Two [Member] | Revenue Benchmark [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 15.00% | 15.00% |
Revenues (Disaggregation Of Rev
Revenues (Disaggregation Of Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | $ 777 | $ 765 | $ 1,520 | $ 1,490 |
Revenues collected for pass-through expenses | 264 | 256 | 537 | 521 |
Total operating revenues | 1,041 | 1,021 | 2,057 | 2,011 |
Distribution Base Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 497 | 529 | 996 | 1,036 |
Transmission Base Revenues (TCOS Revenues) [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 261 | 220 | 489 | 423 |
Transmission Base Revenues (TCOS Revenues) [Member] | Third-Party Wholesale Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 168 | 141 | 312 | 266 |
Transmission Base Revenues (TCOS Revenues) [Member] | REPS Serving Oncor Distribution Customers, Through TCRF [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 93 | 79 | 177 | 157 |
Other Miscellaneous Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 19 | 16 | 35 | 31 |
TCRF - Third-party Wholesale Transmission Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues collected for pass-through expenses | 254 | 238 | 514 | 483 |
EECRF And Other Regulatory Charges [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues collected for pass-through expenses | $ 10 | $ 18 | $ 23 | $ 38 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Millions | May 15, 2019USD ($) | May 09, 2019 | Jun. 30, 2019USD ($)contract | Dec. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | ||||
Short-term Debt | $ 1,073 | $ 813 | ||
Payment of acquired entity credit facilities | (114) | |||
Borrowing capacity available under the credit facility | 2,000 | 2,000 | ||
Bridge Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Short-term Debt | $ 600 | |||
Short-term Debt, Terms | P6M | |||
Interest rate per annum | 0.075% | |||
Letter of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Outstanding borrowing under the revolving credit facility | 10 | 9 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 2,000 | |||
Number of revolving credit facilities extension options | contract | 2 | |||
Extension period for revolving line of credit | 1 year | |||
Credit facility, term | 5 years | |||
Expiration of revolving credit facility | Nov. 1, 2022 | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Additional increase in borrowing capacity amount | $ 400 | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Additional increase in borrowing capacity amount | 100 | |||
Commercial Paper [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 2,000 | |||
Outstanding borrowing under the revolving credit facility | $ 1,073 | $ 813 | ||
London Interbank Offered Rate (LIBOR) [Member] | Bridge Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 0.65% | |||
One-Month London Interbank Offered Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Spread over variable rate | 1.00% |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Total borrowing capacity | $ 2,000 | $ 2,000 |
Available unused credit | 917 | 1,178 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Outstanding | $ (1,073) | $ (813) |
Interest Rate | 2.70% | 2.74% |
Letter of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Outstanding | $ (10) | $ (9) |
Interest Rate | 1.20% | 1.20% |
One-Month London Interbank Offered Rate [Member] | ||
Short-term Debt [Line Items] | ||
Spread over variable rate | 1.00% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | May 17, 2019 | May 16, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Long-Term Debt [Line Items] | |||||
Repayments of long-term debt | $ 738,000,000 | $ 144,000,000 | |||
Proceeds from sale of Notes | 0 | ||||
Estimated fair value of our long-term debt including current maturities | 9,085,000,000,000 | $ 7,086,000,000,000 | |||
Carrying amount | 7,831,000,000,000 | $ 6,435,000,000,000 | |||
InfraREIT [Member] | |||||
Long-Term Debt [Line Items] | |||||
Repayments of long-term debt | $ 488,000,000 | ||||
One-Month London Interbank Offered Rate [Member] | |||||
