Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | ||
Sep. 30, 2022 | Nov. 03, 2022 | Dec. 31, 2021 | |
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Quarterly Report | true | ||
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 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Capital account, units 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 | 2022 | ||
Document Fiscal Period Focus | Q3 | ||
Oncor Electric Delivery Holdings Company LLC [Member] | |||
Entity Outstanding Membership Interests | 80.25% | ||
Texas Transmission Investment LLC [Member] | |||
Entity Outstanding Membership Interests | 19.75% |
Condensed Statements Of Consoli
Condensed Statements Of Consolidated Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Condensed Statements Of Consolidated Income [Abstract] | ||||
Operating revenues (Note 3) | $ 1,438,000 | $ 1,286,000 | $ 3,980,000 | $ 3,572,000 |
Operating expenses: | ||||
Wholesale transmission service | 291,000 | 261,000 | 862,000 | 770,000 |
Operation and maintenance | 264,000 | 249,000 | 768,000 | 716,000 |
Depreciation and amortization | 227,000 | 213,000 | 672,000 | 627,000 |
Provision in lieu of income taxes (Notes 9) | 70,000 | 53,000 | 162,000 | 125,000 |
Taxes other than amounts related to income taxes | 147,000 | 143,000 | 432,000 | 418,000 |
Total operating expenses | 999,000 | 919,000 | 2,896,000 | 2,656,000 |
Operating income | 439,000 | 367,000 | 1,084,000 | 916,000 |
Other deductions and (income) - net (Note 10) | 9,000 | 8,000 | 19,000 | 22,000 |
Nonoperating benefit in lieu of income taxes | (3,000) | (3,000) | (7,000) | (9,000) |
Interest expense and related charges (Note 10) | 115,000 | 104,000 | 331,000 | 308,000 |
Net income | $ 318,000 | $ 258,000 | $ 741,000 | $ 595,000 |
Condensed Statements Of Conso_2
Condensed Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||||
Net income | $ 318,000 | $ 258,000 | $ 741,000 | $ 595,000 |
Other comprehensive income: | ||||
Net effects of cash flow hedges (net of tax) | 1,000 | 1,000 | 2,000 | 2,000 |
Defined benefit pension plans (net of tax) | 1,000 | 1,000 | 3,000 | 5,000 |
Total other comprehensive income | 2,000 | 2,000 | 5,000 | 7,000 |
Comprehensive income | $ 320,000 | $ 260,000 | $ 746,000 | $ 602,000 |
Condensed Statements Of Conso_3
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows - operating activities: | ||
Net income | $ 741,000 | $ 595,000 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization, including regulatory amortization | 734,000 | 688,000 |
Provision in lieu of deferred income taxes - net | 27,000 | 40,000 |
Other - net | (13,000) | (1,000) |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs (Note 2) | 103,000 | 6,000 |
Other operating assets and liabilities | (181,000) | (171,000) |
Cash provided by operating activities | 1,411,000 | 1,157,000 |
Cash flows - financing activities: | ||
Issuances of long-term debt (Note 5) | 3,950,000 | 1,290,000 |
Repayment of long-term debt (Note 5) | (2,732,000) | |
Net change in short-term borrowings (Note 4) | (215,000) | (70,000) |
Capital contributions from members (Note 7) | 318,000 | 188,000 |
Distributions to members (Note 7) | (318,000) | (739,000) |
Debt discount and financing costs - net | (29,000) | (1,000) |
Cash provided by financing activities | 974,000 | 668,000 |
Cash flows - investing activities: | ||
Capital expenditures | (2,161,000) | (1,842,000) |
Expenditures for third party in joint project | (2,000) | (66,000) |
Reimbursements from third party in joint project | 1,000 | 98,000 |
Other - net | 45,000 | 24,000 |
Cash used in investing activities | (2,117,000) | (1,786,000) |
Net change in cash, cash equivalents and restricted cash | 268,000 | 39,000 |
Cash, cash equivalents and restricted cash – beginning balance | 54,000 | 27,000 |
Cash, cash equivalents and restricted cash – ending balance | $ 322,000 | $ 66,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 231,000 | $ 11,000 |
Restricted cash, current (Note 1) | 23,000 | 13,000 |
Trade accounts receivable - net (Note 10) | 910,000 | 738,000 |
Amounts receivable from members related to income taxes (Note 9) | 6,000 | |
Materials and supplies inventories - at average cost | 186,000 | 171,000 |
Prepayments and other current assets | 111,000 | 101,000 |
Total current assets | 1,461,000 | 1,040,000 |
Restricted cash, noncurrent (Note 1) | 68,000 | 30,000 |
Investments and other property (Note 10) | 134,000 | 155,000 |
Property, plant and equipment - net (Note 10) | 24,431,000 | 22,954,000 |
Goodwill (Note 1) | 4,740,000 | 4,740,000 |
Regulatory assets (Note 2) | 1,646,000 | 1,547,000 |
Operating lease ROU and other assets (Note 6) | 158,000 | 167,000 |
Total assets | 32,638,000 | 30,633,000 |
Current liabilities: | ||
Short-term borrowings (Note 4) | 215,000 | |
Long-term debt due currently (Note 5) | 100,000 | 882,000 |
Trade accounts payable | 429,000 | 441,000 |
Amounts payable to members related to income taxes (Note 9) | 46,000 | 24,000 |
Accrued taxes other than amounts related to income taxes | 260,000 | 286,000 |
Accrued interest | 124,000 | 89,000 |
Operating lease and other current liabilities (Note 6) | 298,000 | 283,000 |
Total current liabilities | 1,257,000 | 2,220,000 |
Long-term debt, less amounts due currently (Note 5) | 11,126,000 | 9,150,000 |
Liability in lieu of deferred income taxes (Note 9) | 2,148,000 | 2,065,000 |
Regulatory liabilities (Note 2) | 3,000,000 | 2,876,000 |
Employee benefit plan obligations (Note 8) | 1,496,000 | 1,503,000 |
Operating lease and other obligations (Notes 6 and 10) | 277,000 | 231,000 |
Total liabilities | 19,304,000 | 18,045,000 |
Commitments and contingencies (Note 6) | ||
Membership interests (Note 7): | ||
Capital account ― number of units outstanding 2022 and 2021 – 635,000,000 | 13,460,000 | 12,719,000 |
Accumulated other comprehensive loss | (126,000) | (131,000) |
Total membership interests | 13,334,000 | 12,588,000 |
Total liabilities and membership interests | $ 32,638,000 | $ 30,633,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Nov. 03, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Condensed Consolidated Balance Sheets [Abstract] | |||
Capital account, units outstanding | 635,000,000 | 635,000,000 | 635,000,000 |
Business And Significant Accoun
Business And Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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 the definition of terms and abbreviations. We are a regulated electricity transmission and distribution company that provides the essential service of delivering electricity safely, reliably and economically to end-use consumers through our electrical systems, as well as providing transmission grid connections to merchant generation facilities and interconnections to other transmission grids in Texas. Our transmission and distribution rates are regulated by the PUCT and certain cities, and in certain limited instances, by the FERC. We are not a seller of electricity, nor do we purchase electricity for resale. 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 the 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 various approvals, including PUCT approval through the Sempra Order, which outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. Oncor is a limited liability company governed by a board of directors, not its members. The Sempra Order and our Limited Liability Company Agreement require that the board of directors of Oncor consist of thirteen members, constituted as follows: seven Disinterested Directors, who (i) shall be independent directors in all material respects under the rules of the New York Stock Exchange in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years ; two members designated by Sempra (through Oncor Holdings); two members designated by Texas Transmission; and two current or former officers of Oncor (each, an Oncor Officer Director), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of our board of directors 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 the date on which the officer first became employed by Oncor. Oncor Holdings, at the direction of STIH, has the right to nominate and/or seek the removal of the Oncor Officer Directors, subject to approval by a majority of the Oncor board of directors. In addition, the Sempra Order provides that Oncor’s board of directors cannot be overruled by the board of directors 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 members of the board of directors, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board of directors must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board of director positions on Oncor’s board of directors that Texas Transmission is entitled to appoint will be eliminated and the size of Oncor’s board of directors will be reduced by two . Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order and our Limited Liability Company Agreement to ring-fence Oncor from its owners include, among others: A majority of the Disinterested Directors of Oncor 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, borrow money from or 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 or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings 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 the Sempra Acquisition, unless otherwise specifically authorized by the PUCT. Basis of Presentation These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our 2021 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. 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. Designating interest rate derivative instruments as cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk that the future cash flows of interest payments may vary, and other criteria. 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 (loss). Amounts remain in accumulated other comprehensive income (loss) 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. Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash and cash equivalents, highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the sum of such amounts reported on the Condensed Statements of Consolidated Cash Flows: At September 30, At December 31, 2022 2021 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 231 $ 11 Restricted cash, current (a) 23 13 Restricted cash, noncurrent (a) 68 30 Total cash, cash equivalents and restricted cash on the Condensed Statements of Consolidated Cash Flows $ 322 $ 54 ____________ (a) Restricted cash represents amounts deposited with Oncor for customer advances for construction that are subject to return in accordance with PUCT rules, ERCOT requirements or our tariffs relating to generation interconnection and construction and/or extension of electric delivery system facilities. We maintain these amounts in a separate escrow account. Contingencies Our financial results may be affected by judgments and estimates related to contingencies. For loss contingencies, we accrue the loss if an event has occurred on or before the balance sheet date, and: information available through the date we file our financial statements indicates it is probable that a loss has been incurred; and the amount of the loss can be reasonably estimated. We do not accrue contingencies that might result in gains. We continuously assess contingencies for litigation claims, environmental remediation and other events. See Note 6 for a discussion of contingencies. Effects of Reference Rate Reform on Financial Reporting Our Credit Facility uses LIBOR as a benchmark for establishing interest rates but incorporates a transition mechanism for the phase-out of LIBOR. In the event we modify our Credit Facility 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). ASU No. 2020-04 became effective on March 12, 2020 and will remain effective until December 31, 2022. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 2. REGULATORY MATTERS Regulatory Assets and Liabilities We are subject to rate regulation and our financial statements reflect regulatory assets and liabilities in accordance with accounting standards related to the effect of certain types of regulation. