Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38086 | ||
Entity Registrant Name | Vistra 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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,921,038,713 | ||
Entity Common Stock, Shares Outstanding | 448,803,986 | ||
Entity Central Index Key | 0001692819 | ||
Document Fiscal Year Focus | 2021 | ||
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 $0.01 per share | ||
Trading Symbol | VST | ||
Security Exchange Name | NYSE | ||
Warrant | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrants | ||
Trading Symbol | VST.WS.A | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Dallas, Texas |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Operating revenues | $ 12,077 | $ 11,443 | $ 11,809 |
Fuel, purchased power costs and delivery fees | (9,169) | (5,174) | (5,742) |
Operating costs | (1,559) | (1,622) | (1,530) |
Depreciation and amortization | (1,753) | (1,737) | (1,640) |
Selling, general and administrative expenses | (1,040) | (1,035) | (904) |
Impairment of long-lived and other assets | (71) | (356) | 0 |
Operating income (loss) | (1,515) | 1,519 | 1,993 |
Other income | 140 | 34 | 56 |
Other deductions | (16) | (42) | (15) |
Interest expense and related charges | (384) | (630) | (797) |
Impacts of Tax Receivable Agreement | 53 | 5 | (37) |
Equity in earnings of unconsolidated investment | 0 | 4 | 16 |
Income (loss) before income taxes | (1,722) | 890 | 1,216 |
Income tax (expense) benefit | 458 | (266) | (290) |
Net income (loss) | (1,264) | 624 | 926 |
Net (income) loss attributable to noncontrolling interest | (10) | 12 | 2 |
Net income (loss) attributable to Vistra | $ (1,274) | $ 636 | $ 928 |
Weighted average shares of common stock outstanding: | |||
Weighted average shares of common stock outstanding - basic | 482,214,544 | 488,668,263 | 494,146,268 |
Weighted average shares of common stock outstanding - diluted | 482,214,544 | 491,090,468 | 499,935,490 |
Net income (loss) per weighted average share of common stock outstanding: | |||
Net income (loss) per weighted average share of common stock outstanding - basic | $ (2.69) | $ 1.30 | $ 1.88 |
Net income (loss) per weighted average share of common stock outstanding - diluted | $ (2.69) | $ 1.30 | $ 1.86 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (1,264) | $ 624 | $ 926 |
Other comprehensive income (loss), net of tax effects: | |||
Effects related to pension and other retirement benefit obligations (net of tax expense (benefit) of $9, ($5) and ($4)) | 32 | (18) | (8) |
Total other comprehensive income (loss) | 32 | (18) | (8) |
Comprehensive income (loss) | (1,232) | 606 | 918 |
Comprehensive income (loss) attributable to noncontrolling interest | (10) | 12 | 2 |
Comprehensive income (loss) attributable to Vistra | $ (1,242) | $ 618 | $ 920 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Effects related to pension and other retirement obligations (tax) | $ 9 | $ (5) | $ (4) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows — operating activities: | |||
Net income (loss) | $ (1,264) | $ 624 | $ 926 |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,050 | 2,048 | 1,876 |
Deferred income tax expense (benefit), net | (475) | 230 | 281 |
Impairment of long-lived and other assets | 71 | 356 | 0 |
Loss on disposal of investment in NELP | 0 | 29 | 0 |
Unrealized net (gain) loss from mark-to-market valuations of commodities | 759 | (231) | (696) |
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps | (134) | 155 | 220 |
Change in asset retirement obligation liability | (5) | 7 | (48) |
Asset retirement obligation accretion expense | 38 | 43 | 53 |
Impacts of Tax Receivables Agreement | (53) | (5) | 37 |
Bad debt expense | 110 | 110 | 82 |
Stock-based compensation | 47 | 65 | 47 |
Other, net | 41 | (22) | (12) |
Changes in operating assets and liabilities: | |||
Accounts receivable — trade | (228) | (33) | (88) |
Inventories | (100) | (59) | (44) |
Accounts payable — trade | 402 | (40) | (221) |
Commodity and other derivative contractual assets and liabilities | 32 | 27 | 98 |
Margin deposits, net | (1,000) | (20) | 170 |
Uplift securitization proceeds receivable from ERCOT | (544) | 0 | 0 |
Accrued interest | 13 | (20) | 80 |
Accrued taxes | (20) | 22 | (4) |
Accrued employee incentive | (68) | 39 | 1 |
Tax Receivable Agreement payment | (2) | 0 | (2) |
Asset retirement obligation settlement | (88) | (118) | (121) |
Major plant outage deferral | 2 | 2 | (19) |
Other — net assets | (27) | 219 | (22) |
Other — net liabilities | 237 | (91) | 142 |
Cash provided by (used in) operating activities | (206) | 3,337 | 2,736 |
Cash flows — investing activities: | |||
Capital expenditures, including nuclear fuel purchases and LTSA prepayments | (1,033) | (1,259) | (713) |
Ambit acquisition (net of cash acquired) | 0 | 0 | (506) |
Crius acquisition (net of cash acquired) | 0 | 0 | (374) |
Proceeds from sales of nuclear decommissioning trust fund securities | 483 | 433 | 431 |
Investments in nuclear decommissioning trust fund securities | (505) | (455) | (453) |
Proceeds from sales of environmental allowances | 392 | 165 | 197 |
Purchases of environmental allowances | (605) | (504) | (322) |
Insurance proceeds | 89 | 35 | 23 |
Proceeds from sales of assets | 30 | 24 | 6 |
Other, net | (4) | (11) | (6) |
Cash used in investing activities | (1,153) | (1,572) | (1,717) |
Cash flows - financing activities: | |||
Issuance of preferred stock | 2,000 | 0 | 0 |
Issuances of long-term debt | 1,250 | 0 | 6,507 |
Repayments/repurchases of debt | (381) | (1,008) | (7,109) |
Borrowings under Term Loan A | 1,250 | 0 | 0 |
Repayment under Term Loan A | (1,250) | 0 | 0 |
Proceeds from forward capacity agreement | 500 | 0 | 0 |
Net borrowings/(payments) under accounts receivable financing | (300) | (150) | 111 |
Borrowings under Revolving Credit Facility | 1,450 | 1,075 | 650 |
Repayments under Revolving Credit Facility | (1,450) | (1,425) | (300) |
Debt tender offer and other financing fees | (13) | (17) | (203) |
Share repurchases | (471) | 0 | (656) |
Dividends paid to stockholders | (290) | (266) | (243) |
Other, net | (21) | (5) | 6 |
Cash provided by (used in) financing activities | 2,274 | (1,796) | (1,237) |
Net change in cash, cash equivalents and restricted cash | 915 | (31) | (218) |
Cash, cash equivalents and restricted cash — beginning balance | 444 | 475 | 693 |
Cash, cash equivalents and restricted cash — ending balance | $ 1,359 | $ 444 | $ 475 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,325 | $ 406 |
Restricted cash | 21 | 19 |
Trade accounts receivable — net | 1,397 | 1,279 |
Income taxes receivable | 15 | 0 |
Inventories | 610 | 515 |
Commodity and other derivative contractual assets | 2,513 | 748 |
Margin deposits related to commodity contracts | 1,263 | 257 |
Uplift securitization proceeds receivable from ERCOT | 544 | 0 |
Prepaid expense and other current assets | 195 | 205 |
Total current assets | 7,883 | 3,429 |
Restricted cash | 13 | 19 |
Investments | 2,049 | 1,759 |
Operating lease right-of-use assets | 40 | 45 |
Property, plant and equipment — net | 13,056 | 13,499 |
Goodwill | 2,583 | 2,583 |
Identifiable intangible assets — net | 2,146 | 2,446 |
Commodity and other derivative contractual assets | 250 | 258 |
Accumulated deferred income taxes | 1,302 | 838 |
Other noncurrent assets | 361 | 332 |
Total assets | 29,683 | 25,208 |
Current liabilities: | ||
Accounts receivable financing | 0 | 300 |
Long-term debt due currently | 254 | 95 |
Trade accounts payable | 1,515 | 880 |
Commodity and other derivative contractual liabilities | 3,023 | 789 |
Margin deposits related to commodity contracts | 39 | 33 |
Accrued income taxes | 0 | 16 |
Accrued taxes other than income | 207 | 210 |
Accrued interest | 143 | 131 |
Asset retirement obligations | 104 | 103 |
Operating lease liabilities | 5 | 8 |
Other current liabilities | 553 | 471 |
Total current liabilities | 5,843 | 3,036 |
Long-term debt, less amounts due currently | 10,477 | 9,235 |
Operating lease liabilities | 38 | 40 |
Commodity and other derivative contractual liabilities | 804 | 624 |
Accumulated deferred income taxes | 0 | 1 |
Tax Receivable Agreement obligation | 394 | 447 |
Asset retirement obligation | 2,346 | 2,333 |
Other noncurrent liabilities and deferred credits | 1,489 | 1,131 |
Total liabilities | 21,391 | 16,847 |
Commitments and Contingencies | ||
Total equity: | ||
Preferred stock, number of shares authorized — 100,000,000; Series A (liquidation preference — $1,000; shares outstanding: December 31, 2021 — 1,000,000; December 31, 2020 — zero); Series B (liquidation preference — $1,000; shares outstanding: December 31, 2021 — 1,000,000; December 31, 2020 — zero) | 2,000 | 0 |
Common stock (par value — $0.01; number of shares authorized — 1,800,000,000) (shares outstanding: December 31, 2021 — 469,072,597; December 31, 2020 — 489,305,888) | 5 | 5 |
Treasury stock, at cost (shares: December 31, 2021 — 63,856,879; December 31, 2020 — 41,043,224) | (1,558) | (973) |
Additional paid-in-capital | 9,824 | 9,786 |
Retained deficit | (1,964) | (399) |
Accumulated other comprehensive loss | (16) | (48) |
Stockholders' equity | 8,291 | 8,371 |
Noncontrolling interest in subsidiary | 1 | (10) |
Total equity | 8,292 | 8,361 |
Total liabilities and equity | $ 29,683 | $ 25,208 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, shares authorized | 100,000,000 | |
Common stock, par or stated value per share | $ 0.01 | |
Common stock, shares authorized | 1,800,000,000 | |
Common stock, shares outstanding | 469,072,597 | 489,305,888 |
Treasury stock, common shares | 63,856,879 | 41,043,224 |
Series A Preferred Stock | ||
Preferred sock, liquidation preference | $ 1,000 | |
Preferred stock, shares outstanding | 1,000,000 | 0 |
Series B Preferred Stock | ||
Preferred sock, liquidation preference | $ 1,000 | |
Preferred stock, shares outstanding | 1,000,000 | 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Series A Preferred Stock | Series B Preferred Stock | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock | Preferred StockSeries A Preferred Stock | Preferred StockSeries B Preferred Stock | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock | Additional Paid-in Capital [Member]Series B Preferred Stock | Retained Deficit [Member] | Retained Deficit [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Stockholders' Equity [Member] | Total Stockholders' Equity [Member]Series A Preferred Stock | Total Stockholders' Equity [Member]Series B Preferred Stock | Total Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest in Subsidiary [Member] |
Balances at beginning of the period (Total Equity) at Dec. 31, 2018 | $ 7,867 | $ 0 | $ 5 | $ (778) | $ 10,107 | $ (1,449) | $ (22) | $ 7,863 | $ 4 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock 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 | 928 | 928 | 928 | |||||||||||||||||
Net (income) loss attributable to noncontrolling interest | 2 | (2) | ||||||||||||||||||
Net income (loss) | 926 | |||||||||||||||||||
Dividends declared on common stock | (243) | (243) | (243) | |||||||||||||||||
Pension and OPEB liability - change in funded status | (8) | (8) | (8) | |||||||||||||||||
Other | (1) | (2) | 2 | 0 | (1) | |||||||||||||||
Balances at end of the period (Total Equity) at Dec. 31, 2019 | 7,960 | $ (2) | 0 | 5 | (973) | 9,721 | (764) | $ (2) | (30) | 7,959 | $ (2) | 1 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Effects of stock-based compensation | 65 | 65 | 65 | |||||||||||||||||
Net income (loss) attributable to Vistra | 636 | 636 | 636 | |||||||||||||||||
Net (income) loss attributable to noncontrolling interest | 12 | (12) | ||||||||||||||||||
Net income (loss) | 624 | |||||||||||||||||||
Dividends declared on common stock | (266) | (266) | (266) | |||||||||||||||||
Pension and OPEB liability - change in funded status | (18) | (18) | (18) | |||||||||||||||||
Investment by noncontrolling interest | 1 | 1 | ||||||||||||||||||
Other | (1) | (1) | (1) | 0 | ||||||||||||||||
Balances at end of the period (Total Equity) at Dec. 31, 2020 | 8,361 | $ (4) | 0 | 5 | (973) | 9,786 | (399) | $ (4) | (48) | 8,371 | $ (4) | (10) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Stock repurchases | (585) | (585) | (585) | |||||||||||||||||
Preferred stock issued | $ 990 | $ 985 | $ 1,000 | $ 1,000 | $ 990 | $ 985 | ||||||||||||||
Adjustments to additional paid in capital, preferred stock issued, issuance costs | $ (10) | $ (15) | ||||||||||||||||||
Effects of stock-based compensation | 60 | 60 | 60 | |||||||||||||||||
Net income (loss) attributable to Vistra | (1,274) | (1,274) | (1,274) | |||||||||||||||||
Net (income) loss attributable to noncontrolling interest | (10) | 10 | ||||||||||||||||||
Net income (loss) | (1,264) | |||||||||||||||||||
Dividends declared on common stock | (290) | (290) | (290) | |||||||||||||||||
Pension and OPEB liability - change in funded status | 32 | 32 | 32 | |||||||||||||||||
Investment by noncontrolling interest | 1 | 1 | ||||||||||||||||||
Other | 2 | 3 | (1) | 2 | ||||||||||||||||
Balances at end of the period (Total Equity) at Dec. 31, 2021 | $ 8,292 | $ 2,000 | $ 5 | $ (1,558) | $ 9,824 | $ (1,964) | $ (16) | $ 8,291 | $ 1 |
Business And Significant Accoun
Business And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 and/or its subsidiaries, as apparent in the context. See Glossary for defined terms. Vistra is a holding company operating an integrated retail and electric power generation business primarily in markets throughout the U.S. Through our subsidiaries, we are engaged in competitive energy market activities including electricity generation, wholesale energy sales and purchases, commodity risk management and retail sales of electricity and natural gas to end users. Effective July 2, 2020, we changed our name from Vistra Energy Corp. to Vistra Corp. (Vistra) to distinguish from companies that are involved in the exploring for, producing, refining, or transporting fossil fuels (many of which use "energy" in their names) and to better reflect or integrated business model, which combines a retail electricity and natural gas business focused on serving its customers with new and innovative products and services and an electric power generation business leading the clean power transition through our Vistra Zero portfolio while powering the communities we serve with safe, reliable and affordable power. Vistra has six reportable segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, (v) Sunset and (vi) Asset Closure. See Note 20 for further information concerning our reportable business segments, including an update of our reportable segments in the third quarter of 2020. Winter Storm Uri In February 2021, a severe winter storm with extremely cold temperatures affected much of the U.S., including Texas. This severe weather resulted in surging demand for power, gas supply shortages, operational challenges for generators, and a significant load shed event that was ordered by ERCOT beginning on February 15, 2021 and continuing through February 18, 2021. Winter Storm Uri had a material adverse impact on our results of operations and operating cash flows. The primary drivers of the loss were the need to procure power in ERCOT at market prices at or near the price cap due to lower output from our natural gas-fueled power plants driven by natural gas deliverability issues and our coal-fueled power plants driven by coal fuel handling challenges, high fuel costs, and high retail load costs. Uplift Securitization Proceeds Receivable from ERCOT — As part of the 2021 regular Texas legislative sessions and in response to extraordinary costs incurred by electricity market participants during Winter Storm Uri, the Texas legislature passed House Bill (HB) 4492 for ERCOT to obtain financing to distribute to load-serving entities (LSEs) that were uplifted and paid to ERCOT exceptionally high price adders and ancillary service costs during Winter Storm Uri. In October 2021, the PUCT issued a Debt Obligation Order approving $2.1 billion financing and the methodology for allocation of proceeds to the LSEs. In December 2021, ERCOT finalized the amount of allocations to the LSEs, and we expect to receive approximately $544 million of proceeds from ERCOT. The Company accounted for the proceeds we will receive by analogy to the contribution model within Accounting Standards Codification (ASC) 958-605, Not-for-Profit Entities - Revenue Recognition and the grant model within International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance , as a reduction to expenses in the statements of operations in the annual period for which the proceeds are intended to compensate. The proceeds are expected to be received from ERCOT in the second quarter of 2022, and we concluded that the threshold for recognizing a receivable was met in December 2021 as the amounts to be received were determinable and ERCOT was directed by its governing body, the PUCT, to take all actions required to effectuate the $2.1 billion funding approved in the Debt Obligation Order. The associated expense reduction is reflected in fuel, purchased power costs and delivery fees within our consolidated statements of operations as that is where the initial costs for which we are being compensated were recorded. The final financial impact of Winter Storm Uri continues to be subject to the outcome of potential litigation arising from the event, or any corrective action taken by the State of Texas, ERCOT, the RCT, or the PUCT to resettle pricing across any portion of the supply chain ( i.e. , fuel supply, wholesale pricing of generation, or allocating the financial impacts of market-wide load shed ratably across all retail market participants), that is currently being considered or may be considered by any such parties. COVID-19 Pandemic In March 2020, the World Health Organization categorized the novel coronavirus (COVID-19) as a pandemic, and the U.S. Government declared the COVID-19 outbreak a national emergency. The U.S. government has deemed electricity generation, transmission and distribution as "critical infrastructure" providing essential services during this global emergency. As a provider of critical infrastructure, Vistra has an obligation to provide critically needed power to homes, businesses, hospitals and other customers. Vistra remains focused on protecting the health and well-being of its employees and the communities in which it operates while assuring the continuity of its business operations. The Company's consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there have been no material adverse impacts on the Company's results of operations for the years ended December 31, 2021 and 2020. In response to the global pandemic related to COVID-19, the CARES Act was signed into law in March 2020. See Note 7 for a summary of certain anticipated tax-related impacts of the CARES Act to the Company. Recent Developments Green Finance Framework — In December 2021, we announced the publication of our Green Finance Framework, which allows us to issue green financial instruments to fund new or existing projects that support renewable energy and energy efficiency with alignment to our ESG initiatives. See below and Note 14 for more information concerning the Series B Preferred Stock, which was issued in December 2021 under the Green Finance Framework. Series B Preferred Stock Offering — On December 10, 2021, we issued 1,000,000 shares of Series B Preferred Stock in a private offering (Series B Offering) under our Green Finance Network. The net proceeds of the Series B Offering were approximately $985 million, after deducting underwriting commissions and offering expenses. We intend to use the proceeds from the Series B Offering to pay for or reimburse existing and new eligible renewable and battery ESS developments. See Note 14 for more information concerning the Series B Preferred Stock. Commodity-Linked Revolving Credit Facility — On February 4, 2022, Vistra Operations entered into a credit agreement by and among Vistra Operations, Vistra Intermediate, the lenders, joint lead arrangers and joint bookrunners party thereto, and Citibank, N.A., as administrative agent and collateral agent. The Credit Agreement provides for a $1.0 billion senior secured commodity-linked revolving credit facility (the Commodity-Linked Facility). Vistra Operations intends to use the liquidity provided under the Commodity-Linked Facility to make cash postings as required under various commodity contracts to which Vistra Operations and its subsidiaries are parties as power prices increase from time-to time and for other working capital and general corporate purposes. See Note 11 for more information concerning the Commodity-Linked Facility. 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 2020 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. As of December 31, 2021 and 2020, 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/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 $48 million, $43 million and $49 million for the years ended December 31, 2021, 2020 and 2019, 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 is 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. See Note 21 for details of impairments of long-lived assets recorded in 2021 and 2020. 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 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. 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 revenue-based 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 revenue-based 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 Investment tax credits are accounted for under the deferral method, which resulted in a reduction to the basis of our solar and battery storage facilities of zero, zero and $2 million and a corresponding increase in the deferred tax assets in 2021, 2020 and 2019, 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 corporate income tax rate, (b) estimates of our taxable income in the current and future years and (c) additional states that Vistra operates in, including the relevant tax rate and apportionment factor for each state. 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. 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 measured using the discount rate inherent in the initial fair value of the obligation. These changes 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. Regulatory Asset or Liability The costs to ultimately decommission the Comanche Peak nuclear power plant are recoverable through the regulatory rate making process as part of Oncor's delivery fees. As a result, the asset retirement obligation and the investments in the decommissioning trust are accounted for as rate regulated operations. Changes in these accounts, including investment income and accretion expense, do not impact net income, but are reported as a change in the corresponding regulatory asset or liability balance that is reflected in our consolidated balance sheets as other noncurrent assets or other noncurrent liabilities and deferred credits. 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 (calculated on a weighted average basis) or net realizable value. 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. 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. We apply the practical expedient permitted by ASC 842 to not separate lease and non-lease components for a majority of our lease asset classes. 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 Accounting Standards Issued Prior to 2021 Simplifying the Accounting for Income Taxes — In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . 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 adopted all provisions of this ASU in the first quarter of 2020, and it did not have a material impact on our financial statements. Changes to the Disclosure Requirements for Fair Value Measurement — In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. 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 requires 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 adopted this ASU in the first quarter of 2020, and the updated disclosures are included in Note 15. Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract — 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 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 adopted this ASU in the first quarter of 2020, and it did not have a material impact on our financial statements. Financial Instruments—Credit Losses — 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. We adopted this ASU in the first quarter of 2020, and it did not have a material impact on our financial statements. 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 impact of the adoption of the new lease standard is immaterial to our net income on an ongoing basis. The primary impact of adopting the new lease standard relates to recognition of lease liabilities and ROU assets for all leases classified as operating leases. 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. See Note 12 for the disclosures required by the new lease standard. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in the ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of this guidance did not have a material impact on our financial statements. In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. This new guidance narrows the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlines the alternative disclosures required in lieu of those statements. This rule is effective January 4, 2021 with earlier adoption permitted. We elected to adopt this rule in the first quarter of 2020. Accordingly, summarized financial information has been presented only for the issuer and guarantors of the Company's registered debt securities, and the location of the required disclosures has been moved outside the Notes to the Consolidated Financial Statements and is provided in Part II, Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations under Financial Condition — Guarantor Summary Financial Information . In October 2020, the FASB issued ASU 2020-09, Debt (Topic 470) — Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 , to reflect the SEC's new disclosure rules on guaranteed debt securities adopted by the Company. |
Acquisitions and Business Combi
Acquisitions and Business Combination Accounting (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions and Business Combination Accounting | ACQUISITIONS AND BUSINESS COMBINATION ACCOUNTING Ambit Transaction On November 1, 2019 (Ambit Acquisition Date), Volt Asset Company, Inc., an indirect, wholly owned subsidiary of Vistra, completed the Ambit Transaction. Ambit is an energy retailer selling both electricity and natural gas products to residential and small business customers in 16 states. Vistra 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. Crius Transaction On July 15, 2019 (Crius Acquisition Date), Vienna Acquisition B.C. Ltd., an indirect, wholly owned subsidiary of Vistra, 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 funded the purchase price of $400 million (including $382 million for outstanding trust units) using cash on hand. In addition, Vistra assumed $140 million of outstanding debt and acquired $26 million of cash at the closing of the Crius Transaction. 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'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's match of its generation to load profile due to a high degree of overlap of Vistra'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's match of its generation to load profile due to a high degree of overlap of Vistra's generation fleet with Crius' approximately 10 TWh of annual electricity load, (ii) established a platform for growth by leveraging Vistra'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. Each of the Ambit Transaction and Crius Transaction, respectively, 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 Ambit Acquisition Date and Crius Acquisition Date, respectively. The combined results of operations are reported in our consolidated financial statements beginning as of the respective Ambit Acquisition Date and Crius Acquisition 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 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 allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Ambit Transaction and Crius Transaction, respectively, as of the Ambit Acquisition Date and Crius Acquisition Date, 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 final purchase price allocations were completed in the second quarter of 2020 for the Crius Transaction and the third quarter of 2020 for the Ambit Transaction. Ambit Transaction and Crius Transactions Final Purchase Price Allocations Ambit Transaction Crius Transaction Final Measurement Period Adjustments recorded Final Measurement Period Adjustments recorded Cash and cash equivalents $ 49 $ — $ 26 $ — Net working capital 32 3 (9) (42) Accumulated deferred income taxes — — — (36) Identifiable intangible assets 218 (45) 317 23 Goodwill 258 44 243 38 Commodity and other derivative contractual assets 23 — 18 — Other noncurrent assets 13 — 17 (3) Total assets acquired 593 2 612 (20) Identifiable intangible liabilities — — 2 (34) Long-term debt, including amounts due currently — — 140 — Commodity and other derivative contractual liabilities 28 — 40 — Accumulated deferred income taxes — — 14 14 Other noncurrent liabilities and deferred credits 10 2 16 — Total liabilities assumed 38 2 212 (20) Identifiable net assets acquired $ 555 $ — $ 400 $ — Acquisition costs incurred in the Ambit Transaction and Crius Transaction 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 Transaction and Crius Transaction 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 year ended December 31, 2019 assumes that the Ambit and Crius Transactions occurred on January 1, 2019 (i.e., represents our results for the year ended December 31, 2019 plus the results for either Ambit Transaction or Crius Transaction 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 Transaction and Crius Transaction been completed on January 1, 2019, 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, 2019 Year Ended December 31, 2019 Revenues $ 12,931 $ 12,373 Net income (a) $ 949 $ 876 Net income attributable to Vistra $ 951 $ 878 Net income attributable to Vistra per weighted average share of common stock outstanding — basic $ 1.92 $ 1.78 Net income attributable to Vistra per weighted average share of common stock outstanding — diluted $ 1.90 $ 1.76 __________ (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. |
Development of Generation Facil
Development of Generation Facilities (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Acquisition And Development Of Generation Facilities [Abstract] | |
Acquisition and Development of Generation Facilities | DEVELOPMENT OF GENERATION FACILITIES Texas Segment Solar Generation and Energy Storage Projects We have announced our planned development of up to 768 MW of solar photovoltaic power generation facilities and 260 MW of battery ESS in Texas. The first 158 MW of solar generation came online in January and February 2022. Estimated commercial operation dates for the remaining facilities range from the second quarter of 2022 to fourth quarter of 2023. As of December 31, 2021, we had accumulated approximately $286 million in construction-work-in-process for these Texas segment solar generation and battery ESS projects. East Segment Solar Generation and Energy Storage Projects In September 2021, we announced the planned development of up to 300 MW of solar photovoltaic power generation facilities and up to 150 MW of battery ESS at retired or to-be-retired plant sites in Illinois, based on the passage of Illinois Senate Bill 2408, the Energy Transition Act. Estimated commercial operation dates for these facilities range from 2023 to 2025. West Segment Energy Storage Projects Oakland — In June 2019, East Bay Community Energy (EBCE) 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. In April 2020, the project received necessary approvals from EBCE and from Pacific Gas and Electric Company (PG&E). The contract was amended to increase the capacity of the planned development to a 36.25 MW battery ESS. In April 2020, the concurrent Local Area Reliability Service (LARS) agreement to ensure grid reliability as part of the Oakland Clean Energy Initiative was signed, but required California Public Utilities Commission (CPUC) approval. PG&E did not receive CPUC approval as of April 15, 2021. On April 16, 2021, Vistra terminated the LARS agreement with PG&E. We are continuing development of the Oakland battery ESS project while seeking another contractual arrangement that will allow the investment to move forward. 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 PG&E to develop a 300 MW battery ESS at our Moss Landing Power Plant site in California (Moss Landing Phase I). PG&E filed its application with the CPUC in June 2018 and the CPUC approved the resource adequacy contract in November 2018. 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. Moss Landing Phase I commenced commercial operations in May 2021. In May 2020, we announced that, subject to approval by the CPUC, we would enter into a 10-year resource adequacy contract with PG&E to develop an additional 100 MW battery ESS at our Moss Landing Power Plant site (Moss Landing Phase II). PG&E filed its application with the CPUC in May 2020 and the CPUC approved the resource adequacy contract in August 2020. Moss Landing Phase II commenced commercial operations in July 2021. The total development costs for Moss Landing Phases I and II totaled approximately $600 million. In January 2022, we announced that, subject to approval by the CPUC, we would enter into a 15-year resource adequacy contract with PG&E to develop an additional 350 MW battery ESS at our Moss Landing Power Plant site (Moss Landing Phase III). PG&E filed its application with the CPUC in January 2022, and CPUC approval is expected in the second quarter of 2022. Moss Landing Phase III is expected to enter commercial operations in the summer of 2023. Moss Landing Outages — In September 2021, Moss Landing Phase I experienced an incident impacting a portion of the battery ESS. A review found that only a small, single-digit percentage of batteries at the facility were impacted and that the root cause originated in systems separate from the battery system. The facility will be offline as we perform the work necessary to return the facility to service. Moss Landing Phase II was not affected by this incident. In February 2022, Moss Landing Phase II experienced an incident impacting a portion of the Battery ESS. An investigation is underway to determine the root cause of the incident. The facility will be offline as we perform the work necessary to return the facility to service. Moss Landing Phase I was not affected by the incident, but the facility will remain offline during the assessment stage of the Moss Landing Phase II incident. We do not expect these incidents to have a material impact on our results of operations. |
Retirement of Generation Facili
Retirement of Generation Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Retirement of Generation Facilities [Abstract] | |
Retirement of Generation Facilities | RETIREMENT OF GENERATION FACILITIES Sunset Segment Operational results for plants with defined retirement dates identified below are included in our Sunset segment beginning in the quarter when a retirement plan is announced. Name Location ISO/RTO Fuel Type Net Generation Capacity (MW) Expected Retirement Date (a) Baldwin Baldwin, IL MISO Coal 1,185 By the end of 2025 Coleto Creek Goliad, TX ERCOT Coal 650 By the end of 2027 Edwards Bartonville, IL MISO Coal 585 By the end of 2022 Joppa Joppa, IL MISO Coal 802 By September 1, 2022 Joppa Joppa, IL MISO Natural Gas 221 By September 1, 2022 Kincaid Kincaid, IL PJM Coal 1,108 By the end of 2027 Miami Fort North Bend, OH PJM Coal 1,020 By the end of 2027 Newton Newton, IL MISO/PJM Coal 615 By the end of 2027 Zimmer Moscow, OH PJM Coal 1,300 By May 31, 2022 Total 7,486 ____________ (a) Generation facilities may retire earlier than expected dates if economic or other conditions dictate. 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 U.S. District Court for the Central District of Illinois in November 2019, we will retire the Edwards facility by the end of 2022 (see Note 13). In September 2020 and December 2020, we announced our intention to retire all of our remaining coal generation facilities in Illinois and Ohio, one coal generation facility in Texas and one natural gas facility in Illinois no later than year-end 2027 due to economic challenges, including incremental expenditures that would be required to comply with the CCR rule and ELG rule (see Note 13), and in furtherance of our efforts to significantly reduce our carbon footprint. Expected plant retirement expenses of $43 million, driven by severance cost, were accrued in the year ended December 31, 2020 in operating costs of our Sunset segment. In April 2021, we announced we would retire the Joppa generation facilities by September 1, 2022 in order to settle a complaint filed with the Illinois Pollution Control Board (IPCB) by the Sierra Club in 2018 (see Note 13). We had previously announced that Joppa would retire no later than the end of 2027. In July 2021, we announced we would retire the Zimmer coal generation facility by May 31, 2022 due to the inability to secure capacity revenues for the plant in the latest PJM capacity auction held in May 2021. We had previously announced that Zimmer would retire no later than the end of 2027. See Note 21 for discussion of impairments recorded in connection with these announcements. Asset Closure Segment Operational results for the Illinois plants retired in 2019 identified below are included in the Asset Closure segment. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines, including those retired prior to 2019. Name Location ISO/RTO Fuel Type Net Generation Capacity (MW) Dates Units Retired Coffeen Coffeen, IL MISO Coal 915 November 1, 2019 Duck Creek Canton, IL MISO Coal 425 December 15, 2019 Havana Havana, IL MISO Coal 434 November 1, 2019 Hennepin Hennepin, IL MISO Coal 294 November 1, 2019 Total 2,068 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following tables disaggregate our revenue by major source: Year Ended December 31, 2021 Retail Texas East West Sunset Asset Closure Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 5,733 $ — $ — $ — $ — $ — $ — $ 5,733 Retail energy charge in Northeast/Midwest 2,255 — — — — — — 2,255 Wholesale generation revenue from ISO/RTO — 3,808 786 229 1,525 — — 6,348 Capacity revenue from ISO/RTO (a) — — (22) 1 184 — — 163 Revenue from other wholesale contracts — 2,302 602 104 193 — — 3,201 Total revenue from contracts with customers 7,988 6,110 1,366 334 1,902 — — 17,700 Other revenues: Intangible amortization (2) — 74 — (12) — — 60 Hedging and other revenues (b) (115) (4,355) 123 35 (1,371) — — (5,683) Affiliate sales (c) — 1,035 1,024 5 220 — (2,284) — Total other revenues (117) (3,320) 1,221 40 (1,163) — (2,284) (5,623) Total revenues $ 7,871 $ 2,790 $ 2,587 $ 374 $ 739 $ — $ (2,284) $ 12,077 ____________ (a) Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $470 million of capacity purchased offset by $448 million of capacity sold. The Sunset segment includes $4 million of capacity purchased offset by $188 million of capacity sold. (b) Includes $1.191 billion of unrealized net losses from mark-to-market valuations of commodity positions. See Note 20 for unrealized net gains (losses) by segment. (c) Texas and East segments include $1.028 billion and $529 million, respectively, of affiliated unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment. Year Ended December 31, 2020 Retail Texas East West Sunset Asset Closure Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 5,813 $ — $ — $ — $ — $ — $ — $ 5,813 Retail energy charge in Northeast/Midwest 2,406 — — — — — — 2,406 Wholesale generation revenue from ISO/RTO — 475 310 124 473 1 — 1,383 Capacity revenue from ISO/RTO (a) — — (52) — 164 — — 112 Revenue from other wholesale contracts — 226 668 54 187 1 — 1,136 Total revenue from contracts with customers 8,219 701 926 178 824 2 — 10,850 Other revenues: Intangible amortization (5) — 2 — (21) — — (24) Hedging and other revenues (b) 56 416 (108) 101 151 1 — 617 Affiliate sales — 2,999 1,595 3 298 — (4,895) — Total other revenues 51 3,415 1,489 104 428 1 (4,895) 593 Total revenues $ 8,270 $ 4,116 $ 2,415 $ 282 $ 1,252 $ 3 $ (4,895) $ 11,443 ____________ (a) Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $542 million of capacity purchased offset by $490 million of capacity sold. The Sunset segment includes $3 million of capacity purchased offset by $167 million of capacity sold. (b) Includes $164 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, 2019 Retail Texas East West Sunset Asset Closure 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 — 1,477 629 193 751 194 — 3,244 Capacity revenue from ISO/RTO (a) — — 170 — 197 11 — 378 Revenue from other wholesale contracts — 264 702 9 147 2 — 1,124 Total revenue from contracts with customers 6,801 1,741 1,501 202 1,095 207 — 11,547 Other revenues: Intangible amortization (15) — (4) 4 (17) — — (32) Hedging and other revenues (b) 86 (250) 37 132 247 42 — 294 Affiliate sales — 2,345 1,256 — 277 92 (3,970) — Total other revenues 71 2,095 1,289 136 507 134 (3,970) 262 Total revenues $ 6,872 $ 3,836 $ 2,790 $ 338 $ 1,602 $ 341 $ (3,970) $ 11,809 ____________ (a) Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $443 million of capacity purchased offset by $613 million of capacity sold. The Sunset segment includes $1 million of capacity purchased offset by $198 million of capacity sold. (b) 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. 