Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | ||
Sep. 30, 2020 | Nov. 05, 2020 | Dec. 31, 2019 | |
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Sep. 30, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 333-100240 | ||
Entity Registrant Name | ONCOR ELECTRIC DELIVERY CO LLC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 75-2967830 | ||
Entity Address, Address Line One | 1616 Woodall Rodgers Fwy. | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75202 | ||
City Area Code | 214 | ||
Local Phone Number | 486-2000 | ||
Title of 12(b) Security | None | ||
No Trading Symbol Flag | true | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Capital account, interests outstanding | 635,000,000 | 635,000,000 | 635,000,000 |
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Central Index Key | 0001193311 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | Q3 | ||
Oncor Electric Delivery Holdings Company LLC [Member] | |||
Entity Outstanding Membership Interests | 80.25% | ||
Texas Transmission and Investment LLC [Member] | |||
Entity Outstanding Membership Interests | 19.75% |
Condensed Statements Of Consoli
Condensed Statements Of Consolidated Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Condensed Statements Of Consolidated Income [Abstract] | ||||
Operating revenues (Note 3) | $ 1,232 | $ 1,211 | $ 3,394 | $ 3,268 |
Operating expenses: | ||||
Wholesale transmission service | 245 | 245 | 723 | 759 |
Operation and maintenance | 232 | 222 | 676 | 647 |
Depreciation and amortization | 200 | 186 | 589 | 536 |
Provision in lieu of income taxes (Note 9) | 51 | 55 | 118 | 111 |
Taxes other than amounts related to income taxes | 142 | 134 | 399 | 377 |
Total operating expenses | 870 | 842 | 2,505 | 2,430 |
Operating income | 362 | 369 | 889 | 838 |
Other deductions and (income) - net (Note 10) | 5 | 14 | 28 | 56 |
Nonoperating benefit in lieu of income taxes | (3) | (5) | (9) | (12) |
Interest expense and related charges (Note 10) | 102 | 97 | 305 | 276 |
Net income | $ 258 | $ 263 | $ 565 | $ 518 |
Condensed Statements Of Conso_2
Condensed Statements Of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||||
Net income | $ 258 | $ 263 | $ 565 | $ 518 |
Other comprehensive income (loss): | ||||
Net effects of cash flow hedges (net of tax) (Note 5) | 1 | (22) | (2) | |
Defined benefit pension plans (net of tax) | 1 | 1 | 4 | 4 |
Total other comprehensive income (loss) | 2 | 1 | (18) | 2 |
Comprehensive income | $ 260 | $ 264 | $ 547 | $ 520 |
Condensed Statements Of Conso_3
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows - operating activities: | ||
Net income | $ 565 | $ 518 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization, including regulatory amortization | 649 | 599 |
Provision in lieu of deferred income taxes - net | 15 | 40 |
Other - net | (1) | (2) |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs (Note 2) | 57 | (58) |
Other operating assets and liabilities | (212) | (323) |
Cash provided by operating activities | 1,073 | 774 |
Cash flows - financing activities: | ||
Issuances of long-term debt (Note 5) | 1,810 | 2,460 |
Repayment of long-term debt (Note 5) | (701) | (742) |
Proceeds of business acquisition bridge loan | 600 | |
Repayment of business acquisition bridge loan | (600) | |
Payment of acquired entity credit facilities | (114) | |
Net change in short-term borrowings (Note 4) | (39) | (813) |
Capital contributions from members (Note 7) | 261 | 1,540 |
Distributions to members (Note 7) | (274) | (213) |
Debt discount and financing costs – net | (48) | (41) |
Cash provided by financing activities | 1,009 | 2,077 |
Cash flows - investing activities: | ||
Capital expenditures | (1,947) | (1,539) |
Business acquisition (Note 11) | (1,324) | |
Expenditures for third party in joint project | (49) | |
Reimbursement from third party in joint project | 40 | |
Other - net | 15 | 19 |
Cash used in investing activities | (1,941) | (2,844) |
Net change in cash and cash equivalents | 141 | 7 |
Cash and cash equivalents - beginning balance | 4 | 3 |
Cash and cash equivalents - ending balance | $ 145 | $ 10 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 145 | $ 4 |
Trade accounts receivable - net (Note 10) | 789 | 661 |
Amounts receivable from members related to income taxes (Note 9) | 3 | |
Materials and supplies inventories - at average cost | 150 | 148 |
Prepayments and other current assets | 107 | 96 |
Total current assets | 1,191 | 912 |
Investments and other property (Note 10) | 134 | 133 |
Property, plant and equipment - net (Note 10) | 20,759 | 19,370 |
Goodwill (Note 1) | 4,740 | 4,740 |
Regulatory assets (Note 2) | 1,731 | 1,775 |
Operating lease ROU, third party joint project and other assets (Note 6) | 197 | 106 |
Total assets | 28,752 | 27,036 |
Current liabilities: | ||
Short-term borrowings | 7 | 46 |
Long-term debt due currently (Note 5) | 463 | 608 |
Trade accounts payable | 378 | 394 |
Amounts payable to members related to income taxes (Note 9) | 30 | 22 |
Accrued taxes other than amounts related to income taxes | 214 | 236 |
Accrued interest | 103 | 83 |
Operating lease and other current liabilities (Note 6) | 257 | 237 |
Total current liabilities | 1,452 | 1,626 |
Long-term debt, less amounts due currently (Note 5) | 9,228 | 8,017 |
Liability in lieu of deferred income taxes (Note 9) | 1,888 | 1,821 |
Regulatory liabilities (Note 2) | 2,880 | 2,793 |
Employee benefit obligations (Note 8) | 1,731 | 1,834 |
Operating lease, third party joint project and other obligations (Notes 6 and 10) | 241 | 146 |
Total liabilities | 17,420 | 16,237 |
Commitments and contingencies (Note 6) | ||
Membership interests (Note 7): | ||
Capital account ― number of interests outstanding 2020 and 2019 – 635,000,000 | 11,489 | 10,938 |
Accumulated other comprehensive loss | (157) | (139) |
Total membership interests | 11,332 | 10,799 |
Total liabilities and membership interests | $ 28,752 | $ 27,036 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Nov. 05, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Condensed Consolidated Balance Sheets [Abstract] | |||
Capital account, interests outstanding | 635,000,000 | 635,000,000 | 635,000,000 |
Business And Significant Accoun
Business And Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Business And Significant Accounting Policies [Abstract] | |
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 1. BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor and/or its subsidiaries as apparent in the context. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs that sell power in the north-central, eastern, western and panhandle regions of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is indirectly and wholly owned by Sempra. Oncor Holdings owns 80.25% of our outstanding membership interests and Texas Transmission owns 19.75% of our outstanding membership interests. We are managed as an integrated business; consequently, there is only one reportable segment. Our condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019 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. Ring-Fencing Measures Since 2007, various ring-fencing measures have been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities and entities with ownership interests in Oncor or Oncor Holdings. These ring-fencing measures serve to mitigate the Oncor Ring-Fenced Entities’ credit exposure to owners of Oncor and Oncor Holdings, and to reduce the risk that the assets and liabilities of Oncor Ring-Fenced Entities would be substantively consolidated with the assets and liabilities of any direct or indirect owners of Oncor and Oncor Holdings in connection with a bankruptcy of any such entities. These measures include the November 2008 sale of 19.75% of Oncor’s equity interests to Texas Transmission. In March 2018, Sempra indirectly acquired Oncor Holdings through the Sempra Acquisition. The Sempra Acquisition was consummated after obtaining the approval of the bankruptcy court in the EFH Bankruptcy Proceedings and the PUCT. The PUCT approval was obtained in Docket No. 47675, and the final order issued in that docket (Sempra Order) outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. Oncor is a limited liability company governed by a board of directors, not its members. The Sempra Order and our Limited Liability Company Agreement require that the board of directors of Oncor consist of thirteen members, constituted as follows: · seven Disinterested Directors, who (i) shall be independent directors in all material respects under the rules of the New York Stock Exchange in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years; · two members designated by Sempra (through Oncor Holdings); · two members designated by Texas Transmission; and · two current or former officers of Oncor (the Oncor Officer Directors), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of the Board and Chief Executive, respectively. In order for a current or former officer of Oncor to be eligible to serve as an Oncor Officer Director, the officer cannot have worked for Sempra or any of its affiliates (excluding Oncor Holdings and Oncor) or any other entity with a direct or indirect ownership interest in Oncor or Oncor Holdings in the ten-year period prior to the officer being employed by Oncor. Oncor Holdings, at the direction of STIH, has the right to nominate and/or seek the removal of the Oncor Officer Directors, subject to approval by a majority of the Oncor board of directors. STIH is a wholly owned indirect subsidiary of, and controlled by, Sempra following the Sempra Acquisition. In addition, the Sempra Order provides that Oncor’s board cannot be overruled by the board of Sempra or any of its subsidiaries on dividend policy, the issuance of dividends or other distributions (except for contractual tax payments), debt issuance, capital expenditures, operation and maintenance expenditures, management and service fees, and appointment or removal of board members, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board positions on Oncor’s board of directors that Texas Transmission is entitled to appoint will be eliminated and the size of Oncor’s board of directors will be reduced by two. Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order and our Limited Liability Company Agreement to ring-fence Oncor from its owners include, among others: · A majority of the Disinterested Directors of Oncor must approve any annual or multi-year budget if the aggregate amount of capital expenditures or operating and maintenance expenditures in such budget is more than a 10% increase or decrease from the corresponding amounts of such expenditures in the budget for the preceding fiscal year or multi-year period, as applicable; · Oncor may not pay any dividends or make any other distributions (except for contractual tax payments) if a majority of its Disinterested Directors determines that it is in the best interests of Oncor to retain such amounts to meet expected future requirements; · At all times, Oncor will remain in compliance with the debt-to-equity ratio established by the PUCT from time to time for ratemaking purposes, and Oncor will not pay dividends or other distributions (except for contractual tax payments), if that payment would cause its debt-to-equity ratio to exceed the debt-to-equity ratio approved by the PUCT; · If the credit rating on Oncor’s senior secured debt by any of the three major rating agencies falls below BBB (or the equivalent), Oncor will suspend dividends and other distributions (except for contractual tax payments), unless otherwise allowed by the PUCT; · Without the prior approval of the PUCT, neither Sempra nor any of its affiliates (excluding Oncor) will incur, guaranty or pledge assets in respect of any indebtedness that is dependent on the revenues of Oncor in more than a proportionate degree than the other revenues of Sempra or on the stock of Oncor, and there will be no debt at STH or STIH at any time following the closing of the Sempra Acquisition; · Neither Oncor nor Oncor Holdings will lend money to or borrow money from Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and neither Oncor nor Oncor Holdings will share credit facilities with Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings; · There must be maintained certain “separateness measures” that reinforce the financial separation of Oncor from its owners, including a requirement that dealings between Oncor, Oncor Holdings and their subsidiaries with Sempra, any of Sempra’s other affiliates or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, must be on an arm’s-length basis, limitations on affiliate transactions, separate recordkeeping requirements and a prohibition on Sempra or its affiliates pledging Oncor assets or stock for any entity other than Oncor; and · Sempra will continue to hold indirectly at least 51% of the ownership interests in Oncor and Oncor Holdings for at least five years following the closing of the Sempra Acquisition, unless otherwise specifically authorized by the PUCT. Basis of Presentation These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our 2019 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 2019 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. Interest Rate Derivatives and Hedge Accounting We are exposed to interest rates primarily as a result of our current and expected use of financing. We may, from time to time, utilize interest rate derivative instruments typically designated as cash flow