Long-Term Debt [Line Items] | |||||
Spread over variable rate | 1.00% | ||||
2.15% Fixed Senior Notes Due June 1, 2019 [Member] | |||||
Long-Term Debt [Line Items] | |||||
Repayments of long-term debt | $ 250,000,000 | ||||
Note Purchase Agreements [Member] | |||||
Long-Term Debt [Line Items] | |||||
Accrued interest | $ 6,000,000 | ||||
New Indenture Notes [Member] | |||||
Long-Term Debt [Line Items] | |||||
Increase in basis points per annum | 0.50% | ||||
Secured Debt [Member] | |||||
Long-Term Debt [Line Items] | |||||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85.00% | ||||
Available bond credits | $ 3,232,000,000,000 | ||||
Future debt subject to property additions to the Deed of Trust | $ 1,790,000,000,000 | ||||
InfraREIT [Member] | |||||
Long-Term Debt [Line Items] | |||||
Repayments of long-term debt | $ 602,000,000 | $ 288,000,000 | |||
Extinguishment of Debt, Amount | 839,000,000 | ||||
Accrued interest | 5,000,000 | ||||
Make-whole fees | 19,000,000 | ||||
InfraREIT [Member] | Subsidiary Term Loan [Member] | |||||
Long-Term Debt [Line Items] | |||||
Repayments of long-term debt | 200,000,000 | ||||
Debt principal amount | $ 351,000,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 7,877 | $ 6,476 |
Unamortized discount and debt issuance costs | (46) | (41) |
Less amount due currently | (361) | (600) |
Long-term debt, less amounts due currently | 7,470 | 5,835 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 7,527 | 6,126 |
2.15% Fixed Senior Notes Due June 1, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 2.15% | |
2.15% Fixed Senior Notes Due June 1, 2019 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 250 | |
5.75% Fixed Senior Notes Due September 30, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 5.75% | 5.75% |
Due date | Sep. 30, 2020 | Sep. 30, 2020 |
5.75% Fixed Senior Notes Due September 30, 2020 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 126 | $ 126 |
8.50% Senior Notes, Series C, due December 30, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 14 | |
Interest percentage | 8.50% | 8.50% |
Due date | Dec. 30, 2020 | Dec. 30, 2020 |
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 4.10% | 4.10% |
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 400 | $ 400 |
7.00% Fixed Debentures Due September 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 7.00% | 7.00% |
7.00% Fixed Debentures Due September 1, 2022 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 482 | $ 482 |
2.75% Senior Notes due June 1, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 500 | |
Interest percentage | 2.75% | 2.75% |
Due date | Jun. 1, 2024 | Jun. 1, 2024 |
2.95% Fixed Senior Notes Due April 1, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 2.95% | 2.95% |
2.95% Fixed Senior Notes Due April 1, 2025 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 350 | $ 350 |
3.86% Senior Notes, Series A, due December 3, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 174 | |
Interest percentage | 3.86% | 3.86% |
Due date | Dec. 3, 2025 | Dec. 3, 2025 |
3.86% Senior Notes, Series B, due January 14, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 38 | |
Interest percentage | 3.86% | 3.86% |
Due date | Jan. 14, 2026 | Jan. 14, 2026 |
3.70% Fixed Senior Notes Due November 15, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 3.70% | 3.70% |
3.70% Fixed Senior Notes Due November 15, 2028 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 650 | $ 350 |
5.75% Fixed Senior Notes Due March 15, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 5.75% | 5.75% |
Due date | Mar. 15, 2029 | Mar. 15, 2029 |
5.75% Fixed Senior Notes Due March 15, 2029 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 318 | $ 318 |
7.25% Senior Notes, Series B, due December 30, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 38 | |
Interest percentage | 7.25% | 7.25% |
Due date | Dec. 30, 2029 | Dec. 30, 2029 |
6.47% Senior Notes, Series A, due September 30, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 87 | |
