Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | ||
Mar. 31, 2021 | May 05, 2021 | Dec. 31, 2020 | |
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Mar. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 333-100240 | ||
Entity Registrant Name | Oncor Electric Delivery Company 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 | No | ||
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 | 2021 | ||
Document Fiscal Period Focus | Q1 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Statements Of Consolidated Income [Abstract] | ||
Operating revenues (Note 3) | $ 1,139 | $ 1,072 |
Operating expenses: | ||
Wholesale transmission service | 249 | 245 |
Operation and maintenance | 235 | 232 |
Depreciation and amortization | 205 | 193 |
Provision in lieu of income taxes (Notes 9) | 36 | 29 |
Taxes other than amounts related to income taxes | 140 | 131 |
Total operating expenses | 865 | 830 |
Operating income | 274 | 242 |
Other deductions and (income) - net (Note 10) | 7 | 13 |
Nonoperating benefit in lieu of income taxes | (3) | (3) |
Interest expense and related charges (Note 10) | 102 | 101 |
Net income | $ 168 | $ 131 |
Condensed Statements Of Conso_2
Condensed Statements Of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||
Net income | $ 168 | $ 131 |
Other comprehensive income (loss): | ||
Net effects of cash flow hedges (net of tax) | 1 | (23) |
Defined benefit pension plans (net of tax) | 1 | 1 |
Total other comprehensive income (loss) | 2 | (22) |
Comprehensive income | $ 170 | $ 109 |
Condensed Statements Of Conso_3
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows - operating activities: | ||
Net income | $ 168 | $ 131 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization, including regulatory amortization | 226 | 213 |
Provision in lieu of deferred income taxes - net | 23 | 13 |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs (Note 2) | (3) | |
Other operating assets and liabilities | (183) | (152) |
Cash provided by operating activities | 234 | 202 |
Cash flows - financing activities: | ||
Issuances of long-term debt (Note 5) | 470 | 1,250 |
Repayment of long-term debt (Note 5) | (462) | |
Net change in short-term borrowings (Note 4) | (70) | (46) |
Capital contributions from members (Note 7) | 63 | 87 |
Distributions to members (Note 7) | (96) | (91) |
Debt discount and financing costs - net | (34) | |
Cash provided by financing activities | 367 | 704 |
Cash flows - investing activities: | ||
Capital expenditures | (627) | (628) |
Expenditures for third party in joint project | (42) | (5) |
Reimbursement from third party in joint project | 42 | 5 |
Other - net | 10 | 8 |
Cash used in investing activities | (617) | (620) |
Net change in cash and cash equivalents | (16) | 286 |
Cash and cash equivalents - beginning balance | 27 | 4 |
Cash and cash equivalents - ending balance | $ 11 | $ 290 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 11 | $ 27 |
Trade accounts receivable – net (Note 10) | 807 | 760 |
Amounts receivable from members related to income taxes (Note 9) | 3 | 7 |
Materials and supplies inventories - at average cost | 147 | 144 |
Prepayments and other current assets | 99 | 100 |
Total current assets | 1,067 | 1,038 |
Investments and other property (Note 10) | 142 | 142 |
Property, plant and equipment - net (Note 10) | 21,594 | 21,225 |
Goodwill (Note 1) | 4,740 | 4,740 |
Regulatory assets (Note 2) | 1,849 | 1,779 |
Operating lease ROU, third party joint project and other assets (Note 6) | 289 | 248 |
Total assets | 29,681 | 29,172 |
Current liabilities: | ||
Short-term borrowings (Note 4) | 70 | |
Long-term debt due currently (Note 5) | 300 | |
Trade accounts payable | 439 | 392 |
Amounts payable to members related to income taxes (Note 9) | 28 | 23 |
Accrued taxes other than amounts related to income taxes | 115 | 269 |
Accrued interest | 108 | 87 |
Operating lease and other current liabilities (Note 6) | 256 | 279 |
Total current liabilities | 1,246 | 1,120 |
Long-term debt, less amounts due currently (Note 6) | 9,401 | 9,229 |
Liability in lieu of deferred income taxes (Note 9) | 1,965 | 1,923 |
Regulatory liabilities (Note 2) | 2,858 | 2,855 |
Employee benefit obligations (Note 8) | 1,783 | 1,808 |
Operating lease, third party joint project and other obligations (Notes 3, 6 and 10) | 359 | 305 |
Total liabilities | 17,612 | 17,240 |
Commitments and contingencies (Note 6) | ||
Membership interests (Note 7): | ||
Capital account ― number of interests outstanding 2021 and 2020 – 635,000,000 | 12,218 | 12,083 |
Accumulated other comprehensive loss | (149) | (151) |
Total membership interests | 12,069 | 11,932 |
Total liabilities and membership interests | $ 29,681 | $ 29,172 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | May 05, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 after obtaining the approval of the PUCT. The PUCT approval was obtained in Docket No. 47675, and the final order issued in that docket (Sempra Acquisition PUCT Order) outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the 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 Acquisition PUCT 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. Until March 9, 2028, 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 serving as an Oncor Officer Director. 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. In addition, the Sempra Acquisition PUCT Order provides that Oncor’s board of directors 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 Acquisition PUCT 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 Acquisition PUCT 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 and the directors designated by Texas Transmission that are present and voting (of which at least one must be present and voting) 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 or either of the two directors appointed by Texas Transmission 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 membership interests of Oncor, and there will be no debt at STH or STIH at any time following Sempra’s acquisition of Oncor Holdings; 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 legal and 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 membership interests 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 Sempra’s March 2018 acquisition of Oncor Holdings, 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 2020 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 12 to Financial Statements in our 2020 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. 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. Effects of Reference Rate Reform on Financial Reporting Our Credit Facility and term loan credit agreements use LIBOR as a benchmark for establishing interest rates. In the event we modify our Credit Facility or term loan credit agreements related to the phase-out of LIBOR, we will evaluate the optional expedients and exceptions under ASU No. 2020-04. 