Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-38086 | ||
Entity Registrant Name | Vistra Energy Corp. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-4833255 | ||
Entity Address, Address Line One | 6555 Sierra Drive | ||
Entity Address, City or Town | Irving, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75039 | ||
City Area Code | (214) | ||
Local Phone Number | 812-4600 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,654,325,784 | ||
Entity Common Stock, Shares Outstanding | 487,734,006 | ||
Entity Central Index Key | 0001692819 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common stock, par value $0.01 per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | VST | ||
Security Exchange Name | NYSE | ||
Warrant | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrants | ||
Trading Symbol | VST.WS.A | ||
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||
Operating revenues | $ 2,860 | $ 3,194 | $ 2,832 | $ 2,923 | $ 2,562 | $ 3,243 | $ 2,574 | $ 765 | $ 11,809 | $ 9,144 | $ 5,430 |
Fuel, purchased power costs and delivery fees | (5,742) | (5,036) | (2,935) | ||||||||
Operating costs | (1,530) | (1,297) | (973) | ||||||||
Depreciation and amortization | (1,640) | (1,394) | (699) | ||||||||
Selling, general and administrative expenses | (904) | (926) | (600) | ||||||||
Impairment of long-lived assets | 0 | 0 | (25) | ||||||||
Operating income | 334 | 440 | 729 | 490 | 4 | 650 | 231 | (394) | 1,993 | 491 | 198 |
Other income | 56 | 47 | 37 | ||||||||
Other deductions | (15) | (5) | (5) | ||||||||
Interest expense and related charges | (797) | (572) | (193) | ||||||||
Impacts of Tax Receivable Agreement | (37) | (79) | 213 | ||||||||
Equity in earnings of unconsolidated investment | 16 | 17 | 0 | ||||||||
Income (loss) before income taxes | 1,216 | (101) | 250 | ||||||||
Income tax (expense) benefit | (290) | 45 | (504) | ||||||||
Net income (loss) | 234 | 114 | 354 | 224 | (186) | 331 | 105 | (306) | 926 | (56) | (254) |
Net loss attributable to noncontrolling interest | 2 | 2 | 0 | ||||||||
Net income (loss) attributable to Vistra Energy | $ 234 | $ 113 | $ 356 | $ 225 | $ (186) | $ 330 | $ 108 | $ (306) | $ 928 | $ (54) | $ (254) |
Weighted average shares of common stock outstanding: | |||||||||||
Weighted average shares of common stock outstanding - basic | 494,146,268 | 504,954,371 | 427,761,460 | ||||||||
Weighted average shares of common stock outstanding - diluted | 499,935,490 | 504,954,371 | 427,761,460 | ||||||||
Net income (loss) per weighted average share of common stock outstanding: | |||||||||||
Net income (loss) per weighted average share of common stock outstanding - basic | $ 0.49 | $ 0.23 | $ 0.71 | $ 0.45 | $ (0.35) | $ 0.62 | $ 0.21 | $ (0.71) | $ 1.88 | $ (0.11) | $ (0.59) |
Net income (loss) per weighted average share of common stock outstanding - diluted | $ 0.49 | $ 0.23 | $ 0.70 | $ 0.44 | $ (0.35) | $ 0.61 | $ 0.20 | $ (0.71) | $ 1.86 | $ (0.11) | $ (0.59) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ 234 | $ 114 | $ 354 | $ 224 | $ (186) | $ 331 | $ 105 | $ (306) | $ 926 | $ (56) | $ (254) |
Other comprehensive income (loss), net of tax effects: | |||||||||||
Effects related to pension and other retirement benefit obligations (net of tax benefit of $4, $2 and $6) | (8) | (6) | (23) | ||||||||
Adoption of new accounting standard | 0 | 1 | 0 | ||||||||
Total other comprehensive income (loss) | (8) | (5) | (23) | ||||||||
Comprehensive income (loss) | 918 | (61) | (277) | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 2 | 2 | 0 | ||||||||
Comprehensive income (loss) attributable to Vistra Energy | $ 920 | $ (59) | $ (277) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Effect related to pension and other retirement obligations (tax) | $ (4) | $ (2) | $ (6) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows — operating activities: | |||
Net income (loss) | $ 926 | $ (56) | $ (254) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Depreciation and amortization | 1,876 | 1,533 | 835 |
Deferred income tax expense (benefit), net | 281 | (62) | 418 |
Unrealized net (gain) loss from mark-to-market valuations of commodities | (696) | 380 | 145 |
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps | 220 | 5 | (29) |
Impairment of long-lived assets | 0 | 0 | 25 |
Impacts of Tax Receivables Agreement | 37 | 79 | (213) |
Change in asset retirement obligation liability | (48) | (27) | 112 |
Asset retirement obligation accretion expense | 53 | 50 | 60 |
Bad debt expense | 82 | 55 | 39 |
Stock-based compensation | 47 | 73 | 0 |
Other, net | (12) | 37 | 30 |
Changes in operating assets and liabilities: | |||
Accounts receivable — trade | (88) | (207) | 7 |
Inventories | (44) | 61 | 22 |
Accounts payable — trade | (221) | 90 | (30) |
Commodity and other derivative contractual assets and liabilities | 98 | (80) | (1) |
Margin deposits, net | 170 | (221) | 146 |
Accrued interest | 80 | (105) | (10) |
Accrued taxes | (4) | (64) | 33 |
Accrued employee incentive | 1 | 40 | (24) |
Alcoa contract settlement | 0 | 0 | 238 |
Tax Receivable Agreement payment | (2) | (16) | (26) |
Payments for Settlement of Asset Retirement Obligation | (121) | (100) | (35) |
Major plant outage deferral | (19) | (22) | (66) |
Other — net assets | (22) | 73 | 4 |
Other — net liabilities | 142 | (45) | (40) |
Cash provided by operating activities | 2,736 | 1,471 | 1,386 |
Cash flows — investing activities: | |||
Capital expenditures, including LTSA prepayments | (520) | (378) | (114) |
Nuclear fuel purchases | (89) | (118) | (62) |
Development and growth expenditures | (104) | (34) | (190) |
Ambit acquisition (net of cash acquired) | (506) | 0 | 0 |
Crius acquisition (net of cash acquired) | (374) | 0 | 0 |
Cash acquired in the Merger | 0 | 445 | 0 |
Odessa acquisition | 0 | 0 | (355) |
Proceeds from sales of nuclear decommissioning trust fund securities | 431 | 252 | 252 |
Investments in nuclear decommissioning trust fund securities | (453) | (274) | (272) |
Proceeds from sales of environmental allowances | 197 | 1 | 1 |
Purchases of environmental allowances | (322) | (5) | (3) |
Other, net | 23 | 10 | 16 |
Cash used in investing activities | (1,717) | (101) | (727) |
Cash flows - financing activities: | |||
Issuances of long-term debt | 6,507 | 1,000 | 0 |
Repayments/repurchases of debt | (7,109) | (3,075) | (191) |
Net borrowings under accounts receivable securitization program | 111 | 339 | 0 |
Borrowings under Revolving Credit Facility | 650 | 0 | 0 |
Repayments under Revolving Credit Facility | (300) | 0 | 0 |
Debt tender offer and other debt financing fees | (203) | (236) | (8) |
Stock repurchase | (656) | (763) | 0 |
Dividends paid to stockholders (Note 14) | (243) | 0 | 0 |
Other, net | 6 | 12 | (2) |
Cash used in financing activities | (1,237) | (2,723) | (201) |
Net change in cash, cash equivalents and restricted cash | (218) | (1,353) | 458 |
Cash, cash equivalents and restricted cash — beginning balance | 693 | 2,046 | 1,588 |
Cash, cash equivalents and restricted cash — ending balance | $ 475 | $ 693 | $ 2,046 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 300 | $ 636 |
Restricted cash | 147 | 57 |
Trade accounts receivable — net | 1,365 | 1,087 |
Inventories | 469 | 412 |
Commodity and other derivative contractual assets | 1,333 | 730 |
Margin deposits related to commodity contracts | 202 | 361 |
Prepaid expense and other current assets | 298 | 152 |
Total current assets | 4,114 | 3,435 |
Restricted cash | 28 | 0 |
Investments | 1,537 | 1,250 |
Investment in unconsolidated subsidiary | 124 | 131 |
Operating lease right-of-use assets | 44 | 0 |
Property, plant and equipment — net | 13,914 | 14,612 |
Goodwill | 2,553 | 2,068 |
Identifiable intangible assets — net | 2,748 | 2,493 |
Commodity and other derivative contractual assets | 136 | 109 |
Accumulated deferred income taxes | 1,066 | 1,336 |
Other noncurrent assets | 352 | 590 |
Total assets | 26,616 | 26,024 |
Current liabilities: | ||
Short-term borrowings | 350 | 0 |
Accounts receivable securitization program | 450 | 339 |
Long-term debt due currently | 277 | 191 |
Trade accounts payable | 947 | 945 |
Commodity and other derivative contractual liabilities | 1,529 | 1,376 |
Margin deposits related to commodity contracts | 8 | 4 |
Accrued income taxes | 1 | 10 |
Accrued taxes other than income | 200 | 182 |
Accrued interest | 151 | 77 |
Asset retirement obligations | 141 | 156 |
Operating lease liabilities | 14 | 0 |
Other current liabilities | 506 | 345 |
Total current liabilities | 4,574 | 3,625 |
Long-term debt, less amounts due currently | 10,102 | 10,874 |
Operating lease liabilities | 41 | 0 |
Commodity and other derivative contractual liabilities | 396 | 270 |
Accumulated deferred income taxes | 2 | 10 |
Tax Receivable Agreement obligation | 455 | 420 |
Asset retirement obligation | 2,097 | 2,217 |
Other noncurrent liabilities and deferred credits | 989 | 741 |
Total liabilities | 18,656 | 18,157 |
Commitments and Contingencies | ||
Total equity: | ||
Common stock (par value — $0.01; number of shares authorized — 1,800,000,000) (shares outstanding: December 31, 2019 — 487,698,111; December 31, 2018 — 493,215,309) | 5 | 5 |
Treasury stock, at cost (shares: December 31, 2019 — 41,043,224; December 31, 2018 — 32,815,783) | (973) | (778) |
Additional paid-in-capital | 9,721 | 10,107 |
Retained deficit | (764) | (1,449) |
Accumulated other comprehensive income (loss) | (30) | (22) |
Stockholders' equity | 7,959 | 7,863 |
Noncontrolling interest in subsidiary | 1 | 4 |
Total equity | 7,960 | 7,867 |
Total liabilities and equity | $ 26,616 | $ 26,024 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2019$ / sharesshares |
Statement of Changes in Financial Position [Abstract] | |
Common stock, par or stated value per share | $ / shares | $ 0.01 |
Common stock, shares authorized | 1,800,000,000 |
Common stock, shares outstanding | 487,698,111 |
Treasury stock, common shares | 41,043,224 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interest in Subsidiary [Member] |
Balances at beginning of the period (Parent) at Dec. 31, 2016 | $ (4) | $ 0 | $ (7,742) | $ 1,155 | $ (6) | $ (6,597) | ||
Balances at beginning of the period (Total Equity) at Dec. 31, 2016 | $ (6,597) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Effects of stock-based compensation | 23 | 23 | 23 | |||||
Net income (loss) attributable to Vistra Energy | (254) | (254) | (254) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||
Net income (loss) | (254) | |||||||
Pension and OPEB - change in funded status | (23) | (23) | (23) | |||||
Other | (1) | (1) | (1) | |||||
Balances at end of the period (Parent) at Dec. 31, 2017 | 4 | 0 | 7,765 | (1,410) | (17) | 6,342 | ||
Balances at end of the period (Total Equity) at Dec. 31, 2017 | 6,342 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock and stock compensation awards issued in connection with the Merger | 1,902 | 1 | 1,901 | 1,902 | ||||
Share repurchases | (778) | (778) | (778) | |||||
Effects of stock-based compensation | 72 | 72 | 72 | |||||
Tangible equity units acquired | 369 | 369 | 369 | |||||
Warrants acquired | 2 | 2 | 2 | |||||
Net income (loss) attributable to Vistra Energy | (54) | (54) | (54) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (2) | $ (2) | ||||||
Net income (loss) | (56) | |||||||
Adoption of accounting standard | 17 | 16 | 1 | 17 | ||||
Pension and OPEB - change in funded status | (6) | (6) | (6) | |||||
Investment by noncontrolling interest | 6 | 6 | ||||||
Other | (3) | (2) | (1) | (3) | ||||
Balances at end of the period (Parent) at Dec. 31, 2018 | 7,863 | 5 | (778) | 10,107 | (1,449) | (22) | 7,863 | |
Balances at end of period (Noncontrolling Interests) at Dec. 31, 2018 | 4 | 4 | ||||||
Balances at end of the period (Total Equity) at Dec. 31, 2018 | 7,867 | |||||||
Balances at beginning of the period (Parent) at Dec. 31, 2017 | 4 | 0 | 7,765 | (1,410) | (17) | 6,342 | ||
Balances at beginning of the period (Total Equity) at Dec. 31, 2017 | 6,342 | |||||||
Balances at end of the period (Parent) at Dec. 31, 2019 | 7,959 | 5 | (973) | 9,721 | (764) | (30) | 7,959 | |
Balances at end of period (Noncontrolling Interests) at Dec. 31, 2019 | 1 | 1 | ||||||
Balances at end of the period (Total Equity) at Dec. 31, 2019 | 7,960 | |||||||
Balances at beginning of the period (Parent) at Dec. 31, 2018 | 7,863 | 5 | (778) | 10,107 | (1,449) | (22) | 7,863 | |
Balances at beginning of period (Noncontrolling Interests) at Dec. 31, 2018 | 4 | 4 | ||||||
Balances at beginning of the period (Total Equity) at Dec. 31, 2018 | 7,867 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Share repurchases | (641) | (641) | (641) | |||||
Shares issued for tangible equity unit contracts | 0 | 446 | (446) | 0 | ||||
Effects of stock-based compensation | 62 | 62 | 62 | |||||
Net income (loss) attributable to Vistra Energy | 928 | 928 | 928 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (2) | (2) | ||||||
Net income (loss) | 926 | |||||||
Dividends declared on common stock | (243) | (243) | (243) | |||||
Adoption of accounting standard | (2) | (2) | (2) | |||||
Pension and OPEB - change in funded status | (8) | (8) | (8) | |||||
Other | (1) | (2) | 2 | 0 | (1) | |||
Balances at end of the period (Parent) at Dec. 31, 2019 | 7,959 | $ 5 | $ (973) | $ 9,721 | $ (764) | $ (30) | $ 7,959 | |
Balances at end of period (Noncontrolling Interests) at Dec. 31, 2019 | 1 | $ 1 | ||||||
Balances at end of the period (Total Equity) at Dec. 31, 2019 | $ 7,960 |
Business And Significant Accoun
Business And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business And Significant Accounting Policies | BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business References in this report to "we," "our," "us" and "the Company" are to Vistra Energy and/or its subsidiaries, as apparent in the context. See Glossary for defined terms. Vistra Energy is a holding company operating an integrated retail and generation business primarily in markets throughout the U.S. Through our subsidiaries, we are engaged in competitive energy market activities including power generation, wholesale energy sales and purchases, commodity risk management and retail sales of electricity and natural gas to end users. Vistra Energy has six reportable segments: (i) Retail, (ii) ERCOT, (iii) PJM, (iv) NY/NE (comprising NYISO and ISO-NE), (v) MISO and (vi) Asset Closure. The PJM, NY/NE and MISO segments were established on the Merger Date to reflect markets served by businesses acquired in the Merger. See Note 20 for further information concerning reportable business segments. Ambit Transaction On November 1, 2019, an indirect, wholly owned subsidiary of Vistra Energy completed the acquisition of Ambit (Ambit Transaction). Because the Ambit Transaction closed on November 1, 2019, Vistra Energy's consolidated financial statements and the notes related thereto do not include the financial condition or the operating results of Ambit and its subsidiaries prior to November 1, 2019. See Note 2 for a summary of the Ambit Transaction. Crius Transaction On July 15, 2019, an indirect, wholly owned subsidiary of Vistra Energy completed the acquisition of the equity interests of two wholly owned subsidiaries of Crius that indirectly own the operating business of Crius (Crius Transaction). Because the Crius Transaction closed on July 15, 2019, Vistra Energy's consolidated financial statements and the notes related thereto do not include the financial condition or the operating results of Crius and its subsidiaries prior to July 15, 2019. See Note 2 for a summary of the Crius Transaction. Dynegy Merger Transaction On the Merger Date, Vistra Energy and Dynegy completed the transactions contemplated by the Merger Agreement. Pursuant to the Merger Agreement, Dynegy merged with and into Vistra Energy, with Vistra Energy continuing as the surviving corporation. Because the Merger closed on April 9, 2018, Vistra Energy's consolidated financial statements and the notes related thereto do not include the financial condition or the operating results of Dynegy prior to April 9, 2018. See Note 2 for a summary of the Merger transaction and business combination accounting. Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. GAAP and on the same basis as the audited financial statements included in our 2018 Form 10-K. All intercompany items and transactions have been eliminated in consolidation. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. Use of Estimates Preparation of financial statements requires 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, estimates of expected obligations, judgments related to the potential timing of events and other estimates. 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. Derivative Instruments and Mark-to-Market Accounting We enter into contracts for the purchase and sale of electricity, natural gas, coal, uranium and other commodities utilizing instruments such as options, swaps, futures and forwards primarily to manage commodity price and interest rate risks. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, changes in the fair value of the derivative are recognized in net income as unrealized gains and losses. This recognition is referred to as mark-to-market accounting. The fair values of our unsettled derivative instruments under mark-to-market accounting are reported in the consolidated balance sheets as commodity and other derivative contractual assets or liabilities. We report derivative assets and liabilities in the consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. Margin deposits that contractually offset these assets and liabilities are reported separately in the consolidated balance sheets, except for certain margin amounts related to changes in fair value on CME transactions that are legally characterized as settlement of derivative contracts rather than collateral. When derivative instruments are settled and realized gains and losses are recorded, the previously recorded unrealized gains and losses and derivative assets and liabilities are reversed. See Notes 15 and 16 for additional information regarding fair value measurement and commodity and other derivative contractual assets and liabilities. A commodity-related derivative contract may be designated as a normal purchase or sale if the commodity is to be physically received or delivered for use or sale in the normal course of business. If designated as normal, the derivative contract is accounted for under the accrual method of accounting (not marked-to-market) with no balance sheet or income statement recognition of the contract until settlement. Because derivative instruments are frequently used as economic hedges, accounting standards related to derivative instruments and hedging activities allow for hedge accounting, which provides for the designation of such instruments as cash flow or fair value hedges if certain conditions are met. At December 31, 2019 and 2018, there were no derivative positions accounted for as cash flow or fair value hedges. We report commodity hedging and trading results as revenue, fuel expense or purchased power in the consolidated statements of operations depending on the type of activity. Electricity hedges, financial natural gas hedges and trading activities are primarily reported as revenue. Physical or financial hedges for coal, diesel or uranium, along with physical natural gas trades, are primarily reported as fuel expense. Realized and unrealized gains and losses associated with interest rate swap transactions are reported in the consolidated statements of operations in interest expense. Revenue Recognition Revenue is recognized when electricity is delivered to our customers in an amount that we expect to invoice for volumes delivered or services provided. Sales tax is excluded from revenue. Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or electric distribution companies. Estimated amounts are adjusted when actual usage is known and billed. We record wholesale generation revenue when volumes are delivered or services are performed for transactions that are not accounted for on a mark-to-market basis. These revenues primarily consist of physical electricity sales to the ISO or RTO, ancillary service revenue for reliability services, capacity revenue for making installed generation and demand response available for system reliability requirements, and certain other electricity sales contracts. See Note 5 for detailed descriptions of revenue from contracts with customers. See Derivative Instruments and Mark-to-Market Accounting for revenue recognition related to derivative contracts. Advertising Expense We expense advertising costs as incurred and include them within SG&A expenses. Advertising expenses totaled $49 million, $46 million and $44 million for the year ended December 31, 2019, 2018 and 2017, respectively. Impairment of Long-Lived Assets We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss would be recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. Finite-lived intangibles identified as a result of fresh start reporting or purchase accounting are amortized over their estimated useful lives based on the expected realization of economic effects. See Note 6 for details of intangible assets with finite lives, including discussion of fair value determinations. Goodwill and Intangible Assets with Indefinite Lives As part of fresh start reporting and purchase accounting, reorganization value or the purchase consideration is generally allocated, first, to identifiable tangible assets and liabilities, identifiable intangible assets and liabilities, then any remaining excess reorganization value is allocated to goodwill. We evaluate goodwill and intangible assets with indefinite lives for impairment at least annually, or when indications of impairment exist. We have established October 1 as the date we evaluate goodwill and intangible assets with indefinite lives for impairment. See Note 6 for details of goodwill and intangible assets with indefinite lives, including discussion of fair value determinations. Nuclear Fuel Nuclear fuel is capitalized and reported as a component of our property, plant and equipment in our consolidated balance sheets. Amortization of nuclear fuel is calculated on the units-of-production method and is reported as a component of fuel, purchased power costs and delivery fees in our consolidated statements of operations. Major Maintenance Costs Major maintenance costs incurred during generation plant outages are deferred and amortized into operating costs over the period between the major maintenance outages for the respective asset. Other routine costs of maintenance activities are charged to expense as incurred and reported as operating costs in our consolidated statements of operations. Defined Benefit Pension Plans and OPEB Plans On the Merger Date, Vistra Energy assumed the pension and OPEB plans that Dynegy had provided to certain of its eligible employees and retirees. The excess of the benefit obligations over the fair value of plan assets was recognized as a liability. See Note 2 for additional information regarding the Merger. Certain health care and life insurance benefits are offered to eligible employees and their dependents upon the retirement of such employee from the company. Pension benefits are offered to eligible employees under collective bargaining agreements based on either a traditional defined benefit formula or a cash balance formula. Effective January 1, 2017, the OPEB plan was amended to discontinue the life insurance benefits for active employees. Costs of pension and OPEB plans are dependent upon numerous factors, assumptions and estimates. See Note 17 for additional information regarding pension and OPEB plans. Stock-Based Compensation Stock-based compensation is accounted for in accordance with ASC 718, Compensation - Stock Compensation. The fair value of our non-qualified stock options is estimated on the date of grant using the Black-Scholes option-pricing model. Forfeitures are recognized as they occur. We recognize compensation expense for graded vesting awards on a straight-line basis over the requisite service period for the entire award. See Note 18 for additional information regarding stock-based compensation. Sales and Excise Taxes Sales and excise taxes are accounted for as "pass through" items on the consolidated balance sheets with no effect on the consolidated statements of operations ( i.e. , the tax is billed to customers and recorded as trade accounts receivable with an offsetting amount recorded as a liability to the taxing jurisdiction in other current liabilities in our consolidated statements of operations). Franchise and Revenue-Based Taxes Unlike sales and excise taxes, franchise and gross receipt taxes are not "pass through" items. These taxes are imposed on us by state and local taxing authorities, based on revenues or kWh delivered, as a cost of doing business and are recorded as an expense. Rates we charge to customers are intended to recover our costs, including the franchise and gross receipt taxes, but we are not acting as an agent to collect the taxes from customers. We report franchise and revenue-based taxes in SG&A expense in our consolidated statements of operations. Income Taxes On the Merger Date, Vistra Energy and Dynegy effected a merger transaction that for tax purposes was treated as a tax-free reorganization in which Vistra Energy survived as the parent entity. In general, all of Dynegy's tax basis and attributes were transferred to Vistra Energy, including approximately $4.5 billion of utilizable NOLs and refundable AMT tax credits. Investment tax credits are accounted for under the deferral method, which resulted in a reduction to the basis of the Upton 2 solar and battery storage facility of $2 million and $78 million and a corresponding increase in the deferred tax assets in 2019 and 2018, respectively. Deferred income taxes are provided for temporary differences between the book and tax basis of assets and liabilities as required under accounting rules. See Note 7. We report interest and penalties related to uncertain tax positions as current income tax expense. See Note 7. Tax Receivable Agreement (TRA) The Company accounts for its obligations under the TRA as a liability in our consolidated balance sheets (see Note 8). The carrying value of the TRA obligation represents the discounted amount of projected payments under the TRA. The projected payments are based on certain assumptions, including but not limited to (a) the federal and state corporate income tax rates and (b) estimates of our taxable income in the current and future years. Our taxable income takes into consideration the current federal tax code and reflects our current estimates of future results of the business. The carrying value of the obligation is being accreted to the amount of the gross expected obligation using the effective interest method and the interest rate estimated at the Emergence Date. Changes in the estimated amount of this obligation resulting from changes to either the timing or amount of TRA payments are recognized in the period of change and are included on our consolidated statements of operations under the heading of Impacts of Tax Receivable Agreement. Accounting for Contingencies Our financial results may be affected by judgments and estimates related to loss contingencies. Accruals for loss contingencies are recorded when management determines that it is probable that a liability has been incurred and that such economic loss can be reasonably estimated. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events. See Note 13 for a discussion of contingencies. Cash and Cash Equivalents For purposes of reporting cash and cash equivalents, temporary cash investments purchased with a remaining maturity of three months or less are considered cash equivalents. Restricted Cash The terms of certain agreements require the restriction of cash for specific purposes. See Note 21 for more details regarding restricted cash. Property, Plant and Equipment Property, plant and equipment has been recorded at estimated fair values at the time of acquisition for assets acquired or at cost for capital improvements and individual facilities developed (see Notes 2 and 3). Significant improvements or additions to our property, plant and equipment that extend the life of the respective asset are capitalized at cost, while other costs are expensed when incurred. The cost of self-constructed property additions includes materials and both direct and indirect labor, including payroll-related costs. Interest related to qualifying construction projects and qualifying software projects is capitalized in accordance with accounting guidance related to capitalization of interest cost. See Note 21. Depreciation of our property, plant and equipment (except for nuclear fuel) is calculated on a straight-line basis over the estimated service lives of the properties. Depreciation expense is calculated on an asset-by-asset basis. Estimated depreciable lives are based on management's estimates of the assets' economic useful lives. See Note 21. Asset Retirement Obligations (ARO) A liability is initially recorded at fair value for an asset retirement obligation associated with the legal obligation associated with law, regulatory, contractual or constructive retirement requirements of tangible long-lived assets in the period in which it is incurred if a fair value is reasonably estimable. At initial recognition of an ARO obligation, an offsetting asset is also recorded for the long-lived asset that the liability corresponds with, which is subsequently depreciated over the estimated useful life of the asset. These liabilities primarily relate to our nuclear generation plant decommissioning, land reclamation related to lignite mining and removal of lignite/coal-fueled plant ash treatment facilities. Over time, the liability is accreted for the change in present value and the initial capitalized costs are depreciated over the remaining useful lives of the assets. Generally, changes in estimates related to ARO obligations are recorded as increases or decreases to the liability and related asset as information becomes available. Changes in estimates related to assets that have been retired or for which capitalized costs are not recoverable are recorded as operating costs in the consolidated statements of operations. See Note 21. Inventories Inventories consist of materials and supplies, fuel stock and natural gas in storage. Materials and supplies inventory is valued at weighted average cost and is expensed or capitalized when used for repairs/maintenance or capital projects, respectively. Fuel stock and natural gas in storage are reported at the lower of cost (on a weighted average basis) or market. We expect to recover the value of inventory costs in the normal course of business. See Note 21. Investments Investments in a nuclear decommissioning trust fund are carried at current market value in the consolidated balance sheets. Assets related to employee benefit plans represent investments held to satisfy deferred compensation liabilities and are recorded at current market value. See Note 21 for discussion of these and other investments. Unconsolidated Investments We use the equity method of accounting for investments in affiliates over which we exercise significant influence. Our share of net income (loss) from these affiliates is recorded to equity in earnings (loss) of unconsolidated investment in the consolidated statements of operations. See Note 21. Noncontrolling Interest Noncontrolling interest is comprised of the 20% of Electric Energy, Inc. (EEI) that we do not own. EEI is our consolidated subsidiary that owns a coal facility in Joppa, Illinois. This noncontrolling interest is classified as a component of equity separate from stockholders' equity in the consolidated balance sheets. Treasury Stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock, which is presented in our consolidated balance sheets as a reduction to additional paid-in capital. See Note 14. Leases At the inception of a contract we determine if it is or contains a lease, which involves the contract conveying the right to control the use of explicitly or implicitly identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of the underlying lease based on the present value of lease payments over the lease term. We use our secured incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Operating leases are included in operating lease ROU assets, operating lease liabilities (current) and operating lease liabilities (noncurrent) on our consolidated balance sheet. Finance leases are included in property, plant and equipment, other current liabilities and other noncurrent liabilities and deferred credits on our consolidated balance sheet. Lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise the option. At adoption, we elected the practical expedient which permits us to not reassess under the new standard our prior conclusion about lease classification and initial direct costs. We have also elected the practical expedient to not separate lease and non-lease components for a majority of the lease asset classes. We have also elected the hindsight practical expedient to determine the lease term. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We also present lessor sublease income on a net basis against the related lessee lease expense. Adoption of New Accounting Standards Leases — On January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) and all related amendments (new lease standard) using the modified retrospective method with the cumulative-effect adjustment to the opening balance of retained deficit for all contracts outstanding at the time of adoption. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new lease standard to be immaterial to our net income on an ongoing basis. The impact of adopting the new lease standard primarily relates to recognition of lease liabilities and ROU assets for all leases classified as operating leases. Under the new lease standard, each ROU asset will be amortized over the lease term and liability settled at the end of the lease term. We recognized the effect of initially applying the new lease standard by recording ROU assets of $85 million and lease liabilities of $123 million in our consolidated balance sheet. As of January 1, 2019, the cumulative effect of the changes made to our consolidated balance sheet for the adoption of the new lease standard was as follows: December 31, 2018 Adoption of New Lease Standard January 1, Impact on consolidated balance sheet: Assets Property, plant and equipment — net $ 14,612 $ 15 $ 14,627 Operating lease right-of-use assets — 70 70 Prepaid expense and other current assets 152 (2) 150 Accumulated deferred income taxes 1,336 1 1,337 Liabilities Other current liabilities 345 (1) 344 Operating lease liabilities — 109 109 Identifiable intangible liabilities 401 (36) 365 Other noncurrent liabilities and deferred credits 340 14 354 Equity Retained deficit (1,449) (2) (1,451) See Note 12 for the disclosures required by the new lease standard. Changes to the Disclosure Requirements for Defined Benefit Plans — In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans. The ASU removes disclosure requirements for (a) the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, (b) related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan and (c) the effects of a one-percentage-point change in assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic benefit costs and benefit obligation for postretirement health care benefits. The ASU requires new disclosures for (a) the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and (b) an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. We adopted this ASU in the fourth quarter of 2018, and the updated disclosures are included in Note 17. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income — In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The ASU permits the reclassification of income tax effects of the TCJA on items within accumulated other comprehensive income (AOCI) to retained earnings. We adopted this ASU in the fourth quarter of 2018, and the impact was additional tax expense to AOCI of $1 million with the offset to retained deficit (see Note 7). Revenue from Contracts with Customers — On January 1, 2018, we adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) and all related amendments (new revenue standard) using the modified retrospective method for all contracts outstanding at the time of adoption. We recognized the cumulative effect of initially applying the revenue standard as an adjustment to the opening balance of retained deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption of the revenue standard was immaterial and we expect the adoption to continue to be immaterial to our net income on an ongoing basis. Our retail energy charges and wholesale generation, capacity and contract revenues will continue to be recognized when electricity and other services are delivered to our customers. The impact of adopting the revenue standard primarily relates to the deferral of acquisition costs associated with retail contracts with customers that were previously expensed as incurred. Under the revenue standard, these amounts are capitalized and amortized over the expected life of the customer. Statement of Cash Flows — In November 2016, the FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash . The ASU requires restricted cash to be included in the cash and cash equivalents and a reconciliation between the change in cash and cash equivalents and the amounts presented on the balance sheet. We adopted the standard on January 1, 2018. The ASU modified our presentation of our consolidated statements of cash flows, and retrospective application to comparative periods presented was required. For the year ended December 31, 2017, our consolidated statements of cash flows previously reflected a source of cash of $186 million, reported as changes in restricted cash, that is now reported in net change in cash, cash equivalents and restricted cash. See the consolidated statements of cash flows and Note 21 for disclosures related to the adoption of this accounting standard. Changes in Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . The ASU will be effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The ASU enhances and simplifies various aspects of the income tax accounting guidance including the elimination of certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. We are currently evaluating the impact of this ASU on our financial statements, but we do not expect it to have a material impact upon adoption. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. The ASU will be effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The ASU removes disclosure requirements for (a) the reasons for transfers between Level 1 and Level 2, (b) the policy for timing of transfers between levels and (c) the valuation processes for Level 3. The ASU will require new disclosures around (a) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (b) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. We do not expect the ASU to have a material impact on our financial statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU will be effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The ASU requires a customer in a cloud hosting arrangement that is a service contract to determine which implementation costs to capitalize and which costs to expense based on the project stage of the implementation. The ASU also requires the customer to expense the capitalized implementation costs over the term of the hosting arrangement. The customer is required to apply the existing impairment and abandonment guidance on the capitalized implementation costs. We do not expect the ASU to have a material impact on our financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses . The ASU requires organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The ASU will be effective for fiscal years beginning after December 31, 2019. We do not expect the ASU to have a material impact on our financial statements. |
Acquisitions, Merger Transactio
Acquisitions, Merger Transaction and Business Combination Accounting (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions, Merger Transaction and Business Combination Accounting | ACQUISITIONS, MERGER TRANSACTION AND BUSINESS COMBINATION ACCOUNTING Ambit Transaction On November 1, 2019 (Ambit Acquisition Date), Volt Asset Company, Inc., an indirect, wholly owned subsidiary of Vistra Energy, completed the Ambit Transaction. Ambit is an energy retailer selling both electricity and natural gas products to residential and small business customers in 17 states. Vistra Energy funded the purchase price of $555 million (including cash acquired and net working capital) using cash on hand. All of Ambit's outstanding debt was repaid from the purchase price at closing and not assumed by Vistra Energy. Crius Transaction On July 15, 2019 (Crius Acquisition Date), Vienna Acquisition B.C. Ltd., an indirect, wholly owned subsidiary of Vistra Energy, completed the acquisition of the equity interests of two wholly owned subsidiaries of Crius that indirectly own the operating business of Crius. Crius is an energy retailer selling both electricity and natural gas products to residential and small business customers in 19 states. Vistra Energy funded the purchase price of $400 million (including $382 million for outstanding trust units) using cash on hand. See Note 11 for discussion of debt assumed in the Crius Transaction. Ambit and Crius Business Combination Accounting We believe the Ambit Transaction has (i) augmented Vistra Energy's existing retail marketing capabilities with additional direct selling capability and a proprietary technology platform, (ii) reduced risk and aided expansion into higher margin channels by improving Vistra Energy's match of its generation to load profile due to a high degree of overlap with Vistra Energy's generation fleet with Ambit's approximately 11 TWh of annual load, primarily in ERCOT and PJM and (iii) enhanced the integrated value proposition through collateral and transaction efficiencies, particularly via Ambit's retail electric portfolio. We believe the Crius Transaction has (i) reduced risk and aided expansion into higher margin channels by improving Vistra Energy's match of its generation to load profile due to a high degree of overlap with Vistra Energy's generation fleet with Crius' approximately 10 TWh of annual electricity load, (ii) established a platform for growth by leveraging Vistra Energy's existing retail marketing capabilities and Crius' experienced team and (iii) enhanced the integrated value proposition through collateral and transaction efficiencies, particularly via Crius' retail electric portfolio. The Ambit and Crius Transactions are being accounted for in accordance with ASC 805, Business Combinations (ASC 805), with identifiable assets acquired and liabilities assumed recorded at their estimated fair values on the Ambit and Crius Acquisition Dates, respectively. The combined results of operations are reported in our consolidated financial statements beginning as of the respective Ambit and Crius Acquisition Dates. A summary of the techniques used to estimate the fair value of the identifiable assets and liabilities, as well as their classification within the fair value hierarchy (see Note 15), is listed below: • Working capital was valued using available market information (Level 2). • Acquired derivatives were valued using the methods described in Note 15 (Level 2 or Level 3). • Acquired retail customer relationship was valued based on discounted cash flow analysis of acquired customers and estimated attrition rates (Level 3). • Crius' long-term debt was valued using a market approach (Level 2). The following table summarizes the preliminary allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Ambit and Crius Transactions as of the Ambit and Crius Acquisition Dates, respectively. The Ambit Transaction purchase price was $555 million (including cash acquired and net working capital), and the Crius Transaction purchase price was $400 million. The purchase price allocations are ongoing and are dependent upon final valuation determinations, which have not been completed. The preliminary values included below represent our current best estimates for accumulated deferred income taxes, identifiable intangible assets, net working capital and long-term debt. During the three months ended December 31, 2019, we updated the preliminary purchase price allocation of the Crius Transaction reported as of September 30, 2019 with revised valuation estimates by decreasing net working capital by $37 million, decreasing identifiable intangible assets by $2 million, increasing goodwill by $52 million, decreasing other noncurrent assets by $2 million, decreasing identifiable intangible liabilities by $36 million, increasing other noncurrent liabilities and deferred credits by $1 million and changing accumulated deferred income taxes from an asset of $36 million to a liability of $9 million. The purchase price allocations are preliminary and each of the values included below may change materially based upon the receipt of more detailed information, additional analyses and completed valuations. The final purchase price allocation is expected to be completed no later than the second quarter of 2020 for the Crius Transaction and no later than the third quarter of 2020 for the Ambit Transaction. Ambit and Crius Transactions Preliminary Purchase Price Allocations Ambit Transaction Crius Transaction Cash and cash equivalents and restricted cash $ 49 $ 26 Net working capital 29 (4) Identifiable intangible assets 263 292 Goodwill 214 257 Commodity and other derivative contractual assets 23 18 Other noncurrent assets 13 18 Total assets and net working capital acquired 591 607 Long-term debt, including amounts due currently — 141 Commodity and other derivative contractual liabilities 28 40 Accumulated deferred income taxes — 9 Other noncurrent liabilities and deferred credits 8 17 Total liabilities assumed 36 207 Identifiable net assets acquired $ 555 $ 400 In the year ended December 31, 2019, acquisition costs incurred in the Ambit and Crius Transactions totaled $1 million and $2 million, respectively. For the Ambit Acquisition Date through December 31, 2019, our consolidated statements of operations include revenues and net income acquired in the Ambit Transaction totaling $193 million and $2 million, respectively. For the Crius Acquisition Date through December 31, 2019, our consolidated statements of operations include revenues and net income acquired in the Crius Transaction totaling $453 million and zero, respectively. The net income acquired in the Ambit and Crius Transactions include intangible amortization and transition related expenses. Ambit and Crius Transaction Unaudited Pro Forma Financial Information — The following unaudited consolidated pro forma financial information for the years ended December 31, 2019 and 2018 assumes that the Ambit and Crius Transactions occurred on January 1, 2018 (i.e., represents our results for the years ended December 31, 2019 and 2018 plus the results for either Ambit or Crius for the period not owned by us, respectively). The unaudited consolidated pro forma financial information is provided for informational purposes only and is not necessarily indicative of the results of operations that would have occurred had the Ambit and Crius Transactions been completed on January 1, 2018, nor is the unaudited consolidated pro forma financial information indicative of future results of operations, which may differ materially from the consolidated pro forma financial information presented here. Ambit Transaction Crius Transaction Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Revenues $ 12,931 $ 10,446 $ 12,373 $ 10,379 Net income (loss) (a) $ 949 $ (95) $ 876 $ (43) Net income (loss) attributable to Vistra Energy $ 951 $ (93) $ 878 $ (41) Net income (loss) attributable to Vistra Energy per weighted average share of common stock outstanding — basic $ 1.92 $ (0.18) $ 1.78 $ (0.08) Net income (loss) attributable to Vistra Energy per weighted average share of common stock outstanding — diluted $ 1.90 $ (0.18) $ 1.76 $ (0.08) __________ (a) Decrease in pro forma net income compared to consolidated net income is driven by unrealized losses on hedging activities of Crius and amortization of intangible assets. The consolidated unaudited pro forma financial information presented above includes adjustments for incremental depreciation and amortization as a result of the fair value determination of the net assets acquired and the related impacts on tax expense. Dynegy Merger Transaction On the Merger Date, Vistra Energy and Dynegy completed the transactions contemplated by the Merger Agreement. Pursuant to the Merger Agreement, Dynegy merged with and into Vistra Energy, with Vistra Energy continuing as the surviving corporation. The Merger was intended to qualify as a tax-free reorganization under the Internal Revenue Code, as amended, so that none of Vistra Energy, Dynegy or any of the Dynegy stockholders would recognize any gain or loss in the transaction, except that Dynegy stockholders could recognize a gain or loss with respect to cash received in lieu of fractional shares of Vistra Energy's common stock. Vistra Energy is the acquirer for both federal tax and accounting purposes. At the closing of the Merger, each issued and outstanding share of Dynegy common stock, par value $0.01 per share, other than shares owned by Vistra Energy or its subsidiaries, held in treasury by Dynegy or held by a subsidiary of Dynegy, was automatically converted into 0.652 shares of common stock, par value $0.01 per share, of Vistra Energy (the Exchange Ratio), except that cash was paid in lieu of fractional shares, which resulted in Vistra Energy issuing 94,409,573 shares of Vistra Energy common stock to the former Dynegy stockholders, as well as converting stock options, equity-based awards, tangible equity units and warrants. The total number of Vistra Energy shares outstanding at the close of the Merger was 522,932,453 shares. Dynegy stock options and equity-based awards outstanding immediately prior to the Merger Date were generally automatically converted upon completion of the Merger into stock options and equity-based awards, respectively, with respect to Vistra Energy's common stock, after giving effect to the Exchange Ratio. Dynegy Business Combination Accounting We believe the Merger has provided and continues to provide significant strategic benefits and opportunities to Vistra Energy, including increased scale and market diversification, rebalanced asset portfolio and improved earnings and cash flow. The Merger was accounted for in accordance with ASC 805, Business Combinations (ASC 805), with identifiable assets acquired and liabilities assumed recorded at their estimated fair values on the Merger Date. The combined results of operations are reported in our consolidated financial statements beginning as of the Merger Date. A summary of the techniques used to estimate the fair value of the identifiable assets and liabilities, as well as their classification within the fair value hierarchy (see Note 15), is listed below: • Working capital was valued using available market information (Level 2). • Acquired property, plant and equipment was valued using a combination of an income approach and a market approach. The income approach utilized a discounted cash flow analysis based upon a debt-free, free cash flow model (Level 3). • Acquired derivatives were valued using the methods described in Note 15 (Level 1, Level 2 or Level 3). • Contracts with terms that were not at current market prices were also valued using a discounted cash flow analysis (Level 3). The cash flows generated by the contracts were compared with their cash flows based on current market prices with the resulting difference discounted to present value and recorded as either an intangible asset or liability. • Long-term debt was valued using a market approach (Level 2). • AROs were recorded in accordance with ASC 410, Asset Retirement and Environmental Obligations (Level 3). The following table summarizes the consideration paid and the final allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Merger as of the Merger Date. Based on the opening price of Vistra Energy common stock on the Merger Date, the purchase price was approximately $2.3 billion. During the three months ended March 31, 2019, the purchase price allocation was completed. During the period from April 9, 2018 through March 31, 2019, we updated the initial purchase price allocation with final valuations by increasing property, plant and equipment by $173 million, decreasing intangible assets by $36 million, increasing goodwill by $175 million, decreasing accounts receivable, inventory, prepaid expenses and other current assets by $10 million, increasing accumulated deferred tax asset by $127 million, decreasing other noncurrent assets by $113 million, increasing trade accounts payable and other current liabilities by $89 million, increasing other noncurrent liabilities by $177 million, increasing asset retirement obligations, including amounts due currently by $56 million as well as other minor adjustments. The valuation revisions were a result of updated inputs used in determining the fair value of the acquired assets and liabilities. Dynegy shares outstanding as of April 9, 2018 (in millions) 144.8 Exchange Ratio 0.652 Vistra Energy shares issued for Dynegy shares outstanding (in millions) 94.4 Opening price of Vistra Energy common stock on April 9, 2018 $ 19.87 Purchase price for common stock $ 1,876 Fair value of equity component of tangible equity units 369 Fair value of outstanding stock compensation awards attributable to pre-combination service 26 Fair value of outstanding warrants 2 Total purchase price $ 2,273 Dynegy Merger Final Purchase Price Allocation Cash and cash equivalents $ 445 Trade accounts receivables, inventories, prepaid expenses and other current assets 853 Property, plant and equipment 10,535 Accumulated deferred income taxes 518 Identifiable intangible assets 351 Goodwill 175 Other noncurrent assets 419 Total assets acquired 13,296 Trade accounts payable and other current liabilities 733 Commodity and other derivative contractual assets and liabilities, net 422 Asset retirement obligations, including amounts due currently 475 Long-term debt, including amounts due currently 8,919 Other noncurrent liabilities 469 Total liabilities assumed 11,018 Identifiable net assets acquired 2,278 Noncontrolling interest in subsidiary 5 Total purchase price $ 2,273 Acquisition costs incurred in the Merger totaled less than $1 million and $25 million for the years ended December 31, 2019 and 2018, respectively. For the period from the Merger Date through December 31, 2018, our consolidated statements of operations include revenues and net income (loss) acquired in the Merger totaling $3.902 billion and $224 million respectively. Dynegy Merger Unaudited Pro Forma Financial Information — The following unaudited pro forma financial information for the year ended December 31, 2018 and 2017 assumes that the Merger occurred on January 1, 2017. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of the results of operations that would have occurred had the Merger been completed on January 1, 2017, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here. Year Ended December 31, 2018 2017 Revenues $ 10,595 $ 10,509 Net loss $ (268) $ (969) Net loss attributable to Vistra Energy $ (265) $ (983) Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — basic $ (0.52) $ (1.83) Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — diluted $ (0.52) $ (1.83) The unaudited pro forma financial information presented above includes adjustments for incremental depreciation and amortization as a result of the fair value determination of the net assets acquired, interest expense on debt assumed in the Merger, effects of the Merger on tax expense (benefit), changes in the expected impacts of the tax receivable agreement due to the Merger, and other related adjustments. |
Acquisition and Development of
Acquisition and Development of Generation Facilities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Acquisition And Development Of Generation Facilities [Abstract] | |
Acquisition and Development of Generation Facilities | ACQUISITION AND DEVELOPMENT OF GENERATION FACILITIES Battery Energy Storage Projects Upton 2 — We have completed the construction of our first battery energy storage system (ESS). In October 2018, we were awarded a $1 million grant from the TCEQ for our battery ESS at our Upton 2 solar facility. The grant is part of the Texas Emissions Reduction Plan. The 10 MW lithium-ion ESS captures excess solar energy produced during the day and releases the energy in late afternoon and early evening, when demand is highest. The Upton 2 battery ESS became operational in December 2018. Oakland — In June 2019, East Bay Community Energy signed a ten-year contract to receive resource adequacy capacity from the planned development of a 20 MW battery ESS at our Oakland Power Plant site in California. The contract is pending a concurrent utility Market Capability Agreement contract for review and signature. The utility Market Capability Agreement will then be sent to the California Public Utilities Commission (CPUC) for approval. Moss Landing — In June 2018, we announced that, subject to approval by the CPUC, we would enter into a 20-year resource adequacy contract with Pacific Gas and Electric Company (PG&E) to develop a 300 MW battery ESS at our Moss Landing Power Plant site in California. PG&E filed its application with the CPUC in June 2018 and the CPUC approved the resource adequacy contract in November 2018. At December 31, 2019, we had accumulated approximately $64 million in construction work-in-process for this ESS. Under the contract, PG&E will pay us a fixed monthly resource adequacy payment, while we will receive the energy revenues and incur the costs from dispatching and charging the ESS. We anticipate the Moss Landing battery ESS will commence commercial operations in the fourth quarter of 2020. PG&E filed for Chapter 11 bankruptcy protection in January 2019. On October 15, 2019, PG&E filed a motion in its bankruptcy proceeding requesting approval of the assumption of the resource adequacy contract. In early November, the bankruptcy court approved the assumption motion subject to the CPUC approving the terms of the amendment. The CPUC approved the terms of the amendment on January 22, 2020 so the resource adequacy contract as amended is now assumed and fully enforceable against PG&E. Solar Development Project Upton 2 — In May 2017, we acquired the rights to develop, construct and operate a utility scale solar photovoltaic power generation facility in Upton County, Texas (Upton 2). As part of this project, we entered into a turnkey engineering, procurement and construction agreement to construct the approximately 180 MW facility. We spent approximately $231 million related to this project primarily for progress payments under the engineering, procurement and construction agreement and the acquisition of the development rights. The facility began test operations in March 2018 and commercial operations began in June 2018. Odessa Acquisition In August 2017, La Frontera Holdings, LLC (La Frontera), an indirect wholly owned subsidiary of Vistra Energy, purchased a 1,054 MW CCGT natural gas-fueled generation plant (and other related assets and liabilities) located in Odessa, Texas (Odessa Facility) from Odessa-Ector Power Partners, L.P., an indirect wholly owned subsidiary of Koch Ag & Energy Solutions, LLC (Koch) (altogether, the Odessa Acquisition). La Frontera paid an aggregate purchase price of approximately $355 million, plus a five-year earn-out provision, to acquire the Odessa Facility. The purchase price was funded by cash on hand. The Odessa Acquisition was accounted for as an asset acquisition. Substantially all of the approximately $355 million purchase price was assigned to property, plant and equipment in our consolidated balance sheet. Additionally, the initial fair value associated with an earn-out provision of approximately $16 million was included as consideration in the overall purchase price. The earn-out provision requires cash payments to be made to Koch if spark-spreads related to the pricing point of the Odessa Facility exceed certain thresholds. Subsequent to the acquisition, the earn-out provision has been accounted for as a derivative in our consolidated financial statements. Partial buybacks of the earn-out provision were settled in February and May 2018. |
Retirement of Generation Facili
Retirement of Generation Facilities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement of Generation Facilities [Abstract] | |