Interest percentage | 6.47% | 6.47% |
Due date | Sep. 30, 2030 | Sep. 30, 2030 |
7.00% Fixed Senior Notes Due May 1, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 7.00% | 7.00% |
7.00% Fixed Senior Notes Due May 1, 2032 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 500 | $ 500 |
7.25% Fixed Senior Notes Due January 15, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 7.25% | 7.25% |
7.25% Fixed Senior Notes Due January 15, 2033 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 350 | $ 350 |
7.50% Fixed Senior Notes Due September 1, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 7.50% | 7.50% |
7.50% Fixed Senior Notes Due September 1, 2038 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 300 | $ 300 |
5.25% Fixed Senior Notes Due September 30, 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 5.25% | 5.25% |
5.25% Fixed Senior Notes Due September 30, 2040 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 475 | $ 475 |
4.55% Fixed Senior Notes Due December 1, 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 4.55% | 4.55% |
4.55% Fixed Senior Notes Due December 1, 2041 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 400 | $ 400 |
5.30% Fixed Senior Notes Due June 1, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 5.30% | 5.30% |
5.30% Fixed Senior Notes Due June 1, 2042 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 500 | $ 500 |
3.75% Fixed Senior Notes Due April 1, 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 3.75% | 3.75% |
Due date | Apr. 1, 2045 | Apr. 1, 2045 |
3.75% Fixed Senior Notes Due April 1, 2045 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 550 | $ 550 |
3.80% Fixed Senior Notes Due September 30, 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 3.80% | 3.80% |
Due date | Sep. 30, 2047 | Sep. 30, 2047 |
3.80% Fixed Senior Notes Due September 30, 2047 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 325 | $ 325 |
4.10% Fixed Senior Notes Due November 15, 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 450 | $ 450 |
Interest percentage | 4.10% | 4.10% |
Due date | Nov. 15, 2048 | Nov. 15, 2048 |
3.80% Senior Notes, due June 1, 2049 [Member] | ||
Debt Instrument [Line Items] | ||
Interest percentage | 3.80% | 3.80% |
Due date | Jun. 1, 2049 | Jun. 1, 2049 |
3.80% Senior Notes, due June 1, 2049 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 500 | |
Term Loan Credit Agreement Maturing December 9, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Due date | Dec. 9, 2019 | Dec. 9, 2019 |
Term Loan Credit Agreement Maturing December 9, 2019 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 350 | $ 350 |
Long-Term Debt (Schedule Of L_2
Long-Term Debt (Schedule Of Long-Term Debt Maturity) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Long-Term Debt [Abstract] | ||
2019 | $ 361 | |
2020 | 148 | |
2021 | 9 | |
2022 | 891 | |
2023 | 10 | |
Thereafter | 6,458 | |
Unamortized discount and debt issuance costs | (46) | $ (41) |
Total | $ 7,831 |
Commitments And Contingencies_2
Commitments And Contingencies (Schedule Of Lease Information) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Commitments and Contingencies [Abstract] | |
Operating lease ROU assets and other | $ 89 |
Operating and other current liabilities | 26 |
Employee benefit, operating lease and other obligations | 63 |
Total operating lease liabilities | $ 89 |
Weighted-average remaining lease term (in years) | 4 years |
Weighted-average discount rate | 3.40% |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Lease Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Commitments and Contingencies [Abstract] | ||
Operating lease costs (including amounts allocated to property, plant and equipment) | $ 9 | $ 19 |
Short-term lease costs | 11 | 22 |
Total operating lease costs | 20 | 41 |
Cash paid for amounts included in the measurement of lease liabilities | $ 8 | $ 15 |
Commitments And Contingencies_4
Commitments And Contingencies (Schedule Of Operating Lease Maturity) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Commitments and Contingencies [Abstract] | |