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). |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 are provided in the table below. Amounts not currently earning a return through rate regulation are noted. Remaining Rate Recovery/Amortization Period At March 31, 2021 At March 31, 2021 At December 31, 2020 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 660 $ 672 Employee retirement costs being amortized 7 years 218 227 Employee retirement costs incurred since the last rate review period (b) To be determined 66 67 Self-insurance reserve (primarily storm recovery costs) being amortized 7 years 255 266 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 351 256 Debt reacquisition costs Lives of related debt 23 25 Under-recovered AMS costs 7 years 144 149 Energy efficiency performance bonus (a) 1 year or less 11 14 Wholesale distribution substation service To be determined 58 55 Unrecovered expenses related to COVID-19 To be determined 28 27 Other regulatory assets Various 35 21 Total regulatory assets 1,849 1,779 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,291 1,262 Excess deferred taxes Primarily over lives of related assets 1,491 1,508 Over-recovered wholesale transmission service expense (a) 1 year or less 37 52 Unamortized gain on reacquisition of debt Lives of related debt 27 27 Other regulatory liabilities Various 12 6 Total regulatory liabilities 2,858 2,855 Net regulatory assets (liabilities) $ ( 1,009 ) $ ( 1,076 ) ____________ (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. 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. As a result, in April 2020 we filed a tariff rider implementing the surcharge. We ceased billing the tariff rider surcharge on February 9, 2021. Surcharge collections could 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. Reimbursements paid by us pursuant to the COVID-19 ERP totaled $ 38 million through March 31, 2021 (including $ 18 million of reimbursements to Oncor for electricity delivery charges). At March 31, 2021, we had collected the reimbursements paid by us pursuant to the COVID-19 ERP. 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 March 31, 2021, we recorded $ 28 million with respect to this regulatory asset. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2021 | |
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: Three Months Ended March 31, 2021 2020 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 540 $ 496 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 208 196 Billed to REPs serving Oncor distribution customers, through TCRF 114 109 Total transmission base revenues 322 305 Other miscellaneous revenues 17 16 Total revenues contributing to earnings 879 817 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 249 245 EECRF 11 10 Total revenues collected for pass-through expenses 260 255 Total operating revenues $ 1,139 $ 1,072 Customers Our distribution customers consist of REPs (approximately 85 REPs at March 31, 2021) 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 customers collectively represented 27 % and 25 % of our total operating revenues for the three months ended March 31, 2021. 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 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 once construction is complete. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Short-Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | 4. SHORT-TERM BORROWINGS At March 31, 2021 and December 31, 2020, outstanding short-term borrowings under our CP Program and Credit Facility consisted of the following: At March 31, At December 31, 2021 2020 Total credit facility borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) - ( 70 ) Credit facility outstanding (b) - - Letters of credit outstanding (c) ( 8 ) ( 9 ) Available unused credit $ 1,992 $ 1,921 ____________ (a) The weighted average interest rate for commercial paper was 0.17 % at December 31, 2020. (b) At March 31, 2021, the applicable interest rate for any outstanding borrowings was LIBOR plus 1.25 %. (c) Interest rates on outstanding letters of credit were 1.45 % at both March 31, 2021 and December 31, 2020, 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 discussed below. We may utilize either the CP Program or the Credit Facility, at our option, to meet our 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 1 -year extensions, with such extensions subject to certain conditions and lender approvals. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Long-Term Debt [Abstract] | |
LONG-TERM DEBT | 5. LONG-TERM DEBT Our secured debt is 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 March 31, 2021 and December 31, 2020, our long-term debt consisted of the following: March 31, December 31, 2021 2020 Fixed Rate Secured: 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 450 450 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 2.75 % Senior Notes due May 15, 2030 400 400 7.00 % Senior Notes due May 1, 2032 494 494 7.25 % Senior Notes due January 15, 2033 323 323 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 348 348 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 400 400 5.35 % Senior Notes due October 1, 2052 300 300 Secured long-term debt 9,327 9,327 Variable Rate Unsecured: Term loan credit agreement maturing February 28, 2022 300 - Term loan credit agreement maturing May 17, 2022 170 - Total long-term debt 9,797 9,327 Unamortized discount and debt issuance costs ( 96 ) ( 98 ) Less amount due currently ( 300 ) - Long-term debt, less amounts due currently $ 9,401 $ 9,229 Long-Term Debt-Related Activity in 2021 January 2021 Term Loan Credit Agreement On January 29, 2021, we entered into an unsecured $ 300 million term loan credit agreement (January 2021 Term Loan Credit Agreement) that matures on February 28, 2022. On January 29, 2021 , we made our first borrowing under the January 2021 Term Loan Credit Agreement, in the amount of $ 160 million, and on February 26, 2021 we borrowed the remaining $ 140 million. At March 31, 2021, borrowings under the January 2021 Term Loan Credit Agreement totaled $ 300 million, the full amount available under the agreement. The proceeds from each borrowing were used for general corporate purposes. Loans under the January 2021 Term Loan Credit Agreement bear interest at per annum rates equal to, at our option, (i) LIBOR plus 0.675 %, or (ii) an alternate base rate (the highest of (1) the prime rate of U.S. Bank National Association (U.S. Bank), the lender under the agreement, (2) the federal funds effective rate plus 0.50 %, and (3) daily 1-month LIBOR plus 1 %). Ma rch 2021 Term Loan Credit Agreement On March 17, 2021, we entered into an unsecured $ 450 million term loan credit agreement (March 2021 Term Loan Credit Agreement) that matures on May 17, 2022. The March 2021 Term Loan Credit Agreement provides that we may borrow up to $ 450 million in up to four borrowings , which may be made, at our option, at any time in the period before June 4, 2021. On March 31, 2021, we made our first borrowing under the March 2021 Term Loan Credit Agreement, in the amount of $ 170 million, which was used for general corporate purposes. Loans under the March 2021 Term Loan Credit Agreement bear interest at per annum rates equal to, at our option, (i) LIBOR plus 0.65 %, or (ii) an alternate base rate (the highest of (1) the prime rate of Wells Fargo Bank, National Association (Wells Fargo), the administrative agent and a lender under the agreement, (2) the federal funds effective rate plus 0.50 %, and (3) daily 1-month LIBOR plus 1 %). Deed of Trust Our secured debt is secured equally and ratably by a first priority lien on certain Oncor transmission and distribution assets. 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 March 31, 2021, the amount of available bond credits was $ 2.114 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 $ 4.065 billion . Borrowings under the CP Program, the Credit Facility, and our term loan credit agreements are not secured. Fair Value of Long-Term Debt At March 31, 2021 and December 31, 2020, the estimated fair value of our long-term debt (including current maturities) totaled $ 11.189 billion and $ 11.638 billion, respectively, and the carrying amount totaled $ 9.701 billion and $ 9.229 billion, respectively. The fair value is estimated using observable market data, representing Level 2 valuations under accounting standards related to the determination of fair value. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 7 to Financial Statements in our 2020 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. See Note 7 to Financial Statements in our 2020 Form 10-K for additional information on leases. |