hedges, to lock in interest rates in anticipation of future financings. We may designate an interest rate derivative instrument as a cash flow hedge if it effectively converts anticipated cash flows associated with interest payments to a fixed dollar amount. In accounting for cash flow hedges, derivative assets and liabilities are recorded on the balance sheet at fair value with an offset to other comprehensive income. Amounts remain in accumulated other comprehensive income and are reclassified into net income as the interest expense on the related debt affects net income. See Note 5 for information on our interest rate hedging activity. Impairment of Long-Lived Assets and Goodwill We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We also evaluate goodwill for impairment annually on October 1 and whenever events or changes in circumstances indicate that an impairment may exist. The determination of the existence of these and other indications of impairment involves judgments that are subjective in nature and may require the use of estimates in forecasting future results and cash flows. Changes in Accounting Standards Topic 326, “Financial Instruments—Credit Losses” – In June 2016, the FASB issued ASU No. 2016-13, which changes how entities account for credit losses on receivables and certain other financial assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. We adopted the new standard effective January 1, 2020. The adoption of the new standard did not have a material impact on our consolidated financial statements. Topic 848, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” – In March 2020, the FASB issued ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The standard allows entities to account for contract modifications as an event that does not require reassessment or remeasurement (i.e., as a continuation of the existing contract). Our Credit Facility and term loan agreement use LIBOR as a benchmark for establishing interest rates. Our term loan agreement currently contains a maturity date that is prior to the anticipated date that any LIBOR phase out will occur. Implementation has not had an impact on our consolidated financial statements. In the event we modify our Credit Facility or term loan agreement related to the phase-out of LIBOR, we will evaluate the optional expedients and exceptions under the standard. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 are provided in the table below. Amounts not currently earning a return through rate regulation are noted. Remaining Rate Recovery/Amortization Period At September 30, 2020 At September 30, 2020 At December 31, 2019 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 597 $ 623 Employee retirement costs being amortized 7 years 235 262 Employee retirement costs incurred since the last rate review period (b) To be determined 71 79 Self-insurance reserve (primarily storm recovery costs) being amortized 7 years 277 309 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 263 238 Debt reacquisition costs Lives of related debt 26 29 Under-recovered AMS costs 7 years 154 170 Energy efficiency performance bonus (a) 1 year or less 17 9 Wholesale distribution substation service To be determined 49 34 Unrecovered expenses related to COVID-19 (d) To be determined 24 - Other regulatory assets Various 18 22 Total regulatory assets 1,731 1,775 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,239 1,178 Excess deferred taxes Primarily over lives of related assets 1,524 1,574 Over-recovered wholesale transmission service expense (a) 1 year or less 70 30 Unamortized gain on reacquisition of debt Lives of related debt 27 - Other regulatory liabilities Various 20 11 Total regulatory liabilities 2,880 2,793 Net regulatory assets (liabilities) $ (1,149) $ (1,018) ____________ (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. (d) Includes $14 million incremental costs incurred resulting from the effects of the COVID-19 pandemic, including costs related to our pandemic response plan and $10 million related to the COVID-19 Electricity Relief Program. PUCT Project No. 50664 Issues Related to the State of Disaster for the Coronavirus Disease 2019 In March 2020, the PUCT issued an order in PUCT Project No. 50664, Issues Related to the State of Disaster for the Coronavirus Disease 2019 , creating the COVID-19 Electricity Relief Program (COVID-19 ERP) to aid certain eligible residential customers unable to pay their electricity bills as a result of the COVID-19 pandemic impacts. Customer enrollment in the COVID-19 ERP closed on August 31, 2020, and financial assistance under the program was available to enrolled residential customers for electricity bills issued on or after March 26, 2020 through September 30, 2020. In connection with the COVID-19 ERP, the PUCT suspended service disconnections due to nonpayment for customers enrolled in the program through September 30, 2020. To fund the COVID-19 ERP, the PUCT authorized a $0.33 per MWh surcharge to be collected by transmission and distribution utilities through rates and directed ERCOT to provide loans to those transmission and distribution utilities for the initial funding of the COVID-19 ERP. As a result, in April 2020 we filed a tariff rider implementing the surcharge and received an unsecured loan from ERCOT in the principal amount of $7 million. Surcharge collections are recorded as a regulatory liability until the funds are used. Surcharge collections may only be used to reimburse transmission and distribution utilities and REPs for eligible unpaid bills from residential customers enrolled in the COVID-19 ERP and to cover costs of a third-party administrator to administer the eligibility process. At September 30, 2020, we had billed $22 million under the rider surcharge. Reimbursements paid by us pursuant to the COVID-19 ERP totaled $32 million through September 30, 2020 (including $17 million of reimbursements to Oncor for electricity delivery charges). We expect to continue to collect amounts under the tariff rider surcharge until we either collect amounts equal to the reimbursements paid by us pursuant to the COVID-19 ERP or are otherwise ordered to stop by the PUCT. In the event there are reimbursements paid by us pursuant to the COVID-19 ERP in excess of the amounts collected through the tariff rider surcharge, we expect to recover such costs as the PUCT issued an order that authorizes recording a regulatory asset or liability for any under or over recovery in connection with the COVID-19 ERP, and requires that the transmission and distribution utilities include in their next rate proceeding (whether a TCRF proceeding, DCRF proceeding, or base rate review) a tariff rider to extinguish any such regulatory asset/liability. The PUCT also authorized the transmission and distribution utilities to use a regulatory asset accounting mechanism and a subsequent process to seek future recovery of expenses resulting from the effects of the COVID-19 pandemic. Therefore, we are recording incremental costs incurred by Oncor resulting from the effects of the COVID-19 pandemic, including costs relating to the implementation of our pandemic response plan, as a regulatory asset. At September 30, 2020, we recorded $14 million with respect to this regulatory asset . |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2020 | |
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-approved 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 nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 629 $ 633 $ 1,643 $ 1,629 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 200 181 595 493 Billed to REPs serving Oncor distribution customers, through TCRF 111 105 332 282 Total transmission base revenues 311 286 927 775 Other miscellaneous revenues 32 31 66 66 Total revenues contributing to earnings 972 950 2,636 2,470 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 245 245 723 759 EECRF 15 16 35 39 Revenues collected for pass-through expenses 260 261 758 798 Total operating revenues $ 1,232 $ 1,211 $ 3,394 $ 3,268 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 other distribution companies, municipalities and electric cooperatives. REP subsidiaries of our two largest counterparties represented 29% and 21% of our total operating revenues for the three months ended September 30, 2020 and 26% and 19% of our total operating revenues for the nine months ended September 30, 2020. 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 REPs are recoverable as a regulatory asset. Pass-through Expenses Revenue equal to expenses that are allowed to be passed-through to customers (primarily third-party wholesale transmission service and energy efficiency program costs) are recognized at the time the expense is recognized. Franchise taxes are assessed by local governmental bodies, based on kWh delivered and are not a “pass-through” item. The rates we charge customers are intended to recover the franchise taxes, but we are not acting as an agent to collect the taxes from customers; therefore, franchise taxes are reported as a principal component of “taxes other than amounts related to income taxes” instead of a reduction to “revenues” in the income statement. Joint Project with Lubbock Power & Light (LP&L) Oncor is currently involved in an estimated $400 million joint project with LP&L, with costs and resulting assets to ultimately be split by Oncor and LP&L, that involves the build out of transmission lines to join the City of Lubbock to the ERCOT market. Oncor is completing the construction, with LP&L reimbursing Oncor during the project for its portion of the construction costs. The LP&L related assets and a corresponding liability will remain on Oncor’s balance sheet until the end of the project when title to the LP&L portion of the assets transfers to LP&L. As a unique and nonrecurring construction project, the transfer of title will be accounted for as a sale of nonfinancial assets. |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Short-Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | 4. SHORT-TERM BORROWINGS At September 30, 2020 and December 31, 2019, outstanding short-term borrowings under our CP Program and Credit Facility consisted of the following: At September 30, At December 31, 2020 2019 Total credit facility borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) - (46) Credit facility outstanding (b) - - Letters of credit outstanding (c) (9) (10) Available unused credit $ 1,991 $ 1,944 ____________ (a) The weighted average interest rate for commercial paper was 1.84% at December 31, 2019. (b) At September 30, 2020, the applicable interest rate for any outstanding borrowings was LIBOR plus 1.00%. (c) The interest rate on outstanding letters of credit at both September 30, 2020 and December 31, 2019 was 1.20% based on our credit ratings. CP Program In March 2018, we established the CP Program, under which we may issue 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. We may utilize either the CP Program or the Credit Facility, at our option, to meet our short-term funding needs. Credit Facility In November 2017, we entered into a $2.0 billion unsecured Credit Facility to be used for working capital and general corporate purposes, issuances of letters of credit and to support our CP Program . 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. In November 2020, we entered into an amendment to the Credit Facility that extends its maturity date to November 2023. The Credit Facility also gives us the option of requesting up to two one -year extensions, with such extensions subject to certain conditions and lender approvals. