Texas | 46-2488810 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1601 Bryan Street, Dallas, TX 75201-3411 | (214) 812-4600 | |
(Address of principal executive offices) (Zip Code) | (Registrant's telephone number, including area code) |
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ancillary services | Refers to services necessary to support the transmission of energy and maintain reliable operations for the entire transmission system. These services include monitoring and providing for various types of reserve generation to ensure adequate electricity supply and system reliability. | |
Chapter 11 Cases | Cases being heard in the US Bankruptcy Court for the District of Delaware (Bankruptcy Court) concerning voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code (Bankruptcy Code) filed on April 29, 2014 by the Debtors | |
CAIR | Clean Air Interstate Rule | |
CFTC | US Commodity Futures Trading Commission | |
CO2 | carbon dioxide | |
CPNPC | Refers to Comanche Peak Nuclear Power Company LLC, which was formed for the purpose of developing two new nuclear generation units and obtaining a combined operating license from the NRC for the units. | |
Competitive Electric segment | the EFH Corp. business segment that consists principally of TCEH | |
Consolidated EBITDA | Consolidated EBITDA means TCEH EBITDA adjusted to exclude noncash items, unusual items and other adjustments allowable under the agreement governing the TCEH DIP Facility. See the definition of EBITDA below. Consolidated EBITDA and EBITDA are not recognized terms under US GAAP and, thus, are non-GAAP financial measures. We are providing Consolidated EBITDA in this Form 10-K (see reconciliation in Exhibit 99(b)) solely because of the important role that Consolidated EBITDA plays in respect of covenants contained in the agreement governing the TCEH DIP Facility. We do not intend for Consolidated EBITDA (or EBITDA) to be an alternative to net income as a measure of operating performance or an alternative to cash flows from operating activities as a measure of liquidity or an alternative to any other measure of financial performance presented in accordance with US GAAP. Additionally, we do not intend for Consolidated EBITDA (or EBITDA) to be used as a measure of free cash flow available for management's discretionary use, as the measure excludes certain cash requirements such as adequate assurance payments, interest payments, tax payments and other debt service requirements. Because not all companies use identical calculations, our presentation of Consolidated EBITDA (and EBITDA) may not be comparable to similarly titled measures of other companies. | |
Confirmation Order | The Bankruptcy Court's December 2015 order confirming the Plan of Reorganization | |
CREZ | Competitive Renewable Energy Zone | |
CSAPR | the final Cross-State Air Pollution Rule issued by the EPA in July 2011 | |
DIP Facilities | Refers, collectively, to TCEH's debtor-in-possession financing and EFIH's debtor-in-possession financing. See Note 12 to the Financial Statements. | |
Debtors | EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities | |
Disclosure Statement | Fifth Amended Disclosure Statement for the Debtors' Fifth Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code approved by the Bankruptcy Court in September 2015 | |
D.C. Circuit Court | US Court of Appeals for the District of Columbia Circuit | |
DOE | US Department of Energy | |
EBITDA | earnings (net income) before interest expense, income taxes, depreciation and amortization | |
EFCH | Energy Future Competitive Holdings Company LLC, a direct, wholly owned subsidiary of EFH Corp. and the direct parent of TCEH, and/or its subsidiaries, depending on context | |
EFH Acquisition | The acquisition of reorganized EFH Corp. financed by existing TCEH creditors and third-party investors as proposed in the Plan of Reorganization | |
EFH Corp. | Energy Future Holdings Corp., a holding company, and/or its subsidiaries, depending on context, whose major subsidiaries include TCEH and Oncor | |
EFIH | Energy Future Intermediate Holding Company LLC, a direct, wholly owned subsidiary of EFH Corp. and the direct parent of Oncor Holdings | |
EFIH Debtors | EFIH and EFIH Finance | |
EFIH Finance | EFIH Finance Inc., a direct, wholly owned subsidiary of EFIH, formed for the sole purpose of serving as co-issuer with EFIH of certain debt securities | |
EFIH First Lien Notes | EFIH's and EFIH Finance's $503 million principal amount of 6.875% Senior Secured First Lien Notes and $3.482 billion principal amount of 10.000% Senior Secured First Lien Notes, collectively | |
EFIH PIK Notes | EFIH's and EFIH Finance's $1.566 billion principal amount of 11.25%/12.25% Senior Toggle Notes | |
EFIH Second Lien Notes | EFIH's and EFIH Finance's $322 million principal amount of 11% Senior Secured Second Lien Notes and $1.389 billion principal amount of 11.75% Senior Secured Second Lien Notes, collectively | |
EPA | US Environmental Protection Agency | |
ERCOT | Electric Reliability Council of Texas, Inc., the independent system operator and the regional coordinator of various electricity systems within Texas | |
ERISA | Employee Retirement Income Security Act of 1974, as amended | |
Federal and State Income Tax Allocation Agreements | EFH Corp. and certain of its subsidiaries (including EFCH, EFIH and TCEH, but not including Oncor Holdings and Oncor) are parties to a Federal and State Income Tax Allocation Agreement, executed on May 15, 2012 but effective as of January 1, 2010. EFH Corp., Oncor Holdings, Oncor, Texas Transmission, and Oncor Management Investment LLC are parties to a separate Federal and State Income Tax Allocation Agreement dated November 5, 2008. See Note 7 to the Financial Statements and Management's Discussion and Analysis, under Financial Condition. | |
FERC | US Federal Energy Regulatory Commission | |
Fifth Circuit Court | US Court of Appeals for the Fifth Circuit | |
GAAP | generally accepted accounting principles | |
GHG | greenhouse gas | |
GWh | gigawatt-hours | |
ICE | the IntercontinentalExchange, an electronic commodity derivative exchange | |
IRS | US Internal Revenue Service | |
kWh | kilowatt-hours | |
LIBOR | London Interbank Offered Rate, an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market | |
Luminant | subsidiaries of TCEH engaged in competitive market activities consisting of electricity generation and wholesale energy sales and purchases as well as commodity risk management and trading activities, all largely in Texas | |
market heat rate | Heat rate is a measure of the efficiency of converting a fuel source to electricity. Market heat rate is the implied relationship between wholesale electricity prices and natural gas prices and is calculated by dividing the wholesale market price of electricity, which is based on the price offer of the marginal supplier in ERCOT (generally natural gas plants), by the market price of natural gas. Forward wholesale electricity market price quotes in ERCOT are generally limited to two or three years; accordingly, forward market heat rates are generally limited to the same time period. Forecasted market heat rates for time periods for which market price quotes are not available are based on fundamental economic factors and forecasts, including electricity supply, demand growth, capital costs associated with new construction of generation supply, transmission development and other factors. | |
MATS | the Mercury and Air Toxics Standard established by the EPA |
Merger | the transaction referred to in the Agreement and Plan of Merger, dated February 25, 2007, under which Texas Holdings agreed to acquire EFH Corp., which was completed on October 10, 2007 | |
MMBtu | million British thermal units | |
Moody's | Moody's Investors Services, Inc. | |
MSHA | US Mine Safety and Health Administration | |
MW | megawatts | |
MWh | megawatt-hours | |
NERC | North American Electric Reliability Corporation | |
NOX | nitrogen oxide | |
NRC | US Nuclear Regulatory Commission | |
NYMEX | the New York Mercantile Exchange, a commodity derivatives exchange | |
Oncor | Oncor Electric Delivery Company LLC, a direct, majority-owned subsidiary of Oncor Holdings and an indirect subsidiary of EFH Corp., and/or its consolidated bankruptcy-remote financing subsidiary, Oncor Electric Delivery Transition Bond Company LLC, depending on context, that is engaged in regulated electricity transmission and distribution activities | |
Oncor Holdings | Oncor Electric Delivery Holdings Company LLC, a direct, wholly owned subsidiary of EFIH and the direct majority owner of Oncor, and/or its subsidiaries, depending on context | |
Oncor Ring-Fenced Entities | Oncor Holdings and its direct and indirect subsidiaries, including Oncor | |
OPEB | postretirement employee benefits other than pensions | |
Petition Date | April 29, 2014, the date the Debtors made the Bankruptcy Filing | |
Plan of Reorganization | Sixth Amended Joint Plan of Reorganization, as amended, Pursuant to Chapter 11 of the Bankruptcy Code confirmed by the Bankruptcy Court in December 2015, including the Plan Supplement | |
Plan Support Agreement | Third Amendment to the Amended and Restated Plan Support Agreement, entered into in December 2015, amending and restating the Plan Support Agreement approved by the Bankruptcy Court in September 2015 | |
PUCT | Public Utility Commission of Texas | |
PURA | Texas Public Utility Regulatory Act | |
purchase accounting | The purchase method of accounting for a business combination as prescribed by US GAAP, whereby the cost or "purchase price" of a business combination, including the amount paid for the equity and direct transaction costs are allocated to identifiable assets and liabilities (including intangible assets) based upon their fair values. The excess of the purchase price over the fair values of assets and liabilities is recorded as goodwill. | |
Regulated Delivery segment | the EFH Corp. business segment that consists primarily of our investment in Oncor | |
REP | retail electric provider | |
RCT | Railroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas | |
S&P | Standard & Poor's Ratings (a credit rating agency) | |
SEC | US Securities and Exchange Commission | |
Securities Act | Securities Act of 1933, as amended | |
SG&A | selling, general and administrative | |
Settlement Agreement | Amended and Restated Settlement Agreement among the Debtors, the Sponsor Group, settling TCEH first lien creditors, settling TCEH second lien creditors, settling TCEH unsecured creditors and the official committee of unsecured creditors of TCEH (collectively, the Settling Parties), filed by the Debtors with the Bankruptcy Court in December 2015. See Note 2 to the Financial Statements. | |
Settlement Agreement Order | The Bankruptcy Court's December 2015 order approving the Settlement Agreement | |
SO2 | sulfur dioxide | |
Sponsor Group | Refers, collectively, to certain investment funds affiliated with Kohlberg Kravis Roberts & Co. L.P., TPG Global, LLC (together with its affiliates, TPG) and GS Capital Partners, an affiliate of Goldman, Sachs & Co., that have an ownership interest in Texas Holdings. | |
TCEH | Texas Competitive Electric Holdings Company LLC, a direct, wholly owned subsidiary of EFCH and an indirect subsidiary of EFH Corp., and/or its subsidiaries, depending on context, that are engaged in electricity generation and wholesale and retail energy market activities, and whose major subsidiaries include Luminant and TXU Energy | |
TCEH Debtors | EFCH, TCEH and the subsidiaries of TCEH that are Debtors in the Chapter 11 Cases | |
TCEH Demand Notes | Refers to certain loans from TCEH to EFH Corp. in the form of demand notes to finance EFH Corp. debt principal and interest payments and, until April 2011, other general corporate purposes of EFH Corp. that were guaranteed on a senior unsecured basis by EFCH and EFIH and were settled by EFH Corp. in January 2013. | |
TCEH DIP Facility | TCEH's $3.375 billion debtor-in-possession financing facility approved by the Bankruptcy Court in June 2014. See Note 12 to the Financial Statements. | |
TCEH Finance | TCEH Finance, Inc., a direct, wholly owned subsidiary of TCEH, formed for the sole purpose of serving as co-issuer with TCEH of certain debt securities | |
TCEH Senior Notes | Refers, collectively, to TCEH's and TCEH Finance's 10.25% Senior Notes and 10.25% Senior Notes, Series B (collectively, TCEH 10.25% Notes) and TCEH's and TCEH Finance's 10.50%/11.25% Senior Toggle Notes (TCEH Toggle Notes) with a total principal amount of $4.874 billion. | |
TCEH Senior Secured Facilities | Refers, collectively, to the TCEH First Lien Term Loan Facilities, TCEH First Lien Revolving Credit Facility and TCEH First Lien Letter of Credit Facility with a total principal amount of $22.616 billion. | |
TCEH Senior Secured Notes | TCEH's and TCEH Finance's $1.750 billion principal amount of 11.5% First Lien Senior Secured Notes | |
TCEH Senior Secured Second Lien Notes | Refers, collectively, to TCEH's and TCEH Finance's 15% Senior Secured Second Lien Notes and TCEH's and TCEH Finance's 15% Senior Secured Second Lien Notes, Series B with a total principal amount of $1.571 billion. | |
TCEQ | Texas Commission on Environmental Quality | |
Texas Holdings | Texas Energy Future Holdings Limited Partnership, a limited partnership controlled by the Sponsor Group, that owns substantially all of the common stock of EFH Corp. | |
Texas Holdings Group | Texas Holdings and its direct and indirect subsidiaries other than the Oncor Ring-Fenced Entities | |
Texas Transmission | Texas Transmission Investment LLC, a limited liability company that owns a 19.75% equity interest in Oncor and is not affiliated with EFH Corp., any of EFH Corp.'s subsidiaries or any member of the Sponsor Group | |
TRE | Texas Reliability Entity, Inc., an independent organization that develops reliability standards for the ERCOT region and monitors and enforces compliance with NERC standards and monitors compliance with ERCOT protocols | |
TXU Energy | TXU Energy Retail Company LLC, a direct, wholly owned subsidiary of TCEH that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers | |
US | United States of America | |
VIE | variable interest entity |
• | TCEH focuses on optimizing and developing its generation fleet to safely provide reliable electricity supply in a cost-effective manner and in consideration of environmental impacts, hedging its commodity price and volume exposure and providing high quality service and innovative energy products to retail and wholesale customers. |
• | Oncor focuses on delivering electricity in a safe and reliable manner, minimizing service interruptions and investing in its transmission and distribution infrastructure to maintain its system, serving its growing customer base with a modernized grid and supporting energy production. |
Fuel Type | Installed Nameplate Capacity (MW) | Number of Plant Sites | Number of Units | |||||
Nuclear | 2,300 | 1 | 2 | |||||
Lignite/coal | 8,017 | 5 | 12 | |||||
Natural gas (a) | 3,455 | 7 | 22 | |||||
Total | 13,772 | 13 | 36 |
(a) | See La Frontera CCGTs below for discussion of an agreement to purchase 2,988 MW of natural gas fueled generation capacity not included above. |
Plant Site | Type of Generation Technology | Number of Units | Total Capacity | Status of Air and Greenhouse Gas Permits Filed with TCEQ | |||
DeCordova | Combustion Turbine | 2 | 420 MW to 460 MW | Granted | |||
DeCordova (a) | Combined Cycle | 1 | 730 MW to 810 MW | Pending | |||
Eagle Mountain | Combined Cycle | 1 | 730 MW to 810 MW | Pending | |||
Lake Creek | Combustion Turbine | 2 | 420 MW to 460 MW | Granted | |||
Permian Basin | Combustion Turbine | 2 | 420 MW to 460 MW | Granted | |||
Tradinghouse | Combustion Turbine | 2 | 420 MW to 460 MW | Granted | |||
Tradinghouse (a) | Combined Cycle | 2 | 1460 MW to 1620 MW | Pending | |||
Valley | Combustion Turbine | 2 | 420 MW to 460 MW | Granted |
(a) | These potential units would be an alternative to the potential combustion turbine units at such sites, respectively. |
Number of Interconnected Lines | ||||||||
Grid Connections | 345kV | 138kV | 69kV | |||||
Brazos Electric Power Cooperative, Inc. | 8 | 112 | 25 | |||||
Rayburn Country Electric Cooperative, Inc. | — | 40 | 6 | |||||
Lower Colorado River Authority | 9 | 27 | 2 | |||||
Texas New Mexico Power | 4 | 10 | 12 | |||||
Tex-La Electric Cooperative of Texas, Inc. | — | 12 | 1 | |||||
American Electric Power Company, Inc. (a) | 5 | 5 | 8 | |||||
Texas Municipal Power Agency | 7 | 6 | — | |||||
Lone Star Transmission | 12 | — | — | |||||
Centerpoint Energy Inc. | 8 | — | — | |||||
Sharyland Utilities, L.P. | 1 | 4 | — | |||||
Electric Transmission Texas, LLC | 8 | 1 | — | |||||
Other small systems operating wholly within Texas | 6 | 6 | 3 |
(a) | One of the 345kV lines is an asynchronous high-voltage direct current connection with the Southwest Power Pool. |
• | Investing in Energy Efficiency and Related Initiatives by Our Competitive Businesses — Since the Merger, our competitive businesses have invested more than $100 million in energy efficiency and related initiatives, including software- and hardware-based services deployed behind the meter. These programs leverage advanced meter interval data and in-home devices to provide usage and other information to customers. Examples of these initiatives include: the TXU Energy MyEnergy DashboardSM, a set of online tools that show residential customers how and when they use electricity; the Online Energy Store providing customers cost-effective energy-saving products; the iThermostat, a web-enabled programmable thermostat; TXU Energy Right Time Pricing ProductsSM, including time-based electricity rates; the provision of GreenBack rebates to business customers for purchasing new energy efficient equipment for their facilities; the TXU Energy Electricity Usage Report, a weekly email that contains charts and graphs that give customers insight to better control their electricity usage and bills; and home warranty service plans that cover repair or replacement for various appliances such as heating and cooling systems in homes. |
• | Purchasing Electricity from Renewable Sources — We provide electricity from renewable sources by purchasing wind and solar power. Our total wind power portfolio is currently approximately 390 MW. In addition, we have agreed to purchase up to 116 MW of solar power beginning in late 2016. We also purchase additional renewable energy credits (RECs) to support sales of renewable power to our customers. |
• | Promoting the Use of Solar Power — TXU Energy provides qualified customers, through its TXU Solar program, the ability to purchase or finance the addition of solar panels to their homes. TXU Energy also purchases surplus renewable distributed generation from qualified customers with on-site renewable generation. In addition, customers ineligible for solar panels can enroll in rate plans such as TXU Energy Solar AdvantageSM,, backed by 100% solar energy through RECs purchased from Texas solar plants. |
• | New Energy Technologies — We continue to evaluate the development and commercialization of cleaner power facility technologies, including technologies that support capture and/or reduction of CO2; incremental renewable sources of electricity, including wind and solar power; energy storage, including advanced battery and compressed air storage, as well as related technologies that seek to lower emissions intensity. Additionally, we continue to explore and participate in opportunities to accelerate the adoption of electric cars and plug-in hybrid electric vehicles that have the potential to reduce overall GHG emissions and are furthering the advance of such vehicles by supporting, and helping develop infrastructure for, networks of charging stations for electric vehicles. |
• | Offsetting GHG Emissions by Planting Trees — We are engaged in a number of tree planting programs that offset GHG emissions, resulting in the planting of over 1.2 million trees in 2015. The majority of these trees were planted as part of our mining reclamation efforts but also include TXU Energy's Urban Tree Farm program, which has planted more than 218,000 trees since its inception in 2002. |
• | Investing in Energy Efficiency Initiatives by Oncor — Oncor's technology upgrade initiatives include development of a modernized grid through advanced digital communication, data management, real-time monitoring and outage detection capabilities to take advantage of Oncor's deployment of advanced digital metering equipment. Advanced meters facilitate automated demand side management, which allows consumers to monitor the amount of electricity they are consuming and adjust their electricity consumption habits. |
• | Participating in the CREZ Program — Oncor has largely completed construction of CREZ transmission facilities (at a cost of approximately $2.0 billion) that are designed to connect existing and future renewable energy facilities to the electricity transmission system in ERCOT. |
Emissions Control Equipment | Big Brown | Martin Lake | Monticello | Oak Grove | Sandow | |||||
Activated carbon injection systems to reduce mercury emissions | Units 1 and 2 | Units 1, 2 and 3 | Units 1, 2 and 3 | Units 1 and 2 | Units 4 and 5 | |||||
Flue gas desulfurization systems designed primarily to reduce SO2 emissions (a) | Units 1, 2 and 3 | Unit 3 | Units 1 and 2 | Units 4 and 5 | ||||||
Selective catalytic reduction systems designed to reduce NOX emissions | Units 1 and 2 | Unit 4 | ||||||||
Selective non-catalytic reduction systems designed to reduce NOX emissions | Units 1 and 2 | Units 1, 2 and 3 | Unit 5 | |||||||
Fabric filter systems designed primarily to reduce particulate matter emissions (a) | Units 1 and 2 | Units 1 and 2 | Units 1 and 2 | Unit 5 | ||||||
Electrostatic precipitator systems designed primarily to reduce particulate matter emissions (a) | Units 1 and 2 | Units 1, 2 and 3 | Units 1, 2 and 3 | Unit 4 | ||||||
Fluidized bed combustion process that facilitates control of NOX and SO2 | Unit 5 |
(a) | Flue gas desulfurization systems, fabric filter systems and electrostatic precipitator systems also assist in reducing mercury and other emissions. |
• | Risks Related to the Chapter 11 Cases. The Chapter 11 Cases subject us to material expense and a variety of material and adverse impacts on our business, including: a decrease in the number of counterparties that are willing to engage in commodity related hedging transactions with us and a significant increase in the amount of collateral required to engage in any such transactions; a loss of, or a disruption in, the materials and services received from suppliers, contractors and service providers; a loss of wholesale and retail electric customers; difficulties in the retention of employees; management distraction; limitations on our ability to operate our business and to adjust to changing market and industry conditions during the pendency of the Chapter 11 Cases; and litigation and/or claims asserted by creditors and other stakeholders in the Chapter 11 Cases. Since the inception of the Chapter 11 Cases we have incurred fees associated with legal representation, financial advisory and other professional services, along with financing fees in excess of $880 million. Although the Bankruptcy Court has confirmed our Plan of Reorganization, the consummation of the transactions contemplated by the plan are subject to a number of conditions (some of which are out of our control). Accordingly, there is no assurance that such transactions will be consummated or that the Plan of Reorganization will become effective. If those transactions are not consummated and the Plan of Reorganization does not become effective, we will be subject to a more lengthy and costly bankruptcy proceeding. |
• | Market, Financial and Economic Risks. Wholesale electricity prices in the ERCOT market have generally moved with the price of natural gas. Accordingly, our earnings, cash flows and the value of our lignite/coal and nuclear fueled generation assets are dependent in significant part upon the price of natural gas. In recent years natural gas supply has outpaced demand, thereby depressing natural gas prices. In addition, wholesale electricity prices move with ERCOT market heat rates, which could fall if demand for electricity were to decrease or if more efficient generation facilities are built in ERCOT. Accordingly, our earnings, cash flows and the value of our lignite/coal and nuclear fueled generation assets are also dependent in significant part upon market heat rates. Our assets or positions cannot be fully hedged against changes in commodity prices and market heat rates, and hedging transactions may not work as planned or hedge counterparties may default on their obligations. In addition, changes in technology or increased electricity conservation efforts may reduce the value of our assets. |
• | Regulatory and Legislative Risks. Our regulatory and legislative risks include changes in laws and regulations that govern our operations. In particular, new requirements for control of certain emissions from sources including electricity generation facilities may result in our incurrence of significant additional costs or significant changes to our existing operating practices. In addition, the rates of Oncor's electricity delivery business are subject to regulatory review, and may be reduced below current levels, which could adversely impact Oncor's results of operations, liquidity and financial condition. |
• | Operational Risks. Our operational risks include the risks inherent in running electricity generation facilities, retail electricity operations and electricity transmission and distribution systems. Failure of our equipment and facilities, information technology failure, fuel or water supply interruptions and adverse weather conditions, among other things, can adversely affect our business. In addition, our retail business is subject to intense competition. |
• | Whether the conditions (including the receipt of required regulatory approvals) to consummate the transactions contemplated by the Plan of Reorganization will be satisfied or waived; |
• | Increased costs related to the Chapter 11 Cases and related litigation; |
• | Negative effects and increased costs of a prolonged duration of the Chapter 11 Cases; |
• | Our ability to maintain or obtain sufficient financing sources for our operations during the pendency of the Chapter 11 Cases or to obtain sufficient exit financing to fund a Chapter 11 plan of reorganization; |
• | Risks related to our mining reclamation bonding obligations; |
• | Potential incremental increase in risks related to distributions from Oncor to EFH Corp. or EFIH; |
• | Potential increased difficulty in retaining and motivating our key employees through the process of reorganization, and potential increased difficulty in attracting new employees, and |
• | Significant time and effort required to be spent by our senior management in dealing with the bankruptcy and restructuring activities rather than focusing exclusively on business operations. |
• | selling assets outside the normal course of business; |
• | consolidating, merging, selling or otherwise disposing of all or substantially all of our assets; |
• | granting liens, and |
• | financing our operations, investments or other capital needs or engaging in other business activities that may be in our best interest. |
• | Oncor not being restricted from incurring its own debt; |
• | Oncor not guaranteeing or pledging any of its assets to secure the debt of any member of the Texas Holdings Group, and |
• | restrictions on distributions by Oncor, and the right of the independent members of Oncor's board of directors and the largest non-majority member of Oncor to block the payment of distributions to Oncor Holdings (i.e., such distributions not being available to EFH Corp. under certain circumstances). |
• | volatility in natural gas prices; |
• | volatility in ERCOT market heat rates; |
• | volatility in coal and rail transportation prices; |
• | severe or unexpected weather conditions, including drought and limitations on access to water; |
• | seasonality; |
• | changes in electricity and fuel usage; |
• | illiquidity in the wholesale electricity or other commodity markets; |
• | transmission or transportation constraints, inoperability or inefficiencies; |
• | availability of competitively-priced alternative energy sources or storage; |
• | changes in market structure; |
• | changes in supply and demand for energy commodities, including nuclear fuel and related enrichment and conversion services; |
• | changes in the manner in which we operate our facilities, including curtailed operation due to market pricing, environmental, safety or other factors; |
• | changes in generation efficiency; |
• | outages or otherwise reduced output from our generation facilities or those of our competitors; |
• | changes in the credit risk or payment practices of market participants; |
• | changes in production and storage levels of natural gas, lignite, coal, crude oil, diesel and other refined products; |
• | natural disasters, wars, sabotage, terrorist acts, embargoes and other catastrophic events, and |
• | federal, state and local energy, environmental and other regulation and legislation. |
• | our Chapter 11 Cases and the related costs; |
• | changes in financial markets that reduce available liquidity or the ability to obtain or renew credit facilities on acceptable terms; |
• | economic weakness in the ERCOT or general US market; |
• | changes in interest rates; |
• | a deterioration, or perceived deterioration, of EFH Corp.'s (and/or its subsidiaries') creditworthiness or enterprise value; |
• | a reduction in EFH Corp.'s or its applicable subsidiaries' credit ratings; |
• | a deterioration of the creditworthiness or bankruptcy of one or more lenders or counterparties under our credit facilities that affects the ability of such lender(s) to make loans to us; |
• | volatility in commodity prices that increases credit requirements; |
• | a material breakdown in our risk management procedures, and |
• | the occurrence of changes in our businesses that restrict our ability to access credit facilities. |
• | unscheduled outages or unexpected costs due to equipment, mechanical, structural, cyber security or other problems; |
• | inadequacy or lapses in maintenance protocols; |
• | the impairment of reactor operation and safety systems due to human error or force majeure; |
• | the costs of storage, handling and disposal of nuclear materials, including availability of storage space; |
• | the costs of procuring nuclear fuel; |
• | terrorist or cyber security attacks and the cost to protect against any such attack; |
• | the impact of a natural disaster; |
• | limitations on the amounts and types of insurance coverage commercially available, and |
• | uncertainties with respect to the technological and financial aspects of decommissioning nuclear facilities at the end of their useful lives. |
• | Operational Risk — Operations at any nuclear generation facility could degrade to the point where the facility would have to be shut down. If such degradations were to occur, the process of identifying and correcting the causes of the operational downgrade to return the facility to operation could require significant time and expense, resulting in both lost revenue and increased fuel and purchased power expense to meet supply commitments. Furthermore, a shut-down or failure at any other nuclear generation facility could cause regulators to require a shut-down or reduced availability at Comanche Peak. |
• | Regulatory Risk — The NRC may modify, suspend or revoke licenses and impose civil penalties for failure to comply with the Atomic Energy Act, the regulations under it or the terms of the licenses of nuclear generation facilities. Unless extended, the NRC operating licenses for Comanche Peak Unit 1 and Unit 2 will expire in 2030 and 2033, respectively. In addition, as a result of the Bankruptcy Filing, the NRC may initiate additional reviews of our operations at Comanche Peak, including with respect to our ability to fund our operations in compliance with our operating license. Changes in regulations by the NRC, including potential regulation as a result of the NRC's ongoing analysis and response to the effects of the natural disaster on nuclear generation facilities in Japan in 2010, could require a substantial increase in capital expenditures or result in increased operating or decommissioning costs. |
• | Nuclear Accident Risk — Although the safety record of Comanche Peak and other nuclear generation facilities generally has been very good, accidents and other unforeseen problems have occurred both in the US and elsewhere. The consequences of an accident can be severe and include loss of life, injury, lasting negative health impact and property damage. Any accident, or perceived accident, could result in significant liabilities and damage our reputation. Any such resulting liability from a nuclear accident could exceed our resources, including insurance coverage, and could ultimately result in the suspension or termination of electricity generation from Comanche Peak. |
Item 1B. | UNRESOLVED STAFF COMMENTS |
Item 3. | LEGAL PROCEEDINGS |
Item 4. | MINE SAFETY DISCLOSURES |
Item 5. | MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Item 6. | SELECTED FINANCIAL DATA |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Operating revenues | $ | 5,370 | $ | 5,978 | $ | 5,899 | $ | 5,636 | $ | 7,040 | |||||||||
Impairment of goodwill | $ | (2,200 | ) | $ | (1,600 | ) | $ | (1,000 | ) | $ | (1,200 | ) | $ | — | |||||
Impairment of long-lived assets | $ | (2,541 | ) | $ | (4,670 | ) | $ | (140 | ) | $ | — | $ | — | ||||||
Net loss | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,325 | ) | $ | (3,360 | ) | $ | (1,913 | ) | ||||
Net loss attributable to noncontrolling interests | $ | — | $ | — | $ | 107 | $ | — | $ | — | |||||||||
Net loss attributable to EFH Corp. | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,218 | ) | $ | (3,360 | ) | $ | (1,913 | ) | ||||
Ratio of earnings to fixed charges (a) | — | — | — | — | — | ||||||||||||||
Cash provided by (used in) operating activities | $ | 3 | $ | 404 | $ | (503 | ) | $ | (818 | ) | $ | 841 | |||||||
Cash provided by (used in) financing activities | $ | (552 | ) | $ | 2,257 | $ | (196 | ) | $ | 3,373 | $ | (1,014 | ) | ||||||
Cash provided by (used in) investing activities | $ | (593 | ) | $ | (450 | ) | $ | 3 | $ | (1,468 | ) | $ | (535 | ) | |||||
Capital expenditures, including nuclear fuel | $ | (467 | ) | $ | (463 | ) | $ | (617 | ) | $ | (877 | ) | $ | (684 | ) | ||||
At December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Total assets | $ | 23,330 | $ | 29,248 | $ | 36,446 | $ | 40,970 | $ | 44,077 | |||||||||
Property, plant & equipment — net | $ | 9,430 | $ | 12,397 | $ | 17,791 | $ | 18,705 | $ | 19,427 | |||||||||
Goodwill and intangible assets | $ | 1,318 | $ | 3,667 | $ | 5,631 | $ | 6,707 | $ | 7,997 | |||||||||
Investment in unconsolidated subsidiary (Note 4 to the Financial Statements) | $ | 6,064 | $ | 6,058 | $ | 5,959 | $ | 5,850 | $ | 5,720 | |||||||||
Capitalization | |||||||||||||||||||
Borrowings under debtor-in-possession credit facilities (b) | $ | 6,825 | $ | 6,825 | $ | — | $ | — | $ | — | |||||||||
Debt, including capital leases (c) | 60 | 128 | 34,150 | 37,815 | 35,360 | ||||||||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise (d) | 35,560 | 35,857 | — | — | — | ||||||||||||||
EFH Corp. common stock equity | (25,061 | ) | (19,723 | ) | (13,256 | ) | (11,025 | ) | (7,852 | ) | |||||||||
Noncontrolling interests in subsidiaries | — | — | 1 | 102 | 95 | ||||||||||||||
Total capitalization | $ | 17,384 | $ | 23,087 | $ | 20,895 | $ | 26,892 | $ | 27,603 | |||||||||
Capitalization ratios | |||||||||||||||||||
Borrowings under debtor-in-possession credit facilities (b) | 39.3 | % | 29.6 | % | — | % | — | % | — | % | |||||||||
Debt, including capital leases (c) | 0.3 | % | 0.5 | % | 163.4 | % | 140.6 | % | 128.1 | % | |||||||||
Pre-petition notes, loans and other debt reported as liabilities subject to compromise (d) | 204.6 | % | 155.3 | % | — | % | — | % | — | % | |||||||||
EFH Corp. common stock equity | (144.2 | )% | (85.4 | )% | (63.4 | )% | (41.0 | )% | (28.4 | )% | |||||||||
Noncontrolling interests in subsidiaries | — | % | — | % | — | % | 0.4 | % | 0.3 | % | |||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
Borrowings under credit and other facilities | $ | — | $ | — | $ | 2,054 | $ | 2,136 | $ | 774 |
(a) | Fixed charges exceeded earnings (see Exhibit 12(a)) by $7.024 billion, $9.172 billion, $3.718 billion, $4.715 billion and $3.217 billion for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. |
(b) | Borrowings under debtor-in-possession credit facilities are classified as due currently as of December 31, 2015 and as noncurrent as of December 31, 2014. |
(c) | For all periods presented, excludes amounts with contractual maturity dates in the following twelve months. |
(d) | For the years ended December 31, 2015 and 2014, includes both unsecured and under secured obligations incurred prior to the Petition Date, but excludes pre-petition obligations that are fully secured and other obligations that are allowed to be paid as ordered by the Bankruptcy Court. For the year ended December 31, 2014, excludes $733 million of deferred debt issuance and extension costs. |
First Quarter (a) | Second Quarter | Third Quarter (a) | Fourth Quarter (a) | ||||||||||||
2015: | |||||||||||||||
Operating revenues | $ | 1,272 | $ | 1,256 | $ | 1,737 | $ | 1,105 | |||||||
Net loss attributable to EFH Corp. | $ | (1,527 | ) | $ | (212 | ) | $ | (1,460 | ) | $ | (2,143 | ) |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter (a) | ||||||||||||
2014: | |||||||||||||||
Operating revenues | $ | 1,517 | $ | 1,406 | $ | 1,807 | $ | 1,248 | |||||||
Net income (loss) attributable to EFH Corp. | $ | (609 | ) | $ | (774 | ) | $ | 49 | $ | (5,072 | ) |
(a) | Net loss reflects goodwill and other intangible asset impairment charges of $2.282 billion and $1.863 billion in 2015 and 2014, respectively (see Note 5 to the Financial Statements). Additionally, net loss reflects impairment of long-lived assets of $2.541 billion and $4.670 billion in 2015 and 2014, respectively (see Note 9 to the Financial Statements). |
Item 7. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Docket No. | Filed | Effective | Semi-Annual Billing Impact Increase (Decrease) | |||||
45406 | December 2015 | March 2016 – August 2016 | $ | (64 | ) | |||
44771 | May 2015 | September 2015 – February 2016 | $ | 47 | ||||
43858 | December 2014 | March 2015 – August 2015 | $ | (27 | ) | |||
42558 | May 2014 | September 2014 – February 2015 | $ | 71 |
Docket No. | Filed | Effective | Oncor's Annual Revenue Impact | Third-Party Wholesale Transmission | Included in TCRF | |||||||||||
44968 | July 2015 | September 2015 | $ | 21 | $ | 14 | $ | 7 | ||||||||
44363 | January 2015 | March 2015 | $ | 35 | $ | 23 | $ | 12 | ||||||||
42706 | July 2014 | September 2014 | $ | 12 | $ | 8 | $ | 4 | ||||||||
42267 | February 2014 | April 2014 | $ | 74 | $ | 47 | $ | 27 |
• | increased levels of employee distraction, uncertainty and potential attrition; |
• | the inability to maintain or obtain sufficient debtor-in-possession financing sources for operations or to fund any reorganization plan and meet future obligations, and |
• | increased legal and other professional costs associated with the Chapter 11 Cases and our reorganization. |
(a) | Settled prices represent the average of NYMEX Henry Hub monthly settled prices of financial contracts for the year ending on the date presented. Forward prices represent the annual average of NYMEX Henry Hub monthly forward prices at the date presented. Three year forward prices are presented as such period is generally deemed to be a liquid period. |