Membership Interests
Membership Interests | 3 Months Ended |
Mar. 31, 2021 | |
Membership Interests [Abstract] | |
MEMBERSHIP INTERESTS | 7. MEMBERSHIP INTERESTS Cash Contributions We received cash capital contributions from our members on February 16, 2021 and April 27, 2021 each totaling $ 63 million. Cash Distributions The Sempra Acquisition PUCT Order 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 exceed the PUCT’s authorized debt-to-equity ratio. Our current authorized regulatory capital structure is 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 March 31, 2021, our regulatory capitalization was 53.6 % debt to 46.4 % equity and as a result we had $ 1.210 billion available to distribute to our members. 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 February 17, 2021, our board of directors declared a cash distribution of $ 96 million, which was paid to our members on February 18, 2021. On April 28, 2021, our board of directors declared a cash distribution of $ 96 million, which was paid to our members on April 29, 2021. Membership Interests The following table presents the changes to membership interests during the current and prior period, net of tax: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2020 $ 12,083 $ ( 151 ) $ 11,932 Net income 168 - 168 Distributions ( 96 ) - ( 96 ) Capital contributions 63 - 63 Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 1 1 Balance at March 31, 2021 $ 12,218 $ ( 149 ) $ 12,069 Balance at December 31, 2019 $ 10,938 $ ( 139 ) $ 10,799 Net income 131 - 131 Distributions ( 91 ) - ( 91 ) Capital contributions 87 - 87 Net effects of cash flow hedges - ( 23 ) ( 23 ) Defined benefit pension plans - 1 1 Balance at March 31, 2020 $ 11,065 $ ( 161 ) $ 10,904 Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the changes to AOCI for the current and prior period, net of tax: Cash Flow Hedges – Interest Rate Swaps Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ ( 39 ) $ ( 112 ) $ ( 151 ) Defined benefit pension plans - 1 1 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $-) 1 - 1 Balance at March 31, 2021 $ ( 38 ) $ ( 111 ) $ ( 149 ) Balance at December 31, 2019 $ ( 18 ) $ ( 121 ) $ ( 139 ) Defined benefit pension plans - 1 1 Cash flow hedges – net decrease in fair value of derivatives (net of tax benefit of $ 6 ) ( 23 ) - ( 23 ) Balance at March 31, 2020 $ ( 41 ) $ ( 120 ) $ ( 161 ) |
Pension And OPEB Plans
Pension And OPEB Plans | 3 Months Ended |
Mar. 31, 2021 | |
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 related to 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 9 to Financial Statements in our 2020 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. The second plan covers 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 formerly affiliated companies including Vistra. Vistra is solely responsible for its portion of the liability for retiree benefits related to those retirees. See Note 9 to Financial Statements in our 2020 Form 10-K for additional information. Pension and OPEB Costs Our net costs related to pension plans and the Oncor OPEB Plans for the current and prior period were comprised of the following: Three Months Ended March 31, 2021 2020 Components of net allocated pension costs: Service cost $ 9 $ 8 Interest cost 21 25 Expected return on assets ( 25 ) ( 27 ) Amortization of net loss 13 12 Net pension costs 18 18 Components of net OPEB costs: Service cost 1 1 Interest cost 6 8 Expected return on assets ( 1 ) ( 2 ) Amortization of prior service cost ( 4 ) ( 5 ) Amortization of net loss 4 3 Net OPEB costs 6 5 Total net pension and OPEB costs 24 23 Less amounts deferred principally as property or a regulatory asset ( 5 ) ( 4 ) Net amounts recognized as operation and maintenance expense or other deductions $ 19 $ 19 The discount rates reflected in net pension and OPEB costs in 2021 are 2.39 %, 2.53 % and 2.58 % 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 2021 cost amounts are 4.37 %, 4.20 % and 5.24 % 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 $ 16 million and $ 8 million, respectively, during the three months ended March 31, 2021. We expect to make additional cash contributions to the pension plans and Oncor OPEB Plans of $ 4 million and $ 27 million, respectively, during the remainder of 2021. Our pension plans and Oncor OPEB Plans funding is expected to total approximately $ 61 million and $ 176 million, respectively, in the five-year period from 2021 to 2025 based on the latest actuarial projections. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related-Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | 9. RELATED-PARTY TRANSACTIONS The following represent our significant 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, 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 2020 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 March 31, 2021 At December 31, 2020 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ ( 2 ) $ ( 1 ) $ ( 3 ) $ ( 6 ) $ ( 1 ) $ ( 7 ) Texas margin tax payable 28 - 28 23 - 23 Net payable (receivable) $ 26 $ ( 1 ) $ 25 $ 17 $ ( 1 ) $ 16 There were no cash payments made to (received from) members related to income taxes for the three months ended March 31, 2021 and 2020. See Note 7 for information regarding capital contributions from and distributions to members. Sempra owns an indirect 50 percent interest in the parent of Sharyland. Sharyland provided wholesale transmission service to us in the amount of $ 3 million in each of the three months ended March 31, 2021 and 2020. We provided Sharyland with substation monitoring and switching services of less than $ 1 million both in the three months ended March 31, 2021 and 2020. |
Supplementary Financial Informa