Retirement of Generation Facilities | RETIREMENT OF GENERATION FACILITIES MISO — In September 2019, we announced the settlement of a lawsuit alleging violations of opacity and particulate matter limits at our Edwards facility in Bartonville, Illinois. As part of the settlement, which was approved by the court in November 2019, we will retire the Edwards facility by the end of 2022 (see Note 13). In August 2019, we announced the planned retirement of four power plants in Illinois with a total installed nameplate generation capacity of 2,068 MW. We retired these units due to changes in the Illinois multi-pollutant standard rule that require us to retire approximately 2,000 MW of generation capacity (see Note 13). In light of the provisions of the Federal Power Act and the FERC regulations thereunder, the affected subsidiaries of Vistra Energy identified the retired units by analyzing the economics of each of our Illinois plants and designating the least economic units for retirement. Expected plant retirement expenses of $47 million, driven by severance costs, were accrued in the year ended December 31, 2019 and are included primarily in operating costs of our Asset Closure segment. In August 2019, we remeasured our pension and OPEB plans resulting in an increase to the benefit obligation liability of $21 million, pretax other comprehensive loss of $18 million and curtailment expense of $3 million recognized as other deductions in our consolidated statements of operations. The following table details the units that have been or will be retired in Illinois totaling 2,653 MW. Operational results for retired plants are included in the Asset Closure segment, which is engaged in the decommissioning and reclamation of retired plants and mines. Name Location (all in the state of Illinois) Fuel Type Net Generation Capacity (MW) Number of Units Dates Units Taken Offline Coffeen Coffeen, IL Coal 915 2 November 1, 2019 Duck Creek Canton, IL Coal 425 1 December 15, 2019 Havana Havana, IL Coal 434 1 November 1, 2019 Hennepin Hennepin, IL Coal 294 2 November 1, 2019 Edwards Bartonville, IL Coal 585 2 By the end of 2022 Total 2,653 8 PJM — In August 2018, we filed a notice of suspension of operation with PJM and other mandatory regulatory notifications related to the retirement of our 51 MW Northeastern Power Company waste coal facility in McAdoo, Pennsylvania (Northeastern Facility). We decided to retire the Northeastern Facility due to its uneconomic operations and financial outlook. Following the receipt of regulatory approvals, the Northeastern Facility was retired in October 2018. The decision to retire the Northeastern Facility did not result in a material impact to the financial statements, and the operational results of the Northeastern Facility are included in our Asset Closure segment. Two of our non-operated, jointly held power plants acquired in the Merger, for which our proportional generation capacity was 883 MW, were retired in May 2018. These units were retired as previously scheduled. No gain or loss was recorded in conjunction with the retirement of these units, and the operational results of these facilities are included in our Asset Closure segment. The following table details the units retired. Name Location Fuel Type Net Generation Capacity (MW) Ownership Interest Date Units Taken Offline Killen Manchester, Ohio Coal 204 33% May 31, 2018 Stuart Aberdeen, Ohio Coal 679 39% May 24, 2018 Total 883 ERCOT — In January and February 2018, we retired three power plants in Texas with a total installed nameplate generation capacity of 4,167 MW. We decided to retire these units because they were projected to be uneconomic based on then current market conditions and would have faced significant environmental costs associated with operating such units. In the case of the Sandow units, the decision also reflected the execution of a contract termination agreement pursuant to which the Company and Alcoa agreed to an early settlement of a long-standing power and mining agreement. Expected retirement expenses were accrued in the third and fourth quarter of 2017 and, as a result, no retirement expenses were recorded related to these facilities in the year ended December 31, 2018. The operational results of these facilities are included in our Asset Closure segment. The following table details the units retired. Name Location (all in the state of Texas) Fuel Type Installed Nameplate Generation Capacity (MW) Number of Units Date Units Taken Offline Monticello Titus County Lignite/Coal 1,880 3 January 4, 2018 Sandow Milam County Lignite 1,137 2 January 11, 2018 Big Brown Freestone County Lignite/Coal 1,150 2 February 12, 2018 Total 4,167 7 We recorded a charge of approximately $206 million in 2017 related to the retirements, including employee-related severance costs, non-cash charges for writing off materials inventory and capitalized improvements and changes to the timing and amounts of asset retirement obligations for mining and plant-related reclamation at these facilities. The charge, all of which related to our Asset Closure segment, was recorded to operating costs and impairment of long-lived assets in our consolidated statements of operations. In addition, we will continue the ongoing reclamation work at the plants' mines. In October 2017, the Company and Alcoa entered into a contract termination agreement pursuant to which the parties agreed to an early settlement of a long-standing power and mining agreement. In consideration for the early termination, Alcoa made a payment to Luminant of approximately $238 million in October 2017. The contract termination and related payment did not result in a material gain or loss. The contract had been important to the overall economic viability of the Sandow plant. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following tables disaggregate our revenue by major source: Year Ended December 31, 2019 Retail ERCOT PJM NY/NE MISO Asset CAISO/Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 4,983 $ — $ — $ — $ — $ — $ — $ 4,983 Retail energy charge in Northeast/Midwest 1,818 — — — — — — 1,818 Wholesale generation revenue from ISO/RTO — 1,629 579 434 215 194 193 3,244 Capacity revenue — — 162 181 24 11 — 378 Revenue from other wholesale contracts — 264 521 181 147 2 9 1,124 Total revenue from contracts with customers 6,801 1,893 1,262 796 386 207 202 11,547 Other revenues: Intangible amortization (15) — — (4) (17) — 4 (32) Hedging and other revenues (a) 86 (245) 105 162 12 42 132 294 Affiliate sales — 2,345 1,075 181 277 92 (3,970) — Total other revenues 71 2,100 1,180 339 272 134 (3,834) 262 Total revenues $ 6,872 $ 3,993 $ 2,442 $ 1,135 $ 658 $ 341 $ (3,632) $ 11,809 ____________ (a) Includes $682 million of unrealized net gains from mark-to-market valuations of commodity positions. See Note 20 for unrealized net gains (losses) by segment. Year Ended December 31, 2018 Retail ERCOT PJM NY/NE MISO Asset CAISO/Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 4,426 $ — $ — $ — $ — $ — $ — $ 4,426 Retail energy charge in Northeast/Midwest 1,123 — — — — — — 1,123 Wholesale generation revenue from ISO/RTO — 1,151 792 544 254 218 167 3,126 Capacity revenue — — 369 240 25 34 30 698 Revenue from other wholesale contracts — 214 29 42 133 — 6 424 Total revenue from contracts with customers 5,549 1,365 1,190 826 412 252 203 9,797 Other revenues: Intangible amortization (26) (1) 2 (9) (9) — — (43) Hedging and other revenues (a) 74 (362) (62) (41) (120) (106) 7 (610) Affiliate sales — 1,632 595 41 116 225 (2,609) — Total other revenues 48 1,269 535 (9) (13) 119 (2,602) (653) Total revenues $ 5,597 $ 2,634 $ 1,725 $ 817 $ 399 $ 371 $ (2,399) $ 9,144 ____________ (a) Includes $380 million of unrealized net losses from mark-to-market valuations of commodity positions. See Note 20 for unrealized net gains (losses) by segment. Retail Energy Charges Revenue is recognized when electricity is delivered to our customers in an amount that we expect to invoice for volumes delivered or services provided. Sales tax is excluded from revenue. Payment terms vary from 15 to 45 days from invoice date. Revenue is recognized over-time using the output method based on kilowatt hours delivered. Energy charges are delivered as a series of distinct services and are accounted for as a single performance obligation. Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or electric distribution companies. Estimated amounts are adjusted when actual usage is known and billed. As contracts for retail electricity can be for multi-year periods, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration and customer type. For the fixed price contracts, the amount of any unsatisfied performance obligations will vary based on customer usage, which will depend on factors such as weather and customer activity and therefore it is not practicable to estimate such amounts. Wholesale Generation Revenue from ISOs/RTOs Revenue is recognized when volumes are delivered to the ISO or RTO. Revenue is recognized over time using the output method based on kilowatt hours delivered and cash is settled within 10 days of invoicing. Vistra Energy operates as a market participant within ERCOT, PJM, NYISO, ISO-NE, MISO and CAISO and expects to continue to remain under contract with each ISO or RTO indefinitely. Wholesale generation revenues are delivered as a series of distinct services and are accounted for as a single performance obligation. When electricity is sold to and purchased from the same ISO or RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues. Capacity Revenue We provide capacity to customers through participation in capacity auctions held by the ISO or RTO, or through bilateral sales. Generation facilities are awarded auction volumes through the ISO or RTO auction and bilateral sales are based on executed contracts with customers. Capacity revenues consist of revenues billed to a third party at either the market or a negotiated contract price for making installed generation and demand response capacity available in order to satisfy system integrity and reliability requirements. Capacity revenues are recognized when the performance obligation is satisfied ratably over time in accordance with the contracts as our power generation facilities stand ready to deliver power to the customer. Penalties are assessed by the ISO or RTO against generation facilities if the facility is not available during the capacity period. The penalties are recorded as a reduction to revenue. Revenue from Other Wholesale Contracts Other wholesale contracts include other revenue activity with the ISO or RTO, such as ancillary services, auction revenue, neutrality revenue and revenue from nonaffiliated retail electric providers, municipalities or other wholesale counterparties. Revenue is recognized when the service is performed. Revenue is recognized over time using the output method based on kilowatt hours delivered or other applicable measurements, and cash settles shortly after invoicing. Vistra Energy operates as a market participant within ERCOT, PJM, NYISO, ISO-NE, MISO and CAISO and expects to continue to remain under contract with each ISO or RTO indefinitely. Other wholesale contracts are delivered as a series of distinct services and are accounted for as a single performance obligation. Other Revenues Some of our contracts for the sale of electricity meet the definition of a derivative under the accounting standards related to derivative instruments. Revenue from derivative contracts is not considered revenue from contracts with customers under the accounting standards related to revenue. Our revenue from the sale of electricity under derivative contracts, including the impact of unrealized gains or losses on those contracts, is reported in the table above as hedging and other revenues. We have classified all sales to affiliates that are eliminated in consolidation as other revenues in the table above. Contract and Other Customer Acquisition Costs We defer costs to acquire retail contracts and amortize these costs over the expected life of the contract. The expected life of a retail contract is calculated using historical attrition rates, which we believe to be an accurate indicator of future attrition rates. The deferred acquisition and contract cost balance as of December 31, 2019 and 2018 and January 1, 2018 was $53 million, $38 million and $22 million, respectively. The amortization related to these costs during the year ended December 31, 2019 and 2018 totaled $21 million and $10 million, respectively, recorded as SG&A expenses, and $9 million and $7 million, respectively, recorded as a reduction to operating revenues in the consolidated statements of operations. Practical Expedients The vast majority of revenues are recognized under the right to invoice practical expedient, which allows us to recognize revenue in the same amount that we have a right to invoice our customers. Unbilled revenues are recorded based on the volumes delivered and services provided to the customers at the end of the period, using the right to invoice practical expedient. We have elected to not disclose the value of unsatisfied performance obligations for contracts with variable consideration for which we recognize revenue using the right to invoice practical expedient. We use the portfolio approach in evaluating similar customer contracts with similar performance obligations. Sales taxes are not included in revenue. Performance Obligations As of December 31, 2019, we have future performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO or RTO or through bilateral sales. Therefore, an obligation exists as of the date of the results of the respective ISO or RTO capacity auction or the contract execution date for bilateral customers. The transaction price is also set by the results of the capacity auction and/or executed contract. These obligations total $784 million, $732 million, $426 million, $96 million and $29 million that will be recognized in the years ending December 31, 2020, 2021, 2022, 2023 and 2024, respectively, and $47 million thereafter. Capacity revenues are recognized as capacity is made available to the related ISOs or RTOs or bilateral counterparties. Accounts Receivable The following table presents trade accounts receivable (net of allowance for uncollectible accounts) relating to both contracts with customers and other activities: December 31, 2019 2018 Trade accounts receivable from contracts with customers — net $ 1,246 $ 951 Other trade accounts receivable — net 119 136 Total trade accounts receivable — net $ 1,365 $ 1,087 ____________ (a) At December 31, 2019, includes $175 million of trade accounts receivable related to operations acquired in the Ambit and Crius Transactions. |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets and Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets and Liabilities | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS AND LIABILITIES Goodwill The following table provides information regarding our goodwill balance. There have been no impairments of goodwill since Emergence. Balance at December 31, 2016 and 2017 (a) $ 1,907 Goodwill recorded in connection with the Merger (b) 161 Balance at December 31, 2018 2,068 Goodwill recorded in connection with the Merger (b) 14 Goodwill recorded in connection with the Crius Transaction (c) 257 Goodwill recorded in connection with the Ambit Transaction (c) 214 Balance at December 31, 2019 $ 2,553 _______________ (a) Goodwill totaling $1.907 billion arose in connection with our application of fresh start reporting at Emergence and was allocated entirely to our ERCOT Retail reporting unit. Of the goodwill recorded at Emergence, $1.686 billion is deductible for tax purposes over 15 years on a straight-line basis. (b) Goodwill totaling $175 million arose in connection with the Merger, of which $122 million is recorded in our ERCOT Generation reporting unit and $53 million is recorded in our ERCOT Retail reporting unit (see Note 2). (c) Preliminary goodwill arising in connection with the Ambit and Crius Transactions is unassigned to a reporting unit pending completion of the purchase price allocations. None of the goodwill related to the Crius Transaction is deductible for tax purposes. The goodwill related to the Ambit Transaction of $214 million is deductible for tax purposes over 15 years on a straight-line basis. Goodwill and intangible assets with indefinite useful lives are required to be evaluated for impairment at least annually or whenever events or changes in circumstances indicate an impairment may exist. As of the Effective Date, we have selected October 1 as our annual goodwill test date. On the most recent goodwill testing date, we applied qualitative factors and determined that it was more likely than not that the fair value of our ERCOT Generation and ERCOT Retail reporting units exceeded their carrying value at October 1, 2019. Significant qualitative factors evaluated included reporting unit financial performance and market multiples, cost factors, customer attrition, and changes in reporting unit book value. Identifiable Intangible Assets and Liabilities Identifiable intangible assets are comprised of the following: December 31, 2019 December 31, 2018 Identifiable Intangible Asset Gross Accumulated Net Gross Accumulated Net Retail customer relationship $ 2,078 $ 1,151 $ 927 $ 1,680 $ 876 $ 804 Software and other technology-related assets 341 125 216 270 105 165 Retail and wholesale contracts 315 182 133 316 138 178 Contractual service agreements (a) 59 5 54 70 — 70 Other identifiable intangible assets (b) 40 15 25 42 15 27 Total identifiable intangible assets subject to amortization $ 2,833 $ 1,478 1,355 $ 2,378 $ 1,134 1,244 Retail trade names (not subject to amortization) 1,391 1,245 Mineral interests (not currently subject to amortization) 2 4 Total identifiable intangible assets $ 2,748 $ 2,493 ____________ (a) At December 31, 2019, amounts related to contractual service agreements that have become liabilities due to amortization of the economic impacts of the intangibles have been removed from both the gross carrying amount and accumulated amortization. (b) Includes mining development costs and environmental allowances (emissions allowances and renewable energy certificates). Identifiable intangible liabilities are comprised of the following: Year Ended December 31, Identifiable Intangible Liability 2019 2018 Contractual service agreements $ 110 $ 136 Purchase and sale of power and capacity 100 114 Fuel and transportation purchase contracts 76 81 Environmental allowances — 70 Total identifiable intangible liabilities $ 286 $ 401 Expense related to finite-lived identifiable intangible assets and liabilities (including the classification in the consolidated statements of operations) consisted of: Identifiable Intangible Assets and Liabilities Consolidated Statements of Operations Remaining useful lives of identifiable intangible assets at December 31, Year Ended December 31, 2019 2018 2017 Retail customer relationship Depreciation and amortization 4 $ 275 $ 304 $ 420 Software and other technology-related assets Depreciation and amortization 4 61 62 38 Retail and wholesale contracts/purchase and sale/fuel and transportation contracts Operating revenues/fuel, purchased power costs and delivery fees 4 23 43 59 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization 4 148 58 15 Total intangible assets expense (a) $ 507 $ 467 $ 532 ____________ (a) Amounts recorded in depreciation and amortization totaled $340 million, $370 million and $463 million for the years ended December 31, 2019, 2018 and 2017 respectively. Amounts exclude contractual services agreements. Amounts include all expenses associated with environmental allowances including expenses accrued to comply with emissions allowance programs and renewable portfolio standards which are presented in fuel, purchased power costs and delivery fees on our consolidated statements of operations. Emissions allowance obligations are accrued as associated electricity is generated and renewable energy credit obligations are accrued as retail electricity delivery occurs. The following is a description of the separately identifiable intangible assets. In connection with fresh start reporting, the Merger, the Crius Transaction and the Ambit Transaction, the intangible assets were adjusted based on their estimated fair value as of the Effective Date, the Merger Date, the Crius Acquisition Date and the Ambit Acquisition Date, respectively, based on observable prices or estimates of fair value using valuation models. The purchase price allocation for the Crius Transaction and the Ambit Transaction are dependent upon final valuation determinations, which may materially change from our current estimates. We currently expect the final purchase price allocation will be completed no later than the second quarter of 2020 for the Crius Transaction and the third quarter of 2020 for the Ambit Transaction. • Retail customer relationship — Retail customer relationship intangible asset represents the fair value of our non-contracted retail customer base, including residential and business customers, and is being amortized using an accelerated method based on historical customer attrition rates and reflecting the expected pattern in which economic benefits are realized over their estimated useful life. • Retail trade names — Our retail trade name intangible asset represents the fair value of the TXU Energy TM , 4Change Energy TM , Homefield, Dynegy Energy Services, TriEagle Energy, U.S. Gas & Electric, Public Power and Ambit Energy trade names, and was determined to be an indefinite-lived asset not subject to amortization. This intangible asset is evaluated for impairment at least annually in accordance with accounting guidance related to goodwill and other indefinite-lived intangible assets. Significant assumptions included within the development of the fair value estimate include estimated gross margins for future periods and implied royalty rates. On the most recent testing date, we determined that it was more likely than not that the fair value of our retail trade name intangible asset exceeded its carrying value at October 1, 2019. • Retail and wholesale contracts/purchase and sale contracts — These intangible assets represent the value of various retail and wholesale contracts and purchase and sale contracts. The contracts were identified as either assets or liabilities based on the respective fair values as of the Effective Date, the Merger Date, the Crius Acquisition Date or the Ambit Acquisition Date utilizing prevailing market prices for commodities or services compared to the fixed prices contained in these agreements. The intangible assets or liabilities are being amortized in relation to the economic terms of the related contracts. • Contractual service agreements — Our acquired contractual service agreements represent the estimated fair value of favorable or unfavorable contract obligations with respect to long-term plant maintenance agreements, rail transportation agreements and rail car leases, and are being amortized based on the expected usage of the service agreements over the contract terms. The majority of the plant maintenance services relate to capital improvements and the related amortization of the plant maintenance agreements is recorded to property, plant and equipment. Amortization of rail transportation and rail car lease agreements is recorded to fuel, purchased power costs and delivery fees. Estimated Amortization of Identifiable Intangible Assets and Liabilities — As of December 31, 2019, the estimated aggregate amortization expense of identifiable intangible assets and liabilities for each of the next five fiscal years is as shown below. Year Estimated Amortization Expense 2020 $ 356 2021 $ 255 2022 $ 165 2023 $ 119 2024 $ 81 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Vistra Energy files a U.S. federal income tax return that includes the results of its consolidated subsidiaries. Vistra Energy is the corporate parent of the Vistra Energy consolidated group. Pursuant to applicable U.S. Department of the Treasury regulations and published guidance of the IRS, corporations that are members of a consolidated group have joint and several liability for the taxes of such group. Income Tax Expense (Benefit) The components of our income tax expense (benefit) are as follows: Year Ended December 31, 2019 2018 2017 Current: U.S. Federal $ (1) $ (13) $ 72 State 10 30 14 Total current 9 17 86 Deferred: U.S. Federal 260 (8) 417 State 21 (54) 1 Total deferred 281 (62) 418 Total $ 290 $ (45) $ 504 Reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense (benefit) recorded: Year Ended December 31, 2019 2018 2017 Income (loss) before income taxes $ 1,216 $ (101) $ 250 US federal statutory rate 21 % 21 % 35 % Income taxes at the U.S. federal statutory rate 255 (20) 88 Nondeductible TRA accretion 5 8 (80) State tax, net of federal benefit 48 22 13 Impacts of tax reform legislation on deferred taxes — — 451 Federal and State return to provision adjustment (17) (12) 19 Remeasurement of historical Vistra Energy deferred taxes for expanded state footprint — (54) — Effect of refundable minimum tax credits no longer subject to sequestration — (15) — Nondeductible compensation 3 8 — Nondeductible transaction costs 2 3 — Equity awards (4) (3) — Valuation allowance on state NOLs 13 20 — Lignite depletion (6) — — Texas gross margin amended return (3) — — Other (6) (2) 13 Income tax expense (benefit) $ 290 $ (45) $ 504 Effective tax rate 23.8 % 44.6 % 201.6 % Deferred Income Tax Balances Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2019 and 2018 are as follows: December 31, 2019 2018 Noncurrent Deferred Income Tax Assets Tax credit carryforwards $ 73 $ 76 Loss carryforwards 921 958 Identifiable intangible assets 214 184 Long-term debt 257 188 Employee benefit obligations 112 109 Commodity contracts and interest rate swaps 108 212 Other 43 40 Total deferred tax assets $ 1,728 $ 1,767 Noncurrent Deferred Income Tax Liabilities Property, plant and equipment 554 406 Total deferred tax liabilities 554 406 Valuation allowance 110 35 Net Deferred Income Tax Asset $ 1,064 $ 1,326 At December 31, 2019, we had total deferred tax assets of approximately $1.064 billion that were substantially comprised of book and tax basis differences related to our generation and mining property, plant and equipment, as well as federal and state net operating loss (NOL) carryforwards. Our deferred tax assets were significantly impacted by the Merger. As of December 31, 2019, we assessed the need for a valuation allowance related to our deferred tax asset and considered both positive and negative evidence related to the likelihood of realization of the deferred tax assets. In connection with our analysis, we concluded that it is more likely than not that the federal deferred tax assets will be fully utilized by future taxable income, and thus no valuation allowance was required. We recognized a partial valuation allowance of $13 million on the net operating loss carryforwards related to Illinois due to forecasted expiration. In addition, we recognized additional state NOLs that have a valuation allowance of $58 million through the Dynegy acquisition and $4 million through the Crius acquisition, which has no impact on our effective tax rate. At December 31, 2019, we had $3.2 billion pre-tax net operating loss (NOL) carryforwards for federal income tax purposes that will begin to expire in 2032. At December 31, 2019, we had $164 million alternative minimum tax (AMT) credits refundable through the TCJA available. The income tax effects of the components included in accumulated other comprehensive income totaled a net deferred tax asset of $3 million and $2 million at December 31, 2019 and 2018, respectively. Liability for Uncertain Tax Positions Accounting guidance related to uncertain tax positions requires that all tax positions subject to uncertainty be reviewed and assessed with recognition and measurement of the tax benefit based on a "more-likely-than-not" standard with respect to the ultimate outcome, regardless of whether this assessment is favorable or unfavorable. We classify interest and penalties related to uncertain tax positions as current income tax expense. The amounts were immaterial for the years ended December 31, 2019, 2018 and 2017. The following table summarizes the changes to the uncertain tax positions, reported in accumulated deferred income taxes and other current liabilities in the consolidated balance sheets for the years ended December 31, 2019 and 2018. We did not have uncertain tax positions or uncertain tax position activity in the year ended December 31, 2017. Year Ended December 31, 2019 2018 Balance at beginning of period, excluding interest and penalties $ 39 $ — Additions allocated in the Merger — 39 Additions based on tax positions related to prior years 3 — Reductions based on tax positions related to prior years — — Additions based on tax positions related to the current year 87 — Settlements with taxing authorities (3) — Balance at end of period, excluding interest and penalties $ 126 $ 39 Vistra Energy and its subsidiaries file income tax returns in U.S. federal and state jurisdictions and are expected to be subject to examinations by the IRS and other taxing authorities. Vistra Energy is not currently under audit by the IRS for any period, although review of Dynegy tax year 2018 continues to progress through the IRS's Compliance Assurance Process audit program. Crius is currently under audit by the IRS for the tax years 2015, 2016 and 2017. Uncertain tax positions totaling $126 million at December 31, 2019 reflect the addition of a $87 million reserve related to the deductibility of certain interest on Vistra Energy's 2018 federal and state tax returns under IRC Section 163(j). Vistra Energy's tax return positions reflect the approach likely taken in revised U.S. Department of the Treasury guidance expected to be forthcoming in the first half of 2020. We recorded a reserve for financial reporting purposes to reflect the U.S. Department of the Treasury's original proposed regulations under Section 163(j). Vistra Energy will reevaluate this reserve at the time new guidance is issued, which is currently expected in the first quarter of 2020. Uncertain tax positions totaling $39 million at December 31, 2018 arose in connection with the Merger and our assessment of the assumed liabilities is not complete as discussed in Note 2. We had no uncertain tax positions at December 31, 2017. Tax Matters Agreement On the Effective Date, we entered into the Tax Matters Agreement with EFH Corp. whereby the parties have agreed to take certain actions and refrain from taking certain actions in order to preserve the intended tax treatment of the Spin-Off and to indemnify the other parties to the extent a breach of such agreement results in additional taxes to the other parties. Among other things, the Tax Matters Agreement allocates the responsibility for taxes for periods prior to the Spin-Off between EFH Corp. and us. For periods prior to the Spin-Off: (a) Vistra Energy is generally required to reimburse EFH Corp. with respect to any taxes paid by EFH Corp. that are attributable to us and (b) EFH Corp. is generally required to reimburse us with respect to any taxes paid by us that are attributable to EFH Corp. We are also required to indemnify EFH Corp. against taxes, under certain circumstance, if the IRS or another taxing authority successfully challenges the amount of gain relating to the PrefCo Preferred Stock Sale or the amount or allowance of EFH Corp.'s net operating loss deductions. Subject to certain exceptions, the Tax Matters Agreement prohibits us from taking certain actions that could reasonably be expected to undermine the intended tax treatment of the Spin-Off or to jeopardize the conclusions of the private letter ruling we obtained from the IRS or opinions of counsel received by us or EFH Corp., in each case, in connection with the Spin-Off. Certain of these restrictions apply for two years after the Spin-Off. Under the Tax Matters Agreement, we may engage in an otherwise restricted action if (a) we obtain written consent from EFH Corp., (b) such action or transaction is described in or otherwise consistent with the facts in the private letter ruling we obtained from the IRS in connection with the Spin-Off, (c) we obtain a supplemental private letter ruling from the IRS, or (d) we obtain an unqualified opinion of a nationally recognized law or accounting firm that is reasonably acceptable to EFH Corp. that the action will not affect the intended tax treatment of the Spin-Off. |
Tax Receivable Agreement Obliga
Tax Receivable Agreement Obligation (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Tax Receivable Agreement Obligation | TAX RECEIVABLE AGREEMENT OBLIGATION On the Effective Date, Vistra Energy entered into a tax receivable agreement (the TRA) with a transfer agent on behalf of certain former first-lien creditors of TCEH. The TRA generally provides for the payment by us to holders of TRA Rights of 85% of the amount of cash savings, if any, in U.S. federal and state income tax that we realize in periods after Emergence as a result of (a) certain transactions consummated pursuant to the Plan of Reorganization (including the step-up in tax basis in our assets resulting from the PrefCo Preferred Stock Sale), (b) the tax basis of all assets acquired in connection with the acquisition of two CCGT natural gas-fueled generation facilities in April 2016 and (c) tax benefits related to imputed interest deemed to be paid by us as a result of payments under the TRA, plus interest accruing from the due date of the applicable tax return. Pursuant to the TRA, we issued the TRA Rights for the benefit of the first lien secured creditors of TCEH entitled to receive such TRA Rights under the Plan of Reorganization. Such TRA Rights are entitled to certain registration rights more fully described in the Registration Rights Agreement (see Note 19). During the year ended December 31, 2019, we recorded a decrease to the carrying value of the TRA obligation totaling approximately $22 million as a result of adjustments to the timing of forecasted taxable income and state apportionment due to the expansion of Vistra Energy's state income tax profile, including Dynegy, Crius and Ambit acquisitions. During the year ended December 31, 2018, we recorded an increase to the carrying value of the TRA obligation totaling approximately $14 million as a result of changes in the timing of estimated payments and new multistate tax impacts resulting from the Merger. During the year ended December 31, 2017, we recorded a decrease to the carrying value of the TRA obligation totaling $295 million related to changes in the timing of estimated payments resulting from changes in certain tax assumptions including (a) the impacts of Luminant's plan to retire its Monticello, Sandow 4, Sandow 5 and Big Brown generation plants and the impacts of the Alcoa settlement (see Note 4), (b) investment tax credits we expect to receive related to the Upton 2 solar development project (see Note 3), (c) assets acquired in the Odessa Acquisition (see Note 3) and (d) the impacts of other forecasted tax amounts. The following table summarizes the changes to the TRA obligation, reported as other current liabilities and Tax Receivable Agreement obligation in our consolidated balance sheets, for the years ended December 31, 2019, 2018 and 2017. Year Ended December 31, 2019 2018 2017 TRA obligation at the beginning of the period $ 420 $ 357 $ 596 Accretion expense 59 65 82 Changes in tax assumptions impacting timing of payments (22) 14 (62) Revaluation due to tax reform legislation — — (233) Impacts of Tax Receivable Agreement 37 79 (213) Payments (2) (16) (26) TRA obligation at the end of the period 455 420 357 Less amounts due currently — — (24) Noncurrent TRA obligation at the end of the period $ 455 $ 420 $ 333 As of December 31, 2019, the estimated carrying value of the TRA obligation totaled $455 million, which represents the discounted amount of projected payments under the TRA. The projected payments are based on certain assumptions, including but not limited to (a) the federal corporate income tax rate of 21% for 2019 and 2018 and 35% for 2017, (b) estimates of our taxable income in the current and future years and (c) additional states that Vistra Energy now operates in, including the relevant tax rate and apportionment factor for each state. Our taxable income takes into consideration the current federal tax code, various relevant state tax laws and reflects our current estimates of future results of the business. These assumptions are subject to change, and those changes could have a material impact on the carrying value of the TRA obligation. As of December 31, 2019, the aggregate amount of undiscounted federal and state payments under the TRA is estimated to be approximately $1.4 billion, with more than half of such amount expected to be attributable to the first 15 tax years following Emergence, and the final payment expected to be made approximately 40 years following Emergence (if the TRA is not terminated earlier pursuant to its terms). The carrying value of the obligation is being accreted to the amount of the gross expected obligation using the effective interest method. Changes in the amount of this obligation resulting from changes to either the timing or amount of TRA payments are recognized in the period of change and measured using the discount rate inherent in the initial fair value of the obligation. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements. Year Ended December 31, 2019 2018 2017 Net income (loss) attributable to common stock — basic $ 928 $ (54) $ (254) Weighted average shares of common stock outstanding — basic 494,146,268 504,954,371 427,761,460 Net income (loss) per weighted average share of common stock outstanding — basic $ 1.88 $ (0.11) $ (0.59) Dilutive securities: Stock-based incentive compensation plan 5,789,223 — — Weighted average shares of common stock outstanding — diluted 499,935,490 504,954,371 427,761,460 Net income (loss) per weighted average share of common stock outstanding — diluted $ 1.86 $ (0.11) $ (0.59) Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 2,447,850, 14,165,813 and 3,642,844 shares for the years ended December 31, 2019, 2018 and 2017, respectively. |
Accounts Receivable Securitizat
Accounts Receivable Securitization Program (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable Securitization Program [Abstract] | |
Accounts Receivable Securitization Program | ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM TXU Energy Receivables Company LLC (RecCo), an indirect subsidiary of Vistra Energy, has an accounts receivable financing facility (Receivables Facility) provided by issuers of asset-backed commercial paper and commercial banks (Purchasers). The Receivables Facility was renewed in July 2019, extending its scheduled termination from August 2019 to July 2020, with the ability to borrow up to $600 million up to the settlement date in November 2019, after which the amount available for RecCo reverted to $450 million. The agreement was subsequently amended to allow for a one-time, $560 million borrowing in November 2019 to take advantage of a seasonally-high receivable balance. The borrowing limit returned to $450 million thereafter. Under the Receivables Facility, TXU Energy and Dynegy Energy Services are obligated to sell or contribute, on an ongoing basis and without recourse, their accounts receivable to TXU Energy's special purpose subsidiary, RecCo, a consolidated, wholly owned, bankruptcy-remote, direct subsidiary of TXU Energy. RecCo, in turn, is subject to certain conditions, and may, from time to time, sell an undivided interest in all the receivables acquired from TXU Energy and Dynegy Energy Services to the Purchasers, and its assets and credit are not available to satisfy the debts and obligations of any person, including affiliates of RecCo. Amounts funded by the Purchasers to RecCo are reflected as short-term borrowings on the consolidated balance sheets. Proceeds and repayments under the Receivables Facility are reflected as cash flows from financing activities in our consolidated statements of cash flows. Receivables transferred to the Purchasers remain on Vistra Energy's balance sheet and Vistra Energy reflects a liability equal to the amount advanced by the Purchasers. The Company records interest expense on amounts advanced. TXU Energy continues to service, administer and collect the trade receivables on behalf of RecCo and the Purchasers, as applicable. As of December 31, 2019, outstanding borrowings under the receivables facility totaled $450 million and were supported by $629 million of RecCo gross receivables. As of December 31, 2018, outstanding borrowings under the receivables facility totaled $339 million. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Amounts in the table below represent the categories of long-term debt obligations incurred by the Company. December 31, 2019 2018 Vistra Operations Credit Facilities $ 2,700 $ 5,813 Vistra Operations Senior Secured Notes: 3.550% Senior Secured Notes, due July 15, 2024 1,500 — 3.700% Senior Secured Notes, due January 30, 2027 800 — 4.300% Senior Secured Notes, due July 15, 2029 800 — Total Vistra Operations Senior Secured Notes 3,100 — Vistra Operations Senior Unsecured Notes: 5.500% Senior Unsecured Notes, due September 1, 2026 1,000 1,000 5.625% Senior Unsecured Notes, due February 15, 2027 1,300 — 5.000% Senior Unsecured Notes, due July 31, 2027 1,300 — Total Vistra Operations Senior Unsecured Notes 3,600 1,000 Vistra Energy Senior Unsecured Notes: 7.375% Senior Unsecured Notes, due November 1, 2022 — 1,707 5.875% Senior Unsecured Notes, due June 1, 2023 500 500 7.625% Senior Unsecured Notes, due November 1, 2024 — 1,147 8.034% Senior Unsecured Notes, due February 2, 2024 — 25 8.000% Senior Unsecured Notes, due January 15, 2025 (a) 81 81 8.125% Senior Unsecured Notes, due January 30, 2026 166 166 Total Vistra Energy Senior Unsecured Notes 747 3,626 Other: 7.000% Amortizing Notes, due July 1, 2019 — 24 Forward Capacity Agreements 161 236 Equipment Financing Agreements 99 120 Mandatorily redeemable subsidiary preferred stock (b) — 70 8.82% Building Financing due semiannually through February 11, 2022 (c) 15 21 Other 12 — Total other long-term debt 287 471 Unamortized debt premiums, discounts and issuance costs (d) (55) 155 Total long-term debt including amounts due currently 10,379 11,065 Less amounts due currently (277) (191) Total long-term debt less amounts due currently $ 10,102 $ 10,874 ____________ (a) On January 15, 2020, Vistra Energy redeemed all outstanding 8.000% Senior Notes due 2025 at a redemption price equal to 104.0% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding the date of redemption. (b) Shares of mandatorily redeemable preferred stock in PrefCo. This subsidiary preferred stock is accounted for as a debt instrument under relevant accounting guidance. On October 3, 2019, PrefCo redeemed all of the issued and outstanding preferred stock at a price per share equal to the preferred liquidation amount, plus accrued and unpaid dividends to and including the date of redemption. (c) Obligation related to a corporate office space finance lease. This obligation will be funded by amounts held in an escrow account that is reflected in other noncurrent assets in our consolidated balance sheets. (d) Includes impact of recording debt assumed in the Merger at fair value. Vistra Operations Credit Facilities At December 31, 2019, the Vistra Operations Credit Facilities consisted of up to $5.425 billion in senior secured, first-lien revolving credit commitments and outstanding term loans, which consisted of revolving credit commitments of up to $2.725 billion, including a $2.35 billion letter of credit sub-facility (Revolving Credit Facility) and term loans of $2.7 billion (Term Loan B-3 Facility). These amounts reflect the following transactions and amendments completed in 2018 and 2019: • In November 2019, Vistra Operations used the net proceeds from the November 2019 Senior Secured Notes Offering described below and $799 million of incremental borrowings under the Term Loan B-3 Facility to repay the entire amount outstanding of $1.897 billion of term loans under the B-1 Facility (Term Loan B-1 Facility). Fees and expenses related to the transactions totaled $2 million in the year ended December 31, 2019, which were recorded as interest expense and other charges on the consolidated statements of operations. • In October 2019, Vistra Operations borrowed $550 million under the Revolving Credit Facility. The proceeds of the borrowings were used for general corporate purposes, including the funding of a $425 million dividend to Vistra Energy to pay the principal, premium and interest due in connection with the redemption by Vistra Energy of the entire $387 million aggregate principal amount outstanding of 7.625% senior notes described below. In November 2019, Vistra Operations repaid $200 million under the Revolving Credit Facility. • In June 2019, Vistra Operations used the net proceeds from the June 2019 Senior Secured Notes Offering described below to repay $889 million of loans under the Term Loan B-1 Facility, the entire amount outstanding of $977 million of term loans under the B-2 Facility (Term Loan B-2 Facility, and together with the Term Loan B-1 Facility and the Term Loan B-3 Facility, the Term Loan B Facility) and $134 million under the Term Loan B-3 Facility. We recorded an extinguishment loss of $4 million on the transactions in the year ended December 31, 2019. • In March 2019 and May 2019, the Vistra Operations Credit Facilities were amended whereby we obtained $225 million of incremental Revolving Credit Facility commitments. The letter of credit sub-facility was also increased by $50 million. Fees and expenses related to the amendments to the Vistra Operations Credit Facilities totaled $2 million in the year ended December 31, 2019, which were capitalized as a noncurrent asset. • In June 2018, the Vistra Operations Credit Facilities were amended whereby we incurred $2.050 billion of borrowings under the new Term Loan B-3 Facility and obtained $1.640 billion of incremental Revolving Credit Facility commitments. The letter of credit sub-facility was also increased by $1.585 billion. The maturity date of the Revolving Credit Facility was extended from August 4, 2021 to June 14, 2023. As discussed below, the proceeds from the Term Loan B-3 Facility were used to repay borrowings under the credit agreement that Vistra Energy assumed from Dynegy in connection with the Merger. Additionally, letter of credit term loans totaling $500 million (Term Loan C Facility) were repaid using $500 million of cash from collateral accounts used to backstop letters of credit. Fees and expenses related to the amendment to the Vistra Operations Credit Facilities totaled $42 million in the year ended December 31, 2018, of which $23 million was recorded as interest expense and other charges on the consolidated statements of operations, $9 million was capitalized as a reduction in the carrying amount of the debt and $10 million was capitalized as a noncurrent asset. The Vistra Operations Credit Facilities and related available capacity at December 31, 2019 are presented below. December 31, 2019 Vistra Operations Credit Facilities Maturity Date Facility Cash Available Revolving Credit Facility (a) June 14, 2023 $ 2,725 $ 350 $ 1,426 Term Loan B-3 Facility (b) December 31, 2025 2,700 2,700 — Total Vistra Operations Credit Facilities $ 5,425 $ 3,050 $ 1,426 ___________ (a) Facility to be used for general corporate purposes. Facility includes a $2.35 billion letter of credit sub-facility, of which $949 million of letters of credit were outstanding at December 31, 2019 and which reduce our available capacity. Cash borrowings under the Revolving Credit Facility are reported in short-term borrowings in our consolidated balance sheets. (b) Beginning in 2020, cash borrowings under the Term Loan B-3 Facility are subject to a required scheduled quarterly payment in annual amount equal to 1.00% of the original principal amount with the balance paid at maturity. Amounts paid cannot be reborrowed. In February 2018, June 2018 and November 2019, certain pricing terms for the Vistra Operations Credit Facilities were amended. We accounted for these transactions as modifications of debt. At December 31, 2019, cash borrowings under the Revolving Credit Facility would bear interest based on applicable LIBOR rates, plus a fixed spread of 1.75%, and there were $350 million outstanding borrowings. Letters of credit issued under the Revolving Credit Facility bear interest of 1.75%. Amounts borrowed under the Term Loan B-3 Facilities bear interest based on applicable LIBOR rates plus fixed spreads of 1.75%. At December 31, 2019, the weighted average interest rates before taking into consideration interest rate swaps on outstanding borrowings was 3.54% under the Term Loan B-3 Facilities. The Vistra Operations Credit Facilities also provide for certain additional fees payable to the agents and lenders, including fronting fees with respect to outstanding letters of credit and availability fees payable with respect to any unused portion of the available Revolving Credit Facility. Obligations under the Vistra Operations Credit Facilities are secured by a lien covering substantially all of Vistra Operations' (and its subsidiaries') consolidated assets, rights and properties, subject to certain exceptions set forth in the Vistra Operations Credit Facilities, provided that the amount of loans outstanding under the Vistra Operations Credit Facilities that may be secured by a lien covering certain principal properties of the Company is expressly limited by the terms of the Vistra Operations Credit Facilities. The Vistra Operations Credit Facilities also permit certain hedging agreements to be secured on a pari-passu basis with the Vistra Operations Credit Facilities in the event those hedging agreements met certain criteria set forth in the Vistra Operations Credit Facilities. The Vistra Operations Credit Facilities provide for affirmative and negative covenants applicable to Vistra Operations (and its restricted subsidiaries), including affirmative covenants requiring it to provide financial and other information to the agents under the Vistra Operations Credit Facilities and to not change its lines of business, and negative covenants restricting Vistra Operations' (and its restricted subsidiaries') ability to incur additional indebtedness, make investments, dispose of assets, pay dividends, grant liens or take certain other actions, in each case, except as permitted in the Vistra Operations Credit Facilities. Vistra Operations' ability to borrow under the Vistra Operations Credit Facilities is subject to the satisfaction of certain customary conditions precedent set forth therein. The Vistra Operations Credit Facilities provide for certain customary events of default, including events of default resulting from non-payment of principal, interest or fees when due, material breaches of representations and warranties, material breaches of covenants in the Vistra Operations Credit Facilities or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against Vistra Operations. Solely with respect to the Revolving Credit Facility, and solely during a compliance period (which, in general, is applicable when the aggregate revolving borrowings and issued revolving letters of credit (in excess of $300 million) exceed 30% of the revolving commitments), the agreement includes a covenant that requires the consolidated first lien net leverage ratio, which is based on the ratio of net first lien debt compared to an EBITDA calculation defined under the terms of the facilities, not to exceed 4.25 to 1.00. As of December 31, 2019, we were in compliance with this financial covenant. Upon the existence of an event of default, the Vistra Operations Credit Facilities provide that all principal, interest and other amounts due thereunder will become immediately due and payable, either automatically or at the election of specified lenders. Interest Rate Swaps — Vistra Energy employs interest rate swaps to hedge our exposure to variable rate debt. As of December 31, 2019, Vistra Energy has entered into the following series of interest rate swap transactions. Notional Amount Expiration Date Rate Range Swapped to fixed $3,000 July 2023 3.67 % - 3.91% Swapped to variable $700 July 2023 3.20 % - 3.23% Swapped to fixed (a) $720 February 2024 3.71 % - 3.72% Swapped to variable $720 February 2024 3.20 % - 3.20% Swapped to fixed (b) $3,000 July 2026 4.72 % - 4.79% Swapped to variable (b) $700 July 2026 3.28 % - 3.33% ____________ (a) In June 2018, we completed the novation of $1.959 billion of Vistra Energy (legacy Dynegy) interest rate swaps to Vistra Operations, of which $398 million expired and $841 million were terminated in June 2019. (b) These swaps are effective from July 2023 through July 2026. During the three months ended December 31, 2019, Vistra Energy entered into $2.120 billion of new interest rate swaps, pursuant to which Vistra Energy will pay a variable rate and receive a fixed rate. The terms of these new swaps were matched against the terms of certain existing swaps, effectively offsetting the hedge of the existing swaps and fixing the out-of-the-money position of such swaps. These matched swaps will settle over time, in accordance with the original contractual terms. The remaining existing swaps continue to hedge our exposure on $2.3 billion of debt from now through July 2026. Alternative Letter of Credit Facility Two alternate letter of credit facilities (each, an Alternative LOC Facility, and collectively, the Alternate LOC Facilities) with an aggregate facility limit of $500 million became effective in the year ended December 31, 2019. At December 31, 2019, $500 million of letters of credit were outstanding under the Alternate LOC Facilities. Of the total facility limit, $250 million matures in December 2020 and $250 million matures in December 2021. Vistra Operations Senior Secured Notes In 2019, Vistra Operations issued and sold $3.1 billion aggregate principal amount of senior secured notes (Senior Secured Notes) in offerings to eligible purchasers under Rule 144A and Regulation S under the Securities Act (Senior Secured Notes Offerings) consisting of the following: Senior Secured Notes Maturity Year Interest Terms June 2019 November 2019 Senior Secured Notes Offering (b) 3.550% Senior Secured Notes 2024 January 15 and July 15 $ 1,200 $ 300 3.700% Senior Secured Notes 2027 January 30 and July 30 — 800 4.300% Senior Secured Notes 2029 January 15 and July 15 800 — Total senior secured notes $ 2,000 $ 1,100 Net proceeds $ 1,976 $ 1,099 Debt issuance and other fees (c) $ 20 $ 10 ___________ (a) The June 2019 Senior Secured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, certain direct and indirect subsidiaries of Vistra Operations and Citigroup Global Markets Inc., as representative of the several initial purchasers. Net proceeds, together with cash on hand, were used to prepay certain amounts outstanding and accrued interest (together with fees and expenses) under the Vistra Operations Credit Facility's Term Loan B Facility. (b) The November 2019 Senior Secured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, certain direct and indirect subsidiaries of Vistra Operations and J.P. Morgan Securities LLC., as representative of the several initial purchasers. Net proceeds, together with borrowings under the Term Loan B-3 Facility and cash on hand, were used to repay the entire amount outstanding and accrued interest (together with fees and expenses) under the Term Loan B-1 Facility. (c) Capitalized as a reduction in the carrying amount of the debt. The Senior Secured Notes are and will be fully and unconditionally guaranteed by certain of Vistra Operations' current and future subsidiaries that also guarantee the Vistra Operations Credit Facilities. The Senior Secured Notes are secured by a first-priority security interest in the same collateral that is pledged for the benefit of the lenders under the Vistra Operations Credit Facilities, which consists of a substantial portion of the property, assets and rights owned by Vistra Operations and certain direct and indirect subsidiaries of Vistra Operations as subsidiary guarantors (collectively, the Guarantor Subsidiaries) as well as the stock of Vistra Operations held by Vistra Intermediate. The collateral securing the Senior Secured Notes will be released if Vistra Operations' senior, unsecured long-term debt securities obtain an investment grade rating from two out of the three rating agencies, subject to reversion if such rating agencies withdraw the investment grade rating of Vistra Operations' senior, unsecured long-term debt securities or downgrade such rating below investment grade. Vistra Operations Senior Unsecured Notes In 2018 and 2019, Vistra Operations issued and sold $3.6 billion aggregate principal amount of senior unsecured notes (Vistra Operations Senior Unsecured Notes) in offerings to eligible purchasers under Rule 144A and Regulation S under the Securities Act (Senior Unsecured Notes Offerings) consisting of the following: Senior Unsecured Notes Maturity Year Interest Terms August 2018 Senior Unsecured Notes Offering (a) February 2019 Senior Unsecured Notes Offering (b) June 2019 5.500% Senior Unsecured Notes 2026 March 1 and September 1 $ 1,000 $ — $ — 5.625% Senior Unsecured Notes 2027 February 15 and August 15 — 1,300 — 5.000% Senior Unsecured Notes 2027 January 31 and July 31 — — 1,300 Total $ 1,000 $ 1,300 $ 1,300 Net Proceeds $ 990 $ 1,287 $ 1,287 Debt issuance and other fees (d) $ 12 $ 16 $ 13 ___________ (a) The August 2018 Senior Unsecured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, the Guarantor Subsidiaries and Citigroup Global Markets Inc., as representative of the several initial purchasers. Net proceeds, together with cash on hand and cash received from the funding of the Receivables Facility (see Note 10), were used to pay the purchase price and accrued interest (together with fees and expenses) required in connection with the 2018 Tender Offers. (b) The February 2019 Senior Unsecured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, the Guarantor Subsidiaries and J.P. Morgan Securities LLC., as representative of the several initial purchasers. Net proceeds, together with cash on hand, were used to pay the purchase price and accrued interest (together with fees and expenses) required in connection with (i) the February 2019 Tender Offer, (ii) the redemption of approximately $35 million aggregate principal amount of our 7.375% senior unsecured notes due 2022 (7.375% senior notes) and approximately $25 million aggregate principal amount of our outstanding 8.034% senior unsecured notes due 2024 (8.034% senior notes). (c) The June 2019 Senior Unsecured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, the Guarantor Subsidiaries and Goldman Sachs & Co. LLC, as representative of the several initial purchasers. Net proceeds, together with cash on hand, were used to pay the purchase price and accrued interest (together with fees and expenses) required in connection with (i) the June 2019 Tender Offer and (ii) the redemption of approximately $306 million of our outstanding 7.375% senior notes and approximately $87 million of our 7.625% senior unsecured notes due 2024 (7.625% senior notes) in July 2019. We recorded an extinguishment gain of $2 million on the redemptions in the year ended December 31, 2019. (d) Capitalized as a reduction in the carrying amount of the debt. The indentures governing the Vistra Operations Senior Unsecured Notes (collectively, as each may be amended or supplemented from time to time, the Vistra Operations Senior Unsecured Indentures) provide for the full and unconditional guarantee by the Guarantor Subsidiaries of the punctual payment of the principal and interest on such notes. The Vistra Operations Senior Unsecured Indentures contain certain covenants and restrictions, including, among others, restrictions on the ability of the Issuer and its subsidiaries, as applicable, to create certain liens, merge or consolidate with another entity, and sell all or substantially all of their assets. Vistra Energy Senior Unsecured Notes Bond Repurchase Program — In November 2018, our board of directors (the Board) authorized a bond repurchase program under which up to $200 million principal amount of outstanding Vistra Energy Senior Unsecured Notes could be repurchased. Through December 31, 2019, $119 million principal amount of Vistra Energy Senior Unsecured Notes had been repurchased. In July 2019, the Board authorized up to $1.0 billion to repay or repurchase any outstanding debt of the Company (or its subsidiaries), with its authority superseding the previously authorized bond repurchase program. January 2020 Redemption — In January 2020, Vistra Energy redeemed the entire $81 million aggregate principal amount outstanding of 8.000% senior unsecured notes due 2025 (8.000% senior notes) at a redemption price equal to 104.0% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of redemption. November 2019 Redemption — In November 2019, Vistra Energy redeemed the entire $387 million aggregate principal amount outstanding of 7.625% senior notes at a redemption price equal to 103.8% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of redemption. We recorded an extinguishment gain of $9 million on the transaction in the year ended December 31, 2019. June 2019 Tender Offer — In June 2019, Vistra Energy used the net proceeds from the June 2019 Notes Offering to fund a cash tender offer (the June 2019 Tender Offer) to purchase for cash $845 million aggregate principal amount of certain notes assumed in the Merger, including $173 million of 7.375% senior notes and $672 million of 7.625% senior notes. We recorded an extinguishment gain of $7 million on the transactions in the year ended December 31, 2019. In July 2019, Vistra Energy accepted and settled an additional approximately $1 million aggregate principal amount of outstanding 7.625% senior notes that were tendered after the early tender date of the June 2019 Tender Offer. February 2019 Tender Offer and Consent Solicitation — In February 2019, Vistra Energy used the net proceeds from the February 2019 Senior Unsecured Notes Offering to fund a cash tender offer (the February 2019 Tender Offer) to purchase for cash $1.193 billion aggregate principal amount of 7.375% senior notes assumed in the Merger. In connection with the February 2019 Tender Offer, Vistra Energy also commenced solicitation of consents from holders of the 7.375% senior notes. Vistra Energy received the requisite consents from the holders of the 7.375% senior notes and amended the indenture governing these senior notes to, among other things, eliminate substantially all of the restrictive covenants and certain events of default. August 2018 Tender Offers and Consent Solicitations — In August 2018, Vistra Energy used the net proceeds from the August 2018 Senior Unsecured Notes Offering, proceeds from the Receivables Facility (see Note 10) and cash on hand to fund cash tender offers (the 2018 Tender Offers) to purchase for cash $1.542 billion aggregate principal amount of Vistra Energy Senior Unsecured Notes assumed in the Merger. We recorded an extinguishment loss of $27 million on the transactions in the year ended December 31, 2018. Notes purchased consisted of the following: • $26 million of 7.625% senior notes; • $163 million of 8.034% senior notes; • $669 million of 8.000% senior notes, and • $684 million of 8.125% senior unsecured notes due 2026 (8.125% senior notes). In connection with the 2018 Tender Offers, Vistra Energy also commenced solicitations of consents from holders of the 7.375% senior notes, the 7.625% senior notes, the 8.034% senior notes, the 8.000% senior notes and the 8.125% senior notes to amend certain provisions of the applicable indentures governing each series of senior notes and the registration rights agreement with respect to the 8.125% senior notes. Vistra Energy received the requisite consents from the holders of the 8.034% senior notes, the 8.000% senior notes and the 8.125% senior notes (collectively, the Consent Senior Notes) and amended (a) the indentures governing each series of the applicable senior notes to, among other things, eliminate substantially all of the restrictive covenants and certain events of default and (b) the registration rights agreement with respect to the 8.125% senior notes to remove, among other things, the requirement that Vistra Energy commence an exchange offer to issue registered securities in exchange for the existing, nonregistered notes. Assumption of Senior Notes in Merger — On the Merger Date, Vistra Energy assumed $6.138 billion principal amount of Dynegy's senior unsecured notes. In May 2018, $850 million of outstanding 6.75% senior unsecured notes due 2019 were redeemed at a redemption price of 101.7% of the aggregate principal amount, plus accrued and unpaid interest up to but not including the date of redemption. Fees and expenses related to the redemption totaled $14 million in the year ended December 31, 2018 and were recorded as interest expense and other charges on the consolidated statements of operations. In June 2018, each of the Company's subsidiaries that guaranteed the Vistra Operations Credit Facilities (and did not already guarantee the senior notes) provided a guarantee on the senior notes that remained outstanding. The senior notes that remain outstanding after the closing of the June 2019 Tender Offer, the February 2019 Tender Offer and the 2018 Tender Offers are unsecured and unsubordinated obligations of Vistra Energy and are guaranteed by substantially all of its current and future wholly owned domestic subsidiaries that from time to time are a borrower or guarantor under the agreement governing the Vistra Operations Credit Facilities (Credit Facilities Agreement) (see Note 22). Except with respect to the Consent Senior Notes, the respective indentures of the senior notes of Vistra Energy (collectively, as each may be amended or supplemented from time to time, the Vistra Energy Senior Unsecured Indentures) limit, among other things, the ability of the Company or any of the guarantors to create liens upon any principal property to secure debt for borrowed money in excess of, among other limitations, 30% of total assets. The Vistra Energy Senior Unsecured Indentures also contain customary events of default which would permit the holders of the applicable series of senior notes to declare such notes to be immediately due and payable if not cured within applicable grace periods, including the failure to make timely principal or interest payments on such notes or (except with respect to the Consent Senior Notes) other indebtedness aggregating $100 million or more, and, except with respect to the Consent Senior Notes, the failure to satisfy covenants, and specified events of bankruptcy and insolvency. Other Long-Term Debt Amortizing Notes — On the Merger Date, Vistra Energy assumed the obligations of Dynegy's senior unsecured amortizing note (Amortizing Notes) that matured on July 1, 2019. The Amortizing Notes were issued in connection with the issuance of the tangible equity units (TEUs) by Dynegy (see Note 14). Each installment payment per Amortizing Note was paid in cash and constituted a partial repayment of principal and a payment of interest, computed at an annual rate of 7.00%. Interest was calculated on the basis of a 360-day year consisting of twelve 30-day months. Payments were applied first to the interest due and payable and then to the reduction of the unpaid principal amount, allocated as set forth in the indenture (Amortizing Notes Indenture). On the maturity date, the Company paid all amounts due under the Amortizing Notes Indenture and the Amortizing Notes Indenture ceased to be of further force and effect. Forward Capacity Agreements — On the Merger Date, the Company assumed the obligation of Dynegy's agreements under which a portion of the PJM capacity that cleared for Planning Years 2018-2019, 2019-2020 and 2020-2021 was sold to a financial institution (Forward Capacity Agreements). The buyer in this transaction will receive capacity payments from PJM during the Planning Years 2019-2020 and 2020-2021 in the amounts of $51 million and $110 million, respectively. We will continue to be subject to the performance obligations as well as any associated performance penalties and bonus payments for those planning years. As a result, this transaction is accounted for as long-term debt of $161 million with an implied interest rate of 3.01%. Equipment Financing Agreements — On the Merger Date, the Company assumed Dynegy's Equipment Financing Agreements. Under certain of our contractual service agreements in which we receive maintenance and capital improvements for our gas-fueled generation fleet, we have obtained parts and equipment intended to increase the output, efficiency and availability of our generation units. We have financed these parts and equipment under agreements with maturities ranging from 2019 to 2026. The portion of future payments attributable to principal will be classified as cash outflows from financing activities, and the portion of future payments attributable to interest will be classified as cash outflows from operating activities in our statements of consolidated cash flows. Mandatorily Redeemable Subsidiary Preferred Stock — In October 2019, PrefCo voluntarily redeemed the entire $70 million aggregate principal amount outstanding of its authorized preferred stock at a price per share equal to the preferred liquidation amount, plus accrued and unpaid dividends to and including the date of redemption. Debt Assumed in Crius Transaction — On the Crius Acquisition Date, Vistra Energy assumed $140 million in long-term debt obligations in connection with the Crius Transaction consisting of the following: • $44 million of 9.5% promissory notes due July 2025 (2025 promissory notes); • $8 million of 2% Connecticut Department of Economic and Community Development (CT DECD) term loans due February 2027, and • $88 million of borrowings and $9 million of issued letters of credit under the legacy Crius credit facility. In July 2019, borrowings of $88 million under the legacy Crius credit facility were repaid using cash on hand. In November 2019, (i) borrowings of approximately $38 million under the 2025 promissory notes were repaid using cash on hand and (ii) borrowings of approximately $2 million were offset by legacy indemnification obligations of the holders of the 2025 promissory notes. In November 2019, borrowings of $8 million under the CT DECD term loans were repaid using cash on hand. Debt Assumed in Ambit Transaction — All of the indebtedness outstanding at Ambit immediately prior to the closing of the Ambit Transaction was repaid at closing out of the purchase price. At December 31, 2019, approximately $8 million of letters of credit were outstanding under legacy Ambit agreements, all of which are collateralized with cash and recorded as restricted cash in the consolidated balance sheets. Vistra Energy (legacy Dynegy) Credit Agreement — On the Merger Date, Vistra Energy assumed the obligations under Dynegy's $3.563 billion credit agreement consisting of a $2.018 billion senior secured term loan facility due 2024 and a $1.545 billion senior secured revolving credit facility. As of the Merger Date, there were no cash borrowings and $656 million of letters of credit outstanding under the senior secured revolving credit facility. On April 23, 2018, $70 million of the senior secured revolving credit facility matured. In June 2018, the $2.018 billion senior secured term loan facility due 2024 was repaid using proceeds from the Term Loan B-3 Facility. In addition, all letters of credit outstanding under the senior secured revolving credit facility were replaced with letters of credit under the amended Vistra Operations Credit Facilities discussed above, and the revolving credit facility assumed from Dynegy in connection with the Merger was paid off in full and terminated. Maturities Long-term debt maturities at December 31, 2019 are as follows: December 31, 2019 2020 $ 273 2021 94 2022 42 2023 538 2024 1,538 Thereafter 7,949 Unamortized premiums, discounts and debt issuance costs (55) Total long-term debt, including amounts due currently $ 10,379 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES Vistra has both finance and operating leases for real estate, rail cars and equipment. Our leases have remaining lease terms for 1 to 38 years. Our leases include options to renew up to 15 years. Certain leases also contain options to terminate the lease. Lease Cost The following table presents costs related to lease activities: Year Ended Operating lease cost $ 14 Finance lease: Finance lease right-of-use asset amortization 4 Interest on lease liabilities 4 Total finance lease cost 8 Variable lease cost (a) 26 Short-term lease cost 19 Sublease income (b) (8) Net lease cost $ 59 ____________ (a) Represents coal stockpile management services, common area maintenance services and rail car payments based on the number of rail cars used. (b) Represents sublease income related to real estate leases. Balance Sheet Information The following table presents lease related balance sheet information: December 31, Lease assets: Operating lease right-of-use assets $ 44 Finance lease right-of-use assets (net of accumulated depreciation) 59 Total lease right-of-use assets 103 Current lease liabilities: Operating lease liabilities 14 Finance lease liabilities 8 Total current lease liabilities 22 Noncurrent lease liabilities: Operating lease liabilities 41 Finance lease liabilities 78 Total noncurrent lease liabilities 119 Total lease liabilities $ 141 Cash Flow and Other Information The following table presents lease related cash flow and other information: Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17 Operating cash flows from finance leases 4 Finance cash flows from finance leases 4 Non-cash disclosure upon commencement of new lease: Right-of-use assets obtained in exchange for new operating lease liabilities 95 Right-of-use assets obtained in exchange for new finance lease liabilities 13 Non-cash disclosure upon modification of existing lease: Modification of operating lease right-of-use assets (41) Modification of finance lease right-of-use assets 50 Weighted Average Remaining Lease Term The following table presents weighted average remaining lease term information: December 31, Weighted average remaining lease term: Operating lease 7.5 years Finance lease 16.2 years Weighted average discount rate: Operating lease 5.34% Finance lease 5.84% Maturity of Lease Liabilities The following table presents maturity of lease liabilities: Operating Lease Finance Lease Total Lease 2020 $ 17 $ 12 $ 29 2021 11 11 22 2022 9 11 20 2023 10 10 20 2024 6 10 16 Thereafter 13 69 82 Total lease payments 66 123 189 Less: Interest (11) (37) (48) Present value of lease liabilities $ 55 $ 86 $ 141 As of December 31, 2019, we have approximately $24 million of operating leases that have not yet commenced. |