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 60 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/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 operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/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/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues. Capacity Revenue From ISO/RTO We offer generation capacity into competitive ISO/RTO auctions in exchange for revenue from awarded capacity offers. Capacity ensures installed generation and demand response is available to satisfy system integrity and reliability requirements. Capacity revenues are recognized when the performance obligation is satisfied ratably over time as our power generation facilities stand ready to deliver power to the customer. Penalties are assessed by the ISO/RTO against generation facilities if the facility is not available during the capacity period. The penalties are recorded as a reduction to revenue. When capacity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in capacity revenue. Revenue from Other Wholesale Contracts Other wholesale contracts include other revenue activity with the ISO/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 operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/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 both December 31, 2021 and 2020 was $80 million. The amortization related to these costs during the year ended December 31, 2021, 2020 and 2019 totaled $75 million, $46 million and $21 million respectively, recorded as SG&A expenses, and $6 million, $7 million and $9 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, 2021, we have future performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or contracts with customers. Therefore, an obligation exists as of the date of the results of the respective ISO/RTO capacity auction or the contract execution date. These obligations total $652 million, $310 million, $212 million, $99 million and $45 million that will be recognized in the years ending December 31, 2022, 2023, 2024, 2025 and 2026, respectively, and $439 million thereafter. Capacity revenues are recognized as capacity is made available to the related ISOs/RTOs or 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, 2021 2020 Trade accounts receivable from contracts with customers — net $ 1,087 $ 1,169 Other trade accounts receivable — net 310 110 Total trade accounts receivable — net $ 1,397 $ 1,279 |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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. Balance at December 31, 2018 $ 2,068 Measurement period adjustments recorded in connection with the Merger 14 Goodwill recorded in connection with the Crius Transaction 257 Goodwill recorded in connection with the Ambit Transaction 214 Balance at December 31, 2019 2,553 Measurement period adjustments recorded in connection with the Crius Transaction (14) Measurement period adjustments recorded in connection with the Ambit Transaction 44 Balance at December 31, 2021 and 2020 $ 2,583 As of December 31, 2021, the carrying value of goodwill totaled $2.583 billion and consisted of the following: • $1.907 billion arose in connection with our application of fresh start reporting at Emergence and was allocated entirely to our 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. • $175 million arose in connection with the Merger, of which $122 million was allocated to our Texas Generation reporting unit and $53 million was allocated to our Retail reporting unit. None of the goodwill related to the Merger is deductible for tax purposes. • $243 million of goodwill arose in connection with the Crius Transaction and was allocated entirely to our Retail reporting unit. None of the goodwill related to the Crius Transaction is deductible for tax purposes. • $258 million of goodwill arose in connection with the Ambit Transaction and was allocated entirely to our Retail reporting unit. The goodwill related to the Ambit Transaction 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. 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 Retail and Texas Generation reporting units exceeded their carrying value at October 1, 2021. 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, 2021 December 31, 2020 Identifiable Intangible Asset Gross Accumulated Net Gross Accumulated Net Retail customer relationship $ 2,083 $ 1,631 $ 452 $ 2,082 $ 1,434 $ 648 Software and other technology-related assets 421 206 215 414 186 228 Retail and wholesale contracts 248 206 42 272 204 68 Contractual service agreements (a) 23 2 21 51 1 50 Other identifiable intangible assets (b) 95 20 75 96 19 77 Total identifiable intangible assets subject to amortization $ 2,870 $ 2,065 805 $ 2,915 $ 1,844 1,071 Retail trade names (not subject to amortization) (c) 1,341 1,374 Mineral interests (not currently subject to amortization) — 1 Total identifiable intangible assets $ 2,146 $ 2,446 ____________ (a) As of December 31, 2021 and 2020, 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). (c) During the year ended December 31, 2021, we recorded a $33 million impairment to a retail trade name intangible asset. Identifiable intangible liabilities are comprised of the following: Year Ended December 31, Identifiable Intangible Liability 2021 2020 Contractual service agreements $ 125 $ 129 Purchase and sale of power and capacity 8 87 Fuel and transportation purchase contracts 14 73 Total identifiable intangible liabilities $ 147 $ 289 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, 2021 2020 2019 Retail customer relationship Depreciation and amortization 3 $ 197 $ 283 $ 275 Software and other technology-related assets Depreciation and amortization 4 74 73 61 Retail and wholesale contracts/purchase and sale/fuel and transportation contracts Operating revenues/fuel, purchased power costs and delivery fees 3 (56) 17 23 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization 5 279 223 148 Total intangible asset expense (a) $ 494 $ 596 $ 507 ____________ (a) Amounts recorded in depreciation and amortization totaled $275 million, $360 million and $340 million for the years ended December 31, 2021, 2020 and 2019 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 certificate 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. • 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 assets represent the fair value of our retail brands, including the trade names of TXU Energy TM , Ambit Energy, 4Change Energy TM , Homefield Energy, Dynegy Energy Services, TriEagle Energy, Public Power and U.S. Gas & Electric, and were determined to be indefinite-lived assets not subject to amortization. These intangible assets are 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 estimates include estimated gross margins for future periods and implied royalty rates. On the most recent testing date, we recorded an impairment charge for $33 million related to an immaterial trade name. For all other trade names, we determined it was more likely than not that the fair value of the retail trade name intangible assets exceeded their carrying values at October 1, 2021. • 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, 2021, 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 2022 $ 202 2023 $ 148 2024 $ 99 2025 $ 73 2026 $ 49 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Vistra files a U.S. federal income tax return that includes the results of its consolidated subsidiaries. Vistra is the corporate parent of the Vistra 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, 2021 2020 2019 Current: U.S. Federal $ 1 $ (5) $ (1) State 16 41 10 Total current 17 36 9 Deferred: U.S. Federal (336) 171 260 State (139) 59 21 Total deferred (475) 230 281 Total $ (458) $ 266 $ 290 Reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense (benefit) recorded: Year Ended December 31, 2021 2020 2019 Income (loss) before income taxes $ (1,722) $ 890 $ 1,216 U.S. federal statutory rate 21 % 21 % 21 % Income taxes at the U.S. federal statutory rate (362) 187 255 Nondeductible TRA accretion (8) (7) 5 State tax, net of federal benefit (2) 32 48 Federal and State return to provision adjustment (2) 13 (17) Nondeductible compensation 4 — 3 Nondeductible transaction costs — — 2 Equity awards 1 — (4) Valuation allowance on state NOLs (94) 41 13 Lignite depletion (3) (3) (6) Texas gross margin amended return — — (3) Other 8 3 (6) Income tax expense (benefit) $ (458) $ 266 $ 290 Effective tax rate 26.6 % 29.9 % 23.8 % Deferred Income Tax Balances Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2021 and 2020 are as follows: December 31, 2021 2020 Noncurrent Deferred Income Tax Assets Tax credit carryforwards $ 76 $ 75 Loss carryforwards 1,193 953 Identifiable intangible assets 346 293 Long-term debt 15 19 Employee benefit obligations 121 129 Commodity contracts and interest rate swaps 238 96 Other 148 47 Total deferred tax assets $ 2,137 $ 1,612 Noncurrent Deferred Income Tax Liabilities Property, plant and equipment 767 632 Total deferred tax liabilities 767 632 Valuation allowance 68 143 Net Deferred Income Tax Asset $ 1,302 $ 837 As of December 31, 2021, we had total deferred tax assets of approximately $1.302 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 impacts of Winter Storm Uri as well as the Merger. For the year ended December 31, 2021, we recognized a tax benefit of $74 million on the release of state valuation allowances largely related to Illinois. Illinois enacted legislation in 2021 extending the carryforward period of net operating losses and we forecast to utilize all losses before expiration. For the year ended December 31, 2020, we recognized a partial valuation allowance of $32 million on the net operating loss carryforwards related largely to Illinois and New York due to forecasted expiration. As of December 31, 2021, 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. As of December 31, 2021, we had $4.5 billion pre-tax net operating loss (NOL) carryforwards for federal income tax purposes that will begin to expire in 2032. As of December 31, 2021, we had no remaining 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 liability of $9 million at December 31, 2021 and a net deferred tax asset of $5 million at December 31, 2020. Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and Final Section 163(j) Regulations In response to the global pandemic related to COVID-19, the CARES Act was signed into law in March 2020. The CARES Act provides numerous relief provisions for corporate taxpayers, including modification of the utilization limitations on net operating losses, favorable expansion of the deduction for business interest expense under IRC Section 163(j) (Section 163(j)), the ability to accelerate timing of refundable AMT credits and the temporary suspension of certain payment requirements for the employer portion of social security taxes. Additionally, the final Section 163(j) regulations were issued in July 2020 and provided a critical correction to the proposed regulations with respect to the computation of adjusted taxable income. In 2021, Vistra is benefiting from the final 163(j) regulations and able to utilize its remaining 163(j) carryforward of $12 million. Certain provisions in the final 163(j) regulations begin to sunset in 2022, for which Vistra will continue its legislative monitoring and advocacy efforts to amend consistent with the intent of the law, including the permanent addback of depreciation and amortization to adjusted taxable income. Vistra is also utilizing the CARES Act payroll deferral mechanism to defer the payment of approximately $22 million from 2020 to 2021 and 2022. We paid approximately half of the previously deferred taxes in December 2021. 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, 2021, 2020 and 2019. 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, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 Balance at beginning of period, excluding interest and penalties $ 39 $ 126 $ 39 Additions based on tax positions related to prior years 1 3 3 Reductions based on tax positions related to prior years — (90) — Additions based on tax positions related to the current year — — 87 Settlements with taxing authorities (2) — (3) Balance at end of period, excluding interest and penalties $ 38 $ 39 $ 126 Vistra and its subsidiaries file income tax returns in U.S. federal, state and foreign jurisdictions and are, at times, subject to examinations by the IRS and other taxing authorities. In February 2021, Vistra was notified that the IRS had opened a federal income tax audit for tax years 2018 and 2019 and an employment tax audit for tax year 2018. Crius is currently under audit by the IRS for the tax years 2015 and 2016. Uncertain tax positions totaled $38 million at December 31, 2021. 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 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 | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Tax Receivable Agreement Obligation | TAX RECEIVABLE AGREEMENT OBLIGATION On the Effective Date, Vistra 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). 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, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 TRA obligation at the beginning of the period $ 450 $ 455 $ 420 Accretion expense 62 64 59 Changes in tax assumptions impacting timing of payments (a) (115) (69) (22) Impacts of Tax Receivable Agreement (53) (5) 37 Payments (2) — (2) TRA obligation at the end of the period 395 450 455 Less amounts due currently (1) (3) — Noncurrent TRA obligation at the end of the period $ 394 $ 447 $ 455 ____________ (a) During the year ended December 31, 2021, we recorded a decrease to the carrying value of the TRA obligation totaling $115 million as a result of adjustments to forecasted taxable income, including the financial impacts of Winter Storm Uri, and anticipated tax benefits available under current tax laws for planned additional renewable development projects. During the year ended December 31, 2020, we recorded a decrease to the carrying value of the TRA obligation totaling approximately $69 million as a result of adjustments to forecasted taxable income, including the impacts of the CARES Act, changes to Section 163(j) percentage limitation amount, the impacts from the issuance of the final Section 163(j) regulations and the anticipated tax benefits from renewable development projects. During the year ended December 31, 2019, we recorded an decrease to the carrying value of the TRA obligation totaling $22 million as a result of adjustments to the timing of forecasted taxable income and state apportionment due to the expansion of Vistra's state income tax profile, including the Dynegy, Crius and Ambit acquisitions. As of December 31, 2021, the estimated carrying value of the TRA obligation totaled $395 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%, (b) estimates of our taxable income in the current and future years and (c) additional states that Vistra 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. The estimates of future business results include assumptions related to renewable development projects that Vistra is planning to execute that generate significant tax benefits. These benefits have a material impact on the timing of TRA obligation payments. 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, 2021, 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 paid during the next 15 years, and the final payment expected to be made around the year 2056 (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
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Net income (loss) attributable to Vistra $ (1,274) $ 636 $ 928 Less cumulative dividends attributable to Series A Preferred Stock (17) — — Less cumulative dividends attributable to Series B Preferred Stock (4) — — Net income (loss) attributable to common stock — basic (1,295) 636 928 Weighted average shares of common stock outstanding — basic 482,214,544 488,668,263 494,146,268 Net income (loss) per weighted average share of common stock outstanding — basic $ (2.69) $ 1.30 $ 1.88 Dilutive securities: Stock-based incentive compensation plan — 2,422,205 5,789,223 Weighted average shares of common stock outstanding — diluted 482,214,544 491,090,468 499,935,490 Net income (loss) per weighted average share of common stock outstanding — diluted $ (2.69) $ 1.30 $ 1.86 Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 14,412,299, 12,553,414 and 2,447,850 shares for the years ended December 31, 2021, 2020 and 2019, respectively. |
Accounts Receivable Financing
Accounts Receivable Financing | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable Financing [Abstract] | |
Accounts Receivable Financing | ACCOUNTS RECEIVABLE FINANCING Accounts Receivable Securitization Program TXU Energy Receivables Company LLC (RecCo), an indirect subsidiary of Vistra, has an accounts receivable financing facility (Receivables Facility) provided by issuers of asset-backed commercial paper and commercial banks (Purchasers). In December 2020, the Receivables Facility was amended to include Ambit Texas, LLC (Ambit Texas), Value Based Brands and TriEagle Energy, as originators, and increase the commitment of the Purchasers to $500 million for the remaining term of the Receivables Facility. In February 2021, the Receivables Facility was amended to allow for a one-time, $596 million borrowing to take advantage of a higher receivable balance at such time. The borrowing limit returned to $500 million in March 2021. In March 2021, the Receivables Facility was amended to increase the commitment of the Purchasers to $600 million through the July 2021 renewal. The Receivables Facility was renewed in July 2021, extending the term of the Receivables Facility to July 2022, with the ability to borrow $600 million beginning with the settlement date in July 2021 until the settlement date in August 2021, $725 million from the settlement date in August 2021 until the settlement date in November 2021 and $600 million from the settlement date in November 2021 and thereafter for the remaining term of the Receivables Facility. In connection with the Receivables Facility, TXU Energy, Dynegy Energy Services, Ambit Texas, Value Based Brands and TriEagle Energy, each indirect subsidiaries of Vistra and originators under the Receivables Facility (Originators), each sell and/or contribute, subject to certain exclusions, all of its receivables (other than any receivables excluded pursuant to the terms of the Receivables Facility), arising from the sale of electricity to its customers and related rights (Receivables), to RecCo, a consolidated, wholly owned, bankruptcy-remote, direct subsidiary of TXU Energy. RecCo, in turn, is subject to certain conditions, and may draw under the Receivables Facility up to the limits described above to fund its acquisition of the Receivables from the Originators. RecCo has granted a security interest on the Receivables and all related assets for the benefit of the Purchasers under the Receivables Facility and Vistra Operations has agreed to guarantee the obligations under the agreements governing the Receivables Facility. 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's balance sheet and Vistra 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 Receivables on behalf of RecCo and the Purchasers, as applicable. As of December 31, 2021, there were no outstanding borrowings under the Receivables Facility. As of December 31, 2020, outstanding borrowings under the Receivables Facility totaled $300 million and were supported by $735 million of RecCo gross receivables. Repurchase Facility In October 2020, TXU Energy and the other originators under the Receivables Facility entered into a $125 million repurchase facility (Repurchase Facility) that is provided on an uncommitted basis by a commercial bank as buyer (Buyer). In July 2021, the Repurchase Facility was renewed until August 2021 and increased from $125 million to $150 million. In August 2021, the Repurchase Facility was renewed until July 2022 and the facility size was decreased from $150 million to $125 million. The Repurchase Facility is collateralized by a subordinated note (Subordinated Note) issued by RecCo in favor of TXU Energy for the benefit of Originators under the Receivables Facility and representing a portion of the outstanding balance of the purchase price paid for the Receivables sold by the Originators to RecCo under the Receivables Facility. Under the Repurchase Facility, TXU Energy may request that Buyer transfer funds to TXU Energy in exchange for a transfer of the Subordinated Note, with a simultaneous agreement by TXU Energy to transfer funds to Buyer at a date certain or on demand in exchange for the return of the Subordinated Note (collectively, the Transactions). Each Transaction is expected to have a term of one month, unless terminated earlier on demand by TXU Energy or terminated by Buyer after an event of default. TXU Energy and the other Originators have each granted Buyer a first-priority security interest in the Subordinated Note to secure its obligations under the agreements governing the Repurchase Facility, and Vistra Operations has agreed to guarantee the obligations under the agreements governing the Repurchase Facility. Unless earlier terminated under the agreements governing the Repurchase Facility, the Repurchase Facility will terminate concurrently with the schedule termination of the Receivables Facility. There were no outstanding borrowings under the Repurchase Facility at both December 31, 2021 and December 31, 2020. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Vistra Operations Credit Facilities $ 2,543 $ 2,572 Vistra Operations Senior Secured Notes: 3.550% Senior Secured Notes, due July 15, 2024 1,500 1,500 3.700% Senior Secured Notes, due January 30, 2027 800 800 4.300% Senior Secured Notes, due July 15, 2029 800 800 Total Vistra Operations Senior Secured Notes 3,100 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 1,300 5.000% Senior Unsecured Notes, due July 31, 2027 1,300 1,300 4.375% Senior Unsecured Notes, due May 15, 2029 1,250 — Total Vistra Operations Senior Unsecured Notes 4,850 3,600 Other: Forward Capacity Agreements 213 45 Equipment Financing Agreements 92 68 8.82% Building Financing due semiannually through February 11, 2022 (a) 3 10 Other 3 3 Total other long-term debt 311 126 Unamortized debt premiums, discounts and issuance costs (73) (68) Total long-term debt including amounts due currently 10,731 9,330 Less amounts due currently (254) (95) Total long-term debt less amounts due currently $ 10,477 $ 9,235 ____________ (a) 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 current assets in our consolidated balance sheets. Vistra Operations Credit Facilities As of December 31, 2021, the Vistra Operations Credit Facilities consisted of up to $5.268 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 $2.543 billion (Term Loan B-3 Facility). These amounts reflect the following transactions and amendments completed in 2021, 2020 and 2019: • In March 2021, Vistra Operations borrowed $1.0 billion principal amount under the Term Loan A Facility. In April 2021, Vistra Operations borrowed an additional $250 million principal amount under the Term Loan A Facility. Proceeds from the Term Loan A Facility, together with cash on hand, were used to repay certain amounts outstanding under the Revolving Credit Facility. Borrowings under the Term Loan A Facility were reported in short-term borrowings in our condensed consolidated balance sheet. In May 2021, Vistra Operations used the proceeds from the issuance of the Vistra Operations 4.375% senior unsecured notes due 2029 (described below), together with cash on hand, to repay the $1.250 billion borrowings under the Term Loan A Facility. We recorded an extinguishment loss of $1 million on the transaction in the nine months ended September 30, 2021. • In March 2020, Vistra Operations repurchased and cancelled $100 million principal amount of Term Loan B-3 Facility borrowings at a weighted average price of $93.875. We recorded an extinguishment gain of $6 million on the transaction in the year ended December 31, 2020. • 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 to pay the principal, premium and interest due in connection with the redemption by Vistra 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 Offerings (described below) to repay $889 million 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 for the year ended December 31, 2019, which were capitalized as a noncurrent asset. During the year ended December 31, 2021, we borrowed $1.450 billion and repaid $1.450 billion under the Revolving Credit Facility, with proceeds from the borrowings used for general corporate purposes. The Vistra Operations Credit Facilities and related available capacity at December 31, 2021 are presented below. December 31, 2021 Vistra Operations Credit Facilities Maturity Date Facility Cash Letters of Credit Outstanding Available Revolving Credit Facility (a) June 14, 2023 $ 2,725 $ — $ 1,471 $ 1,254 Term Loan B-3 Facility (b) December 31, 2025 2,543 2,543 — Total Vistra Operations Credit Facilities $ 5,268 $ 2,543 $ 1,471 $ 1,254 ___________ (a) Revolving Credit Facility used for general corporate purposes. The Facility includes a $2.35 billion letter of credit sub-facility. Letters of credit outstanding reduce our available capacity. Cash borrowings under the Revolving Credit Facility are reported in short-term borrowings in our consolidated balance sheets. (b) 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. As of December 31, 2021, 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 no outstanding borrowings. Letters of credit issued under the Revolving Credit Facility bear interest of 1.75%. Amounts borrowed under the Term Loan B-3 Facility bears interest based on applicable LIBOR rates plus fixed spreads of 1.75%. As of December 31, 2021, the weighted average interest rates before taking into consideration interest rate swaps on outstanding borrowings was 1.86% under the Term Loan B-3 Facility. 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 Vistra Operations Credit Facilities, not to exceed 4.25 to 1.00. As of December 31, 2021, 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 employs interest rate swaps to hedge our exposure to variable rate debt. As of December 31, 2021, Vistra 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 (legacy Dynegy) interest rate swaps to Vistra Operations, of which $398 million expired and $841 million were terminated in June 2019. (b) Effective from July 2023 through July 2026. During 2019, Vistra entered into $2.12 billion of new interest rate swaps, pursuant to which Vistra 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 $2.30 billion of debt through July 2026. Commodity-Linked Revolving Credit Facility On February 4, 2022, Vistra Operations entered into a credit agreement by and among Vistra Operations, Vistra Intermediate, the lenders, joint lead arrangers and joint bookrunners party thereto, and Citibank, N.A., as administrative agent and collateral agent. The Credit Agreement provides for a $1.0 billion senior secured commodity-linked revolving credit facility (the Commodity-Linked Facility). Under the Commodity-Linked Facility, the borrowing base is calculated on a weekly basis based on a set of theoretical transactions which approximate the hedge portfolio of Vistra Operations and certain of its subsidiaries in certain power markets, with availability thereunder not to exceed the facility limit nor be less than zero. Vistra Operations may, at its option, borrow an amount up to the borrowing base, as adjusted from time to time, provided that if outstanding borrowings at any time would exceed the borrowing base, Vistra Operations shall make a repayment to reduce outstanding borrowings to be less than or equal to the borrowing base. Vistra Operations intends to use the liquidity provided under the Commodity-Linked Facility to make cash postings as required under various commodity contracts to which Vistra Operations and its subsidiaries are parties as power prices increase from time-to time and for other working capital and general corporate purposes. Secured Letter of Credit Facilities In August and September 2020, Vistra entered into uncommitted standby letter of credit facilities that are each secured by a first lien on substantially all of Vistra Operations' (and its subsidiaries') assets (which ranks pari passu with the Vistra Operations Credit Facilities) (each, a Secured LOC Facility and collectively, the Secured LOC Facilities). The Secured LOC Facilities are used for general corporate purposes. In October 2021, Vistra entered into an additional Secured LOC Facility which will also be used for general corporate purposes. As of December 31, 2021, $406 million of letters of credit were outstanding under the Secured LOC Facilities. Alternate Letter of Credit Facilities Two alternate letter of credit facilities (each, an Alternate LOC Facility) became effective in the years ended December 31, 2018 and 2019, respectively. One Alternate LOC Facility with an aggregate facility limit of $250 million matured in December 2020. The remaining Alternate LOC Facility with an aggregate facility limit of $250 million matured 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 (June 2019 Senior Secured Notes and the November 2019 Senior Secured Notes) in offerings (the June 2019 Senior Secured Notes Offering and the November 2019 Senior Secured Notes Offering) to eligible purchasers under Rule 144A and Regulation S under the Securities Act 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 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 indenture (as may be amended or supplemented from time to time, the Vistra Operations Senior Secured Indenture) governing the June 2019 Senior Secured Notes and the November 2019 Senior Secured Notes (collectively, the Senior Secured Notes) provides for the full and unconditional guarantee 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. The Vistra Operations Senior Secured Indenture contains certain covenants and restrictions, including, among others, restrictions on the ability of Vistra Operations 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 Operations Senior Unsecured Notes In 2019 and 2021, Vistra Operations issued and sold $3.9 billion aggregate principal amount of senior unsecured notes in offerings (the February 2019 Senior Unsecured Notes Offering, June 2019 Senior Unsecured Notes Offerings and the May 2021 Senior Unsecured Offerings) to eligible purchasers under Rule 144A and Regulation S under the Securities Act consisting of the following: Senior Unsecured Notes Maturity Year Interest Terms February 2019 Senior Unsecured Notes Offering (a) June 2019 May 2021 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 — 4.375% Senior Unsecured Notes 2029 May 1 and November 1 — — 1,250 Total $ 1,300 $ 1,300 $ 1,250 Net Proceeds $ 1,287 $ 1,287 $ 1,235 Debt issuance and other fees (d) $ 16 $ 13 $ 15 ___________ (a) The 5.625% senior unsecured notes due 2027 (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, (defined below) and (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). (b) The 5.000% senior unsecured notes due 2027 (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 (defined below) 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 (c) The 4.375% senior unsecured notes due 2029 (the May 2021 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 all amounts outstanding under the Term Loan A Facility and to pay fees and expenses of $15 million related to the offering. (d) Capitalized as a reduction in the carrying amount of the debt. Since 2018, Vistra Operations has issued and sold $4.850 billion aggregate principal amount of senior unsecured notes in offerings to eligible purchasers under Rule 144A and Regulation S under the Securities Act. The indentures governing the May 2021 Senior Unsecured Notes, the June 2019 Senior Unsecured Notes, the February 2019 Senior Unsecured Notes and the 5.500% senior unsecured notes due 2026 (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 Vistra Operations and its subsidiaries, as applicable, to create certain liens, merge or consolidate with another entity, and sell all or substantially all of their assets. Debt Repurchase Program In July 2019, the Board authorized up to $1.0 billion to repay or repurchase any outstanding debt of the Company (or its subsidiaries). Through April 2020, $684 million of debt had been repurchased under the $1.0 billion July 2019 authorization, including the repurchase of $100 million principal amount of Term Loan B-3 Facility borrowings discussed above and the redemption of $81 million aggregate principal amount outstanding of 8.000% senior unsecured notes due 2025 (8.000% senior notes) discussed below. In April 2020, the Board authorized up to $1.0 billion to repay or repurchase additional outstanding debt, with this new authority superseding and replacing the $316 million of availability under the previously authorized $1.0 billion debt repurchase program. Through December 31, 2021, approximately $666 million had been repurchased under the $1.0 billion April 2020 authorization, consisting of the redemption of the Vistra 5.875% senior unsecured notes due 2023 (5.875% senior notes) and the redemption of the Vistra 8.125% senior unsecured notes due 2026 (8.125% senior notes), each as described below. Vistra Senior Unsecured Notes On the Merger Date, Vistra assumed $6.138 billion principal amount of Dynegy's senior unsecured notes (Vistra Senior Unsecured Notes). 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 following amounts reflect redemption, repurchase and tender offer transactions completed in 2019 and 2020. Vistra had no outstanding senior notes at the Parent level as of December 31, 2021 and 2020. Vistra Senior Unsecured Notes Maturity Year February 2019 Tender Offer (a) June 2019 Redemptions (c) 2020 Redemptions (d) 6.750%Senior Unsecured Notes 2019 $ — $ — $ — $ — 7.375% Senior Unsecured Notes 2022 1,193 173 341 — 5.875% Senior Unsecured Notes 2023 — — — 500 7.625% Senior Unsecured Notes 2024 — 672 475 — 8.034% Senior Unsecured Notes 2024 — — 25 — 8.000% Senior Unsecured Notes 2025 — — — 81 8.125%Senior Unsecured Notes 2026 — — — 166 Total $ 1,193 $ 845 $ 841 $ 747 Extinguishment gain/(loss) $ 7 $ 7 $ 11 $ 11 ____________ (a) In February 2019, Vistra 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. (b) In June 2019, Vistra 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 $173 million of 7.375% senior notes and $672 million of 7.625% senior notes. In July 2019, Vistra 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. (c) In November 2019, Vistra redeemed $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 (the 2019 Redemption). Vistra redeemed $341 million, $87 million and $25 million aggregate principal amount of 7.375% senior notes, 7.625% senior notes and 8.034% senior notes, respectively, using proceeds from the February 2019 Senior Unsecured Notes Offering and the June 2019 Senior Unsecured Notes Offerings discussed above. (d) In January 2020, June 2020 and July 2020, Vistra redeemed aggregate principal amounts of $81 million of 8.000% senior notes, $500 million of 5.875% senior notes and $166 million of 8.125% senior notes, respectively, at redemption prices of 104%, 100.979% and 104.063%, respectively, of the aggregate principal amounts thereof, plus accrued and unpaid interest to, but excluding, the dates of redemption (the 2020 Redemptions, and together with the 2019 Redemption, the Redemptions). February 2019 Consent Solicitation — In connection with the February 2019 Tender Offer, Vistra also commenced solicitation of consents from holders of the 7.375% senior notes. Vistra 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. Other Long-Term Debt Amortizing Notes — On the Merger Date, Vistra 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 — In March 2021, the Company sold a portion of the PJM capacity that cleared for Planning Years 2021-2022 to a financial institution (2021-2022 Forward Capacity Agreement). The buyer in this transaction will receive capacity payments from PJM during the Planning Years 2021-2022 in the amount of approximately $515 million. 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 a debt issuance with an implied interest rate of approximately 4.25%. 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 (Legacy Forward Capacity Agreements, and, together with the 2021-2022 Forward Capacity Agreement, the Forward Capacity Agreements). In May 2021, the final capacity payment from PJM during the Planning Years 2020-2021 was paid, and the terms of the Legacy Forward Capacity were fulfilled. Equipment Financing Agreements — On the Merger Date, the Company assumed the obligation of Dynegy's agreements under 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 financed these parts and equipment under agreements with maturities ranging from 2021 to 2026. 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 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 Connecticut Department of Economic and Community Development term loans were repaid using cash on hand. Maturities Long-term debt maturities at December 31, 2021 are as follows: December 31, 2021 2022 $ 258 2023 40 2024 1,540 2025 2,470 2026 1,006 Thereafter 5,490 Unamortized premiums, discounts and debt issuance costs (73) Total long-term debt, including amounts due currently $ 10,731 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
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 36 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 December 31, 2021 2020 2019 Operating lease cost $ 11 $ 14 $ 14 Finance lease: Finance lease right-of-use asset amortization 9 7 4 Interest on lease liabilities 10 7 4 Total finance lease cost 19 14 8 Variable lease cost (a) 29 29 26 Short-term lease cost 35 31 19 Sublease income (b) (7) (8) (8) Net lease cost $ 87 $ 80 $ 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, 2021 2020 Lease assets: Operating lease right-of-use assets $ 40 $ 45 Finance lease right-of-use assets (net of accumulated depreciation) 173 $ 182 Total lease right-of-use assets 213 227 Current lease liabilities: Operating lease liabilities 5 8 Finance lease liabilities 8 8 Total current lease liabilities 13 16 Noncurrent lease liabilities: Operating lease liabilities 38 40 Finance lease liabilities 235 206 Total noncurrent lease liabilities 273 246 Total lease liabilities $ 286 $ 262 Cash Flows and Other Information The following table presents lease related cash flows and other information: Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11 $ 17 $ 17 Operating cash flows from finance leases 9 5 4 Finance cash flows from finance leases 5 10 4 Non-cash disclosure upon commencement of new lease: Right-of-use assets obtained in exchange for new operating lease liabilities 7 14 95 Right-of-use assets obtained in exchange for new finance lease liabilities — 108 13 Non-cash disclosure upon modification of existing lease: Modification of operating lease right-of-use assets (4) (1) (41) Modification of finance lease right-of-use assets (1) 23 50 Weighted Average Remaining Lease Term The following table presents weighted average remaining lease term information: December 31, 2021 2020 Weighted average remaining lease term: Operating lease 17.6 years 12.3 years Finance lease 25.0 years 24.2 years Weighted average discount rate: Operating lease 5.76% 5.80 % Finance lease 4.95% 4.92 % Maturity of Lease Liabilities The following table presents maturity of lease liabilities: Operating Lease Finance Lease Total Lease 2022 $ 6 $ 17 $ 23 2023 7 16 23 2024 4 17 21 2025 3 17 20 2026 3 14 17 Thereafter 51 369 420 Total lease payments 74 450 524 Less: Interest (31) (207) (238) Present value of lease liabilities $ 43 $ 243 $ 286 |