Supplementary Financial Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 10. SUPPLEMENTARY FINANCIAL INFORMATION Other Deductions and (Income) Three Months Ended March 31, 2021 2020 Professional fees $ 2 $ 1 Recoverable pension and OPEB – non-service costs 13 14 AFUDC equity income ( 6 ) ( 5 ) Other, including interest income ( 2 ) 3 Total other deductions and (income) – net $ 7 $ 13 Interest Expense and Related Charges Three Months Ended March 31, 2021 2020 Interest $ 102 $ 101 Amortization of debt issuance costs and discounts 3 3 Less allowance for funds used during construction – capitalized interest portion ( 3 ) ( 3 ) Total interest expense and related charges $ 102 $ 101 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheets consisted of the following: At March 31, At December 31, 2021 2020 Gross trade accounts and other receivables $ 816 $ 767 Allowance for uncollectible accounts ( 9 ) ( 7 ) Trade accounts receivable – net $ 807 $ 760 At March 31 , 2021, REP subsidiaries of our two largest customers represented 23 % and 22 % of the trade accounts receivable balance. At December 31, 2020, REP subsidiaries of our two largest customers represented 21 % and 15 % 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 March 31, At December 31, 2021 2020 Assets related to employee benefit plans $ 123 $ 124 Land 17 16 Other 2 2 Total investments and other property $ 142 $ 142 Property, Plant and Equipment Property, plant and equipment – net reported on our balance sheets consisted of the following: Composite Depreciation Rate/ At March 31, At December 31, Avg. Life at March 31, 2021 2021 2020 Assets in service: Distribution 2.5 % / 39.4 years $ 15,132 $ 14,937 Transmission 2.9 % / 34.8 years 12,277 12,156 Other assets 5.7 % / 17.5 years 1,882 1,855 Total 29,291 28,948 Less accumulated depreciation 8,461 8,336 Net of accumulated depreciation 20,830 20,612 Construction work in progress 744 593 Held for future use 20 20 Property, plant and equipment – net $ 21,594 $ 21,225 Intangible Assets Intangible assets (other than goodwill) reported on our balance sheets as part of property, plant and equipment consisted of the following: At March 31, 2021 At December 31, 2020 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 634 $ 113 $ 521 $ 623 $ 112 $ 511 Capitalized software 1,046 500 546 1,027 484 543 Total $ 1,680 $ 613 $ 1,067 $ 1,650 $ 596 $ 1,054 A ggregate amortization expenses for intangible assets totaled $ 17 million and $ 15 million for the three months ended March 31, 2021 and 2020, respectively. The estimated annual amortization expense for the five-year period from 2021 to 2025 is as follows: Year Amortization Expense 2021 $ 71 2022 71 2023 71 2024 70 2025 70 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 March 31, At December 31, 2021 2020 Operating lease liabilities $ 124 $ 124 Investment tax credits 5 5 Third-party joint project obligation (a) 143 100 Other 87 76 Total operating lease, third-party joint project and other obligations $ 359 $ 305 ____________ (a) Oncor is currently involved in a joint project with LP&L. See Note 3 for more information. Supplemental Cash Flow Information Three Months Ended March 31, 2021 2020 Cash payments (receipts) related to: Interest $ 80 $ 90 Less capitalized interest ( 3 ) ( 3 ) Interest payments (net of amounts capitalized) $ 77 $ 87 Noncash increase in operating lease obligations for ROU assets $ 7 $ 37 Noncash construction expenditures (a): $ 182 $ 221 ____________ (a) Represents end-of-period accruals. |
Business And Significant Acco_2
Business And Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
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. |
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 after obtaining the approval of the PUCT. The PUCT approval was obtained in Docket No. 47675, and the final order issued in that docket (Sempra Acquisition PUCT Order) outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the 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 Acquisition PUCT 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. Until March 9, 2028, 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 serving as an Oncor Officer Director. 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. In addition, the Sempra Acquisition PUCT Order provides that Oncor’s board of directors 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 Acquisition PUCT 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 Acquisition PUCT 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 and the directors designated by Texas Transmission that are present and voting (of which at least one must be present and voting) 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 or either of the two directors appointed by Texas Transmission 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 membership interests of Oncor, and there will be no debt at STH or STIH at any time following Sempra’s acquisition of Oncor Holdings; 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 legal and 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 membership interests 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 Sempra’s March 2018 acquisition of Oncor Holdings, 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 2020 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 12 to Financial Statements in our 2020 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. |
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. |
Effects Of Reference Rate Reform On Financial Reporting | Effects of Reference Rate Reform on Financial Reporting Our Credit Facility and term loan credit agreements use LIBOR as a benchmark for establishing interest rates. In the event we modify our Credit Facility or term loan credit agreements related to the phase-out of LIBOR, we will evaluate the optional expedients and exceptions under ASU No. 2020-04. 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). |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Matters [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period At March 31, 2021 At March 31, 2021 At December 31, 2020 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 660 $ 672 Employee retirement costs being amortized 7 years 218 227 Employee retirement costs incurred since the last rate review period (b) To be determined 66 67 Self-insurance reserve (primarily storm recovery costs) being amortized 7 years 255 266 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 351 256 Debt reacquisition costs Lives of related debt 23 25 Under-recovered AMS costs 7 years 144 149 Energy efficiency performance bonus (a) 1 year or less 11 14 Wholesale distribution substation service To be determined 58 55 Unrecovered expenses related to COVID-19 To be determined 28 27 Other regulatory assets Various 35 21 Total regulatory assets 1,849 1,779 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,291 1,262 Excess deferred taxes Primarily over lives of related assets 1,491 1,508 Over-recovered wholesale transmission service expense (a) 1 year or less 37 52 Unamortized gain on reacquisition of debt Lives of related debt 27 27 Other regulatory liabilities Various 12 6 Total regulatory liabilities 2,858 2,855 Net regulatory assets (liabilities) $ ( 1,009 ) $ ( 1,076 ) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenues [Abstract] | |
Disaggregation Of Revenues | Three Months Ended March 31, 2021 2020 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 540 $ 496 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 208 196 Billed to REPs serving Oncor distribution customers, through TCRF 114 109 Total transmission base revenues 322 305 Other miscellaneous revenues 17 16 Total revenues contributing to earnings 879 817 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 249 245 EECRF 11 10 Total revenues collected for pass-through expenses 260 255 Total operating revenues $ 1,139 $ 1,072 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Short-Term Borrowings [Abstract] | |
