Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | ||
Mar. 31, 2023 | May 04, 2023 | Dec. 31, 2022 | |
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2023 | ||
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 | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Capital account, 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 | 2023 | ||
Document Fiscal Period Focus | Q1 | ||
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Statements Of Consolidated Income [Abstract] | ||
Operating revenues (Note 3) | $ 1,292,000 | $ 1,249,000 |
Operating expenses: | ||
Wholesale transmission service | 321,000 | 281,000 |
Operation and maintenance | 263,000 | 249,000 |
Depreciation and amortization | 240,000 | 222,000 |
Provision in lieu of income taxes (Note 9) | 27,000 | 42,000 |
Taxes other than amounts related to income taxes | 145,000 | 145,000 |
Write-off of rate base disallowances (Note 2) | 55,000 | |
Total operating expenses | 1,051,000 | 939,000 |
Operating income | 241,000 | 310,000 |
Other deductions and (income) – net (Note 10) | 7,000 | 11,000 |
Non-operating benefit in lieu of income taxes | (6,000) | (3,000) |
Interest expense and related charges (Note 10) | 123,000 | 108,000 |
Write-off of non-operating rate base disallowances (Note 2) | 14,000 | |
Net income | $ 103,000 | $ 194,000 |
Condensed Statements Of Conso_2
Condensed Statements Of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | ||
Net income | $ 103 | $ 194 |
Other comprehensive income: | ||
Net effects of cash flow hedges (net of tax) | 1 | 1 |
Defined benefit pension plans (Notes 2 and 7) | (20) | 1 |
Total other comprehensive income | (19) | 2 |
Comprehensive income | $ 84 | $ 196 |
Condensed Statements Of Conso_3
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows - operating activities: | ||
Net income | $ 103,000 | $ 194,000 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization, including regulatory amortization | 260,000 | 242,000 |
Write-off of rate base disallowances (Note 2) | 69,000 | |
Provision in lieu of deferred income taxes - net | 13,000 | |
Changes in operating assets and liabilities: | ||
Regulatory accounts related to reconcilable tariffs (Note 2) | (38,000) | 17,000 |
Other operating assets and liabilities | (133,000) | (193,000) |
Cash provided by operating activities | 261,000 | 273,000 |
Cash flows - financing activities: | ||
Issuances of long-term debt (Note 5) | 1,127,000 | 1,185,000 |
Repayment of long-term debt (Note 5) | (100,000) | (400,000) |
Net change in short-term borrowings (Note 4) | (198,000) | (215,000) |
Capital contributions from members (Note 7) | 106,000 | 106,000 |
Distributions to members (Note 7) | (106,000) | (106,000) |
Debt financing and reacquisition costs – net | (3,000) | |
Cash provided by financing activities | 826,000 | 570,000 |
Cash flows - investing activities: | ||
Capital expenditures | (977,000) | (704,000) |
Other - net | 12,000 | 12,000 |
Cash used in investing activities | (965,000) | (692,000) |
Net change in cash, cash equivalents and restricted cash | 122,000 | 151,000 |
Cash, cash equivalents and restricted cash – beginning balance | 98,000 | 54,000 |
Cash, cash equivalents and restricted cash – ending balance | $ 220,000 | $ 205,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 139,000 | $ 10,000 |
Restricted cash, current (a) | 16,000 | 16,000 |
Trade accounts receivable - net (Note 10) | 814,000 | 884,000 |
Materials and supplies inventories - at average cost | 223,000 | 204,000 |
Prepayments and other current assets | 120,000 | 109,000 |
Total current assets | 1,312,000 | 1,223,000 |
Restricted cash, noncurrent (a) | 65,000 | 72,000 |
Investments and other property (Note 10) | 132,000 | 137,000 |
Property, plant and equipment - net (Note 10) | 25,822,000 | 25,203,000 |
Goodwill (Note 1) | 4,740,000 | 4,740,000 |
Regulatory assets (Note 2) | 1,549,000 | 1,502,000 |
Operating lease ROU and other assets (Note 6) | 157,000 | 161,000 |
Total assets | 33,777,000 | 33,038,000 |
Current liabilities: | ||
Short-term borrowings (Note 4) | 198,000 | |
Long-term debt due currently (Note 5) | 625,000 | 100,000 |
Trade accounts payable | 517,000 | 536,000 |
Amounts payable to members related to income taxes (Note 9) | 66,000 | 45,000 |
Accrued taxes other than amounts related to income | 112,000 | 277,000 |
Accrued interest | 123,000 | 97,000 |
Operating lease and other current liabilities (Note 6) | 330,000 | 330,000 |
Total current liabilities | 1,773,000 | 1,583,000 |
Long-term debt, less amounts due currently (Note 5) | 11,629,000 | 11,128,000 |
Liability in lieu of deferred income taxes (Note 9) | 2,201,000 | 2,182,000 |
Regulatory liabilities (Note 2) | 2,980,000 | 3,014,000 |
Employee benefit plan obligations (Note 8) | 1,371,000 | 1,394,000 |
Operating lease and other obligations (Notes 6 and 10) | 277,000 | 275,000 |
Total liabilities | 20,231,000 | 19,576,000 |
Commitments and contingencies (Note 6) | ||
Membership interests (Note 7): | ||
Capital account – number of units outstanding at March 31, 2023 and December 31, 2022 – 635,000,000 | 13,727,000 | 13,624,000 |
Accumulated other comprehensive loss | (181,000) | (162,000) |
Total membership interests | 13,546,000 | 13,462,000 |
Total liabilities and membership interests | $ 33,777,000 | $ 33,038,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares | May 04, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
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 | 3 Months Ended |
Mar. 31, 2023 | |
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 membership interests and Texas Transmission owns 19.75 % of our membership interests. We are managed as an integrated business; consequently, there are no separate reportable business segments. 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 subsidiaries or affiliated entities (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 such 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 the closing of the Sempra Acquisition; 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; and 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. 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 2022 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 U.S. dollars in millions 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. Revenue Recognition Oncor’s revenue is billed under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service including a reasonable rate of return on invested capital. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. See Note 3 for additional information regarding revenues. Interest Rate Derivatives, Hedge Accounting and Mark-to-Market 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. T he fair value of an interest rate derivative instrument is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income if the criteria for cash flow hedge accounting are not met or if the instrument is not designated as a cash flow hedge. This recognition is referred to as “mark-to-market” accounting. 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. For our annual goodwill impairment testing, we generally have the option to directly perform a quantitative assessment or first make a qualitative assessment of whether it is more likely than not that our enterprise fair value is less than our enterprise carrying value before applying the quantitative assessment. If we elect to perform the qualitative assessment, we evaluate relevant events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors and our overall financial performance. If, after assessing these qualitative factors, we determine that it is more-likely-than-not that our estimated enterprise fair value is less than our enterprise carrying book value, then we perform a quantitative assessment. If, after performing the quantitative assessment, we determine that goodwill is impaired, we record the amount of goodwill impairment as the excess of enterprise carrying book value over estimated enterprise fair value, not to exceed the carrying amount of goodwill. 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 unaudited condensed consolidated balance sheets to the sum of such amounts reported on the unaudited condensed statements of consolidated cash flows: At March 31, At December 31, 2023 2022 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 139 $ 10 Restricted cash, current (a) 16 16 Restricted cash, noncurrent (a) 65 72 Total cash, cash equivalents and restricted cash on the condensed statements of consolidated cash flows $ 220 $ 98 ____________ (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, given the likelihood of uncertain future events; 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. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2023 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 2. REGULATORY MATTERS Base Rate Review (PUCT Docket No. 53601) On April 6, 2023, the PUCT issued a final order in our comprehensive base rate review filed in May 2022 with the PUCT and the cities in our service territory that have retained original jurisdiction over rates. The base rate review used a test year based on calendar year 2021 results with certain adjustments. Key findings made by the PUCT in the order include setting our authorized return on equity at 9.7 % (a decrease from our previous authorized return on equity of 9.8 %), maintaining our regulatory capital structure at 57.5 % debt to 42.5 % equity, approving our requested regulatory asset amortization period of five years , changing depreciation rates and lives of certain depreciable assets, and approving our requested increase for our annual self-insurance reserve accrual primarily associated with storm related costs. In addition, the final order excluded from rates an acquisition premium and its associated amortization costs relating to certain plant facilities acquired by Oncor in 2019, as well as $ 65 million of certain employee benefit and compensation related costs that we had previously capitalized primarily to property, plant and equipment during the period of 2017 through 2021. As a result, we recognized in the three months ended March 31, 2023, a charge against income for the effects of that $ 65 million disallowance, as well as an additional $ 4 million charge against income due to certain similar employee benefit and compensation related costs that were capitalized during 2022. The total $ 69 million ($ 54 million after-tax) write-off consists of a $ 55 million ($ 43 million after-tax) write-off of disallowed capitalized property, plant and equipment reflected in operating expenses and a $ 14 million ($ 11 million after-tax) write-off of non-operating cost disallowances related to these employee benefit and compensation related costs. New rates implementing the final order went into effect on May 1, 2023. The order is subject to motions for rehearing and appeals and on May 1, 2023 we filed a motion for rehearing seeking reconsideration of certain of the exclusions from rates, as well as seeking certain technical corrections to the order. Intervening parties in the proceeding have also filed motions for rehearing with respect to certain findings in the PUCT order. We cannot predict the outcome of these matters. DCRF Good Cause Exception Request (PUCT Docket No. 54648) On March 9, 2023, the PUCT issued an order approving our request to extend our 2023 filing deadline for a DCRF application. As a result of that order, we now have until June 30, 2023 to file a DCRF application. 