2019 (remaining six months) | $ 16 |
2020 | 25 |
2021 | 22 |
2022 | 16 |
2023 | 10 |
Thereafter | 7 |
Total undiscounted lease payments | 96 |
Less imputed interest | (7) |
Total future minimum lease payments | $ 89 |
Commitments And Contingencies_5
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments Under Operating Leases) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Commitments and Contingencies [Abstract] | |
2019 | $ 29 |
2020 | 22 |
2021 | 20 |
2022 | 15 |
2023 | 8 |
Thereafter | 5 |
Total future minimum lease payments | $ 99 |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | Jul. 30, 2019 | Jul. 29, 2019 | May 15, 2019 | Apr. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Subsequent Event [Line Items] | ||||||
Cash restricted for distribution under the capital structure restriction | $ 612 | |||||
Regulatory capitalization ratio, debt | 57.50% | |||||
Regulatory capitalization ratio, equity | 42.50% | |||||
Current regulatory capitalization ratio, debt | 55.00% | |||||
Current regulatory capitalization ratio, equity | 45.00% | |||||
Members contribution | $ 70 | $ 1,470 | $ 144 | |||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Members contribution | $ 70 | |||||
Contingent equity distribution | $ 71 | |||||
Sempra Texas Holdings [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Members contribution | $ 1,330 |
Membership Interests (Schedule
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | Apr. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Balance | $ 8,460 | $ 8,460 | |||||
Net income | $ 139 | $ 143 | 255 | $ 232 | |||
Distributions | (142) | ||||||
Capital contributions | $ 70 | 1,470 | 144 | ||||
Net effects of cash flow hedges (Note 1) | (3) | ||||||
Defined benefit pension plans | 3 | 1 | 3 | 2 | |||
Balance | 10,046 | 10,046 | |||||
Capital Accounts [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Balance | 8,743 | 8,624 | 8,093 | $ 8,004 | 8,624 | 8,004 | |
Net income | 139 | 116 | 143 | 89 | |||
Distributions | (71) | (71) | |||||
Capital contributions | 1,400 | 70 | 144 | ||||
Net effects of cash flow hedges (Note 1) | (1) | 4 | |||||
Defined benefit pension plans | |||||||
Balance | 10,210 | 8,743 | 8,380 | 8,093 | 10,210 | 8,380 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Balance | (167) | (164) | (100) | (101) | (164) | (101) | |
Net income | |||||||
Distributions | |||||||
Capital contributions | |||||||
Net effects of cash flow hedges (Note 1) | 1 | (4) | |||||
Defined benefit pension plans | 2 | 1 | 1 | 1 | |||
Balance | (164) | (167) | (99) | (100) | (164) | (99) | |
Membership Interests [Member] | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Balance | 8,576 | 8,460 | 7,993 | 7,903 | 8,460 | 7,903 | |
Net income | 139 | 116 | 143 | 89 | |||
Distributions | (71) | (71) | |||||
Capital contributions | 1,400 | 70 | 144 | ||||
Net effects of cash flow hedges (Note 1) | |||||||
Defined benefit pension plans | 2 | 1 | 1 | 1 | |||
Balance | $ 10,046 | $ 8,576 | $ 8,281 | $ 7,993 | $ 10,046 | $ 8,281 |
Membership Interests (Schedul_2
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (164) | |
Balance at end of period | (164) | |
Cash Flow Hedges - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (16) | $ (18) |
Defined benefit pension plans | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) to the capital account (Note 1) | (4) | |
Balance at end of period | (19) | (18) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (148) | (83) |
Defined benefit pension plans | 3 | 2 |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | ||
Amounts reclassified from accumulated other comprehensive income (loss) to the capital account (Note 1) | ||
Balance at end of period | (145) | (81) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (164) | (101) |
Defined benefit pension plans | 3 | 2 |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) to the capital account (Note 1) | (4) | |
Balance at end of period | $ (164) | $ (99) |
Pension and OPEB Plans (Narrati