Schedule Of Short-Term Borrowings | At March 31, At December 31, 2021 2020 Total credit facility borrowing capacity $ 2,000 $ 2,000 Commercial paper outstanding (a) - ( 70 ) Credit facility outstanding (b) - - Letters of credit outstanding (c) ( 8 ) ( 9 ) Available unused credit $ 1,992 $ 1,921 ____________ (a) The weighted average interest rate for commercial paper was 0.17 % at December 31, 2020. (b) At March 31, 2021, the applicable interest rate for any outstanding borrowings was LIBOR plus 1.25 %. (c) Interest rates on outstanding letters of credit were 1.45 % at both March 31, 2021 and December 31, 2020, based on our credit ratings. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | March 31, December 31, 2021 2020 Fixed Rate Secured: 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 450 450 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 2.75 % Senior Notes due May 15, 2030 400 400 7.00 % Senior Notes due May 1, 2032 494 494 7.25 % Senior Notes due January 15, 2033 323 323 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 348 348 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 400 400 5.35 % Senior Notes due October 1, 2052 300 300 Secured long-term debt 9,327 9,327 Variable Rate Unsecured: Term loan credit agreement maturing February 28, 2022 300 - Term loan credit agreement maturing May 17, 2022 170 - Total long-term debt 9,797 9,327 Unamortized discount and debt issuance costs ( 96 ) ( 98 ) Less amount due currently ( 300 ) - Long-term debt, less amounts due currently $ 9,401 $ 9,229 |
Membership Interests (Tables)
Membership Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Membership Interests [Abstract] | |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2020 $ 12,083 $ ( 151 ) $ 11,932 Net income 168 - 168 Distributions ( 96 ) - ( 96 ) Capital contributions 63 - 63 Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 1 1 Balance at March 31, 2021 $ 12,218 $ ( 149 ) $ 12,069 Balance at December 31, 2019 $ 10,938 $ ( 139 ) $ 10,799 Net income 131 - 131 Distributions ( 91 ) - ( 91 ) Capital contributions 87 - 87 Net effects of cash flow hedges - ( 23 ) ( 23 ) Defined benefit pension plans - 1 1 Balance at March 31, 2020 $ 11,065 $ ( 161 ) $ 10,904 |
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, 2020 $ ( 39 ) $ ( 112 ) $ ( 151 ) Defined benefit pension plans - 1 1 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense $-) 1 - 1 Balance at March 31, 2021 $ ( 38 ) $ ( 111 ) $ ( 149 ) Balance at December 31, 2019 $ ( 18 ) $ ( 121 ) $ ( 139 ) Defined benefit pension plans - 1 1 Cash flow hedges – net decrease in fair value of derivatives (net of tax benefit of $ 6 ) ( 23 ) - ( 23 ) Balance at March 31, 2020 $ ( 41 ) $ ( 120 ) $ ( 161 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Pension And OPEB Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended March 31, 2021 2020 Components of net allocated pension costs: Service cost $ 9 $ 8 Interest cost 21 25 Expected return on assets ( 25 ) ( 27 ) Amortization of net loss 13 12 Net pension costs 18 18 Components of net OPEB costs: Service cost 1 1 Interest cost 6 8 Expected return on assets ( 1 ) ( 2 ) Amortization of prior service cost ( 4 ) ( 5 ) Amortization of net loss 4 3 Net OPEB costs 6 5 Total net pension and OPEB costs 24 23 Less amounts deferred principally as property or a regulatory asset ( 5 ) ( 4 ) Net amounts recognized as operation and maintenance expense or other deductions $ 19 $ 19 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related-Party Transactions [Abstract] | |
Schedule Of Amounts Payable To (Receivables From) Related Parties | At March 31, 2021 At December 31, 2020 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ ( 2 ) $ ( 1 ) $ ( 3 ) $ ( 6 ) $ ( 1 ) $ ( 7 ) Texas margin tax payable 28 - 28 23 - 23 Net payable (receivable) $ 26 $ ( 1 ) $ 25 $ 17 $ ( 1 ) $ 16 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Other Deductions And (Income) | Three Months Ended March 31, 2021 2020 Professional fees $ 2 $ 1 Recoverable pension and OPEB – non-service costs 13 14 AFUDC equity income ( 6 ) ( 5 ) Other, including interest income ( 2 ) 3 Total other deductions and (income) – net $ 7 $ 13 |
Schedule Of Interest Expense And Related Charges | Three Months Ended March 31, 2021 2020 Interest $ 102 $ 101 Amortization of debt issuance costs and discounts 3 3 Less allowance for funds used during construction – capitalized interest portion ( 3 ) ( 3 ) Total interest expense and related charges $ 102 $ 101 |
Schedule Of Trade Accounts And Other Receivables | At March 31, At December 31, 2021 2020 Gross trade accounts and other receivables $ 816 $ 767 Allowance for uncollectible accounts ( 9 ) ( 7 ) Trade accounts receivable – net $ 807 $ 760 |
Summary of Investments And Other Property | At March 31, At December 31, 2021 2020 Assets related to employee benefit plans $ 123 $ 124 Land 17 16 Other 2 2 Total investments and other property $ 142 $ 142 |
Schedule Of Property, Plant And Equipment | Composite Depreciation Rate/ At March 31, At December 31, Avg. Life at March 31, 2021 2021 2020 Assets in service: Distribution 2.5 % / 39.4 years $ 15,132 $ 14,937 Transmission 2.9 % / 34.8 years 12,277 12,156 Other assets 5.7 % / 17.5 years 1,882 1,855 Total 29,291 28,948 Less accumulated depreciation 8,461 8,336 Net of accumulated depreciation 20,830 20,612 Construction work in progress 744 593 Held for future use 20 20 Property, plant and equipment – net $ 21,594 $ 21,225 |
Schedule Of Intangible Assets | At March 31, 2021 At December 31, 2020 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 634 $ 113 $ 521 $ 623 $ 112 $ 511 Capitalized software 1,046 500 546 1,027 484 543 Total $ 1,680 $ 613 $ 1,067 $ 1,650 $ 596 $ 1,054 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2021 $ 71 2022 71 2023 71 2024 70 2025 70 |
Schedule Of Operating Lease, Third Party Joint Project And Other Obligations | At March 31, At December 31, 2021 2020 Operating lease liabilities $ 124 $ 124 Investment tax credits 5 5 Third-party joint project obligation (a) 143 100 Other 87 76 Total operating lease, third-party joint project and other obligations $ 359 $ 305 ____________ (a) Oncor is currently involved in a joint project with LP&L. See Note 3 for more information. |
Schedule Of Supplemental Cash Flow Information | Three Months Ended March 31, 2021 2020 Cash payments (receipts) related to: Interest $ 80 $ 90 Less capitalized interest ( 3 ) ( 3 ) Interest payments (net of amounts capitalized) $ 77 $ 87 Noncash increase in operating lease obligations for ROU assets $ 7 $ 37 Noncash construction expenditures (a): $ 182 $ 221 ____________ (a) Represents end-of-period accruals. |
Business And Significant Acco_3
Business And Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)itementity | Dec. 31, 2020USD ($) | |
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 | |
Number of directors appointed | entity | 2 | |
Goodwill | $ | $ 4,740 | $ 4,740 |
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) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)$ / MWh | |
Public Utilities, General Disclosures [Line Items] | ||
Expected surcharge | $ / MWh | 0.33 | |