Leases | LEASES Vistra has both finance and operating leases for real estate, rail cars and equipment. Our leases have remaining lease terms for 1 to 38 years. Our leases include options to renew up to 15 years. Certain leases also contain options to terminate the lease. Lease Cost The following table presents costs related to lease activities: Year Ended Operating lease cost $ 14 Finance lease: Finance lease right-of-use asset amortization 4 Interest on lease liabilities 4 Total finance lease cost 8 Variable lease cost (a) 26 Short-term lease cost 19 Sublease income (b) (8) Net lease cost $ 59 ____________ (a) Represents coal stockpile management services, common area maintenance services and rail car payments based on the number of rail cars used. (b) Represents sublease income related to real estate leases. Balance Sheet Information The following table presents lease related balance sheet information: December 31, Lease assets: Operating lease right-of-use assets $ 44 Finance lease right-of-use assets (net of accumulated depreciation) 59 Total lease right-of-use assets 103 Current lease liabilities: Operating lease liabilities 14 Finance lease liabilities 8 Total current lease liabilities 22 Noncurrent lease liabilities: Operating lease liabilities 41 Finance lease liabilities 78 Total noncurrent lease liabilities 119 Total lease liabilities $ 141 Cash Flow and Other Information The following table presents lease related cash flow and other information: Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17 Operating cash flows from finance leases 4 Finance cash flows from finance leases 4 Non-cash disclosure upon commencement of new lease: Right-of-use assets obtained in exchange for new operating lease liabilities 95 Right-of-use assets obtained in exchange for new finance lease liabilities 13 Non-cash disclosure upon modification of existing lease: Modification of operating lease right-of-use assets (41) Modification of finance lease right-of-use assets 50 Weighted Average Remaining Lease Term The following table presents weighted average remaining lease term information: December 31, Weighted average remaining lease term: Operating lease 7.5 years Finance lease 16.2 years Weighted average discount rate: Operating lease 5.34% Finance lease 5.84% Maturity of Lease Liabilities The following table presents maturity of lease liabilities: Operating Lease Finance Lease Total Lease 2020 $ 17 $ 12 $ 29 2021 11 11 22 2022 9 11 20 2023 10 10 20 2024 6 10 16 Thereafter 13 69 82 Total lease payments 66 123 189 Less: Interest (11) (37) (48) Present value of lease liabilities $ 55 $ 86 $ 141 As of December 31, 2019, we have approximately $24 million of operating leases that have not yet commenced. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Contractual Commitments At December 31, 2019, we had contractual commitments under long-term service and maintenance contracts, energy-related contracts, leases and other agreements as follows. Long-Term Service and Maintenance Contracts Coal purchase and Pipeline transportation and storage reservation fees Nuclear Other 2020 $ 167 $ 576 $ 109 $ 90 $ 174 2021 153 61 83 74 30 2022 171 47 55 54 16 2023 152 33 46 57 16 2024 161 34 32 39 17 Thereafter 1,975 112 138 140 51 Total $ 2,779 $ 863 $ 463 $ 454 $ 304 The table above excludes TRA and pension and OPEB plan obligations due to the uncertainty in the timing of those payments. Expenditures under our coal purchase and coal transportation agreements totaled $1.092 billion, $955 million, and $416 million for the years ended December 31, 2019, 2018 and 2017, respectively. Rent reported as operating costs, fuel costs and SG&A expenses totaled $89 million, $74 million, and $69 million for the years ended December 31, 2019, 2018 and 2017, respectively. Guarantees We have entered into contracts, including the assumed Dynegy senior unsecured notes described above, that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. As of December 31, 2019, there are no material outstanding claims related to our guarantee obligations, and we do not anticipate we will be required to make any material payments under these guarantees in the near term. Letters of Credit At December 31, 2019, we had outstanding letters of credit totaling $1.457 billion as follows: • $1.150 billion to support commodity risk management collateral requirements in the normal course of business, including over-the-counter and exchange-traded transactions and collateral postings with ISOs or RTOs; • $155 million to support battery and solar development projects; • $47 million to support executory contracts and insurance agreements; • $38 million to support our REP financial requirements with the PUCT, and • $67 million for other credit support requirements. Surety Bonds At December 31, 2019, we had outstanding surety bonds totaling $62 million to support performance under various contracts and legal obligations in the normal course of business. Litigation and Regulatory Proceedings Our material legal proceedings and regulatory proceedings affecting our business are described below. We believe that we have valid defenses to the legal proceedings described below and intend to defend them vigorously. We also intend to participate in the regulatory processes described below. We record reserves for estimated losses related to these matters when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, we have established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management has assessed each of the following legal matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, we are unable to predict the outcome of these matters or reasonably estimate the scope or amount of any associated costs and potential liabilities, but they could have a material impact on our results of operations, liquidity, or financial condition. As additional information becomes available, we adjust our assessment and estimates of such contingencies accordingly. Because litigation and rulemaking proceedings are subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of these matters could be at amounts that are different from our currently recorded reserves and that such differences could be material. Gas Index Pricing Litigation — We, through our subsidiaries, and other energy companies are named as defendants in several lawsuits claiming damages resulting from alleged price manipulation through false reporting of natural gas prices to various index publications, wash trading and churn trading from 2000-2002. The cases allege that the defendants engaged in an antitrust conspiracy to inflate natural gas prices during the relevant time period and seek damages under the respective state antitrust statutes. We remain as defendants in two consolidated putative class actions (Wisconsin) and one individual action (Kansas) both pending in federal court in those states. Advatech Dispute — In October 2018, Illinois Power Generating Company (Genco) defended an arbitration filed by Advatech LLC (Advatech) alleging $81 million in termination charges under the Second Amended and Restated Newton Flue Gas Desulfurization System Engineering, Procurement, Construction and Commissioning Services Contract dated as of December 15, 2014. An arbitration panel issued a final award in June 2019. In June 2019, Genco moved to vacate the award in the U.S. District Court for the Southern District of Illinois, and Advatech moved to confirm the award in the U.S. District Court for the Northern District of Illinois, which was stayed pending a decision by the Southern District of Illinois on the issue of venue. In December 2019, the parties entered into a confidential settlement to resolve the matter for less than the amount of the liability that the Company recorded as part of our purchase price allocation of the Merger. In connection with the settlement, both parties dismissed their lawsuits related to the award with prejudice and Advatech dismissed its related mechanic lien action and released its mechanics lien on the Newton plant. This matter is fully resolved. Wood River Rail Dispute — In November 2017, Dynegy Midwest Generation, LLC (DMG) received notification that BNSF Railway Company and Norfolk Southern Railway Company were initiating dispute resolution related to DMG's suspension of its Wood River Rail Transportation Agreement with the railroads. Settlement discussions required under the dispute resolution process have been unsuccessful. In March 2018, BNSF Railway Company and Norfolk Southern Railway Company filed a demand for arbitration and an arbitration hearing is currently scheduled for November 2020. ME2C Patent Dispute – In July 2019, Midwest Energy Emissions Corporation and MES Inc. (collectively, the plaintiffs) filed a patent infringement complaint in federal court in Delaware against numerous parties, including Vistra Energy and some of its subsidiaries (collectively, the Vistra defendants). The complaint alleges that the Vistra defendants infringed two patents owned by the plaintiffs by using specific processes for mercury control at certain coal-fueled plants. The complaint seeks injunctive relief and unspecified damages. Greenhouse Gas Emissions In August 2015, the EPA finalized rules to address greenhouse gas (GHG) emissions from electricity generation units, referred to as the Clean Power Plan, including rules for existing facilities that would establish state-specific emissions rate goals to reduce nationwide CO 2 emissions. Various parties filed petitions for review in the U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit Court). In July 2019, petitioners filed a joint motion to dismiss in light of the EPA's new rule that replaces the Clean Power Plan, the Affordable Clean Energy rule, discussed below. In September 2019, the D.C. Circuit Court granted petitioners' motion to dismiss and dismissed all of the petitions challenging the Clean Power Plan as moot. In July 2019, the EPA finalized a rule to repeal the Clean Power Plan, with new regulations addressing GHG emissions from existing coal-fueled electric generation units, referred to as the Affordable Clean Energy (ACE) rule. The ACE rule develops emission guidelines that states must use when developing plans to regulate GHG emissions from existing coal-fueled electric generating units. States must submit their plans for regulating GHG emissions from existing facilities by July 2022. States where we operate coal plants (Texas, Illinois and Ohio) have begun the development of their state plans to comply with the rule. Environmental groups and certain states filed petitions for review of the ACE rule and the repeal of the Clean Power Plan in the D.C. Circuit Court. Additionally, in December 2018, the EPA issued proposed revisions to the emission standards for new, modified and reconstructed units. Vistra Energy submitted comments on that proposed rulemaking. Regional Haze — Reasonable Progress and Best Available Retrofit Technology (BART) for Texas In January 2016, the EPA issued a final rule approving in part and disapproving in part Texas's 2009 State Implementation Plan (SIP) as it relates to the reasonable progress component of the Regional Haze program and issuing a Federal Implementation Plan (FIP). The EPA's emission limits in the FIP assume additional control equipment for specific lignite/coal-fueled generation units across Texas, including new flue gas desulfurization systems (scrubbers) at seven electricity generation units (including Big Brown Units 1 and 2, Monticello Units 1 and 2 and Coleto Creek) and upgrades to existing scrubbers at seven generation units (including Martin Lake Units 1, 2 and 3, Monticello Unit 3 and Sandow Unit 4). In March 2016, various parties (including Luminant and the State of Texas) filed petitions for review in the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit Court) challenging the FIP's Texas requirements. In July 2016, the Fifth Circuit Court granted motions to stay the rule pending final review of the petitions for review. In March 2017, the Fifth Circuit Court granted a motion by the EPA to remand the rule back to the EPA for reconsideration. The stay of the rule (and the emission control requirements) remains in effect. The retirements of our Monticello, Big Brown and Sandow 4 plants should have a favorable impact on this rulemaking and litigation since these plants constitute a large portion of the plants that the rule seeks to regulate. Further, we believe that these retirements and the BART rule (discussed below) obviate s the need for any additional limits on our remaining Texas plants to address the requirements in the regional haze rule. In September 2017, the EPA signed a final rule addressing BART for Texas electricity generation units, with the rule serving as a partial approval of Texas's 2009 SIP and a partial FIP. For SO 2 , the rule creates an intrastate Texas emission allowance trading program as a "BART alternative" that operates in a similar fashion to a CSAPR trading program. The program includes 39 generating units (including our Martin Lake, Big Brown, Monticello, Sandow 4, Coleto Creek, Stryker 2 and Graham 2 plants). The compliance obligations in the program started on January 1, 2019. We believe the retirements of our Monticello, Big Brown and Sandow 4 plants will enhance our ability to comply with this BART rule for SO 2 . For NO X , the rule adopts the CSAPR's ozone program as BART and for particulate matter, the rule approves Texas's SIP that determines that no electricity generation units are subject to BART for particulate matter. Various parties filed a petition challenging the rule in the Fifth Circuit Court as well as a petition for reconsideration filed with the EPA. Luminant intervened on behalf of the EPA in the Fifth Circuit Court action. In March 2018, the Fifth Circuit Court abated its proceedings until the EPA concludes the reconsideration process. In August 2018, the EPA issued a proposal to affirm the prior BART final rule and seeking comments on that proposal, which were due in October 2018. In November 2019, the EPA proposed additional revisions to the BART final rule, and we submitted comments on that proposal in January 2020. Affirmative Defenses During Malfunctions In May 2015, the EPA finalized a rule requiring 36 states, including Texas, Illinois and Ohio, to remove or replace either EPA-approved exemptions or affirmative defense provisions for excess emissions during upset events and unplanned maintenance and startup and shutdown events, referred to as the SIP Call. Various parties (including Luminant, the State of Texas and the State of Ohio) filed petitions for review of the EPA's final rule, and all of those petitions were consolidated in the D.C. Circuit Court. In April 2017, the D.C. Circuit Court ordered the case to be held in abeyance. In April 2019, the EPA Region 6 proposed a rule to withdraw the SIP Call with respect to the Texas affirmative defense provisions. We submitted comments on that proposed rulemaking in June 2019. In January 2020, the EPA took final action to withdraw the Texas SIP Call. Illinois Multi-Pollutant Standards (MPS) In August 2019, changes proposed by the Illinois Pollution Control Board to the Illinois multi-pollutant standard rule (MPS rule), which places NOx, SO 2 and mercury emissions limits on our coal plants located in MISO went into effect. Under the revised MPS rule, our allowable SO 2 and NOx emissions from the MISO fleet are 48% and 42% lower, respectively, than prior to the rule changes. The revised MPS rule requires the continuous operation of existing selective catalytic reduction (SCR) control systems during the ozone season, requires SCR-controlled units to meet an ozone season NOx emission rate limit, and set an additional, site-specific annual SO 2 limit for our Joppa Power Station. Additionally, in 2019, the Company retired its Havana, Hennepin, Coffeen and Duck Creek plants in order to comply with the MPS rule's requirement to retire at least 2,000 MW of the company's generation in MISO. See Note 4 for information regarding the retirement of the four plants. SO 2 Designations for Texas In November 2016, the EPA finalized its nonattainment designations for counties surrounding our Big Brown, Monticello and Martin Lake generation plants. The final designations require Texas to develop nonattainment plans for these areas. In February 2017, the State of Texas and Luminant filed challenges to the nonattainment designations in the Fifth Circuit Court. Subsequently, in October 2017, the Fifth Circuit Court granted the EPA's motion to hold the case in abeyance considering the EPA's representation that it intended to revisit the nonattainment rule. In December 2017, the TCEQ submitted a petition for reconsideration to the EPA. In August 2019, the EPA issued a proposed Error Correction Rule for all three areas, which, if finalized, would revise its previous nonattainment designations and each area at issue would be designated unclassifiable. In September 2019, we submitted comments in support of the proposed Error Correction Rule. Effluent Limitation Guidelines (ELGs) In November 2015, the EPA revised the ELGs for steam electricity generation facilities, which will impose more stringent standards (as individual permits are renewed) for wastewater streams, such as flue gas desulfurization (FGD), fly ash, bottom ash and flue gas mercury control wastewaters. Various parties filed petitions for review of the ELG rule, and the petitions were consolidated in the Fifth Circuit Court. In April 2017, the EPA granted petitions requesting reconsideration of the ELG rule and administratively stayed the rule's compliance date deadlines. In August 2017, the EPA announced that its reconsideration of the ELG rule would be limited to a review of the effluent limitations applicable to FGD and bottom ash wastewaters and the agency subsequently postponed the earliest compliance dates in the ELG rule for the application of effluent limitations for FGD and bottom ash wastewaters from November 1, 2018 to November 1, 2020. Based on these administrative developments, the Fifth Circuit Court agreed to sever and hold in abeyance challenges to effluent limitations. The remainder of the case proceeded, and in April 2019 the Fifth Circuit Court vacated and remanded portions of the EPA's ELG rule pertaining to effluent limitations for legacy wastewater and leachate. In November 2019, the EPA issued a proposal that would extend the compliance deadline for FGD wastewater to no later than December 31, 2025 and maintains the December 31, 2023 compliance date for bottom ash transport water. The proposal also creates new sub-categories of facilities with more flexible FGD compliance options, including a retirement exemption to 2028 and a low utilization boiler exemption. The proposed rule also modified some of the FGD final effluent limitations. We filed comments on the proposal in January 2020. Given the EPA's decision to reconsider the FGD and bottom ash wastewater provisions of the ELG rule, the rule postponing the ELG rule's earliest compliance dates for those provisions, the uncertainty stemming from the vacatur of the effluent limitations for legacy wastewater and leachate, and the intertwined relationship of the ELG rule with the Coal Combustion Residuals rule discussed below, which is also being reconsidered by the EPA, as well as pending legal challenges concerning both rules, substantial uncertainty exists regarding our projected capital expenditures for ELG compliance, including the timing of such expenditures. CAA Matters Zimmer NOVs — In December 2014, the EPA issued a notice of violation (NOV) alleging violation of opacity standards at the Zimmer facility. The EPA previously had issued NOVs to Zimmer in 2008 and 2010 alleging violations of the CAA, the Ohio State Implementation Plan and the station's air permits including standards applicable to opacity, sulfur dioxide, sulfuric acid mist and heat input. In January 2020, the U.S. Department of Justice filed a complaint and proposed consent decree agreed to by Dynegy Zimmer, LLC in the U.S. District Court for the Southern District of Ohio that would resolve claims alleged in the 2008, 2010 and 2014 NOVs. The court has not yet entered the consent decree as effective. We believe that if the consent decree is entered by the court as proposed, it will not have a material impact on our results of operations, liquidity or financial condition. Edwards CAA Citizen Suit — In April 2013, environmental groups filed a CAA citizen suit in the U.S. District Court for the Central District of Illinois against one of our subsidiaries that owns the Edwards Power Plant alleging violations of opacity and particulate matter limits at our MISO segment's Edwards facility. In August 2016, the district court granted the plaintiffs' motion for summary judgment on certain liability issues. In September 2019, the parties to the lawsuit announced a proposed settlement which was approved by the court in a consent decree in November 2019. The consent decree requires the retirement of the Edwards plant by the end of 2022 and funding for certain projects that benefit Peoria-area communities. See Note 4 for information regarding the retirement of the Edwards plant. Coal Combustion Residuals (CCR)/Groundwater In July 2018, the EPA published a final rule, which became effective in August 2018, that amends certain provisions of the CCR rule that the agency issued in 2015. Among other changes, the 2018 revisions extend closure deadlines to October 31, 2020, related to the aquifer location restriction and groundwater monitoring requirements. Also, in August 2018, the D.C. Circuit Court issued a decision that vacates and remands certain provisions of the 2015 CCR rule, including an applicability exemption for legacy impoundments. The EPA is expected to undertake further revisions to its CCR regulations in response to the D.C. Circuit Court's ruling. In October 2018, the rule that extends certain closure deadlines to 2020 was challenged in the D.C. Circuit Court. In March 2019, the D.C. Circuit Court granted the EPA's request for remand without vacatur. In December 2019, the EPA issued a proposed rule that would revise the closure deadlines for unlined CCR impoundments from October 31, 2020 to August 31, 2020 and establish new procedures for seeking extensions of that revised closure deadline. One of the new proposed extension procedures would require the generation plant electing this option to notify the EPA by May 2020 that it will retire by either 2023 or 2028 depending on the size of the impoundment at issue. If the rule is finalized as proposed, we may decide to avail ourselves of this compliance mechanism for some of our facilities. We filed comments on the proposal in January 2020. MISO — In 2012, the Illinois Environmental Protection Agency (IEPA) issued violation notices alleging violations of groundwater standards onsite at our Baldwin and Vermilion facilities' CCR surface impoundments. These violation notices remain unresolved; however, in 2016, the IEPA approved our closure and post-closure care plans for the Baldwin old east, east, and west fly ash CCR surface impoundments. We are working towards implementation of those closure plans. At our retired Vermilion facility, which was not subject to the EPA's 2015 CCR rule until the aforementioned D.C. Circuit Court decision in August 2018, we submitted proposed corrective action plans involving closure of two CCR surface impoundments ( i.e. , the old east and the north impoundments) to the IEPA in 2012, and we submitted revised plans in 2014. In May 2017, in response to a request from the IEPA for additional information regarding the closure of these Vermilion surface impoundments, we agreed to perform additional groundwater sampling and closure options and riverbank stabilizing options. In May 2018, Prairie Rivers Network filed a citizen suit in federal court in Illinois against our subsidiary Dynegy Midwest Generation, LLC (DMG), alleging violations of the Clean Water Act for alleged unauthorized discharges. In August 2018, we filed a motion to dismiss the lawsuit. In November 2018, the district court granted our motion to dismiss and judgment was entered in our favor. Plaintiffs have appealed the judgment to the U.S. Court of Appeals for the Seventh Circuit. That appeal is now stayed. In April 2019, PRN also filed a complaint against DMG before the IPCB, alleging that groundwater flows allegedly associated with the ash impoundments at the Vermilion site have resulted in exceedances both of surface water standards and Illinois groundwater standards dating back to 1992. This matter is in the very early stages. In 2012, the IEPA issued violation notices alleging violations of groundwater standards at the Newton and Coffeen facilities' CCR surface impoundments. We are addressing these CCR surface impoundments in accordance with the federal CCR rule. In June 2018, the IEPA issued a violation notice for alleged seep discharges claimed to be coming from the surface impoundments at our retired Vermilion facility and that notice has since been referred to the Illinois Attorney General. In December 2018, the Sierra Club filed a complaint with the IPCB alleging the disposal and storage of coal ash at the Coffeen, Edwards, and Joppa generation facilities are causing exceedances of the applicable groundwater standards. In July 2019, coal ash disposal and storage legislation in Illinois was enacted. The legislation addresses state requirements for the proper closure of coal ash ponds in the state of Illinois. The law tasks the IEPA and the IPCB to set up a series of guidelines, rules and permit requirements for closure of ash ponds. We anticipate IEPA's proposed rule will be issued in March 2020 and expect the rulemaking process should be completed by early 2021. Under the new law, coal ash impoundment owners would be required to submit a closure alternative analysis to the IEPA for the selection of the best method for coal ash remediation at a particular site. The law does not mandate closure by removal at any site. For all of the above matters, if certain corrective action measures, including groundwater treatment or removal of ash, are necessary at any of our coal-fueled facilities, we may incur significant costs that could have a material adverse effect on our financial condition, results of operations, and cash flows. At this time, in part because of the revisions to the CCR rule that the EPA published in July 2018, the D.C. Circuit Court's vacatur and remand of certain provisions of the EPA's 2015 CCR rule and the Illinois coal ash rulemaking, we cannot reasonably estimate the costs, or range of costs, of groundwater remediation, if any, that ultimately may be required. The currently anticipated CCR surface impoundment and landfill closure costs, as contained in our AROs, reflect the costs of closure methods that our operations and environmental services teams believe are appropriate and protective of the environment for each location. MISO 2015-2016 Planning Resource Auction In May 2015, three complaints were filed at FERC regarding the Zone 4 results for the 2015-2016 planning resource auction (PRA) conducted by MISO. Dynegy is a named party in one of the complaints. The complainants, Public Citizen, Inc., the Illinois Attorney General and Southwestern Electric Cooperative, Inc. (Complainants), challenged the results of the PRA as unjust and unreasonable, requested rate relief/refunds, and requested changes to the MISO planning resource auction structure going forward. Complainants also alleged that Dynegy may have engaged in economic or physical withholding in Zone 4 constituting market manipulation in the PRA. The Independent Market Monitor for MISO (MISO IMM), which was responsible for monitoring the PRA, determined that all offers were competitive and that no physical or economic withholding occurred. The MISO IMM also stated, in a filing responding to the complaints, that there is no basis for the remedies sought by the Complainants. We filed our answer to these complaints explaining that we complied fully with the terms of the MISO tariff in connection with the PRA and disputing the allegations. The Illinois Industrial Energy Consumers filed a related complaint at FERC against MISO in June 2015 requesting prospective changes to the MISO tariff. Dynegy also responded to this complaint with respect to Dynegy's conduct alleged in the complaint. In October 2015, FERC issued an order of nonpublic, formal investigation (the investigation) into whether market manipulation or other potential violations of FERC orders, rules and regulations occurred before or during the PRA. In December 2015, FERC issued an order on the complaints requiring a number of prospective changes to the MISO tariff provisions effective as of the 2016-2017 planning resource auction. The order did not address the arguments of the Complainants regarding the PRA and stated that those issues remained under consideration and would be addressed in a future order. In July 2019, FERC issued an order denying the remaining issues raised by the complaints and noted that the investigation into Dynegy was closed. FERC found that Dynegy's conduct did not constitute market manipulation and the results of the PRA were just and reasonable because the PRA was conducted in accordance with MISO's tariff. With the issuance of the order, this matter has been resolved in Dynegy's favor. The order remains subject to rehearing at FERC and appeal. Other Matters We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolutions of which, in the opinion of management, are not anticipated to have a material effect on our results of operations, liquidity or financial condition. Labor Contracts We employ certain personnel who are represented by labor unions, the terms of whose employment are governed by collective bargaining agreements. The terms of all collective bargaining agreements covering represented personnel engaged in lignite mining operations, lignite-, coal- and nuclear-fueled generation operations and some of our natural gas-fueled generation operations expire on various dates between June 2020 and November 2023, but remain effective thereafter unless and until terminated by either party. While we cannot predict the outcome of labor contract negotiations, we do not expect any changes in collective bargaining agreements to have a material adverse effect on our results of operations, liquidity or financial condition. Nuclear Insurance Nuclear insurance includes nuclear liability coverage, property damage, decontamination and accidental premature decommissioning coverage and accidental outage and/or extra expense coverage. We maintain nuclear insurance that meets or exceeds requirements promulgated by Section 170 (Price-Anderson) of the Atomic Energy Act (the Act) and Title 10 of the Code of Federal Regulations. We intend to maintain insurance against nuclear risks as long as such insurance is available. We are self-insured to the extent that losses (i) are within the policy deductibles, (ii) are not covered per policy exclusions, terms and limitations, (iii) exceed the amount of insurance maintained, or (iv) are not covered due to lack of insurance availability. Any such self-insured losses could have a material adverse effect on our results of operations, liquidity or financial condition. With regard to liability coverage, the Act provides for financial protection for the public in the event of a significant nuclear generation plant incident. The Act sets the statutory limit of public liability for a single nuclear incident at $13.5 billion and requires nuclear generation plant operators to provide financial protection for this amount. However, the United States Congress could impose revenue-raising measures on the nuclear industry to pay claims that exceed the $13.5 billion limit for a single incident. As required, we insure against a possible nuclear incident at our Comanche Peak facility resulting in public nuclear-related bodily injury and property damage through a combination of private insurance and an industry-wide retrospective payment plan known as Secondary Financial Protection (SFP). Under the SFP, in the event of any single nuclear liability loss in excess of $450 million at any nuclear generation facility in the United States, each operating licensed reactor in the United States is subject to an annual assessment of up to $137.6 million. This approximately $137.6 million maximum assessment is subject to increases for inflation every five years, with the next expected adjustment scheduled to occur in September 2023. Assessments are currently limited to $20.5 million per operating licensed reactor per year per incident. As of December 31, 2019, our maximum potential assessment under the industry retrospective plan would be approximately $275 million per incident but no more than $41 million in any one year for each incident. The potential assessment is triggered by a nuclear liability loss in excess of $450 million per accident at any nuclear facility. The United States Nuclear Regulatory Commission (NRC) requires that nuclear generation plant license holders maintain at least $1.06 billion of nuclear decontamination and property damage insurance, and requires that the proceeds thereof be used to place a plant in a safe and stable condition, to decontaminate a plant pursuant to a plan submitted to, and approved by, the NRC prior to using the proceeds for plant repair or restoration, or to provide for premature decommissioning. We maintain nuclear decontamination and property damage insurance for our Comanche Peak facility in the amount of $2.25 billion and non-nuclear related property damage in the amount of $1.5 billion (subject to a $5 million deductible per accident except for natural hazards which are subject to a $9.5 million deductible per accident), above which we are self-insured. We also maintain Accidental Outage insurance to cover the additional costs of obtaining replacement electricity from another source if one or both of the units at our Comanche Peak facility are out of service for more than twelve weeks as a result of covered direct physical damage. Such coverage provides for weekly payments per unit up to $4.5 million for the first 52 weeks and up to $3.6 million for the remaining 71 weeks. The total maximum coverage is $328 million for non-nuclear property damage and $490 million for nuclear property damage. The coverage amounts applicable to each unit will be reduced to 80% if both units are out of service at the same time as a result of the same accident. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY Equity Issuances and Repurchases Changes in the number of shares of common stock issued and outstanding for the years ended December 31, 2019, 2018 and 2017 are reflected in the table below. Shares Treasury Shares Outstanding Balance at December 31, 2016 427,580,232 — 427,580,232 Shares issued (a) 818,570 — 818,570 Balance at December 31, 2017 428,398,802 — 428,398,802 Shares issued (a) (b) 97,639,105 — 97,639,105 Shares retired (6,815) — (6,815) Shares repurchased — (32,815,783) (32,815,783) Balance at December 31, 2018 526,031,092 (32,815,783) 493,215,309 Shares issued (a) (c) 2,716,349 18,773,958 21,490,307 Shares retired (6,106) — (6,106) Shares repurchased — (27,001,399) (27,001,399) Balance at December 31, 2019 528,741,335 (41,043,224) 487,698,111 ____________ (a) Shares issued includes share awards granted to nonemployee directors. (b) The year ended December 31, 2018 includes 94,409,573 shares issued in connection with the Merger (see Note 2). (c) The year ended December 31, 2019 includes 18,773,958 treasury shares issued in connection with the settlement of all outstanding TEUs as discussed below. Share Repurchase Program In June 2018, we announced that the Board had authorized a share repurchase program under which up to $500 million of our outstanding common stock may be purchased. Repurchases under this program were completed in October 2018. In November 2018, we announced that the Board had authorized an incremental share repurchase program (Program) under which up to $1.250 billion of our outstanding stock may be purchased, resulting in an aggregate $1.750 billion share repurchase program. At December 31, 2019, $332 million was available for additional repurchases under the Program. Shares of common stock repurchased under the program for the years ended December 31, 2019 and 2018 are reflected in the table below. $500 Million Board Authorization $1.250 Billion Board Authorization Total Number of Shares Repurchased Average Price Paid Share Amount Paid for Shares Repurchased Total Number of Shares Repurchased Average Price Paid Share Amount Paid for Shares Repurchased Year Ended December 31, 2018 21,421,925 $ 23.36 $ 500 12,073,091 $ 22.99 $ 278 Year Ended December 31, 2019 — — — 26,322,166 24.34 640 Totals 21,421,925 $ 23.36 $ 500 38,395,257 $ 23.92 $ 918 Shares of the Company's common stock may be repurchased in open market transactions at prevailing market prices, in privately negotiated transactions, pursuant to plans complying with the Exchange Act, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the Program or otherwise will be determined at our discretion and will depend on a number of factors, including our capital allocation priorities, the market price of our stock, general market and economic conditions, applicable legal requirements and compliance with the terms of our debt agreements and the Tax Matters Agreement. Dividends In November 2018, Vistra Energy announced the Board had adopted a dividend program which we initiated in the first quarter of 2019. Each dividend under the program will be subject to declaration by the Board and, thus, may be subject to numerous factors in existence at the time of any such declaration including, but not limited to, prevailing market conditions, Vistra Energy's results of operations, financial condition and liquidity, Delaware law and any contractual limitations. In February 2019, May 2019, July 2019 and October 2019, the Board declared quarterly dividends of $0.125 per share that were paid in March 2019, June 2019, September 2019 and December 2019, respectively. In February 2020, the Board declared a quarterly dividend of $0.135 per share that will be paid in March 2020. Vistra Energy did not declare or pay any dividends during the year ended December 31, 2018. Dividend Restrictions The Credit Facilities Agreement generally restricts the ability of Vistra Operations to make distributions to any direct or indirect parent unless such distributions are expressly permitted thereunder. As of December 31, 2019, Vistra Operations can distribute approximately $6.0 billion to Parent under the Credit Facilities Agreement without the consent of any party. The amount that can be distributed by Vistra Operations to Parent was partially reduced by distributions made by Vistra Operations to Parent of approximately $3.9 billion, $4.7 billion and $1.1 billion during the years ended December 31, 2019, 2018 and 2017, respectively. Additionally, Vistra Operations may make distributions to Parent in amounts sufficient for Parent to make any payments required under the TRA or the Tax Matters Agreement or, to the extent arising out of Parent's ownership or operation of Vistra Operations, to pay any taxes or general operating or corporate overhead expenses. As of December 31, 2019, the maximum amount of restricted net assets of Vistra Operations that may not be distributed to Parent totaled approximately $2.1 billion. Under applicable Delaware General Corporate Law, we are prohibited from paying any distribution to the extent that such distribution exceeds the value of our "surplus," which is defined as the excess of our net assets above our capital (the aggregate par value of all outstanding shares of our stock). Accumulated Other Comprehensive Income During the years ended December 31, 2019, 2018 and 2017, we recorded changes in the funded status of our pension and other postretirement employee benefit liability totaling $11 million, $9 million and $(23) million, respectively. During the years ended December 31, 2019 and 2018, $(3) million and $(3) million was reclassified from accumulated other comprehensive income and reported in other deductions. During the year ended December 31, 2017, no amounts were reclassified from accumulated other comprehensive income. Warrants At the Merger Date, the Company entered into an agreement whereby holders of each outstanding warrant previously issued by Dynegy will be entitled to receive, upon exercise, the equity securities to which the holder would have been entitled to receive of Dynegy common stock converted into shares of Vistra Energy common stock at the Exchange Ratio. As of December 31, 2019, nine million warrants expiring in 2024 with an exercise price of $35.00 (subject to adjustment from time-to-time) were outstanding, each of which can be redeemed for 0.652 share of Vistra Energy common stock. The warrants are recorded as equity in our consolidated balance sheets. Tangible Equity Units (TEUs) At the Merger Date, the Company assumed the obligations of Dynegy's 4,600,000 7.00% TEUs, each with a stated amount of $100.00 and each comprised of (i) a prepaid stock purchase contract that delivered to the holder on July 1, 2019, 4.0813 shares of Vistra Energy common stock per contract with cash paid in lieu of any fractional shares at a rate of $22.5954 per share and (ii) a senior amortizing note with an outstanding principal amount of $38 million at the Merger Date that paid an equal quarterly cash installment of $1.75 per amortizing note (see Note 11). In the aggregate, the annual quarterly cash installments were equivalent to a 7.00% cash payment per year with respect to each $100.00 stated amount of TEUs. The amortizing notes were accounted for as debt while the stock purchase contract was included in equity based on the fair value of the contract at the Merger Date. The entire class of TEUs were suspended from trading on the New York Stock Exchange on July 1, 2019 and removed from listing and registration on July 12, 2019. On July 1, 2019, approximately 18.8 million treasury shares of Vistra Energy common stock were issued in connection with the settlement of all outstanding TEUs. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We utilize several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those items that are measured on a recurring basis. We use a mid-market valuation convention (the mid-point price between bid and ask prices) as a practical expedient to measure fair value for the majority of our assets and liabilities and use valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Our valuation policies and procedures were developed, maintained and validated by a centralized risk management group that reports to the Vistra Energy Chief Financial Officer. Fair value measurements of derivative assets and liabilities incorporate an adjustment for credit-related nonperformance risk. These nonperformance risk adjustments take into consideration master netting arrangements, credit enhancements and the credit risks associated with our credit standing and the credit standing of our counterparties (see Note 16 for additional information regarding credit risk associated with our derivatives). We utilize credit ratings and default rate factors in calculating these fair value measurement adjustments. We categorize our assets and liabilities recorded at fair value based upon the following fair value hierarchy: • Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Our Level 1 assets and liabilities include CME or ICE (electronic commodity derivative exchanges) futures and options transacted through clearing brokers for which prices are actively quoted. We report the fair value of CME and ICE transactions without taking into consideration margin deposits, with the exception of certain margin amounts related to changes in fair value on certain CME transactions that, beginning in January 2017, are legally characterized as settlement of derivative contracts rather than collateral. • Level 2 valuations utilize over-the-counter broker quotes, quoted prices for similar assets or liabilities that are corroborated by correlations or other mathematical means, and other valuation inputs such as interest rates and yield curves observable at commonly quoted intervals. We attempt to obtain multiple quotes from brokers that are active in the markets in which we participate and require at least one quote from two brokers to determine a pricing input as observable. The number of broker quotes received for certain pricing inputs varies depending on the depth of the trading market, each individual broker's publication policy, recent trading volume trends and various other factors. • Level 3 valuations use unobservable inputs for the asset or liability. Unobservable inputs are used to the extent observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. We use the most meaningful information available from the market combined with internally developed valuation methodologies to develop our best estimate of fair value. Significant unobservable inputs used to develop the valuation models include volatility curves, correlation curves, illiquid pricing delivery periods and locations and credit-related nonperformance risk assumptions. These inputs and valuation models are developed and maintained by employees trained and experienced in market operations and fair value measurements and validated by the Company's risk management group. With respect to amounts presented in the following fair value hierarchy tables, the fair value measurement of an asset or liability ( e.g. , a contract) is required to fall in its entirety in one level, based on the lowest level input that is significant to the fair value measurement. Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown below: December 31, 2019 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 1,047 $ 172 $ 239 $ 11 $ 1,469 Interest rate swaps — — — — — Nuclear decommissioning trust – 564 — — — 564 Nuclear decommissioning trust – — 521 — — 521 Sub-total $ 1,611 $ 693 $ 239 $ 11 2,554 Assets measured at net asset value (d): Nuclear decommissioning trust – 366 Total assets $ 2,920 Liabilities: Commodity contracts $ 985 $ 439 $ 313 $ 11 $ 1,748 Interest rate swaps — 177 — — 177 Total liabilities $ 985 $ 616 $ 313 $ 11 $ 1,925 December 31, 2018 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 456 $ 152 $ 153 $ 1 $ 762 Interest rate swaps — 77 — — 77 Nuclear decommissioning trust – 449 — — — 449 Nuclear decommissioning trust – — 443 — — 443 Sub-total $ 905 $ 672 $ 153 $ 1 1,731 Assets measured at net asset value (d): Nuclear decommissioning trust – 278 Total assets $ 2,009 Liabilities: Commodity contracts $ 557 $ 766 $ 288 $ 1 $ 1,612 Interest rate swaps — 34 — — 34 Total liabilities $ 557 $ 800 $ 288 $ 1 $ 1,646 ____________ (a) See table below for description of Level 3 assets and liabilities. (b) Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in our consolidated balance sheets. (c) The nuclear decommissioning trust investment is included in the other investments line in our consolidated balance sheets. See Note 21. (d) The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our consolidated balance sheets. Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. Commodity contracts consist primarily of natural gas, electricity, coal and emissions agreements and include financial instruments entered into for economic hedging purposes as well as physical contracts that have not been designated as normal purchases or sales. Interest rate swaps are used to reduce exposure to interest rate changes by converting floating-rate interest to fixed rates. See Note 16 for further discussion regarding derivative instruments. Nuclear decommissioning trust assets represent securities held for the purpose of funding the future retirement and decommissioning of our nuclear generation facility. These investments include equity, debt and other fixed-income securities consistent with investment rules established by the NRC and the PUCT . The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at December 31, 2019 and 2018: December 31, 2019 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 64 $ (53) $ 11 Valuation Model Hourly price curve shape (c) $ — to $ 115 MWh Illiquid delivery periods for ERCOT hub power prices and heat rates (d) $ 20 to $ 120 MWh Options 38 (188) (150) Option Pricing Model Gas to power correlation (e) 10 % to 100 % Power and gas volatility (e) 5 % to 440 % Financial transmission rights 120 (26) 94 Market Approach (f) Illiquid price differences between settlement points (g) $ (10) to $ 40 MWh Other (h) 17 (46) (29) Total $ 239 $ (313) $ (74) December 31, 2018 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 22 $ (48) $ (26) Valuation Model Hourly price curve shape (c) $ — to $ 110 MWh Illiquid delivery periods for ERCOT hub power prices and heat rates (d) $ 20 to $ 120 MWh Options 31 (192) (161) Option Pricing Model Gas to power correlation (e) 15 % to 95 % Power volatility (e) 5 % to 435 % Financial transmission rights 85 (20) 65 Market Approach (f) Illiquid price differences between settlement points (g) $ (10) to $ 50 MWh Other (h) 15 (28) (13) Total $ 153 $ (288) $ (135) ____________ (a) Electricity purchase and sales contracts include power and heat rate positions in ERCOT, PJM, NYISO, ISO-NE and MISO regions. The forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within are referred to as congestion revenue rights in ERCOT and financial transmission rights in PJM, NYISO, ISO-NE and MISO regions. Options consist of physical electricity options, spread options, swaptions and natural gas options. (b) The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. (c) Primarily based on the historical range of forward average hourly ERCOT North Hub prices. (d) Primarily based on historical forward ERCOT power prices and ERCOT heat rate variability. (e) Primarily based on the historical forward correlation and volatility within ERCOT. (f) While we use the market approach, there is insufficient market data to consider the valuation liquid. (g) Primarily based on the historical price differences between settlement points within ERCOT hubs and load zones. (h) Other includes contracts for natural gas, coal and emissions. There were no transfers between Level 1 and Level 2 of the fair value hierarchy for the years ended December 31, 2019, 2018 and 2017. See the table below for discussion of transfers between Level 2 and Level 3 for the years ended December 31, 2019, 2018 and 2017. The following table presents the changes in fair value of the Level 3 assets and liabilities for the years ended December 31, 2019, 2018 and 2017. Year Ended December 31, 2019 2018 2017 Net asset (liability) balance at beginning of period $ (135) $ (53) $ 83 Total unrealized valuation gains (losses) 8 (363) (136) Purchases, issuances and settlements (a): Purchases 176 146 69 Issuances (81) (41) (22) Settlements (64) 76 (106) Transfers into Level 3 (b) 10 4 4 Transfers out of Level 3 (b) 12 133 71 Net liabilities assumed in connection with the Merger — (37) — Earn-out provision (c) — — (16) Net change (d) 61 (82) (136) Net liability balance at end of period $ (74) $ (135) $ (53) Unrealized valuation losses relating to instruments held at end of period $ (61) $ (174) $ (98) ____________ (a) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received and purchases of Financial Transmission Rights. (b) Includes transfers due to changes in the observability of significant inputs. All Level 3 transfers during the periods presented are in and out of Level 2. For the years ended December 31, 2019, 2018 and 2017, transfers out of Level 3 primarily consist of power and coal derivatives where forward pricing inputs have become observable. (c) Represents initial fair value of the earn-out provision agreed to as part of the Odessa Acquisition. (d) Activity excludes change in fair value in the month positions settle. Substantially all changes in values of commodity contracts (excluding the net liabilities assumed in connection with the Merger) are reported as operating revenues in our consolidated statements of operations. |
Commodity And Other Derivative
Commodity And Other Derivative Contractual Assets And Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Commodity And Other Derivative Contractual Assets And Liabilities | COMMODITY AND OTHER DERIVATIVE CONTRACTUAL ASSETS AND LIABILITIES Strategic Use of Derivatives We transact in derivative instruments, such as options, swaps, futures and forward contracts, to manage commodity price and interest rate risk. See Note 15 for a discussion of the fair value of derivatives. Commodity Hedging and Trading Activity — We utilize natural gas and electricity derivatives to reduce exposure to changes in electricity prices primarily to hedge future revenues from electricity sales from our generation assets and to hedge future purchased power costs for our retail operations. We also utilize short-term electricity, natural gas, coal and emissions derivative instruments for fuel hedging and other purposes. Counterparties to these transactions include energy companies, financial institutions, electric utilities, independent power producers, oil and gas producers, local distribution companies and energy marketing companies. Unrealized gains and losses arising from changes in the fair value of derivative instruments as well as realized gains and losses upon settlement of the instruments are reported in our consolidated statements of operations in operating revenues and fuel, purchased power costs and delivery fees. Interest Rate Swaps — Interest rate swap agreements are used to reduce exposure to interest rate changes by converting floating-rate interest rates to fixed rates, thereby hedging future interest costs and related cash flows. Unrealized gains and losses arising from changes in the fair value of the swaps as well as realized gains and losses upon settlement of the swaps are reported in our consolidated statements of operations in interest expense and related charges. Financial Statement Effects of Derivatives Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of derivative contractual assets and liabilities as reported in our consolidated balance sheets at December 31, 2019 and 2018. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract. December 31, 2019 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 1,323 $ — $ 10 $ — $ 1,333 Noncurrent assets 136 — — — 136 Current liabilities (1) — (1,510) (18) (1,529) Noncurrent liabilities — — (237) (159) (396) Net assets (liabilities) $ 1,458 $ — $ (1,737) $ (177) $ (456) December 31, 2018 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 707 $ 22 $ 1 $ — $ 730 Noncurrent assets 54 55 — — 109 Current liabilities — — (1,374) (2) (1,376) Noncurrent liabilities — — (238) (32) (270) Net assets (liabilities) $ 761 $ 77 $ (1,611) $ (34) $ (807) At December 31, 2019 and 2018, there were no derivative positions accounted for as cash flow or fair value hedges. The following table presents the pretax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts . Year Ended December 31, Derivative (consolidated statements of operations presentation) 2019 2018 2017 Commodity contracts (Operating revenues) $ 339 $ (855) $ 56 Commodity contracts (Fuel, purchased power costs and delivery fees) (1) 18 6 Interest rate swaps (Interest expense and related charges) (217) (11) 2 Net gain (loss) $ 121 $ (848) $ 64 Balance Sheet Presentation of Derivatives We elect to report derivative assets and liabilities in our consolidated balance sheets on a gross basis without taking into consideration netting arrangements we have with counterparties to those derivatives. We maintain standardized master netting agreements with certain counterparties that allow for the right to offset assets and liabilities and collateral in order to reduce credit exposure between us and the counterparty. These agreements contain specific language related to margin requirements, monthly settlement netting, cross-commodity netting and early termination netting, which is negotiated with the contract counterparty. Generally, margin deposits that contractually offset these derivative instruments are reported separately in our consolidated balance sheets, with the exception of certain margin amounts related to changes in fair value on CME transactions that are legally characterized as settlement of forward exposure rather than collateral. Margin deposits received from counterparties are primarily used for working capital or other general corporate purposes. The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: December 31, 2019 December 31, 2018 Derivative Assets Offsetting Instruments (a) Cash Collateral (Received) Pledged (b) Net Amounts Derivative Assets Offsetting Instruments (a) Cash Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 1,458 $ (1,113) $ — $ 345 $ 761 $ (593) $ (1) $ 167 Interest rate swaps — — — — 77 (26) — 51 Total derivative assets 1,458 (1,113) — 345 838 (619) (1) 218 Derivative liabilities: Commodity contracts (1,737) 1,113 40 (584) (1,611) 593 109 (909) Interest rate swaps (177) — — (177) (34) 26 — (8) Total derivative liabilities (1,914) 1,113 40 (761) (1,645) 619 109 (917) Net amounts $ (456) $ — $ 40 $ (416) $ (807) $ — $ 108 $ (699) ____________ (a) Amounts presented exclude trade accounts receivable and payable related to settled financial instruments. (b) Represents cash amounts received or pledged pursuant to a master netting arrangement, including fair value-based margin requirements. Derivative Volumes The following table presents the gross notional amounts of derivative volumes at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Derivative type Notional Volume Unit of Measure Natural gas (a) 6,160 7,011 Million MMBtu Electricity 428,367 317,572 GWh Financial transmission rights (b) 199,648 172,611 GWh Coal 22 45 Million U.S. tons Fuel oil 33 60 Million gallons Uranium — 50 Thousand pounds Emissions 20 10 Million tons Renewable energy certificates 11 — Million certificates Interest rate swaps – floating/fixed (c) $ 6,720 $ 7,717 Million U.S. dollars Interest rate swaps - fixed/floating (c) $ 2,120 $ — Million U.S. dollars ____________ (a) Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. (b) Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ISOs or RTOs. (c) Includes notional amounts of interest rate swaps with maturity dates through July 2026. See Note 11 for termination of interest rate swaps. Credit Risk-Related Contingent Features of Derivatives Our derivative contracts may contain certain credit risk-related contingent features that could trigger liquidity requirements in the form of cash collateral, letters of credit or some other form of credit enhancement. Certain of these agreements require the posting of collateral if our credit rating is downgraded by one or more credit rating agencies or include cross-default contractual provisions that could result in the settlement of such contracts if there was a failure under other financing arrangements related to payment terms or other covenants. The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully collateralized: December 31, 2019 2018 Fair value of derivative contract liabilities (a) $ (692) $ (856) Offsetting fair value under netting arrangements (b) 167 218 Cash collateral and letters of credit 67 190 Liquidity exposure $ (458) $ (448) ____________ (a) Excludes fair value of contracts that contain contingent features that do not provide specific amounts to be posted if features are triggered, including provisions that generally provide the right to request additional collateral (material adverse change, performance assurance and other clauses). (b) Amounts include the offsetting fair value of in-the-money derivative contracts and net accounts receivable under master netting arrangements. Concentrations of Credit Risk Related to Derivatives We have concentrations of credit risk with the counterparties to our derivative contracts. At December 31, 2019, total credit risk exposure to all counterparties related to derivative contracts totaled $1.621 billion (including associated accounts receivable). The net exposure to those counterparties totaled $403 million at December 31, 2019 after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to a single counterparty totaling $106 million. At December 31, 2019, the credit risk exposure to the banking and financial sector represented 74% of the total credit risk exposure and 40% of the net exposure. Exposure to banking and financial sector counterparties is considered to be within an acceptable level of risk tolerance because all of this exposure is with counterparties with investment grade credit ratings. However, this concentration increases the risk that a default by any of these counterparties would have a material effect on our financial condition, results of operations and liquidity. The transactions with these counterparties contain certain provisions that would require the counterparties to post collateral in the event of a material downgrade in their credit rating. We maintain credit risk policies with regard to our counterparties to minimize overall credit risk. These policies authorize specific risk mitigation tools including, but not limited to, use of standardized master agreements that allow for netting of positive and negative exposures associated with a single counterparty. Credit enhancements such as parent guarantees, letters of credit, surety bonds, liens on assets and margin deposits are also utilized. Prospective material changes in the payment history or financial condition of a counterparty or downgrade of its credit quality result in the reassessment of the credit limit with that counterparty. The process can result in the subsequent reduction of the credit limit or a request for additional financial assurances. An event of default by one or more counterparties could subsequently result in termination-related settlement payments that reduce available liquidity if amounts are owed to the counterparties related to the derivative contracts or delays in receipts of expected settlements if the counterparties owe amounts to us. |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefits (OPEB) Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation and Retirement Benefits Disclosures [Abstract] | |