• | employing disciplined, liquidity-efficient hedging and risk management strategies through physical and financial energy-related (electricity and natural gas) contracts intended to partially hedge gross margins; |
• | continuing focus on cost management to better withstand gross margin volatility; |
• | following a retail pricing strategy that appropriately reflects the magnitude and costs of commodity price, liquidity risk and retail demand variability, and |
• | improving retail customer service to attract and retain high-value customers. |
Balance 2016 | 2017 | ||
$1.00/MMBtu change in natural gas price (a)(b) | $ ~30 | $ ~345 | |
0.1/MMBtu/MWh change in market heat rate (c) | $ ~2 | $ ~15 |
(a) | Balance of 2016 is from February 1, 2016 through December 31, 2016. |
(b) | Assumes conversion of electricity positions based on an approximate 8.5 market heat rate with natural gas generally being on the margin 70% to 90% of the time in the ERCOT market (i.e., when coal is forecast to be on the margin, no natural gas position is assumed to be generated). Excludes the impact of economic backdown. |
(c) | Based on Houston Ship Channel natural gas prices at December 31, 2015. |
• | Maintaining competitive pricing initiatives on residential service plans; |
• | Actively competing for new customers in areas in ERCOT open to competition, while continuing to strive to enhance the experience of our existing customers. The customer retention strategy remains focused on continuing to implement initiatives to deliver world-class customer service and improve the overall customer experience; |
• | Establishing TXU Energy as the most innovative retailer in the ERCOT market by continuing to develop tailored product offerings to meet customer needs. Since the Merger, TXU Energy has invested more than $100 million in retail initiatives aimed at helping consumers conserve energy and demand-side management initiatives that are intended to moderate consumption and reduce peak demand for electricity, and |
• | Focusing business market initiatives largely on programs targeted to retain the existing highest-value customers and to recapture customers who have switched REPs. Initiatives include maintaining and continuously refining a disciplined contracting and pricing approach and economic segmentation of the business market to enhance targeted sales and marketing efforts and to more effectively deploy the direct-sales force. Tactical programs put into place include improved customer service, aided by an enhanced customer management system, new product price/service offerings and a multichannel approach for the small business market. |
• | Reclassification of unsecured or under-secured pre-petition debt, including unamortized deferred financing costs and discounts/premiums associated with debt, and other liabilities to a separate line item in the consolidated balance sheets, called "Liabilities subject to compromise;" |
• | Nonaccrual of interest expense for financial reporting purposes, to the extent not paid during bankruptcy; |
• | Reporting in a new line in the statements of consolidated income (loss) of incremental items of income or loss related to bankruptcy, such as professional fees, as well as adjustments of liabilities to their estimated allowed claim amounts and ultimately settlement amounts as a separate line item in the statements of consolidated income (loss); |
• | Evaluation of actual or potential bankruptcy claims, which are not already reflected as a liability on the consolidated balance sheets, under ASC 450, Contingencies. If valid unrecorded claims meeting the ASC 450 criteria are presented to us in future periods, we will accrue for these amounts at the expected amount of the allowed claim, and |
• | Upon emergence from Chapter 11 reorganization, fresh-start accounting under GAAP may be required. Under fresh-start accounting, the reorganization value of the entity would be allocated to the entity's individual assets and liabilities on a fair value basis in conformity with the procedures specified by ASC 805, Business Combinations. |
• | $979 million in lower interest expense on pre-petition debt due to the discontinuance of interest due to the Chapter 11 Cases, and |
• | $66 million in lower amortization of pre-petition debt issuance, amendment and extension costs and discounts due to reclassification of such amounts to liabilities subject to compromise in 2014, |
• | $405 million in higher expense related to adequate protection payments approved by the Bankruptcy Court for the benefit of TCEH secured creditors in the year ended December 31, 2015 as compared to the post-petition period ended December 31, 2014; |
• | $133 million in higher interest expense on debtor-in-possession financing in the year ended December 31, 2015 as compared to the post-petition period ended December 31, 2014, and |
• | $66 million in mark-to-market net gains on interest rate swaps in 2014. |
• | Net loss for the Competitive Electric segment decreased $1.582 billion to $4.678 billion. |
• | Earnings from the Regulated Delivery segment decreased $15 million to $334 million. |
• | After-tax net expenses from Corporate and Other activities totaled $998 million and $495 million in 2015 and 2014, respectively. The change primarily reflects an increase in the Corporate and Other portion of reorganization items discussed above. |
• | $2.329 billion in lower interest expense on pre-petition debt due to the discontinuance of interest upon the Bankruptcy Filing and the termination of the interest rate swap agreements shortly after the Bankruptcy Filing, and |
• | $141 million in lower amortization of pre-petition debt issuance, amendment and extension costs and discounts due to reclassification of such amounts to liabilities subject to compromise, |
• | $992 million in lower mark-to-market net gains on interest rate swaps due to the termination of the agreements; |
• | $827 million in expense related to adequate protection payments approved by the Bankruptcy Court for the benefit of TCEH secured creditors; and |
• | $162 million in interest expense on debtor-in-possession financing. |
• | Net loss for the Competitive Electric segment increased $3.951 billion to $6.260 billion. |
• | Earnings from the Regulated Delivery segment increased $14 million to $349 million. |
• | After-tax net expenses from Corporate and Other activities totaled $495 million and $244 million in 2014 and 2013, respectively. The change reflects a $226 million income tax benefit in 2013 related to the Corporate and Other portion of the $305 million income tax benefit related to resolution of IRS audit matters referred to above and charges of $190 million ($295 million pre-tax) for the Corporate and Other portion of reorganization items discussed above, partially offset by $155 million ($240 million pre-tax) in lower interest expense, $24 million in income tax benefit recorded in 2014 related to an adjustment of reserves for uncertain tax positions discussed above and $14 million ($21 million pretax) in lower legal and professional fees for the Corporate and Other portion of our debt restructuring activities. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Operating revenues | $ | 5,370 | $ | 5,978 | $ | 5,899 | |||||
Fuel, purchased power costs and delivery fees | (2,692 | ) | (2,842 | ) | (2,848 | ) | |||||
Net gain (loss) from commodity hedging and trading activities | 334 | 11 | (54 | ) | |||||||
Operating costs | (834 | ) | (914 | ) | (881 | ) | |||||
Depreciation and amortization | (852 | ) | (1,270 | ) | (1,333 | ) | |||||
Selling, general and administrative expenses | (676 | ) | (708 | ) | (756 | ) | |||||
Impairment of goodwill | (2,200 | ) | (1,600 | ) | (1,000 | ) | |||||
Impairment of long-lived assets | (2,541 | ) | (4,670 | ) | (140 | ) | |||||
Other income | 17 | 16 | 9 | ||||||||
Other deductions | (94 | ) | (281 | ) | (50 | ) | |||||
Interest income | 1 | — | 6 | ||||||||
Interest expense and related charges | (1,289 | ) | (1,799 | ) | (2,062 | ) | |||||
Reorganization items | (101 | ) | (520 | ) | — | ||||||
Loss before income taxes | (5,557 | ) | (8,599 | ) | (3,210 | ) | |||||
Income tax benefit | 879 | 2,339 | 794 | ||||||||
Net loss | (4,678 | ) | (6,260 | ) | (2,416 | ) | |||||
Net loss attributable to noncontrolling interests | — | — | 107 | ||||||||
Net loss attributable to the Competitive Electric segment | $ | (4,678 | ) | $ | (6,260 | ) | $ | (2,309 | ) |
Year Ended December 31, | 2015 | 2014 | ||||||||||||
2015 | 2014 | 2013 | % Change | % Change | ||||||||||
Sales volumes: | ||||||||||||||
Retail electricity sales volumes – (GWh): | ||||||||||||||
Residential | 21,923 | 21,910 | 22,791 | 0.1 | (3.9 | ) | ||||||||
Small business (a)(b) | 5,180 | 5,250 | 4,976 | (1.3 | ) | 5.5 | ||||||||
Large business and other customers (b) | 14,109 | 11,351 | 10,227 | 24.3 | 11.0 | |||||||||
Total retail electricity | 41,212 | 38,511 | 37,994 | 7.0 | 1.4 | |||||||||
Wholesale electricity sales volumes (c) | 23,533 | 32,965 | 38,320 | (28.6 | ) | (14.0 | ) | |||||||
Total sales volumes | 64,745 | 71,476 | 76,314 | (9.4 | ) | (6.3 | ) | |||||||
Average volume (kWh) per residential customer (d) | 14,673 | 14,530 | 14,815 | 1.0 | (1.9 | ) | ||||||||
Weather (North Texas average) – percent of normal (e): | ||||||||||||||
Cooling degree days | 105.4 | % | 101.4 | % | 103.0 | % | 3.9 | (1.6 | ) | |||||
Heating degree days | 103.8 | % | 117.8 | % | 117.8 | % | (11.9 | ) | — | |||||
Customer counts: | ||||||||||||||
Retail electricity customers (end of period, in thousands) (f): | ||||||||||||||
Residential | 1,489 | 1,500 | 1,516 | (0.7 | ) | (1.1 | ) | |||||||
Small business (a)(g) | 162 | 168 | 171 | (3.6 | ) | (1.8 | ) | |||||||
Large business and other customers (g) | 42 | 29 | 22 | 44.8 | 31.8 | |||||||||
Total retail electricity customers | 1,693 | 1,697 | 1,709 | (0.2 | ) | (0.7 | ) |
(a) | Customers with demand of less than 1 MW annually. |
(b) | Year ended December 31, 2014 and 2013 volumes reflect a reclassification of 638 GWh and 411 GWh, respectively, of retail electricity sales volumes from small business to large business and other customers to conform to current presentation. |
(c) | Includes net amounts related to sales and purchases of balancing energy in the ERCOT real-time market. |
(d) | Calculated using average number of customers for the period. |
(e) | Weather data is obtained from Weatherbank, Inc., an independent company that collects and archives weather data from reporting stations of the National Oceanic and Atmospheric Administration (a federal agency under the US Department of Commerce). Normal is defined as the average over the 10-year period from 2000 to 2010. |
(f) | Based on number of meters. Typically, large business and other customers have more than one meter; therefore, number of meters does not reflect the number of individual customers. |
(g) | Year ended December 31, 2014 and 2013 counts reflect reclassification of eight thousand and five thousand, respectively, retail electricity customers from small business to large business and other customers to conform to current presentation. |
Year Ended December 31, | 2015 | 2014 | |||||||||||||||
2015 | 2014 | 2013 | % Change | % Change | |||||||||||||
Operating revenues: | |||||||||||||||||
Retail electricity revenues: | |||||||||||||||||
Residential | $ | 2,931 | $ | 2,970 | $ | 2,984 | (1.3 | ) | (0.5 | ) | |||||||
Small business (a) (b) | 634 | 657 | 647 | (3.5 | ) | 1.5 | |||||||||||
Large business and other customers (b) | 884 | 786 | 708 | 12.5 | 11.0 | ||||||||||||
Total retail electricity revenues | 4,449 | 4,413 | 4,339 | 0.8 | 1.7 | ||||||||||||
Wholesale electricity revenues (c)(d) | 680 | 1,267 | 1,282 | (46.3 | ) | (1.2 | ) | ||||||||||
Amortization of intangibles (e) | 23 | 23 | 22 | — | 4.5 | ||||||||||||
Other operating revenues | 218 | 275 | 256 | (20.7 | ) | 7.4 | |||||||||||
Total operating revenues | $ | 5,370 | $ | 5,978 | $ | 5,899 | (10.2 | ) | 1.3 | ||||||||
Net gain (loss) from commodity hedging and trading activities: | |||||||||||||||||
Realized net gains | $ | 217 | $ | 387 | $ | 1,057 | |||||||||||
Unrealized net gains (losses) | 117 | (376 | ) | (1,111 | ) | ||||||||||||
Total | $ | 334 | $ | 11 | $ | (54 | ) |
(a) | Customers with demand of less than 1 MW annually. |
(b) | Year ended December 31, 2014 and 2013 amounts reflect a reclassification of $44 million and $33 million, respectively, of retail electricity revenues from small business to large business and other customers to conform to current presentation. |
(c) | Upon settlement of physical derivative commodity contracts that we mark-to-market in net income, such as certain electricity sales and purchase agreements and coal purchase contracts, wholesale electricity revenues and fuel and purchased power costs are reported at approximated market prices, as required by accounting rules, rather than contract price. The offsetting differences between contract and market prices are reported in net gain (loss) from commodity hedging and trading activities. |
(d) | Includes net amounts related to sales and purchases of balancing energy in the ERCOT real-time market. |
(e) | Represents amortization of the intangible net asset value of retail and wholesale electricity sales agreements resulting from purchase accounting. |
Year Ended December 31, | 2015 | 2014 | |||||||||||||||
2015 | 2014 | 2013 | % Change | % Change | |||||||||||||
Fuel, purchased power costs and delivery fees ($ millions): | |||||||||||||||||
Fuel for nuclear facilities | $ | 146 | $ | 147 | $ | 173 | (0.7 | ) | (15.0 | ) | |||||||
Fuel for lignite/coal facilities | 736 | 784 | 869 | (6.1 | ) | (9.8 | ) | ||||||||||
Total nuclear and lignite/coal facilities (a) | 882 | 931 | 1,042 | (5.3 | ) | (10.7 | ) | ||||||||||
Fuel for natural gas facilities and purchased power costs (a) | 252 | 316 | 292 | (20.3 | ) | 8.2 | |||||||||||
Amortization of intangibles | 6 | 40 | 37 | (85.0 | ) | 8.1 | |||||||||||
Other costs | 160 | 227 | 196 | (29.5 | ) | 15.8 | |||||||||||
Fuel and purchased power costs | 1,300 | 1,514 | 1,567 | (14.1 | ) | (3.4 | ) | ||||||||||
Delivery fees | 1,392 | 1,328 | 1,281 | 4.8 | 3.7 | ||||||||||||
Total | $ | 2,692 | $ | 2,842 | $ | 2,848 | (5.3 | ) | (0.2 | ) | |||||||
Fuel and purchased power costs (which excludes generation facilities operating costs) per MWh: | |||||||||||||||||
Nuclear facilities | $ | 7.32 | $ | 7.90 | $ | 8.45 | (7.3 | ) | (6.5 | ) | |||||||
Lignite/coal facilities (b) | $ | 21.03 | $ | 19.79 | $ | 19.93 | 6.3 | (0.7 | ) | ||||||||
Natural gas facilities and purchased power (c) | $ | 46.16 | $ | 49.48 | $ | 46.62 | (6.7 | ) | 6.1 | ||||||||
Delivery fees per MWh | $ | 33.64 | $ | 34.36 | $ | 33.57 | (2.1 | ) | 2.4 | ||||||||
Production and purchased power volumes (GWh): | |||||||||||||||||
Nuclear facilities | 19,954 | 18,636 | 20,487 | 7.1 | (9.0 | ) | |||||||||||
Lignite/coal facilities (d) | 41,817 | 48,878 | 52,023 | (14.4 | ) | (6.0 | ) | ||||||||||
Total nuclear and lignite/coal facilities | 61,771 | 67,514 | 72,510 | (8.5 | ) | (6.9 | ) | ||||||||||
Natural gas facilities | 709 | 816 | 899 | (13.1 | ) | (9.2 | ) | ||||||||||
Purchased power (e) | 2,265 | 3,146 | 2,905 | (28.0 | ) | 8.3 | |||||||||||
Total energy supply volumes | 64,745 | 71,476 | 76,314 | (9.4 | ) | (6.3 | ) | ||||||||||
Capacity factors: | |||||||||||||||||
Nuclear facilities | 99.0 | % | 92.5 | % | 101.7 | % | 7.0 | (9.0 | ) | ||||||||
Lignite/coal facilities (d) | 59.5 | % | 69.6 | % | 74.1 | % | (14.5 | ) | (6.1 | ) | |||||||
Total | 68.3 | % | 74.7 | % | 80.2 | % | (8.6 | ) | (6.9 | ) |
(a) | See footnote (c) to the Revenue and Commodity Hedging and Trading Activities table on previous page. |
(b) | Includes depreciation and amortization of lignite mining assets, which is reported in the depreciation and amortization expense line item, but is part of overall fuel costs and excludes unrealized amounts as discussed in footnote (c) to the Revenue and Commodity Hedging and Trading Activities table on previous page. |
(c) | Excludes volumes related to line loss and power imbalances and unrealized amounts as discussed in footnote (c) to the Revenue and Commodity Hedging and Trading Activities table on previous page. |
(d) | Includes the estimated effects of economic backdown (including seasonal operations) of lignite/coal fueled units totaling 19,900 GWh, 15,770 GWh and 12,460 GWh in 2015, 2014 and 2013, respectively. |
(e) | Includes amounts related to line loss and power imbalances. |
Year Ended December 31, 2015 | |||||||||||
Net Realized Gains | Net Unrealized Gains (Losses) | Total | |||||||||
Hedging positions | $ | 206 | $ | 126 | $ | 332 | |||||
Trading positions | 11 | (9 | ) | 2 | |||||||
Total | $ | 217 | $ | 117 | $ | 334 |
Year Ended December 31, 2014 | |||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||
Hedging positions | $ | 397 | $ | (393 | ) | $ | 4 | ||||
Trading positions | (10 | ) | 17 | 7 | |||||||
Total | $ | 387 | $ | (376 | ) | $ | 11 |
• | $925 million in lower interest expense on pre-petition debt due to the discontinuance of interest due to the Chapter 11 Cases, and |
• | $86 million in lower amortization of pre-petition debt issuances, amendment and extension costs and discounts due to reclassification of such amounts to liabilities subject to compromise in 2014, |
• | $405 million in higher expense related to adequate protection payments approved by the Bankruptcy Court for the benefit of TCEH secured creditors in the year ended December 31, 2015 as compared to the post-petition period ended December 31, 2014; |
• | $66 million in mark-to-market net gains on interest rate swaps in 2014, and |
• | $26 million in higher interest expense on debtor-in-possession financing in the year ended December 31, 2015 as compared to the post-petition period ended December 31, 2014. |
Year Ended December 31, 2014 | |||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||
Hedging positions | $ | 397 | $ | (393 | ) | $ | 4 | ||||
Trading positions | (10 | ) | 17 | 7 | |||||||
Total | $ | 387 | $ | (376 | ) | $ | 11 |
Year Ended December 31, 2013 | |||||||||||
Net Realized Gains | Net Unrealized Losses | Total | |||||||||
Hedging positions | $ | 1,055 | $ | (1,090 | ) | $ | (35 | ) | |||
Trading positions | 2 | (21 | ) | (19 | ) | ||||||
Total | $ | 1,057 | $ | (1,111 | ) | $ | (54 | ) |
• | $1.931 billion in lower interest expense on pre-petition debt due to the discontinuance of interest upon the Bankruptcy Filing and the termination of the interest rate swap agreements shortly after the Bankruptcy Filing, and |
• | $178 million in lower amortization of pre-petition debt issuances, amendment and extension costs and discounts due to reclassification of such amounts to liabilities subject to compromise, |
• | $987 million in lower mark-to-market net gains on interest rate swaps due to the termination of the agreements; |
• | $828 million in expense related to adequate protection payments approved by the Bankruptcy Court for the benefit of secured creditors; and |
• | $37 million in interest expense on debtor-in-possession financing. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Commodity contract net asset at beginning of period | $ | 180 | $ | 525 | $ | 1,664 | |||||
Settlements/termination of positions (a) | (263 | ) | (385 | ) | (1,039 | ) | |||||
Changes in fair value of positions in the portfolio (b) | 380 | 17 | (54 | ) | |||||||
Other activity (c) | (26 | ) | 23 | (46 | ) | ||||||
Commodity contract net asset at end of period | $ | 271 | $ | 180 | $ | 525 |
(a) | Represents reversals of previously recognized unrealized gains and losses upon settlement/termination (offsets realized gains and losses recognized in the settlement period). Excludes changes in fair value in the month the position settled as well as amounts related to positions entered into and settled in the same month. |
(b) | Represents unrealized net gains (losses) recognized, reflecting the effect of changes in fair value. Excludes changes in fair value in the month the position settled as well as amounts related to positions entered into and settled in the same month. |
(c) | These amounts do not represent unrealized gains or losses. Includes initial values of positions involving the receipt or payment of cash or other consideration, generally related to options purchased/sold. |
Maturity dates of unrealized commodity contract net asset at December 31, 2015 | ||||||||||||
Source of fair value | Less than 1 year | 1-3 years | Total | |||||||||
Prices actively quoted | $ | 258 | $ | (1 | ) | $ | 257 | |||||
Prices provided by other external sources | (26 | ) | 3 | (23 | ) | |||||||
Prices based on models | 31 | 6 | 37 | |||||||||
Total | $ | 263 | $ | 8 | $ | 271 |
• | $230 million for major maintenance, primarily in existing generation operations; |
• | $82 million for environmental expenditures related to generation units; |
• | $123 million for nuclear fuel purchases, and |
• | $32 million for information technology and other corporate investments. |
• | $248 million for major maintenance, primarily in existing generation operations; |
• | $76 million for environmental expenditures related to generation units; |
• | $77 million for nuclear fuel purchases, and |
• | $62 million for information technology, nuclear generation development and other corporate investments. |
Settlements | |||
TCEH (a) | $ | (55 | ) |
EFCH | (13 | ) | |
EFIH (b) | (481 | ) | |
EFH Corp. (c) | (12 | ) | |
Total | $ | (561 | ) |
(a) | Settlements include $34 million related to a noncash reduction of debt related to a capital lease that was restructured as an operating lease, $16 million of payments of principal at scheduled maturity dates and $5 million of payments of capital lease liabilities. |
(b) | Settlements include $445 million in cash repayments and $36 million in charging lien advances, both related to pre-petition debt as approved by the Bankruptcy Court (see Note 13 to the Financial Statements). |
(c) | Settlements include $7 million in charging lien advances and $5 million in noncash retirements. |
Available Liquidity | |||||||||||
December 31, 2015 | December 31, 2014 | Change | |||||||||
Cash and cash equivalents – EFH Corp. and other | $ | 532 | $ | 428 | $ | 104 | |||||
Cash and cash equivalents – EFIH | 354 | 1,157 | (803 | ) | |||||||
Cash and cash equivalents – TCEH (a) | 1,400 | 1,843 | (443 | ) | |||||||
Total cash and cash equivalents | 2,286 | 3,428 | (1,142 | ) | |||||||
TCEH DIP Revolving Credit Facility (b) | 1,950 | 1,950 | — | ||||||||
Total liquidity (b) | $ | 4,236 | $ | 5,378 | $ | (1,142 | ) |
(a) | Cash and cash equivalents at December 31, 2015 and 2014 exclude $1.026 billion and $901 million, respectively, of restricted cash held for letter of credit support. The December 31, 2015 restricted cash balance includes $507 million under the TCEH pre-petition Letter of Credit Facility and $519 million under the TCEH DIP Facility. |
(b) | Pursuant to an order of the Bankruptcy Court, the TCEH Debtors may not have more than $1.650 billion of cash borrowings outstanding under the TCEH DIP Revolving Credit Facility without written consent of the TCEH committee of unsecured creditors and the ad hoc group of TCEH unsecured noteholders or further order of the Bankruptcy Court. |
• | $275 million for investments in TCEH generation facilities, including approximately: |
• | $225 million for major maintenance and |
• | $50 million for environmental expenditures related to the MATS and other regulations; |
• | $75 million for nuclear fuel purchases and |
• | $50 million for information technology and other corporate investments. |
• | $6 million in cash has been posted with counterparties as compared to $9 million posted at December 31, 2014; |
• | $152 million in cash has been received from counterparties as compared to $26 million received at December 31, 2014; |
• | $230 million in letters of credit have been posted with counterparties, as compared to $329 million posted at December 31, 2014, and |
• | $3 million in letters of credit have been received from counterparties, as compared to $3 million received at December 31, 2014. |
Plant/Asset | Projected Tax Basis as of June 30, 2016 of Depreciable Assets Placed in Service as of December 31, 2014 | Projected Tax Basis of Inventory, Construction Work in Process and 2015 and 2016 Capital Expenditures as of June 30, 2016 | Projected Tax Basis of Non-Depreciable Assets as of June 30, 2016 | Projected Tax Basis as of June 30, 2016 | ||||||||||||
Big Brown | $ | 120 | $ | 50 | $ | 170 | ||||||||||
Monticello | $ | 340 | $ | 150 | $ | 160 | $ | 650 | ||||||||
Martin Lake | $ | 420 | $ | 270 | $ | 220 | $ | 910 | ||||||||
Sandow 4 | $ | 140 | $ | 70 | $ | 210 | ||||||||||
Sandow 5 | $ | 540 | $ | 20 | $ | 50 | $ | 610 | ||||||||
Oak Grove | $ | 1,220 | $ | 130 | $ | 100 | $ | 1,450 | ||||||||
Comanche Peak | $ | 260 | $ | 230 | $ | 10 | $ | 500 | ||||||||
Nuclear fuel | $ | 210 | ||||||||||||||
Gas plants | $ | 140 | $ | 10 | $ | 150 | ||||||||||
TXU Energy | $ | 100 | $ | 20 | $ | 120 | ||||||||||
EFH Corporate Services, EFH Properties and other | $ | 90 | $ | 180 | $ | 10 | $ | 280 | ||||||||
Total | $ | 5,260 |
Contractual Cash Obligations: | Less Than One Year | One to Three Years | Three to Five Years | More Than Five Years | Total | ||||||||||||||
Debt – principal, including capital leases (a) | $ | 6,860 | $ | 26 | $ | 19 | $ | 12 | $ | 6,917 | |||||||||
Debt – interest (b) | 277 | 5 | 3 | — | 285 | ||||||||||||||
Operating leases | 26 | 62 | 54 | 139 | 281 | ||||||||||||||
Obligations under commodity purchase and services agreements (c) | 578 | 220 | 113 | 146 | 1,057 | ||||||||||||||
Total contractual cash obligations | $ | 7,741 | $ | 313 | $ | 189 | $ | 297 | $ | 8,540 |
(a) | Includes $6.825 billion of borrowings under the TCEH and EFIH DIP Facilities and $92 million principal amount of long-term debt, including capital leases. Excludes unamortized discounts and fair value premiums and discounts related to purchase accounting. |
(b) | Contractual and adequate protection interest payments are excluded. |
(c) | Includes capacity payments, nuclear fuel and natural gas take-or-pay contracts, coal contracts, business services and nuclear related outsourcing and other purchase commitments. Amounts presented for variable priced contracts reflect the year-end 2015 price for all periods except where contractual price adjustment or index-based prices are specified. |
• | liabilities subject to compromise (see Note 13 to the Financial Statements); |
• | arrangements between affiliated entities and intercompany debt (see Note 19 to the Financial Statements); |
• | individual contracts that have an annual cash requirement of less than $1 million (however, multiple contracts with one counterparty that are more than $1 million on an aggregated basis have been included); |
• | contracts that are cancellable without payment of a substantial cancellation penalty; |
• | employment contracts with management, and |
• | liabilities related to uncertain tax positions totaling $36 million (as well as accrued interest totaling $4 million) discussed in Note 6 to the Financial Statements as the ultimate timing of payment, if any, is not known. |
Item 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Month-end average MtM VaR: | $ | 68 | $ | 50 | |||
Month-end high MtM VaR: | $ | 97 | $ | 129 | |||
Month-end low MtM VaR: | $ | 49 | $ | 22 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Month-end average EaR: | $ | 45 | $ | 27 | |||
Month-end high EaR: | $ | 92 | $ | 60 | |||
Month-end low EaR: | $ | 26 | $ | 4 |
2015 Total Carrying Amount | 2015 Total Fair Value | 2014 Total Carrying Amount | 2014 Total Fair Value | ||||||||||||
Debt amounts (a): | |||||||||||||||
Long-term debt not subject to compromise | $ | 87 | $ | 89 | $ | 121 | $ | 119 | |||||||
Average interest rate | 8.43 | % | 8.35 | % | |||||||||||
Borrowings under debtor-in-possession credit facilities | $ | 6,825 | $ | 6,804 | $ | 6,825 | $ | 6,830 | |||||||
Average interest rate (b) | 4.15 | % | 4.15 | % | |||||||||||
Total debt | $ | 6,912 | $ | 6,893 | $ | 6,946 | $ | 6,949 |
(a) | Capital leases and the effects of unamortized premiums and discounts are excluded from the table. |
(b) | The weighted average interest rate presented is based on the rate in effect at December 31, 2015. |
Exposure Before Credit Collateral | Credit Collateral | Net Exposure | |||||||||
Investment grade | $ | 339 | $ | 147 | $ | 192 | |||||
Below investment grade or no rating | 25 | 3 | 22 | ||||||||
Totals | $ | 364 | $ | 150 | $ | 214 | |||||
Investment grade | 93.1 | % | 89.7 | % | |||||||
Below investment grade or no rating | 6.9 | % | 10.3 | % |
• | our ability to satisfy the terms and conditions set forth in, and to receive the required approvals required under, the Plan of Reorganization, the Merger and Purchase Agreement and the Plan Support Agreement; |
• | the breach by one or more of our counterparties under the Merger and Purchase Agreement and/or the Plan Support Agreement; |
• | the effectiveness of the overall restructuring activities pursuant to the Chapter 11 Cases, including the Plan of Reorganization, and any additional strategies we employ to address our liquidity and capital resources; |
• | the extent to which the Chapter 11 Cases cause customers, suppliers and others with whom we have commercial relationships to lose confidence in us, which may make it more difficult for us to obtain and maintain such commercial relationships on competitive terms; |
• | difficulties we may face in retaining and motivating our key employees through the bankruptcy process, and difficulties we may face in attracting new employees; |
• | the significant time and effort required to be spent by our senior management in dealing with the bankruptcy and restructuring activities rather than focusing exclusively on business operations; |
• | our ability to remain in compliance with the requirements of the DIP Facilities; |
• | our ability to maintain or obtain sufficient financing sources for our operations during the pendency of the Chapter 11 Cases and our ability to obtain sufficient exit financing to fund any Chapter 11 plan of reorganization; |
• | limitations on our ability to utilize previously incurred federal net operating losses or alternative minimum tax credits; |
• | the actions and decisions of creditors, regulators and other third parties that have an interest in the Chapter 11 Cases or reorganization that may be inconsistent with, or interfere with, our business and/or plans; |
• | the duration and related costs of the Chapter 11 Cases; |
• | the actions and decisions of regulatory authorities relative to the Plan of Reorganization; |
• | restrictions on our operations due to the terms of our debt agreements, including the DIP Facilities, and restrictions imposed by the Bankruptcy Court; |
• | our ability to obtain any required regulatory consent necessary to implement any Chapter 11 plan of reorganization; |
• | prevailing governmental policies and regulatory actions, including those of the Texas Legislature, the Governor of Texas, the US Congress, the FERC, the NERC, the TRE, the PUCT, the RCT, the NRC, the EPA, the TCEQ, the US Mine Safety and Health Administration and the CFTC, with respect to, among other things: |
◦ | allowed prices; |
◦ | allowed rates of return; |
◦ | permitted capital structure; |
◦ | industry, market and rate structure; |
◦ | purchased power and recovery of investments; |
◦ | operations of nuclear generation facilities; |
◦ | operations of fossil fueled generation facilities; |
◦ | operations of mines; |
◦ | self-bonding requirements; |
◦ | acquisition and disposal of assets and facilities; |
◦ | development, construction and operation of facilities; |
◦ | decommissioning costs; |
◦ | present or prospective wholesale and retail competition; |
◦ | changes in tax laws and policies; |
◦ | changes in and compliance with environmental and safety laws and policies, including the CSAPR, MATS, regional haze program implementation and greenhouse gas and other climate change initiatives, and |
◦ | clearing over-the-counter derivatives through exchanges and posting of cash collateral therewith; |
• | legal and administrative proceedings and settlements, including the legal proceedings arising out of the Chapter 11 Cases; |
• | general industry trends; |
• | economic conditions, including the impact of an economic downturn; |
• | our ability to collect trade receivables from counterparties; |
• | our ability to attract and retain profitable customers; |
• | our ability to profitably serve our customers; |
• | restrictions on competitive retail pricing; |
• | changes in wholesale electricity prices or energy commodity prices, including the price of natural gas; |
• | changes in prices of transportation of natural gas, coal, fuel oil and other refined products; |
• | changes in the ability of vendors to provide or deliver commodities as needed; |
• | changes in market heat rates in the ERCOT electricity market; |
• | our ability to effectively hedge against unfavorable commodity prices, including the price of natural gas, market heat rates and interest rates; |
• | weather conditions, including drought and limitations on access to water, and other natural phenomena, and acts of sabotage, wars or terrorist or cyber security threats or activities; |
• | population growth or decline, or changes in market supply or demand and demographic patterns, particularly in ERCOT; |
• | access to adequate transmission facilities to meet changing demands; |
• | changes in interest rates, commodity prices, rates of inflation or foreign exchange rates; |
• | changes in operating expenses, liquidity needs and capital expenditures; |
• | commercial bank market and capital market conditions and the potential impact of disruptions in US and international credit markets; |
• | access to capital, the cost of such capital, and the results of financing and refinancing efforts, including availability of funds in capital markets; |
• | our ability to generate sufficient cash flow to make interest or adequate protection payments, or refinance, our debt instruments, including the DIP Facilities; |
• | competition for new energy development and other business opportunities; |
• | inability of various counterparties to meet their obligations with respect to our financial instruments; |
• | changes in technology (including large scale electricity storage) used by and services offered by us; |
• | changes in electricity transmission that allow additional electricity generation to compete with our generation assets; |
• | significant changes in our relationship with our employees, including the availability of qualified personnel, and the potential adverse effects if labor disputes or grievances were to occur; |
• | changes in assumptions used to estimate costs of providing employee benefits, including medical and dental benefits, pension and OPEB, and future funding requirements related thereto, including joint and several liability exposure under ERISA; |
• | hazards customary to the industry and the possibility that we may not have adequate insurance to cover losses resulting from such hazards, and |
• | actions by credit rating agencies. |
Item 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(millions of dollars) | |||||||||||
Operating revenues | $ | 5,370 | $ | 5,978 | $ | 5,899 | |||||
Fuel, purchased power costs and delivery fees | (2,692 | ) | (2,842 | ) | (2,848 | ) | |||||
Net gain (loss) from commodity hedging and trading activities | 334 | 11 | (54 | ) | |||||||
Operating costs | (834 | ) | (914 | ) | (881 | ) | |||||
Depreciation and amortization | (864 | ) | (1,283 | ) | (1,355 | ) | |||||
Selling, general and administrative expenses | (745 | ) | (794 | ) | (822 | ) | |||||
Impairment of goodwill (Note 5) | (2,200 | ) | (1,600 | ) | (1,000 | ) | |||||
Impairment of long-lived assets (Note 9) | (2,541 | ) | (4,670 | ) | (140 | ) | |||||
Other income (Note 8) | 35 | 31 | 26 | ||||||||
Other deductions (Note 8) | (95 | ) | (276 | ) | (53 | ) | |||||
Interest income | 1 | 1 | 1 | ||||||||
Interest expense and related charges (Note 10) | (1,760 | ) | (2,201 | ) | (2,704 | ) | |||||
Reorganization items (Note 11) | (1,355 | ) | (815 | ) | — | ||||||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | (7,346 | ) | (9,374 | ) | (3,931 | ) | |||||
Income tax benefit (Note 7) | 1,670 | 2,619 | 1,271 | ||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) (Note 4) | 334 | 349 | 335 | ||||||||
Net loss | (5,342 | ) | (6,406 | ) | (2,325 | ) | |||||
Net loss attributable to noncontrolling interests | — | — | 107 | ||||||||
Net loss attributable to EFH Corp. | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,218 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(millions of dollars) | |||||||||||
Net loss | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,325 | ) | ||
Other comprehensive income (loss), net of tax effects: | |||||||||||
Effects related to pension and other retirement benefit obligations (net of tax (expense) benefit of $(4), $12 and $5) (Note 18) | 7 | (21 | ) | (8 | ) | ||||||
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period (net of tax benefit of $—, $1 and $3) | 2 | 1 | 6 | ||||||||
Net effects related to Oncor — reported in equity in earnings of unconsolidated subsidiaries (net of tax) | (5 | ) | (47 | ) | (14 | ) | |||||
Total other comprehensive income (loss) | 4 | (67 | ) | (16 | ) | ||||||
Comprehensive loss | (5,338 | ) | (6,473 | ) | (2,341 | ) | |||||
Comprehensive loss attributable to noncontrolling interests | — | — | 107 | ||||||||
Comprehensive loss attributable to EFH Corp. | $ | (5,338 | ) | $ | (6,473 | ) | $ | (2,234 | ) |
ENERGY FUTURE HOLDINGS CORP. AND SUBSIDIARIES, A DEBTOR-IN-POSSESSION STATEMENTS OF CONSOLIDATED CASH FLOWS | |||||||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(millions of dollars) | |||||||||||
Cash flows — operating activities: | |||||||||||
Net loss | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,325 | ) | ||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 1,006 | 1,453 | 1,521 | ||||||||
Deferred income tax benefit, net | (1,484 | ) | (2,539 | ) | (992 | ) | |||||
Income tax benefit due to IRS audit resolutions (Note 6) | — | 7 | (305 | ) | |||||||
Impairment of goodwill (Note 5) | 2,200 | 1,600 | 1,000 | ||||||||
Impairment of long-lived assets and nuclear generation joint venture (Note 9) | 2,541 | 4,670 | 140 | ||||||||
Noncash adjustment for estimated allowed claims related to debt (Note 11) | 926 | — | — | ||||||||
Contract claims adjustments (Note 11) | 52 | 20 | — | ||||||||
Management fee settlement adjustment (Note 11 and 19) | (49 | ) | — | — | |||||||
Unrealized net (gain) loss from mark-to-market of commodity positions | (119 | ) | 370 | 1,091 | |||||||
Unrealized net gain from mark-to-market of interest rate swaps (Note 10) | — | (1,303 | ) | (1,058 | ) | ||||||
Liability adjustment arising from termination of interest rate swaps (Note 17) | — | 278 | — | ||||||||
Noncash realized loss on termination of interest rate swaps (Note 10) | — | 1,237 | — | ||||||||
Noncash realized gain on termination of natural gas positions (Note 17) | — | (117 | ) | — | |||||||
Fees paid on EFIH Second Lien Notes repayment and DIP Facilities (Notes 12 and 13) (reported as financing activities) | 37 | 187 | — | ||||||||
Loss on exchange and settlement of EFIH First Lien Notes (Note 12) | — | 108 | — | ||||||||
Interest expense on toggle notes paid in additional principal (Note 10) | — | 65 | 176 | ||||||||
Amortization of debt related costs, discounts, fair value discounts and losses on dedesignated cash flow hedges (Note 10) | — | 72 | 235 | ||||||||
Equity in earnings of unconsolidated subsidiaries | (334 | ) | (349 | ) | (335 | ) | |||||
Distributions of earnings from unconsolidated subsidiaries (Note 4) | 322 | 202 | 213 | ||||||||