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. On May 1, 2023, as part of the implementation of new rates reflecting the final order in our comprehensive base rate review (PUCT Docket No. 53601), we commenced a five year amortization period for certain regulatory assets and liabilities accrued through the end of the December 31, 2021 test year. The following table presents components of our regulatory assets and liabilities and their remaining recovery periods in effect at March 31, 2023. Amounts not earning a return through rate regulation are noted. Remaining Rate Recovery/Amortization Period In Effect At March 31, 2023 At March 31, 2023 At December 31, 2022 Regulatory assets: Employee retirement liability (a)(b)(c)(d) To be determined $ 145 $ 157 Employee retirement costs being amortized 5 years 148 158 Employee retirement costs incurred since PUCT Docket No. 46957 base rate review period (b) To be determined 67 91 Self-insurance reserve (primarily storm recovery costs) being amortized 5 years 170 181 Self-insurance reserve incurred since PUCT Docket No. 46957 base rate review period (primarily storm related) (b) To be determined 675 571 Debt reacquisition costs Lives of related debt 14 15 Under-recovered AMS costs 5 years 102 107 Energy efficiency program performance bonus (a) 1 year or less 21 28 Wholesale distribution substation service (b) To be determined 102 97 Unrecovered expenses related to COVID-19 (b) To be determined 37 37 Recoverable deferred income taxes Various 28 25 Uncollectible payments from REPs (b) To be determined 8 8 Other regulatory assets Various 32 27 Total regulatory assets 1,549 1,502 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,456 1,431 Excess deferred taxes Primarily over lives of related assets 1,360 1,375 Over-recovered wholesale transmission service expense (a) 1 year or less 43 101 Unamortized gain on reacquisition of debt Lives of related debt 25 25 Employee retirement costs over-recovered since PUCT Docket No. 46957 base rate review period (b) To be determined 68 60 Other regulatory liabilities Various 28 22 Total regulatory liabilities 2,980 3,014 Net regulatory assets (liabilities) $ ( 1,431 ) $ ( 1,512 ) ____________ (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. (d) Reflects a $ 20 million reclassification related to employee retirement liabilities from regulatory assets to other comprehensive income in the first quarter of 2023, recorded as a result of the final order in our comprehensive base rate review (PUCT Docket No. 53601). |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2023 | |
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 PURA-mandated energy efficiency program targets. This incentive program and the related performance bonus revenues are considered an “alternative revenue program” under GAAP. Annual performance bonuses are recognized as revenue when approved by the PUCT, typically in the third or fourth quarter each year. Disaggregation of Revenues The following table reflects electric delivery revenues disaggregated by tariff: Three Months Ended March 31, 2023 2022 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 551 $ 578 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 250 233 Billed to REPs serving Oncor distribution customers, through TCRF 141 130 Total transmission base revenues 391 363 Other miscellaneous revenues 17 18 Total revenues contributing to earnings 959 959 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 321 281 EECRF 12 9 Total revenues collected for pass-through expenses 333 290 Total operating revenues $ 1,292 $ 1,249 Customers At March 31, 2023, our distribution business customers primarily consisted of over 100 REPs that sell the electricity we distribute to consumers in our certificated service area. The majority of 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 municipally-owned utilities, electric cooperatives and other distribution companies. Revenues from REP subsidiaries of our two largest customers collectively represented 26 % and 23 %, respectively, of our total operating revenues for the three months ended March 31, 2023. No other customer represented more than 10% of our total operating revenues for such three-month period. 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022: At March 31, At December 31, 2023 2022 Total credit facility borrowing capacity $ 2,000 $ 2,000 Credit facility outstanding borrowings - - Commercial paper outstanding (a) - ( 198 ) Letters of credit outstanding - - Available unused credit $ 2,000 $ 1,802 ____________ (a) The weighted average interest rate for commercial paper was 4.58 % at December 31, 2022. All outstanding CP Notes at December 31, 2022 had maturity dates of less than one year . Credit Facility Our $ 2.0 billion unsecured revolving Credit Facility, which was entered into in November 2021 and extended in November 2022 by amendment, has a maturity date of November 9, 2027. We have the option to request one additional 1 -year extension. We also have the 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. Borrowings under the Credit Facility, if any, are classified as short-term on the balance sheet. Borrowings under the Credit Facility bear interest at a per annum rate equal to, at our option, (i) term SOFR for the interest period relevant to such borrowing, plus an adjustment of 0.10 % (the SOFR Adjustment), plus an applicable margin of between 0.875 % and 1.50 %, depending on certain credit ratings assigned to us, or (ii) an alternate base rate (equal to the greatest of (1) the prime rate as quoted by The Wall Street Journal on such date, (2) the greater of the federal funds effective rate or the overnight bank funding rate, plus 0.50 %, and (3) term SOFR for a one month interest period on such date, plus the SOFR Adjustment, plus 1.0 %), plus, in each case, an applicable margin of between 0.00 % and 0.50 %, depending on certain credit ratings assigned to our debt. The Credit Facility also provides for an alternative rate of interest upon the occurrence of certain events related to the current benchmark. A commitment fee is payable quarterly in arrears and upon termination or commitment reduction at a rate per annum equal to between 0.075 % and 0.225 %, depending on certain credit ratings assigned to us, of the commitments under the Credit Facility. Letter of credit fees under the Credit Facility are payable quarterly in arrears and upon termination at a rate per annum equal to the applicable margin for adjusted term SOFR under the Credit Facility. Fronting fees in an amount as separately agreed by Oncor and any fronting bank that issues a letter of credit are also payable quarterly in arrears and upon termination to each such fronting bank. The Credit Facility includes sustainability-linked pricing metrics related to specific environmental and employee health and safety sustainability objectives. The Credit Facility provides that the applicable margin and commitment fee may be increased, decreased or have no change depending on our annual performance on the two sustainability-linked pricing metrics set forth in the Credit Facility. The maximum pricing adjustment in any given year is +/- 0.01 % on the commitment fee and +/- 0.05 % on the applicable margin. The Credit Facility requires that we maintain a maximum consolidated senior debt to consolidated total capitalization ratio of 0.65 to 1.00 and observe certain customary reporting requirements and other affirmative covenants. At March 31, 2023, we were in compliance with these covenants. The Credit Facility also contains customary events of default for facilities of this type, the occurrence of which would allow the lenders to accelerate all outstanding loans and terminate their commitments, including certain changes in control of Oncor that are not permitted transactions under the Credit Facility and cross-default provisions in the event Oncor or any of its subsidiaries defaults on indebtedness in a principal amount in excess of $ 100 million or receives judgments for the payment of money in excess of $ 100 million that are not discharged or stayed within 60 days . CP Program We maintain the CP Program under which we may issue unsecured CP Notes (with a maturity date not exceeding 397 days from the date of issue) on a private placement basis up to a maximum aggregate face or principal amount outstanding at any time of $ 2.0 billion. The proceeds of CP Notes issued under the CP Program are used for working capital and general corporate purposes. The CP Program obtains liquidity support from our Credit Facility discussed 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 | 3 Months Ended |
Mar. 31, 2023 | |
Long-Term Debt [Abstract] | |
LONG-TERM DEBT | 5. LONG-TERM DEBT At March 31, 2023, our long-term debt consisted of fixed rate senior secured and variable rate unsecured debt. Our senior secured notes are secured equally and ratably by a first priority lien on certain transmission and distribution assets. See “Deed of Trust” below for additional information. At March 31, 2023 and December 31, 2022, our long-term debt consisted of the following: At March 31, At December 31, 2023 2022 Fixed Rate Secured: 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 5.50 % Senior Notes, Series C, due May 1, 2026 200 - 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 5.34 % Senior Notes, Series D, due May 1, 2031 72 - 7.00 % Senior Notes due May 1, 2032 494 494 4.15 % Senior Notes due June 1, 2032 400 400 4.55 % Senior Notes due September 15, 2032 700 700 7.25 % Senior Notes due January 15, 2033 323 323 5.45 % Senior Notes, Series E, due May 1, 2036 80 - 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 400 400 4.95 % Senior Notes due September 15, 2052 500 500 5.35 % Senior Notes due October 1, 2052 300 300 Fixed rate secured long-term debt 11,597 11,245 Variable Rate Unsecured: Term loan credit agreement due August 30, 2023 - 100 Term loan credit agreement due February 28, 2024 625 - Term loan credit agreement due April 30, 2024 150 - Variable rate unsecured long-term debt 775 100 Total long-term debt 12,372 11,345 Unamortized discount, premium and debt issuance costs ( 118 ) ( 117 ) Less amount due currently ( 625 ) ( 100 ) Long-term debt, less amounts due currently $ 11,629 $ 11,128 Deed of Trust Our long-term senior secured notes are 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. Long-Term Debt-Related Activity in 2023 January 2023 Term Loan Credit Agreement On January 24, 2023, we entered into an unsecured term loan credit agreement with a commitment equal to an aggregate principal amount of $ 625 million (January 2023 Term Loan Credit Agreement). The January 2023 Term Loan Credit Agreement has a maturity date of February 28, 2024. On January 27, 2023, we borrowed $ 500 million and on February 27, 2023, we borrowed the remaining $ 125 million under the January 2023 Term Loan Credit Agreement. As a result of the February 27, 2023 borrowing , no additional amounts remain available for borrowing under the January 2023 Term Loan Credit Agreement. The proceeds from the borrowings were used for general corporate purposes, including repayment of outstanding CP Notes. Loans under the January 2023 Term Loan Credit Agreement bear interest , at our option, at either (i) a rate per annum equal to SOFR calculated based on term SOFR for a one-, three-, or six-month interest