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process based on PURA and/or the PUCT’s orders, precedents or substantive rules. Rate regulation is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital subject to PUCT review for reasonableness. Regulatory decisions can have an impact on the recovery of costs, the rate earned on invested capital and the timing and amount of assets to be recovered by rates. Components of our regulatory assets and liabilities and their remaining recovery periods as of September 30, 2022 are provided in the table below. Amounts not currently earning a return through rate regulation are noted. Remaining Rate Recovery/Amortization Period At September 30, 2022 At September 30, 2022 At December 31, 2021 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 309 $ 328 Employee retirement costs being amortized 5 years 166 193 Employee retirement costs incurred since the last rate review period (b) To be determined 93 99 Self-insurance reserve (primarily storm recovery costs) being amortized 5 years 191 223 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 542 373 Debt reacquisition costs Lives of related debt 16 19 Under-recovered AMS costs 5 years 112 128 Energy efficiency performance bonus (a) 1 year or less 36 31 Wholesale distribution substation service To be determined 89 75 Unrecovered expenses related to COVID-19 (b) To be determined 37 35 Recoverable deferred income taxes – net Various 22 16 Uncollectible payments from REPs (b) To be determined 8 9 Other regulatory assets Various 25 18 Total regulatory assets 1,646 1,547 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,412 1,348 Excess deferred taxes Primarily over lives of related assets 1,392 1,442 Over-recovered wholesale transmission service expense (a) 1 year or less 85 7 Unamortized gain on reacquisition of debt Lives of related debt 25 26 Employee retirement costs over-recovered since last rate review period (b) To be determined 55 39 Other regulatory liabilities Various 31 14 Total regulatory liabilities 3,000 2,876 Net regulatory assets (liabilities) $ ( 1,354 ) $ ( 1,329 ) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery/refund 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. 2022 Base Rate Review (PUCT Docket No. 53601) In May 2022, we filed a request for a base rate review with the PUCT and the 209 cities in our service territory that have retained original jurisdiction over rates. The rate review test year is based on calendar year 2021 results with certain adjustments. The rate review includes a request for an average annual revenue requirement increase over current adjusted rates of 4.5 % and, if approved as requested, would result in an aggregate annual revenue requirement increase of approximately $ 251 million. The rate review also requests a revised regulatory capital structure ratio of 55 % debt to 45 % equity and an authorized return on equity of 10.3 %. Our current authorized regulatory capital structure ratio is 57.5 % debt to 42.5 % equity and our current authorized return on equity is 9.8 %. A hearing on the merits was held before the State Office of Administrative Hearings from September 26, 2022 to October 4, 2022, and a proposal for decision is expected from the administrative law judges to the PUCT for its consideration by December 27, 2022. Resolution of the base rate review requires issuance of a final order by the PUCT, which is expected by the end of the first quarter of 2023, and new rates would go into effect following issuance of that order. 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 , authorizing 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. Since then, we have been recording incremental costs incurred by Oncor resulting from the effects of the COVID-19 pandemic, including costs relating to the implementation of our pandemic r eadiness plan, as a regulatory asset. At September 30, 2022 and December 31, 2021, the balance of this regulatory asset was $ 37 million and $ 35 million, respectively. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2022 | |
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 energy efficiency program 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 710 $ 650 $ 1,888 $ 1,708 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 237 220 707 649 Billed to REPs serving Oncor distribution customers, through TCRF 132 120 394 355 Total transmission base revenues 369 340 1,101 1,004 Other miscellaneous revenues 49 19 89 54 Total revenues contributing to earnings 1,128 1,009 3,078 2,766 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 291 261 862 770 EECRF 19 16 40 36 Total revenues collected for pass-through expenses 310 277 902 806 Total operating revenues $ 1,438 $ 1,286 $ 3,980 $ 3,572 Customers Our distribution business customers consist of REPs (approximately 100 at September 30, 2022) 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 business customers consist of other distribution companies, municipalities and electric cooperatives. REP subsidiaries of our two largest customers collectively represented 29 % and 26 % of our total operating revenues for the three months ended September 30, 2022 and 26 % and 24 % of our total operating revenues for the nine months ended September 30, 2022. No other customer represented more than 10% of our total operating revenues for the three and nine months ended September 30, 2022. 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 of customer billings 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. |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Short-Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | 4. SHORT-TERM BORROWINGS The following table reflects our outstanding short-term borrowings and available unused credit under the Credit Facility and CP Program at September 30, 2022 and December 31, 2021: At September 30, At December 31, 2022 2021 Total credit facility borrowing capacity $ 2,000 $ 2,000 Credit facility outstanding borrowings - - Commercial paper outstanding (a) - ( 215 ) Letters of credit outstanding (b) - ( 8 ) Available unused credit $ 2,000 $ 1,777 ____________ (a) The weighted average interest rate on commercial paper was 0.30 % at December 31, 2021. (b) The interest rate on outstanding letters of credit was 1.20 % at December 31, 2021, based on our credit ratings. Credit Facility In November 2021, we entered into a $ 2.0 billion unsecured revolving Credit Facility that includes sustainability-linked pricing metrics related to specific environmental and employee health and safety sustainability objectives. The Credit Facility may be used for working capital and other general corporate purposes, issuances of letters of credit and to support our CP Program. The Credit Facility has a maturity date of November 9, 2026. We also have the option of requesting up to two 1 -year extensions and an option to request an increase in our borrowing capacity of up to $ 400 million in $ 100 million minimum increments, provided certain conditions set forth in the Credit Facility are met, including lender approvals. CP Program We maintain the CP Program under which we may issue unsecured 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 other general corporate purposes. The CP Program obtains liquidity support from our Credit Facility discussed above. We may utilize either the CP Program or the Credit Facility, at our option, to meet our funding needs. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Debt [Abstract] | |
LONG-TERM DEBT | 5. LONG-TERM DEBT Our long-term debt includes fixed rate secured and variable rate unsecured debt. Our secured debt is secured equally and ratably by a first priority lien on certain transmission and distribution assets. See “Deed of Trust” below for additional information. At September 30, 2022 and December 31, 2021, our long-term debt consisted of the following: At September 30, At December 31, 2022 2021 Fixed Rate Secured: 4.10 % Senior Notes due June 1, 2022 $ - $ 400 7.00 % Debentures due September 1, 2022 - 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 700 700 7.00 % Senior Notes due May 1, 2032 494 494 4.15 % Senior Notes due June 1, 2032 400 - 4.55 % Senior Notes due September 15, 2032 700 - 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 2.70 % Senior Notes due November 15, 2051 500 500 4.60 % Senior Notes due June 1, 2052 400 - 4.95 % Senior Notes due September 15, 2052 500 - 5.35 % Senior Notes due October 1, 2052 300 300 Fixed rate secured long-term debt 11,245 10,127 Variable Rate Unsecured: Term loan credit agreement maturing August 30, 2023 100 - Variable rate unsecured long-term debt 100 - Total long-term debt 11,345 10,127 Unamortized discount, premium and debt issuance costs ( 119 ) ( 95 ) Less amount due currently ( 100 ) ( 882 ) Long-term debt, less amounts due currently $ 11,126 $ 9,150 Long-Term Debt-Related Activity in the Nine Months Ended September 30, 2022 January 2022 Term Loan Credit Agreement On January 28, 2022, we entered into an unsecured term loan credit agreement with a commitment equal to an aggregate principal amount of $ 1.30 billion (January 2022 Term Loan Credit Agreement). The January 2022 Term Loan Credit Agreement had a maturity date of April 29, 2023. We borrowed $ 400 million on January 28, 2022 , $ 600 million on February 28, 2022 (February 2022 borrowing), $ 185 million on March 28, 2022, and $ 115 million on April 28, 2022 under the January 2022 Term Loan Credit Agreement. The proceeds from each borrowing were used for general corporate purposes, including to repay outstanding CP Notes and, in the case of the February 2022 borrowing, to redeem in full the $ 400 million aggregate principal amount outstanding of our 4.10 % senior secured notes due June 1, 2022 (2022 Notes), plus accrued and unpaid interest on the 2022 Notes. On each of May 20, 2022 and September 9, 2022, we repaid $ 650 million of the aggregate principal amount outstanding under the January 2022 Term Loan Credit Agreement. Following the repayment on September 9, 2022, no borrowings remained outstanding and the January 2022 Term Loan Credit Agreement was no longer in effect. July 2022 Term Loan Credit Agreement On July 6, 2022, we entered into an unsecured term loan credit agreement with a commitment equal to an aggregate principal amount of $ 650 million (July 2022 Term Loan Credit Agreement). The July 2022 Term Loan Credit Agreement matures on August 30, 2023 . On August 29, 2022, we borrowed the entire $ 650 million aggregate principal amount available under the July 2022 Term Loan Credit Agreement and no additional amounts remain available for borrowing under the July 2022 Term Loan Credit Agreement. The proceeds from the borrowing under the July 2022 Term Loan Credit Agreement were used for general corporate purposes, including to repay in full the $ 482 million principal amount outstanding of our 7.00 % Debentures due 2022 (the Debentures), plus accrued and unpaid interest on the Debentures . On September 9, 2022, we repaid $ 550 million of the aggregate principal amount outstanding under the July 2022 Term Loan Credit Agreement. As a result of the repayment, the aggregate principal amount outstanding under the July 2022 Term Loan Credit Agreement at September 30, 2022 was $ 100 million. Loans under the July 2022 Term Loan Credit Agreement bear interest , at our option, at either (i) an adjusted term SOFR (calculated based on one-month term SOFR as of a specified date, plus an adjustment of 0.10 % (SOFR Adjustment)) plus a spread of 0.60 %, (ii) an adjusted daily simple SOFR (calculated based on daily simple SOFR as of a specified date, plus the SOFR Adjustment) plus a spread of 0.60 %, or (iii) for any day, at a rate equal to the greatest of: (1) the prime rate publicly announced by the administrative agent on such date, (2) the federal funds effective rate on such date plus 0.50 %, and (3) daily simple SOFR on such date, plus 1.0 %. Secured Debt Repayments On March 1, 2022, we redeemed in full the $ 400 million aggregate principal amount outstanding of our 2022 Notes, which were to mature on June 1, 2022. The redemption price was equal to 100 % of the principal amount of the 2022 Notes, plus accrued interest to, but not including, the redemption date of March 1, 2022. Following the redemption of the 2022 Notes, none of the 2022 Notes remain outstanding. On September 1, 2022, we repaid in full at maturity the $ 482 million aggregate principal amount outstanding of the Debentures, plus accrued and unpaid interest on the Debentures. Following the repayment of the Debentures, none of the Debentures remain outstanding. 