Impairment of intangible and other assets (Note 5) | 84 | 263 | 37 | ||||||||
Other, net | 65 | 63 | 82 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable — trade | 17 | 63 | (33 | ) | |||||||
Inventories | 34 | (67 | ) | (6 | ) | ||||||
Accounts payable — trade | 41 | 108 | 11 | ||||||||
Payables due to unconsolidated subsidiary | (33 | ) | 109 | 109 | |||||||
Commodity and other derivative contractual assets and liabilities | 30 | (25 | ) | 49 | |||||||
Margin deposits, net | 129 | (192 | ) | (320 | ) | ||||||
Accrued interest | 5 | 519 | (8 | ) | |||||||
Other — net assets | 20 | (43 | ) | 131 | |||||||
Other — net liabilities | (145 | ) | 51 | 84 | |||||||
Cash provided by (used in) operating activities | $ | 3 | $ | 404 | $ | (503 | ) | ||||
Cash flows — financing activities: | |||||||||||
Repayments/repurchases of debt (Notes 12 and 13) | $ | (515 | ) | $ | (2,546 | ) | $ | (187 | ) | ||
Fees paid on EFIH Second Lien Notes repayment and DIP Facilities (Notes 12 and 13) | (37 | ) | (187 | ) | — | ||||||
Proceeds from DIP Facilities before fees paid (Note 12) | — | 4,989 | — | ||||||||
Other, net | — | 1 | (9 | ) | |||||||
Cash provided by (used in) financing activities | (552 | ) | 2,257 | (196 | ) |
ENERGY FUTURE HOLDINGS CORP. AND SUBSIDIARIES, A DEBTOR-IN-POSSESSION STATEMENTS OF CONSOLIDATED CASH FLOWS | |||||||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(millions of dollars) | |||||||||||
Cash flows — investing activities: | |||||||||||
Capital expenditures | (344 | ) | (386 | ) | (501 | ) | |||||
Nuclear fuel purchases | (123 | ) | (77 | ) | (116 | ) | |||||
Acquisition of combustion turbine trust interest | — | — | (40 | ) | |||||||
Restricted cash investment used to settle TCEH Demand Notes (Note 19) | — | — | 680 | ||||||||
Other changes in restricted cash | (122 | ) | 42 | (2 | ) | ||||||
Proceeds from sales of nuclear decommissioning trust fund securities (Note 21) | 401 | 314 | 175 | ||||||||
Investments in nuclear decommissioning trust fund securities (Note 21) | (418 | ) | (331 | ) | (191 | ) | |||||
Other, net | 13 | (12 | ) | (2 | ) | ||||||
Cash provided by (used in) investing activities | (593 | ) | (450 | ) | 3 | ||||||
Net change in cash and cash equivalents | (1,142 | ) | 2,211 | (696 | ) | ||||||
Cash and cash equivalents — beginning balance | 3,428 | 1,217 | 1,913 | ||||||||
Cash and cash equivalents — ending balance | $ | 2,286 | $ | 3,428 | $ | 1,217 |
ENERGY FUTURE HOLDINGS CORP. AND SUBSIDIARIES, A DEBTOR-IN-POSSESSION CONSOLIDATED BALANCE SHEETS | |||||||
December 31, | |||||||
2015 | 2014 | ||||||
(millions of dollars) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 2,286 | $ | 3,428 | |||
Restricted cash (Note 21) | 524 | 6 | |||||
Trade accounts receivable — net (Note 21) | 533 | 589 | |||||
Inventories (Note 21) | 428 | 468 | |||||
Commodity and other derivative contractual assets (Note 17) | 465 | 492 | |||||
Other current assets | 87 | 100 | |||||
Total current assets | 4,323 | 5,083 | |||||
Restricted cash (Note 21) | 507 | 901 | |||||
Receivable from unconsolidated subsidiary (Note 19) | — | 47 | |||||
Investment in unconsolidated subsidiary (Note 4) | 6,064 | 6,058 | |||||
Other investments (Note 21) | 984 | 995 | |||||
Property, plant and equipment — net (Note 21) | 9,430 | 12,397 | |||||
Goodwill (Note 5) | 152 | 2,352 | |||||
Identifiable intangible assets — net (Note 5) | 1,166 | 1,315 | |||||
Accumulated deferred income taxes (Note 7) | 609 | — | |||||
Other noncurrent assets | 95 | 100 | |||||
Total assets | $ | 23,330 | $ | 29,248 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Borrowings under debtor-in-possession credit facilities (Note 12) | $ | 6,825 | $ | — | |||
Long-term debt due currently (Note 12) | 35 | 39 | |||||
Trade accounts payable | 413 | 406 | |||||
Net payables due to unconsolidated subsidiary (Note 19) | 204 | 237 | |||||
Commodity and other derivative contractual liabilities (Note 17) | 203 | 316 | |||||
Margin deposits related to commodity contracts | 152 | 26 | |||||
Accumulated deferred income taxes (Note 7) | — | 135 | |||||
Accrued taxes | 134 | 157 | |||||
Accrued interest | 121 | 119 | |||||
Other current liabilities | 425 | 360 | |||||
Total current liabilities | 8,512 | 1,795 | |||||
Borrowings under debtor-in-possession credit facilities (Note 12) | — | 6,825 | |||||
Long-term debt, less amounts due currently (Note 12) | 60 | 128 | |||||
Liabilities subject to compromise (Note 13) | 37,786 | 37,432 | |||||
Accumulated deferred income taxes (Note 7) | — | 713 | |||||
Other noncurrent liabilities and deferred credits (Note 21) | 2,033 | 2,078 | |||||
Total liabilities | 48,391 | 48,971 | |||||
Commitments and Contingencies (Note 14) | |||||||
Equity (Note 15): | |||||||
Common stock (shares outstanding 2015 — 1,669,861,379; 2014 — 1,669,861,379) | 2 | 2 | |||||
Additional paid-in capital | 7,968 | 7,968 | |||||
Retained deficit | (32,905 | ) | (27,563 | ) | |||
Accumulated other comprehensive loss | (126 | ) | (130 | ) | |||
Total equity | (25,061 | ) | (19,723 | ) | |||
Total liabilities and equity | $ | 23,330 | $ | 29,248 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(millions of dollars) | |||||||||||
Common stock stated value of $0.001 effective May 2009 (number of authorized shares — 2,000,000,000): | |||||||||||
Balance at beginning of period | $ | 2 | $ | 2 | $ | 2 | |||||
Balance at end of period (number of shares outstanding: 2015 — 1,669,861,379; 2014 — 1,669,861,379; 2013 — 1,669,861,383) | 2 | 2 | 2 | ||||||||
Additional paid-in capital: | |||||||||||
Balance at beginning of period | 7,968 | 7,962 | 7,959 | ||||||||
Effects of stock-based incentive compensation plans | — | 6 | 7 | ||||||||
Common stock repurchases | — | — | (5 | ) | |||||||
Other | — | — | 1 | ||||||||
Balance at end of period | 7,968 | 7,968 | 7,962 | ||||||||
Retained earnings (deficit): | |||||||||||
Balance at beginning of period | (27,563 | ) | (21,157 | ) | (18,939 | ) | |||||
Net loss attributable to EFH Corp. | (5,342 | ) | (6,406 | ) | (2,218 | ) | |||||
Balance at end of period | (32,905 | ) | (27,563 | ) | (21,157 | ) | |||||
Accumulated other comprehensive loss, net of tax effects: | |||||||||||
Pension and other postretirement employee benefit liability adjustments: | |||||||||||
Balance at beginning of period | (77 | ) | (7 | ) | 17 | ||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | 1 | (70 | ) | (24 | ) | ||||||
Balance at end of period | (76 | ) | (77 | ) | (7 | ) | |||||
Amounts related to dedesignated cash flow hedges: | |||||||||||
Balance at beginning of period | (53 | ) | (56 | ) | (64 | ) | |||||
Change during the period | 3 | 3 | 8 | ||||||||
Balance at end of period | (50 | ) | (53 | ) | (56 | ) | |||||
Total accumulated other comprehensive loss at end of period | (126 | ) | (130 | ) | (63 | ) | |||||
EFH Corp. shareholders' equity at end of period (Note 15) | (25,061 | ) | (19,723 | ) | (13,256 | ) | |||||
Noncontrolling interests in subsidiaries (Note 15): | |||||||||||
Balance at beginning of period | — | 1 | 102 | ||||||||
Net loss attributable to noncontrolling interests | — | — | (107 | ) | |||||||
Investments by noncontrolling interests | — | 1 | 6 | ||||||||
Other | — | (2 | ) | — | |||||||
Noncontrolling interests in subsidiaries at end of period | — | — | 1 | ||||||||
Total equity at end of period | $ | (25,061 | ) | $ | (19,723 | ) | $ | (13,255 | ) |
1. | BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES |
2. | CHAPTER 11 CASES |
• | TCEH will execute a transaction that will result in a partial step-up in the tax basis of certain TCEH assets; |
• | the Reorganized TCEH Spin-Off will occur; |
• | a consortium (collectively, the Investor Group) consisting of certain TCEH creditors, an affiliate of Hunt Consolidated, Inc. (Hunt) and certain other investors designated by Hunt will acquire (the EFH Acquisition) reorganized EFH Corp. (Reorganized EFH); |
• | in connection with the EFH Acquisition, (i) the Investor Group will raise up to approximately $12.6 billion of equity and debt financing to invest in Reorganized EFH, (ii) a successor to Reorganized EFH will be converted to a real estate investment trust (REIT) under the Internal Revenue Code and (iii) all allowed claims against the EFH Corp. debtors and the EFIH Debtors will receive treatment rendering them unimpaired (excluding any claims derived from or based upon make-whole, applicable premium, redemption premium or other similar payment provisions, or any other alleged premiums, fees, or claims relating to the repayment of claims and certain unsecured claims for post-petition interest in excess of the federal judgment rate of interest, each of which will be disallowed under the Plan of Reorganization), and |
• | the Debtors, the Sponsor Group, certain settling TCEH first lien creditors, certain settling TCEH second lien creditors, certain settling TCEH unsecured creditors and the official committee of unsecured creditors of the TCEH Debtors (collectively, the Settling Parties) agreed to settle certain disputes, claims and causes of action pursuant to the Settlement Agreement (described below). |
3. | PENDING PURCHASE OF LA FRONTERA HOLDINGS, LLC |
4. | VARIABLE INTEREST ENTITIES |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Operating revenues | $ | 3,878 | $ | 3,822 | $ | 3,552 | |||||
Operation and maintenance expenses | (1,526 | ) | (1,453 | ) | (1,269 | ) | |||||
Depreciation and amortization | (863 | ) | (851 | ) | (814 | ) | |||||
Taxes other than income taxes | (450 | ) | (438 | ) | (424 | ) | |||||
Other income | 6 | 13 | 18 | ||||||||
Other deductions | (28 | ) | (15 | ) | (15 | ) | |||||
Interest income | — | 3 | 4 | ||||||||
Interest expense and related charges | (333 | ) | (353 | ) | (371 | ) | |||||
Income before income taxes | 684 | 728 | 681 | ||||||||
Income tax expense | (264 | ) | (289 | ) | (259 | ) | |||||
Net income | 420 | 439 | 422 | ||||||||
Net income attributable to noncontrolling interests | (86 | ) | (90 | ) | (87 | ) | |||||
Net income attributable to Oncor Holdings | $ | 334 | $ | 349 | $ | 335 |
December 31, | |||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 26 | $ | 5 | |||
Restricted cash | 38 | 56 | |||||
Trade accounts receivable — net | 388 | 407 | |||||
Trade accounts and other receivables from affiliates | 118 | 118 | |||||
Income taxes receivable from EFH Corp. | 107 | 144 | |||||
Inventories | 82 | 73 | |||||
Accumulated deferred income taxes | — | 10 | |||||
Prepayments and other current assets | 88 | 91 | |||||
Total current assets | 847 | 904 | |||||
Restricted cash | — | 16 | |||||
Other investments | 97 | 97 | |||||
Property, plant and equipment — net | 13,024 | 12,463 | |||||
Goodwill | 4,064 | 4,064 | |||||
Regulatory assets — net | 1,194 | 1,429 | |||||
Other noncurrent assets | 31 | 34 | |||||
Total assets | $ | 19,257 | $ | 19,007 | |||
LIABILITIES | |||||||
Current liabilities: | |||||||
Short-term borrowings | $ | 840 | $ | 711 | |||
Long-term debt due currently | 41 | 639 | |||||
Trade accounts payable — nonaffiliates | 150 | 202 | |||||
Income taxes payable to EFH Corp. | 20 | 24 | |||||
Accrued taxes other than income | 181 | 174 | |||||
Accrued interest | 82 | 93 | |||||
Other current liabilities | 144 | 156 | |||||
Total current liabilities | 1,458 | 1,999 | |||||
Accumulated deferred income taxes | 1,985 | 1,978 | |||||
Long-term debt, less amounts due currently | 5,646 | 4,964 | |||||
Other noncurrent liabilities and deferred credits | 2,306 | 2,245 | |||||
Total liabilities | $ | 11,395 | $ | 11,186 |
5. | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS |
Goodwill before impairment charges | $ | 18,342 | |
Accumulated noncash impairment charges through 2014 | (15,990 | ) | |
Balance at December 31, 2014 | 2,352 | ||
Additional noncash impairment charges in 2015 | (2,200 | ) | |
Balance at December 31, 2015 (a) | $ | 152 |
(a) | Net of accumulated impairment charges totaling $18.190 billion. |
• | The carrying value (excluding debt) of the Competitive Electric segment exceeded its estimated enterprise value by approximately 48% at December 1, 2015 and 17% at December 1, 2014. |
• | The fair value of the Competitive Electric segment was estimated using a two-thirds weighting of value based on internally developed cash flow projections and a one-third weighting of value using implied cash flow multiples based on current securities values of comparable publicly traded companies. The internally developed cash flow projections reflect annual estimates through a terminal year calculated using a terminal year EBITDA multiple approach. |
• | The discount rates applied to internally developed cash flow projections were 6.00% for the impairments recorded in 2015 and 6.25% at December 1, 2014. The discount rate represents the weighted average cost of capital consistent with our views of the rate that an expected market participant would utilize for valuation, including the risk inherent in future cash flows, taking into account the capital structure, debt ratings and current debt yields of comparable public companies as well as an estimate of return on equity that reflects historical market returns and current market volatility for the industry. |
• | The cash flow projections used in both 2015 and 2014 assume rising wholesale electricity prices, although the forecasted electricity prices are less than those assumed in the cash flow projections used in prior goodwill impairment testing. |
December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Identifiable Intangible Asset | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Retail customer relationship | $ | 463 | $ | 442 | $ | 21 | $ | 463 | $ | 425 | $ | 38 | ||||||||||||
Capitalized in-service software | 362 | 214 | 148 | 362 | 216 | 146 | ||||||||||||||||||
Other identifiable intangible assets (a) | 72 | 35 | 37 | 460 | 291 | 169 | ||||||||||||||||||
Total identifiable intangible assets subject to amortization | $ | 897 | $ | 691 | 206 | $ | 1,285 | $ | 932 | 353 | ||||||||||||||
Retail trade name (not subject to amortization) | 955 | 955 | ||||||||||||||||||||||
Mineral interests (not currently subject to amortization) | 5 | 7 | ||||||||||||||||||||||
Total identifiable intangible assets | $ | 1,166 | $ | 1,315 |
(a) | Includes favorable purchase and sales contracts, environmental allowances and credits and mining development costs. See discussion below regarding impairment charges recorded in 2014 and 2015 related to other identifiable intangible assets. |
Identifiable Intangible Asset | Statements of Consolidated Income (Loss) Line | Segment | Remaining useful lives at December 31, 2015 (weighted average in years) | Year Ended December 31, | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||
Retail customer relationship | Depreciation and amortization | Competitive Electric | 2 | $ | 17 | $ | 23 | $ | 24 | |||||||||
Capitalized in-service software | Depreciation and amortization | Competitive Electric and Corporate and Other | 3 | 49 | 45 | 42 | ||||||||||||
Other identifiable intangible assets | Operating revenues/fuel, purchased power costs and delivery fees /depreciation and amortization | Competitive Electric | 8 | 30 | 88 | 69 | ||||||||||||
Total amortization expense (a) | $ | 96 | $ | 156 | $ | 135 |
(a) | Amounts recorded in depreciation and amortization totaled $74 million, $102 million and $97 million in 2015, 2014 and 2013, respectively. |
• | Retail customer relationship – Retail customer relationship intangible asset represents the fair value of the non-contracted customer base and is being amortized using an accelerated method based on customer attrition rates and reflecting the expected pattern in which economic benefits are realized over their estimated useful life. |
• | Retail trade name – The trade name intangible asset represents the fair value of the TXU Energy trade name, and was determined to be an indefinite-lived asset not subject to amortization. This intangible asset is evaluated for impairment at least annually in accordance with accounting guidance related to goodwill and other intangible assets. Significant assumptions included within the development of the fair value estimate include TXU Energy's estimated gross margin for future periods and an implied royalty rate. No impairment was recorded as a result of our 2015 analysis. |
• | Favorable purchase and sales contracts – Favorable purchase and sales contracts intangible asset primarily represents the above market value of commodity contracts for which: (i) we had made the normal purchase or sale election allowed by accounting standards related to derivative instruments and hedging transactions or (ii) the contracts did not meet the definition of a derivative. The amortization periods of these intangible assets are based on the terms of the contracts. Unfavorable purchase and sales contracts are recorded as other noncurrent liabilities and deferred credits (see Note 21). See below for discussion of impairment of certain intangible assets related to favorable purchase and sales contracts in 2015 and 2014. |
Year | Estimated Amortization Expense | |||
2016 | $ | 66 | ||
2017 | $ | 55 | ||
2018 | $ | 35 | ||
2019 | $ | 22 | ||
2020 | $ | 11 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Balance at January 1, excluding interest and penalties | $ | 65 | $ | 231 | $ | 1,788 | |||||
Additions based on tax positions related to prior years | — | 61 | 655 | ||||||||
Reductions based on tax positions related to prior years | (11 | ) | (205 | ) | (1,817 | ) | |||||
Additions based on tax positions related to the current year | — | — | 16 | ||||||||
Reductions based on tax positions related to the current year | — | — | (4 | ) | |||||||
Settlements with taxing authorities | (18 | ) | (22 | ) | (407 | ) | |||||
Balance at December 31, excluding interest and penalties | $ | 36 | $ | 65 | $ | 231 |
7. | INCOME TAXES |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Current: | |||||||||||
US Federal | $ | (203 | ) | $ | (126 | ) | $ | (283 | ) | ||
State | 17 | 25 | 40 | ||||||||
Total current | (186 | ) | (101 | ) | (243 | ) | |||||
Deferred: | |||||||||||
US Federal | (1,414 | ) | (2,507 | ) | (1,027 | ) | |||||
State | (70 | ) | (11 | ) | (1 | ) | |||||
Total deferred | (1,484 | ) | (2,518 | ) | (1,028 | ) | |||||
Total | $ | (1,670 | ) | $ | (2,619 | ) | $ | (1,271 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | $ | (7,346 | ) | $ | (9,374 | ) | $ | (3,931 | ) | ||
Income taxes at the US federal statutory rate of 35% | $ | (2,571 | ) | $ | (3,281 | ) | $ | (1,376 | ) | ||
Nondeductible goodwill impairment | 770 | 560 | 350 | ||||||||
Impairment of joint venture assets attributable to noncontrolling interests (Note 9) | — | — | 37 | ||||||||
IRS audit and appeals settlements (Note 6) | (1 | ) | 7 | (305 | ) | ||||||
Texas margin tax, net of federal benefit | — | 11 | 10 | ||||||||
Interest accrued for uncertain tax positions, net of tax | (2 | ) | — | (16 | ) | ||||||
Nondeductible interest expense | 23 | 22 | 23 | ||||||||
Lignite depletion allowance | (8 | ) | (14 | ) | (12 | ) | |||||
Nondeductible debt restructuring costs | 136 | 78 | 6 | ||||||||
Other | (17 | ) | (2 | ) | 12 | ||||||
Income tax benefit | $ | (1,670 | ) | $ | (2,619 | ) | $ | (1,271 | ) | ||
Effective tax rate | 22.7 | % | 27.9 | % | 32.3 | % |
December 31, | |||||||||||||||
2015 | 2014 | ||||||||||||||
Total Noncurrent (a) | Total | Current | Noncurrent | ||||||||||||
Deferred Income Tax Assets | |||||||||||||||
Alternative minimum tax credit carryforwards | $ | 99 | $ | 124 | $ | — | $ | 124 | |||||||
Employee benefit obligations | 143 | 143 | 8 | 135 | |||||||||||
Net operating loss (NOL) carryforwards | 966 | 1,022 | — | 1,022 | |||||||||||
Unfavorable purchase and sales contracts | 193 | 202 | — | 202 | |||||||||||
Commodity contracts and interest rate swaps | 129 | 6 | — | 6 | |||||||||||
Debt extinguishment gains | 1,120 | 879 | — | 879 | |||||||||||
Accrued interest | — | — | — | — | |||||||||||
Other | 113 | 85 | 2 | 83 | |||||||||||
Total | 2,763 | 2,461 | 10 | 2,451 | |||||||||||
Deferred Income Tax Liabilities | |||||||||||||||
Property, plant and equipment | 1,506 | 2,422 | — | 2,422 | |||||||||||
Commodity contracts and interest rate swaps | — | 44 | 44 | — | |||||||||||
Identifiable intangible assets | 312 | 355 | — | 355 | |||||||||||
Debt fair value discounts | — | 342 | — | 342 | |||||||||||
Debt extinguishment gains | — | 101 | 101 | — | |||||||||||
Accrued interest | 336 | 45 | — | 45 | |||||||||||
Other | — | — | — | — | |||||||||||
Total | 2,154 | 3,309 | 145 | 3,164 | |||||||||||
Net Accumulated Deferred Income Tax (Asset) Liability | $ | (609 | ) | $ | 848 | $ | 135 | $ | 713 |
(a) | Reflects adoption of ASU 2015-17, Balance Sheet Classification of Deferred Taxes. See Note 1. |
8. | OTHER INCOME AND DEDUCTIONS |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Other income: | |||||||||||
Office space rental income (a) | $ | 11 | $ | 11 | $ | 11 | |||||
Sale of land (b) | 5 | 2 | 1 | ||||||||
Mineral rights royalty income (b) | 4 | 4 | 5 | ||||||||
All other | 15 | 14 | 9 | ||||||||
Total other income | $ | 35 | $ | 31 | $ | 26 | |||||
Other deductions: | |||||||||||
Impairment of favorable purchase contracts (Note 5) (b) | $ | 8 | $ | 183 | $ | — | |||||
Impairment of emission allowances (Note 5) (b) | 55 | 80 | — | ||||||||
Impairment of mining development costs (Note 5) (b) | 19 | — | — | ||||||||
Impairment of remaining equipment from cancelled generation development program (b) | — | — | 27 | ||||||||
All other | 13 | 13 | 26 | ||||||||
Total other deductions | $ | 95 | $ | 276 | $ | 53 |
(a) | Reported in Corporate and Other. |
(b) | Reported in Competitive Electric segment. |
9. | IMPAIRMENT OF LONG-LIVED ASSETS |
10. | INTEREST EXPENSE AND RELATED CHARGES |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Interest paid/accrued on debtor-in-possession financing | $ | 295 | $ | 162 | $ | — | |||||
Adequate protection amounts paid/accrued (a) | 1,232 | 827 | — | ||||||||
Interest paid/accrued on pre-petition debt (b) | 244 | 1,158 | 3,376 | ||||||||
Interest expense on pre-petition toggle notes payable in additional principal (Note 13) | — | 65 | 176 | ||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) (c) | — | 1,237 | — | ||||||||
Unrealized mark-to-market net gain on interest rate swaps | — | (1,303 | ) | (1,058 | ) | ||||||
Amortization of debt issuance, amendment and extension costs and discounts | — | 66 | 208 | ||||||||
Capitalized interest | (11 | ) | (17 | ) | (25 | ) | |||||
Other | — | 6 | 27 | ||||||||
Total interest expense and related charges | $ | 1,760 | $ | 2,201 | $ | 2,704 |
(a) | Post-petition period only. |
(b) | For the year ended December 31, 2015, amounts include $235 million in post-petition interest related to the EFIH Second Lien Notes (see Note 13). Includes amounts related to interest rate swaps totaling $194 million and $625 million for the years ended December 31, 2014 and 2013, respectively. Of the $194 million for the year ended December 31, 2014, $127 million is included in the liability arising from the termination of TCEH interest rate swaps discussed in Note 17. |
(c) | Includes $1.225 billion related to terminated TCEH interest rate swaps and $12 million related to other interest rate swaps. |
Year Ended December 31, 2015 | ||||||||||||||||
Entity: | Contractual Interest on Debt Classified as LSTC | Adequate Protection Paid/Accrued | Approved Interest Paid/Accrued (a) | Contractual Interest on Debt Classified as LSTC Not Paid/Accrued | ||||||||||||
EFH Corp. | $ | 125 | $ | — | $ | — | $ | 125 | ||||||||
EFIH | 415 | — | 50 | 365 | ||||||||||||
EFCH | 7 | — | — | 7 | ||||||||||||
TCEH | 2,069 | 1,172 | — | 897 | ||||||||||||
Eliminations (b) | (124 | ) | — | — | (124 | ) | ||||||||||
Total | $ | 2,492 | $ | 1,172 | $ | 50 | $ | 1,270 |
Post-Petition Period Ended December 31, 2014 | ||||||||||||||||
Entity: | Contractual Interest on Debt Classified as LSTC | Adequate Protection Paid/Accrued | Ordered Interest Paid/Accrued (a) | Contractual Interest on Debt Classified as LSTC Not Paid/Accrued | ||||||||||||
EFH Corp. | $ | 84 | $ | — | $ | — | $ | 84 | ||||||||
EFIH | 363 | — | 54 | 309 | ||||||||||||
EFCH | 4 | — | — | 4 | ||||||||||||
TCEH | 1,392 | 787 | — | 605 | ||||||||||||
Eliminations (b) | (83 | ) | — | — | (83 | ) | ||||||||||
Total | $ | 1,760 | $ | 787 | $ | 54 | $ | 919 |
(a) | For the year ended December 31, 2015 represents portion of interest related to the EFIH Second Lien Notes that was repaid based on the approval of the Bankruptcy Court; however, excludes $185 million of post-petition interest paid in 2015 that contractually related to 2014 and default interest (see Note 13). For the post-petition period ended December 31, 2014, represents interest on EFIH First Lien Notes exchanged and settled in June 2014 (see Note 12). |
(b) | Represents contractual interest on affiliate debt held by EFH Corp. and EFIH that is classified as LSTC. |
11. | REORGANIZATION ITEMS |
Twelve Months Ended December 31, 2015 | Post-Petition Period Ended December 31, 2014 | ||||||
Expenses related to legal advisory and representation services | $ | 310 | $ | 127 | |||
Expenses related to other professional consulting and advisory services | 128 | 95 | |||||
Contract claims adjustments | 52 | 20 | |||||
Noncash adjustment for estimated allowed claims related to debt (Note 13) | 926 | — | |||||
Sponsor management agreement settlement (Notes 2 and 19) | (86 | ) | — | ||||
Contract assumption adjustments | (14 | ) | — | ||||
Noncash liability adjustment arising from termination of interest rate swaps (Note 13) | — | 278 | |||||
Fees associated with repayment of EFIH Second Lien Notes (Note 13) | 28 | — | |||||
Loss on exchange and settlement of EFIH First Lien Notes | — | 108 | |||||
Fees associated with completion and extension of the TCEH and EFIH DIP Facilities (Note 12) | 9 | 187 | |||||
Other | 2 | — | |||||
Total reorganization items | $ | 1,355 | $ | 815 |
12. | DEBTOR-IN-POSSESSION BORROWING FACILITIES AND LONG-TERM DEBT NOT SUBJECT TO COMPROMISE |
December 31, 2015 | ||||||||||||
TCEH DIP Facility | Facility Limit | Available Cash Borrowing Capacity | Available Letter of Credit Capacity | |||||||||
TCEH DIP Revolving Credit Facility (a) | $ | 1,950 | $ | 1,950 | $ | — | ||||||
TCEH DIP Term Loan Facility (b) | 1,425 | — | 281 | |||||||||
Total TCEH DIP Facility | $ | 3,375 | $ | 1,950 | $ | 281 |
(a) | Facility used for general corporate purposes. No amounts were borrowed at December 31, 2015. Pursuant to an order of the Bankruptcy Court, the TCEH Debtors may not have more than $1.650 billion of TCEH DIP Revolving Credit Facility cash borrowings outstanding without written consent of the TCEH committee of unsecured creditors and the ad hoc group of TCEH unsecured noteholders or further order of the Bankruptcy Court. |
(b) | Facility used for general corporate purposes, including but not limited to, $800 million for issuing letters of credit. |
• | In June 2014, $1.836 billion of loans issued under the facility were issued as an exchange to holders of $1.673 billion principal amount of EFIH First Lien Notes plus accrued and unpaid interest totaling $78 million. Holders of substantially all of the principal amount exchanged received as payment in full a principal amount of loans under the DIP facility equal to 105% of the principal amount of the notes held plus 101% of the accrued and unpaid interest at the non-default rate on such principal; |
• | In June 2014, $2.438 billion of cash borrowings were used to repay all remaining $2.312 billion principal amount of EFIH First Lien Notes (plus accrued and unpaid interest totaling $128 million), and |
• | In March 2015, $750 million of cash borrowings were used to repay $445 million principal amount of EFIH Second Lien Notes (including accrued and unpaid pre-petition interest of $55 million and post-petition interest of $235 million) and certain fees (see Note 13). |
December 31, | |||||||
2015 | 2014 | ||||||
EFH Corp. (parent entity) | |||||||
8.82% Non-Debtor Building Financing due semiannually through February 11, 2022 | $ | 35 | $ | 40 | |||
Unamortized fair value premium (a) | 6 | 7 | |||||
Total EFH Corp. | 41 | 47 | |||||
EFCH | |||||||
9.58% Fixed Notes due in annual installments through December 4, 2019 (b) | 13 | 21 | |||||
8.254% Fixed Notes due in quarterly installments through December 31, 2021 (b) | 24 | 29 | |||||
Unamortized fair value discount (a) | (2 | ) | (3 | ) | |||
Total EFCH | 35 | 47 | |||||
TCEH | |||||||
7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017 (c) | 13 | 25 | |||||
7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 (c) | — | 4 | |||||
Capital lease obligations | 5 | 44 | |||||
Other | 2 | 2 | |||||
Unamortized discount | (1 | ) | (2 | ) | |||
Total TCEH | 19 | 73 | |||||
Total EFH Corp. consolidated | 95 | 167 | |||||
Less amounts due currently | (35 | ) | (39 | ) | |||
Total long-term debt not subject to compromise | $ | 60 | $ | 128 |
(a) | Amount represents unamortized fair value adjustments recorded under purchase accounting. |
(b) | Approved by the Bankruptcy Court for repayment. |
(c) | Debt issued by trust and secured by assets held by the trust. |
13. | LIABILITIES SUBJECT TO COMPROMISE |
December 31, | |||||||
2015 | 2014 | ||||||
Notes, loans and other debt per the following table | $ | 35,560 | $ | 35,124 | |||
Accrued interest on notes, loans and other debt | 745 | 804 | |||||
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements (Note 17) | 1,243 | 1,235 | |||||
Trade accounts payable and other expected allowed claims | 238 | 269 | |||||
Total liabilities subject to compromise | $ | 37,786 | $ | 37,432 |
December 31, | |||||||
2015 | 2014 | ||||||
EFH Corp. (parent entity) | |||||||
9.75% Fixed Senior Notes due October 15, 2019 | $ | 2 | $ | 2 | |||
10% Fixed Senior Notes due January 15, 2020 | 3 | 3 | |||||
10.875% Fixed Senior Notes due November 1, 2017 | 33 | 33 | |||||
11.25% / 12.00% Senior Toggle Notes due November 1, 2017 | 27 | 27 | |||||
5.55% Fixed Series P Senior Notes due November 15, 2014 (a) | 89 | 90 | |||||
6.50% Fixed Series Q Senior Notes due November 15, 2024 (a) | 198 | 201 | |||||
6.55% Fixed Series R Senior Notes due November 15, 2034 (a) | 288 | 291 | |||||
Unamortized fair value discount (b) | — | (118 | ) | ||||
Total EFH Corp. | 640 | 529 | |||||
EFIH | |||||||
11% Fixed Senior Secured Second Lien Notes due October 1, 2021 | 322 | 406 | |||||
11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 | 1,389 | 1,750 | |||||
11.25% / 12.25% Senior Toggle Notes due December 1, 2018 | 1,530 | 1,566 | |||||
9.75% Fixed Senior Notes due October 15, 2019 | 2 | 2 | |||||
Unamortized premium (b) | — | 243 | |||||
Unamortized discount (b) | — | (121 | ) | ||||
Total EFIH | 3,243 | 3,846 | |||||
EFCH | |||||||
Floating Rate Junior Subordinated Debentures, Series D due January 30, 2037 | 1 | 1 | |||||
8.175% Fixed Junior Subordinated Debentures, Series E due January 30, 2037 | 8 | 8 | |||||
Unamortized fair value discount (b) | — | (1 | ) | ||||
Total EFCH | 9 | 8 | |||||
TCEH | |||||||
Senior Secured Facilities: | |||||||
TCEH Floating Rate Term Loan Facilities due October 10, 2014 | 3,809 | 3,809 | |||||
TCEH Floating Rate Letter of Credit Facility due October 10, 2014 | 42 | 42 | |||||
TCEH Floating Rate Revolving Credit Facility due October 10, 2016 | $ | 2,054 | $ | 2,054 |
December 31, | |||||||
2015 | 2014 | ||||||
TCEH Floating Rate Term Loan Facilities due October 10, 2017 (a) | 15,691 | 15,691 | |||||
TCEH Floating Rate Letter of Credit Facility due October 10, 2017 | 1,020 | 1,020 | |||||
11.5% Fixed Senior Secured Notes due October 1, 2020 | 1,750 | 1,750 | |||||
15% Fixed Senior Secured Second Lien Notes due April 1, 2021 | 336 | 336 | |||||
15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B | 1,235 | 1,235 | |||||
10.25% Fixed Senior Notes due November 1, 2015 (a) | 1,833 | 1,833 | |||||
10.25% Fixed Senior Notes due November 1, 2015, Series B (a) | 1,292 | 1,292 | |||||
10.50% / 11.25% Senior Toggle Notes due November 1, 2016 | 1,749 | 1,749 | |||||
Pollution Control Revenue Bonds: | |||||||
Brazos River Authority: | |||||||
5.40% Fixed Series 1994A due May 1, 2029 | 39 | 39 | |||||
7.70% Fixed Series 1999A due April 1, 2033 | 111 | 111 | |||||
7.70% Fixed Series 1999C due March 1, 2032 | 50 | 50 | |||||
8.25% Fixed Series 2001A due October 1, 2030 | 71 | 71 | |||||
8.25% Fixed Series 2001D-1 due May 1, 2033 | 171 | 171 | |||||
6.30% Fixed Series 2003B due July 1, 2032 | 39 | 39 | |||||
6.75% Fixed Series 2003C due October 1, 2038 | 52 | 52 | |||||
5.40% Fixed Series 2003D due October 1, 2029 | 31 | 31 | |||||
5.00% Fixed Series 2006 due March 1, 2041 | 100 | 100 | |||||
Sabine River Authority of Texas: | |||||||
6.45% Fixed Series 2000A due June 1, 2021 | 51 | 51 | |||||
5.20% Fixed Series 2001C due May 1, 2028 | 70 | 70 | |||||
5.80% Fixed Series 2003A due July 1, 2022 | 12 | 12 | |||||
6.15% Fixed Series 2003B due August 1, 2022 | 45 | 45 | |||||
Trinity River Authority of Texas: | |||||||
6.25% Fixed Series 2000A due May 1, 2028 | 14 | 14 | |||||
Unamortized fair value discount related to pollution control revenue bonds (b) | — | (103 | ) | ||||
Other: | |||||||
Other | 1 | 1 | |||||
Unamortized discount (b) | — | (91 | ) | ||||
Total TCEH | 31,668 | 31,474 | |||||
Deferred debt issuance and extension costs (b) | — | (733 | ) | ||||
Total EFH Corp. consolidated notes, loans and other debt | $ | 35,560 | $ | 35,124 |
(a) | Excludes the following principal amounts of debt held by EFIH or EFH Corp. (parent entity). The amounts of TCEH debt held by EFIH or EFH Corp. (parent entity) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. See Note 2 for discussion of the Settlement Agreement. |
December 31, | |||
2014 | |||
EFH Corp. 5.55% Fixed Series P Senior Notes due November 15, 2014 | 281 | ||
EFH Corp. 6.50% Fixed Series Q Senior Notes due November 15, 2024 | 545 | ||
EFH Corp. 6.55% Fixed Series R Senior Notes due November 15, 2034 | 456 | ||
TCEH Floating Rate Term Loan Facilities due October 10, 2017 | 19 | ||
TCEH 10.25% Fixed Senior Notes due November 1, 2015 | 213 | ||
TCEH 10.25% Fixed Senior Notes due November 1, 2015, Series B | 150 | ||
Total | $ | 1,664 |
(b) | Due to the Settlement Agreement our pre-petition notes, loans and other debt reported as liabilities subject to compromise were updated to reflect our expected allowed claim amounts, resulting in the write-off to reorganization items of unamortized deferred debt issuance and extension costs, premiums and discounts classified as LSTC (see Note 11). |
• | $3.809 billion of TCEH Term Loan Facilities with interest at LIBOR plus 3.50%; |
• | $15.691 billion of TCEH Term Loan Facilities with interest at LIBOR plus 4.50%; |
• | $42 million of cash borrowed under the TCEH Letter of Credit Facility with interest at LIBOR plus 3.50%; |
• | $1.020 billion of cash borrowed under the TCEH Letter of Credit Facility with interest at LIBOR plus 4.50%, and |
• | Amounts borrowed under the TCEH Revolving Credit Facility, which represent the entire amount of commitments under the facility totaling $2.054 billion. |
14. | COMMITMENTS AND CONTINGENCIES |
Coal purchase and transportation agreements | Pipeline transportation and storage reservation fees | Nuclear Fuel Contracts | Other Contracts | ||||||||||||
2016 | $ | 307 | $ | 13 | $ | 62 | $ | 130 | |||||||
2017 | — | 1 | 46 | 42 | |||||||||||
2018 | — | 1 | 72 | 14 | |||||||||||
2019 | — | 1 | 35 | 12 | |||||||||||
2020 | — | 1 | 37 | 14 | |||||||||||
Thereafter | — | 7 | 96 | 36 | |||||||||||
Total | $ | 307 | $ | 24 | $ | 348 | $ | 248 |
Capital Leases | Operating Leases (a) | ||||||
2016 | $ | 3 | $ | 26 | |||
2017 | 2 | 32 | |||||
2018 | — | 30 | |||||
2019 | — | 28 | |||||
2020 | — | 26 | |||||
Thereafter | — | 139 | |||||
Total future minimum lease payments | 5 | $ | 281 | ||||
Less amounts representing interest | — | ||||||
Present value of future minimum lease payments | 5 | ||||||
Less current portion | 3 | ||||||
Long-term capital lease obligation | $ | 2 |
(a) | Includes operating leases with initial or remaining noncancellable lease terms in excess of one year. |
• | $230 million to support commodity risk management and trading margin requirements in the normal course of business, including over-the-counter and exchange-traded hedging transactions and collateral postings with ERCOT; |
• | $72 million to support executory contracts and insurance agreements; |
• | $55 million to support TCEH's REP financial requirements with the PUCT, and |
• | $162 million for other credit support requirements, including $131 million to support our purchase and sale agreement with La Frontera Holdings, LLC. |
• | enactment of state or federal regulations regarding CO2 and other greenhouse gas emissions; |
• | other changes to existing state or federal regulation regarding air quality, water quality, control of toxic substances and hazardous and solid wastes, and other environmental matters, including revisions to clean air regulations developed by the EPA as a result of court rulings discussed above and MATS and Regional Haze, and |
• | the identification of sites requiring clean-up or the filing of other complaints in which we may be asserted to be a potential responsible party under applicable environmental laws or regulations. |
15. | EQUITY |
Year Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
Shares outstanding at beginning of year | 1,669.9 | 1,669.9 | 1,680.5 | |||||
Shares issued (a) | — | — | 1.7 | |||||
Shares repurchased | — | — | (12.3 | ) | ||||
Shares outstanding at end of year | 1,669.9 | 1,669.9 | 1,669.9 |
(a) | Includes share awards granted to directors and other nonemployees. |
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 17) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 18) | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at December 31, 2014 | $ | (53 | ) | $ | (77 | ) | $ | (130 | ) | ||
Other comprehensive loss before reclassifications (after tax) | — | 5 | 5 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | |||||||||||
Operating costs | — | (3 | ) | (3 | ) | ||||||
Depreciation and amortization | 2 | — | 2 | ||||||||
Selling, general and administrative expenses | — | (4 | ) | (4 | ) | ||||||
Income tax benefit (expense) | — | 2 | 2 | ||||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 1 | 1 | 2 | ||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 3 | (4 | ) | (1 | ) | ||||||
Total change during the period | 3 | 1 | 4 | ||||||||
Balance at December 31, 2015 | $ | (50 | ) | $ | (76 | ) | $ | (126 | ) |
Dedesignated Cash Flow Hedges – Interest Rate Swaps (Note 17) | Pension and Other Postretirement Employee Benefit Liabilities Adjustments (Note 18) | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at December 31, 2013 | $ | (56 | ) | $ | (7 | ) | $ | (63 | ) | ||
Other comprehensive loss before reclassifications (after tax) | — | (66 | ) | (66 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in: | |||||||||||
Operating costs | — | (4 | ) | (4 | ) | ||||||
Depreciation and amortization | 2 | — | 2 | ||||||||
Selling, general and administrative expenses | — | (2 | ) | (2 | ) | ||||||
Interest expense and related charges | — | — | — | ||||||||
Income tax benefit (expense) | (1 | ) | 2 | 1 | |||||||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | — | 2 | ||||||||
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 3 | (4 | ) | (1 | ) | ||||||
Total change during the period | 3 | (70 | ) | (67 | ) | ||||||
Balance at December 31, 2014 | $ | (53 | ) | $ | (77 | ) | $ | (130 | ) |
16. | FAIR VALUE MEASUREMENTS |
• | Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Our Level 1 assets and liabilities include exchange-traded commodity contracts. For example, some of our derivatives are NYMEX or ICE futures and swaps transacted through clearing brokers for which prices are actively quoted. |