period, as selected by us, as of a specified date, plus the SOFR Adjustment , plus a spread of 0.85 %, (ii) a rate per annum equal to SOFR calculated based on daily simple SOFR as of a specified date, plus the SOFR Adjustment, plus a spread of 0.85 %, or (iii) for any day, at a rate equal to the greatest of: (1) the prime rate quoted by The Wall Street Journal on such day, (2) the federal funds effective rate on such day , plus 0.50 %, and (3) daily simple SOFR on such day, plus 1.00 %. March 2023 Term Loan Credit Agreement On March 22, 2023 , we entered into an unsecured term loan credit agreement with a commitment equal to an aggregate principal amount of $ 150 million (March 2023 Term Loan Credit Agreement). The March 2023 Term Loan Credit Agreement has a maturity date of April 30, 2024 . On March 23, 2023 , we borrowed $ 150 million under the March 2023 Term Loan Credit Agreement. As a result of that borrowing, no additional amounts remain available for borrowing under the March 2023 Term Loan Credit Agreement. The proceeds from the borrowing were used for general corporate purposes, including repayment of outstanding CP Notes. Loans under the March 2023 Term Loan Credit Agreement bear interest, at our option, at either (i) a rate per annum equal to SOFR calculated based on term SOFR for a one- or three-month interest period, as selected by us, as of a specified date plus a spread of 0.95 %, or (ii) for any day, at a rate equal to the greatest of: (1) the prime rate quoted by the lender on such day, (2) the federal funds effective rate on such day, plus 0.50 %, and (3) term SOFR for a one-month interest period on such day, plus 1.00 %. March and April Issuance of Senior Notes On March 29, 2023, we entered into a note purchase agreement (the March 2023 NPA) with the purchasers named therein, which provided for the issuance by us of certain senior secured notes. Pursuant to the March 2023 NPA, on March 29, 2023, we sold $ 200 million aggregate principal amount of 5.50 % Senior Secured Notes, Series C, due May 1, 2026 (Series C Notes), $ 72 million aggregate principal amount of 5.34 % Senior Secured Notes, Series D, due May 1, 2031 (Series D Notes) and $ 80 million aggregate principal amount of 5.45 % Senior Secured Notes, Series E, due May 1, 2036 (the Series E Notes and, together with the Series C Notes and the Series D Notes, March Issuance Notes). Pursuant to the March 2023 NPA, on April 26, 2023, we sold an additional $ 28 million aggregate principal amount of 5.34 % Senior Secured Notes, Series D, due May 1, 2031 (Additional Series D Notes) and an additional $ 20 million aggregate principal amount of 5.45 % Senior Secured Notes, Series E, due May 1, 2036 (the Additional Series E Notes and together with the Additional Series D Notes, April Issuance Notes). The March Issuance Notes and the April Issuance Notes are collectively referred to as the March 2023 NPA Notes. The March 2023 NPA Notes are secured pursuant to the Deed of Trust. The March 2023 NPA provides for optional prepayment and make-whole payments with respect to any series of the March 2023 NPA Notes. The March 2023 NPA also contains customary covenants, restricting, subject to certain exceptions, us from, among other things, entering into mergers and consolidations, and sales of substantial assets. In addition, the March 2023 NPA requires that we maintain a consolidated senior debt to consolidated total capitalization ratio of no greater than 0.65 to 1.00 and observe certain customary reporting requirements and other affirmative covenants. The March 2023 NPA contains customary events of default, including the failure to pay principal or interest on the March 2023 NPA Notes when due, among others. If any such event of default occurs and is continuing, among other remedies provided in the March 2023 NPA, the outstanding principal of the March 2023 NPA Notes may be declared due and payable. We used the proceeds from the sale of the March Issuance Notes for general corporate purposes, including repayment of outstanding CP Notes. We used the proceeds from the sale of the April Issuance Notes for general corporate purposes. The Series C Notes bear interest at a rate of 5.50 % per annum and mature on May 1, 2026. The Series D Notes and Additional Series D Notes bear interest at a rate of 5.34 % per annum and mature on May 1, 2031. The Series E Notes and Additional Series E Notes bear interest at a rate of 5.45 % per annum and mature on May 1, 2036. Interest on the March Issuance Notes will be accrued from March 29, 2023. Interest on the April Issuance Notes will be accrued from April 26, 2023. Interest on both the March Issuance Notes and the April Issuance Notes will be payable semi-annually on May 1 and November 1 of each year, beginning on November 1, 2023. AR Facility On April 28, 2023, we and our bankruptcy-remote special purpose entity Receivables LLC, a wholly-owned subsidiary of Oncor, established the AR Facility, a three-year $ 500 million revolving accounts receivable securitization facility. Under the terms of the AR Facility, Oncor sells or contributes all of its existing and future accounts receivable from REPs and certain related rights to Receivables LLC as contemplated by the terms of the AR Facility. Receivables LLC then pledges those REP receivables and related rights to the lenders under the AR Facility as collateral for borrowings. Oncor serves as servicer of the AR Facility and receives a fee from Receivables LLC equal to 1.00 % per annum of the aggregate unpaid balance of receivables as of the last day of each settlement period. Receivables LLC’s sole business consists of the purchase or acceptance through capital contributions of the receivables and related rights from Oncor and the subsequent retransfer of or granting of a security interest in such receivables and related rights to the administrative agent for the benefit of the lenders pursuant to the receivables financing agreement. Receivables LLC is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to have amounts owed to them be satisfied out of Receivables LLC’s assets prior to any assets or value in Receivables LLC becoming available to Receivables LLC’s equity holder. The assets of Receivables LLC are not available to pay creditors of Oncor or any affiliate thereof. Receivables LLC is considered a VIE, because its equity capitalization is not sufficient to support its activities. The most significant activities that impact the economic performance of Receivable LLC are decisions made to manage receivables assets. We are considered the primary beneficiary of the VIE because we have the power to make these decisions. Since we are the primary beneficiary of Receivables LLC, we consolidate its assets and liabilities, which consist primarily of billed and unbilled REP accounts receivable and long-term debt borrowed under the AR Facility. Oncor has access to the AR Facility, under which Receivables LLC may borrow at any one time an amount equal to the lesser of the facility limit of $ 500 million and the borrowing base amount calculated on the outstanding balance of eligible receivables held as collateral, subject to certain reserves, concentration limits, and other limitations. The amounts available for borrowing may vary based on the amount of accounts receivable that Receivables LLC holds. On April 28, 2023, we borrowed $ 100 million under the AR Facility. Borrowings under the AR Facility bear interest at (i) the cost of commercial paper issued by the conduit lenders to fund the loans, plus related dealer commissions and note issuance costs or (ii) if funded by the committed lenders, at a rate per annum equal to SOFR calculated based on term SOFR for a one-month interest period, plus the SOFR Adjustment. Receivables LLC also pays an upfront fee in connection with the AR Facility as well as a used and unused fee. The agreements relating to the AR Facility contain customary representations and warranties, affirmative and negative covenants, and events of default, including but not limited to those providing for the acceleration of amounts owed under the AR Facility if, among other things, Receivables LLC fails to pay interest or other amounts due, Receivables LLC becomes insolvent or subject to bankruptcy proceedings or certain judicial judgments or breaches of certain representations and warranties and covenants. The AR Facility will terminate at the earlier of (i) April 28, 2026, (ii) the date on which the termination date is declared or deemed to have occurred upon the exercise of remedies by the administrative agent, or (iii) the date that is 30 days’ after notice by Receivables LLC. Subject to the consent of the administrative agent and the lenders, Receivables LLC may, 30 days prior to each anniversary date of the receivables financing agreement, extend the AR Facility in one year increments. Debt Repayments On January 9, 2023, we repaid the remaining $ 100 million principal amount outstanding under the term loan credit agreement, dated July 6, 2022, that was due to mature on August 30, 2023 . Following such repayment, no borrowings remained outstanding and the term loan credit agreement is no longer in effect. Fair Value of Long-Term Debt At March 31, 2023 and December 31, 2022, the estimated fair value of our long-term debt (including current maturities) totaled $ 11.746 billion and $ 10.398 billion, respectively, and the carrying amount totaled $ 12.254 billion and $ 11.228 billion, respectively. The fair value is estimated using observable market data, representing Level 2 valuations under accounting standards related to the determination of fair value. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 6. COMMITMENTS AND CONTINGENCIES Legal/Regulatory Proceedings On April 6, 2023, the PUCT issued a final order in our comprehensive base rate review (PUCT Docket No. 53601). See Note 2 above for information regarding the final order of the base 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 2022 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 March 31, 2023, we had $ 4 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 2022 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 December 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 | 3 Months Ended |
Mar. 31, 2023 | |
Membership Interests [Abstract] | |