4.15 % 2032 Notes and 4.60 % 2052 Notes Issuances On May 20, 2022, we issued $ 400 million aggregate principal amount of 4.15 % senior secured notes due June 1, 2032 ( 4.15 % 2032 Notes) and $ 400 million aggregate principal amount of 4.60 % senior secured notes due June 1, 2052 ( 4.60 % 2052 Notes). We intend to allocate/disburse the proceeds from the sale of the 4.15 % 2032 Notes ( net of the discounts and fees to the initial purchasers and the estimated pro rata expenses related to the offering of the 4.15 % 2032 Notes ) of approximately $ 395 million, or an amount equal to the net proceeds from the sale of the 4.15 % 2032 Notes, to finance and/or refinance, in whole or in part, investments in or expenditures on one or more new and/or existing eligible green projects in accordance with our sustainable financing framework. Eligible green projects include transmission and distribution projects connecting renewable energy sources to the ERCOT grid, customer energy efficiency programs, and deployment of automated metering infrastructure and smart grid technology. Prior to the allocation/disbursement of the full amount of the net proceeds from the sale of the 4.15 % 2032 Notes, we temporarily applied the entire amount of such net proceeds to repay a portion of the principal amount outstanding under the January 2022 Term Loan Credit Agreement. We used the proceeds from the sale of the 4.60 % 2052 Notes (net of the discounts and fees to the initial purchasers and the estimated pro rata expenses related to the offering of the 4.60 % 2052 Notes) of approximately $ 392 million for general corporate purposes, including to repay $ 255 million of the principal amount outstanding under the January 2022 Term Loan Credit Agreement. The 4.15 % 2032 Notes and 4.60 % 2052 Notes were issued pursuant to the provisions of an Indenture, dated as of August 1, 2002, between Oncor and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon, formerly The Bank of New York), as trustee, as amended and supplemented. The 4.15 % 2032 Notes bear interest at a rate of 4.15 % per annum and mature on June 1, 2032. The 4.60 % 2052 Notes bear interest at a rate of 4.60 % per annum and mature on June 1, 2052. Interest on the 4.15 % 2032 Notes and the 4.60 % 2052 Notes is payable in cash semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2022. Prior to March 1, 2032, in the case of the 4.15 % 2032 Notes and December 1, 2051 in the case of the 4.60 % 2052 Notes, we may redeem such notes at any time, in whole or in part, at a price equal to 100 % of their principal amount, plus accrued and unpaid interest and a “make-whole” premium. On and after March 1, 2032 in the case of the 4.15 % 2032 Notes and December 1, 2051 in the case of the 4.60 % 2052 Notes, we may redeem such notes at any time, in whole or in part, at a redemption price equal to 100 % of the principal amount of such notes, plus accrued and unpaid interest. The 4.15 % 2032 Notes and 4.60 % 2052 Notes were issued in a private placement and were not registered under the Securities Act. In connection with the completion of the sale of the 4.15 % 2032 Notes and 4.60 % 2052 Notes, we entered into a registration rights agreement with the representatives of the initial purchasers of such notes (the May Registration Rights Agreement). Under the May Registration Rights Agreement, we agreed, subject to certain exceptions, to file a registration statement with the SEC with respect to a registered offer to exchange the 4.15 % 2032 Notes and the 4.60 % 2052 Notes for publicly registered notes (the May Exchange Offer Registration Statement), or under certain circumstances, a shelf registration statement (the May Shelf Registration Statement). We have agreed to use commercially reasonable efforts to cause the May Exchange Offer Registration Statement to be declared effective under the Securities Act on or prior to June 1, 2023 and to consummate the exchange offer on or prior to July 15, 2023. Oncor agreed to use commercially reasonable efforts to cause any May Shelf Registration Statement to become or be declared effective within the later of 180 days after such May Shelf Registration Statement filing obligation arises and June 1, 2023. If we do not comply with certain of our obligations under the May Registration Rights Agreement, the affected notes will bear additional interest on the principal amount of such affected notes at a rate of 0.50 % per annum over the interest rate otherwise provided for under such notes for the period during which the registration default continues, but not later than the second anniversary of the issue date of such notes. 4.55 % 2032 Notes and 4.95 % 2052 Notes Issuances On September 8, 2022, we issued $ 700 million aggregate principal amount of 4.55 % senior secured notes due September 15, 2032 ( 4.55 % 2032 Notes) and $ 500 million aggregate principal amount of 4.95 % senior secured notes due September 15, 2052 ( 4.95 % 2052 Notes). We used the proceeds from the sale of the 4.55 % 2032 Notes and the 4.95 % 2052 Notes (net of the discounts, fees and expenses) of approximately $ 1.185 billion for general corporate purposes, including to repay $ 650 million of the aggregate principal amount outstanding under the January 2022 Term Loan Credit Agreement and a portion of the aggregate principal amount outstanding under the July 2022 Term Loan Credit Agreement. The 4.55 % 2032 Notes and 4.95 % 2052 Notes were issued pursuant to the provisions of an Indenture, dated as of August 1, 2002, between Oncor and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon, formerly The Bank of New York), as trustee, as amended and supplemented. The 4.55% 2032 Notes bear interest at a rate of 4.55 % per annum and mature on September 15, 2032. The 4.95 % 2052 Notes bear interest at a rate of 4.95 % per annum and mature on September 15, 2052. Interest on the 4.55 % 2032 Notes and the 4.95 % 2052 Notes is payable in cash semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2023. Prior to June 15, 2032, in the case of the 4.55 % 2032 Notes and March 15, 2052 in the case of the 4.95 % 2052 Notes, we may redeem such notes at any time, in whole or in part, at a price equal to 100 % of their principal amount, plus accrued and unpaid interest and a “make-whole” premium. On and after June 15, 2032 in the case of the 4.55 % 2032 Notes and March 15, 2052 in the case of the 4.95 % 2052 Notes, we may redeem such notes at any time, in whole or in part, at a redemption price equal to 100 % of the principal amount of such notes, plus accrued and unpaid interest. The 4.55 % 2032 Notes and 4.95 % 2052 Notes were issued in a private placement and were not registered under the Securities Act. In connection with the completion of the sale of the 4.55 % 2032 Notes and 4.95 % 2052 Notes, we entered into a registration rights agreement with the representatives of the initial purchasers of such notes (the September Registration Rights Agreement). Under the September Registration Rights Agreement, we agreed, subject to certain exceptions, to file a registration statement with the SEC with respect to a registered offer to exchange the 4.55 % 2032 Notes and the 4.95 % 2052 Notes for publicly registered notes (the September Exchange Offer Registration Statement), or under certain circumstances, a shelf registration statement (the September Shelf Registration Statement). We have agreed to use commercially reasonable efforts to cause the September Exchange Offer Registration Statement to be declared effective under the Securities Act on or prior to October 1, 2023 and to consummate the exchange offer on or prior to November 15, 2023. Oncor agreed to use commercially reasonable efforts to cause any September Shelf Registration Statement to become or be declared effective within the later of 180 days after such September Shelf Registration Statement filing obligation arises and October 15, 2023. If we do not comply with certain of our obligations under the September Registration Rights Agreement, the affected notes will bear additional interest on the principal amount of such affected notes at a rate of 0.50 % per annum over the interest rate otherwise provided for under such notes for the period during which the registration default continues, but not later than the second anniversary of the issue date of such notes. Deed of Trust Our secured debt is secured equally and ratably by a first priority lien on all property acquired or constructed by Oncor for use in its electricity transmission and distribution business, subject to certain exceptions. The property is mortgaged under the Deed of Trust. The Deed of Trust permits us to secure indebtedness with the lien of the Deed of Trust up to the aggregate of (i) the amount of available bond credits, and (ii) 85 % of the lower of the fair value or cost of certain property additions that could be certified to the Deed of Trust collateral agent. At September 30, 2022, the amount of available bond credits was $ 2.992 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 $ 3.715 billion. Borrowings under the CP Program, the Credit Facility and the term loan credit agreement are not secured. Fair Value of Long-Term Debt At September 30, 2022 and December 31, 2021, the estimated fair value of our long-term debt (including current maturities) totaled $ 10.175 billion and $ 11.758 billion, respectively, and the carrying amount totaled $ 11.226 billion and $ 10.032 billion, respectively. The fair value is estimated using observable market data, representing Level 2 valuations under accounting standards related to the determination of fair value. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES Legal/Regulatory Proceedings In May 2022, we filed a base rate review with the PUCT and the cities in our service territory that have retained original jurisdiction over rates. See Note 2 above for additional information regarding that rate review. We are also involved in other legal and administrative proceedings in the normal course of business, the ultimate resolution of which, in the opinion of management, should not have a material effect upon our financial position, results of operations, or cash flows. See Notes 1 and 2 above and Note 7 to Financial Statements in our 2021 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 GAAP purposes. At September 30, 2022, we had $ 5 million in GAAP operating leases that are treated as capital leas es (referred to as finance leases under current accounting literature) solely for 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 2021 Form 10-K for additional information on leases. Sales and Use Tax Audits We are subject to sales and use tax audits in the normal course of business. Currently, the Texas State Comptroller’s office is conducting sales and use tax audits for audit periods January 2010 through June 2013, July 2013 through December 2017, and January 2018 through June 2022, respectively. No audit reports have been issued for these audits. While the outcome is uncertain, based on our analysis, we do not expect the ultimate resolution of these audits will have a material adverse effect on our financial position, results of operations, or cash flows. |
Membership Interests
Membership Interests | 9 Months Ended |
Sep. 30, 2022 | |
Membership Interests [Abstract] | |
MEMBERSHIP INTERESTS | 7. MEMBERSHIP INTERESTS Contributions We received $ 106 million in cash capital contributions from our members on October 24, 2022. In the nine months ended September 30, 2022, we received the following cash capital contributions from our members: Receipt Date Amount February 17, 2022 $ 106 April 26, 2022 $ 106 July 26, 2022 $ 106 Distributions The Sempra 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 (other than contractual tax payments) to our members 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 a majority of our Disinterested Directors, or either of the two member directors designated by Texas Transmission, to limit distributions to the extent each determines it is necessary to meet expected future requirements of Oncor (including continuing compliance with the PUCT debt-to-equity ratio commitment). At September 30, 2022, our regulatory capitalization was 53.9 % debt to 46.1 % equity and as a result we had $ 1.318 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 October 25, 2022, our board of directors declared a cash distribution of $ 106 million, which was paid to our members on October 26, 2022. In the nine months ended September 30, 2022, our board of directors declared, and we paid, the following cash distributions to our members: Declaration Date Payment Date Amount February 18, 2022 February 18, 2022 $ 106 April 27, 2022 April 28, 2022 $ 106 July 27, 2022 July 28, 2022 $ 106 Membership Interests The following tables present the changes to membership interests during the three and nine months ended September 30, 2022 and 2021, net of tax: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at June 30, 2022 $ 13,142 $ ( 128 ) $ 13,014 Net income 318 - 318 Capital contributions 106 - 106 Distributions ( 106 ) - ( 106 ) Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 1 1 Balance at September 30, 2022 $ 13,460 $ ( 126 ) $ 13,334 Balance at June 30, 2021 $ 12,353 $ ( 146 ) $ 12,207 Net income 258 - 258 Capital contributions 62 - 62 Distributions ( 546 ) - ( 546 ) Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 1 1 Balance at September 30, 2021 $ 12,127 $ ( 144 ) $ 11,983 Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2021 $ 12,719 $ ( 131 ) $ 12,588 Net income 741 - 741 Capital contributions 318 - 318 Distributions ( 318 ) - ( 318 ) Net effects of cash flow hedges - 2 2 Defined benefit pension plans - 3 3 Balance at September 30, 2022 $ 13,460 $ ( 126 ) $ 13,334 Balance at December 31, 2020 $ 12,083 $ ( 151 ) $ 11,932 Net income 595 - 595 Capital contributions 188 - 188 Distributions ( 739 ) - ( 739 ) Net effects of cash flow hedges - 2 2 Defined benefit pension plans - 5 5 Balance at September 30, 2021 $ 12,127 $ ( 144 ) $ 11,983 Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the changes to AOCI for the nine months ended September 30, 2022 and 2021, net of tax: Cash Flow Hedges – Interest Rate Swaps Defined Benefit Pension and OPEB Plans Total Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ ( 36 ) $ ( 95 ) $ ( 131 ) Defined benefit pension plans - 3 3 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $ 0 ) 2 - 2 Balance at September 30, 2022 $ ( 34 ) $ ( 92 ) $ ( 126 ) Balance at December 31, 2020 $ ( 39 ) $ ( 112 ) $ ( 151 ) Defined benefit pension plans - 5 5 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $ 0 ) 2 - 2 Balance at September 30, 2021 $ ( 37 ) $ ( 107 ) $ ( 144 ) |