Pension and Other Postretirement Employee Benefits (OPEB) Plans | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS (OPEB) PLANS Vistra Energy is the plan sponsor of the Vistra Energy Retirement Plan (the Retirement Plan), which provides benefits to eligible employees of its subsidiaries. Oncor is a participant in the Retirement Plan. As Vistra Energy accounts for its interests in the Retirement Plan as a multiple employer plan, only Vistra Energy's share of the plan assets and obligations are reported in the pension benefit information presented below. After amendments in 2012, employees in the Retirement Plan now consist entirely of participants who were active and retired collective bargaining unit employees. The Retirement Plan is a qualified defined benefit pension plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (Code), and is subject to the provisions of ERISA. The Retirement Plan provides benefits to participants under one of two formulas: (i) a Cash Balance Formula under which participants earn monthly contribution credits based on their compensation and a combination of their age and years of service, plus monthly interest credits or (ii) a Traditional Retirement Plan Formula based on years of service and the average earnings of the three years of highest earnings. Under the Cash Balance Formula, future increases in earnings will not apply to prior service costs. It is our policy to fund the Retirement Plan assets only to the extent required under existing federal regulations. Vistra Energy and our participating subsidiaries offer other postretirement employee benefits (OPEB) in the form of certain health care and life insurance benefits to eligible retirees and their eligible dependents. The retiree contributions required for such coverage vary based on a formula depending on the retiree's age and years of service. Prior to the Merger, Dynegy provided pension and OPEB benefits to certain of its employees and retirees. At the Merger Date, Vistra Energy assumed these plans and the excess of the benefit obligations over the fair value of plan assets was recognized as a liability (see Note 2). Benefit obligations assumed totaled $539 million and the fair value of plan assets assumed totaled $459 million, and the net unfunded liability was recorded as $15 million to other noncurrent assets, $2 million to other current liabilities and $93 million to other noncurrent liabilities in the consolidated balance sheets. Effective January 1, 2018, Vistra Energy entered into a contractual arrangement with Oncor whereby the costs associated with providing OPEB coverage for certain retirees (Split Participants) whose employment included service with both the regulated businesses of Oncor (or its predecessors) and the non-regulated businesses of Vistra Energy (or its predecessors) are split between Oncor and Vistra Energy. Prior to January 1, 2018, coverage for Split Participants was provided by the Oncor OPEB plan, with Vistra Energy retaining its portion of the liability for coverage for Split Participants. In addition, Vistra Energy is the sponsor of an OPEB plan that certain EFH Corp. retirees participate in. As Vistra Energy accounts for its interest in these OPEB plans as multiple employer plans, only Vistra Energy's share of the plan assets and obligations are reported in the OPEB information presented below. Pension and OPEB Costs Year Ended December 31, 2019 2018 2017 Pension costs $ 9 $ 14 $ 6 OPEB costs 11 9 6 Total benefit costs recognized as expense $ 20 $ 23 $ 12 Market-Related Value of Assets Held in Postretirement Benefit Trusts We use the calculated value method to determine the market-related value of the assets held in the trust for purposes of calculating pension costs. We include all gains or losses in the market-related value of assets over a rolling four-year period. Each year, 25% of such gains and losses for the current year and for each of the preceding three years is included in the market-related value. Each year, the market-related value of assets is increased for contributions to the plan and investment income and is decreased for benefit payments and expenses for that year. Detailed Information Regarding Pension Benefits The following information is based on a December 31, 2019, 2018 and 2017 measurement dates: Year Ended December 31, 2019 2018 2017 Assumptions Used to Determine Net Periodic Pension Cost: Discount rate (Vistra Energy Plan) 4.37 % 3.74 % 4.31 % Discount rate (Dynegy Plan & EEI Plan) 4.37 % 4.05 % — % Expected return on plan assets (Vistra Energy Plan) 4.80 % 4.56 % 4.86 % Expected return on plan assets (Dynegy Plan) 5.31 % 5.94 % — % Expected return on plan assets (EEI Plan) 5.56 % 4.74 % — % Expected rate of compensation increase (Vistra Energy Plan) 3.35 % 3.62 % 3.50 % Expected rate of compensation increase (Dynegy Plan & EEI Plan) 3.35 % 3.50 % — % Interest crediting rate for cash balance plans (Vistra Energy Plan) 3.50 % 3.50 % 4.00 % Interest crediting rate for cash balance plans (Dynegy Plan & EEI Plan) 3.50 % 4.25 % — % Components of Net Pension Cost: Service cost $ 7 $ 15 $ 5 Interest cost 25 21 6 Expected return on assets (26) (23) (5) Immediate pension cost 3 1 — Net periodic pension cost $ 9 $ 14 $ 6 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net (gain) loss $ 11 $ 14 $ 3 Total recognized in net periodic benefit cost and other comprehensive income $ 20 $ 28 $ 9 Assumptions Used to Determine Benefit Obligations: Discount rate (Vistra Plan) 3.24 % 4.37 % 3.74 % Expected rate of compensation increase (Vistra Plan) 3.29 % 3.35 % 3.62 % Discount rate (Dynegy Plan) 3.24 % 4.37 % — % Expected rate of compensation increase (Dynegy Plan) 3.29 % 3.35 % — % Interest crediting rate for cash balance plans (Vistra Energy Plan) 3.50 % 3.50 % 3.50 % Interest crediting rate for cash balance plans (Dynegy Plan & EEI) 3.50 % 3.50 % — % For the year ended December 31, 2019, the net actuarial loss of $16 million was driven by losses attributable to decreasing discount rates due to changes in the corporate bond markets, actuarial assumption updates to reflect current market conditions, annuity purchases, plan amendments and plan experience different than expected, partially offset by gains attributable to actual asset performance exceeding expectations and life expectancy updates. For the year ended December 31, 2018, the net actuarial loss of $14 million was driven by losses attributable to actual asset performance falling short of expectations and plan experience different than expected, partially offset by gains attributable to increasing discount rates due to changes in the corporate bond markets, economic assumption updates to reflect current market conditions and life expectancy projection updates. For the year ended December 31, 2017, the net actuarial loss of $3 million was driven by losses attributable to decreasing discount rates due to changes in the corporate bond markets and demographic assumption updates to reflect current expectations, partially offset by gains attributable to actual asset performance exceeding expectations, economic assumption updates to reflect current market conditions, life expectancy projection updates and plan experience different than expected. Year Ended December 31, 2019 2018 Change in Pension Obligation: Projected benefit obligation at beginning of period $ 615 $ 163 Acquisitions — 502 Service cost 7 15 Interest cost 25 21 Settlement — (28) Curtailment (2) — Annuity purchase (18) — Actuarial (gain) loss 93 (34) Benefits paid (46) (24) Projected benefit obligation at end of year $ 674 $ 615 Accumulated benefit obligation at end of year $ 669 $ 611 Change in Plan Assets: Fair value of assets at beginning of period $ 490 $ 128 Acquisitions — 428 Employer contributions — 12 Settlement — (28) Annuity purchase (18) — Actual gain (loss) on assets 102 (26) Benefits paid (46) (24) Fair value of assets at end of year $ 528 $ 490 Funded Status: Projected pension benefit obligation $ (674) $ (615) Fair value of assets 528 490 Funded status at end of year $ (146) $ (125) Amounts Recognized in the Balance Sheet Consist of: Other noncurrent liabilities $ (146) $ (125) Net liability recognized $ (146) $ (125) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net gain (loss) $ (24) $ (13) The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation (ABO) in excess of the fair value of plan assets. December 31, 2019 2018 Pension Plans with PBO and ABO in Excess Of Plan Assets: Projected benefit obligations $ 674 $ 615 Accumulated benefit obligation $ 669 $ 611 Plan assets $ 528 $ 490 Pension Plan Investment Strategy and Asset Allocations Our investment objective for the Retirement Plan is to invest in a suitable mix of assets to meet the future benefit obligations at an acceptable level of risk, while minimizing the volatility of contributions. Fixed income securities held primarily consist of corporate bonds from a diversified range of companies, U.S. Treasuries and agency securities and money market instruments. Equity securities are held to enhance returns by participating in a wide range of investment opportunities. International equity securities are used to further diversify the equity portfolio and may include investments in both developed and emerging markets. The target asset allocation ranges of pension plan investments by asset category are as follows: Target Allocation Ranges Asset Category: Vistra Energy Plan Dynegy Plan EEI Plan Fixed income 65 % - 75% 45 % - 55% 40 % - 50% Global equity securities 16 % - 24% 29 % - 37% 32 % - 41% Real estate 4 % - 8% 8 % - 12% 10 % - 14% Credit strategies 3 % - 7% 6 % - 10% 6 % - 10% Expected Long-Term Rate of Return on Assets Assumption The Retirement Plan strategic asset allocation is determined in conjunction with the plan's advisors and utilizes a comprehensive Asset-Liability modeling approach to evaluate potential long-term outcomes of various investment strategies. The study incorporates long-term rate of return assumptions for each asset class based on historical and future expected asset class returns, current market conditions, rate of inflation, current prospects for economic growth, and taking into account the diversification benefits of investing in multiple asset classes and potential benefits of employing active investment management. Retirement Plan Expected Long-Term Rate of Return Asset Class: Vistra Energy Plan Dynegy Plan EEI Plan Fixed income securities 3.2 % 3.2 % 3.1 % Global equity securities 7.5 % 7.5 % 7.5 % Real estate 5.2 % 5.2 % 5.2 % Credit strategies 5.5 % 5.5 % 5.5 % Weighted average 4.4 % 5.3 % 5.5 % Fair Value Measurement of Pension Plan Assets At December 31, 2019 and 2018, the Retirement Plan assets measured at fair value on a recurring basis consisted of the following: December 31, 2019 2018 Level 1 Level 2 Total Level 1 Level 2 Total Asset Category: Interest-bearing cash $ — $ — $ — $ — $ (6) $ (6) Fixed income securities: Corporate bonds (a) — — — 57 61 118 Government bonds — — — — 25 25 Other (b) — — — — 6 6 Total assets categorized as Level 1 or 2 — — — 57 86 143 Assets measured at net asset value (c): Cash commingled trusts 10 18 Equity securities: Global equities 169 192 Fixed income securities: Corporate bonds (a) 211 137 Government bonds 50 — Other (d) 37 — Real estate 51 — Total assets measured at net asset value 528 347 Total assets $ 528 $ 490 ___________ (a) Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. (b) Other consists primarily of taxable municipal bonds. (c) Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to total Vistra Retirement Plan assets. (d) Consists primarily of high-yield bonds, emerging market debt, and bank loans. Detailed Information Regarding Postretirement Benefits Other Than Pensions The following OPEB information is based on a December 31, 2019 measurement date: Year Ended December 31, 2019 2018 2017 Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate (Vistra Energy Plan) 4.35 % 3.67 % 4.11 % Discount rate (Oncor Plan) — % — % 4.18 % Discount rate (Dynegy Plan) 4.35 % 4.04 % — % Expected return on plan assets (EEI Union) 5.36 % 5.10 % — % Expected return on plan assets (EEI Salaried) 4.70 % 4.47 % — % Components of Net Postretirement Benefit Cost: Service cost $ 2 $ 2 $ 2 Interest cost 6 5 4 Expected return on plan assets (1) (1) — Amortization of unrecognized amounts 3 3 — Immediate postretirement benefit cost 1 — — Net periodic OPEB cost $ 11 $ 9 $ 6 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net (gain) loss and prior service (credit) cost $ — $ (6) $ 26 Total recognized in net periodic benefit cost and other comprehensive income $ 11 $ 3 $ 32 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate (Vistra Energy Plan) 3.25 % 4.35 % 3.67 % Discount rate (Split-Participant Plan) 3.25 % 4.35 % 3.67 % Discount rate (Dynegy Plan) 3.25 % 4.35 % — % Expected return on plan assets (EEI Union) 7.07 % 5.36 % — % Expected return on plan assets (EEI Salaried) 3.43 % 4.70 % — % For the year ended December 31, 2019, the net actuarial loss of $5 million was driven by losses attributable to decreasing discount rates due to changes in the corporate bond markets and plan experience different than expected, partially offset by gains attributable to actual asset performance exceeding expectations, life expectancy changes, updates to health care related assumptions and changes due to the repeal of certain Affordable Care Act fees. For the year ended December 31, 2018, the net actuarial loss of $7 million was driven by gains attributable to increasing discount rates due to changes in the corporate bond markets, life expectancy projection updates and updates to health care related assumptions, partially offset by losses attributable to actual asset performance falling short of expectations and plan experience different than expected. For the period ended December 31, 2017, the net actuarial loss of $15 million was driven by losses attributable to decreasing discount rates due to changes in the corporate bond markets, demographic assumption updates to reflect current expectations and updates to health care related assumptions, partially offset by gains attributable to life expectancy projection updates and plan experience different than expected. Year Ended December 31, 2019 2018 Change in Postretirement Benefit Obligation: Benefit obligation at beginning of year $ 144 $ 115 Acquisition — 37 Service cost 2 2 Interest cost 6 5 Participant contributions 3 2 Plan amendments (a) — 4 Curtailment (1) — Actuarial (gain) loss 10 (9) Benefits paid (13) (12) Benefit obligation at end of year $ 151 $ 144 Change in Plan Assets: Fair value of assets at beginning of year $ 29 $ — Acquisition — 32 Employer contributions 9 8 Participant contributions 3 2 Benefits paid (13) (12) Actual gain (loss) on assets 6 (1) Fair value of assets at end of year $ 34 $ 29 Funded Status: Benefit obligation $ (151) $ (144) Fair value of assets 34 29 Funded status at end of year $ (117) $ (115) Amounts Recognized on the Balance Sheet Consist of: Other noncurrent assets $ 18 $ 14 Other current liabilities $ (9) $ (8) Other noncurrent liabilities (126) (121) Net liability recognized $ (117) $ (115) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net loss and prior service cost $ 15 $ 15 ___________ (a) For the year ended December 31, 2018, plan amendments relate to changes in Dynegy plans and retiree medical cost structure. The following tables provide information regarding the assumed health care cost trend rates. December 31, 2019 December 31, 2018 Assumed Health Care Cost Trend Rates-Not Medicare Eligible: Health care cost trend rate assumed for next year 6.40 % 6.70 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2029 2026 Assumed Health Care Cost Trend Rates-Medicare Eligible: Health care cost trend rate assumed for next year (Vistra Energy Plan, EEI Union and EEI Salaried) 8.60 % 9.90 % Health care cost trend rate assumed for next year (Oncor Plan) 8.30 % 9.90 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2029 2027 Fair Value Measurement of OPEB Plan Assets At December 31, 2019 and 2018, the Vistra Energy OPEB plan assets measured at fair value on a recurring basis totaled $34 million and $29 million, respectively, and consisted of $26 million and $21 million, respectively, of U.S equities classified as Level 1 and $8 million and $8 million, respectively, of U.S. Treasuries classified as Level 2. Significant Concentrations of Risk The plans' investments are exposed to risks such as interest rate, capital market and credit risks. We seek to optimize return on investment consistent with levels of liquidity and investment risk which are prudent and reasonable, given prevailing capital market conditions and other factors specific to us. While we recognize the importance of return, investments will be diversified in order to minimize the risk of large losses unless, under the circumstances, it is clearly prudent not to do so. There are also various restrictions and guidelines in place including limitations on types of investments allowed and portfolio weightings for certain investment securities to assist in the mitigation of the risk of large losses. Assumed Discount Rate We selected the assumed discount rates using the Aon AA Above Median yield curve, which is based on corporate bond yields and at December 31, 2019 consisted of 361 corporate bonds with an average rating of AA using Moody's, S&P and Fitch ratings. Contributions Contributions to the Retirement Plan for the years ended December 31, 2019, 2018 and 2017 totaled zero, $12 million and zero, respectively, and $26 million in contributions are expected to be made in 2020. OPEB plan funding for the years ended December 31, 2019, 2018 and 2017 totaled $9 million, $8 million and $5 million, respectively, and funding in 2020 is expected to total $9 million. Future Benefit Payments Estimated future benefit payments to beneficiaries are as follows: 2020 2021 2022 2023 2024 2025-29 Pension benefits $ 59 $ 54 $ 42 $ 43 $ 42 $ 199 OPEB $ 10 $ 10 $ 10 $ 10 $ 10 $ 43 Qualified Savings Plans Our employees may participate in a qualified savings plan (the Thrift Plan). This plan is a participant-directed defined contribution plan intended to qualify under Section 401(a) of the Code and is subject to the provisions of ERISA. Under the terms of the Thrift Plan, employees who do not earn more than the IRS threshold compensation limit used to determine highly compensated employees may contribute, through pre-tax salary deferrals and/or after-tax payroll deductions, the lesser of 75% of their regular salary or wages or the maximum amount permitted under applicable law. Employees who earn more than such threshold may contribute from 1% to 20% of their regular salary or wages. Employer matching contributions are also made in an amount equal to 100% (75% for employees covered under the traditional formula in the Retirement Plan) of the first 6% of employee contributions. Employer matching contributions are made in cash and may be allocated by participants to any of the plan's investment options. At the Merger Date, Vistra Energy assumed Dynegy's participant-directed defined contribution plan. In January 2019, this plan was merged into the Thrift Plan. Aggregate employer contributions to the qualified savings plans totaled $27 million, $24 million and $19 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION Vistra Energy 2016 Omnibus Incentive Plan On the Effective Date, the Vistra Energy board of directors (Board) adopted the 2016 Omnibus Incentive Plan (2016 Incentive Plan), under which an aggregate of 22,500,000 shares of our common stock were reserved for issuance as equity-based awards to our non-employee directors, employees, and certain other persons. The Board or any committee duly authorized by the Board will administer the 2016 Incentive Plan and has broad authority under the 2016 Incentive Plan to, among other things: (a) select participants, (b) determine the types of awards that participants are to receive and the number of shares that are to be subject to such awards and (c) establish the terms and conditions of awards, including the price (if any) to be paid for the shares of the award. The types of awards that may be granted under the 2016 Incentive Plan include stock options, RSUs, restricted stock, performance awards and other forms of awards granted or denominated in shares of Vistra Energy common stock, as well as certain cash-based awards. If any stock option or other stock-based award granted under the 2016 Incentive Plan expires, terminates or is canceled for any reason without having been exercised in full, the number of shares of Vistra Energy common stock underlying any unexercised award shall again be available for awards under the 2016 Incentive Plan. If any shares of restricted stock, performance awards or other stock-based awards denominated in shares of Vistra Energy common stock awarded under the 2016 Incentive Plan are forfeited for any reason, the number of forfeited shares shall again be available for purposes of awards under the 2016 Incentive Plan. Any award under the 2016 Incentive Plan settled in cash shall not be counted against the maximum share limitation. As is customary in incentive plans of this nature, each share limit and the number and kind of shares available under the 2016 Incentive Plan and any outstanding awards, as well as the exercise or purchase price of awards, and performance targets under certain types of performance-based awards, are required to be adjusted in the event of certain reorganizations, mergers, combinations, recapitalizations, stock splits, stock dividends or other similar events that change the number or kind of shares outstanding, and extraordinary dividends or distributions of property to the Vistra Energy stockholders. Assumption of Dynegy Stock Compensation Plans At the Merger Date, Dynegy stock options and equity-based awards outstanding immediately prior to the Merger Date were generally automatically converted upon completion of the Merger into stock options and equity-based awards, respectively, with respect to Vistra Energy's common stock, after giving effect to the Exchange Ratio. Instrument Type Dynegy Awards Prior to the Merger Date Vistra Awards Converted at the Merger Date Fair Value of Awards (a) Stock Options 4,096,027 2,670,610 $ 10 Restricted Stock Units 5,718,148 3,056,689 61 Performance Units 1,538,133 938,721 18 Total $ 89 ____________ (a) $26 million was attributable to pre-combination service and considered part of the purchase price (see Note 2). $33 million was recognized immediately as compensation expense due to accelerated vesting as a result of the Merger. $30 million will be amortized as compensation expense over the remaining service period and is recorded in additional paid in capital in the consolidated balance sheet. Stock-Based Compensation Expense Stock-based compensation expense is reported as SG&A in the statement of consolidated net income (loss) as follows: Year Ended December 31, 2019 2018 2017 Total stock-based compensation expense $ 47 $ 73 $ 19 Income tax benefit (9) (15) (7) Stock based-compensation expense, net of tax $ 38 $ 58 $ 12 Stock Options The fair value of each stock option is estimated on the date of grant using a Black-Scholes option-pricing model. The risk-free interest rate used in the option valuation model was based on yields available on the grant dates for U.S. Treasury Strips with maturity consistent with the expected life assumption. The expected term of the option represents the period of time that options granted are expected to be outstanding and is based on the SEC Simplified Method (midpoint of average vesting time and contractual term). Expected volatility is based on an average of the historical, daily volatility of a peer group selected by Vistra Energy over a period consistent with the expected life assumption ending on the grant date. We assumed no dividend yield in the valuation of the options granted from 2016-2018 and assumed a 1.9% dividend yield in the valuation of options granted in 2019. These options may be exercised over either three- or four-year graded vesting periods and will expire 10 years from the grant date. The 2016 Incentive Plan includes an anti-dilutive provision that requires any outstanding option awards to be adjusted for the effect of equity restructurings. In March 2017, the Board declared that the exercise price of each outstanding option be reduced by $2.32, the amount per share of common stock related to a special dividend approved by the Board in December 2016 (see Note 14). Issuance of Merger-related Stock Options — At the Merger Date, we issued 5.2 million stock options to certain members of management, which are subject to performance and service conditions for vesting. The performance condition is based on the Company's achievement of certain merger related targets which were achieved as of December 31, 2019. Compensation cost was recognized in 2018 and 2019 based on graded vesting over 4 and 5 years since the date of issuance because we estimated achievement of the target was likely to occur. Stock options outstanding at December 31, 2019 are all held by current employees. The following table summarizes our stock option activity: Year Ended December 31, 2019 Stock Options Weighted Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Total outstanding at beginning of period 14,499 $ 17.97 7.3 $ 85.1 Granted 2,103 $ 26.32 Exercised (1,467) $ 13.93 Forfeited or expired (1,600) $ 26.20 Total outstanding at end of period 13,535 $ 18.73 7.3 $ 69.3 Exercisable at December 31, 2019 4,601 $ 16.14 6.6 $ 36.6 At December 31, 2019, $37 million of unrecognized compensation cost related to unvested stock options granted under the 2016 Incentive Plan are expected to be recognized over a weighted average period of approximately 3 years. Restricted Stock Units The following table summarizes our restricted stock unit activity: Year Ended December 31, 2019 Restricted Stock Units Weighted Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Total outstanding at beginning of period 3,226 $ 16.77 1.1 $ 73.8 Granted 989 $ 26.43 Exercised (1,480) $ 18.20 Forfeited or expired (197) $ 20.12 Total outstanding at end of period 2,538 $ 20.99 0.8 $ 57.2 Expected to vest 2,485 $ 21.37 0.8 $ 56.1 At December 31, 2019, $32 million of unrecognized compensation cost related to unvested restricted stock units granted under the 2016 Incentive Plan are expected to be recognized over a weighted average period of approximately 2 years. Performance Stock Units In October 2017, we issued Performance Stock Units (PSUs) to certain members of management. As of December 31, 2019, we had not yet established the significant terms of the PSUs relevant to vesting (scorecard, thresholds, and targets) for the entire measurement period; therefore, a grant date for financial accounting purposes had not occurred. In February 2020, the final terms were established and a grant date for financial accounting purposes has occurred. Beginning March 2020, compensation cost will be recognized ratably over the remaining 13-month vesting period. In February 2019 and February 2020 , |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS In connection with Emergence, we entered into agreements with certain of our affiliates and with parties who received shares of common stock and TRA Rights in exchange for their claims. Registration Rights Agreement Pursuant to the Plan of Reorganization, on the Effective Date, we entered into a Registration Rights Agreement (the Registration Rights Agreement) with certain selling stockholders providing for registration of the resale of the Vistra Energy common stock held by such selling stockholders. In December 2016, we filed a Form S-1 registration statement with the SEC to register for resale the shares of Vistra Energy common stock held by certain significant stockholders pursuant to the Registration Rights Agreement, which was declared effective by the SEC in May 2017. The registration statement was amended in March 2018. Pursuant to the Registration Rights Agreement, in June 2018, we filed a post-effective amendment to the Form S-1 registration statement on Form S-3, which was declared effective by the SEC in July 2018. Among other things, under the terms of the Registration Rights Agreement: • if we propose to file certain types of registration statements under the Securities Act with respect to an offering of equity securities, we will be required to use our reasonable best efforts to offer the other parties to the Registration Rights Agreement the opportunity to register all or part of their shares on the terms and conditions set forth in the Registration Rights Agreement; and • the selling stockholders received the right, subject to certain conditions and exceptions, to request that we file registration statements or amend or supplement registration statements, with the SEC for an underwritten offering of all or part of their respective shares of Vistra Energy common stock (a Demand Registration), and the Company is required to cause any such registration statement or amendment or supplement (a) to be filed with the SEC promptly and, in any event, on or before the date that is 45 days, in the case of a registration statement on Form S-1, or 30 days, in the case of a registration statement on Form S-3, after we receive the written request from the relevant selling stockholders to effectuate the Demand Registration (as defined in the Registration Rights Agreement) and (b) to become effective as promptly as reasonably practicable and in any event no later than 120 days after it is initially filed. All expenses of registration under the Registration Rights Agreement, including the legal fees of one counsel retained by or on behalf of the selling stockholders, will be paid by us. Legal fee expenses paid or accrued by Vistra Energy on behalf of the selling stockholders totaled less than $1 million during each of the years ended December 31, 2019, 2018 and 2017. Tax Receivable Agreement On the Effective Date, Vistra Energy entered into the TRA with a transfer agent on behalf of certain former first-lien creditors of TCEH. See Note 8 for discussion of the TRA. Share Repurchase Transaction In November 2018, the disinterested members of the Board considered and approved (in accordance with the Company's corporate governance guidelines) a share repurchase transaction, whereby Apollo Management Holdings L.P. (Apollo) and the Company, in a privately negotiated transaction, agreed for the Company to directly repurchase 5 million shares from Apollo. This purchase was part of Apollo's larger, 17 million share block trade, with the remaining 12 million shares being sold in a separate unregistered Rule 144 secondary block trade to a broker-dealer, who placed all 12 million shares with institutional investors. The Company repurchased the 5 million shares at the same discounted price (discounted from the November 19, 2018 closing price) that the participating broker paid for the 12 million shares it purchased, and the Company did not pay any additional fees to Apollo or the participating broker for the 5 million shares it repurchased. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The operations of Vistra Energy are aligned into six reportable business segments: (i) Retail, (ii) ERCOT, (iii) PJM, (iv) NY/NE, (v) MISO and (vi) Asset Closure. Our chief operating decision maker reviews the results of these segments separately and allocates resources to the respective segments as part of our strategic operations. Operational results for four facilities retired in late 2019 were recast from the MISO segment to the Asset Closure segment (see Note 4). The Retail segment is engaged in retail sales of electricity and natural gas to residential, commercial and industrial customers. Substantially all of these activities are conducted by TXU Energy, Ambit Energy, Value Based Brands, Dynegy Energy Services, Homefield Energy, TriEagle Energy, Public Power and US Gas & Electric across 19 states in the U.S. The ERCOT, PJM, NY/NE (comprising NYISO and ISO-NE) and MISO segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel production and fuel logistics management, all largely within their respective RTO/ISO market. The PJM, NY/NE and MISO segments were established on the Merger Date to reflect markets served by businesses acquired in the Merger. Prior to the Merger, the ERCOT segment was referred to as the Wholesale Generation segment. As discussed in Note 1, the Asset Closure segment was established effective January 1, 2018. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines (see Note 4). Separately reporting the Asset Closure segment provides management with better information related to the performance and earnings power of Vistra Energy's ongoing operations and facilitates management's focus on minimizing the cost associated with decommissioning and reclamation of retired plants and mines. We have not allocated any unrealized gains or losses on the commodity risk management activities to the Asset Closure segment for the generation plants that were retired in 2018 and 2019. Corporate and Other represents the remaining non-segment operations consisting primarily of (i) general corporate expenses, interest, taxes and other expenses related to our support functions that provide shared services to our operating segments and (ii) CAISO operations. Except as noted in Note 1, the accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1. Our chief operating decision maker uses more than one measure to assess segment performance, including segment net income (loss), which is the measure most comparable to consolidated net income (loss) prepared based on U.S. GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at market prices. Certain shared services costs are allocated to the segments. Retail ERCOT PJM NY/NE MISO Asset Closure Corporate and Other (b) Eliminations Consolidated Operating revenues (a): December 31, 2019 $ 6,872 $ 3,993 $ 2,442 $ 1,135 $ 658 $ 341 $ 338 $ (3,970) $ 11,809 December 31, 2018 5,597 2,634 1,725 817 399 371 208 (2,607) 9,144 December 31, 2017 4,058 1,794 — — — 964 — (1,386) 5,430 Depreciation and amortization: December 31, 2019 $ (292) $ (508) $ (537) $ (208) $ (19) $ — $ (76) $ — $ (1,640) December 31, 2018 (318) (416) (413) (152) (9) — (86) — (1,394) December 31, 2017 (430) (229) — — — (1) (40) 1 (699) Operating income (loss): December 31, 2019 $ 155 $ 1,340 $ 412 $ 179 $ 52 $ (107) $ (38) $ — $ 1,993 December 31, 2018 690 (70) 100 70 49 (63) (281) (4) 491 December 31, 2017 461 (118) — — — (68) (78) 1 198 Interest expense and related charges: December 31, 2019 $ (21) $ 8 $ (10) $ (3) $ (4) $ — $ (770) $ 3 $ (797) December 31, 2018 (7) (12) (8) (2) (1) — (613) 71 (572) December 31, 2017 — (21) — — — — (252) 80 (193) Income tax (expense) benefit: December 31, 2019 $ — $ — $ — $ — $ — $ — $ (290) $ — $ (290) December 31, 2018 — — — — — — 45 — 45 December 31, 2017 — 4 — — — — (509) 1 (504) Net income (loss): December 31, 2019 $ 134 $ 1,368 $ 405 $ 188 $ 55 $ (109) $ (1,115) $ — $ 926 December 31, 2018 712 (55) 100 79 48 (62) (876) (2) (56) December 31, 2017 495 (114) — — — (63) (573) 1 (254) Capital expenditures, including nuclear fuel and excluding LTSA prepayments: December 31, 2019 $ 1 $ 299 $ 69 $ 22 $ 25 $ — $ 71 $ — $ 487 December 31, 2018 1 283 41 10 3 — 58 — 396 December 31, 2017 — 150 — — — — 26 — 176 ____________ (a) The following unrealized net gains (losses) from mark-to-market valuations of commodity positions are included in operating revenues: For the year ended Retail ERCOT PJM NY/NE MISO Asset Closure Corporate and Other Eliminations (1) Consolidated December 31, 2019 $ 8 $ 575 $ 237 $ 102 $ 24 $ — $ 41 $ (305) $ 682 December 31, 2018 (12) (483) (50) (40) 3 — (15) 217 (380) December 31, 2017 18 (305) — — — — — 154 (133) ____________ (1) Amounts offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (b) Other includes CAISO operations. Income tax expense is not reflected in net income of the segments but is reflected entirely in Corporate and Other net income. As of Retail ERCOT PJM NY/NE MISO Asset Closure Corporate and Other and Eliminations Consolidated Total assets: December 31, 2019 $ 10,399 $ 10,425 $ 5,941 $ 3,060 $ 47 $ 345 $ (3,601) $ 26,616 December 31, 2018 7,699 9,347 7,188 2,722 544 546 (2,022) 26,024 |
Supplementary Financial Informa
Supplementary Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |
Supplementary Financial Information | SUPPLEMENTARY FINANCIAL INFORMATION Interest Expense Year Ended December 31, 2019 2018 2017 Interest paid/accrued $ 576 $ 537 $ 213 Unrealized mark-to-market net (gains) losses on interest rate swaps 220 5 (29) Amortization of debt issuance costs, discounts and premiums 9 — 4 Debt extinguishment (gain) loss (21) 27 — Capitalized interest (12) (12) (7) Other 25 15 12 Total interest expense and related charges $ 797 $ 572 $ 193 The weighted average interest rate applicable to the Vistra Operations Credit Facilities, taking into account the interest rate swaps discussed in Note 11, was 4.03%, 4.24% and 4.38% at December 31, 2019, 2018 and 2017, respectively. Other Income and Deductions Year Ended December 31, 2019 2018 2017 Other income: Office space sublease rental income (a) $ — $ 8 $ 11 Sale of land (b) — 3 4 Funds released from escrow to settle pre-petition claims of our predecessor 9 — — Insurance settlement (b) 22 16 — Interest income 10 18 15 All other 15 2 7 Total other income $ 56 $ 47 $ 37 Other deductions: Write-off of generation equipment (b) — — 2 Curtailment expense (Note 4) (c) 3 — — All other 12 5 3 Total other deductions $ 15 $ 5 $ 5 ____________ (a) Reported in Corporate and Other non-segment. Beginning January 1, 2019, our sublease rental income related to real estate leases is reported in SG&A expenses in the consolidated statements of operations. (b) Reported in ERCOT segment. (c) Reported in Asset Closure segment. Restricted Cash December 31, 2019 December 31, 2018 Current Noncurrent Assets Current Noncurrent Assets Amounts related to remediation escrow accounts $ 15 $ 28 $ — $ — Amounts related to restructuring escrow accounts 43 — 57 — Amounts related to Ambit customer deposits 19 — — — Amounts related to Ambit commodity trading agreement 62 — — — Amounts related to Ambit letters of credit (Note 11) 8 — — — Total restricted cash $ 147 $ 28 $ 57 $ — Remediation Escrow — During the year ended December 31, 2019, Vistra Energy transferred asset retirement obligations related to several closed plant sites to a third-party remediation company. As part of the transfers, Vistra Energy funded approximately $43 million into escrow accounts, and the funds are released to the remediation company as milestones are reached in the remediation process. Amounts contractually payable to the third party in exchange for assuming the obligations are included in other current liabilities and other noncurrent liabilities and deferred credits. Pre-Petition Claims — On the Effective Date, the TCEH Debtors (together with the Contributed EFH Debtors) emerged from the Chapter 11 Cases and discharged approximately $33.8 billion in liabilities subject to compromise. Initial distributions related to the allowed claims asserted against the TCEH Debtors and the Contributed EFH Debtors commenced subsequent to the Effective Date. As of December 31, 2019, the TCEH Debtors held approximately $43 million in escrow to (1) distribute to holders of contingent and/or disputed unsecured claims that become allowed and/or (2) make further distributions to holders of previously allowed unsecured claims, if applicable. In December 2019, the Bankruptcy court entered an order, Docket No. 13982, sustaining the TCEH Debtors' objection to and liquidating the manifested and unmanifested asbestos claims. As of this filing, the TCEH Debtors believe they have resolved the remaining contingent and/or disputed unsecured claims, and are undertaking the necessary steps to modify the claims register accordingly and make a final distribution from the escrow to holders of allowed claims in the near term. The claims that remained unresolved as of December 31, 2019 and the related escrow balance are recorded in Vistra Energy's consolidated balance sheet as other current liabilities and current restricted cash, respectively. All non-priority unsecured claims, including asbestos claims arising before the Petition Date, will be satisfied solely from the approximately $43 million in escrow. Trade Accounts Receivable December 31, 2019 2018 Wholesale and retail trade accounts receivable $ 1,401 $ 1,106 Allowance for uncollectible accounts (36) (19) Trade accounts receivable — net (a) $ 1,365 $ 1,087 ____________ (a) At December 31, 2019, includes $175 million of trade accounts receivable related to operations acquired in the Ambit and Crius Transactions. Gross trade accounts receivable at December 31, 2019 and 2018 included unbilled retail revenues of $494 million and $350 million, respectively. Allowance for Uncollectible Accounts Receivable Year Ended December 31, 2019 2018 2017 Allowance for uncollectible accounts receivable at beginning of period $ 19 $ 14 $ 10 Increase for bad debt expense 82 56 43 Decrease for account write-offs (65) (51) (39) Allowance for uncollectible accounts receivable at end of period $ 36 $ 19 $ 14 Inventories by Major Category December 31, 2019 2018 Materials and supplies $ 278 $ 286 Fuel stock 172 115 Natural gas in storage 19 11 Total inventories $ 469 $ 412 Investments December 31, 2019 2018 Nuclear plant decommissioning trust $ 1,451 $ 1,170 Assets related to employee benefit plans (Note 17) 37 31 Land 49 49 Total investments $ 1,537 $ 1,250 Investment in Unconsolidated Subsidiary On the Merger Date, we assumed Dynegy's 50% interest in Northeast Energy, LP (NELP), a joint venture with NextEra Energy, Inc., which indirectly owns the Bellingham NEA facility and the Sayreville facility. At December 31, 2019 and 2018, our investment in NELP totaled $123 million and $129 million, respectively. Our risk of loss related to our equity method investment is limited to our investment balance. Equity earnings related to our investment in NELP totaled $14 million and $17 million for the years ended December 31, 2019 and 2018, respectively, recorded in equity in earnings of unconsolidated investment in our consolidated statements of operations. We received distributions totaling $22 million and $17 million for the years ended December 31, 2019 and 2018, respectively. In December 2019, Dynegy Northeast Generation GP, Inc. and Dynegy Northeast Associates LP, Inc., indirect subsidiaries of Vistra Energy, entered into a transaction agreement with NELP wherein the indirect subsidiaries of Vistra will redeem their ownership interest in the NELP partnership in exchange for 100% ownership interest in New Jersey Energy Associates, the holding company which owns the Sayreville facility. As a result of the agreement, Vistra will indirectly own 100% of the Sayreville facility and will no longer have an ownership interest in the Bellingham NEA facility. The agreement was approved by FERC on February 25, 2020, and the transaction is expected to close on March 2, 2020. Nuclear Decommissioning Trust Investments in a trust that will be used to fund the costs to decommission the Comanche Peak nuclear generation plant are carried at fair value. Decommissioning costs are being recovered from Oncor customers as a delivery fee surcharge over the life of the plant and deposited by Vistra Energy (and prior to the Effective Date, a subsidiary of TCEH) in the trust fund. Income and expense, including gains and losses associated with the trust fund assets and the decommissioning liability, are offset by a corresponding change in a regulatory asset/liability (currently a regulatory liability reported in other noncurrent liabilities and deferred credits) that will ultimately be settled through changes in Oncor's delivery fees rates. If funds recovered from Oncor's customers held in the trust fund are determined to be inadequate to decommission the Comanche Peak nuclear generation plant, Oncor would be required to collect all additional amounts from its customers, with no obligation from Vistra Energy, provided that Vistra Energy complied with PUCT rules and regulations regarding decommissioning trusts. A summary of the fair market value of investments in the fund follows: Year Ended December 31, 2019 2018 Debt securities (a) $ 521 $ 443 Equity securities (b) 930 727 Total $ 1,451 $ 1,170 ____________ (a) The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's. The debt securities are heavily weighted with government and municipal bonds and investment grade corporate bonds. The debt securities had an average coupon rate of 3.42% and 3.69% at December 31, 2019 and 2018, respectively, and an average maturity of 9 years and 8 years at December 31, 2019 and 2018, respectively. (b) The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index for U.S. equity investments and the MSCI EAFE Index for non-U.S. equity investments. Debt securities held at December 31, 2019 mature as follows: $170 million in one to five years, $147 million in five to 10 years and $204 million after 10 years. The following table summarizes proceeds from sales of securities and investments in new securities. Year Ended December 31, 2019 2018 2017 Proceeds from sales of securities $ 431 $ 252 $ 252 Investments in securities $ (453) $ (274) $ (272) Property, Plant and Equipment December 31, 2019 2018 Power generation and structures $ 15,205 $ 14,604 Land 622 642 Office and other equipment 164 182 Total 15,991 15,428 Less accumulated depreciation (2,553) (1,284) Net of accumulated depreciation 13,438 14,144 Finance lease right-of-use assets 59 — Nuclear fuel (net of accumulated amortization of $216 million and $189 million) 197 191 Construction work in progress 220 277 Property, plant and equipment — net $ 13,914 $ 14,612 Depreciation expenses totaled $1.300 billion, $1.024 billion and $236 million for the years ended December 31, 2019, 2018 and 2017, respectively. Our property, plant and equipment consist of our power generation assets, related mining assets, information system hardware, capitalized corporate office lease space and other leasehold improvements. The estimated remaining useful lives range from 1 to 34 years for our property, plant and equipment. Asset Retirement and Mining Reclamation Obligations (ARO) These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, remediation or closure of coal ash basins, and generation plant disposal costs. There is no earnings impact with respect to changes in the nuclear plant decommissioning liability, as all costs are recoverable through the regulatory process as part of delivery fees charged by Oncor. We have also identified conditional AROs for asbestos removal and disposal, which are specific to certain generation assets. However, because the period of remediation is indeterminable no removal liabilities have been recognized. At December 31, 2019, the carrying value of our ARO related to our nuclear generation plant decommissioning totaled $1.320 billion, which is lower than the fair value of the assets contained in the nuclear decommissioning trust. Since the costs to ultimately decommission that plant are recoverable through the regulatory rate making process as part of Oncor's delivery fees, a corresponding regulatory liability has been recorded to our consolidated balance sheet of $131 million in other noncurrent liabilities and deferred credits. The following table summarizes the changes to these obligations, reported as AROs (current and noncurrent liabilities) in our consolidated balance sheets, for the years ended December 31, 2019, 2018 and 2017: Nuclear Plant Decommissioning Mining Land Reclamation Coal Ash and Other Total Liability at December 31, 2016 1,200 375 151 1,726 Additions: Accretion 33 18 8 59 Adjustment for change in estimates (a) — 81 44 125 Incremental reclamation costs (b) — — 62 62 Reductions: Payments — (36) — (36) Liability at December 31, 2017 1,233 438 265 1,936 Additions: Accretion 43 22 28 93 Adjustment for change in estimates — 56 (89) (33) Obligations assumed in the Merger — 2 475 477 Reductions: Payments — (76) (24) (100) Liability at December 31, 2018 1,276 442 655 2,373 Additions: Accretion 44 22 31 97 Adjustment for change in estimates — 16 (1) 15 Adjustment for obligations assumed through acquisitions — — (3) (3) Reductions: Payments — (70) (39) (109) Liability transfers (c) — — (135) (135) Liability at December 31, 2019 1,320 410 508 2,238 Less amounts due currently — (89) (52) (141) Noncurrent liability at December 31, 2019 $ 1,320 $ 321 $ 456 $ 2,097 ____________ (a) Amounts primarily relate to the impacts of accelerating the ARO associated with the retirements of the Sandow 4, Sandow 5, Big Brown and Monticello plants (see Note 4). (b) Amounts primarily relate to liabilities incurred as part of acquiring certain real property through the Alcoa contract settlement (see Note 4). (c) Represents ARO transferred to a third-party for remediation. Any remaining unpaid third-party obligation has been reclassified to other current liabilities and other noncurrent liabilities and deferred credits in our consolidated balance sheets. Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: December 31, 2019 2018 Retirement and other employee benefits $ 295 $ 270 Identifiable intangible liabilities (Note 6) 286 401 Regulatory liability 131 — Finance lease liabilities 78 — Uncertain tax positions, including accrued interest 10 4 Liability for third-party remediation 41 — Other accrued expenses 148 66 Total other noncurrent liabilities and deferred credits $ 989 $ 741 Fair Value of Debt December 31, 2019 December 31, 2018 Long-term debt (see Note 11): Fair Value Hierarchy Carrying Amount Fair Carrying Amount Fair Long-term debt under the Vistra Operations Credit Facilities Level 2 $ 2,715 $ 2,717 $ 5,820 $ 5,599 Vistra Operations Senior Notes Level 2 6,620 6,926 987 963 Vistra Energy Senior Notes Level 2 774 772 3,819 3,765 7.000% Amortizing Notes Level 2 — — 23 24 Forward Capacity Agreements Level 3 155 155 221 221 Equipment Financing Agreements Level 3 87 87 102 102 Mandatorily redeemable subsidiary preferred stock Level 2 — — 70 70 Building Financing Level 2 16 16 23 21 Other debt Level 3 12 12 — — We determine fair value in accordance with accounting standards as discussed in Note 15. We obtain security pricing from an independent party who uses broker quotes and third-party pricing services to determine fair values. Where relevant, these prices are validated through subscription services, such as Bloomberg. Supplemental Cash Flow Information The following table reconciles cash, cash equivalents and restricted cash reported in our consolidated statements of cash flows to the amounts reported in our balance sheets at December 31, 2019 and 2018: December 31, 2019 2018 Cash and cash equivalents $ 300 $ 636 Restricted cash included in current assets 147 57 Restricted cash included in noncurrent assets 28 — Total cash, cash equivalents and restricted cash $ 475 $ 693 The following table summarizes our supplemental cash flow information for the years ended December 31, 2019, 2018 and 2017, respectively. Year Ended December 31, 2019 2018 2017 Cash payments related to: Interest paid $ 525 $ 651 $ 245 Capitalized interest (12) (12) (7) Interest paid (net of capitalized interest) $ 513 $ 639 $ 238 Income taxes paid / (refunds received) (a) $ (76) $ 67 $ 63 Noncash investing and financing activities: Construction expenditures (b) $ 50 $ 79 $ 12 Shares issued for tangible equity unit contracts (Note 14) $ 446 $ — $ — Land transferred with liability transfers $ 16 $ — $ — Vistra Energy common stock issued in the Merger (Notes 2 and 14) $ — $ 2,245 $ — ____________ (a) For the year ended December 31, 2019, we paid state income taxes of $39 million and received federal tax refunds of $115 million. (b) Represents end-of-period accruals for ongoing construction projects. Quarterly Information (Unaudited) Unaudited results of operations by quarter are summarized below. In our opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of such amounts have been made. Quarterly results are not necessarily indicative of a full year's operations because of seasonal and other factors. Quarterly amounts may not add to full year amounts due to rounding. Quarter Ended March 31 June 30 September 30 December 31 2019 (a): Operating revenues $ 2,923 $ 2,832 $ 3,194 $ 2,860 Operating income $ 490 $ 729 $ 440 $ 334 Net income $ 224 $ 354 $ 114 $ 234 Net income attributable to Vistra Energy $ 225 $ 356 $ 113 $ 234 Net income per weighted average share of common stock outstanding — basic $ 0.45 $ 0.71 $ 0.23 $ 0.49 Net income per weighted average share of common stock outstanding — diluted $ 0.44 $ 0.70 $ 0.23 $ 0.49 2018 (b): Operating revenues $ 765 $ 2,574 $ 3,243 $ 2,562 Operating income (loss) $ (394) $ 231 $ 650 $ 4 Net income (loss) $ (306) $ 105 $ 331 $ (186) Net income (loss) attributable to Vistra Energy $ (306) $ 108 $ 330 $ (186) Net income (loss) per weighted average share of common stock outstanding — basic $ (0.71) $ 0.21 $ 0.62 $ (0.35) Net income (loss) per weighted average share of common stock outstanding — diluted $ (0.71) $ 0.20 $ 0.61 $ (0.35) ____________ (a) For the year ended December 31, 2019, reflects the results of operations acquired in the Crius and Ambit Transactions. (b) For the year ended December 31, 2018, reflects the results of operations acquired in the Merger. |
Supplemental Condensed Consolid
Supplemental Condensed Consolidating Financial Information Supplemental Condensed Consolidating Financial Information (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION Our senior unsecured notes are guaranteed by substantially all of our wholly owned subsidiaries. The following condensed consolidating financial statements present the financial information of (i) Vistra Energy Corp. (Parent), which is the ultimate parent company and issuer of the senior notes with effect as of the Merger Date, on a stand-alone, unconsolidated basis, (ii) the guarantor subsidiaries of Vistra Energy (Guarantor Subsidiaries), (iii) the non-guarantor subsidiaries of Vistra Energy (Non-Guarantor Subsidiaries) and (iv) the eliminations necessary to arrive at the information for Vistra Energy on a consolidated basis. The Guarantor Subsidiaries consist of the wholly owned subsidiaries, which jointly, severally, fully and unconditionally, guarantee the payment obligations under the senior notes. See Note 11 for discussion of the senior notes. These statements should be read in conjunction with the consolidated financial statements and notes thereto of Vistra Energy. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements. The inclusion of Vistra Energy's subsidiaries as either Guarantor Subsidiaries or Non-Guarantor Subsidiaries in the condensed consolidating financial information is determined as of the most recent balance sheet date presented. The parent files a consolidated U.S. federal income tax return. All consolidated income tax expense or benefits and deferred tax assets and liabilities have been allocated to the respective subsidiary columns in accordance with the accounting rules that apply to separate financial statements of subsidiaries. In prior years, the Company had presented condensed financial information of the Parent in Schedule I under Item 15; for purposes of that schedule, consolidated income tax expense or benefits was reflected at the Parent. Parent received $3.890 billion, $4.668 billion and $1.505 billion in dividends from its consolidated subsidiaries in the years ended December 31, 2019, 2018 and 2017, respectively. Condensed Consolidating Statements of Operations for the Year Ended December 31, 2019 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues $ — $ 11,572 $ 528 $ (291) $ 11,809 Fuel, purchased power costs and delivery fees — (5,613) (297) 168 (5,742) Operating costs — (1,465) (65) — (1,530) Depreciation and amortization (7) (1,551) (82) — (1,640) Selling, general and administrative expenses (62) (851) (115) 124 (904) Operating income (loss) (69) 2,092 (31) 1 1,993 Other income 12 51 1 (8) 56 Other deductions — (15) — — (15) Interest expense and related charges (88) (689) (27) 7 (797) Impacts of Tax Receivable Agreement (37) — — — (37) Equity in earnings of unconsolidated investment — 16 — — 16 Income (loss) before income taxes (182) 1,455 (57) — 1,216 Income tax (expense) benefit 42 (345) 13 — (290) Equity in earnings (loss) of subsidiaries, net of tax 1,068 (42) — (1,026) — Net income (loss) 928 1,068 (44) (1,026) 926 Net loss attributable to noncontrolling interest — — 2 — 2 Net income (loss) attributable to Vistra Energy $ 928 $ 1,068 $ (42) $ (1,026) $ 928 Condensed Consolidating Statements of Operations for the Year Ended December 31, 2018 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues $ — $ 9,043 $ 174 $ (73) $ 9,144 Fuel, purchased power costs and delivery fees — (4,968) (92) 24 (5,036) Operating costs — (1,255) (42) — (1,297) Depreciation and amortization — (1,337) (57) — (1,394) Selling, general and administrative expenses (266) (660) (49) 49 (926) Operating income (loss) (266) 823 (66) — 491 Other income 9 41 — (3) 47 Other deductions — (6) 1 — (5) Interest expense and related charges (257) (309) (9) 3 (572) Impacts of Tax Receivable Agreement (79) — — — (79) Equity in earnings of unconsolidated investment — 17 — — 17 Income (loss) before income taxes (593) 566 (74) — (101) Income tax (expense) benefit 282 (284) 47 — 45 Equity in earnings (losses) of subsidiaries, net of tax 257 (25) — (232) — Net income (loss) $ (54) $ 257 $ (27) $ (232) $ (56) Net loss attributable to noncontrolling interest — — 2 — 2 Net income (loss) attributable to Vistra Energy $ (54) $ 257 $ (25) $ (232) $ (54) Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues $ — $ 5,430 $ — $ — $ 5,430 Fuel, purchased power costs and delivery fees — (2,935) — — (2,935) Operating costs — (973) — — (973) Depreciation and amortization — (699) — — (699) Selling, general and administrative expenses (47) (553) — — (600) Impairment of long-lived assets — (25) — — (25) Operating income (loss) (47) 245 — — 198 Other income 4 33 — — 37 Other deductions — (5) — — (5) Interest expense and related charges — (193) — — (193) Impacts of Tax Receivable Agreement 213 — — — 213 Income before income taxes 170 80 — — 250 Income tax (expense) benefit 80 (584) — — (504) Equity in earnings (losses) of subsidiaries, net of tax (504) — — 504 — Net income (loss) $ (254) $ (504) $ — $ 504 $ (254) Condensed Consolidating Statements of Comprehensive Income (Loss) for the Year Ended December 31, 2019 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 928 $ 1,068 $ (44) $ (1,026) $ 926 Other comprehensive income (loss), net of tax effects: Effect related to pension and other retirement benefit obligations — (8) — — (8) Total other comprehensive income — (8) — — (8) Comprehensive income (loss) 928 1,060 (44) (1,026) 918 Comprehensive loss attributable to noncontrolling interest — — 2 — 2 Comprehensive income (loss) attributable to Vistra Energy $ 928 $ 1,060 $ (42) $ (1,026) $ 920 Condensed Consolidating Statements of Comprehensive Income (Loss) for the Year Ended December 31, 2018 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (54) $ 257 $ (27) $ (232) $ (56) Other comprehensive income (loss), net of tax effects: Effect related to pension and other retirement benefit obligations — (6) — — (6) Adoption of accounting standard 1 — — — 1 Total other comprehensive income 1 (6) — — (5) Comprehensive income (loss) $ (53) $ 251 $ (27) $ (232) $ (61) Comprehensive loss attributable to noncontrolling interest — — 2 — 2 Comprehensive income (loss) attributable to Vistra Energy $ (53) $ 251 $ (25) $ (232) $ (59) Condensed Consolidating Statements of Comprehensive Income (Loss) for the Year Ended December 31, 2017 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (254) $ (504) $ — $ 504 $ (254) Other comprehensive income (loss), net of tax effects: Effect related to pension and other retirement benefit obligations (23) (29) — 29 (23) Total other comprehensive income (23) (29) — 29 (23) Comprehensive income (loss) $ (277) $ (533) $ — $ 533 $ (277) Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2019 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows — operating activities: Cash provided by (used in) operating activities $ (58) $ 2,702 $ 92 $ — $ 2,736 Cash flows — investing activities: Capital expenditures, including LTSA prepayments (36) (471) (13) — (520) Nuclear fuel purchases — (89) — — (89) Development and growth expenditures — (104) — — (104) Ambit acquisition (net of cash acquired) — (506) — — (506) Crius acquisition (net of cash acquired) — (374) — — (374) Proceeds from sales of nuclear decommissioning trust fund securities — 431 — — 431 Investments in nuclear decommissioning trust fund securities — (453) — — (453) Proceeds from sales of environmental allowances — 197 — — 197 Purchases of environmental allowances — (321) (1) — (322) Dividend received from subsidiaries 3,890 — — (3,890) — Other, net — 23 — — 23 Cash provided by (used in) investing activities 3,854 (1,667) (14) (3,890) (1,717) Cash flows — financing activities: Issuances of long-term debt — 6,507 — — 6,507 Repayments/repurchases of debt (2,903) (4,139) (67) — (7,109) Net borrowings under accounts receivable securitization program — — 111 — 111 Borrowings under Revolving Credit Facility — 650 — — 650 Repayments under Revolving Credit Facility — (300) — — (300) Debt tender offer and other financing fees (123) (80) — — (203) Stock repurchase (656) — — — (656) Cash dividends paid (243) (3,890) — 3,890 (243) Other, net — 6 — — 6 Cash provided by (used in) financing activities (3,925) (1,246) 44 3,890 (1,237) Net change in cash, cash equivalents and restricted cash (129) (211) 122 — (218) Cash, cash equivalents and restricted cash — beginning balance 228 453 12 — 693 Cash, cash equivalents and restricted cash — ending balance $ 99 $ 242 $ 134 $ — $ 475 Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2018 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows — operating activities: Cash provided by (used in) operating activities $ (125) $ 1,917 $ (321) $ — $ 1,471 Cash flows — investing activities: Capital expenditures, including LTSA prepayments (24) (351) (3) — (378) Nuclear fuel purchases — (118) — — (118) Development and growth expenditures — (31) (3) — (34) Cash acquired in the Merger — 445 — — 445 Proceeds from sales of nuclear decommissioning trust fund securities — 252 — — 252 Investments in nuclear decommissioning trust fund securities — (274) — — (274) Proceeds from sales of environmental allowances — 1 — — 1 Purchases of environmental allowances — (5) — — (5) Dividend received from subsidiaries 4,668 — — (4,668) — Other, net (1) 11 — — 10 Cash provided by (used in) investing activities 4,643 (70) (6) (4,668) (101) Cash flows — financing activities: Issuances of long-term debt — 1,000 — — 1,000 Repayments/repurchases of debt (4,543) 1,468 — — (3,075) Borrowings under accounts receivable securitization program — — 339 — 339 Cash dividends paid — (4,668) — 4,668 — Debt tender offer and other financing fees (179) (57) — — (236) Stock repurchase (763) — — — (763) Other, net 12 — — — 12 Cash provided by (used in) financing activities (5,473) (2,257) 339 4,668 (2,723) Net change in cash, cash equivalents and restricted cash (955) (410) 12 — (1,353) Cash, cash equivalents and restricted cash — beginning balance 1,183 863 — — 2,046 Cash, cash equivalents and restricted cash — ending balance $ 228 $ 453 $ 12 $ — $ 693 Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows — operating activities: Cash provided by (used in) operating activities $ (108) $ 1,494 $ — $ — $ 1,386 Cash flows — investing activities: Capital expenditures — (114) — — (114) Nuclear fuel purchases — (62) — — (62) Development and growth expenditures — (190) — — (190) Odessa acquisition (330) (25) — — (355) Proceeds from sales of nuclear decommissioning trust fund securities — 252 — — 252 Investments in nuclear decommissioning trust fund securities — (272) — — (272) Proceeds from sales of environmental allowances — 1 — — 1 Purchases of environmental allowances — (3) — — (3) Dividend received from subsidiaries 1,505 — — (1,505) — Other, net — 16 — — 16 Cash provided by (used in) investing activities 1,175 (397) — (1,505) (727) Cash flows — financing activities: Repayments/repurchases of debt — (191) — — (191) Cash dividend paid — (1,505) — 1,505 — Debt financing fees — (8) — — (8) Other, net — (2) — — (2) Cash provided by (used in) financing activities — (1,706) — 1,505 (201) Net change in cash, cash equivalents and restricted cash 1,067 (609) — — 458 Cash, cash equivalents and restricted cash — beginning balance 116 1,472 — — 1,588 Cash, cash equivalents and restricted cash — ending balance $ 1,183 $ 863 $ — $ — $ 2,046 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiaries Non- Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents 56 $ 199 $ 45 $ — $ 300 Restricted cash 43 15 89 — 147 Advances to affiliates — 56 — (56) — Trade accounts receivable — net 5 705 781 (126) 1,365 Accounts receivable — affiliates — 275 — (275) — Notes due from affiliates — 122 — (122) — Income taxes receivable — — — — — Inventories — 436 33 — 469 Commodity and other derivative contractual assets — 1,326 14 (7) 1,333 Margin deposits related to commodity contracts — 191 11 — 202 Prepaid expense and other current assets 100 172 27 (1) 298 Total current assets 204 3,497 1,000 (587) 4,114 Restricted cash — 28 — — 28 Investments — 1,500 37 — 1,537 Investment in unconsolidated subsidiary — 124 — — 124 Investment in affiliated companies 8,364 697 — (9,061) — Operating lease right-of-use assets — 32 12 — 44 Property, plant and equipment — net 4 13,402 508 — 13,914 Goodwill — 2,339 214 — 2,553 Identifiable intangible assets — net 49 2,435 264 — 2,748 Commodity and other derivative contractual assets — 134 2 — 136 Accumulated deferred income taxes 729 398 — (61) 1,066 Other noncurrent assets 67 269 16 — 352 Total assets $ 9,417 $ 24,855 $ 2,053 $ (9,709) $ 26,616 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings $ — $ 350 $ — $ — $ 350 Accounts receivable securitization program — — 450 — 450 Advances from affiliates — — 57 (57) — Long-term debt due currently 87 185 6 (1) 277 Trade accounts payable 1 855 211 (120) 947 Accounts payable — affiliates 145 — 127 (272) — Notes due to affiliates — — 122 (122) — Commodity and other derivative contractual liabilities — 1,505 31 (7) 1,529 Margin deposits related to commodity contracts — 8 — — 8 Accrued taxes 1 — — — 1 Accrued taxes other than income — 188 12 — 200 Accrued interest 11 138 8 (6) 151 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiaries Non- Eliminations Consolidated Asset retirement obligations — 141 — — 141 Operating lease liabilities — 10 4 — 14 Other current liabilities 46 402 58 — 506 Total current liabilities 291 3,782 1,086 (585) 4,574 Long-term debt, less amounts due currently 689 9,385 28 — 10,102 Operating lease liabilities — 33 8 — 41 Commodity and other derivative contractual liabilities — 392 5 (1) 396 Accumulated deferred income taxes — — 63 (61) 2 Tax Receivable Agreement obligation 455 — — — 455 Asset retirement obligations — 2,084 13 — 2,097 Other noncurrent liabilities and deferred credits 22 815 153 (1) 989 Total liabilities 1,457 16,491 1,356 (648) 18,656 Total stockholders' equity 7,960 8,364 696 (9,061) 7,959 Noncontrolling interest in subsidiary — — 1 — 1 Total liabilities and equity $ 9,417 $ 24,855 $ 2,053 $ (9,709) $ 26,616 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiaries Non- Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 171 $ 453 $ 12 $ — $ 636 Restricted cash 57 — — — 57 Advances to affiliates 11 11 — (22) — Trade accounts receivable — net 4 729 464 (110) 1,087 Accounts receivable — affiliates — 245 — (245) — Notes due from affiliates — 101 — (101) — Income taxes receivable — 1 — (1) — Inventories — 391 21 — 412 Commodity and other derivative contractual assets — 730 — — 730 Margin deposits related to commodity contracts — 361 — — 361 Prepaid expense and other current assets 2 134 16 — 152 Total current assets 245 3,156 513 (479) 3,435 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiaries Non- Eliminations Consolidated Investments — 1,218 32 — 1,250 Investment in unconsolidated subsidiary — 131 — — 131 Investment in affiliated companies 11,186 263 — (11,449) — Property, plant and equipment — net 15 14,017 580 — 14,612 Goodwill — 2,068 — — 2,068 Identifiable intangible assets — net 10 2,480 3 — 2,493 Commodity and other derivative contractual assets — 109 — — 109 Accumulated deferred income taxes 809 599 — (72) 1,336 Other noncurrent assets 255 330 5 — 590 Total assets $ 12,520 $ 24,371 $ 1,133 $ (12,000) $ 26,024 LIABILITIES AND EQUITY Current liabilities: Accounts receivable securitization program $ — $ — $ 339 $ — $ 339 Advances from affiliates — — 22 (22) — Long-term debt due currently 23 163 5 — 191 Trade accounts payable 2 928 121 (106) 945 Accounts payable — affiliates 236 — 9 (245) — Notes due to affiliates — — 101 (101) — Commodity and other derivative contractual liabilities — 1,376 — — 1,376 Margin deposits related to commodity contracts — 4 — — 4 Accrued taxes 11 — — (1) 10 Accrued taxes other than income — 181 1 — 182 Accrued interest 48 29 4 (4) 77 Asset retirement obligations — 156 — — 156 Other current liabilities 74 267 4 — 345 Total current liabilities 394 3,104 606 (479) 3,625 Long-term debt, less amounts due currently 3,819 7,027 28 — 10,874 Commodity and other derivative contractual liabilities — 270 — — 270 Accumulated deferred income taxes — — 82 (72) 10 Tax Receivable Agreement obligation 420 — — — 420 Asset retirement obligations — 2,203 14 — 2,217 Other noncurrent liabilities and deferred credits 20 581 140 — 741 Total liabilities 4,653 13,185 870 (551) 18,157 Total stockholders' equity 7,867 11,186 259 (11,449) 7,863 Noncontrolling interest in subsidiary — — 4 — 4 Total liabilities and equity $ 12,520 $ 24,371 $ 1,133 $ (12,000) $ 26,024 |
Business And Significant Acco_2
Business And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with U.S. GAAP and on the same basis as the audited financial statements included in our 2018 Form 10-K. All intercompany items and transactions have been eliminated in consolidation. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. |
Use of Estimates | Use of Estimates Preparation of financial statements requires 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, estimates of expected obligations, judgments related to the potential timing of events and other estimates. 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. |
Derivative Instruments and Mark-to-Market Accounting | Derivative Instruments and Mark-to-Market Accounting We enter into contracts for the purchase and sale of electricity, natural gas, coal, uranium and other commodities utilizing instruments such as options, swaps, futures and forwards primarily to manage commodity price and interest rate risks. If the instrument meets the definition of a derivative under accounting standards related to derivative instruments and hedging activities, changes in the fair value of the derivative are recognized in net income as unrealized gains and losses. This recognition is referred to as mark-to-market accounting. The fair values of our unsettled derivative instruments under mark-to-market accounting are reported in the consolidated balance sheets as commodity and other derivative contractual assets or liabilities. We report derivative assets and liabilities in the consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. Margin deposits that contractually offset these assets and liabilities are reported separately in the consolidated balance sheets, except for certain margin amounts related to changes in fair value on CME transactions that are legally characterized as settlement of derivative contracts rather than collateral. When derivative instruments are settled and realized gains and losses are recorded, the previously recorded unrealized gains and losses and derivative assets and liabilities are reversed. See Notes 15 and 16 for additional information regarding fair value measurement and commodity and other derivative contractual assets and liabilities. A commodity-related derivative contract may be designated as a normal purchase or sale if the commodity is to be physically received or delivered for use or sale in the normal course of business. If designated as normal, the derivative contract is accounted for under the accrual method of accounting (not marked-to-market) with no balance sheet or income statement recognition of the contract until settlement. Because derivative instruments are frequently used as economic hedges, accounting standards related to derivative instruments and hedging activities allow for hedge accounting, which provides for the designation of such instruments as cash flow or fair value hedges if certain conditions are met. At December 31, 2019 and 2018, there were no derivative positions accounted for as cash flow or fair value hedges. We report commodity hedging and trading results as revenue, fuel expense or purchased power in the consolidated statements of operations depending on the type of activity. Electricity hedges, financial natural gas hedges and trading activities are primarily reported as revenue. Physical or financial hedges for coal, diesel or uranium, along with physical natural gas trades, are primarily reported as fuel expense. Realized and unrealized gains and losses associated with interest rate swap transactions are reported in the consolidated statements of operations in interest expense. |
Revenue Recognition | Revenue Recognition Revenue is recognized when electricity is delivered to our customers in an amount that we expect to invoice for volumes delivered or services provided. Sales tax is excluded from revenue. Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or electric distribution companies. Estimated amounts are adjusted when actual usage is known and billed. We record wholesale generation revenue when volumes are delivered or services are performed for transactions that are not accounted for on a mark-to-market basis. These revenues primarily consist of physical electricity sales to the ISO or RTO, ancillary service revenue for reliability services, capacity revenue for making installed generation and demand response available for system reliability requirements, and certain other electricity sales contracts. See Note 5 for detailed descriptions of revenue from contracts with customers. See Derivative Instruments and Mark-to-Market Accounting for revenue recognition related to derivative contracts. |