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 36 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 December 31, 2021 2020 2019 Operating lease cost $ 11 $ 14 $ 14 Finance lease: Finance lease right-of-use asset amortization 9 7 4 Interest on lease liabilities 10 7 4 Total finance lease cost 19 14 8 Variable lease cost (a) 29 29 26 Short-term lease cost 35 31 19 Sublease income (b) (7) (8) (8) Net lease cost $ 87 $ 80 $ 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, 2021 2020 Lease assets: Operating lease right-of-use assets $ 40 $ 45 Finance lease right-of-use assets (net of accumulated depreciation) 173 $ 182 Total lease right-of-use assets 213 227 Current lease liabilities: Operating lease liabilities 5 8 Finance lease liabilities 8 8 Total current lease liabilities 13 16 Noncurrent lease liabilities: Operating lease liabilities 38 40 Finance lease liabilities 235 206 Total noncurrent lease liabilities 273 246 Total lease liabilities $ 286 $ 262 Cash Flows and Other Information The following table presents lease related cash flows and other information: Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11 $ 17 $ 17 Operating cash flows from finance leases 9 5 4 Finance cash flows from finance leases 5 10 4 Non-cash disclosure upon commencement of new lease: Right-of-use assets obtained in exchange for new operating lease liabilities 7 14 95 Right-of-use assets obtained in exchange for new finance lease liabilities — 108 13 Non-cash disclosure upon modification of existing lease: Modification of operating lease right-of-use assets (4) (1) (41) Modification of finance lease right-of-use assets (1) 23 50 Weighted Average Remaining Lease Term The following table presents weighted average remaining lease term information: December 31, 2021 2020 Weighted average remaining lease term: Operating lease 17.6 years 12.3 years Finance lease 25.0 years 24.2 years Weighted average discount rate: Operating lease 5.76% 5.80 % Finance lease 4.95% 4.92 % Maturity of Lease Liabilities The following table presents maturity of lease liabilities: Operating Lease Finance Lease Total Lease 2022 $ 6 $ 17 $ 23 2023 7 16 23 2024 4 17 21 2025 3 17 20 2026 3 14 17 Thereafter 51 369 420 Total lease payments 74 450 524 Less: Interest (31) (207) (238) Present value of lease liabilities $ 43 $ 243 $ 286 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Contractual Commitments As of December 31, 2021, we had minimum contractual commitments under long-term service and maintenance contracts, energy-related contracts, leases and other agreements as follows. Long-Term Service and Maintenance Contracts (a) Coal transportation agreements Pipeline transportation and storage reservation fees Water 2022 $ 202 $ 104 $ 86 $ 9 2023 268 22 54 9 2024 236 24 40 9 2025 207 25 36 9 2026 196 26 23 9 Thereafter 2,130 27 91 58 Total $ 3,239 $ 228 $ 330 $ 103 ____________ (a) Long-term service and maintenance contracts reflect expected expenditures as these contracts do not include minimum spending requirements, but can only be terminated based on events outside the control of the Company. In addition to the commitments detailed above, we have nuclear fuel contracts with early termination penalties. As of December 31, 2021, termination costs of $54 million would be incurred if we terminated those contracts. Expenditures under our coal purchase and coal transportation agreements totaled $850 million, $845 million, and $1.092 billion for the years ended December 31, 2021, 2020 and 2019, respectively. Guarantees We have entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. Letters of Credit As of December 31, 2021, we had outstanding letters of credit totaling $1.877 billion as follows: • $1.558 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/RTOs; • $157 million to support battery and solar development projects; • $27 million to support executory contracts and insurance agreements; • $74 million to support our REP financial requirements with the PUCT; and • $61 million for other credit support requirements. Surety Bonds As of December 31, 2021, we had outstanding surety bonds totaling $561 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 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 plaintiffs in these 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. In December 2021, we settled an individual action with Reorganized FLI, Inc., as successor to Farmland Industries, Inc., that was pending in Kansas federal court, and that case has now been dismissed. We remain as a defendant in one other action, which is a consolidated putative class action lawsuit pending in federal court in Wisconsin. 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. In March 2018, BNSF Railway Company (BNSF) and Norfolk Southern Railway Company (NS) filed a demand for arbitration. In March 2021, the parties entered into a confidential settlement to resolve this matter and the Coffeen matter discussed below. In connection with that settlement, BNSF and NS dismissed with prejudice their arbitration disputes for Wood River and Coffeen and these matters are fully resolved. Coffeen and Duck Creek Rail Disputes — In April 2020, IPH, LLC (IPH) received notification that BNSF and NS were initiating dispute resolution related to IPH's suspension of its Coffeen Rail Transportation Agreement with the railroads, and Illinois Power Resources Generating, LLC (IPRG), received notification that BNSF was initiating dispute resolution related to IPRG's suspension of its Duck Creek Rail Transportation Agreement with BNSF. In November 2019, IPH and IPRG sent suspension notices to the railroads asserting that the MPS rule requirement to retire at least 2,000 megawatts of generation (see discussion below) was a change-in-law under the agreement that rendered continued operation of the plants no longer economically feasible. In addition, IPH and IPRG asserted that the MPS rule's retirement requirement also qualified as a force majeure event under the agreements excusing performance. In March 2021, we entered into a confidential settlement agreement with BNSF to resolve the Duck Creek matter and a separate confidential settlement agreement with BNSF and NS to resolve the Coffeen and Wood River matter discussed above. BNSF has dismissed with prejudice the Duck Creek arbitration dispute and this matter is now fully resolved. The settlement of these rail disputes did not have a material impact on our financial statements. Winter Storm Uri Legal Proceedings Repricing Challenges — In March 2021, we filed an appeal in the Third Court of Appeals in Austin, Texas (Third Court of Appeals), challenging the PUCT's February 15 and February 16, 2021 orders governing ERCOT's determination of wholesale power prices during load-shedding events. We filed our opening brief in June 2021, and response briefs were filed in September 2021. In our brief, we argue that the prior PUCT rushed to adopt a rule that dramatically raised the price of electricity in ERCOT, but in doing so failed to follow any of the rulemaking procedures required for the PUCT to undertake an emergency rulemaking, and we have asked the court to vacate this rule. Other parties also filed briefs in support of our challenge to the PUCT's orders. In addition, we have also submitted settlement disputes with ERCOT over power prices and other issues during Winter Storm Uri. Following an appeal of the PUCT's March 5, 2021 verbal order and other statements made by the PUCT, the Texas Attorney General, on behalf of the PUCT, its client, represented in a letter agreement filed with the Third Court of Appeals that the PUCT has not prejudged or made a final decision on whether to reprice and that we and other parties may continue disputing the pricing through the ERCOT process. Koch Disputes — In March 2021, we filed a lawsuit in Texas state court against Odessa-Ector Power Partners, L.P., Koch Resources, LLC, Koch AG & Energy Solutions, LLC, and Koch Energy Services, LLC (Koch) seeking equitable relief in which we contested the amount of the February 2021 earnout payment under the terms of the 2017 asset purchase agreement (APA) with Koch. Koch subsequently filed its own related lawsuit in Delaware Chancery Court, and the Delaware Chancery Court ruled that all claims related to the APA dispute (including our equitable claims) would proceed in Delaware. We contested Koch's demand for $286 million for the February 2021 earnout payment as an unjust windfall and inconsistent with the parties' intent when they entered into the APA in 2017. We recorded a $286 million liability in other noncurrent liabilities and deferred credits in our consolidated balance sheets. In March 2021, we also filed a lawsuit in New York state court against Koch for breach of contract and ineffective notice of force majeure related to Koch's failure to deliver contracted-for quantities of gas during Winter Strom Uri, which Koch removed to federal court. In November 2021, the disputes we had with Koch were resolved to the parties' mutual satisfaction and all the lawsuits have been dismissed. The matter was resolved within the amount that was reserved and will be paid in the second quarter of 2022. Regulatory Investigations and Other Litigation Matters — Following the events of Winter Storm Uri, various regulatory bodies, including ERCOT, the ERCOT Independent Market Monitor, the Texas Attorney General, the FERC and the NRC initiated investigations or issued requests for information of various parties related to the significant load shed event that occurred during the event as well as operational challenges for generators arising from the event, including performance and fuel and supply issues. We responded to all those investigatory requests. In addition, a number of personal injury and wrongful death lawsuits related to Winter Storm Uri have been filed in various Texas state courts against us and numerous generators, transmission and distribution utilities, retail and electric providers, as well as ERCOT. We and other defendants requested that all pretrial proceedings in these personal injury cases be consolidated and transferred to a single multi-district litigation (MDL) pretrial judge. In June 2021, the MDL panel granted the request to consolidate all these cases into a MDL for pretrial proceedings. In addition, in January 2022, an insurance subrogation lawsuit was filed in Austin state court by over one hundred insurance companies against ERCOT, Vistra and several other defendants. The lawsuit seeks recovery of insurance funds paid out by these insurance companies to various policyholders for claims related to Winter Storm Uri. We believe we have strong defenses to this lawsuit and the other tort lawsuits and intend to defend against these cases vigorously. Climate Change In January 2021, the Biden administration issued a series of Executive Orders, including one titled Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis (the Environment Executive Order) which directed agencies, including the EPA, to review various agency actions promulgated during the prior administration and take action where the previous administration's action conflicts with national objectives. Several of the EPA agency actions discussed below are now subject to this review. Greenhouse Gas Emissions (GHG) In July 2019, the EPA finalized a rule to that repealed the Clean Power Plan (CPP) that had been finalized in 2015 and established new regulations addressing GHG emissions from existing coal-fueled electric generation units, referred to as the Affordable Clean Energy (ACE) rule. The ACE rule developed emission guidelines that states must use when developing plans to regulate GHG emissions from existing coal-fueled electric generating units. In response to challenges brought by Environmental groups and certain states, the U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit Court) vacated the ACE rule, including the repeal of the CPP, in January 2021 and remanded the rule to the EPA for further action. In October 2021, the U.S. Supreme Court granted four petitions for certiorari of the D.C. Circuit Court's decision and consolidated the cases for review. The case is now fully briefed and scheduled for oral argument in February 2022. Additionally, in January 2021, the EPA, just prior to the transition to the Biden administration, issued a final rule setting forth a significant contribution finding for the purpose of regulating GHG emissions from new, modified, or reconstructed electric utility generating units. In April 2021, the D.C. Circuit Court granted the EPA's unopposed motion for voluntary vacatur and remand of the GHG significant contribution rule. The ACE rule and the rule on significant contribution are subject to the Environment Executive Order discussed above. Regional Haze — Reasonable Progress and Best Available Retrofit Technology (BART) for Texas In October 2017, the EPA issued a final rule addressing BART for Texas electricity generation units, with the rule serving as a partial approval of Texas' 2009 State Implementation Plan (SIP) and a partial Federal Implementation Plan (FIP). For SO 2 , the rule established 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 the 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. For NO X , the rule adopted the CSAPR's ozone program as BART and for particulate matter, the rule approved Texas's SIP that determines that no electricity generation units are subject to BART for particulate matter. In August 2020, the EPA issued a final rule affirming the prior BART final rule but also included additional revisions that were proposed in November 2019. Challenges to both the 2017 rule and the 2020 rules have been consolidated in the D.C. Circuit Court, where we have intervened in support of the EPA. We are in compliance with the rule, and the retirements of our Monticello, Big Brown and Sandow 4 plants have enhanced our ability to comply. The BART rule is subject to the Environment Executive Order discussed above, and the EPA has stated it is starting a proceeding for reconsideration of the BART rule. The challenges in the D.C. Circuit Court have been held in abeyance pending the EPA's action on reconsideration. SO 2 Designations for Texas In November 2016, the EPA finalized its nonattainment designations for counties surrounding our Martin Lake generation plant and our now-retired Big Brown and Monticello 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 U.S. Court of Appeals for the Fifth Circuit (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 have revised its previous nonattainment designations and each area at issue would be designated unclassifiable. In August 2020, the EPA issued a Finding of Failure for Texas to submit an attainment plan. In May 2021, the EPA finalized a "Clean Data" determination for the areas surrounding the retired Big Brown and Monticello plants, redesignating those areas as attainment based on monitoring data supporting an attainment designation. In June 2021, the EPA published two notices; one that it was withdrawing the August 2019 Error Correction Rule and a second separate notice denying petitions from Luminant and the State of Texas to reconsider the original nonattainment designations. We, along with the State of Texas, challenged that EPA action and have consolidated it with the pending challenge in the Fifth Circuit Court, with the matter likely being fully briefed by March 2022. In September 2021, the TCEQ considered a proposal for its nonattainment SIP revision for the Martin Lake area and an agreed order to reduce SO 2 emissions from the plant. The proposed agreed order associated with the SIP proposal reduces emission limits as of January 2022. Emission reductions required are those necessary to demonstrate attainment with the NAAQS. The TCEQ's SIP action was finalized in February 2022 and will be submitted to the EPA for review and approval. 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. Based on these administrative developments, the Fifth Circuit Court agreed to sever and hold in abeyance challenges to those 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. The EPA published a final rule in October 2020 that extends the compliance date for both FGD and bottom ash transport water to no later than December 2025, as negotiated with the state permitting agency. Additionally, the final rule allows for a retirement exemption that exempts facilities certifying that units will retire by December 2028 provided certain effluent limitations are met. In November 2020, environmental groups petitioned for review of the new ELG revisions, and Vistra subsidiaries filed a motion to intervene in support of the EPA in December 2020. In July 2021, the EPA announced its intent to revise the ELG rule and moved to hold the 2020 ELG revision litigation in abeyance pending the EPA's completion of its reconsideration rulemaking. Notifications were made to Texas, Illinois and Ohio state agencies on the retirement exemption for applicable coal plants by the regulatory deadline of October 13, 2021. Coal Combustion Residuals (CCR)/Groundwater 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. In August 2020, the EPA issued a final rule establishing a deadline of April 11, 2021 to cease receipt of waste and initiate closure at unlined CCR impoundments. The final rule allows a generation plant to seek the EPA's approval to extend this deadline if no alternative disposal capacity is available and either a conversion to comply with the CCR rule is underway or retirement will occur by either 2023 or 2028 (depending on the size of the impoundment at issue). Prior to the November 2020 deadline, we submitted applications to the EPA requesting compliance extensions under both conversion and retirement scenarios. In November 2020, environmental groups petitioned for review of this rule in the D.C. Circuit Court, and Vistra subsidiaries filed a motion to intervene in support of the EPA in December 2020. Also, in November 2020, the EPA finalized a rule that would allow an alternative liner demonstration for certain qualifying facilities. In November 2020, we submitted an alternate liner demonstration for one CCR unit at Martin Lake. In August 2021, we submitted a request to transfer our conversion application for the Zimmer facility to a retirement application following announcement that Zimmer will close by May 31, 2022. In January 2022, the EPA determined that our conversion and retirement applications for our CCR facilities were complete but has not yet made a final determination on any of those applications. 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 have completed closure activities at those ponds at our Baldwin facility. At our retired Vermilion facility, which was not potentially 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 (PRN) filed a citizen suit in federal court in Illinois against 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. In June 2021, the U.S. Court of Appeals for the Seventh Circuit affirmed the district court's dismissal of the lawsuit, but stated that PRN may refile. 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. We answered that complaint in July 2021, and this matter remains 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, which is owned by our subsidiary DMG, and that notice was referred to the Illinois Attorney General. In June 2021, the Illinois Attorney General and the Vermilion County State Attorney filed a complaint in Illinois state court with an agreed interim consent order which the court subsequently entered. Given the violation notices and the enforcement action, the unique characteristics of the site, and the proximity of the site to the only national scenic river in Illinois, we agreed to enter into the interim consent order to resolve this matter. Per the terms of the agreed interim consent order, DMG is required to evaluate the closure alternatives under the requirements of the newly implemented Illinois Coal Ash regulation (discussed below) and close the site by removal. In addition, the interim consent order requires that during the impoundment closure process, impacted groundwater will be collected before it leaves the site or enters the nearby Vermilion river and, if necessary, DMG will be required to install temporary riverbank protection if the river migrates within a certain distance of the impoundments. These proposed closure costs are reflected in the ARO in our condensed consolidated balance sheets (see Note 21). 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. Under the final rule, which was finalized and became effective in April 2021, 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 rule does not mandate closure by removal at any site. In May 2021, we filed an appeal in the Illinois Fourth Judicial District over certain provisions of the final rule. We filed our opening brief in October 2021. Other parties have also filed appeals of certain provisions of the final rule. In October 2021, we filed operating permit applications for 18 impoundments as required by the Illinois coal ash rule, and filed construction permit applications for three of our sites in January 2022. For all of the above matters, if certain corrective action measures, including groundwater treatment or removal of ash, are required 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. The Illinois coal ash rule was finalized in April 2021 and does not require removal. However, the rule will require us to undertake further site specific evaluations required by each program. We will not know the full range of decommissioning costs, including groundwater remediation, if any, that ultimately may be required under the Illinois rule until permit applications have been submitted and approved by the IEPA. However, the currently anticipated CCR surface impoundment and landfill closure costs, as reflected in our existing ARO liabilities, 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 request for rehearing was denied by FERC in March 2020. The order was appealed by Public Citizen, Inc. to the D.C. Circuit Court in May 2020, and Vistra, Dynegy and Illinois Power Marketing Company intervened in the case in June 2020. In August 2021, the D.C. Circuit Court issued a ruling denying Public Citizen, Inc.'s arguments that FERC failed to meet its obligation to ensure just and reasonable rates because it did not review the prices resulting from the auction before those prices went into effect and that FERC was arbitrary and capricious in failing to adequately explain its decision to close its investigation into whether Dynegy engaged in market manipulation. The D.C. Circuit Court of Appeals granted Public Citizen, Inc.'s petition in part finding that FERC's decision that the auction results were just and reasonable solely because the auction process complied with the filed tariff was unreasoned and remanded the case back to FERC for further proceedings on that issue. On February 4, 2022 the Illinois Attorney General and Public Citizen, Inc. filed a motion at FERC requesting that FERC on remand reverse its prior decision and either find that auction results were not just and reasonable and order Dynegy to pay refunds to Illinois or, in the alternative, initiate an evidentiary hearing and discovery. We intend to vigorously defend our position, including by filing a response to the motion. Other Matters We are involved in various legal and administrative proceedings and other disputes 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 current collective bargaining agreements covering represented personnel engaged in lignite mining operations, lignite-, coal-, natural gas- and nuclear-fueled generation operations, as well as some battery operations, expire on various dates between March 2022 and May 2024, 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 our existing 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, nuclear accident 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 nuclear 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 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY Common Stock Issuances and Repurchases Changes in the number of shares of common stock issued and outstanding for the years ended December 31, 2021, 2020 and 2019 are reflected in the table below. Shares Treasury Shares Outstanding Balance at December 31, 2018 526,031,092 (32,815,783) 493,215,309 Shares issued (a) (b) 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 Shares issued (a) 1,611,462 — 1,611,462 Shares retired (3,685) — (3,685) Balance at December 31, 2020 530,349,112 (41,043,224) 489,305,888 Shares issued (a) 2,583,761 — 2,583,761 Shares retired (3,397) — (3,397) Shares repurchased (c) — (27,988,518) (27,988,518) Balance at December 31, 2021 532,929,476 (69,031,742) 463,897,734 ____________ (a) Shares issued includes share awards granted to nonemployee directors. (b) 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. (c) Shares repurchased in the year ended December 31, 2021 include 5,174,863 of unsettled shares as of December 31, 2021. Share Repurchase Programs In October 2021, we announced that the Board has authorized a new share repurchase program (Share Repurchase Program) under which up to $2.0 billion of our outstanding shares of common stock may be repurchased. The Share Repurchase Program became effective on October 11, 2021, at which time it superseded the 2020 Share Repurchase Program (described below) and any authorization remaining as of such date. We intend to use the net proceeds from the Offering (described below) to repurchase shares of our outstanding common stock. In the three months ended December 31, 2021, 19,330,365 shares of our common stock were repurchased under the Share Repurchase Program for approximately $409 million at an average price of $21.16 per share of common stock. As of December 31, 2021, approximately $1.591 billion was available for additional repurchases under the Share Repurchase Program. From January 1, 2022 through February 22, 2022, 16,059,290 of our common stock had been repurchased under the Share Repurchase Program for $355 million at an average price per share of common stock of $22.07, and at February 22, 2022, $1.236 billion was available for repurchase under the Share Repurchase Program. We expect to complete repurchases under the Share Repurchase Program by the end of 2022. Under the Share Repurchase Program, 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 Share Repurchase 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. In September 2020, we announced that the Board authorized a share repurchase program (2020 Share Repurchase Program) under which up to $1.5 billion of our outstanding shares of common stock may be repurchased. The 2020 Share Repurchase Program was effective January 1, 2021, at which time the 2018 Share Repurchase Plan (described below) and all authorized amounts remaining thereunder terminated as of such date. In the year ended December 31, 2021, 8,658,153 shares of our common stock were repurchased under the 2020 Share Repurchase Program for approximately $175 million at an average price of $20.21 per share of common stock. The 2020 Share Repurchase Program was superseded by the Share Repurchase Program in October 2021. 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, and this authorized amount was fully utilized in 2018. In November 2018, we announced that the Board had authorized an incremental share repurchase 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 (collectively, 2018 Share Repurchase Program). In the year ended December 31, 2019, 26,322,166 shares of our common stock were repurchased under the 2018 Share Repurchase Program for approximately $640 million (including related fees and expenses) at an average price of $24.34 per share. There were no repurchases under the 2018 Share Repurchase Program in the year ended December 31, 2020. The 2018 Share Repurchase Program was terminated on January 1, 2021. Preferred Stock On October 15, 2021 (Series A Issuance Date), we issued of 1,000,000 shares of Series A Preferred Stock in a private offering (Series A Offering). The net proceeds of the Series A Offering were approximately $990 million, after deducting underwriting commissions and offering expenses. We intend to use the net proceeds from the Series A Offering to repurchase shares of our outstanding common stock under the Share Repurchase Program (described above). On December 10, 2021 (Series B Issuance Date), we issued of 1,000,000 shares of Series B Preferred Stock in a private offering (Series B Offering). The net proceeds of the Series B Offering were approximately $985 million, after deducting underwriting commissions and offering expenses. We intend to use the net proceeds from the Series B Offering to pay for or reimburse existing and new eligible renewable and battery ESS developments. The Series A Preferred Stock and the Series B Preferred Stock are not convertible into or exchangeable for any other securities of the Company and have limited voting rights. The Series A Preferred Stock may be redeemed at the option of the Company at any time after the Series A First Reset Date (defined below) and in certain other circumstances prior to the Series A First Reset Date. The Series B Preferred Stock may be redeemed at the option of the Company at any time after the Series B First Reset Date (defined below) and in certain other circumstances prior to the Series B First Reset Date. Dividends Common Stock — In November 2018, Vistra announced the Board adopted a dividend program which we initiated in the first quarter of 2019. Each dividend under the program is 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'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, April 2020, July 2020 and October 2020, the Board declared quarterly dividends of $0.135 per share that were paid in March 2020, June 2020, September 2020 and December 2020, respectively. In February 2021, April 2021, July 2021 and October 2021, the Board declared quarterly dividends of $0.15 per share that were paid in March 2021, June 2021, September 2021 and December 2021, respectively. In February 2022, the Board declared a quarterly dividend of $0.17 per share that will be paid in March 2022. Preferred Stock — The annual dividend rate on each share of Series A Preferred Stock is 8.0% from the Series A Issuance Date to, but excluding October 15, 2026 (Series A First Reset Date). On and after the Series A First Reset Date, the dividend rate on each share of Series A Preferred Stock shall equal the five-year U.S. Treasury rate as of the most recent reset dividend determination date (subject to a floor of 1.07%), plus a spread of 6.93% per annum. The Series A Preferred Stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends. Cumulative cash dividends on the Series A Preferred Stock are payable semiannually, in arrears, on each April 15 and October 15, commencing on April 15, 2022, when, as and if declared by the Board. In February 2022, the Board declared a semi-annual dividend of $40.00 per share of Series A Preferred Stock that will be paid in April 2022. The annual dividend rate on each share of Series B Preferred Stock is 7.0% from the Series B Issuance Date to, but excluding December 15, 2026 (Series B First Reset Date). On and after the Series B First Reset Date, the dividend rate on each share of Series B Preferred Stock shall equal the five-year U.S. Treasury rate as of the most recent reset dividend determination date (subject to a floor of 1.26%), plus a spread of 5.74% per annum. The Series B Preferred Stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends. Cumulative cash dividends on the Series B Preferred Stock are payable semiannually, in arrears, on each June 15 and December 15, commencing on June 15, 2022, when, as and if declared by the Board. 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, 2021, Vistra Operations can distribute approximately $7.3 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 $405 million, $1.1 billion and $3.9 billion during the years ended December 31, 2021, 2020 and 2019, 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, 2021, all of the restricted net assets of Vistra Operations may be distributed to Parent. In addition to the restrictions under the Credit Facilities Agreement, under applicable Delaware law, we are only permitted to make distributions either out of "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), or out of net profits for the fiscal year in which the distribution is declared or the prior fiscal year. Under the terms of the Series A Preferred Stock and the Series B Preferred Stock, unless full cumulative dividends have been or contemporaneously are being paid or declared and a sum sufficient for the payment thereof set apart for payment on all outstanding Series A Preferred Stock (and any parity securities) and Series B Preferred Stock (and any parity securities), respectively, with respect to dividends through the most recent dividend payment dates, (i) no dividend may be declared or paid or set apart for payment on any junior security (other than a dividend payable solely in junior securities with respect to both dividends and the liquidation, winding-up and dissolution of our affairs), including our common stock, and (ii) we may not redeem, purchase or otherwise acquire any parity security or junior security, including our common stock, in each case subject to certain exceptions as described in the certificate of designation of the Series A Preferred Stock and the Series B Preferred Stock, respectively. Accumulated Other Comprehensive Income During the years ended December 31, 2021, 2020 and 2019, we recorded changes in the funded status of our pension and other postretirement employee benefit liability totaling $(24) million, $23 million and $11 million, respectively. During the years ended December 31, 2021, 2020 and 2019, $(8) million, $(5) million and $(3) million respectively was reclassified from accumulated other comprehensive income and reported in other deductions. Warrants At the Merger Date, the Company entered into an agreement whereby the holder of each outstanding warrant previously issued by Dynegy would be entitled to receive, upon paying an exercise, price of $35.00 (subject to adjustment from time to time), the number of shares of Vistra common stock that such holder would have been entitled to receive if it had held one share of Dynegy common stock at the closing of the Merger, or 0.652 shares of Vistra common stock. Accordingly, upon exercise, a warrant holder would effectively pay $53.68 (subject to adjustment of the exercise price from time to time) per share of Vistra common stock received. In July 2021, in accordance with the terms of the warrant agreement, the exercise price of each warrant was adjusted downward to $34.54 (subject to further adjustment from time to time), or $52.98 (subject to adjustment of the exercise price from time to time) per share of Vistra common stock received. As of December 31, 2021, nine million warrants expiring in 2024 were outstanding. The warrants were included in equity based on their fair value at the Merger Date. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
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 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 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, 2021 December 31, 2020 Level Level Level Reclass (b) Total Level Level Level Reclass (b) Total Assets: Commodity contracts $ 1,408 $ 889 $ 442 $ 5 $ 2,744 $ 452 $ 201 $ 205 $ 76 $ 934 Interest rate swaps — 19 — — 19 — 72 — — 72 Nuclear decommissioning trust – equity securities (c) 724 — — — 724 623 — — — 623 Nuclear decommissioning trust – debt securities (c) — 679 — — 679 — 618 — — 618 Sub-total $ 2,132 $ 1,587 $ 442 $ 5 4,166 $ 1,075 $ 891 $ 205 $ 76 2,247 Assets measured at net asset value (d): Nuclear decommissioning trust – equity securities (c) 557 433 Total assets $ 4,723 $ 2,680 Liabilities: Commodity contracts $ 2,153 $ 650 $ 802 $ 5 $ 3,610 $ 578 $ 172 $ 183 $ 76 $ 1,009 Interest rate swaps — 217 — — 217 — 404 — — 404 Total liabilities $ 2,153 $ 867 $ 802 $ 5 $ 3,827 $ 578 $ 576 $ 183 $ 76 $ 1,413 ____________ (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, 2021 and 2020: December 31, 2021 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Average (b) Electricity purchases and sales $ 204 $ (470) $ (266) Income Approach Hourly price curve shape (c) $ — to $ 60 $ 30 MWh Illiquid delivery periods for hub power prices and heat rates (d) $ 20 to $ 140 $ 80 MWh Options 1 (209) (208) Option Pricing Model Gas to power correlation (e) 10 % to 100 % 56 % Power and gas volatility (e) 5 % to 490 % 248 % Financial transmission rights 122 (34) 88 Market Approach (f) Illiquid price differences between settlement points (g) $ (30) to $ 10 $ (9) MWh Natural gas 29 (86) (57) Income Approach Gas basis (h) $ (1) to $ 16 $ 8 MMBtu Coal 61 — 61 Income Approach Probability of default (i) — % to 40 % 20% Recovery rate (j) — % to 40 % 20% Other (k) 25 (3) 22 Total $ 442 $ (802) $ (360) December 31, 2020 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Average (b) Electricity purchases and sales $ 61 $ (90) $ (29) Income Approach Hourly price curve shape (c) $ — to $ 85 $ 43 MWh Illiquid delivery periods for hub power prices and heat rates (d) $ 25 to $ 125 $ 75 MWh Options 38 (56) (18) Option Pricing Model Gas to power correlation (e) 30 % to 100 % 64 % Power and gas volatility (e) 5 % to 665 % 336 % Financial transmission rights 92 (16) 76 Market Approach (f) Illiquid price differences between settlement points (g) $ (5) to $ 50 $ 22 MWh Natural gas 7 (14) (7) Income Approach Gas basis (h) $ (1) to $ — $ — MMBtu Coal 1 (5) (4) Income Approach Probability of default (i) — % to 40 % 20% Recovery rate (j) — % to 40 % 20% Other (k) 6 (2) 4 Total $ 205 $ (183) $ 22 ____________ (a) Electricity purchase and sales contracts include power and heat rate positions in ERCOT, PJM, ISO-NE, NYISO and MISO regions. The forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points are referred to as congestion revenue rights (CRRs) in ERCOT and financial transmission rights (FTRs) in PJM, ISO-NE, NYISO 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. The average represents the arithmetic average of the underlying inputs and is not weighted by the related fair value or notional amount. (c) Primarily based on the historical range of forward average hourly ERCOT North Hub prices. (d) Primarily based on historical forward ERCOT and PJM power prices and ERCOT heat rate variability. (e) Primarily based on the historical forward correlation and volatility within ERCOT and PJM. (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) Primarily based on the historical forward PJM and Northeast gas basis prices. (i) Estimate of the range of probabilities of default based on past experience, the length of the contract, and both the Company's and the counterparty's credit ratings. (j) Estimate of the default recovery rate based on historical corporate rates. (k) Other includes contracts for environmental allowances. There were no transfers between Level 1 and Level 2 of the fair value hierarchy for the years ended December 31, 2021, 2020 and 2019. See the table below for discussion of transfers between Level 2 and Level 3 for the years ended December 31, 2021, 2020 and 2019. The following table presents the changes in fair value of the Level 3 assets and liabilities for the years ended December 31, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 Net asset (liability) balance at beginning of period $ 22 $ (74) $ (135) Total unrealized valuation gains (losses) (a) (53) (5) 8 Purchases, issuances and settlements (b): Purchases 114 164 176 Issuances (36) (28) (81) Settlements (314) (90) (64) Transfers into Level 3 (c) (2) (2) 10 Transfers out of Level 3 (c) (91) 57 12 Net change (d) (382) 96 61 Net asset (liability) balance at end of period $ (360) $ 22 $ (74) Unrealized valuation gains (losses) relating to instruments held at end of period $ (364) $ 18 $ (61) ____________ (a) During the year ended December 31, 2021, includes a net loss of $341 million due to the third quarter 2021 discontinuance of normal purchase and sale accounting on a retail electric contract portfolio where physical settlement is no longer considered probable throughout the contract term. (b) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received, including CRRs and FTRs. (c) 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 year ended December 31, 2021, transfers into Level 3 primarily consist of natural gas, emissions and coal derivatives where forward pricing inputs have become unobservable and transfers out of Level 3 primarily consist of power and coal derivatives where forward pricing inputs have become observable. For the year ended December 31, 2020, transfers out of Level 3 primarily consist of natural gas, power and coal derivatives where forward pricing inputs have become observable. For the year ended December 31, 2019, transfers out of Level 3 primarily consist of power and coal derivatives where forward pricing inputs have become observable. (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, 2021 | |
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, fuel 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. During 2019, Vistra entered into $2.12 billion of new interest rate swaps, pursuant to which Vistra 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 $2.30 billion of debt through July 2026. 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, 2021 and 2020. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract. During the year ended December 31, 2021, a net loss of $298 million was recognized in operating revenues due to the third quarter 2021 discontinuance of normal purchase and sale accounting on a retail electric contract portfolio where physical settlement is no longer considered probable throughout the contract term. These amounts are reflected in commodity contracts derivative liabilities at December 31, 2021. December 31, 2021 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 2,496 $ 14 $ 3 $ — $ 2,513 Noncurrent assets 244 5 1 — 250 Current liabilities — — (2,964) (59) (3,023) Noncurrent liabilities (1) — (645) (158) (804) Net assets (liabilities) $ 2,739 $ 19 $ (3,605) $ (217) $ (1,064) December 31, 2020 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 665 $ 19 $ 64 $ — $ 748 Noncurrent assets 197 53 8 — 258 Current liabilities (1) — (717) (71) (789) Noncurrent liabilities (3) — (288) (333) (624) Net assets (liabilities) $ 858 $ 72 $ (933) $ (404) $ (407) As of December 31, 2021 and 2020, there were no derivative positions accounted for as cash flow or fair value hedges. The following table presents the pre-tax 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) 2021 2020 2019 Commodity contracts (Operating revenues) $ (1,196) $ 241 $ 339 Commodity contracts (Fuel, purchased power costs and delivery fees) 732 4 (1) Interest rate swaps (Interest expense and related charges) 81 (196) (217) Net gain (loss) $ (383) $ 49 $ 121 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, 2021 December 31, 2020 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 $ 2,739 $ (2,051) $ (27) $ 661 $ 858 $ (667) $ (11) $ 180 Interest rate swaps 19 (19) — — 72 (72) — — Total derivative assets 2,758 (2,070) (27) 661 930 (739) (11) 180 Derivative liabilities: Commodity contracts (3,605) 2,051 784 (770) (933) 667 138 (128) Interest rate swaps (217) 19 — (198) (404) 72 — (332) Total derivative liabilities (3,822) 2,070 784 (968) (1,337) 739 138 (460) Net amounts $ (1,064) $ — $ 757 $ (307) $ (407) $ — $ 127 $ (280) ____________ (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, and, to a lesser extent, initial margin requirements. Derivative Volumes The following table presents the gross notional amounts of derivative volumes at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Derivative type Notional Volume Unit of Measure Natural gas (a) 4,701 5,264 Million MMBtu Electricity 440,236 438,863 GWh Financial transmission rights (b) 224,876 217,350 GWh Coal 25 20 Million U.S. tons Fuel oil 87 176 Million gallons Emissions 18 8 Million tons Renewable energy certificates 32 18 Million certificates Interest rate swaps – variable/fixed (c) $ 6,720 $ 6,720 Million U.S. dollars Interest rate swaps - fixed/variable (c) $ 2,120 $ 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 regions. (c) Includes notional amounts of interest rate swaps with maturity dates through July 2026. 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, 2021 2020 Fair value of derivative contract liabilities (a) $ (1,200) $ (679) Offsetting fair value under netting arrangements (b) 660 262 Cash collateral and letters of credit 95 35 Liquidity exposure $ (445) $ (382) ____________ (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. As of December 31, 2021, total credit risk exposure to all counterparties related to derivative contracts totaled $3.742 billion (including associated accounts receivable). The net exposure to those counterparties totaled $1.417 billion at December 31, 2021 after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to ERCOT totaling $619 million. As of December 31, 2021, the credit risk exposure to the banking and financial sector represented 54% of the total credit risk exposure and 4% 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, 2021 | |
Compensation and Retirement Benefits Disclosures [Abstract] | |