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and December 31, 2019, our long-term debt consisted of the following: September 30, December 31, 2020 2019 Fixed Rate Secured: 5.75% Senior Notes due September 30, 2020 $ - $ 126 8.50% Senior Notes, Series C, due December 30, 2020 13 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 500 500 2.95% Senior Notes due April 1, 2025 350 350 0.55% Senior Notes due October 1, 2025 450 - 3.86% Senior Notes, Series A, due December 3, 2025 174 174 3.86% Senior Notes, Series B, due January 14, 2026 38 38 3.70% Senior Notes due November 15, 2028 650 650 5.75% Senior Notes due March 15, 2029 318 318 7.25% Senior Notes, Series B, due December 30, 2029 - 36 2.75% Senior Notes due May 15, 2030 400 - 6.47% Senior Notes, Series A, due September 30, 2030 - 83 7.00% Senior Notes due May 1, 2032 494 500 7.25% Senior Notes due January 15, 2033 323 350 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 348 500 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 500 500 3.10% Senior Notes, due September 15, 2049 700 700 3.70% Senior Notes due May 15, 2050 400 - 5.35% Senior Notes due October 1, 2052 300 - Secured long-term debt 9,340 8,221 Unsecured: Term loan agreement maturing October 6, 2020 - 460 Term loan agreement maturing June 1, 2021 450 - Total long-term debt 9,790 8,681 Unamortized discount and debt issuance costs (99) (56) Less amount due currently (463) (608) Long-term debt, less amounts due currently $ 9,228 $ 8,017 Long-Term Debt-Related Activity in 2020 2025 Notes Issuance On September 28, 2020, we issued $450 million aggregate principal amount of 0.55% Senior Secured Notes due 2025 (the 2025 Notes). We intend to use the proceeds (net of the initial purchasers’ discount, fees and expenses) of approximately $443 million from the sale of the 2025 Notes to finance or refinance, in whole or in part, eligible projects consisting of investments in or expenditures with minority- and women-owned business suppliers pursuant to our sustainable bond framework. The net proceeds may be temporarily invested in cash, cash equivalents and/or U.S. government securities in accordance with our cash management policies or used to repay certain other indebtedness, or both. As of September 30, 2020, we had temporarily applied all net proceeds to repay outstanding CP Notes under the CP Program. The 2025 Notes were issued pursuant to the provisions of an Indenture, dated as of August 1, 2002, between Oncor and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon, formerly The Bank of New York), as trustee (the Trustee) (as amended and supplemented, the Indenture). The 2025 Notes constitute a separate series of notes under the Indenture, but will be treated together with our other outstanding debt securities issued under the Indenture for amendments and waivers and for taking certain other actions. The 2025 Notes bear interest at a rate of 0.55% per annum and mature on October 1, 2025. Interest on the 2025 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year, and the first interest payment is due on April 1, 2021. Prior to September 1, 2025, we may redeem the 2025 Notes at any time, in whole or in part, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a “make-whole” premium. On and after September 1, 2025, we may redeem the 2025 Notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2025 Notes, plus accrued and unpaid interest. The 2025 Notes were issued in a private placement and were not registered under the Securities Act. We have agreed, subject to certain exceptions, to register with the SEC notes having substantially identical terms as the 2025 Notes (except for provisions relating to the transfer restriction and payment of additional interest) as part of our offers to exchange freely tradable exchange notes for the 2025 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 2025 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 2025 Notes or the exchange offer is not completed within 315 days after the issue date of the 2025 Notes (an exchange default), then the annual interest rate of the 2025 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 2025 Notes. Debt Exchange and 2052 Notes Issuance On September 23, 2020, we issued $300 million aggregate principal amount of 5.35% Senior Secured Notes due 2052 (the 2052 Notes) in exchange for a like aggregate principal amount of certain of our existing senior secured debt, consisting of (i) $35 million aggregate principal amount of our 7.25% Senior Notes, Series B, due December 30, 2029, (ii) $80 million aggregate principal amount of our 6.47% Senior Notes, Series A, due September 30, 2030, (iii) $6 million aggregate principal amount of our 7.00% Senior Secured Notes due May 1, 2032, (iv) $27 million aggregate principal amount of our 7.25% Senior Secured Notes due January 15, 2033, and (v) $152 million aggregate principal amount of our 5.30% Senior Secured Notes due June 1, 2042. We received no proceeds from the exchange. The 2052 Notes were issued pursuant to the provisions of the Indenture. The 2052 Notes constitute a separate series of notes under the Indenture, but will be treated together with our other outstanding debt securities issued under the Indenture for amendments and waivers and for taking certain other actions. The 2052 Notes bear interest at a rate of 5.35% per annum and mature on October 1, 2052. Interest on the 2052 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year, and the first interest payment is due on April 1, 2021. Prior to April 1, 2052, we may redeem the 2052 Notes at any time, in whole or in part, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a “make-whole” premium. On and after April 1, 2052, we may redeem the 2052 Notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of such 2052 Notes, plus accrued and unpaid interest. The 2052 Notes were issued in a private placement and were not registered under the Securities Act. We have agreed, subject to certain exceptions, to register with the SEC notes having substantially identical terms as the 2052 Notes (except for provisions relating to the transfer restriction and payment of additional interest) as part of our offers to exchange freely tradable exchange notes for the 2052 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 2052 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 2052 Notes or the exchange offer is not completed within 315 days after the issue date of the 2052 Notes (an exchange default), then the annual interest rate of the 2052 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 2052 Notes. 2030 Notes and 2050 Notes Issuances On March 20, 2020, we completed a sale of $400 million aggregate principal amount of 2.75% Senior Secured Notes due May 15, 2030 (2030 Notes) and $400 million aggregate principal amount of 3.70% Senior Secured Notes due May 15, 2050 (2050 Notes). We used the proceeds (net of the initial purchasers’ discount, fees and expenses) of approximately $790 million from the sale of the 2030 Notes and 2050 Notes for general corporate purposes, including the repayment of short-term and long-term debt. In August 2020, we completed an offering with the holders of the 2030 Notes and 2050 Notes to exchange their respective notes for notes that have terms identical in all material respects to the 2030 Notes and 2050 Notes (Exchange Notes), except that the Exchange Notes do not contain terms with respect to transfer restrictions, registration rights and payment of additional interest for failure to observe certain obligations in a certain registration rights agreement. The Exchange Notes were registered on a Form S-4, which was declared effective in July 2020. Ma rch 2020 Term Loan Agreement On March 23, 2020, we entered into an unsecured term loan agreement (March 2020 Term Loan Agreement) with Wells Fargo Bank, National Association (Wells Fargo), the administrative agent and a lender under the agreement with a commitment equal to an aggregate principal amount of $350 million. We entered into an amendment to the agreement in June 2020. As amended, the March 2020 Term Loan Agreement had a maturity date of June 30, 2021 and provided for loans to bear interest at per annum rates equal to, at our option, (i) LIBOR plus 0.95% , or (ii) an alternate base rate (the highest of (1) the prime rate of Wells Fargo, (2) the federal funds effective rate plus 0.50% , and (3) daily one-month LIBOR plus 1% ). We borrowed $15 million and $95 million under the agreement on June 30, 2020 and July 31, 2020, respectively. The proceeds from each borrowing were used for general corporate purposes, including the repayment of notes outstanding under our CP Program. On September 28, 2020, we repaid all outstanding borrowings under the March 2020 Term Loan Agreement, and as a result the March 2020 Term Loan Agreement is no longer in effect. January 2020 Term Loan Agreement On January 28, 2020, we executed a $450 million term loan agreement that matures on June 1, 2021 (January 2020 Term Loan Agreement). The January 2020 Term Loan Agreement provides for borrowing the full amount in up to four borrowings by April 27, 2020. We borrowed $163 million on January 29, 2020, $55 million on February 28, 2020 and $232 million on March 17, 2020 under the January 2020 Term Loan Agreement. At September 30, 2020, borrowings under the January 2020 Term Loan Agreement totaled $450 million, the full amount available under the agreement. The proceeds from each borrowing were used for general corporate purposes, including the repayment of notes outstanding under our CP Program. Loans under the January 2020 Term Loan Agreement bear interest at per annum rates equal to, at our option, (i) LIBOR plus 0.50% , or (ii) an alternate base rate (the highest of (1) the prime rate of Sumitomo Mitsui Banking Corporation, the administrative agent and a lender under the agreement, (2) the federal funds effective rate plus 0.50% , and (3) daily one-month LIBOR plus 1% ). Interest Rate Hedge Transactions In February and March of 2020, we entered into interest rate hedge transactions hedging the variability of benchmark bond rates used to determine interest rates on anticipated issuances of ten -year and thirty -year senior secured notes. The hedges were terminated in March 2020 upon our issuance of the 2030 Notes and 2050 Notes. We recognized a $29 million ( $23 million after-tax) loss related to the fair value of the hedge transactions in accumulated other comprehensive loss. We expect approximately $4 million of the amount reported in accumulated other comprehensive loss at September 30, 2020 related to interest rate hedges to be reclassified into net income as an increase to interest expense within the next 12 months, including $2 million from the current year transactions. Debt Repayments Repayments of long-term debt during the nine months ended September 30, 2020 included $126 million aggregate principal amount of our 5.75% Senior Secured Notes due September 30, 2020, $110 million principal amount borrowed under the March 2020 Term Loan Agreement, $460 million principal amount borrowed under a term loan agreement entered into in 2019 that was to mature in October 2020 (2019 Term Loan Agreement) and $5 million principal amount of the quarterly amortizing debt for senior secured notes issued under one of our Note Purchase Agreements . The $460 million principal amount repaid under the 2019 Term Loan Agreement and the $110 million principal amount repaid under the March 2020 Term Loan Agreement constituted all amounts outstanding under those respective agreements, and as a result of those repayments, the 2019 Term Loan Agreement and March 2020 Term Loan Agreement are no longer in effect. Deed of Trust Our secured indebtedness is secured equally and ratably by a first priority lien on property Oncor 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 with the lien of the Deed of Trust up to the aggregate of (i) the amount of available bond credits, and (ii) 85% of the lower of the fair value or cost of certain property additions that could be certified to the Deed of Trust collateral agent. At September 30, 2020, the amount of available bond credits was $ 2.102 billion and the amount of future debt we could secure with property additions, subject to those property additions being certified to the Deed of Trust collateral agent, was $2. 821 billion . Borrowings under the CP Program, the Credit Facility, and our term loan agreements are not secured. Maturities Long-term maturities (including current maturities) at September 30, 2020, are as follows: Year Amount 2020 (excluding first nine months of 2020) $ 13 2021 450 2022 882 2023 - 2024 500 Thereafter 7,945 Unamortized discount and debt issuance costs (99) Total $ 9,691 Fair Value of Long-Term Debt At September 30, 2020 and December 31, 2019, the estimated fair value of our long-term debt (including current maturities) totaled $11.962 billion and $10.003 billion, respectively, and the carrying amount totaled $9.691 billion and $8.625 billion, respectively. The fair value is estimated using observable market data, representing Level 2 valuations under accounting standards related to the determination of fair value. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
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 Note 2 above and Note 8 to Financial Statements in our 2019 Form 10-K for additional information regarding our regulatory and legal proceedings, respectively. Leases As lessee, our leased assets primarily consist of our vehicle fleet and real estate leased for company offices and service centers. Our leases are accounted for as operating leases for 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. In December 2019, we entered into a 15 year lease agreement for replacement office space. The operating lease was fully commenced as of September 30, 2020 and has increased our lease obligation by $36 million. The table below presents the maturity analysis of our lease liabilities and reconciliation to the present value of lease liabilities: Year Amount 2020 (remaining three months) $ 8 2021 31 2022 28 2023 21 2024 14 Thereafter 41 Total undiscounted lease payments 143 Less imputed interest (12) Total future minimum lease payments $ 131 See Note 8 to Financial Statements in our 2019 Form 10-K for additional information on leases. |
Membership Interests
Membership Interests | 9 Months Ended |
Sep. 30, 2020 | |
Membership Interests [Abstract] | |