Advertising Expense | Advertising Expense We expense advertising costs as incurred and include them within SG&A expenses. Advertising expenses totaled $49 million, $46 million and $44 million for the year ended December 31, 2019, 2018 and 2017, respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss would be recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. |
Goodwill and Intangible Assets with Indefinite Lives | Goodwill and Intangible Assets with Indefinite LivesAs part of fresh start reporting and purchase accounting, reorganization value or the purchase consideration is generally allocated, first, to identifiable tangible assets and liabilities, identifiable intangible assets and liabilities, then any remaining excess reorganization value is allocated to goodwill. We evaluate goodwill and intangible assets with indefinite lives for impairment at least annually, or when indications of impairment exist. We have established October 1 as the date we evaluate goodwill and intangible assets with indefinite lives for impairment. |
Nuclear Fuel | Nuclear Fuel Nuclear fuel is capitalized and reported as a component of our property, plant and equipment in our consolidated balance sheets. Amortization of nuclear fuel is calculated on the units-of-production method and is reported as a component of fuel, purchased power costs and delivery fees in our consolidated statements of operations. |
Major Maintenance Costs | Major Maintenance Costs Major maintenance costs incurred during generation plant outages are deferred and amortized into operating costs over the period between the major maintenance outages for the respective asset. Other routine costs of maintenance activities are charged to expense as incurred and reported as operating costs in our consolidated statements of operations. |
Defined Benefit Plans and OPEB Plans | Defined Benefit Pension Plans and OPEB Plans On the Merger Date, Vistra Energy assumed the pension and OPEB plans that Dynegy had provided to certain of its eligible employees and retirees. The excess of the benefit obligations over the fair value of plan assets was recognized as a liability. See Note 2 for additional information regarding the Merger. Certain health care and life insurance benefits are offered to eligible employees and their dependents upon the retirement of such employee from the company. Pension benefits are offered to eligible employees under collective bargaining agreements based on either a traditional defined benefit formula or a cash balance formula. Effective January 1, 2017, the OPEB plan was amended to discontinue the life insurance benefits for active employees. Costs of pension and OPEB plans are dependent upon numerous factors, assumptions and estimates. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for in accordance with ASC 718, Compensation - Stock Compensation. |
Sales And Excise Taxes | Sales and Excise Taxes Sales and excise taxes are accounted for as "pass through" items on the consolidated balance sheets with no effect on the consolidated statements of operations ( i.e. , the tax is billed to customers and recorded as trade accounts receivable with an offsetting amount recorded as a liability to the taxing jurisdiction in other current liabilities in our consolidated statements of operations). |
Franchise And Revenue-Based Taxes | Franchise and Revenue-Based Taxes Unlike sales and excise taxes, franchise and gross receipt taxes are not "pass through" items. These taxes are imposed on us by state and local taxing authorities, based on revenues or kWh delivered, as a cost of doing business and are recorded as an expense. Rates we charge to customers are intended to recover our costs, including the franchise and gross receipt taxes, but we are not acting as an agent to collect the taxes from customers. We report franchise and revenue-based taxes in SG&A expense in our consolidated statements of operations. |
Income Taxes | Income Taxes On the Merger Date, Vistra Energy and Dynegy effected a merger transaction that for tax purposes was treated as a tax-free reorganization in which Vistra Energy survived as the parent entity. In general, all of Dynegy's tax basis and attributes were transferred to Vistra Energy, including approximately $4.5 billion of utilizable NOLs and refundable AMT tax credits. Investment tax credits are accounted for under the deferral method, which resulted in a reduction to the basis of the Upton 2 solar and battery storage facility of $2 million and $78 million and a corresponding increase in the deferred tax assets in 2019 and 2018, respectively. Deferred income taxes are provided for temporary differences between the book and tax basis of assets and liabilities as required under accounting rules. See Note 7. |
Tax Receivable Agreement | Tax Receivable Agreement (TRA) The Company accounts for its obligations under the TRA as a liability in our consolidated balance sheets (see Note 8). The carrying value of the TRA obligation represents the discounted amount of projected payments under the TRA. The projected payments are based on certain assumptions, including but not limited to (a) the federal and state corporate income tax rates and (b) estimates of our taxable income in the current and future years. Our taxable income takes into consideration the current federal tax code and reflects our current estimates of future results of the business. The carrying value of the obligation is being accreted to the amount of the gross expected obligation using the effective interest method and the interest rate estimated at the Emergence Date. Changes in the estimated amount of this obligation resulting from changes to either the timing or amount of TRA payments are recognized in the period of change and are included on our consolidated statements of operations under the heading of Impacts of Tax Receivable Agreement. |
Accounting for Contingencies | Accounting for ContingenciesOur financial results may be affected by judgments and estimates related to loss contingencies. Accruals for loss contingencies are recorded when management determines that it is probable that a liability has been incurred and that such economic loss can be reasonably estimated. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events and estimates of the financial impacts of such events. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting cash and cash equivalents, temporary cash investments purchased with a remaining maturity of three months or less are considered cash equivalents. |
Restricted Cash | Restricted CashThe terms of certain agreements require the restriction of cash for specific purposes. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment has been recorded at estimated fair values at the time of acquisition for assets acquired or at cost for capital improvements and individual facilities developed (see Notes 2 and 3). Significant improvements or additions to our property, plant and equipment that extend the life of the respective asset are capitalized at cost, while other costs are expensed when incurred. The cost of self-constructed property additions includes materials and both direct and indirect labor, including payroll-related costs. Interest related to qualifying construction projects and qualifying software projects is capitalized in accordance with accounting guidance related to capitalization of interest cost. See Note 21. |
Asset Retirement Obligations | Asset Retirement Obligations (ARO)A liability is initially recorded at fair value for an asset retirement obligation associated with the legal obligation associated with law, regulatory, contractual or constructive retirement requirements of tangible long-lived assets in the period in which it is incurred if a fair value is reasonably estimable. At initial recognition of an ARO obligation, an offsetting asset is also recorded for the long-lived asset that the liability corresponds with, which is subsequently depreciated over the estimated useful life of the asset. These liabilities primarily relate to our nuclear generation plant decommissioning, land reclamation related to lignite mining and removal of lignite/coal-fueled plant ash treatment facilities. Over time, the liability is accreted for the change in present value and the initial capitalized costs are depreciated over the remaining useful lives of the assets. Generally, changes in estimates related to ARO obligations are recorded as increases or decreases to the liability and related asset as information becomes available. Changes in estimates related to assets that have been retired or for which capitalized costs are not recoverable are recorded as operating costs in the consolidated statements of operations. |
Inventories | InventoriesInventories consist of materials and supplies, fuel stock and natural gas in storage. Materials and supplies inventory is valued at weighted average cost and is expensed or capitalized when used for repairs/maintenance or capital projects, respectively. Fuel stock and natural gas in storage are reported at the lower of cost (on a weighted average basis) or market. We expect to recover the value of inventory costs in the normal course of business. |
Investments | Investments Investments in a nuclear decommissioning trust fund are carried at current market value in the consolidated balance sheets. Assets related to employee benefit plans represent investments held to satisfy deferred compensation liabilities and are recorded at current market value. See Note 21 for discussion of these and other investments. Unconsolidated Investments |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest is comprised of the 20% of Electric Energy, Inc. (EEI) that we do not own. EEI is our consolidated subsidiary that owns a coal facility in Joppa, Illinois. This noncontrolling interest is classified as a component of equity separate from stockholders' equity in the consolidated balance sheets. |
Treasury Stock | Treasury StockTreasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock, which is presented in our consolidated balance sheets as a reduction to additional paid-in capital. |
Leases | Leases At the inception of a contract we determine if it is or contains a lease, which involves the contract conveying the right to control the use of explicitly or implicitly identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of the underlying lease based on the present value of lease payments over the lease term. We use our secured incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Operating leases are included in operating lease ROU assets, operating lease liabilities (current) and operating lease liabilities (noncurrent) on our consolidated balance sheet. Finance leases are included in property, plant and equipment, other current liabilities and other noncurrent liabilities and deferred credits on our consolidated balance sheet. Lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise the option. At adoption, we elected the practical expedient which permits us to not reassess under the new standard our prior conclusion about lease classification and initial direct costs. We have also elected the practical expedient to not separate lease and non-lease components for a majority of the lease asset classes. We have also elected the hindsight practical expedient to determine the lease term. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We also present lessor sublease income on a net basis against the related lessee lease expense. |
Business And Significant Acco_3
Business And Significant Accounting Policies (Tables) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of adoption of new accounting standards | As of January 1, 2019, the cumulative effect of the changes made to our consolidated balance sheet for the adoption of the new lease standard was as follows: December 31, 2018 Adoption of New Lease Standard January 1, Impact on consolidated balance sheet: Assets Property, plant and equipment — net $ 14,612 $ 15 $ 14,627 Operating lease right-of-use assets — 70 70 Prepaid expense and other current assets 152 (2) 150 Accumulated deferred income taxes 1,336 1 1,337 Liabilities Other current liabilities 345 (1) 344 Operating lease liabilities — 109 109 Identifiable intangible liabilities 401 (36) 365 Other noncurrent liabilities and deferred credits 340 14 354 Equity Retained deficit (1,449) (2) (1,451) |
Acquisitions, Merger Transact_2
Acquisitions, Merger Transaction and Business Combination Accounting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of pro forma financial information | Dynegy Merger Unaudited Pro Forma Financial Information — The following unaudited pro forma financial information for the year ended December 31, 2018 and 2017 assumes that the Merger occurred on January 1, 2017. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of the results of operations that would have occurred had the Merger been completed on January 1, 2017, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here. Year Ended December 31, 2018 2017 Revenues $ 10,595 $ 10,509 Net loss $ (268) $ (969) Net loss attributable to Vistra Energy $ (265) $ (983) Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — basic $ (0.52) $ (1.83) Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — diluted $ (0.52) $ (1.83) The unaudited pro forma financial information presented above includes adjustments for incremental depreciation and amortization as a result of the fair value determination of the net assets acquired, interest expense on debt assumed in the Merger, effects of the Merger on tax expense (benefit), changes in the expected impacts of the tax receivable agreement due to the Merger, and other related adjustments. |
Ambit and Crius Transactions [Member] | |
Business Acquisition [Line Items] | |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the preliminary allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Ambit and Crius Transactions as of the Ambit and Crius Acquisition Dates, respectively. The Ambit Transaction purchase price was $555 million (including cash acquired and net working capital), and the Crius Transaction purchase price was $400 million. The purchase price allocations are ongoing and are dependent upon final valuation determinations, which have not been completed. The preliminary values included below represent our current best estimates for accumulated deferred income taxes, identifiable intangible assets, net working capital and long-term debt. During the three months ended December 31, 2019, we updated the preliminary purchase price allocation of the Crius Transaction reported as of September 30, 2019 with revised valuation estimates by decreasing net working capital by $37 million, decreasing identifiable intangible assets by $2 million, increasing goodwill by $52 million, decreasing other noncurrent assets by $2 million, decreasing identifiable intangible liabilities by $36 million, increasing other noncurrent liabilities and deferred credits by $1 million and changing accumulated deferred income taxes from an asset of $36 million to a liability of $9 million. The purchase price allocations are preliminary and each of the values included below may change materially based upon the receipt of more detailed information, additional analyses and completed valuations. The final purchase price allocation is expected to be completed no later than the second quarter of 2020 for the Crius Transaction and no later than the third quarter of 2020 for the Ambit Transaction. Ambit and Crius Transactions Preliminary Purchase Price Allocations Ambit Transaction Crius Transaction Cash and cash equivalents and restricted cash $ 49 $ 26 Net working capital 29 (4) Identifiable intangible assets 263 292 Goodwill 214 257 Commodity and other derivative contractual assets 23 18 Other noncurrent assets 13 18 Total assets and net working capital acquired 591 607 Long-term debt, including amounts due currently — 141 Commodity and other derivative contractual liabilities 28 40 Accumulated deferred income taxes — 9 Other noncurrent liabilities and deferred credits 8 17 Total liabilities assumed 36 207 Identifiable net assets acquired $ 555 $ 400 |
Schedule of pro forma financial information | Ambit and Crius Transaction Unaudited Pro Forma Financial Information — The following unaudited consolidated pro forma financial information for the years ended December 31, 2019 and 2018 assumes that the Ambit and Crius Transactions occurred on January 1, 2018 (i.e., represents our results for the years ended December 31, 2019 and 2018 plus the results for either Ambit or Crius for the period not owned by us, respectively). The unaudited consolidated pro forma financial information is provided for informational purposes only and is not necessarily indicative of the results of operations that would have occurred had the Ambit and Crius Transactions been completed on January 1, 2018, nor is the unaudited consolidated pro forma financial information indicative of future results of operations, which may differ materially from the consolidated pro forma financial information presented here. Ambit Transaction Crius Transaction Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Revenues $ 12,931 $ 10,446 $ 12,373 $ 10,379 Net income (loss) (a) $ 949 $ (95) $ 876 $ (43) Net income (loss) attributable to Vistra Energy $ 951 $ (93) $ 878 $ (41) Net income (loss) attributable to Vistra Energy per weighted average share of common stock outstanding — basic $ 1.92 $ (0.18) $ 1.78 $ (0.08) Net income (loss) attributable to Vistra Energy per weighted average share of common stock outstanding — diluted $ 1.90 $ (0.18) $ 1.76 $ (0.08) __________ (a) Decrease in pro forma net income compared to consolidated net income is driven by unrealized losses on hedging activities of Crius and amortization of intangible assets. |
Dynegy Merger | |
Business Acquisition [Line Items] | |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the consideration paid and the final allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Merger as of the Merger Date. Based on the opening price of Vistra Energy common stock on the Merger Date, the purchase price was approximately $2.3 billion. During the three months ended March 31, 2019, the purchase price allocation was completed. During the period from April 9, 2018 through March 31, 2019, we updated the initial purchase price allocation with final valuations by increasing property, plant and equipment by $173 million, decreasing intangible assets by $36 million, increasing goodwill by $175 million, decreasing accounts receivable, inventory, prepaid expenses and other current assets by $10 million, increasing accumulated deferred tax asset by $127 million, decreasing other noncurrent assets by $113 million, increasing trade accounts payable and other current liabilities by $89 million, increasing other noncurrent liabilities by $177 million, increasing asset retirement obligations, including amounts due currently by $56 million as well as other minor adjustments. The valuation revisions were a result of updated inputs used in determining the fair value of the acquired assets and liabilities. Dynegy shares outstanding as of April 9, 2018 (in millions) 144.8 Exchange Ratio 0.652 Vistra Energy shares issued for Dynegy shares outstanding (in millions) 94.4 Opening price of Vistra Energy common stock on April 9, 2018 $ 19.87 Purchase price for common stock $ 1,876 Fair value of equity component of tangible equity units 369 Fair value of outstanding stock compensation awards attributable to pre-combination service 26 Fair value of outstanding warrants 2 Total purchase price $ 2,273 Dynegy Merger Final Purchase Price Allocation Cash and cash equivalents $ 445 Trade accounts receivables, inventories, prepaid expenses and other current assets 853 Property, plant and equipment 10,535 Accumulated deferred income taxes 518 Identifiable intangible assets 351 Goodwill 175 Other noncurrent assets 419 Total assets acquired 13,296 Trade accounts payable and other current liabilities 733 Commodity and other derivative contractual assets and liabilities, net 422 Asset retirement obligations, including amounts due currently 475 Long-term debt, including amounts due currently 8,919 Other noncurrent liabilities 469 Total liabilities assumed 11,018 Identifiable net assets acquired 2,278 Noncontrolling interest in subsidiary 5 Total purchase price $ 2,273 |
Retirement of Generation Faci_2
Retirement of Generation Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
MISO Segment [Member] | |
Retirements Of Generation Capacity [Table Text Block] | MISO — In September 2019, we announced the settlement of a lawsuit alleging violations of opacity and particulate matter limits at our Edwards facility in Bartonville, Illinois. As part of the settlement, which was approved by the court in November 2019, we will retire the Edwards facility by the end of 2022 (see Note 13). In August 2019, we announced the planned retirement of four power plants in Illinois with a total installed nameplate generation capacity of 2,068 MW. We retired these units due to changes in the Illinois multi-pollutant standard rule that require us to retire approximately 2,000 MW of generation capacity (see Note 13). In light of the provisions of the Federal Power Act and the FERC regulations thereunder, the affected subsidiaries of Vistra Energy identified the retired units by analyzing the economics of each of our Illinois plants and designating the least economic units for retirement. Expected plant retirement expenses of $47 million, driven by severance costs, were accrued in the year ended December 31, 2019 and are included primarily in operating costs of our Asset Closure segment. In August 2019, we remeasured our pension and OPEB plans resulting in an increase to the benefit obligation liability of $21 million, pretax other comprehensive loss of $18 million and curtailment expense of $3 million recognized as other deductions in our consolidated statements of operations. The following table details the units that have been or will be retired in Illinois totaling 2,653 MW. Operational results for retired plants are included in the Asset Closure segment, which is engaged in the decommissioning and reclamation of retired plants and mines. Name Location (all in the state of Illinois) Fuel Type Net Generation Capacity (MW) Number of Units Dates Units Taken Offline Coffeen Coffeen, IL Coal 915 2 November 1, 2019 Duck Creek Canton, IL Coal 425 1 December 15, 2019 Havana Havana, IL Coal 434 1 November 1, 2019 Hennepin Hennepin, IL Coal 294 2 November 1, 2019 Edwards Bartonville, IL Coal 585 2 By the end of 2022 Total 2,653 8 |
PJM Segment [Member] | |
Retirements Of Generation Capacity [Table Text Block] | Two of our non-operated, jointly held power plants acquired in the Merger, for which our proportional generation capacity was 883 MW, were retired in May 2018. These units were retired as previously scheduled. No gain or loss was recorded in conjunction with the retirement of these units, and the operational results of these facilities are included in our Asset Closure segment. The following table details the units retired. Name Location Fuel Type Net Generation Capacity (MW) Ownership Interest Date Units Taken Offline Killen Manchester, Ohio Coal 204 33% May 31, 2018 Stuart Aberdeen, Ohio Coal 679 39% May 24, 2018 Total 883 |
ERCOT Segment [Member] | |
Retirements Of Generation Capacity [Table Text Block] | ERCOT — In January and February 2018, we retired three power plants in Texas with a total installed nameplate generation capacity of 4,167 MW. We decided to retire these units because they were projected to be uneconomic based on then current market conditions and would have faced significant environmental costs associated with operating such units. In the case of the Sandow units, the decision also reflected the execution of a contract termination agreement pursuant to which the Company and Alcoa agreed to an early settlement of a long-standing power and mining agreement. Expected retirement expenses were accrued in the third and fourth quarter of 2017 and, as a result, no retirement expenses were recorded related to these facilities in the year ended December 31, 2018. The operational results of these facilities are included in our Asset Closure segment. The following table details the units retired. Name Location (all in the state of Texas) Fuel Type Installed Nameplate Generation Capacity (MW) Number of Units Date Units Taken Offline Monticello Titus County Lignite/Coal 1,880 3 January 4, 2018 Sandow Milam County Lignite 1,137 2 January 11, 2018 Big Brown Freestone County Lignite/Coal 1,150 2 February 12, 2018 Total 4,167 7 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our revenue by major source: Year Ended December 31, 2019 Retail ERCOT PJM NY/NE MISO Asset CAISO/Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 4,983 $ — $ — $ — $ — $ — $ — $ 4,983 Retail energy charge in Northeast/Midwest 1,818 — — — — — — 1,818 Wholesale generation revenue from ISO/RTO — 1,629 579 434 215 194 193 3,244 Capacity revenue — — 162 181 24 11 — 378 Revenue from other wholesale contracts — 264 521 181 147 2 9 1,124 Total revenue from contracts with customers 6,801 1,893 1,262 796 386 207 202 11,547 Other revenues: Intangible amortization (15) — — (4) (17) — 4 (32) Hedging and other revenues (a) 86 (245) 105 162 12 42 132 294 Affiliate sales — 2,345 1,075 181 277 92 (3,970) — Total other revenues 71 2,100 1,180 339 272 134 (3,834) 262 Total revenues $ 6,872 $ 3,993 $ 2,442 $ 1,135 $ 658 $ 341 $ (3,632) $ 11,809 ____________ (a) Includes $682 million of unrealized net gains from mark-to-market valuations of commodity positions. See Note 20 for unrealized net gains (losses) by segment. Year Ended December 31, 2018 Retail ERCOT PJM NY/NE MISO Asset CAISO/Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 4,426 $ — $ — $ — $ — $ — $ — $ 4,426 Retail energy charge in Northeast/Midwest 1,123 — — — — — — 1,123 Wholesale generation revenue from ISO/RTO — 1,151 792 544 254 218 167 3,126 Capacity revenue — — 369 240 25 34 30 698 Revenue from other wholesale contracts — 214 29 42 133 — 6 424 Total revenue from contracts with customers 5,549 1,365 1,190 826 412 252 203 9,797 Other revenues: Intangible amortization (26) (1) 2 (9) (9) — — (43) Hedging and other revenues (a) 74 (362) (62) (41) (120) (106) 7 (610) Affiliate sales — 1,632 595 41 116 225 (2,609) — Total other revenues 48 1,269 535 (9) (13) 119 (2,602) (653) Total revenues $ 5,597 $ 2,634 $ 1,725 $ 817 $ 399 $ 371 $ (2,399) $ 9,144 ____________ (a) Includes $380 million of unrealized net losses from mark-to-market valuations of commodity positions. See Note 20 for unrealized net gains (losses) by segment. |
Accounts Receivable, Contracts With Customers | The following table presents trade accounts receivable (net of allowance for uncollectible accounts) relating to both contracts with customers and other activities: December 31, 2019 2018 Trade accounts receivable from contracts with customers — net $ 1,246 $ 951 Other trade accounts receivable — net 119 136 Total trade accounts receivable — net $ 1,365 $ 1,087 ____________ (a) At December 31, 2019, includes $175 million of trade accounts receivable related to operations acquired in the Ambit and Crius Transactions. |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of identifiable intangible assets reported in balance sheet | The following table provides information regarding our goodwill balance. There have been no impairments of goodwill since Emergence. Balance at December 31, 2016 and 2017 (a) $ 1,907 Goodwill recorded in connection with the Merger (b) 161 Balance at December 31, 2018 2,068 Goodwill recorded in connection with the Merger (b) 14 Goodwill recorded in connection with the Crius Transaction (c) 257 Goodwill recorded in connection with the Ambit Transaction (c) 214 Balance at December 31, 2019 $ 2,553 _______________ (a) Goodwill totaling $1.907 billion arose in connection with our application of fresh start reporting at Emergence and was allocated entirely to our ERCOT Retail reporting unit. Of the goodwill recorded at Emergence, $1.686 billion is deductible for tax purposes over 15 years on a straight-line basis. (b) Goodwill totaling $175 million arose in connection with the Merger, of which $122 million is recorded in our ERCOT Generation reporting unit and $53 million is recorded in our ERCOT Retail reporting unit (see Note 2). (c) Preliminary goodwill arising in connection with the Ambit and Crius Transactions is unassigned to a reporting unit pending completion of the purchase price allocations. None of the goodwill related to the Crius Transaction is deductible for tax purposes. The goodwill related to the Ambit Transaction of $214 million is deductible for tax purposes over 15 years on a straight-line basis. Goodwill and intangible assets with indefinite useful lives are required to be evaluated for impairment at least annually or whenever events or changes in circumstances indicate an impairment may exist. As of the Effective Date, we have selected October 1 as our annual goodwill test date. On the most recent goodwill testing date, we applied qualitative factors and determined that it was more likely than not that the fair value of our ERCOT Generation and ERCOT Retail reporting units exceeded their carrying value at October 1, 2019. Significant qualitative factors evaluated included reporting unit financial performance and market multiples, cost factors, customer attrition, and changes in reporting unit book value. Identifiable Intangible Assets and Liabilities Identifiable intangible assets are comprised of the following: December 31, 2019 December 31, 2018 Identifiable Intangible Asset Gross Accumulated Net Gross Accumulated Net Retail customer relationship $ 2,078 $ 1,151 $ 927 $ 1,680 $ 876 $ 804 Software and other technology-related assets 341 125 216 270 105 165 Retail and wholesale contracts 315 182 133 316 138 178 Contractual service agreements (a) 59 5 54 70 — 70 Other identifiable intangible assets (b) 40 15 25 42 15 27 Total identifiable intangible assets subject to amortization $ 2,833 $ 1,478 1,355 $ 2,378 $ 1,134 1,244 Retail trade names (not subject to amortization) 1,391 1,245 Mineral interests (not currently subject to amortization) 2 4 Total identifiable intangible assets $ 2,748 $ 2,493 ____________ (a) At December 31, 2019, amounts related to contractual service agreements that have become liabilities due to amortization of the economic impacts of the intangibles have been removed from both the gross carrying amount and accumulated amortization. (b) Includes mining development costs and environmental allowances (emissions allowances and renewable energy certificates). |
Schedule of identifiable intangible liabilities reported in balance sheet | Identifiable intangible liabilities are comprised of the following: Year Ended December 31, Identifiable Intangible Liability 2019 2018 Contractual service agreements $ 110 $ 136 Purchase and sale of power and capacity 100 114 Fuel and transportation purchase contracts 76 81 Environmental allowances — 70 Total identifiable intangible liabilities $ 286 $ 401 |
Schedule of amortization expense related to intangible assets and liabilities (including income statement line item) | related to finite-lived identifiable intangible assets and liabilities (including the classification in the consolidated statements of operations) consisted of: Identifiable Intangible Assets and Liabilities Consolidated Statements of Operations Remaining useful lives of identifiable intangible assets at December 31, Year Ended December 31, 2019 2018 2017 Retail customer relationship Depreciation and amortization 4 $ 275 $ 304 $ 420 Software and other technology-related assets Depreciation and amortization 4 61 62 38 Retail and wholesale contracts/purchase and sale/fuel and transportation contracts Operating revenues/fuel, purchased power costs and delivery fees 4 23 43 59 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization 4 148 58 15 Total intangible assets expense (a) $ 507 $ 467 $ 532 ____________ (a) Amounts recorded in depreciation and amortization totaled $340 million, $370 million and $463 million for the years ended December 31, 2019, 2018 and 2017 respectively. Amounts exclude contractual services agreements. Amounts include all expenses associated with environmental allowances including expenses accrued to comply with emissions allowance programs and renewable portfolio standards which are presented in fuel, purchased power costs and delivery fees on our consolidated statements of operations. Emissions allowance obligations are accrued as associated electricity is generated and renewable energy credit obligations are accrued as retail electricity delivery occurs. |
Schedule of estimated amortization expense of identifiable intangible assets | Estimated Amortization of Identifiable Intangible Assets and Liabilities — As of December 31, 2019, the estimated aggregate amortization expense of identifiable intangible assets and liabilities for each of the next five fiscal years is as shown below. Year Estimated Amortization Expense 2020 $ 356 2021 $ 255 2022 $ 165 2023 $ 119 2024 $ 81 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense (benefit) | The components of our income tax expense (benefit) are as follows: Year Ended December 31, 2019 2018 2017 Current: U.S. Federal $ (1) $ (13) $ 72 State 10 30 14 Total current 9 17 86 Deferred: U.S. Federal 260 (8) 417 State 21 (54) 1 Total deferred 281 (62) 418 Total $ 290 $ (45) $ 504 |
Schedule of reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense (benefit) recorded | Reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense (benefit) recorded: Year Ended December 31, 2019 2018 2017 Income (loss) before income taxes $ 1,216 $ (101) $ 250 US federal statutory rate 21 % 21 % 35 % Income taxes at the U.S. federal statutory rate 255 (20) 88 Nondeductible TRA accretion 5 8 (80) State tax, net of federal benefit 48 22 13 Impacts of tax reform legislation on deferred taxes — — 451 Federal and State return to provision adjustment (17) (12) 19 Remeasurement of historical Vistra Energy deferred taxes for expanded state footprint — (54) — Effect of refundable minimum tax credits no longer subject to sequestration — (15) — Nondeductible compensation 3 8 — Nondeductible transaction costs 2 3 — Equity awards (4) (3) — Valuation allowance on state NOLs 13 20 — Lignite depletion (6) — — Texas gross margin amended return (3) — — Other (6) (2) 13 Income tax expense (benefit) $ 290 $ (45) $ 504 Effective tax rate 23.8 % 44.6 % 201.6 % |
Schedule of deferred tax assets and liabilities | Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2019 and 2018 are as follows: December 31, 2019 2018 Noncurrent Deferred Income Tax Assets Tax credit carryforwards $ 73 $ 76 Loss carryforwards 921 958 Identifiable intangible assets 214 184 Long-term debt 257 188 Employee benefit obligations 112 109 Commodity contracts and interest rate swaps 108 212 Other 43 40 Total deferred tax assets $ 1,728 $ 1,767 Noncurrent Deferred Income Tax Liabilities Property, plant and equipment 554 406 Total deferred tax liabilities 554 406 Valuation allowance 110 35 Net Deferred Income Tax Asset $ 1,064 $ 1,326 |
Schedule of income tax contingencies | The following table summarizes the changes to the uncertain tax positions, reported in accumulated deferred income taxes and other current liabilities in the consolidated balance sheets for the years ended December 31, 2019 and 2018. We did not have uncertain tax positions or uncertain tax position activity in the year ended December 31, 2017. Year Ended December 31, 2019 2018 Balance at beginning of period, excluding interest and penalties $ 39 $ — Additions allocated in the Merger — 39 Additions based on tax positions related to prior years 3 — Reductions based on tax positions related to prior years — — Additions based on tax positions related to the current year 87 — Settlements with taxing authorities (3) — Balance at end of period, excluding interest and penalties $ 126 $ 39 |
Tax Receivable Agreement Obli_2
Tax Receivable Agreement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Receivable Agreement obligation | The following table summarizes the changes to the TRA obligation, reported as other current liabilities and Tax Receivable Agreement obligation in our consolidated balance sheets, for the years ended December 31, 2019, 2018 and 2017. Year Ended December 31, 2019 2018 2017 TRA obligation at the beginning of the period $ 420 $ 357 $ 596 Accretion expense 59 65 82 Changes in tax assumptions impacting timing of payments (22) 14 (62) Revaluation due to tax reform legislation — — (233) Impacts of Tax Receivable Agreement 37 79 (213) Payments (2) (16) (26) TRA obligation at the end of the period 455 420 357 Less amounts due currently — — (24) Noncurrent TRA obligation at the end of the period $ 455 $ 420 $ 333 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted [Table Text Block] | Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements. Year Ended December 31, 2019 2018 2017 Net income (loss) attributable to common stock — basic $ 928 $ (54) $ (254) Weighted average shares of common stock outstanding — basic 494,146,268 504,954,371 427,761,460 Net income (loss) per weighted average share of common stock outstanding — basic $ 1.88 $ (0.11) $ (0.59) Dilutive securities: Stock-based incentive compensation plan 5,789,223 — — Weighted average shares of common stock outstanding — diluted 499,935,490 504,954,371 427,761,460 Net income (loss) per weighted average share of common stock outstanding — diluted $ 1.86 $ (0.11) $ (0.59) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | Amounts in the table below represent the categories of long-term debt obligations incurred by the Company. December 31, 2019 2018 Vistra Operations Credit Facilities $ 2,700 $ 5,813 Vistra Operations Senior Secured Notes: 3.550% Senior Secured Notes, due July 15, 2024 1,500 — 3.700% Senior Secured Notes, due January 30, 2027 800 — 4.300% Senior Secured Notes, due July 15, 2029 800 — Total Vistra Operations Senior Secured Notes 3,100 — Vistra Operations Senior Unsecured Notes: 5.500% Senior Unsecured Notes, due September 1, 2026 1,000 1,000 5.625% Senior Unsecured Notes, due February 15, 2027 1,300 — 5.000% Senior Unsecured Notes, due July 31, 2027 1,300 — Total Vistra Operations Senior Unsecured Notes 3,600 1,000 Vistra Energy Senior Unsecured Notes: 7.375% Senior Unsecured Notes, due November 1, 2022 — 1,707 5.875% Senior Unsecured Notes, due June 1, 2023 500 500 7.625% Senior Unsecured Notes, due November 1, 2024 — 1,147 8.034% Senior Unsecured Notes, due February 2, 2024 — 25 8.000% Senior Unsecured Notes, due January 15, 2025 (a) 81 81 8.125% Senior Unsecured Notes, due January 30, 2026 166 166 Total Vistra Energy Senior Unsecured Notes 747 3,626 Other: 7.000% Amortizing Notes, due July 1, 2019 — 24 Forward Capacity Agreements 161 236 Equipment Financing Agreements 99 120 Mandatorily redeemable subsidiary preferred stock (b) — 70 8.82% Building Financing due semiannually through February 11, 2022 (c) 15 21 Other 12 — Total other long-term debt 287 471 Unamortized debt premiums, discounts and issuance costs (d) (55) 155 Total long-term debt including amounts due currently 10,379 11,065 Less amounts due currently (277) (191) Total long-term debt less amounts due currently $ 10,102 $ 10,874 ____________ (a) On January 15, 2020, Vistra Energy redeemed all outstanding 8.000% Senior Notes due 2025 at a redemption price equal to 104.0% of the aggregate principal amount thereof, plus accrued and unpaid interest to, but excluding the date of redemption. (b) Shares of mandatorily redeemable preferred stock in PrefCo. This subsidiary preferred stock is accounted for as a debt instrument under relevant accounting guidance. On October 3, 2019, PrefCo redeemed all of the issued and outstanding preferred stock at a price per share equal to the preferred liquidation amount, plus accrued and unpaid dividends to and including the date of redemption. (c) Obligation related to a corporate office space finance lease. This obligation will be funded by amounts held in an escrow account that is reflected in other noncurrent assets in our consolidated balance sheets. (d) Includes impact of recording debt assumed in the Merger at fair value. |
Schedule of line of credit facilities | The Vistra Operations Credit Facilities and related available capacity at December 31, 2019 are presented below. December 31, 2019 Vistra Operations Credit Facilities Maturity Date Facility Cash Available Revolving Credit Facility (a) June 14, 2023 $ 2,725 $ 350 $ 1,426 Term Loan B-3 Facility (b) December 31, 2025 2,700 2,700 — Total Vistra Operations Credit Facilities $ 5,425 $ 3,050 $ 1,426 ___________ (a) Facility to be used for general corporate purposes. Facility includes a $2.35 billion letter of credit sub-facility, of which $949 million of letters of credit were outstanding at December 31, 2019 and which reduce our available capacity. Cash borrowings under the Revolving Credit Facility are reported in short-term borrowings in our consolidated balance sheets. (b) Beginning in 2020, cash borrowings under the Term Loan B-3 Facility are subject to a required scheduled quarterly payment in annual amount equal to 1.00% of the original principal amount with the balance paid at maturity. Amounts paid cannot be reborrowed. |
Schedule of interest rate derivatives | Interest Rate Swaps — Vistra Energy employs interest rate swaps to hedge our exposure to variable rate debt. As of December 31, 2019, Vistra Energy has entered into the following series of interest rate swap transactions. Notional Amount Expiration Date Rate Range Swapped to fixed $3,000 July 2023 3.67 % - 3.91% Swapped to variable $700 July 2023 3.20 % - 3.23% Swapped to fixed (a) $720 February 2024 3.71 % - 3.72% Swapped to variable $720 February 2024 3.20 % - 3.20% Swapped to fixed (b) $3,000 July 2026 4.72 % - 4.79% Swapped to variable (b) $700 July 2026 3.28 % - 3.33% ____________ (a) In June 2018, we completed the novation of $1.959 billion of Vistra Energy (legacy Dynegy) interest rate swaps to Vistra Operations, of which $398 million expired and $841 million were terminated in June 2019. (b) These swaps are effective from July 2023 through July 2026. |
Schedule of debt securities issued, secured | In 2019, Vistra Operations issued and sold $3.1 billion aggregate principal amount of senior secured notes (Senior Secured Notes) in offerings to eligible purchasers under Rule 144A and Regulation S under the Securities Act (Senior Secured Notes Offerings) consisting of the following: Senior Secured Notes Maturity Year Interest Terms June 2019 November 2019 Senior Secured Notes Offering (b) 3.550% Senior Secured Notes 2024 January 15 and July 15 $ 1,200 $ 300 3.700% Senior Secured Notes 2027 January 30 and July 30 — 800 4.300% Senior Secured Notes 2029 January 15 and July 15 800 — Total senior secured notes $ 2,000 $ 1,100 Net proceeds $ 1,976 $ 1,099 Debt issuance and other fees (c) $ 20 $ 10 ___________ (a) The June 2019 Senior Secured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, certain direct and indirect subsidiaries of Vistra Operations and Citigroup Global Markets Inc., as representative of the several initial purchasers. Net proceeds, together with cash on hand, were used to prepay certain amounts outstanding and accrued interest (together with fees and expenses) under the Vistra Operations Credit Facility's Term Loan B Facility. (b) The November 2019 Senior Secured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, certain direct and indirect subsidiaries of Vistra Operations and J.P. Morgan Securities LLC., as representative of the several initial purchasers. Net proceeds, together with borrowings under the Term Loan B-3 Facility and cash on hand, were used to repay the entire amount outstanding and accrued interest (together with fees and expenses) under the Term Loan B-1 Facility. (c) Capitalized as a reduction in the carrying amount of the debt. |
Schedule of debt securities issued, unsecured | In 2018 and 2019, Vistra Operations issued and sold $3.6 billion aggregate principal amount of senior unsecured notes (Vistra Operations Senior Unsecured Notes) in offerings to eligible purchasers under Rule 144A and Regulation S under the Securities Act (Senior Unsecured Notes Offerings) consisting of the following: Senior Unsecured Notes Maturity Year Interest Terms August 2018 Senior Unsecured Notes Offering (a) February 2019 Senior Unsecured Notes Offering (b) June 2019 5.500% Senior Unsecured Notes 2026 March 1 and September 1 $ 1,000 $ — $ — 5.625% Senior Unsecured Notes 2027 February 15 and August 15 — 1,300 — 5.000% Senior Unsecured Notes 2027 January 31 and July 31 — — 1,300 Total $ 1,000 $ 1,300 $ 1,300 Net Proceeds $ 990 $ 1,287 $ 1,287 Debt issuance and other fees (d) $ 12 $ 16 $ 13 ___________ (a) The August 2018 Senior Unsecured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, the Guarantor Subsidiaries and Citigroup Global Markets Inc., as representative of the several initial purchasers. Net proceeds, together with cash on hand and cash received from the funding of the Receivables Facility (see Note 10), were used to pay the purchase price and accrued interest (together with fees and expenses) required in connection with the 2018 Tender Offers. (b) The February 2019 Senior Unsecured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, the Guarantor Subsidiaries and J.P. Morgan Securities LLC., as representative of the several initial purchasers. Net proceeds, together with cash on hand, were used to pay the purchase price and accrued interest (together with fees and expenses) required in connection with (i) the February 2019 Tender Offer, (ii) the redemption of approximately $35 million aggregate principal amount of our 7.375% senior unsecured notes due 2022 (7.375% senior notes) and approximately $25 million aggregate principal amount of our outstanding 8.034% senior unsecured notes due 2024 (8.034% senior notes). (c) The June 2019 Senior Unsecured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, the Guarantor Subsidiaries and Goldman Sachs & Co. LLC, as representative of the several initial purchasers. Net proceeds, together with cash on hand, were used to pay the purchase price and accrued interest (together with fees and expenses) required in connection with (i) the June 2019 Tender Offer and (ii) the redemption of approximately $306 million of our outstanding 7.375% senior notes and approximately $87 million of our 7.625% senior unsecured notes due 2024 (7.625% senior notes) in July 2019. We recorded an extinguishment gain of $2 million on the redemptions in the year ended December 31, 2019. (d) Capitalized as a reduction in the carrying amount of the debt. |
Schedule of maturities of long-term debt | Long-term debt maturities at December 31, 2019 are as follows: December 31, 2019 2020 $ 273 2021 94 2022 42 2023 538 2024 1,538 Thereafter 7,949 Unamortized premiums, discounts and debt issuance costs (55) Total long-term debt, including amounts due currently $ 10,379 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of lease cost | Lease Cost The following table presents costs related to lease activities: Year Ended Operating lease cost $ 14 Finance lease: Finance lease right-of-use asset amortization 4 Interest on lease liabilities 4 Total finance lease cost 8 Variable lease cost (a) 26 Short-term lease cost 19 Sublease income (b) (8) Net lease cost $ 59 ____________ (a) Represents coal stockpile management services, common area maintenance services and rail car payments based on the number of rail cars used. (b) Represents sublease income related to real estate leases. |
Schedule of lease balance sheet information | Balance Sheet Information The following table presents lease related balance sheet information: December 31, Lease assets: Operating lease right-of-use assets $ 44 Finance lease right-of-use assets (net of accumulated depreciation) 59 Total lease right-of-use assets 103 Current lease liabilities: Operating lease liabilities 14 Finance lease liabilities 8 Total current lease liabilities 22 Noncurrent lease liabilities: Operating lease liabilities 41 Finance lease liabilities 78 Total noncurrent lease liabilities 119 Total lease liabilities $ 141 |
Schedule of lease cash flow and other information | Cash Flow and Other Information The following table presents lease related cash flow and other information: Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 17 Operating cash flows from finance leases 4 Finance cash flows from finance leases 4 Non-cash disclosure upon commencement of new lease: Right-of-use assets obtained in exchange for new operating lease liabilities 95 Right-of-use assets obtained in exchange for new finance lease liabilities 13 Non-cash disclosure upon modification of existing lease: Modification of operating lease right-of-use assets (41) Modification of finance lease right-of-use assets 50 |
Schedule of weighted average remaining lease terms and discount rates | Weighted Average Remaining Lease Term The following table presents weighted average remaining lease term information: December 31, Weighted average remaining lease term: Operating lease 7.5 years Finance lease 16.2 years Weighted average discount rate: Operating lease 5.34% Finance lease 5.84% |
Schedule of maturity of operating lease liabilities | Maturity of Lease Liabilities The following table presents maturity of lease liabilities: Operating Lease Finance Lease Total Lease 2020 $ 17 $ 12 $ 29 2021 11 11 22 2022 9 11 20 2023 10 10 20 2024 6 10 16 Thereafter 13 69 82 Total lease payments 66 123 189 Less: Interest (11) (37) (48) Present value of lease liabilities $ 55 $ 86 $ 141 |
Schedule of maturity of finance lease liabilities | Maturity of Lease Liabilities The following table presents maturity of lease liabilities: Operating Lease Finance Lease Total Lease 2020 $ 17 $ 12 $ 29 2021 11 11 22 2022 9 11 20 2023 10 10 20 2024 6 10 16 Thereafter 13 69 82 Total lease payments 66 123 189 Less: Interest (11) (37) (48) Present value of lease liabilities $ 55 $ 86 $ 141 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual commitments under energy-related contracts, leases and other agreements [Table Text Block] | At December 31, 2019, we had contractual commitments under long-term service and maintenance contracts, energy-related contracts, leases and other agreements as follows. Long-Term Service and Maintenance Contracts Coal purchase and Pipeline transportation and storage reservation fees Nuclear Other 2020 $ 167 $ 576 $ 109 $ 90 $ 174 2021 153 61 83 74 30 2022 171 47 55 54 16 2023 152 33 46 57 16 2024 161 34 32 39 17 Thereafter 1,975 112 138 140 51 Total $ 2,779 $ 863 $ 463 $ 454 $ 304 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of common stock outstanding | Changes in the number of shares of common stock issued and outstanding for the years ended December 31, 2019, 2018 and 2017 are reflected in the table below. Shares Treasury Shares Outstanding Balance at December 31, 2016 427,580,232 — 427,580,232 Shares issued (a) 818,570 — 818,570 Balance at December 31, 2017 428,398,802 — 428,398,802 Shares issued (a) (b) 97,639,105 — 97,639,105 Shares retired (6,815) — (6,815) Shares repurchased — (32,815,783) (32,815,783) Balance at December 31, 2018 526,031,092 (32,815,783) 493,215,309 Shares issued (a) (c) 2,716,349 18,773,958 21,490,307 Shares retired (6,106) — (6,106) Shares repurchased — (27,001,399) (27,001,399) Balance at December 31, 2019 528,741,335 (41,043,224) 487,698,111 ____________ (a) Shares issued includes share awards granted to nonemployee directors. (b) The year ended December 31, 2018 includes 94,409,573 shares issued in connection with the Merger (see Note 2). (c) The year ended December 31, 2019 includes 18,773,958 treasury shares issued in connection with the settlement of all outstanding TEUs as discussed below. |
Schedule of share repurchase program | In June 2018, we announced that the Board had authorized a share repurchase program under which up to $500 million of our outstanding common stock may be purchased. Repurchases under this program were completed in October 2018. In November 2018, we announced that the Board had authorized an incremental share repurchase program (Program) under which up to $1.250 billion of our outstanding stock may be purchased, resulting in an aggregate $1.750 billion share repurchase program. At December 31, 2019, $332 million was available for additional repurchases under the Program. Shares of common stock repurchased under the program for the years ended December 31, 2019 and 2018 are reflected in the table below. $500 Million Board Authorization $1.250 Billion Board Authorization Total Number of Shares Repurchased Average Price Paid Share Amount Paid for Shares Repurchased Total Number of Shares Repurchased Average Price Paid Share Amount Paid for Shares Repurchased Year Ended December 31, 2018 21,421,925 $ 23.36 $ 500 12,073,091 $ 22.99 $ 278 Year Ended December 31, 2019 — — — 26,322,166 24.34 640 Totals 21,421,925 $ 23.36 $ 500 38,395,257 $ 23.92 $ 918 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown below: December 31, 2019 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 1,047 $ 172 $ 239 $ 11 $ 1,469 Interest rate swaps — — — — — Nuclear decommissioning trust – 564 — — — 564 Nuclear decommissioning trust – — 521 — — 521 Sub-total $ 1,611 $ 693 $ 239 $ 11 2,554 Assets measured at net asset value (d): Nuclear decommissioning trust – 366 Total assets $ 2,920 Liabilities: Commodity contracts $ 985 $ 439 $ 313 $ 11 $ 1,748 Interest rate swaps — 177 — — 177 Total liabilities $ 985 $ 616 $ 313 $ 11 $ 1,925 December 31, 2018 Level 1 Level 2 Level 3 (a) Reclassification (b) Total Assets: Commodity contracts $ 456 $ 152 $ 153 $ 1 $ 762 Interest rate swaps — 77 — — 77 Nuclear decommissioning trust – 449 — — — 449 Nuclear decommissioning trust – — 443 — — 443 Sub-total $ 905 $ 672 $ 153 $ 1 1,731 Assets measured at net asset value (d): Nuclear decommissioning trust – 278 Total assets $ 2,009 Liabilities: Commodity contracts $ 557 $ 766 $ 288 $ 1 $ 1,612 Interest rate swaps — 34 — — 34 Total liabilities $ 557 $ 800 $ 288 $ 1 $ 1,646 ____________ (a) See table below for description of Level 3 assets and liabilities. (b) Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in our consolidated balance sheets. (c) The nuclear decommissioning trust investment is included in the other investments line in our consolidated balance sheets. See Note 21. (d) The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our consolidated balance sheets. Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. |
Schedule of fair value of the Level 3 assets and liabilities by major contract type (all related to commodity contracts) and the significant unobservable inputs used in the valuations | The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at December 31, 2019 and 2018: December 31, 2019 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 64 $ (53) $ 11 Valuation Model Hourly price curve shape (c) $ — to $ 115 MWh Illiquid delivery periods for ERCOT hub power prices and heat rates (d) $ 20 to $ 120 MWh Options 38 (188) (150) Option Pricing Model Gas to power correlation (e) 10 % to 100 % Power and gas volatility (e) 5 % to 440 % Financial transmission rights 120 (26) 94 Market Approach (f) Illiquid price differences between settlement points (g) $ (10) to $ 40 MWh Other (h) 17 (46) (29) Total $ 239 $ (313) $ (74) December 31, 2018 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Electricity purchases and sales $ 22 $ (48) $ (26) Valuation Model Hourly price curve shape (c) $ — to $ 110 MWh Illiquid delivery periods for ERCOT hub power prices and heat rates (d) $ 20 to $ 120 MWh Options 31 (192) (161) Option Pricing Model Gas to power correlation (e) 15 % to 95 % Power volatility (e) 5 % to 435 % Financial transmission rights 85 (20) 65 Market Approach (f) Illiquid price differences between settlement points (g) $ (10) to $ 50 MWh Other (h) 15 (28) (13) Total $ 153 $ (288) $ (135) ____________ (a) Electricity purchase and sales contracts include power and heat rate positions in ERCOT, PJM, NYISO, ISO-NE and MISO regions. The forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within are referred to as congestion revenue rights in ERCOT and financial transmission rights in PJM, NYISO, ISO-NE and MISO regions. Options consist of physical electricity options, spread options, swaptions and natural gas options. (b) The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. (c) Primarily based on the historical range of forward average hourly ERCOT North Hub prices. (d) Primarily based on historical forward ERCOT power prices and ERCOT heat rate variability. (e) Primarily based on the historical forward correlation and volatility within ERCOT. (f) While we use the market approach, there is insufficient market data to consider the valuation liquid. (g) Primarily based on the historical price differences between settlement points within ERCOT hubs and load zones. (h) Other includes contracts for natural gas, coal and emissions. |
Schedule of changes in fair value of the Level 3 assets and liabilities | The following table presents the changes in fair value of the Level 3 assets and liabilities for the years ended December 31, 2019, 2018 and 2017. Year Ended December 31, 2019 2018 2017 Net asset (liability) balance at beginning of period $ (135) $ (53) $ 83 Total unrealized valuation gains (losses) 8 (363) (136) Purchases, issuances and settlements (a): Purchases 176 146 69 Issuances (81) (41) (22) Settlements (64) 76 (106) Transfers into Level 3 (b) 10 4 4 Transfers out of Level 3 (b) 12 133 71 Net liabilities assumed in connection with the Merger — (37) — Earn-out provision (c) — — (16) Net change (d) 61 (82) (136) Net liability balance at end of period $ (74) $ (135) $ (53) Unrealized valuation losses relating to instruments held at end of period $ (61) $ (174) $ (98) ____________ (a) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received and purchases of Financial Transmission Rights. (b) Includes transfers due to changes in the observability of significant inputs. All Level 3 transfers during the periods presented are in and out of Level 2. For the years ended December 31, 2019, 2018 and 2017, transfers out of Level 3 primarily consist of power and coal derivatives where forward pricing inputs have become observable. (c) Represents initial fair value of the earn-out provision agreed to as part of the Odessa Acquisition. (d) Activity excludes change in fair value in the month positions settle. Substantially all changes in values of commodity contracts (excluding the net liabilities assumed in connection with the Merger) are reported as operating revenues in our consolidated statements of operations. |
Commodity And Other Derivativ_2
Commodity And Other Derivative Contractual Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of commodity and other derivative contractual assets and liabilities as reported in the balance sheets | Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of derivative contractual assets and liabilities as reported in our consolidated balance sheets at December 31, 2019 and 2018. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract. December 31, 2019 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 1,323 $ — $ 10 $ — $ 1,333 Noncurrent assets 136 — — — 136 Current liabilities (1) — (1,510) (18) (1,529) Noncurrent liabilities — — (237) (159) (396) Net assets (liabilities) $ 1,458 $ — $ (1,737) $ (177) $ (456) December 31, 2018 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 707 $ 22 $ 1 $ — $ 730 Noncurrent assets 54 55 — — 109 Current liabilities — — (1,374) (2) (1,376) Noncurrent liabilities — — (238) (32) (270) Net assets (liabilities) $ 761 $ 77 $ (1,611) $ (34) $ (807) |
Schedule of pretax effect on net income of derivatives not under hedge accounting, including realized and unrealized effects | The following table presents the pretax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts . Year Ended December 31, Derivative (consolidated statements of operations presentation) 2019 2018 2017 Commodity contracts (Operating revenues) $ 339 $ (855) $ 56 Commodity contracts (Fuel, purchased power costs and delivery fees) (1) 18 6 Interest rate swaps (Interest expense and related charges) (217) (11) 2 Net gain (loss) $ 121 $ (848) $ 64 |
Schedule of offsetting assets and liabilities | The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: December 31, 2019 December 31, 2018 Derivative Assets Offsetting Instruments (a) Cash Collateral (Received) Pledged (b) Net Amounts Derivative Assets Offsetting Instruments (a) Cash Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 1,458 $ (1,113) $ — $ 345 $ 761 $ (593) $ (1) $ 167 Interest rate swaps — — — — 77 (26) — 51 Total derivative assets 1,458 (1,113) — 345 838 (619) (1) 218 Derivative liabilities: Commodity contracts (1,737) 1,113 40 (584) (1,611) 593 109 (909) Interest rate swaps (177) — — (177) (34) 26 — (8) Total derivative liabilities (1,914) 1,113 40 (761) (1,645) 619 109 (917) Net amounts $ (456) $ — $ 40 $ (416) $ (807) $ — $ 108 $ (699) ____________ (a) Amounts presented exclude trade accounts receivable and payable related to settled financial instruments. (b) Represents cash amounts received or pledged pursuant to a master netting arrangement, including fair value-based margin requirements. |
Schedule of gross notional amounts of derivative volumes | The following table presents the gross notional amounts of derivative volumes at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Derivative type Notional Volume Unit of Measure Natural gas (a) 6,160 7,011 Million MMBtu Electricity 428,367 317,572 GWh Financial transmission rights (b) 199,648 172,611 GWh Coal 22 45 Million U.S. tons Fuel oil 33 60 Million gallons Uranium — 50 Thousand pounds Emissions 20 10 Million tons Renewable energy certificates 11 — Million certificates Interest rate swaps – floating/fixed (c) $ 6,720 $ 7,717 Million U.S. dollars Interest rate swaps - fixed/floating (c) $ 2,120 $ — Million U.S. dollars ____________ (a) Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. (b) Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ISOs or RTOs. (c) Includes notional amounts of interest rate swaps with maturity dates through July 2026. See Note 11 for termination of interest rate swaps. |
Credit risk-related contingent features of derivatives | The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully collateralized: December 31, 2019 2018 Fair value of derivative contract liabilities (a) $ (692) $ (856) Offsetting fair value under netting arrangements (b) 167 218 Cash collateral and letters of credit 67 190 Liquidity exposure $ (458) $ (448) ____________ (a) Excludes fair value of contracts that contain contingent features that do not provide specific amounts to be posted if features are triggered, including provisions that generally provide the right to request additional collateral (material adverse change, performance assurance and other clauses). (b) Amounts include the offsetting fair value of in-the-money derivative contracts and net accounts receivable under master netting arrangements. |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Pension and OPEB Costs [Table Text Block] | Pension and OPEB Costs Year Ended December 31, 2019 2018 2017 Pension costs $ 9 $ 14 $ 6 OPEB costs 11 9 6 Total benefit costs recognized as expense $ 20 $ 23 $ 12 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | At December 31, 2019 and 2018, the Retirement Plan assets measured at fair value on a recurring basis consisted of the following: December 31, 2019 2018 Level 1 Level 2 Total Level 1 Level 2 Total Asset Category: Interest-bearing cash $ — $ — $ — $ — $ (6) $ (6) Fixed income securities: Corporate bonds (a) — — — 57 61 118 Government bonds — — — — 25 25 Other (b) — — — — 6 6 Total assets categorized as Level 1 or 2 — — — 57 86 143 Assets measured at net asset value (c): Cash commingled trusts 10 18 Equity securities: Global equities 169 192 Fixed income securities: Corporate bonds (a) 211 137 Government bonds 50 — Other (d) 37 — Real estate 51 — Total assets measured at net asset value 528 347 Total assets $ 528 $ 490 ___________ (a) Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. (b) Other consists primarily of taxable municipal bonds. (c) Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to total Vistra Retirement Plan assets. |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation (ABO) in excess of the fair value of plan assets. December 31, 2019 2018 Pension Plans with PBO and ABO in Excess Of Plan Assets: Projected benefit obligations $ 674 $ 615 Accumulated benefit obligation $ 669 $ 611 Plan assets $ 528 $ 490 |
Schedule of Allocation of Plan Assets [Table Text Block] | Pension Plan Investment Strategy and Asset Allocations Our investment objective for the Retirement Plan is to invest in a suitable mix of assets to meet the future benefit obligations at an acceptable level of risk, while minimizing the volatility of contributions. Fixed income securities held primarily consist of corporate bonds from a diversified range of companies, U.S. Treasuries and agency securities and money market instruments. Equity securities are held to enhance returns by participating in a wide range of investment opportunities. International equity securities are used to further diversify the equity portfolio and may include investments in both developed and emerging markets. The target asset allocation ranges of pension plan investments by asset category are as follows: Target Allocation Ranges Asset Category: Vistra Energy Plan Dynegy Plan EEI Plan Fixed income 65 % - 75% 45 % - 55% 40 % - 50% Global equity securities 16 % - 24% 29 % - 37% 32 % - 41% Real estate 4 % - 8% 8 % - 12% 10 % - 14% Credit strategies 3 % - 7% 6 % - 10% 6 % - 10% |
Defined Benefit Plan, Assumptions [Table Text Block] | Expected Long-Term Rate of Return on Assets Assumption The Retirement Plan strategic asset allocation is determined in conjunction with the plan's advisors and utilizes a comprehensive Asset-Liability modeling approach to evaluate potential long-term outcomes of various investment strategies. The study incorporates long-term rate of return assumptions for each asset class based on historical and future expected asset class returns, current market conditions, rate of inflation, current prospects for economic growth, and taking into account the diversification benefits of investing in multiple asset classes and potential benefits of employing active investment management. Retirement Plan Expected Long-Term Rate of Return Asset Class: Vistra Energy Plan Dynegy Plan EEI Plan Fixed income securities 3.2 % 3.2 % 3.1 % Global equity securities 7.5 % 7.5 % 7.5 % Real estate 5.2 % 5.2 % 5.2 % Credit strategies 5.5 % 5.5 % 5.5 % Weighted average 4.4 % 5.3 % 5.5 % |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The following tables provide information regarding the assumed health care cost trend rates. December 31, 2019 December 31, 2018 Assumed Health Care Cost Trend Rates-Not Medicare Eligible: Health care cost trend rate assumed for next year 6.40 % 6.70 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2029 2026 Assumed Health Care Cost Trend Rates-Medicare Eligible: Health care cost trend rate assumed for next year (Vistra Energy Plan, EEI Union and EEI Salaried) 8.60 % 9.90 % Health care cost trend rate assumed for next year (Oncor Plan) 8.30 % 9.90 % Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate 2029 2027 |