Current authorized regulatory capitalization ratio, debt | 57.50% | |
Current authorized regulatory capitalization ratio, equity | 42.50% | |
Reimbursements paid to COVID-19 ERP | $ 38 | |
Reimbursements for electricity delivery charges | 18 | |
Net regulatory asset | (1,009) | $ (1,076) |
PUCT COVID-19 [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Net regulatory asset | $ 28 |
Regulatory Matters (Components
Regulatory Matters (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 1,849 | $ 1,779 |
Carrying Amount, Regulatory Liabilities | 2,858 | 2,855 |
Net regulatory assets (liabilities) | $ (1,009) | (1,076) |
Estimated Net Removal Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Lives of related assets | |
Carrying Amount, Regulatory Liabilities | $ 1,291 | 1,262 |
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 | $ 1,491 | 1,508 |
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 | $ 37 | 52 |
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 | 27 |
Other Regulatory Liabilities [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Various | |
Carrying Amount, Regulatory Liabilities | $ 12 | 6 |
Employee Retirement Liability [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 660 | 672 |
Employee Retirement Costs Being Amortized [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 7 years | |
Carrying Amount, Regulatory Assets | $ 218 | 227 |
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 | $ 66 | 67 |
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 | $ 255 | 266 |
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 | $ 351 | 256 |
Debt Reacquisition Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Lives of related debt | |
Carrying Amount, Regulatory Assets | $ 23 | 25 |
Under-recovered AMS Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 7 years | |
Carrying Amount, Regulatory Assets | $ 144 | 149 |
Energy Efficiency Performance Bonus [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year or less | |
Carrying Amount, Regulatory Assets | $ 11 | 14 |
Wholesale Distribution Substation Service [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | To be determined | |
Carrying Amount, Regulatory Assets | $ 58 | 55 |
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 | $ 28 | 27 |
Other Regulatory Assets [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | Various | |
Carrying Amount, Regulatory Assets | $ 35 | $ 21 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)customeritem | |
Disaggregation of Revenue [Line Items] | |
Number of REPS | item | 85 |
Number of counterparties | customer | 2 |
Payment term | 35 days |
REP Subsidiary One [Member] | Revenue Benchmark [Member] | Customers [Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration Risk, Percentage | 27.00% |
REP Subsidiary Two [Member] | Revenue Benchmark [Member] | Customers [Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration Risk, Percentage | 25.00% |
Lubbock Power & Light (LP&L) [Member] | |
Disaggregation of Revenue [Line Items] | |
Joint project cost | $ | $ 400 |
Revenues (Disaggregation Of Rev
Revenues (Disaggregation Of Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | $ 879 | $ 817 |
Total revenues collected for pass-through expenses | 260 | 255 |
Total operating revenues | 1,139 | 1,072 |
Distribution Base Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 540 | 496 |
Transmission Base Revenues (TCOS Revenues) [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 322 | 305 |
Transmission Base Revenues (TCOS Revenues) [Member] | Third-Party Wholesale Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 208 | 196 |
Transmission Base Revenues (TCOS Revenues) [Member] | REPS Serving Oncor Distribution Customers, Through TCRF [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 114 | 109 |
Other Miscellaneous Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 17 | 16 |
TCRF - Third-party Wholesale Transmission Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues collected for pass-through expenses | 249 | 245 |
EECRF [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues collected for pass-through expenses | $ 11 | $ 10 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021contract | Mar. 31, 2018USD ($) | Nov. 30, 2017USD ($) | |
Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 2,000 | ||
Number of revolving credit facilities extension options | contract | 2 | ||
Extension period for revolving line of credit | 1 year | ||
Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Possible additional increase in borrowing capacity amount | 400 | ||
Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Possible additional increase in borrowing capacity amount | $ 100 | ||
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 2,000 |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Total credit facility borrowing capacity | $ 2,000 | $ 2,000 |
Available unused credit | 1,992 | 1,921 |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Outstanding | $ (70) | |
Weighted average interest rate | 0.17% | |
Letter of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Outstanding | $ (8) | $ (9) |
Weighted average interest rate | 1.45% | 1.45% |
One-Month London Interbank Offered Rate [Member] | ||
Short-term Debt [Line Items] | ||
Spread over variable rate | 1.25% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 3 Months Ended | |||||
Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($) | Mar. 17, 2021USD ($) | Feb. 26, 2021USD ($) | Jan. 29, 2021USD ($) | Dec. 31, 2020USD ($) | |
Long-Term Debt [Line Items] | ||||||
Repayments of long-term debt | $ 462,000,000 | |||||
Estimated fair value of our long-term debt including current maturities | $ 11,189,000,000 | $ 11,638,000,000 | ||||
Carrying amount | $ 9,701,000,000 | 9,229,000,000 | ||||
One-Month London Interbank Offered Rate [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Spread over variable rate | 1.25% | |||||
Term Loan Agreement Maturing February 28, 2022 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Term loan | $ 300,000,000 | $ 300,000,000 | ||||
Debt principal amount | $ 140,000,000 | $ 160,000,000 | ||||
Term Loan Agreement Maturing February 28, 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Spread over variable rate | 0.675% | |||||
Term Loan Agreement Maturing February 28, 2022 [Member] | Federal Funds Effective Rate [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Spread over variable rate | 0.50% | |||||
Term Loan Agreement Maturing February 28, 2022 [Member] | One-Month London Interbank Offered Rate [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Spread over variable rate | 1.00% | |||||
Term Loan Agreement Maturing May 17, 2022 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Term loan | $ 450,000,000 | |||||
Debt principal amount | $ 170,000,000 | |||||
Number of possible withdraws from credit facility | item | 4 | |||||
Term Loan Agreement Maturing May 17, 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Spread over variable rate | 0.65% | |||||
Term Loan Agreement Maturing May 17, 2022 [Member] | Federal Funds Effective Rate [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Spread over variable rate | 0.50% | |||||