MEMBERSHIP INTERESTS | 7. MEMBERSHIP INTERESTS Contributions We received cash capital contributions from our members of $ 106 million on February 13, 2023 and $ 115 million on April 27, 2023. 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 March 31, 2023, our regulatory capitalization was 55.4 % debt to 44.6 % equity and as a result we had $ 823 million available to distribute to our members. The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt including any finance leases plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. Equity is calculated as membership interests determined in accordance with GAAP, excluding accumulated other comprehensive loss and the effects of acquisition accounting from a 2007 transaction. On February 14, 2023, our board of directors declared a cash distribution of $ 106 million, which was paid to our members on February 15, 2023. On April 25, 2023, our board of directors declared a cash distribution of $ 149 million, which was paid to our members on April 26, 2023. Membership Interests The following tables present the changes to membership interests during the three months ended March 31, 2023 and 2022, net of tax: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2022 $ 13,624 $ ( 162 ) $ 13,462 Net income 103 - 103 Capital contributions 106 - 106 Distributions ( 106 ) - ( 106 ) Net effects of cash flow hedges - 1 1 Defined benefit pension plans (a) - ( 20 ) ( 20 ) Balance at March 31, 2023 $ 13,727 $ ( 181 ) $ 13,546 Balance at December 31, 2021 $ 12,719 $ ( 131 ) $ 12,588 Net income 194 - 194 Capital contributions 106 - 106 Distributions ( 106 ) - ( 106 ) Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 1 1 Balance at March 31, 2022 $ 12,913 $ ( 129 ) $ 12,784 ____________ (a) Includes a $ 20 million reclassification from regulatory assets related to employee retirement liabilities to other comprehensive income in the first quarter of 2023, recorded as a result of the April 6, 2023 final order in our comprehensive base rate review (PUCT Docket No. 53601). Accumulated Other Comprehensive Income (Loss) (AOCI) The following table presents the changes to AOCI for the three months ended March 31, 2023 and 2022, 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, 2022 $ ( 34 ) $ ( 128 ) $ ( 162 ) Defined benefit pension plans (a) - ( 20 ) ( 20 ) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $ 0 ) 1 - 1 Balance at March 31, 2023 $ ( 33 ) $ ( 148 ) $ ( 181 ) Balance at December 31, 2021 $ ( 36 ) $ ( 95 ) $ ( 131 ) Defined benefit pension plans - 1 1 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $ 0 ) 1 - 1 Balance at March 31, 2022 $ ( 35 ) $ ( 94 ) $ ( 129 ) ____________ (a) Includes a $ 20 million reclassification from regulatory assets related to employee retirement liabilities to other comprehensive income in the first quarter of 2023, recorded as a result of the April 6, 2023 final order in our comprehensive base rate review (PUCT Docket No. 53601). |
Pension And OPEB Plans
Pension And OPEB Plans | 3 Months Ended |
Mar. 31, 2023 | |
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 2022 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 2022 Form 10-K for additional information. Pension and OPEB Costs Our net costs related to pension plans and the OPEB Plans for the three months ended March 31, 2023 and 2022, were comprised of the following: Three Months Ended March 31, 2023 2022 Components of net allocated pension costs: Service cost $ 6 $ 8 Interest cost (a) 31 22 Expected return on assets (a) ( 32 ) ( 26 ) Amortization of net loss (a) 1 8 Net pension costs 6 12 Net adjustments (b) 4 ( 1 ) Net pension costs recognized as operation and maintenance expense or other deductions $ 10 $ 11 Components of net OPEB costs: Service cost $ 1 $ 1 Interest cost (a) 8 6 Expected return on assets (a) ( 2 ) ( 2 ) Amortization of prior service cost (a) - - Amortization of net loss (a) ( 8 ) - Net OPEB costs ( 1 ) 5 Net adjustments (b) 9 2 Net OPEB costs recognized as operation and maintenance expense or other deductions $ 8 $ 7 ___________ (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 2023 are 5.19 %, 5.19 % and 5.11 % 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 2023 cost amounts are 6.05 %, 6.47 % and 6.94 % 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 $ 1 million and $ 8 million, respectively, during the three months ended March 31, 2023. Based on applicable minimum funding requirements and the latest actuarial projections, our future funding for the pension plans and the OPEB Plans is expected to total $ 4 million and $ 15 million, respectively, during the remainder of 2023 and approximately $ 356 million and $ 126 million, respectively, in the five-year period from 2023-2027. We may also elect to make additional discretionary contributions based on market and/or business conditions. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related-Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | 9. RELATED-PARTY TRANSACTIONS The following represent our significant related-party transactions and related matters. 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 which 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 2022 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 sheet consisted of the following: At March 31, 2023 At December 31, 2022 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ 26 $ 6 $ 32 $ 14 $ 4 $ 18 Texas margin tax payable 34 - 34 27 - 27 Net payable (receivable) $ 60 $ 6 $ 66 $ 41 $ 4 $ 45 There were no cash payments made to (received from) members related to income taxes for the three months ended March 31, 2023 and 2022. 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 $ 2 million in the three months ended March 31, 2023 and 2022, 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 three months ended March 31, 2023 and 2022. |
Supplementary Financial Informa
Supplementary Financial Information | 3 Months Ended |
Mar. 31, 2023 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 10. SUPPLEMENTARY FINANCIAL INFORMATION Other Deductions and (Income) Three Months Ended March 31, 2023 2022 Professional fees $ 2 $ 2 Recoverable Pension and OPEB – non-service costs 15 13 AFUDC – equity income ( 11 ) ( 6 ) Interest and investment loss (income) – net ( 1 ) 2 Other 2 - Total other deductions and (income) – net $ 7 $ 11 Interest Expense and Related Charges Three Months Ended March 31, 2023 2022 Interest $ 126 $ 108 Amortization of discount, premium and debt issuance costs 3 3 Less AFUDC – capitalized interest portion ( 6 ) ( 3 ) Total interest expense and related charges $ 123 $ 108 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheet consisted of the following: At March 31, At December 31, 2023 2022 Gross trade accounts and other receivables $ 828 $ 897 Allowance for uncollectible accounts ( 14 ) ( 13 ) Trade accounts receivable – net $ 814 $ 884 At March 31 , 2023, REP subsidiaries of our two largest customers collectively represented 21 % and 19 %, respectively, of the trade accounts receivable balance. At December 31, 2022, REP subsidiaries of our two largest customers represented 23 % and 20 %, respectively, 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 sheet consisted of the following: At March 31, At December 31, 2023 2022 Assets related to employee benefit plans $ 118 $ 123 Non-utility property – land 12 12 Other 2 2 Total investments and other property $ 132 $ 137 Property, Plant and Equipment Property, plant and equipment – net reported on our balance sheet consisted of the following: Composite Depreciation Rate/ At March 31, At December 31, Average Life of Depreciable Plant at March 31, 2023 (a) 2023 2022 Assets in service: Distribution (b) 2.5 % / 39.6 years $ 17,491 $ 17,226 Transmission (c) 2.9 % / 34.3 years 13,934 13,874 Other assets 5.9 % / 16.9 years 2,189 2,156 Total 33,614 33,256 Less accumulated depreciation 9,188 9,054 Net of accumulated depreciation 24,426 24,202 Construction work in progress 1,348 953 Held for future use 48 48 Property, plant and equipment – net $ 25,822 $ 25,203 ____________ (a) Reflects depreciation rates and average lives of depreciable plant in the final order in PUCT Docket No. 46957 that were in effect at March 31, 2023. Rates implementing the final order in our comprehensive base rate review (PUCT Docket No. 53601) went into effect on May 1, 2023. (b) Includes a $ 30 million write-off in the first quarter of 2023 of previously capitalized distribution assets in property, plant and equipment to reflect the PUCT’s disallowance from rate base of certain employee benefit/compensation expenses in the final order in our comprehensive base rate review. See Note 2 for more information on the base rate review. (c) Includes a $ 25 million write-off in the first quarter of 2023 of previously capitalized transmission assets in property, plant and equipment to reflect the PUCT’s disallowance from rate base of certain employee benefit/compensation expenses in the final order in our comprehensive base rate review. See Note 2 for more information on the base rate review. Intangible Assets Intangible assets (other than goodwill) reported on our balance sheet as part of property, plant and equipment consisted of the following: At March 31, 2023 At December 31, 2022 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 666 $ 123 $ 543 $ 662 $ 122 $ 540 Capitalized software 1,193 457 736 1,183 441 742 Total $ 1,859 $ 580 $ 1,279 $ 1,845 $ 563 $ 1,282 A ggregate amortization expense for intangible assets totaled $ 22 million and $ 19 million for the three months ended March 31, 2023 and 2022, respectively. The estimated annual amortization expense for the five-year period from 2023 to 2027, based on rates in effect at March 31, 2023, is as follows: Year Amortization Expense (a) 2023 $ 86 2024 $ 85 2025 $ 85 2026 $ 85 2027 $ 85 ____________ (a) Amortization rates and average lives of depreciable intangible assets, other than goodwill reflected in the final order in PUCT Docket No. 46957 that were in effect at March 31, 2023. Rates implementing the final order in our most recent comprehensive base rate review (PUCT Docket No. 53601) went into effect on May 1, 2023. Operating Lease and Other Obligations Operating lease and other obligations reported on our balance sheet consisted of the following: At March 31, At December 31, 2023 2022 Operating lease liabilities $ 126 $ 131 Investment tax credits 3 3 Customer advances for construction – noncurrent 63 71 Other 85 70 Total operating lease and other obligations $ 277 $ 275 Supplemental Cash Flow Information Three Months Ended March 31, 2023 2022 Cash payments related to: Interest $ 99 $ 84 Less capitalized interest ( 6 ) ( 3 ) Interest payments (net of amounts capitalized) $ 93 $ 81 Noncash investing activities: Construction expenditures financed through accounts payable (a) $ 224 $ 194 ______________ (a) Represents end-of-period accruals . |
Business And Significant Acco_2
Business And Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 membership interests and Texas Transmission owns 19.75 % of our membership interests. We are managed as an integrated business; consequently, there are no separate reportable business segments. |
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 subsidiaries or affiliated entities (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 such 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 the closing of the Sempra Acquisition; 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; and 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. |
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 2022 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 U.S. dollars in millions 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. |
Revenue Recognition | Revenue Recognition Oncor’s revenue is billed under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service including a reasonable rate of return on invested capital. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. See Note 3 for additional information regarding revenues. |
Interest Rate Derivatives, Hedge Accounting and Mark-to-Market Accounting | Interest Rate Derivatives, Hedge Accounting and Mark-to-Market 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. T he fair value of an interest rate derivative instrument is recognized on the balance sheet as a derivative asset or liability and changes in the fair value are recognized in net income if the criteria for cash flow hedge accounting are not met or if the instrument is not designated as a cash flow hedge. This recognition is referred to as “mark-to-market” accounting. |