Pension And OPEB Plans
Pension And OPEB Plans | 9 Months Ended |
Sep. 30, 2022 | |
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 2021 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 certain 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 2021 Form 10-K for additional information. Pension and OPEB Costs Our net costs related to pension plans and the OPEB Plans for the three and nine months ended September 30, 2022 and 2021, were comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Components of net allocated pension costs: Service cost $ 7 $ 8 $ 23 $ 25 Interest cost (a) 23 21 68 63 Expected return on assets (a) ( 26 ) ( 25 ) ( 79 ) ( 75 ) Amortization of net loss (a) 8 13 24 39 Net pension costs 12 17 36 52 Net adjustments (b) ( 1 ) ( 6 ) ( 3 ) ( 18 ) Net pension costs recognized as operation and maintenance expense or other deductions $ 11 $ 11 $ 33 $ 34 Components of net OPEB costs: Service cost $ 1 $ 1 $ 3 $ 3 Interest cost (a) 6 7 18 20 Expected return on assets (a) ( 2 ) ( 2 ) ( 6 ) ( 5 ) Amortization of prior service cost (a) - ( 4 ) - ( 12 ) Amortization of net loss (a) - 4 - 13 Net OPEB costs 5 6 15 19 Net adjustments (b) 3 2 8 4 Net OPEB costs recognized as operation and maintenance expense or other deductions $ 8 $ 8 $ 23 $ 23 ____________ (a) The components of net costs other than service cost component are recorded in “Other deductions and (income) – net” in Condensed Statements of Consolidated Income. (b) Net adjustments include amounts principally deferred as property, regulatory asset or regulatory liability. The discount rates reflected in net pension and OPEB costs in 2022 are 2.91 %, 2.94 % and 2.47 % for the Oncor Retirement Plan, the Vistra Retirement Plan and the OPEB Plans, respectively. The expected return on pension and OPEB plan assets reflected in the 2022 cost amounts are 4.87 %, 4.66 % and 5.61 % for the Oncor Retirement Plan, the Vistra Retirement Plan and the OPEB Plans, respectively. Pension Plans and OPEB Plans Cash Contributions We made cash contributions to the pension plans and OPEB Plans of $ 3 million and $ 26 million, respectively, during the nine months ended September 30, 2022. We expect to make additional cash contributions to the pension plans and OPEB Plans of $ 2 million and $ 9 million, respectively, during the remainder of 2022. Our pension plans and OPEB Plans funding is expected to total approximately $ 273 million and $ 141 million, respectively, in the five-year period from 2022 to 2026 based on the latest actuarial projections. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
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 2021 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 these regulatory amounts will continue to be included in Oncor’s rate setting processes. Amounts payable to (receivable from) members related to income taxes under the tax sharing agreement and reported on our balance sheets consisted of the following: At September 30, 2022 At December 31, 2021 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ 20 $ 5 $ 25 $ ( 5 ) $ ( 1 ) $ ( 6 ) Texas margin tax payable 21 - 21 24 - 24 Net payable (receivable) $ 41 $ 5 $ 46 $ 19 $ ( 1 ) $ 18 Cash payments made to members related to income taxes for the nine months ended September 30, 2022 and 2021 consisted of the following: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes $ 61 $ 15 $ 76 $ 38 $ 10 $ 48 Texas margin tax 24 - 24 23 - 23 Total payments $ 85 $ 15 $ 100 $ 61 $ 10 $ 71 See Note 7 for information regarding cash 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 $ 4 million and $ 1 million in the three months ended September 30, 2022 and 2021, respectively, and $ 7 million and $ 8 million in the nine months ended September 30, 2022 and 2021, respectively, at rates set pursuant to PUCT-approved tariffs. Pursuant to an operation agreement between us and Sharyland that was entered into in connection with a PUCT order, we provide Sharyland with substation monitoring and switching services. These services totaled less than $ 1 million in each of the nine months ended September 30, 2022 and 2021. |
Supplementary Financial Informa
Supplementary Financial Information | 9 Months Ended |
Sep. 30, 2022 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 10. SUPPLEMENTARY FINANCIAL INFORMATION Other Deductions and (Income) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Professional fees $ 2 $ 2 $ 5 $ 6 Recoverable pension and OPEB – non-service costs 14 13 41 40 Non-recoverable pension and OPEB - 1 - 2 Gain on sale of non-utility property - ( 1 ) ( 11 ) ( 1 ) AFUDC – equity income ( 9 ) ( 6 ) ( 23 ) ( 19 ) Interest and investment loss (income) – net 1 ( 1 ) 5 ( 8 ) Other 1 - 2 2 Total other deductions and (income) – net $ 9 $ 8 $ 19 $ 22 Interest Expense and Related Charges Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest $ 117 $ 104 $ 335 $ 310 Amortization of discount, premium and debt issuance costs 3 3 8 8 Less AFUDC – capitalized interest portion ( 5 ) ( 3 ) ( 12 ) ( 10 ) Total interest expense and related charges $ 115 $ 104 $ 331 $ 308 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheets consisted of the following: At September 30, At December 31, 2022 2021 Gross trade accounts and other receivables $ 923 $ 750 Allowance for uncollectible accounts ( 13 ) ( 12 ) Trade accounts receivable – net $ 910 $ 738 At September 30 , 2022, REP subsidiaries of our two largest customers represented 27 % and 24 % of the trade accounts receivable balance. At December 31, 2021, REP subsidiaries of our two largest customers represented 22 % and 21 % of the trade accounts receivable balance. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by REPs are deferred as a regulatory asset. Investments and Other Property Investments and other property reported on our balance sheets consisted of the following: At September 30, At December 31, 2022 2021 Assets related to employee benefit plans $ 120 $ 133 Non-utility property – land 12 20 Other 2 2 Total investments and other property $ 134 $ 155 Property, Plant and Equipment Property, plant and equipment – net reported on our balance sheets consisted of the following: Composite Depreciation Rate/ At September 30, At December 31, Average Life of Depreciable Plant at September 30, 2022 2022 2021 Assets in service: Distribution 2.5 % / 39.5 years $ 16,843 $ 15,994 Transmission 2.9 % / 34.5 years 13,372 13,075 Other assets 5.9 % / 16.9 years 1,952 1,960 Total 32,167 31,029 Less accumulated depreciation 8,975 8,659 Net of accumulated depreciation 23,192 22,370 Construction work in progress 1,213 557 Held for future use 26 27 Property, plant and equipment – net $ 24,431 $ 22,954 Intangible Assets Intangible assets (other than goodwill) reported on our balance sheets as part of property, plant and equipment consisted of the following: At September 30, 2022 At December 31, 2021 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 652 $ 121 $ 531 $ 641 $ 117 $ 524 Capitalized software 1,049 449 600 1,066 451 615 Total $ 1,701 $ 570 $ 1,131 $ 1,707 $ 568 $ 1,139 A ggregate amortization expense for intangible assets totaled $ 19 million and $ 18 million for the three months ended September 30, 2022 and 2021, respectively, and $ 57 million and $ 52 million for the nine months ended September 30, 2022 and 2021, respectively. The estimated annual amortization expense for the five-year period from 2022 to 2026 is as follows: Year Amortization Expense 2022 $ 77 2023 $ 76 2024 $ 76 2025 $ 76 2026 $ 76 Operating Lease and Other Obligations Operating lease and other obligations reported on our balance sheets consisted of the following: At September 30, At December 31, 2022 2021 Operating lease liabilities $ 132 $ 133 Investment tax credits 3 4 Customer advances for construction – noncurrent 67 30 Other 75 64 Total operating lease and other obligations $ 277 $ 231 Supplemental Cash Flow Information Nine Months Ended September 30, 2022 2021 Cash payments related to: Interest $ 296 $ 285 Less capitalized interest ( 12 ) ( 10 ) Interest payments (net of amounts capitalized) $ 284 $ 275 Amount in lieu of income taxes (Note 9): Federal $ 76 $ 48 State 24 23 Total payments in lieu of income taxes $ 100 $ 71 Noncash investing activities: Construction expenditures financed through accounts payable (a) $ 201 $ 197 ROU assets obtained in exchange for operating lease obligations $ 30 $ 41 Transfer of title to assets constructed for and prepaid by LP&L $ - $ 150 Donation of property (b) $ 1 $ - ______________ (a) Represents end-of-period accruals . (b) Represents the fair value of approximately 1 10 acres of undeveloped urban land donated in 2022. |
Business And Significant Acco_2
Business And Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 the definition of terms and abbreviations. We are a regulated electricity transmission and distribution company that provides the essential service of delivering electricity safely, reliably and economically to end-use consumers through our electrical systems, as well as providing transmission grid connections to merchant generation facilities and interconnections to other transmission grids in Texas. Our transmission and distribution rates are regulated by the PUCT and certain cities, and in certain limited instances, by the FERC. We are not a seller of electricity, nor do we purchase electricity for resale. 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 the 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 various approvals, including PUCT approval through the Sempra Order, which outlines certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra does not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or obligations of any Sempra entity or any other direct or indirect owner of Oncor or Oncor Holdings. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of any Sempra entities and any other direct or indirect owner of Oncor or Oncor Holdings. We do not bear any liability for debt or contractual obligations of Sempra and its affiliates or any other direct or indirect owner of Oncor or Oncor Holdings, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra and its affiliates and any other direct or indirect owner of Oncor or Oncor Holdings. Oncor is a limited liability company governed by a board of directors, not its members. The Sempra Order and our Limited Liability Company Agreement require that the board of directors of Oncor consist of thirteen members, constituted as follows: seven Disinterested Directors, who (i) shall be independent directors in all material respects under the rules of the New York Stock Exchange in relation to Sempra or its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its subsidiaries or affiliated entities or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, currently or within the previous ten years ; two members designated by Sempra (through Oncor Holdings); two members designated by Texas Transmission; and two current or former officers of Oncor (each, an Oncor Officer Director), currently Robert S. Shapard and E. Allen Nye, Jr., who are our Chairman of our board of directors 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 the date on which the officer first became employed by Oncor. Oncor Holdings, at the direction of STIH, has the right to nominate and/or seek the removal of the Oncor Officer Directors, subject to approval by a majority of the Oncor board of directors. In addition, the Sempra Order provides that Oncor’s board of directors cannot be overruled by the board of directors 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 members of the board of directors, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board of directors must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board of director positions on Oncor’s board of directors that Texas Transmission is entitled to appoint will be eliminated and the size of Oncor’s board of directors will be reduced by two . Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order and our Limited Liability Company Agreement to ring-fence Oncor from its owners include, among others: A majority of the Disinterested Directors of Oncor 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, borrow money from or 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 or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings 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 the Sempra Acquisition, unless otherwise specifically authorized by the PUCT. |