• | Level 2 valuations use inputs that, in the absence of actively quoted market prices, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other mathematical means. Our 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. For example, our Level 2 assets and liabilities include forward commodity positions at locations for which over-the-counter broker quotes are available. |
• | 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. For example, our Level 3 assets and liabilities include certain derivatives with values derived from pricing models that utilize multiple inputs to the valuations, including inputs that are not observable or easily corroborated through other means. See further discussion below. |
December 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 (a) | Total | ||||||||||||
Assets: | |||||||||||||||
Commodity contracts | $ | 385 | $ | 41 | $ | 49 | $ | 475 | |||||||
Nuclear decommissioning trust – equity securities (b) | 380 | 219 | — | 599 | |||||||||||
Nuclear decommissioning trust – debt securities (b) | — | 319 | — | 319 | |||||||||||
Total assets | $ | 765 | $ | 579 | $ | 49 | $ | 1,393 | |||||||
Liabilities: | |||||||||||||||
Commodity contracts | $ | 128 | $ | 64 | $ | 12 | $ | 204 | |||||||
Total liabilities | $ | 128 | $ | 64 | $ | 12 | $ | 204 |
December 31, 2014 | |||||||||||||||
Level 1 | Level 2 | Level 3 (a) | Total | ||||||||||||
Assets: | |||||||||||||||
Commodity contracts | $ | 402 | $ | 46 | $ | 49 | $ | 497 | |||||||
Nuclear decommissioning trust – equity securities (b) | 375 | 217 | — | 592 | |||||||||||
Nuclear decommissioning trust – debt securities (b) | — | 301 | — | 301 | |||||||||||
Total assets | $ | 777 | $ | 564 | $ | 49 | $ | 1,390 | |||||||
Liabilities: | |||||||||||||||
Commodity contracts | $ | 278 | $ | 25 | $ | 14 | $ | 317 | |||||||
Total liabilities | $ | 278 | $ | 25 | $ | 14 | $ | 317 |
(a) | See table below for description of Level 3 assets and liabilities. |
(b) | The nuclear decommissioning trust investment is included in the other investments line in the consolidated balance sheets. See Note 21. |
December 31, 2015 | ||||||||||||||||||
Fair Value | ||||||||||||||||||
Contract Type (a) | Assets | Liabilities | Total | Valuation Technique | Significant Unobservable Input | Range (b) | ||||||||||||
Electricity purchases and sales | $ | 1 | $ | (1 | ) | $ | — | Valuation Model | Illiquid pricing locations (c) | $15 to $35/MWh | ||||||||
Hourly price curve shape (d) | $15 to $45/MWh | |||||||||||||||||
Electricity congestion revenue rights | 39 | (4 | ) | 35 | Market Approach (e) | Illiquid price differences between settlement points (f) | $0 to $10/MWh | |||||||||||
Other (i) | 9 | (7 | ) | 2 | ||||||||||||||
Total | $ | 49 | $ | (12 | ) | $ | 37 |
December 31, 2014 | ||||||||||||||||||
Fair Value | ||||||||||||||||||
Contract Type (a) | Assets | Liabilities | Total | Valuation Technique | Significant Unobservable Input | Range (b) | ||||||||||||
Electricity purchases and sales | $ | 4 | $ | (5 | ) | $ | (1 | ) | Valuation Model | Illiquid pricing locations (c) | $30 to $50/MWh | |||||||
Hourly price curve shape (d) | $20 to $70/MWh | |||||||||||||||||
Electricity congestion revenue rights | 38 | (4 | ) | 34 | Market Approach (e) | Illiquid price differences between settlement points (f) | $0 to $20/MWh | |||||||||||
Coal purchases | — | (4 | ) | (4 | ) | Market Approach (e) | Illiquid price variances between mines (g) | $0 to $1/ton | ||||||||||
Illiquid price variances between heat content (h) | $0 to $1/ton | |||||||||||||||||
Other (i) | 7 | (1 | ) | 6 | ||||||||||||||
Total | $ | 49 | $ | (14 | ) | $ | 35 |
(a) | Electricity purchase and sales contracts include hedging positions in the ERCOT regions, as well as power contracts, the valuations of which include unobservable inputs related to the hourly shaping of the price curve. Electricity congestion revenue rights contracts consist of forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within ERCOT. Coal purchase contracts relate to western (Powder River Basin) coal. |
(b) | The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. |
(c) | Based on the historical range of forward average monthly ERCOT hub and load zone prices. |
(d) | Based on the historical range of forward average hourly ERCOT North Hub prices. |
(e) | While we use the market approach, there is either insufficient market data to consider the valuation liquid or the significance of credit reserves or non-performance risk adjustments results in a Level 3 designation. |
(f) | Based on the historical price differences between settlement points within the ERCOT hubs and load zones. |
(g) | Based on the historical range of price variances between mine locations. |
(h) | Based on historical ranges of forward average prices between different heat contents (potential energy in coal for a given mass). |
(i) | Other includes contracts for ancillary services, natural gas, power options, diesel options and coal options. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net asset (liability) balance at beginning of period | $ | 35 | $ | (973 | ) | $ | 29 | ||||
Total unrealized valuation gains (losses) | 27 | (97 | ) | (48 | ) | ||||||
Purchases, issuances and settlements (a): | |||||||||||
Purchases | 49 | 63 | 92 | ||||||||
Issuances | (13 | ) | (5 | ) | (7 | ) | |||||
Settlements | (48 | ) | 1,053 | 138 | |||||||
Transfers into Level 3 (b) | 1 | — | (1,181 | ) | |||||||
Transfers out of Level 3 (b) | (14 | ) | (6 | ) | 4 | ||||||
Net change (c) | 2 | 1,008 | (1,002 | ) | |||||||
Net asset (liability) balance at end of period | $ | 37 | $ | 35 | $ | (973 | ) | ||||
Unrealized valuation gains (losses) relating to instruments held at end of period | $ | 18 | $ | (5 | ) | $ | 435 |
(a) | Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received. Settlement amounts in 2014 reflect termination of the TCEH interest rate swaps and include the reversal of a nonperformance risk adjustment as discussed in Note 17. |
(b) | Includes transfers due to changes in the observability of significant inputs. Transfers in and out occur at the end of each quarter, which is when the assessments are performed. All Level 3 transfers during the years presented are in and out of Level 2. Transfers into Level 3 during 2013 reflect a nonperformance risk adjustment in the valuation of the TCEH interest rate swaps, which were secured by a first-lien interest in the same assets of TCEH (on a pari passu basis) with the TCEH Senior Secured Facilities and the TCEH Senior Secured Notes (see Note 13). |
(c) | Substantially all changes in values of commodity contracts are reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Changes in values of interest rate swaps transferred into Level 3 in 2013 are reported in the statements of consolidated income (loss) in interest expense and related charges (see Note 10). Activity excludes changes in fair value in the month the positions settled as well as amounts related to positions entered into and settled in the same quarter. |
17. | COMMODITY AND OTHER DERIVATIVE CONTRACTUAL ASSETS AND LIABILITIES |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Total | Derivative Assets | Derivative Liabilities | Total | ||||||||||||||||||
Current assets | $ | 465 | $ | — | $ | 465 | $ | 492 | $ | — | $ | 492 | |||||||||||
Noncurrent assets | 10 | — | 10 | 5 | — | 5 | |||||||||||||||||
Current liabilities | — | (203 | ) | (203 | ) | — | (316 | ) | (316 | ) | |||||||||||||
Noncurrent liabilities | — | (1 | ) | (1 | ) | — | (1 | ) | (1 | ) | |||||||||||||
Net assets (liabilities) | $ | 475 | $ | (204 | ) | $ | 271 | $ | 497 | $ | (317 | ) | $ | 180 |
Year Ended December 31, | ||||||||||||
Derivative (statements of consolidated income (loss) presentation) | 2015 | 2014 | 2013 | |||||||||
Commodity contracts (Net gain (loss) from commodity hedging and trading activities) (a) | $ | 380 | $ | 17 | $ | (54 | ) | |||||
Interest rate swaps (Interest expense and related charges) (b) | — | (128 | ) | 433 | ||||||||
Interest rate swaps (Reorganization items) (Note 11) | — | (278 | ) | — | ||||||||
Net gain (loss) | $ | 380 | $ | (389 | ) | $ | 379 |
(a) | 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. |
(b) | Includes unrealized mark-to-market net gain (loss) as well as the net realized effect on interest paid/accrued, both reported in Interest Expense and Related Charges (see Note 10). |
December 31, 2015 | ||||||||||||||||
Amounts Presented in Balance Sheet | Offsetting Instruments (a) | Financial Collateral (Received) Pledged (b) | Net Amounts | |||||||||||||
Derivative assets: | ||||||||||||||||
Commodity contracts | $ | 475 | $ | (145 | ) | $ | (147 | ) | $ | 183 | ||||||
Derivative liabilities: | ||||||||||||||||
Commodity contracts | (204 | ) | 145 | 6 | (53 | ) | ||||||||||
Net amounts | $ | 271 | $ | — | $ | (141 | ) | $ | 130 |
December 31, 2014 | ||||||||||||||||
Amounts Presented in Balance Sheet | Offsetting Instruments (a) | Financial Collateral (Received) Pledged (b) | Net Amounts | |||||||||||||
Derivative assets: | ||||||||||||||||
Commodity contracts | $ | 497 | $ | (298 | ) | $ | (16 | ) | $ | 183 | ||||||
Derivative liabilities: | ||||||||||||||||
Commodity contracts | (317 | ) | 298 | 2 | (17 | ) | ||||||||||
Net amounts | $ | 180 | $ | — | $ | (14 | ) | $ | 166 |
(a) | Amounts presented exclude trade accounts receivable and payable related to settled financial instruments. |
(b) | Financial collateral consists entirely of cash margin deposits. |
December 31, | ||||||||
2015 | 2014 | |||||||
Derivative type | Notional Volume | Unit of Measure | ||||||
Natural gas (a) | 1,489 | 1,687 | Million MMBtu | |||||
Electricity | 58,022 | 22,820 | GWh | |||||
Congestion Revenue Rights (b) | 106,260 | 89,484 | GWh | |||||
Coal | 10 | 10 | Million US tons | |||||
Fuel oil | 35 | 36 | Million gallons | |||||
Uranium | 75 | 150 | Thousand pounds |
(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 ERCOT. |
18. | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS (OPEB) PLANS |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Pension costs | $ | 18 | $ | 13 | $ | 26 | |||||
OPEB costs | 3 | 27 | 39 | ||||||||
Total benefit costs | 21 | 40 | 65 | ||||||||
Less amounts expensed by Oncor (and not consolidated) | (2 | ) | (13 | ) | (25 | ) | |||||
Less amounts deferred principally as a regulatory asset or property by Oncor | (8 | ) | (15 | ) | (25 | ) | |||||
Net amounts recognized as expense by EFH Corp. and consolidated subsidiaries | $ | 11 | $ | 12 | $ | 15 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Assumptions Used to Determine Net Periodic Pension Cost: | |||||||||||
Discount rate | 4.19 | % | 5.07 | % | 4.30 | % | |||||
Expected return on plan assets | 5.38 | % | 6.17 | % | 5.40 | % | |||||
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % | |||||
Components of Net Pension Cost: | |||||||||||
Service cost | $ | 7 | $ | 7 | $ | 8 | |||||
Interest cost | 14 | 14 | 12 | ||||||||
Expected return on assets | (12 | ) | (12 | ) | (7 | ) | |||||
Amortization of net actuarial loss | 9 | 4 | 8 | ||||||||
Effect of pension plan actions | — | — | 5 | ||||||||
Net periodic pension cost | $ | 18 | $ | 13 | $ | 26 | |||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||||||||||
Net loss | $ | 1 | $ | 15 | $ | 5 | |||||
Amortization of net loss | (1 | ) | — | — | |||||||
Effect of pension plan actions | — | — | (4 | ) | |||||||
Total loss (income) recognized in other comprehensive income | $ | — | $ | 15 | $ | 1 | |||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 18 | $ | 28 | $ | 27 | |||||
Assumptions Used to Determine Benefit Obligations: | |||||||||||
Discount rate | 5.64 | % | 4.19 | % | 5.07 | % | |||||
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Change in Pension Obligation: | |||||||
Projected benefit obligation at beginning of year | $ | 331 | $ | 272 | |||
Service cost | 7 | 7 | |||||
Interest cost | 14 | 14 | |||||
Actuarial (gain) loss | (19 | ) | 45 | ||||
Benefits paid | (11 | ) | (7 | ) | |||
Projected benefit obligation at end of year | $ | 322 | $ | 331 | |||
Accumulated benefit obligation at end of year | $ | 303 | $ | 307 | |||
Change in Plan Assets: | |||||||
Fair value of assets at beginning of year | $ | 230 | $ | 126 | |||
Actual return on assets | (8 | ) | 26 | ||||
Employer contributions | 68 | 85 | |||||
Benefits paid | (11 | ) | (7 | ) | |||
Fair value of assets at end of year | $ | 279 | $ | 230 | |||
Funded Status: | |||||||
Projected pension benefit obligation | $ | (322 | ) | $ | (331 | ) | |
Fair value of assets | 279 | 230 | |||||
Funded status at end of year (a) | $ | (43 | ) | $ | (101 | ) | |
Amounts Recognized in the Balance Sheet Consist of: | |||||||
Other current liabilities | (1 | ) | (1 | ) | |||
Liabilities subject to compromise | (20 | ) | (23 | ) | |||
Other noncurrent liabilities | (22 | ) | (77 | ) | |||
Net liability recognized | $ | (43 | ) | $ | (101 | ) | |
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||||
Net loss | $ | 17 | $ | 17 | |||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | |||||||
Net loss | $ | 49 | $ | 56 | |||
Net amount recognized | $ | 49 | $ | 56 |
(a) | Amounts in 2015 and 2014 include zero and $47 million, respectively, for which Oncor is contractually responsible and which are expected to be recovered in Oncor's rates. See Note 19. |
December 31, | |||||||
2015 | 2014 | ||||||
Pension Plans with PBO and ABO in Excess Of Plan Assets: | |||||||
Projected benefit obligations | $ | 322 | $ | 331 | |||
Accumulated benefit obligation | $ | 303 | $ | 307 | |||
Plan assets | $ | 279 | $ | 230 |
Asset Category: | Target Allocation Ranges | |||
Fixed income | 74 | % | - | 86% |
US equities | 8 | % | - | 14% |
International equities | 6 | % | - | 12% |
Retirement Plan | ||
Asset Class: | Expected Long-Term Rate of Return | |
US equity securities | 6.6 | % |
International equity securities | 7.5 | % |
Fixed income securities | 4.5 | % |
Weighted average | 5.6 | % |
December 31, (a) | |||||||
Asset Category: | 2015 | 2014 | |||||
Interest-bearing cash | $ | 64 | $ | 21 | |||
Equity securities: | |||||||
US | 26 | 25 | |||||
International | 20 | 20 | |||||
Fixed income securities: | |||||||
Corporate bonds (b) | 116 | 127 | |||||
US Treasuries | 40 | 19 | |||||
Other (c) | 13 | 18 | |||||
Total assets | $ | 279 | $ | 230 |
(a) | All amounts are based on Level 2 valuations. See Note 16. |
(b) | Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's. |
(c) | Other consists primarily of municipal bonds. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Assumptions Used to Determine Net Periodic Benefit Cost: | |||||||||||
Discount rate (EFH Corp. Plan) | 3.81 | % | 4.98 | % | 4.10 | % | |||||
Discount rate (Oncor Plan) | 4.23 | % | 4.98 | % | N/A | ||||||
Expected return on plan assets (a) | N/A | 7.05 | % | 6.70 | % | ||||||
Components of Net Postretirement Benefit Cost: | |||||||||||
Service cost | $ | 4 | $ | 8 | $ | 11 | |||||
Interest cost | 6 | 28 | 41 | ||||||||
Expected return on assets | — | (6 | ) | (12 | ) | ||||||
Amortization of prior service cost/(credit) | (11 | ) | (21 | ) | (31 | ) | |||||
Amortization of net actuarial loss | 4 | 18 | 30 | ||||||||
Net periodic OPEB cost | $ | 3 | $ | 27 | $ | 39 | |||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||||||||||
Net (gain) loss | $ | (18 | ) | $ | 12 | $ | 4 | ||||
Amortization of net gain | (5 | ) | (5 | ) | (3 | ) | |||||
Amortization of prior service credit | 11 | 11 | 11 | ||||||||
Total loss recognized in other comprehensive income | $ | (12 | ) | $ | 18 | $ | 12 | ||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (9 | ) | $ | 45 | $ | 51 | ||||
Assumptions Used to Determine Benefit Obligations at Period End: | |||||||||||
Discount rate (EFH Corp. Plan) | 4.13 | % | 3.81 | % | 4.98 | % | |||||
Discount rate (Oncor Plan) | 4.60 | % | 4.23 | % | N/A |
(a) | At December 31, 2015 and 2014, the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Change in Postretirement Benefit Obligation: | |||||||
Benefit obligation at beginning of year | $ | 139 | $ | 1,049 | |||
Service cost | 4 | 8 | |||||
Interest cost | 6 | 28 | |||||
Participant contributions | 3 | 10 | |||||
Actuarial (gain) loss | (19 | ) | 84 | ||||
Benefits paid | (11 | ) | (40 | ) | |||
Transfers to new plan sponsored by Oncor | — | (1,000 | ) | ||||
Benefit obligation at end of year | $ | 122 | $ | 139 | |||
Change in Plan Assets: | |||||||
Fair value of assets at beginning of year | $ | — | $ | 179 | |||
Actual return on assets | — | 11 | |||||
Employer contributions | 8 | 16 | |||||
Participant contributions | 3 | 10 | |||||
Benefits paid | (11 | ) | (40 | ) | |||
Transfers to new plan sponsored by Oncor | — | (176 | ) | ||||
Fair value of assets at end of year | $ | — | $ | — | |||
Funded Status: | |||||||
Benefit obligation | $ | (122 | ) | $ | (139 | ) | |
Funded status at end of year | $ | (122 | ) | $ | (139 | ) | |
Amounts Recognized on the Balance Sheet Consist of: | |||||||
Other current liabilities | $ | (8 | ) | $ | (8 | ) | |
Other noncurrent liabilities | (114 | ) | (131 | ) | |||
Net liability recognized | $ | (122 | ) | $ | (139 | ) | |
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||||
Prior service credit | $ | (31 | ) | $ | (43 | ) | |
Net loss | 18 | 41 | |||||
Net amount recognized | $ | (13 | ) | $ | (2 | ) |
December 31, | |||||
2015 | 2014 | ||||
Assumed Health Care Cost Trend Rates-Not Medicare Eligible: | |||||
Health care cost trend rate assumed for next year | 6.00 | % | 8.00 | % | |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00 | % | 5.00 | % | |
Year that the rate reaches the ultimate trend rate | 2024 | 2022 | |||
Assumed Health Care Cost Trend Rates-Medicare Eligible: | |||||
Health care cost trend rate assumed for next year | 5.80 | % | 6.50 | % | |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00 | % | 5.00 | % | |
Year that the rate reaches the ultimate trend rate | 2024 | 2022 |
1-Percentage Point Increase | 1-Percentage Point Decrease | ||||||
Sensitivity Analysis of Assumed Health Care Cost Trend Rates: | |||||||
Effect on accumulated postretirement obligation | $ | (5 | ) | $ | 4 | ||
Effect on postretirement benefits cost | $ | — | $ | — |
2016 | 2017 | 2018 | 2019 | 2020 | 2021-25 | ||||||||||||||||||
Pension benefits | $ | 14 | $ | 14 | $ | 15 | $ | 17 | $ | 19 | $ | 109 | |||||||||||
OPEB | $ | 8 | $ | 8 | $ | 8 | $ | 8 | $ | 9 | $ | 44 |
19. | RELATED PARTY TRANSACTIONS |
• | On a quarterly basis, we accrue a management fee payable to the Sponsor Group under the terms of a management agreement. Related amounts expensed and reported as SG&A expense totaled $37 million, $40 million and $39 million for the years ended December 31, 2015, 2014 and 2013, respectively. No payments were made in the years ended December 31, 2015 and 2014, and amounts paid totaled $29 million in the year ended December 31, 2013. We had previously paid these fees on a quarterly basis, however, beginning with the quarterly management fee due December 31, 2013, the Sponsor Group, while reserving the right to receive the fees, directed EFH Corp. to suspend payments of the management fees for an indefinite period. Effective with the Petition Date, EFH Corp. suspended allocations of such fees to TCEH and EFIH. Fees accrued as of the Petition Date were reclassified to liabilities subject to compromise (LSTC), and fees accrued after the Petition Date were reported in other noncurrent liabilities and deferred credits. Pursuant to the Settlement Agreement approved by the Bankruptcy Court in December 2015, the management agreement has been terminated and the Sponsor Group has agreed to forego any and all claims under the management agreement in exchange for releases of alleged liabilities against the Debtors. As a result, we adjusted the expected allowed claim and recognized a gain for the Sponsor Group's management agreement claim of $86 million, which is reported in our statement of consolidated income (loss) in reorganization items. |
• | In 2007, TCEH entered into the TCEH Senior Secured Facilities with syndicates of financial institutions and other lenders. These syndicates included affiliates of GS Capital Partners, which is a member of the Sponsor Group. Affiliates of each member of the Sponsor Group have from time to time engaged in commercial banking transactions with us and/or provided financial advisory services to us, in each case in the normal course of business. |
• | In January 2013, fees paid to Goldman, Sachs & Co. (Goldman), an affiliate of GS Capital Partners, for services related to debt exchanges totaled $2 million, described as follows: (i) Goldman acted as a dealer manager for the offers by EFIH and EFIH Finance to exchange new EFIH 10% Notes for EFH Corp. 9.75% Notes, EFH Corp. 10% Notes and EFIH 9.75% Notes (collectively, the Old Notes) and as a solicitation agent in the solicitation of consents by EFH Corp. and EFIH and EFIH Finance to amendments to the Old Notes and indentures governing the Old Notes and (ii) Goldman acted as a dealer manager for the offers by EFIH and EFIH Finance to exchange EFIH Toggle Notes for EFH Corp. 10.875% Notes and EFH Corp. Toggle Notes. |
• | Affiliates of the Sponsor Group have sold or acquired, and in the future may sell or acquire, debt or debt securities issued by us in open market transactions or through loan syndications. |
• | TCEH made loans to EFH Corp. in the form of demand notes (TCEH Demand Notes) that were pledged as collateral under the TCEH Senior Secured Facilities for (i) debt principal and interest payments and (ii) other general corporate purposes for EFH Corp. EFH Corp. settled the balance of the TCEH Demand Notes in January 2013 using $680 million of the proceeds from debt issued by EFIH in 2012. |
• | EFH Corp. and EFIH have purchased, or received in exchanges, certain debt securities of EFH Corp. and TCEH, which they have held. Principal and interest payments received by EFH Corp. and EFIH on these investments have been used, in part, to service their outstanding debt. In conjunction with the Settlement Agreement approved by the Bankruptcy Court in December 2015, EFH Corp. and EFIH waived their rights to the claims associated with the these debt securities, and we adjusted the expected allowed claim associated with such investments to zero. These investments, and the effects of the settlement, are eliminated in consolidation in these consolidated financial statements. Prior to the Settlement Agreement, EFIH held $1.282 billion principal amount of EFH Corp. debt and $79 million principal amount of TCEH debt, and EFH Corp. held $303 million principal amount of TCEH debt. In the first quarter 2013, EFIH distributed to EFH Corp. $6.360 billion principal amount of EFH Corp. debt previously received by EFIH in debt exchanges; EFH Corp. cancelled the debt instruments. |
• | TCEH's retail operations pay Oncor for services it provides, principally the delivery of electricity. Expenses recorded for these services, reported in fuel, purchased power costs and delivery fees, totaled approximately $1.0 billion for each of the years ended December 31, 2015, 2014 and 2013. The fees are based on rates regulated by the PUCT that apply to all REPs. The consolidated balance sheets at both December 31, 2015 and 2014 reflect amounts due currently to Oncor totaling $118 million (included in net payables due to unconsolidated subsidiary), largely related to these electricity delivery fees. Also see discussion below regarding receivables from Oncor under a Federal and State Income Tax Allocation Agreement. |
• | A subsidiary of EFH Corp. bills Oncor for financial and other administrative services and shared facilities at cost. Such amounts reduced reported SG&A expense by $19 million, $34 million and $32 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
• | A subsidiary of EFH Corp. bills TCEH subsidiaries for information technology, financial, accounting and other administrative services at cost. These charges totaled $205 million, $204 million and $241 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
• | See Note 13 for discussion of a letter of credit issued by TCEH in 2014 to a subsidiary of EFH Corp. to secure its amounts payable to the subsidiary arising from recurring transactions in the normal course. |
• | During 2015, TCEH purchased $16 million in information technology assets from a subsidiary of EFH Corp. and cash settled $14 million of these assets in 2015 and $2 million in early 2016. In 2014, a subsidiary of EFH Corp. sold information technology assets to TCEH totaling $52 million. TCEH cash settled $45 million of these transactions and a subsidiary of EFH Corp. cash settled $7 million of this obligation by drawing on the letter of credit issued by TCEH. The assets are substantially for the use of TCEH and its subsidiaries. |
• | Under Texas regulatory provisions, the trust fund for decommissioning the Comanche Peak nuclear generation facility is funded by a delivery fee surcharge billed to REPs by Oncor, as collection agent, and remitted monthly to TCEH for contribution to the trust fund with the intent that the trust fund assets, reported in other investments in our consolidated balance sheets, will ultimately be sufficient to fund the future decommissioning liability, reported in noncurrent liabilities in our consolidated balance sheets. The delivery fee surcharges remitted to TCEH totaled $17 million for both the years ended December 31, 2015 and 2014 and $16 million for the year ended December 31, 2013. Income and expenses associated with the trust fund and the decommissioning liability incurred by TCEH are offset by a net change in a receivable/payable that ultimately will be settled through changes in Oncor's delivery fee rates. At December 31, 2015 and 2014, the excess of the trust fund balance over the decommissioning liability resulted in a payable totaling $409 million and $479 million, respectively, and is reported in noncurrent liabilities. In November 2015, the PUCT approved Luminant's updated nuclear decommissioning cost study and funding analysis. |
• | We file a consolidated federal income tax return that includes Oncor Holdings' results. Oncor is not a member of our consolidated tax group, but our consolidated federal income tax return includes our portion of Oncor's results due to our equity ownership in Oncor. We also file a consolidated Texas state margin tax return that includes all of Oncor Holdings' and Oncor's results. However, under a Federal and State Income Tax Allocation Agreement, Oncor Holdings' and Oncor's federal income tax and Texas margin tax expense and related balance sheet amounts, including our income taxes receivable from or payable to Oncor Holdings and Oncor, are recorded as if Oncor Holdings and Oncor file their own corporate income tax returns. |
• | At December 31, 2015, our net current amount payable to Oncor Holdings related to federal and state income taxes (reported in net payables due to unconsolidated subsidiary) totaled $87 million, $89 million of which related to Oncor. The $89 million net payable to Oncor included a $109 million federal income tax payable offset by a $20 million state margin tax receivable. Additionally, at December 31, 2015, we had a noncurrent tax payable to Oncor of $65 million recorded in other noncurrent liabilities and deferred credits and a noncurrent tax receivable from Oncor Holdings of $2 million recorded in other noncurrent assets. At December 31, 2014, our net current amount payable to Oncor Holdings related to federal and state income taxes totaled $120 million, all of which related to Oncor. The $120 million net payable to Oncor included a $144 million federal income tax payable offset by a $24 million state margin tax receivable. Additionally, at December 31, 2014 we had a noncurrent tax payable to Oncor of $64 million recorded in other noncurrent liabilities and deferred credits. |
• | For the year ended December 31, 2015, EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $26 million and $132 million, respectively. For the year ended December 31, 2014, EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $24 million and $237 million, respectively. For the year ended December 31, 2013, EFH Corp. received income tax payments from Oncor Holdings and Oncor totaling $34 million and $90 million, respectively. The 2013 net payment included $33 million from Oncor related to the 1997 through 2002 IRS appeals settlement and a $10 million refund paid to Oncor related to the filing of amended Texas franchise tax returns for 1997 through 2001. |
• | Pursuant to the Federal and State Income Tax Allocation Agreement between EFH Corp. and TCEH, in September 2013, TCEH made a federal income tax payment of $84 million to EFH Corp related to the 1997 through 2002 IRS appeals settlement. The Plan of Reorganization provides that the Debtors will reject this agreement at the effective time of the Plan of Reorganization. Under the Settlement Agreement, no further cash payments will be made in respect of federal income tax. See Note 7. |
• | Certain transmission and distribution utilities in Texas have requirements in place to assure adequate creditworthiness of any REP to support the REP's obligation to collect securitization bond-related (transition) charges on behalf of the utility. Under these requirements, as a result of TCEH's credit rating being below investment grade, TCEH is required to post collateral support in an amount equal to estimated transition charges over specified time periods. Accordingly, at December 31, 2015 and 2014, TCEH had posted letters of credit and/or cash in the amount of $6 million and $9 million, respectively, for the benefit of Oncor. |
• | In December 2012, Oncor became the sponsor of a new pension plan (the Oncor Plan), the participants in which consist of all of Oncor's active employees and all retirees and terminated vested participants of EFH Corp. and its subsidiaries (including discontinued businesses). Oncor had previously contractually agreed to assume responsibility for pension liabilities that are recoverable by Oncor under regulatory rate-setting provisions. As part of the pension plan actions, EFH Corp. fully funded the non-recoverable pension liabilities under the Oncor Plan. After the pension plan actions, participants remaining in the EFH Corp. pension plan consist of active employees under collective bargaining agreements (union employees). Oncor continues to be responsible for the recoverable portion of pension obligations to these union employees. Under ERISA, EFH Corp. and Oncor remain jointly and severally liable for the funding of the EFH Corp. and Oncor pension plans. We view the risk of the retained liability under ERISA related to the Oncor Plan to be not significant. |
• | In accordance with an agreement between EFH Corp. and Oncor, Oncor ceased participation in EFH Corp.'s OPEB plan effective July 1, 2014 and established its own OPEB plan for Oncor's eligible existing and future retirees and their dependents. Additionally, the Oncor plan participants include those former participants in the EFH Corp. OPEB plan whose employment included service with both Oncor (or a predecessor regulated electricity business) and our competitive businesses (split service participants). Under the agreement, we will retain the liability for split service participants' benefits related to their years of service with the competitive business. The methodology for OPEB cost allocations between EFH Corp. and Oncor has not changed, and the plan separation does not materially affect the net assets or cash flows of EFH Corp. As discussed in Note 18 and reflected in the amounts presented immediately below, our consolidated balance sheet at December 31, 2014 reflects a reduction in other noncurrent liabilities and deferred credits of $758 million and a reduction in our noncurrent receivable from unconsolidated subsidiary in the same amount as a result of the separation of EFH Corp. and Oncor OPEB plans. |
• | EFH Corp.'s consolidated balance sheets reflect unfunded pension liabilities related to plans that it sponsors, but also reflects a receivable from Oncor for that portion of the unfunded liabilities for which Oncor is contractually responsible, substantially all of which is expected to be recovered in Oncor's rates. At December 31, 2015 and 2014, the receivable amount totaled zero and $47 million, respectively. The amounts are classified as a noncurrent receivable from unconsolidated subsidiary. Net amounts of pension and OPEB expenses recognized in the years ended December 31, 2015 and 2014 are not material. |
• | Until June 30, 2014, Oncor employees participated in a health and welfare benefit program offered by EFH Corp. In connection with Oncor establishing its own health and welfare benefits program, Oncor agreed to pay us $1 million to reimburse us for our increased costs of providing benefits under the EFH Corp. program as a result of Oncor's withdrawal and to compensate us for the administrative work related to the transition. This amount was paid in June 2014. |
• | In the first quarter of 2014, a cash contribution totaling $84 million was made to the EFH Corp. retirement plan, of which $64 million was contributed by Oncor and $20 million was contributed by TCEH. In December 2015, an additional cash contribution totaling $67 million was made to the EFH Corp. retirement plan, of which $51 million was contributed by Oncor and $16 million was contributed by TCEH. These contributions resulted in the EFH Corp. retirement plan being fully funded as calculated under the provisions of ERISA. As a result of the Bankruptcy Filing, participants in the EFH Corp. retirement plan who choose to retire would not be eligible for the lump sum payout option under the retirement plan unless the EFH Corp. retirement plan was fully funded. The payments by TCEH were accounted for as an advance to EFH Corp. that will be settled as pension expenses are allocated to TCEH in the normal course. |
• | Oncor and Texas Holdings agreed to the terms of a stipulation with major interested parties to resolve all outstanding issues in the PUCT review related to the Merger. As part of this stipulation, TCEH would be required to post a letter of credit in an amount equal to $170 million to secure its payment obligations to Oncor in the event, which has not occurred, two or more rating agencies downgrade Oncor's credit rating below investment grade. |
20. | SEGMENT INFORMATION |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Operating revenues (all Competitive Electric) | $ | 5,370 | $ | 5,978 | $ | 5,899 | |||||
Depreciation and amortization | |||||||||||
Competitive Electric | $ | 852 | $ | 1,270 | $ | 1,333 | |||||
Corporate and Other | 12 | 13 | 22 | ||||||||
Consolidated | $ | 864 | $ | 1,283 | $ | 1,355 | |||||
Equity in earnings of unconsolidated subsidiaries (net of tax) (all Regulated Delivery) | $ | 334 | $ | 349 | $ | 335 | |||||
Interest income | |||||||||||
Competitive Electric | $ | 1 | $ | — | $ | 6 | |||||
Corporate and Other | — | 51 | 148 | ||||||||
Eliminations | — | (50 | ) | (153 | ) | ||||||
Consolidated | $ | 1 | $ | 1 | $ | 1 | |||||
Interest expense and related charges | |||||||||||
Competitive Electric | $ | 1,289 | $ | 1,799 | $ | 2,062 | |||||
Corporate and Other | 471 | 452 | 795 | ||||||||
Eliminations | — | (50 | ) | (153 | ) | ||||||
Consolidated | $ | 1,760 | $ | 2,201 | $ | 2,704 | |||||
Income tax benefit | |||||||||||
Competitive Electric | $ | 879 | $ | 2,339 | $ | 794 | |||||
Corporate and Other | 791 | 280 | 477 | ||||||||
Consolidated | $ | 1,670 | $ | 2,619 | $ | 1,271 | |||||
Net income (loss) attributable to EFH Corp. | |||||||||||
Competitive Electric | $ | (4,678 | ) | $ | (6,260 | ) | $ | (2,309 | ) | ||
Regulated Delivery | 334 | 349 | 335 | ||||||||
Corporate and Other | (998 | ) | (495 | ) | (244 | ) | |||||
Consolidated | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,218 | ) | ||
Investment in equity investees | |||||||||||
Competitive Electric | $ | 5 | $ | 8 | $ | 9 | |||||
Regulated Delivery | 6,059 | 6,050 | 5,950 | ||||||||
Consolidated | $ | 6,064 | $ | 6,058 | $ | 5,959 | |||||
Total assets | |||||||||||
Competitive Electric | $ | 15,690 | $ | 21,347 | $ | 28,828 | |||||
Regulated Delivery | 6,059 | 6,050 | 5,950 | ||||||||
Corporate and Other | 3,039 | 4,025 | 3,692 | ||||||||
Eliminations | (1,458 | ) | (2,174 | ) | (2,024 | ) | |||||
Consolidated | $ | 23,330 | $ | 29,248 | $ | 36,446 | |||||
Capital expenditures | |||||||||||
Competitive Electric | $ | 337 | $ | 336 | $ | 472 | |||||
Corporate and Other | 7 | 50 | 29 | ||||||||
Consolidated | $ | 344 | $ | 386 | $ | 501 |
21. | SUPPLEMENTARY FINANCIAL INFORMATION |
December 31, 2015 | December 31, 2014 | ||||||||||||||
Current Assets | Noncurrent Assets | Current Assets | Noncurrent Assets | ||||||||||||
Amounts related to TCEH's DIP Facility (Note 12) | $ | 519 | $ | — | $ | — | $ | 350 | |||||||
Amounts related to TCEH's pre-petition Letter of Credit Facility (Note 13) (a) | — | 507 | — | 551 | |||||||||||
Other | 5 | — | 6 | — | |||||||||||
Total restricted cash | $ | 524 | $ | 507 | $ | 6 | $ | 901 |
(a) | See Note 13 for discussion of letter of credit draws in 2014 and 2015. |
December 31, | |||||||
2015 | 2014 | ||||||
Wholesale and retail trade accounts receivable | $ | 542 | $ | 604 | |||
Allowance for uncollectible accounts | (9 | ) | (15 | ) | |||
Trade accounts receivable — net | $ | 533 | $ | 589 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Allowance for uncollectible accounts receivable at beginning of period | $ | 15 | $ | 14 | $ | 9 | |||||
Increase for bad debt expense | 34 | 38 | 33 | ||||||||
Decrease for account write-offs | (40 | ) | (37 | ) | (28 | ) | |||||
Allowance for uncollectible accounts receivable at end of period | $ | 9 | $ | 15 | $ | 14 |
December 31, | |||||||
2015 | 2014 | ||||||
Materials and supplies | $ | 226 | $ | 214 | |||
Fuel stock | 170 | 215 | |||||
Natural gas in storage | 32 | 39 | |||||
Total inventories | $ | 428 | $ | 468 |
December 31, | |||||||
2015 | 2014 | ||||||
Nuclear plant decommissioning trust | $ | 918 | $ | 893 | |||
Assets related to employee benefit plans, including employee savings programs, net of distributions | 26 | 61 | |||||
Land | 36 | 37 | |||||
Miscellaneous other | 4 | 4 | |||||
Total other investments | $ | 984 | $ | 995 |
December 31, 2015 | |||||||||||||||
Cost (a) | Unrealized gain | Unrealized loss | Fair market value | ||||||||||||
Debt securities (b) | $ | 310 | $ | 11 | $ | (2 | ) | $ | 319 | ||||||
Equity securities (c) | 291 | 315 | (7 | ) | 599 | ||||||||||
Total | $ | 601 | $ | 326 | $ | (9 | ) | $ | 918 |
December 31, 2014 | |||||||||||||||
Cost (a) | Unrealized gain | Unrealized loss | Fair market value | ||||||||||||
Debt securities (b) | $ | 288 | $ | 13 | $ | — | $ | 301 | |||||||
Equity securities (c) | 276 | 320 | (4 | ) | 592 | ||||||||||
Total | $ | 564 | $ | 333 | $ | (4 | ) | $ | 893 |
(a) | Includes realized gains and losses on securities sold. |
(b) | 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 municipal bonds. The debt securities had an average coupon rate of 3.68% and 4.35% at December 31, 2015 and 2014, respectively, and an average maturity of 8 years and 6 years at December 31, 2015 and 2014, respectively. |
(c) | The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Realized gains | $ | 1 | $ | 11 | $ | 2 | |||||
Realized losses | $ | (1 | ) | $ | (2 | ) | $ | (4 | ) | ||
Proceeds from sales of securities | $ | 401 | $ | 314 | $ | 175 | |||||
Investments in securities | $ | (418 | ) | $ | (331 | ) | $ | (191 | ) |
December 31, | |||||||
2015 | 2014 | ||||||
Competitive Electric: | |||||||
Generation and mining (Note 9) | $ | 11,380 | $ | 15,468 | |||
Nuclear fuel (net of accumulated amortization of $1.383 billion and $1.237 billion) | 248 | 265 | |||||
Other assets | 54 | 45 | |||||
Corporate and Other | 193 | 220 | |||||
Total | 11,875 | 15,998 | |||||
Less accumulated depreciation | 2,768 | 4,065 | |||||
Net of accumulated depreciation | 9,107 | 11,933 | |||||