MEMBERSHIP INTERESTS | 7. MEMBERSHIP INTERESTS Cash Contributions On October 27, 2020, we received cash capital contributions from our members in the amount of $77 million. In the nine months ended September 30, 2020, we received the following capital cash contributions from our members. Payment Date Amount February 18, 2020 $ 87 April 27, 2020 87 July 28, 2020 87 261 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 either of the two member directors designated by Texas Transmission 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). At September 30, 2020, we had $492 million available to distribute to our members as our regulatory capitalization ratio was 55.9% debt to 44.1% equity. The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt including any 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 accumulated other comprehensive loss and the effects of acquisition accounting from a 2007 transaction. On October 28, 2020, our board of directors declared a cash distribution of $82 million, which was paid to our members on October 29, 2020. In the nine months ended September 30, 2020, our board of directors declared, and we paid, the following cash distributions to our members: Declaration Date Payment Date Amount February 19, 2020 February 20, 2020 $ 91 April 29, 2020 April 30, 2020 91 July 29, 2020 July 30, 2020 92 274 Membership Interests The following tables present the changes to membership interests during the three and nine months ended September 30, 2020 and 2019, net of tax: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at June 30, 2020 $ 11,236 $ (159) $ 11,077 Net income 258 - 258 Distributions (92) - (92) Capital contributions 87 - 87 Net effects of cash flow hedges (Note 5) - 1 1 Defined benefit pension plans - 1 1 Balance at September 30, 2020 $ 11,489 $ (157) $ 11,332 Balance at June 30, 2019 $ 10,210 $ (164) $ 10,046 Net income 263 - 263 Distributions (71) - (71) Capital contributions 70 - 70 Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 2 2 Balance at September 30, 2019 $ 10,472 $ (161) $ 10,311 Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2019 $ 10,938 $ (139) $ 10,799 Net income 565 - 565 Distributions (274) - (274) Capital contributions 260 - 260 Net effects of cash flow hedges (Note 5) - (22) (22) Defined benefit pension plans - 4 4 Balance at September 30, 2020 $ 11,489 $ (157) $ 11,332 Balance at December 31, 2018 $ 8,624 $ (164) $ 8,460 Net income 518 - 518 Distributions (213) - (213) Capital contributions 1,540 - 1,540 Net effects of cash flow hedges 3 (1) 2 Defined benefit pension plans - 4 4 Balance at September 30, 2019 $ 10,472 $ (161) $ 10,311 Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the changes to AOCI for the nine months ended September 30, 2020 and 2019, net of tax: Cash Flow Hedges – Interest Rate Swaps Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ (18) $ (121) $ (139) Defined benefit pension plans - 4 4 Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6 ) (Note 5) (23) - (23) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $-) 1 - 1 Balance at September 30, 2020 $ (40) $ (117) $ (157) Balance at December 31, 2018 $ (16) $ (148) $ (164) Defined benefit pension plans - 5 5 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax of $-) 2 - 2 Amounts reclassified from AOCI to capital account (4) - (4) Balance at September 30, 2019 $ (18) $ (143) $ (161) |
Pension And OPEB Plans
Pension And OPEB Plans | 9 Months Ended |
Sep. 30, 2020 | |
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 retirement plan for certain employees whose retirement benefits cannot be fully earned under the qualified retirement plans. See Note 10 to Financial Statements in our 2019 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 2019 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 nine months ended September 30, 2020 and 2019 were comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Components of net allocated pension costs: Service cost $ 7 $ 6 $ 22 $ 19 Interest cost 26 32 77 96 Expected return on assets (27) (29) (82) (89) Amortization of net loss 12 7 36 22 Net pension costs 18 16 53 48 Components of net OPEB costs: Service cost 2 2 5 5 Interest cost 8 10 24 32 Expected return on assets (2) (2) (6) (6) Amortization of prior service cost (5) (5) (15) (15) Amortization of net loss 2 5 8 14 Net OPEB costs 5 10 16 30 Total net pension and OPEB costs 23 26 69 78 Less amounts deferred principally as property or a regulatory asset (4) (7) (11) (20) Net amounts recognized as operation and maintenance expense or other deductions $ 19 $ 19 $ 58 $ 58 The discount rates reflected in net pension and OPEB costs in 2020 are 3.12 % , 3.26% and 3.29% 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 2020 cost amounts are 4.94% , 4.89% and 5.90% 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 $115 million and $26 million, respectively, during the nine months ended September 30, 2020. We expect to make additional cash contributions to the pension plans and Oncor OPEB Plans of $26 million and $9 million, respectively, during the remainder of 2020. Our pension plans and Oncor OPEB Plans funding is expected to total approximately $560 million and $176 million, respectively, in the five-year period from 2020 to 2024 based on the latest actuarial projections. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related-Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | 9. RELATED-PARTY TRANSACTIONS The following represent our significa nt related-party transactions. · 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 2019 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 September 30, 2020 At December 31, 2019 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ 10 $ 3 $ 13 $ (2) $ (1) $ (3) Texas margin tax payable 17 - 17 22 - 22 Net payable (receivable) $ 27 $ 3 $ 30 $ 20 $ (1) $ 19 Cash payments made to (received from) members related to income taxes for the nine months ended September 30, 2020 and 2019 consisted of the following: Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes $ 49 $ 12 $ 61 $ 29 $ 7 $ 36 Texas margin tax 22 - 22 22 - 22 Total payments (receipts) $ 71 $ 12 $ 83 $ 51 $ 7 $ 58 See Note 7 for information regarding distributions to and capital contributions from members. · As a result of the Sempra-Sharyland Transaction, Sharyland became a related party as of May 16, 2019. Sharyland provided wholesale transmission service to us in the amount of $9 million and $5 million in the nine months ended September 30, 2020 and in the period between May 16, 2019 and September 30, 2019, respectively. We provided Sharyland with substation monitoring and switching services of less than $1 million both in the nine months ended September 30, 2020 and in the period between May 16, 2019 and September 30, 2019. |
Supplementary Financial Informa
Supplementary Financial Information | 9 Months Ended |
Sep. 30, 2020 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 10. SUPPLEMENTARY FINANCIAL INFORMATION Other Deductions and (Income) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Professional fees $ 1 $ 2 $ 4 $ 6 InfraREIT Acquisition related costs - - - 9 Recoverable pension and OPEB - non-service costs 14 14 41 42 AFUDC equity income (7) - (19) - Other, including interest income (3) (2) 2 (1) Total other deductions and (income) - net $ 5 $ 14 $ 28 $ 56 Interest Expense and Related Charges Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest $ 104 $ 98 $ 310 $ 280 Amortization of debt issuance costs and discounts 3 3 8 7 Less allowance for funds used during construction – capitalized interest portion (5) (4) (13) (11) Total interest expense and related charges $ 102 $ 97 $ 305 $ 276 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheets consisted of the following: At September 30, At December 31, 2020 2019 Gross trade accounts and other receivables $ 795 $ 666 Allowance for uncollectible accounts (6) (5) Trade accounts receivable – net $ 789 $ 661 At September 30 , 2020, REP subsidiaries of our two largest customers represented 17% and 13% of the trade accounts receivable balance. At December 31, 2019, REP subsidiaries of our two largest customers represented 15% and 11% of the trade accounts receivable balance. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by REPs are deferred as a regulatory asset. Investments and Other Property Investments and other property reported on our balance sheets consisted of the following: At September 30, At December 31, 2020 2019 Assets related to employee benefit plans $ 120 $ 119 Land 12 12 Other 2 2 Total investments and other property $ 134 $ 133 Property, Plant and Equipment Property, plant and equipment - net reported on our balance sheets consisted of the following. Composite Depreciation Rate/ At September 30, At December 31, Avg. Life at September 30, 2020 2020 2019 Assets in service: Distribution 2.5% / 39.4 years $ 14,692 $ 14,007 Transmission 2.9% / 34.9 years 11,634 11,094 Other assets 6.7% / 15.0 years 1,671 1,648 Total 27,997 26,749 Less accumulated depreciation 8,283 7,986 Net of accumulated depreciation 19,714 18,763 Construction work in progress 1,023 585 Held for future use 22 22 Property, plant and equipment – net $ 20,759 $ 19,370 Intangible Assets Intangible assets (other than goodwill) reported on our balance sheets as part of property, plant and equipment consisted of the following: At September 30, 2020 At December 31, 2019 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 600 $ 111 $ 489 $ 575 $ 107 $ 468 Capitalized software 956 472 484 933 430 503 Total $ 1,556 $ 583 $ 973 $ 1,508 $ 537 $ 971 A ggregate amortization expenses for intangible assets totaled $15 million and $13 million for the three months ended September 30, 2020 and 2019, respectively and $46 million and $39 million for the nine months ended September 30, 2020 and 2019, respectively. The estimated annual amortization expense for the five-year period from 2020 to 2024 is as follows: Year Amortization Expense 2020 $ 62 2021 62 2022 62 2023 62 2024 61 Operating Lease, Third-Party Joint Project and Other Obligations Operating lease, third-party joint project and other obligations reported on our balance sheets consisted of the following: At September 30, At December 31, 2020 2019 Operating lease liabilities $ 98 $ 66 Investment tax credits 5 6 Third-party joint project obligation (a) 53 4 Other 85 70 Total operating lease, third-party joint project and other obligations $ 241 $ 146 ____________ (a) Oncor is currently involved in a joint project with LP&L. See Note 3 for more information. Supplemental Cash Flow Information Nine Months Ended September 30, 2020 2019 Cash payments (receipts) related to: Interest $ 288 $ 256 Less capitalized interest (13) (11) Interest payments (net of amounts capitalized) $ 275 $ 245 Amount in lieu of income taxes (a): Federal $ 61 $ 36 State 22 22 Total payments (receipts) in lieu of income taxes $ 83 $ 58 Noncash increase in operating lease obligations for ROU assets $ 27 $ 26 Noncash investing and financing activity: Acquisition (b): Assets acquired $ - $ 2,545 Liabilities assumed - (1,221) Cash paid $ - $ 1,324 Debt exchange (c): Debt issued in debt exchange offering $ 300 $ - Debt exchanged in debt exchange offering (300) - $ - $ - Noncash construction expenditures (d): $ 198 $ 257 ____________ (a) See Note 9 for more information related to income taxes. (b) See Note 11 for more information on noncash debt exchanges related to InfraREIT Acquisition. (c) See Note 5 for more information on noncash debt exchanges related to 2052 Notes issuance. (d) Represents end-of-period accruals. |
Infrareit Acquisition
Infrareit Acquisition | 9 Months Ended |
Sep. 30, 2020 | |
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. 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 new Oncor senior secured debt for $351 million principal amount of InfraREIT subsidiary debt. 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 substations. 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 condensed consolidated financial statements beginning as of the closing date. The following table sets forth the final purchase price paid. The final purchase price allocation was completed as of March 31, 2020. Purchase of outstanding InfraREIT shares and units $ 1,275 Certain transaction costs of InfraREIT paid by Oncor through June 30, 2019 (a) 53 Total purchase price paid through June 30, 2019 1,328 Adjustments made in the period from June 30, 2019 through March 31, 2020 (4) Total purchase price paid $ 1,324 __________________ (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. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information for the nine months ended September 30, 2019 assumes that the InfraREIT Acquisition occurred on January 1, 2019. 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, 2019, 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. Nine Months Ended September 30, 2019 Oncor Consolidated Pro Forma Revenues $ 3,352 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) | 9 Months Ended |
Sep. 30, 2020 | |
Business And Significant Accounting Policies [Abstract] | |
Description Of Business | Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor and/or its subsidiaries as apparent in the context. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs that sell power in the north-central, eastern, western and panhandle regions of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is indirectly and wholly owned by Sempra. Oncor Holdings owns 80.25% of our outstanding membership interests and Texas Transmission owns 19.75% of our outstanding membership interests. We are managed as an integrated business; consequently, there is only one reportable segment. Our condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2019 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. |