Basis Of Presentation | Basis of Presentation These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in our 2021 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. 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. Designating interest rate derivative instruments as cash flow hedges is dependent on the business context in which the instrument is being used, the effectiveness of the instrument in offsetting the risk that the future cash flows of interest payments may vary, and other criteria. 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 (loss). Amounts remain in accumulated other comprehensive income (loss) 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. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash and cash equivalents, highly liquid investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the sum of such amounts reported on the Condensed Statements of Consolidated Cash Flows: At September 30, At December 31, 2022 2021 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 231 $ 11 Restricted cash, current (a) 23 13 Restricted cash, noncurrent (a) 68 30 Total cash, cash equivalents and restricted cash on the Condensed Statements of Consolidated Cash Flows $ 322 $ 54 ____________ (a) Restricted cash represents amounts deposited with Oncor for customer advances for construction that are subject to return in accordance with PUCT rules, ERCOT requirements or our tariffs relating to generation interconnection and construction and/or extension of electric delivery system facilities. We maintain these amounts in a separate escrow account. |
Contingencies | Contingencies Our financial results may be affected by judgments and estimates related to contingencies. For loss contingencies, we accrue the loss if an event has occurred on or before the balance sheet date, and: information available through the date we file our financial statements indicates it is probable that a loss has been incurred; and the amount of the loss can be reasonably estimated. We do not accrue contingencies that might result in gains. We continuously assess contingencies for litigation claims, environmental remediation and other events. See Note 6 for a discussion of contingencies. |
Effects of Reference Rate Reform on Financial Reporting | Effects of Reference Rate Reform on Financial Reporting Our Credit Facility uses LIBOR as a benchmark for establishing interest rates but incorporates a transition mechanism for the phase-out of LIBOR. In the event we modify our Credit Facility 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). |
Business And Significant Acco_3
Business And Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business And Significant Accounting Policies [Abstract] | |
Schedule Of Cash, Cash Equivalents And Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the sum of such amounts reported on the Condensed Statements of Consolidated Cash Flows: At September 30, At December 31, 2022 2021 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 231 $ 11 Restricted cash, current (a) 23 13 Restricted cash, noncurrent (a) 68 30 Total cash, cash equivalents and restricted cash on the Condensed Statements of Consolidated Cash Flows $ 322 $ 54 ____________ (a) Restricted cash represents amounts deposited with Oncor for customer advances for construction that are subject to return in accordance with PUCT rules, ERCOT requirements or our tariffs relating to generation interconnection and construction and/or extension of electric delivery system facilities. We maintain these amounts in a separate escrow account. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Matters [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period At September 30, 2022 At September 30, 2022 At December 31, 2021 Regulatory assets: Employee retirement liability (a)(b)(c) To be determined $ 309 $ 328 Employee retirement costs being amortized 5 years 166 193 Employee retirement costs incurred since the last rate review period (b) To be determined 93 99 Self-insurance reserve (primarily storm recovery costs) being amortized 5 years 191 223 Self-insurance reserve incurred since the last rate review period (primarily storm related) (b) To be determined 542 373 Debt reacquisition costs Lives of related debt 16 19 Under-recovered AMS costs 5 years 112 128 Energy efficiency performance bonus (a) 1 year or less 36 31 Wholesale distribution substation service To be determined 89 75 Unrecovered expenses related to COVID-19 (b) To be determined 37 35 Recoverable deferred income taxes – net Various 22 16 Uncollectible payments from REPs (b) To be determined 8 9 Other regulatory assets Various 25 18 Total regulatory assets 1,646 1,547 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,412 1,348 Excess deferred taxes Primarily over lives of related assets 1,392 1,442 Over-recovered wholesale transmission service expense (a) 1 year or less 85 7 Unamortized gain on reacquisition of debt Lives of related debt 25 26 Employee retirement costs over-recovered since last rate review period (b) To be determined 55 39 Other regulatory liabilities Various 31 14 Total regulatory liabilities 3,000 2,876 Net regulatory assets (liabilities) $ ( 1,354 ) $ ( 1,329 ) ____________ (a) Not earning a return in the regulatory rate-setting process. (b) Recovery/refund 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) | 9 Months Ended |
Sep. 30, 2022 | |
Revenues [Abstract] | |
Disaggregation Of Revenues | The following table reflects electric delivery revenues disaggregated by tariff: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 710 $ 650 $ 1,888 $ 1,708 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 237 220 707 649 Billed to REPs serving Oncor distribution customers, through TCRF 132 120 394 355 Total transmission base revenues 369 340 1,101 1,004 Other miscellaneous revenues 49 19 89 54 Total revenues contributing to earnings 1,128 1,009 3,078 2,766 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 291 261 862 770 EECRF 19 16 40 36 Total revenues collected for pass-through expenses 310 277 902 806 Total operating revenues $ 1,438 $ 1,286 $ 3,980 $ 3,572 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Short-Term Borrowings [Abstract] | |
Schedule Of Short-Term Borrowings | At September 30, At December 31, 2022 2021 Total credit facility borrowing capacity $ 2,000 $ 2,000 Credit facility outstanding borrowings - - Commercial paper outstanding (a) - ( 215 ) Letters of credit outstanding (b) - ( 8 ) Available unused credit $ 2,000 $ 1,777 ____________ (a) The weighted average interest rate on commercial paper was 0.30 % at December 31, 2021. (b) The interest rate on outstanding letters of credit was 1.20 % at December 31, 2021, based on our credit ratings. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | At September 30, At December 31, 2022 2021 Fixed Rate Secured: 4.10 % Senior Notes due June 1, 2022 $ - $ 400 7.00 % Debentures due September 1, 2022 - 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 700 700 7.00 % Senior Notes due May 1, 2032 494 494 4.15 % Senior Notes due June 1, 2032 400 - 4.55 % Senior Notes due September 15, 2032 700 - 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 2.70 % Senior Notes due November 15, 2051 500 500 4.60 % Senior Notes due June 1, 2052 400 - 4.95 % Senior Notes due September 15, 2052 500 - 5.35 % Senior Notes due October 1, 2052 300 300 Fixed rate secured long-term debt 11,245 10,127 Variable Rate Unsecured: Term loan credit agreement maturing August 30, 2023 100 - Variable rate unsecured long-term debt 100 - Total long-term debt 11,345 10,127 Unamortized discount, premium and debt issuance costs ( 119 ) ( 95 ) Less amount due currently ( 100 ) ( 882 ) Long-term debt, less amounts due currently $ 11,126 $ 9,150 |
Membership Interests (Tables)
Membership Interests (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Membership Interests [Abstract] | |
Schedule Of Cash Capital Contributions | Receipt Date Amount February 17, 2022 $ 106 April 26, 2022 $ 106 July 26, 2022 $ 106 |
Schedule Of Distributions Paid | Declaration Date Payment Date Amount February 18, 2022 February 18, 2022 $ 106 April 27, 2022 April 28, 2022 $ 106 July 27, 2022 July 28, 2022 $ 106 |
Schedule Of Changes To Membership Interests | The following tables present the changes to membership interests during the three and nine months ended September 30, 2022 and 2021, net of tax: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at June 30, 2022 $ 13,142 $ ( 128 ) $ 13,014 Net income 318 - 318 Capital contributions 106 - 106 Distributions ( 106 ) - ( 106 ) Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 1 1 Balance at September 30, 2022 $ 13,460 $ ( 126 ) $ 13,334 Balance at June 30, 2021 $ 12,353 $ ( 146 ) $ 12,207 Net income 258 - 258 Capital contributions 62 - 62 Distributions ( 546 ) - ( 546 ) Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 1 1 Balance at September 30, 2021 $ 12,127 $ ( 144 ) $ 11,983 Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2021 $ 12,719 $ ( 131 ) $ 12,588 Net income 741 - 741 Capital contributions 318 - 318 Distributions ( 318 ) - ( 318 ) Net effects of cash flow hedges - 2 2 Defined benefit pension plans - 3 3 Balance at September 30, 2022 $ 13,460 $ ( 126 ) $ 13,334 Balance at December 31, 2020 $ 12,083 $ ( 151 ) $ 11,932 Net income 595 - 595 Capital contributions 188 - 188 Distributions ( 739 ) - ( 739 ) Net effects of cash flow hedges - 2 2 Defined benefit pension plans - 5 5 Balance at September 30, 2021 $ 12,127 $ ( 144 ) $ 11,983 |
Schedule Of Changes To Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges – Interest Rate Swaps Defined Benefit Pension and OPEB Plans Total Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ ( 36 ) $ ( 95 ) $ ( 131 ) Defined benefit pension plans - 3 3 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $ 0 ) 2 - 2 Balance at September 30, 2022 $ ( 34 ) $ ( 92 ) $ ( 126 ) Balance at December 31, 2020 $ ( 39 ) $ ( 112 ) $ ( 151 ) Defined benefit pension plans - 5 5 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $ 0 ) 2 - 2 Balance at September 30, 2021 $ ( 37 ) $ ( 107 ) $ ( 144 ) |
Pension And OPEB Plans (Tables)
Pension And OPEB Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Pension And OPEB Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Components of net allocated pension costs: Service cost $ 7 $ 8 $ 23 $ 25 Interest cost (a) 23 21 68 63 Expected return on assets (a) ( 26 ) ( 25 ) ( 79 ) ( 75 ) Amortization of net loss (a) 8 13 24 39 Net pension costs 12 17 36 52 Net adjustments (b) ( 1 ) ( 6 ) ( 3 ) ( 18 ) Net pension costs recognized as operation and maintenance expense or other deductions $ 11 $ 11 $ 33 $ 34 Components of net OPEB costs: Service cost $ 1 $ 1 $ 3 $ 3 Interest cost (a) 6 7 18 20 Expected return on assets (a) ( 2 ) ( 2 ) ( 6 ) ( 5 ) Amortization of prior service cost (a) - ( 4 ) - ( 12 ) Amortization of net loss (a) - 4 - 13 Net OPEB costs 5 6 15 19 Net adjustments (b) 3 2 8 4 Net OPEB costs recognized as operation and maintenance expense or other deductions $ 8 $ 8 $ 23 $ 23 ____________ (a) The components of net costs other than service cost component are recorded in “Other deductions and (income) – net” in Condensed Statements of Consolidated Income. (b) Net adjustments include amounts principally deferred as property, regulatory asset or regulatory liability. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related-Party Transactions [Abstract] | |