Schedule of Expected Benefit Payments [Table Text Block] | Future Benefit Payments Estimated future benefit payments to beneficiaries are as follows: 2020 2021 2022 2023 2024 2025-29 Pension benefits $ 59 $ 54 $ 42 $ 43 $ 42 $ 199 OPEB $ 10 $ 10 $ 10 $ 10 $ 10 $ 43 |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Detailed Information Regarding Pension Benefits The following information is based on a December 31, 2019, 2018 and 2017 measurement dates: Year Ended December 31, 2019 2018 2017 Assumptions Used to Determine Net Periodic Pension Cost: Discount rate (Vistra Energy Plan) 4.37 % 3.74 % 4.31 % Discount rate (Dynegy Plan & EEI Plan) 4.37 % 4.05 % — % Expected return on plan assets (Vistra Energy Plan) 4.80 % 4.56 % 4.86 % Expected return on plan assets (Dynegy Plan) 5.31 % 5.94 % — % Expected return on plan assets (EEI Plan) 5.56 % 4.74 % — % Expected rate of compensation increase (Vistra Energy Plan) 3.35 % 3.62 % 3.50 % Expected rate of compensation increase (Dynegy Plan & EEI Plan) 3.35 % 3.50 % — % Interest crediting rate for cash balance plans (Vistra Energy Plan) 3.50 % 3.50 % 4.00 % Interest crediting rate for cash balance plans (Dynegy Plan & EEI Plan) 3.50 % 4.25 % — % Components of Net Pension Cost: Service cost $ 7 $ 15 $ 5 Interest cost 25 21 6 Expected return on assets (26) (23) (5) Immediate pension cost 3 1 — Net periodic pension cost $ 9 $ 14 $ 6 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net (gain) loss $ 11 $ 14 $ 3 Total recognized in net periodic benefit cost and other comprehensive income $ 20 $ 28 $ 9 Assumptions Used to Determine Benefit Obligations: Discount rate (Vistra Plan) 3.24 % 4.37 % 3.74 % Expected rate of compensation increase (Vistra Plan) 3.29 % 3.35 % 3.62 % Discount rate (Dynegy Plan) 3.24 % 4.37 % — % Expected rate of compensation increase (Dynegy Plan) 3.29 % 3.35 % — % Interest crediting rate for cash balance plans (Vistra Energy Plan) 3.50 % 3.50 % 3.50 % Interest crediting rate for cash balance plans (Dynegy Plan & EEI) 3.50 % 3.50 % — % For the year ended December 31, 2019, the net actuarial loss of $16 million was driven by losses attributable to decreasing discount rates due to changes in the corporate bond markets, actuarial assumption updates to reflect current market conditions, annuity purchases, plan amendments and plan experience different than expected, partially offset by gains attributable to actual asset performance exceeding expectations and life expectancy updates. For the year ended December 31, 2018, the net actuarial loss of $14 million was driven by losses attributable to actual asset performance falling short of expectations and plan experience different than expected, partially offset by gains attributable to increasing discount rates due to changes in the corporate bond markets, economic assumption updates to reflect current market conditions and life expectancy projection updates. For the year ended December 31, 2017, the net actuarial loss of $3 million was driven by losses attributable to decreasing discount rates due to changes in the corporate bond markets and demographic assumption updates to reflect current expectations, partially offset by gains attributable to actual asset performance exceeding expectations, economic assumption updates to reflect current market conditions, life expectancy projection updates and plan experience different than expected. Year Ended December 31, 2019 2018 Change in Pension Obligation: Projected benefit obligation at beginning of period $ 615 $ 163 Acquisitions — 502 Service cost 7 15 Interest cost 25 21 Settlement — (28) Curtailment (2) — Annuity purchase (18) — Actuarial (gain) loss 93 (34) Benefits paid (46) (24) Projected benefit obligation at end of year $ 674 $ 615 Accumulated benefit obligation at end of year $ 669 $ 611 Change in Plan Assets: Fair value of assets at beginning of period $ 490 $ 128 Acquisitions — 428 Employer contributions — 12 Settlement — (28) Annuity purchase (18) — Actual gain (loss) on assets 102 (26) Benefits paid (46) (24) Fair value of assets at end of year $ 528 $ 490 Funded Status: Projected pension benefit obligation $ (674) $ (615) Fair value of assets 528 490 Funded status at end of year $ (146) $ (125) Amounts Recognized in the Balance Sheet Consist of: Other noncurrent liabilities $ (146) $ (125) Net liability recognized $ (146) $ (125) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net gain (loss) $ (24) $ (13) |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan, Assumptions [Table Text Block] | Detailed Information Regarding Postretirement Benefits Other Than Pensions The following OPEB information is based on a December 31, 2019 measurement date: Year Ended December 31, 2019 2018 2017 Assumptions Used to Determine Net Periodic Benefit Cost: Discount rate (Vistra Energy Plan) 4.35 % 3.67 % 4.11 % Discount rate (Oncor Plan) — % — % 4.18 % Discount rate (Dynegy Plan) 4.35 % 4.04 % — % Expected return on plan assets (EEI Union) 5.36 % 5.10 % — % Expected return on plan assets (EEI Salaried) 4.70 % 4.47 % — % Components of Net Postretirement Benefit Cost: Service cost $ 2 $ 2 $ 2 Interest cost 6 5 4 Expected return on plan assets (1) (1) — Amortization of unrecognized amounts 3 3 — Immediate postretirement benefit cost 1 — — Net periodic OPEB cost $ 11 $ 9 $ 6 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net (gain) loss and prior service (credit) cost $ — $ (6) $ 26 Total recognized in net periodic benefit cost and other comprehensive income $ 11 $ 3 $ 32 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate (Vistra Energy Plan) 3.25 % 4.35 % 3.67 % Discount rate (Split-Participant Plan) 3.25 % 4.35 % 3.67 % Discount rate (Dynegy Plan) 3.25 % 4.35 % — % Expected return on plan assets (EEI Union) 7.07 % 5.36 % — % Expected return on plan assets (EEI Salaried) 3.43 % 4.70 % — % For the year ended December 31, 2019, the net actuarial loss of $5 million was driven by losses attributable to decreasing discount rates due to changes in the corporate bond markets and plan experience different than expected, partially offset by gains attributable to actual asset performance exceeding expectations, life expectancy changes, updates to health care related assumptions and changes due to the repeal of certain Affordable Care Act fees. For the year ended December 31, 2018, the net actuarial loss of $7 million was driven by gains attributable to increasing discount rates due to changes in the corporate bond markets, life expectancy projection updates and updates to health care related assumptions, partially offset by losses attributable to actual asset performance falling short of expectations and plan experience different than expected. For the period ended December 31, 2017, the net actuarial loss of $15 million was driven by losses attributable to decreasing discount rates due to changes in the corporate bond markets, demographic assumption updates to reflect current expectations and updates to health care related assumptions, partially offset by gains attributable to life expectancy projection updates and plan experience different than expected. Year Ended December 31, 2019 2018 Change in Postretirement Benefit Obligation: Benefit obligation at beginning of year $ 144 $ 115 Acquisition — 37 Service cost 2 2 Interest cost 6 5 Participant contributions 3 2 Plan amendments (a) — 4 Curtailment (1) — Actuarial (gain) loss 10 (9) Benefits paid (13) (12) Benefit obligation at end of year $ 151 $ 144 Change in Plan Assets: Fair value of assets at beginning of year $ 29 $ — Acquisition — 32 Employer contributions 9 8 Participant contributions 3 2 Benefits paid (13) (12) Actual gain (loss) on assets 6 (1) Fair value of assets at end of year $ 34 $ 29 Funded Status: Benefit obligation $ (151) $ (144) Fair value of assets 34 29 Funded status at end of year $ (117) $ (115) Amounts Recognized on the Balance Sheet Consist of: Other noncurrent assets $ 18 $ 14 Other current liabilities $ (9) $ (8) Other noncurrent liabilities (126) (121) Net liability recognized $ (117) $ (115) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net loss and prior service cost $ 15 $ 15 ___________ (a) For the year ended December 31, 2018, plan amendments relate to changes in Dynegy plans and retiree medical cost structure. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Schedule of stock-based compensation awards assumed in Merger | At the Merger Date, Dynegy stock options and equity-based awards outstanding immediately prior to the Merger Date were generally automatically converted upon completion of the Merger into stock options and equity-based awards, respectively, with respect to Vistra Energy's common stock, after giving effect to the Exchange Ratio. Instrument Type Dynegy Awards Prior to the Merger Date Vistra Awards Converted at the Merger Date Fair Value of Awards (a) Stock Options 4,096,027 2,670,610 $ 10 Restricted Stock Units 5,718,148 3,056,689 61 Performance Units 1,538,133 938,721 18 Total $ 89 ____________ (a) $26 million was attributable to pre-combination service and considered part of the purchase price (see Note 2). $33 million was recognized immediately as compensation expense due to accelerated vesting as a result of the Merger. $30 million will be amortized as compensation expense over the remaining service period and is recorded in additional paid in capital in the consolidated balance sheet. | |
Schedule of stock-based compensation expense recorded | Stock-based compensation expense is reported as SG&A in the statement of consolidated net income (loss) as follows: Year Ended December 31, 2019 2018 2017 Total stock-based compensation expense $ 47 $ 73 $ 19 Income tax benefit (9) (15) (7) Stock based-compensation expense, net of tax $ 38 $ 58 $ 12 | |
Schedule of stock-based compensation stock options activity | Stock options outstanding at December 31, 2019 are all held by current employees. The following table summarizes our stock option activity: Year Ended December 31, 2019 Stock Options Weighted Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Total outstanding at beginning of period 14,499 $ 17.97 7.3 $ 85.1 Granted 2,103 $ 26.32 Exercised (1,467) $ 13.93 Forfeited or expired (1,600) $ 26.20 Total outstanding at end of period 13,535 $ 18.73 7.3 $ 69.3 Exercisable at December 31, 2019 4,601 $ 16.14 6.6 $ 36.6 | |
Schedule of share-based compensation, restricted stock units award activity | The following table summarizes our restricted stock unit activity: Year Ended December 31, 2019 Restricted Stock Units Weighted Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Total outstanding at beginning of period 3,226 $ 16.77 1.1 $ 73.8 Granted 989 $ 26.43 Exercised (1,480) $ 18.20 Forfeited or expired (197) $ 20.12 Total outstanding at end of period 2,538 $ 20.99 0.8 $ 57.2 Expected to vest 2,485 $ 21.37 0.8 $ 56.1 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Retail ERCOT PJM NY/NE MISO Asset Closure Corporate and Other (b) Eliminations Consolidated Operating revenues (a): December 31, 2019 $ 6,872 $ 3,993 $ 2,442 $ 1,135 $ 658 $ 341 $ 338 $ (3,970) $ 11,809 December 31, 2018 5,597 2,634 1,725 817 399 371 208 (2,607) 9,144 December 31, 2017 4,058 1,794 — — — 964 — (1,386) 5,430 Depreciation and amortization: December 31, 2019 $ (292) $ (508) $ (537) $ (208) $ (19) $ — $ (76) $ — $ (1,640) December 31, 2018 (318) (416) (413) (152) (9) — (86) — (1,394) December 31, 2017 (430) (229) — — — (1) (40) 1 (699) Operating income (loss): December 31, 2019 $ 155 $ 1,340 $ 412 $ 179 $ 52 $ (107) $ (38) $ — $ 1,993 December 31, 2018 690 (70) 100 70 49 (63) (281) (4) 491 December 31, 2017 461 (118) — — — (68) (78) 1 198 Interest expense and related charges: December 31, 2019 $ (21) $ 8 $ (10) $ (3) $ (4) $ — $ (770) $ 3 $ (797) December 31, 2018 (7) (12) (8) (2) (1) — (613) 71 (572) December 31, 2017 — (21) — — — — (252) 80 (193) Income tax (expense) benefit: December 31, 2019 $ — $ — $ — $ — $ — $ — $ (290) $ — $ (290) December 31, 2018 — — — — — — 45 — 45 December 31, 2017 — 4 — — — — (509) 1 (504) Net income (loss): December 31, 2019 $ 134 $ 1,368 $ 405 $ 188 $ 55 $ (109) $ (1,115) $ — $ 926 December 31, 2018 712 (55) 100 79 48 (62) (876) (2) (56) December 31, 2017 495 (114) — — — (63) (573) 1 (254) Capital expenditures, including nuclear fuel and excluding LTSA prepayments: December 31, 2019 $ 1 $ 299 $ 69 $ 22 $ 25 $ — $ 71 $ — $ 487 December 31, 2018 1 283 41 10 3 — 58 — 396 December 31, 2017 — 150 — — — — 26 — 176 ____________ (a) The following unrealized net gains (losses) from mark-to-market valuations of commodity positions are included in operating revenues: For the year ended Retail ERCOT PJM NY/NE MISO Asset Closure Corporate and Other Eliminations (1) Consolidated December 31, 2019 $ 8 $ 575 $ 237 $ 102 $ 24 $ — $ 41 $ (305) $ 682 December 31, 2018 (12) (483) (50) (40) 3 — (15) 217 (380) December 31, 2017 18 (305) — — — — — 154 (133) ____________ (1) Amounts offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (b) Other includes CAISO operations. Income tax expense is not reflected in net income of the segments but is reflected entirely in Corporate and Other net income. As of Retail ERCOT PJM NY/NE MISO Asset Closure Corporate and Other and Eliminations Consolidated Total assets: December 31, 2019 $ 10,399 $ 10,425 $ 5,941 $ 3,060 $ 47 $ 345 $ (3,601) $ 26,616 December 31, 2018 7,699 9,347 7,188 2,722 544 546 (2,022) 26,024 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |
Schedule of interest expense and related charges | Interest Expense Year Ended December 31, 2019 2018 2017 Interest paid/accrued $ 576 $ 537 $ 213 Unrealized mark-to-market net (gains) losses on interest rate swaps 220 5 (29) Amortization of debt issuance costs, discounts and premiums 9 — 4 Debt extinguishment (gain) loss (21) 27 — Capitalized interest (12) (12) (7) Other 25 15 12 Total interest expense and related charges $ 797 $ 572 $ 193 The weighted average interest rate applicable to the Vistra Operations Credit Facilities, taking into account the interest rate swaps discussed in Note 11, was 4.03%, 4.24% and 4.38% at December 31, 2019, 2018 and 2017, respectively. |
Schedule of other income and deductions | Other Income and Deductions Year Ended December 31, 2019 2018 2017 Other income: Office space sublease rental income (a) $ — $ 8 $ 11 Sale of land (b) — 3 4 Funds released from escrow to settle pre-petition claims of our predecessor 9 — — Insurance settlement (b) 22 16 — Interest income 10 18 15 All other 15 2 7 Total other income $ 56 $ 47 $ 37 Other deductions: Write-off of generation equipment (b) — — 2 Curtailment expense (Note 4) (c) 3 — — All other 12 5 3 Total other deductions $ 15 $ 5 $ 5 ____________ (a) Reported in Corporate and Other non-segment. Beginning January 1, 2019, our sublease rental income related to real estate leases is reported in SG&A expenses in the consolidated statements of operations. (b) Reported in ERCOT segment. (c) Reported in Asset Closure segment. |
Schedule of restricted cash | Restricted Cash December 31, 2019 December 31, 2018 Current Noncurrent Assets Current Noncurrent Assets Amounts related to remediation escrow accounts $ 15 $ 28 $ — $ — Amounts related to restructuring escrow accounts 43 — 57 — Amounts related to Ambit customer deposits 19 — — — Amounts related to Ambit commodity trading agreement 62 — — — Amounts related to Ambit letters of credit (Note 11) 8 — — — Total restricted cash $ 147 $ 28 $ 57 $ — |
Schedule of accounts, notes, loans and financing receivable | Trade Accounts Receivable December 31, 2019 2018 Wholesale and retail trade accounts receivable $ 1,401 $ 1,106 Allowance for uncollectible accounts (36) (19) Trade accounts receivable — net (a) $ 1,365 $ 1,087 ____________ (a) At December 31, 2019, includes $175 million of trade accounts receivable related to operations acquired in the Ambit and Crius Transactions. Gross trade accounts receivable at December 31, 2019 and 2018 included unbilled retail revenues of $494 million and $350 million, respectively. Allowance for Uncollectible Accounts Receivable Year Ended December 31, 2019 2018 2017 Allowance for uncollectible accounts receivable at beginning of period $ 19 $ 14 $ 10 Increase for bad debt expense 82 56 43 Decrease for account write-offs (65) (51) (39) Allowance for uncollectible accounts receivable at end of period $ 36 $ 19 $ 14 |
Schedule of inventories by major category | Inventories by Major Category December 31, 2019 2018 Materials and supplies $ 278 $ 286 Fuel stock 172 115 Natural gas in storage 19 11 Total inventories $ 469 $ 412 |
Summary of other investments | Investments December 31, 2019 2018 Nuclear plant decommissioning trust $ 1,451 $ 1,170 Assets related to employee benefit plans (Note 17) 37 31 Land 49 49 Total investments $ 1,537 $ 1,250 |
Summary of investments in the fund | A summary of the fair market value of investments in the fund follows: Year Ended December 31, 2019 2018 Debt securities (a) $ 521 $ 443 Equity securities (b) 930 727 Total $ 1,451 $ 1,170 ____________ (a) The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's. The debt securities are heavily weighted with government and municipal bonds and investment grade corporate bonds. The debt securities had an average coupon rate of 3.42% and 3.69% at December 31, 2019 and 2018, respectively, and an average maturity of 9 years and 8 years at December 31, 2019 and 2018, respectively. (b) The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index for U.S. equity investments and the MSCI EAFE Index for non-U.S. equity investments. |
Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales | The following table summarizes proceeds from sales of securities and investments in new securities. Year Ended December 31, 2019 2018 2017 Proceeds from sales of securities $ 431 $ 252 $ 252 Investments in securities $ (453) $ (274) $ (272) |
Schedule of property, plant and equipment | Property, Plant and Equipment December 31, 2019 2018 Power generation and structures $ 15,205 $ 14,604 Land 622 642 Office and other equipment 164 182 Total 15,991 15,428 Less accumulated depreciation (2,553) (1,284) Net of accumulated depreciation 13,438 14,144 Finance lease right-of-use assets 59 — Nuclear fuel (net of accumulated amortization of $216 million and $189 million) 197 191 Construction work in progress 220 277 Property, plant and equipment — net $ 13,914 $ 14,612 Depreciation expenses totaled $1.300 billion, $1.024 billion and $236 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Schedule of asset retirement and mining reclamation obligations | The following table summarizes the changes to these obligations, reported as AROs (current and noncurrent liabilities) in our consolidated balance sheets, for the years ended December 31, 2019, 2018 and 2017: Nuclear Plant Decommissioning Mining Land Reclamation Coal Ash and Other Total Liability at December 31, 2016 1,200 375 151 1,726 Additions: Accretion 33 18 8 59 Adjustment for change in estimates (a) — 81 44 125 Incremental reclamation costs (b) — — 62 62 Reductions: Payments — (36) — (36) Liability at December 31, 2017 1,233 438 265 1,936 Additions: Accretion 43 22 28 93 Adjustment for change in estimates — 56 (89) (33) Obligations assumed in the Merger — 2 475 477 Reductions: Payments — (76) (24) (100) Liability at December 31, 2018 1,276 442 655 2,373 Additions: Accretion 44 22 31 97 Adjustment for change in estimates — 16 (1) 15 Adjustment for obligations assumed through acquisitions — — (3) (3) Reductions: Payments — (70) (39) (109) Liability transfers (c) — — (135) (135) Liability at December 31, 2019 1,320 410 508 2,238 Less amounts due currently — (89) (52) (141) Noncurrent liability at December 31, 2019 $ 1,320 $ 321 $ 456 $ 2,097 ____________ (a) Amounts primarily relate to the impacts of accelerating the ARO associated with the retirements of the Sandow 4, Sandow 5, Big Brown and Monticello plants (see Note 4). (b) Amounts primarily relate to liabilities incurred as part of acquiring certain real property through the Alcoa contract settlement (see Note 4). (c) Represents ARO transferred to a third-party for remediation. Any remaining unpaid third-party obligation has been reclassified to other current liabilities and other noncurrent liabilities and deferred credits in our consolidated balance sheets. |
Schedule of other noncurrent liabilities and deferred credits | Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: December 31, 2019 2018 Retirement and other employee benefits $ 295 $ 270 Identifiable intangible liabilities (Note 6) 286 401 Regulatory liability 131 — Finance lease liabilities 78 — Uncertain tax positions, including accrued interest 10 4 Liability for third-party remediation 41 — Other accrued expenses 148 66 Total other noncurrent liabilities and deferred credits $ 989 $ 741 |
Schedule of fair value of debt | Fair Value of Debt December 31, 2019 December 31, 2018 Long-term debt (see Note 11): Fair Value Hierarchy Carrying Amount Fair Carrying Amount Fair Long-term debt under the Vistra Operations Credit Facilities Level 2 $ 2,715 $ 2,717 $ 5,820 $ 5,599 Vistra Operations Senior Notes Level 2 6,620 6,926 987 963 Vistra Energy Senior Notes Level 2 774 772 3,819 3,765 7.000% Amortizing Notes Level 2 — — 23 24 Forward Capacity Agreements Level 3 155 155 221 221 Equipment Financing Agreements Level 3 87 87 102 102 Mandatorily redeemable subsidiary preferred stock Level 2 — — 70 70 Building Financing Level 2 16 16 23 21 Other debt Level 3 12 12 — — |
Schedule of supplemental cash flow information | Supplemental Cash Flow Information The following table reconciles cash, cash equivalents and restricted cash reported in our consolidated statements of cash flows to the amounts reported in our balance sheets at December 31, 2019 and 2018: December 31, 2019 2018 Cash and cash equivalents $ 300 $ 636 Restricted cash included in current assets 147 57 Restricted cash included in noncurrent assets 28 — Total cash, cash equivalents and restricted cash $ 475 $ 693 The following table summarizes our supplemental cash flow information for the years ended December 31, 2019, 2018 and 2017, respectively. Year Ended December 31, 2019 2018 2017 Cash payments related to: Interest paid $ 525 $ 651 $ 245 Capitalized interest (12) (12) (7) Interest paid (net of capitalized interest) $ 513 $ 639 $ 238 Income taxes paid / (refunds received) (a) $ (76) $ 67 $ 63 Noncash investing and financing activities: Construction expenditures (b) $ 50 $ 79 $ 12 Shares issued for tangible equity unit contracts (Note 14) $ 446 $ — $ — Land transferred with liability transfers $ 16 $ — $ — Vistra Energy common stock issued in the Merger (Notes 2 and 14) $ — $ 2,245 $ — ____________ (a) For the year ended December 31, 2019, we paid state income taxes of $39 million and received federal tax refunds of $115 million. (b) Represents end-of-period accruals for ongoing construction projects. |
Schedule of quarterly financial information | Quarterly Information (Unaudited) Unaudited results of operations by quarter are summarized below. In our opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair statement of such amounts have been made. Quarterly results are not necessarily indicative of a full year's operations because of seasonal and other factors. Quarterly amounts may not add to full year amounts due to rounding. Quarter Ended March 31 June 30 September 30 December 31 2019 (a): Operating revenues $ 2,923 $ 2,832 $ 3,194 $ 2,860 Operating income $ 490 $ 729 $ 440 $ 334 Net income $ 224 $ 354 $ 114 $ 234 Net income attributable to Vistra Energy $ 225 $ 356 $ 113 $ 234 Net income per weighted average share of common stock outstanding — basic $ 0.45 $ 0.71 $ 0.23 $ 0.49 Net income per weighted average share of common stock outstanding — diluted $ 0.44 $ 0.70 $ 0.23 $ 0.49 2018 (b): Operating revenues $ 765 $ 2,574 $ 3,243 $ 2,562 Operating income (loss) $ (394) $ 231 $ 650 $ 4 Net income (loss) $ (306) $ 105 $ 331 $ (186) Net income (loss) attributable to Vistra Energy $ (306) $ 108 $ 330 $ (186) Net income (loss) per weighted average share of common stock outstanding — basic $ (0.71) $ 0.21 $ 0.62 $ (0.35) Net income (loss) per weighted average share of common stock outstanding — diluted $ (0.71) $ 0.20 $ 0.61 $ (0.35) ____________ (a) For the year ended December 31, 2019, reflects the results of operations acquired in the Crius and Ambit Transactions. (b) For the year ended December 31, 2018, reflects the results of operations acquired in the Merger. |
Supplemental Condensed Consol_2
Supplemental Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Condensed Consolidating Financial Information [Abstract] | |
Condensed Statements of Operations | Condensed Consolidating Statements of Operations for the Year Ended December 31, 2019 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues $ — $ 11,572 $ 528 $ (291) $ 11,809 Fuel, purchased power costs and delivery fees — (5,613) (297) 168 (5,742) Operating costs — (1,465) (65) — (1,530) Depreciation and amortization (7) (1,551) (82) — (1,640) Selling, general and administrative expenses (62) (851) (115) 124 (904) Operating income (loss) (69) 2,092 (31) 1 1,993 Other income 12 51 1 (8) 56 Other deductions — (15) — — (15) Interest expense and related charges (88) (689) (27) 7 (797) Impacts of Tax Receivable Agreement (37) — — — (37) Equity in earnings of unconsolidated investment — 16 — — 16 Income (loss) before income taxes (182) 1,455 (57) — 1,216 Income tax (expense) benefit 42 (345) 13 — (290) Equity in earnings (loss) of subsidiaries, net of tax 1,068 (42) — (1,026) — Net income (loss) 928 1,068 (44) (1,026) 926 Net loss attributable to noncontrolling interest — — 2 — 2 Net income (loss) attributable to Vistra Energy $ 928 $ 1,068 $ (42) $ (1,026) $ 928 Condensed Consolidating Statements of Operations for the Year Ended December 31, 2018 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues $ — $ 9,043 $ 174 $ (73) $ 9,144 Fuel, purchased power costs and delivery fees — (4,968) (92) 24 (5,036) Operating costs — (1,255) (42) — (1,297) Depreciation and amortization — (1,337) (57) — (1,394) Selling, general and administrative expenses (266) (660) (49) 49 (926) Operating income (loss) (266) 823 (66) — 491 Other income 9 41 — (3) 47 Other deductions — (6) 1 — (5) Interest expense and related charges (257) (309) (9) 3 (572) Impacts of Tax Receivable Agreement (79) — — — (79) Equity in earnings of unconsolidated investment — 17 — — 17 Income (loss) before income taxes (593) 566 (74) — (101) Income tax (expense) benefit 282 (284) 47 — 45 Equity in earnings (losses) of subsidiaries, net of tax 257 (25) — (232) — Net income (loss) $ (54) $ 257 $ (27) $ (232) $ (56) Net loss attributable to noncontrolling interest — — 2 — 2 Net income (loss) attributable to Vistra Energy $ (54) $ 257 $ (25) $ (232) $ (54) Condensed Consolidating Statements of Operations for the Year Ended December 31, 2017 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Operating revenues $ — $ 5,430 $ — $ — $ 5,430 Fuel, purchased power costs and delivery fees — (2,935) — — (2,935) Operating costs — (973) — — (973) Depreciation and amortization — (699) — — (699) Selling, general and administrative expenses (47) (553) — — (600) Impairment of long-lived assets — (25) — — (25) Operating income (loss) (47) 245 — — 198 Other income 4 33 — — 37 Other deductions — (5) — — (5) Interest expense and related charges — (193) — — (193) Impacts of Tax Receivable Agreement 213 — — — 213 Income before income taxes 170 80 — — 250 Income tax (expense) benefit 80 (584) — — (504) Equity in earnings (losses) of subsidiaries, net of tax (504) — — 504 — Net income (loss) $ (254) $ (504) $ — $ 504 $ (254) |
Condensed Consolidating Statements of Other Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) for the Year Ended December 31, 2019 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 928 $ 1,068 $ (44) $ (1,026) $ 926 Other comprehensive income (loss), net of tax effects: Effect related to pension and other retirement benefit obligations — (8) — — (8) Total other comprehensive income — (8) — — (8) Comprehensive income (loss) 928 1,060 (44) (1,026) 918 Comprehensive loss attributable to noncontrolling interest — — 2 — 2 Comprehensive income (loss) attributable to Vistra Energy $ 928 $ 1,060 $ (42) $ (1,026) $ 920 Condensed Consolidating Statements of Comprehensive Income (Loss) for the Year Ended December 31, 2018 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (54) $ 257 $ (27) $ (232) $ (56) Other comprehensive income (loss), net of tax effects: Effect related to pension and other retirement benefit obligations — (6) — — (6) Adoption of accounting standard 1 — — — 1 Total other comprehensive income 1 (6) — — (5) Comprehensive income (loss) $ (53) $ 251 $ (27) $ (232) $ (61) Comprehensive loss attributable to noncontrolling interest — — 2 — 2 Comprehensive income (loss) attributable to Vistra Energy $ (53) $ 251 $ (25) $ (232) $ (59) Condensed Consolidating Statements of Comprehensive Income (Loss) for the Year Ended December 31, 2017 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (254) $ (504) $ — $ 504 $ (254) Other comprehensive income (loss), net of tax effects: Effect related to pension and other retirement benefit obligations (23) (29) — 29 (23) Total other comprehensive income (23) (29) — 29 (23) Comprehensive income (loss) $ (277) $ (533) $ — $ 533 $ (277) |
Condensed Consolidating Statements of Cash Flow | Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2019 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows — operating activities: Cash provided by (used in) operating activities $ (58) $ 2,702 $ 92 $ — $ 2,736 Cash flows — investing activities: Capital expenditures, including LTSA prepayments (36) (471) (13) — (520) Nuclear fuel purchases — (89) — — (89) Development and growth expenditures — (104) — — (104) Ambit acquisition (net of cash acquired) — (506) — — (506) Crius acquisition (net of cash acquired) — (374) — — (374) Proceeds from sales of nuclear decommissioning trust fund securities — 431 — — 431 Investments in nuclear decommissioning trust fund securities — (453) — — (453) Proceeds from sales of environmental allowances — 197 — — 197 Purchases of environmental allowances — (321) (1) — (322) Dividend received from subsidiaries 3,890 — — (3,890) — Other, net — 23 — — 23 Cash provided by (used in) investing activities 3,854 (1,667) (14) (3,890) (1,717) Cash flows — financing activities: Issuances of long-term debt — 6,507 — — 6,507 Repayments/repurchases of debt (2,903) (4,139) (67) — (7,109) Net borrowings under accounts receivable securitization program — — 111 — 111 Borrowings under Revolving Credit Facility — 650 — — 650 Repayments under Revolving Credit Facility — (300) — — (300) Debt tender offer and other financing fees (123) (80) — — (203) Stock repurchase (656) — — — (656) Cash dividends paid (243) (3,890) — 3,890 (243) Other, net — 6 — — 6 Cash provided by (used in) financing activities (3,925) (1,246) 44 3,890 (1,237) Net change in cash, cash equivalents and restricted cash (129) (211) 122 — (218) Cash, cash equivalents and restricted cash — beginning balance 228 453 12 — 693 Cash, cash equivalents and restricted cash — ending balance $ 99 $ 242 $ 134 $ — $ 475 Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2018 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows — operating activities: Cash provided by (used in) operating activities $ (125) $ 1,917 $ (321) $ — $ 1,471 Cash flows — investing activities: Capital expenditures, including LTSA prepayments (24) (351) (3) — (378) Nuclear fuel purchases — (118) — — (118) Development and growth expenditures — (31) (3) — (34) Cash acquired in the Merger — 445 — — 445 Proceeds from sales of nuclear decommissioning trust fund securities — 252 — — 252 Investments in nuclear decommissioning trust fund securities — (274) — — (274) Proceeds from sales of environmental allowances — 1 — — 1 Purchases of environmental allowances — (5) — — (5) Dividend received from subsidiaries 4,668 — — (4,668) — Other, net (1) 11 — — 10 Cash provided by (used in) investing activities 4,643 (70) (6) (4,668) (101) Cash flows — financing activities: Issuances of long-term debt — 1,000 — — 1,000 Repayments/repurchases of debt (4,543) 1,468 — — (3,075) Borrowings under accounts receivable securitization program — — 339 — 339 Cash dividends paid — (4,668) — 4,668 — Debt tender offer and other financing fees (179) (57) — — (236) Stock repurchase (763) — — — (763) Other, net 12 — — — 12 Cash provided by (used in) financing activities (5,473) (2,257) 339 4,668 (2,723) Net change in cash, cash equivalents and restricted cash (955) (410) 12 — (1,353) Cash, cash equivalents and restricted cash — beginning balance 1,183 863 — — 2,046 Cash, cash equivalents and restricted cash — ending balance $ 228 $ 453 $ 12 $ — $ 693 Condensed Consolidating Statements of Cash Flows for the Year Ended December 31, 2017 (Millions of Dollars) Parent (Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows — operating activities: Cash provided by (used in) operating activities $ (108) $ 1,494 $ — $ — $ 1,386 Cash flows — investing activities: Capital expenditures — (114) — — (114) Nuclear fuel purchases — (62) — — (62) Development and growth expenditures — (190) — — (190) Odessa acquisition (330) (25) — — (355) Proceeds from sales of nuclear decommissioning trust fund securities — 252 — — 252 Investments in nuclear decommissioning trust fund securities — (272) — — (272) Proceeds from sales of environmental allowances — 1 — — 1 Purchases of environmental allowances — (3) — — (3) Dividend received from subsidiaries 1,505 — — (1,505) — Other, net — 16 — — 16 Cash provided by (used in) investing activities 1,175 (397) — (1,505) (727) Cash flows — financing activities: Repayments/repurchases of debt — (191) — — (191) Cash dividend paid — (1,505) — 1,505 — Debt financing fees — (8) — — (8) Other, net — (2) — — (2) Cash provided by (used in) financing activities — (1,706) — 1,505 (201) Net change in cash, cash equivalents and restricted cash 1,067 (609) — — 458 Cash, cash equivalents and restricted cash — beginning balance 116 1,472 — — 1,588 Cash, cash equivalents and restricted cash — ending balance $ 1,183 $ 863 $ — $ — $ 2,046 |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet Parent Guarantor Subsidiaries Non- Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents 56 $ 199 $ 45 $ — $ 300 Restricted cash 43 15 89 — 147 Advances to affiliates — 56 — (56) — Trade accounts receivable — net 5 705 781 (126) 1,365 Accounts receivable — affiliates — 275 — (275) — Notes due from affiliates — 122 — (122) — Income taxes receivable — — — — — Inventories — 436 33 — 469 Commodity and other derivative contractual assets — 1,326 14 (7) 1,333 Margin deposits related to commodity contracts — 191 11 — 202 Prepaid expense and other current assets 100 172 27 (1) 298 Total current assets 204 3,497 1,000 (587) 4,114 Restricted cash — 28 — — 28 Investments — 1,500 37 — 1,537 Investment in unconsolidated subsidiary — 124 — — 124 Investment in affiliated companies 8,364 697 — (9,061) — Operating lease right-of-use assets — 32 12 — 44 Property, plant and equipment — net 4 13,402 508 — 13,914 Goodwill — 2,339 214 — 2,553 Identifiable intangible assets — net 49 2,435 264 — 2,748 Commodity and other derivative contractual assets — 134 2 — 136 Accumulated deferred income taxes 729 398 — (61) 1,066 Other noncurrent assets 67 269 16 — 352 Total assets $ 9,417 $ 24,855 $ 2,053 $ (9,709) $ 26,616 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings $ — $ 350 $ — $ — $ 350 Accounts receivable securitization program — — 450 — 450 Advances from affiliates — — 57 (57) — Long-term debt due currently 87 185 6 (1) 277 Trade accounts payable 1 855 211 (120) 947 Accounts payable — affiliates 145 — 127 (272) — Notes due to affiliates — — 122 (122) — Commodity and other derivative contractual liabilities — 1,505 31 (7) 1,529 Margin deposits related to commodity contracts — 8 — — 8 Accrued taxes 1 — — — 1 Accrued taxes other than income — 188 12 — 200 Accrued interest 11 138 8 (6) 151 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiaries Non- Eliminations Consolidated Asset retirement obligations — 141 — — 141 Operating lease liabilities — 10 4 — 14 Other current liabilities 46 402 58 — 506 Total current liabilities 291 3,782 1,086 (585) 4,574 Long-term debt, less amounts due currently 689 9,385 28 — 10,102 Operating lease liabilities — 33 8 — 41 Commodity and other derivative contractual liabilities — 392 5 (1) 396 Accumulated deferred income taxes — — 63 (61) 2 Tax Receivable Agreement obligation 455 — — — 455 Asset retirement obligations — 2,084 13 — 2,097 Other noncurrent liabilities and deferred credits 22 815 153 (1) 989 Total liabilities 1,457 16,491 1,356 (648) 18,656 Total stockholders' equity 7,960 8,364 696 (9,061) 7,959 Noncontrolling interest in subsidiary — — 1 — 1 Total liabilities and equity $ 9,417 $ 24,855 $ 2,053 $ (9,709) $ 26,616 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiaries Non- Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 171 $ 453 $ 12 $ — $ 636 Restricted cash 57 — — — 57 Advances to affiliates 11 11 — (22) — Trade accounts receivable — net 4 729 464 (110) 1,087 Accounts receivable — affiliates — 245 — (245) — Notes due from affiliates — 101 — (101) — Income taxes receivable — 1 — (1) — Inventories — 391 21 — 412 Commodity and other derivative contractual assets — 730 — — 730 Margin deposits related to commodity contracts — 361 — — 361 Prepaid expense and other current assets 2 134 16 — 152 Total current assets 245 3,156 513 (479) 3,435 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiaries Non- Eliminations Consolidated Investments — 1,218 32 — 1,250 Investment in unconsolidated subsidiary — 131 — — 131 Investment in affiliated companies 11,186 263 — (11,449) — Property, plant and equipment — net 15 14,017 580 — 14,612 Goodwill — 2,068 — — 2,068 Identifiable intangible assets — net 10 2,480 3 — 2,493 Commodity and other derivative contractual assets — 109 — — 109 Accumulated deferred income taxes 809 599 — (72) 1,336 Other noncurrent assets 255 330 5 — 590 Total assets $ 12,520 $ 24,371 $ 1,133 $ (12,000) $ 26,024 LIABILITIES AND EQUITY Current liabilities: Accounts receivable securitization program $ — $ — $ 339 $ — $ 339 Advances from affiliates — — 22 (22) — Long-term debt due currently 23 163 5 — 191 Trade accounts payable 2 928 121 (106) 945 Accounts payable — affiliates 236 — 9 (245) — Notes due to affiliates — — 101 (101) — Commodity and other derivative contractual liabilities — 1,376 — — 1,376 Margin deposits related to commodity contracts — 4 — — 4 Accrued taxes 11 — — (1) 10 Accrued taxes other than income — 181 1 — 182 Accrued interest 48 29 4 (4) 77 Asset retirement obligations — 156 — — 156 Other current liabilities 74 267 4 — 345 Total current liabilities 394 3,104 606 (479) 3,625 Long-term debt, less amounts due currently 3,819 7,027 28 — 10,874 Commodity and other derivative contractual liabilities — 270 — — 270 Accumulated deferred income taxes — — 82 (72) 10 Tax Receivable Agreement obligation 420 — — — 420 Asset retirement obligations — 2,203 14 — 2,217 Other noncurrent liabilities and deferred credits 20 581 140 — 741 Total liabilities 4,653 13,185 870 (551) 18,157 Total stockholders' equity 7,867 11,186 259 (11,449) 7,863 Noncontrolling interest in subsidiary — — 4 — 4 Total liabilities and equity $ 12,520 $ 24,371 $ 1,133 $ (12,000) $ 26,024 |
Business And Significant Acco_4
Business And Significant Accounting Policies (Adoption of New Accounting Standards) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right-of-use asset | $ 103 | |||
Lease liabilities | 141 | |||
Impact on consolidated balance sheet: | ||||
Property, plant and equipment — net | 13,914 | $ 14,612 | $ 14,627 | |
Operating lease right-of-use assets | 44 | 0 | 70 | |
Prepaid expense and other current assets | 298 | 152 | 150 | |
Accumulated deferred income taxes | 1,066 | 1,336 | 1,337 | |
Other current liabilities | 506 | 345 | 344 | |
Operating lease liabilities | 55 | 109 | ||
Identifiable intangible liabilities | 365 | |||
Other accrued expenses | 148 | 66 | 354 | |
Retained deficit | (764) | (1,449) | (1,451) | |
Other comprehensive income impact of adoption of new accounting standard | 0 | 1 | $ 0 | |
Previously Reported [Member] | ||||
Impact on consolidated balance sheet: | ||||
Property, plant and equipment — net | 14,612 | |||
Operating lease right-of-use assets | 0 | |||
Prepaid expense and other current assets | 152 | |||
Accumulated deferred income taxes | 1,336 | |||
Other current liabilities | 345 | |||
Operating lease liabilities | 0 | |||
Identifiable intangible liabilities | 401 | |||
Other accrued expenses | 340 | |||
Retained deficit | $ (1,449) | |||
Reclassification of income tax effects of tax cuts and jobs act within accumulated other comprehensive income to retained earnings per ASU 2018-02 [Member] | ||||
Impact on consolidated balance sheet: | ||||
Other comprehensive income impact of adoption of new accounting standard | $ 1 | |||
Restricted cash previously reported as source (use) of cash now reported in changes in cash, cash equivalents and restricted cash per ASU 2016-02 [Member] | ||||
Impact on consolidated balance sheet: | ||||
Increase (decrease) in restricted cash | $ 186 | |||
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease right-of-use asset | 85 | |||
Lease liabilities | 123 | |||
Impact on consolidated balance sheet: | ||||
Property, plant and equipment — net | 15 | |||
Operating lease right-of-use assets | 70 | |||
Prepaid expense and other current assets | (2) | |||
Accumulated deferred income taxes | 1 | |||
Other current liabilities | (1) | |||
Operating lease liabilities | 109 | |||
Identifiable intangible liabilities | (36) | |||
Other accrued expenses | 14 | |||
Retained deficit | $ (2) |
Business And Significant Acco_5
Business And Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)Reportable_segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 09, 2018USD ($) | |
Number of reportable segments (in reportable segments) | Reportable_segment | 6 | |||
Advertising expense | $ 49 | $ 46 | $ 44 | |
Operating loss and alternative minimum tax carryforwards acquired in Merger | $ 4,500 | |||
Luminant Generation Company LLC [Member] | Upton County 2 Solar Facility [Member] | ||||
Reduction of tax basis of asset, use of investment tax credit deferral method | $ 2 | $ 78 | ||
Electric Energy, Inc. [Member] | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% |
Acquisitions, Merger Transact_3
Acquisitions, Merger Transaction and Business Combination Accounting (Ambit and Crius Transactions Narrative) (Details) $ in Millions | Nov. 01, 2019USD ($)TW | Jul. 15, 2019USD ($)TW | Dec. 31, 2019USD ($) |
Ambit Transaction [Member] | |||
Business Acquisition [Line Items] | |||
Numbers of states in which entity operates | 17 | ||
Business Combination, consideration transferred | $ 555 | ||
Electricity load, annualized basis | TW | 11 | ||
Business Combination, acquisition related costs | $ 1 | ||
Business Combination, separately recognized transactions, revenues and gains recognized | 193 | ||
Business Combination, separately recognized transactions, net gains and losses | 2 | ||
Crius Transaction [Member] | |||
Business Acquisition [Line Items] | |||
Numbers of states in which entity operates | 19 | ||
Business Combination, consideration transferred | $ 400 | ||
Business Combination, consideration transferred to acquire outstanding trust units | $ 382 | ||
Electricity load, annualized basis | TW | 10 | ||
Business Combination, acquisition related costs | 2 | ||
Business Combination, separately recognized transactions, revenues and gains recognized | 453 | ||
Business Combination, separately recognized transactions, net gains and losses | $ 0 |
Acquisitions, Merger Transact_4
Acquisitions, Merger Transaction and Business Combination Accounting (Ambit and Crius Transactions Preliminary Purchase Price Allocation) (Details) - USD ($) $ in Millions | Jul. 15, 2019 | Dec. 31, 2019 | Nov. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill | $ 2,553 | $ 2,068 | $ 1,907 | ||
Ambit Transaction [Member] | |||||
Cash, cash equivalents and restricted cash | $ 49 | ||||
Net working capital | 29 | ||||
Identifiable intangible assets | 263 | ||||
Goodwill | 214 | ||||
Commodity and other derivative contractual assets | 23 | ||||
Other noncurrent assets | 13 | ||||
Total assets acquired | 591 | ||||
Long-term debt, including amounts due currently | 0 | ||||
Commodity and other derivative contractual liabilities | 28 | ||||
Accumulated deferred income taxes | 0 | ||||
Other noncurrent liabilities | 8 | ||||
Total liabilities assumed | 36 | ||||
Identifiable net assets acquired | $ 555 | ||||
Crius Transaction [Member] | |||||
Cash, cash equivalents and restricted cash | $ 26 | ||||
Net working capital | (4) | ||||
Identifiable intangible assets | 292 | ||||
Goodwill | 257 | ||||
Commodity and other derivative contractual assets | 18 | ||||
Other noncurrent assets | 18 | ||||
Total assets acquired | 607 | ||||
Long-term debt, including amounts due currently | 141 | ||||
Commodity and other derivative contractual liabilities | 40 | ||||
Accumulated deferred income taxes | 9 | ||||
Other noncurrent liabilities | 17 | ||||
Total liabilities assumed | 207 | ||||
Identifiable net assets acquired | 400 | ||||
Net working capital, period increase (decrease) | (37) | ||||
Identifiable intangible assets, period increase (decrease) | (2) | ||||
Goodwill, period increase (decrease) | 52 | ||||
Other noncurrent assets, period increase (decrease) | (2) | ||||
Identifiable intangible liabilities, period increase (decrease) | (36) | ||||
Other noncurrent liabilities, period increase (decrease) | 1 | ||||
Accumulated deferred income taxes, asset, period increase (decrease) | 36 | ||||
Accumulated deferred income taxes, liability, period increase (decrease) | $ (9) |
Acquisitions, Merger Transact_5
Acquisitions, Merger Transaction and Business Combination Accounting (Ambit and Crius Transactions Unaudited Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Ambit Transaction [Member] | ||
Pro forma revenues | $ 12,931 | $ 10,446 |
Pro forma net income (loss) | 949 | (95) |
Pro forma net income (loss) attributable to Vistra Energy | $ 951 | $ (93) |
Pro forma income (loss) attributable to Vistra Energy per weighted average share of common stock outstanding - basic | $ 1.92 | $ (0.18) |
Pro forma net income (loss) attributable to Vistra energy per weighted average share of common stock outstanding - diluted | $ 1.90 | $ (0.18) |
Crius Transaction [Member] | ||
Pro forma revenues | $ 12,373 | $ 10,379 |
Pro forma net income (loss) | 876 | (43) |
Pro forma net income (loss) attributable to Vistra Energy | $ 878 | $ (41) |
Pro forma income (loss) attributable to Vistra Energy per weighted average share of common stock outstanding - basic | $ 1.78 | $ (0.08) |
Pro forma net income (loss) attributable to Vistra energy per weighted average share of common stock outstanding - diluted | $ 1.76 | $ (0.08) |
Acquisitions, Merger Transact_6
Acquisitions, Merger Transaction and Business Combination Accounting (Dynegy Merger Transaction) (Details) - $ / shares | Apr. 09, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par or stated value per share | $ 0.01 | ||||
Exchange Ratio | 0.652 | ||||
Shares issued | 94,409,573 | 2,716,349 | 97,639,105 | 818,570 | |
Common stock, shares outstanding | 522,932,453 | 487,698,111 | 493,215,309 | 428,398,802 | 427,580,232 |
Vistra Energy Corp. [Member] | |||||
Common stock, par or stated value per share | $ 0.01 | ||||
Dynegy Inc. | |||||
Common stock, par or stated value per share | $ 0.01 |
Acquisitions, Merger Transact_7
Acquisitions, Merger Transaction and Business Combination Accounting (Dynegy Merger Business Combination Narrative) (Details) - Dynegy Merger - USD ($) $ in Millions | Apr. 09, 2018 | Dec. 31, 2018 | Dec. 31, 2018 |
Business Combination, consideration transferred | $ 2,273 | ||
Property, plant and equipment, period increase (decrease) | 173 | ||
Identifiable intangible assets, period increase (decrease) | (36) | ||
Goodwill, period increase (decrease) | 175 | ||
Accounts receivable, inventory, prepaid expenses and other current assets | (10) | ||
Accumulated deferred income taxes, asset, period increase (decrease) | 127 | ||
Other noncurrent assets, period increase (decrease) | (113) | ||
Trade accounts payable and other current liabilities, period increase (decrease) | 89 | ||
Other noncurrent liabilities, period increase (decrease) | 177 | ||
Assets retirement obligations, including amounts due currently, period increase (decrease) | $ 56 | ||
Business Combination, acquisition related costs | $ 25 | ||
Business Combination, separately recognized transactions, revenues and gains recognized | $ 3,902 | ||
Business Combination, separately recognized transactions, net gains and losses | $ 224 |
Acquisitions, Merger Transact_8
Acquisitions, Merger Transaction and Business Combination Accounting (Dynergy Merger Purchase Price Allocation) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 09, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, shares outstanding | 522,932,453 | 487,698,111 | 493,215,309 | 428,398,802 | 427,580,232 |
Exchange Ratio | 0.652 | ||||
Preliminary Purchase Price Allocation [Abstract] | |||||
Goodwill | $ 2,553 | $ 2,068 | $ 1,907 | ||
Dynegy Merger | |||||
Exchange Ratio | 0.652 | ||||
Opening price of Vistra Energy common stock on April 9, 2018 | $ 19.87 | ||||
Purchase price for common stock | $ 1,876 | ||||
Fair value of equity component of tangible equity units | 369 | ||||
Fair value of outstanding stock compensation awards attributable to pre-combination service | 26 | ||||
Fair value of outstanding warrants | 2 | ||||
Total purchase price | 2,273 | ||||
Preliminary Purchase Price Allocation [Abstract] | |||||
Cash and cash equivalents | 445 | ||||
Trade accounts receivables, inventories, prepaid expenses and other current assets | 853 | ||||
Property, plant and equipment | 10,535 | ||||
Accumulated deferred income taxes | 518 | ||||
Identifiable intangible assets | 351 | ||||
Goodwill | 175 | $ 175 | |||
Other noncurrent assets | 419 | ||||
Total assets acquired | 13,296 | ||||
Trade accounts payable and other current liabilities | 733 | ||||
Commodity and other derivative contractual assets and liabilities, net | 422 | ||||
Asset retirement obligations, including amounts due currently | 475 | ||||
Long-term debt, including amounts due currently | 8,919 | ||||
Other noncurrent liabilities | 469 | ||||
Total liabilities assumed | 11,018 | ||||
Identifiable net assets acquired | 2,278 | ||||
Noncontrolling interest in subsidiary | 5 | ||||
Total purchase price | $ 2,273 | ||||
Dynegy Inc. | Dynegy Merger | |||||
Common stock, shares outstanding | 144,800,000 | ||||
Vistra Energy Corp. [Member] | Dynegy Merger | |||||
Vistra Energy shares issued for Dynegy shares outstanding (in millions) | 94,400,000 |
Acquisitions, Merger Transact_9
Acquisitions, Merger Transaction and Business Combination Accounting (Dynegy Merger Unaudited Pro Forma Financial Information) (Details) - Dynegy Merger - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pro forma revenues | $ 10,595 | $ 10,509 |
Pro forma net income (loss) | (268) | (969) |
Pro forma net income (loss) attributable to Vistra Energy | $ (265) | $ (983) |
Pro forma income (loss) attributable to Vistra Energy per weighted average share of common stock outstanding - basic | $ (0.52) | $ (1.83) |
Pro forma net income (loss) attributable to Vistra energy per weighted average share of common stock outstanding - diluted | $ (0.52) | $ (1.83) |
Acquisition and Development o_2
Acquisition and Development of Generation Facilities (Battery Energy Storage Projects) (Details) $ in Millions | 1 Months Ended | |||
Oct. 31, 2018USD ($) | Jun. 30, 2018 | Dec. 31, 2019USD ($)MW | Dec. 31, 2018USD ($) | |
Construction work in progress, gross | $ | $ 220 | $ 277 | ||
Vistra Energy Corp. [Member] | Upton County 2 Solar Facility (Battery Storage Project) [Member] [Member] | ||||
Texas Emissions Reduction Plan, grant awarded | $ | $ 1 | |||
Electricity generation facility capacity | MW | 10 | |||
Vistra Energy Corp. [Member] | Oakland Power Plant (Battery Storage Project) [Member] | ||||
Electricity generation facility capacity | MW | 20 | |||
Vistra Energy Corp. [Member] | Moss Landing Power Plant (Battery Storage Project) [Member] | ||||
Electricity generation facility capacity | MW | 300 | |||
Proposed contract, duration, number of years | 20 | |||
Construction work in progress, gross | $ | $ 64 |
Acquisition and Development o_3
Acquisition and Development of Generation Facilities (Solar Development Project) (Details) $ in Millions | 20 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2019MW | |
Payments to acquire productive assets | $ | $ 231 | |
Luminant Generation Company LLC [Member] | Upton County 2 Solar Facility [Member] | ||
Electricity generation facility capacity | MW | 180 |
Acquisition and Development o_4
Acquisition and Development of Generation Facilities (Odessa Acquisition) (Details) - Odessa-Ector Power Partners, L.P. [Member] - La Frontera Holdings, LLC [Member] $ in Millions | 1 Months Ended | |
Aug. 31, 2017USD ($) | Aug. 01, 2017MW | |
Electricity generation facility capacity | MW | 1,054 | |
Purchase and sale agreement, aggregate purchase price | $ 355 | |
Earn-out provision, initial fair value included in purchase price | $ 16 |
Retirement of Generation Faci_3
Retirement of Generation Facilities (Retirement of Generation Facilities - MISO) (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Aug. 31, 2019USD ($) | Dec. 31, 2019USD ($)MW | |
Coffeen Power Station, Duck Creek Station, Havana Power Station, Hennepin Power Station [Member] | ||
Number of electric generation plants retired | 4 | |
Electric generation facility capacity announced retirement | 2,068 | |
Coffeen Power Station [Member] | ||
Electric generation facility capacity announced retirement | 915 | |
Number of electric generation units announced retirement | 2 | |
Duck Creek Station [Member] | ||
Electric generation facility capacity announced retirement | 425 | |
Number of electric generation units announced retirement | 1 | |
Havana Power Station [Member] | ||
Electric generation facility capacity announced retirement | 434 | |
Number of electric generation units announced retirement | 1 | |
Hennepin Power Station [Member] | ||
Electric generation facility capacity announced retirement | 294 | |
Number of electric generation units announced retirement | 2 | |
Edwards Power Station [Member] | ||
Electric generation facility capacity announced retirement | 585 | |
Number of electric generation units announced retirement | 2 | |
Coffeen Power Station, Duck Creek Station, Havana Power Station, Hennepin Power Station, Edwards Power Station [Member] | ||
Electric generation facility capacity announced retirement | 2,653 | |
Charges associated with retirement of generation facilities | $ | $ 47 | |
Increase (decrease) in obligation, pension and other postretirement benefits | $ | $ 21 | |
Other comprehensive income (loss), defined benefit plan, gain (loss), reclassification adjustment from AOCI, before tax | $ | 18 | |
Curtailment expense | $ | $ 3 | |
Number of electric generation units announced retirement | 8 |
Retirement of Generation Faci_4
Retirement of Generation Facilities (Retirement of Generation Facilities - PJM) (Details) | Aug. 31, 2018MW | May 31, 2018power_plantMW |
Northeastern Power Cogeneration Facility [Member] | ||
Electricity generation facility capacity retired | 51 | |
Killen Station [Member] | ||
Electricity generation facility capacity retired | 204 | |
Jointly owned utility plant, proportionate ownership share | 33.00% | |
J.M. Stuart Station [Member] | ||
Electricity generation facility capacity retired | 679 | |
Jointly owned utility plant, proportionate ownership share | 39.00% | |
Killen and J.M. Stuart Stations [Member] | ||
Electricity generation facility capacity retired | 883 | |
Number of electric generation plants retired | power_plant | 2 |
Retirement of Generation Faci_5
Retirement of Generation Facilities (Retirement of Generation Facilities - ERCOT) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 28, 2018MW | |
Alcoa contract settlement | $ | $ 0 | $ 0 | $ 238 | |
Alcoa Corporation and Alcoa USA Corp. [Member] | Vistra Energy Corp. [Member] | ||||
Alcoa contract settlement | $ | 238 | |||
Monticello Steam Electric Station [Member] | ||||
Number of electric generation units retired | 3 | |||
Electricity generation facility capacity retired | 1,880 | |||
Sandow Steam Electric Station Units 4 and 5 [Member] | ||||
Number of electric generation units retired | 2 | |||
Electricity generation facility capacity retired | 1,137 | |||
Big Brown Steam Electric Station [Member] | ||||
Number of electric generation units retired | 2 | |||
Electricity generation facility capacity retired | 1,150 | |||
Monticello, Sandow and Big Brown Steam Electric Stations [Member] | ||||
Number of electric generation plants retired | 3 | |||
Number of electric generation units retired | 7 | |||
Electricity generation facility capacity retired | 4,167 | |||
Charges associated with retirement of generation facilities | $ | $ 206 |
Revenue (Revenue Disaggregated
Revenue (Revenue Disaggregated By Major Source) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | $ 11,547 | $ 9,797 | |||||||||
Operating revenues | $ 2,860 | $ 3,194 | $ 2,832 | $ 2,923 | $ 2,562 | $ 3,243 | $ 2,574 | $ 765 | 11,809 | 9,144 | $ 5,430 |
Unrealized mark-to-market net gains (losses) | (220) | (5) | 29 | ||||||||
Retail Energy Charge In ERCOT [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 4,983 | 4,426 | |||||||||
Retail Energy Charge In Northeast/Midwest [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 1,818 | 1,123 | |||||||||
Wholesale Generation Revenue From ISO/RTO [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 3,244 | 3,126 | |||||||||
Capacity Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 378 | 698 | |||||||||
Revenue From Other Wholesale Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 1,124 | 424 | |||||||||
Intangible amortization [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | (32) | (43) | |||||||||
Hedging and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 294 | (610) | |||||||||
Affiliate sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 0 | 0 | |||||||||
Total other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 262 | (653) | |||||||||
CAISO / Eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 202 | 203 | |||||||||
Operating revenues | (3,632) | (2,399) | |||||||||
CAISO / Eliminations | Retail Energy Charge In ERCOT [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
CAISO / Eliminations | Retail Energy Charge In Northeast/Midwest [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
CAISO / Eliminations | Wholesale Generation Revenue From ISO/RTO [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 193 | 167 | |||||||||
CAISO / Eliminations | Capacity Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 30 | |||||||||
CAISO / Eliminations | Revenue From Other Wholesale Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 9 | 6 | |||||||||
CAISO / Eliminations | Intangible amortization [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 4 | 0 | |||||||||
CAISO / Eliminations | Hedging and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 132 | 7 | |||||||||
CAISO / Eliminations | Affiliate sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | (3,970) | (2,609) | |||||||||
CAISO / Eliminations | Total other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | (3,834) | (2,602) | |||||||||
Retail Segment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 6,801 | 5,549 | |||||||||
Operating revenues | 6,872 | 5,597 | 4,058 | ||||||||
Retail Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 4,983 | 4,426 | |||||||||
Retail Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 1,818 | 1,123 | |||||||||
Retail Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
Retail Segment [Member] | Capacity Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
Retail Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
Retail Segment [Member] | Intangible amortization [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | (15) | (26) | |||||||||
Retail Segment [Member] | Hedging and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 86 | 74 | |||||||||
Retail Segment [Member] | Affiliate sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 0 | 0 | |||||||||
Retail Segment [Member] | Total other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 71 | 48 | |||||||||
ERCOT Segment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 1,893 | 1,365 | |||||||||
Operating revenues | 3,993 | 2,634 | 1,794 | ||||||||
ERCOT Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
ERCOT Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
ERCOT Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 1,629 | 1,151 | |||||||||
ERCOT Segment [Member] | Capacity Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
ERCOT Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 264 | 214 | |||||||||
ERCOT Segment [Member] | Intangible amortization [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 0 | (1) | |||||||||
ERCOT Segment [Member] | Hedging and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | (245) | (362) | |||||||||
ERCOT Segment [Member] | Affiliate sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 2,345 | 1,632 | |||||||||
ERCOT Segment [Member] | Total other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 2,100 | 1,269 | |||||||||
PJM Segment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 1,262 | 1,190 | |||||||||
Operating revenues | 2,442 | 1,725 | |||||||||
PJM Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
PJM Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
PJM Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 579 | 792 | |||||||||
PJM Segment [Member] | Capacity Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 162 | 369 | |||||||||
PJM Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 521 | 29 | |||||||||
PJM Segment [Member] | Intangible amortization [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 0 | 2 | |||||||||
PJM Segment [Member] | Hedging and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 105 | (62) | |||||||||
PJM Segment [Member] | Affiliate sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 1,075 | 595 | |||||||||
PJM Segment [Member] | Total other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 1,180 | 535 | |||||||||
NY/NE Segment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 796 | 826 | |||||||||
Operating revenues | 1,135 | 817 | |||||||||
NY/NE Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
NY/NE Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
NY/NE Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 434 | 544 | |||||||||
NY/NE Segment [Member] | Capacity Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 181 | 240 | |||||||||
NY/NE Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 181 | 42 | |||||||||
NY/NE Segment [Member] | Intangible amortization [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | (4) | (9) | |||||||||
NY/NE Segment [Member] | Hedging and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 162 | (41) | |||||||||
NY/NE Segment [Member] | Affiliate sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 181 | 41 | |||||||||
NY/NE Segment [Member] | Total other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 339 | (9) | |||||||||
MISO Segment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 386 | 412 | |||||||||
Operating revenues | 658 | 399 | |||||||||
MISO Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
MISO Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
MISO Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 215 | 254 | |||||||||
MISO Segment [Member] | Capacity Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 24 | 25 | |||||||||
MISO Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 147 | 133 | |||||||||
MISO Segment [Member] | Intangible amortization [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | (17) | (9) | |||||||||
MISO Segment [Member] | Hedging and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 12 | (120) | |||||||||
MISO Segment [Member] | Affiliate sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 277 | 116 | |||||||||
MISO Segment [Member] | Total other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 272 | (13) | |||||||||
Asset Closure Segment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 207 | 252 | |||||||||
Operating revenues | 341 | 371 | $ 964 | ||||||||
Asset Closure Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
Asset Closure Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 0 | 0 | |||||||||
Asset Closure Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 194 | 218 | |||||||||
Asset Closure Segment [Member] | Capacity Revenue [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 11 | 34 | |||||||||
Asset Closure Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customer | 2 | 0 | |||||||||
Asset Closure Segment [Member] | Intangible amortization [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 0 | 0 | |||||||||
Asset Closure Segment [Member] | Hedging and other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 42 | (106) | |||||||||
Asset Closure Segment [Member] | Affiliate sales [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 92 | 225 | |||||||||
Asset Closure Segment [Member] | Total other revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating revenues | 134 | 119 | |||||||||
Operating revenues [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Unrealized mark-to-market net gains (losses) | $ 682 | $ (380) |
Revenue (Contract and Other Cus
Revenue (Contract and Other Customer Acquisition Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Selling, general and administrative expenses [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization | $ 21 | $ 10 | |
Operating revenues [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization | 9 | 7 | |
Costs To Acquire Residential And Business Retail Customers [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, net | $ 53 | $ 38 | $ 22 |
Revenue (Performance Obligation
Revenue (Performance Obligations) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 784 |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 732 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 426 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 96 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 29 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 47 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 4 years |
Revenue (Accounts Receivable) (
Revenue (Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade accounts receivable - net | $ 1,365 | $ 1,087 |
Trade accounts receivable — net | 1,365 | 1,087 |
Ambit and Crius Transactions [Member] | ||
Trade accounts receivable — net | 175 | |
Trade accounts receivable from contracts with customers - net [Member] | ||
Trade accounts receivable - net | 1,246 | 951 |
Other trade accounts receivables [Member] | ||
Trade accounts receivable - net | $ 119 | $ 136 |
Goodwill and Identifiable Int_3
Goodwill and Identifiable Intangible Assets and Liabilities (Goodwill) (Details) - USD ($) $ in Millions | Apr. 09, 2018 | Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 01, 2019 | Jul. 15, 2019 | Dec. 31, 2017 |
Goodwill [Line Items] | |||||||
Goodwill | $ 2,553 | $ 2,068 | $ 1,907 | ||||
ERCOT Retail Reporting Unit [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 1,907 | ||||||
Goodwill, expected tax deductible amount | $ 1,686 | ||||||
Goodwill, expected tax deductible term | 15 years | ||||||
Dynegy Merger | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 175 | 175 | |||||
Goodwill, Acquired During Period | 14 | $ 161 | |||||
Dynegy Merger | ERCOT Retail Reporting Unit [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 53 | ||||||
Dynegy Merger | ERCOT Generation Reporting Unit [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 122 | ||||||
Crius Transaction [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 257 | ||||||
Goodwill, Acquired During Period | 257 | ||||||
Ambit Transaction [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 214 | ||||||
Goodwill, expected tax deductible amount | 214 | ||||||
Goodwill, expected tax deductible term | 15 years | ||||||
Goodwill, Acquired During Period | $ 214 |
Goodwill and Identifiable Int_4
Goodwill and Identifiable Intangible Assets and Liabilities (Identifiable Intangible Assets Reported in the Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,833 | $ 2,378 |
Accumulated Amortization | 1,478 | 1,134 |
Total identifiable intangible assets subject to amortization, net | 1,355 | 1,244 |
Total identifiable intangible assets | 2,748 | 2,493 |
Retail trade names (not subject to amortization) [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, unamortized intangibles | 1,391 | 1,245 |
Mineral interests (not currently subject to amortization) [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, unamortized intangibles | 2 | 4 |
Retail customer relationship [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,078 | 1,680 |