Ring-Fencing Measures | Ring-Fencing Measures Since 2007, various ring-fencing measures have been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities and entities with ownership interests in Oncor or Oncor Holdings. These ring-fencing measures serve to mitigate the Oncor Ring-Fenced Entities’ credit exposure to owners of Oncor and Oncor Holdings, and to reduce the risk that the assets and liabilities of Oncor Ring-Fenced Entities would be substantively consolidated with the assets and liabilities of any direct or indirect owners of Oncor and Oncor Holdings in connection with a bankruptcy of any such entities. These measures include the November 2008 sale of 19.75% of Oncor’s equity interests to Texas Transmission. In March 2018, Sempra indirectly acquired Oncor Holdings through the Sempra Acquisition. The Sempra Acquisition was consummated after obtaining the approval of the bankruptcy court in the EFH Bankruptcy Proceedings and the PUCT. The PUCT approval was obtained in Docket No. 47675, and the final order issued in that docket (Sempra Order) outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. Oncor is a limited liability company governed by a board of directors, not its members. The Sempra Order and our Limited Liability Company Agreement require that the board of directors of Oncor consist of thirteen members, constituted as follows: · seven Disinterested Directors, who (i) shall be independent directors in all material respects under the rules of the New York Stock Exchange in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years; · two members designated by Sempra (through Oncor Holdings); · two members designated by Texas Transmission; and · two current or former officers of Oncor (the Oncor Officer Directors), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of the Board and Chief Executive, respectively. In order for a current or former officer of Oncor to be eligible to serve as an Oncor Officer Director, the officer cannot have worked for Sempra or any of its affiliates (excluding Oncor Holdings and Oncor) or any other entity with a direct or indirect ownership interest in Oncor or Oncor Holdings in the ten-year period prior to the officer being employed by Oncor. Oncor Holdings, at the direction of STIH, has the right to nominate and/or seek the removal of the Oncor Officer Directors, subject to approval by a majority of the Oncor board of directors. STIH is a wholly owned indirect subsidiary of, and controlled by, Sempra following the Sempra Acquisition. In addition, the Sempra Order provides that Oncor’s board cannot be overruled by the board of Sempra or any of its subsidiaries on dividend policy, the issuance of dividends or other distributions (except for contractual tax payments), debt issuance, capital expenditures, operation and maintenance expenditures, management and service fees, and appointment or removal of board members, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board positions on Oncor’s board of directors that Texas Transmission is entitled to appoint will be eliminated and the size of Oncor’s board of directors will be reduced by two. Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order and our Limited Liability Company Agreement to ring-fence Oncor from its owners include, among others: · A majority of the Disinterested Directors of Oncor must approve any annual or multi-year budget if the aggregate amount of capital expenditures or operating and maintenance expenditures in such budget is more than a 10% increase or decrease from the corresponding amounts of such expenditures in the budget for the preceding fiscal year or multi-year period, as applicable; · Oncor may not pay any dividends or make any other distributions (except for contractual tax payments) if a majority of its Disinterested Directors determines that it is in the best interests of Oncor to retain such amounts to meet expected future requirements; · At all times, Oncor will remain in compliance with the debt-to-equity ratio established by the PUCT from time to time for ratemaking purposes, and Oncor will not pay dividends or other distributions (except for contractual tax payments), if that payment would cause its debt-to-equity ratio to exceed the debt-to-equity ratio approved by the PUCT; · If the credit rating on Oncor’s senior secured debt by any of the three major rating agencies falls below BBB (or the equivalent), Oncor will suspend dividends and other distributions (except for contractual tax payments), unless otherwise allowed by the PUCT; · Without the prior approval of the PUCT, neither Sempra nor any of its affiliates (excluding Oncor) will incur, guaranty or pledge assets in respect of any indebtedness that is dependent on the revenues of Oncor in more than a proportionate degree than the other revenues of Sempra or on the stock of Oncor, and there will be no debt at STH or STIH at any time following the closing of the Sempra Acquisition; · Neither Oncor nor Oncor Holdings will lend money to or borrow money from Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and neither Oncor nor Oncor Holdings will share credit facilities with Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings; · There must be maintained certain “separateness measures” that reinforce the financial separation of Oncor from its owners, including a requirement that dealings between Oncor, Oncor Holdings and their subsidiaries with Sempra, any of Sempra’s other affiliates or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, must be on an arm’s-length basis, limitations on affiliate transactions, separate recordkeeping requirements and a prohibition on Sempra or its affiliates pledging Oncor assets or stock for any entity other than Oncor; and Sempra will continue to hold indirectly at least 51% of the ownership interests in Oncor and Oncor Holdings for at least five years following the closing of the Sempra Acquisition, unless otherwise specifically authorized by the PUCT. |
Basis Of Presentation | Basis of Presentation These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our 2019 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 2019 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. |
Interest Rate Derivatives And Hedge Accounting | Interest Rate Derivatives and Hedge Accounting We are exposed to interest rates primarily as a result of our current and expected use of financing. We may, from time to time, utilize interest rate derivative instruments typically designated as cash flow hedges, to lock in interest rates in anticipation of future financings. We may designate an interest rate derivative instrument as a cash flow hedge if it effectively converts anticipated cash flows associated with interest payments to a fixed dollar amount. In accounting for cash flow hedges, derivative assets and liabilities are recorded on the balance sheet at fair value with an offset to other comprehensive income. Amounts remain in accumulated other comprehensive income and are reclassified into net income as the interest expense on the related debt affects net income. See Note 5 for information on our interest rate hedging activity. |
Impairment Of Long-Lived Assets And Goodwill | Impairment of Long-Lived Assets and Goodwill We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We also evaluate goodwill for impairment annually on October 1 and whenever events or changes in circumstances indicate that an impairment may exist. The determination of the existence of these and other indications of impairment involves judgments that are subjective in nature and may require the use of estimates in forecasting future results and cash flows. |
Changes In Accounting Standards | Changes in Accounting Standards Topic 326, “Financial Instruments—Credit Losses” – In June 2016, the FASB issued ASU No. 2016-13, which changes how entities account for credit losses on receivables and certain other financial assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. We adopted the new standard effective January 1, 2020. The adoption of the new standard did not have a material impact on our consolidated financial statements. Topic 848, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” – In March 2020, the FASB issued ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The standard allows entities to account for contract modifications as an event that does not require reassessment or remeasurement (i.e., as a continuation of the existing contract). Our Credit Facility and term loan agreement use LIBOR as a benchmark for establishing interest rates. Our term loan agreement currently contains a maturity date that is prior to the anticipated date that any LIBOR phase out will occur. Implementation has not had an impact on our consolidated financial statements. In the event we modify our Credit Facility or term loan agreement related to the phase-out of LIBOR, we will evaluate the optional expedients and exceptions under the standard. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory Matters [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period At September 30, 2020 At September 30, 2020 At December 31, 2019 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 597 $ 623 Employee retirement costs being amortized 7 years 235 262 Employee retirement costs incurred since the last rate review period (b) To be determined 71 79 Self-insurance reserve (primarily storm recovery costs) being amortized 7 years 277 309 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 263 238 Debt reacquisition costs Lives of related debt 26 29 Under-recovered AMS costs 7 years 154 170 Energy efficiency performance bonus (a) 1 year or less 17 9 Wholesale distribution substation service To be determined 49 34 Unrecovered expenses related to COVID-19 (d) To be determined 24 - Other regulatory assets Various 18 22 Total regulatory assets 1,731 1,775 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,239 1,178 Excess deferred taxes Primarily over lives of related assets 1,524 1,574 Over-recovered wholesale transmission service expense (a) 1 year or less 70 30 Unamortized gain on reacquisition of debt Lives of related debt 27 - Other regulatory liabilities Various 20 11 Total regulatory liabilities 2,880 2,793 Net regulatory assets (liabilities) $ (1,149) $ (1,018) ____________ (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. (d) Includes $14 million incremental costs incurred resulting from the effects of the COVID-19 pandemic, including costs related to our pandemic response plan and $10 million related to the COVID-19 Electricity Relief Program. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenues [Abstract] | |
Disaggregation Of Revenues | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 629 $ 633 $ 1,643 $ 1,629 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 200 181 595 493 Billed to REPs serving Oncor distribution customers, through TCRF 111 105 332 282 Total transmission base revenues 311 286 927 775 Other miscellaneous revenues 32 31 66 66 Total revenues contributing to earnings 972 950 2,636 2,470 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 245 245 723 759 EECRF 15 16 35 39 Revenues collected for pass-through expenses 260 261 758 798 Total operating revenues $ 1,232 $ 1,211 $ 3,394 $ 3,268 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Short-Term Borrowings [Abstract] | |
Schedule Of Short-Term Borrowings | At September 30, At December 31, 2020 2019 Total credit facility borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) - (46) Credit facility outstanding (b) - - Letters of credit outstanding (c) (9) (10) Available unused credit $ 1,991 $ 1,944 ____________ (a) The weighted average interest rate for commercial paper was 1.84% at December 31, 2019. (b) At September 30, 2020, the applicable interest rate for any outstanding borrowings was LIBOR plus 1.00%. (c) The interest rate on outstanding letters of credit at both September 30, 2020 and December 31, 2019 was 1.20% based on our credit ratings. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | September 30, December 31, 2020 2019 Fixed Rate Secured: 5.75% Senior Notes due September 30, 2020 $ - $ 126 8.50% Senior Notes, Series C, due December 30, 2020 13 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 500 500 2.95% Senior Notes due April 1, 2025 350 350 0.55% Senior Notes due October 1, 2025 450 - 3.86% Senior Notes, Series A, due December 3, 2025 174 174 3.86% Senior Notes, Series B, due January 14, 2026 38 38 3.70% Senior Notes due November 15, 2028 650 650 5.75% Senior Notes due March 15, 2029 318 318 7.25% Senior Notes, Series B, due December 30, 2029 - 36 2.75% Senior Notes due May 15, 2030 400 - 6.47% Senior Notes, Series A, due September 30, 2030 - 83 7.00% Senior Notes due May 1, 2032 494 500 7.25% Senior Notes due January 15, 2033 323 350 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 348 500 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 500 500 3.10% Senior Notes, due September 15, 2049 700 700 3.70% Senior Notes due May 15, 2050 400 - 5.35% Senior Notes due October 1, 2052 300 - Secured long-term debt 9,340 8,221 Unsecured: Term loan agreement maturing October 6, 2020 - 460 Term loan agreement maturing June 1, 2021 450 - Total long-term debt 9,790 8,681 Unamortized discount and debt issuance costs (99) (56) Less amount due currently (463) (608) Long-term debt, less amounts due currently $ 9,228 $ 8,017 |
Schedule Of Long-Term Debt Maturity | Year Amount 2020 (excluding first nine months of 2020) $ 13 2021 450 2022 882 2023 - 2024 500 Thereafter 7,945 Unamortized discount and debt issuance costs (99) Total $ 9,691 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Operating Lease Maturity | Year Amount 2020 (remaining three months) $ 8 2021 31 2022 28 2023 21 2024 14 Thereafter 41 Total undiscounted lease payments 143 Less imputed interest (12) Total future minimum lease payments $ 131 |
Membership Interests (Tables)
Membership Interests (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Membership Interests [Abstract] | |