Schedule Of Amounts Payable To (Receivables From) Related Parties | At September 30, 2022 At December 31, 2021 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ 20 $ 5 $ 25 $ ( 5 ) $ ( 1 ) $ ( 6 ) Texas margin tax payable 21 - 21 24 - 24 Net payable (receivable) $ 41 $ 5 $ 46 $ 19 $ ( 1 ) $ 18 |
Schedule Of Cash Payments Made To (Received From) Related Parties | Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes $ 61 $ 15 $ 76 $ 38 $ 10 $ 48 Texas margin tax 24 - 24 23 - 23 Total payments $ 85 $ 15 $ 100 $ 61 $ 10 $ 71 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Other Deductions And (Income) | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Professional fees $ 2 $ 2 $ 5 $ 6 Recoverable pension and OPEB – non-service costs 14 13 41 40 Non-recoverable pension and OPEB - 1 - 2 Gain on sale of non-utility property - ( 1 ) ( 11 ) ( 1 ) AFUDC – equity income ( 9 ) ( 6 ) ( 23 ) ( 19 ) Interest and investment loss (income) – net 1 ( 1 ) 5 ( 8 ) Other 1 - 2 2 Total other deductions and (income) – net $ 9 $ 8 $ 19 $ 22 |
Schedule Of Interest Expense And Related Charges | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Interest $ 117 $ 104 $ 335 $ 310 Amortization of discount, premium and debt issuance costs 3 3 8 8 Less AFUDC – capitalized interest portion ( 5 ) ( 3 ) ( 12 ) ( 10 ) Total interest expense and related charges $ 115 $ 104 $ 331 $ 308 |
Schedule Of Trade Accounts And Other Receivables | At September 30, At December 31, 2022 2021 Gross trade accounts and other receivables $ 923 $ 750 Allowance for uncollectible accounts ( 13 ) ( 12 ) Trade accounts receivable – net $ 910 $ 738 |
Summary of Investments And Other Property | At September 30, At December 31, 2022 2021 Assets related to employee benefit plans $ 120 $ 133 Non-utility property – land 12 20 Other 2 2 Total investments and other property $ 134 $ 155 |
Schedule Of Property, Plant And Equipment | Composite Depreciation Rate/ At September 30, At December 31, Average Life of Depreciable Plant at September 30, 2022 2022 2021 Assets in service: Distribution 2.5 % / 39.5 years $ 16,843 $ 15,994 Transmission 2.9 % / 34.5 years 13,372 13,075 Other assets 5.9 % / 16.9 years 1,952 1,960 Total 32,167 31,029 Less accumulated depreciation 8,975 8,659 Net of accumulated depreciation 23,192 22,370 Construction work in progress 1,213 557 Held for future use 26 27 Property, plant and equipment – net $ 24,431 $ 22,954 |
Schedule Of Intangible Assets | At September 30, 2022 At December 31, 2021 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 652 $ 121 $ 531 $ 641 $ 117 $ 524 Capitalized software 1,049 449 600 1,066 451 615 Total $ 1,701 $ 570 $ 1,131 $ 1,707 $ 568 $ 1,139 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2022 $ 77 2023 $ 76 2024 $ 76 2025 $ 76 2026 $ 76 |
Schedule Of Operating Lease, Third Party Joint Project And Other Obligations | At September 30, At December 31, 2022 2021 Operating lease liabilities $ 132 $ 133 Investment tax credits 3 4 Customer advances for construction – noncurrent 67 30 Other 75 64 Total operating lease and other obligations $ 277 $ 231 |
Schedule Of Supplemental Cash Flow Information | Nine Months Ended September 30, 2022 2021 Cash payments related to: Interest $ 296 $ 285 Less capitalized interest ( 12 ) ( 10 ) Interest payments (net of amounts capitalized) $ 284 $ 275 Amount in lieu of income taxes (Note 9): Federal $ 76 $ 48 State 24 23 Total payments in lieu of income taxes $ 100 $ 71 Noncash investing activities: Construction expenditures financed through accounts payable (a) $ 201 $ 197 ROU assets obtained in exchange for operating lease obligations $ 30 $ 41 Transfer of title to assets constructed for and prepaid by LP&L $ - $ 150 Donation of property (b) $ 1 $ - ______________ (a) Represents end-of-period accruals . (b) Represents the fair value of approximately 1 10 acres of undeveloped urban land donated in 2022. |
Business And Significant Acco_4
Business And Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 segment entity item | |
Business And Significant Accounting Polices [Line Items] | ||
Number of reportable business segments | segment | 1 | |
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 | |
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% | 80.25% |
Number of directors appointed | 2 | |
Oncor Holdings [Member] | Sempra Energy [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Percentage of membership interest owned by non-controlling owners | 51% | 51% |
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% | 19.75% |
Number of disinterested directors | 2 | |
Minimum [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Disinterested directors expenditure budget percentage | 10% | |
REP Subsidiary One [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Concentration risk percentage | 29% | 26% |
REP Subsidiary Two [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Concentration risk percentage | 26% | 24% |
Business And Significant Acco_5
Business And Significant Accounting Policies ((Schedule Of Cash, Cash Equivalents And Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Business And Significant Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 231,000 | $ 11,000 | ||
Restricted cash, current (Note 1) | 23,000 | 13,000 | ||
Restricted cash, noncurrent (Note 1) | 68,000 | 30,000 | ||
Total cash, cash equivalents and restricted cash on the Condensed Statements of Consolidated Cash Flows | $ 322,000 | $ 54,000 | $ 66,000 | $ 27,000 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) territory | Sep. 30, 2021 USD ($) | |
Public Utilities, General Disclosures [Line Items] | ||
U.S. federal statutory rate | 4.50% | |
Increase in revenue requirement | $ 251,000 | |
Authorized return on equity | 9.80% | |
Authorized return on debt | 10.30% | |
Number of original jurisdiction cities | territory | 209 | |
Regulatory Assets | $ 37,000 | $ 35,000 |
Percentage of Equity in Current Capital Structure | 42.50% | |
Percentage of Debt in Current Capital Structure | 57.50% | |
Maximum [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Percentage of Equity in Current Capital Structure | 45% | |
Percentage of Debt in Current Capital Structure | 42.50% | |
Minimum [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Percentage of Equity in Current Capital Structure | 55% | |
Percentage of Debt in Current Capital Structure | 57.50% |
Regulatory Matters (Components
Regulatory Matters (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 1,646 | $ 1,547 |
Carrying Amount, Regulatory Liabilities | 3,000 | 2,876 |
Net regulatory assets (liabilities) | (1,354) | (1,329) |
Estimated Net Removal Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 1,412 | 1,348 |
Excess Deferred Taxes [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 1,392 | 1,442 |
Over-Recovered Wholesale Transmission Service Expense [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 85 | 7 |
Unamortized Gain On Reacquisition Of Debt [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 25 | 26 |
Employee Retirement Costs Over Recovered Since Last Rate Review Period [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 55 | 39 |
Other Regulatory Liabilities [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 31 | 14 |
Employee Retirement Liability [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 309 | 328 |
Employee Retirement Costs Being Amortized [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 5 years | |
Carrying Amount, Regulatory Assets | $ 166 | 193 |
Employee Retirement Costs Incurred Since The Last Rate Review Period [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 93 | 99 |
Self-Insurance Reserve (Primarily Storm Recovery Costs) Being Amortized [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 5 years | |
Carrying Amount, Regulatory Assets | $ 191 | 223 |
Self-Insurance Reserve Incurred Since The Last Rate Review Period (Primarily Storm Related) [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 542 | 373 |
Debt Reacquisition Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 16 | 19 |
Under-recovered AMS Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 5 years | |
Carrying Amount, Regulatory Assets | $ 112 | 128 |
Energy Efficiency Performance Bonus [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 36 | 31 |
Wholesale Distribution Substation Service [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 89 | 75 |
Unrecovered Expenses Related To Covid19 [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 37 | 35 |
Recoverable Deferred Income Taxes Net [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 22 | 16 |
Uncollectible Payments From Reps [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 8 | 9 |
Other Regulatory Assets [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 25 | $ 18 |
Maximum [Member] | Over-Recovered Wholesale Transmission Service Expense [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year | |
Maximum [Member] | Energy Efficiency Performance Bonus [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 item | Sep. 30, 2022 customer | Dec. 31, 2021 customer | |
Disaggregation of Revenue [Line Items] | |||
Number of REPS | 100 | ||
Payment term | 35 days | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Number of largest customers | item | 2 | ||
Trade Accounts Receivable [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Number of largest customers | 2 | 2 | |
REP Subsidiary One [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 29% | 26% | |
REP Subsidiary Two [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Concentration Risk, Percentage | 26% | 24% |
Revenues (Disaggregation Of Rev
Revenues (Disaggregation Of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | $ 1,128,000 | $ 1,009,000 | $ 3,078,000 | $ 2,766,000 |
Revenues collected for pass-through expenses | 310,000 | 277,000 | 902,000 | 806,000 |
Total operating revenues | 1,438,000 | 1,286,000 | 3,980,000 | 3,572,000 |
Distribution Base Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 710,000 | 650,000 | 1,888,000 | 1,708,000 |
Transmission Base Revenues (TCOS Revenues) [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 369,000 | 340,000 | 1,101,000 | 1,004,000 |
Transmission Base Revenues (TCOS Revenues) [Member] | Third-Party Wholesale Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 237,000 | 220,000 | 707,000 | 649,000 |
Transmission Base Revenues (TCOS Revenues) [Member] | REPS Serving Oncor Distribution Customers, Through TCRF [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 132,000 | 120,000 | 394,000 | 355,000 |
Other Miscellaneous Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues contributing to earnings | 49,000 | 19,000 | 89,000 | 54,000 |
TCRF - Third-party Wholesale Transmission Service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues collected for pass-through expenses | 291,000 | 261,000 | 862,000 | 770,000 |
EECRF And Other Regulatory Charges [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues collected for pass-through expenses | $ 19,000 | $ 16,000 | $ 40,000 | $ 36,000 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Thousands | 9 Months Ended | ||
Nov. 30, 2021 USD ($) contract | Sep. 30, 2022 | Mar. 31, 2018 USD ($) | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 2,000,000 | ||
Number of revolving credit facilities extension options | contract | 2 | ||
Extension period for revolving line of credit | 1 year | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional increase in borrowing capacity amount | $ 400,000 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional increase in borrowing capacity amount | $ 100,000 | ||
Commercial Paper [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 2,000,000 |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Total borrowing capacity | $ 2,000 | $ 2,000 |
Available unused credit | $ 2,000 | 1,777 |
Commercial Paper [Member] | ||
Short-Term Debt [Line Items] | ||
Outstanding | $ (215) | |
Interest Rate | 0.30% | |
Letter of Credit [Member] | ||
Short-Term Debt [Line Items] | ||
Outstanding | $ (8) | |
Interest Rate | 1.20% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||||||
Sep. 15, 2022 | Sep. 09, 2022 | Sep. 08, 2022 | Sep. 01, 2022 | Aug. 29, 2022 | Jul. 06, 2022 | May 20, 2022 | Mar. 01, 2022 | Jan. 28, 2022 | May 20, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | $ 2,732,000 | |||||||||||
Percentage of principal amount plus accrued and unpaid interest and make-whole premium | 100% | |||||||||||
Number of days after shelf registration filing obligation for filing to be effective | 180 days | |||||||||||