Accumulated Amortization | 1,151 | 876 |
Total identifiable intangible assets subject to amortization, net | 927 | 804 |
Software and other technology-related assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 341 | 270 |
Accumulated Amortization | 125 | 105 |
Total identifiable intangible assets subject to amortization, net | 216 | 165 |
Retail and wholesale contracts [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 315 | 316 |
Accumulated Amortization | 182 | 138 |
Total identifiable intangible assets subject to amortization, net | 133 | 178 |
Contractual service agreements [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 59 | 70 |
Accumulated Amortization | 5 | 0 |
Total identifiable intangible assets subject to amortization, net | 54 | 70 |
Other identifiable intangible assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 40 | 42 |
Accumulated Amortization | 15 | 15 |
Total identifiable intangible assets subject to amortization, net | $ 25 | $ 27 |
Goodwill and Identifiable Int_5
Goodwill and Identifiable Intangible Assets and Liabilities (Identifiable Intangible Liabilities Reported in Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | $ 286 | $ 401 |
Contractual service agreements [Member] | ||
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | 110 | 136 |
Purchase and sale of power and capacity | ||
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | 100 | 114 |
Fuel and transportation purchase contracts | ||
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | 76 | 81 |
Environmental allowances [Member] | ||
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | $ 0 | $ 70 |
Goodwill and Identifiable Int_6
Goodwill and Identifiable Intangible Assets and Liabilities (Amortization Expense Related to Identifiable Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets and liabilities | $ 507 | $ 467 | $ 532 |
Depreciation and amortization [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets and liabilities | $ 340 | 370 | 463 |
Retail customer relationship [Member] | Depreciation and amortization [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired finite-lived intangible assets and liabilities, weighted average useful life | 4 years | ||
Amortization of intangible assets and liabilities | $ 275 | 304 | 420 |
Software and other technology-related assets [Member] | Depreciation and amortization [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired finite-lived intangible assets and liabilities, weighted average useful life | 4 years | ||
Amortization of intangible assets and liabilities | $ 61 | 62 | 38 |
Retail and wholesale contracts/purchase and sale/fuel and transportation contracts | Operating revenues, fuel, purchased power costs and delivery fees [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired finite-lived intangible assets and liabilities, weighted average useful life | 4 years | ||
Amortization of intangible assets and liabilities | $ 23 | 43 | 59 |
Other identifiable intangible assets [Member] | Operating revenues, fuel, purchased power costs and delivery fees, depreciation and amortization [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired finite-lived intangible assets and liabilities, weighted average useful life | 4 years | ||
Amortization of intangible assets and liabilities | $ 148 | $ 58 | $ 15 |
Goodwill and Identifiable Int_7
Goodwill and Identifiable Intangible Assets and Liabilities (Estimated Amortization of Identifiable Intangible Assets and Liabilities) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 356 |
2021 | 255 |
2022 | 165 |
2023 | 119 |
2024 | $ 81 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
U.S. Federal | $ (1) | $ (13) | $ 72 |
State | 10 | 30 | 14 |
Total current | 9 | 17 | 86 |
Deferred: | |||
U.S. Federal | 260 | (8) | 417 |
State | 21 | (54) | 1 |
Total deferred | 281 | (62) | 418 |
Income tax expense (benefit) | $ 290 | $ (45) | $ 504 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes Computed at the U.S. Federal Statutory Rate to Income Tax Expense (Benefit) Recorded (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) before income taxes | $ 1,216 | $ (101) | $ 250 |
Effective tax rate at federal statutory rate | 21.00% | 21.00% | 35.00% |
Income taxes at the U.S. federal statutory rate | $ 255 | $ (20) | $ 88 |
Nondeductible TRA accretion | 5 | 8 | (80) |
State tax, net of federal benefit | 48 | 22 | 13 |
Impacts of tax reform legislation on deferred taxes | 0 | 0 | 451 |
Federal and State return to provision adjustment | (17) | (12) | 19 |
Remeasurement of historical Vistra Energy deferred taxes for expanded state footprint | 0 | (54) | 0 |
Effect of refundable minimum tax credits no longer subject to sequestration | 0 | (15) | 0 |
Nondeductible compensation | 3 | 8 | 0 |
Nondeductible transaction costs | 2 | 3 | 0 |
Equity awards | (4) | (3) | 0 |
Valuation allowance on state NOLs | 13 | 20 | 0 |
Lignite depletion | (6) | 0 | 0 |
Texas gross margin amended return | (3) | 0 | 0 |
Other | (6) | (2) | 13 |
Income tax expense (benefit) | $ 290 | $ (45) | $ 504 |
Effective tax rate | 23.80% | 44.60% | 201.60% |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Tax Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Noncurrent Deferred Income Tax Assets | ||
Tax credit carryforwards | $ 73 | $ 76 |
Loss carryforwards | 921 | 958 |
Identifiable intangible assets | 214 | 184 |
Long-term debt | 257 | 188 |
Employee benefit obligations | 112 | 109 |
Commodity contracts and interest rate swaps | 108 | 212 |
Other | 43 | 40 |
Total deferred tax assets | 1,728 | 1,767 |
Property, plant and equipment | 554 | 406 |
Total deferred tax liabilities | 554 | 406 |
Valuation allowance | 110 | 35 |
Net deferred tax assets | 1,064 | $ 1,326 |
State of Illinois | ||
Noncurrent Deferred Income Tax Assets | ||
Valuation allowance | 13 | |
Other Jurisdictions [Member] | Dynegy Merger | ||
Noncurrent Deferred Income Tax Assets | ||
Valuation allowance | 58 | |
Other Jurisdictions [Member] | Crius Transaction [Member] | ||
Noncurrent Deferred Income Tax Assets | ||
Valuation allowance | $ 4 |
Income Taxes (Income Tax Narrat
Income Taxes (Income Tax Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Net deferred tax assets | $ 1,064 | $ 1,326 |
Operating loss carryforwards | 3,200 | |
Alternative minimum tax credits | 164 | |
Tax effects of the components included in accumulated other comprehensive loss, deferred tax assets | $ 3 | $ 2 |
Income Taxes (Liability for Unc
Income Taxes (Liability for Uncertain Tax Positions) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Uncertain tax positions, balance at beginning of period, excluding interest and penalties | $ 39 | $ 0 |
Additions allocated in the Merger | 0 | 39 |
Additions based on tax positions related to prior years | 3 | 0 |
Reductions based on tax positions related to prior years | 0 | 0 |
Additions based on tax positions related to the current year | 87 | 0 |
Settlements with taxing authorities | (3) | 0 |
Uncertain tax positions, balance at end of period, excluding interest and penalties | $ 126 | $ 39 |
Tax Receivable Agreement Obli_3
Tax Receivable Agreement Obligation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Percent of cash tax savings due Tax Receivable Agreement rights holders | 85.00% | |||
Additions (reductions) to Tax Receivable Agreement obligation | $ (22) | $ 14 | $ (295) | |
Tax receivable agreement obligation | $ 455 | $ 420 | $ 357 | $ 596 |
Effective tax rate at federal statutory rate | 21.00% | 21.00% | 35.00% | |
Estimated undiscounted future payments under Tax Receivable Agreement | $ 1,400 | |||
Estimated future tax payments under Tax Receivables Agreement, approximate amount attributable to first fifteen tax years after Emergence (percent) | 50.00% |
Tax Receivable Agreement Obli_4
Tax Receivable Agreement Obligation (Summary of Tax Receivables Agreement Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
TRA obligation at the beginning of the period | $ 420 | $ 357 | $ 596 |
Accretion expense | 59 | 65 | 82 |
Changes in tax assumptions impacting timing of payments | (22) | 14 | (62) |
Revaluation due to tax reform legislation | 0 | 0 | (233) |
Impacts of Tax Receivable Agreement | 37 | 79 | (213) |
Payments | (2) | (16) | (26) |
TRA obligation at the end of the period | 455 | 420 | 357 |
Less amounts due currently | 0 | 0 | (24) |
Noncurrent TRA obligation at the end of the period | $ 455 | $ 420 | $ 333 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) attributable to Vistra Energy | $ 234 | $ 113 | $ 356 | $ 225 | $ (186) | $ 330 | $ 108 | $ (306) | $ 928 | $ (54) | $ (254) |
Weighted average shares of common stock outstanding - basic | 494,146,268 | 504,954,371 | 427,761,460 | ||||||||
Net income (loss) per weighted average share of common stock outstanding - basic | $ 0.49 | $ 0.23 | $ 0.71 | $ 0.45 | $ (0.35) | $ 0.62 | $ 0.21 | $ (0.71) | $ 1.88 | $ (0.11) | $ (0.59) |
Dilutive securities: Stock-based incentive compensation plan | 5,789,223 | 0 | 0 | ||||||||
Weighted average shares of common stock outstanding - diluted | 499,935,490 | 504,954,371 | 427,761,460 | ||||||||
Net income (loss) per weighted average share of common stock outstanding - diluted | $ 0.49 | $ 0.23 | $ 0.70 | $ 0.44 | $ (0.35) | $ 0.61 | $ 0.20 | $ (0.71) | $ 1.86 | $ (0.11) | $ (0.59) |
Antidilutive securities excluded from computation of earnings per share, amount | 2,447,850 | 14,165,813 | 3,642,844 |
Accounts Receivable Securitiz_2
Accounts Receivable Securitization Program Accounts Receivable Securitization Program (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 15, 2019 | Nov. 15, 2019 | Dec. 31, 2018 |
Accounts Receivable Securitization Program [Abstract] | ||||
Accounts receivable securitization program, maximum borrowing capacity | $ 450 | $ 560 | $ 600 | |
Accounts receivable securitization program, gross trade accounts receivable held by special purpose subsidiary | 629 | |||
Accounts receivable securitization program, amounts borrowed | $ 450 | $ 339 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions | 1 Months Ended | ||||
Jan. 31, 2020 | Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 09, 2018 | |
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 10,379 | $ 11,065 | |||
Other long-term debt | 287 | 471 | |||
Unamortized debt premiums, discounts and issuance costs | (55) | 155 | |||
Less amounts due currently | (277) | (191) | |||
Long-term debt, less amounts due currently | 10,102 | 10,874 | |||
Line of Credit [Member] | Vistra Operations Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | 2,700 | 5,813 | |||
Vistra Operations Senior Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | 3,100 | 0 | |||
Vistra Operations Senior Secured Notes [Member] | 3.550% Senior Secured Notes Due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 1,500 | 0 | |||
Stated debt interest rate (percent) | 3.55% | ||||
Vistra Operations Senior Secured Notes [Member] | 3.700% Senior Secured Notes Due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 800 | 0 | |||
Stated debt interest rate (percent) | 3.70% | ||||
Vistra Operations Senior Secured Notes [Member] | 4.300% Senior Secured Notes Due 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 800 | 0 | |||
Stated debt interest rate (percent) | 4.30% | ||||
Vistra Operations Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 3,600 | 1,000 | |||
Vistra Operations Senior Unsecured Notes [Member] | 5.500% Senior Notes Due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 1,000 | 1,000 | |||
Stated debt interest rate (percent) | 5.50% | ||||
Vistra Operations Senior Unsecured Notes [Member] | 5.625% Senior Notes Due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 1,300 | 0 | |||
Stated debt interest rate (percent) | 5.625% | ||||
Vistra Operations Senior Unsecured Notes [Member] | 5.000% Senior Notes due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 1,300 | 0 | |||
Stated debt interest rate (percent) | 5.00% | ||||
Vistra Energy Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 747 | 3,626 | |||
Vistra Energy Senior Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 0 | 1,707 | |||
Stated debt interest rate (percent) | 7.375% | ||||
Vistra Energy Senior Notes [Member] | 5.875% Senior Notes Due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 500 | 500 | |||
Stated debt interest rate (percent) | 5.875% | ||||
Vistra Energy Senior Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 0 | 1,147 | |||
Stated debt interest rate (percent) | 7.625% | ||||
Debt instrument, redemption price, percentage | 103.80% | ||||
Vistra Energy Senior Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 0 | 25 | |||
Stated debt interest rate (percent) | 8.034% | ||||
Vistra Energy Senior Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 81 | 81 | |||
Stated debt interest rate (percent) | 8.00% | ||||
Vistra Energy Senior Notes [Member] | 8.125% Senior Notes Due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 166 | 166 | |||
Stated debt interest rate (percent) | 8.125% | ||||
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | 7% Amortizating Notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 0 | 24 | |||
Long-term debt, less amounts due currently | $ 38 | ||||
Stated debt interest rate (percent) | 7.00% | 7.00% | |||
Secured Debt [Member] | Forward Capacity Agreements [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 161 | 236 | |||
Unsecured Debt [Member] | Equipment Financing Agreements [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | 99 | 120 | |||
Mandatorily Redeemable Preferred Stock [Member] | Mandatorily redeemable preferred stock [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | 0 | 70 | |||
Building financing [Member] | 8.82% Building Financing due semiannually through 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 15 | 21 | |||
Stated debt interest rate (percent) | 8.82% | ||||
Other debt [Member] | Other debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, including amounts due currently | $ 12 | $ 0 | |||
Subsequent Event | Vistra Energy Senior Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price, percentage | 104.00% |
Long-Term Debt (Vistra Operatio
Long-Term Debt (Vistra Operations Credit Facilities) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2020 | Nov. 30, 2019 | Oct. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||||||||
Repayments/repurchases of debt | $ 7,109 | $ 3,075 | $ 191 | |||||
Borrowings under Revolving Credit Facility | 650 | 0 | 0 | |||||
Repayments under Revolving Credit Facility | (300) | 0 | 0 | |||||
Gain (loss) on extinguishment of debt | (21) | 27 | 0 | |||||
Vistra Operations Company LLC [Member] | Cash Released from Collateral Accounts [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Cash Collateral for Borrowed Securities | $ 500 | |||||||
Vistra Operations Company LLC [Member] | Vistra Energy Corp. [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Cash dividends paid | $ 425 | 3,900 | $ 4,700 | $ 1,100 | ||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 5,425 | |||||||
Gain (loss) on extinguishment of debt | (4) | |||||||
Debt fees and expenses, total | $ 42 | |||||||
Debt fees and expenses, recorded as interest expense | $ 2 | 23 | ||||||
Debt fees and expenses, capitalized as reduction of debt | 9 | |||||||
Debt fees and expenses, capitalized as noncurrent asset | 10 | 2 | ||||||
Line of credit facility, borrowings outstanding | 3,050 | |||||||
Line of credit facility, remaining borrowing capacity | 1,426 | |||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 2,725 | |||||||
Line of credit facility, increase (decrease), net | 225 | 1,640 | ||||||
Borrowings under Revolving Credit Facility | $ 550 | |||||||
Repayments under Revolving Credit Facility | (200) | |||||||
Line of credit facility, borrowings outstanding | 350 | |||||||
Line of credit facility, remaining borrowing capacity | $ 1,426 | |||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Revolving Credit Facility [Member] | Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Covenant, outstanding borrowings to outstanding commitments threshold, amount of letters of credit excluded | $ 300 | |||||||
Debt Covenant, outstanding borrowings to outstanding commitments threshold, percent | 30.00% | |||||||
Debt Covenant, net first lien debt to EBITDA threshold | 4.25 | |||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Term Loan B-1 Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Repayments/repurchases of debt | 1,897 | 889 | ||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Term Loan B-2 Facility [Member] [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Repayments/repurchases of debt | 977 | |||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Term Loan B-3 Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 2,700 | |||||||
Line of credit facility, increase (decrease), net | $ (799) | 2,050 | ||||||
Repayments/repurchases of debt | 134 | |||||||
Line of credit facility, borrowings outstanding | 2,700 | |||||||
Line of credit facility, remaining borrowing capacity | $ 0 | |||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||
Line of credit facility, interest rate at period end | 3.54% | |||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Term Loan B-3 Facility [Member] | Subsequent Event | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility percentage of debt required to be repaid annually | 1.00% | |||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Revolving Credit Facility Letter of Credit Sub-Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 2,350 | |||||||
Line of credit facility, increase (decrease), net | $ 50 | 1,585 | ||||||
Line of credit facility, letters of credit outstanding | $ 949 | |||||||
Line of credit facility, interest rate at period end | 1.75% | |||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Term Loan C Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, increase (decrease), net | $ (500) |
Long-Term Debt (Interest Rate S
Long-Term Debt (Interest Rate Swaps) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Long-term debt, percentage bearing variable interest, amount | $ 2,300 | ||
Interest Rate Swap, Swapped to Fixed, Effective through July 2023 | |||
Derivative, notional amount | $ 3,000 | ||
Interest Rate Swap, Swapped to Fixed, Effective through July 2023 | Minimum | |||
Effective interest rate, debt based on derivative contracts | 3.67% | ||
Interest Rate Swap, Swapped to Fixed, Effective through July 2023 | Maximum | |||
Effective interest rate, debt based on derivative contracts | 3.91% | ||
Interest Rate Swap, Swapped to Variable, Effective through July 2023 | |||
Derivative, notional amount | $ 700 | ||
Interest Rate Swap, Swapped to Variable, Effective through July 2023 | Minimum | |||
Effective interest rate, debt based on derivative contracts | 3.20% | ||
Interest Rate Swap, Swapped to Variable, Effective through July 2023 | Maximum | |||
Effective interest rate, debt based on derivative contracts | 3.23% | ||
Interest Rate Swap, Swapped to Fixed, Legacy Swap Effective through February 2024 | |||
Derivative, notional amount | $ 720 | $ 1,959 | |
Derivative, notional amount, expired | $ 398 | ||
Derivative, notional amount, terminated | $ 841 | ||
Interest Rate Swap, Swapped to Fixed, Legacy Swap Effective through February 2024 | Minimum | |||
Effective interest rate, debt based on derivative contracts | 3.71% | ||
Interest Rate Swap, Swapped to Fixed, Legacy Swap Effective through February 2024 | Maximum | |||
Effective interest rate, debt based on derivative contracts | 3.72% | ||
Interest Rate Swap, Swapped to Variable, Legacy Swap Effective through February 2024 | |||
Derivative, notional amount | $ 720 | ||
Interest Rate Swap, Swapped to Variable, Legacy Swap Effective through February 2024 | Minimum | |||
Effective interest rate, debt based on derivative contracts | 3.20% | ||
Interest Rate Swap, Swapped to Variable, Legacy Swap Effective through February 2024 | Maximum | |||
Effective interest rate, debt based on derivative contracts | 3.20% | ||
Interest Rate Swap, Swapped to Fixed, Effective From July 2023 to July 2026 [Member] | |||
Derivative, notional amount | $ 3,000 | ||
Interest Rate Swap, Swapped to Fixed, Effective From July 2023 to July 2026 [Member] | Minimum | |||
Effective interest rate, debt based on derivative contracts | 4.72% | ||
Interest Rate Swap, Swapped to Fixed, Effective From July 2023 to July 2026 [Member] | Maximum | |||
Effective interest rate, debt based on derivative contracts | 4.79% | ||
Interest Rate Swap, Swapped to Variable, Effective From July 2023 to July 2026 | |||
Derivative, notional amount | $ 700 | ||
Interest Rate Swap, Swapped to Variable, Effective From July 2023 to July 2026 | Minimum | |||
Effective interest rate, debt based on derivative contracts | 3.28% | ||
Interest Rate Swap, Swapped to Variable, Effective From July 2023 to July 2026 | Maximum | |||
Effective interest rate, debt based on derivative contracts | 3.33% | ||
Interest Rate Swap, Swapped to Variable [Member] | |||
Derivative, notional amount | $ 2,120 |
Long-Term Debt (Alternative Let
Long-Term Debt (Alternative Letter of Credit Facility) (Details) - Vistra Operations Company LLC [Member] - Letter of Credit [Member] $ in Millions | Dec. 31, 2019USD ($) |
Alternate Letter of Credit Facilities [Member] | |
Line of Credit Facility [Line Items] | |
Letter of credit facility, maximum borrowing capacity | $ 500 |
Letters of credit outstanding, amount | 500 |
Alternate Letter Of Credit Facility Maturing In December 2020 [Member] | |
Line of Credit Facility [Line Items] | |
Letter of credit facility, maximum borrowing capacity | 250 |
Alternate Letter Of Credit Facility Maturing In December 2021 [Member] | |
Line of Credit Facility [Line Items] | |
Letter of credit facility, maximum borrowing capacity | $ 250 |
Long-Term Debt (Vistra Operat_2
Long-Term Debt (Vistra Operations Senior Secured Notes) (Details) - Vistra Operations Senior Secured Notes [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | $ 1,100 | $ 2,000 | $ 3,100 |
Proceeds from issuance of senior long-term debt | 1,099 | 1,976 | |
Debt fees and expenses, capitalized as reduction of debt | 10 | 20 | |
3.550% Senior Secured Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | 300 | 1,200 | |
Stated debt interest rate (percent) | 3.55% | ||
3.700% Senior Secured Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | 800 | 0 | |
Stated debt interest rate (percent) | 3.70% | ||
4.300% Senior Secured Notes Due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | $ 0 | $ 800 | |
Stated debt interest rate (percent) | 4.30% |
Long-Term Debt (Vistra Operat_3
Long-Term Debt (Vistra Operations Senior Unsecured Notes) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 24 Months Ended | ||||||
Nov. 30, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Feb. 28, 2019 | Aug. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Repayments/repurchases of debt | $ 7,109,000,000 | $ 3,075,000,000 | $ 191,000,000 | ||||||
Gain (loss) on extinguishment of debt | $ (21,000,000) | $ 27,000,000 | $ 0 | ||||||
Vistra Operations Senior Unsecured Notes [Member] | |||||||||
Proceeds from issuance of debt | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,000,000,000 | $ 3,600,000,000 | |||||
Proceeds from issuance of senior long-term debt | 1,287,000,000 | 1,287,000,000 | 990,000,000 | ||||||
Debt fees and expenses, capitalized as reduction of debt | 13,000,000 | 16,000,000 | 12,000,000 | ||||||
Vistra Operations Senior Unsecured Notes [Member] | 5.500% Senior Notes Due 2026 [Member] | |||||||||
Proceeds from issuance of debt | 0 | 0 | 1,000,000,000 | ||||||
Stated debt interest rate (percent) | 5.50% | 5.50% | |||||||
Vistra Operations Senior Unsecured Notes [Member] | 5.625% Senior Notes Due 2027 [Member] | |||||||||
Proceeds from issuance of debt | 0 | 1,300,000,000 | 0 | ||||||
Stated debt interest rate (percent) | 5.625% | 5.625% | |||||||
Vistra Operations Senior Unsecured Notes [Member] | 5.000% Senior Notes due 2027 [Member] | |||||||||
Proceeds from issuance of debt | 1,300,000,000 | 0 | 0 | ||||||
Stated debt interest rate (percent) | 5.00% | 5.00% | |||||||
Vistra Energy Senior Notes [Member] | |||||||||
Gain (loss) on extinguishment of debt | $ 9,000,000 | 2,000,000 | $ (27,000,000) | $ 7,000,000 | |||||
Vistra Energy Senior Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | |||||||||
Stated debt interest rate (percent) | 7.375% | 7.375% | |||||||
Repayments/repurchases of debt | 306,000,000 | 35,000,000 | |||||||
Vistra Energy Senior Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | |||||||||
Stated debt interest rate (percent) | 7.625% | 7.625% | |||||||
Repayments/repurchases of debt | $ 1,000,000 | $ 87,000,000 | |||||||
Vistra Energy Senior Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | |||||||||
Stated debt interest rate (percent) | 8.034% | 8.034% | |||||||
Repayments/repurchases of debt | $ 25,000,000 |
Long-Term Debt (Vistra Energy S
Long-Term Debt (Vistra Energy Senior Unsecured Notes) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
Jan. 31, 2020 | Nov. 30, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Feb. 28, 2019 | Aug. 31, 2018 | May 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Apr. 09, 2018 | |
Repayments/repurchases of debt | $ 7,109,000,000 | $ 3,075,000,000 | $ 191,000,000 | |||||||||
Gain (loss) on extinguishment of debt | (21,000,000) | 27,000,000 | $ 0 | |||||||||
Vistra Energy Senior Notes [Member] | ||||||||||||
Gain (loss) on extinguishment of debt | $ 9,000,000 | $ 2,000,000 | $ (27,000,000) | $ 7,000,000 | ||||||||
Repayments of Unsecured Debt | 845,000,000 | 1,542,000,000 | ||||||||||
Long-term debt | $ 6,138,000,000 | |||||||||||
Debt instrument, debt covenant, borrowed money, maximum percent of total assets | 30.00% | 30.00% | ||||||||||
Customary event of default, minimum aggregate amount threshold | $ 100,000,000 | $ 100,000,000 | ||||||||||
Vistra Energy Senior Notes [Member] | Bond Repurchase Program [Member] | ||||||||||||
Bond Repurchase Program, authorized amount | $ 1,000,000,000 | $ 200,000,000 | 1,000,000,000 | |||||||||
Repayments/repurchases of debt | $ 119,000,000 | |||||||||||
Vistra Energy Senior Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | ||||||||||||
Stated debt interest rate (percent) | 8.00% | 8.00% | ||||||||||
Repayments of Unsecured Debt | 669,000,000 | |||||||||||
Vistra Energy Senior Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | ||||||||||||
Repayments/repurchases of debt | $ 1,000,000 | 87,000,000 | ||||||||||
Stated debt interest rate (percent) | 7.625% | 7.625% | ||||||||||
Debt instrument, redemption price, percentage | 103.80% | |||||||||||
Repayments of Unsecured Debt | $ 387,000,000 | 672,000,000 | 26,000,000 | |||||||||
Vistra Energy Senior Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | ||||||||||||
Repayments/repurchases of debt | 306,000,000 | $ 35,000,000 | ||||||||||
Stated debt interest rate (percent) | 7.375% | 7.375% | ||||||||||
Repayments of Unsecured Debt | $ 173,000,000 | 1,193,000,000 | ||||||||||
Vistra Energy Senior Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | ||||||||||||
Repayments/repurchases of debt | $ 25,000,000 | |||||||||||
Stated debt interest rate (percent) | 8.034% | 8.034% | ||||||||||
Repayments of Unsecured Debt | 163,000,000 | |||||||||||
Vistra Energy Senior Notes [Member] | 8.125% Senior Notes Due 2026 [Member] | ||||||||||||
Stated debt interest rate (percent) | 8.125% | 8.125% | ||||||||||
Repayments of Unsecured Debt | $ 684,000,000 | |||||||||||
Vistra Energy Senior Notes [Member] | 6.75% Senior Notes Due 2019 [Member] | ||||||||||||
Stated debt interest rate (percent) | 6.75% | |||||||||||
Debt instrument, redemption price, percentage | 101.70% | |||||||||||
Repayments of Unsecured Debt | $ 850,000,000 | |||||||||||
Debt fees and expenses, recorded as interest expense | $ 14,000,000 | |||||||||||
Subsequent Event | Vistra Energy Senior Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | ||||||||||||
Debt instrument, redemption price, percentage | 104.00% | |||||||||||
Repayments of Unsecured Debt | $ 81,000,000 |
Long-Term Debt (Other Long-Term
Long-Term Debt (Other Long-Term Debt) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2019 | Oct. 31, 2019 | Jul. 31, 2019 | Jun. 30, 2018 | Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 15, 2019 | Apr. 09, 2018 | |
Long-term debt, including amounts due currently | $ 10,379 | $ 11,065 | ||||||||
Repayments/repurchases of debt | 7,109 | 3,075 | $ 191 | |||||||
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | 7% Amortizating Notes due 2019 [Member] | ||||||||||
Long-term debt, including amounts due currently | $ 0 | 24 | ||||||||
Stated debt interest rate (percent) | 7.00% | 7.00% | ||||||||
Secured Debt [Member] | Forward Capacity Agreements [Member] | ||||||||||
Long-term debt, including amounts due currently | $ 161 | 236 | ||||||||
Debt instrument, interest rate, effective percentage | 3.01% | |||||||||
Secured Debt [Member] | Forward Capacity Agreements [Member] | PJM Capacity Sold For Planning Years 2019-2020 [Member] | ||||||||||
Long-term debt, including amounts due currently | $ 51 | |||||||||
Secured Debt [Member] | Forward Capacity Agreements [Member] | PJM Capacity Sold For Planning Years 2020-2021 [Member] | ||||||||||
Long-term debt, including amounts due currently | 110 | |||||||||
Mandatorily Redeemable Preferred Stock [Member] | Mandatorily redeemable preferred stock [Member] | ||||||||||
Long-term debt, including amounts due currently | 0 | $ 70 | ||||||||
Repayments/repurchases of debt | $ 70 | |||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||||
Long-term debt, including amounts due currently | $ 88 | |||||||||
Repayments/repurchases of debt | $ 88 | |||||||||
Line of Credit [Member] | Letter Of Credit Facility [Member] | ||||||||||
Line of credit facility, letters of credit outstanding | $ 8 | 9 | ||||||||
Promissory Notes [Member] | 9.5% Promissory Notes Due 2025 [Member] | ||||||||||
Long-term debt, including amounts due currently | 44 | |||||||||
Stated debt interest rate (percent) | 9.50% | |||||||||
Repayments/repurchases of debt | $ 38 | |||||||||
Borrowings offset under legacy indemnification obligations of the holders | 2 | |||||||||
Term Loan [Member] | 2% Term Loan Due February 2027 [Member] | ||||||||||
Long-term debt, including amounts due currently | 8 | |||||||||
Stated debt interest rate (percent) | 2.00% | |||||||||
Repayments/repurchases of debt | $ 8 | |||||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 5,425 | |||||||||
Line of credit facility, borrowings outstanding | 3,050 | |||||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||||
Line of credit facility, maximum borrowing capacity | 2,725 | |||||||||
Line of credit facility, borrowings outstanding | $ 350 | |||||||||
Dynegy Inc. | ||||||||||
Long-term debt, including amounts due currently | $ 3,563 | |||||||||
Dynegy Inc. | Borrowings [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||||
Line of credit facility, borrowings outstanding | 0 | |||||||||
Dynegy Inc. | Line of Credit [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||||
Line of credit facility, letters of credit outstanding | 656 | |||||||||
Dynegy Inc. | Line of Credit [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||||
Line of credit facility, increase (decrease), other, net | $ (70) | |||||||||
Dynegy Inc. | Revolving Credit Facility [Member] | ||||||||||
Line of credit facility, maximum borrowing capacity | 1,545 | |||||||||
Dynegy Inc. | Senior Secured Term Loan [Member] | ||||||||||
Long-term debt, including amounts due currently | $ 2,018 | |||||||||
Repayments/repurchases of debt | $ 2,018 | |||||||||
Subsidiaries Of Crius Energy Trust Purchased By Vistra Energy [Member] | Line of Credit [Member] | ||||||||||
Long-term debt | $ 140 |
Long-Term Debt (Maturities) (De
Long-Term Debt (Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 273 | |
2021 | 94 | |
2022 | 42 | |
2023 | 538 | |
2024 | 1,538 | |
Thereafter | 7,949 | |
Unamortized premiums, discounts and debt issuance costs | (55) | |
Long-term debt, including amounts due currently | $ 10,379 | $ 11,065 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term, lessee | 15 years |
Lease not yet commenced, lessee | $ 24,000,000 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 38 years |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 14 |
Finance Lease: | |
Finance lease right-of-use asset amortization | 4 |
Interest on lease liabilities | 4 |
Total finance lease cost | 8 |
Variable lease cost | 26 |
Short-term lease cost | 19 |
Sublease income | (8) |
Net lease cost | $ 59 |
Leases (Balance Sheet Informati
Leases (Balance Sheet Information) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lease assets: | |||
Operating lease right-of-use asset | $ 44 | $ 70 | $ 0 |
Finance lease right-of-use asset (net of accumulated depreciation) | 59 | 0 | |
Total lease right-of-use asset | 103 | ||
Current lease liabilities: | |||
Operating lease liabilities | 14 | 0 | |
Finance lease liabilities | 8 | ||
Total current lease liabilities | 22 | ||
Noncurrent lease liabilities: | |||
Operating lease liabilities | 41 | 0 | |
Finance lease liabilities | 78 | $ 0 | |
Total noncuurrent lease liabilities | 119 | ||
Present value of lease liabilities (Total) | $ 141 |
Leases (Cash Flow and Other Inf
Leases (Cash Flow and Other Information) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 17 |
Operating cash flows from finance leases | 4 |
Finance cash flows from finance leases | 4 |
Non-cash disclosure upon commencement of new lease: | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 95 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 13 |
Non-cash disclosure upon modification of existing lease: | |
Modification of operating lease right-of-use assets | (41) |
Modification of finance lease right-of-use assets | $ 50 |
Leases (Weighted Average Remain
Leases (Weighted Average Remaining Lease Term) (Details) | Dec. 31, 2019 |
Weighted average remaining lease term: | |
Operating lease | 7 years 6 months |
Finance lease | 16 years 2 months 12 days |
Weighted average discount rate: | |
Operating lease | 5.34% |
Finance lease | 5.84% |
Leases (Maturity of Lease Liabi
Leases (Maturity of Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Operating lease | ||
2020 (Operating) | $ 17 | |
2021 (Operating) | 11 | |
2022 (Operating) | 9 | |
2023 (Operating) | 10 | |
2024 (Operating) | 6 | |
Thereafter (Operating) | 13 | |
Total lease payments (Operating) | 66 | |
Less: Interest (Operating) | (11) | |
Present value of lease liabilities | 55 | $ 109 |
Finance lease | ||
2020 (Finance) | 12 | |
2021 (Finance) | 11 | |
2022 (Finance) | 11 | |
2023 (Finance) | 10 | |
2024 (Finance) | 10 | |
Thereafter (Finance) | 69 | |
Total lease payments (Finance) | 123 | |
Less: Interest (Finance) | (37) | |
Present value of lease liabilities | 86 | |
Total lease | ||
2020 (Total) | 29 | |
2021 (Total) | 22 | |
2022 (Total) | 20 | |
2023 (Total) | 20 | |
2024 (Total) | 16 | |
Thereafter (Total) | 82 | |
Total lease payments (Total) | 189 | |
Less: Interest (Total) | (48) | |
Present value of lease liabilities | $ 141 |
Commitments and Contingencies_2
Commitments and Contingencies (Contractual Commitments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term Purchase Commitment [Line Items] | |||
Rent expense | $ 89 | $ 74 | $ 69 |
Long-term Service and Maintenance Contracts [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2020 | 167 | ||
2021 | 153 | ||
2022 | 171 | ||
2023 | 152 | ||
2024 | 161 | ||
Thereafter | 1,975 | ||
Total | 2,779 | ||
Coal Purchase and Transportation Agreements [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2020 | 576 | ||
2021 | 61 | ||
2022 | 47 | ||
2023 | 33 | ||
2024 | 34 | ||
Thereafter | 112 | ||
Total | 863 | ||
Contractual obligations expenditures | 1,092 | $ 955 | $ 416 |
Pipeline Transportation and Storage Reservation Fees [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2020 | 109 | ||
2021 | 83 | ||
2022 | 55 | ||
2023 | 46 | ||
2024 | 32 | ||
Thereafter | 138 | ||
Total | 463 | ||
Nuclear Fuel Contracts [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2020 | 90 | ||
2021 | 74 | ||
2022 | 54 | ||
2023 | 57 | ||
2024 | 39 | ||
Thereafter | 140 | ||
Total | 454 | ||
Other Contracts [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2020 | 174 | ||
2021 | 30 | ||
2022 | 16 | ||
2023 | 16 | ||
2024 | 17 | ||
Thereafter | 51 | ||
Total | $ 304 |
Commitments and Contingencies_3
Commitments and Contingencies (Guarantees, Letters of Credit and Surety Bonds) (Details) - Vistra Operations Company LLC [Member] $ in Millions | Dec. 31, 2019USD ($) |
Letters of Credit [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | $ 1,457 |
Letters of Credit [Member] | Support commodity risk management and trading margin requirements including over the counter hedging transactions and collateral postings with ISOs or RTOs [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | 1,150 |
Letters of Credit [Member] | Support battery and solar development projects [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | 155 |
Letters of Credit [Member] | Support executory contracts and insurance agreements [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | 47 |
Letters of Credit [Member] | Support Retail Electric Provider's financial requirements with the Public Utility Commission of Texas [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | 38 |
Letters of Credit [Member] | Miscellaneous credit support requirements [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | 67 |
Surety Bonds [Member] | |
Commitments and Contingencies [Line Items] | |
Surety Bonds | $ 62 |
Commitments and Contingencies_4
Commitments and Contingencies (Litigation, Regulatory and Environmental Proceedings) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)MW | |
Vermillion Facility Old East And North Sites [Member] | |
Commitments and Contingencies [Line Items] | |
Site contingency, number of sites with regulatory violations | 2 |
Gas Index Pricing Litigation [Member] | Wisconsin | |
Commitments and Contingencies [Line Items] | |
Loss contingency, pending claims, number | 2 |
Gas Index Pricing Litigation [Member] | Kansas | |
Commitments and Contingencies [Line Items] | |
Loss contingency, pending claims, number | 1 |
Advatech Dispute [Member] | |
Commitments and Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ | $ 81 |
ME2C Patent Dispute [Member] | |
Commitments and Contingencies [Line Items] | |
Loss contingency, patents allegedly infringed, number | 2 |
MISO 2015-2016 Planning Resource Auction [Member] | |
Commitments and Contingencies [Line Items] | |
Loss contingency, pending claims, number | 3 |
Pending Litigation [Member] | MISO 2015-2016 Planning Resource Auction [Member] | |
Commitments and Contingencies [Line Items] | |
Loss contingency, pending claims, number | 1 |
United States Environmental Protection Agency [Member] | |
Commitments and Contingencies [Line Items] | |
Clean Air Act, Regional Haze Program, Reasonable Progress Program, number of electricity generation units In Texas, affected by the EPA's proposed FIP on Texas, units subject to new scrubbers | 7 |
Clean Air Act, Regional Haze Program, Reasonable Progress Program, number of electricity units in Texas, affected by the EPA's proposed FIP on Texas, units subject to upgrades to existing scrubbers | 7 |
Clean Air Act, Regional Haze Program, Best Available Retrofit Technology Alternative, sulfur dioxide emissions, number of units in Texas subject to rule, total | 39 |
Startup, shutdown and malfunction events, number of states impacted by final rule | 36 |
Illinois Environmental Protection Agency [Member] | |
Commitments and Contingencies [Line Items] | |
Illinois Multi-Pollutant Standards, proposed rule reduction in allowable annual emissions of nitrogen-oxide | 42.00% |
Illinois Multi-Pollutant Standards, proposed rule reduction in allowable annual emissions of sulfur dioxide | 48.00% |
Illinois Multi-Pollutant Standards, additional reduction in emissions, MW | 2,000 |
Commitments and Contingencies_5
Commitments and Contingencies (Nuclear Insurance) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Commitments and Contingencies [Line Items] | |
Secondary Financial Protection Pool, maximum assessment paid per operating licensed reactor in the event of any single nuclear liability loss | $ 137.6 |
Secondary Financial Protection Pool, maximum assessment paid per operating licensed reactor in the event of any single nuclear liability loss, annual | 20.5 |
Nuclear Decontamination And Property Insurance, maximum coverage | 2,250 |
Non-Nuclear Property Damage Insurance, maximum coverage | 1,500 |
Non-Nuclear Property Damage Insurance, deductible per accident, general | 5 |
Non-Nuclear Property Damage Insurance, deductible per incident, natural hazard | 9.5 |
Accidental Outage Insurance, coverage for obtaining replacement energy after 12 week waiting period, maximum weekly coverage, first 52 weeks | 4.5 |
Accidental Outage Insurance, coverage for obtaining replacement energy after 12 week waiting period, maximum weekly payments, remaining 71 weeks | 3.6 |
Accidental Outage Insurance, coverage for obtaining replacement energy, coverage limit for non-nuclear accidents | 328 |
Accidental Outage Insurance, coverage for obtaining replacement energy, coverage limit for nuclear accidents | $ 490 |
Accidental Outage Insurance, coverage for obtaining replacement energy after 12 week waiting period, maximum percent of coverage if both units out of service | 80.00% |
Vistra Energy Corp. [Member] | |
Commitments and Contingencies [Line Items] | |
Secondary Financial Protection Pool, maximum assessment paid in the event of any single nuclear liability loss | $ 275 |
Secondary Financial Protection Pool, maximum assessment paid in the event of any single nuclear liability loss, annual | 41 |
Section 170 (Price-Anderson) Of The Atomic Energy Act [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear Insurance, annual coverage limit | 13,500 |
Secondary Financial Protection Pool, maximum single nuclear liability loss triggering assessment | 450 |
United States Nuclear Regulatory Commission [Member] | |
Commitments and Contingencies [Line Items] | |
Required Nuclear Decontamination And Property Damage Insurance, maximum coverage | $ 1,060 |
Equity (Equity Issuances and Re
Equity (Equity Issuances and Repurchases) (Details) - shares | Apr. 09, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 |
Stockholders' Equity Attributable to Parent [Abstract] | |||||
Shares issued at beginning of period | 526,031,092 | 428,398,802 | 427,580,232 | 428,398,802 | |
Shares issued | 94,409,573 | 2,716,349 | 97,639,105 | 818,570 | |
Shares retired | (6,106) | (6,815) | |||
Shares repurchased | 0 | ||||
Shares issued at end of period | 528,741,335 | 526,031,092 | 428,398,802 | 528,741,335 | |
Treasury shares at beginning of period | (32,815,783) | 0 | 0 | 0 | |
Shares issued | 18,773,958 | 0 | 0 | ||
Shares retired | 0 | 0 | |||
Shares repurchased | (27,001,399) | (32,815,783) | |||
Treasury shares at end of period | (41,043,224) | (32,815,783) | 0 | (41,043,224) | |
Shares outstanding at beginning of period | 493,215,309 | 428,398,802 | 427,580,232 | 428,398,802 | |
Shares issued | 21,490,307 | 97,639,105 | 818,570 | ||
Shares retired | (6,106) | (6,815) | |||
Shares repurchased | (27,001,399) | (32,815,783) | |||
Shares outstanding at end of period | 522,932,453 | 487,698,111 | 493,215,309 | 428,398,802 | 487,698,111 |
Equity (Share Repurchase Progra
Equity (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Stock Repurchase Program, authorized amount | $ 1,750 | $ 1,750 | |
Shares repurchased | 27,001,399 | 32,815,783 | |
Stock repurchaes | $ 641 | $ 778 | |
Share Repurchase Program Approved by Board of Directors in June 2018 [Member] | |||
Stock Repurchase Program, authorized amount | $ 500 | $ 500 | |
Shares repurchased | 0 | 21,421,925 | 21,421,925 |
Treasury stock acquired, average cost per share | $ 0 | $ 23.36 | $ 23.36 |
Stock repurchaes | $ 0 | $ 500 | $ 500 |
Share Repurchase Program Approved by Board of Directors in November 2018 [Member] | |||
Stock Repurchase Program, authorized amount | 1,250 | 1,250 | |
Stock Repurchase Program, remaining authorized repurchase amount | $ 332 | $ 332 | |
Shares repurchased | 26,322,166 | 12,073,091 | 38,395,257 |
Treasury stock acquired, average cost per share | $ 24.34 | $ 22.99 | $ 23.92 |
Stock repurchaes | $ 640 | $ 278 | $ 918 |
Equity (Dividends and Dividend
Equity (Dividends and Dividend Restrictions) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Feb. 29, 2020 | Oct. 31, 2019 | Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends per share, paid | $ 0.125 | |||||
Dividends per share, declared | $ 2.32 | |||||
Amount of restricted net assets | $ 2,100 | |||||
Vistra Operations Company LLC [Member] | Vistra Energy Corp. [Member] | ||||||
Maximum allowable distribution to parent company by consolidated subsidiary without consent | 6,000 | |||||
Cash dividends paid | $ 425 | $ 3,900 | $ 4,700 | $ 1,100 | ||
Subsequent Event | ||||||
Dividends per share, declared | $ 0.135 |
Equity (Other Equity) (Details)
Equity (Other Equity) (Details) | Apr. 09, 2018USD ($)equity_unitshares | Jul. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Net (gain) loss | $ (11,000,000) | $ (9,000,000) | $ 23,000,000 | ||
Reclassification from accumulated other comprehensive income, current period, net of tax | $ (3,000,000) | (3,000,000) | |||
Class of warrant or right, outstanding | shares | 9,000,000 | ||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 35 | ||||
Class of warrant or right, number of securities called by each warrant or right | shares | 0.652 | ||||
Tangible Equity Units, number Of units issued | shares | 4,600,000 | ||||
Tangible Equity Units, unit price | equity_unit | 100 | ||||
Prepaid Stock Purchase Contract, settlement rate per tangible equity unit | $ 22.5954 | ||||
Long-term debt, less amounts due currently | $ 10,102,000,000 | $ 10,874,000,000 | |||
Prepaid Stock Purchase Contract, number of common shares issued upon settlement | shares | 18,800,000 | ||||
Maximum | |||||
Prepaid Stock Purchase Contract, number of common shares per Tangible Equity Unit | shares | 4.0813 | ||||
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | |||||
Debt Instrument, periodic payment | $ 1.75 | ||||
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | 7% Amortizating Notes due 2019 [Member] | |||||
Stated debt interest rate (percent) | 7.00% | 7.00% | |||
Long-term debt, less amounts due currently | $ 38,000,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Nuclear decommissioning trust | $ 1,451 | $ 1,170 |
Equity securities [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 930 | 727 |
Debt securities [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 521 | 443 |
Fair Value, Recurring [Member] | ||
Assets: | ||
Sub-total | 11 | 1 |
Liabilities: | ||
Total liabilities | 11 | 1 |
Fair Value, Recurring [Member] | Total [Member] | ||
Assets: | ||
Sub-total | 2,554 | 1,731 |
Total assets | 2,920 | 2,009 |
Liabilities: | ||
Total liabilities | 1,925 | 1,646 |
Fair Value, Recurring [Member] | Equity securities [Member] | ||
Assets: | ||
Assets measured at net asset value | 366 | 278 |
Fair Value, Recurring [Member] | Equity securities [Member] | Total [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 564 | 449 |
Fair Value, Recurring [Member] | Debt securities [Member] | Total [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 521 | 443 |
Fair Value, Recurring [Member] | Commodity contracts [Member] | ||
Assets: | ||
Derivative assets | 11 | 1 |
Liabilities: | ||
Derivative liabilities | 11 | 1 |
Fair Value, Recurring [Member] | Commodity contracts [Member] | Total [Member] | ||
Assets: | ||
Derivative assets | 1,469 | 762 |
Liabilities: | ||
Derivative liabilities | 1,748 | 1,612 |
Fair Value, Recurring [Member] | Interest rate swap [Member] | Total [Member] | ||
Assets: | ||
Derivative assets | 77 | |
Liabilities: | ||
Derivative liabilities | 177 | 34 |
Level 1 [Member] | Fair Value, Recurring [Member] | ||
Assets: | ||
Sub-total | 1,611 | 905 |
Liabilities: | ||
Total liabilities | 985 | 557 |
Level 1 [Member] | Fair Value, Recurring [Member] | Equity securities [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 564 | 449 |
Level 1 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member] | ||
Assets: | ||
Derivative assets | 1,047 | 456 |
Liabilities: | ||
Derivative liabilities | 985 | 557 |
Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets: | ||
Sub-total | 693 | 672 |
Liabilities: | ||
Total liabilities | 616 | 800 |
Level 2 [Member] | Fair Value, Recurring [Member] | Debt securities [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 521 | 443 |
Level 2 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member] | ||
Assets: | ||
Derivative assets | 172 | 152 |
Liabilities: | ||
Derivative liabilities | 439 | 766 |
Level 2 [Member] | Fair Value, Recurring [Member] | Interest rate swap [Member] | ||
Assets: | ||
Derivative assets | 77 | |
Liabilities: | ||
Derivative liabilities | 177 | 34 |
Level 3 [Member] | ||
Assets: | ||
Sub-total | 239 | 153 |
Liabilities: | ||
Total liabilities | 313 | 288 |
Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets: | ||
Sub-total | 239 | 153 |
Liabilities: | ||
Total liabilities | 313 | 288 |
Level 3 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member] | ||
Assets: | ||
Derivative assets | 239 | 153 |
Liabilities: | ||
Derivative liabilities | $ 313 | $ 288 |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Fair Value of the Level 3 Assets and Liabilities by Major Contract Type (All Related to Commodity Contracts) and the Significant Unobservable Inputs Used in the Valuations) (Details) - Level 3 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | $ 239,000,000 | $ 153,000,000 |
Liabilities | (313,000,000) | (288,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | (74,000,000) | (135,000,000) |
Electricity purchases and sales [Member] | Valuation Model [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | 64,000,000 | 22,000,000 |
Liabilities | (53,000,000) | (48,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | 11,000,000 | (26,000,000) |
Options [Member] | Option Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | 38,000,000 | 31,000,000 |
Liabilities | (188,000,000) | (192,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | (150,000,000) | (161,000,000) |
Financial Transmission Rights [Member] | Market Approach [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | 120,000,000 | 85,000,000 |
Liabilities | (26,000,000) | (20,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | 94,000,000 | 65,000,000 |
Other [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | 17,000,000 | 15,000,000 |
Liabilities | (46,000,000) | (28,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | (29,000,000) | (13,000,000) |
Minimum | Electricity purchases and sales [Member] | Valuation Model [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Hourly price curve shape (in USD per MWh) | 0 | 0 |
Fair Value Inputs, Illiquid delivery periods for ERCOT hub power prices and heat rates (in USD per MWh) | $ 20 | $ 20 |
Minimum | Options [Member] | Option Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Gas to power correlation (percent) | 10.00% | 15.00% |
Fair Value Inputs, Power and gas volatility (percent) | 5.00% | 5.00% |
Minimum | Financial Transmission Rights [Member] | Market Approach [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Illiquid price differences between settlement points (in USD per MWh) | $ (10) | $ (10) |
Maximum | Electricity purchases and sales [Member] | Valuation Model [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Hourly price curve shape (in USD per MWh) | 115 | 110 |
Fair Value Inputs, Illiquid delivery periods for ERCOT hub power prices and heat rates (in USD per MWh) | $ 120 | $ 120 |
Maximum | Options [Member] | Option Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Gas to power correlation (percent) | 100.00% | 95.00% |
Fair Value Inputs, Power and gas volatility (percent) | 440.00% | 435.00% |
Maximum | Financial Transmission Rights [Member] | Market Approach [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Illiquid price differences between settlement points (in USD per MWh) | $ 40 | $ 50 |
Fair Value Measurements (Sche_3
Fair Value Measurements (Schedule of Changes in Fair Value of the Level 3 Assets and Liabilities (All Related to Commodity Contracts)) (Details) - Level 3 [Member] - Commodity Contract [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net asset (liability) balance at beginning of period | $ (135) | $ (53) | $ 83 |
Total unrealized valuation gains (losses) | 8 | (363) | (136) |
Purchases, issuances and settlements: | |||
Purchases | 176 | 146 | 69 |
Issuances | (81) | (41) | (22) |
Settlements | (64) | 76 | (106) |
Transfers into Level 3 | 10 | 4 | 4 |
Transfers out of Level 3 | 12 | 133 | 71 |
Earn-out provision | 0 | 0 | (16) |
Net change | 61 | (82) | (136) |
Net liability balance at end of period | (74) | (135) | (53) |
Unrealized valuation losses relating to instruments held at end of period | (61) | (174) | (98) |
Dynegy Inc. | |||
Purchases, issuances and settlements: | |||
Net liabilities assumed in connection with the Merger | $ 0 | $ (37) | $ 0 |
Commodity And Other Derivativ_3
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects of Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | $ 1,458 | $ 838 |
Derivative liabilities, fair value, gross liability | (1,914) | (1,645) |
Derivative, fair value, net | (456) | (807) |
Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets and liability, fair value, gross assets | 1,333 | 730 |
Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets and liability, fair value, gross assets | 136 | 109 |
Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets and liability, fair value, gross liability | (1,529) | (1,376) |
Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets and liability, fair value, gross liability | (396) | (270) |
Commodity contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 1,458 | 761 |
Derivative liabilities, fair value, gross liability | (1,737) | (1,611) |
Derivative asset, fair value, net | 1,458 | 761 |
Derivative liabilities, fair value, net | (1,737) | (1,611) |
Commodity contracts [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 1,323 | 707 |
Derivative liabilities, fair value, gross asset | 10 | 1 |
Commodity contracts [Member] | Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 136 | 54 |
Derivative liabilities, fair value, gross asset | 0 | 0 |
Commodity contracts [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross liability | (1) | 0 |
Derivative liabilities, fair value, gross liability | (1,510) | (1,374) |
Commodity contracts [Member] | Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross liability | 0 | 0 |
Derivative liabilities, fair value, gross liability | (237) | (238) |
Interest rate swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 77 |
Derivative liabilities, fair value, gross liability | (177) | (34) |
Derivative asset, fair value, net | 0 | 77 |
Derivative liabilities, fair value, net | (177) | (34) |
Interest rate swap [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 22 |
Derivative liabilities, fair value, gross asset | 0 | 0 |
Interest rate swap [Member] | Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 0 | 55 |
Derivative liabilities, fair value, gross asset | 0 | 0 |
Interest rate swap [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross liability | 0 | 0 |
Derivative liabilities, fair value, gross liability | (18) | (2) |
Interest rate swap [Member] | Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross liability | 0 | 0 |
Derivative liabilities, fair value, gross liability | $ (159) | $ (32) |
Commodity And Other Derivativ_4
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative (Income Statement Presentation) and Derivative type (Income Statement Presentation of Loss Reclassified from Accumulated OCI into Income)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) | $ 121 | $ (848) | $ 64 |
Operating revenues [Member] | Commodity contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) | 339 | (855) | 56 |
Fuel, purchased power costs and delivery fees [Member] | Commodity contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) | (1) | 18 | 6 |
Interest expense and related charges [Member] | Interest rate swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) | $ (217) | $ (11) | $ 2 |
Commodity And Other Derivativ_5
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Assets and Liabilities From Balance Sheet to Net Amounts After Consideration Netting Arrangements with Counterparties and Financial Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets: amounts presented in balance sheet | $ 1,458 | $ 838 |
Derivative assets: offsetting financial instruments | (1,113) | (619) |
Derivative assets: financial collateral (received) pledged | 0 | (1) |
Derivative assets: net amounts | 345 | 218 |
Derivative liabilities: amounts presented in balance sheet | (1,914) | (1,645) |
Derivative liabilities: offsetting financial instruments | 1,113 | 619 |
Derivative liabilities: financial collateral (received) pledged | 40 | 109 |
Derivative liabilities: net amounts | (761) | (917) |
Derivative, fair value, net | (456) | (807) |
Derivative (assets) liability, fair value of collateral, net | 40 | 108 |
Derivative assets (liability), fair value, amount offset against collateral | (416) | (699) |
Commodity contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: amounts presented in balance sheet | 1,458 | 761 |
Derivative assets: offsetting financial instruments | (1,113) | (593) |
Derivative assets: financial collateral (received) pledged | 0 | (1) |
Derivative assets: net amounts | 345 | 167 |
Derivative liabilities: amounts presented in balance sheet | (1,737) | (1,611) |
Derivative liabilities: offsetting financial instruments | 1,113 | 593 |
Derivative liabilities: financial collateral (received) pledged | 40 | 109 |
Derivative liabilities: net amounts | (584) | (909) |
Interest rate swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: amounts presented in balance sheet | 0 | 77 |
Derivative assets: offsetting financial instruments | 0 | (26) |
Derivative assets: financial collateral (received) pledged | 0 | 0 |
Derivative assets: net amounts | 0 | 51 |
Derivative liabilities: amounts presented in balance sheet | (177) | (34) |
Derivative liabilities: offsetting financial instruments | 0 | 26 |
Derivative liabilities: financial collateral (received) pledged | 0 | 0 |
Derivative liabilities: net amounts | $ (177) | $ (8) |
Commodity And Other Derivativ_6
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details) lb in Thousands, number in Millions, gal in Millions, T in Millions, MMBTU in Millions, $ in Millions | Dec. 31, 2019USD ($)galTlbGWhMMBTU | Dec. 31, 2018USD ($)TMMBTUlbgalGWh |
Natural gas (in MMBtu) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 6,160 | 7,011 |
Electricity (in GWh) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | GWh | 428,367 | 317,572 |
Financial Transmission Rights [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | GWh | 199,648 | 172,611 |
Coal (in tons) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | T | 22 | 45 |
Fuel oil (in gallons) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | gal | 33 | 60 |
Uranium (in pounds) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | lb | 0 | 50 |
Emissions (certificates) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | T | 20 | 10 |
Renewable energy certificate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | 11 | 0 |
Interest rate swaps, floating to fixed | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ | $ 6,720 | $ 7,717 |
Interest rate swaps, fixed to floating | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ | $ 2,120 | $ 0 |
Commodity And Other Derivativ_7
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Credit Derivatives [Line Items] | ||
Derivative, net liability position, aggregate fair value | $ (692) | $ (856) |
Credit risk derivative with contingent feature [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, net liability position, aggregate fair value | (167) | (218) |
Collateral already posted, aggregate fair value | 67 | 190 |
Cross-default credit derivative [Member] | ||
Credit Derivatives [Line Items] | ||
Assets needed for immediate settlement, aggregate fair value | $ (458) | $ (448) |
Commodity And Other Derivativ_8
Commodity And Other Derivative Contractual Assets And Liabilities (Concentrations of Credit Risk Related to Derivatives) (Details) - Credit risk contract [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |
Total credit risk exposure to all counterparties related to derivative contracts | $ 1,621 |
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral | 403 |
Largest net exposure to single counterparty | $ 106 |
Credit risk exposure to Banking and financial sector percentage | 74.00% |
Net exposure to banking and financial sector percentage | 40.00% |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)corporate_bond | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 09, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Market-related value of assets held in trust, realized and unrealized gains or losess, included in preceding period, related to vesting percentage | 25.00% | |||
Assumed discount rate, number of corporate bonds used to derive yield curve | corporate_bond | 361 | |||
Pension And Other Postretirement Employee Benefit Plans Assumed in Merger [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected pension benefit obligation | $ 539 | |||
Assets | 459 | |||
Assets for plan benefits, defined benefit plan | 15 | |||
Liability, defined benefit plan, current | 2 | |||
Liability, defined benefit plan, noncurrent | $ 93 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected pension benefit obligation | $ 674 | $ 615 | $ 163 | |
Liability, defined benefit plan, noncurrent | 146 | 125 | ||
Employer contributions to retirement plan | $ 0 | 12 | 0 | |
Expected future employer contributions to retirement plan | 26 million | |||
Defined benefit plan, benefit obligation, business combination | $ 0 | 502 | ||
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected pension benefit obligation | 151 | 144 | 115 | |
Liability, defined benefit plan, current | 9 | 8 | ||
Liability, defined benefit plan, noncurrent | 126 | 121 | ||
Employer contributions to retirement plan | $ 9 | 8 | $ 5 | |
Expected future employer contributions to retirement plan | 9 million | |||
Defined benefit plan, benefit obligation, business combination | $ 0 | $ 37 |
Pension and Other Postretirem_4
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Pension and OPEB Costs Recognized as Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit costs | $ 20 | $ 23 | $ 12 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit costs | 9 | 14 | 6 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit costs | $ 11 | $ 9 | $ 6 |
Pension and Other Postretirem_5
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Detailed Information Regarding Pension and Other Postretirement Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||
Net (gain) loss | $ (11) | $ (9) | $ 23 | |||
Change in Plan Assets: | ||||||
Fair value of assets at beginning of period | 31 | |||||
Fair value of assets at end of year | 37 | 31 | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||||
Fair value of assets | 31 | 31 | $ 37 | $ 31 | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||||
Other noncurrent assets | 352 | 590 | ||||
Pension Plan [Member] | ||||||
Components of Net Pension/OPEB Cost: | ||||||
Service cost | 7 | 15 | 5 | |||
Interest cost | 25 | 21 | 6 | |||
Expected return on assets | (26) | (23) | (5) | |||
Immediate pension cost | 3 | 1 | 0 | |||
Net periodic pension/OPEB cost | 9 | 14 | 6 | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||
Net (gain) loss | 11 | 14 | 3 | |||
Total recognized in net periodic benefit cost and other comprehensive income | 20 | 28 | 9 | |||
Change in Pension/OPEB Obligation | ||||||
Projected benefit obligation at beginning of period | 615 | 163 | ||||
Acquisitions | 0 | 502 | ||||
Service cost | 7 | 15 | 5 | |||
Interest cost | 25 | 21 | 6 | |||
Settlement | 0 | (28) | ||||
Curtailment expense | 2 | 0 | ||||
Annuity purchase | 18 | 0 | ||||
Actuarial (gain) loss | (93) | 34 | ||||
Benefits paid | (46) | (24) | ||||
Projected benefit obligation at end of year | 674 | 615 | 163 | |||
Accumulated benefit obligation at end of year | 669 | 611 | ||||
Change in Plan Assets: | ||||||
Fair value of assets at beginning of period | 490 | 128 | ||||
Acquisitions | 0 | 428 | ||||
Employer contributions | 0 | 12 | 0 | |||
Settlement | 0 | (28) | ||||
Annuity purchase | 18 | 0 | ||||
Actual gain (loss) on assets | 102 | (26) | ||||
Benefits paid | (46) | (24) | ||||
Fair value of assets at end of year | 528 | 490 | 128 | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||||
Projected pension benefit obligation | (615) | (615) | (163) | (674) | (615) | $ (163) |
Fair value of assets | 490 | 490 | 128 | 528 | 490 | $ 128 |
Funded status at end of year | (146) | (125) | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||||
Other noncurrent liabilities | (146) | (125) | ||||
Net liability recognized | (146) | (125) | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||||||
Net gain | $ (24) | $ (13) | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | $ 16 | $ 14 | $ 3 | |||
Pension Plan [Member] | Vistra Energy Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Discount rate | 4.37% | 3.74% | 4.31% | |||
Expected return on plan assets | 4.80% | 4.56% | 4.86% | |||
Expected rate of compensation increase | 3.35% | 3.62% | 3.50% | |||
Interest crediting rate for cash balance plan | 3.50% | 3.50% | 4.00% | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | ||||||
Discount rate | 3.24% | 4.37% | 3.74% | |||
Expected rate of compensation increase | 3.29% | 3.35% | 3.62% | |||
Interest crediting rate for cash balance plan | 3.50% | 3.50% | 3.50% | |||
Pension Plan [Member] | Dynegy Plan and EEI Plan [Member] [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Discount rate | 4.37% | 4.05% | 0.00% | |||
Expected rate of compensation increase | 3.35% | 3.50% | 0.00% | |||
Interest crediting rate for cash balance plan | 3.50% | 4.25% | 0.00% | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | ||||||
Interest crediting rate for cash balance plan | 3.50% | 3.50% | 0.00% | |||
Pension Plan [Member] | Dynegy Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Expected return on plan assets | 5.31% | 5.94% | 0.00% | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | ||||||
Discount rate | 3.24% | 4.37% | 0.00% | |||
Expected rate of compensation increase | 3.29% | 3.35% | 0.00% | |||
Pension Plan [Member] | EEI Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Expected return on plan assets | 5.56% | 4.74% | 0.00% | |||
Other Postretirement Benefits Plan [Member] | ||||||
Components of Net Pension/OPEB Cost: | ||||||
Service cost | $ 2 | $ 2 | $ 2 | |||
Interest cost | 6 | 5 | 4 | |||
Expected return on assets | (1) | (1) | 0 | |||
Amortization of unrecognized amounts | 3 | 3 | 0 | |||
Immediate pension cost | 1 | 0 | 0 | |||
Net periodic pension/OPEB cost | 11 | 9 | 6 | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | ||||||
Net (gain) loss and prior service (credit) cost | 0 | 6 | (26) | |||
Total recognized in net periodic benefit cost and other comprehensive income | 11 | 3 | 32 | |||
Change in Pension/OPEB Obligation | ||||||
Projected benefit obligation at beginning of period | 144 | 115 | ||||
Acquisitions | 0 | 37 | ||||
Service cost | 2 | 2 | 2 | |||
Interest cost | 6 | 5 | 4 | |||
Participant contributions | 3 | 2 | ||||
Curtailment expense | (1) | 0 | ||||
Actuarial (gain) loss | 10 | (9) | ||||
Plan amendments | 0 | 4 | ||||
Benefits paid | (13) | (12) | ||||
Projected benefit obligation at end of year | 151 | 144 | 115 | |||
Change in Plan Assets: | ||||||
Fair value of assets at beginning of period | 29 | 0 | ||||
Acquisitions | 0 | 32 | ||||
Employer contributions | 9 | 8 | 5 | |||
Participant contributions | 3 | 2 | ||||
Actual gain (loss) on assets | 6 | (1) | ||||