Schedule Of Cash Capital Contributions | Payment Date Amount February 18, 2020 $ 87 April 27, 2020 87 July 28, 2020 87 261 |
Schedule Of Distributions Paid | Declaration Date Payment Date Amount February 19, 2020 February 20, 2020 $ 91 April 29, 2020 April 30, 2020 91 July 29, 2020 July 30, 2020 92 274 |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at June 30, 2020 $ 11,236 $ (159) $ 11,077 Net income 258 - 258 Distributions (92) - (92) Capital contributions 87 - 87 Net effects of cash flow hedges (Note 5) - 1 1 Defined benefit pension plans - 1 1 Balance at September 30, 2020 $ 11,489 $ (157) $ 11,332 Balance at June 30, 2019 $ 10,210 $ (164) $ 10,046 Net income 263 - 263 Distributions (71) - (71) Capital contributions 70 - 70 Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 2 2 Balance at September 30, 2019 $ 10,472 $ (161) $ 10,311 Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2019 $ 10,938 $ (139) $ 10,799 Net income 565 - 565 Distributions (274) - (274) Capital contributions 260 - 260 Net effects of cash flow hedges (Note 5) - (22) (22) Defined benefit pension plans - 4 4 Balance at September 30, 2020 $ 11,489 $ (157) $ 11,332 Balance at December 31, 2018 $ 8,624 $ (164) $ 8,460 Net income 518 - 518 Distributions (213) - (213) Capital contributions 1,540 - 1,540 Net effects of cash flow hedges 3 (1) 2 Defined benefit pension plans - 4 4 Balance at September 30, 2019 $ 10,472 $ (161) $ 10,311 |
Schedule Of Changes To Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges – Interest Rate Swaps Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ (18) $ (121) $ (139) Defined benefit pension plans - 4 4 Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6 ) (Note 5) (23) - (23) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $-) 1 - 1 Balance at September 30, 2020 $ (40) $ (117) $ (157) Balance at December 31, 2018 $ (16) $ (148) $ (164) Defined benefit pension plans - 5 5 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax of $-) 2 - 2 Amounts reclassified from AOCI to capital account (4) - (4) Balance at September 30, 2019 $ (18) $ (143) $ (161) |
Pension And OPEB Plans (Tables)
Pension And OPEB Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Pension And OPEB Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Components of net allocated pension costs: Service cost $ 7 $ 6 $ 22 $ 19 Interest cost 26 32 77 96 Expected return on assets (27) (29) (82) (89) Amortization of net loss 12 7 36 22 Net pension costs 18 16 53 48 Components of net OPEB costs: Service cost 2 2 5 5 Interest cost 8 10 24 32 Expected return on assets (2) (2) (6) (6) Amortization of prior service cost (5) (5) (15) (15) Amortization of net loss 2 5 8 14 Net OPEB costs 5 10 16 30 Total net pension and OPEB costs 23 26 69 78 Less amounts deferred principally as property or a regulatory asset (4) (7) (11) (20) Net amounts recognized as operation and maintenance expense or other deductions $ 19 $ 19 $ 58 $ 58 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related-Party Transactions [Abstract] | |
Schedule Of Amounts Payable To (Receivables From) Related Parties | At September 30, 2020 At December 31, 2019 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ 10 $ 3 $ 13 $ (2) $ (1) $ (3) Texas margin tax payable 17 - 17 22 - 22 Net payable (receivable) $ 27 $ 3 $ 30 $ 20 $ (1) $ 19 |
Schedule Of Cash Payments Made To (Received From) Related Parties | Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes $ 49 $ 12 $ 61 $ 29 $ 7 $ 36 Texas margin tax 22 - 22 22 - 22 Total payments (receipts) $ 71 $ 12 $ 83 $ 51 $ 7 $ 58 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Other Deductions And (Income) | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Professional fees $ 1 $ 2 $ 4 $ 6 InfraREIT Acquisition related costs - - - 9 Recoverable pension and OPEB - non-service costs 14 14 41 42 AFUDC equity income (7) - (19) - Other, including interest income (3) (2) 2 (1) Total other deductions and (income) - net $ 5 $ 14 $ 28 $ 56 |
Schedule Of Interest Expense And Related Charges | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest $ 104 $ 98 $ 310 $ 280 Amortization of debt issuance costs and discounts 3 3 8 7 Less allowance for funds used during construction – capitalized interest portion (5) (4) (13) (11) Total interest expense and related charges $ 102 $ 97 $ 305 $ 276 |
Schedule Of Trade Accounts And Other Receivables | At September 30, At December 31, 2020 2019 Gross trade accounts and other receivables $ 795 $ 666 Allowance for uncollectible accounts (6) (5) Trade accounts receivable – net $ 789 $ 661 |
Summary of Investments And Other Property | At September 30, At December 31, 2020 2019 Assets related to employee benefit plans $ 120 $ 119 Land 12 12 Other 2 2 Total investments and other property $ 134 $ 133 |
Schedule Of Property, Plant And Equipment | Composite Depreciation Rate/ At September 30, At December 31, Avg. Life at September 30, 2020 2020 2019 Assets in service: Distribution 2.5% / 39.4 years $ 14,692 $ 14,007 Transmission 2.9% / 34.9 years 11,634 11,094 Other assets 6.7% / 15.0 years 1,671 1,648 Total 27,997 26,749 Less accumulated depreciation 8,283 7,986 Net of accumulated depreciation 19,714 18,763 Construction work in progress 1,023 585 Held for future use 22 22 Property, plant and equipment – net $ 20,759 $ 19,370 |
Schedule Of Intangible Assets | At September 30, 2020 At December 31, 2019 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 600 $ 111 $ 489 $ 575 $ 107 $ 468 Capitalized software 956 472 484 933 430 503 Total $ 1,556 $ 583 $ 973 $ 1,508 $ 537 $ 971 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2020 $ 62 2021 62 2022 62 2023 62 2024 61 |
Schedule Of Operating Lease, Third Party Joint Project And Other Obligations | At September 30, At December 31, 2020 2019 Operating lease liabilities $ 98 $ 66 Investment tax credits 5 6 Third-party joint project obligation (a) 53 4 Other 85 70 Total operating lease, third-party joint project and other obligations $ 241 $ 146 ____________ (a) Oncor is currently involved in a joint project with LP&L. See Note 3 for more information. |
Schedule Of Supplemental Cash Flow Information | Nine Months Ended September 30, 2020 2019 Cash payments (receipts) related to: Interest $ 288 $ 256 Less capitalized interest (13) (11) Interest payments (net of amounts capitalized) $ 275 $ 245 Amount in lieu of income taxes (a): Federal $ 61 $ 36 State 22 22 Total payments (receipts) in lieu of income taxes $ 83 $ 58 Noncash increase in operating lease obligations for ROU assets $ 27 $ 26 Noncash investing and financing activity: Acquisition (b): Assets acquired $ - $ 2,545 Liabilities assumed - (1,221) Cash paid $ - $ 1,324 Debt exchange (c): Debt issued in debt exchange offering $ 300 $ - Debt exchanged in debt exchange offering (300) - $ - $ - Noncash construction expenditures (d): $ 198 $ 257 ____________ (a) See Note 9 for more information related to income taxes. (b) See Note 11 for more information on noncash debt exchanges related to InfraREIT Acquisition. (c) See Note 5 for more information on noncash debt exchanges related to 2052 Notes issuance. (d) Represents end-of-period accruals. |
Infrareit Acquisition (Tables)
Infrareit Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Infrareit Acquisition [Abstract] | |
Total Purchase Price Paid | Purchase of outstanding InfraREIT shares and units $ 1,275 Certain transaction costs of InfraREIT paid by Oncor through June 30, 2019 (a) 53 Total purchase price paid through June 30, 2019 1,328 Adjustments made in the period from June 30, 2019 through March 31, 2020 (4) Total purchase price paid $ 1,324 __________________ (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. |
Pro Forma Information | Nine Months Ended September 30, 2019 Oncor Consolidated Pro Forma Revenues $ 3,352 |
Business And Significant Acco_3
Business And Significant Accounting Policies (Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($)entity | Dec. 31, 2019USD ($) | |
Business And Significant Accounting Polices [Line Items] | ||
Number of board of directors | 13 | |
Number of disinterested directors | 7 | |
Direct or indirect ownership interest time period | 10 years | |
Number of board positions to be eliminated upon acquisition | 2 | |
Goodwill | $ | $ 4,740 | $ 4,740 |
Operating lease obligations | $ | $ 131 | |
Oncor Holdings [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Number of disinterested directors | 2 | |
Texas Transmission [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Number of disinterested directors | 2 | |
Sempra Energy [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Number of disinterested directors | 2 | |
Oncor Holdings [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Ownership | 80.25% | |
Oncor Holdings [Member] | Sempra Energy [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Percentage of membership interest owned by non-controlling owners | 51.00% | |
Ownership holding period | 5 years | |
Texas Transmission [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Percentage of membership interest owned by non-controlling owners | 19.75% | |
Minimum [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Disinterested directors expenditure budget percentage | 10.00% |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2020USD ($)$ / MWh | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||
Regulatory capitalization ratio, debt | 57.50% | ||
Regulatory capitalization ratio, equity | 42.50% | ||
Per MWh surcharge to be collected | $ / MWh | 0.33 | ||
Rider surcharge | $ 22,000,000 | ||
Reimbursements paid to COVID-19 ERP | 32,000,000 | ||
Net regulatory asset | (1,149,000,000) | $ (1,018,000,000) | |
Oncor | |||
Public Utilities, General Disclosures [Line Items] | |||
Reimbursements paid to COVID-19 ERP | 17,000,000 | ||
ERCOT [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Debt principal amount | $ 7,000,000 | ||
PUCT COVID-19 [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Net regulatory asset | $ 14,000,000 |
Regulatory Matters (Components
Regulatory Matters (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 1,731 | $ 1,775 |
Carrying Amount, Regulatory Liabilities | 2,880 | 2,793 |
Net regulatory assets (liabilities) | (1,149) | (1,018) |
Costs related to pandemic response plan | 14 | |
Costs related to electricity relief program | $ 10 | |
Estimated Net Removal Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Lives of related assets | |
Carrying Amount, Regulatory Liabilities | $ 1,239 | 1,178 |
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 | $ 1,524 | 1,574 |
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 | $ 70 | 30 |
Unamortized Gain On Reacquisition Of Debt [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Lives of related debt | |
Carrying Amount, Regulatory Assets | $ 27 | |
Other Regulatory Liabilities [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Various | |
Carrying Amount, Regulatory Liabilities | $ 20 | 11 |
Employee Retirement Liability [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 597 | 623 |
Employee Retirement Costs Being Amortized [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 7 years | |
Carrying Amount, Regulatory Assets | $ 235 | 262 |
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 | $ 71 | 79 |
Self-Insurance Reserve (Primarily Storm Recovery Costs) Being Amortized [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 7 years | |
Carrying Amount, Regulatory Assets | $ 277 | 309 |
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 | $ 263 | 238 |
Securities Reacquisition Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Lives of related debt | |
Carrying Amount, Regulatory Assets | $ 26 | 29 |
Under-recovered AMS Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 7 years | |
Carrying Amount, Regulatory Assets | $ 154 | 170 |
Energy Efficiency Performance Bonus [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year or less | |
Carrying Amount, Regulatory Assets | $ 17 | 9 |
Wholesale Distribution Substation Service [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 49 | 34 |
Unrecovered Expenses Related To COVID-19 [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 24 | |
Other Regulatory Assets [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Various | |
Carrying Amount, Regulatory Assets | $ 18 | $ 22 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($)itementity | |
Disaggregation of Revenue [Line Items] | ||
Number of REPS | item | 90 | |
Number of counterparties | entity | 2 | |
Payment term | 35 days | |
REP Subsidiary One [Member] | Revenue Benchmark [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 29.00% | 26.00% |
REP Subsidiary Two [Member] | Revenue Benchmark [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 21.00% | 19.00% |
Lubbock Power & Light (LP&L) [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Joint project cost | $ | $ 400 | $ 400 |
Revenues (Disaggregation Of Rev
Revenues (Disaggregation Of Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | $ 972 | $ 950 | $ 2,636 | $ 2,470 |
Revenues collected for pass-through expenses | 260 | 261 | 758 | 798 |
Total operating revenues | 1,232 | 1,211 | 3,394 | 3,268 |
Distribution Base Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 629 | 633 | 1,643 | 1,629 |
Transmission Base Revenues (TCOS Revenues) [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 311 | 286 | 927 | 775 |
Transmission Base Revenues (TCOS Revenues) [Member] | Third-Party Wholesale Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 200 | 181 | 595 | 493 |