Increase in annual interest rate | 0.50% | |||||||||||
Estimated fair value of our long-term debt including current maturities | $ 10,175,000 | $ 11,758,000 | ||||||||||
Carrying amount | $ 11,226,000 | 10,032,000 | ||||||||||
Federal Funds Effective Rate [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 0.50% | |||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 1% | |||||||||||
Notes 2032 and Notes 2052 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | $ 650,000 | |||||||||||
Proceeds from sale of Notes | $ 1,185,000 | |||||||||||
Redemption percentage | 100% | |||||||||||
Percentage of principal amount plus accrued and unpaid interest and make-whole premium | 100% | |||||||||||
Number of days after shelf registration filing obligation for filing to be effective | 180 days | |||||||||||
Increase in annual interest rate | 0.50% | |||||||||||
Term Loan Credit Agreement1 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt principal amount | $ 400,000 | |||||||||||
Term Loan Credit Agreement2 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt principal amount | 600,000 | |||||||||||
Term Loan Credit Agreement3 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt principal amount | 185,000 | |||||||||||
Term Loan Credit Agreement4 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Debt principal amount | 115,000 | |||||||||||
7.00% Fixed Debentures Due September 1, 2022 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 7% | |||||||||||
4.15% Senior Notes Due June 1, 2032 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.15% | |||||||||||
Proceeds from sale of Notes | $ 395,000 | |||||||||||
Redemption percentage | 4.15% | |||||||||||
Spread over variable rate | 4.15% | |||||||||||
4.60% Senior Notes due June 1, 2052 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.60% | |||||||||||
Repayments of long-term debt | $ 255,000 | |||||||||||
Proceeds from sale of Notes | $ 392,000 | |||||||||||
Redemption percentage | 4.60% | |||||||||||
Spread over variable rate | 4.60% | |||||||||||
Term Loan Credit Agreement Maturing July, 2022 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | $ 550,000 | $ 482,000 | ||||||||||
Aggregate principal amount | $ 650,000 | $ 650,000 | $ 100,000 | |||||||||
Spread over variable rate | 0.60% | |||||||||||
Due date | Aug. 30, 2023 | |||||||||||
Term Loan Credit Agreement Maturing July, 2022 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Spread over variable rate | 0.10% | |||||||||||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.55% | |||||||||||
Debt principal amount | $ 400,000 | |||||||||||
Spread over variable rate | 4.10% | |||||||||||
4.55% Senior Notes due September 15, 2032 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.55% | |||||||||||
Aggregate principal amount | $ 500,000 | $ 700,000 | ||||||||||
Spread over variable rate | 4.95% | 4.55% | ||||||||||
4.95% Senior Notes due September 15, 2052 | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.95% | |||||||||||
Secured Debt [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Aggregate principal amount | $ 11,245,000 | $ 10,127,000 | ||||||||||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85% | |||||||||||
Available bond credits | $ 2,992,000 | |||||||||||
Future debt subject to property additions to the Deed of Trust | $ 3,715,000 | |||||||||||
Secured Debt [Member] | 3.70% Fixed Senior Notes Due November 15, 2028 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 3.70% | 3.70% | ||||||||||
Repayments of long-term debt | $ 650,000 | |||||||||||
Aggregate principal amount | $ 650,000 | $ 650,000 | ||||||||||
Secured Debt [Member] | 4.10% Fixed Senior Notes Due November 15, 2048 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.10% | 4.10% | ||||||||||
Aggregate principal amount | $ 450,000 | $ 450,000 | ||||||||||
Secured Debt [Member] | 5.75% Fixed Senior Notes Due March 15, 2029 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 5.75% | 5.75% | ||||||||||
Aggregate principal amount | $ 318,000 | $ 318,000 | ||||||||||
Secured Debt [Member] | 7.00% Fixed Debentures Due September 1, 2022 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 7% | 7% | ||||||||||
Aggregate principal amount | $ 482,000 | |||||||||||
Secured Debt [Member] | 3.86% Senior Notes, Series A, due December 3, 2025 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 3.86% | 3.86% | ||||||||||
Aggregate principal amount | $ 174,000 | $ 174,000 | ||||||||||
Secured Debt [Member] | 3.86% Senior Notes, Series B, due January 14, 2026 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 3.86% | 3.86% | ||||||||||
Aggregate principal amount | $ 38,000 | $ 38,000 | ||||||||||
Secured Debt [Member] | 3.10% Senior Notes, due September 15, 2049 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 3.10% | 3.10% | ||||||||||
Aggregate principal amount | $ 700,000 | $ 700,000 | ||||||||||
Secured Debt [Member] | 2.75% Senior Notes due June 1, 2024 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 2.75% | 2.75% | ||||||||||
Aggregate principal amount | $ 500,000 | $ 500,000 | ||||||||||
Secured Debt [Member] | 3.80% Senior Notes, due June 1, 2049 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 3.80% | 3.80% | ||||||||||
Aggregate principal amount | $ 500,000 | $ 500,000 | ||||||||||
Secured Debt [Member] | 4.15% Senior Notes Due June 1, 2032 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.15% | |||||||||||
Aggregate principal amount | 400,000 | $ 400,000 | $ 400,000 | |||||||||
Secured Debt [Member] | 4.60% Senior Notes due June 1, 2052 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.60% | |||||||||||
Aggregate principal amount | $ 400,000 | $ 400,000 | $ 400,000 | |||||||||
Secured Debt [Member] | 4.10% Fixed Senior Notes Due June 1, 2022 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.10% | 4.10% | ||||||||||
Aggregate principal amount | $ 400,000 | |||||||||||
Secured Debt [Member] | 4.55% Senior Notes due September 15, 2032 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.55% | |||||||||||
Aggregate principal amount | $ 700,000 | |||||||||||
Secured Debt [Member] | 4.95% Senior Notes due September 15, 2052 | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Interest percentage | 4.95% | |||||||||||
Aggregate principal amount | $ 500,000 | |||||||||||
Unsecured Debt [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Term loan | $ 100,000 | |||||||||||
Unsecured Debt [Member] | Notes 2022 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Repayments of long-term debt | $ 482,000 | |||||||||||
Aggregate principal amount | $ 400,000 | |||||||||||
Redemption percentage | 100% | |||||||||||
Unsecured Debt [Member] | Notes 2032 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Percentage of principal amount plus accrued and unpaid interest and make-whole premium | 100% | |||||||||||
Unsecured Debt [Member] | January, 2022 Term Loan Credit Agreement Maturing April 29, 2023 [Member] | ||||||||||||
Long-Term Debt [Line Items] | ||||||||||||
Term loan | $ 1,300,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 15, 2022 | Sep. 08, 2022 | May 20, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||||
Total long-term debt | $ 11,345,000 | $ 10,127,000 | |||
Unamortized discount and debt issuance costs | (119,000) | (95,000) | |||
Less amount due currently | (100,000) | (882,000) | |||
Long-term debt, less amounts due currently (Note 5) | 11,126,000 | 9,150,000 | |||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | 11,245,000 | 10,127,000 | |||
Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan | $ 100,000 | ||||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest percentage | 4.55% | ||||
4.10% Fixed Senior Notes Due June 1, 2022 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 400,000 | ||||
Interest percentage | 4.10% | 4.10% | |||
7.00% Fixed Debentures Due September 1, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest percentage | 7% | ||||
7.00% Fixed Debentures Due September 1, 2022 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 482,000 | ||||
Interest percentage | 7% | 7% | |||
2.75% Senior Notes due June 1, 2024 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 500,000 | $ 500,000 | |||
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 | $ 350,000 | $ 350,000 | |||
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 | $ 450,000 | $ 450,000 | |||
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 | $ 174,000 | $ 174,000 | |||
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 | $ 38,000 | $ 38,000 | |||
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 | $ 650,000 | $ 650,000 | |||
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 | $ 318,000 | $ 318,000 | |||
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 | $ 700,000 | $ 700,000 | |||
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 | $ 494,000 | $ 494,000 | |||
Interest percentage | 7% | 7% | |||
4.15% Senior Notes Due June 1, 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest percentage | 4.15% | ||||
4.15% Senior Notes Due June 1, 2032 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 400,000 | $ 400,000 | |||
Interest percentage | 4.15% | ||||
4.55% Senior Notes due September 15, 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 500,000 | $ 700,000 | |||
Interest percentage | 4.55% | ||||
4.55% Senior Notes due September 15, 2032 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 700,000 | ||||
Interest percentage | 4.55% | ||||
7.25% Fixed Senior Notes Due January 15, 2033 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 323,000 | $ 323,000 | |||
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 | $ 300,000 | $ 300,000 | |||
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 | $ 475,000 | $ 475,000 | |||
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 | $ 400,000 | $ 400,000 | |||
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 | $ 348,000 | $ 348,000 | |||
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 | $ 550,000 | $ 550,000 | |||
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 | $ 325,000 | $ 325,000 | |||
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 | $ 450,000 | $ 450,000 | |||
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 | $ 500,000 | $ 500,000 | |||
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 | $ 700,000 | $ 700,000 | |||
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 | $ 400,000 | $ 400,000 | |||
Interest percentage | 3.70% | 3.70% | |||
2.70% Senior Notes Due November 15, 2051 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 500,000 | $ 500,000 | |||
Interest percentage | 2.70% | ||||
4.60% Senior Notes due June 1, 2052 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest percentage | 4.60% | ||||
4.60% Senior Notes due June 1, 2052 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 400,000 | $ 400,000 | |||
Interest percentage | 4.60% | ||||
4.95% Senior Notes due September 15, 2052 | |||||
Debt Instrument [Line Items] | |||||
Interest percentage | 4.95% | ||||
4.95% Senior Notes due September 15, 2052 | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 500,000 | ||||
Interest percentage | 4.95% | ||||
5.35% Senior Notes Due October 1, 2052 [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured long-term debt | $ 300,000 | $ 300,000 | |||
Interest percentage | 5.35% | 5.35% | |||
June 2021 Term Loan Credit Agreement Maturing August 15, 2022 [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan | $ 100,000 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments And Contingencies [Abstract] | |
Operating leases treated as capital leases | $ 5,000 |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Oct. 24, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Oct. 25, 2022 | |
Subsequent Event [Line Items] | ||||
Cash restricted for distribution under the capital structure restriction | $ 1,318,000 | |||
Regulatory capitalization ratio, debt | 57.50% | |||
Regulatory capitalization ratio, equity | 42.50% | |||
Current regulatory capitalization ratio, debt | 53.90% | |||
Current regulatory capitalization ratio, equity | 46.10% | |||
Members contribution | $ 318,000 | $ 188,000 | ||
Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Regulatory capitalization ratio, debt | 42.50% | |||
Regulatory capitalization ratio, equity | 45% | |||
Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Regulatory capitalization ratio, debt | 57.50% | |||
Regulatory capitalization ratio, equity | 55% | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash restricted for distribution under the capital structure restriction | $ 106,000 | |||