Term Loan Agreement Maturing May 17, 2022 [Member] | One-Month London Interbank Offered Rate [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Spread over variable rate | 1.00% | |||||
Secured Debt [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Aggregate principal amount | $ 9,327,000,000 | 9,327,000,000 | ||||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85.00% | |||||
Available bond credits | $ 2,114,000,000 | |||||
Future debt subject to property additions to the Deed of Trust | 4,065,000,000 | |||||
Secured Debt [Member] | 0.55% Senior Notes due October 1, 2025 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Aggregate principal amount | 450,000,000 | 450,000,000 | ||||
Secured Debt [Member] | 2.75% Senior Notes due May 15, 2030 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Aggregate principal amount | 400,000,000 | 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 | 400,000,000 | ||||
Secured Debt [Member] | 7.00% Fixed Senior Notes Due May 1, 2032 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Aggregate principal amount | 494,000,000 | 494,000,000 | ||||
Secured Debt [Member] | 7.25% Fixed Senior Notes Due January 15, 2033 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Aggregate principal amount | 323,000,000 | 323,000,000 | ||||
Secured Debt [Member] | 5.30% Fixed Senior Notes Due June 1, 2042 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Aggregate principal amount | 348,000,000 | 348,000,000 | ||||
Secured Debt [Member] | 5.35% Senior Notes due October 1, 2052 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Aggregate principal amount | 300,000,000 | $ 300,000,000 | ||||
Unsecured Debt [Member] | Term Loan Agreement Maturing February 28, 2022 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Term loan | 300,000,000 | |||||
Unsecured Debt [Member] | Term Loan Agreement Maturing May 17, 2022 [Member] | ||||||
Long-Term Debt [Line Items] | ||||||
Term loan | $ 170,000,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 17, 2021 | Jan. 29, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Total long-term debt | $ 9,797 | $ 9,327 | ||
Unamortized discount and debt issuance costs | (96) | (98) | ||
Less amount due currently | (300) | |||
Long-term debt, less amounts due currently | 9,401 | 9,229 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | 9,327 | 9,327 | ||
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% | ||
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% | ||
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% | ||
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% | ||
0.55% Senior Notes due October 1, 2025 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 450 | $ 450 | ||
Interest percentage | 0.55% | 0.55% | ||
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% | ||
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% | ||
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% | ||
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% | ||
2.75% Senior Notes due May 15, 2030 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 400 | $ 400 | ||
Interest percentage | 2.75% | 2.75% | ||
7.00% Fixed Senior Notes Due May 1, 2032 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 494 | $ 494 | ||
Interest percentage | 7.00% | 7.00% | ||
7.25% Fixed Senior Notes Due January 15, 2033 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 323 | $ 323 | ||
Interest percentage | 7.25% | 7.25% | ||
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% | ||
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% | ||
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% | ||
5.30% Fixed Senior Notes Due June 1, 2042 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 348 | $ 348 | ||
Interest percentage | 5.30% | 5.30% | ||
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% | ||
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% | ||
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% | ||
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% | ||
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% | ||
3.70% Senior Notes Due May 15, 2050 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 400 | $ 400 | ||
Interest percentage | 3.70% | 3.70% | ||
5.35% Senior Notes due October 1, 2052 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 300 | $ 300 | ||
Interest percentage | 5.35% | 5.35% | ||
Term Loan Agreement Maturing February 28, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 300 | $ 300 | ||
Term Loan Agreement Maturing February 28, 2022 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | 300 | |||
Term Loan Agreement Maturing May 17, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 450 | |||
Term Loan Agreement Maturing May 17, 2022 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 170 |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | Apr. 27, 2021 | Feb. 16, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 29, 2021 | Feb. 17, 2021 |
Subsequent Event [Line Items] | ||||||
Members contribution | $ 63 | $ 63 | $ 87 | |||
Cash available for distribution | $ 1,210 | $ 96 | ||||
Current authorized regulatory capitalization ratio, debt | 57.50% | |||||
Current authorized regulatory capitalization ratio, equity | 42.50% | |||||
Regulatory capitalization ratio, debt | 53.60% | |||||
Regulatory capitalization ratio, equity | 46.40% | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Members contribution | $ 63 | |||||
Cash available for distribution | $ 96 |
Membership Interests (Schedule
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | Feb. 16, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | $ 11,932 | ||
Net income | 168 | $ 131 | |
Distributions | (96) | (91) | |
Capital contributions | $ 63 | 63 | 87 |
Net effects of cash flow hedges | 1 | (23) | |
Defined benefit pension plans | 1 | 1 | |
Balance | 12,069 | ||
Capital Accounts [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | 12,083 | 10,938 | |
Net income | 168 | 131 | |
Distributions | (96) | (91) | |
Capital contributions | 63 | 87 | |
Net effects of cash flow hedges | |||
Defined benefit pension plans | |||
Balance | 12,218 | 11,065 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | (151) | (139) | |
Net income | |||
Distributions | |||
Capital contributions | |||
Net effects of cash flow hedges | 1 | (23) | |
Defined benefit pension plans | 1 | 1 | |
Balance | (149) | (161) | |
Membership Interests [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | 11,932 | 10,799 | |
Net income | 168 | 131 | |
Distributions | (96) | (91) | |
Capital contributions | 63 | 87 | |
Net effects of cash flow hedges | 1 | (23) | |
Defined benefit pension plans | 1 | 1 | |
Balance | $ 12,069 | $ 10,904 |
Membership Interests (Schedul_2
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (151) | |
Balance at end of period | (149) | |
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 | (39) | (18) |
Defined benefit pension plans | ||
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax $-) | 1 | (23) |
Balance at end of period | (38) | (41) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (112) | (121) |
Defined benefit pension plans | 1 | 1 |
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax $-) | ||
Balance at end of period | (111) | (120) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (151) | (139) |
Defined benefit pension plans | 1 | 1 |