Pension and OPEB Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Regulatory assets | $ 1,775 | $ 1,775 | $ 1,691 | ||
Oncor Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 4.16% | ||||
Expected return on plan assets | 5.43% | ||||
Vistra Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 4.40% | ||||
Expected return on plan assets | 5.29% | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected return on assets | 30 | $ 30 | $ 60 | $ 60 | |
Amortization of net loss | (8) | (12) | (15) | (24) | |
Cash contributions | 12 | ||||
Additional cash contributions | 29 | 29 | |||
Additional cash contributions, next five years | 538 | ||||
OPEB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected return on assets | 2 | 2 | 4 | 4 | |
Amortization of net loss | (5) | (14) | (9) | (28) | |
Amortization of prior service cost | (5) | $ (7) | $ (10) | $ (14) | |
Discount rate | 4.41% | ||||
Expected return on plan assets | 6.19% | ||||
Cash contributions | $ 18 | ||||
Additional cash contributions | $ 17 | 17 | |||
Additional cash contributions, next five years | $ 179 |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net costs | $ 26 | $ 37 | $ 52 | $ 74 |
Less amounts deferred principally as property or a regulatory asset | (7) | (18) | (14) | (35) |
Net amounts recognized as expense | 19 | 19 | 38 | 39 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 6 | 7 | 13 | 14 |
Interest cost | 32 | 30 | 64 | 60 |
Expected return on assets | (30) | (30) | (60) | (60) |
Amortization of net loss | 8 | 12 | 15 | 24 |
Net costs | 16 | 19 | 32 | 38 |
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 2 | 3 | 4 |
Interest cost | 11 | 11 | 22 | 22 |
Expected return on assets | (2) | (2) | (4) | (4) |
Amortization of prior service cost | (5) | (7) | (10) | (14) |
Amortization of net loss | 5 | 14 | 9 | 28 |
Net costs | $ 10 | $ 18 | $ 20 | $ 36 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Millions | Jul. 29, 2019 | May 15, 2019 | Apr. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Related Party Transaction [Line Items] | ||||||||
Revenue | $ 1,041 | $ 1,021 | $ 2,057 | $ 2,011 | ||||
Members contribution | $ 70 | 1,470 | 144 | |||||
Wholesale transmission service | $ 254 | $ 238 | $ 514 | $ 483 | ||||
Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Members contribution | $ 70 | |||||||
Sempra Texas Holdings [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Members contribution | $ 1,330 | |||||||
InfraREIT [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue | $ 2 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Trade Accounts And Other Receivables From Related Parties) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Texas margin taxes payable | $ 13 | $ 26 |
Net payable (receivable) | 10 | 26 |
Texas [Member] | ||
Related Party Transaction [Line Items] | ||
Texas margin taxes payable | 13 | 21 |
Federal [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | (3) | 5 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Net payable (receivable) | 11 | |
Sempra Texas Holdings [Member] | Texas [Member] | ||
Related Party Transaction [Line Items] | ||
Texas margin taxes payable | 13 | |
Sempra Texas Holdings [Member] | Federal [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | (2) | |
EFH Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Net payable (receivable) | 25 | |
EFH Corp [Member] | Texas [Member] | ||
Related Party Transaction [Line Items] | ||
Texas margin taxes payable | 21 | |
EFH Corp [Member] | Federal [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | 4 | |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Net payable (receivable) | (1) | 1 |
Texas Transmission Investment LLC [Member] | Federal [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | $ (1) | $ 1 |
Related-Party Transactions (S_2
Related-Party Transactions (Schedule Of Related Party Transactions) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | ||
Federal income taxes | $ 33 | $ 12 |
Texas margin taxes | 20 | 19 |