Pension and Other Postretirement Employee Benefits (OPEB) Plans | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS (OPEB) PLANS Vistra is the plan sponsor of the Vistra Retirement Plan (the Retirement Plan), which provides benefits to eligible employees of its subsidiaries. Oncor is a participant in the Retirement Plan. As Vistra accounts for its interests in the Retirement Plan as a multiple employer plan, only Vistra'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 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. Effective January 1, 2018, Vistra 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 (or its predecessors) are split between Oncor and Vistra. As Vistra accounts for its interest in this OPEB plan as a multiple employer plan, only Vistra's share of the plan assets and obligations are reported in the OPEB information presented below. In addition, Vistra is the sponsor of OPEB plans that certain EFH Corp. and Dynegy retirees participate in. Pension and OPEB Costs Year Ended December 31, 2021 2020 2019 Pension costs $ 6 $ 11 $ 9 OPEB costs 8 7 11 Total benefit costs recognized as expense $ 14 $ 18 $ 20 Market-Related Value of Assets Held in Pension 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 Plans and OPEB Benefits The following information is based on a December 31, 2021, 2020 and 2019 measurement dates: Retirement Plan OPEB Plans Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 Assumptions Used to Determine Net Periodic Pension and Benefit Cost: Discount rate 2.50 % 3.24 % 4.37 % 2.51 % 3.25 % 4.35 % Expected rate of compensation increase 3.41 % 3.29 % 3.35 % Interest crediting rate for cash balance 3.00 % 3.50 % 3.50 % Expected return on plan assets (Vistra Plan) 3.77 % 4.44 % 4.80 % Expected return on plan assets (Dynegy Plan) 4.42 % 5.28 % 5.31 % Expected return on plan assets (EEI Plan) 4.72 % 5.45 % 5.56 % Expected return on plan assets (EEI Union) 6.79 % 7.07 % 5.36 % Expected return on plan assets (EEI Salaried) 2.95 % 3.43 % 4.70 % Components of Net Pension and Benefit Cost: Service cost $ 5 $ 6 $ 7 $ 1 $ 2 $ 2 Interest cost 16 20 25 4 4 6 Expected return on assets (18) (23) (26) (2) (2) (1) Amortization of unrecognized amounts 3 1 — 5 4 3 Immediate pension and postretirement benefit cost — 7 3 — (1) 1 Net periodic pension and OPEB cost $ 6 $ 11 $ 9 $ 8 $ 7 $ 11 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net (gain) loss and prior service (credit) cost $ (29) $ 17 $ 11 $ (12) $ 5 $ — Total recognized in net periodic benefit cost and other comprehensive income $ (23) $ 28 $ 20 $ (4) $ 12 $ 11 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate 2.84 % 2.50 % 3.24 % 2.87 % 2.51 % 3.25 % Expected rate of compensation increase 3.49 % 3.41 % 3.29 % Interest crediting rate for cash balance plans 3.00 % 3.00 % 3.50 % Net Actuarial Gains (Losses) Retirement Plan — For the year ended December 31, 2021, the net actuarial gain of $24 million was driven by gains attributable to increasing discount rates due to changes in the corporate bond markets and gains attributable to actual asset performance exceeding expectations, partially offset by losses attributable to demographic assumption updates to reflect recent plan experience, actuarial assumption updates to reflect current market conditions, plan amendments, settlements and plan experience different than expected. For the year ended December 31, 2020, the net actuarial loss of $29 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 and plan amendments, partially offset by gains attributable to actual asset performance exceeding expectations, life expectancy updates, annuity purchases, lump sum windows and plan experience different than expected. 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. OPEB Plans — For the year ended December 31, 2021, the net actuarial gain of $7 million was driven by gains attributable to increasing discount rates due to changes in the corporate bond markets, plan experience different than expected, updates to health care claims and trend assumptions and actual asset performance exceeding expectations, partially offset by losses attributable to demographic assumption updates and life expectancy updates. For the year ended December 31, 2020, the net actuarial loss of $10 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 updates and updates to health care claims and trend assumptions. For the period 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. Retirement Plan OPEB Plans Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Change in Pension and Postretirement Benefit Obligations: Projected benefit obligation at beginning of period $ 643 $ 674 $ 157 $ 151 Service cost 5 6 1 2 Interest cost 16 20 4 4 Participant contributions — — 3 3 Lump-sum window — (6) — — Annuity purchase — (29) — — Actuarial loss (11) 46 (6) 12 Benefits paid (48) (68) (13) (15) Projected benefit obligation at end of year $ 605 $ 643 $ 146 $ 157 Accumulated benefit obligation at end of year $ 600 $ 639 $ — $ — Change in Plan Assets: Fair value of assets at beginning of period $ 485 $ 528 $ 37 $ 34 Employer contributions 1 16 9 9 Participant contributions — — 3 3 Lump-sum window — (6) — — Annuity purchase — (29) — — Actual gain on assets 30 40 3 4 Benefits paid (46) (64) (13) (13) Fair value of assets at end of year $ 470 $ 485 $ 39 $ 37 Funded Status: Projected pension benefit obligation $ (605) $ (643) $ (146) $ (157) Fair value of assets 470 485 39 37 Funded status at end of year $ (135) $ (158) $ (107) $ (120) Amounts Recognized in the Balance Sheet Consist of: Other noncurrent assets $ — $ — $ 26 $ 23 Other current liabilities — — (9) (9) Other noncurrent liabilities (135) (158) (124) (134) Net liability recognized $ (135) $ (158) $ (107) $ (120) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net loss and prior service cost $ (13) $ (42) $ 8 $ 20 Fair Value Measurement of Pension and OPEB Plan Assets Retirement Plan — As of December 31, 2021 and 2020, all of the Retirement Plan assets were measured at fair value using the net asset value per share (or its equivalent) and consisted of the following: December 31, 2021 2020 Asset Category: Cash commingled trusts 11 11 Equity securities: Global equities 149 153 Fixed income securities: Corporate bonds (a) 199 207 Government bonds 31 37 Other (b) 30 32 Real estate 50 45 Total assets measured at net asset value $ 470 $ 485 ___________ (a) Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. (b) Consists primarily of high-yield bonds, emerging market debt and bank loans. OPEB Plans — As of December 31, 2021 and 2020, the Vistra OPEB plan assets measured at fair value on a recurring basis totaled $39 million and $37 million, respectively. At December 31, 2021, assets consisted of $37 million of comingled funds valued at net asset value and $2 million of municipal bond and cash equivalent mutual funds classified as Level 1. At December 31, 2020, assets consisted of $29 million of U.S. equities classified as Level 1 and $8 million of U.S. Treasuries and municipal bonds classified as Level 2. Pension Plans with Projected Benefit Obligations (PBO) and Accumulated Benefit Obligations (ABO) The following table provides information regarding pension plans with PBO and ABO in excess of the fair value of plan assets. December 31, 2021 2020 Pension Plans with PBO and ABO in Excess Of Plan Assets: Projected benefit obligations $ 605 $ 643 Accumulated benefit obligation $ 600 $ 639 Plan assets $ 470 $ 485 Retirement 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. Real estate and credit strategies (primarily high yield bonds and emerging market debt) provide additional portfolio diversification and return potential. The target asset allocation ranges of pension plan investments by asset category are as follows: Target Allocation Ranges Asset Category: Vistra Plan Dynegy Plan EEI Plan Fixed income 65 % - 75% 45 % - 55% 40 % - 50% Global equity securities 16 % - 24% 30 % - 38% 34 % - 42% Real estate 4 % - 8% 8 % - 12% 10 % - 14% Credit strategies 3 % - 7% 6 % - 10% 7 % - 11% Retirement Plan 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 Plan Dynegy Plan EEI Plan Fixed income securities 3.1 % 3.1 % 3.1 % Global equity securities 6.9 % 6.9 % 6.9 % Real estate 5.4 % 5.4 % 5.4 % Credit strategies 5.5 % 5.5 % 5.5 % Weighted average 4.2 % 4.8 % 4.9 % Benefit Plan Assumed Health Care Cost Trend Rates The following tables provide information regarding the assumed health care cost trend rates. December 31, 2021 2020 Assumed Health Care Cost Trend Rates-Not Medicare Eligible: Health care cost trend rate assumed for next year 6.30 % 6.20 % 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 2029 Assumed Health Care Cost Trend Rates-Medicare Eligible: Health care cost trend rate assumed for next year (Vistra Plan, EEI Union and EEI Salaried) 9.60 % 9.10 % Health care cost trend rate assumed for next year (Split-Participant Plan) 8.90 % 8.80 % 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 2031 2030 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, 2021 consisted of 307 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, 2021, 2020 and 2019 totaled $1 million, $16 million and zero, respectively, and no contributions are expected to be made in 2022. OPEB plan funding for each year ended December 31, 2021, 2020 and 2019 totaled $9 million and funding in 2022 is expected to total $9 million. Future Benefit Payments Estimated future benefit payments to beneficiaries are as follows: 2022 2023 2024 2025 2026 2027-2031 Pension benefits $ 67 $ 42 $ 33 $ 34 $ 46 $ 162 OPEB $ 10 $ 10 $ 10 $ 9 $ 9 $ 39 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 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 $34 million, $34 million and $27 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION Vistra 2016 Omnibus Incentive Plan On the Effective Date, the Vistra 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. Following approval of the Board and approval by the stockholders at the 2019 annual meeting of the Company, the 2016 Incentive Plan was amended to increase the maximum number of shares reserved for issuance under the 2016 Incentive Plan to 37,500,000. 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 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 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 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. No awards under the 2016 Incentive Plan have been settled in cash since the Effective Date. 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 stockholders. Stock-Based Compensation Expense Stock-based compensation expense is reported as SG&A in the consolidated statements of operations as follows: Year Ended December 31, 2021 2020 2019 Total stock-based compensation expense $ 51 $ 63 $ 47 Income tax benefit (12) (15) (9) Stock based-compensation expense, net of tax $ 39 $ 48 $ 38 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 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 through 2018, and assumed 2.3% and 1.9% dividend yields in the valuation of options granted in 2020 and 2019, respectively. These options may be exercised over either three- or four-year graded vesting periods and will expire 10 years from the grant date. Stock options outstanding at December 31, 2021 are all held by current or former employees. The following table summarizes our stock option activity: Year Ended December 31, 2021 Stock Options Weighted Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Total outstanding at beginning of period 16,030 $ 19.58 6.7 $ 30.8 Granted — $ — Exercised (894) $ 14.25 Forfeited or expired (1,189) $ 28.18 Total outstanding at end of period 13,947 $ 19.28 5.9 $ 55.7 Exercisable at December 31, 2021 7,234 $ 17.60 5.7 $ 42.1 As of December 31, 2021, $12 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 1 year. Restricted Stock Units The following table summarizes our restricted stock unit activity: Year Ended December 31, 2021 Restricted Stock Units Weighted Total nonvested at beginning of period 2,252 $ 22.35 Granted 1,858 $ 22.61 Vested (1,082) $ 22.02 Forfeited (217) $ 23.20 Total nonvested at end of period 2,811 $ 22.57 As of December 31, 2021, $38 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. We also issue Performance Stock Units (PSUs) to certain members of management on an annual basis. All PSUs have a three |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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 RRA) with certain selling stockholders. Pursuant to the RRA, we maintain a registration statement on Form S-3 providing for registration of the resale of the Vistra common stock held by such selling stockholders. In addition, under the terms of the RRA, among other things, 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 RRA the opportunity to register all or part of their shares on the terms and conditions set forth in the RRA. Tax Receivable Agreement On the Effective Date, Vistra 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The operations of Vistra are aligned into six reportable business segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, (v) Sunset and (vi) Asset Closure. In the third quarter of 2020, Vistra updated its reportable segments to reflect changes in how the Company's Chief Operating Decision Maker (CODM) makes operating decisions, assesses performance and allocates resources. Management believes the revised reportable segments provide enhanced transparency into the Company's long-term sustainable assets and its commitment to managing the retirement of economically and environmentally challenged plants. The following is a summary of the updated segments: • The Sunset segment represents plants with announced retirement plans that were previously reported in the ERCOT, PJM and MISO segments. Given recent and expected future retirements of certain power plants, management believes it is important to have a segment which differentiates between operating plants with defined retirement plans and operating plants without defined retirement plans. • The East segment represents Vistra's electricity generation operations in the Eastern Interconnection of the U.S. electric grid, other than assets that are now part of the Sunset or Asset Closure segments, respectively, and includes operations in PJM, ISO-NE and NYISO that were previously reported in the PJM and NY/NE segments, respectively. • The West segment represents Vistra's electricity generation operations in CAISO and was previously reported in the Corporate and Other non-segment. As reflected by the Moss Landing and Oakland ESS projects (see Note 3), the Company expects to expand its operations in the West segment. Our CODM reviews the results of these segments separately and allocates resources to the respective segments as part of our strategic operations. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources. 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, Value Based Brands, Dynegy Energy Services, Homefield Energy, TriEagle Energy, Public Power and U.S. Gas & Electric across 19 states in the U.S. The Texas and East segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel production and fuel logistics management. The Texas segment represents results from the ERCOT market and was referred to as the ERCOT segment prior to the third quarter of 2020. The East segment represents results from the PJM, ISO-NE and NYISO markets. We determined it was appropriate to aggregate results from these markets into one reportable segment, East, given similar economic characteristics. The West segment represents results from the CAISO market, including our development of battery ESS projects at our Moss Landing and Oakland power plant sites (see Note 3). The Sunset segment consists of generation plants with announced retirement plans. Separately reporting the Sunset segment differentiates operating plants with announced retirement plans from our other operating plants in the Texas, East and West segments. We have allocated unrealized gains and losses on the commodity risk management activities to the Sunset segment for the generation plants that have announced retirement plans. 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'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, 2019 and 2020. Corporate and Other represents the remaining non-segment operations consisting primarily of general corporate expenses, interest, taxes and other expenses related to our support functions that provide shared services to our operating segments. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1. Our CODM 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. For the year ended Retail Texas East West Sunset Asset Closure Corporate and Other (b) Eliminations Consolidated Operating revenues (a): December 31, 2021 $ 7,871 $ 2,790 $ 2,587 $ 374 $ 739 $ — $ — $ (2,284) $ 12,077 December 31, 2020 8,270 4,116 2,415 282 1,252 3 — (4,895) 11,443 December 31, 2019 6,872 3,836 2,790 338 1,602 341 — (3,970) 11,809 Depreciation and amortization: December 31, 2021 $ (212) $ (608) $ (698) $ (60) $ (139) $ — $ (36) $ — $ (1,753) December 31, 2020 (303) (475) (721) (19) (133) (22) (64) — (1,737) December 31, 2019 (292) (472) (680) (19) (120) — (57) — (1,640) Operating income (loss): December 31, 2021 $ 2,213 $ (2,601) $ (552) $ (8) $ (428) $ (56) $ (83) $ — $ (1,515) December 31, 2020 312 1,761 73 39 (420) (109) (137) — 1,519 December 31, 2019 155 1,314 398 88 271 (107) (127) 1 1,993 Interest expense and related charges: December 31, 2021 $ (9) $ 14 $ (15) $ 9 $ (2) $ (1) $ (381) $ 1 $ (384) December 31, 2020 (10) 8 (7) 10 (2) — (632) 3 (630) December 31, 2019 (21) 8 (13) — (4) — (770) 3 (797) Income tax (expense) benefit: December 31, 2021 $ (2) $ — $ — $ — $ — $ — $ 460 $ — $ 458 December 31, 2020 — — — — — — (266) — (266) December 31, 2019 — — — — — — (290) — (290) Net income (loss): December 31, 2021 $ 2,196 $ (2,512) $ (567) $ 1 $ (413) $ (22) $ 53 $ — $ (1,264) December 31, 2020 309 1,760 41 50 (414) (101) (1,021) — 624 December 31, 2019 134 1,342 400 88 274 (109) (1,204) 1 926 Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures: December 31, 2021 $ 1 $ 266 $ 44 $ 8 $ 31 $ — $ 48 $ — $ 398 December 31, 2020 2 388 71 2 46 — 91 — 600 December 31, 2019 1 296 61 2 58 — 69 — 487 ____________ (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 Texas East West Sunset Asset Closure Corporate and Other Eliminations (1) Consolidated December 31, 2021 $ (325) $ (1,272) $ (637) $ (42) $ (634) $ — $ — $ 1,719 $ (1,191) December 31, 2020 (11) 677 (23) (10) (140) — — (329) 164 December 31, 2019 8 575 195 41 168 — — (305) 682 ____________ (1) Amounts offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (b) Income tax expense is generally not reflected in net income of the segments but is reflected almost entirely in Corporate and Other net income. |
Supplementary Financial Informa
Supplementary Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplementary Financial Information [Abstract] | |
Supplementary Financial Information | SUPPLEMENTARY FINANCIAL INFORMATION Impairment of Long-Lived Assets In the second quarter of 2021, we recognized an impairment loss of $38 million related to our Zimmer generation facility in Ohio as a result of a significant decrease in the estimated useful life of the facilities, reflecting a decrease in the economic forecast of the facility and the inability to secure capacity revenues for the plant in the latest PJM capacity auction held in May 2021. The impairments are reported in our Sunset segment and include a $33 million write-down of property, plant and equipment and a $5 million write-down of inventory. In the third quarter of 2020, we recognized impairment losses of $173 million related to our Kincaid coal generation facility in Illinois and $99 million related to our Zimmer coal generation facility in Ohio, each as a result of a significant decrease in the estimated useful life of the facility, reflecting our recently announced plan to retire both facilities by the end of 2027 in response to the final CCR rule (see Notes 4 and 13). The impairment losses are reported in our Sunset segment and include a $260 million write-down of property, plant and equipment and a $12 million write-down of inventory. In the first quarter of 2020, we recognized an impairment loss of $52 million related to our Joppa/EEI coal generation facility in Illinois as a result of a significant decrease in the estimated useful life of the facility, reflecting a decrease in the economic forecast of the facility and changes to the operating assumption based on lower forecasted wholesale electricity prices. We also recorded a $32 million impairment to a capacity contract which was linked in part to the Joppa/EEI facility and therefore determined to have a significant decrease in estimated useful life. The impairments are reported in our Sunset segment and include a $45 million write-down of property, plant and equipment, a $32 million write-down of intangible assets and a $7 million write-down of inventory. In determining the fair value of the impaired assets, we equally weighted a market approach based on transactions of similar assets and an income approach discounting our projected cash flows through the respective plant retirement dates. Interest Expense and Related Charges Year Ended December 31, 2021 2020 2019 Interest paid/accrued $ 480 $ 467 $ 576 Unrealized mark-to-market net (gains) losses on interest rate swaps (134) 155 220 Amortization of debt issuance costs, discounts and premiums 30 18 9 Debt extinguishment (gain) loss 1 (17) (21) Capitalized interest (26) (21) (12) Other 33 28 25 Total interest expense and related charges $ 384 $ 630 $ 797 The weighted average interest rate applicable to the Vistra Operations Credit Facilities, taking into account the interest rate swaps discussed in Note 11, was 3.90%, 3.88% and 4.03% as of December 31, 2021, 2020 and 2019, respectively. Other Income and Deductions Year Ended December 31, 2021 2020 2019 Other income: Insurance settlements (a) $ 88 $ 6 $ 22 Gain on settlement of rail transportation disputes (b) 15 — — Sale of land (b) 9 8 — Funds released from escrow to settle pre-petition claims of our predecessor (c) — — 9 Interest income — 2 10 All other 28 18 15 Total other income $ 140 $ 34 $ 56 Other deductions: Loss on disposal of investment in NELP (d) $ — $ 29 $ — All other 16 13 15 Total other deductions $ 16 $ 42 $ 15 ____________ (a) For the year ended December 31, 2021, $80 million reported in the Texas segment, $7 million reported in the Sunset segment and $1 million reported in the Corporate and Other non-segment. For the year ended December 31, 2020, $3 million reported in the Corporate and Other non-segment, $2 million reported in the Asset Closure segment and $1 million reported in the Texas segment. For the year ended December 31, 2019, reported in the Texas segment. (b) Reported in the Asset Closure segment. (c) Reported in the Corporate and Other non-segment. (d) Reported in the East segment. Restricted Cash December 31, 2021 December 31, 2020 Current Noncurrent Assets Current Noncurrent Assets Amounts related to remediation escrow accounts $ 21 $ 13 $ 19 $ 19 Total restricted cash $ 21 $ 13 $ 19 $ 19 Remediation Escrow — During the years ended December 31, 2020 and 2019, Vistra transferred asset retirement obligations related to several closed plant sites to a third-party remediation company. As part of certain transfers, Vistra deposits funds into an 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. Trade Accounts Receivable December 31, 2021 2020 Wholesale and retail trade accounts receivable $ 1,442 $ 1,324 Allowance for uncollectible accounts (45) (45) Trade accounts receivable — net $ 1,397 $ 1,279 Gross trade accounts receivable as of December 31, 2021 and 2020 included unbilled retail revenues of $426 million and $468 million, respectively. Allowance for Uncollectible Accounts Receivable Year Ended December 31, 2021 2020 2019 Allowance for uncollectible accounts receivable at beginning of period (a) $ 45 $ 42 $ 19 Increase for bad debt expense 110 110 82 Decrease for account write-offs (110) (107) (65) Allowance for uncollectible accounts receivable at end of period $ 45 $ 45 $ 36 ____________ (a) The beginning balance in 2020 includes a $6 million increase recorded due to the adoption of ASU 2016-13, Financial Instruments—Credit Losses (see Note 1). Inventories by Major Category December 31, 2021 2020 Materials and supplies $ 260 $ 260 Fuel stock 314 236 Natural gas in storage 36 19 Total inventories $ 610 $ 515 Investments December 31, 2021 2020 Nuclear plant decommissioning trust $ 1,960 $ 1,674 Assets related to employee benefit plans (Note 17) 42 41 Land 44 44 Miscellaneous other 3 — Total investments $ 2,049 $ 1,759 Investment in Unconsolidated Subsidiary On the Merger Date, we assumed Dynegy's 50% interest in NELP, a joint venture with NextEra Energy, Inc., which indirectly owned the Bellingham NEA facility and the Sayreville facility. In December 2019, Dynegy Northeast Generation GP, Inc. and Dynegy Northeast Associates LP, Inc., indirect subsidiaries of Vistra, entered into a transaction agreement with NELP and certain indirect subsidiaries of NextEra Energy, Inc. wherein the indirect subsidiaries of Vistra redeemed their ownership interest in NELP in exchange for 100% ownership interest in NJEA, the company which owns the Sayreville facility. The NELP Transaction was approved by FERC in February 2020, and the NELP Transaction closed on March 2, 2020. As a result of the NELP Transaction, Vistra indirectly owns 100% of the Sayreville facility and no longer has any ownership interest in the Bellingham NEA facility. A loss of $29 million was recognized in connection with the NELP Transaction, reflecting the difference between our derecognized investment in NELP and the value of our acquired 100% interest in NJEA, which was measured in accordance with ASC 805. The loss is reported in our consolidated statements of operations in other deductions. Equity earnings related to our investment in NELP totaled $3 million and $14 million for the years ended December 31, 2020 and 2019, respectively, recorded in equity in earnings of unconsolidated investment in our consolidated statements of operations. We received distributions totaling $3 million and $22 million for the years ended December 31, 2020 and 2019, respectively. 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 (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, provided that Vistra 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, 2021 2020 Debt securities (a) $ 679 $ 618 Equity securities (b) 1,281 1,056 Total $ 1,960 $ 1,674 ____________ (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 2.54% and 2.91% as of December 31, 2021 and 2020, respectively, and an average maturity of 10 years as of both December 31, 2021 and 2020. (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 as of December 31, 2021 mature as follows: $247 million in one to five years, $190 million in five to 10 years and $242 million after 10 years. The following table summarizes proceeds from sales of securities and investments in new securities. Year Ended December 31, 2021 2020 2019 Proceeds from sales of securities $ 483 $ 433 $ 431 Investments in securities $ (505) $ (455) $ (453) Property, Plant and Equipment December 31, 2021 2020 Power generation and structures $ 16,195 $ 15,222 Land 608 617 Office and other equipment 183 173 Total 16,986 16,012 Less accumulated depreciation (4,801) (3,614) Net of accumulated depreciation 12,185 12,398 Finance lease right-of-use assets (net of accumulated depreciation) 173 182 Nuclear fuel (net of accumulated amortization of $125 million and $91 million) 212 207 Construction work in progress 486 712 Property, plant and equipment — net $ 13,056 $ 13,499 Depreciation expenses totaled $1.478 billion, $1.377 billion and $1.300 billion for the years ended December 31, 2021, 2020 and 2019, 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 32 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. As of December 31, 2021 and 2020, asbestos removal liabilities totaled $3 million and zero million, respectively. We have also identified conditional AROs for asbestos removal and disposal, which are specific to certain generation assets. As of December 31, 2021, the carrying value of our ARO related to our nuclear generation plant decommissioning totaled $1.635 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 $325 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, 2021, 2020 and 2019: Nuclear Plant Decommissioning Mining Land Reclamation Coal Ash and Other Total 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 (a) — — (135) (135) Liability at December 31, 2019 1,320 410 508 2,238 Additions: Accretion 46 20 23 89 Adjustment for change in estimates (b) 219 (6) 25 238 Reductions: Payments — (65) (49) (114) Liability transfers (a) — — (15) (15) Liability at December 31, 2020 1,585 359 492 2,436 Additions: Accretion 50 16 22 88 Adjustment for change in estimates — 13 1 14 Reductions: Payments — (68) (20) (88) Liability at December 31, 2021 1,635 320 495 2,450 Less amounts due currently — (90) (14) (104) Noncurrent liability at December 31, 2021 $ 1,635 $ 230 $ 481 $ 2,346 ____________ (a) 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. (b) The adjustment for nuclear plant decommissioning resulted from a new cost estimate completed in 2020. Under applicable accounting standards, the liability is remeasured when significant changes in the amount or timing of cash flows occur, and the PUCT requires a new cost estimate at least every five years. The increase in the liability was driven by changes in assumptions including increased costs for labor, equipment and services and a delay in timing of when the U.S. Department of Energy is estimated to begin accepting spent fuel offsite. Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: December 31, 2021 2020 Retirement and other employee benefits (Note 17) $ 276 $ 312 Winter Storm Uri impact (a) 261 — Identifiable intangible liabilities (Note 6) 147 289 Regulatory liability 325 89 Finance lease liabilities 235 206 Uncertain tax positions, including accrued interest 13 12 Liability for third-party remediation 17 31 Accrued severance costs 39 54 Other accrued expenses 176 138 Total other noncurrent liabilities and deferred credits $ 1,489 $ 1,131 ____________ (a) Includes the allocation of ERCOT default uplift charges and future bill credits related to large commercial and industrial customers that curtailed during Winter Storm Uri. Fair Value of Debt December 31, 2021 December 31, 2020 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 $ 2,549 $ 2,518 $ 2,579 $ 2,565 Vistra Operations Senior Notes Level 2 7,880 8,193 6,634 7,204 Forward Capacity Agreements Level 3 211 211 45 45 Equipment Financing Agreements Level 3 85 85 59 59 Building Financing Level 2 3 3 10 10 Other debt Level 3 3 3 3 3 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 consolidated balance sheets at December 31, 2021 and 2020: December 31, 2021 2020 Cash and cash equivalents $ 1,325 $ 406 Restricted cash included in current assets 21 19 Restricted cash included in noncurrent assets 13 19 Total cash, cash equivalents and restricted cash $ 1,359 $ 444 The following table summarizes our supplemental cash flow information for the years ended December 31, 2021, 2020 and 2019, respectively. Year Ended December 31, 2021 2020 2019 Cash payments related to: Interest paid $ 482 $ 503 $ 525 Capitalized interest (26) (21) (12) Interest paid (net of capitalized interest) $ 456 $ 482 $ 513 Income taxes paid / (refunds received) (a) $ (50) $ (140) $ (76) Noncash investing and financing activities: Accrued property, plant and equipment additions (b) $ 171 $ 19 $ 67 Disposition of investment in NELP $ — $ 123 $ — Acquisition of investment in NJEA $ — $ 90 $ — Shares issued for tangible equity unit contracts (Note 14) $ — $ — $ 446 Land transferred with liability transfers $ — $ — $ 16 ____________ (a) For the years ended December 31, 2021, 2020 and 2019, we paid state income taxes of $52 million, $40 million and $42 million, respectively, received federal tax refunds of zero, $170 million and $115 million, respectively, and received state tax refunds of $2 million, $10 million and $3 million, respectively. (b) Represents property, plant and equipment accruals during the period for which cash has not been paid as of the end of the period. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT VISTRA CORP. (PARENT) SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF OPERATIONS (Millions of Dollars) Year Ended December 31, 2021 2020 2019 Depreciation and amortization $ (17) $ (15) $ (7) Selling, general and administrative expenses (53) (72) (62) Operating loss (70) (87) (69) Other income 3 5 12 Interest expense and related charges — (7) (88) Impacts of Tax Receivable Agreement 53 5 (37) Loss before income tax benefit (14) (84) (182) Income tax benefit 4 25 42 Equity in earnings of subsidiaries, net of tax (1,264) 695 1,068 Net income (loss) $ (1,274) $ 636 $ 928 See Notes to the Condensed Financial Statements. VISTRA CORP. (PARENT) SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS (Millions of Dollars) Year Ended December 31, 2021 2020 2019 Cash flows — operating activities: Cash used in operating activities $ (38) $ (86) $ (58) Cash flows — investing activities: Capital expenditures — (15) (36) Dividend received from subsidiaries 405 1,105 3,890 Equity contribution to subsidiaries (988) — — Cash provided by investing activities (583) 1,090 3,854 Cash flows — financing activities: Issuances of preferred stock 2,000 — — Repayments/repurchases of debt — (747) (2,903) Debt tender offer and other debt financing fees — (17) (123) Stock repurchases (471) — (656) Dividends paid to stockholders (290) (266) (243) Other, net (23) — — Cash used in financing activities 1,216 (1,030) (3,925) Net change in cash, cash equivalents and restricted cash 595 (26) (129) Cash, cash equivalents and restricted cash — beginning balance 73 99 228 Cash, cash equivalents and restricted cash — ending balance $ 668 $ 73 $ 99 See Notes to the Condensed Financial Statements. VISTRA CORP. (PARENT) SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS (Millions of Dollars) December 31, 2021 2020 ASSETS Cash and cash equivalents $ 668 $ 73 Trade accounts receivable — net 8 7 Income taxes receivable 15 — Prepaid expense and other current assets 1 5 Total current assets 692 85 Investment in affiliated companies 7,157 8,005 Property, plant and equipment — net 3 3 Identifiable intangible assets — net 31 47 Accumulated deferred income taxes 1,016 783 Other noncurrent assets 1 2 Total assets $ 8,900 $ 8,925 LIABILITIES AND EQUITY Trade accounts payable $ 114 $ 2 Accounts payable —affiliates 72 74 Accrued taxes — 14 Other current liabilities 3 4 Total current liabilities 189 94 Tax Receivable Agreement obligations 394 447 Other noncurrent liabilities and deferred debits 25 23 Total liabilities 608 564 Total stockholders' equity 8,292 8,361 Total liabilities and equity $ 8,900 $ 8,925 See Notes to the Condensed Financial Statements. NOTES TO CONDENSED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION The accompanying unconsolidated condensed balance sheets, statements of net loss and cash flows present results of operations and cash flows of Vistra Corp. (Parent). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules of the SEC. Because the unconsolidated condensed financial statements do not include all of the information and footnotes required by U.S. GAAP, they should be read in conjunction with the financial statements and related notes of Vistra Corp. and Subsidiaries included in the annual report on Form 10-K for the year ended December 31, 2020. Vistra Corp.'s subsidiaries have been accounted for under the equity method. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. Vistra Corp. (Parent) files a consolidated U.S. federal income tax return. Consolidated tax expenses or benefits and deferred tax assets or liabilities have been allocated to the respective subsidiaries in accordance with the accounting rules that apply to separate financial statements of subsidiaries. 2. RESTRICTIONS ON SUBSIDIARIES 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, 2021, Vistra Operations can distribute approximately $7.3 billion to Vistra Corp. (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 Vistra Corp. (Parent) of approximately $405 million, $1.1 billion and $3.9 billion during the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, Vistra Operations may make distributions to Vistra Corp. (Parent) in amounts sufficient for Vistra Corp. (Parent) to make any payments required under the TRA or the Tax Matters Agreement or, to the extent arising out of Vistra Corp. (Parent)'s ownership or operation of Vistra Operations, to pay any taxes or general operating or corporate overhead expenses. As of December 31, 2021, all of the restricted net assets of Vistra Operations may be distributed to Vistra Corp. (Parent). 3. GUARANTEES Vistra Corp. (Parent) has entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. As of December 31, 2021, there are no material outstanding claims related to guarantee obligations of Vistra Corp. (Parent), and Vistra Corp. (Parent) does not anticipate it will be required to make any material payments under these guarantees in the near term. 4. DIVIDEND RESTRICTIONS Under applicable law, Vistra Corp. (Parent) is prohibited from paying any dividend to the extent that immediately following payment of such dividend there would be no statutory surplus or Vistra Corp. (Parent) would be insolvent. Vistra Corp. (Parent) received $405 million, $1.105 billion and $3.890 billion in dividends from its consolidated subsidiaries in the years ended December 31, 2021, 2020 and 2019, respectively. In the year ended December 31, 2021, Vistra Corp. (Parent) made an equity contribution to Vistra Operation of $988 million. |
Business And Significant Acco_2
Business And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 2020 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. As of December 31, 2021 and 2020, 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/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 $48 million, $43 million and $49 million for the years ended December 31, 2021, 2020 and 2019, 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 is 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. See Note 21 for details of impairments of long-lived assets recorded in 2021 and 2020. |
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 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. 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 revenue-based 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 revenue-based 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 Investment tax credits are accounted for under the deferral method, which resulted in a reduction to the basis of our solar and battery storage facilities of zero, zero and $2 million and a corresponding increase in the deferred tax assets in 2021, 2020 and 2019, 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 corporate income tax rate, (b) estimates of our taxable income in the current and future years and (c) additional states that Vistra operates in, including the relevant tax rate and apportionment factor for each state. 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. 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 measured using the discount rate inherent in the initial fair value of the obligation. These changes 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. |
Regulatory Asset and Liabilities | Regulatory Asset or Liability The costs to ultimately decommission the Comanche Peak nuclear power plant are recoverable through the regulatory rate making process as part of Oncor's delivery fees. As a result, the asset retirement obligation and the investments in the decommissioning trust are accounted for as rate regulated operations. Changes in these accounts, including investment income and accretion expense, do not impact net income, but are reported as a change in the corresponding regulatory asset or liability balance that is reflected in our consolidated balance sheets as other noncurrent assets or other noncurrent liabilities and deferred credits. |
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 (calculated on a weighted average basis) or net realizable value. 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. |
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. We apply the practical expedient permitted by ASC 842 to not separate lease and non-lease components for a majority of our lease asset classes. 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. |
Acquisitions and Business Com_2
Acquisitions and Business Combination Accounting (Tables) - Ambit and Crius Transactions [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Business Acquisition [Line Items] | |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Ambit Transaction and Crius Transaction, respectively, as of the Ambit Acquisition Date and Crius Acquisition Date, 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 final purchase price allocations were completed in the second quarter of 2020 for the Crius Transaction and the third quarter of 2020 for the Ambit Transaction. Ambit Transaction and Crius Transactions Final Purchase Price Allocations Ambit Transaction Crius Transaction Final Measurement Period Adjustments recorded Final Measurement Period Adjustments recorded Cash and cash equivalents $ 49 $ — $ 26 $ — Net working capital 32 3 (9) (42) Accumulated deferred income taxes — — — (36) Identifiable intangible assets 218 (45) 317 23 Goodwill 258 44 243 38 Commodity and other derivative contractual assets 23 — 18 — Other noncurrent assets 13 — 17 (3) Total assets acquired 593 2 612 (20) Identifiable intangible liabilities — — 2 (34) Long-term debt, including amounts due currently — — 140 — Commodity and other derivative contractual liabilities 28 — 40 — Accumulated deferred income taxes — — 14 14 Other noncurrent liabilities and deferred credits 10 2 16 — Total liabilities assumed 38 2 212 (20) 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 year ended December 31, 2019 assumes that the Ambit and Crius Transactions occurred on January 1, 2019 (i.e., represents our results for the year ended December 31, 2019 plus the results for either Ambit Transaction or Crius Transaction 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 Transaction and Crius Transaction been completed on January 1, 2019, 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, 2019 Year Ended December 31, 2019 Revenues $ 12,931 $ 12,373 Net income (a) $ 949 $ 876 Net income attributable to Vistra $ 951 $ 878 Net income attributable to Vistra per weighted average share of common stock outstanding — basic $ 1.92 $ 1.78 Net income attributable to Vistra per weighted average share of common stock outstanding — diluted $ 1.90 $ 1.76 __________ (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. |
Retirement of Generation Faci_2
Retirement of Generation Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement of Generation Facilities [Abstract] | |
Planned Retirements of Generation Capacity | Operational results for plants with defined retirement dates identified below are included in our Sunset segment beginning in the quarter when a retirement plan is announced. Name Location ISO/RTO Fuel Type Net Generation Capacity (MW) Expected Retirement Date (a) Baldwin Baldwin, IL MISO Coal 1,185 By the end of 2025 Coleto Creek Goliad, TX ERCOT Coal 650 By the end of 2027 Edwards Bartonville, IL MISO Coal 585 By the end of 2022 Joppa Joppa, IL MISO Coal 802 By September 1, 2022 Joppa Joppa, IL MISO Natural Gas 221 By September 1, 2022 Kincaid Kincaid, IL PJM Coal 1,108 By the end of 2027 Miami Fort North Bend, OH PJM Coal 1,020 By the end of 2027 Newton Newton, IL MISO/PJM Coal 615 By the end of 2027 Zimmer Moscow, OH PJM Coal 1,300 By May 31, 2022 Total 7,486 ____________ (a) Generation facilities may retire earlier than expected dates if economic or other conditions dictate. |
Retirements of Generation Capacity | Operational results for the Illinois plants retired in 2019 identified below are included in the Asset Closure segment. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines, including those retired prior to 2019. Name Location ISO/RTO Fuel Type Net Generation Capacity (MW) Dates Units Retired Coffeen Coffeen, IL MISO Coal 915 November 1, 2019 Duck Creek Canton, IL MISO Coal 425 December 15, 2019 Havana Havana, IL MISO Coal 434 November 1, 2019 Hennepin Hennepin, IL MISO Coal 294 November 1, 2019 Total 2,068 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables disaggregate our revenue by major source: Year Ended December 31, 2021 Retail Texas East West Sunset Asset Closure Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 5,733 $ — $ — $ — $ — $ — $ — $ 5,733 Retail energy charge in Northeast/Midwest 2,255 — — — — — — 2,255 Wholesale generation revenue from ISO/RTO — 3,808 786 229 1,525 — — 6,348 Capacity revenue from ISO/RTO (a) — — (22) 1 184 — — 163 Revenue from other wholesale contracts — 2,302 602 104 193 — — 3,201 Total revenue from contracts with customers 7,988 6,110 1,366 334 1,902 — — 17,700 Other revenues: Intangible amortization (2) — 74 — (12) — — 60 Hedging and other revenues (b) (115) (4,355) 123 35 (1,371) — — (5,683) Affiliate sales (c) — 1,035 1,024 5 220 — (2,284) — Total other revenues (117) (3,320) 1,221 40 (1,163) — (2,284) (5,623) Total revenues $ 7,871 $ 2,790 $ 2,587 $ 374 $ 739 $ — $ (2,284) $ 12,077 ____________ (a) Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $470 million of capacity purchased offset by $448 million of capacity sold. The Sunset segment includes $4 million of capacity purchased offset by $188 million of capacity sold. (b) Includes $1.191 billion of unrealized net losses from mark-to-market valuations of commodity positions. See Note 20 for unrealized net gains (losses) by segment. (c) Texas and East segments include $1.028 billion and $529 million, respectively, of affiliated unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment. Year Ended December 31, 2020 Retail Texas East West Sunset Asset Closure Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 5,813 $ — $ — $ — $ — $ — $ — $ 5,813 Retail energy charge in Northeast/Midwest 2,406 — — — — — — 2,406 Wholesale generation revenue from ISO/RTO — 475 310 124 473 1 — 1,383 Capacity revenue from ISO/RTO (a) — — (52) — 164 — — 112 Revenue from other wholesale contracts — 226 668 54 187 1 — 1,136 Total revenue from contracts with customers 8,219 701 926 178 824 2 — 10,850 Other revenues: Intangible amortization (5) — 2 — (21) — — (24) Hedging and other revenues (b) 56 416 (108) 101 151 1 — 617 Affiliate sales — 2,999 1,595 3 298 — (4,895) — Total other revenues 51 3,415 1,489 104 428 1 (4,895) 593 Total revenues $ 8,270 $ 4,116 $ 2,415 $ 282 $ 1,252 $ 3 $ (4,895) $ 11,443 ____________ (a) Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $542 million of capacity purchased offset by $490 million of capacity sold. The Sunset segment includes $3 million of capacity purchased offset by $167 million of capacity sold. (b) Includes $164 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, 2019 Retail Texas East West Sunset Asset Closure 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 — 1,477 629 193 751 194 — 3,244 Capacity revenue from ISO/RTO (a) — — 170 — 197 11 — 378 Revenue from other wholesale contracts — 264 702 9 147 2 — 1,124 Total revenue from contracts with customers 6,801 1,741 1,501 202 1,095 207 — 11,547 Other revenues: Intangible amortization (15) — (4) 4 (17) — — (32) Hedging and other revenues (b) 86 (250) 37 132 247 42 — 294 Affiliate sales — 2,345 1,256 — 277 92 (3,970) — Total other revenues 71 2,095 1,289 136 507 134 (3,970) 262 Total revenues $ 6,872 $ 3,836 $ 2,790 $ 338 $ 1,602 $ 341 $ (3,970) $ 11,809 ____________ (a) Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $443 million of capacity purchased offset by $613 million of capacity sold. The Sunset segment includes $1 million of capacity purchased offset by $198 million of capacity sold. (b) 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. |