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax $-) | 1 | (23) |
Balance at end of period | $ (149) | $ (161) |
Pension And OPEB Plans (Narrati
Pension And OPEB Plans (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
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% | ||
Regulatory assets | $ 1,849 | $ 1,779 | |
Oncor Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.39% | ||
Expected return on plan assets | 4.37% | ||
Vistra Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.53% | ||
Expected return on plan assets | 4.20% | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net loss | $ 13 | $ 12 | |
Amortization of net actuarial loss | (13) | (12) | |
Cash contributions | 16 | ||
Additional cash contributions | 4 | ||
Additional cash contributions, next five years | 61 | ||
OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net loss | 4 | 3 | |
Amortization of prior service cost (credit) | (4) | (5) | |
Amortization of net actuarial loss | $ (4) | $ (3) | |
Discount rate | 2.58% | ||
Expected return on plan assets | 5.24% | ||
Cash contributions | $ 8 | ||
Additional cash contributions | 27 | ||
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net costs | $ 24 | $ 23 |
Less amounts deferred principally as property or a regulatory asset | (5) | (4) |
Net amounts recognized as operation and maintenance expense or other deductions | 19 | 19 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 9 | 8 |
Interest cost | 21 | 25 |
Expected return on assets | (25) | (27) |
Amortization of net loss | 13 | 12 |
Net costs | 18 | 18 |
OPEB Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 6 | 8 |
Expected return on assets | (1) | (2) |
Amortization of prior service cost | (4) | (5) |
Amortization of net loss | 4 | 3 |
Net costs | $ 6 | $ 5 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Cash payments made to (received from) members | $ 0 | $ 0 |
Revenue from contracts | 1,139,000,000 | 1,072,000,000 |
Purchases from related party | $ 249,000,000 | 245,000,000 |
Sempra Texas Holdings [Member] | Sharyland Distribution & Transmission Services (SDTS) [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of membership interest owned by non-controlling owners | 50.00% | |
Sharyland Distribution & Transmission Services (SDTS) [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue from contracts | $ 3,000,000 | |
Maximum [Member] | Sharyland Distribution & Transmission Services (SDTS) [Member] | ||
Related Party Transaction [Line Items] | ||
Substation monitoring and switching services | $ 1,000,000 | $ 1,000,000 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Amounts Payable To (Receivables From) Related Parties) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | $ (3) | $ (7) |
Texas margin tax payable | 28 | 23 |
Net payable (receivable) | 25 | 16 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | (2) | (6) |
Texas margin tax payable | 28 | 23 |
Net payable (receivable) | 26 | 17 |
Texas Transmission and Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | (1) | (1) |
Net payable (receivable) | $ (1) | $ (1) |
Supplementary Financial Infor_3
Supplementary Financial Information (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)customer | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)customer | |
Supplemental Financial Information [Line Items] | |||
Aggregate amortization expenses | $ 17 | $ 15 | |
Goodwill | $ 4,740 | $ 4,740 | |
Trade Accounts Receivable [Member] | |||
Supplemental Financial Information [Line Items] | |||
Number of largest customers | customer | 2 | 2 | |
Customers [Member] | Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration risk percentage | 23.00% | 21.00% | |
Customers [Member] | Trade Accounts Receivable [Member] | Second Nonaffiliated REP [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration risk percentage | 22.00% | 15.00% |
Supplementary Financial Infor_4
Supplementary Financial Information (Schedule Of Other Deductions And (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplementary Financial Information [Abstract] | ||
Professional fees | $ 2 | $ 1 |
Recoverable pension and OPEB - non-service | 13 | 14 |
AFUDC equity income | (6) | (5) |
Other, including interest income | (2) | 3 |
Total other deductions and (income) - net | $ 7 | $ 13 |
Supplementary Financial Infor_5
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplementary Financial Information [Abstract] | ||
Interest | $ 102 | $ 101 |
Amortization of debt issuance costs and discounts | 3 | 3 |
Less allowance for funds used during construction – capitalized interest portion | (3) | (3) |
Total interest expense and related charges | $ 102 | $ 101 |
Supplementary Financial Infor_6
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables | $ 816 | $ 767 |
Allowance for uncollectible accounts | (9) | (7) |
Trade accounts receivable - net | $ 807 | $ 760 |
Supplementary Financial Infor_7
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans | $ 123 | $ 124 |
Land | 17 | 16 |
Other | 2 | 2 |
Total investments and other property | $ 142 | $ 142 |
Supplementary Financial Infor_8
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 29,291 | $ 28,948 |
Less accumulated depreciation | 8,461 | 8,336 |
Net of accumulated depreciation | 20,830 | 20,612 |
Construction work in progress | 744 | 593 |
Held for future use | 20 | 20 |
Property, plant and equipment - net | 21,594 | 21,225 |
Distribution [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 15,132 | 14,937 |
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 | $ 12,277 | 12,156 |
Composite depreciation rate | 2.90% | |
Avg. life | 34 years 9 months 18 days | |
Other Assets [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 1,882 | $ 1,855 |
Composite depreciation rate | 5.70% | |
Avg. life | 17 years 6 months |
Supplementary Financial Infor_9
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,680 | $ 1,650 |
Accumulated Amortization | 613 | 596 |
Net | 1,067 | 1,054 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 634 | 623 |
Accumulated Amortization | 113 | 112 |
Net | 521 | 511 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,046 | 1,027 |
Accumulated Amortization | 500 | 484 |
Net | $ 546 | $ 543 |
Supplementary Financial Info_10
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Supplementary Financial Information [Abstract] | |
2021 | $ 71 |
2022 | 71 |
2023 | 71 |
2024 | 70 |
2025 | $ 70 |
Supplementary Financial Info_11
Supplementary Financial Information (Schedule Of Operating Lease, Third Party Joint Project And Other Obligations) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Supplementary Financial Information [Abstract] | ||
Operating lease liabilities | $ 124 | $ 124 |
Investment tax credits | 5 | 5 |
Third party joint project obligation | 143 | 100 |
Other | 87 | 76 |
Total operating lease, third party joint project and other obligations | $ 359 | $ 305 |
Supplementary Financial Info_12
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplementary Financial Information [Abstract] | ||
Interest | $ 80 | $ 90 |
Less capitalized interest | (3) | (3) |
Interest payments (net of amounts capitalized) | 77 | 87 |
Noncash increase in operating lease obligations for ROU assets | 7 | 37 |
Noncash construction expenditures | $ 182 | $ 221 |