Construction work in progress: | |||||||
Competitive Electric | 323 | 459 | |||||
Corporate and Other | — | 5 | |||||
Total construction work in progress | 323 | 464 | |||||
Property, plant and equipment — net | $ | 9,430 | $ | 12,397 |
Nuclear Plant Decommissioning | Mining Land Reclamation | Other | Total | ||||||||||||
Liability at January 1, 2014 | $ | 390 | $ | 98 | $ | 36 | $ | 524 | |||||||
Additions: | |||||||||||||||
Accretion | 23 | 22 | 3 | 48 | |||||||||||
Incremental reclamation costs (a) | — | 127 | — | 127 | |||||||||||
Reductions: | |||||||||||||||
Payments | — | (82 | ) | (3 | ) | (85 | ) | ||||||||
Liability at December 31, 2014 | $ | 413 | $ | 165 | $ | 36 | $ | 614 | |||||||
Additions: | |||||||||||||||
Accretion | 25 | 20 | 6 | 51 | |||||||||||
Adjustment for new cost estimate (b) | 70 | — | — | 70 | |||||||||||
Incremental reclamation costs (c) | — | 84 | 69 | 153 | |||||||||||
Reductions: | |||||||||||||||
Payments | — | (54 | ) | (4 | ) | (58 | ) | ||||||||
Liability at December 31, 2015 | 508 | 215 | 107 | 830 | |||||||||||
Less amounts due currently | — | (66 | ) | — | (66 | ) | |||||||||
Noncurrent liability at December 31, 2015 | $ | 508 | $ | 149 | $ | 107 | $ | 764 |
(a) | The increase in the mining reclamation liability of $127 million during 2014 was primarily due to final remediation for certain mines occurring sooner than previously estimated and increases in remediation cost estimates at other mining locations. |
(b) | The adjustment for nuclear plant decommissioning resulted from a new cost estimate completed in the second quarter of 2015. Under applicable accounting standards, the liability is remeasured when significant changes in the amount or timing of cash flows occurs, and PUCT rules require a new cost estimate at least every five years. The increase in the liability was driven by increased security and fuel-handling costs. |
(c) | The adjustment for other asset retirement obligations resulted from the effect on our estimated retirement obligation related to coal combustion residual facilities at our lignite/coal fueled generation facilities that arose from the CCR rule discussed above. |
December 31, | |||||||
2015 | 2014 | ||||||
Uncertain tax positions, including accrued interest (Note 6) | $ | 40 | $ | 74 | |||
Retirement plan and other employee benefits (a) | 169 | 243 | |||||
Asset retirement and mining reclamation obligations | 764 | 560 | |||||
Unfavorable purchase and sales contracts | 543 | 566 | |||||
Nuclear decommissioning fund excess over asset retirement obligation (Note 19) | 409 | 479 | |||||
Other | 108 | 156 | |||||
Total other noncurrent liabilities and deferred credits | $ | 2,033 | $ | 2,078 |
(a) | Includes zero and $47 million at December 31, 2015 and 2014, respectively, representing pension liabilities related to Oncor (see Note 19). |
Year | Amount | |||
2016 | $ | 24 | ||
2017 | $ | 24 | ||
2018 | $ | 24 | ||
2019 | $ | 24 | ||
2020 | $ | 24 |
December 31, 2015 | December 31, 2014 | |||||||||||||||
Debt: | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Borrowings under debtor-in-possession credit facilities (Note 12) | $ | 6,825 | $ | 6,804 | $ | 6,825 | $ | 6,830 | ||||||||
Long-term debt not subject to compromise, excluding capital lease obligations (Note 12) | $ | 90 | $ | 89 | $ | 123 | $ | 119 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash payments related to: | |||||||||||
Interest paid (a) | $ | 1,826 | $ | 1,632 | $ | 3,388 | |||||
Capitalized interest | (11 | ) | (17 | ) | (25 | ) | |||||
Interest paid (net of capitalized interest) (a) | $ | 1,815 | $ | 1,615 | $ | 3,363 | |||||
Income taxes | $ | 53 | $ | 55 | $ | 65 | |||||
Reorganization items (b) | $ | 419 | $ | 146 | $ | — | |||||
Noncash investing and financing activities: | |||||||||||
Construction expenditures (c) | $ | 76 | $ | 113 | $ | 46 | |||||
Income tax adjustment related to AMT utilization (d) | $ | 3 | $ | — | $ | — | |||||
Debt exchange and extension transactions (e) | $ | — | $ | (85 | ) | $ | (326 | ) | |||
Principal amount of toggle notes issued in lieu of cash interest | $ | — | $ | — | $ | 173 | |||||
Debt assumed related to acquired combustion turbine trust interest | $ | — | $ | — | $ | (45 | ) |
(a) | Net of amounts received under interest rate swap agreements. For the years ended December 31, 2015 and 2014, this amount also includes amounts paid for adequate protection. |
(b) | Represents cash payments for legal and other consulting services. |
(c) | Represents end-of-period accruals. |
(d) | Represents a reduction to EFH Corp.'s investment in Oncor Holdings due to an income tax adjustment related to alternative minimum tax (AMT) utilization by Oncor. |
(e) | For the year ended December 31, 2014, represents $1.836 billion principal amount of loans issued under the EFIH DIP Facility in excess of $1.673 billion principal amount of EFIH First Lien Notes exchanged and $78 million of related accrued interest (see Note 12). For the year ended December 31, 2013, represents $340 million principal amount of term loans issued under the TCEH Term Loan Facilities in consideration of extension of maturity of the facilities, $1.302 billion principal amount of EFIH debt issued in exchange for $1.310 billion principal amount of EFH Corp. and EFIH debt and $89 million principal amount of EFIH debt issued in exchange for $95 million principal amount of EFH Corp. debt. |
Item 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
Item 9A. | CONTROLS AND PROCEDURES |
• | enhancing the formality and rigor of review and documentation related to our deferred income tax reconciliation procedures, |
• | implementing additional oversight and monitoring controls over our deferred income tax review processes that are designed to operate at a level of precision to detect an error resulting from a related control failure before it results in a material misstatement of our financial statements, and |
• | increasing key resources in our tax department and further evaluating staffing levels to ensure the execution of timely and rigorous control procedures. |
/s/ JOHN F. YOUNG | /s/ PAUL M. KEGLEVIC | |
John F. Young, President and | Paul M. Keglevic, Executive Vice President, | |
Chief Executive Officer | Chief Financial Officer and Co-Chief Restructuring Officer |
Item 9B. | OTHER INFORMATION |
Item 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
Name | Age | Served As Director Since | Business Experience | ||||
Arcilia C. Acosta (1)(3) | 50 | 2008 | Arcilia C. Acosta has served as a Director of EFH Corp. since May 2008. Ms. Acosta is the founder, President and CEO of CARCON Industries & Construction, L.L.C. (CARCON) and its subsidiaries. She is also the founder, President and CEO of Southwestern Testing Laboratories, L.L.C. (STL). CARCON's principal business is commercial, institutional and transportation, design and build construction. STL's principal business is geotechnical engineering, construction materials testing and environmental consulting services. Ms. Acosta serves on the Board of Directors of EFCH, TCEH, the Dallas Citizens Council, and the U.T. Southwestern Board of Visitors. She also serves on the Board of Legacy Texas Financial Group, National Association, where she serves on the Audit Committee and Compensation Committee. | ||||
David Bonderman | 73 | 2007 | David Bonderman has served as a Director of EFH Corp. since October 2007. He is a founding partner of TPG Capital (TPG). Mr. Bonderman serves on the boards of the following companies: Kite Pharma, Inc., Caesars Entertainment Corporation (formerly Harrah's Entertainment), Pace Holdings Corp., and Ryanair Holdings plc, for which he serves as Chairman of the Board. During the past five years, Mr. Bonderman also served on the boards of General Motors Company, JSC VTB Bank, Armstrong World Industries, Inc., CoStar Group, Inc. and Univision Communications, Inc. | ||||
Donald L. Evans (2)(3) | 69 | 2007 | Donald L. Evans has served as a Director and Executive Chairman of EFH Corp. since March 2013. Previously, he served as Director and Non-Executive Chairman of EFH Corp. from October 2007 to March 2013. He is also a Senior Partner at Quintana Energy Partners, L.P. He was CEO of the Financial Services Forum from 2005 to 2007, after serving as the 34th secretary of the U.S. Department of Commerce. Before serving as Secretary of Commerce, Mr. Evans was the former CEO of Tom Brown, Inc., a large independent energy company. During the past five years, he served on the board of Genesis Energy, L. P. He also previously served as a member and chairman of the Board of Regents of the University of Texas System. | ||||
Thomas D. Ferguson | 62 | 2008 | Thomas D. Ferguson has served as a Director of EFH Corp. since December 2008. He is a Managing Director of Goldman, Sachs & Co., having joined the firm in 2002. Mr. Ferguson heads the asset management efforts for the merchant bank's U.S. real estate investment activities. Mr. Ferguson serves on the board of managers of EFIH, Oncor and Oncor Holdings. He formerly held board seats at Associated British Ports, the largest port company in the UK; Carrix, one of the largest private container terminal operators in the world; Red de Carreteras, a toll road concessionaire in Mexico; American Golf; Agriculture Company of America; Caribbean Fund 2005; and National Golf Properties. | ||||
Brandon A. Freiman | 34 | 2012 | Brandon A. Freiman has served as a Director of EFH Corp. since June 2012. He has been with KKR since 2007, where he is a partner. He currently sits on the boards of Veresen Midstream LP, Westbrick Energy LTD, Samson Resources Corporation, Torq Energy Logistics Ltd. and Bayonne Water JV. Prior to joining KKR, he was with Credit Suisse Securities in its energy investment banking group, where he was involved in a number of merger, acquisition, and other corporate advisory transactions. | ||||
Scott Lebovitz | 40 | 2007 | Scott Lebovitz has served as a Director of EFH Corp. since October 2007. He has been a Managing Director of Goldman, Sachs & Co. in its Principal Investment Area since 2007 having joined Goldman, Sachs & Co. in 1997. Mr. Lebovitz serves on the boards of both public and private companies, including Associated Asphalt Partners, LLC, EdgeMarc Energy Holdings, LLC, EF Energy Holdings, LLC, EW Energy Holdings, LLC, EFCH and TCEH. During the past five years, Mr. Lebovitz also served on the boards of Cobalt International Energy, Inc. and CVR Energy, Inc. |
Name | Age | Served As Director Since | Business Experience | ||||
Michael MacDougall (2) | 45 | 2007 | Michael MacDougall has served as a Director of EFH Corp. since October 2007. He is a partner of TPG. Mr. MacDougall leads the firm's global energy and natural resources investing efforts. Prior to joining TPG in 2002, Mr. MacDougall was a vice president in the Principal Investment Area of the Merchant Banking Division of Goldman, Sachs & Co., where he focused on private equity and mezzanine investments. Mr. MacDougall is a director of both public and private companies, including Amber Holdings, Inc., Harvester Holdings, LLC and its wholly owned subsidiary, Petro Harvester Oil and Gas, LLC, Jonah Energy Holdings LLC, EFCH, and TCEH and is a director of the general partner of Valerus Compression Services, L.P. (doing business as Axip Energy Services, L.P.) During the past five years, he also served on the boards of Copano Energy, L.L.C., Graphic Packaging Holding Company, Kraton Performance Polymers Inc., Nexeo Solutions Holdings, LLC and Northern Tier Energy, LLC. Mr. MacDougall is also a member of the boards of directors of The Opportunity Network and the University of Texas Development Board and of the board of trustees of Baylor College of Medicine. | ||||
Kenneth Pontarelli (2)(3) | 45 | 2007 | Kenneth Pontarelli has served as a Director of EFH Corp. since October 2007. He is a Managing Director of Goldman, Sachs & Co. in its Principal Investment Area. He transferred to the Principal Investment Area in 1999 and was promoted to Managing Director in 2004. Mr. Pontarelli also serves as a director of EFIH and Expro International Group Ltd. During the past five years, he also served on the boards of Cobalt International Energy, L.P., CVR Energy, Inc., Tervita Corporation, and Kinder Morgan, Inc. | ||||
William K. Reilly | 76 | 2007 | William K. Reilly has served as a Director of EFH Corp. since October 2007. He is a Senior Advisor to TPG and a founding partner of Aqua International Partners, an investment group that invests in companies that serve the water sector, having previously served as the sixth Administrator of the EPA. Mr. Reilly is a director of Royal Caribbean International. During the past five years, he also served on the boards of ConocoPhillips, E.I. DuPont de Nemours, and Eden Springs, Ltd. of Israel. Before serving as EPA Administrator, Mr. Reilly was President of World Wildlife Fund and President of The Conservation Foundation. He previously served as Executive Director of the Rockefeller Task Force on Land Use and Urban Growth, a senior staff member of the President's Council on Environmental Quality, Associate Director of the Urban Policy Center and the National Urban Coalition. He also served as Co-Chairman of the National Commission on Energy Policy. Mr. Reilly was appointed by the President to serve as Co-Chair of the National Commission on the Deepwater Horizon Oil Spill and Offshore Drilling, and also to the President’s Global Development Council. He currently serves on the board of Enviva Partners, LP. | ||||
Jonathan D. Smidt (2) | 43 | 2007 | Jonathan D. Smidt has served as a Director of EFH Corp. since October 2007. He has been with KKR since 2000, where he is a partner in Europe leading KKR’s investments in the industrial sector. Currently, he is a director of Laureate Education Inc., Samson Resources Corporation, Westbrick Energy LTD, EFCH and TCEH. | ||||
Billie I. Williamson (1) | 63 | 2013 | Billie I. Williamson has served as a Director of EFH Corp. since February 2013. Ms. Williamson has 33 years of experience auditing public companies. She served as a Senior Global Client Serving and Assurance Partner from 1998 to 2011 at Ernst & Young LLP (E&Y) and E&Y's Americas Inclusiveness Officer from 2007 to 2011 prior to her retirement in 2011. She was a member of E&Y's Americas Executive Board, which functions as its board of directors, and on the U.S. Executive Board of E&Y which handled all partnership matters. Ms. Williamson also previously held executive finance positions at AMX Corp. and Marriott International, Inc. She currently serves on the boards of Pentair PLC, Janus Capital Group Inc. and CSRA Inc., and she serves on the Audit Committees of Pentair PLC and Janus Capital Group and serves as the Audit Committee chairman of CSRA Inc. as well as also serving on CSRA’s Executive Committee. From March 2012 through October 2014, Ms. Williamson was on the Board of Directors of Annie's Inc. Annie's was sold to General Mills in October 2014. From January 2012 through May 2015, she was on the Board of Directors of Exelis, Inc. Exelis was sold to Harris Corp. in May 2015. |
Name | Age | Served As Director Since | Business Experience | ||||
John F. Young (2) | 59 | 2008 | John F. Young has served as a Director of EFH Corp. since July 2008. He was elected President and Chief Executive Officer of EFH Corp. in January 2008. He also has served as Chair, President and Chief Executive of EFIH and EFCH since July 2010, having previously served as President and Chief Executive of EFIH from July 2008 to July 2010 and EFCH from April 2008 to July 2010. Before joining EFH Corp., Mr. Young served in many leadership roles at Exelon Corporation from March 2003 to January 2008 including Executive Vice President of Finance and Markets and Chief Financial Officer of Exelon Corporation; President of Exelon Generation; and President and Chief Operating Officer of Exelon Power. Prior to joining Exelon Corporation, Mr. Young was Senior Vice President of Sierra Pacific Resources Corporation. Mr. Young is also a director of Baylor Scott & White Health Foundation Advisory Board, EFCH, EFIH, Nuclear Electric Insurance Limited, TCEH, and USAA. | ||||
Kneeland Youngblood (1) | 60 | 2007 | Kneeland Youngblood has served as a Director of EFH Corp. since October 2007. He is a founding partner of Pharos Capital Group, a private equity firm that focuses on providing growth and expansion capital to businesses in business services and health care services. During the last five years, Mr. Youngblood served on the boards of Burger King Holdings, Inc., Gap Inc. and Starwood Hotels and Resorts Worldwide, Inc. He is a director of EFIH, Oncor, Oncor Holdings and Mallinckrodt public limited company and a member of the Council on Foreign Relations. He is also a director of Pace Holdings Corporation, a special purpose acquisition company. |
(1) | Member of Audit Committee. |
(2) | Member of Executive Committee. |
(3) | Member of Organization and Compensation Committee |
Name of Officer | Age | Positions and Offices Presently Held | Date First Elected to Present Offices | Business Experience (Preceding Five Years) | |||||
John F. Young | 59 | President and Chief Executive Officer of EFH Corp. and Chair, President and Chief Executive Officer of EFIH and EFCH | January 2008 | John F. Young was elected President and Chief Executive Officer of EFH Corp. in January 2008. He also has served as Chair, President and Chief Executive of EFIH and EFCH since July 2010, having previously served as President and Chief Executive of EFIH from July 2008 to July 2010 and EFCH from April 2008 to July 2010. Before joining EFH Corp., Mr. Young served in many leadership roles at Exelon Corporation from March 2003 to January 2008, including Executive Vice President of Finance and Markets and Chief Financial Officer of Exelon Corporation; President of Exelon Generation; and President and Chief Operating Officer of Exelon Power. Prior to joining Exelon Corporation, Mr. Young was Senior Vice President of Sierra Pacific Resources Corporation. | |||||
James A. Burke | 47 | Executive Vice President of EFH Corp. and President and Chief Executive of TXU Energy | August 2005 | James A. Burke was elected Executive Vice President of EFH Corp. in February 2013 and President and Chief Executive of TXU Energy in August 2005. Previously, Mr. Burke was Senior Vice President Consumer Markets of TXU Energy. | |||||
Stacey H. Doré | 43 | Executive Vice President, General Counsel and Co-Chief Restructuring Officer of EFH Corp., EFIH and EFCH | October 2013 | Stacey H. Doré was elected Executive Vice President, General Counsel and Co-Chief Restructuring Officer of EFH Corp. and EFCH in October 2013 and EFIH in February 2014, having previously served as Senior Vice President, General Counsel and Co-Chief Restructuring Officer of EFIH from October 2013 to February 2014, Executive Vice President and General Counsel of EFH Corp. from February 2013 to October 2013 and EFCH from April 2013 to October 2013, and Senior Vice President and General Counsel of EFH Corp. from April 2012 to February 2013, and EFIH and EFCH from April 2012 to October 2013. Ms. Doré was Vice President and General Counsel of Luminant from November 2011 to March 2012, and Vice President and Associate General Counsel of EFH Corp. from July 2008 to November 2011. Prior to joining EFH Corp., she was an attorney at Vinson & Elkins LLP, where she engaged in a business litigation practice. | |||||
Paul M. Keglevic | 62 | Executive Vice President, Chief Financial Officer and Co-Chief Restructuring Officer of EFH Corp., EFIH and EFCH | October 2013 | Paul M. Keglevic was elected Executive Vice President, Chief Financial Officer and Co-Chief Restructuring Officer of EFH Corp., EFIH and EFCH in October 2013 having previously served as Executive Vice President and Chief Financial Officer of EFH Corp., EFIH and EFCH from July 2008 to October 2013. Before joining EFH Corp., he was an audit partner at PricewaterhouseCoopers. Mr. Keglevic was PricewaterhouseCoopers' Utility Sector Leader from 2002 to 2008 and Clients and Sector Assurance Leader from 2007 to 2008. |
Name of Officer | Age | Positions and Offices Presently Held | Date First Elected to Present Offices | Business Experience (Preceding Five Years) | |||||
Carrie L. Kirby | 48 | Executive Vice President of EFH Corp. | February 2013 | Carrie L. Kirby was elected Executive Vice President of EFH Corp. in February 2013 having previously served as Senior Vice President of EFH Corp. from April 2012 to February 2013 and oversees human resources. Previously she was Vice President of Human Resources of TXU Energy. | |||||
M. A. McFarland | 46 | Executive Vice President of EFH Corp. and President and Chief Executive of Luminant | July 2008 | M. A. McFarland was elected President and Chief Executive of Luminant in December 2012 and Executive Vice President of EFH Corp. in July 2008. He previously served as Executive Vice President and Chief Commercial Officer of Luminant. Before joining Luminant, Mr. McFarland served as Senior Vice President of Mergers, Acquisitions and Divestitures and as a Vice President in the wholesale marketing and trading division power team at Exelon Corporation. |
Item 11. | EXECUTIVE COMPENSATION |
• | determine and oversee the compensation program of EFH Corp. and its subsidiaries (other than the Oncor Ring-Fenced Entities), including making recommendations to the Board with respect to the adoption, amendment or termination of compensation and benefits plans, arrangements, policies and practices; |
• | evaluate the performance of EFH Corp.'s President and Chief Executive Officer (the CEO), John F. Young, and the other executive officers of EFH Corp. and its subsidiaries (other than the Oncor Ring-Fenced Entities) (collectively, the executive officers), including Paul M. Keglevic, Executive Vice President, Chief Financial Officer and Co-Chief Restructuring Officer of EFH Corp.; James A. Burke, President and Chief Executive of TXU Energy and Executive Vice President of EFH Corp.; Stacey H. Doré, Executive Vice President, General Counsel and Co-Chief Restructuring Officer of EFH Corp.; and M.A. McFarland, President and Chief Executive of Luminant and Executive Vice President of EFH Corp. (collectively, the Named Executive Officers); and |
• | approve executive compensation based on those evaluations. |
• | the overall compensation program should emphasize variable compensation elements that have a direct link to overall corporate performance and stakeholder value; |
• | the overall compensation program should place an increased emphasis on pay-at-risk with increased responsibility; |
• | the overall compensation program should attract, motivate and engage top-talent executive officers to serve in key roles; and |
• | an executive officer's individual compensation level should be based upon an evaluation of the financial and operational performance of that executive officer's business unit or area of responsibility as well as the executive officer's individual performance. |
• | aligning performance measures with our business objectives to drive the financial and operational performance of EFH Corp. and its business units; |
• | rewarding business unit and individual performance by providing compensation levels consistent with the relevant employee's level of contribution, degree of accountability and functional areas of responsibility; and |
• | attracting and retaining the best performers. |
• | a competitive base salary; |
• | the opportunity to earn an annual performance-based cash bonus based on the achievement of specific corporate, business unit and individual performance goals; and |
• | additional incentive awards in the form of cash awards. |
Ameren Corp. | American Electric Power Co. Inc. | Calpine Corp. | ||
Dominion Resources Inc. | Duke Energy Corp. | Edison International | ||
Entergy Corp. | Exelon Corp. | FirstEnergy Corp. | ||
NextEra Energy, Inc. | NRG Energy, Inc. | PPL Corp. | ||
Public Service Enterprise Group Inc. | Southern Co. | Xcel Energy Inc. |
Weight | |||||||||||||||||
Name | EFH Corp. Management EBITDA(2) | Named Executive Officer EFH Business Services Scorecard Multiplier | Named Executive Officer Luminant Scorecard Multiplier | Named Executive Officer TXU Energy Scorecard Multiplier | Total | Payout | |||||||||||
John F. Young(1) | 50 | % | 50 | % | 100 | % | 129 | % | |||||||||
Paul M. Keglevic | 50 | % | 50 | % | 100 | % | 137 | % | |||||||||
James A. Burke | 25 | % | 75 | % | 100 | % | 153 | % | |||||||||
Stacey H. Doré | 50 | % | 50 | % | 100 | % | 137 | % | |||||||||
M.A. McFarland | 25 | % | 75 | % | 100 | % | 127 | % |
(1) | Mr. Young is measured on EFH Corp. Management EBITDA (including Oncor) while the remaining Named Executive Officers are measured on EFH Corp. Management EBITDA (excluding Oncor). |
(2) | The targeted EFH Corp. Management EBITDA (including Oncor) for the fiscal year ended December 31, 2015 was $3.334 billion. The targeted EFH Corp. Management EBITDA (excluding Oncor) for the fiscal year ended December 31, 2015 was $1.503 billion. The actual EFH Corp. Management EBITDA (including Oncor) for the fiscal year ended December 31, 2015 was $3.358 billion, which was above target. The actual EFH Corp. Management EBITDA (excluding Oncor) for the fiscal year ended December 31, 2015 was $1.538 billion, which was above target. |
Named Executive Officer EFH Business Services Scorecard Metrics | Weight | Performance(1) | Payout | |||||
EFH Corp. Management EBITDA (excluding Oncor)(2) | 20.0 | % | 122 | % | 24 | % | ||
Luminant Scorecard Multiplier(3) | 20.0 | % | 128 | % | 26 | % | ||
TXU Energy Scorecard Multiplier(3) | 20.0 | % | 163 | % | 33 | % | ||
EFH Corp. (excluding Oncor) Total Spend | 20.0 | % | 200 | % | 40 | % | ||
EFH Business Services Costs | 20.0 | % | 145 | % | 29 | % | ||
Total | 100.0 | % | 152 | % |
(1) | Performance payouts equal 100% if the target amount is achieved for a particular metric, 50% if the threshold amount is achieved and 200% if the superior amount is achieved. The actual performance payouts are interpolated on a linear basis between threshold and target or target and superior, as applicable, with a maximum performance payout for any particular metric being equal to 200%. |
(2) | The targeted EFH Corp. Management EBITDA (excluding Oncor) for the fiscal year ended December 31, 2015 was $1.503 billion. The actual EFH Corp. Management EBITDA (excluding Oncor) for the fiscal year ended December 31, 2015 was $1.538 billion, which was above target. |
(3) | The performance targets included in the Luminant Scorecard Multiplier and the TXU Energy Scorecard Multiplier are summarized below. |
Named Executive Officer Luminant Scorecard Metrics | Weight | Performance(1) | Payout | |||||
Luminant Management EBITDA | 37.5 | % | 91 | % | 34 | % | ||
Luminant Available Generation - Lignite/Coal (June-Sept. 15) | 10.0 | % | 100 | % | 10 | % | ||
Luminant Available Generation - Lignite/Coal (Jan.-May, Sept. 16-Dec.) | 10.0 | % | 110 | % | 11 | % | ||
Luminant Available Generation – Nuclear | 7.5 | % | 67 | % | 5 | % | ||
Luminant Operating Costs/SG&A | 15.0 | % | 200 | % | 30 | % | ||
Luminant Capital Expenditures | 10.0 | % | 200 | % | 20 | % | ||
Luminant Fossil Fuel Costs | 10.0 | % | 180 | % | 18 | % | ||
Total | 100.0 | % | 128 | % |
(1) | Performance payouts equal 100% if the target amount is achieved for a particular metric, 50% if the threshold amount is achieved and 200% if the superior amount is achieved. The actual performance payouts are interpolated on a linear basis between threshold and target or target and superior, as applicable, with a maximum performance payout for any particular metric being equal to 200%. |
Named Executive Officer TXU Energy Scorecard Metrics | Weight | Performance(1) | Payout | |||||
TXU Energy Management EBITDA | 40.0 | % | 200 | % | 80 | % | ||
TXU Energy Total Costs | 20.0 | % | 85 | % | 17 | % | ||
Contribution Margin | 15.0 | % | 200 | % | 30 | % | ||
Residential Customer Count | 10.0 | % | 190 | % | 19 | % | ||
Customer Satisfaction | 3.0 | % | 133 | % | 4 | % | ||
Average Days Sales Outstanding | 3.0 | % | 67 | % | 2 | % | ||
TXU Energy Energizing Event Success | 3.0 | % | 133 | % | 4 | % | ||
TXU Energy Customer Satisfaction (Complaints) | 3.0 | % | 133 | % | 4 | % | ||
TXU Energy System Availability (Downtime) | 3.0 | % | 100 | % | 3 | % | ||
Total | 100.0 | % | 163 | % |
(1) | Performance payouts equal 100% if the target amount is achieved for a particular metric, 50% if the threshold amount is achieved and 200% if the superior amount is achieved. The actual performance payouts are interpolated on a linear basis between threshold and target or target and superior, as applicable, with a maximum performance payout for any particular metric being equal to 200%. |
Name | Target (% of salary) | Target Award ($ Value) | Actual Award ($) | ||||
John F. Young (1) | 125% | 1,687,500 | 3,166,501 | ||||
Paul M. Keglevic (2) | 85% | 667,250 | 1,323,267 | ||||
James A. Burke (3) | 85% | 595,000 | 1,190,000 | ||||
Stacey H. Doré(4) | 85% | 552,500 | 1,095,699 | ||||
M.A. McFarland (5) | 85% | 595,000 | 1,091,292 |
(1) | Mr. Young's incentive award is based on the successful achievement of the financial performance targets for EFH Corp. (including Oncor) and EFH Business Services and the financial and operational performance targets for Luminant and TXU Energy and an individual performance modifier. In 2015, Mr. Young maintained our workforce's focus on "Job One" (the provision of excellent operations) across the Company and successfully managed communications with our employees, regulators and constituents as we continued through the Chapter 11 Cases. Given these and other significant achievements, the O&C Committee approved an individual performance modifier that increased Mr. Young's incentive award. |
(2) | Mr. Keglevic's incentive award is based on the successful achievement of the financial performance targets for EFH Corp. (excluding Oncor) and EFH Business Services and the financial and operational performance targets for Luminant and TXU Energy and an individual performance modifier. In 2015, Mr. Keglevic, as Co-Chief Restructuring Officer and Chief Financial Officer, successfully oversaw and led a team on behalf of our Company that negotiated our Plan of Reorganization as well as the transactions that form a part of such plan. Additionally, Mr. Keglevic served as our lead witness for many of the proceedings in our Chapter 11 Cases, including with respect to our Plan of Reorganization, all while continuing to drive strong economic performance from the Company. Given these and other significant achievements, the O&C Committee approved an individual performance modifier that increased Mr. Keglevic's incentive award. |
(3) | Mr. Burke's incentive award is based on the successful achievement of a financial performance target for EFH Corp. (excluding Oncor) and the financial and operational performance targets for TXU Energy and an individual performance modifier. In 2015, under Mr. Burke's leadership, TXU Energy maintained its strong customer experience performance despite the Chapter 11 Cases, successfully managed margins, improved market-leading customer service, lowered residential customer attrition, grew our business segment, and was named as one of the top 100 places to work by The Dallas Morning News. In addition to his duties as the Chief Executive of TXU Energy, Mr. Burke led a cross-functional and enterprise-wide (excluding Oncor) team focused on contract and vendor management across the enterprise (excluding Oncor) during our Chapter 11 Cases. Given these and other significant achievements, the O&C Committee approved an individual performance modifier that increased Mr. Burke's incentive award. |
(4) | Ms. Doré's incentive award is based on the successful achievement of the financial performance targets for EFH Corp. (excluding Oncor) and EFH Business Services and the financial and operational performance targets for Luminant and TXU Energy and an individual performance modifier. In 2015, as Co-Chief Restructuring Officer and General Counsel, Ms. Doré oversaw the handling of all legal matters arising in connection with our Chapter 11 Cases and, together with Mr. Keglevic, led a team on behalf of the Company that negotiated our Plan of Reorganization as well as the transactions that form a part of such plan. Ms. Doré also led a team that achieved significant positive litigation outcomes for Luminant during 2015. Given these and other significant achievements, the O&C Committee approved an individual performance modifier that increased Ms. Doré's incentive award. |
(5) | Mr. McFarland's incentive award is based on the successful achievement of the financial performance targets for EFH Corp. (excluding Oncor) and the financial and operational performance targets for Luminant and an individual performance modifier. In 2015, Mr. McFarland spearheaded Luminant's organizational response to continued low power prices while maintaining operational excellence and top decile performance from our generation fleet and was the lead executive responsible for the acquisition of the 2,988 MW La Frontera CCGT portfolio. Given these and other significant achievements, the O&C Committee approved an individual performance modifier that increased Mr. McFarland's incentive award. |
Name and Principal Position | Year | Salary ($) | Bonus ($)(1) | Stock Awards ($)(2) | Non-Equity Incentive Plan Compen-sation ($)(3) | Change in Pension Value and Non-qualified Deferred Compensation ($)(4) | All Other Compen-sation ($)(5) | Total ($) | ||||||||
John F. Young President & CEO of EFH Corp. | 2015 2014 2013 | 1,350,000 1,350,000 1,350,000 | — — — | — — 420,000 | 5,866,501 5,736,327 5,511,375 | — — — | 65,840 72,993 73,152 | 7,282,341 7,159,320 7,354,527 | ||||||||
Paul M. Keglevic EVP, Chief Financial Officer & Co-CRO of EFH Corp. | 2015 2014 2013 | 785,000 735,000 735,000 | — — 375,000 | — — 140,000 | 2,323,267 2,147,578 2,049,580 | — — — | 50,876 57,901 54,037 | 3,159,143 2,940,479 3,353,617 | ||||||||
James A. Burke EVP-EFH Corp. & President & Chief Executive of TXU Energy | 2015 2014 2013 | 700,000 675,000 675,000 | — — — | — — 140,000 | 2,190,000 1,994,415 2,116,518 | — 44,090 6,227 | 29,709 28,965 29,203 | 2,919,709 2,742,470 2,966,948 | ||||||||
M.A. McFarland EVP-EFH Corp. & President & Chief Executive of Luminant | 2015 2014 2013 | 700,000 675,000 675,000 | — — — | — — 140,000 | 2,091,292 1,983,766 2,028,160 | — — — | 37,492 46,157 46,367 | 2,828,784 2,704,923 2,889,527 | ||||||||
Stacey H. Doré EVP, General Counsel, & Co-CRO of EFH Corp. | 2015 2014 2013 | 650,000 600,000 600,000 | — — 350,000 | — — 70,000 | 2,095,699 1,970,132 1,788,533 | — — — | 40,250 131,235 32,654 | 2,785,949 2,701,367 2,841,187 |
(1) | The amounts reported in this column represent discretionary cash bonuses that the relevant executive officer earned for the fiscal year listed. |
(2) | The amounts reported as "Stock Awards" represent the grant date fair value (as computed in accordance with FASB ASC Topic 718) of certain restricted stock units that were granted to our Named Executive Officers. Although these restricted stock units vested in September 2014, these awards have not been settled. Under the Plan of Reorganization and upon its effective date, all outstanding restricted stock units, including those reported in this column, will be cancelled and released without any distribution or payment to the Named Executive Officers. |
(3) | The amounts for 2015 reported as "Non-Equity Incentive Plan Compensation" were earned by the executive officers in 2015 under the EAIP and the Annual Supplemental Awards. The amounts reported for 2015 for each Named Executive Officer are as follows: (a) for Mr. Young, $3,166,501 for the EAIP and $2,700,000 for the Annual Supplemental Award; (b) for Mr. Keglevic $1,323,267 for the EAIP and $1,000,000 for the Annual Supplemental Award; (c) for Mr. Burke $1,190,000 for the EAIP and $1,000,000 for the Annual Supplemental Award; (d) for Mr. McFarland $1,091,292 for the EAIP and $1,000,000 for the Annual Supplemental Award; and (e) for Ms. Doré $1,095,699 for the EAIP and $1,000,000 for the Annual Supplemental Award. |
(4) | The amount for Mr. Burke in 2015 reported under "Change in Pension Value and Nonqualified Deferred Compensation Earnings" was zero because by rule, the Change in Pension Value cannot be less than zero. The actuarial value of his balance in the EFH Supplemental Retirement Plan decreased by $28,000 year over year. For a more detailed description of the Supplemental Retirement Plan, please refer to the narrative that follows the table entitled "Pension Benefits - 2015." |
(5) | The amounts for 2015 reported as "All Other Compensation" are attributable to the Named Executive Officer's receipt of compensation as described in the following table: |
All Other Compensation ($)(a) | ||||||||||||||||||||
Name | Matching Contribution to Thrift Plan(b) | Cost of Letter of Credit(c) | Premium Payments on Life Insurance Policy | Personal Physical Care(d) | Financial Planning(e) | Country Club Dues(f) | Executive Physical(g) | Spousal Travel(h) | Security Services | Total | ||||||||||
John F. Young | 15,900 | 1,884 | 17,185 | 9,350 | 11,375 | 9,730 | — | — | 416 | 65,840 | ||||||||||
Paul M. Keglevic | 15,900 | 698 | — | 15,000 | — | 10,289 | — | 8,989 | — | 50,876 | ||||||||||
James A. Burke | 15,900 | 698 | — | — | 9,975 | — | 2,718 | 418 | — | 29,709 | ||||||||||
Mark A. McFarland | 15,900 | 698 | — | — | 1,960 | 16,235 | 2,699 | — | — | 37,492 | ||||||||||
Stacey H. Doré | 15,900 | 302 | — | — | 9,975 | 10,684 | 3,389 | — | — | 40,250 |
(a) | For purposes of preparing this table, all perquisites are valued on the basis of the actual cost to EFH Corp. |
(b) | Our Thrift Plan allows participating employees to contribute a portion of their regular salary or wages to the plan. Under the EFH Thrift Plan, EFH Corp. matches a portion of an employee's contributions. This matching contribution is 100% of each Named Executive Officer's contribution up to 6% of the named Executive Officer's salary up to the annual IRS compensation limit. All matching contributions are invested in Thrift Plan investments as directed by the participant. |
(c) | In connection with the grant of certain prior year long-term incentive awards, and in consideration of the retention incentive that such award provided to our Named Executive Officers, the O&C Committee had previously approved the provision of irrevocable standby letters of credit to each Named Executive Officer. Our Named Executive Officers were entitled to draw under these letters of credit to receive payment of compensation earned by them under these awards. In March 2015, each Named Executive Officer drew down on his or her letter of credit. The letters of credit expired in April 2015. |
(d) | The amounts received by Mr. Young and Mr. Keglevic include the annual fee to participate in a comprehensive health plan that provides anytime personal and private physician access and health care and includes the cost of an annual physical. For a discussion of the Personal Physical Care received by certain of our Named Executive Officers, please see "Compensation Discussion and Analysis - Other Elements of Compensation - Perquisites - Health Services." |
(e) | For a discussion of the Financial Planning received by certain of our Named Executive Officers, please see "Compensation Discussion and Analysis - Other Elements of Compensation - Perquisites - Executive Financial Planning." |
(f) | The amounts received by Mr. McFarland for the costs of a country club membership include a pro-rated portion of the initiation fee. |
(g) | The amounts received by Mr. Burke, Mr. McFarland and Ms. Doré include expenses related to medical examinations. |
(h) | The amounts received by Mr. Keglevic and Mr. Burke include taxable spousal travel expenses. |
Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | ||||||||||