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, 2021 2020 Trade accounts receivable from contracts with customers — net $ 1,087 $ 1,169 Other trade accounts receivable — net 310 110 Total trade accounts receivable — net $ 1,397 $ 1,279 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The following table provides information regarding our goodwill balance. Balance at December 31, 2018 $ 2,068 Measurement period adjustments recorded in connection with the Merger 14 Goodwill recorded in connection with the Crius Transaction 257 Goodwill recorded in connection with the Ambit Transaction 214 Balance at December 31, 2019 2,553 Measurement period adjustments recorded in connection with the Crius Transaction (14) Measurement period adjustments recorded in connection with the Ambit Transaction 44 Balance at December 31, 2021 and 2020 $ 2,583 |
Schedule of identifiable intangible assets reported in balance sheet | Identifiable intangible assets are comprised of the following: December 31, 2021 December 31, 2020 Identifiable Intangible Asset Gross Accumulated Net Gross Accumulated Net Retail customer relationship $ 2,083 $ 1,631 $ 452 $ 2,082 $ 1,434 $ 648 Software and other technology-related assets 421 206 215 414 186 228 Retail and wholesale contracts 248 206 42 272 204 68 Contractual service agreements (a) 23 2 21 51 1 50 Other identifiable intangible assets (b) 95 20 75 96 19 77 Total identifiable intangible assets subject to amortization $ 2,870 $ 2,065 805 $ 2,915 $ 1,844 1,071 Retail trade names (not subject to amortization) (c) 1,341 1,374 Mineral interests (not currently subject to amortization) — 1 Total identifiable intangible assets $ 2,146 $ 2,446 ____________ (a) As of December 31, 2021 and 2020, 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). (c) During the year ended December 31, 2021, we recorded a $33 million impairment to a retail trade name intangible asset. |
Schedule of identifiable intangible liabilities reported in balance sheet | Identifiable intangible liabilities are comprised of the following: Year Ended December 31, Identifiable Intangible Liability 2021 2020 Contractual service agreements $ 125 $ 129 Purchase and sale of power and capacity 8 87 Fuel and transportation purchase contracts 14 73 Total identifiable intangible liabilities $ 147 $ 289 |
Schedule of amortization expense related to intangible assets and liabilities (including income statement line item) | 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, 2021 2020 2019 Retail customer relationship Depreciation and amortization 3 $ 197 $ 283 $ 275 Software and other technology-related assets Depreciation and amortization 4 74 73 61 Retail and wholesale contracts/purchase and sale/fuel and transportation contracts Operating revenues/fuel, purchased power costs and delivery fees 3 (56) 17 23 Other identifiable intangible assets Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization 5 279 223 148 Total intangible asset expense (a) $ 494 $ 596 $ 507 ____________ (a) Amounts recorded in depreciation and amortization totaled $275 million, $360 million and $340 million for the years ended December 31, 2021, 2020 and 2019 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 certificate obligations are accrued as retail electricity delivery occurs. |
Schedule of estimated amortization expense of identifiable intangible assets | As of December 31, 2021, 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 2022 $ 202 2023 $ 148 2024 $ 99 2025 $ 73 2026 $ 49 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Current: U.S. Federal $ 1 $ (5) $ (1) State 16 41 10 Total current 17 36 9 Deferred: U.S. Federal (336) 171 260 State (139) 59 21 Total deferred (475) 230 281 Total $ (458) $ 266 $ 290 |
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, 2021 2020 2019 Income (loss) before income taxes $ (1,722) $ 890 $ 1,216 U.S. federal statutory rate 21 % 21 % 21 % Income taxes at the U.S. federal statutory rate (362) 187 255 Nondeductible TRA accretion (8) (7) 5 State tax, net of federal benefit (2) 32 48 Federal and State return to provision adjustment (2) 13 (17) Nondeductible compensation 4 — 3 Nondeductible transaction costs — — 2 Equity awards 1 — (4) Valuation allowance on state NOLs (94) 41 13 Lignite depletion (3) (3) (6) Texas gross margin amended return — — (3) Other 8 3 (6) Income tax expense (benefit) $ (458) $ 266 $ 290 Effective tax rate 26.6 % 29.9 % 23.8 % |
Schedule of deferred tax assets and liabilities | Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2021 and 2020 are as follows: December 31, 2021 2020 Noncurrent Deferred Income Tax Assets Tax credit carryforwards $ 76 $ 75 Loss carryforwards 1,193 953 Identifiable intangible assets 346 293 Long-term debt 15 19 Employee benefit obligations 121 129 Commodity contracts and interest rate swaps 238 96 Other 148 47 Total deferred tax assets $ 2,137 $ 1,612 Noncurrent Deferred Income Tax Liabilities Property, plant and equipment 767 632 Total deferred tax liabilities 767 632 Valuation allowance 68 143 Net Deferred Income Tax Asset $ 1,302 $ 837 |
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, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 Balance at beginning of period, excluding interest and penalties $ 39 $ 126 $ 39 Additions based on tax positions related to prior years 1 3 3 Reductions based on tax positions related to prior years — (90) — Additions based on tax positions related to the current year — — 87 Settlements with taxing authorities (2) — (3) Balance at end of period, excluding interest and penalties $ 38 $ 39 $ 126 |
Tax Receivable Agreement Obli_2
Tax Receivable Agreement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 TRA obligation at the beginning of the period $ 450 $ 455 $ 420 Accretion expense 62 64 59 Changes in tax assumptions impacting timing of payments (a) (115) (69) (22) Impacts of Tax Receivable Agreement (53) (5) 37 Payments (2) — (2) TRA obligation at the end of the period 395 450 455 Less amounts due currently (1) (3) — Noncurrent TRA obligation at the end of the period $ 394 $ 447 $ 455 ____________ (a) During the year ended December 31, 2021, we recorded a decrease to the carrying value of the TRA obligation totaling $115 million as a result of adjustments to forecasted taxable income, including the financial impacts of Winter Storm Uri, and anticipated tax benefits available under current tax laws for planned additional renewable development projects. During the year ended December 31, 2020, we recorded a decrease to the carrying value of the TRA obligation totaling approximately $69 million as a result of adjustments to forecasted taxable income, including the impacts of the CARES Act, changes to Section 163(j) percentage limitation amount, the impacts from the issuance of the final Section 163(j) regulations and the anticipated tax benefits from renewable development projects. During the year ended December 31, 2019, we recorded an decrease to the carrying value of the TRA obligation totaling $22 million as a result of adjustments to the timing of forecasted taxable income and state apportionment due to the expansion of Vistra's state income tax profile, including the Dynegy, Crius and Ambit acquisitions. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Net income (loss) attributable to Vistra $ (1,274) $ 636 $ 928 Less cumulative dividends attributable to Series A Preferred Stock (17) — — Less cumulative dividends attributable to Series B Preferred Stock (4) — — Net income (loss) attributable to common stock — basic (1,295) 636 928 Weighted average shares of common stock outstanding — basic 482,214,544 488,668,263 494,146,268 Net income (loss) per weighted average share of common stock outstanding — basic $ (2.69) $ 1.30 $ 1.88 Dilutive securities: Stock-based incentive compensation plan — 2,422,205 5,789,223 Weighted average shares of common stock outstanding — diluted 482,214,544 491,090,468 499,935,490 Net income (loss) per weighted average share of common stock outstanding — diluted $ (2.69) $ 1.30 $ 1.86 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Vistra Operations Credit Facilities $ 2,543 $ 2,572 Vistra Operations Senior Secured Notes: 3.550% Senior Secured Notes, due July 15, 2024 1,500 1,500 3.700% Senior Secured Notes, due January 30, 2027 800 800 4.300% Senior Secured Notes, due July 15, 2029 800 800 Total Vistra Operations Senior Secured Notes 3,100 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 1,300 5.000% Senior Unsecured Notes, due July 31, 2027 1,300 1,300 4.375% Senior Unsecured Notes, due May 15, 2029 1,250 — Total Vistra Operations Senior Unsecured Notes 4,850 3,600 Other: Forward Capacity Agreements 213 45 Equipment Financing Agreements 92 68 8.82% Building Financing due semiannually through February 11, 2022 (a) 3 10 Other 3 3 Total other long-term debt 311 126 Unamortized debt premiums, discounts and issuance costs (73) (68) Total long-term debt including amounts due currently 10,731 9,330 Less amounts due currently (254) (95) Total long-term debt less amounts due currently $ 10,477 $ 9,235 ____________ (a) 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 current assets in our consolidated balance sheets. |
Schedule of line of credit facilities | The Vistra Operations Credit Facilities and related available capacity at December 31, 2021 are presented below. December 31, 2021 Vistra Operations Credit Facilities Maturity Date Facility Cash Letters of Credit Outstanding Available Revolving Credit Facility (a) June 14, 2023 $ 2,725 $ — $ 1,471 $ 1,254 Term Loan B-3 Facility (b) December 31, 2025 2,543 2,543 — Total Vistra Operations Credit Facilities $ 5,268 $ 2,543 $ 1,471 $ 1,254 ___________ (a) Revolving Credit Facility used for general corporate purposes. The Facility includes a $2.35 billion letter of credit sub-facility. Letters of credit outstanding reduce our available capacity. Cash borrowings under the Revolving Credit Facility are reported in short-term borrowings in our consolidated balance sheets. (b) 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 employs interest rate swaps to hedge our exposure to variable rate debt. As of December 31, 2021, Vistra 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 (legacy Dynegy) interest rate swaps to Vistra Operations, of which $398 million expired and $841 million were terminated in June 2019. (b) 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 (June 2019 Senior Secured Notes and the November 2019 Senior Secured Notes) in offerings (the June 2019 Senior Secured Notes Offering and the November 2019 Senior Secured Notes Offering) to eligible purchasers under Rule 144A and Regulation S under the Securities Act 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 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. |
Schedule of debt securities issued, unsecured | In 2019 and 2021, Vistra Operations issued and sold $3.9 billion aggregate principal amount of senior unsecured notes in offerings (the February 2019 Senior Unsecured Notes Offering, June 2019 Senior Unsecured Notes Offerings and the May 2021 Senior Unsecured Offerings) to eligible purchasers under Rule 144A and Regulation S under the Securities Act consisting of the following: Senior Unsecured Notes Maturity Year Interest Terms February 2019 Senior Unsecured Notes Offering (a) June 2019 May 2021 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 — 4.375% Senior Unsecured Notes 2029 May 1 and November 1 — — 1,250 Total $ 1,300 $ 1,300 $ 1,250 Net Proceeds $ 1,287 $ 1,287 $ 1,235 Debt issuance and other fees (d) $ 16 $ 13 $ 15 ___________ (a) The 5.625% senior unsecured notes due 2027 (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, (defined below) and (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). (b) The 5.000% senior unsecured notes due 2027 (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 (defined below) 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 (c) The 4.375% senior unsecured notes due 2029 (the May 2021 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 all amounts outstanding under the Term Loan A Facility and to pay fees and expenses of $15 million related to the offering. (d) Capitalized as a reduction in the carrying amount of the debt. |
Schedule of debt securities repurchased, unsecured | The following amounts reflect redemption, repurchase and tender offer transactions completed in 2019 and 2020. Vistra had no outstanding senior notes at the Parent level as of December 31, 2021 and 2020. Vistra Senior Unsecured Notes Maturity Year February 2019 Tender Offer (a) June 2019 Redemptions (c) 2020 Redemptions (d) 6.750%Senior Unsecured Notes 2019 $ — $ — $ — $ — 7.375% Senior Unsecured Notes 2022 1,193 173 341 — 5.875% Senior Unsecured Notes 2023 — — — 500 7.625% Senior Unsecured Notes 2024 — 672 475 — 8.034% Senior Unsecured Notes 2024 — — 25 — 8.000% Senior Unsecured Notes 2025 — — — 81 8.125%Senior Unsecured Notes 2026 — — — 166 Total $ 1,193 $ 845 $ 841 $ 747 Extinguishment gain/(loss) $ 7 $ 7 $ 11 $ 11 ____________ (a) In February 2019, Vistra 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. (b) In June 2019, Vistra 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 $173 million of 7.375% senior notes and $672 million of 7.625% senior notes. In July 2019, Vistra 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. (c) In November 2019, Vistra redeemed $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 (the 2019 Redemption). Vistra redeemed $341 million, $87 million and $25 million aggregate principal amount of 7.375% senior notes, 7.625% senior notes and 8.034% senior notes, respectively, using proceeds from the February 2019 Senior Unsecured Notes Offering and the June 2019 Senior Unsecured Notes Offerings discussed above. (d) In January 2020, June 2020 and July 2020, Vistra redeemed aggregate principal amounts of $81 million of 8.000% senior notes, $500 million of 5.875% senior notes and $166 million of 8.125% senior notes, respectively, at redemption prices of 104%, 100.979% and 104.063%, respectively, of the aggregate principal amounts thereof, plus accrued and unpaid interest to, but excluding, the dates of redemption (the 2020 Redemptions, and together with the 2019 Redemption, the Redemptions). |
Schedule of maturities of long-term debt | Long-term debt maturities at December 31, 2021 are as follows: December 31, 2021 2022 $ 258 2023 40 2024 1,540 2025 2,470 2026 1,006 Thereafter 5,490 Unamortized premiums, discounts and debt issuance costs (73) Total long-term debt, including amounts due currently $ 10,731 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of lease cost | Lease Cost The following table presents costs related to lease activities: Year Ended December 31, 2021 2020 2019 Operating lease cost $ 11 $ 14 $ 14 Finance lease: Finance lease right-of-use asset amortization 9 7 4 Interest on lease liabilities 10 7 4 Total finance lease cost 19 14 8 Variable lease cost (a) 29 29 26 Short-term lease cost 35 31 19 Sublease income (b) (7) (8) (8) Net lease cost $ 87 $ 80 $ 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, 2021 2020 Lease assets: Operating lease right-of-use assets $ 40 $ 45 Finance lease right-of-use assets (net of accumulated depreciation) 173 $ 182 Total lease right-of-use assets 213 227 Current lease liabilities: Operating lease liabilities 5 8 Finance lease liabilities 8 8 Total current lease liabilities 13 16 Noncurrent lease liabilities: Operating lease liabilities 38 40 Finance lease liabilities 235 206 Total noncurrent lease liabilities 273 246 Total lease liabilities $ 286 $ 262 |
Schedule of lease cash flow and other information | Cash Flows and Other Information The following table presents lease related cash flows and other information: Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11 $ 17 $ 17 Operating cash flows from finance leases 9 5 4 Finance cash flows from finance leases 5 10 4 Non-cash disclosure upon commencement of new lease: Right-of-use assets obtained in exchange for new operating lease liabilities 7 14 95 Right-of-use assets obtained in exchange for new finance lease liabilities — 108 13 Non-cash disclosure upon modification of existing lease: Modification of operating lease right-of-use assets (4) (1) (41) Modification of finance lease right-of-use assets (1) 23 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, 2021 2020 Weighted average remaining lease term: Operating lease 17.6 years 12.3 years Finance lease 25.0 years 24.2 years Weighted average discount rate: Operating lease 5.76% 5.80 % Finance lease 4.95% 4.92 % |
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 2022 $ 6 $ 17 $ 23 2023 7 16 23 2024 4 17 21 2025 3 17 20 2026 3 14 17 Thereafter 51 369 420 Total lease payments 74 450 524 Less: Interest (31) (207) (238) Present value of lease liabilities $ 43 $ 243 $ 286 |
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 2022 $ 6 $ 17 $ 23 2023 7 16 23 2024 4 17 21 2025 3 17 20 2026 3 14 17 Thereafter 51 369 420 Total lease payments 74 450 524 Less: Interest (31) (207) (238) Present value of lease liabilities $ 43 $ 243 $ 286 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual commitments under energy-related contracts, leases and other agreements [Table Text Block] | As of December 31, 2021, we had minimum contractual commitments under long-term service and maintenance contracts, energy-related contracts, leases and other agreements as follows. Long-Term Service and Maintenance Contracts (a) Coal transportation agreements Pipeline transportation and storage reservation fees Water 2022 $ 202 $ 104 $ 86 $ 9 2023 268 22 54 9 2024 236 24 40 9 2025 207 25 36 9 2026 196 26 23 9 Thereafter 2,130 27 91 58 Total $ 3,239 $ 228 $ 330 $ 103 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020 and 2019 are reflected in the table below. Shares Treasury Shares Outstanding Balance at December 31, 2018 526,031,092 (32,815,783) 493,215,309 Shares issued (a) (b) 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 Shares issued (a) 1,611,462 — 1,611,462 Shares retired (3,685) — (3,685) Balance at December 31, 2020 530,349,112 (41,043,224) 489,305,888 Shares issued (a) 2,583,761 — 2,583,761 Shares retired (3,397) — (3,397) Shares repurchased (c) — (27,988,518) (27,988,518) Balance at December 31, 2021 532,929,476 (69,031,742) 463,897,734 ____________ (a) Shares issued includes share awards granted to nonemployee directors. (b) 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. (c) Shares repurchased in the year ended December 31, 2021 include 5,174,863 of unsettled shares as of December 31, 2021. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 December 31, 2020 Level Level Level Reclass (b) Total Level Level Level Reclass (b) Total Assets: Commodity contracts $ 1,408 $ 889 $ 442 $ 5 $ 2,744 $ 452 $ 201 $ 205 $ 76 $ 934 Interest rate swaps — 19 — — 19 — 72 — — 72 Nuclear decommissioning trust – equity securities (c) 724 — — — 724 623 — — — 623 Nuclear decommissioning trust – debt securities (c) — 679 — — 679 — 618 — — 618 Sub-total $ 2,132 $ 1,587 $ 442 $ 5 4,166 $ 1,075 $ 891 $ 205 $ 76 2,247 Assets measured at net asset value (d): Nuclear decommissioning trust – equity securities (c) 557 433 Total assets $ 4,723 $ 2,680 Liabilities: Commodity contracts $ 2,153 $ 650 $ 802 $ 5 $ 3,610 $ 578 $ 172 $ 183 $ 76 $ 1,009 Interest rate swaps — 217 — — 217 — 404 — — 404 Total liabilities $ 2,153 $ 867 $ 802 $ 5 $ 3,827 $ 578 $ 576 $ 183 $ 76 $ 1,413 ____________ (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. Retirement Plan — As of December 31, 2021 and 2020, all of the Retirement Plan assets were measured at fair value using the net asset value per share (or its equivalent) and consisted of the following: December 31, 2021 2020 Asset Category: Cash commingled trusts 11 11 Equity securities: Global equities 149 153 Fixed income securities: Corporate bonds (a) 199 207 Government bonds 31 37 Other (b) 30 32 Real estate 50 45 Total assets measured at net asset value $ 470 $ 485 ___________ (a) Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. (b) Consists primarily of high-yield bonds, emerging market debt and bank loans. |
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, 2021 and 2020: December 31, 2021 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Average (b) Electricity purchases and sales $ 204 $ (470) $ (266) Income Approach Hourly price curve shape (c) $ — to $ 60 $ 30 MWh Illiquid delivery periods for hub power prices and heat rates (d) $ 20 to $ 140 $ 80 MWh Options 1 (209) (208) Option Pricing Model Gas to power correlation (e) 10 % to 100 % 56 % Power and gas volatility (e) 5 % to 490 % 248 % Financial transmission rights 122 (34) 88 Market Approach (f) Illiquid price differences between settlement points (g) $ (30) to $ 10 $ (9) MWh Natural gas 29 (86) (57) Income Approach Gas basis (h) $ (1) to $ 16 $ 8 MMBtu Coal 61 — 61 Income Approach Probability of default (i) — % to 40 % 20% Recovery rate (j) — % to 40 % 20% Other (k) 25 (3) 22 Total $ 442 $ (802) $ (360) December 31, 2020 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Average (b) Electricity purchases and sales $ 61 $ (90) $ (29) Income Approach Hourly price curve shape (c) $ — to $ 85 $ 43 MWh Illiquid delivery periods for hub power prices and heat rates (d) $ 25 to $ 125 $ 75 MWh Options 38 (56) (18) Option Pricing Model Gas to power correlation (e) 30 % to 100 % 64 % Power and gas volatility (e) 5 % to 665 % 336 % Financial transmission rights 92 (16) 76 Market Approach (f) Illiquid price differences between settlement points (g) $ (5) to $ 50 $ 22 MWh Natural gas 7 (14) (7) Income Approach Gas basis (h) $ (1) to $ — $ — MMBtu Coal 1 (5) (4) Income Approach Probability of default (i) — % to 40 % 20% Recovery rate (j) — % to 40 % 20% Other (k) 6 (2) 4 Total $ 205 $ (183) $ 22 ____________ (a) Electricity purchase and sales contracts include power and heat rate positions in ERCOT, PJM, ISO-NE, NYISO and MISO regions. The forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points are referred to as congestion revenue rights (CRRs) in ERCOT and financial transmission rights (FTRs) in PJM, ISO-NE, NYISO 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. The average represents the arithmetic average of the underlying inputs and is not weighted by the related fair value or notional amount. (c) Primarily based on the historical range of forward average hourly ERCOT North Hub prices. (d) Primarily based on historical forward ERCOT and PJM power prices and ERCOT heat rate variability. (e) Primarily based on the historical forward correlation and volatility within ERCOT and PJM. (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) Primarily based on the historical forward PJM and Northeast gas basis prices. (i) Estimate of the range of probabilities of default based on past experience, the length of the contract, and both the Company's and the counterparty's credit ratings. (j) Estimate of the default recovery rate based on historical corporate rates. (k) Other includes contracts for environmental allowances. |
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, 2021, 2020 and 2019. Year Ended December 31, 2021 2020 2019 Net asset (liability) balance at beginning of period $ 22 $ (74) $ (135) Total unrealized valuation gains (losses) (a) (53) (5) 8 Purchases, issuances and settlements (b): Purchases 114 164 176 Issuances (36) (28) (81) Settlements (314) (90) (64) Transfers into Level 3 (c) (2) (2) 10 Transfers out of Level 3 (c) (91) 57 12 Net change (d) (382) 96 61 Net asset (liability) balance at end of period $ (360) $ 22 $ (74) Unrealized valuation gains (losses) relating to instruments held at end of period $ (364) $ 18 $ (61) ____________ (a) During the year ended December 31, 2021, includes a net loss of $341 million due to the third quarter 2021 discontinuance of normal purchase and sale accounting on a retail electric contract portfolio where physical settlement is no longer considered probable throughout the contract term. (b) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received, including CRRs and FTRs. (c) 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 year ended December 31, 2021, transfers into Level 3 primarily consist of natural gas, emissions and coal derivatives where forward pricing inputs have become unobservable and transfers out of Level 3 primarily consist of power and coal derivatives where forward pricing inputs have become observable. For the year ended December 31, 2020, transfers out of Level 3 primarily consist of natural gas, power and coal derivatives where forward pricing inputs have become observable. For the year ended December 31, 2019, transfers out of Level 3 primarily consist of power and coal derivatives where forward pricing inputs have become observable. (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, 2021 | |
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, 2021 and 2020. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract. During the year ended December 31, 2021, a net loss of $298 million was recognized in operating revenues due to the third quarter 2021 discontinuance of normal purchase and sale accounting on a retail electric contract portfolio where physical settlement is no longer considered probable throughout the contract term. These amounts are reflected in commodity contracts derivative liabilities at December 31, 2021. December 31, 2021 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 2,496 $ 14 $ 3 $ — $ 2,513 Noncurrent assets 244 5 1 — 250 Current liabilities — — (2,964) (59) (3,023) Noncurrent liabilities (1) — (645) (158) (804) Net assets (liabilities) $ 2,739 $ 19 $ (3,605) $ (217) $ (1,064) December 31, 2020 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 665 $ 19 $ 64 $ — $ 748 Noncurrent assets 197 53 8 — 258 Current liabilities (1) — (717) (71) (789) Noncurrent liabilities (3) — (288) (333) (624) Net assets (liabilities) $ 858 $ 72 $ (933) $ (404) $ (407) |
Schedule of pretax effect on net income of derivatives not under hedge accounting, including realized and unrealized effects | The following table presents the pre-tax 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) 2021 2020 2019 Commodity contracts (Operating revenues) $ (1,196) $ 241 $ 339 Commodity contracts (Fuel, purchased power costs and delivery fees) 732 4 (1) Interest rate swaps (Interest expense and related charges) 81 (196) (217) Net gain (loss) $ (383) $ 49 $ 121 |
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, 2021 December 31, 2020 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 $ 2,739 $ (2,051) $ (27) $ 661 $ 858 $ (667) $ (11) $ 180 Interest rate swaps 19 (19) — — 72 (72) — — Total derivative assets 2,758 (2,070) (27) 661 930 (739) (11) 180 Derivative liabilities: Commodity contracts (3,605) 2,051 784 (770) (933) 667 138 (128) Interest rate swaps (217) 19 — (198) (404) 72 — (332) Total derivative liabilities (3,822) 2,070 784 (968) (1,337) 739 138 (460) Net amounts $ (1,064) $ — $ 757 $ (307) $ (407) $ — $ 127 $ (280) ____________ (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, and, to a lesser extent, initial margin requirements. |
Schedule of gross notional amounts of derivative volumes | The following table presents the gross notional amounts of derivative volumes at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Derivative type Notional Volume Unit of Measure Natural gas (a) 4,701 5,264 Million MMBtu Electricity 440,236 438,863 GWh Financial transmission rights (b) 224,876 217,350 GWh Coal 25 20 Million U.S. tons Fuel oil 87 176 Million gallons Emissions 18 8 Million tons Renewable energy certificates 32 18 Million certificates Interest rate swaps – variable/fixed (c) $ 6,720 $ 6,720 Million U.S. dollars Interest rate swaps - fixed/variable (c) $ 2,120 $ 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 regions. (c) Includes notional amounts of interest rate swaps with maturity dates through July 2026. |
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, 2021 2020 Fair value of derivative contract liabilities (a) $ (1,200) $ (679) Offsetting fair value under netting arrangements (b) 660 262 Cash collateral and letters of credit 95 35 Liquidity exposure $ (445) $ (382) ____________ (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, 2021 | |
Compensation and Retirement Benefits Disclosures [Abstract] | |
Schedule of Pension and OPEB Costs [Table Text Block] | Pension and OPEB Costs Year Ended December 31, 2021 2020 2019 Pension costs $ 6 $ 11 $ 9 OPEB costs 8 7 11 Total benefit costs recognized as expense $ 14 $ 18 $ 20 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following information is based on a December 31, 2021, 2020 and 2019 measurement dates: Retirement Plan OPEB Plans Year Ended December 31, Year Ended December 31, 2021 2020 2019 2021 2020 2019 Assumptions Used to Determine Net Periodic Pension and Benefit Cost: Discount rate 2.50 % 3.24 % 4.37 % 2.51 % 3.25 % 4.35 % Expected rate of compensation increase 3.41 % 3.29 % 3.35 % Interest crediting rate for cash balance 3.00 % 3.50 % 3.50 % Expected return on plan assets (Vistra Plan) 3.77 % 4.44 % 4.80 % Expected return on plan assets (Dynegy Plan) 4.42 % 5.28 % 5.31 % Expected return on plan assets (EEI Plan) 4.72 % 5.45 % 5.56 % Expected return on plan assets (EEI Union) 6.79 % 7.07 % 5.36 % Expected return on plan assets (EEI Salaried) 2.95 % 3.43 % 4.70 % Components of Net Pension and Benefit Cost: Service cost $ 5 $ 6 $ 7 $ 1 $ 2 $ 2 Interest cost 16 20 25 4 4 6 Expected return on assets (18) (23) (26) (2) (2) (1) Amortization of unrecognized amounts 3 1 — 5 4 3 Immediate pension and postretirement benefit cost — 7 3 — (1) 1 Net periodic pension and OPEB cost $ 6 $ 11 $ 9 $ 8 $ 7 $ 11 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: Net (gain) loss and prior service (credit) cost $ (29) $ 17 $ 11 $ (12) $ 5 $ — Total recognized in net periodic benefit cost and other comprehensive income $ (23) $ 28 $ 20 $ (4) $ 12 $ 11 Assumptions Used to Determine Benefit Obligations at Period End: Discount rate 2.84 % 2.50 % 3.24 % 2.87 % 2.51 % 3.25 % Expected rate of compensation increase 3.49 % 3.41 % 3.29 % Interest crediting rate for cash balance plans 3.00 % 3.00 % 3.50 % Retirement Plan OPEB Plans Year Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Change in Pension and Postretirement Benefit Obligations: Projected benefit obligation at beginning of period $ 643 $ 674 $ 157 $ 151 Service cost 5 6 1 2 Interest cost 16 20 4 4 Participant contributions — — 3 3 Lump-sum window — (6) — — Annuity purchase — (29) — — Actuarial loss (11) 46 (6) 12 Benefits paid (48) (68) (13) (15) Projected benefit obligation at end of year $ 605 $ 643 $ 146 $ 157 Accumulated benefit obligation at end of year $ 600 $ 639 $ — $ — Change in Plan Assets: Fair value of assets at beginning of period $ 485 $ 528 $ 37 $ 34 Employer contributions 1 16 9 9 Participant contributions — — 3 3 Lump-sum window — (6) — — Annuity purchase — (29) — — Actual gain on assets 30 40 3 4 Benefits paid (46) (64) (13) (13) Fair value of assets at end of year $ 470 $ 485 $ 39 $ 37 Funded Status: Projected pension benefit obligation $ (605) $ (643) $ (146) $ (157) Fair value of assets 470 485 39 37 Funded status at end of year $ (135) $ (158) $ (107) $ (120) Amounts Recognized in the Balance Sheet Consist of: Other noncurrent assets $ — $ — $ 26 $ 23 Other current liabilities — — (9) (9) Other noncurrent liabilities (135) (158) (124) (134) Net liability recognized $ (135) $ (158) $ (107) $ (120) Amounts Recognized in Accumulated Other Comprehensive Income Consist of: Net loss and prior service cost $ (13) $ (42) $ 8 $ 20 |
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, 2021 December 31, 2020 Level Level Level Reclass (b) Total Level Level Level Reclass (b) Total Assets: Commodity contracts $ 1,408 $ 889 $ 442 $ 5 $ 2,744 $ 452 $ 201 $ 205 $ 76 $ 934 Interest rate swaps — 19 — — 19 — 72 — — 72 Nuclear decommissioning trust – equity securities (c) 724 — — — 724 623 — — — 623 Nuclear decommissioning trust – debt securities (c) — 679 — — 679 — 618 — — 618 Sub-total $ 2,132 $ 1,587 $ 442 $ 5 4,166 $ 1,075 $ 891 $ 205 $ 76 2,247 Assets measured at net asset value (d): Nuclear decommissioning trust – equity securities (c) 557 433 Total assets $ 4,723 $ 2,680 Liabilities: Commodity contracts $ 2,153 $ 650 $ 802 $ 5 $ 3,610 $ 578 $ 172 $ 183 $ 76 $ 1,009 Interest rate swaps — 217 — — 217 — 404 — — 404 Total liabilities $ 2,153 $ 867 $ 802 $ 5 $ 3,827 $ 578 $ 576 $ 183 $ 76 $ 1,413 ____________ (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. Retirement Plan — As of December 31, 2021 and 2020, all of the Retirement Plan assets were measured at fair value using the net asset value per share (or its equivalent) and consisted of the following: December 31, 2021 2020 Asset Category: Cash commingled trusts 11 11 Equity securities: Global equities 149 153 Fixed income securities: Corporate bonds (a) 199 207 Government bonds 31 37 Other (b) 30 32 Real estate 50 45 Total assets measured at net asset value $ 470 $ 485 ___________ (a) Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. (b) Consists primarily of high-yield bonds, emerging market debt and bank loans. |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | The following table provides information regarding pension plans with PBO and ABO in excess of the fair value of plan assets. December 31, 2021 2020 Pension Plans with PBO and ABO in Excess Of Plan Assets: Projected benefit obligations $ 605 $ 643 Accumulated benefit obligation $ 600 $ 639 Plan assets $ 470 $ 485 |
Schedule of Allocation of Plan Assets [Table Text Block] | The target asset allocation ranges of pension plan investments by asset category are as follows: Target Allocation Ranges Asset Category: Vistra Plan Dynegy Plan EEI Plan Fixed income 65 % - 75% 45 % - 55% 40 % - 50% Global equity securities 16 % - 24% 30 % - 38% 34 % - 42% Real estate 4 % - 8% 8 % - 12% 10 % - 14% Credit strategies 3 % - 7% 6 % - 10% 7 % - 11% |
Defined Benefit Plan, Assumptions [Table Text Block] | 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 Plan Dynegy Plan EEI Plan Fixed income securities 3.1 % 3.1 % 3.1 % Global equity securities 6.9 % 6.9 % 6.9 % Real estate 5.4 % 5.4 % 5.4 % Credit strategies 5.5 % 5.5 % 5.5 % Weighted average 4.2 % 4.8 % 4.9 % |
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, 2021 2020 Assumed Health Care Cost Trend Rates-Not Medicare Eligible: Health care cost trend rate assumed for next year 6.30 % 6.20 % 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 2029 Assumed Health Care Cost Trend Rates-Medicare Eligible: Health care cost trend rate assumed for next year (Vistra Plan, EEI Union and EEI Salaried) 9.60 % 9.10 % Health care cost trend rate assumed for next year (Split-Participant Plan) 8.90 % 8.80 % 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 2031 2030 |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments to beneficiaries are as follows: 2022 2023 2024 2025 2026 2027-2031 Pension benefits $ 67 $ 42 $ 33 $ 34 $ 46 $ 162 OPEB $ 10 $ 10 $ 10 $ 9 $ 9 $ 39 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Schedule of stock-based compensation expense recorded | Stock-based compensation expense is reported as SG&A in the consolidated statements of operations as follows: Year Ended December 31, 2021 2020 2019 Total stock-based compensation expense $ 51 $ 63 $ 47 Income tax benefit (12) (15) (9) Stock based-compensation expense, net of tax $ 39 $ 48 $ 38 | |
Schedule of stock-based compensation stock options activity | Stock options outstanding at December 31, 2021 are all held by current or former employees. The following table summarizes our stock option activity: Year Ended December 31, 2021 Stock Options Weighted Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Total outstanding at beginning of period 16,030 $ 19.58 6.7 $ 30.8 Granted — $ — Exercised (894) $ 14.25 Forfeited or expired (1,189) $ 28.18 Total outstanding at end of period 13,947 $ 19.28 5.9 $ 55.7 Exercisable at December 31, 2021 7,234 $ 17.60 5.7 $ 42.1 | |
Schedule of share-based compensation, restricted stock units award activity | The following table summarizes our restricted stock unit activity: Year Ended December 31, 2021 Restricted Stock Units Weighted Total nonvested at beginning of period 2,252 $ 22.35 Granted 1,858 $ 22.61 Vested (1,082) $ 22.02 Forfeited (217) $ 23.20 Total nonvested at end of period 2,811 $ 22.57 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | For the year ended Retail Texas East West Sunset Asset Closure Corporate and Other (b) Eliminations Consolidated Operating revenues (a): December 31, 2021 $ 7,871 $ 2,790 $ 2,587 $ 374 $ 739 $ — $ — $ (2,284) $ 12,077 December 31, 2020 8,270 4,116 2,415 282 1,252 3 — (4,895) 11,443 December 31, 2019 6,872 3,836 2,790 338 1,602 341 — (3,970) 11,809 Depreciation and amortization: December 31, 2021 $ (212) $ (608) $ (698) $ (60) $ (139) $ — $ (36) $ — $ (1,753) December 31, 2020 (303) (475) (721) (19) (133) (22) (64) — (1,737) December 31, 2019 (292) (472) (680) (19) (120) — (57) — (1,640) Operating income (loss): December 31, 2021 $ 2,213 $ (2,601) $ (552) $ (8) $ (428) $ (56) $ (83) $ — $ (1,515) December 31, 2020 312 1,761 73 39 (420) (109) (137) — 1,519 December 31, 2019 155 1,314 398 88 271 (107) (127) 1 1,993 Interest expense and related charges: December 31, 2021 $ (9) $ 14 $ (15) $ 9 $ (2) $ (1) $ (381) $ 1 $ (384) December 31, 2020 (10) 8 (7) 10 (2) — (632) 3 (630) December 31, 2019 (21) 8 (13) — (4) — (770) 3 (797) Income tax (expense) benefit: December 31, 2021 $ (2) $ — $ — $ — $ — $ — $ 460 $ — $ 458 December 31, 2020 — — — — — — (266) — (266) December 31, 2019 — — — — — — (290) — (290) Net income (loss): December 31, 2021 $ 2,196 $ (2,512) $ (567) $ 1 $ (413) $ (22) $ 53 $ — $ (1,264) December 31, 2020 309 1,760 41 50 (414) (101) (1,021) — 624 December 31, 2019 134 1,342 400 88 274 (109) (1,204) 1 926 Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures: December 31, 2021 $ 1 $ 266 $ 44 $ 8 $ 31 $ — $ 48 $ — $ 398 December 31, 2020 2 388 71 2 46 — 91 — 600 December 31, 2019 1 296 61 2 58 — 69 — 487 ____________ (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 Texas East West Sunset Asset Closure Corporate and Other Eliminations (1) Consolidated December 31, 2021 $ (325) $ (1,272) $ (637) $ (42) $ (634) $ — $ — $ 1,719 $ (1,191) December 31, 2020 (11) 677 (23) (10) (140) — — (329) 164 December 31, 2019 8 575 195 41 168 — — (305) 682 ____________ (1) Amounts offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (b) Income tax expense is generally not reflected in net income of the segments but is reflected almost entirely in Corporate and Other net income. |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplementary Financial Information [Abstract] | |
Schedule of interest expense and related charges | Interest Expense and Related Charges Year Ended December 31, 2021 2020 2019 Interest paid/accrued $ 480 $ 467 $ 576 Unrealized mark-to-market net (gains) losses on interest rate swaps (134) 155 220 Amortization of debt issuance costs, discounts and premiums 30 18 9 Debt extinguishment (gain) loss 1 (17) (21) Capitalized interest (26) (21) (12) Other 33 28 25 Total interest expense and related charges $ 384 $ 630 $ 797 The weighted average interest rate applicable to the Vistra Operations Credit Facilities, taking into account the interest rate swaps discussed in Note 11, was 3.90%, 3.88% and 4.03% as of December 31, 2021, 2020 and 2019, respectively. |
Schedule of other income and deductions | Other Income and Deductions Year Ended December 31, 2021 2020 2019 Other income: Insurance settlements (a) $ 88 $ 6 $ 22 Gain on settlement of rail transportation disputes (b) 15 — — Sale of land (b) 9 8 — Funds released from escrow to settle pre-petition claims of our predecessor (c) — — 9 Interest income — 2 10 All other 28 18 15 Total other income $ 140 $ 34 $ 56 Other deductions: Loss on disposal of investment in NELP (d) $ — $ 29 $ — All other 16 13 15 Total other deductions $ 16 $ 42 $ 15 ____________ (a) For the year ended December 31, 2021, $80 million reported in the Texas segment, $7 million reported in the Sunset segment and $1 million reported in the Corporate and Other non-segment. For the year ended December 31, 2020, $3 million reported in the Corporate and Other non-segment, $2 million reported in the Asset Closure segment and $1 million reported in the Texas segment. For the year ended December 31, 2019, reported in the Texas segment. (b) Reported in the Asset Closure segment. (c) Reported in the Corporate and Other non-segment. (d) Reported in the East segment. |
Schedule of restricted cash | Restricted Cash December 31, 2021 December 31, 2020 Current Noncurrent Assets Current Noncurrent Assets Amounts related to remediation escrow accounts $ 21 $ 13 $ 19 $ 19 Total restricted cash $ 21 $ 13 $ 19 $ 19 |
Schedule of accounts, notes, loans and financing receivable | Trade Accounts Receivable December 31, 2021 2020 Wholesale and retail trade accounts receivable $ 1,442 $ 1,324 Allowance for uncollectible accounts (45) (45) Trade accounts receivable — net $ 1,397 $ 1,279 Gross trade accounts receivable as of December 31, 2021 and 2020 included unbilled retail revenues of $426 million and $468 million, respectively. Allowance for Uncollectible Accounts Receivable Year Ended December 31, 2021 2020 2019 Allowance for uncollectible accounts receivable at beginning of period (a) $ 45 $ 42 $ 19 Increase for bad debt expense 110 110 82 Decrease for account write-offs (110) (107) (65) Allowance for uncollectible accounts receivable at end of period $ 45 $ 45 $ 36 ____________ (a) The beginning balance in 2020 includes a $6 million increase recorded due to the adoption of ASU 2016-13, Financial Instruments—Credit Losses (see Note 1). |
Schedule of inventories by major category | Inventories by Major Category December 31, 2021 2020 Materials and supplies $ 260 $ 260 Fuel stock 314 236 Natural gas in storage 36 19 Total inventories $ 610 $ 515 |
Summary of other investments | Investments December 31, 2021 2020 Nuclear plant decommissioning trust $ 1,960 $ 1,674 Assets related to employee benefit plans (Note 17) 42 41 Land 44 44 Miscellaneous other 3 — Total investments $ 2,049 $ 1,759 |
Summary of investments in the fund | A summary of the fair market value of investments in the fund follows: Year Ended December 31, 2021 2020 Debt securities (a) $ 679 $ 618 Equity securities (b) 1,281 1,056 Total $ 1,960 $ 1,674 ____________ (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 2.54% and 2.91% as of December 31, 2021 and 2020, respectively, and an average maturity of 10 years as of both December 31, 2021 and 2020. (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, 2021 2020 2019 Proceeds from sales of securities $ 483 $ 433 $ 431 Investments in securities $ (505) $ (455) $ (453) |