Total payments (receipts) | 53 | 31 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | 27 | 29 |
Texas margin taxes | 20 | 19 |
Total payments (receipts) | 47 | 48 |
EFH Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | (19) | |
Total payments (receipts) | (19) | |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | 6 | 2 |
Total payments (receipts) | $ 6 | $ 2 |
Supplementary Financial Infor_3
Supplementary Financial Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Supplemental Financial Information [Line Items] | |||||
Increase in property, plant and equipment | $ 1,799 | ||||
Aggregate amortization expenses | $ 13 | $ 14 | 26 | $ 26 | |
Goodwill | $ 4,751 | $ 4,751 | $ 4,064 | ||
Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration risk percentage | 13.00% | ||||
Trade Accounts Receivable [Member] | Second Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration risk percentage | 10.00% |
Supplementary Financial Infor_4
Supplementary Financial Information (Schedule Of Other Deductions And (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Supplementary Financial Information [Abstract] | ||||
Professional fees | $ 1 | $ 2 | $ 4 | $ 4 |
Sempra Acquisition related costs | 16 | |||
InfraREIT Acquisition related costs | 7 | 9 | ||
Recoverable pension and OPEB - non-service costs | 14 | 13 | 28 | 27 |
Non-recoverable pension and OPEB (Note 8) | 1 | 2 | 3 | |
Other, including interest income | 2 | 3 | (1) | |
Total other deductions and (income) - net | $ 25 | $ 18 | $ 42 | $ 50 |
Supplementary Financial Infor_5
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Supplementary Financial Information [Abstract] | ||||
Interest | $ 95 | $ 89 | $ 182 | $ 178 |
Amortization of debt issuance costs and discounts | 2 | 2 | 4 | 3 |
Less allowance for funds used during construction — capitalized interest portion | (4) | (4) | (7) | (6) |
Total interest expense and related charges | $ 93 | $ 87 | $ 179 | $ 175 |
Supplementary Financial Infor_6
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables | $ 656 | $ 562 |
Allowance for uncollectible accounts | (4) | (3) |
Trade accounts receivable - net | $ 652 | $ 559 |
Supplementary Financial Infor_7
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans, including employee savings programs | $ 107 | $ 108 |
Land | 12 | 12 |
Other | 3 | |
Total investments and other property | $ 122 | $ 120 |
Supplementary Financial Infor_8
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 25,818 | $ 23,170 |
Less accumulated depreciation and amortization | 7,866 | 7,513 |
Net of accumulated depreciation and amortization | 17,952 | 15,657 |
Construction work in progress | 661 | 417 |
Held for future use | 18 | 16 |
Property, plant and equipment - net | 18,631 | 16,090 |
Distribution [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 13,659 | 13,105 |
Composite depreciation rate | 2.80% | |
Avg. life | 35 years 4 months 24 days | |
Transmission [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 10,611 | 8,568 |
Composite depreciation rate | 2.80% | |
Avg. life | 35 years 2 months 12 days | |
Other Assets [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 1,548 | $ 1,497 |
Composite depreciation rate | 6.90% | |
Avg. life | 14 years 6 months |
Supplementary Financial Infor_9
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,362 | $ 1,251 |
Accumulated Amortization | 515 | 486 |
Net | 847 | 765 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 559 | 464 |
Accumulated Amortization | 105 | 101 |
Net | 454 | 363 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 803 | 787 |
Accumulated Amortization | 410 | 385 |
Net | $ 393 | $ 402 |
Supplementary Financial Info_10
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Supplementary Financial Information [Abstract] | |
2019 | $ 52 |
2020 | 51 |
2021 | 51 |
2022 | 51 |
2023 | $ 51 |
Supplementary Financial Info_11
Supplementary Financial Information (Schedule Of Employee Benefit Obligations And Other) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Supplementary Financial Information [Abstract] | ||