Transmission Base Revenues (TCOS Revenues) [Member] | REPS Serving Oncor Distribution Customers, Through TCRF [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 111 | 105 | 332 | 282 |
Other Miscellaneous Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 32 | 31 | 66 | 66 |
TCRF - Third-party Wholesale Transmission Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues collected for pass-through expenses | 245 | 245 | 723 | 759 |
EECRF [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues collected for pass-through expenses | $ 15 | $ 16 | $ 35 | $ 39 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) | 9 Months Ended | |||
Sep. 30, 2020contract | Apr. 30, 2020USD ($) | Mar. 31, 2018USD ($) | Nov. 30, 2017USD ($) | |
ERCOT [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt principal amount | $ 7,000,000 | |||
Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 2,000,000,000 | |||
Number of revolving credit facilities extension options | contract | 2 | |||
Extension period for revolving line of credit | 1 year | |||
Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Possible additional increase in borrowing capacity amount | 400,000,000 | |||
Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Possible additional increase in borrowing capacity amount | $ 100,000,000 | |||
Commercial Paper [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 2,000,000,000 |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||
Total credit facility borrowing capacity | $ 2,000 | $ 2,000 |
Available unused credit | 1,991 | 1,944 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Outstanding | $ (46) | |
Weighted average interest rate | 1.84% | |
Letter of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Outstanding | $ (9) | $ (10) |
Weighted average 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) | 6 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | Jul. 31, 2020USD ($) | Mar. 17, 2020USD ($) | Feb. 28, 2020USD ($) | Jan. 29, 2020USD ($) | Dec. 31, 2019USD ($) | |
Long-Term Debt [Line Items] | ||||||||
Repayments of long-term debt | $ 701,000,000 | $ 742,000,000 | ||||||
Accumulated other comprehensive loss relassified to net income | 4,000,000 | |||||||
Loss on interest rate hedge | 29,000,000 | |||||||
Loss on interest rate hedge, after tax | 23,000,000 | |||||||
Estimated fair value of our long-term debt including current maturities | 11,962,000,000 | $ 10,003,000,000 | ||||||
Carrying amount | $ 9,691,000,000 | 8,625,000,000 | ||||||
One-Month London Interbank Offered Rate [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Spread over variable rate | 1.00% | |||||||
0.55% Senior Notes due October 1, 2025 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Proceeds from sale of Notes | $ 443,000,000 | |||||||
Redemption percentage | 100.00% | |||||||
5.35% Senior Notes due October 1, 2052 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Proceeds from sale of Notes | $ 0 | |||||||
2030 And 2050 Notes [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Proceeds from sale of Notes | $ 790,000,000 | |||||||
Increase in basis points per annum | 0.50% | |||||||
Term Loan Agreement Maturing June 1, 2021 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Number of possible withdraws from credit facility | item | 4 | |||||||
Outstanding borrowing under the revolving credit facility | $ 232,000,000 | $ 55,000,000 | $ 163,000,000 | |||||
Term Loan Agreement Maturing June 1, 2021 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Spread over variable rate | 0.50% | |||||||
Term Loan Agreement Maturing June 1, 2021 [Member] | Federal Funds Effective Rate [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Spread over variable rate | 0.50% | |||||||
Term Loan Agreement Maturing June 1, 2021 [Member] | One-Month London Interbank Offered Rate [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Spread over variable rate | 1.00% | |||||||
Minimum [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Loan term | 10 years | |||||||
Maximum [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Loan term | 30 years | |||||||
Secured Debt [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Aggregate principal amount | $ 9,340,000,000 | 8,221,000,000 | ||||||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85.00% | |||||||
Available bond credits | $ 2,102,000,000 | |||||||
Future debt subject to property additions to the Deed of Trust | 2,821,000,000 | |||||||
Secured Debt [Member] | 0.55% Senior Notes due October 1, 2025 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Aggregate principal amount | 450,000,000 | |||||||
Secured Debt [Member] | 5.35% Senior Notes due October 1, 2052 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Aggregate principal amount | 300,000,000 | |||||||
Secured Debt [Member] | 2.75% Senior Notes due May 15, 2030 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Aggregate principal amount | 400,000,000 | |||||||
Secured Debt [Member] | 3.70% Senior Notes Due May 15, 2050 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Aggregate principal amount | 400,000,000 | |||||||
Secured Debt [Member] | Note Purchase Agreements [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Repayments of long-term debt | 5,000,000 | |||||||
Secured Debt [Member] | 5.75% Fixed Senior Notes Due September 30, 2020 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Repayments of long-term debt | 126,000,000 | |||||||
Aggregate principal amount | 126,000,000 | |||||||
Unsecured Debt [Member] | Term Loan Agreement Maturing October 6, 2020 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Repayments of long-term debt | 460,000,000 | |||||||
Term loan | $ 460,000,000 | |||||||
Unsecured Debt [Member] | Term Loan Agreement Maturing June 1, 2021 [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Term loan | 450,000,000 | |||||||
Unsecured Debt [Member] | March 2020 Term Loan Agreement [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Repayments of long-term debt | $ 110,000,000 | |||||||
Debt principal amount | $ 15,000,000 | $ 95,000,000 | ||||||
Unsecured Debt [Member] | March 2020 Term Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Spread over variable rate | 0.95% | |||||||
Unsecured Debt [Member] | March 2020 Term Loan Agreement [Member] | Federal Funds Effective Rate [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Spread over variable rate | 0.50% | |||||||
Unsecured Debt [Member] | March 2020 Term Loan Agreement [Member] | One-Month London Interbank Offered Rate [Member] | ||||||||
Long-Term Debt [Line Items] | ||||||||
Spread over variable rate | 1.00% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 9,790 | $ 8,681 |
Unamortized discount and debt issuance costs | (99) | (56) |
Less amount due currently | (463) | (608) |
Long-term debt, less amounts due currently | 9,228 | 8,017 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 9,340 | 8,221 |
5.75% Fixed Senior Notes Due September 30, 2020 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 126 | |
Interest percentage | 5.75% | 5.75% |
Due date | Sep. 30, 2020 | |
8.50% Senior Notes, Series C, due December 30, 2020 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 13 | $ 14 |
Interest percentage | 8.50% | 8.50% |
Due date | Dec. 30, 2020 | |
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 400 | $ 400 |
Interest percentage | 4.10% | 4.10% |
Due date | Jun. 1, 2022 | |
7.00% Fixed Debentures Due September 1, 2022 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 482 | $ 482 |
Interest percentage | 7.00% | 7.00% |
Due date | Sep. 1, 2022 | |
2.75% Senior Notes due June 1, 2024 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 500 | $ 500 |
Interest percentage | 2.75% | 2.75% |
Due date | Jun. 1, 2024 | |
2.95% Fixed Senior Notes Due April 1, 2025 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 350 | $ 350 |
Interest percentage | 2.95% | 2.95% |
Due date | Apr. 1, 2025 | |
0.55% Senior Notes due October 1, 2025 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 450 | |
Interest percentage | 0.55% | 0.55% |
Due date | Oct. 1, 2025 | |
3.86% Senior Notes, Series A, due December 3, 2025 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 174 | $ 174 |
Interest percentage | 3.86% | 3.86% |
Due date | Dec. 3, 2025 | |
3.86% Senior Notes, Series B, due January 14, 2026 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 38 | $ 38 |
Interest percentage | 3.86% | 3.86% |
Due date | Jan. 14, 2026 | |
3.70% Fixed Senior Notes Due November 15, 2028 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 650 | $ 650 |
Interest percentage | 3.70% | 3.70% |
Due date | Nov. 15, 2028 | |
5.75% Fixed Senior Notes Due March 15, 2029 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 318 | $ 318 |
Interest percentage | 5.75% | 5.75% |
Due date | Mar. 15, 2029 | |
7.25% Senior Notes, Series B, due December 30, 2029 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 36 | |
Interest percentage | 7.25% | 7.25% |
Due date | Dec. 30, 2029 | |
2.75% Senior Notes due May 15, 2030 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 400 | |
Interest percentage | 2.75% | 2.75% |
Due date | May 15, 2030 | |
6.47% Senior Notes, Series A, due September 30, 2030 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 83 | |
Interest percentage | 6.47% | 6.47% |
Due date | Sep. 30, 2030 | |
7.00% Fixed Senior Notes Due May 1, 2032 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 494 | $ 500 |
Interest percentage | 7.00% | 7.00% |
Due date | May 1, 2032 | |
7.25% Fixed Senior Notes Due January 15, 2033 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 323 | $ 350 |
Interest percentage | 7.25% | 7.25% |
Due date | Jan. 15, 2033 | |
7.50% Fixed Senior Notes Due September 1, 2038 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 300 | $ 300 |
Interest percentage | 7.50% | 7.50% |
Due date | Sep. 1, 2038 | |
5.25% Fixed Senior Notes Due September 30, 2040 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 475 | $ 475 |
Interest percentage | 5.25% | 5.25% |
Due date | Sep. 30, 2040 | |
4.55% Fixed Senior Notes Due December 1, 2041 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 400 | $ 400 |
Interest percentage | 4.55% | 4.55% |
Due date | Dec. 1, 2041 | |
5.30% Fixed Senior Notes Due June 1, 2042 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 348 | $ 500 |
Interest percentage | 5.30% | 5.30% |
Due date | Jun. 1, 2042 | |
3.75% Fixed Senior Notes Due April 1, 2045 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 550 | $ 550 |
Interest percentage | 3.75% | 3.75% |
Due date | Apr. 1, 2045 | |
3.80% Fixed Senior Notes Due September 30, 2047 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 325 | $ 325 |
Interest percentage | 3.80% | 3.80% |
Due date | Sep. 30, 2047 | |
4.10% Fixed Senior Notes Due November 15, 2048 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 450 | $ 450 |
Interest percentage | 4.10% | 4.10% |
Due date | Nov. 15, 2048 | |
3.80% Senior Notes, Due June 1, 2049 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 500 | $ 500 |
Interest percentage | 3.80% | 3.80% |
Due date | Jun. 1, 2049 | |
3.10% Senior Notes, Due September 15, 2049 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 700 | $ 700 |
Interest percentage | 3.10% | 3.10% |
Due date | Sep. 15, 2049 | |
3.70% Senior Notes Due May 15, 2050 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 400 | |
Interest percentage | 3.70% | 3.70% |
Due date | May 15, 2050 | |
5.35% Senior Notes due October 1, 2052 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 300 | |
Interest percentage | 5.35% | 5.35% |
Due date | Oct. 1, 2052 | |
Term Loan Agreement Maturing October 6, 2020 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 460 | |
Due date | Oct. 6, 2020 | |
Term Loan Agreement Maturing June 1, 2021 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 450 | |
Due date | Jun. 1, 2021 |
Long-Term Debt (Schedule Of L_2
Long-Term Debt (Schedule Of Long-Term Debt Maturity) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Long-Term Debt [Abstract] | ||
2020 (excluding first nine months of 2020) | $ 13 | |
2021 | 450 | |
2022 | 882 | |
2024 | 500 | |
Thereafter | 7,945 | |
Unamortized discount and debt issuance costs | (99) | $ (56) |
Total | $ 9,691 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |
Feb. 29, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | ||
Lease term | 15 years | |
Increase in lease obligation | $ 36 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Operating Lease Maturity) (Details) $ in Millions | Sep. 30, 2020USD ($) |
Commitments And Contingencies [Abstract] | |
2020 (remaining three months) | $ 8 |
2021 | 31 |
2022 | 28 |
2023 | 21 |
2024 | 14 |
Thereafter | 41 |
Total undiscounted lease payments | 143 |
Less imputed interest | (12) |
Total future minimum lease payments | $ 131 |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | Oct. 27, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Oct. 28, 2020 |
Subsequent Event [Line Items] | ||||
Cash available for distribution | $ 492 | |||
Regulatory capitalization ratio, debt | 57.50% | |||
Regulatory capitalization ratio, equity | 42.50% | |||
Current regulatory capitalization ratio, debt | 55.90% | |||
Current regulatory capitalization ratio, equity | 44.10% | |||
Members contribution | $ 261 | $ 1,540 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash available for distribution | $ 82 | |||
Members contribution | $ 77 |