Members contribution | $ 106,000 |
Membership Interests (Schedule
Membership Interests (Schedule Of Cash Capital Contributions) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | ||
Members contribution | $ 318 | $ 188 |
February 17, 2022 [Member] | ||
Related Party Transaction [Line Items] | ||
Payment Date | Feb. 17, 2022 | |
Members contribution | $ 106 | |
April 26, 2022 [Member] | ||
Related Party Transaction [Line Items] | ||
Payment Date | Apr. 26, 2022 | |
Members contribution | $ 106 | |
July 26, 2022 [Member] | ||
Related Party Transaction [Line Items] | ||
Payment Date | Jul. 26, 2022 | |
Members contribution | $ 106 |
Membership Interests (Schedul_2
Membership Interests (Schedule Of Distributions Paid) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Dividends Payable [Line Items] | ||
Amount | $ 318 | $ 739 |
Payment One FY 2022 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Feb. 18, 2022 | |
Payment Date | Feb. 18, 2022 | |
Amount | $ 106 | |
Payment Two FY 2022 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Apr. 27, 2022 | |
Payment Date | Apr. 28, 2022 | |
Amount | $ 106 | |
Payment Three FY 2022 [Member] | ||
Dividends Payable [Line Items] | ||
Declaration Date | Jul. 27, 2022 | |
Payment Date | Jul. 28, 2022 | |
Amount | $ 106 |
Membership Interests (Schedul_3
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | $ 12,588,000 | |||
Net income | $ 318,000 | $ 258,000 | 741,000 | $ 595,000 |
Capital contributions | 318,000 | 188,000 | ||
Distributions | (318,000) | (739,000) | ||
Net effects of cash flow hedges (net of tax) | 1,000 | 1,000 | 2,000 | 2,000 |
Defined benefit pension plans | 1,000 | 1,000 | 3,000 | 5,000 |
Balance | 13,334,000 | 13,334,000 | ||
Capital Accounts [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | 13,142,000 | 12,353,000 | 12,719,000 | 12,083,000 |
Net income | 318,000 | 258,000 | 741,000 | 595,000 |
Capital contributions | 106,000 | 62,000 | 318,000 | 188,000 |
Distributions | (106,000) | (546,000) | (318,000) | (739,000) |
Balance | 13,460,000 | 12,127,000 | 13,460,000 | 12,127,000 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | (128,000) | (146,000) | (131,000) | (151,000) |
Net effects of cash flow hedges (net of tax) | 1,000 | 1,000 | 2,000 | 2,000 |
Defined benefit pension plans | 1,000 | 1,000 | 3,000 | 5,000 |
Balance | (126,000) | (144,000) | (126,000) | (144,000) |
Membership Interests [Member] | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Balance | 13,014,000 | 12,207,000 | 12,588,000 | 11,932,000 |
Net income | 318,000 | 258,000 | 741,000 | 595,000 |
Capital contributions | 106,000 | 62,000 | 318,000 | 188,000 |
Distributions | (106,000) | (546,000) | (318,000) | (739,000) |
Net effects of cash flow hedges (net of tax) | 1,000 | 1,000 | 2,000 | 2,000 |
Defined benefit pension plans | 1,000 | 1,000 | 3,000 | 5,000 |
Balance | $ 13,334,000 | $ 11,983,000 | $ 13,334,000 | $ 11,983,000 |
Membership Interests (Schedul_4
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (131,000) | |
Balance at end of period | (126,000) | |
Tax expense cash flow hedges reclassified from AOCI | 0 | $ 0 |
Cash Flow Hedges - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (36,000) | (39,000) |
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $0) | 2,000 | 2,000 |
Balance at end of period | (34,000) | (37,000) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (95,000) | (112,000) |
Defined benefit pension plans | 3,000 | 5,000 |
Balance at end of period | (92,000) | (107,000) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (131,000) | (151,000) |
Defined benefit pension plans | 3,000 | 5,000 |
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $0) | 2,000 | 2,000 |
Balance at end of period | $ (126,000) | $ (144,000) |
Pension And OPEB Plans (Narrati
Pension And OPEB Plans (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) item | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
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% | ||||
Regulatory assets | $ 1,646,000 | $ 1,646,000 | $ 1,547,000 | ||
Oncor Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 2.91% | ||||
Expected return on plan assets | 4.87% | ||||
Vistra Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 2.94% | ||||
Expected return on plan assets | 4.66% | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of net loss | (8,000) | $ (13,000) | $ (24,000) | $ (39,000) | |
Cash contributions | 3,000 | ||||
Additional cash contributions | 2,000 | 2,000 | |||
Additional cash contributions, next five years | $ 273,000 | ||||
OPEB Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of net loss | (4,000) | (13,000) | |||
Amortization of prior service cost | $ (4,000) | $ (12,000) | |||
Discount rate | 2.47% | ||||
Expected return on plan assets | 5.61% | ||||
Cash contributions | $ 26,000 | ||||
Additional cash contributions | $ 9,000 | 9,000 | |||
Additional cash contributions, next five years | $ 141,000 |
Pension and OPEB Plans (Schedul
Pension and OPEB Plans (Schedule Of Pension And OPEB Plan Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 7,000 | $ 8,000 | $ 23,000 | $ 25,000 |
Interest cost | 23,000 | 21,000 | 68,000 | 63,000 |
Expected return on assets | (26,000) | (25,000) | (79,000) | (75,000) |
Amortization of net loss | 8,000 | 13,000 | 24,000 | 39,000 |
Net costs | 12,000 | 17,000 | 36,000 | 52,000 |
Net adjustments | (1,000) | (6,000) | (3,000) | (18,000) |
Net pension costs recognized as operation and maintenance expense or other deductions | 11,000 | 11,000 | 33,000 | 34,000 |
OPEB Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1,000 | 1,000 | 3,000 | 3,000 |
Interest cost | 6,000 | 7,000 | 18,000 | 20,000 |
Expected return on assets | (2,000) | (2,000) | (6,000) | (5,000) |
Amortization of prior service cost | (4,000) | (12,000) | ||
Amortization of net loss | 4,000 | 13,000 | ||
Net costs | 5,000 | 6,000 | 15,000 | 19,000 |
Net adjustments | 3,000 | 2,000 | 8,000 | 4,000 |
Net pension costs recognized as operation and maintenance expense or other deductions | $ 8,000 | $ 8,000 | $ 23,000 | $ 23,000 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 24, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | |||||
Revenue | $ 1,438,000 | $ 1,286,000 | $ 3,980,000 | $ 3,572,000 | |
Members contribution | $ 318,000 | 188,000 | |||
Subsequent Event [Member] | |||||
Related Party Transaction [Line Items] | |||||
Members contribution | $ 106,000 | ||||
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% | 50% | |||
Sharyland Distribution & Transmission Services (SDTS) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | $ 4,000 | $ 1,000 | $ 7,000 | 8,000 | |
Maximum [Member] | Sharyland Distribution & Transmission Services (SDTS) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cash payments to vendors | $ 1,000 | $ 1,000 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Amounts Payable To (Receivables From) Related Parties) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | $ 25 | $ (6) |
Texas margin tax payable | 21 | 24 |
Net payable (receivable) | 46 | 18 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | 20 | (5) |
Texas margin tax payable | 21 | 24 |
Net payable (receivable) | 41 | 19 |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | 5 | (1) |
Net payable (receivable) | $ 5 | $ (1) |
Related-Party Transactions (S_2
Related-Party Transactions (Schedule Of Cash Payments Made To (Received From) Related Parties) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | ||
Federal income taxes | $ 76,000 | $ 48,000 |
Texas margin taxes | 24,000 | 23,000 |
Total payments | 100,000 | 71,000 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | 61,000 | 38,000 |
Texas margin taxes | 24,000 | 23,000 |
Total payments | 85,000 | 61,000 |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | 15,000 | 10,000 |
Total payments | $ 15,000 | $ 10,000 |
Supplementary Financial Infor_3
Supplementary Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Supplemental Financial Information [Line Items] | |||||
Restricted cash | $ 23,000 | $ 23,000 | $ 13,000 | ||
Aggregate amortization expenses | $ 19,000 | $ 18,000 | $ 57,000 | $ 52,000 | |
Trade Accounts Receivable [Member] | Customers [Member] | Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration risk percentage | 27% | 22% | |||
Trade Accounts Receivable [Member] | Customers [Member] | Second Nonaffiliated REP [Member] | |||||
Supplemental Financial Information [Line Items] | |||||
Concentration risk percentage | 24% | 21% |
Supplementary Financial Infor_4
Supplementary Financial Information (Schedule Of Other Deductions And (Income)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Supplementary Financial Information [Abstract] | ||||
Professional fees | $ 2,000 | $ 2,000 | $ 5,000 | $ 6,000 |
Recoverable pension and OPEB - non-service costs | 14,000 | 13,000 | 41,000 | 40,000 |
Non-recoverable pension and OPEB | 1,000 | 2,000 | ||
Gain from sale of non-utility property | (1,000) | (11,000) | (1,000) | |
AFUDC - equity income | (9,000) | (6,000) | (23,000) | (19,000) |
Interest and investment income | 1,000 | (1,000) | 5,000 | (8,000) |
Other | 1,000 | 2,000 | 2,000 | |
Total other deductions and (income) - net | $ 9,000 | $ 8,000 | $ 19,000 | $ 22,000 |
Supplementary Financial Infor_5
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Supplementary Financial Information [Abstract] | ||||
Interest | $ 117,000 | $ 104,000 | $ 335,000 | $ 310,000 |
Amortization of debt issuance costs and discounts | 3,000 | 3,000 | 8,000 | 8,000 |
Less AFUDC – capitalized interest portion | (5,000) | (3,000) | (12,000) | (10,000) |
Total interest expense and related charges | $ 115,000 | $ 104,000 | $ 331,000 | $ 308,000 |
Supplementary Financial Infor_6
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables | $ 923 | $ 750 |
Allowance for uncollectible accounts | (13) | (12) |
Trade accounts receivable - net | $ 910 | $ 738 |
Supplementary Financial Infor_7
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans | $ 120 | $ 133 |
Non-utility property - land | 12 | 20 |
Other | 2 | 2 |
Total investments and other property | $ 134 | $ 155 |
Supplementary Financial Infor_8
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 32,167 | $ 31,029 |
Less accumulated depreciation | 8,975 | 8,659 |
Net of accumulated depreciation | 23,192 | 22,370 |
Construction work in progress | 1,213 | 557 |
Held for future use | 26 | 27 |
Property, plant and equipment - net | 24,431 | 22,954 |
Distribution [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 16,843 | 15,994 |
Composite depreciation rate | 2.50% | |
Avg. life | 39 years 6 months | |
Transmission [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 13,372 | 13,075 |
Composite depreciation rate | 2.90% | |
Avg. life | 34 years 6 months | |
Other Assets [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 1,952 | $ 1,960 |
Composite depreciation rate | 5.90% | |
Avg. life | 16 years 10 months 24 days |
Supplementary Financial Infor_9
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,701 | $ 1,707 |
Accumulated Amortization | 570 | 568 |
Net | 1,131 | 1,139 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 652 | 641 |
Accumulated Amortization | 121 | 117 |
Net | 531 | 524 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,049 | 1,066 |
Accumulated Amortization | 449 | 451 |
Net | $ 600 | $ 615 |
Supplementary Financial Info_10
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Supplementary Financial Information [Abstract] | |
2022 | $ 77 |
2023 | 76 |
2024 | 76 |
2025 | 76 |
2026 | $ 76 |
Supplementary Financial Info_11
Supplementary Financial Information (Schedule Of Operating Lease, Third Party Joint Project And Other Obligations) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Supplementary Financial Information [Abstract] | ||
Operating lease liabilities | $ 132 | $ 133 |
Investment tax credits | 3 | 4 |
Customer advances for construction – noncurrent | 67 | 30 |
Other | 75 | 64 |
Total employee benefit obligations and other | $ 277 | $ 231 |
Supplementary Financial Info_12
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Supplementary Financial Information [Abstract] | ||
Interest | $ 296 | $ 285 |
Less capitalized interest | (12) | (10) |
Interest payments (net of amounts capitalized) | 284 | 275 |
Federal | 76 | 48 |
State | 24 | 23 |
Total payments in lieu of income taxes | 100 | 71 |
Construction expenditures financed through accounts payable (investing) | 201 | 197 |
ROU assets obtained in exchange for operating lease obligations | 30 | 41 |
Transfer of title to assets constructed for and prepaid by LP&L | $ 150 | |
Donation of property | $ 1 |