Schedule of property, plant and equipment | Property, Plant and Equipment December 31, 2021 2020 Power generation and structures $ 16,195 $ 15,222 Land 608 617 Office and other equipment 183 173 Total 16,986 16,012 Less accumulated depreciation (4,801) (3,614) Net of accumulated depreciation 12,185 12,398 Finance lease right-of-use assets (net of accumulated depreciation) 173 182 Nuclear fuel (net of accumulated amortization of $125 million and $91 million) 212 207 Construction work in progress 486 712 Property, plant and equipment — net $ 13,056 $ 13,499 Depreciation expenses totaled $1.478 billion, $1.377 billion and $1.300 billion for the years ended December 31, 2021, 2020 and 2019, 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, 2021, 2020 and 2019: Nuclear Plant Decommissioning Mining Land Reclamation Coal Ash and Other Total 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 (a) — — (135) (135) Liability at December 31, 2019 1,320 410 508 2,238 Additions: Accretion 46 20 23 89 Adjustment for change in estimates (b) 219 (6) 25 238 Reductions: Payments — (65) (49) (114) Liability transfers (a) — — (15) (15) Liability at December 31, 2020 1,585 359 492 2,436 Additions: Accretion 50 16 22 88 Adjustment for change in estimates — 13 1 14 Reductions: Payments — (68) (20) (88) Liability at December 31, 2021 1,635 320 495 2,450 Less amounts due currently — (90) (14) (104) Noncurrent liability at December 31, 2021 $ 1,635 $ 230 $ 481 $ 2,346 ____________ (a) 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. (b) The adjustment for nuclear plant decommissioning resulted from a new cost estimate completed in 2020. Under applicable accounting standards, the liability is remeasured when significant changes in the amount or timing of cash flows occur, and the PUCT requires a new cost estimate at least every five years. The increase in the liability was driven by changes in assumptions including increased costs for labor, equipment and services and a delay in timing of when the U.S. Department of Energy is estimated to begin accepting spent fuel offsite. |
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, 2021 2020 Retirement and other employee benefits (Note 17) $ 276 $ 312 Winter Storm Uri impact (a) 261 — Identifiable intangible liabilities (Note 6) 147 289 Regulatory liability 325 89 Finance lease liabilities 235 206 Uncertain tax positions, including accrued interest 13 12 Liability for third-party remediation 17 31 Accrued severance costs 39 54 Other accrued expenses 176 138 Total other noncurrent liabilities and deferred credits $ 1,489 $ 1,131 ____________ (a) Includes the allocation of ERCOT default uplift charges and future bill credits related to large commercial and industrial customers that curtailed during Winter Storm Uri. |
Schedule of fair value of debt | Fair Value of Debt December 31, 2021 December 31, 2020 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 $ 2,549 $ 2,518 $ 2,579 $ 2,565 Vistra Operations Senior Notes Level 2 7,880 8,193 6,634 7,204 Forward Capacity Agreements Level 3 211 211 45 45 Equipment Financing Agreements Level 3 85 85 59 59 Building Financing Level 2 3 3 10 10 Other debt Level 3 3 3 3 3 |
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 consolidated balance sheets at December 31, 2021 and 2020: December 31, 2021 2020 Cash and cash equivalents $ 1,325 $ 406 Restricted cash included in current assets 21 19 Restricted cash included in noncurrent assets 13 19 Total cash, cash equivalents and restricted cash $ 1,359 $ 444 The following table summarizes our supplemental cash flow information for the years ended December 31, 2021, 2020 and 2019, respectively. Year Ended December 31, 2021 2020 2019 Cash payments related to: Interest paid $ 482 $ 503 $ 525 Capitalized interest (26) (21) (12) Interest paid (net of capitalized interest) $ 456 $ 482 $ 513 Income taxes paid / (refunds received) (a) $ (50) $ (140) $ (76) Noncash investing and financing activities: Accrued property, plant and equipment additions (b) $ 171 $ 19 $ 67 Disposition of investment in NELP $ — $ 123 $ — Acquisition of investment in NJEA $ — $ 90 $ — Shares issued for tangible equity unit contracts (Note 14) $ — $ — $ 446 Land transferred with liability transfers $ — $ — $ 16 ____________ (a) For the years ended December 31, 2021, 2020 and 2019, we paid state income taxes of $52 million, $40 million and $42 million, respectively, received federal tax refunds of zero, $170 million and $115 million, respectively, and received state tax refunds of $2 million, $10 million and $3 million, respectively. (b) Represents property, plant and equipment accruals during the period for which cash has not been paid as of the end of the period. |
Business And Significant Acco_3
Business And Significant Accounting Policies (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)Reportable_segmentshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 04, 2022USD ($) | |
Number of reportable segments (in reportable segments) | Reportable_segment | 6 | ||||
Issuance of preferred stock | $ 2,000 | $ 0 | $ 0 | ||
Advertising expense | $ 48 | 43 | 49 | ||
Series B Preferred Stock | |||||
Preferred stock, shares issued | shares | 1,000,000 | 1,000,000 | |||
Issuance of preferred stock | $ 985 | ||||
Electric Energy, Inc. [Member] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 20.00% | 20.00% | |||
Electric Reliability Council of Texas | Public Utility Commission Of Texas | |||||
Securitization of costs allocated to load-serving entities during Winter Storm Uri, amount expected to be received by Vistra Corp. | $ 544 | $ 544 | |||
Securitization of costs allocated to load-serving entities during Winter storm Uri, total authorized | $ 2,100 | 2,100 | |||
Vistra Operations Company LLC [Member] | Revolving Credit Facility [Member] | Senior Secured Commodity-Linked Revolving Credit Facility | Subsequent Event | |||||
Line of credit facility, maximum borrowing capacity | $ 1,000 | ||||
Luminant Generation Company LLC [Member] | Upton County 2 Solar Facility [Member] | |||||
Reduction of tax basis of asset, use of investment tax credit deferral method | $ 0 | $ 0 | $ 2 |
Business And Significant Acco_4
Business And Significant Accounting Policies (Adoption of New Accounting Standards) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use asset | $ 213 | $ 227 | |
Lease liabilities | $ 286 | $ 262 | |
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 |
Acquisitions and Business Com_3
Acquisitions 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 | 16 | ||
Business Combination, consideration transferred | $ 555 | ||
Long-term debt, including amounts due currently | 0 | ||
Cash and cash equivalents | $ 49 | ||
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 | ||
Long-term debt, including amounts due currently | 140 | ||
Cash and cash equivalents | $ 26 | ||
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 and Business Com_4
Acquisitions and Business Combination Accounting (Ambit and Crius Transactions Preliminary Purchase Price Allocation) (Details) - USD ($) $ in Millions | 11 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 01, 2019 | Jul. 15, 2019 | Dec. 31, 2018 | |
Goodwill | $ 2,583 | $ 2,583 | $ 2,553 | $ 2,068 | ||||
Ambit Transaction [Member] | ||||||||
Cash and cash equivalents | $ 49 | |||||||
Net working capital | 32 | |||||||
Accumulated deferred income taxes, asset | 0 | |||||||
Identifiable intangible liabilities | 218 | |||||||
Goodwill | 258 | |||||||
Commodity and other derivative contractual assets | 23 | |||||||
Other noncurrent assets | 13 | |||||||
Total asssets acquired | 593 | |||||||
Identifiable intangible liabilities | 0 | |||||||
Long-term debt, including amounts due currently | 0 | |||||||
Commodity and other derivative contractual liabilities | 28 | |||||||
Accumulated deferred income taxes, liability | 0 | |||||||
Other noncurrent liabilities and deferred credits | 10 | |||||||
Total liabilities assumed | 38 | |||||||
Identifiable net assets acquired | $ 555 | |||||||
Cash and cash equivalents, period increase (decrease) | $ 0 | |||||||
Net working capital, period increase (decrease) | 3 | |||||||
Accumulated deferred income taxes, asset, period increase (decrease) | 0 | |||||||
Identifiable intangible assets, period increase (decrease) | (45) | |||||||
Goodwill, period increase (decrease) | 44 | |||||||
Commodity and other derivative assets, period increase (decrease) | 0 | |||||||
Other noncurrent assets, period increase (decrease) | 0 | |||||||
Total assets acquired, period increase (decrease) | 2 | |||||||
Identifiable intangible liabilities, period increase (decrease) | 0 | |||||||
Long-term debt, including amounts due currently, period increase (decrease) | 0 | |||||||
Commodity and other derivative contractual liabilities, period increase (decrease) | 0 | |||||||
Accumulated deferred income taxes, liability, period increase (decrease) | 0 | |||||||
Other noncurrent liabilities and deferred credits, period increase (decrease) | 2 | |||||||
Total liabilities assumed, period increase (decrease) | 2 | |||||||
Identifiable net assets acquired, period increase (decrease) | $ 0 | |||||||
Crius Transaction [Member] | ||||||||
Cash and cash equivalents | $ 26 | |||||||
Net working capital | (9) | |||||||
Accumulated deferred income taxes, asset | 0 | |||||||
Identifiable intangible liabilities | 317 | |||||||
Goodwill | 243 | |||||||
Commodity and other derivative contractual assets | 18 | |||||||
Other noncurrent assets | 17 | |||||||
Total asssets acquired | 612 | |||||||
Identifiable intangible liabilities | 2 | |||||||
Long-term debt, including amounts due currently | 140 | |||||||
Commodity and other derivative contractual liabilities | 40 | |||||||
Accumulated deferred income taxes, liability | 14 | |||||||
Other noncurrent liabilities and deferred credits | 16 | |||||||
Total liabilities assumed | 212 | |||||||
Identifiable net assets acquired | $ 400 | |||||||
Cash and cash equivalents, period increase (decrease) | $ 0 | |||||||
Net working capital, period increase (decrease) | (42) | |||||||
Accumulated deferred income taxes, asset, period increase (decrease) | (36) | |||||||
Identifiable intangible assets, period increase (decrease) | 23 | |||||||
Goodwill, period increase (decrease) | 38 | |||||||
Commodity and other derivative assets, period increase (decrease) | 0 | |||||||
Other noncurrent assets, period increase (decrease) | (3) | |||||||
Total assets acquired, period increase (decrease) | (20) | |||||||
Identifiable intangible liabilities, period increase (decrease) | (34) | |||||||
Long-term debt, including amounts due currently, period increase (decrease) | 0 | |||||||
Commodity and other derivative contractual liabilities, period increase (decrease) | 0 | |||||||
Accumulated deferred income taxes, liability, period increase (decrease) | 14 | |||||||
Other noncurrent liabilities and deferred credits, period increase (decrease) | 0 | |||||||
Total liabilities assumed, period increase (decrease) | (20) | |||||||
Identifiable net assets acquired, period increase (decrease) | $ 0 |
Acquisitions and Business Com_5
Acquisitions and Business Combination Accounting (Ambit and Crius Transactions Unaudited Pro Forma Financial Information) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / shares | |
Ambit Transaction [Member] | |
Pro forma revenues | $ 12,931 |
Pro forma net income | 949 |
Pro forma net income attributable to Vistra | $ 951 |
Pro forma income attributable to Vistra per weighted average share of common stock outstanding - basic | $ / shares | $ 1.92 |
Pro forma net income attributable to Vistra per weighted average share of common stock outstanding - diluted | $ / shares | $ 1.90 |
Crius Transaction [Member] | |
Pro forma revenues | $ 12,373 |
Pro forma net income | 876 |
Pro forma net income attributable to Vistra | $ 878 |
Pro forma income attributable to Vistra per weighted average share of common stock outstanding - basic | $ / shares | $ 1.78 |
Pro forma net income attributable to Vistra per weighted average share of common stock outstanding - diluted | $ / shares | $ 1.76 |
Development of Generation Fac_2
Development of Generation Facilities (Texas Segment Solar Generation and Energy Storage Projects) (Details) $ in Millions | Feb. 28, 2022MW | Dec. 31, 2021USD ($)MW | Dec. 31, 2020USD ($) |
Construction work in progress, gross | $ | $ 486 | $ 712 | |
Vistra Corp. [Member] | Texas Segment [Member] | |||
Planned electricity generation facility capacity | 768 | ||
Planned battery energy system capacity | 260 | ||
Vistra Corp. [Member] | Texas Segment [Member] | Subsequent Event | |||
Electricity generation facility capacity | 158 | ||
Vistra Corp. [Member] | Texas Segment [Member] | Solar Generation and Battery Energy Storage Projects | |||
Construction work in progress, gross | $ | $ 286 |
Development of Generation Fac_3
Development of Generation Facilities (East Segment Solar Generation and Energy Storage Projects) (Details) - Vistra Corp. [Member] - East Segment [Member] | Dec. 31, 2021MW |
Planned electricity generation facility capacity | 300 |
Planned battery energy system capacity | 150 |
Development of Generation Fac_4
Development of Generation Facilities (West Segment Energy Storage Projects) (Details) - Vistra Corp. [Member] $ in Millions | 1 Months Ended | 12 Months Ended | 33 Months Ended | ||
Jan. 31, 2022MW | Dec. 31, 2021MW | Aug. 31, 2021USD ($) | Sep. 30, 2020MW | Jun. 30, 2020MW | |
Oakland Power Plant (Battery Storage Project) [Member] | |||||
Planned battery energy system capacity | 36.25 | 20 | |||
Moss Landing Power Plant (Battery Storage Project) [Member] | Moss Landing Battery Energy Storage System Phase I [Member] | |||||
Battery energy storage system capacity | 300 | ||||
Contract, duration, number of years | 20 years | ||||
Moss Landing Power Plant (Battery Storage Project) [Member] | Moss Landing Battery Energy Storage System Phase II [Member] | |||||
Battery energy storage system capacity | 100 | ||||
Contract, duration, number of years | 10 years | ||||
Moss Landing Power Plant (Battery Storage Project) [Member] | Moss Landing Battery Energy Storage System Phases I and II | |||||
Costs incurred, development costs | $ | $ 600 | ||||
Moss Landing Power Plant (Battery Storage Project) [Member] | Moss Landing Battery Energy Storage System Phase III | Subsequent Event | |||||
Planned battery energy system capacity | 350 | ||||
Proposed contract, duration, number of years | 15 years |
Retirement of Generation Faci_3
Retirement of Generation Facilities (Sunset Segment) (Details) - Sunset Segment [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2021MWpower_plantgenerating_unit | |
Baldwin Generating Center [Member] | ||
Electric generation facility capacity announced retirement | 1,185 | |
Coleto Creek Power Station [Member] | ||
Electric generation facility capacity announced retirement | 650 | |
Number of electric generation plants announced retirement | generating_unit | 1 | |
Edwards Power Station [Member] | ||
Electric generation facility capacity announced retirement | 585 | |
Joppa Steam Plant (Coal) [Member] | ||
Electric generation facility capacity announced retirement | 802 | |
Joppa Plant (Natural Gas) [Member] | ||
Electric generation facility capacity announced retirement | 221 | |
Number of electric generation plants announced retirement | power_plant | 1 | |
Kincaid Generation [Member] | ||
Electric generation facility capacity announced retirement | 1,108 | |
Miami Fort Power Station [Member] | ||
Electric generation facility capacity announced retirement | 1,020 | |
Newton Power Plant [Member] | ||
Electric generation facility capacity announced retirement | 615 | |
William H. Zimmer Power Station [Member] | ||
Electric generation facility capacity announced retirement | 1,300 | |
Baldwin Generating Center, Coleto Creek Power Station, Edwards Power Station, Joppa Plant Coal, Joppa Plant NG, Kincaid Gen, Miami Fort Power Station, Newton Power Plant and William H. Zimmer Power Station | ||
Electric generation facility capacity announced retirement | 7,486 | |
Baldwin Generating Center, Coleto Creek Power Station, Joppa Steam Plant (Coal), Joppa Plant (Gas), Kincaid Generation, Miami Fort Power Station, Newton Power Plant and William H. Zimmer Power Station [Member] | ||
Charges associated with retirement of generation facilities | $ | $ 43 |
Retirement of Generation Faci_4
Retirement of Generation Facilities (Asset Closure Segment) (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Aug. 31, 2019USD ($) | Dec. 31, 2019USD ($)power_plantMW | |
Coffeen Power Station, Duck Creek Station, Havana Power Station, Hennepin Power Station [Member] | ||
Electricity generation facility capacity retired | 2,068 | |
Asset Closure Segment [Member] | Coffeen Power Station [Member] | ||
Electricity generation facility capacity retired | 915 | |
Asset Closure Segment [Member] | Duck Creek Station [Member] | ||
Electricity generation facility capacity retired | 425 | |
Asset Closure Segment [Member] | Havana Power Station [Member] | ||
Electricity generation facility capacity retired | 434 | |
Asset Closure Segment [Member] | Hennepin Power Station [Member] | ||
Electricity generation facility capacity retired | 294 | |
Asset Closure Segment [Member] | Coffeen Power Station, Duck Creek Station, Havana Power Station, Hennepin Power Station [Member] | ||
Electricity generation facility capacity retired | 2,068 | |
Number of electric generation plants retired | power_plant | 4 | |
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 |
Revenue (Revenue Disaggregated
Revenue (Revenue Disaggregated By Major Source) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | $ 17,700 | $ 10,850 | $ 11,547 |
Operating revenues | 12,077 | 11,443 | 11,809 |
Unrealized mark-to-market net gains (losses) | 134 | (155) | (220) |
Retail Energy Charge In ERCOT [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 5,733 | 5,813 | 4,983 |
Retail Energy Charge In Northeast/Midwest [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 2,255 | 2,406 | 1,818 |
Wholesale Generation Revenue From ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 6,348 | 1,383 | 3,244 |
Capacity Revenue from ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 163 | 112 | 378 |
Revenue From Other Wholesale Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 3,201 | 1,136 | 1,124 |
Intangible amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 60 | (24) | (32) |
Hedging and other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (5,683) | 617 | 294 |
Affiliate sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Total other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (5,623) | 593 | 262 |
Consolidation, Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Operating revenues | (2,284) | (4,895) | (3,970) |
Consolidation, Eliminations [Member] | Retail Energy Charge In ERCOT [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Capacity Revenue from ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Revenue From Other Wholesale Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Intangible amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Hedging and other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Affiliate sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (2,284) | (4,895) | (3,970) |
Consolidation, Eliminations [Member] | Total other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (2,284) | (4,895) | (3,970) |
Retail Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 7,988 | 8,219 | 6,801 |
Operating revenues | 7,871 | 8,270 | 6,872 |
Retail Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 5,733 | 5,813 | 4,983 |
Retail Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 2,255 | 2,406 | 1,818 |
Retail Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Retail Segment [Member] | Capacity Revenue from ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Retail Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Retail Segment [Member] | Intangible amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (2) | (5) | (15) |
Retail Segment [Member] | Hedging and other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (115) | 56 | 86 |
Retail Segment [Member] | Affiliate sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Retail Segment [Member] | Total other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (117) | 51 | 71 |
Texas Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 6,110 | 701 | 1,741 |
Operating revenues | 2,790 | 4,116 | 3,836 |
Texas Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Texas Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Texas Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 3,808 | 475 | 1,477 |
Texas Segment [Member] | Capacity Revenue from ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Texas Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 2,302 | 226 | 264 |
Texas Segment [Member] | Intangible amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Texas Segment [Member] | Hedging and other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (4,355) | 416 | (250) |
Texas Segment [Member] | Affiliate sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 1,035 | 2,999 | 2,345 |
Texas Segment [Member] | Total other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (3,320) | 3,415 | 2,095 |
East Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 1,366 | 926 | 1,501 |
Operating revenues | 2,587 | 2,415 | 2,790 |
East Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
East Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
East Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 786 | 310 | 629 |
East Segment [Member] | Capacity Revenue from ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | (22) | (52) | 170 |
Net capacity sold | (448) | (490) | (613) |
Net capacity purchased | 470 | 542 | 443 |
East Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 602 | 668 | 702 |
East Segment [Member] | Intangible amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 74 | 2 | (4) |
East Segment [Member] | Hedging and other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 123 | (108) | 37 |
East Segment [Member] | Affiliate sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 1,024 | 1,595 | 1,256 |
East Segment [Member] | Total other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 1,221 | 1,489 | 1,289 |
West Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 334 | 178 | 202 |
Operating revenues | 374 | 282 | 338 |
West Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
West Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
West Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 229 | 124 | 193 |
West Segment [Member] | Capacity Revenue from ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 1 | 0 | 0 |
West Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 104 | 54 | 9 |
West Segment [Member] | Intangible amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 0 | 4 |
West Segment [Member] | Hedging and other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 35 | 101 | 132 |
West Segment [Member] | Affiliate sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 5 | 3 | 0 |
West Segment [Member] | Total other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 40 | 104 | 136 |
Sunset Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 1,902 | 824 | 1,095 |
Operating revenues | 739 | 1,252 | 1,602 |
Sunset Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Sunset Segment [Member] | Retail Energy Charge In Northeast/Midwest [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 0 |
Sunset Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 1,525 | 473 | 751 |
Sunset Segment [Member] | Capacity Revenue from ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 184 | 164 | 197 |
Net capacity sold | (188) | (167) | (198) |
Net capacity purchased | 4 | 3 | 1 |
Sunset Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 193 | 187 | 147 |
Sunset Segment [Member] | Intangible amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (12) | (21) | (17) |
Sunset Segment [Member] | Hedging and other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (1,371) | 151 | 247 |
Sunset Segment [Member] | Affiliate sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 220 | 298 | 277 |
Sunset Segment [Member] | Total other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | (1,163) | 428 | 507 |
Asset Closure Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 2 | 207 |
Operating revenues | 0 | 3 | 341 |
Asset Closure Segment [Member] | Retail Energy Charge In ERCOT [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 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 | 0 |
Asset Closure Segment [Member] | Wholesale Generation Revenue From ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 1 | 194 |
Asset Closure Segment [Member] | Capacity Revenue from ISO/RTO [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 0 | 11 |
Asset Closure Segment [Member] | Revenue From Other Wholesale Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customer | 0 | 1 | 2 |
Asset Closure Segment [Member] | Intangible amortization [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Asset Closure Segment [Member] | Hedging and other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 1 | 42 |
Asset Closure Segment [Member] | Affiliate sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 0 | 92 |
Asset Closure Segment [Member] | Total other revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenues | 0 | 1 | 134 |
Operating revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Unrealized mark-to-market net gains (losses) | (1,191) | $ 164 | $ 682 |
Operating revenues [Member] | Texas Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Unrealized Gain (Loss) On Derivatives Affiliated | (1,028) | ||
Operating revenues [Member] | East Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Unrealized Gain (Loss) On Derivatives Affiliated | $ (529) |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Retail Segment [Member] | Minimum | |
Revenue from contracts with customers, payment terms, number of days due from invoice date | 15 days |
Retail Segment [Member] | Maximum | |
Revenue from contracts with customers, payment terms, number of days due from invoice date | 60 days |
Texas, East, West and Sunset Segments | |
Revenue from contracts with customers, payment terms, number of days due from invoice date | 10 days |
Revenue (Contract and Other Cus
Revenue (Contract and Other Customer Acquisition Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Selling, general and administrative expenses [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization | $ 75 | $ 46 | $ 21 |
Operating revenues [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, amortization | 6 | 7 | $ 9 |
Costs To Acquire Residential And Business Retail Customers [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Capitalized contract cost, net | $ 80 | $ 80 |
Revenue (Performance Obligation
Revenue (Performance Obligations) (Details) $ in Millions | Dec. 31, 2021USD ($) |
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 | $ 652 |
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 | $ 310 |
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 | $ 212 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 99 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 45 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 439 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 years |
Revenue (Accounts Receivable) (
Revenue (Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Trade accounts receivable - net | $ 1,397 | $ 1,279 |
Trade accounts receivable from contracts with customers - net [Member] | ||
Trade accounts receivable - net | 1,087 | 1,169 |
Other trade accounts receivables [Member] | ||
Trade accounts receivable - net | $ 310 | $ 110 |
Goodwill and Identifiable Int_3
Goodwill and Identifiable Intangible Assets and Liabilities (Goodwill) (Details) - USD ($) $ in Millions | Nov. 01, 2019 | Oct. 03, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Jul. 15, 2019 | Dec. 31, 2018 | Apr. 09, 2018 |
Goodwill [Line Items] | ||||||||
Goodwill | $ 2,583 | $ 2,553 | $ 2,583 | $ 2,068 | ||||
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 | |||||||
Goodwill, purchase accounting adjustments | 14 | |||||||
Goodwill, expected tax deductible amount | $ 0 | |||||||
Dynegy Merger | Retail Reporting Unit [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill | 53 | |||||||
Dynegy Merger | Texas Generation Reporting Unit [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill | 122 | |||||||
Crius Transaction [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill | $ 243 | |||||||
Goodwill, purchase accounting adjustments | (14) | |||||||
Goodwill, acquired during period | 257 | |||||||
Goodwill, expected tax deductible amount | $ 0 | |||||||
Crius Transaction [Member] | Retail Reporting Unit [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill | 243 | |||||||
Ambit Transaction [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill | $ 258 | |||||||
Goodwill, purchase accounting adjustments | $ 44 | |||||||
Goodwill, acquired during period | $ 214 | |||||||
Goodwill, expected tax deductible amount | $ 258 | |||||||
Goodwill, expected tax deductible term | 15 years | |||||||
Ambit Transaction [Member] | Retail Reporting Unit [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill | $ 258 |
Goodwill and Identifiable Int_4
Goodwill and Identifiable Intangible Assets and Liabilities (Identifiable Intangible Assets Reported in the Balance Sheet) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,870 | $ 2,915 |
Accumulated Amortization | 2,065 | 1,844 |
Total identifiable intangible assets subject to amortization, net | 805 | 1,071 |
Total identifiable intangible assets | 2,146 | 2,446 |
Retail trade names (not subject to amortization) [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, unamortized intangibles | 1,341 | 1,374 |
Impairment of intangible assets, indefinite-lived | 33 | |
Mineral interests (not currently subject to amortization) [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount, unamortized intangibles | 0 | 1 |
Retail customer relationship [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,083 | 2,082 |
Accumulated Amortization | 1,631 | 1,434 |
Total identifiable intangible assets subject to amortization, net | 452 | 648 |
Software and other technology-related assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 421 | 414 |
Accumulated Amortization | 206 | 186 |
Total identifiable intangible assets subject to amortization, net | 215 | 228 |
Retail and wholesale contracts [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 248 | 272 |
Accumulated Amortization | 206 | 204 |
Total identifiable intangible assets subject to amortization, net | 42 | 68 |
Contractual service agreements [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 23 | 51 |
Accumulated Amortization | 2 | 1 |
Total identifiable intangible assets subject to amortization, net | 21 | 50 |
Other identifiable intangible assets [Member] | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 95 | 96 |
Accumulated Amortization | 20 | 19 |
Total identifiable intangible assets subject to amortization, net | $ 75 | $ 77 |
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, 2021 | Dec. 31, 2020 |
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | $ 147 | $ 289 |
Contractual service agreements [Member] | ||
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | 125 | 129 |
Purchase and sale of power and capacity [Member] | ||
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | 8 | 87 |
Fuel and transportation purchase contracts [Member] | ||
Schedule of Finite-Lived Intangible Liabilities [Line Items] | ||
Finite-lived intangible liabilities, net | $ 14 | $ 73 |
Goodwill and Identifiable Int_6
Goodwill and Identifiable Intangible Assets and Liabilities (Amortization Expense Related to Identifiable Intangible Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets and liabilities | $ 494 | $ 596 | $ 507 |
Depreciation and amortization [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets and liabilities | $ 275 | 360 | 340 |
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 | 3 years | ||
Amortization of intangible assets and liabilities | $ 197 | 283 | 275 |
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 | $ 74 | 73 | 61 |
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 | 3 years | ||
Amortization of intangible assets and liabilities | $ (56) | 17 | 23 |
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 | 5 years | ||
Amortization of intangible assets and liabilities | $ 279 | $ 223 | $ 148 |
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, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 202 |
2023 | 148 |
2024 | 99 |
2025 | 73 |
2026 | $ 49 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
U.S. Federal | $ 1 | $ (5) | $ (1) |
State | 16 | 41 | 10 |
Total current | 17 | 36 | 9 |
Deferred: | |||
U.S. Federal | (336) | 171 | 260 |
State | (139) | 59 | 21 |
Total deferred | (475) | 230 | 281 |
Income tax expense (benefit) | $ (458) | $ 266 | $ 290 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) before income taxes | $ (1,722) | $ 890 | $ 1,216 |
Effective tax rate at federal statutory rate | 21.00% | 21.00% | 21.00% |
Income taxes at the U.S. federal statutory rate | $ (362) | $ 187 | $ 255 |
Nondeductible TRA accretion | (8) | (7) | 5 |
State tax, net of federal benefit | (2) | 32 | 48 |
Federal and State return to provision adjustment | (2) | 13 | (17) |
Nondeductible compensation | 4 | 0 | 3 |
Nondeductible transaction costs | 0 | 0 | 2 |
Equity awards | 1 | 0 | (4) |
Valuation allowance on state NOLs | (94) | 41 | 13 |
Lignite depletion | (3) | (3) | (6) |
Texas gross margin amended return | 0 | 0 | (3) |
Other | 8 | 3 | (6) |
Income tax expense (benefit) | $ (458) | $ 266 | $ 290 |
Effective tax rate | 26.60% | 29.90% | 23.80% |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Tax Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent Deferred Income Tax Assets | ||
Tax credit carryforwards | $ 76 | $ 75 |
Loss carryforwards | 1,193 | 953 |
Identifiable intangible assets | 346 | 293 |
Long-term debt | 15 | 19 |
Employee benefit obligations | 121 | 129 |
Commodity contracts and interest rate swaps | 238 | 96 |
Other | 148 | 47 |
Total deferred tax assets | 2,137 | 1,612 |
Noncurrent Deferred Income Tax Liabilities | ||
Property, plant and equipment | 767 | 632 |
Total deferred tax liabilities | 767 | 632 |
Valuation allowance | 68 | 143 |
Net deferred income tax asset | $ 1,302 | $ 837 |
Income Taxes (Income Tax Narrat
Income Taxes (Income Tax Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net deferred income tax asset | $ 1,302 | $ 837 |
Valuation allowance | 68 | 143 |
Operating loss carryforwards | 4,500 | |
Alternative minimum tax credits | 0 | |
Tax effects of the components included in accumulated other comprehensive loss, deferred tax assets | 5 | |
Tax effects of the components included in accumulated other comprehensive loss, deferred tax liabilities | (9) | |
Illinois And New York [Member] | ||
Valuation allowance | $ 32 | |
State and Local Jurisdiction | State of Illinois | ||
Unrecognized tax benefits, increase resulting from settlements with taxing authorities | $ 74 |
Income Taxes (CARES Act) (Detai
Income Taxes (CARES Act) (Details) - Internal Revenue Service (IRS) [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax, CARES Act, estimated interest expense deduction tax impact | $ 12 |
Payroll Tax, CARES Act, payroll tax deferral | $ 22 |
Income Taxes (Liability for Unc
Income Taxes (Liability for Uncertain Tax Positions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 126 | $ 39 |
Additions based on tax positions related to prior years | 1 | 3 | 3 |
Reductions based on tax positions related to prior years | 0 | (90) | 0 |
Additions based on tax positions related to the current year | 0 | 0 | 87 |
Settlements with taxing authorities | (2) | 0 | (3) |
Uncertain tax positions, balance at end of period, excluding interest and penalties | $ 38 | $ 39 | $ 126 |
Tax Receivable Agreement Obli_3
Tax Receivable Agreement Obligation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Percent of cash tax savings due Tax Receivable Agreement rights holders | 85.00% | |||
Additions (reductions) to Tax Receivable Agreement obligation | $ (115) | $ (69) | $ (22) | |
Tax receivable agreement obligation | $ 395 | $ 450 | $ 455 | $ 420 |
Effective tax rate at federal statutory rate | 21.00% | 21.00% | 21.00% | |
Estimated undiscounted future payments under Tax Receivable Agreement | $ 1,400 | |||
Estimated number of years half of undiscounted future payments to be made | 15 years | |||
Estimated future tax payments under Tax Receivables Agreement, approximate amount attributable to next fifteen tax years (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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
TRA obligation at the beginning of the period | $ 450 | $ 455 | $ 420 |
Accretion expense | 62 | 64 | 59 |
Changes in tax assumptions impacting timing of payments | (115) | (69) | (22) |
Impacts of Tax Receivable Agreement | (53) | (5) | 37 |
Payments | (2) | 0 | (2) |
TRA obligation at the end of the period | 395 | 450 | 455 |
Less amounts due currently | (1) | (3) | 0 |
Noncurrent TRA obligation at the end of the period | $ 394 | $ 447 | $ 455 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) attributable to Vistra | $ (1,274) | $ 636 | $ 928 |
Net income (loss) attributable to common stock - basic | $ (1,295) | $ 636 | $ 928 |
Weighted average shares of common stock outstanding - basic | 482,214,544 | 488,668,263 | 494,146,268 |
Net income (loss) per weighted average share of common stock outstanding - basic | $ (2.69) | $ 1.30 | $ 1.88 |
Dilutive securities: Stock-based incentive compensation plan | 0 | 2,422,205 | 5,789,223 |
Weighted average shares of common stock outstanding - diluted | 482,214,544 | 491,090,468 | 499,935,490 |
Net income (loss) per weighted average share of common stock outstanding - diluted | $ (2.69) | $ 1.30 | $ 1.86 |
Antidilutive securities excluded from computation of earnings per share, amount | 14,412,299 | 12,553,414 | 2,447,850 |
Series A Preferred Stock | |||
Less cumulative dividends | $ (17) | $ 0 | $ 0 |
Series B Preferred Stock | |||
Less cumulative dividends | $ (4) | $ 0 | $ 0 |
Accounts Receivable Financing (
Accounts Receivable Financing (Details) - USD ($) $ in Millions | 1 Months Ended | ||||||||
Feb. 28, 2021 | Dec. 31, 2021 | Nov. 30, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Apr. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 09, 2020 | |
Accounts receivable securitization program, amounts borrowed | $ 0 | $ 300 | |||||||
Accounts Receivable Securitization Program [Member] | |||||||||
Accounts receivable securitization program, maximum borrowing capacity, July through August 2021 | $ 600 | ||||||||
Accounts receivable securitization program, maximum borrowing capacity, August through November 2021 | $ 725 | ||||||||
Accounts receivable securitization program, maximum borrowing capacity, November through July 2022 | $ 600 | ||||||||
Net borrowings under accounts receivable securitization program | $ 596 | ||||||||
Accounts receivable securitization program, maximum borrowing capacity | $ 600 | $ 500 | 500 | ||||||
Accounts receivable securitization program, amounts borrowed | 300 | ||||||||
Accounts receivable securitization program, gross trade accounts receivable held by special purpose subsidiary | 735 | ||||||||
Repurchase Facility [Member] | |||||||||
Accounts Receivable Repurchase Facility, maximum borrowing capacity | $ 125 | $ 150 | $ 125 | ||||||
Accounts Receivable Repurchase Facility, amounts borrowed | $ 0 | $ 0 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | $ 10,731 | $ 9,330 |
Other long-term debt | 311 | 126 |
Unamortized debt premiums, discounts and issuance costs | (73) | (68) |
Less amounts due currently | (254) | (95) |
Long-term debt, less amounts due currently | 10,477 | 9,235 |
Line of Credit [Member] | Vistra Operations Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | 2,543 | 2,572 |
Vistra Operations Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | 3,100 | 3,100 |
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 | 1,500 |
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 | 800 |
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 | 800 |
Stated debt interest rate (percent) | 4.30% | |
Vistra Operations Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | $ 4,850 | 3,600 |
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 | 1,300 |
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 | 1,300 |
Stated debt interest rate (percent) | 5.00% | |
Vistra Operations Senior Unsecured Notes [Member] | 4.375% Senior Unsecured Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | $ 1,250 | 0 |
Stated debt interest rate (percent) | 4.375% | |
Secured Debt [Member] | Forward Capacity Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | $ 213 | 45 |
Unsecured Debt [Member] | Equipment Financing Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | 92 | 68 |
Building financing [Member] | 8.82% Building Financing due semiannually through 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | $ 3 | 10 |
Stated debt interest rate (percent) | 8.82% | |
Other debt [Member] | Other debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, including amounts due currently | $ 3 | $ 3 |
Long-Term Debt (Vistra Operatio
Long-Term Debt (Vistra Operations Credit Facilities) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
May 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Nov. 30, 2019 | Oct. 31, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 09, 2018 | |
Line of Credit Facility [Line Items] | |||||||||||||
Gain (loss) on extinguishment of debt | $ 1,000,000 | $ (17,000,000) | $ (21,000,000) | ||||||||||
Repayments/repurchases of debt | 381,000,000 | 1,008,000,000 | 7,109,000,000 | ||||||||||
Borrowings under Revolving Credit Facility | 1,450,000,000 | 1,075,000,000 | 650,000,000 | ||||||||||
Repayments under Revolving Credit Facility | $ (1,450,000,000) | (1,425,000,000) | (300,000,000) | ||||||||||
Debt fees and expenses, capitalized as noncurrent asset | $ 2,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Long-term debt | $ 6,138,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Repayments/repurchases of debt | $ 1,000,000 | 87,000,000 | |||||||||||
Repayments of Unsecured Debt | $ 87,000,000 | $ 387,000,000 | 672,000,000 | ||||||||||
Stated debt interest rate (percent) | 7.625% | ||||||||||||
Vistra Operations Senior Unsecured Notes [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Gain (loss) on extinguishment of debt | 2,000,000 | ||||||||||||
Debt fees and expenses, recorded as interest expense | $ 15,000,000 | ||||||||||||
Debt fees and expenses, capitalized as reduction of debt | 13,000,000 | $ 16,000,000 | |||||||||||
Vistra Operations Senior Unsecured Notes [Member] | 4.375% Senior Unsecured Notes Due 2029 | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Stated debt interest rate (percent) | 4.375% | ||||||||||||
Vistra Operations Company LLC [Member] | Vistra Corp. [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Cash dividends paid | 425,000,000 | $ 405,000,000 | $ 1,100,000,000 | $ 3,900,000,000 | |||||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 5,268,000,000 | ||||||||||||