Retirement plans and other employee benefits | $ 1,853 | $ 1,858 |
Operating lease liabilities | 63 | |
Investment tax credits | 7 | 8 |
Other | 90 | 77 |
Total employee benefit obligations and other | $ 2,013 | $ 1,943 |
Supplementary Financial Info_12
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Supplementary Financial Information [Abstract] | ||
Interest | $ 171 | $ 172 |
Less capitalized interest | (7) | (6) |
Interest payments (net of amounts capitalized) | 164 | 166 |
Federal | 33 | 12 |
State | 20 | 19 |
Total payments (receipts) in lieu of income taxes | 53 | 31 |
Noncash increase in operating lease obligations for ROU assets | 22 | |
Assets acquired | 2,552 | |
Liabilities assumed | (1,224) | |
Cash paid | 1,328 | |
Noncash construction expenditures | $ 246 | $ 121 |
Infrareit Acquisition (Narrativ
Infrareit Acquisition (Narrative) (Details) $ / shares in Units, $ in Millions | Jul. 29, 2019USD ($) | May 17, 2019USD ($) | May 16, 2019USD ($)$ / shares | May 15, 2019MW | May 15, 2019kW | May 15, 2019property | May 15, 2019mi | May 15, 2019USD ($) | Apr. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)mikW | Jun. 30, 2018USD ($) |
Business Acquisition [Line Items] | ||||||||||||||
Repayment of debt | $ 738 | $ 144 | ||||||||||||
Members contribution | $ 70 | 1,470 | 144 | |||||||||||
Cash paid | 1,328 | |||||||||||||
InfraREIT Acquisition related costs | $ 7 | 9 | ||||||||||||
Revenue | 1,041 | $ 1,021 | 2,057 | 2,011 | ||||||||||
Net income | $ 139 | $ 143 | 255 | $ 232 | ||||||||||
Subsequent Event [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Members contribution | $ 70 | |||||||||||||
Sempra Texas Holdings [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Members contribution | $ 1,330 | |||||||||||||
InfraREIT [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Price per share of common stock to stockholders and limited partners | $ / shares | $ 21 | |||||||||||||
Purchase price | $ 1,328 | $ 1,328 | ||||||||||||
Management agreement termination fee | 40 | |||||||||||||
Repayment of debt | $ 602 | 288 | ||||||||||||
Outstanding debt acquired | 351 | |||||||||||||
Transmission of assets | $ 2,552 | |||||||||||||
Miles of assets transferred | mi | 340 | 1,575 | ||||||||||||
Cash paid | $ 1,275 | |||||||||||||
Number of assets transferred in circuit miles | mi | 1,235 | |||||||||||||
Power of number of transmission lines transferred | 3,900 | 138 | 345 | |||||||||||
Number Of Operational Generation Facilities | property | 20 | |||||||||||||
Number Of Transmission Stations And Substations | property | 50 | |||||||||||||
Revenue | $ 31 | |||||||||||||
Net income | $ 13 |
Infrareit Acquisition (Total Pu
Infrareit Acquisition (Total Purchase Price Paid) (Details) - USD ($) $ in Millions | May 16, 2019 | Jun. 30, 2019 |
Purchase of outstanding InfrREIT shares and units | $ 1,328 | |
InfraREIT [Member] | ||
Purchase of outstanding InfrREIT shares and units | 1,275 | |
Certain transaction costs of InfraREIT paid by Oncor | 53 | |
Total purchase price paid | $ 1,328 | 1,328 |
Management termination fee | $ 40 |
Infrareit Acquisition (Assets A
Infrareit Acquisition (Assets And Liabilities Assumed) (Details) - USD ($) $ in Millions | May 16, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill | $ 4,751 | $ 4,064 | |
InfraREIT [Member] | |||
Accounts receivables, inventories and other current assets | $ 40 | ||
Property, plant and equipment - net | 1,799 | ||
Goodwill | 687 | ||
Regulatory assets | 16 | ||
Other noncurrent assets | 10 | ||
Total assets acquired | 2,552 | ||
Short-term debt | 114 | ||
Other current liabilities | 25 | ||
Regulatory liabilities | 148 | ||
Deferred tax liabilities | 98 | ||
Long-term debt, including due currently | 839 | ||
Total liabilities assumed | 1,224 | ||
Net assets acquired | 1,328 | ||
Total purchase price paid | $ 1,328 | $ 1,328 |
Infrareit Acquisition (Pro Form
Infrareit Acquisition (Pro Forma Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
InfraREIT [Member] | ||
Oncor Consolidated Pro Forma Revenues | $ 2,141 | $ 2,119 |