Name | Approval Date | Threshold ($) | Target ($) | Maximum ($) | ||||||
John F. Young | 10/29/14(1) | — | 1,687,500 | 3,375,000 | ||||||
11/20/14(2) | 1,350,000 | 2,700,000 | ||||||||
Paul M. Keglevic | 10/29/14(1) | — | 667,250 | 1,334,500 | ||||||
11/20/14(2) | 500,000 | 1,000,000 | ||||||||
James A. Burke | 10/29/14(1) | — | 595,000 | 1,190,000 | ||||||
11/20/14(2) | 500,000 | 1,000,000 | ||||||||
Stacey H. Doré | 10/29/14(1) | — | 552,500 | 1,105,000 | ||||||
11/20/14(2) | 500,000 | 1,000,000 | ||||||||
M.A. McFarland | 10/29/14(1) | — | 595,000 | 1,190,000 | ||||||
11/20/14(2) | 500,000 | 1,000,000 |
(1) | Represents the target and maximum amounts available under the EAIP for 2015 for each Named Executive Officer. Each payment is reported in the Summary Compensation Table in the year earned under the heading "Non-Equity Incentive Plan Compensation," and is described above under the section entitled "Annual Performance-Based Cash Bonus - Executive Officer Annual Incentive Plan". |
(2) | Represents the threshold and target amounts available under the Annual Supplemental Award for 2015 for each Named Executive Officer. Each payment is reported in the Summary Compensation Table in the year earned under the heading "Non-Equity Incentive Plan Compensation," and is described above under the section entitled "Supplemental Incentive Awards." |
Name | Plan Name | Number of Years Credited Service (#) | PV of Accumulated Benefit ($) | Payments During Last Fiscal Year ($) | ||||||
James A. Burke | Supplemental Retirement Plan | 6.9167 | 219,662 | — |
Name | Aggregate Earnings/Losses in Last FY ($)(1) | Aggregate Withdrawals/ Distributions ($)(2) | Aggregate Balance at Last FYE ($)(3) | |||||
John F. Young | 532 | (5,400,000 | ) | 280,027 | ||||
Paul M. Keglevic | — | (2,000,000 | ) | |||||
James A. Burke | (5,701 | ) | (2,000,000 | ) | 170,094 | |||
Stacey H. Doré | — | (1,466,667 | ) | |||||
M.A. McFarland | — | (2,000,000 | ) |
(1) | The amounts reported as "Aggregate Earnings/Losses in Last FY" include earnings and losses on deferrals previously made under the EFH Corp. Salary Deferral Program. Deferrals are credited with earnings or losses based on the performance of investment alternatives under the Salary Deferral Program selected by each participant. At the end of the applicable maturity period, the trustee for the Salary Deferral Program distributes the deferred compensation and the applicable earnings in cash as a lump sum or in annual installments at the participant's election made at the time of deferral. Since 2010, the Named Executive Officers have not been eligible to defer additional compensation in the Salary Deferral Program. As of December 31, 2015, Messrs. Young and Burke had balances in the Salary Deferral Program. |
(2) | The amounts reported as "Aggregate Withdrawals/Distributions" for Messrs. Young, Keglevic, Burke and McFarland and Ms. Doré represent amounts paid in 2015 for long-term cash incentive awards that had been earned in 2013 and 2014 and reported in previous years on the Summary Compensation Table for each executive. |
(3) | The amounts reported for Messrs. Young and Burke include any amounts deferred under the Salary Deferral Plan, plus any earnings or losses thereon. If the transactions contemplated by the Plan of Reorganization are consummated, all amounts due under the Salary Deferral Plan will be distributed according to the terms of the Plan of Reorganization. For Mr. Burke, this also includes the fair market value of 443,474 deferred shares of EFH Corp. that he is entitled to receive on the earlier to occur of the termination of employment or a change of control of EFH Corp. However, given the Bankruptcy Filing and the terms of the Plan of Reorganization, we deem our common stock to have de minimis value. Under the Plan of Reorganization and upon its effective date, all EFH Corp. stock will be cancelled and released without any distribution or payment. |
Benefit | Voluntary ($) | For Cause ($) | Death ($) | Disability ($) | Without Cause Or For Good Reason ($) | Without Cause Or For Good Reason In Connection With Change in Control ($) | |||||||||||
Cash Severance | — | — | — | — | 5,737,500 | 9,112,500 | |||||||||||
Supplemental Retirement Benefit | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||
EAIP(1) | 2,183,794 | 2,183,794 | 2,183,794 | 2,183,794 | — | — | |||||||||||
Annual Supplemental Award | 1,437,480 | 1,437,480 | 1,437,480 | 1,437,480 | 1,437,480 | 1,437,480 | |||||||||||
Health & Welfare: | |||||||||||||||||
- Medical/COBRA | — | — | — | — | 37,633 | 37,633 | |||||||||||
- Dental/COBRA | — | — | — | — | 2,638 | 2,638 | |||||||||||
Totals | 6,621,274 | 6,621,274 | 6,621,274 | 6,621,274 | 10,215,251 | 13,590,251 |
(1) | Calculated as target award multiplied by company performance |
1. | In the event of Mr. Young's voluntary resignation without good reason or termination for cause: |
a. | accrued but unpaid base salary and unused vacation earned through the date of termination; |
b. | accrued but unpaid annual bonus earned under the EAIP for the previously completed year; |
c. | accrued but unpaid portion of the Annual Supplemental Award for the immediately preceding performance period; |
d. | value of supplemental retirement benefit for Mr. Young; |
e. | unreimbursed business expenses; and |
f. | payment of employee benefits to which Mr. Young may be entitled (collectively (a) - (f), the Accrued Rights). |
2. | In the event of Mr. Young's death or disability: |
a. | the Accrued Rights; and |
b. | a prorated annual bonus earned under the EAIP for the year of termination. |
3. | In the event of Mr. Young's termination without cause or resignation for good reason: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to (i) three times his annualized base salary and (ii) a prorated annual bonus earned under the EAIP for the year of termination; and |
c. | certain continuing health care and company benefits. |
4. | In the event of Mr. Young's termination without cause or resignation for good reason within 24 months following a change in control of EFH Corp.: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to three times the sum of (i) his annualized base salary and (ii) his annual bonus target under the EAIP; and |
c. | certain continuing health care and company benefits. |
Benefit | Voluntary ($) | For Cause ($) | Death ($) | Disability ($) | Without Cause Or For Good Reason ($) | Without Cause Or For Good Reason In Connection With Change in Control ($) | |||||||||||
Cash Severance | — | — | — | — | 2,237,250 | 2,904,500 | |||||||||||
EAIP(1) | 912,598 | 912,598 | 912,598 | 912,598 | — | — | |||||||||||
Annual Supplemental Award | 538,000 | 538,000 | 538,000 | 538,000 | 538,000 | 538,000 | |||||||||||
Health & Welfare | |||||||||||||||||
- Dental/COBRA | — | — | — | — | 2,110 | 2,110 | |||||||||||
Totals | 1,450,598 | 1,450,598 | 1,450,598 | 1,450,598 | 2,777,360 | 3,444,610 |
(1) | Calculated as target award multiplied by company performance |
1. | In the event of Mr. Keglevic's voluntary resignation without good reason or termination for cause: |
a. | accrued but unpaid base salary and unused vacation earned through the date of termination; |
b. | accrued but unpaid annual bonus earned under the EAIP for the previously completed year; |
c. | accrued but unpaid portion of the Annual Supplemental Award for the immediately preceding performance period; |
d. | unreimbursed business expenses; and |
e. | payment of employee benefits to which Mr. Keglevic may be entitled (collectively (a) - (e), the Accrued Rights). |
2. | In the event of Mr. Keglevic's death or disability: |
a. | the Accrued Rights; and |
b. | a prorated annual bonus earned under the EAIP for the year of termination. |
3. | In the event of Mr. Keglevic's termination without cause or resignation for good reason: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to (i) two times his annualized base salary and (ii) a prorated annual bonus earned under the EAIP for the year of termination; and |
c. | certain continuing health care and company benefits. |
4. | In the event of Mr. Keglevic's termination without cause or resignation for good reason within 24 months following a change in control of EFH Corp.: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to two times the sum of (i) his annualized base salary and (ii) his annual bonus target under the EAIP; and |
c. | certain continuing health care and company benefits. |
Benefit | Voluntary ($) | For Cause ($) | Death ($) | Disability ($) | Without Cause Or For Good Reason ($) | Without Cause Or For Good Reason In Connection With Change in Control ($) | |||||||||||
Cash Severance | — | — | — | — | 1,995,000 | 2,590,000 | |||||||||||
EAIP(1) | 909,577 | 909,577 | 909,577 | 909,577 | — | — | |||||||||||
Annual Supplemental Award | 538,000 | 538,000 | 538,000 | 538,000 | 538,000 | 538,000 | |||||||||||
Health & Welfare | |||||||||||||||||
- Medical/COBRA | — | — | — | — | 39,873 | 39,873 | |||||||||||
- Dental/COBRA | — | — | — | — | 2,110 | 2,110 | |||||||||||
Totals | 1,447,577 | 1,447,577 | 1,447,577 | 1,447,577 | 2,574,983 | 3,169,983 |
(1) | Calculated as target award multiplied by company performance |
1. | In the event of Mr. Burke's voluntary resignation without good reason or termination for cause: |
a. | accrued but unpaid base salary and unused vacation earned through the date of termination; |
b. | accrued but unpaid annual bonus earned under the EAIP for the previously completed year; |
c. | accrued but unpaid portion of the Annual Supplemental Award for the immediately preceding performance period; |
d. | unreimbursed business expenses; and |
e. | payment of employee benefits to which Mr. Burke may be entitled (collectively, (a) - (e), the Accrued Rights). |
2. | In the event of Mr. Burke's death or disability: |
a. | the Accrued Rights; and |
b. | a prorated annual bonus earned under the EAIP for the year of termination. |
3. | In the event of Mr. Burke's termination without cause or resignation for good reason: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to (i) two times his annualized base salary and (ii) a prorated annual bonus earned under the EAIP for the year of termination; and |
c. | certain continuing health care and company benefits. |
4. | In the event of Mr. Burke's termination without cause or resignation for good reason within 24 months following a change in control of EFH Corp.: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to two times the sum of (i) his annualized base salary and (ii) his annual bonus target under the EAIP; and |
c. | certain continuing health care and company benefits. |
Benefit | Voluntary ($) | For Cause ($) | Death ($) | Disability ($) | Without Cause Or For Good Reason ($) | Without Cause Or For Good Reason In Connection With Change in Control ($) | |||||||||||
Cash Severance | — | — | — | — | 1,995,000 | 2,590,000 | |||||||||||
EAIP(1) | 752,616 | 752,616 | 752,616 | 752,616 | — | — | |||||||||||
Annual Supplemental Awards | 538,000 | 538,000 | 538,000 | 538,000 | 538,000 | 538,000 | |||||||||||
Health & Welfare | |||||||||||||||||
- Medical/COBRA | — | — | — | — | 39,873 | 39,873 | |||||||||||
- Dental/COBRA | — | — | — | — | 2,110 | 2,110 | |||||||||||
Totals | 1,290,616 | 1,290,616 | 1,290,616 | 1,290,616 | 2,574,983 | 3,169,983 |
(1) | Calculated as target award multiplied by company performance |
1. | In the event of Mr. McFarland's voluntary resignation without good reason or termination for cause: |
a. | accrued but unpaid base salary and unused vacation earned through the date of termination; |
b. | accrued but unpaid annual bonus earned under the EAIP for the previously completed year; |
c. | accrued but unpaid portion of the Annual Supplemental Award for the immediately preceding performance period; |
d. | unreimbursed business expenses; and |
e. | payment of employee benefits to which Mr. McFarland may be entitled (collectively, (a) - (e), the Accrued Rights). |
2. | In the event of Mr. McFarland's death or disability: |
a. | the Accrued Rights; and |
b. | a prorated annual bonus earned under the EAIP for the year of termination. |
3. | In the event of Mr. McFarland's termination without cause or resignation for good reason: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to (i) two times his annualized base salary and (ii) a prorated annual bonus under the EAIP for the year of termination; and |
c. | certain continuing health care and company benefits. |
4. | In the event of Mr. McFarland's termination without cause or resignation for good reason within 24 months following a change in control of EFH Corp.: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to two times the sum of (i) his annualized base salary and (ii) his annual bonus target under the EAIP; and |
c. | certain continuing health care and company benefits. |
Benefit | Voluntary ($) | For Cause ($) | Death ($) | Disability ($) | Without Cause Or For Good Reason ($) | Without Cause Or For Good Reason In Connection With Change in Control ($) | |||||||||||
Cash Severance | — | — | — | — | 1,852,500 | 2,405,000 | |||||||||||
EAIP(1) | 755,654 | 755,654 | 755,654 | 755,654 | — | — | |||||||||||
Annual Supplemental Award | 538,000 | 538,000 | 538,000 | 538,000 | 538,000 | 538,000 | |||||||||||
Health & Welfare | |||||||||||||||||
- Medical/COBRA | — | — | — | — | 39,873 | 39,873 | |||||||||||
- Dental/COBRA | — | — | — | — | 2,110 | 2,110 | |||||||||||
Totals | 1,293,654 | 1,293,654 | 1,293,654 | 1,293,654 | 2,432,483 | 2,984,983 |
(1) | Calculated as target award multiplied by company performance |
1. | In the event of Ms. Doré's voluntary resignation without good reason or termination for cause: |
a. | accrued but unpaid base salary and unused vacation earned through the date of termination; |
b. | accrued but unpaid annual bonus earned under the EAIP for the previously completed year; |
c. | accrued but unpaid portion of the Annual Supplemental Award for the immediately preceding performance period; |
d. | unreimbursed business expenses; and |
e. | payment of employee benefits to which Ms. Doré may be entitled (collectively, (a) - (e), the Accrued Rights). |
2. | In the event of Ms. Doré's death or disability: |
a. | the Accrued Rights; and |
b. | a prorated annual bonus earned under the EAIP for the year of termination. |
3. | In the event of Ms. Doré's termination without cause or resignation for good reason: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to (i) two times her annualized base salary and (ii) a prorated annual bonus earned under the EAIP for the year of termination; and |
c. | certain continuing health care and company benefits. |
4. | In the event of Ms. Doré's termination without cause or resignation for good reason within 24 months following a change in control of EFH Corp.: |
a. | the Accrued Rights; |
b. | a lump sum payment equal to two times the sum of (i) her annualized base salary and (ii) her annual bonus target under the EAIP; and |
c. | certain continuing health care and company benefits. |
Name | Fees Earned or Paid in Cash ($) | All Other Compensation ($) | Total ($) | |||||
Arcilia C. Acosta (1)(2) | 251,000 | — | 251,000 | |||||
David Bonderman | — | — | — | |||||
Donald L. Evans (3) | — | 2,600,000 | 2,600,000 | |||||
Thomas D. Ferguson | — | — | — | |||||
Brandon Freiman | — | — | — | |||||
Scott Lebovitz | — | — | — | |||||
Michael MacDougall | — | — | — | |||||
Kenneth Pontarelli | — | — | — | |||||
William K. Reilly (1)(2) | 232,000 | — | 232,000 | |||||
Jonathan D. Smidt | — | — | — | |||||
Billie I. Williamson (1)(4) | 586,250 | 586,250 | ||||||
John F. Young | — | — | — | |||||
Kneeland Youngblood (1)(2) | 248,000 | — | 248,000 |
(1) | Members of our Board who are not officers of EFH Corp., members of the Sponsor Group or the Executive Chairman, receive an annual retainer of $200,000. |
(2) | In July 2015, the EFH Corp. Board approved Special Meeting Fees be paid to Ms. Acosta, Mr. Reilly and Mr. Youngblood retroactive to January 1, 2015. Special Meeting Fees are $1,000 per meeting (capped at $75,000 per year per director) attended by Ms. Acosta, Mr. Reilly and Mr. Youngblood for meetings that are not those held in the normal course to support standard business operations. |
(3) | In April 2014, we entered into an Amended and Restated Employment Agreement with Mr. Evans, pursuant to which Mr. Evans receives an annual base salary of $2,500,000 for his service as Executive Chairman of the Board. Under the terms of the agreement, Mr. Evans also receives a payment by EFH Corp. of (a) $100,000 annually for office expenses and administrative support, (b) up to $200,000 annually in salary payments to a chief of staff, and (c) executive assistant services in Dallas and Midland, Texas. At December 31, 2015, Mr. Evans had 5,000,000 vested options to purchase common shares of EFH Corp for $0.50 per share. However, under the Plan of Reorganization and upon its effective date, all EFH Corp. options will be cancelled and released without any distribution or payment. |
(4) | In recognition of the additional responsibilities Ms. Williamson has been performing, and will continue to perform, in connection with our Chapter 11 Cases and as a disinterested director of EFH Corp., in February 2015, we agreed to pay her an additional $7,500 for each day substantially spent on matters related to our restructuring. |
Item 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
(a) Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) | (b) Weighted-average exercise price of outstanding options, warrants and rights(2) | (c) Number of securities remaining available for future issuance under equity compensation plans, excluding securities reflected in column (a) | |||||||
Equity compensation plans approved by security holders | — | $ | — | — | |||||
Equity compensation plans not approved by security holders | 36,314,292 | $ | 1.85 | 31,997,449 | |||||
Total | 36,314,292 | $ | 1.85 | 31,997,449 |
(1) | Includes 19.6 million restricted stock units issued in exchange for previously issued stock options. |
(2) | The weighted average exercise price does not take into account the shares subject to outstanding restricted stock units which have no exercise price. |
Name | Number of Shares Beneficially Owned | Percent of Class | |||
Texas Holdings (1)(2)(3)(4) | 1,657,600,000 | 98.943 | % | ||
Arcilia C. Acosta (6) | 486,029 | * | |||
David Bonderman (2) | 1,657,600,000 | 98.943 | % | ||
Donald L. Evans (7) | 5,400,000 | * | |||
Thomas D. Ferguson (3) | 1,657,600,000 | 98.943 | % | ||
Brandon Freiman (5) | — | — | % | ||
Scott Lebovitz (3) | 1,657,600,000 | 98.943 | % | ||
Michael MacDougall (8) | — | — | % | ||
Kenneth Pontarelli (3) | 1,657,600,000 | 98.943 | % | ||
William K. Reilly (9) | 616,029 | * | |||
Jonathan D. Smidt (5) | — | — | % | ||
Billie I. Williamson | 250,000 | * | |||
John F. Young | 1,021,222 | * | |||
Kneeland Youngblood (11) | 556,029 | * | |||
James A. Burke (10) | 443,474 | * | |||
Stacey H. Doré | — | * | |||
Paul M. Keglevic | — | * | |||
M. A. McFarland | — | * | |||
All owners, directors and current executive officers as a group (18 persons) | 1,666,372,783 | 98.943 | % |
(1) | Texas Holdings beneficially owns 1,657,600,000 shares of EFH Corp. The sole general partner of Texas Holdings is Texas Energy Future Capital Holdings LLC ("Texas Capital"), which, pursuant to the Amended and Restated Limited Partnership Agreement of Texas Holdings, has the right to vote all of the EFH Corp. shares owned by Texas Holdings. The TPG Funds, the Goldman Entities and the KKR Entities (each as defined below, and collectively, the "Texas Capital Funds") collectively own 91.08% of the outstanding units of Texas Capital. The Texas Capital Funds exercise control over Texas Capital, and each has the right to designate and remove the managers of Texas Capital appointed by such Texas Capital Fund. Because of these relationships, each of the Texas Capital Funds may be deemed to have beneficial ownership of the shares of EFH Corp. held by Texas Holdings, but each disclaims beneficial ownership of such shares. The address of both Texas Holdings and Texas Capital is 301 Commerce Street, Suite 3300, Fort Worth, Texas 76102. |
(2) | The TPG Funds (as defined below) beneficially own 302,923,439.752 units of Texas Capital, representing 27.01% of the outstanding units, including (i) 271,639,218.931 units held by TPG Partners V, L.P., a Delaware limited partnership ("TPG Partners V"), whose general partner is TPG GenPar V, L.P., a Delaware limited partnership ("TPG GenPar V"), whose general partner is TPG GenPar V Advisors, LLC, a Delaware limited liability company, whose sole member is TPG Holdings I, L.P., a Delaware limited partnership ("TPG Holdings"), (ii) 29,999,994.650 units held by TPG Partners IV, L.P., a Delaware limited partnership ("TPG Partners IV"), whose general partner is TPG GenPar IV, L.P., a Delaware limited partnership, whose general partner is TPG GenPar IV Advisors, LLC, a Delaware limited liability company, whose sole member is TPG Holdings, (iii) 710,942.673 units held by TPG FOF V-A, L.P., a Delaware limited partnership (“TPG FOF A”), whose general partner is TPG GenPar V and (iv) 573,283.498 units held by TPG FOF V-B, L.P., a Delaware limited partnership ("TPG FOF B" and, together with TPG Partners V, TPG Partners IV and TPG FOF A, the "TPG Funds"), whose general partner is TPG GenPar V. The general partner of TPG Holdings is TPG Holdings I-A, LLC, a Delaware limited liability company, whose sole member is TPG Group Holdings (SBS), L.P., a Delaware limited partnership, whose general partner is TPG Group Holdings (SBS) Advisors, Inc., a Delaware corporation ("Group Advisors"). David Bonderman and James G. Coulter are officers and sole shareholders of Group Advisors and may therefore be deemed to beneficially own the units held by the TPG Funds. David Bonderman is also a manager of Texas Capital. Messrs. Bonderman and Coulter disclaim beneficial ownership of the shares of EFH Corp. held by Texas Holdings except to the extent of their pecuniary interest therein. The address of Group Advisors and Messrs. Bonderman and Coulter is c/o TPG Global, LLC, 301 Commerce Street, Suite 3300, Fort Worth, Texas 76102. |
(3) | GS Capital Partners VI Fund, L.P., GSCP VI Offshore TXU Holdings, L.P., GSCP VI Germany TXU Holdings, L.P., GS Capital Partners VI Parallel, L.P., GS Global Infrastructure Partners I, L.P., GS Infrastructure Offshore TXU Holdings, L.P. (GSIP International Fund), GS Institutional Infrastructure Partners I, L.P., Goldman Sachs TXU Investors L.P. and Goldman Sachs TXU Investors Offshore Holdings, L.P. (collectively, the "Goldman Entities") beneficially own 303,049,945.955 units of Texas Capital, representing 27.02% of the outstanding units. Affiliates of The Goldman Sachs Group, Inc. ("Goldman Sachs") are the general partner, managing general partner or investment manager of each of the Goldman Entities, and each of the Goldman Entities shares voting and investment power with certain of their respective affiliates. Each of Goldman Sachs and the Goldman Entities disclaims beneficial ownership of such shares of common stock except to the extent of its pecuniary interest therein. Messrs. Ferguson, Lebovitz and Pontarelli are managers of Texas Capital and executives with affiliates of Goldman Sachs. By virtue of their position in relation to Texas Capital and the Goldman Entities, Messrs. Ferguson, Lebovitz and Pontarelli may be deemed to have beneficial ownership with respect to the units of Texas Capital held by the Goldman Entities. Each of Messrs. Ferguson, Lebovitz and Pontarelli disclaims beneficial ownership of the shares of EFH Corp. held by Texas Holdings except to the extent of their pecuniary interest in those shares. The address of each entity and individual listed in this footnote is c/o Goldman, Sachs & Co., 200 West Street, New York, New York 10282. |
(4) | KKR 2006 Fund L.P., KKR PEI Investments, L.P., KKR Partners III, L.P., KKR North American Co-Invest Fund I L.P., KKR Reference Fund Investments L.P. and TEF TFO Co-Invest, LP (collectively, the "KKR Entities") beneficially own 415,473,419.680 units of Texas Capital, representing 37.05% of the outstanding units. The KKR Entities disclaim beneficial ownership of any shares of our common stock in which they do not have a pecuniary interest. KKR & Co. L.P., as the holding company of affiliates that directly or indirectly control the KKR Entities, other than KKR Partners III, LP., may be deemed to share voting and dispositive power with respect to the shares beneficially owned by such KKR Entities, but disclaims beneficial ownership of such shares except to the extent of its pecuniary interest in those shares. As the designated members of KKR Management LLC (which is the general partner of KKR & Co. L.P.) and the managing members of KKR III GP LLC (which is the general partner of KKR Partners III, L.P.), Henry R. Kravis and George R. Roberts may be deemed to share voting and dispositive power with respect to the shares beneficially owned by the KKR Entities but disclaim beneficial ownership of such shares except to the extent of their pecuniary interest in those shares. The address of each entity and individual listed in this footnote is c/o Kohlberg Kravis Roberts & Co. L.P., 9 West 57th Street, Suite 4200, New York, New York 10019. |
(5) | Messrs. Freiman and Smidt are managers of Texas Capital and executives of Kohlberg Kravis Roberts & Co. L.P. and/or one or more of its affiliates. Neither Mr. Freiman or Mr. Smidt have voting or investment power over and each disclaim beneficial ownership of the units held by the KKR Entities and the shares of EFH Corp. held by Texas Holdings, except in each case to the extent of their pecuniary interest. The address of each individual listed in this footnote is c/o Kohlberg Kravis Roberts & Co. L.P., 9 West 57th Street, Suite 4200, New York, New York 10019. |
(6) | 70,000 shares held in a family limited partnership, ACA Family LP. |
(7) | Includes 5,000,000 shares issuable upon exercise of vested options. |
(8) | Michael MacDougall is a TPG partner. Mr. MacDougall is a manager of Texas Capital. Mr. MacDougall does not have voting or investment power over and disclaims beneficial ownership of the units of Texas Capital held by the TPG Funds and the shares of EFH Corp. held by Texas Holdings. The address of Mr. MacDougall is c/o TPG Global, LLC, 301 Commerce Street, Suite 3300, Fort Worth, TX 76102. |
(9) | William K. Reilly is a TPG senior advisor. Mr. Reilly does not have voting or investment power over and disclaims beneficial ownership of the units of Texas Capital held by the TPG Funds. The address of Mr. Reilly is c/o TPG Global, LLC, 301 Commerce Street, Suite 3300, Fort Worth, TX 76102. |
(10) | These are vested deferred shares which, in accordance with the terms of the Deferred Share Agreement, will be settled in shares of EFH Corp. common stock upon the earlier of termination of employment or a change in control of EFH Corp. |
(11) | 100,000 shares held in a limited partnership, Burton Hills Limited, LP. |
Item 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
1. | the Audit Committee of the Board approves or ratifies such transaction in accordance with the policy and determines that the transaction is on terms comparable to those that could be obtained in arm's length dealings with an unrelated third party; |
2. | the transaction is approved by the disinterested members of the Board or the Executive Committee; or |
3. | the transaction involves compensation approved by the Organization and Compensation Committee of the Board. |
1. | any compensation paid to a director if the compensation is required to be reported under Item 402 of Regulation S-K of the Securities Act; |
2. | any transaction with another company at which a related person's only relationship is as an employee (other than an executive officer), director or beneficial owner of less than 10% of that company's ownership interests; |
3. | any charitable contribution, grant or endowment by EFH Corp. to a charitable organization, foundation or university at which a related person's only relationship is as an employee (other than an executive officer) or director; |
4. | transactions where the related person's interest arises solely from the ownership of EFH Corp.'s equity securities and all holders of that class of equity securities received the same benefit on a pro rata basis; |
5. | transactions involving a related party where the rates or charges involved are determined by competitive bids; |
6. | any transaction with a related party involving the rendering of services as a common or contract carrier, or public utility, as rates or charges fixed in conformity with law or governmental authority; |
7. | any transaction with a related party involving services as a bank depositary of funds, transfer agent, registrar, trustee under a trust indenture, or similar service; |
8. | transactions available to all employees or customers generally (unless required to be disclosed under Item 404 of Regulation S-K of the Securities Act, if applicable); |
9. | transactions involving less than $100,000 when aggregated with all similar transactions; |
10. | transactions between EFH Corp. and its subsidiaries or between subsidiaries of EFH Corp.; |
11. | transactions not required to be disclosed under Item 404 of Regulation S-K under the Securities Act of 1933, and |
12. | open market purchases of EFH Corp.'s or its subsidiaries' debt or equity securities and interest payments on such debt. |
Item 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
1. | The annual review and preapproval by the Audit Committee of all anticipated audit and non-audit services; and |
2. | The quarterly preapproval by the Audit Committee of services, if any, not previously approved and the review of the status of previously approved services. |
1. | Audit-related services, including: |
a. | due diligence accounting consultations and audits related to mergers, acquisitions and divestitures; |
b. | employee benefit plan audits; |
c. | accounting and financial reporting standards consultation; |
d. | internal control reviews, and |
e. | attest services, including agreed-upon procedures reports that are not required by statute or regulation. |
2. | Tax-related services, including: |
a. | tax compliance; |
b. | general tax consultation and planning; |
c. | tax advice related to mergers, acquisitions, and divestitures, and |
d. | communications with and request for rulings from tax authorities. |
3. | Other services, including: |
a. | process improvement, review and assurance; |
b. | litigation and rate case assistance; |
c. | forensic and investigative services, and |
d. | training services. |
1. | Bookkeeping or other services related to EFH Corp.'s accounting records or financial statements; |
2. | Financial information systems design and implementation services; |
3. | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports; |
4. | Actuarial services; |
5. | Internal audit outsourcing services; |
6. | Management or human resource functions; |
7. | Broker-dealer, investment advisor, or investment banking services; |
8. | Legal and expert services unrelated to the audit, and |
9. | Any other service that the Public Company Accounting Oversight Board determines, by regulation, to be impermissible. |
2015 | 2014 | ||||||
Audit Fees. Fees for services necessary to perform the annual audit, review SEC filings, fulfill statutory and other service requirements, provide comfort letters and consents | $ | 7,002,000 | $ | 7,233,000 | |||
Audit-Related Fees. Fees for services including due diligence related to mergers, acquisitions and divestitures, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation, and consultation concerning financial accounting and reporting standards | 645,000 | 360,000 | |||||
Tax Fees. Fees for tax compliance, tax planning, and tax advice related to mergers and acquisitions, divestitures, and communications with and requests for rulings from taxing authorities | 25,000 | — | |||||
All Other Fees. Fees for services including process improvement reviews, forensic accounting reviews, litigation assistance and training services | — | — | |||||
Total | $ | 7,672,000 | $ | 7,593,000 |
Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF INCOME (LOSS) (Millions of Dollars) | |||||||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Selling, general and administrative expenses | $ | (58 | ) | $ | (61 | ) | $ | (45 | ) | ||
Other income | 22 | — | 568 | ||||||||
Other deductions | — | (108 | ) | (646 | ) | ||||||
Interest income | 3 | 74 | 132 | ||||||||
Interest expense and related charges | — | (83 | ) | (411 | ) | ||||||
Reorganization items (Note 4) | 606 | (27 | ) | — | |||||||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | 573 | (205 | ) | (402 | ) | ||||||
Income tax (expense) benefit | (9 | ) | 60 | 141 | |||||||
Equity in losses of consolidated subsidiaries (net of tax) | (6,240 | ) | (6,610 | ) | (2,399 | ) | |||||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 | ||||||||
Net loss | (5,342 | ) | (6,406 | ) | (2,325 | ) | |||||
Net loss attributable to noncontrolling interests | — | — | 107 | ||||||||
Net loss attributable to EFH Corp. (parent) | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,218 | ) |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Millions of Dollars) | |||||||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net loss | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,325 | ) | ||
Other comprehensive income (loss) (net of tax (expense) benefit of $(2), $36 and $9) | 4 | (67 | ) | (16 | ) | ||||||
Comprehensive loss | (5,338 | ) | (6,473 | ) | (2,341 | ) | |||||
Comprehensive loss attributable to noncontrolling interests | — | — | 107 | ||||||||
Comprehensive loss attributable to EFH Corp. (parent) | $ | (5,338 | ) | $ | (6,473 | ) | $ | (2,234 | ) |
ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS (Millions of Dollars) | |||||||||||
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash flows — operating activities | |||||||||||
Net loss | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,325 | ) | ||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||||||||
Equity in losses of consolidated subsidiaries | 6,240 | 6,610 | 2,399 | ||||||||
Equity in earnings of unconsolidated subsidiaries | (334 | ) | (349 | ) | (335 | ) | |||||
Deferred income tax expense (benefit) — net | 23 | 3 | 10 | ||||||||
Gain on settlement of debt held by affiliates (Note 4) | (1,283 | ) | — | — | |||||||
Gain on settlement of interest on debt held by affiliates (Note 4) | (35 | ) | — | — | |||||||
Adjustment to intercompany claims pursuant to the Settlement Agreement (Note 4) | 341 | — | — | ||||||||
Noncash adjustment for estimated allowed claims related to debt (Note 4) | 354 | — | — | ||||||||
Sponsor management agreement settlement (Note 4) | (27 | ) | — | — | |||||||
Reduction in reserve recorded for income tax receivable (Note 3) | (22 | ) | — | — | |||||||
Income tax benefit due to IRS audit resolutions | — | (14 | ) | (132 | ) | ||||||
Reserve for income tax receivable from TCEH | — | 91 | — | ||||||||
Gain on debt exchanges | — | — | (566 | ) | |||||||
Impairment of investment in debt of affiliates | — | — | 70 | ||||||||
Reserve for intercompany receivables | — | 17 | 642 | ||||||||
Amortization of debt related costs | — | 12 | 36 | ||||||||
Other, net | — | — | 2 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Changes in assets | 29 | 13 | 100 | ||||||||
Changes in liabilities | 135 | 158 | (75 | ) | |||||||
Cash provided by (used in) operating activities | 79 | 135 | (174 | ) | |||||||
Cash flows — financing activities | |||||||||||
Distributions received from subsidiaries | — | — | 690 | ||||||||
Change in notes/advances — affiliate | 16 | 60 | (622 | ) | |||||||
Other, net | — | — | (5 | ) | |||||||
Cash provided by financing activities | 16 | 60 | 63 | ||||||||
Cash flows — investing activities | |||||||||||
Other, net | 1 | — | 9 | ||||||||
Cash provided by investing activities | 1 | — | 9 | ||||||||
Net change in cash and cash equivalents | 96 | 195 | (102 | ) | |||||||
Cash and cash equivalents — beginning balance | 392 | 197 | 299 | ||||||||
Cash and cash equivalents — ending balance | $ | 488 | $ | 392 | $ | 197 |
ENERGY FUTURE HOLDINGS CORP. (PARENT), A DEBTOR-IN-POSSESSION SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEETS (Millions of Dollars) | |||||||
December 31, | |||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 488 | $ | 392 | |||
Accounts receivable from subsidiaries | 8 | 6 | |||||
Prepayments | 2 | 7 | |||||
Total current assets | 498 | 405 | |||||
Receivables from unconsolidated subsidiary | — | 47 | |||||
Investment in debt of subsidiaries (Note 2) | — | 39 | |||||
Other investments | 24 | 60 | |||||
Other noncurrent assets | 5 | 3 | |||||
Total assets | $ | 527 | $ | 554 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Payables to subsidiaries | $ | 33 | $ | — | |||
Trade accounts payable | 5 | 1 | |||||
Notes payable to affiliates | 5 | 8 | |||||
Accumulated deferred income taxes | — | 18 | |||||
Accrued taxes | 17 | 69 | |||||
Other current liabilities | 42 | 40 | |||||
Total current liabilities | 102 | 136 | |||||
Liabilities subject to compromise (Note 5) | 1,409 | 1,899 | |||||
Accumulated deferred income taxes | 400 | 368 | |||||
Payable to subsidiaries | 18 | 7 | |||||
Other noncurrent liabilities and deferred credits | 248 | 374 | |||||
Total liabilities | 2,177 | 2,784 | |||||
Commitments and Contingencies (Note 7) | |||||||
Equity investment in consolidated subsidiaries | 23,411 | 17,493 | |||||
Shareholders' equity | (25,061 | ) | (19,723 | ) | |||
Total equity | (1,650 | ) | (2,230 | ) | |||
Total liabilities and equity | $ | 527 | $ | 554 |
1. | BASIS OF PRESENTATION |
2. | INVESTMENT IN DEBT OF SUBSIDIARY |
December 31, 2014 | |||||||
Principal Amount | Carrying Value (a) | ||||||
Available-for-sale securities: | |||||||
TCEH 4.730% Term Loan Facilities maturing October 10, 2017 | $ | 19 | $ | 12 | |||
TCEH 10.25% Fixed Senior Notes due November 1, 2015 (includes $102 million principal amount of Series B Notes) | 284 | 27 | |||||
Total available-for-sale securities | $ | 303 | $ | 39 |
(a) | Carrying value equals fair value. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Available-for-sale securities: | |||||||||||
Interest received/accrued | $ | — | $ | 12 | $ | 30 | |||||
Impairments related to issuer credit | (6 | ) | — | (70 | ) | ||||||
Total interest income | $ | (6 | ) | $ | 12 | $ | (40 | ) |
3. | AFFILIATE BALANCES |
• | A net income tax receivable from TCEH was fully reserved, resulting in a charge of $534 million, reported in other deductions. The receivable arose from a Federal and State Income Tax Allocation Agreement, which provides, among other things, that each of EFCH, EFIH, TCEH and other subsidiaries under the agreement is required to make payments to EFH Corp. in an amount calculated to approximate the amount of tax liability such entity would have owed if it filed a separate corporate tax return. |
• | A demand note receivable from EFCH was fully reserved, resulting in a charge of $103 million reported in other deductions. The receivable arose from borrowings by EFCH to repay certain outstanding debt as it became due. |
• | An interest receivable from TCEH was fully reserved, resulting in a charge of $5 million reported in other deductions. The receivable represented accrued interest related to the EFH Corp.'s holdings of TCEH debt securities. |
4. | REORGANIZATION ITEMS |
Year Ended December 31, 2015 | Post-Petition Period Ended December 31, 2014 | ||||||
Expenses related to legal advisory and representation services | $ | 56 | $ | 13 | |||
Expenses related to other professional consulting and advisory services | 26 | 13 | |||||
Noncash adjustment for estimated allowed claims related to debt | 354 | — | |||||