Gain (loss) on extinguishment of debt | (4,000,000) | ||||||||||||
Debt fees and expenses, recorded as interest expense | 2,000,000 | ||||||||||||
Line of credit facility, borrowings outstanding | 2,543,000,000 | ||||||||||||
Line of credit facility, letters of credit outstanding | 1,471,000,000 | ||||||||||||
Line of credit facility, remaining borrowing capacity | 1,254,000,000 | ||||||||||||
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 | 2,725,000,000 | ||||||||||||
Line of credit facility, increase (decrease), net | 225,000,000 | ||||||||||||
Borrowings under Revolving Credit Facility | $ 550,000,000 | 1,450,000,000 | |||||||||||
Repayments under Revolving Credit Facility | (200,000,000) | (1,450,000,000) | |||||||||||
Line of credit facility, borrowings outstanding | 0 | ||||||||||||
Line of credit facility, remaining borrowing capacity | $ 1,254,000,000 | ||||||||||||
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 | $ 300,000,000 | ||||||||||||
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 | 1,897,000,000 | 889,000,000 | |||||||||||
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 | 977,000,000 | ||||||||||||
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 | $ 2,543,000,000 | ||||||||||||
Line of credit facility, increase (decrease), net | $ (100,000,000) | $ (799,000,000) | |||||||||||
Debt Instrument, Redemption Price | 93.875 | ||||||||||||
Gain (loss) on extinguishment of debt | $ (6,000,000) | ||||||||||||
Repayments/repurchases of debt | 134,000,000 | ||||||||||||
Line of credit facility, borrowings outstanding | 2,543,000,000 | ||||||||||||
Line of credit facility, letters of credit outstanding | |||||||||||||
Line of credit facility, remaining borrowing capacity | $ 0 | ||||||||||||
Line of Credit Facility percentage of debt required to be repaid annually | 1.00% | ||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | ||||||||||||
Line of credit facility, interest rate at period end | 1.86% | ||||||||||||
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 | $ 2,350,000,000 | ||||||||||||
Line of credit facility, increase (decrease), net | $ 50,000,000 | ||||||||||||
Line of credit facility, letters of credit outstanding | $ 1,471,000,000 | ||||||||||||
Line of credit facility, interest rate at period end | 1.75% | ||||||||||||
Vistra Operations Company LLC [Member] | Line of Credit [Member] | Secured Term Loan A Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Gain (loss) on extinguishment of debt | $ 1,000,000 | ||||||||||||
Borrowings under Revolving Credit Facility | $ 250,000,000 | $ 1,000,000,000 | |||||||||||
Repayments under Revolving Credit Facility | $ (1,250,000,000) |
Long-Term Debt (Interest Rate S
Long-Term Debt (Interest Rate Swaps) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
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 (Commodity-Linke
Long-Term Debt (Commodity-Linked, Secured and Alternate Credit Facilities) (Details) - Vistra Operations Company LLC [Member] $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)credit_facility | Feb. 04, 2022USD ($) | |
Revolving Credit Facility [Member] | Senior Secured Commodity-Linked Revolving Credit Facility | Subsequent Event | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,000 | |
Letter of Credit [Member] | Secured Letter of Credit Facilities [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding, amount | $ 406 | |
Letter of Credit [Member] | Alternate Letter of Credit Facilities Maturing in December 2020 and December 2021 | ||
Line of Credit Facility [Line Items] | ||
Letter of credit facility, number of credit facilities | credit_facility | 2 | |
Letter of Credit [Member] | Alternate Letter of Credit Facility Maturing in December 2020 [Member] | ||
Line of Credit Facility [Line Items] | ||
Letter of credit facility, number of credit facilities | credit_facility | 1 | |
Letter of credit facility, maximum borrowing capacity | $ 250 | |
Letter of Credit [Member] | 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, 2020 | Dec. 31, 2021 | |
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 | |||||
May 31, 2021 | Jul. 31, 2019 | Jun. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Repayments/repurchases of debt | $ 381,000,000 | $ 1,008,000,000 | $ 7,109,000,000 | ||||
Gain (loss) on extinguishment of debt | $ 1,000,000 | $ (17,000,000) | $ (21,000,000) | ||||
Vistra Operations Senior Unsecured Notes [Member] | |||||||
Proceeds from issuance of debt | $ 1,250,000,000 | $ 1,300,000,000 | $ 1,300,000,000 | ||||
Proceeds from issuance of senior long-term debt | 1,235,000,000 | 1,287,000,000 | 1,287,000,000 | ||||
Debt fees and expenses, capitalized as reduction of debt | 13,000,000 | 16,000,000 | |||||
Debt fees and expenses, recorded as interest expense | 15,000,000 | ||||||
Gain (loss) on extinguishment of debt | 2,000,000 | ||||||
Vistra Operations Senior Unsecured Notes [Member] | 5.625% Senior Notes Due 2027 [Member] | |||||||
Stated debt interest rate (percent) | 5.625% | ||||||
Proceeds from issuance of debt | 0 | 0 | 1,300,000,000 | ||||
Vistra Operations Senior Unsecured Notes [Member] | 5.000% Senior Notes due 2027 [Member] | |||||||
Stated debt interest rate (percent) | 5.00% | ||||||
Proceeds from issuance of debt | 0 | 1,300,000,000 | 0 | ||||
Vistra Operations Senior Unsecured Notes [Member] | 4.375% Senior Unsecured Notes Due 2029 | |||||||
Stated debt interest rate (percent) | 4.375% | ||||||
Proceeds from issuance of debt | $ 1,250,000,000 | 0 | 0 | ||||
Vistra Senior Unsecured Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | |||||||
Stated debt interest rate (percent) | 7.375% | ||||||
Repayments/repurchases of debt | 306,000,000 | 35,000,000 | |||||
Vistra Senior Unsecured Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | |||||||
Stated debt interest rate (percent) | 8.034% | ||||||
Repayments/repurchases of debt | $ 25,000,000 | ||||||
Vistra Senior Unsecured Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | |||||||
Stated debt interest rate (percent) | 7.625% | ||||||
Repayments/repurchases of debt | $ 1,000,000 | $ 87,000,000 |
Long-Term Debt (Bond Repurchase
Long-Term Debt (Bond Repurchase Program) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | 30 Months Ended | |||||||
Jul. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | ||||||||||
Repayments/repurchases of debt | $ 381 | $ 1,008 | $ 7,109 | |||||||
Bond Repurchase Program Authorized July 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bond Repurchase Program, authorized amount | $ 1,000 | 1,000 | $ 1,000 | |||||||
Repayments/repurchases of debt | 684 | |||||||||
Bond Repurchase Program, Remaining Capacity | 316 | $ 316 | ||||||||
Bond Repurchase Program Authorized April 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Bond Repurchase Program, authorized amount | 1,000 | |||||||||
Repayments/repurchases of debt | $ 666 | |||||||||
Senior Secured Term Loan B-3 Facility [Member] | Line of Credit [Member] | Vistra Operations Company LLC [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments/repurchases of debt | $ 134 | |||||||||
Line of credit facility, increase (decrease), net | $ (100) | $ (799) | ||||||||
8.000% Senior Notes Due 2025 [Member] | Vistra Senior Unsecured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Unsecured Debt | $ 81 | |||||||||
Stated debt interest rate (percent) | 8.00% | |||||||||
5.875% Senior Notes Due 2023 [Member] | Vistra Senior Unsecured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Unsecured Debt | $ 500 | |||||||||
Stated debt interest rate (percent) | 5.875% | |||||||||
8.125% Senior Notes Due 2026 [Member] | Vistra Senior Unsecured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Unsecured Debt | $ 166 | |||||||||
Stated debt interest rate (percent) | 8.125% |
Long-Term Debt (Vistra Corp. Se
Long-Term Debt (Vistra Corp. Senior Unsecured Notes) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 42 Months Ended | ||||||||||
Jul. 31, 2020 | Jun. 30, 2020 | Jan. 31, 2020 | Nov. 30, 2019 | Oct. 31, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Apr. 09, 2018 | |
Gain (loss) on extinguishment of debt | $ 1,000,000 | $ (17,000,000) | $ (21,000,000) | ||||||||||
Repayments/repurchases of debt | 381,000,000 | 1,008,000,000 | $ 7,109,000,000 | ||||||||||
Proceeds from Issuance of Unsecured Debt | $ 4,850,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | |||||||||||||
Long-term debt | $ 6,138,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | February 2019 Tender Offer (a) | |||||||||||||
Repayments of Unsecured Debt | 1,193,000,000 | ||||||||||||
Gain (loss) on extinguishment of debt | (7,000,000) | ||||||||||||
Vistra Senior Unsecured Notes [Member] | June 2019 Tender Offer (b) | |||||||||||||
Repayments of Unsecured Debt | 845,000,000 | ||||||||||||
Gain (loss) on extinguishment of debt | (7,000,000) | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 2019 Redemptions (c) | |||||||||||||
Repayments of Unsecured Debt | 841,000,000 | ||||||||||||
Gain (loss) on extinguishment of debt | (11,000,000) | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 2020 Redemptions (d) | |||||||||||||
Repayments of Unsecured Debt | 747,000,000 | ||||||||||||
Gain (loss) on extinguishment of debt | (11,000,000) | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 6.75% Senior Notes Due 2019 [Member] | |||||||||||||
Stated debt interest rate (percent) | 6.75% | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 6.75% Senior Notes Due 2019 [Member] | February 2019 Tender Offer (a) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 6.75% Senior Notes Due 2019 [Member] | June 2019 Tender Offer (b) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 6.75% Senior Notes Due 2019 [Member] | 2019 Redemptions (c) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 6.75% Senior Notes Due 2019 [Member] | 2020 Redemptions (d) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | |||||||||||||
Repayments of Unsecured Debt | $ 341,000,000 | $ 173,000,000 | $ 1,193,000,000 | ||||||||||
Stated debt interest rate (percent) | 7.375% | ||||||||||||
Repayments/repurchases of debt | 306,000,000 | 35,000,000 | |||||||||||
Vistra Senior Unsecured Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | February 2019 Tender Offer (a) | |||||||||||||
Repayments of Unsecured Debt | $ 1,193,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | June 2019 Tender Offer (b) | |||||||||||||
Repayments of Unsecured Debt | 173,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | 2019 Redemptions (c) | |||||||||||||
Repayments of Unsecured Debt | 341,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.375% Senior Notes Due 2022 [Member] | 2020 Redemptions (d) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 5.875% Senior Notes Due 2023 [Member] | |||||||||||||
Repayments of Unsecured Debt | $ 500,000,000 | ||||||||||||
Stated debt interest rate (percent) | 5.875% | ||||||||||||
Debt instrument, redemption price, percentage | 100.979% | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 5.875% Senior Notes Due 2023 [Member] | February 2019 Tender Offer (a) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 5.875% Senior Notes Due 2023 [Member] | June 2019 Tender Offer (b) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 5.875% Senior Notes Due 2023 [Member] | 2019 Redemptions (c) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 5.875% Senior Notes Due 2023 [Member] | 2020 Redemptions (d) | |||||||||||||
Repayments of Unsecured Debt | $ 500,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | |||||||||||||
Repayments of Unsecured Debt | $ 87,000,000 | $ 387,000,000 | 672,000,000 | ||||||||||
Stated debt interest rate (percent) | 7.625% | ||||||||||||
Debt instrument, redemption price, percentage | 103.80% | ||||||||||||
Repayments/repurchases of debt | $ 1,000,000 | $ 87,000,000 | |||||||||||
Vistra Senior Unsecured Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | February 2019 Tender Offer (a) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | June 2019 Tender Offer (b) | |||||||||||||
Repayments of Unsecured Debt | 672,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | 2019 Redemptions (c) | |||||||||||||
Repayments of Unsecured Debt | 475,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 7.625% Senior Notes Due 2024 [Member] | 2020 Redemptions (d) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | |||||||||||||
Repayments of Unsecured Debt | $ 25,000,000 | ||||||||||||
Stated debt interest rate (percent) | 8.034% | ||||||||||||
Repayments/repurchases of debt | $ 25,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | February 2019 Tender Offer (a) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | June 2019 Tender Offer (b) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | 2019 Redemptions (c) | |||||||||||||
Repayments of Unsecured Debt | 25,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.034% Senior Notes Due 2024 [Member] | 2020 Redemptions (d) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | |||||||||||||
Repayments of Unsecured Debt | $ 81,000,000 | ||||||||||||
Stated debt interest rate (percent) | 8.00% | ||||||||||||
Debt instrument, redemption price, percentage | 104.00% | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | February 2019 Tender Offer (a) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | June 2019 Tender Offer (b) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | 2019 Redemptions (c) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.000% Senior Notes Due 2025 [Member] | 2020 Redemptions (d) | |||||||||||||
Repayments of Unsecured Debt | $ 81,000,000 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.125% Senior Notes Due 2026 [Member] | |||||||||||||
Repayments of Unsecured Debt | $ 166,000,000 | ||||||||||||
Stated debt interest rate (percent) | 8.125% | ||||||||||||
Debt instrument, redemption price, percentage | 104.063% | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.125% Senior Notes Due 2026 [Member] | February 2019 Tender Offer (a) | |||||||||||||
Repayments of Unsecured Debt | $ 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.125% Senior Notes Due 2026 [Member] | June 2019 Tender Offer (b) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.125% Senior Notes Due 2026 [Member] | 2019 Redemptions (c) | |||||||||||||
Repayments of Unsecured Debt | 0 | ||||||||||||
Vistra Senior Unsecured Notes [Member] | 8.125% Senior Notes Due 2026 [Member] | 2020 Redemptions (d) | |||||||||||||
Repayments of Unsecured Debt | 166,000,000 | ||||||||||||
Senior notes [Member] | |||||||||||||
Long-term debt | $ 0 | $ 0 |
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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 15, 2019 | Jul. 01, 2019 | Apr. 09, 2018 | |
Long-term debt, including amounts due currently | $ 10,731 | $ 9,330 | |||||||
Repayments/repurchases of debt | 381 | 1,008 | $ 7,109 | ||||||
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | 7% Amortizating Notes due 2019 [Member] | |||||||||
Stated debt interest rate (percent) | 7.00% | 7.00% | |||||||
Secured Debt [Member] | Forward Capacity Agreements [Member] | |||||||||
Long-term debt, including amounts due currently | 213 | $ 45 | |||||||
Secured Debt [Member] | Forward Capacity Agreements [Member] | PJM Capacity Sold For Planning Years 2021-2022 [Member] | |||||||||
Long-term debt, including amounts due currently | $ 515 | ||||||||
Debt instrument, interest rate, effective percentage | 4.25% | ||||||||
Mandatorily Redeemable Preferred Stock [Member] | Mandatorily redeemable preferred stock [Member] | |||||||||
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 | 9 | ||||||||
Promissory Notes [Member] | 9.5% Promissory Notes Due 2025 [Member] | |||||||||
Stated debt interest rate (percent) | 9.50% | ||||||||
Long-term debt, including amounts due currently | 44 | ||||||||
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] | |||||||||
Stated debt interest rate (percent) | 2.00% | ||||||||
Long-term debt, including amounts due currently | 8 | ||||||||
Repayments/repurchases of debt | $ 8 | ||||||||
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, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 258 | |
2023 | 40 | |
2024 | 1,540 | |
2025 | 2,470 | |
2026 | 1,006 | |
Thereafter | 5,490 | |
Unamortized premiums, discounts and debt issuance costs | (73) | |
Long-term debt, including amounts due currently | $ 10,731 | $ 9,330 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term, lessee | 15 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 36 years |
Leases (Lease Cost) (Details)
Leases (Lease Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 11 | $ 14 | $ 14 |
Finance Lease: | |||
Finance lease right-of-use asset amortization | 9 | 7 | 4 |
Interest on lease liabilities | 10 | 7 | 4 |
Total finance lease cost | 19 | 14 | 8 |
Variable lease cost | 29 | 29 | 26 |
Short-term lease cost | 35 | 31 | 19 |
Sublease income | (7) | (8) | (8) |
Net lease cost | $ 87 | $ 80 | $ 59 |
Leases (Balance Sheet Informati
Leases (Balance Sheet Information) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Lease assets: | ||
Operating lease right-of-use asset | $ 40 | $ 45 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment — net | Property, plant and equipment — net |
Finance lease right-of-use asset (net of accumulated depreciation) | $ 173 | $ 182 |
Total lease right-of-use asset | 213 | 227 |
Current lease liabilities: | ||
Operating lease liabilities | $ 5 | $ 8 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance lease liabilities | $ 8 | $ 8 |
Total current lease liabilities | 13 | 16 |
Noncurrent lease liabilities: | ||
Operating lease liabilities | $ 38 | $ 40 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities and deferred credits | Other noncurrent liabilities and deferred credits |
Finance lease liabilities | $ 235 | $ 206 |
Total noncuurrent lease liabilities | 273 | 246 |
Present value of lease liabilities (Total) | $ 286 | $ 262 |
Leases (Cash Flow and Other Inf
Leases (Cash Flow and Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 11 | $ 17 | $ 17 |
Operating cash flows from finance leases | 9 | 5 | 4 |
Finance cash flows from finance leases | 5 | 10 | 4 |
Non-cash disclosure upon commencement of new lease: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 7 | 14 | 95 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 108 | 13 |
Non-cash disclosure upon modification of existing lease: | |||
Modification of operating lease right-of-use assets | (4) | (1) | (41) |
Modification of finance lease right-of-use assets | $ (1) | $ 23 | $ 50 |
Leases (Weighted Average Remain
Leases (Weighted Average Remaining Lease Term) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted average remaining lease term: | ||
Operating lease | 17 years 7 months 6 days | 12 years 3 months 18 days |
Finance lease | 25 years | 24 years 2 months 12 days |
Weighted average discount rate: | ||
Operating lease | 5.76% | 5.80% |
Finance lease | 4.95% | 4.92% |
Leases (Maturity of Lease Liabi
Leases (Maturity of Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating lease | ||
2022 (Operating) | $ 6 | |
2023 (Operating) | 7 | |
2024 (Operating) | 4 | |
2025 (Operating) | 3 | |
2026 (Operating) | 3 | |
Thereafter (Operating) | 51 | |
Total lease payments (Operating) | 74 | |
Less: Interest (Operating) | (31) | |
Present value of lease liabilities | 43 | |
Finance lease | ||
2022 (Finance) | 17 | |
2023 (Finance) | 16 | |
2024 (Finance) | 17 | |
2025 (Finance) | 17 | |
2026 (Finance) | 14 | |
Thereafter (Finance) | 369 | |
Total lease payments (Finance) | 450 | |
Less: Interest (Finance) | (207) | |
Present value of lease liabilities | 243 | |
Total lease | ||
2022 (Total) | 23 | |
2023 (Total) | 23 | |
2024 (Total) | 21 | |
2025 (Total) | 20 | |
2026 (Total) | 17 | |
Thereafter (Total) | 420 | |
Total lease payments (Total) | 524 | |
Less: Interest (Total) | (238) | |
Present value of lease liabilities | $ 286 | $ 262 |
Commitments and Contingencies_2
Commitments and Contingencies (Contractual Commitments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term Service and Maintenance Contracts [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2022 | $ 202 | ||
2023 | 268 | ||
2024 | 236 | ||
2025 | 207 | ||
2026 | 196 | ||
Thereafter | 2,130 | ||
Total | 3,239 | ||
Coal Transportation Agreements [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2022 | 104 | ||
2023 | 22 | ||
2024 | 24 | ||
2025 | 25 | ||
2026 | 26 | ||
Thereafter | 27 | ||
Total | 228 | ||
Contractual obligations expenditures | 850 | $ 845 | $ 1,092 |
Pipeline Transportation and Storage Reservation Fees [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2022 | 86 | ||
2023 | 54 | ||
2024 | 40 | ||
2025 | 36 | ||
2026 | 23 | ||
Thereafter | 91 | ||
Total | 330 | ||
Other Contracts [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
2022 | 9 | ||
2023 | 9 | ||
2024 | 9 | ||
2025 | 9 | ||
2026 | 9 | ||
Thereafter | 58 | ||
Total | 103 | ||
Nuclear Fuel Contracts [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Contractual obligations expenditures | $ 54 |
Commitments and Contingencies_3
Commitments and Contingencies (Guarantees, Letters of Credit and Surety Bonds) (Details) - Vistra Operations Company LLC [Member] $ in Millions | Dec. 31, 2021USD ($) |
Letters of Credit [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | $ 1,877 |
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 | 1,558 |
Letters of Credit [Member] | Support battery and solar development projects [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | 157 |
Letters of Credit [Member] | Support executory contracts and insurance agreements [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | 27 |
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 | 74 |
Letters of Credit [Member] | Miscellaneous credit support requirements [Member] | |
Commitments and Contingencies [Line Items] | |
Letters of credit outstanding, amount | 61 |
Surety Bonds [Member] | |
Commitments and Contingencies [Line Items] | |
Surety Bonds | $ 561 |
Commitments and Contingencies_4
Commitments and Contingencies (Litigation, Regulatory and Environmental Proceedings) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2022MW | Jan. 31, 2022MW | Dec. 31, 2021USD ($)MW | |
Subsequent Event | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency, Number of Plaintiffs | 100 | ||
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 | 1 | ||
MISO 2015-2016 Planning Resource Auction [Member] | |||
Commitments and Contingencies [Line Items] | |||
Loss contingency, pending claims, number | 3 | ||
Koch Disputes | |||
Commitments and Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Value | $ | $ 286 | ||
Loss Contingency, Accrual, Noncurrent | $ | $ 286 | ||
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, Best Available Retrofit Technology Alternative, sulfur dioxide emissions, number of units in Texas subject to rule, total | 39 | ||
Illinois Environmental Protection Agency [Member] | |||
Commitments and Contingencies [Line Items] | |||
Illinois Multi-Pollutant Standards, additional reduction in emissions, MW | 2,000 | ||
Coal Combustion Residuals, rules for closure of coal ash ponds in Illinois, number of operating permit applications filed | 18 | ||
Illinois Environmental Protection Agency [Member] | Subsequent Event | |||
Commitments and Contingencies [Line Items] | |||
Coal combustion residuals, rules for closure of coal ash ponds in Illinois, number of construction permit application filed | 3 |
Commitments and Contingencies_5
Commitments and Contingencies (Nuclear Insurance) (Details) $ in Millions | Dec. 31, 2021USD ($) |
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 | 1,000 |
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 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 (Common Stock Issuances
Equity (Common Stock Issuances and Repurchases) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||
Share repurchases, issued at beginning of period | 530,349,112 | 528,741,335 | 526,031,092 |
Shares issued | 2,583,761 | 1,611,462 | 2,716,349 |
Shares retired | (3,397) | (3,685) | (6,106) |
Shares repurchased | 0 | 0 | |
Share repurchases, issued at end of period | 532,929,476 | 530,349,112 | 528,741,335 |
Treasury shares at beginning of period | (41,043,224) | (41,043,224) | (32,815,783) |
Shares issued | 0 | 0 | 18,773,958 |
Shares retired | 0 | 0 | 0 |
Shares repurchased | (27,988,518) | (27,001,399) | |
Treasury shares at end of period | (69,031,742) | (41,043,224) | (41,043,224) |
Shares outstanding at beginning of period | 489,305,888 | 487,698,111 | 493,215,309 |
Shares issued | 2,583,761 | 1,611,462 | 21,490,307 |
Shares retired | (3,397) | (3,685) | (6,106) |
Shares repurchased | (27,988,518) | (27,001,399) | |
Shares outstanding at end of period | 463,897,734 | 489,305,888 | 487,698,111 |
Treasury stock, shares, acquired, unsettled shares | 5,174,863 |
Equity (Share Repurchase Progra
Equity (Share Repurchase Programs) (Details) - USD ($) $ / shares in Units, $ in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Feb. 22, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2019 | Oct. 11, 2021 | Dec. 31, 2020 | |
Stock Repurchase Program, authorized amount | $ 1,750 | |||||
Shares repurchased | 27,988,518 | 27,001,399 | ||||
Stock repurchaes | $ 585 | $ 641 | ||||
Share Repurchase Program Approved By The Board Of Directors In October 2021 | ||||||
Stock Repurchase Program, authorized amount | $ 2,000 | 2,000 | ||||
Shares repurchased | 19,330,365 | |||||
Treasury stock acquired, average cost per share | $ 21.16 | |||||
Stock repurchaes | $ 409 | |||||
Stock Repurchase Program, remaining authorized repurchase amount | $ 1,591 | $ 1,591 | ||||
Share Repurchase Program Approved By The Board Of Directors In October 2021 | Subsequent Event | ||||||
Shares repurchased | 16,059,290 | |||||
Treasury stock acquired, average cost per share | $ 22.07 | |||||
Stock repurchaes | $ 355 | |||||
Stock Repurchase Program, remaining authorized repurchase amount | $ 1,236 | |||||
Share Repurchase Program Approved by Board of Directors in September 2020 [Member] | ||||||
Stock Repurchase Program, authorized amount | $ 1,500 | |||||
Shares repurchased | 8,658,153 | |||||
Treasury stock acquired, average cost per share | $ 20.21 | |||||
Stock repurchaes | $ 175 | |||||
Share Repurchase Program Approved by Board of Directors in June 2018 [Member] | ||||||
Stock Repurchase Program, authorized amount | 500 | |||||
Share Repurchase Program Approved by Board of Directors in November 2018 [Member] | ||||||
Stock Repurchase Program, authorized amount | $ 1,250 | |||||
Shares repurchased | 26,322,166 | |||||
Treasury stock acquired, average cost per share | $ 24.34 | |||||
Stock repurchaes | $ 640 |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Issuance of preferred stock | $ 2,000 | $ 0 | $ 0 | |||
Subsequent Event | ||||||
Preferred Stock, Dividends Per Share, Declared | $ 40 | |||||
Series A Preferred Stock | ||||||
Preferred stock, shares issued | 1,000,000 | |||||
Issuance of preferred stock | $ 990 | |||||
Series B Preferred Stock | ||||||
Preferred stock, shares issued | 1,000,000 | 1,000,000 | ||||
Issuance of preferred stock | $ 985 |
Equity (Dividends and Dividend
Equity (Dividends and Dividend Restrictions) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends per share, paid | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.135 | $ 0.135 | $ 0.135 | $ 0.135 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | |||||
Maximum allowable distribution to parent company by consolidated subsidiary without consent | $ 7,300 | $ 7,300 | |||||||||||||||
Series A Preferred Stock | |||||||||||||||||
Preferred Stock, dividend rate, percentage | 8.00% | ||||||||||||||||
Preferred Stock, dividend rate, first reset date and thereafter, rate floor, percentage | 1.07% | ||||||||||||||||
Preferred Stock, dividend rate, first reset date and thereafter, basis spread on variable rate, percentage | 6.93% | ||||||||||||||||
Preferred sock, liquidation preference | $ 1,000 | $ 1,000 | |||||||||||||||
Series B Preferred Stock | |||||||||||||||||
Preferred Stock, dividend rate, percentage | 7.00% | ||||||||||||||||
Preferred Stock, dividend rate, first reset date and thereafter, rate floor, percentage | 1.26% | ||||||||||||||||
Preferred Stock, dividend rate, first reset date and thereafter, basis spread on variable rate, percentage | 5.74% | ||||||||||||||||
Preferred sock, liquidation preference | $ 1,000 | $ 1,000 | |||||||||||||||
Parent Company [Member] | |||||||||||||||||
Cash dividends paid | $ 405 | $ 1,100 | $ 3,900 | ||||||||||||||
Vistra Operations Company LLC [Member] | Vistra Corp. [Member] | |||||||||||||||||
Maximum allowable distribution to parent company by consolidated subsidiary without consent | $ 7,300 | 7,300 | |||||||||||||||
Cash dividends paid | $ 425 | $ 405 | $ 1,100 | $ 3,900 | |||||||||||||
Subsequent Event | |||||||||||||||||
Dividends per share, declared | $ 0.17 |
Equity (Other Equity) (Details)
Equity (Other Equity) (Details) | Apr. 09, 2018USD ($)equity_unitshares | Jul. 31, 2019USD ($)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2021$ / shares | Jul. 01, 2019 |
Change in funded status of pension and other postretirement employee benefit liability | $ (24,000,000) | $ 23,000,000 | $ 11,000,000 | ||||
Reclassification from accumulated other comprehensive income, current period, net of tax | $ (8,000,000) | (5,000,000) | $ (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 | $ 34.54 | $ 35 | |||||
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 | $ 10,477,000,000 | $ 9,235,000,000 | |||||
Prepaid Stock Purchase Contract, number of common shares issued upon settlement | shares | 18,800,000 | ||||||
Class of warrant or right, effective exercise price of warrants or rights | $ / shares | $ 52.98 | $ 53.68 | |||||
Class of warrant or right, number of securities called by each warrant or right | shares | 0.652 | ||||||
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, 2021 | Dec. 31, 2020 |
Assets: | ||
Nuclear decommissioning trust | $ 1,960 | $ 1,674 |
Equity securities [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 1,281 | 1,056 |
Debt securities [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 679 | 618 |
Fair Value, Recurring [Member] | ||
Assets: | ||
Sub-total | 5 | 76 |
Liabilities: | ||
Total liabilities | 5 | 76 |
Fair Value, Recurring [Member] | Total [Member] | ||
Assets: | ||
Sub-total | 4,166 | 2,247 |
Total assets | 4,723 | 2,680 |
Liabilities: | ||
Total liabilities | 3,827 | 1,413 |
Fair Value, Recurring [Member] | Equity securities [Member] | ||
Assets: | ||
Assets measured at net asset value | 557 | 433 |
Fair Value, Recurring [Member] | Equity securities [Member] | Total [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 724 | 623 |
Fair Value, Recurring [Member] | Debt securities [Member] | Total [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 679 | 618 |
Fair Value, Recurring [Member] | Commodity contracts [Member] | ||
Assets: | ||
Derivative assets | 5 | 76 |
Liabilities: | ||
Derivative liabilities | 5 | 76 |
Fair Value, Recurring [Member] | Commodity contracts [Member] | Total [Member] | ||
Assets: | ||
Derivative assets | 2,744 | 934 |
Liabilities: | ||
Derivative liabilities | 3,610 | 1,009 |
Fair Value, Recurring [Member] | Interest rate swap [Member] | Total [Member] | ||
Assets: | ||
Derivative assets | 19 | 72 |
Liabilities: | ||
Derivative liabilities | 217 | 404 |
Level 1 [Member] | Fair Value, Recurring [Member] | ||
Assets: | ||
Sub-total | 2,132 | 1,075 |
Liabilities: | ||
Total liabilities | 2,153 | 578 |
Level 1 [Member] | Fair Value, Recurring [Member] | Equity securities [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 724 | 623 |
Level 1 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member] | ||
Assets: | ||
Derivative assets | 1,408 | 452 |
Liabilities: | ||
Derivative liabilities | 2,153 | 578 |
Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets: | ||
Sub-total | 1,587 | 891 |
Liabilities: | ||
Total liabilities | 867 | 576 |
Level 2 [Member] | Fair Value, Recurring [Member] | Debt securities [Member] | ||
Assets: | ||
Nuclear decommissioning trust | 679 | 618 |
Level 2 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member] | ||
Assets: | ||
Derivative assets | 889 | 201 |
Liabilities: | ||
Derivative liabilities | 650 | 172 |
Level 2 [Member] | Fair Value, Recurring [Member] | Interest rate swap [Member] | ||
Assets: | ||
Derivative assets | 19 | 72 |
Liabilities: | ||
Derivative liabilities | 217 | 404 |
Level 3 [Member] | ||
Assets: | ||
Sub-total | 442 | 205 |
Liabilities: | ||
Total liabilities | 802 | 183 |
Level 3 [Member] | Fair Value, Recurring [Member] | ||
Assets: | ||
Sub-total | 442 | 205 |
Liabilities: | ||
Total liabilities | 802 | 183 |
Level 3 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member] | ||
Assets: | ||
Derivative assets | 442 | 205 |
Liabilities: | ||
Derivative liabilities | $ 802 | $ 183 |
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, 2021 | Dec. 31, 2020 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | $ 442,000,000 | $ 205,000,000 |
Liabilities | (802,000,000) | (183,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | (360,000,000) | 22,000,000 |
Electricity purchases and sales [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | 204,000,000 | 61,000,000 |
Liabilities | (470,000,000) | (90,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | (266,000,000) | (29,000,000) |
Electricity purchases and sales [Member] | Valuation, Income Approach [Member] | Minimum | ||
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 hub power prices and heat rates (in USD per MWh) | 20 | 25 |
Electricity purchases and sales [Member] | Valuation, Income Approach [Member] | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Hourly price curve shape (in USD per MWh) | 60 | 85 |
Fair Value Inputs, Illiquid delivery periods for hub power prices and heat rates (in USD per MWh) | 140 | 125 |
Electricity purchases and sales [Member] | Valuation, Income Approach [Member] | Arithmetic Average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Hourly price curve shape (in USD per MWh) | 30 | 43 |
Fair Value Inputs, Illiquid delivery periods for hub power prices and heat rates (in USD per MWh) | 80 | 75 |
Options [Member] | Option Pricing Model Valuation Technique [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | 1,000,000 | 38,000,000 |
Liabilities | (209,000,000) | (56,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | $ (208,000,000) | $ (18,000,000) |
Options [Member] | Option Pricing Model Valuation Technique [Member] | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Gas to power correlation (percent) | 10.00% | 30.00% |
Fair Value Inputs, Power and gas volatility (percent) | 5.00% | 5.00% |
Options [Member] | Option Pricing Model Valuation Technique [Member] | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Gas to power correlation (percent) | 100.00% | 100.00% |
Fair Value Inputs, Power and gas volatility (percent) | 490.00% | 665.00% |
Options [Member] | Option Pricing Model Valuation Technique [Member] | Arithmetic Average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Gas to power correlation (percent) | 56.00% | 64.00% |
Fair Value Inputs, Power and gas volatility (percent) | 248.00% | 336.00% |
Financial Transmission Rights [Member] | Market Approach [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | $ 122,000,000 | $ 92,000,000 |
Liabilities | (34,000,000) | (16,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | 88,000,000 | 76,000,000 |
Financial Transmission Rights [Member] | Market Approach [Member] | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Illiquid price differences between settlement points (in USD per MWh) | (30) | (5) |
Financial Transmission Rights [Member] | Market Approach [Member] | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Illiquid price differences between settlement points (in USD per MWh) | 10 | 50 |
Financial Transmission Rights [Member] | Market Approach [Member] | Arithmetic Average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Illiquid price differences between settlement points (in USD per MWh) | (9) | 22 |
Natural Gas [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | 29,000,000 | 7,000,000 |
Liabilities | (86,000,000) | (14,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | (57,000,000) | (7,000,000) |
Natural Gas [Member] | Valuation, Income Approach [Member] | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Gas basis | (1) | (1) |
Natural Gas [Member] | Valuation, Income Approach [Member] | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Gas basis | 16 | 0 |
Natural Gas [Member] | Valuation, Income Approach [Member] | Arithmetic Average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Gas basis | 8 | 0 |
Coal [Member] | Valuation, Income Approach [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | 61,000,000 | 1,000,000 |
Liabilities | 0 | (5,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | $ 61,000,000 | $ (4,000,000) |
Coal [Member] | Valuation, Income Approach [Member] | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Input, Probability of default | 0.00% | 0.00% |
Fair Value Inputs, Recovery rate | 0.00% | 0.00% |
Coal [Member] | Valuation, Income Approach [Member] | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Input, Probability of default | 40.00% | 40.00% |
Fair Value Inputs, Recovery rate | 40.00% | 40.00% |
Coal [Member] | Valuation, Income Approach [Member] | Arithmetic Average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Input, Probability of default | 20.00% | 20.00% |
Fair Value Inputs, Recovery rate | 20.00% | 20.00% |
Other [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets | $ 25,000,000 | $ 6,000,000 |
Liabilities | (3,000,000) | (2,000,000) |
Derivative Assets (Liabilities), at Fair Value, Net | $ 22,000,000 | $ 4,000,000 |
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) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Hedging and other revenues [Member] | Retail Segment [Member] | |||
Purchases, issuances and settlements: | |||
Revenue recognized due to discontinuance of normal purchase and sale accounting | $ 298 | ||
Level 3 [Member] | Commodity Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net asset (liability) balance at beginning of period | 22 | $ (74) | $ (135) |
Total unrealized valuation gains (losses) | (53) | (5) | 8 |
Purchases, issuances and settlements: | |||
Purchases | 114 | 164 | 176 |
Issuances | (36) | (28) | (81) |
Settlements | (314) | (90) | (64) |
Transfers into Level 3 | (2) | (2) | 10 |
Transfers out of Level 3 | (91) | 57 | 12 |
Net change | (382) | 96 | 61 |
Net asset (liability) balance at end of period | (360) | 22 | (74) |
Unrealized valuation gains (losses) relating to instruments held at end of period | (364) | $ 18 | $ (61) |
Level 3 [Member] | Commodity Contract [Member] | Hedging and other revenues [Member] | Retail Segment [Member] | |||
Purchases, issuances and settlements: | |||
Revenue recognized due to discontinuance of normal purchase and sale accounting | $ (341) |
Commodity And Other Derivativ_3
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects of Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | $ 2,758 | $ 930 |
Derivative liabilities, fair value, gross liability | (3,822) | (1,337) |
Derivative, fair value, net | (1,064) | (407) |
Hedging and other revenues [Member] | Retail Segment [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Revenue recognized due to discontinuance of normal purchase and sale accounting | 298 | |
Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets and liability, fair value, gross assets | 2,513 | 748 |
Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets and liability, fair value, gross assets | 250 | 258 |
Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets and liability, fair value, gross liability | (3,023) | (789) |
Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets and liability, fair value, gross liability | (804) | (624) |
Commodity contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 2,739 | 858 |
Derivative liabilities, fair value, gross liability | (3,605) | (933) |
Derivative asset, fair value, net | 2,739 | 858 |
Derivative liabilities, fair value, net | (3,605) | (933) |
Commodity contracts [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 2,496 | 665 |
Derivative liabilities, fair value, gross asset | 3 | 64 |
Commodity contracts [Member] | Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 244 | 197 |
Derivative liabilities, fair value, gross asset | 1 | 8 |
Commodity contracts [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross liability | 0 | (1) |
Derivative liabilities, fair value, gross liability | (2,964) | (717) |
Commodity contracts [Member] | Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross liability | (1) | (3) |
Derivative liabilities, fair value, gross liability | (645) | (288) |
Interest rate swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 19 | 72 |
Derivative liabilities, fair value, gross liability | (217) | (404) |
Derivative asset, fair value, net | 19 | 72 |
Derivative liabilities, fair value, net | (217) | (404) |
Interest rate swap [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 14 | 19 |
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 | 5 | 53 |
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 | (59) | (71) |
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 | $ (158) | $ (333) |
Commodity And Other Derivativ_4
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Consolidated Statements of Operations Presentation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) | $ (383) | $ 49 | $ 121 |
Operating revenues [Member] | Commodity contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) | (1,196) | 241 | 339 |
Fuel, purchased power costs and delivery fees [Member] | Commodity contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) | 732 | 4 | (1) |
Interest expense and related charges [Member] | Interest rate swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) | $ 81 | $ (196) | $ (217) |
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, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets: amounts presented in balance sheet | $ 2,758 | $ 930 |
Derivative assets: offsetting financial instruments | (2,070) | (739) |
Derivative assets: financial collateral (received) pledged | (27) | (11) |
Derivative assets: net amounts | 661 | 180 |
Derivative liabilities: amounts presented in balance sheet | (3,822) | (1,337) |
Derivative liabilities: offsetting financial instruments | 2,070 | 739 |
Derivative liabilities: financial collateral (received) pledged | 784 | 138 |
Derivative liabilities: net amounts | (968) | (460) |
Derivative, fair value, net | (1,064) | (407) |
Derivative (assets) liability, fair value of collateral, net | 757 | 127 |
Derivative assets (liability), fair value, amount offset against collateral | (307) | (280) |
Commodity contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: amounts presented in balance sheet | 2,739 | 858 |
Derivative assets: offsetting financial instruments | (2,051) | (667) |
Derivative assets: financial collateral (received) pledged | (27) | (11) |
Derivative assets: net amounts | 661 | 180 |
Derivative liabilities: amounts presented in balance sheet | (3,605) | (933) |
Derivative liabilities: offsetting financial instruments | 2,051 | 667 |