Membership Interests (Schedule
Membership Interests (Schedule Of Cash Capital Contributions) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transaction [Line Items] | ||
Members contribution | $ 261 | $ 1,540 |
February 18, 2020 [Member] | ||
Related Party Transaction [Line Items] | ||
Members contribution | 87 | |
April 27, 2020 [Member] | ||
Related Party Transaction [Line Items] | ||
Members contribution | 87 | |
July 28, 2020 [Member] | ||
Related Party Transaction [Line Items] | ||
Members contribution | $ 87 |
Membership Interests (Schedul_2
Membership Interests (Schedule Of Distributions Paid) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Dividends Payable [Line Items] | ||
Amount | $ 274 | $ 213 |
Payment One [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Feb. 19, 2020 | |
Payment Date | Feb. 20, 2020 | |
Amount | $ 91 | |
Payment Two [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Apr. 29, 2020 | |
Payment Date | Apr. 30, 2020 | |
Amount | $ 91 | |
Payment Three [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Jul. 29, 2020 | |
Payment Date | Jul. 30, 2020 | |
Amount | $ 92 |
Membership Interests (Schedul_3
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | $ 10,799 | |||
Net income | $ 258 | $ 263 | 565 | $ 518 |
Distributions | (274) | (213) | ||
Capital contributions | 261 | 1,540 | ||
Net effects of cash flow hedges (Note 5) | 1 | (22) | (2) | |
Defined benefit pension plans | 1 | 1 | 4 | 4 |
Balance | 11,332 | 11,332 | ||
Capital Accounts [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | 11,236 | 10,210 | 10,938 | 8,624 |
Net income | 258 | 263 | 565 | 518 |
Distributions | (92) | (71) | (274) | (213) |
Capital contributions | 87 | 70 | 260 | 1,540 |
Net effects of cash flow hedges (Note 5) | 3 | |||
Defined benefit pension plans | ||||
Balance | 11,489 | 10,472 | 11,489 | 10,472 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | (159) | (164) | (139) | (164) |
Net income | ||||
Distributions | ||||
Capital contributions | ||||
Net effects of cash flow hedges (Note 5) | 1 | 1 | (22) | (1) |
Defined benefit pension plans | 1 | 2 | 4 | 4 |
Balance | (157) | (161) | (157) | (161) |
Membership Interests [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | 11,077 | 10,046 | 10,799 | 8,460 |
Net income | 258 | 263 | 565 | 518 |
Distributions | (92) | (71) | (274) | (213) |
Capital contributions | 87 | 70 | 260 | 1,540 |
Net effects of cash flow hedges (Note 5) | 1 | 1 | (22) | 2 |
Defined benefit pension plans | 1 | 2 | 4 | 4 |
Balance | $ 11,332 | $ 10,311 | $ 11,332 | $ 10,311 |
Membership Interests (Schedul_4
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (139) | |
Balance at end of period | (157) | |
Tax benefit cash flow hedges | 6 | |
Cash Flow Hedges - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (18) | $ (16) |
Defined benefit pension plans | ||
Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6) | (23) | |
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax) | 1 | 2 |
Amounts reclassified from AOCI to capital account | 4 | |
Balance at end of period | (40) | (18) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (121) | (148) |
Defined benefit pension plans | 4 | 5 |
Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6) | ||
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax) | ||
Amounts reclassified from AOCI to capital account | ||
Balance at end of period | (117) | (143) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (139) | (164) |
Defined benefit pension plans | 4 | 5 |
Cash flow hedges — net decrease in fair value of derivatives (net of tax benefit of $6) | (23) | |
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax) | 1 | 2 |
Amounts reclassified from AOCI to capital account | 4 | |
Balance at end of period | $ (157) | $ (161) |
Pension And OPEB Plans (Narrati
Pension And OPEB Plans (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)item | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of defined pension plans in which the Company participates | item | 2 |
Percentage of plan attributed to regulated business | 100.00% |
Oncor Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 3.12% |
Expected return on plan assets | 4.94% |
Vistra Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 3.26% |
Expected return on plan assets | 4.89% |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cash contributions | $ 115 |
Additional cash contributions | 26 |
Additional cash contributions, next five years | $ 560 |
OPEB Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Discount rate | 3.29% |
Expected return on plan assets | 5.90% |
Cash contributions | $ 26 |
Additional cash contributions | 9 |
Additional cash contributions, next five years | $ 176 |
Pension And OPEB Plans (Schedul
Pension And OPEB Plans (Schedule Of Pension And OPEB Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Net costs | $ 23 | $ 26 | $ 69 | $ 78 |
Less amounts deferred principally as property or a regulatory asset | (4) | (7) | (11) | (20) |
Net amounts recognized as operation and maintenance expense or other deductions | 19 | 19 | 58 | 58 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7 | 6 | 22 | 19 |
Interest cost | 26 | 32 | 77 | 96 |
Expected return on assets | (27) | (29) | (82) | (89) |
Amortization of net loss | 12 | 7 | 36 | 22 |
Net costs | 18 | 16 | 53 | 48 |
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 2 | 5 | 5 |
Interest cost | 8 | 10 | 24 | 32 |
Expected return on assets | (2) | (2) | (6) | (6) |
Amortization of prior service cost | (5) | (5) | (15) | (15) |
Amortization of net loss | 2 | 5 | 8 | 14 |
Net costs | $ 5 | $ 10 | $ 16 | $ 30 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | May 16, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Related Party Transaction [Line Items] | |||||||
Wholesale transmission service | $ 1,232 | $ 1,211 | $ 3,394 | $ 3,268 | |||
Sharyland Distribution & Transmission Services (SDTS) [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Wholesale transmission service | $ 5 | 9 | |||||
Maximum [Member] | Sharyland Distribution & Transmission Services (SDTS) [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Substation monitoring and switching services | $ 1 | $ 1 | $ 1 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Amounts Payable To (Receivables From) Related Parties) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | $ 13 | $ (3) |
Texas margin tax payable | 17 | 22 |
Net payable (receivable) | 30 | 19 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | 10 | (2) |
Texas margin tax payable | 17 | 22 |
Net payable (receivable) | 27 | 20 |
Texas Transmission and Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | 3 | (1) |
Net payable (receivable) | $ 3 | $ (1) |
Related-Party Transactions (S_2
Related-Party Transactions (Schedule Of Cash Payments Made To (Received From) Related Parties) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transaction [Line Items] | ||
Federal income taxes | $ 61 | $ 36 |
Texas margin tax | 22 | 22 |
Total payments (receipts) | 83 | 58 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | 49 | 29 |
Texas margin tax | 22 | 22 |
Total payments (receipts) | 71 | 51 |
Texas Transmission and Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | 12 | 7 |
Total payments (receipts) | $ 12 | $ 7 |
Supplementary Financial Infor_3
Supplementary Financial Information (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)customer | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)customer | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Supplemental Financial Information [Line Items] | |||||
Aggregate amortization expenses | $ 15 | $ 13 | $ 46 | $ 39 | |
Goodwill | $ 4,740 | $ 4,740 | $ 4,740 | ||
Trade Accounts Receivable [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Number of largest customers | customer | 2 | 2 | |||
Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration risk percentage | 17.00% | 15.00% | |||
Trade Accounts Receivable [Member] | Second Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration risk percentage | 13.00% | 11.00% |
Supplementary Financial Infor_4
Supplementary Financial Information (Schedule Of Other Deductions And (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Supplementary Financial Information [Abstract] | ||||
Professional fees | $ 1 | $ 2 | $ 4 | $ 6 |
InfraREIT Acquisition related costs | 9 | |||
Recoverable pension and OPEB - non-service | 14 | 14 | 41 | 42 |
AFUDC equity income | (7) | (19) | ||
Other, including interest income | (3) | (2) | 2 | (1) |
Total other deductions and (income) - net | $ 5 | $ 14 | $ 28 | $ 56 |
Supplementary Financial Infor_5
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Supplementary Financial Information [Abstract] | ||||
Interest | $ 104 | $ 98 | $ 310 | $ 280 |
Amortization of debt issuance costs and discounts | 3 | 3 | 8 | 7 |
Less allowance for funds used during construction – capitalized interest portion | (5) | (4) | (13) | (11) |
Total interest expense and related charges | $ 102 | $ 97 | $ 305 | $ 276 |
Supplementary Financial Infor_6
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables | $ 795 | $ 666 |
Allowance for uncollectible accounts | (6) | (5) |
Trade accounts receivable - net | $ 789 | $ 661 |
Supplementary Financial Infor_7
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans | $ 120 | $ 119 |
Land | 12 | 12 |
Other | 2 | 2 |
Total investments and other property | $ 134 | $ 133 |
Supplementary Financial Infor_8
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 27,997 | $ 26,749 |
Less accumulated depreciation | 8,283 | 7,986 |
Net of accumulated depreciation | 19,714 | 18,763 |
Construction work in progress | 1,023 | 585 |
Held for future use | 22 | 22 |
Property, plant and equipment - net | 20,759 | 19,370 |
Distribution [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 14,692 | 14,007 |
Composite depreciation rate | 2.50% | |
Avg. life | 39 years 4 months 24 days | |
Transmission [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 11,634 | 11,094 |
Composite depreciation rate | 2.90% | |
Avg. life | 34 years 10 months 24 days | |
Other Assets [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 1,671 | $ 1,648 |
Composite depreciation rate | 6.70% | |
Avg. life | 15 years |
Supplementary Financial Infor_9
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,556 | $ 1,508 |
Accumulated Amortization | 583 | 537 |
Net | 973 | 971 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 600 | 575 |
Accumulated Amortization | 111 | 107 |
Net | 489 | 468 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 956 | 933 |
Accumulated Amortization | 472 | 430 |
Net | $ 484 | $ 503 |
Supplementary Financial Info_10
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Sep. 30, 2020USD ($) |
Supplementary Financial Information [Abstract] | |
2020 | $ 62 |
2021 | 62 |
2022 | 62 |
2023 | 62 |
2024 | $ 61 |
Supplementary Financial Info_11
Supplementary Financial Information (Schedule Of Operating Lease, Third Party Joint Project And Other Obligations) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Supplementary Financial Information [Abstract] | ||
Operating lease liabilities | $ 98 | $ 66 |
Investment tax credits | 5 | 6 |
Third party joint project obligation | 53 | 4 |
Other | 85 | 70 |
Total operating lease, third party joint project and other obligations | $ 241 | $ 146 |
Supplementary Financial Info_12
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplementary Financial Information [Abstract] | ||
Interest | $ 288 | $ 256 |
Less capitalized interest | (13) | (11) |
Interest payments (net of amounts capitalized) | 275 | 245 |
Federal | 61 | 36 |
State | 22 | 22 |
Total payments (receipts) in lieu of income taxes | 83 | 58 |
Noncash increase in operating lease obligations for ROU assets | 27 | 26 |
Assets acquired | 2,545 | |
Liabilities assumed | (1,221) | |
Cash paid | 1,324 | |
Noncash construction expenditures | 198 | $ 257 |
Debt issued in debt exchange offering | 300 | |
Debt exchanged in debt exchange offering | $ (300) |
Infrareit Acquisition (Narrativ
Infrareit Acquisition (Narrative) (Details) $ in Millions | May 16, 2019USD ($)MW | May 16, 2019USD ($)kW | May 16, 2019USD ($)property | May 16, 2019USD ($)mi | May 16, 2019USD ($) | Sep. 30, 2020USD ($)mikW | Sep. 30, 2019USD ($) |
Business Acquisition [Line Items] | |||||||
Repayment of debt | $ 701 | $ 742 | |||||
InfraREIT Acquisition related costs | $ 9 | ||||||
InfraREIT [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Repayment of debt | $ 602 | ||||||
Outstanding debt acquired | $ 351 | $ 351 | $ 351 | $ 351 | $ 351 | ||
Miles of assets transferred | mi | 340 | 1,575 | |||||
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 |
Infrareit Acquisition (Total Pu
Infrareit Acquisition (Total Purchase Price Paid) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Purchase of outstanding InfraREIT shares and units | $ 1,324 | |
InfraREIT [Member] | ||
Purchase of outstanding InfraREIT shares and units | $ 1,275 | |
Certain transaction costs of InfraREIT paid by Oncor through June 30, 2019 | 53 | |
Total purchase price paid through June 30, 2019 | 1,328 | |
Adjustments made in the period from June 30, 2019 through March 31, 2020 | (4) | |
Total purchase price paid | 1,324 | |
Management termination fee | $ 40 |
Infrareit Acquisition (Pro Form
Infrareit Acquisition (Pro Forma Information) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
InfraREIT [Member] | |
Oncor Consolidated Pro Forma Revenues | $ 3,352 |