Adjustment to intercompany claims pursuant to settlement agreement | 341 | — | |||||
Gain on settlement of debt held by affiliates | (1,283 | ) | — | ||||
Gain on settlement of interest on debt held by affiliates | (35 | ) | — | ||||
Sponsor management agreement settlement | (64 | ) | — | ||||
Contract claims adjustments | (2 | ) | — | ||||
Other reorganization items | 1 | 1 | |||||
Total reorganization items | $ | (606 | ) | $ | 27 |
5. | LIABILITIES SUBJECT TO COMPROMISE |
December 31, | |||||||
2015 | 2014 | ||||||
Notes, loans and other debt | $ | 640 | $ | 1,577 | |||
Accrued interest on notes, loans and other debt | 20 | 57 | |||||
Tax sharing liability | — | 212 | |||||
Trade accounts payable and accrued liabilities | 49 | 52 | |||||
Advances and other payables to affiliates | 700 | 1 | |||||
Total liabilities subject to compromise | $ | 1,409 | $ | 1,899 |
6. | GUARANTEES |
7. | COMMITMENTS AND CONTINGENCIES |
8. | DIVIDEND RESTRICTIONS |
9. | SUPPLEMENTAL CASH FLOW INFORMATION |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash payments (receipts) related to: | |||||||||||
Interest paid | $ | — | $ | 30 | $ | 525 | |||||
Income taxes | (134 | ) | (243 | ) | (224 | ) | |||||
Reorganization items (a) | 68 | 14 | — |
(a) | Represents cash payments for legal and other consulting services. |
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
(2) | Plan of Acquisition, Reorganization, Arrangement, Liquidation, or Succession | |||||||
2(a) | 1-12833 Form 8-K (filed February 26, 2007) | 2.1 | — | Agreement and Plan of Merger, dated February 25, 2007, by and among Energy Future Holdings Corp. (formerly known as TXU Corp.), Texas Energy Future Holdings Limited Partnership and Texas Energy Future Merger Sub Corp. | ||||
2(b) | 1-12833 Form 8-K (filed December 11, 2015) | 2(a) | — | Amended Order Confirming the Debtors' Sixth Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code entered by the Bankruptcy Court on December 9, 2015 | ||||
2(c) | 1-12833 Form 8-K (filed December 11, 2015) | 2(b) | — | The Debtors' Sixth Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code effective as of December 7, 2015 | ||||
(3(i)) | Articles of Incorporation | |||||||
3(a) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 3(a) | — | Restated Certificate of Formation of Energy Future Holdings Corp. | ||||
(3(ii)) | By-laws | |||||||
3(b) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 3(b) | — | Amended and Restated Bylaws of Energy Future Holdings Corp. | ||||
(4) | Instruments Defining the Rights of Security Holders, Including Indentures** | |||||||
Energy Future Holdings Corp. | ||||||||
4(a) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 4(c) | — | Indenture (For Unsecured Debt Securities Series P), dated November 1, 2004, between Energy Future Holdings Corp. and The Bank of New York Mellon, as trustee. | ||||
4(b) | 1-12833 Form 8-K (filed July 7, 2010) | 99.1 | — | Supplemental Indenture, dated July 1, 2010, to the Indenture, dated November 1, 2004, between Energy Future Holdings Corp. and The Bank of New York Mellon, as trustee (For Unsecured Debt Securities Series P due 2014). | ||||
4(c) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(f) | — | Second Supplemental Indenture, dated April 15, 2013, to the Indenture, dated November 1, 2004, between Energy Future Holdings Corp. and The Bank of New York Mellon, as trustee (For Unsecured Debt Securities Series P due 2014). | ||||
4(d) | 1-12833 Form 10-K (2004) (filed March 16, 2005) | 4(q) | — | Officers’ Certificate, dated November 26, 2004, establishing the form and certain terms of Energy Future Holdings Corp.’s 5.55% Series P Senior Notes due 2014. | ||||
4(e) | 1-12833 Form 10-K (2010) (filed February 18, 2011) | 4(d) | — | Indenture (For Unsecured Debt Securities Series Q), dated November 1, 2004, between Energy Future Holdings Corp. and The Bank of New York Mellon, as trustee. Energy Future Holdings Corp.’s Indentures for its Series R Senior Notes are not filed as it is substantially similar to this Indenture. | ||||
4(f) | 1-12833 Form 10-K (2004) (filed March 16, 2005) | 4(r) | — | Officers' Certificate, dated November 26, 2004, establishing the form and certain terms of Energy Future Holdings Corp.’s 6.50% Series Q Senior Notes due 2024. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
4(g) | 1-12833 Form 8-K (filed December 5, 2012) | 4.3 | — | Supplemental Indenture, dated December 5, 2012, to the Indenture, dated November 1, 2004, between Energy Future Holdings Corp. and The Bank of New York Mellon, as trustee (For Unsecured Debt Securities Series Q due 2024). | ||||
4(h) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(g) | — | Second Supplemental Indenture, dated April 15, 2013, to the Indenture, dated November 1, 2004, between Energy Future Holdings Corp. and The Bank of New York Mellon, as trustee (For Unsecured Debt Securities Series Q due 2024). | ||||
4(i) | 1-12833 Form 10-K (2004) (filed March 16, 2005) | 4(s) | — | Officer’s Certificate, dated November 26, 2004, establishing the form and certain terms of Energy Future Holdings Corp.’s 6.55% Series R Senior Notes due 2034. | ||||
4(j) | 1-12833 Form 8-K (filed December 5, 2012) | 4.4 | — | Supplemental Indenture, dated December 5, 2012, to the Indenture, dated November 1, 2004, between Energy Future Holdings Corp. and The Bank of New York Mellon, as trustee (For Unsecured Debt Securities Series R due 2034). | ||||
4(k) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(h) | — | Second Supplemental Indenture, dated April 15, 2013, to the Indenture, dated November 1, 2004, between Energy Future Holdings Corp. and The Bank of New York Mellon, as trustee (For Unsecured Debt Securities Series R due 2034). | ||||
4(l) | 1-12833 Form 8-K (filed October 31, 2007) | 4.1 | — | Indenture, dated October 31, 2007, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon, as trustee, relating to Senior Notes due 2017 and Senior Toggle Notes due 2017. | ||||
4(m) | 1-12833 Form 10-K (2009) (filed February 19, 2010) | 4(f) | — | Supplemental Indenture, dated July 8, 2008, to Indenture, dated October 31, 2007. | ||||
4(n) | 1-12833 Form 10-Q (Quarter ended June 30, 2009) (filed August 4, 2009) | 4(a) | — | Second Supplemental Indenture, dated August 3, 2009, to Indenture, dated October 31, 2007. | ||||
4(o) | 1-12833 Form 8-K (filed July 30, 2010) | 99.1 | — | Third Supplemental Indenture, dated July 29, 2010, to Indenture, dated October 31, 2007. | ||||
4(p) | 1-12833 Form 10-Q (Quarter ended September 30, 2011) (filed October 28, 2011) | 4(b) | — | Fourth Supplemental Indenture, dated October 18, 2011, to Indenture dated October 31, 2007. | ||||
4(q) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(a) | — | Fifth Supplemental Indenture, dated April 15, 2013, to the Indenture, dated October 31, 2007, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to Senior Notes due 2017 and Senior Toggle Notes due 2017. | ||||
4(r) | 1-12833 Form 8-K (filed November 20, 2009) | 4.1 | — | Indenture, dated November 16, 2009, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 9.75% Senior Secured Notes due 2019. | ||||
4(s) | 1-12833 Form 8-K (January 30, 2013) | 4.1 | — | Supplemental Indenture, dated January 25, 2013, to the Indenture, dated November 16, 2009, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 9.75% Senior Secured Notes due 2019. | ||||
4(t) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(c) | — | Second Supplemental Indenture, dated April 15, 2013, to the Indenture, dated November 16, 2009, among Energy Future Holdings Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 9.75% Senior Secured Notes due 2019. |
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
4(u) | 333-171253 Form S-4 (filed January 24, 2011) | 4(k) | — | Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(v) | 333-165860 Form S-3 (filed April 1, 2010) | 4(j) | — | First Supplemental Indenture, dated March 16, 2010, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(w) | 1-12833 Form 10-Q (Quarter ended June 30, 2010) (filed August 2, 2010) | 4(a) | — | Second Supplemental Indenture, dated April 13, 2010, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(x) | 1-12833 Form 10-Q (Quarter ended June 30, 2010) (filed August 2, 2010) | 4(b) | — | Third Supplemental Indenture, dated April 14, 2010, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(y) | 1-12833 Form 10-Q (Quarter ended June 30, 2010) (filed August 2, 2010) | 4(c) | — | Fourth Supplemental Indenture, dated May 21, 2010, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(z) | 1-12833 Form 10-Q (Quarter ended June 30, 2010) (filed August 2, 2010) | 4(d) | — | Fifth Supplemental Indenture, dated July 2, 2010, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(aa) | 1-12833 Form 10-Q (Quarter ended June 30, 2010) (filed August 2, 2010) | 4(e) | — | Sixth Supplemental Indenture, dated July 6, 2010, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(bb) | 333-171253 Form S-4 (filed January 24, 2011) | 4(r) | — | Seventh Supplemental Indenture, dated July 7, 2010, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(cc) | 1-12833 Form 8-K (January 30, 2013) | 4.2 | — | Eighth Supplemental Indenture, dated January 25, 2013, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(dd) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(e) | — | Ninth Supplemental Indenture, dated April 15, 2013, to the Indenture, dated January 12, 2010, among Energy Future Holdings Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
Oncor Electric Delivery Company LLC | ||||||||
4(ee) | 333-100240 Form S-4 (filed October 2, 2002) | 4(a) | — | Indenture and Deed of Trust, dated as of May 1, 2002, between Oncor Electric Delivery Company LLC and The Bank of New York Mellon, as trustee. | ||||
4(ff) | 1-12833 Form 8-K (filed October 31, 2005) | 10.1 | — | Supplemental Indenture No. 1, dated October 25, 2005, to Indenture and Deed of Trust, dated as of May 1, 2002, between Oncor Electric Delivery Company LLC and The Bank of New York Mellon. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
4(gg) | 333-100240 Form 10-Q (Quarter ended March 31, 2008) (filed May 15, 2008) | 4(b) | — | Supplemental Indenture No. 2, dated May 15, 2008, to Indenture and Deed of Trust, dated as of May 1, 2002, between Oncor Electric Delivery Company LLC and The Bank of New York Mellon. | ||||
4(hh) | 333-100240 Form S-4 (filed October 2, 2002) | 4(b) | — | Officer’s Certificate, dated May 6, 2002, establishing the form and certain terms of Oncor Electric Delivery Company LLC’s 6.375% Senior Notes due 2012 and 7.000% Senior Notes due 2032. | ||||
4(ii) | 333-100242 Form S-4 (filed October 2, 2002) | 4(a) | — | Indenture (for Unsecured Debt Securities), dated August 1, 2002, between Oncor Electric Delivery Company LLC and The Bank of New York Mellon, as trustee. | ||||
4(jj) | 333-100240 Form 10-Q (Quarter ended March 31, 2008) (filed May 15, 2008) | 4(c) | — | Supplemental Indenture No. 1, dated May 15, 2008, to Indenture and Deed of Trust, dated August 1, 2002, between Oncor Electric Delivery Company LLC and The Bank of New York. | ||||
4(kk) | 333-100242 Form S-4 (filed October 2, 2002) | 4(b) | — | Officer’s Certificate, dated August 30, 2002, establishing the form and certain terms of Oncor Electric Delivery Company LLC’s 5% Debentures due 2007 and 7% Debentures due 2022. | ||||
4(ll) | 333-106894 Form S-4 (filed July 9, 2003) | 4(c) | — | Officer’s Certificate, dated December 20, 2002, establishing the form and certain terms of Oncor Electric Delivery Company LLC’s 6.375% Senior Notes due 2015 and 7.250% Senior Notes due 2023. | ||||
4(mm) | 333-100240 Form 10-Q (Quarter ended March 31, 2008) (filed May 15, 2008) | 4(a) | — | Deed of Trust, Security Agreement and Fixture Filing, dated May 15, 2008, by Oncor Electric Delivery Company LLC, as grantor, to and for the benefit of, The Bank of New York Mellon Trust, as collateral agent and trustee. | ||||
4(nn) | 333-100240 Form 10-K (2008) (filed March 3, 2009) | 4(n) | — | First Amendment, dated March 2, 2009, to Deed of Trust, Security Agreement and Fixture Filing, dated May 15, 2008. | ||||
4(oo) | 333-100240 Form 8-K (filed September 3, 2010) | 10.1 | — | Second Amendment, dated September 3, 2010, to Deed of Trust, Security Agreement and Fixture Filing, dated May 15, 2008. | ||||
4(pp) | 333-100240 Form 8-K (filed November 15, 2011) | 10.1 | — | Third Amendment, dated November 10, 2011, to Deed of Trust, Security Agreement and Fixture Filing, dated May 15, 2008. | ||||
4(qq) | 333-100242 Form 8-K (filed September 9, 2008) | 4.1 | — | Officer’s Certificate, dated September 8, 2008, establishing the form and certain terms of Oncor Electric Delivery Company LLC’s 5.95% Senior Secured Notes due 2013, 6.80% Senior Secured Notes due 2018 and 7.50% Senior Secured Notes due 2038. | ||||
4(rr) | 333-100240 Form 8-K (filed September 16, 2010) | 4.1 | — | Officer’s Certificate, dated September 13, 2010, establishing the form and certain terms of Oncor Electric Delivery Company LLC’s 5.25% Senior Secured Notes due 2040. | ||||
4(ss) | 333-100240 Form 8-K (filed October 12, 2010) | 4.1 | — | Officer's Certificate, dated October 8, 2010, establishing the form and certain terms of Oncor Electric Delivery Company LLC's 5.00% Senior Secured Notes due 2017 and 5.75% Senior Secured Notes due 2020. | ||||
4(tt) | 333-100240 Form 8-K (filed November 23, 2011) | 4.1 | — | Officer's Certificate, dated November 23, 2011, establishing the terms of Oncor's 4.55% Senior Secured Notes due 2041. | ||||
4(uu) | 333-100240 Form 8-K (filed May 18, 2012) | 4.1 | — | Officer's Certificate, dated May 18, 2012, establishing the terms of Oncor's 4.10% Senior Secured Notes due 2022 and 5.30% Senior Secured Notes due 2042. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
4(vv) | 333-100240 Form 8-K (filed May 13, 2013) | 4.1 | — | Registration Rights Agreement, dated May 13, 2013, among Oncor Electric Delivery Company LLC and the representatives of the initial purchasers of the addition 4.55% Senior Secure Notes due 2041. | ||||
4(ww) | 333-100240 Form 8-K (filed May 13, 2014) | 4.1 | — | Officer's Certificate, dated May 13, 2014, establishing the terms of Oncor Electric Delivery Company LLC's 2.15% Senior Secured Notes due 2019. | ||||
4(xx) | 333-100240 Form 8-K (filed May 13, 2014) | 4.2 | — | Registration Rights Agreement, dated May 13, 2014, among Oncor Electric Delivery Company LLC and the representatives of the initial purchasers of Oncor Electricity Delivery Company LLC's 2.15% Senior Secured Notes due 2019. | ||||
4(yy) | 333-100240 Form 8-K (filed March 30, 2015) | 4.1 | — | Officer's Certificate dated March 24, 2015, establishing the terms of Oncor Electric Delivery Company LLC's 2.950% Senior Secured Notes due 2025 and 3.750% Senior Secured Notes due 2045. | ||||
4(zz) | 333-100240 Form 8-K (filed March 30, 2015) | 4.2 | — | Registration Rights Agreement, dated March 24, 2015, among Oncor Electric Delivery Company LLC and the representatives of the initial purchasers of Oncor Electricity Delivery Company LLC's 2.950% Senior Secured Notes due 2025 and 3.750% Senior Secured Notes due 2045. | ||||
Texas Competitive Electric Holdings Company LLC | ||||||||
4(aaa) | 333-108876 Form 8-K (filed October 31, 2007) | 4.2 | — | Indenture, dated October 31, 2007, among Texas Competitive Electric Holdings Company LLC and TCEH Finance, Inc., the guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.25% Senior Notes due 2015. | ||||
4(bbb) | 1-12833 Form 8-K (filed December 12, 2007) | 4.1 | — | First Supplemental Indenture, dated December 6, 2007, to Indenture, dated October 31, 2007, relating to Texas Competitive Electric Holdings Company LLC’s and TCEH Finance, Inc.’s 10.25% Senior Notes due 2015, Series B, and 10.50%/11.25% Senior Toggle Notes due 2016. | ||||
4(ccc) | 1-12833 Form 10-Q (Quarter ended June 30, 2009) (filed August 4, 2009) | 4(b) | — | Second Supplemental Indenture, dated August 3, 2009, to Indenture, dated October 31, 2007, relating to Texas Competitive Electric Holdings Company LLC’s and TCEH Finance, Inc.’s 10.25% Senior Notes due 2015, 10.25% Senior Notes due 2015, Series B, and 10.50%/11.25% Senior Toggle Notes due 2016. | ||||
4(ddd) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(i) | — | Third Supplemental Indenture, dated January 11, 2013, to the Indenture dated October 31, 2007, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.25% Senior Notes due 2015, 10.25% Senior Notes due 2015, Series B, and 10.50%/11.25% Senior Toggle Notes due 2016. | ||||
4(eee) | 1-12833 Form 10-K (2013) (filed April 30, 2014) | 4(ccc) | — | Fourth Supplemental Indenture, dated February 24, 2014, to the Indenture dated October 31, 2007, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.25% Senior Notes due 2015, 10.25% Senior Notes due 2015, Series B, and 10.50%/11.25% Senior Toggle Notes due 2016. | ||||
4(fff) | 1-12833 Form 8-K (filed October 8, 2010) | 4.1 | — | Indenture, dated October 6, 2010, among Texas Competitive Electric Holdings Company LLC and TCEH Finance, Inc., the guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 15% Senior Secured Second Lien Notes due 2021. | ||||
4(ggg) | 1-12833 Form 8-K (filed October 26, 2010) | 4.1 | — | First Supplemental Indenture, dated October 20, 2010, to the Indenture, dated October 6, 2010. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
4(hhh) | 1-12833 Form 8-K (filed November 17, 2010) | 4.1 | — | Second Supplemental Indenture, dated November 15, 2010, to the Indenture, dated October 6, 2010. | ||||
4(iii) | 1-12833 Form 10-Q (Quarter ended September 30, 2011) (filed October 28, 2011) | 4(a) | — | Third Supplemental Indenture, dated as of September 26, 2011, to the Indenture, dated October 6, 2010. | ||||
4(jjj) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(k) | — | Fourth Supplemental Indenture, dated January 11, 2013, to the Indenture dated October 6, 2010, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 15% Senior Secured Second Lien Notes due 2021 and 15% Senior Secured Second Lien Notes due 2021, Series B. | ||||
4(kkk) | 1-12833 Form 10-K (2013) (filed April 30, 2014) | 4(iii) | — | Fifth Supplemental Indenture, dated February 24, 2014, to the Indenture dated October 6, 2010, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 15% Senior Secured Second Lien Notes due 2021 and 15% Senior Secured Second Lien Notes due 2021, Series B. | ||||
4(lll) | 1-12833 Form 8-K (filed October 8, 2010) | 4.3 | — | Second Lien Pledge Agreement, dated October 6, 2010, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as collateral agent for the benefit of the second lien secured parties. | ||||
4(mmm) | 1-12833 Form 8-K (filed October 8, 2010) | 4.4 | — | Second Lien Security Agreement, dated October 6, 2010, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the subsidiary guarantors named therein and The Bank Of New York Mellon Trust Company, N.A., as collateral agent and as the initial second priority representative for the benefit of the second lien secured parties. | ||||
4(nnn) | 1-12833 Form 8-K (filed October 8, 2010) | 4.5 | — | Second Lien Intercreditor Agreement, dated October 6, 2010, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the subsidiary guarantors named therein, Citibank, N.A., as collateral agent for the senior collateral agent and the administrative agent, The Bank of New York Mellon Trust Company, N.A., as the initial second priority representative. | ||||
4(ooo) | 1-12833 Form 10-K (2010) (filed February 18, 2011) | 4(aaa) | — | Form of Second Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing to Fidelity National Title Insurance Company, as trustee, for the benefit of The Bank of New York Mellon Trust Company, N.A., as Collateral Agent and Initial Second Priority Representative for the benefit of the Second Lien Secured Parties, as Beneficiary. | ||||
4(ppp) | 1-12833 Form 8-K (filed April 20, 2011) | 4.1 | — | Indenture, dated as of April 19, 2011, among Texas Competitive Electric Holdings Company LLC, TCEH Finance Inc., the Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11.5% Senior Secured Notes due 2020. | ||||
4(qqq) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(j) | — | Supplemental Indenture, dated January 11, 2013, to the Indenture dated April 19, 2011, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11.5% Senior Secured Notes due 2020. | ||||
4(rrr) | 1-12833 Form 10-K (2013) (filed April 30, 2014) | 4(ppp) | — | Second Supplemental Indenture, dated February 24, 2014, to the Indenture dated April 19, 2011, among Texas Competitive Electric Holdings Company LLC, TCEH Finance, Inc., the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11.5% Senior Secured Notes due 2020. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
4(sss) | 1-12833 Form 8-K (filed April 20, 2011) | 4.2 | — | Form of Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Fling to Fidelity National Title Insurance Company, as trustee, for the benefit of Citibank, N.A., as Collateral Agent for the benefit of the Holders of the 11.5% Senior Secured Notes due 2020, as Beneficiary. | ||||
4(ttt) | 1-12833 Form 8-K (filed April 20, 2011) | 4.3 | — | Form of Deed of Trust and Security Agreement to Fidelity National Title Insurance Company, as trustee, for the benefit of Citibank, N.A., as Collateral Agent for the benefit of the Holders of the 11.5% Senior Secured Notes due 2020, as Beneficiary. | ||||
4(uuu) | 1-12833 Form 8-K (filed April 20, 2011) | 4.4 | — | Form of Subordination and Priority Agreement, among Citibank, N.A., as beneficiary under the First Lien Credit Deed of Trust, The Bank of New York Mellon Trust Company, N.A., as beneficiary under the Second Lien Indenture Deed of Trust, Citibank, N.A., as beneficiary under the First Lien Indenture Deed of Trust, Texas Competitive Electric Holdings Company LLC and the subsidiary guarantors party thereto. | ||||
Energy Future Intermediate Holding Company LLC | ||||||||
4(vvv) | 1-12833 Form 8-K (filed November 20, 2009) | 4.2 | — | Indenture, dated November 16, 2009, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 9.75% Senior Secured Notes due 2019. | ||||
4(www) | 1-12833 Form 8-K (filed January 30, 2013) | 4.3 | — | Supplemental Indenture, dated January 25, 2013, to the indenture, dated November 16, 2009, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 9.75% Senior Secured Notes due 2019. | ||||
4(xxx) | 1-12833 Form 8-K (filed August 18, 2010) | 4.1 | — | Indenture, dated August 17, 2010, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(yyy) | 1-12833 Form 8-K (filed January 30, 2013) | 4.4 | — | First Supplemental Indenture, dated January 29, 2013, to the indenture, dated August 17, 2010, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(zzz) | 1-12833 Form 10-Q (Quarter ended March 31, 2013) (filed May 2, 2013) | 4(n) | — | Second Supplemental Indenture, dated March 21, 2013, to the Indenture dated August 17, 2010, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 10.000% Senior Secured Notes due 2020. | ||||
4(aaaa) | 1-12833 Form 10-Q (Quarter ended March 31, 2011) (filed April 29, 2011) | 4(e) | — | Indenture, dated as of April 25, 2011, among Energy Future Intermediate Holding Company LLC, EFIH Finance, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11% Senior Secured Second Lien Notes due 2021. | ||||
4(bbbb) | 1-12833 Form 8-K (filed February 7, 2012) | 4.1 | — | First Supplemental Indenture, dated February 6, 2012, to the indenture dated April 25, 2011, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to 11.750% Senior Secured Second Lien Notes due 2022. | ||||
4(cccc) | 1-12833 Form 8-K (filed February 29, 2012) | 4.1 | — | Second Supplemental Indenture, dated February 28, 2012, to the indenture dated April 25, 2011, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to 11.750% Senior Secured Second Lien Notes due 2022. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
4(dddd) | 1-12833 Form 10-Q (Quarter ended June 30, 2012) (filed July 31, 2012) | 4(a) | — | Third Supplemental Indenture, dated May 31, 2012, to the indenture dated April 25, 2011, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to 11.750% Senior Secured Second Lien Notes due 2022. | ||||
4(eeee) | 1-12833 Form 8-K (filed August 17, 2012) | 4.2 | — | Fourth Supplemental Indenture, dated August 14, 2012, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and the Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11.75% Senior Secured Second Lien Notes due 2022. | ||||
4(ffff) | 1-12833 Form 8-K (filed August 17, 2012) | 4.1 | — | Indenture, dated August 14, 2012, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc. and the Bank of New York Mellon Trust Company, N.A., as trustee, relating to 6.875% Senior Secured Notes due 2017. | ||||
4(gggg) | 1-12833 Form 8-K (filed October 24, 2012) | 4.1 | — | First Supplemental Indenture, dated October 23, 2012, to the indenture dated August 14, 2012, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc., and the Bank of New York Mellon Trust Company, N.A., as trustee, relating to 6.875% Senior Secured Notes due 2017. | ||||
4(hhhh) | 1-12833 Form 8-K (filed December 5, 2012) | 4.1 | — | Indenture, dated December 5, 2012, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc., and the Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11.25%/12.25% Senior Toggle Notes due 2018. | ||||
4(iiii) | 1-12833 Form 8-K (filed December 21, 2012) | 4.1 | — | First Supplemental Indenture, dated December 19, 2012, to the indenture dated December 5, 2012, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc., and the Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11.25%/12.25% Senior Toggle Notes due 2018. | ||||
4(jjjj) | 1-12833 Form 8-K (filed January 30, 2013) | 4.5 | — | Second Supplemental Indenture, dated January 29, 2013, to the indenture dated December 5, 2012, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc., and the Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11.25%/12.25% Senior Toggle Notes due 2018. | ||||
4(kkkk) | 1-12833 Form 10-K (2012) (filed February 19, 2013) | 4(uuu) | — | Third Supplemental Indenture, dated January 30, 2013, to the indenture, dated December 5, 2012, among Energy Future Intermediate Holding Company LLC, EFIH Finance Inc., and the Bank of New York Mellon Trust Company, N.A., as trustee, relating to 11.25%/12.25% Senior Toggle Notes due 2018. | ||||
4(llll) | 1-12833 Form 10-Q (Quarter ended March 31, 2011) (filed April 29, 2011) | 4(f) | — | Junior Lien Pledge Agreement, dated as of April 25, 2011, from Energy Future Intermediate Holding Company LLC, as pledgor, to The Bank of New York Mellon Trust Company, N.A., as collateral trustee. | ||||
(10) | Material Contracts | |||||||
Management Contracts; Compensatory Plans, Contracts and Arrangements | ||||||||
10(a) | 1-12833 Form 8-K (filed May 23, 2005) | 10.6 | — | Energy Future Holdings Corp. Executive Change in Control Policy effective May 20, 2005. | ||||
10(b) | 333-153529 Amendment No. 2 to Form S-4 (filed December 23, 2008) | 10(p) | — | Amendment to the Energy Future Holdings Corp. Executive Change in Control Policy, dated December 23, 2008. | ||||
10(c) | 1-12833 Form 10-K (2010) (filed February 18, 2011) | 10(e) | — | Amendment to the Energy Future Holdings Corp. Executive Change in Control Policy, dated December 20, 2010. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
10(d) | 1-12833 Form 8-K (filed May 23, 2005) | 10.7 | — | Energy Future Holdings Corp. 2005 Executive Severance Plan and Summary Plan Description. | ||||
10(e) | 333-153529 Amendment No. 2 to Form S-4 (filed December 23, 2008) | 10(n) | — | Amendment to the Energy Future Holdings Corp. 2005 Executive Severance Plan and Summary Plan Description, dated December 23, 2008. | ||||
10(f) | 1-12833 Form 10-K (2010) (filed February 18, 2011) | 10(f) | — | Amendment to the Energy Future Holdings Corp. 2005 Executive Severance Plan and Summary Plan Description, dated December 10, 2010. | ||||
10(g) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(a) | — | 2007 Stock Incentive Plan for Key Employees of Energy Future Holdings Corp. and its affiliates. | ||||
10(h) | 1-12833 Form 10-K (2009) (filed February 19, 2010) | 10(ii) | — | Amendment No. 1 to the 2007 Stock Incentive Plan for Key Employees of Energy Future Holdings Corp. and its Affiliates, dated July 14, 2009, effective as of December 23, 2008. | ||||
10(i) | 1-12833 Form 10-K (2010) (filed February 18, 2011) | 10(i) | — | EFH Executive Annual Incentive Plan, effective as of January 1, 2010. | ||||
10(j) | 1-12833 Form 10-K (2008) (filed March 3, 2009) | 10(q) | — | EFH Second Supplemental Retirement Plan, effective as of October 10, 2007. | ||||
10(k) | 1-12833 Form 10-K (2009) (filed February 19, 2010) | 10(ee) | — | Amendment to EFH Second Supplemental Retirement Plan, dated July 31, 2009. | ||||
10(l) | 1-12833 Form 10-K (2010) (filed February 18, 2011) | 10(l) | — | Second Amendment to EFH Second Supplemental Retirement Plan, dated April 9, 2010 with effect as of January 1, 2010. | ||||
10(m) | 1-12833 Form 10-K (2010) (filed February 18, 2011) | 10(m) | — | Third Amendment to EFH Second Supplemental Retirement Plan, dated April 21, 2010 with effect as of January 1, 2010. | ||||
10(n) | 1-12833 Form 10-K (2011) (filed February 21, 2012) | 10(n) | — | Fourth Amendment to EFH Second Supplemental Retirement Plan, dated June 17, 2011. | ||||
10(o) | 1-12833 Form 10-K (2009) (filed February 19, 2010) | 10(dd) | — | EFH Salary Deferral Program, effective January 1, 2010. | ||||
10(p) | 1-12833 Form 10-K (2010) (filed February 18, 2011) | 10(o) | — | Amendment to EFH Salary Deferral Program, effective January 20, 2011. | ||||
10(q) | 1-12833 Form 10-K (2011) (filed February 21, 2012) | 10(q) | — | Second Amendment to EFH Salary Deferral Program, dated June 17, 2011. | ||||
10(r) | 1-12833 Form 10-Q (Quarter ended September 30, 2012) (filed October 30, 2012) | 10(a) | — | Third Amendment to the EFH Salary Deferral Program, effective September 20, 2012. | ||||
10(s) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(b) | — | Registration Rights Agreement, dated October 10, 2007, among Texas Energy Future Holdings Limited Partnership, Energy Future Holdings Corp. and the stockholders party thereto. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
10(t) | 1-12833 Form 10-Q (Quarter ended March 31, 2008) (filed May 15, 2008) | 10(a) | — | Form of Stockholder’s Agreement (for Directors) among Energy Future Holdings Corp., Texas Energy Future Holdings Limited Partnership and the stockholder party thereto. | ||||
10(u) | 1-12833 Form 10-Q (Quarter ended March 31, 2008) (filed May 15, 2008) | 10(b) | — | Form of Sale Participation Agreement (for Directors) between Texas Energy Future Holdings Limited Partnership and the stockholder party hereto. | ||||
10(v) | 1-12833 Form 10-Q (Quarter ended June 30, 2008) (filed August 14, 2008) | 10(f) | — | Form of Management Stockholder’s Agreement (For Executive Officers) among Energy Future Holdings Corp., Texas Energy Future Holdings Limited Partnership and the stockholder party thereto. | ||||
10(w) | 1-12833 Form 10-Q (Quarter ended June 30, 2008) (filed August 14, 2008) | 10(g) | — | Form of Sale Participation Agreement (For Executive Officers) between Texas Energy Future Holdings Limited Partnership and the stockholder party thereto. | ||||
10(x) | 1-12833 Form 10-K (2009) (filed February 19, 2010) | 10(m) | — | Form of Amended and Restated Non-Qualified Stock Option Agreement (For Executive Officers) between Energy Future Holdings Corp. and the optionee thereto. | ||||
10(y) | 1-12833 Form 10-Q (Quarter ended September 30, 2011) (filed October 28, 2011) | 10(i) | — | Form of Restricted Stock Unit Agreement between Energy Future Holdings Corp. and the stockholder party thereto. | ||||
10(z) | 1-12833 Form 10-K (2011) (filed February 21, 2012) | 10(y) | — | EFH Corp. Retention Award Plan (For Key Employees), effective December 20, 2011. | ||||
10(aa) | 1-12833 Form 10-K (2011) (filed February 21, 2012) | 10(z) | — | Form of Participation Agreement (For Key Employees) between Energy Future Holdings Corp. and the participant party thereto. | ||||
10(bb) | — | Energy Future Holdings Corp. Non-Employee Director Compensation Arrangements. | ||||||
10(cc) | 1-12833 Form 10-K (2013) (filed April 30, 2014) | 10(cc) | — | Amended and Restated Employment Agreement, dated April 23, 2014, between Energy Future Holdings Corp. and Donald L. Evans. | ||||
10(dd) | 1-12833 Form 10-K (2014) (filed March 31, 2015) | 10(dd) | — | Amended and Restated Employment Agreement, dated March 30, 2015, between Energy Future Holdings Corp. and John Young. | ||||
10(ee) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(r) | — | Management Stockholder’s Agreement, dated February 1, 2008, among Energy Future Holdings Corp., Texas Energy Future Holdings Limited Partnership and John Young. | ||||
10(ff) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(s) | — | Sale Participation Agreement, dated February 1, 2008, between Texas Energy Future Holdings Limited Partnership and John F. Young. | ||||
10(gg) | 1-12833 Form 10-K (2014) (filed March 31, 2015) | 10(gg) | — | Amended and Restated Employment Agreement, dated March 27, 2015, between EFH Corporate Services Company, Energy Future Holdings Corp. and Paul Keglevic. | ||||
10(hh) | 1-12833 Form 10-K (2014) (filed March 31, 2015) | 10(hh) | — | Amended and Restated Employment Agreement, dated March 27, 2015, between TXU Energy Retail Company LLC, Energy Future Holdings Corp. and James A. Burke. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
10(ii) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(ff) | — | Additional Payment Agreement, dated October 10, 2007, among Energy Future Holdings Corp., Texas Energy Future Holdings Limited Partnership, Texas Competitive Electric Holdings Company LLC and James Burke. | ||||
10(jj) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(nn) | — | Deferred Share Agreement, dated October 9, 2007, between Texas Energy Future Holdings Limited Partnership and James Burke. | ||||
10(kk) | 1-12833 Form 10-K (2014) (filed March 31, 2015) | 10(kk) | — | Amended and Restated Employment Agreement, dated March 27, 2015, between Luminant Holding Company LLC, Energy Future Holdings Corp. and Mark Allen McFarland. | ||||
10(ll) | 1-12833 Form 10-K (2014) (filed March 31, 2015) | 10(mm) | — | Amended and Restated Employment Agreement, dated March 27, 2015, between EFH Corporate Services Company, Energy Future Holdings Corp. and Stacey H. Doré. | ||||
10(mm) | 1-12833 Form 10-K (2014) (filed March 31, 2015) | 10(nn) | — | Amended and Restated Employment Agreement, dated March 27, 2015, between EFH Corporate Services Company, Energy Future Holdings Corp. and Carrie L. Kirby. | ||||
Credit Agreements and Related Agreements | ||||||||
10(nn) | 333-100240 Form 8-K (filed October 11, 2011) | 10.1 | — | Amended and Restated Revolving Credit Agreement, dated as of October 11, 2011, among Oncor Electric Delivery Company LLC, as borrower, the lenders listed therein, JPMorgan Chase Bank, N.A., as administrative agent for the lenders, JPMorgan Chase Bank, N.A., as swingline lender, and JPMorgan Chase Bank, N.A., Barclays Bank PLC, The Royal Bank of Scotland plc, Bank of America, N.A. and Citibank N.A., as fronting banks for letters of credit issued thereunder. | ||||
10(oo) | 333-100240 Form 8-K (filed May 15, 2012) | 10.1 | — | Joinder Agreement, dated as of May 15, 2012, by and among Oncor, as Borrower, JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement, swingline lender and fronting bank, Barclays Bank PLC, Bank of America, N.A., Citibank, N.A. and The Royal Bank of Scotland PLC, as fronting banks, and each party identified as an “Incremental Lender” on the signature pages thereto. | ||||
10(pp) | 333-171253 Post-Effective Amendment #1 to Form S-4 (filed February 7, 2011) | 10(rr) | — | $24,500,000,000 Credit Agreement, dated October 10, 2007, among Energy Future Competitive Holdings Company; Texas Competitive Electric Holdings Company LLC, as the borrower; the several lenders from time to time parties thereto; Citibank, N.A., as administrative agent, collateral agent, swingline lender, revolving letter of credit issuer and deposit letter of credit issuer; Goldman Sachs Credit Partners L.P., as posting agent, posting syndication agent and posting documentation agent; JPMorgan Chase Bank, N.A., as syndication agent and revolving letter of credit issuer; Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Goldman Sachs Credit Partners L.P., Lehman Brothers Inc., Morgan Stanley Senior Funding, Inc. and Credit Suisse Securities (USA) LLC, as joint lead arrangers and bookrunners; Goldman Sachs Credit Partners L.P., as posting lead arranger and bookrunner; Credit Suisse, Goldman Sachs Credit Partners L.P., Lehman Commercial Paper Inc., Morgan Stanley Senior Funding, Inc., as co-documentation agents; and J. Aron & Company, as posting calculation agent. | ||||
10(qq) | 1-12833 Form 8-K (filed August 10, 2009) | 10.1 | — | Amendment No. 1, dated August 7, 2009, to the $24,500,000,000 Credit Agreement. | ||||
10(rr) | 1-12833 Form 8-K (filed April 20, 2011) | 10.1 | — | Amendment No. 2, dated April 7, 2011, to the $24,500,000,000 Credit Agreement. | ||||
10(ss) | 1-12833 Form 8-K (filed January 7, 2013) | 10.1 | — | December 2012 Extension Amendment, dated January 4, 2013, to the $24,500,000,000 Credit Agreement. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
10(tt) | 1-12833 Form 8-K (filed January 7, 2013) | 10.2 | — | Incremental Amendment No. 1, dated January 4, 2013, to the $24,500,000,000 Credit Agreement. | ||||
10(uu) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(ss) | — | Guarantee, dated October 10, 2007, by the guarantors party thereto in favor of Citibank, N.A., as collateral agent for the benefit of the secured parties under the $24,500,000,000 Credit Agreement, dated October 10, 2007. | ||||
10(vv) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(vv) | — | Form of Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing to Fidelity National Title Insurance Company, as trustee, for the benefit of Citibank, N.A., as beneficiary. | ||||
10(ww) | 1-12833 Form 10-Q (Quarter ended March 31, 2011) (filed April 29, 2011) | 10(b) | — | Form of First Amendment to Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing to Fidelity National Title Insurance Company, as trustee, for the benefit of Citibank, N.A., as Beneficiary. | ||||
10(xx) | 1-12833 Form 8-K (filed August 10, 2009) | 10.2 | — | Amended and Restated Collateral Agency and Intercreditor Agreement, dated October 10, 2007, as amended and restated as of August 7, 2009, among Energy Future Competitive Holdings Company; Texas Competitive Electric Holdings Company LLC; the subsidiary guarantors party thereto; Citibank, N.A., as administrative agent and collateral agent; Credit Suisse Energy LLC, J. Aron & Company, Morgan Stanley Capital Group Inc., Citigroup Energy Inc., each as a secured hedge counterparty; and any other person that becomes a secured party pursuant thereto. | ||||
10(yy) | 1-12833 Form 8-K (filed August 10, 2009) | 10.3 | — | Amended and Restated Security Agreement, dated October 10, 2007, as amended and restated as of August 7, 2009, among Texas Competitive Electric Holdings Company LLC, the subsidiary grantors party thereto, and Citibank, N.A., as collateral agent for the benefit of the first lien secured parties, including the secured parties under the $24,500,000,000 Credit Agreement, dated October 10, 2007. | ||||
10(zz) | 1-12833 Form 8-K (filed August 10, 2009) | 10.4 | — | Amended and Restated Pledge Agreement, dated October 10, 2007, as amended and restated as of August 7, 2009, among Energy Future Competitive Holdings Company, Texas Competitive Electric Holdings Company LLC, the subsidiary pledgors party thereto, and Citibank, N.A., as collateral agent for the benefit first lien secured parties, including the secured parties under the $24,500,000,000 Credit Agreement, dated October 10, 2007. | ||||