Derivative liabilities: financial collateral (received) pledged | 784 | 138 |
Derivative liabilities: net amounts | (770) | (128) |
Interest rate swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets: amounts presented in balance sheet | 19 | 72 |
Derivative assets: offsetting financial instruments | (19) | (72) |
Derivative assets: financial collateral (received) pledged | 0 | 0 |
Derivative assets: net amounts | 0 | 0 |
Derivative liabilities: amounts presented in balance sheet | (217) | (404) |
Derivative liabilities: offsetting financial instruments | 19 | 72 |
Derivative liabilities: financial collateral (received) pledged | 0 | 0 |
Derivative liabilities: net amounts | $ (198) | $ (332) |
Commodity And Other Derivativ_6
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details) number in Millions, gal in Millions, T in Millions, MMBTU in Millions, $ in Millions | Dec. 31, 2021USD ($)MMBTUTGWhgal | Dec. 31, 2020USD ($)GWhTMMBTUgal |
Natural gas (in MMBtu) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 4,701 | 5,264 |
Electricity (in GWh) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | GWh | 440,236 | 438,863 |
Financial Transmission Rights [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | GWh | 224,876 | 217,350 |
Coal (in tons) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | T | 25 | 20 |
Fuel oil (in gallons) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | gal | 87 | 176 |
Emissions (certificates) [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | T | 18 | 8 |
Renewable energy certificate [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, nonmonetary notional amount | 32 | 18 |
Interest rate swaps, variable/fixed | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ | $ 6,720 | $ 6,720 |
Interest rate swaps, fixed/variable | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ | $ 2,120 | $ 2,120 |
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, 2021 | Dec. 31, 2020 |
Credit Derivatives [Line Items] | ||
Derivative, net liability position, aggregate fair value | $ (1,200) | $ (679) |
Credit risk derivative with contingent feature [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, net liability position, aggregate fair value | 660 | 262 |
Collateral already posted, aggregate fair value | 95 | 35 |
Cross-default credit derivative [Member] | ||
Credit Derivatives [Line Items] | ||
Assets needed for immediate settlement, aggregate fair value | $ (445) | $ (382) |
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, 2021USD ($) | |
Derivative [Line Items] | |
Total credit risk exposure to all counterparties related to derivative contracts | $ 3,742 |
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral | 1,417 |
Largest net exposure to single counterparty | $ 619 |
Credit risk exposure to Banking and financial sector percentage | 54.00% |
Net exposure to banking and financial sector percentage | 4.00% |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)corporate_bond | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
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 | 307 | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 1 | $ 16 | $ 0 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 9 | $ 9 | $ 9 |
Expected future employer contributions to retirement plan | $ 9 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit costs | $ 14 | $ 18 | $ 20 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit costs | 6 | 11 | 9 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit costs | $ 8 | $ 7 | $ 11 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of Net Pension/OPEB Cost: | |||
Net periodic pension/OPEB cost | $ 14 | $ 18 | $ 20 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||
Net (gain) loss | (24) | 23 | 11 |
Change in Plan Assets: | |||
Fair value of assets at beginning of period | 41 | ||
Fair value of assets at end of year | 42 | 41 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Fair value of assets | 42 | 41 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Other noncurrent assets | 361 | 332 | |
Pension Plan [Member] | |||
Components of Net Pension/OPEB Cost: | |||
Service cost | 5 | 6 | 7 |
Interest cost | 16 | 20 | 25 |
Expected return on assets | (18) | (23) | (26) |
Amortization of unrecognized amounts | 3 | 1 | 0 |
Immediate pension cost | 0 | 7 | 3 |
Net periodic pension/OPEB cost | 6 | 11 | 9 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||
Net (gain) loss | (29) | 17 | 11 |
Total recognized in net periodic benefit cost and other comprehensive income | (23) | 28 | 20 |
Change in Pension/OPEB Obligation | |||
Projected benefit obligation at beginning of period | 643 | 674 | |
Service cost | 5 | 6 | 7 |
Interest cost | 16 | 20 | 25 |
Participant contributions | 0 | 0 | |
Lump-sum window | 0 | (6) | |
Annuity purchase | 0 | (29) | |
Actuarial (gain) loss | (11) | 46 | |
Benefits paid | (48) | (68) | |
Projected benefit obligation at end of year | 605 | 643 | 674 |
Accumulated benefit obligation at end of year | 600 | 639 | |
Change in Plan Assets: | |||
Fair value of assets at beginning of period | 485 | 528 | |
Employer contributions | 1 | 16 | 0 |
Participant contributions | 0 | 0 | |
Lump-sum window | 0 | 6 | |
Annuity purchase | 0 | (29) | |
Actual gain on assets | 30 | 40 | |
Benefits paid | (46) | (64) | |
Fair value of assets at end of year | 470 | 485 | 528 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Projected pension benefit obligation | (605) | (643) | (674) |
Fair value of assets | 470 | 485 | 528 |
Funded status at end of year | (135) | (158) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Other noncurrent assets | 0 | 0 | |
Other current liabilities | 0 | 0 | |
Other noncurrent liabilities | (135) | (158) | |
Defined Benefit Plan, amounts for asset (liability) recognized in statement of financial position | (135) | (158) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net loss | (13) | (42) | |
Defined Benefit Plan, net actuarial gain (loss) | $ 24 | $ (29) | $ (16) |
Pension Plan [Member] | Vistra Plan [Member] | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | |||
Expected return on plan assets | 3.77% | 4.44% | 4.80% |
Pension Plan [Member] | Dynegy Plan [Member] | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | |||
Expected return on plan assets | 4.42% | 5.28% | 5.31% |
Pension Plan [Member] | EEI Plan [Member] | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | |||
Expected return on plan assets | 4.72% | 5.45% | 5.56% |
Pension Plan [Member] | Vistra Plan, Dynegy Plan And EEI Plan | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | |||
Discount rate | 2.50% | 3.24% | 4.37% |
Expected rate of compensation increase | 3.41% | 3.29% | 3.35% |
Interest crediting rate for cash balance plans | 3.00% | 3.50% | 3.50% |
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | |||
Discount rate | 2.84% | 2.50% | 3.24% |
Expected rate of compensation increase | 3.49% | 3.41% | 3.29% |
Interest crediting rate for cash balance plan | 3.00% | 3.00% | 3.50% |
Other Postretirement Benefits Plan [Member] | |||
Components of Net Pension/OPEB Cost: | |||
Service cost | $ 1 | $ 2 | $ 2 |
Interest cost | 4 | 4 | 6 |
Expected return on assets | (2) | (2) | (1) |
Amortization of unrecognized amounts | 5 | 4 | 3 |
Immediate pension cost | 0 | (1) | 1 |
Net periodic pension/OPEB cost | 8 | 7 | 11 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||
Net (gain) loss and prior service (credit) cost | (12) | 5 | 0 |
Total recognized in net periodic benefit cost and other comprehensive income | (4) | 12 | 11 |
Change in Pension/OPEB Obligation | |||
Projected benefit obligation at beginning of period | 157 | 151 | |
Service cost | 1 | 2 | 2 |
Interest cost | 4 | 4 | 6 |
Participant contributions | 3 | 3 | |
Lump-sum window | 0 | 0 | |
Annuity purchase | 0 | 0 | |
Actuarial (gain) loss | (6) | 12 | |
Benefits paid | (13) | (15) | |
Projected benefit obligation at end of year | 146 | 157 | 151 |
Accumulated benefit obligation at end of year | 0 | 0 | |
Change in Plan Assets: | |||
Fair value of assets at beginning of period | 37 | 34 | |
Employer contributions | 9 | 9 | 9 |
Participant contributions | 3 | 3 | |
Lump-sum window | 0 | 0 | |
Annuity purchase | 0 | 0 | |
Actual gain on assets | 13 | 13 | |
Benefits paid | (3) | (4) | |
Fair value of assets at end of year | 39 | 37 | 34 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Projected pension benefit obligation | (146) | (157) | (151) |
Fair value of assets | 39 | 37 | 34 |
Funded status at end of year | (107) | (120) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Other noncurrent assets | 26 | 23 | |
Other current liabilities | (9) | (9) | |
Other noncurrent liabilities | (124) | (134) | |
Defined Benefit Plan, amounts for asset (liability) recognized in statement of financial position | (107) | (120) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net loss | 8 | 20 | |
Defined Benefit Plan, net actuarial gain (loss) | $ 7 | $ (10) | $ (5) |
Other Postretirement Benefits Plan [Member] | EEI Union Plan [Member] | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | |||
Expected return on plan assets | 6.79% | 7.07% | 5.36% |
Other Postretirement Benefits Plan [Member] | EEI Salaried Plan [Member] | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | |||
Expected return on plan assets | 2.95% | 3.43% | 4.70% |
Other Postretirement Benefits Plan [Member] | Vistra Plan, Split-Participant Plan And Dynegy Plan | |||
Assumptions Used to Determine Net Periodic Pension/OPEB Cost: | |||
Discount rate | 2.51% | 3.25% | 4.35% |
Assumptions Used to Determine Net Periodic Pension/OPEB Cost | |||
Discount rate | 2.87% | 2.51% | 3.25% |
Pension and Other Postretirem_6
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Fair Value of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | $ 42 | $ 41 | |
Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | 470 | 485 | $ 528 |
Pension Plan [Member] | Commingled Trusts [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at net asset value | 11 | 11 | |
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 measured at net asset value | 199 | 207 | |
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 measured at net asset value | 31 | 37 | |
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 measured at net asset value | 30 | 32 | |
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 measured at net asset value | 50 | 45 | |
Pension Plan [Member] | Defined Benefit Plan, Equity Securities | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at net asset value | 149 | 153 | |
Other Postretirement Benefits Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | 39 | 37 | $ 34 |
Other Postretirement Benefits Plan [Member] | Commingled Trusts [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at net asset value | 37 | ||
Other Postretirement Benefits Plan [Member] | Level 1 [Member] | Global equity securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | 29 | ||
Other Postretirement Benefits Plan [Member] | Level 1 [Member] | Municipal Bond And Cash Equivalent Mutual Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | $ 2 | ||
Other Postretirement Benefits Plan [Member] | Level 2 [Member] | US Treasury and Government | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets | $ 8 |
Pension and Other Postretirem_7
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, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligations | $ 605 | $ 643 |
Accumulated benefit obligation | 600 | 639 |
Plan assets | $ 470 | $ 485 |
Pension and Other Postretirem_8
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, 2021 | |
Vistra Plan [Member] | Fixed income securities [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 65 |
Vistra Plan [Member] | Fixed income securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 75 |
Vistra Plan [Member] | Global equity securities [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 16 |
Vistra Plan [Member] | Global equity securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 24 |
Vistra Plan [Member] | Real Estate [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 4 |
Vistra Plan [Member] | Real Estate [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 8 |
Vistra Plan [Member] | Credit strategies [Member] | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 3 |
Vistra 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 | 30 |
Dynegy Plan [Member] | Global equity securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 38 |
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 | 34 |
EEI Plan [Member] | Global equity securities [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 42 |
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 | 7 |
EEI Plan [Member] | Credit strategies [Member] | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Ranges | 11 |
Pension and Other Postretirem_9
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, 2021 | |
Vistra Plan [Member] | Weighted Average [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 4.20% |
Vistra Plan [Member] | Fixed income securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 3.10% |
Vistra Plan [Member] | Global equity securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 6.90% |
Vistra Plan [Member] | Real Estate [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 5.40% |
Vistra Plan [Member] | Credit Strategies [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 5.50% |
Dynegy Plan [Member] | Weighted Average [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 4.80% |
Dynegy Plan [Member] | Fixed income securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 3.10% |
Dynegy Plan [Member] | Global equity securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 6.90% |
Dynegy Plan [Member] | Real Estate [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 5.40% |
Dynegy Plan [Member] | Credit Strategies [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 5.50% |
EEI Plan [Member] | Weighted Average [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 4.90% |
EEI Plan [Member] | Fixed income securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 3.10% |
EEI Plan [Member] | Global equity securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 6.90% |
EEI Plan [Member] | Real Estate [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 5.40% |
EEI Plan [Member] | Credit Strategies [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Expected Long-term Rate of Return | 5.50% |
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, 2021 | Dec. 31, 2020 | |
Not Medicare Eligible [Member] | ||
Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 6.30% | 6.20% |
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 | 2029 |
Vistra Plan, EEI Union Plan And EEI Salaried Plan | ||
Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 9.60% | 9.10% |
Split-Participant Plan [Member] | ||
Assumed Health Care Cost Trend Rates [Abstract] | ||
Health care cost trend rate assumed for next year | 8.90% | 8.80% |
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 | 2031 | 2030 |
Pension and Other Postretire_11
Pension and Other Postretirement Employee Benefits (OPEB) Plans (Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
2022 | $ 67 |
2023 | 42 |
2024 | 33 |
2025 | 34 |
2026 | 46 |
2027-31 | 162 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
2022 | 10 |
2023 | 10 |
2024 | 10 |
2025 | 9 |
2026 | 9 |
2027-31 | $ 39 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 34 | $ 34 | $ 27 |
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 2016 Omnibus Incentive Plan) (Details) - shares | Dec. 31, 2021 | Oct. 03, 2016 |
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 | 37,500,000 | 22,500,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Total stock-based compensation expense | $ 51 | $ 63 | $ 47 |
Income tax benefit | (12) | (15) | (9) |
Stock based-compensation expense, net of tax | $ 39 | $ 48 | $ 38 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Options Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Assumed dividend yield | 2.30% | 1.90% | |
Share-based payment arrangement, option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost related to unvested stock options granted | $ 12 | ||
Unrecognized compensation cost related to unvested stock options granted, weighted average recognition period | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Total outstanding at beginning of period (number) | 16,030 | ||
Granted (number) | 0 | ||
Exercised (number) | (894) | ||
Forfeited or expired (number) | (1,189) | ||
Total outstanding at end of period (number) | 13,947 | 16,030 | |
Exercisable (number) | 7,234 | ||
Total outstanding at beginning of period (weighted average exercise price) | $ 19.58 | ||
Granted (weighted average exercise price) | 0 | ||
Exercised (weighted average exercise price) | 14.25 | ||
Forfeited or expired (weighted average exercise price) | 28.18 | ||
Total outstanding at end of the period (weighted average exercise price) | 19.28 | $ 19.58 | |
Exercisable (weighted average exercise price) | $ 17.60 | ||
Total outstanding (weighted average remaining contractual term) | 5 years 10 months 24 days | 6 years 8 months 12 days | |
Exercisable (weighted average remaining contractual term) | 5 years 8 months 12 days | ||
Total outstanding at beginning of period (aggregate intrinsic value) | $ 30.8 | ||
Total outstanding at end of period (aggregate intrinsic value) | 55.7 | $ 30.8 | |
Exercisable (aggregate intrinsic value) | $ 42.1 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Restrict Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
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) | shares | 2,252 |
Granted (number) | shares | 1,858 |
Vested (number) | shares | (1,082) |
Forfeited (number) | shares | (217) |
Total outstanding at end of period (number) | shares | 2,811 |
Total outstanding at beginning of period (weighted average grant date fair value) | $ / shares | $ 22.35 |
Granted (weighted average grant date fair value) | $ / shares | 22.61 |
Vested (weighted average grant date fair value) | $ / shares | 22.02 |
Forfeited or expired (weighted average grant date fair value) | $ / shares | 23.20 |
Total outstanding at end of period (weighted average grant date fair value) | $ / shares | $ 22.57 |
Unrecognized compensation cost related to unvested restricted stock units granted | $ | $ 38 |
Unrecognized compensation cost related to unvested restricted stock units granted, weighted average recognition period | 2 years |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary of Performance Stock Units Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, net of tax | $ 39 | $ 48 | $ 38 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Stock-based compensation expense, net of tax | $ 9 | $ 15 | $ 0 |
Unrecognized compensation cost related to unvested restricted stock units granted | $ 2 | ||
Performance Shares [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 0.00% | ||
Performance Shares [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 200.00% | ||
Performance Shares [Member] | Median | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights, percentage | 100.00% |
Segment Information (Details)
Segment Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Reportable_segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments (in reportable segments) | Reportable_segment | 6 | ||
Operating revenues | $ 12,077 | $ 11,443 | $ 11,809 |
Depreciation and amortization | (1,753) | (1,737) | (1,640) |
Operating income (loss) | (1,515) | 1,519 | 1,993 |
Interest expense and related charges | (384) | (630) | (797) |
Income tax (expense) benefit | 458 | (266) | (290) |
Net income (loss) | (1,264) | 624 | 926 |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 398 | 600 | 487 |
Unrealized gain loss on commodity related derivatives | (759) | 231 | 696 |
Operating revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Unrealized gain loss on commodity related derivatives | (1,191) | 164 | 682 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Depreciation and amortization | (36) | (64) | (57) |
Operating income (loss) | (83) | (137) | (127) |
Interest expense and related charges | (381) | (632) | (770) |
Income tax (expense) benefit | 460 | (266) | (290) |
Net income (loss) | 53 | (1,021) | (1,204) |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 48 | 91 | 69 |
Corporate, Non-Segment [Member] | Operating revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Unrealized gain loss on commodity related derivatives | 0 | 0 | 0 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (2,284) | (4,895) | (3,970) |
Depreciation and amortization | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 1 |
Interest expense and related charges | 1 | 3 | 3 |
Income tax (expense) benefit | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 1 |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Operating revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Unrealized gain loss on commodity related derivatives | 1,719 | (329) | (305) |
Retail Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 7,871 | 8,270 | 6,872 |
Depreciation and amortization | (212) | (303) | (292) |
Operating income (loss) | 2,213 | 312 | 155 |
Interest expense and related charges | (9) | (10) | (21) |
Income tax (expense) benefit | (2) | 0 | 0 |
Net income (loss) | 2,196 | 309 | 134 |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 1 | 2 | 1 |
Retail Segment [Member] | Operating revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Unrealized gain loss on commodity related derivatives | (325) | (11) | 8 |
Texas Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,790 | 4,116 | 3,836 |
Depreciation and amortization | (608) | (475) | (472) |
Operating income (loss) | (2,601) | 1,761 | 1,314 |
Interest expense and related charges | 14 | 8 | 8 |
Income tax (expense) benefit | 0 | 0 | 0 |
Net income (loss) | (2,512) | 1,760 | 1,342 |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 266 | 388 | 296 |
Texas Segment [Member] | Operating revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Unrealized gain loss on commodity related derivatives | (1,272) | 677 | 575 |
East Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,587 | 2,415 | 2,790 |
Depreciation and amortization | (698) | (721) | (680) |
Operating income (loss) | (552) | 73 | 398 |
Interest expense and related charges | (15) | (7) | (13) |
Income tax (expense) benefit | 0 | 0 | 0 |
Net income (loss) | (567) | 41 | 400 |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 44 | 71 | 61 |
East Segment [Member] | Operating revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Unrealized gain loss on commodity related derivatives | (637) | (23) | 195 |
West Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 374 | 282 | 338 |
Depreciation and amortization | (60) | (19) | (19) |
Operating income (loss) | (8) | 39 | 88 |
Interest expense and related charges | 9 | 10 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 |
Net income (loss) | 1 | 50 | 88 |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 8 | 2 | 2 |
West Segment [Member] | Operating revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Unrealized gain loss on commodity related derivatives | (42) | (10) | 41 |
Sunset Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 739 | 1,252 | 1,602 |
Depreciation and amortization | (139) | (133) | (120) |
Operating income (loss) | (428) | (420) | 271 |
Interest expense and related charges | (2) | (2) | (4) |
Income tax (expense) benefit | 0 | 0 | 0 |
Net income (loss) | (413) | (414) | 274 |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 31 | 46 | 58 |
Sunset Segment [Member] | Operating revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Unrealized gain loss on commodity related derivatives | (634) | (140) | 168 |
Asset Closure Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 3 | 341 |
Depreciation and amortization | 0 | (22) | 0 |
Operating income (loss) | (56) | (109) | (107) |
Interest expense and related charges | (1) | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 |
Net income (loss) | (22) | (101) | (109) |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures | 0 | 0 | 0 |
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 (Impairment of Long-Lived Assets) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | $ 71 | $ 356 | $ 0 | |||
Sunset Segment [Member] | William H. Zimmer Power Station, property, plant and equipment and inventory [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | $ 99 | $ 38 | ||||
Sunset Segment [Member] | William H. Zimmer Power Station, Property, Plant And Equipment | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | 33 | |||||
Sunset Segment [Member] | William H. Zimmer Power Station, Inventory | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | $ 5 | |||||
Sunset Segment [Member] | Kincaid Generation, property, plant and equipment and inventory [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | 173 | |||||
Sunset Segment [Member] | Newton Generation And William H. Zimmer Power Station, property, plant and equipment [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | 260 | |||||
Sunset Segment [Member] | Newton Generation And William H. Zimmer Power Station, inventory [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | $ 12 | |||||
Sunset Segment [Member] | Joppa/EEI Power Plant, property, plant and equipment and inventory [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | $ 52 | |||||
Sunset Segment [Member] | Joppa/EEI Power Plant, intangible asset [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | 32 | |||||
Sunset Segment [Member] | Joppa/EEI Power Plant, property, plant and equipment [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | 45 | |||||
Sunset Segment [Member] | Joppa/EEI Power Plant, inventory [Member] | ||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||
Impairment of long-lived and other assets | $ 7 |
Supplementary Financial Infor_4
Supplementary Financial Information (Interest Expense and Related Charges) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Expense and Related Charges [Line Items] | ||||
Interest paid/accrued | $ 480 | $ 467 | $ 576 | |
Unrealized mark-to-market net (gains) losses on interest rate swaps | (134) | 155 | 220 | |
Amortization of debt issuance costs, discounts and premiums | 30 | 18 | 9 | |
Debt extinguishment (gain) loss | 1 | (17) | (21) | |
Capitalized interest | (26) | (21) | (12) | |
Other | 33 | 28 | 25 | |
Total interest expense and related charges | $ 384 | $ 630 | $ 797 | |
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 | 3.90% | 3.88% | 4.03% |
Supplementary Financial Infor_5
Supplementary Financial Information (Other Income and Deductions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Insurance settlement | $ 88 | $ 6 | |
Interest income | 0 | 2 | $ 10 |
All other | 28 | 18 | 15 |
Total other income | 140 | 34 | 56 |
Loss on disposal of investment in NELP | 0 | 29 | 0 |
All other | 16 | 13 | 15 |
Total other deductions | 16 | 42 | 15 |
Corporate, Non-Segment [Member] | |||
Insurance settlement | 1 | 3 | |
Funds released from escrow to settle pre-petition claims of our predecessor | 0 | 0 | 9 |
Texas Segment [Member] | |||
Insurance settlement | 80 | 1 | 22 |
Sunset Segment [Member] | |||
Insurance settlement | 7 | ||
Asset Closure Segment [Member] | |||
Insurance settlement | 2 | ||
Gain on settlement of rail transportation disputes | 15 | ||
Sale of land | 9 | 8 | 0 |
East Segment [Member] | |||
Loss on disposal of investment in NELP | $ 0 | $ 29 | $ 0 |
Supplementary Financial Infor_6
Supplementary Financial Information (Restricted Cash) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted cash | $ 21 | $ 19 |
Restricted cash | 13 | 19 |
Amounts Related To Remediation Escrow Accounts | ||
Restricted cash | 21 | 19 |
Restricted cash | $ 13 | $ 19 |
Supplementary Financial Infor_7
Supplementary Financial Information (Trade Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Jan. 01, 2019 | Jan. 01, 2018 | |
Wholesale and retail trade accounts receivable | $ 1,442 | $ 1,324 | ||||
Allowance for uncollectible accounts | (45) | (45) | $ (36) | $ (42) | $ (19) | |
Trade accounts receivable - net | 1,397 | 1,279 | ||||
Unbilled receivables, current | 426 | 468 | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Allowance for uncollectible accounts receivable at beginning of period (a) | 45 | 36 | ||||
Increase for bad debt expense | 110 | 110 | 82 | |||
Decrease for account write-offs | (110) | (107) | (65) | |||
Allowance for uncollectible accounts receivable at end of period | 45 | 45 | $ 36 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
Allowance for uncollectible accounts | (45) | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Allowance for uncollectible accounts receivable at beginning of period (a) | $ 45 | |||||
Allowance for uncollectible accounts receivable at end of period | $ 45 | |||||
Accounting Standards Update 2016-13 [Member] | ||||||
Allowance for uncollectible accounts | $ (6) |
Supplementary Financial Infor_8
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories by Major Category | ||
Materials and supplies | $ 260 | $ 260 |
Fuel stock | 314 | 236 |
Natural gas in storage | 36 | 19 |
Total inventories | 610 | 515 |
Other Investments | ||
Nuclear plant decommissioning trust | 1,960 | 1,674 |
Assets related to employee benefit plans | 42 | 41 |
Land | 44 | 44 |
Miscellaneous other investments | 3 | 0 |
Total investments | $ 2,049 | $ 1,759 |
Supplementary Financial Infor_9
Supplementary Financial Information (Investment in Unconsolidated Subsidiaries) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Mar. 02, 2020 | Apr. 09, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Income (loss) from equity method investments, net of dividends or distributions | $ 3 | $ 14 | |||
Proceeds from equity method investment, distribution | $ 3 | $ 22 | |||
Sayreville Plant [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 100.00% | ||||
Northeast Energy, LP [Member] | Northeast Energy, LP [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Noncontrolling interest in joint ventures | 50.00% | ||||
North Jersey Energy Associates [Member] | Sayreville Plant [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 100.00% |
Supplementary Financial Info_10
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||
Nuclear decommissioning trust | $ 1,960 | $ 1,674 | |
Proceeds from sales of securities | 483 | 433 | $ 431 |
Investments in securities | (505) | (455) | $ (453) |
Debt securities [Member] | |||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||
Nuclear decommissioning trust | $ 679 | $ 618 | |
Debt, weighted average interest rate | 2.54% | 2.91% | |
Decommissioning Fund Investments, debt securities, average maturity | 10 years | 10 years | |
Decommissioning Fund Investments, debt maturities, one through five years, fair value | $ 247 | ||
Decommissioning Fund Investments, debt maturities, five through ten years, fair value | 190 | ||
Decommissioning Fund Investments, debt maturities, after ten years, fair value | 242 | ||
Equity securities [Member] | |||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | |||
Nuclear decommissioning trust | $ 1,281 | $ 1,056 |
Supplementary Financial Info_11
Supplementary Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 16,986 | $ 16,012 | |
Less accumulated depreciation | (4,801) | (3,614) | |
Net of accumulated depreciation | 12,185 | 12,398 | |
Finance lease, right-of-use asset | 173 | 182 | |
Nuclear fuel, net of amortization | 212 | 207 | |
Construction work in progress, gross | 486 | 712 | |
Property, plant and equipment — net | 13,056 | 13,499 | |
Depreciation | 1,478 | 1,377 | $ 1,300 |
Power generation and structures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 16,195 | 15,222 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 608 | 617 | |
Office and other equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 183 | 173 | |
Nuclear fuel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Less accumulated depreciation | $ (125) | $ (91) | |
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 | 32 years |
Supplementary Financial Info_12
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligations [Line Items] | |||
Regulatory liabilities | $ 325 | $ 89 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, liability | 2,436 | 2,238 | $ 2,373 |
Additions: | |||
Accretion | 88 | 89 | 97 |
Adjustment for change in estimates | 14 | 238 | 15 |
Adjustment for obligations assumed through acquisitions | (3) | ||
Reductions: | |||
Payments | (88) | (114) | (109) |
Liability transfers | 15 | 135 | |
Ending balance, liability | 2,450 | 2,436 | 2,238 |
Less amounts due currently | (104) | (103) | |
Noncurrent liability at end of period | 2,346 | 2,333 | |
Nuclear Plant Decommissioning [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Regulatory liabilities | 325 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, liability | 1,585 | 1,320 | 1,276 |
Additions: | |||
Accretion | 50 | 46 | 44 |
Adjustment for change in estimates | 0 | 219 | 0 |
Adjustment for obligations assumed through acquisitions | 0 | ||
Reductions: | |||
Payments | 0 | 0 | 0 |
Liability transfers | 0 | 0 | |
Ending balance, liability | 1,635 | 1,585 | 1,320 |
Less amounts due currently | 0 | ||
Noncurrent liability at end of period | 1,635 | ||
Mining Land Reclamation [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, liability | 359 | 410 | 442 |
Additions: | |||
Accretion | 16 | 20 | 22 |
Adjustment for change in estimates | 13 | (6) | 16 |
Adjustment for obligations assumed through acquisitions | 0 | ||
Reductions: | |||
Payments | (68) | (65) | (70) |
Liability transfers | 0 | 0 | |
Ending balance, liability | 320 | 359 | 410 |
Less amounts due currently | (90) | ||
Noncurrent liability at end of period | 230 | ||
Coal Ash and Other [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning balance, liability | 492 | 508 | 655 |
Additions: | |||
Accretion | 22 | 23 | 31 |
Adjustment for change in estimates | 1 | 25 | (1) |
Adjustment for obligations assumed through acquisitions | (3) | ||
Reductions: | |||
Payments | (20) | (49) | (39) |
Liability transfers | 15 | 135 | |
Ending balance, liability | 495 | 492 | $ 508 |
Less amounts due currently | (14) | ||
Noncurrent liability at end of period | 481 | ||
Asbestos Removal And Disposal | |||
Asset Retirement Obligations [Line Items] | |||
Regulatory liabilities | $ 3 | $ 0 |
Supplementary Financial Info_13
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Supplementary Financial Information [Abstract] | ||
Retirement and other employee benefits | $ 276 | $ 312 |
Winter Storm Uri impacts | 261 | 0 |
Identifiable intangible liabilities | 147 | 289 |
Regulatory liabilities | 325 | 89 |
Finance lease liabilities | 235 | 206 |
Uncertain tax positions, including accrued interest | 13 | 12 |
Liability for third-party remediation | 17 | 31 |
Accrued severance costs | 39 | 54 |
Other accrued expenses | 176 | 138 |
Other noncurrent liabilities and deferred credits | $ 1,489 | $ 1,131 |
Supplementary Financial Info_14
Supplementary Financial Information (Fair Value of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
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 | $ 2,549 | $ 2,579 |
Reported Value Measurement [Member] | Forward Capacity Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 211 | 45 |
Reported Value Measurement [Member] | Equipment Financing Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 85 | 59 |
Reported Value Measurement [Member] | Building financing [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 3 | 10 |
Reported Value Measurement [Member] | Other debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 3 | 3 |
Reported Value Measurement [Member] | Senior notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 7,880 | 6,634 |
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 | 2,518 | 2,565 |
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 | 3 | 10 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Senior notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, fair value disclosure | 8,193 | 7,204 |
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 | 211 | 45 |
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 | 85 | 59 |
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 | $ 3 | $ 3 |
Supplementary Financial Info_15
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplementary Financial Information [Abstract] | ||||
Cash and cash equivalents | $ 1,325 | $ 406 | ||
Restricted cash included in current assets | 21 | 19 | ||
Restricted cash included in noncurrent assets | 13 | 19 | ||
Total cash, cash equivalents and restricted cash | 1,359 | 444 | $ 475 | $ 693 |
Cash payments related to: | ||||
Interest paid | 482 | 503 | 525 | |
Capitalized interest | (26) | (21) | (12) | |
Interest paid (net of capitalized interest) | 456 | 482 | 513 | |
Income taxes paid / (refunds received) | (50) | (140) | (76) | |
Noncash investing and financing activities: | ||||
Construction expenditures | 171 | 19 | 67 | |
Disposition of investment in NELP | 0 | 123 | 0 | |
Acquisition of investment in NJEA | 0 | 90 | 0 | |
Shares issued for tangible equity unit contracts | 0 | 0 | 446 | |
Land transferred with liability transfers | 0 | 0 | 16 | |
State and Local Jurisdiction | ||||
Income Tax Contingency [Line Items] | ||||
Taxes paid | 52 | 40 | 42 | |
Proceeds from income tax refunds | 2 | 10 | 3 | |
Domestic Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Proceeds from income tax refunds | $ 0 | $ 170 | $ 115 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Depreciation and amortization | $ (1,753) | $ (1,737) | $ (1,640) |
Selling, general and administrative expenses | (1,040) | (1,035) | (904) |
Operating income (loss) | (1,515) | 1,519 | 1,993 |
Other income | 140 | 34 | 56 |
Interest expense and related charges | (384) | (630) | (797) |
Impacts of Tax Receivable Agreement | 53 | 5 | (37) |
Income (loss) before income taxes | (1,722) | 890 | 1,216 |
Income tax benefit | 458 | (266) | (290) |
Net income (loss) | (1,264) | 624 | 926 |
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Depreciation and amortization | (17) | (15) | (7) |
Selling, general and administrative expenses | (53) | (72) | (62) |
Operating income (loss) | (70) | (87) | (69) |
Other income | 3 | 5 | 12 |
Interest expense and related charges | 0 | (7) | (88) |
Impacts of Tax Receivable Agreement | 53 | 5 | (37) |
Income (loss) before income taxes | (14) | (84) | (182) |
Income tax benefit | 4 | 25 | 42 |
Equity in earnings of subsidiaries, net of tax | (1,264) | 695 | 1,068 |
Net income (loss) | $ (1,274) | $ 636 | $ 928 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows — operating activities: | |||
Cash provided by (used in) operating activities | $ (206) | $ 3,337 | $ 2,736 |
Cash flows — investing activities: | |||
Capital expenditures | (1,033) | (1,259) | (713) |
Other, net | (4) | (11) | (6) |
Cash used in investing activities | (1,153) | (1,572) | (1,717) |
Cash flows - financing activities: | |||
Issuance of preferred stock | (2,000) | 0 | 0 |
Repayments/repurchases of debt | (381) | (1,008) | (7,109) |
Debt tender offer and other financing fees | (13) | (17) | (203) |
Share repurchases | (471) | 0 | (656) |
Dividends paid to stockholders | (290) | (266) | (243) |
Other, net | (21) | (5) | 6 |
Cash provided by (used in) financing activities | 2,274 | (1,796) | (1,237) |
Net change in cash, cash equivalents and restricted cash | 915 | (31) | (218) |
Cash, cash equivalents and restricted cash — beginning balance | 444 | 475 | 693 |
Cash, cash equivalents and restricted cash — ending balance | 1,359 | 444 | 475 |
Parent [Member] | |||
Cash flows — operating activities: | |||
Cash provided by (used in) operating activities | (38) | (86) | (58) |
Cash flows — investing activities: | |||
Capital expenditures | 0 | (15) | (36) |
Dividends received from subsidiaries | 405 | 1,105 | 3,890 |
Equity contribution to subsidiaries | (988) | 0 | 0 |
Cash used in investing activities | (583) | 1,090 | 3,854 |
Cash flows - financing activities: | |||
Issuance of preferred stock | 2,000 | 0 | 0 |
Repayments/repurchases of debt | 0 | (747) | (2,903) |
Debt tender offer and other financing fees | 0 | (17) | (123) |
Share repurchases | (471) | 0 | (656) |
Dividends paid to stockholders | (290) | (266) | (243) |
Other, net | (23) | 0 | 0 |
Cash provided by (used in) financing activities | 1,216 | (1,030) | (3,925) |
Net change in cash, cash equivalents and restricted cash | 595 | (26) | (129) |
Cash, cash equivalents and restricted cash — beginning balance | 73 | 99 | 228 |
Cash, cash equivalents and restricted cash — ending balance | $ 668 | $ 73 | $ 99 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information (Parent Company) (Condensed Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||||
Cash and cash equivalents | $ 1,325 | $ 406 | ||
Restricted cash | 21 | 19 | ||
Trade accounts receivable — net | 1,397 | 1,279 | ||
Income taxes receivable | 15 | 0 | ||
Prepaid expense and other current assets | 195 | 205 | ||
Total current assets | 7,883 | 3,429 | ||
Property, plant and equipment — net | 13,056 | 13,499 | ||
Identifiable intangible assets — net | 2,146 | 2,446 | ||
Accumulated deferred income taxes | 1,302 | 838 | ||
Other noncurrent assets | 361 | 332 | ||
Total assets | 29,683 | 25,208 | ||
Current liabilities: | ||||
Long-term debt due currently | 254 | 95 | ||
Trade accounts payable | 1,515 | 880 | ||
Accrued income taxes | 0 | 16 | ||
Accrued interest | 143 | 131 | ||
Other current liabilities | 553 | 471 | ||
Total current liabilities | 5,843 | 3,036 | ||
Long-term debt, less amounts due currently | 10,477 | 9,235 | ||
Tax Receivable Agreement obligation | 394 | 447 | $ 455 | |
Other noncurrent liabilities and deferred credits | 1,489 | 1,131 | ||
Total liabilities | 21,391 | 16,847 | ||
Equity [Abstract] | ||||
Total equity | 8,292 | 8,361 | $ 7,960 | $ 7,867 |
Total liabilities and equity | 29,683 | 25,208 | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 668 | 73 | ||
Trade accounts receivable — net | 8 | 7 | ||
Income taxes receivable | 15 | 0 | ||
Prepaid expense and other current assets | 1 | 5 | ||
Total current assets | 692 | 85 | ||
Investment in affiliated companies | 7,157 | 8,005 | ||
Property, plant and equipment — net | 3 | 3 | ||
Identifiable intangible assets — net | 31 | 47 | ||
Accumulated deferred income taxes | 1,016 | 783 | ||
Other noncurrent assets | 1 | 2 | ||
Total assets | 8,900 | 8,925 | ||
Current liabilities: | ||||
Trade accounts payable | 114 | 2 | ||
Accounts payable - affiliates | 72 | 74 | ||
Accrued income taxes | 0 | 14 | ||
Other current liabilities | 3 | 4 | ||
Total current liabilities | 189 | 94 | ||
Tax Receivable Agreement obligation | 394 | 447 | ||
Other noncurrent liabilities and deferred credits | 25 | 23 | ||
Total liabilities | 608 | 564 | ||
Equity [Abstract] | ||||
Total equity | 8,292 | 8,361 | ||
Total liabilities and equity | $ 8,900 | $ 8,925 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information (Parent Company) (Notes to Condensed Financial Statements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Maximum allowable distribution to parent company by consolidated subsidiary without consent | $ 7,300 | ||
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends paid | 405 | $ 1,100 | $ 3,900 |
Total Stockholders' Equity [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends received from subsidiaries | 405 | 1,105 | 3,890 |
Equity contribution to subsidiaries | $ (988) | $ 0 | $ 0 |