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. For our annual goodwill impairment testing, we generally have the option to directly perform a quantitative assessment or first make a qualitative assessment of whether it is more likely than not that our enterprise fair value is less than our enterprise carrying value before applying the quantitative assessment. If we elect to perform the qualitative assessment, we evaluate relevant events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors and our overall financial performance. If, after assessing these qualitative factors, we determine that it is more-likely-than-not that our estimated enterprise fair value is less than our enterprise carrying book value, then we perform a quantitative assessment. If, after performing the quantitative assessment, we determine that goodwill is impaired, we record the amount of goodwill impairment as the excess of enterprise carrying book value over estimated enterprise fair value, not to exceed the carrying amount of goodwill. |
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 unaudited condensed consolidated balance sheets to the sum of such amounts reported on the unaudited condensed statements of consolidated cash flows: At March 31, At December 31, 2023 2022 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 139 $ 10 Restricted cash, current (a) 16 16 Restricted cash, noncurrent (a) 65 72 Total cash, cash equivalents and restricted cash on the condensed statements of consolidated cash flows $ 220 $ 98 ____________ (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, given the likelihood of uncertain future events; 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. |
Business And Significant Acco_3
Business And Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 unaudited condensed consolidated balance sheets to the sum of such amounts reported on the unaudited condensed statements of consolidated cash flows: At March 31, At December 31, 2023 2022 Cash, cash equivalents and restricted cash Cash and cash equivalents $ 139 $ 10 Restricted cash, current (a) 16 16 Restricted cash, noncurrent (a) 65 72 Total cash, cash equivalents and restricted cash on the condensed statements of consolidated cash flows $ 220 $ 98 ____________ (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) | 3 Months Ended |
Mar. 31, 2023 | |
Regulatory Matters [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period In Effect At March 31, 2023 At March 31, 2023 At December 31, 2022 Regulatory assets: Employee retirement liability (a)(b)(c)(d) To be determined $ 145 $ 157 Employee retirement costs being amortized 5 years 148 158 Employee retirement costs incurred since PUCT Docket No. 46957 base rate review period (b) To be determined 67 91 Self-insurance reserve (primarily storm recovery costs) being amortized 5 years 170 181 Self-insurance reserve incurred since PUCT Docket No. 46957 base rate review period (primarily storm related) (b) To be determined 675 571 Debt reacquisition costs Lives of related debt 14 15 Under-recovered AMS costs 5 years 102 107 Energy efficiency program performance bonus (a) 1 year or less 21 28 Wholesale distribution substation service (b) To be determined 102 97 Unrecovered expenses related to COVID-19 (b) To be determined 37 37 Recoverable deferred income taxes Various 28 25 Uncollectible payments from REPs (b) To be determined 8 8 Other regulatory assets Various 32 27 Total regulatory assets 1,549 1,502 Regulatory liabilities: Estimated net removal costs Lives of related assets 1,456 1,431 Excess deferred taxes Primarily over lives of related assets 1,360 1,375 Over-recovered wholesale transmission service expense (a) 1 year or less 43 101 Unamortized gain on reacquisition of debt Lives of related debt 25 25 Employee retirement costs over-recovered since PUCT Docket No. 46957 base rate review period (b) To be determined 68 60 Other regulatory liabilities Various 28 22 Total regulatory liabilities 2,980 3,014 Net regulatory assets (liabilities) $ ( 1,431 ) $ ( 1,512 ) ____________ (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. (d) Reflects a $ 20 million reclassification related to employee retirement liabilities from regulatory assets to other comprehensive income in the first quarter of 2023, recorded as a result of the final order in our comprehensive base rate review (PUCT Docket No. 53601). |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenues [Abstract] | |
Disaggregation Of Revenues | The following table reflects electric delivery revenues disaggregated by tariff: Three Months Ended March 31, 2023 2022 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 551 $ 578 Transmission base revenues (TCOS revenues): Billed to third-party wholesale customers 250 233 Billed to REPs serving Oncor distribution customers, through TCRF 141 130 Total transmission base revenues 391 363 Other miscellaneous revenues 17 18 Total revenues contributing to earnings 959 959 Revenues collected for pass-through expenses: TCRF – third-party wholesale transmission service 321 281 EECRF 12 9 Total revenues collected for pass-through expenses 333 290 Total operating revenues $ 1,292 $ 1,249 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Short-Term Borrowings [Abstract] | |
Schedule Of Short-Term Borrowings | At March 31, At December 31, 2023 2022 Total credit facility borrowing capacity $ 2,000 $ 2,000 Credit facility outstanding borrowings - - Commercial paper outstanding (a) - ( 198 ) Letters of credit outstanding - - Available unused credit $ 2,000 $ 1,802 ____________ (a) The weighted average interest rate for commercial paper was 4.58 % at December 31, 2022. All outstanding CP Notes at December 31, 2022 had maturity dates of less than one year . |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | At March 31, At December 31, 2023 2022 Fixed Rate Secured: 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 5.50 % Senior Notes, Series C, due May 1, 2026 200 - 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 5.34 % Senior Notes, Series D, due May 1, 2031 72 - 7.00 % Senior Notes due May 1, 2032 494 494 4.15 % Senior Notes due June 1, 2032 400 400 4.55 % Senior Notes due September 15, 2032 700 700 7.25 % Senior Notes due January 15, 2033 323 323 5.45 % Senior Notes, Series E, due May 1, 2036 80 - 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 400 400 4.95 % Senior Notes due September 15, 2052 500 500 5.35 % Senior Notes due October 1, 2052 300 300 Fixed rate secured long-term debt 11,597 11,245 Variable Rate Unsecured: Term loan credit agreement due August 30, 2023 - 100 Term loan credit agreement due February 28, 2024 625 - Term loan credit agreement due April 30, 2024 150 - Variable rate unsecured long-term debt 775 100 Total long-term debt 12,372 11,345 Unamortized discount, premium and debt issuance costs ( 118 ) ( 117 ) Less amount due currently ( 625 ) ( 100 ) Long-term debt, less amounts due currently $ 11,629 $ 11,128 |
Membership Interests (Tables)
Membership Interests (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Membership Interests [Abstract] | |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2022 $ 13,624 $ ( 162 ) $ 13,462 Net income 103 - 103 Capital contributions 106 - 106 Distributions ( 106 ) - ( 106 ) Net effects of cash flow hedges - 1 1 Defined benefit pension plans (a) - ( 20 ) ( 20 ) Balance at March 31, 2023 $ 13,727 $ ( 181 ) $ 13,546 Balance at December 31, 2021 $ 12,719 $ ( 131 ) $ 12,588 Net income 194 - 194 Capital contributions 106 - 106 Distributions ( 106 ) - ( 106 ) Net effects of cash flow hedges - 1 1 Defined benefit pension plans - 1 1 Balance at March 31, 2022 $ 12,913 $ ( 129 ) $ 12,784 ____________ (a) Includes a $ 20 million reclassification from regulatory assets related to employee retirement liabilities to other comprehensive income in the first quarter of 2023, recorded as a result of the April 6, 2023 final order in our comprehensive base rate review (PUCT Docket No. 53601). |
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, 2022 $ ( 34 ) $ ( 128 ) $ ( 162 ) Defined benefit pension plans (a) - ( 20 ) ( 20 ) Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $ 0 ) 1 - 1 Balance at March 31, 2023 $ ( 33 ) $ ( 148 ) $ ( 181 ) Balance at December 31, 2021 $ ( 36 ) $ ( 95 ) $ ( 131 ) Defined benefit pension plans - 1 1 Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $ 0 ) 1 - 1 Balance at March 31, 2022 $ ( 35 ) $ ( 94 ) $ ( 129 ) ____________ (a) Includes a $ 20 million reclassification from regulatory assets related to employee retirement liabilities to other comprehensive income in the first quarter of 2023, recorded as a result of the April 6, 2023 final order in our comprehensive base rate review (PUCT Docket No. 53601). |
Pension And OPEB Plans (Tables)
Pension And OPEB Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Pension And OPEB Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended March 31, 2023 2022 Components of net allocated pension costs: Service cost $ 6 $ 8 Interest cost (a) 31 22 Expected return on assets (a) ( 32 ) ( 26 ) Amortization of net loss (a) 1 8 Net pension costs 6 12 Net adjustments (b) 4 ( 1 ) Net pension costs recognized as operation and maintenance expense or other deductions $ 10 $ 11 Components of net OPEB costs: Service cost $ 1 $ 1 Interest cost (a) 8 6 Expected return on assets (a) ( 2 ) ( 2 ) Amortization of prior service cost (a) - - Amortization of net loss (a) ( 8 ) - Net OPEB costs ( 1 ) 5 Net adjustments (b) 9 2 Net OPEB costs recognized as operation and maintenance expense or other deductions $ 8 $ 7 ___________ (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) | 3 Months Ended |
Mar. 31, 2023 | |
Related-Party Transactions [Abstract] | |
Schedule Of Amounts Payable To (Receivables From) Related Parties | At March 31, 2023 At December 31, 2022 STH Texas Transmission Total STH Texas Transmission Total Federal income taxes payable (receivable) $ 26 $ 6 $ 32 $ 14 $ 4 $ 18 Texas margin tax payable 34 - 34 27 - 27 Net payable (receivable) $ 60 $ 6 $ 66 $ 41 $ 4 $ 45 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Other Deductions And (Income) | Three Months Ended March 31, 2023 2022 Professional fees $ 2 $ 2 Recoverable Pension and OPEB – non-service costs 15 13 AFUDC – equity income ( 11 ) ( 6 ) Interest and investment loss (income) – net ( 1 ) 2 Other 2 - Total other deductions and (income) – net $ 7 $ 11 |
Schedule Of Interest Expense And Related Charges | Three Months Ended March 31, 2023 2022 Interest $ 126 $ 108 Amortization of discount, premium and debt issuance costs 3 3 Less AFUDC – capitalized interest portion ( 6 ) ( 3 ) Total interest expense and related charges $ 123 $ 108 |
Schedule Of Trade Accounts And Other Receivables | At March 31, At December 31, 2023 2022 Gross trade accounts and other receivables $ 828 $ 897 Allowance for uncollectible accounts ( 14 ) ( 13 ) Trade accounts receivable – net $ 814 $ 884 |
Summary of Investments And Other Property | At March 31, At December 31, 2023 2022 Assets related to employee benefit plans $ 118 $ 123 Non-utility property – land 12 12 Other 2 2 Total investments and other property $ 132 $ 137 |