Benefits paid | (13) | (12) | ||||
Fair value of assets at end of year | 34 | 29 | 0 | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||||
Projected pension benefit obligation | (151) | (115) | (115) | $ (151) | $ (144) | $ (115) |
Fair value of assets | 29 | 29 | 0 | 34 | 29 | $ 0 |
Funded status at end of year | (117) | (115) | ||||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||||
Other noncurrent assets | 18 | 14 | ||||
Other current liabilities | (9) | (8) | ||||
Other noncurrent liabilities | (126) | (121) | ||||
Net liability recognized | (117) | (115) | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||||||
Net gain | $ 15 | $ 15 | ||||
Defined Benefit Plan, Actuarial Gain (Loss) | $ 5 | $ (7) | $ 15 | |||
Other Postretirement Benefits Plan [Member] | Vistra Energy Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Discount rate | 4.35% | 3.67% | 4.11% | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | ||||||
Discount rate | 3.25% | 4.35% | 3.67% | |||
Other Postretirement Benefits Plan [Member] | Oncor Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Discount rate | 0.00% | 0.00% | 4.18% | |||
Other Postretirement Benefits Plan [Member] | Dynegy Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Discount rate | 4.35% | 0.00% | ||||
Expected return on plan assets | 4.04% | |||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | ||||||
Discount rate | 3.25% | 4.35% | 0.00% | |||
Other Postretirement Benefits Plan [Member] | Split-Participant Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | ||||||
Discount rate | 3.25% | 4.35% | 3.67% | |||
Other Postretirement Benefits Plan [Member] | EEI Union Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Expected return on plan assets | 5.36% | 5.10% | 0.00% | |||
Other Postretirement Benefits Plan [Member] | EEI Union [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | ||||||
Expected rate of compensation increase | 7.07% | 5.36% | 0.00% | |||
Other Postretirement Benefits Plan [Member] | EEI Salaried Plan [Member] | ||||||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | ||||||
Expected return on plan assets | 4.70% | 4.47% | 0.00% | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | ||||||
Expected rate of compensation increase | 3.43% | 4.70% | 0.00% |
Pension and Other Postretirem_6
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Projected Benefit Obligation (PBO) and Accumulated Benefit Obligation (ABO) in Excess of the Fair Value of Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligations | $ 674 | $ 615 |
Accumulated benefit obligation | 669 | 611 |
Plan assets | $ 528 | $ 490 |
Pension and Other Postretirem_7
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Target Asset Allocation Ranges of Pension Plan Investments by Asset Category) (Details) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Vistra Energy Plan [Member] | Fixed income securities [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 65 |
Vistra Energy Plan [Member] | Fixed income securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 75 |
Vistra Energy Plan [Member] | Global equity securities [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 16 |
Vistra Energy Plan [Member] | Global equity securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 24 |
Vistra Energy Plan [Member] | Real Estate [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 4 |
Vistra Energy Plan [Member] | Real Estate [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 8 |
Vistra Energy Plan [Member] | Credit strategies [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 3 |
Vistra Energy Plan [Member] | Credit strategies [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 7 |
Dynegy Plan [Member] | Fixed income securities [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 45 |
Dynegy Plan [Member] | Fixed income securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 55 |
Dynegy Plan [Member] | Global equity securities [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 29 |
Dynegy Plan [Member] | Global equity securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 37 |
Dynegy Plan [Member] | Real Estate [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 8 |
Dynegy Plan [Member] | Real Estate [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 12 |
Dynegy Plan [Member] | Credit strategies [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 6 |
Dynegy Plan [Member] | Credit strategies [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 10 |
EEI Plan [Member] | Fixed income securities [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 40 |
EEI Plan [Member] | Fixed income securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 50 |
EEI Plan [Member] | Global equity securities [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 32 |
EEI Plan [Member] | Global equity securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 41 |
EEI Plan [Member] | Real Estate [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 10 |
EEI Plan [Member] | Real Estate [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 14 |
EEI Plan [Member] | Credit strategies [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 6 |
EEI Plan [Member] | Credit strategies [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 10 |
Pension and Other Postretirem_8
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Expected Long-Term Rate of Return on Assets Assumption) (Details) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Vistra Energy Plan [Member] | Weighted Average [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 4.40% |
Vistra Energy Plan [Member] | Fixed income securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 3.20% |
Vistra Energy Plan [Member] | Global equity securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 7.50% |
Vistra Energy Plan [Member] | Real Estate [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 5.20% |
Vistra Energy Plan [Member] | Credit Strategies [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 5.50% |
Dynegy Plan [Member] | Weighted Average [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 5.30% |
Dynegy Plan [Member] | Fixed income securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 3.20% |
Dynegy Plan [Member] | Global equity securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 7.50% |
Dynegy Plan [Member] | Real Estate [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 5.20% |
Dynegy Plan [Member] | Credit Strategies [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 5.50% |
EEI Plan [Member] | Weighted Average [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 5.50% |
EEI Plan [Member] | Fixed income securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 3.10% |
EEI Plan [Member] | Global equity securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 7.50% |
EEI Plan [Member] | Real Estate [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 5.20% |
EEI Plan [Member] | Credit Strategies [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected Long-term Rate of Return | 5.50% |
Pension and Other Postretirem_9
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Fair Value of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | $ 37 | $ 31 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 11 | 1 | |
Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 1,611 | 905 | |
Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 693 | 672 | |
Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | 528 | 490 | $ 128 |
Pension Plan [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 528 | 347 | |
Fair value of assets | 528 | 490 | |
Pension Plan [Member] | Commingled Trusts [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 10 | 18 | |
Pension Plan [Member] | Global equity securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 169 | 192 | |
Pension Plan [Member] | Corporate Bond Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 211 | 137 | |
Pension Plan [Member] | Government Bond Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 50 | 0 | |
Pension Plan [Member] | Other Security Investments [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 37 | 0 | |
Pension Plan [Member] | Real Estate Investment [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 51 | 0 | |
Pension Plan [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 57 | |
Pension Plan [Member] | Level 1 [Member] | Interest-bearing cash | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Pension Plan [Member] | Level 1 [Member] | Fixed asset securities: Corporate bonds | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 57 | |
Pension Plan [Member] | Level 1 [Member] | Fixed income securities: U.S. Treasuries | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Pension Plan [Member] | Level 1 [Member] | Fixed income securities: Other | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Pension Plan [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 86 | |
Pension Plan [Member] | Level 2 [Member] | Interest-bearing cash | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 6 | |
Pension Plan [Member] | Level 2 [Member] | Fixed asset securities: Corporate bonds | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 61 | |
Pension Plan [Member] | Level 2 [Member] | Fixed income securities: U.S. Treasuries | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 25 | |
Pension Plan [Member] | Level 2 [Member] | Fixed income securities: Other | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 6 | |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 143 | |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Interest-bearing cash | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 6 | |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fixed asset securities: Corporate bonds | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 118 | |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fixed income securities: U.S. Treasuries | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 25 | |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | Fixed income securities: Other | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 6 | |
Other Postretirement Benefits Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | 34 | 29 | $ 0 |
Other Postretirement Benefits Plan [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | 26 | 21 | |
Other Postretirement Benefits Plan [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | $ 8 | $ 8 |
Pension and Other Postretire_10
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Assumed Health Care Cost Trend Rates) (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Not Medicare Eligible [Member] | ||
Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 6.40% | 6.70% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2029 | 2026 |
Medicare Eligible [Member] | ||
Assumed Health Care Cost Trend Rates [Abstract] | ||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reaches the ultimate trend rate | 2029 | 2027 |
Vistra Energy Plan and EEI Plan | ||
Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 8.60% | 9.90% |
Oncor Plan [Member] | ||
Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 8.30% | 9.90% |
Pension and Other Postretire_11
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 59 |
2021 | 54 |
2022 | 42 |
2023 | 43 |
2024 | 42 |
2025-29 | 199 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 10 |
2021 | 10 |
2022 | 10 |
2023 | 10 |
2024 | 10 |
2025-29 | $ 43 |
Pension and Other Postretire_12
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Qualified Savings Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum amount employee may contribute if earnings are less that IRS threshold | 75.00% | ||
Percent of employees pay eligible to be matched by employer | 6.00% | ||
Employer contributions to the Thrift Plan | $ 27 | $ 24 | $ 19 |
Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of employees contribution matched by employer | 100.00% | ||
Traditional Retirement Plan Formula Of Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of employees contribution matched by employer | 75.00% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of employees pay eligible for contribution to plan, maximum | 1.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of employees pay eligible for contribution to plan, maximum | 20.00% |
Stock-Based Compensation (Vistr
Stock-Based Compensation (Vistra Energy 2016 Omnibus Incentive Plan) (Details) | Dec. 31, 2019shares |
Vistra Energy 2016 Omnibus Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized for issuance as equity-based awards | 22,500,000 |
Stock-Based Compensation (Share
Stock-Based Compensation (Share-Based Compensation Arrangement Assumed in Merger) (Details) $ in Millions | Apr. 09, 2018USD ($)shares |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award fair value of awards at Merger Date | $ 89 |
Share-based compensation arrangement by share-based payment award fair value of award at Merger Date considered part of purchase price | 26 |
Share-based compensation arrangement by share-based payment award fair value of award at Merger Date recognized as compensation expense | 33 |
Share-based compensation arrangement by share-based payment award fair value of award at Merger Date to be amortized as compensation expense over the remaining service period | 30 |
Share-based payment arrangement, option [Member] | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award fair value of awards at Merger Date | $ 10 |
Share-based payment arrangement, option [Member] | Dynegy Inc. | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award prior to Merger Date | shares | 4,096,027 |
Share-based payment arrangement, option [Member] | Vistra Energy Corp. [Member] | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award at Merger Date | shares | 2,670,610 |
Restricted Stock Units (RSUs) [Member] | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award fair value of awards at Merger Date | $ 61 |
Restricted Stock Units (RSUs) [Member] | Dynegy Inc. | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award prior to Merger Date | shares | 5,718,148 |
Restricted Stock Units (RSUs) [Member] | Vistra Energy Corp. [Member] | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award at Merger Date | shares | 3,056,689 |
Performance Shares [Member] | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award fair value of awards at Merger Date | $ 18 |
Performance Shares [Member] | Dynegy Inc. | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award prior to Merger Date | shares | 1,538,133 |
Performance Shares [Member] | Vistra Energy Corp. [Member] | |
Stock-Based Compensation Awards Assumed in Merger [Line Items] | |
Share-based compensation arrangement by share-based payment award at Merger Date | shares | 938,721 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Total stock-based compensation expense | $ 47 | $ 73 | $ 19 |
Income tax benefit | (9) | (15) | (7) |
Stock based-compensation expense, net of tax | $ 38 | $ 58 | $ 12 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Options Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Apr. 09, 2018 | Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends per share, declared | $ 2.32 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Assumed Dividend Yield | 1.90% | |||
Share-based payment arrangement, option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 5,200 | 2,103 | ||
Unrecognized compensation cost related to unvested stock options granted | $ 37 | |||
Unrecognized compensation cost related to unvested stock options granted, weighted average recognition period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Total outstanding at beginning of period (number) | 14,499 | |||
Granted (number) | 5,200 | 2,103 | ||
Exercised (number) | (1,467) | |||
Forfeited or expired (number) | (1,600) | |||
Total outstanding at end of period (number) | 13,535 | 14,499 | ||
Exercisable (number) | 4,601 | |||
Total outstanding at beginning of period (weighted average exercise price) | $ 17.97 | |||
Granted (weighted average exercise price) | 26.32 | |||
Exercised (weighted average exercise price) | 13.93 | |||
Forfeited or expired (weighted average exercise price) | 26.20 | |||
Total outstanding at end of the period (weighted average exercise price) | 18.73 | $ 17.97 | ||
Exercisable (weighted average exercise price) | $ 16.14 | |||
Total outstanding (weighted average remaining contractual term) | 7 years 3 months 18 days | 7 years 3 months 18 days | ||
Exercisable (weighted average remaining contractual term) | 6 years 7 months 6 days | |||
Total outstanding at beginning of period (aggregate intrinsic value) | $ 85.1 | |||
Total outstanding at end of period (aggregate intrinsic value) | 69.3 | $ 85.1 | ||
Exercisable (aggregate intrinsic value) | $ 36.6 | |||
Share-based payment arrangement, option [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Graded vesting period for recognizing stock-based compensation cost | 4 | |||
Share-based payment arrangement, option [Member] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Graded vesting period for recognizing stock-based compensation cost | 5 years |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Restrict Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Total outstanding at beginning of period (number) | 3,226 | |
Granted (number) | 989 | |
Exercised (number) | (1,480) | |
Forfeited or expired (number) | (197) | |
Total outstanding at end of period (number) | 2,538 | 3,226 |
Expected to vest (number) | 2,485 | |
Total outstanding at beginning of period (weighted average grant date fair value) | $ 16.77 | |
Granted (weighted average grant date fair value) | 26.43 | |
Exercised (weighted average grant date fair value) | 18.20 | |
Forfeited or expired (weighted average grant date fair value) | 20.12 | |
Total outstanding at end of period (weighted average grant date fair value) | 20.99 | $ 16.77 |
Expected to vest (weighted average grant date fair value) | $ 21.37 | |
Total outstanding (weighted average remaining contractual terms) | 9 months 18 days | 1 year 1 month 6 days |
Expected to vest (weighted average remaining contractual terms) | 9 months 18 days | |
Total outstanding at beginning of period (aggregate intrinsic value) | $ 73.8 | |
Total outstanding at end of period (aggregate intrinsic value) | 57.2 | $ 73.8 |
Expected to vest (aggregate intrinsic value) | 56.1 | |
Unrecognized compensation cost related to unvested restricted stock units granted | $ 32 | |
Unrecognized compensation cost related to unvested restricted stock units granted, weighted average recognition period | 2 years |
Related Party Transactions (Nar
Related Party Transactions (Narrrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Stock repurchased during period, shares | 0 | ||
Maximum | |||
Related Party Transaction [Line Items] | |||
Registration Rights Agreement, Demand Registration, number of days to File S-1 Registration Statement | 45 days | ||
Registration Rights Agreement, Demand Registration, number of days to file S-3 Registration Statement | 30 days | ||
Registration Rights Agreement, Demand Registration, number of days between initial registration and effective date | 120 days | ||
Legal Expenses Paid On Behalf of Selling Stockholders [Member] | |||
Related Party Transaction [Line Items] | |||
Legal fees | $ 1 | $ 1 | $ 1 |
Apollo Management Holdings L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Stock repurchased during period, shares | 5,000,000 | ||
Shareholder's trading shares | 17,000,000 | ||
Stockholders' equity, other shares | 12,000,000 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Reportable_segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments (in reportable segments) | Reportable_segment | 6 | ||||||||||
Operating revenues | $ 2,860 | $ 3,194 | $ 2,832 | $ 2,923 | $ 2,562 | $ 3,243 | $ 2,574 | $ 765 | $ 11,809 | $ 9,144 | $ 5,430 |
Depreciation and amortization | (1,640) | (1,394) | (699) | ||||||||
Operating income (loss) | 334 | 440 | 729 | 490 | 4 | 650 | 231 | (394) | 1,993 | 491 | 198 |
Interest expense and related charges | (797) | (572) | (193) | ||||||||
Income tax expense (benefit) | (290) | 45 | (504) | ||||||||
Net income (loss) | 234 | $ 114 | $ 354 | $ 224 | (186) | $ 331 | $ 105 | $ (306) | 926 | (56) | (254) |
Capital expenditures | 487 | 396 | 176 | ||||||||
Unrealized gain loss on commodity related derivatives | 696 | (380) | (145) | ||||||||
Total assets | 26,616 | 26,024 | 26,616 | 26,024 | |||||||
Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | 682 | (380) | (133) | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 338 | 208 | 0 | ||||||||
Depreciation and amortization | (76) | (86) | (40) | ||||||||
Operating income (loss) | (38) | (281) | (78) | ||||||||
Interest expense and related charges | (770) | (613) | (252) | ||||||||
Income tax expense (benefit) | (290) | 45 | (509) | ||||||||
Net income (loss) | (1,115) | (876) | (573) | ||||||||
Capital expenditures | 71 | 58 | 26 | ||||||||
Corporate, Non-Segment [Member] | Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | 41 | (15) | 0 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | (3,970) | (2,607) | (1,386) | ||||||||
Depreciation and amortization | 0 | 0 | 1 | ||||||||
Operating income (loss) | 0 | (4) | 1 | ||||||||
Interest expense and related charges | 3 | 71 | 80 | ||||||||
Income tax expense (benefit) | 0 | 0 | 1 | ||||||||
Net income (loss) | 0 | (2) | 1 | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Total assets | (3,601) | (2,022) | (3,601) | (2,022) | |||||||
Intersegment Eliminations [Member] | Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | (305) | 217 | 154 | ||||||||
Retail Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 6,872 | 5,597 | 4,058 | ||||||||
Depreciation and amortization | (292) | (318) | (430) | ||||||||
Operating income (loss) | 155 | 690 | 461 | ||||||||
Interest expense and related charges | (21) | (7) | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net income (loss) | 134 | 712 | 495 | ||||||||
Capital expenditures | 1 | 1 | 0 | ||||||||
Total assets | 10,399 | 7,699 | 10,399 | 7,699 | |||||||
Retail Segment [Member] | Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | 8 | (12) | 18 | ||||||||
ERCOT Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 3,993 | 2,634 | 1,794 | ||||||||
Depreciation and amortization | (508) | (416) | (229) | ||||||||
Operating income (loss) | 1,340 | (70) | (118) | ||||||||
Interest expense and related charges | 8 | (12) | (21) | ||||||||
Income tax expense (benefit) | 0 | 0 | 4 | ||||||||
Net income (loss) | 1,368 | (55) | (114) | ||||||||
Capital expenditures | 299 | 283 | 150 | ||||||||
Total assets | 10,425 | 9,347 | 10,425 | 9,347 | |||||||
ERCOT Segment [Member] | Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | 575 | (483) | (305) | ||||||||
PJM Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 2,442 | 1,725 | |||||||||
Depreciation and amortization | 537 | 413 | |||||||||
Operating income (loss) | 412 | 100 | |||||||||
Interest expense and related charges | (10) | (8) | |||||||||
Income tax expense (benefit) | 0 | 0 | |||||||||
Net income (loss) | 405 | 100 | |||||||||
Capital expenditures | 69 | 41 | |||||||||
Total assets | 5,941 | 7,188 | 5,941 | 7,188 | |||||||
PJM Segment [Member] | Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | 237 | (50) | |||||||||
NY/NE Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 1,135 | 817 | |||||||||
Depreciation and amortization | (208) | (152) | |||||||||
Operating income (loss) | 179 | 70 | |||||||||
Interest expense and related charges | (3) | (2) | |||||||||
Income tax expense (benefit) | 0 | 0 | |||||||||
Net income (loss) | 188 | 79 | |||||||||
Capital expenditures | 22 | 10 | |||||||||
Total assets | 3,060 | 2,722 | 3,060 | 2,722 | |||||||
NY/NE Segment [Member] | Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | 102 | (40) | |||||||||
MISO Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 658 | 399 | |||||||||
Depreciation and amortization | (19) | (9) | |||||||||
Operating income (loss) | 52 | 49 | |||||||||
Interest expense and related charges | (4) | (1) | |||||||||
Income tax expense (benefit) | 0 | 0 | |||||||||
Net income (loss) | 55 | 48 | |||||||||
Capital expenditures | 25 | 3 | |||||||||
Total assets | 47 | 544 | 47 | 544 | |||||||
MISO Segment [Member] | Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | 24 | 3 | |||||||||
Asset Closure Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 341 | 371 | 964 | ||||||||
Depreciation and amortization | 0 | 0 | (1) | ||||||||
Operating income (loss) | (107) | (63) | (68) | ||||||||
Interest expense and related charges | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net income (loss) | (109) | (62) | (63) | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Total assets | $ 345 | $ 546 | 345 | 546 | |||||||
Asset Closure Segment [Member] | Operating revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized gain loss on commodity related derivatives | $ 0 | $ 0 | $ 0 |
Supplementary Financial Infor_3
Supplementary Financial Information (Interest Expense and Related Charges) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Expense and Related Charges [Line Items] | ||||
Interest paid/accrued | $ 576 | $ 537 | $ 213 | |
Unrealized mark-to-market net (gains) losses on interest rate swaps | 220 | 5 | (29) | |
Amortization of debt issuance costs, discounts and premiums | 9 | 0 | 4 | |
Debt extinguishment (gain) loss | (21) | 27 | 0 | |
Capitalized interest | (12) | (12) | (7) | |
Other | 25 | 15 | 12 | |
Total interest expense and related charges | $ 797 | $ 572 | $ 193 | |
Vistra Operations Company LLC [Member] | Line of Credit [Member] | ||||
Interest Expense and Related Charges [Line Items] | ||||
Debt extinguishment (gain) loss | $ (4) | |||
Debt instrument, interest rate curing period | 4.03% | 4.24% | 4.38% |
Supplementary Financial Infor_4
Supplementary Financial Information (Other Income and Deductions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Funds released from escrow to settle pre-petition claims of our predecessor | $ 9 | $ 0 | $ 0 |
Interest income | 10 | 18 | 15 |
All other | 15 | 2 | 7 |
Total other income | 56 | 47 | 37 |
All other | 12 | 5 | 3 |
Total other deductions | 15 | 5 | 5 |
Corporate and Other | |||
Office space sublease rental income | 0 | 8 | 11 |
ERCOT Segment [Member] | |||
Sale of land | 0 | 3 | 4 |
Insurance settlement | 22 | 16 | 0 |
Write-off of generation equipment | 0 | 0 | 2 |
Asset Closure Segment [Member] | |||
Curtailment expense | $ 3 | $ 0 | $ 0 |
Supplementary Financial Infor_5
Supplementary Financial Information (Restricted Cash) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted cash | $ 147 | $ 57 |
Restricted cash | 28 | 0 |
Amounts related to restructuring escrow accounts [Member] | ||
Restricted cash | 43 | 57 |
Restricted cash | 0 | 0 |
Amounts Related To Remediation Escrow Accounts | ||
Restricted cash | 15 | 0 |
Restricted cash | 28 | 0 |
Amounts Related To Ambit Customer Deposits | ||
Restricted cash | 19 | 0 |
Restricted cash | 0 | 0 |
Amounts Related To Ambit Commodity Trading Agreement | ||
Restricted cash | 62 | 0 |
Restricted cash | 0 | 0 |
Amounts Related To Ambit Letters Of Credit | ||
Restricted cash | 8 | 0 |
Restricted cash | $ 0 | $ 0 |
Supplementary Financial Infor_6
Supplementary Financial Information (Pre-Petition Claims) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Oct. 03, 2016 |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Fresh-start adjustment, increase (decrease), liabilities subject to compromise | $ 33,800 | |
Bankruptcy claim, held In escrow account to settle claims postconfirmation | $ 43 |
Supplementary Financial Infor_7
Supplementary Financial Information (Trade Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Wholesale and retail trade accounts receivable | $ 1,401 | $ 1,106 | |||
Allowance for uncollectible accounts | $ (19) | $ (14) | $ (14) | (36) | (19) |
Trade accounts receivable - net | 1,365 | 1,087 | |||
Unbilled receivables, current | 494 | $ 350 | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for uncollectible accounts receivable at beginning of period | 19 | 14 | 10 | ||
Increase for bad debt expense | 82 | 56 | 43 | ||
Decrease for account write-offs | (65) | (51) | (39) | ||
Allowance for uncollectible accounts receivable at end of period | $ 36 | $ 19 | $ 14 | ||
Ambit and Crius Transactions [Member] | |||||
Trade accounts receivable - net | $ 175 |
Supplementary Financial Infor_8
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories by Major Category | ||
Materials and supplies | $ 278 | $ 286 |
Fuel stock | 172 | 115 |
Natural gas in storage | 19 | 11 |
Total inventories | 469 | 412 |
Other Investments | ||
Nuclear plant decommissioning trust | 1,451 | 1,170 |
Assets related to employee benefit plans | 37 | 31 |
Land | 49 | 49 |
Total investments | $ 1,537 | $ 1,250 |
Supplementary Financial Infor_9
Supplementary Financial Information (Investment in Unconsolidated Subsidiaries) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 09, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated subsidiary | $ 124 | $ 131 | |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 14 | 17 | |
Proceeds from equity method investment, distribution | $ 22 | 17 | |
Northeast Energy, LP [Member] | Northeast Energy, LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling interest in joint ventures | 50.00% | ||
New Jersey Energy Associates [Member] | Sayreville Plant [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Jointly owned utility plant, proportionate ownership share | 100.00% | ||
Northeast Energy, LP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated subsidiary | $ 123 | $ 129 |
Supplementary Financial Info_10
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||
Nuclear decommissioning trust | $ 1,451 | $ 1,170 | |
Proceeds from sales of securities | 431 | 252 | $ 252 |
Investments in securities | (453) | (274) | $ (272) |
Debt securities [Member] | |||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||
Nuclear decommissioning trust | $ 521 | $ 443 | |
Debt, weighted average interest rate | 3.42% | 3.69% | |
Decommissioning Fund Investments, debt securities, average maturity | 9 years | 8 years | |
Decommissioning Fund Investments, debt maturities, one through five years, fair value | $ 170 | ||
Decommissioning Fund Investments, debt maturities, five through ten years, fair value | 147 | ||
Decommissioning Fund Investments, debt maturities, after ten years, fair value | 204 | ||
Equity securities [Member] | |||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||
Nuclear decommissioning trust | $ 930 | $ 727 |
Supplementary Financial Info_11
Supplementary Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 15,991 | $ 15,428 | ||
Less accumulated depreciation | (2,553) | (1,284) | ||
Net of accumulated depreciation | 13,438 | 14,144 | ||
Finance lease, right-of-use asset | 59 | 0 | ||
Nuclear fuel, net of amortization | 197 | 191 | ||
Construction work in progress, gross | 220 | 277 | ||
Property, plant and equipment — net | 13,914 | 14,612 | $ 14,627 | |
Depreciation | 1,300 | 1,024 | $ 236 | |
Power generation and structures [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 15,205 | 14,604 | ||
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 622 | 642 | ||
Office and other equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 164 | 182 | ||
Nuclear fuel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Less accumulated depreciation | $ (216) | $ (189) | ||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 1 year | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 34 years |
Supplementary Financial Info_12
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligations [Line Items] | |||||
Regulatory liabilities | $ 131 | $ 0 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance, liability | $ 2,373 | $ 1,936 | $ 1,726 | ||
Additions: | |||||
Accretion | 97 | 93 | 59 | ||
Adjustment for change in estimates | 15 | (33) | 125 | ||
Incremental reclamation costs | 62 | ||||
Adjustment for obligations assumed through the Merger or acquisitions | (3) | 477 | |||
Reductions: | |||||
Payments | (109) | (100) | (36) | ||
Liability transfers | 135 | ||||
Ending balance, liability | 2,373 | 1,936 | 1,726 | 2,238 | 2,373 |
Less amounts due currently | (141) | (156) | |||
Noncurrent liability at end of period | 2,097 | 2,217 | |||
Nuclear Plant Decommissioning [Member] | |||||
Asset Retirement Obligations [Line Items] | |||||
Regulatory liabilities | (131) | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance, liability | 1,276 | 1,233 | 1,200 | ||
Additions: | |||||
Accretion | 44 | 43 | 33 | ||
Adjustment for change in estimates | 0 | 0 | 0 | ||
Incremental reclamation costs | 0 | ||||
Adjustment for obligations assumed through the Merger or acquisitions | 0 | 0 | |||
Reductions: | |||||
Payments | 0 | 0 | 0 | ||
Liability transfers | 0 | ||||
Ending balance, liability | 1,276 | 1,233 | 1,200 | 1,320 | 1,276 |
Less amounts due currently | 0 | ||||
Noncurrent liability at end of period | 1,320 | ||||
Mining Land Reclamation [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance, liability | 442 | 438 | 375 | ||
Additions: | |||||
Accretion | 22 | 22 | 18 | ||
Adjustment for change in estimates | 16 | 56 | 81 | ||
Incremental reclamation costs | 0 | ||||
Adjustment for obligations assumed through the Merger or acquisitions | 0 | 2 | |||
Reductions: | |||||
Payments | (70) | (76) | (36) | ||
Liability transfers | 0 | ||||
Ending balance, liability | 442 | 438 | 375 | 410 | 442 |
Less amounts due currently | (89) | ||||
Noncurrent liability at end of period | 321 | ||||
Coal Ash and Other [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Beginning balance, liability | 655 | 265 | 151 | ||
Additions: | |||||
Accretion | 31 | 28 | 8 | ||
Adjustment for change in estimates | (1) | (89) | 44 | ||
Incremental reclamation costs | 62 | ||||
Adjustment for obligations assumed through the Merger or acquisitions | (3) | 475 | |||
Reductions: | |||||
Payments | (39) | (24) | 0 | ||
Liability transfers | 135 | ||||
Ending balance, liability | 655 | $ 265 | $ 151 | 508 | $ 655 |
Less amounts due currently | $ (52) | ||||
Noncurrent liability at end of period | $ 456 |
Supplementary Financial Info_13
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |||
Retirement and other employee benefits | $ 295 | $ 270 | |
Identifiable intangible liabilities | 286 | 401 | |
Regulatory liabilities | 131 | 0 | |
Finance lease liabilities | 78 | 0 | |
Uncertain tax positions, including accrued interest | 10 | 4 | |
Liability for third-party remediation | 41 | 0 | |
Other, including retirement and other employee benefits | 148 | $ 354 | 66 |
Total other noncurrent liabilities and deferred credits | $ 989 | $ 741 |
Supplementary Financial Info_14
Supplementary Financial Information (Fair Value of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | Long-term debt under the Vistra Operations Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | $ 2,715 | $ 5,820 |
Reported Value Measurement [Member] | Vistra Operations Senior Unsecured Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 6,620 | 987 |
Reported Value Measurement [Member] | Vistra Energy Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 774 | 3,819 |
Reported Value Measurement [Member] | Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 0 | 23 |
Reported Value Measurement [Member] | Forward Capacity Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 155 | 221 |
Reported Value Measurement [Member] | Equipment Financing Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 87 | 102 |
Reported Value Measurement [Member] | Mandatorily Redeemable Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 0 | 70 |
Reported Value Measurement [Member] | Building financing [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 16 | 23 |
Reported Value Measurement [Member] | Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 12 | 0 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Long-term debt under the Vistra Operations Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 2,717 | 5,599 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Vistra Operations Senior Unsecured Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 6,926 | 963 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Vistra Energy Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 772 | 3,765 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 0 | 24 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Mandatorily Redeemable Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 0 | 70 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Building financing [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 16 | 21 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | Forward Capacity Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 155 | 221 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | Equipment Financing Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 87 | 102 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | $ 12 | $ 0 |
Supplementary Financial Info_15
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||||
Cash and cash equivalents | $ 300 | $ 636 | ||
Restricted cash included in current assets | 147 | 57 | ||
Restricted cash included in noncurrent assets | 28 | 0 | ||
Total cash, cash equivalents and restricted cash | 475 | 693 | $ 2,046 | $ 1,588 |
Cash payments related to: | ||||
Interest paid | 525 | 651 | 245 | |
Capitalized interest | (12) | (12) | (7) | |
Interest paid (net of capitalized interest) | 513 | 639 | 238 | |
Income taxes paid / (refunds received) (a) | (76) | 67 | 63 | |
Noncash investing and financing activities: | ||||
Construction expenditures | 50 | 79 | 12 | |
Shares issued for tangible equity unit contracts (Note 14) | 446 | 0 | 0 | |
Land transferred with liability transfers | $ 16 | $ 0 | $ 0 | |
Vistra Energy common stock issued in the Merger | 0 | 2,245 | 0 | |
State income taxes paid, net | $ 39 | |||
Proceeds from income tax refunds | $ 115 |
Supplementary Financial Info_16
Supplementary Financial Information (Unaudited) (Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |||||||||||
Operating revenues | $ 2,860 | $ 3,194 | $ 2,832 | $ 2,923 | $ 2,562 | $ 3,243 | $ 2,574 | $ 765 | $ 11,809 | $ 9,144 | $ 5,430 |
Operating income (loss) | 334 | 440 | 729 | 490 | 4 | 650 | 231 | (394) | 1,993 | 491 | 198 |
Net income (loss) | 234 | 114 | 354 | 224 | (186) | 331 | 105 | (306) | 926 | (56) | (254) |
Net income (loss) attributable to Vistra Energy | $ 234 | $ 113 | $ 356 | $ 225 | $ (186) | $ 330 | $ 108 | $ (306) | $ 928 | $ (54) | $ (254) |
Net income (loss) per weighted average share of common stock outstanding - basic | $ 0.49 | $ 0.23 | $ 0.71 | $ 0.45 | $ (0.35) | $ 0.62 | $ 0.21 | $ (0.71) | $ 1.88 | $ (0.11) | $ (0.59) |
Net income (loss) per weighted average share of common stock outstanding - diluted | $ 0.49 | $ 0.23 | $ 0.70 | $ 0.44 | $ (0.35) | $ 0.61 | $ 0.20 | $ (0.71) | $ 1.86 | $ (0.11) | $ (0.59) |
Supplemental Condensed Consol_3
Supplemental Condensed Consolidating Financial Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividend Received from Subsidiaries [Line Items] | |||
Proceeds from dividends received | $ 0 | $ 0 | $ 0 |
Reportable Legal Entities [Member] | Parent Company [Member] | |||
Dividend Received from Subsidiaries [Line Items] | |||
Proceeds from dividends received | $ 3,890 | $ 4,668 | $ 1,505 |
Supplemental Condensed Consol_4
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Consolidating Statements of Operations (Loss) [Line Items] | |||||||||||
Operating revenues | $ 2,860 | $ 3,194 | $ 2,832 | $ 2,923 | $ 2,562 | $ 3,243 | $ 2,574 | $ 765 | $ 11,809 | $ 9,144 | $ 5,430 |
Fuel, purchased power costs and delivery fees | (5,742) | (5,036) | (2,935) | ||||||||
Operating costs | (1,530) | (1,297) | (973) | ||||||||
Depreciation and amortization | (1,640) | (1,394) | (699) | ||||||||
Selling, general and administrative expense | (904) | (926) | (600) | ||||||||
Impairment of long-lived assets | 0 | 0 | (25) | ||||||||
Operating income | 334 | 440 | 729 | 490 | 4 | 650 | 231 | (394) | 1,993 | 491 | 198 |
Other income | 56 | 47 | 37 | ||||||||
Other deductions | (15) | (5) | (5) | ||||||||
Interest income | 10 | 18 | 15 | ||||||||
Interest expense and related charges | (797) | (572) | (193) | ||||||||
Impacts of Tax Receivable Agreement | (37) | (79) | 213 | ||||||||
Equity in earnings of unconsolidated investment | 16 | 17 | 0 | ||||||||
Income (loss) before income taxes | 1,216 | (101) | 250 | ||||||||
Income tax (expense) benefit | (290) | 45 | (504) | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 234 | 114 | 354 | 224 | (186) | 331 | 105 | (306) | 926 | (56) | (254) |
Net loss attributable to noncontrolling interest | 2 | 2 | 0 | ||||||||
Net income (loss) attributable to Vistra Energy | $ 234 | $ 113 | $ 356 | $ 225 | $ (186) | $ 330 | $ 108 | $ (306) | 928 | (54) | (254) |
Consolidation, Eliminations [Member] | |||||||||||
Condensed Consolidating Statements of Operations (Loss) [Line Items] | |||||||||||
Operating revenues | (291) | (73) | 0 | ||||||||
Fuel, purchased power costs and delivery fees | 168 | 24 | 0 | ||||||||
Operating costs | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Selling, general and administrative expense | 124 | 49 | 0 | ||||||||
Impairment of long-lived assets | 0 | ||||||||||
Operating income | 1 | 0 | 0 | ||||||||
Other income | (8) | (3) | 0 | ||||||||
Other deductions | 0 | 0 | 0 | ||||||||
Interest expense and related charges | 7 | 3 | 0 | ||||||||
Impacts of Tax Receivable Agreement | 0 | 0 | 0 | ||||||||
Equity in earnings of unconsolidated investment | 0 | 0 | |||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | (1,026) | (232) | 504 | ||||||||
Net income (loss) | (1,026) | (232) | 504 | ||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to Vistra Energy | (1,026) | (232) | |||||||||
Parent Company [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Consolidating Statements of Operations (Loss) [Line Items] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Fuel, purchased power costs and delivery fees | 0 | 0 | 0 | ||||||||
Operating costs | 0 | 0 | 0 | ||||||||
Depreciation and amortization | (7) | 0 | 0 | ||||||||
Selling, general and administrative expense | (62) | (266) | (47) | ||||||||
Impairment of long-lived assets | 0 | ||||||||||
Operating income | (69) | (266) | (47) | ||||||||
Other income | 12 | 9 | 4 | ||||||||
Other deductions | 0 | 0 | 0 | ||||||||
Interest expense and related charges | (88) | (257) | 0 | ||||||||
Impacts of Tax Receivable Agreement | (37) | (79) | 213 | ||||||||
Equity in earnings of unconsolidated investment | 0 | 0 | |||||||||
Income (loss) before income taxes | (182) | (593) | 170 | ||||||||
Income tax (expense) benefit | 42 | 282 | 80 | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | 1,068 | 257 | (504) | ||||||||
Net income (loss) | 928 | (54) | (254) | ||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to Vistra Energy | 928 | (54) | |||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Consolidating Statements of Operations (Loss) [Line Items] | |||||||||||
Operating revenues | 11,572 | 9,043 | 5,430 | ||||||||
Fuel, purchased power costs and delivery fees | (5,613) | (4,968) | (2,935) | ||||||||
Operating costs | (1,465) | (1,255) | (973) | ||||||||
Depreciation and amortization | (1,551) | (1,337) | (699) | ||||||||
Selling, general and administrative expense | (851) | (660) | (553) | ||||||||
Impairment of long-lived assets | (25) | ||||||||||
Operating income | 2,092 | 823 | 245 | ||||||||
Other income | 51 | 41 | 33 | ||||||||
Other deductions | (15) | (6) | (5) | ||||||||
Interest expense and related charges | (689) | (309) | (193) | ||||||||
Impacts of Tax Receivable Agreement | 0 | 0 | 0 | ||||||||
Equity in earnings of unconsolidated investment | 16 | 17 | |||||||||
Income (loss) before income taxes | 1,455 | 566 | 80 | ||||||||
Income tax (expense) benefit | (345) | (284) | (584) | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | (42) | (25) | 0 | ||||||||
Net income (loss) | 1,068 | 257 | (504) | ||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) attributable to Vistra Energy | 1,068 | 257 | |||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Consolidating Statements of Operations (Loss) [Line Items] | |||||||||||
Operating revenues | 528 | 174 | 0 | ||||||||
Fuel, purchased power costs and delivery fees | (297) | (92) | 0 | ||||||||
Operating costs | (65) | (42) | 0 | ||||||||
Depreciation and amortization | (82) | (57) | 0 | ||||||||
Selling, general and administrative expense | (115) | (49) | 0 | ||||||||
Impairment of long-lived assets | 0 | ||||||||||
Operating income | (31) | (66) | 0 | ||||||||
Other income | 1 | 0 | 0 | ||||||||
Other deductions | 0 | 1 | 0 | ||||||||
Interest expense and related charges | (27) | (9) | 0 | ||||||||
Impacts of Tax Receivable Agreement | 0 | 0 | 0 | ||||||||
Equity in earnings of unconsolidated investment | 0 | 0 | |||||||||
Income (loss) before income taxes | (57) | (74) | 0 | ||||||||
Income tax (expense) benefit | 13 | 47 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | (44) | (27) | $ 0 | ||||||||
Net loss attributable to noncontrolling interest | 2 | 2 | |||||||||
Net income (loss) attributable to Vistra Energy | $ (42) | $ (25) |
Supplemental Condensed Consol_5
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Consolidating Statements of Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income (loss) | $ 234 | $ 114 | $ 354 | $ 224 | $ (186) | $ 331 | $ 105 | $ (306) | $ 926 | $ (56) | $ (254) |
Effect related to pension and other retirement benefit obligations | (8) | (6) | 23 | ||||||||
Adoption of new accounting standard | 0 | 1 | 0 | ||||||||
Total other comprehensive income (loss) | (8) | (5) | (23) | ||||||||
Comprehensive income (loss) | 918 | (61) | (277) | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 2 | 2 | 0 | ||||||||
Comprehensive income (loss) attributable to Vistra Energy | 920 | (59) | (277) | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income (loss) | (1,026) | (232) | 504 | ||||||||
Effect related to pension and other retirement benefit obligations | 0 | 0 | 29 | ||||||||
Adoption of new accounting standard | 0 | ||||||||||
Total other comprehensive income (loss) | 0 | 0 | 29 | ||||||||
Comprehensive income (loss) | (1,026) | (232) | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to Vistra Energy | (1,026) | (232) | 533 | ||||||||
Parent Company [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income (loss) | 928 | (54) | (254) | ||||||||
Effect related to pension and other retirement benefit obligations | 0 | 0 | (23) | ||||||||
Adoption of new accounting standard | 1 | ||||||||||
Total other comprehensive income (loss) | 0 | 1 | (23) | ||||||||
Comprehensive income (loss) | 928 | (53) | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to Vistra Energy | 928 | (53) | (277) | ||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income (loss) | 1,068 | 257 | (504) | ||||||||
Effect related to pension and other retirement benefit obligations | (8) | (6) | (29) | ||||||||
Adoption of new accounting standard | 0 | ||||||||||
Total other comprehensive income (loss) | (8) | (6) | (29) | ||||||||
Comprehensive income (loss) | 1,060 | 251 | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | |||||||||
Comprehensive income (loss) attributable to Vistra Energy | 1,060 | 251 | (533) | ||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income (loss) | (44) | (27) | 0 | ||||||||
Effect related to pension and other retirement benefit obligations | 0 | 0 | 0 | ||||||||
Adoption of new accounting standard | 0 | ||||||||||
Total other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | (44) | (27) | |||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 2 | 2 | |||||||||
Comprehensive income (loss) attributable to Vistra Energy | $ (42) | $ (25) | $ 0 |
Supplemental Condensed Consol_6
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 2,736 | $ 1,471 | $ 1,386 | |
Capital expenditures, including LTSA prepayments | (520) | (378) | (114) | |
Nuclear fuel purchases | (89) | (118) | (62) | |
Development and growth expenditures | 104 | 34 | 190 | |
Ambit acquisition (net of cash acquired) | (506) | 0 | 0 | |
Crius acquisition (net of cash acquired) | (374) | 0 | 0 | |
Cash acquired in the Merger | 0 | 445 | 0 | |
Odessa acquisition | 0 | 0 | (355) | |
Proceeds from sales of nuclear decommissioning trust fund securities | 431 | 252 | 252 | |
Investments in nuclear decommissioning trust fund securities | (453) | (274) | (272) | |
Proceeds from sales of environmental allowances | 197 | 1 | 1 | |
Purchases of environmental allowances | (322) | (5) | (3) | |
Proceeds from dividends received | 0 | 0 | 0 | |
Other, net | 23 | 10 | 16 | |
Net cash provided by (used in) investing activities | (1,717) | (101) | (727) | |
Issuances of long-term debt | 6,507 | 1,000 | 0 | |
Repayments/repurchases of debt | (7,109) | (3,075) | (191) | |
Net borrowings under accounts receivable securitization program | 111 | 339 | 0 | |
Borrowings under Revolving Credit Facility | 650 | 0 | 0 | |
Repayments under Revolving Credit Facility | (300) | 0 | 0 | |
Debt tender offer and other debt financing fees | (203) | (236) | (8) | |
Stock repurchase | (656) | (763) | 0 | |
Cash dividends paid | (243) | 0 | 0 | |
Other, net | 6 | 12 | (2) | |
Net cash provided by (used in) financing activities | (1,237) | (2,723) | (201) | |
Net change in cash, cash equivalents and restricted cash | (218) | (1,353) | 458 | |
Cash, cash equivalents and restricted cash — beginning balance | 693 | 2,046 | 1,588 | $ 2,046 |
Cash, cash equivalents and restricted cash — ending balance | 475 | 693 | 2,046 | 475 |
Consolidation, Eliminations [Member] | ||||
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||
Net cash provided by (used in) operating activities | 0 | 0 | 0 | |
Capital expenditures, including LTSA prepayments | 0 | 0 | 0 | |
Nuclear fuel purchases | 0 | 0 | 0 | |
Development and growth expenditures | 0 | 0 | 0 | |
Ambit acquisition (net of cash acquired) | 0 | |||
Crius acquisition (net of cash acquired) | 0 | |||
Cash acquired in the Merger | 0 | |||
Odessa acquisition | 0 | |||
Proceeds from sales of nuclear decommissioning trust fund securities | 0 | 0 | 0 | |
Investments in nuclear decommissioning trust fund securities | 0 | 0 | 0 | |
Proceeds from sales of environmental allowances | 0 | 0 | 0 | |
Purchases of environmental allowances | 0 | 0 | 0 | |
Proceeds from dividends received | (3,890) | (4,668) | (1,505) | |
Other, net | 0 | 0 | 0 | |
Net cash provided by (used in) investing activities | (3,890) | (4,668) | (1,505) | |
Issuances of long-term debt | 0 | 0 | ||
Repayments/repurchases of debt | 0 | 0 | 0 | |
Net borrowings under accounts receivable securitization program | 0 | 0 | ||
Borrowings under Revolving Credit Facility | 0 | |||
Repayments under Revolving Credit Facility | 0 | |||
Debt tender offer and other debt financing fees | 0 | 0 | 0 | |
Stock repurchase | 0 | 0 | ||
Cash dividends paid | 3,890 | 4,668 | 1,505 | |
Other, net | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 3,890 | 4,668 | 1,505 | |
Net change in cash, cash equivalents and restricted cash | 0 | 0 | 0 | |
Cash, cash equivalents and restricted cash — beginning balance | 0 | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash — ending balance | 0 | 0 | 0 | 0 |
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||
Net cash provided by (used in) operating activities | (58) | (125) | (108) | |
Capital expenditures, including LTSA prepayments | (36) | (24) | 0 | |
Nuclear fuel purchases | 0 | 0 | 0 | |
Development and growth expenditures | 0 | 0 | 0 | |
Ambit acquisition (net of cash acquired) | 0 | |||
Crius acquisition (net of cash acquired) | 0 | |||
Cash acquired in the Merger | 0 | |||
Odessa acquisition | (330) | |||
Proceeds from sales of nuclear decommissioning trust fund securities | 0 | 0 | 0 | |
Investments in nuclear decommissioning trust fund securities | 0 | 0 | 0 | |
Proceeds from sales of environmental allowances | 0 | 0 | 0 | |
Purchases of environmental allowances | 0 | 0 | 0 | |
Proceeds from dividends received | 3,890 | 4,668 | 1,505 | |
Other, net | 0 | (1) | 0 | |
Net cash provided by (used in) investing activities | 3,854 | 4,643 | 1,175 | |
Issuances of long-term debt | 0 | 0 | ||
Repayments/repurchases of debt | (2,903) | (4,543) | 0 | |
Net borrowings under accounts receivable securitization program | 0 | 0 | ||
Borrowings under Revolving Credit Facility | 0 | |||
Repayments under Revolving Credit Facility | 0 | |||
Debt tender offer and other debt financing fees | (123) | (179) | 0 | |
Stock repurchase | (656) | (763) | ||
Cash dividends paid | (243) | 0 | 0 | |
Other, net | 0 | 12 | 0 | |
Net cash provided by (used in) financing activities | (3,925) | (5,473) | 0 | |
Net change in cash, cash equivalents and restricted cash | (129) | (955) | 1,067 | |
Cash, cash equivalents and restricted cash — beginning balance | 228 | 1,183 | 116 | 1,183 |
Cash, cash equivalents and restricted cash — ending balance | 99 | 228 | 1,183 | 99 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||
Net cash provided by (used in) operating activities | 2,702 | 1,917 | 1,494 | |
Capital expenditures, including LTSA prepayments | (471) | (351) | (114) | |
Nuclear fuel purchases | (89) | (118) | (62) | |
Development and growth expenditures | 104 | 31 | 190 | |
Ambit acquisition (net of cash acquired) | (506) | |||
Crius acquisition (net of cash acquired) | (374) | |||
Cash acquired in the Merger | 445 | |||
Odessa acquisition | (25) | |||
Proceeds from sales of nuclear decommissioning trust fund securities | 431 | 252 | 252 | |
Investments in nuclear decommissioning trust fund securities | (453) | (274) | (272) | |
Proceeds from sales of environmental allowances | 197 | 1 | 1 | |
Purchases of environmental allowances | (321) | (5) | (3) | |
Proceeds from dividends received | 0 | 0 | 0 | |
Other, net | 23 | 11 | 16 | |
Net cash provided by (used in) investing activities | (1,667) | (70) | (397) | |
Issuances of long-term debt | 6,507 | 1,000 | ||
Repayments/repurchases of debt | (4,139) | 1,468 | (191) | |
Net borrowings under accounts receivable securitization program | 0 | 0 | ||
Borrowings under Revolving Credit Facility | 650 | |||
Repayments under Revolving Credit Facility | (300) | |||
Debt tender offer and other debt financing fees | (80) | (57) | (8) | |
Stock repurchase | 0 | 0 | ||
Cash dividends paid | (3,890) | (4,668) | (1,505) | |
Other, net | 6 | 0 | (2) | |
Net cash provided by (used in) financing activities | (1,246) | (2,257) | (1,706) | |
Net change in cash, cash equivalents and restricted cash | (211) | (410) | (609) | |
Cash, cash equivalents and restricted cash — beginning balance | 453 | 863 | 1,472 | 863 |
Cash, cash equivalents and restricted cash — ending balance | 242 | 453 | 863 | 242 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||
Net cash provided by (used in) operating activities | 92 | (321) | 0 | |
Capital expenditures, including LTSA prepayments | (13) | (3) | 0 | |
Nuclear fuel purchases | 0 | 0 | 0 | |
Development and growth expenditures | 0 | 3 | 0 | |
Ambit acquisition (net of cash acquired) | 0 | |||
Crius acquisition (net of cash acquired) | 0 | |||
Cash acquired in the Merger | 0 | |||
Odessa acquisition | 0 | |||
Proceeds from sales of nuclear decommissioning trust fund securities | 0 | 0 | 0 | |
Investments in nuclear decommissioning trust fund securities | 0 | 0 | 0 | |
Proceeds from sales of environmental allowances | 0 | 0 | 0 | |
Purchases of environmental allowances | (1) | 0 | 0 | |
Proceeds from dividends received | 0 | 0 | 0 | |
Other, net | 0 | 0 | 0 | |
Net cash provided by (used in) investing activities | (14) | (6) | 0 | |
Issuances of long-term debt | 0 | 0 | ||
Repayments/repurchases of debt | (67) | 0 | 0 | |
Net borrowings under accounts receivable securitization program | 111 | 339 | ||
Borrowings under Revolving Credit Facility | 0 | |||
Repayments under Revolving Credit Facility | 0 | |||
Debt tender offer and other debt financing fees | 0 | 0 | 0 | |
Stock repurchase | 0 | 0 | ||
Cash dividends paid | 0 | 0 | 0 | |
Other, net | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 44 | 339 | 0 | |
Net change in cash, cash equivalents and restricted cash | 122 | 12 | 0 | |
Cash, cash equivalents and restricted cash — beginning balance | 12 | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash — ending balance | $ 134 | $ 12 | $ 0 | $ 134 |
Supplemental Condensed Consol_7
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 300 | $ 636 | ||
Restricted cash | 147 | 57 | ||
Advances to affiliates | 0 | 0 | ||
Trade accounts receivable — net | 1,365 | 1,087 | ||
Accounts receivable - affiliates | 0 | 0 | ||
Notes due from affiliates | 0 | 0 | ||
Income taxes receivable | 0 | 0 | ||
Inventories | 469 | 412 | ||
Commodity and other derivative contractual assets | 1,333 | 730 | ||
Margin deposits related to commodity contracts | 202 | 361 | ||
Prepaid expense and other current assets | 298 | $ 150 | 152 | |
Total current assets | 4,114 | 3,435 | ||
Restricted cash | 28 | 0 | ||
Investments | 1,537 | 1,250 | ||
Investment in unconsolidated subsidiary | 124 | 131 | ||
Investment in affiliated companies | 0 | 0 | ||
Operating lease right-of-use assets | 44 | 70 | 0 | |
Property, plant and equipment — net | 13,914 | 14,627 | 14,612 | |
Goodwill | 2,553 | 2,068 | $ 1,907 | |
Identifiable intangible assets — net | 2,748 | 2,493 | ||
Commodity and other derivative contractual assets | 136 | 109 | ||
Accumulated deferred income taxes | 1,066 | 1,337 | 1,336 | |
Other noncurrent assets | 352 | 590 | ||
Total assets | 26,616 | 26,024 | ||
Short-term borrowings | 350 | 0 | ||
Accounts receivable securitization program | 450 | 339 | ||
Advances from affiliates | 0 | 0 | ||
Long-term debt due currently | 277 | 191 | ||
Trade accounts payable | 947 | 945 | ||
Accounts payable - affiliates | 0 | 0 | ||
Notes due to affiliates | 0 | 0 | ||
Commodity and other derivative contractual liabilities | 1,529 | 1,376 | ||
Margin deposits related to commodity contracts | 8 | 4 | ||
Accrued income taxes | 1 | 10 | ||
Accrued taxes other than income | 200 | 182 | ||
Accrued interest | 151 | 77 | ||
Asset retirement obligations | 141 | 156 | ||
Operating lease liabilities | 14 | 0 | ||
Other current liabilities | 506 | 344 | 345 | |
Total current liabilities | 4,574 | 3,625 | ||
Long-term debt, less amounts due currently | 10,102 | 10,874 | ||
Operating lease liabilities | 41 | 0 | ||
Commodity and other derivative contractual liabilities | 396 | 270 | ||
Accumulated deferred income taxes | 2 | 10 | ||
Tax Receivable Agreement obligation | 455 | 420 | $ 333 | |
Asset retirement obligation | 2,097 | 2,217 | ||
Identifiable intangible liabilities | $ 365 | |||
Other noncurrent liabilities and deferred credits | 989 | 741 | ||
Total liabilities | 18,656 | 18,157 | ||
Total stockholders' equity | 7,959 | 7,863 | ||
Noncontrolling interest in subsidiary | 1 | 4 | ||
Total liabilities and equity | 26,616 | 26,024 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Advances to affiliates | (56) | (22) | ||
Trade accounts receivable — net | (126) | (110) | ||
Accounts receivable - affiliates | (275) | (245) | ||
Notes due from affiliates | (122) | (101) | ||
Income taxes receivable | 0 | (1) | ||
Inventories | 0 | 0 | ||
Commodity and other derivative contractual assets | (7) | 0 | ||
Margin deposits related to commodity contracts | 0 | 0 | ||
Prepaid expense and other current assets | (1) | 0 | ||
Total current assets | (587) | (479) | ||
Restricted cash | 0 | |||
Investments | 0 | 0 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliated companies | (9,061) | (11,449) | ||
Operating lease right-of-use assets | 0 | |||
Property, plant and equipment — net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Identifiable intangible assets — net | 0 | 0 | ||
Commodity and other derivative contractual assets | 0 | 0 | ||
Accumulated deferred income taxes | (61) | (72) | ||
Other noncurrent assets | 0 | 0 | ||
Total assets | (9,709) | (12,000) | ||
Short-term borrowings | 0 | |||
Accounts receivable securitization program | 0 | 0 | ||
Advances from affiliates | (57) | (22) | ||
Long-term debt due currently | (1) | 0 | ||
Trade accounts payable | (120) | (106) | ||
Accounts payable - affiliates | (272) | (245) | ||
Notes due to affiliates | (122) | (101) | ||
Commodity and other derivative contractual liabilities | (7) | 0 | ||
Margin deposits related to commodity contracts | 0 | 0 | ||
Accrued income taxes | 0 | (1) | ||
Accrued taxes other than income | 0 | 0 | ||
Accrued interest | (6) | (4) | ||
Asset retirement obligations | 0 | 0 | ||
Operating lease liabilities | 0 | |||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (585) | (479) | ||
Long-term debt, less amounts due currently | 0 | 0 | ||
Operating lease liabilities | 0 | |||
Commodity and other derivative contractual liabilities | (1) | 0 | ||
Accumulated deferred income taxes | (61) | (72) | ||
Tax Receivable Agreement obligation | 0 | 0 | ||
Asset retirement obligation | 0 | 0 | ||
Other noncurrent liabilities and deferred credits | (1) | 0 | ||
Total liabilities | (648) | (551) | ||
Total stockholders' equity | (9,061) | (11,449) | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total liabilities and equity | (9,709) | (12,000) | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 56 | 171 | ||
Restricted cash | 43 | 57 | ||
Advances to affiliates | 0 | 11 | ||
Trade accounts receivable — net | 5 | 4 | ||
Accounts receivable - affiliates | 0 | 0 | ||
Notes due from affiliates | 0 | 0 | ||
Income taxes receivable | 0 | 0 | ||
Inventories | 0 | 0 | ||
Commodity and other derivative contractual assets | 0 | 0 | ||
Margin deposits related to commodity contracts | 0 | 0 | ||
Prepaid expense and other current assets | 100 | 2 | ||
Total current assets | 204 | 245 | ||
Restricted cash | 0 | |||
Investments | 0 | 0 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliated companies | 8,364 | 11,186 | ||
Operating lease right-of-use assets | 0 | |||
Property, plant and equipment — net | 4 | 15 | ||
Goodwill | 0 | 0 | ||
Identifiable intangible assets — net | 49 | 10 | ||
Commodity and other derivative contractual assets | 0 | 0 | ||
Accumulated deferred income taxes | 729 | 809 | ||
Other noncurrent assets | 67 | 255 | ||
Total assets | 9,417 | 12,520 | ||
Short-term borrowings | 0 | |||
Accounts receivable securitization program | 0 | 0 | ||
Advances from affiliates | 0 | 0 | ||
Long-term debt due currently | 87 | 23 | ||
Trade accounts payable | 1 | 2 | ||
Accounts payable - affiliates | 145 | 236 | ||
Notes due to affiliates | 0 | 0 | ||
Commodity and other derivative contractual liabilities | 0 | 0 | ||
Margin deposits related to commodity contracts | 0 | 0 | ||
Accrued income taxes | 1 | 11 | ||
Accrued taxes other than income | 0 | 0 | ||
Accrued interest | 11 | 48 | ||
Asset retirement obligations | 0 | 0 | ||
Operating lease liabilities | 0 | |||
Other current liabilities | 46 | 74 | ||
Total current liabilities | 291 | 394 | ||
Long-term debt, less amounts due currently | 689 | 3,819 | ||
Operating lease liabilities | 0 | |||
Commodity and other derivative contractual liabilities | 0 | 0 | ||
Accumulated deferred income taxes | 0 | 0 | ||
Tax Receivable Agreement obligation | 455 | 420 | ||
Asset retirement obligation | 0 | 0 | ||
Other noncurrent liabilities and deferred credits | 22 | 20 | ||
Total liabilities | 1,457 | 4,653 | ||
Total stockholders' equity | 7,960 | 7,867 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total liabilities and equity | 9,417 | 12,520 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 199 | 453 | ||
Restricted cash | 15 | 0 | ||
Advances to affiliates | 56 | 11 | ||
Trade accounts receivable — net | 705 | 729 | ||
Accounts receivable - affiliates | 275 | 245 | ||
Notes due from affiliates | 122 | 101 | ||
Income taxes receivable | 0 | 1 | ||
Inventories | 436 | 391 | ||
Commodity and other derivative contractual assets | 1,326 | 730 | ||
Margin deposits related to commodity contracts | 191 | 361 | ||
Prepaid expense and other current assets | 172 | 134 | ||
Total current assets | 3,497 | 3,156 | ||
Restricted cash | 28 | |||
Investments | 1,500 | 1,218 | ||
Investment in unconsolidated subsidiary | 124 | 131 | ||
Investment in affiliated companies | 697 | 263 | ||
Operating lease right-of-use assets | 32 | |||
Property, plant and equipment — net | 13,402 | 14,017 | ||
Goodwill | 2,339 | 2,068 | ||
Identifiable intangible assets — net | 2,435 | 2,480 | ||
Commodity and other derivative contractual assets | 134 | 109 | ||
Accumulated deferred income taxes | 398 | 599 | ||
Other noncurrent assets | 269 | 330 | ||
Total assets | 24,855 | 24,371 | ||
Short-term borrowings | 350 | |||
Accounts receivable securitization program | 0 | 0 | ||
Advances from affiliates | 0 | 0 | ||
Long-term debt due currently | 185 | 163 | ||
Trade accounts payable | 855 | 928 | ||
Accounts payable - affiliates | 0 | 0 | ||
Notes due to affiliates | 0 | 0 | ||
Commodity and other derivative contractual liabilities | 1,505 | 1,376 | ||
Margin deposits related to commodity contracts | 8 | 4 | ||
Accrued income taxes | 0 | 0 | ||
Accrued taxes other than income | 188 | 181 | ||
Accrued interest | 138 | 29 | ||
Asset retirement obligations | 141 | 156 | ||
Operating lease liabilities | 10 | |||
Other current liabilities | 402 | 267 | ||
Total current liabilities | 3,782 | 3,104 | ||
Long-term debt, less amounts due currently | 9,385 | 7,027 | ||
Operating lease liabilities | 33 | |||
Commodity and other derivative contractual liabilities | 392 | 270 | ||
Accumulated deferred income taxes | 0 | 0 | ||
Tax Receivable Agreement obligation | 0 | 0 | ||
Asset retirement obligation | 2,084 | 2,203 | ||
Other noncurrent liabilities and deferred credits | 815 | 581 | ||
Total liabilities | 16,491 | 13,185 | ||
Total stockholders' equity | 8,364 | 11,186 | ||
Noncontrolling interest in subsidiary | 0 | 0 | ||
Total liabilities and equity | 24,855 | 24,371 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 45 | 12 | ||
Restricted cash | 89 | 0 | ||
Advances to affiliates | 0 | 0 | ||
Trade accounts receivable — net | 781 | 464 | ||
Accounts receivable - affiliates | 0 | 0 | ||
Notes due from affiliates | 0 | 0 | ||
Income taxes receivable | 0 | 0 | ||
Inventories | 33 | 21 | ||
Commodity and other derivative contractual assets | 14 | 0 | ||
Margin deposits related to commodity contracts | 11 | 0 | ||
Prepaid expense and other current assets | 27 | 16 | ||
Total current assets | 1,000 | 513 | ||
Restricted cash | 0 | |||
Investments | 37 | 32 | ||
Investment in unconsolidated subsidiary | 0 | 0 | ||
Investment in affiliated companies | 0 | 0 | ||
Operating lease right-of-use assets | 12 | |||
Property, plant and equipment — net | 508 | 580 | ||
Goodwill | 214 | 0 | ||
Identifiable intangible assets — net | 264 | 3 | ||
Commodity and other derivative contractual assets | 2 | 0 | ||
Accumulated deferred income taxes | 0 | 0 | ||
Other noncurrent assets | 16 | 5 | ||
Total assets | 2,053 | 1,133 | ||
Short-term borrowings | 0 | |||
Accounts receivable securitization program | 450 | 339 | ||
Advances from affiliates | 57 | 22 | ||
Long-term debt due currently | 6 | 5 | ||
Trade accounts payable | 211 | 121 | ||
Accounts payable - affiliates | 127 | 9 | ||
Notes due to affiliates | 122 | 101 | ||
Commodity and other derivative contractual liabilities | 31 | 0 | ||
Margin deposits related to commodity contracts | 0 | 0 | ||
Accrued income taxes | 0 | 0 | ||
Accrued taxes other than income | 12 | 1 | ||
Accrued interest | 8 | 4 | ||
Asset retirement obligations | 0 | 0 | ||
Operating lease liabilities | 4 | |||
Other current liabilities | 58 | 4 | ||
Total current liabilities | 1,086 | 606 | ||
Long-term debt, less amounts due currently | 28 | 28 | ||
Operating lease liabilities | 8 | |||
Commodity and other derivative contractual liabilities | 5 | 0 | ||
Accumulated deferred income taxes | 63 | 82 | ||
Tax Receivable Agreement obligation | 0 | 0 | ||
Asset retirement obligation | 13 | 14 | ||
Other noncurrent liabilities and deferred credits | 153 | 140 | ||
Total liabilities | 1,356 | 870 | ||
Total stockholders' equity | 696 | 259 | ||
Noncontrolling interest in subsidiary | 1 | 4 | ||
Total liabilities and equity | $ 2,053 | $ 1,133 |