Schedule Of Property, Plant And Equipment | Composite Depreciation Rate/ At March 31, At December 31, Average Life of Depreciable Plant at March 31, 2023 (a) 2023 2022 Assets in service: Distribution (b) 2.5 % / 39.6 years $ 17,491 $ 17,226 Transmission (c) 2.9 % / 34.3 years 13,934 13,874 Other assets 5.9 % / 16.9 years 2,189 2,156 Total 33,614 33,256 Less accumulated depreciation 9,188 9,054 Net of accumulated depreciation 24,426 24,202 Construction work in progress 1,348 953 Held for future use 48 48 Property, plant and equipment – net $ 25,822 $ 25,203 ____________ (a) Reflects depreciation rates and average lives of depreciable plant in the final order in PUCT Docket No. 46957 that were in effect at March 31, 2023. Rates implementing the final order in our comprehensive base rate review (PUCT Docket No. 53601) went into effect on May 1, 2023. (b) Includes a $ 30 million write-off in the first quarter of 2023 of previously capitalized distribution assets in property, plant and equipment to reflect the PUCT’s disallowance from rate base of certain employee benefit/compensation expenses in the final order in our comprehensive base rate review. See Note 2 for more information on the base rate review. (c) Includes a $ 25 million write-off in the first quarter of 2023 of previously capitalized transmission assets in property, plant and equipment to reflect the PUCT’s disallowance from rate base of certain employee benefit/compensation expenses in the final order in our comprehensive base rate review. See Note 2 for more information on the base rate review. |
Schedule Of Intangible Assets | At March 31, 2023 At December 31, 2022 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 666 $ 123 $ 543 $ 662 $ 122 $ 540 Capitalized software 1,193 457 736 1,183 441 742 Total $ 1,859 $ 580 $ 1,279 $ 1,845 $ 563 $ 1,282 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense (a) 2023 $ 86 2024 $ 85 2025 $ 85 2026 $ 85 2027 $ 85 ____________ (a) Amortization rates and average lives of depreciable intangible assets, other than goodwill reflected in the final order in PUCT Docket No. 46957 that were in effect at March 31, 2023. Rates implementing the final order in our most recent comprehensive base rate review (PUCT Docket No. 53601) went into effect on May 1, 2023. |
Schedule Of Operating Lease, Third Party Joint Project And Other Obligations | At March 31, At December 31, 2023 2022 Operating lease liabilities $ 126 $ 131 Investment tax credits 3 3 Customer advances for construction – noncurrent 63 71 Other 85 70 Total operating lease and other obligations $ 277 $ 275 |
Schedule Of Supplemental Cash Flow Information | Three Months Ended March 31, 2023 2022 Cash payments related to: Interest $ 99 $ 84 Less capitalized interest ( 6 ) ( 3 ) Interest payments (net of amounts capitalized) $ 93 $ 81 Noncash investing activities: Construction expenditures financed through accounts payable (a) $ 224 $ 194 ______________ (a) Represents end-of-period accruals . |
Business And Significant Acco_4
Business And Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) segment item | Dec. 31, 2022 USD ($) | |
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 | 2 | |
Goodwill | $ | $ 4,740 | $ 4,740 |
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% | |
Number of directors appointed | 2 | |
Texas Transmission [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Ownership | 19.75% | |
Number of disinterested directors | 2 | |
Minimum [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Disinterested directors expenditure budget percentage | 10% |
Business And Significant Acco_5
Business And Significant Accounting Policies (Schedule Of Cash, Cash Equivalents And Restricted Cash) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Business And Significant Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 139,000 | $ 10,000 | ||
Restricted cash, current (a) | 16,000 | 16,000 | ||
Restricted cash, noncurrent (a) | 65,000 | 72,000 | ||
Total cash, cash equivalents and restricted cash on the Condensed Statements of Consolidated Cash Flows | $ 220,000 | $ 98,000 | $ 205,000 | $ 54,000 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Apr. 06, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Public Utilities, General Disclosures [Line Items] | |||
Amount of disallowed costs from rate base | $ 65 | ||
Additional charge against income | 4 | ||
Write-off of rate base disallowances | 69 | ||
Write-off of rate base disallowances, operating, net of tax | 54 | ||
Write-off of rate base disallowances, operating | 55 | ||
Write-off of rate base disallowances, operating, net of tax | 43 | ||
Write-off of non-operating rate base disallowances | 14 | ||
Write-off of non-operating rate base disallowances, net of tax | $ 11 | ||
Public Utilities, Approved Return on Equity, Percentage | 9.80% | ||
Authorized return on equity | 9.80% | ||
Regulatory Noncurrent Asset, Amortization Period | 5 years | ||
Subsequent Event [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Debt Capital Structure, Percentage | 57.50% | ||
Public Utilities, Requested Equity Capital Structure, Percentage | 42.50% | ||
Public Utilities, Approved Return on Equity, Percentage | 9.70% | ||
Authorized return on equity | 9.70% |
Regulatory Matters (Components
Regulatory Matters (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 1,549 | $ 1,502 |
Carrying Amount, Regulatory Liabilities | 2,980 | 3,014 |
Net regulatory assets (liabilities) | (1,431) | (1,512) |
Estimated Net Removal Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 1,456 | 1,431 |
Excess Deferred Taxes [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 1,360 | 1,375 |
Over-Recovered Wholesale Transmission Service Expense [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 43 | 101 |
Unamortized Gain On Reacquisition Of Debt [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 25 | 25 |
Employee Retirement Costs Over Recovered Since PUCT Docket No. 46957 Base Rate Review Period [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 68 | 60 |
Other Regulatory Liabilities [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Liabilities | 28 | 22 |
Employee Retirement Liability [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 145 | 157 |
Reclassification adjustment regulatory assets | $ 20 | |
Employee Retirement Costs Being Amortized [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 5 years | |
Carrying Amount, Regulatory Assets | $ 148 | 158 |
Employee Retirement Costs Incurred Since PUCT Docket No. 46957 Base Rate Review Period [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 67 | 91 |
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 | $ 170 | 181 |
Self-Insurance Reserve Incurred Since PUCT Docket No. 46957 base Rate Review Period (Primarily Storm Related) [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 675 | 571 |
Debt Reacquisition Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 14 | 15 |
Under-recovered AMS Costs [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 5 years | |
Carrying Amount, Regulatory Assets | $ 102 | 107 |
Energy Efficiency Program Performance Bonus [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 21 | 28 |
Wholesale Distribution Substation Service [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 102 | 97 |
Unrecovered Expenses Related To Covid19 [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 37 | 37 |
Recoverable Deferred Income Taxes [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 28 | 25 |
Uncollectible Payments From Reps [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | 8 | 8 |
Other Regulatory Assets [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Carrying Amount, Regulatory Assets | $ 32 | $ 27 |
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 Program Performance Bonus [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Remaining Rate Recovery/Amortization Period | 1 year |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - customer | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Number of REPS | 100 | |
Payment term | 35 days | |
Number of largest customers | 2 | |
Trade Accounts Receivable [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Number of largest customers | 2 | 2 |
REP Subsidiary One [Member] | Customers [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 26% | |
REP Subsidiary Two [Member] | Customers [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 23% |
Revenues (Disaggregation Of Rev
Revenues (Disaggregation Of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | $ 959,000 | $ 959,000 |
Revenues collected for pass-through expenses | 333,000 | 290,000 |
Total operating revenues | 1,292,000 | 1,249,000 |
Distribution Base Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 551,000 | 578,000 |
Transmission Base Revenues (TCOS Revenues) [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 391,000 | 363,000 |
Transmission Base Revenues (TCOS Revenues) [Member] | Third-Party Wholesale Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 250,000 | 233,000 |
Transmission Base Revenues (TCOS Revenues) [Member] | REPS Serving Oncor Distribution Customers, Through TCRF [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 141,000 | 130,000 |
Other Miscellaneous Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues contributing to earnings | 17,000 | 18,000 |
TCRF - Third-party Wholesale Transmission Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues collected for pass-through expenses | 321,000 | 281,000 |
EECRF [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues collected for pass-through expenses | $ 12,000 | $ 9,000 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) item | Nov. 30, 2021 USD ($) | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 2,000 | |
Number of revolving credit facilities extension options | item | 1 | |
Extension period for revolving line of credit | 1 year | |
Increments in additional bororwing capacity | $ 100 | |
Maximum indebtness amount before default | 100 | |
Maximum judgement for payment amount before default | $ 100 | |
Discharge period | 60 days | |
Maximum pricing adjustment on commitment fee, percentage | 0.01% | |
Maximum pricing adjustment on applicable margin, percentage | 0.05% | |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Additional increase in borrowing capacity amount | $ 400 | |
Commitment fee | 0.225% | |
Debt-to-capitalization ratio | 1 | |
Revolving Credit Facility [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fee | 0.075% | |
Debt-to-capitalization ratio | 0.65 | |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 2 | |
Commercial Paper [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility, term | 397 days | |
SOFR one month interest period [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 1% | |
Federal Funds Effective Rate [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | |
Federal Funds Effective Rate [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 0.50% | |
Federal Funds Effective Rate [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 0% | |
Secured Overnight Financing Rate (SOFR) [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.10% | |
Secured Overnight Financing Rate (SOFR) [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 1.50% | |
Secured Overnight Financing Rate (SOFR) [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 0.875% |
Short-Term Borrowings (Schedule
Short-Term Borrowings (Schedule Of Short-Term Borrowings) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2023 | |
Short-Term Debt [Line Items] | ||
Total credit facility borrowing capacity | $ 2,000 | $ 2,000 |
Available unused credit | 1,802 | $ 2,000 |
Commercial Paper [Member] | ||
Short-Term Debt [Line Items] | ||
Outstanding | $ (198) | |
Interest Rate | 4.58% | |
Maximum [Member] | Commercial Paper [Member] | ||
Short-Term Debt [Line Items] | ||
Maturity dates | 1 year |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 3 Months Ended | ||||||||||||
Apr. 28, 2023 | Apr. 26, 2023 | Mar. 29, 2023 | Jan. 09, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 30, 2023 | Mar. 23, 2023 | Mar. 22, 2023 | Feb. 27, 2023 | Jan. 27, 2023 | Jan. 24, 2023 | Dec. 31, 2022 | |
Long-Term Debt [Line Items] | |||||||||||||
Repayments of long-term debt | $ 100,000,000 | $ 400,000,000 | |||||||||||
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85% | ||||||||||||
Estimated fair value of our long-term debt including current maturities | $ 11,746,000,000 | $ 10,398,000,000 | |||||||||||
Carrying amount | 12,254,000,000 | 11,228,000,000 | |||||||||||
Available unused credit | $ 2,000,000,000 | 1,802,000,000 | |||||||||||
AR Facility [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Debt principal amount | $ 100,000,000 | ||||||||||||
January 2023 Term Loan Credit Agreement 2 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Aggregate principal amount | $ 0 | ||||||||||||
Term loan | $ 625,000,000 | ||||||||||||
Debt principal amount | $ 125,000,000 | $ 500,000,000 | |||||||||||
January 2023 Term Loan Credit Agreement 2 [Member] | Daily Secured Overnight Financing Rate [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Spread over variable rate | 1% | ||||||||||||
January 2023 Term Loan Credit Agreement 2 [Member] | Federal Funds Effective Rate [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Spread over variable rate | 0.50% | ||||||||||||
January 2023 Term Loan Credit Agreement 2 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Spread over variable rate | 0.85% | ||||||||||||
March 2023 Term Loan Credit Agreement [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Aggregate principal amount | $ 0 | ||||||||||||
Debt principal amount | $ 150,000,000 | ||||||||||||
March 2023 Term Loan Credit Agreement [Member] | Daily Secured Overnight Financing Rate [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Spread over variable rate | 1% | ||||||||||||
March 2023 Term Loan Credit Agreement [Member] | Federal Funds Effective Rate [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Spread over variable rate | 0.50% | ||||||||||||
March 2023 Term Loan Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Spread over variable rate | 0.95% | ||||||||||||
5.50% Senior Notes, Series C, due May 1, 2026 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 5.50% | ||||||||||||
5.34% Senior Notes, Series D, due May 1, 2031 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 5.34% | ||||||||||||
5.45% Senior Notes, Series E, due May 1, 2036 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 5.45% | ||||||||||||
Accounts Receivable Securitization Facility [Member] | Receivables LLC [Member] | Subsequent Event [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Credit facility, term | 3 years | ||||||||||||
Maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||||||||||
Debt service fee percentage | 0.01% | ||||||||||||
Maximum [Member] | March 2023 Note Purchase Agreement [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Senior debt to capitalization ratio | 0.65 | ||||||||||||
Secured Debt [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Aggregate principal amount | $ 11,597,000,000 | $ 11,245,000,000 | |||||||||||
Secured Debt [Member] | 3.70% Fixed Senior Notes Due November 15, 2028 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 3.70% | 3.70% | |||||||||||
Aggregate principal amount | $ 650,000,000 | $ 650,000,000 | |||||||||||
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 | $ 450,000,000 | $ 450,000,000 | |||||||||||
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 | $ 318,000,000 | $ 318,000,000 | |||||||||||
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 | $ 174,000,000 | $ 174,000,000 | |||||||||||
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 | $ 38,000,000 | $ 38,000,000 | |||||||||||
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 | $ 700,000,000 | $ 700,000,000 | |||||||||||
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 | $ 500,000,000 | $ 500,000,000 | |||||||||||
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 | $ 500,000,000 | $ 500,000,000 | |||||||||||
Secured Debt [Member] | 4.15% Senior Notes Due June 1, 2032 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 4.15% | 4.15% | |||||||||||
Aggregate principal amount | $ 400,000,000 | $ 400,000,000 | |||||||||||
Secured Debt [Member] | 4.60% Senior Notes due June 1, 2052 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 4.60% | 4.60% | |||||||||||
Aggregate principal amount | $ 400,000,000 | $ 400,000,000 | |||||||||||
Secured Debt [Member] | 4.55% Senior Notes due September 15, 2032 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 4.55% | ||||||||||||
Aggregate principal amount | $ 700,000,000 | $ 700,000,000 | |||||||||||
Secured Debt [Member] | 4.95% Senior Notes due September 15, 2052 | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 4.95% | 4.95% | |||||||||||
Aggregate principal amount | $ 500,000,000 | $ 500,000,000 | |||||||||||
Secured Debt [Member] | 5.50% Senior Notes, Series C, due May 1, 2026 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 5.50% | 5.50% | |||||||||||
Aggregate principal amount | $ 200,000,000 | $ 200,000,000 | |||||||||||
Spread over variable rate | 5.50% | ||||||||||||
Secured Debt [Member] | 5.34% Senior Notes, Series D, due May 1, 2031 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 5.34% | 5.34% | |||||||||||
Aggregate principal amount | $ 72,000,000 | $ 72,000,000 | |||||||||||
Spread over variable rate | 5.34% | ||||||||||||
Secured Debt [Member] | 5.34% Senior Notes, Series D, due May 1, 2031 [Member] | Subsequent Event [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Aggregate principal amount | $ 28,000,000 | ||||||||||||
Spread over variable rate | 5.34% | ||||||||||||
Secured Debt [Member] | 5.45% Senior Notes, Series E, due May 1, 2036 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Interest percentage | 5.45% | 5.45% | |||||||||||
Aggregate principal amount | $ 80,000,000 | $ 80,000,000 | |||||||||||
Spread over variable rate | 5.45% | ||||||||||||
Secured Debt [Member] | 5.45% Senior Notes, Series E, due May 1, 2036 [Member] | Subsequent Event [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Aggregate principal amount | $ 20,000,000 | ||||||||||||
Spread over variable rate | 5.45% | ||||||||||||
Unsecured Debt [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Term loan | $ 775,000,000 | $ 100,000,000 | |||||||||||
Unsecured Debt [Member] | March 2023 Term Loan Credit Agreement [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Term loan | $ 150,000,000 | ||||||||||||
Unsecured Debt [Member] | June 2021 Term Loan Credit Agreement Maturing August 15, 2022 [Member] | |||||||||||||
Long-Term Debt [Line Items] | |||||||||||||
Repayments of long-term debt | $ 100,000,000 | ||||||||||||
Aggregate principal amount | $ 0 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) | Mar. 31, 2023 | Mar. 29, 2023 | Jan. 09, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||||
Total long-term debt | $ 12,372,000,000 | $ 11,345,000,000 | ||
Unamortized discount and debt issuance costs | (118,000,000) | (117,000,000) | ||
Less amount due currently | (625,000,000) | (100,000,000) | ||
Long-term debt, less amounts due currently (Note 5) | 11,629,000,000 | 11,128,000,000 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | 11,597,000,000 | 11,245,000,000 | ||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | 775,000,000 | 100,000,000 | ||
2.75% Senior Notes due June 1, 2024 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 500,000,000 | $ 500,000,000 | ||
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 | $ 350,000,000 | $ 350,000,000 | ||
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 | $ 450,000,000 | $ 450,000,000 | ||
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 | $ 174,000,000 | $ 174,000,000 | ||
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 | $ 38,000,000 | $ 38,000,000 | ||
Interest percentage | 3.86% | 3.86% | ||
5.50% Senior Notes, Series C, due May 1, 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest percentage | 5.50% | |||
5.50% Senior Notes, Series C, due May 1, 2026 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 200,000,000 | $ 200,000,000 | ||
Interest percentage | 5.50% | 5.50% | ||
3.70% Fixed Senior Notes Due November 15, 2028 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 650,000,000 | $ 650,000,000 | ||
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 | $ 318,000,000 | $ 318,000,000 | ||
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 | $ 700,000,000 | $ 700,000,000 | ||
Interest percentage | 2.75% | 2.75% | ||
5.34% Senior Notes, Series D, due May 1, 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest percentage | 5.34% | |||
5.34% Senior Notes, Series D, due May 1, 2031 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 72,000,000 | 72,000,000 | ||
Interest percentage | 5.34% | 5.34% | ||
7.00% Fixed Senior Notes Due May 1, 2032 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 494,000,000 | $ 494,000,000 | ||
Interest percentage | 7% | 7% | ||
4.15% Senior Notes Due June 1, 2032 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 400,000,000 | $ 400,000,000 | ||
Interest percentage | 4.15% | 4.15% | ||
4.55% Senior Notes due September 15, 2032 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 700,000,000 | $ 700,000,000 | ||
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 | $ 323,000,000 | $ 323,000,000 | ||
Interest percentage | 7.25% | 7.25% | ||
5.45% Senior Notes, Series E, due May 1, 2036 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest percentage | 5.45% | |||
5.45% Senior Notes, Series E, due May 1, 2036 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 80,000,000 | $ 80,000,000 | ||
Interest percentage | 5.45% | 5.45% | ||
7.50% Fixed Senior Notes Due September 1, 2038 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 300,000,000 | $ 300,000,000 | ||
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 | $ 475,000,000 | $ 475,000,000 | ||
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 | $ 400,000,000 | $ 400,000,000 | ||
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 | $ 348,000,000 | $ 348,000,000 | ||
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 | $ 550,000,000 | $ 550,000,000 | ||
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 | $ 325,000,000 | $ 325,000,000 | ||
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 | $ 450,000,000 | $ 450,000,000 | ||
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 | $ 500,000,000 | $ 500,000,000 | ||
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 | $ 700,000,000 | $ 700,000,000 | ||
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 | $ 400,000,000 | $ 400,000,000 | ||
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 | $ 500,000,000 | $ 500,000,000 | ||
Interest percentage | 2.70% | 2.70% | ||
4.60% Senior Notes due June 1, 2052 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 400,000,000 | $ 400,000,000 | ||
Interest percentage | 4.60% | 4.60% | ||
4.95% Senior Notes due September 15, 2052 | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 500,000,000 | $ 500,000,000 | ||
Interest percentage | 4.95% | 4.95% | ||
5.35% Senior Notes Due October 1, 2052 [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 300,000,000 | $ 300,000,000 | ||
Interest percentage | 5.35% | 5.35% | ||
June 2021 Term Loan Credit Agreement Maturing August 15, 2022 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured long-term debt | $ 0 | |||
Term Loan Credit Agreement Due August 30, 2023 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 100,000,000 | |||
Term Loan Credit Agreement Due February 28, 2024 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 625,000,000 | |||
Term Loan Credit Agreement Due April 30, 2024 [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 150,000,000 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments And Contingencies [Abstract] | |
Operating leases treated as capital leases | $ 4,000 |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Apr. 27, 2023 | Feb. 13, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 25, 2023 | Feb. 15, 2023 | |
Subsequent Event [Line Items] | ||||||
Cash restricted for distribution under the capital structure restriction | $ 823 | $ 106 | ||||
Regulatory capitalization ratio, debt | 57.50% | |||||
Regulatory capitalization ratio, equity | 42.50% | |||||
Current regulatory capitalization ratio, debt | 55.40% | |||||
Current regulatory capitalization ratio, equity | 44.60% | |||||
Members contribution | $ 106 | $ 106 | $ 106 | |||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash restricted for distribution under the capital structure restriction | $ 149 | |||||
Members contribution | $ 115 |
Membership Interests (Schedule
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Feb. 13, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | $ 13,462 | ||
Net income | 103 | $ 194 | |
Capital contributions | $ 106 | 106 | 106 |
Distributions | (106) | (106) | |
Net effects of cash flow hedges (net of tax) | 1 | 1 | |
Defined benefit pension plans | (20) | 1 | |
Balance | 13,546 | ||
Membership Interest [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | 13,624 | 12,719 | |
Net income | 103 | 194 | |
Capital contributions | 106 | 106 | |
Distributions | (106) | (106) | |
Balance | 13,727 | 12,913 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | (162) | (131) | |
Net effects of cash flow hedges (net of tax) | 1 | 1 | |
Defined benefit pension plans | (20) | 1 | |
Balance | (181) | (129) | |
Reclassification from regulatory assets related to employee retirement liabilities to other comprehensie income | 20 | ||
Membership Interests [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | 13,462 | 12,588 | |
Net income | 103 | 194 | |
Capital contributions | 106 | 106 | |
Distributions | (106) | (106) | |
Net effects of cash flow hedges (net of tax) | 1 | 1 | |
Defined benefit pension plans | (20) | 1 | |
Balance | 13,546 | $ 12,784 | |
Reclassification from regulatory assets related to employee retirement liabilities to other comprehensie income | $ 20 |
Membership Interests (Schedul_2
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (162,000) | |
Balance at end of period | (181,000) | |
Tax expense cash flow hedges reclassified from AOCI | 0 | $ 0 |
Defined benefit pension plans | (20,000) | 1,000 |
Cash Flow Hedges - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (34,000) | (36,000) |
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $1) | 1,000 | 1,000 |
Balance at end of period | (33,000) | (35,000) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (128,000) | (95,000) |
Defined benefit pension plans | (20,000) | 1,000 |
Balance at end of period | (148,000) | (94,000) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (162,000) | (131,000) |
Defined benefit pension plans | (20,000) | 1,000 |
Cash flow hedge amounts reclassified from AOCI and reported in interest expense and related charges (net of tax expense of $1) | 1,000 | 1,000 |
Balance at end of period | (181,000) | (129,000) |
Defined benefit pension plans | (20,000) | $ 1,000 |
Reclassification from regulatory assets related to employee retirement liabilities to other comprehensie income | $ 20,000 |
Pension And OPEB Plans (Narrati
Pension And OPEB Plans (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) item | Mar. 31, 2022 USD ($) | |
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% | |
Oncor Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.19% | |
Expected return on plan assets | 6.05% | |
Vistra Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.19% | |
Expected return on plan assets | 6.47% | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of net loss | $ (1) | $ (8) |
Cash contributions | 1 | |
Additional cash contributions | 4 | |
Additional cash contributions, next five years | 356 | |
OPEB Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of net loss | $ 8 | |
Discount rate | 5.11% | |
Expected return on plan assets | 6.94% | |
Cash contributions | $ 8 | |
Additional cash contributions | 15 | |
Additional cash contributions, next five years | $ 126 |
Pension And OPEB Plans (Schedul
Pension And OPEB Plans (Schedule Of Pension And OPEB Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 6 | $ 8 |
Interest cost | 31 | 22 |
Expected return on assets | (32) | (26) |
Amortization of net loss | 1 | 8 |
Net pension costs | 6 | 12 |
Net adjustments | 4 | (1) |
Net pension costs recognized as operation and maintenance expense or other deductions | 10 | 11 |
OPEB Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 8 | 6 |
Expected return on assets | (2) | (2) |
Amortization of net loss | (8) | |
Net pension costs | (1) | 5 |
Net adjustments | 9 | 2 |
Net pension costs recognized as operation and maintenance expense or other deductions | $ 8 | $ 7 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 27, 2023 | Feb. 13, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Revenue | $ 1,292,000 | $ 1,249,000 | ||
Members contribution | $ 106,000 | 106,000 | 106,000 | |
Income Tax Payments Made To (Received From) Members | $ 0 | 0 | ||
Subsequent Event [Member] | ||||
Related Party Transaction [Line Items] | ||||
Members contribution | $ 115,000 | |||
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% | |||
Sharyland Distribution & Transmission Services (SDTS) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue | $ 4,000 | 2,000 | ||
Maximum [Member] | Sharyland Distribution & Transmission Services (SDTS) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Cash payments to vendors | $ 1,000 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Amounts Payable To (Receivables From) Related Parties) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | $ 32 | $ 18 |
Texas margin tax payable | 34 | 27 |
Net payable (receivable) | 66 | 45 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | 26 | 14 |
Texas margin tax payable | 34 | 27 |
Net payable (receivable) | 60 | 41 |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes payable (receivable) | 6 | 4 |
Net payable (receivable) | $ 6 | $ 4 |
Supplementary Financial Infor_3
Supplementary Financial Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) customer | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Supplemental Financial Information [Line Items] | |||
Number of largest customers | customer | 2 | ||
Restricted cash | $ 16,000 | $ 16,000 | |
Aggregate amortization expenses | $ 22,000 | $ 19,000 | |
Trade Accounts Receivable [Member] | Customers [Member] | Nonaffiliated REP [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration risk percentage | 21% | 23% | |
Trade Accounts Receivable [Member] | Customers [Member] | Second Nonaffiliated REP [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration risk percentage | 19% | 20% |
Supplementary Financial Infor_4
Supplementary Financial Information (Schedule Of Other Deductions And (Income)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplementary Financial Information [Abstract] | ||
Professional fees | $ 2,000 | $ 2,000 |
Recoverable pension and OPEB - non-service costs | 15,000 | 13,000 |
AFUDC - equity income | (11,000) | (6,000) |
Interest and investment loss (income) – net | (1,000) | 2,000 |
Other | 2,000 | |
Total other deductions and (income) - net | $ 7,000 | $ 11,000 |
Supplementary Financial Infor_5
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplementary Financial Information [Abstract] | ||
Interest | $ 126 | $ 108 |
Amortization of discount, premium and debt issuance costs | 3 | 3 |
Less AFUDC – capitalized interest portion | (6) | (3) |
Total interest expense and related charges | $ 123 | $ 108 |
Supplementary Financial Infor_6
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables | $ 828 | $ 897 |
Allowance for uncollectible accounts | (14) | (13) |
Trade accounts receivable - net | $ 814 | $ 884 |
Supplementary Financial Infor_7
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans | $ 118 | $ 123 |
Non-utility property - land | 12 | 12 |
Other | 2 | 2 |
Total investments and other property | $ 132 | $ 137 |
Supplementary Financial Infor_8
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 33,614 | $ 33,256 |
Less accumulated depreciation | 9,188 | 9,054 |
Net of accumulated depreciation | 24,426 | 24,202 |
Construction work in progress | 1,348 | 953 |
Held for future use | 48 | 48 |
Property, plant and equipment - net | 25,822 | 25,203 |
Distribution [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 17,491 | 17,226 |
Composite depreciation rate | 2.50% | |
Avg. life | 39 years 7 months 6 days | |
Write-off of previously capitalized distribution assets | $ 30 | |
Transmission [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 13,934 | 13,874 |
Composite depreciation rate | 2.90% | |
Avg. life | 34 years 3 months 18 days | |
Write-off of previously capitalized distribution assets | $ 25 | |
Other Assets [Member] | ||
Property Plant and Equipment [Line Items] | ||
Total assets in service | $ 2,189 | $ 2,156 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,859 | $ 1,845 |
Accumulated Amortization | 580 | 563 |
Net | 1,279 | 1,282 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 666 | 662 |
Accumulated Amortization | 123 | 122 |
Net | 543 | 540 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,193 | 1,183 |
Accumulated Amortization | 457 | 441 |
Net | $ 736 | $ 742 |
Supplementary Financial Info_10
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Supplementary Financial Information [Abstract] | |
2023 | $ 86 |
2024 | 85 |
2025 | 85 |
2026 | 85 |
2027 | $ 85 |
Supplementary Financial Info_11
Supplementary Financial Information (Schedule Of Operating Lease, Third Party Joint Project And Other Obligations) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Supplementary Financial Information [Abstract] | ||
Operating lease liabilities | $ 126 | $ 131 |
Investment tax credits | 3 | 3 |
Customer advances for construction – noncurrent | 63 | 71 |
Other | 85 | 70 |
Total employee benefit obligations and other | $ 277 | $ 275 |
Supplementary Financial Info_12
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplementary Financial Information [Abstract] | ||
Interest | $ 99 | $ 84 |
Less capitalized interest | (6) | (3) |
Interest payments (net of amounts capitalized) | 93 | 81 |
Construction expenditures financed through accounts payable (investing) | $ 224 | $ 194 |