10(aaa) | 1-12833 Form 8-K filed November 20, 2009) | 4.3 | — | Pledge Agreement, dated November 16, 2009, made by Energy Future Intermediate Holding Company LLC and the additional pledgers to The Bank of New York Mellon Trust Company, N.A., as collateral trustee for the holders of parity lien obligations. | ||||
10(bbb) | 1-12833 Form 8-K (filed November 20, 2009) | 4.4 | — | Collateral Trust Agreement, dated November 16, 2009, among Energy Future Intermediate Holding Company LLC, The Bank of New York Mellon Trust Company, N.A., as first lien trustee and as collateral trustee, and the other secured debt representatives party thereto. | ||||
Other Material Contracts | ||||||||
10(ccc) | 1-12833 Form 10-K (2003) (filed March 15, 2004) | 10(qq) | — | Lease Agreement, dated February 14, 2002, between State Street Bank and Trust Company of Connecticut, National Association, an owner trustee of ZSF/Dallas Tower Trust, a Delaware grantor trust, as lessor and EFH Properties Company, as Lessee (Energy Plaza Property). | ||||
10(ddd) | 1-12833 Form 10-Q (Quarter ended June 30, 2007) (filed August 9, 2007) | 10.1 | — | First Amendment, dated June 1, 2007, to Lease Agreement, dated February 14, 2002. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
10(eee) | 333-100240 Form 10-K (2004) (filed March 23, 2005) | 10(i) | — | Agreement, dated March 10, 2005, between Oncor Electric Delivery Company LLC and TXU Energy Company LLC, allocating to Oncor Electric Delivery Company LLC the pension and post-retirement benefit costs for all Oncor Electric Delivery Company LLC employees who had retired or had terminated employment as vested employees prior to January 1, 2002. | ||||
10(fff) | 1-12833 Form 10-K (2006) (filed March 2, 2007) | 10(iii) | — | Amended and Restated Transaction Confirmation by Generation Development Company LLC, dated February 2007 (subsequently assigned to Texas Competitive Electric Holdings Company LLC on October 10, 2007) (confidential treatment has been requested for portions of this exhibit). | ||||
10(ggg) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(eee) | — | Stipulation as approved by the PUCT in Docket No. 34077. | ||||
10(hhh) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(fff) | — | Amendment to Stipulation Regarding Section 1, Paragraph 35 and Exhibit B in Docket No. 34077. | ||||
10(iii) | 333-100240 Form 10-K (2010) (filed February 18, 2011) | 10(ae) | — | PUCT Order on Rehearing in Docket No. 34077. | ||||
10(jjj) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(sss) | — | ISDA Master Agreement, dated October 25, 2007, between Texas Competitive Electric Holdings Company LLC and Goldman Sachs Capital Markets, L.P. | ||||
10(kkk) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(ttt) | — | Schedule to the ISDA Master Agreement, dated October 25, 2007, between Texas Competitive Electric Holdings Company LLC and Goldman Sachs Capital Markets, L.P. | ||||
10(lll) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(uuu) | — | Form of Confirmation between Texas Competitive Electric Holdings Company LLC and Goldman Sachs Capital Markets, L.P. | ||||
10(mmm) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(vvv) | — | ISDA Master Agreement, dated October 29, 2007, between Texas Competitive Electric Holdings Company LLC and Credit Suisse International. | ||||
10(nnn) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(www) | — | Schedule to the ISDA Master Agreement, dated October 29, 2007, between Texas Competitive Electric Holdings Company LLC and Credit Suisse International. | ||||
10(ooo) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(xxx) | — | Form of Confirmation between Texas Competitive Electric Holdings Company LLC and Credit Suisse International. | ||||
10(ppp) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(yyy) | — | Management Agreement, dated October 10, 2007, among Energy Future Holdings Corp., Texas Energy Future Holdings Limited Partnership, Kohlberg Kravis Roberts & Co. L.P., TPG Capital, L.P., Goldman, Sachs & Co. and Lehman Brothers Inc. | ||||
10(qqq) | 1-12833 Form 10-K (2007) (filed March 31, 2008) | 10(cccc) | — | Indemnification Agreement, dated October 10, 2007, among Texas Energy Future Holdings Limited Partnership, Energy Future Holdings Corp., Kohlberg Kravis Roberts & Co., L.P., TPG Capital, L.P. and Goldman, Sachs & Co. | ||||
10(rrr) | 1-12833 Form 10-Q (Quarter ended September 30, 2008) (filed November 6, 2008) | 10(g) | — | Second Amended and Restated Limited Liability Company Agreement of Oncor Electric Delivery Holdings Company LLC, dated November 5, 2008. | ||||
10(sss) | 333-100240 Form 10-K (2008) (filed March 3, 2009) | 3(c) | — | Amendment No. 1, dated February 18, 2009, to Second Amended and Restated Limited Liability Company Agreement of Oncor Electric Delivery LLC. | ||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
10(ttt) | 333-100240 Form 10-Q (Quarter ended September 30, 2008) (filed November 6, 2008) | 4(c) | — | Investor Rights Agreement, dated November 5, 2008, among Oncor Electric Delivery Company LLC, Oncor Electric Delivery Holdings Company LLC, Texas Transmission Investment LLC and Energy Future Holdings Corp. | ||||
10(uuu) | 333-100240 Form 10-Q (Quarter ended September 30, 2008) (filed November 6, 2008) | 4(d) | — | Registration Rights Agreement, dated November 5, 2008, among Oncor Electric Delivery Company LLC, Oncor Electric Delivery Holdings Company LLC, Texas Transmission Investment LLC and Energy Future Holdings Corp. | ||||
10(vvv) | 333-100240 Form 10-Q (Quarter ended September 30, 2008) (filed November 6, 2008) | 10(b) | — | Amended and Restated Tax Sharing Agreement, dated November 5, 2008, among Oncor Electric Delivery Company LLC, Oncor Electric Delivery Holdings Company LLC, Oncor Management Investment LLC, Texas Transmission Investment LLC, Energy Future Intermediate Holding Company LLC and Energy Future Holdings Corp. | ||||
10(www) | 1-12833 Form 10-Q (Quarter ended September 30, 2012) (filed October 30, 2012) | 10(b) | — | Federal and State Income Tax Allocation Agreement, effective January 1, 2010, by and among members of the Energy Future Holdings Corp. consolidated group. | ||||
10(xxx) | 1-12833 Form 8-K (filed November 18, 2015) | 10(a) | — | Second Amendment to Amended and Restated Plan Support Agreement dated November 12, 2015, among the Debtors and the other parties thereto | ||||
10(yyy) | 1-12833 Form 8-K (filed December 11, 2015) | 10(a) | — | Amended and Restated Settlement Agreement dated December 2, 2015 among the Debtors and the other parties thereto. | ||||
10(zzz) | 1-12833 Form 8-K (filed August 10, 2015) | 10(c) | — | Purchase Agreement and Plan of Merger by and among Ovation Acquisition I, L.L.C., Ovation Acquisition II, L.L.C., Energy Future Intermediate Holding Company L.L.C. and Energy Future Holdings Corp. dated as of August 9, 2015. | ||||
10(aaaa) | 1-12833 Form 8-K (filed August 10, 2015) | 10(d) | — | Backstop Agreement, dated as of August 9, 2015, by and among Ovation Acquisition I, L.L.C., Energy Future Holdings Corp., Energy Future Intermediate Holding Company L.L.C. and the Investors party thereto. | ||||
10(bbbb) | 1-12833 Form 8-K (filed November 27, 2015) | 10(a) | — | Purchase and Sale Agreement, dated as of November 25, 2015, by and between La Frontera Ventures, LLC and Luminant Holding Company LLC | ||||
Debtor-In-Possession Facilities | ||||||||
10(cccc) | 1-12833 Form 8-K (filed May 7, 2014) | 10.1 | — | Senior Secured Superpriority Debtor-in-Possession Credit Agreement dated as of May 5, 2014 among EFCH, as Parent Guarantor, TCEH, as Borrower, the Several Lenders from Time to Time Parties Thereto, Citibank, N.A., as Administrative Agent and Collateral Agent, the Co-Syndication Agents Parties Thereto, the Co-Documentation Agents Parties thereto and the Joint Lead Arrangers and Joint Bookrunners Parties thereto. | ||||
10(dddd) | 1-12833 Form 8-K (filed June 25, 2014) | 10(a) | — | Senior Secured Superpriority Debtor-In-Possession Credit Agreement, dated as of June 19, 2014, among the EFIH Debtors, the lenders party thereto, Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent, Citibank, N.A., Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents, Barclays Bank PLC, Royal Bank of Canada and Union Bank, N.A., as Co-Documentation Agents, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc., Barclays Bank PLC, RBC Capital Markets and Union Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners, and Loop Capital Markets, LLC and Williams Capital Group, LLC, as Co-Managers. |
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
10(eeee) | 1-12833 Form 8-K (filed June 25, 2014) | 10(b) | — | Pledge Agreement, dated as of June 19, 2014, by and among the EFIH Debtors and Deutsche Bank AG New York Branch, as collateral agent. | ||||
10(ffff) | 1-12833 Form 8-K (filed June 25, 2014) | 10(c) | — | Security Agreement, dated as of June 19, 2014, by and among the EFIH Debtors and Deutsche Bank AG New York Branch, as collateral agent. | ||||
10(gggg) | 1-12833 Form 8-K (filed June 25, 2014) | 10(d) | — | Amendment No. 1 to the TCEH DIP Credit Agreement, dated May 13, 2014, among the TCEH Debtors and the other parties thereto. | ||||
10(hhhh) | 1-12833 Form 8-K (filed June 25, 2014) | 10(e) | — | Amendment No. 2 to the TCEH DIP Credit Agreement, dated June 12, 2014, among the TCEH Debtors and the other parties thereto. | ||||
10(iiii) | 1-12833 Form 10-K (2014) (filed March 31, 2015) | 10(jjjj) | — | Amendment No. 3 to the TCEH DIP Credit Agreement, dated November 6, 2014, among the TCEH Debtors and the other parties thereto. | ||||
10(jjjj) | 1-12833 Form 8-K (filed November 27, 2015) | 10(b) | — | Amendment No. 4 to the TCEH DIP Credit Agreement, dated November 20, 2015, among the TCEH Debtors and the other parties thereto. | ||||
(12) | Statement Regarding Computation of Ratios | |||||||
12(a) | — | Computation of Ratio of Earnings to Fixed Charges. | ||||||
(21) | Subsidiaries of the Registrant | |||||||
21(a) | — | Subsidiaries of Energy Future Holdings Corp. | ||||||
(23) | Consent of Experts | |||||||
23(a) | — | Consent of Deloitte & Touche LLP, an independent registered public accounting firm, relating to the consolidated financial statements of Energy Future Holdings Corp. | ||||||
23(b) | — | Consent of Deloitte & Touche LLP, an independent registered public accounting firm, relating to the consolidated financial statements of Oncor Electric Delivery Holdings Company LLC | ||||||
31 | Rule 13a - 14(a)/15d-14(a) Certifications | |||||||
31(a) | — | Certification of John F. Young, principal executive officer of Energy Future Holdings Corp., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||
31(b) | — | Certification of Paul M. Keglevic, principal financial officer of Energy Future Holdings Corp., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||
32 | Section 1350 Certifications | |||||||
32(a) | — | Certification of John F. Young, principal executive officer of Energy Future Holdings Corp., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||
32(b) | — | Certification of Paul M. Keglevic, principal financial officer of Energy Future Holdings Corp., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||
(95) | Mine Safety Disclosures | |||||||
95(a) | — | Mine Safety Disclosures | ||||||
(99) | Additional Exhibits | |||||||
Exhibits | Previously Filed* With File Number | As Exhibit | ||||||
99(a) | 33-55408 Post-Effective Amendment No. 1 to Form S-3 (filed July, 1993) | 99(b) | — | Amended Agreement dated January 30, 1990, between Energy Future Competitive Holdings Company and Tex-La Electric Cooperative of Texas, Inc. | ||||
99(b) | — | Texas Competitive Electric Holdings Company LLC Consolidated EBITDA reconciliation for the years ended December 31, 2015 and 2014 | ||||||
99(c) | — | Oncor Electric Delivery Holdings Company LLC financial statements presented pursuant to Rules 3–09 and 3–16 of Regulation S–X. | ||||||
XBRL Data Files | ||||||||
101.INS | — | XBRL Instance Document | ||||||
101.SCH | — | XBRL Taxonomy Extension Schema Document | ||||||
101.CAL | — | XBRL Taxonomy Extension Calculation Document | ||||||
101.DEF | — | XBRL Taxonomy Extension Definition Document | ||||||
101.LAB | — | XBRL Taxonomy Extension Labels Document | ||||||
101.PRE | — | XBRL Taxonomy Extension Presentation Document |
* | Incorporated herein by reference |
** | Certain instruments defining the rights of holders of debt of the Company’s subsidiaries included in the financial statements filed herewith have been omitted because the total amount of securities authorized thereunder does not exceed 10 percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company hereby agrees, upon request of the SEC, to furnish a copy of any such omitted instrument. |
ENERGY FUTURE HOLDINGS CORP. | |||
Date: | February 29, 2016 | By | /s/ JOHN F. YOUNG |
(John F. Young, President and Chief Executive Officer) |
Signature | Title | Date |
/s/ JOHN F. YOUNG | Principal Executive | February 29, 2016 |
(John F. Young, President and Chief Executive Officer) | Officer and Director | |
/s/ PAUL M. KEGLEVIC | Principal Financial Officer | February 29, 2016 |
(Paul M. Keglevic, Executive Vice President, Chief Financial Officer and Co-Chief Restructuring Officer) | ||
/s/ TERRY L. NUTT | Principal Accounting Officer | February 29, 2016 |
(Terry L. Nutt, Senior Vice President and Controller) | ||
/s/ DONALD L. EVANS | Director | February 29, 2016 |
(Donald L. Evans, Chairman of the Board) | ||
/s/ ARCILIA C. ACOSTA | Director | February 29, 2016 |
(Arcilia C. Acosta) | ||
/s/ DAVID BONDERMAN | Director | February 29, 2016 |
(David Bonderman) | ||
/s/ THOMAS D. FERGUSON | Director | February 29, 2016 |
(Thomas D. Ferguson) | ||
/s/ BRANDON A. FREIMAN | Director | February 29, 2016 |
(Brandon A. Freiman) | ||
/s/ SCOTT LEBOVITZ | Director | February 29, 2016 |
(Scott Lebovitz) | ||
/s/ MICHAEL MACDOUGALL | Director | February 29, 2016 |
(Michael MacDougall) | ||
/s/ KENNETH PONTARELLI | Director | February 29, 2016 |
(Kenneth Pontarelli) | ||
/s/ WILLIAM K. REILLY | Director | February 29, 2016 |
(William K. Reilly) | ||
/s/ JONATHAN D. SMIDT | Director | February 29, 2016 |
(Jonathan D. Smidt) | ||
/s/ BILLIE I. WILLIAMSON | Director | February 29, 2016 |
(Billie I. Williamson) | ||
/s/ KNEELAND YOUNGBLOOD | Director | February 29, 2016 |
(Kneeland Youngblood) |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
EARNINGS: | |||||||||||||||||||
Income (loss) from continuing operations | $ | (5,342 | ) | $ | (6,406 | ) | $ | (2,325 | ) | $ | (3,360 | ) | $ | (1,913 | ) | ||||
Subtract: Equity in earnings of unconsolidated subsidiaries (net of tax) | (334 | ) | (349 | ) | (335 | ) | (270 | ) | (286 | ) | |||||||||
Add: Total federal income tax expense (benefit) | (1,670 | ) | (2,619 | ) | (1,271 | ) | (1,232 | ) | (1,134 | ) | |||||||||
Fixed charges (see detail below) | 1,799 | 2,246 | 2,759 | 3,578 | 4,360 | ||||||||||||||
Distributed income of equity investees | 322 | 202 | 213 | 147 | 116 | ||||||||||||||
Total earnings (loss) | $ | (5,225 | ) | $ | (6,926 | ) | $ | (959 | ) | $ | (1,137 | ) | $ | 1,143 | |||||
FIXED CHARGES: | |||||||||||||||||||
Interest expense | $ | 1,771 | $ | 2,218 | $ | 2,729 | $ | 3,544 | $ | 4,326 | |||||||||
Rentals representative of the interest factor | 28 | 28 | 30 | 34 | 34 | ||||||||||||||
Total fixed charges | $ | 1,799 | $ | 2,246 | $ | 2,759 | $ | 3,578 | $ | 4,360 | |||||||||
RATIO OF EARNINGS TO FIXED CHARGES (a) | — | — | — | — | — |
(a) | Fixed charges exceeded earnings by $7.024 billion, $9.172 billion, $3.718 billion, $4.715 billion and $3.217 billion for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. |
Jurisdiction | |
Energy Future Holdings Corp. | Texas |
Energy Future Competitive Holdings Company LLC | Delaware |
Texas Competitive Electric Holdings Company LLC | Delaware |
TCEH Finance, Inc. | Delaware |
Generation MT Company LLC | Delaware |
Luminant Holding Company LLC | Delaware |
Luminant Energy Company LLC | Texas |
Luminant ET Services Company | Texas |
Luminant Energy Trading California Company | Texas |
Luminant Generation Company LLC | Texas |
Nuclear Energy Future Holdings LLC | Delaware |
Nuclear Energy Future Holdings II LLC | Delaware |
Comanche Peak Nuclear Power Company LLC | Delaware |
Valley NG Power Company LLC | Texas |
Luminant Renewables Company LLC | Texas |
Generation SVC Company | Texas |
Big Brown 3 Power Company LLC | Texas |
Big Brown Power Company LLC | Texas |
Collin Power Company LLC | Delaware |
DeCordova Power Company LLC | Texas |
DeCordova II Power Company LLC | Delaware |
Eagle Mountain Power Company LLC | Delaware |
Lake Creek 3 Power Company LLC | Texas |
Martin Lake 4 Power Company LLC | Texas |
Monticello 4 Power Company LLC | Texas |
Morgan Creek 7 Power Company LLC | Texas |
Oak Grove Management Company LLC | Delaware |
Oak Grove Power Company LLC | Texas |
Sandow Power Company LLC | Texas |
Tradinghouse 3 & 4 Power Company LLC | Texas |
Tradinghouse Power Company LLC | Texas |
Valley Power Company LLC | Texas |
Big Brown Lignite Company LLC | Texas |
Luminant Big Brown Mining Company LLC | Texas |
Luminant Mining Company LLC | Texas |
Oak Grove Mining Assets LLC | Texas |
Oak Grove Mining Company LLC | Texas |
Luminant Mineral Development Company LLC | Texas |
NCA Resources Development Company LLC | Texas |
Greenway Development Holding Company LLC | Delaware |
TXU Energy Receivables Company LLC | Delaware |
TXU Energy Retail Company LLC | Texas |
TXU Retail Services Company | Delaware |
TXU Energy Solutions Company LLC | Texas |
TXU SEM Company | Delaware |
4Change Energy Holdings LLC | Texas |
4Change Energy Company | Texas |
Brighten Holdings LLC | Delaware |
Brighten Energy LLC | Delaware |
Energy Future Intermediate Holding Company LLC | Delaware |
EFIH Finance Inc. | Delaware |
Oncor Electric Delivery Holdings Company LLC | Delaware |
Oncor Electric Delivery Company LLC (1) | Delaware |
Oncor Management Investment LLC (2) | Delaware |
Oncor Electric Delivery Transition Bond Company LLC | Delaware |
Oncor Electric Delivery Administration Corp. | Texas |
Oncor License Holdings Company LLC | Texas |
Oncor Communications Holdings Company LLC | Delaware |
EFH Renewables Company LLC | Delaware |
EFH Corporate Services Company | Texas |
EFH CG Management Company LLC | Texas |
Generation Development Company LLC | Delaware |
NCA Development Company LLC | Texas |
EFH Properties Company | Texas |
Basic Resources Inc. | Texas |
TXU Receivables Company | Delaware |
EFH Vermont Insurance Company | Vermont |
LSGT Gas Company LLC | Texas |
LSGT SACROC, Inc. | Texas |
Humphreys & Glasgow Limited | United Kingdom |
EEC Holdings, Inc | Nevada |
EECI, Inc. | Nevada |
Ebasco Services of Canada, Ltd | Canada |
(1) | 80.033% ownership interest |
(2) | Oncor Management Investment LLC owns 0.217% of Oncor Electric Delivery Company LLC. Regarding the ownership of Oncor Management Investment LLC, Oncor Electric Delivery Company LLC owns 100% of the Class A membership interests. Certain management employees of Oncor Electric Delivery Company LLC own 100% of the Class B membership interests. |
1. | I have reviewed this annual report on Form 10-K of Energy Future Holdings Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 29, 2016 | /s/ JOHN F. YOUNG | |||
Name: | John F. Young | ||||
Title: | President and Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of Energy Future Holdings Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 29, 2016 | /s/ PAUL M. KEGLEVIC | |||
Name: | Paul M. Keglevic | ||||
Title: | Executive Vice President, Chief Financial | ||||
Officer and Co-Chief Restructuring Officer |
1. | The Company's Annual Report on Form 10-K for the period ended December 31, 2015 (the "Report") fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ JOHN F. YOUNG | ||
Name: | John F. Young | |
Title: | President and Chief Executive Officer |
1. | The Company's Annual Report on Form 10-K for the period ended December 31, 2015 (the "Report") fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ PAUL M. KEGLEVIC | ||
Name: | Paul M. Keglevic | |
Title: | Executive Vice President, Chief Financial Officer and Co-Chief Restructuring Officer |
Mine (a) | Section 104 S and S Citations (b) | Section 104(b) Orders | Section 104(d) Citations and Orders | Section 110(b)(2) Violations | Section 107(a) Orders | Total Dollar Value of MSHA Assessments Proposed (c) | Total Number of Mining Related Fatalities | Received Notice of Pattern of Violations Under Section 104(e) | Received Notice of Potential to Have Pattern Under Section 104(e) | Legal Actions Pending at Last Day of Period (d) | Legal Actions Initiated During Period | Legal Actions Resolved During Period | |||||||||||||
Beckville | 1 | — | — | — | — | 1 | — | — | — | — | — | — | |||||||||||||
Big Brown | 8 | — | — | — | — | 4 | — | — | — | — | — | — | |||||||||||||
Kosse | 10 | — | 3 | — | — | 79 | — | — | — | 1 | 1 | 7 | |||||||||||||
Liberty | 5 | — | — | — | — | 4 | — | — | — | — | — | — | |||||||||||||
Oak Hill | 4 | — | — | — | — | 2 | — | — | — | — | — | — | |||||||||||||
Sulphur Springs | 1 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Tatum | 1 | — | — | — | — | 1 | — | — | — | — | — | — | |||||||||||||
Three Oaks | 4 | — | — | — | — | 26 | — | — | — | 2 | 1 | — |
(a) | Excludes mines for which there were no applicable events. |
(b) | Includes MSHA citations for health or safety standards that could significantly and substantially contribute to a serious injury if left unabated. |
(c) | Total value in thousands of dollars for proposed assessments received from MSHA for all citations and orders issued in the twelve months ended December 31, 2015, including but not limited to Sections 104, 107 and 110 citations and orders that are not required to be reported. |
(d) | Pending actions before the FMSHRC involving a coal or other mine. All three are contests of proposed penalties. |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Net loss | $ | (4,677 | ) | $ | (5,443 | ) | |
Income tax benefit | (879 | ) | (1,911 | ) | |||
Interest expense and related charges | 1,289 | 864 | |||||
Depreciation and amortization | 852 | 839 | |||||
EBITDA | $ | (3,415 | ) | $ | (5,651 | ) | |
Amortization of nuclear fuel | 146 | 97 | |||||
Purchase accounting adjustments (a) | (16 | ) | 16 | ||||
Impairment and write-down of other assets | 2,626 | 4,940 | |||||
Impairment of goodwill | 2,200 | 1,600 | |||||
EBITDA amount attributable to consolidated unrestricted subsidiaries | (26 | ) | (16 | ) | |||
Unrealized net (gain) loss resulting from hedging transactions | (119 | ) | 13 | ||||
Noncash realized gain on termination of natural gas hedging positions | — | (117 | ) | ||||
Transition and business optimization costs | 14 | 11 | |||||
Reorganization items (b) | 101 | 520 | |||||
Restructuring and other | 17 | (1 | ) | ||||
Expenses incurred to upgrade or expand a generation station (c) | 100 | 20 | |||||
Additional prescribed EBITDA (d) | — | 360 | |||||
Expenses related to unplanned generation station outages | — | 79 | |||||
Consolidated EBITDA | $ | 1,628 | $ | 1,871 |
(a) | Purchase accounting adjustments include amortization of the intangible net asset value of retail and wholesale power sales agreements, environmental credits, coal purchase contracts, nuclear fuel contracts and power purchase agreements and the stepped up value of nuclear fuel. Also include certain credits and gains on asset sales not recognized in net income due to purchase accounting. |
(b) | Reorganization items includes expenses and income directly associated with the Chapter 11 Cases. |
(c) | Expenses incurred to upgrade or expand a generation station represent noncapital outage costs. |
(d) | In accordance with the TCEH DIP Facility agreement, the year ended December 31, 2014 results are comprised of May through December 2014 actual results plus additional prescribed consolidated EBITDA amounts for fiscal quarter ended March 31, 2014 and April 2014. |
AMS | advanced metering system |
Bondco | Refers to Oncor Electric Delivery Transition Bond Company LLC, a wholly-owned consolidated bankruptcy-remote financing subsidiary of Oncor that has issued securitization (transition) bonds to recover certain regulatory assets and other costs. |
Deed of Trust | Deed of Trust, Security Agreement and Fixture Filing, dated as of May 15, 2008, made by Oncor to and for the benefit of The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon, formerly The Bank of New York), as collateral agent, as amended |
EFCH | Refers to Energy Future Competitive Holdings Company LLC, a direct, wholly owned subsidiary of EFH Corp. and the direct parent of TCEH, and/or its subsidiaries, depending on context. |
EFH Bankruptcy Proceedings | Refers to voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code filed in US Bankruptcy Court for the District of Delaware on April 29, 2014 (EFH Petition Date) by EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH (EFH Debtors). The Oncor Ring-Fenced Entities are not parties to the EFH Bankruptcy Proceedings. |
EFH Corp. | Refers to Energy Future Holdings Corp., a holding company, and/or its subsidiaries, depending on context. Its major subsidiaries include Oncor and TCEH. |
EFH Debtors | Refers to EFH Corp. and the substantial majority of its direct and indirect subsidiaries that are members of the Texas Holdings Group, including EFIH, EFCH and TCEH, and who are parties to the EFH Bankruptcy Proceedings. See EFH Bankruptcy Proceedings above. |
EFH OPEB Plan | Refers to an EFH Corp. sponsored plan (in which Oncor participated prior to July 1, 2014) that offers certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees from the company. |
EFH Petition Date | April 29, 2014. See EFH Bankruptcy Proceedings above. |
EFH Retirement Plan | Refers to a defined benefit pension plan sponsored by EFH Corp., in which Oncor participates. |
EFIH | Refers to Energy Future Intermediate Holding Company LLC, a direct, wholly-owned subsidiary of EFH Corp. and the direct parent of Oncor Holdings. |
GAAP | generally accepted accounting principles |
Investment LLC | Refers to Oncor Management Investment LLC, a limited liability company and minority membership interest owner (approximately 0.22%) of Oncor, whose managing member is Oncor and whose Class B Interests are owned by certain members of the management team and independent directors of Oncor. |
LIBOR | London Interbank Offered Rate, an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market |
Luminant | Refers to subsidiaries of TCEH engaged in competitive market activities consisting of electricity generation and wholesale energy sales and purchases as well as commodity risk management and trading activities, all largely in Texas. |
Oncor | Refers to Oncor Electric Delivery Company LLC, a direct, majority-owned subsidiary of Oncor Holdings, and/or its wholly-owned consolidated bankruptcy-remote financing subsidiary, Bondco, depending on context. |
Oncor Holdings | Refers to Oncor Electric Delivery Holdings Company LLC, a direct, wholly-owned subsidiary of EFIH and the direct majority owner (approximately 80.03%) of Oncor, and/or its subsidiaries, depending on context. |
Oncor OPEB Plan | Refers to a plan sponsored by Oncor (effective July 1, 2014) that offers certain postretirement health care and life insurance benefits to eligible Oncor retirees, certain eligible EFH Corp. retirees, and their eligible dependents. |
Oncor Retirement Plan | Refers to the defined benefit pension plan sponsored by Oncor. |
Oncor Ring-Fenced Entities | Refers to Oncor Holdings and its direct and indirect subsidiaries, including Oncor. |
OPEB | other postretirement employee benefits |
PUCT | Public Utility Commission of Texas |
purchase accounting | The purchase method of accounting for a business combination as prescribed by US GAAP, whereby the cost or “purchase price” of a business combination, including the amount paid for the equity and direct transaction costs, are allocated to identifiable assets and liabilities (including intangible assets) based upon their fair values. The excess of the purchase price over the fair values of assets and liabilities is recorded as goodwill. |
REP | retail electric provider |
Sponsor Group | Refers collectively to certain investment funds affiliated with Kohlberg Kravis Roberts & Co. L.P., TPG Global, LLC (together with its affiliates, TPG) and GS Capital Partners, an affiliate of Goldman, Sachs & Co., that have an ownership interest in Texas Holdings. |
TCEH | Refers to Texas Competitive Electric Holdings Company LLC, a direct, wholly-owned subsidiary of EFCH and an indirect subsidiary of EFH Corp., and/or its subsidiaries, depending on context. Its major subsidiaries include Luminant and TXU Energy. |
Texas Holdings | Refers to Texas Energy Future Holdings Limited Partnership, a limited partnership controlled by the Sponsor Group that owns substantially all of the common stock of EFH Corp. |
Texas Holdings Group | Refers to Texas Holdings and its direct and indirect subsidiaries other than the Oncor Ring-Fenced Entities. |
Texas margin tax | A privilege tax imposed on taxable entities chartered/organized or doing business in the State of Texas that, for accounting purposes, is reported as an income tax. Also referred to as “Texas franchise tax” and/or “Texas gross margin tax.” |
Texas Transmission | Refers to Texas Transmission Investment LLC, a limited liability company that owns a 19.75% equity interest in Oncor. Texas Transmission is an entity indirectly owned by a private investment group led by OMERS Administration Corporation, acting through its infrastructure investment entity, Borealis Infrastructure Management Inc., and the Government of Singapore Investment Corporation, acting through its private equity and infrastructure arm, GIC Special Investments Pte Ltd. Texas Transmission is not affiliated with EFH Corp., any of EFH Corp.’s subsidiaries or any member of the Sponsor Group. |
TXU Energy | Refers to TXU Energy Retail Company LLC, a direct, wholly-owned subsidiary of TCEH engaged in the retail sale of electricity to residential and business customers. TXU Energy is a REP in competitive areas of the Electric Reliability Council of Texas, Inc. |
US | United States of America |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
(millions of dollars) | |||||||||
Operating revenues: | |||||||||
Nonaffiliates | $ | 2,923 | $ | 2,851 | $ | 2,585 | |||
Affiliates | 955 | 971 | 967 | ||||||
Total operating revenues | 3,878 | 3,822 | 3,552 | ||||||
Operating expenses: | |||||||||
Wholesale transmission service | 802 | 755 | 588 | ||||||
Operation and maintenance (Note 13) | 724 | 698 | 681 | ||||||
Depreciation and amortization | 863 | 851 | 814 | ||||||
Income taxes (Note 1, 4, 13) | 260 | 280 | 247 | ||||||
Taxes other than amounts related to income taxes | 450 | 438 | 424 | ||||||
Total operating expenses | 3,099 | 3,022 | 2,754 | ||||||
Operating income | 779 | 800 | 798 | ||||||
Other income and deductions: | |||||||||
Other income (Note 14) | 6 | 13 | 18 | ||||||
Other deductions (Note 14) | 28 | 15 | 15 | ||||||
Income taxes | 4 | 9 | 12 | ||||||
Interest income (Note 14) | - | 3 | 4 | ||||||
Interest expense and related charges (Note 14) | 333 | 353 | 371 | ||||||
Net income | 420 | 439 | 422 | ||||||
Net income attributable to noncontrolling interests | (86) | (90) | (87) | ||||||
Net income attributable to Oncor Holdings | $ | 334 | $ | 349 | $ | 335 |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
(millions of dollars) | |||||||||
Net income | $ | 420 | $ | 439 | $ | 422 | |||
Other comprehensive income (loss): | |||||||||
Cash flow hedges – derivative value net loss recognized in net income (net of tax expense of $1, $1, and $1) (Note 1) | 2 | 2 | 2 | ||||||
Defined benefit pension plans (net of tax benefit of $4, $33, and $8) (Note 11) | (8) | (61) | (16) | ||||||
Total other comprehensive income (loss) | (6) | (59) | (14) | ||||||
Comprehensive income | 414 | 380 | 408 | ||||||
Comprehensive income attributable to noncontrolling interests | (85) | (78) | (84) | ||||||
Comprehensive income attributable to Oncor Holdings | $ | 329 | $ | 302 | $ | 324 |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
(millions of dollars) | |||||||||
Cash flows — operating activities: | |||||||||
Net income | $ | 420 | $ | 439 | $ | 422 | |||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||
Depreciation and amortization | 908 | 892 | 848 | ||||||
Deferred income taxes – net | 29 | 135 | 174 | ||||||
Other – net | (4) | (3) | (4) | ||||||
Changes in operating assets and liabilities: | |||||||||
Accounts receivable — trade (including affiliates) | 12 | 8 | (129) | ||||||
Inventories | (8) | (9) | 9 | ||||||
Accounts payable — trade (including affiliates) | (20) | 15 | 38 | ||||||
Regulatory accounts related to reconcilable tariffs (Note 5) | 11 | (44) | (53) | ||||||
Other — assets | 18 | (232) | 178 | ||||||
Other — liabilities | (31) | 52 | (147) | ||||||
Cash provided by operating activities | 1,335 | 1,253 | 1,336 | ||||||
Cash flows — financing activities: | |||||||||
Issuances of long-term debt (Note 7) | 725 | 250 | 100 | ||||||
Repayments of long-term debt (Note 7) | (639) | (131) | (125) | ||||||
Net (decrease) increase in short-term borrowings (Note 6) | 129 | (34) | 10 | ||||||
Distributions to parent (Note 9) | (322) | (202) | (213) | ||||||
Distributions to noncontrolling interests | (87) | (56) | (62) | ||||||
Debt discount, premium, financing and reacquisition costs – net | (13) | (5) | 1 | ||||||
Other – net | - | (1) | - | ||||||
Cash used in financing activities | (207) | (179) | (289) | ||||||
Cash flows — investing activities: | |||||||||
Capital expenditures (Note 13) | (1,154) | (1,107) | (1,079) | ||||||
Other – net | 47 | 10 | 15 | ||||||
Cash used in investing activities | (1,107) | (1,097) | (1,064) | ||||||
Net change in cash and cash equivalents | 21 | (23) | (17) | ||||||
Cash and cash equivalents — beginning balance | 5 | 28 | 45 | ||||||
Cash and cash equivalents — ending balance | $ | 26 | $ | 5 | $ | 28 |
At December 31, | At December 31, | |||||
2015 | 2014 | |||||
(millions of dollars) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 26 | $ | 5 | ||
Restricted cash — Bondco (Note 14) | 38 | 56 | ||||
Trade accounts receivable from nonaffiliates – net (Note 14) | 388 | 407 | ||||
Trade accounts and other receivables from affiliates – net (Note 13) | 118 | 118 | ||||
Income taxes receivable from EFH Corp. (Note 13) | 107 | 144 | ||||
Materials and supplies inventories — at average cost | 82 | 73 | ||||
Accumulated deferred income taxes (Note 4) | - | 10 | ||||
Prepayments and other current assets | 88 | 91 | ||||
Total current assets | 847 | 904 | ||||
Restricted cash — Bondco (Note 14) | - | 16 | ||||
Investments and other property (Note 14) | 97 | 97 | ||||
Property, plant and equipment – net (Note 14) | 13,024 | 12,463 | ||||
Goodwill (Note 1 and 14) | 4,064 | 4,064 | ||||
Regulatory assets – net — Oncor (Note 5) | 1,184 | 1,321 | ||||
Regulatory assets – net — Bondco (Note 5) | 10 | 108 | ||||
Other noncurrent assets | 31 | 34 | ||||
Total assets | $ | 19,257 | $ | 19,007 | ||
LIABILITIES AND MEMBERSHIP INTERESTS | ||||||
Current liabilities: | ||||||
Short-term borrowings (Note 6) | $ | 840 | $ | 711 | ||
Long-term debt due currently — Oncor (Note 7) | - | 500 | ||||
Long-term debt due currently — Bondco (Note 7) | 41 | 139 | ||||
Trade accounts payable (Note 13) | 150 | 202 | ||||
Income taxes payable to EFH Corp. (Note 13) | 20 | 24 | ||||
Accrued taxes other than income taxes | 181 | 174 | ||||
Accrued interest | 82 | 93 | ||||
Other current liabilities | 144 | 156 | ||||
Total current liabilities | 1,458 | 1,999 | ||||
Long-term debt, less amounts due currently ― Oncor (Note 7) | 5,646 | 4,924 | ||||
Long-term debt, less amounts due currently ― Bondco (Note 7) | - | 40 | ||||
Accumulated deferred income taxes (Note 1, 4, 13) | 1,985 | 1,978 | ||||
Employee benefit obligations and other (Notes 13 and 14) | 2,306 | 2,245 | ||||
Total liabilities | 11,395 | 11,186 | ||||
Commitments and contingencies (Note 8) | ||||||
Membership interests (Note 9): | ||||||
Capital account | 6,150 | 6,136 | ||||
Accumulated other comprehensive loss | (91) | (86) | ||||
Oncor Holdings membership interest | 6,059 | 6,050 | ||||
Noncontrolling interests in subsidiary | 1,803 | 1,771 | ||||
Total membership interests | 7,862 | 7,821 | ||||
Total liabilities and membership interests | $ | 19,257 | $ | 19,007 |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
(millions of dollars) | |||||||||
Capital account: | |||||||||
Balance at beginning of period | $ | 6,136 | $ | 5,989 | $ | 5,867 | |||
Net income attributable to Oncor Holdings | 334 | 349 | 335 | ||||||
Distributions to parent | (322) | (202) | (213) | ||||||
Capital contributions | 2 | - | - | ||||||
Balance at end of period | 6,150 | 6,136 | 5,989 | ||||||
Accumulated other comprehensive income (loss), net of tax effects: | |||||||||
Balance at beginning of period | (86) | (39) | (25) | ||||||
Net effects of cash flow hedges (net of tax expense of $-, $1 and $1) | 1 | 2 | 2 | ||||||
Defined benefit pension and OPEB plans (net of tax benefit of $3, $26 and $9) | (6) | (49) | (16) | ||||||
Balance at end of period | (91) | (86) | (39) | ||||||
Oncor Holdings membership interests at end of period | $ | 6,059 | $ | 6,050 | $ | 5,950 | |||
Noncontrolling interests in subsidiary (Note 10): | |||||||||
Balance at beginning of period | 1,771 | 1,729 | 1,645 | ||||||
Net income attributable to noncontrolling interests | 86 | 90 | 87 | ||||||
Distributions to noncontrolling interests | (87) | (56) | (62) | ||||||
Change related to future tax distributions from Oncor | 34 | 20 | 63 | ||||||
Net effects of cash flow hedges (net of tax expense of $-, $- and $-) | - | - | - | ||||||
Defined benefit pension and OPEB plans (net of tax benefit of $-, $7 and $2) | (1) | (12) | (3) | ||||||
Other | - | - | (1) | ||||||
Noncontrolling interests in subsidiary at end of period | 1,803 | 1,771 | 1,729 | ||||||
Total membership interests at end of period | $ | 7,862 | $ | 7,821 | $ | 7,679 |
• | Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 valuations use inputs that, in the absence of actively quoted market prices, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: (a) quoted prices for similar assets or liabilities in active markets, (b) quoted prices for identical or similar assets or liabilities in markets that are not active, (c) inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves observable at commonly quoted intervals and (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Our 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. |
• | 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. |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Reported in operating expenses: | |||||||||
Current: | |||||||||
US federal | $ | 189 | $ | 113 | $ | 51 | |||
State | 32 | 24 | 12 | ||||||
Deferred: | |||||||||
US federal | 55 | 146 | 181 | ||||||
State | (13) | - | 6 | ||||||
Amortization of investment tax credits | (3) | (3) | (3) | ||||||
Total reported in operating expenses | 260 | 280 | 247 | ||||||
Reported in other income and deductions: | |||||||||
Current: | |||||||||
US federal | 16 | 21 | 26 | ||||||
State | - | - | - | ||||||
Deferred federal | (12) | (12) | (14) | ||||||
Total reported in other income and deductions | 4 | 9 | 12 | ||||||
Total provision in lieu of income taxes | $ | 264 | $ | 289 | $ | 259 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Income before income taxes | $ | 684 | $ | 728 | $ | 681 | ||||||
Income taxes at the US federal statutory rate of 35% | $ | 239 | $ | 255 | $ | 238 | ||||||
Amortization of investment tax credits – net of deferred tax effect | (3) | (3) | (3) | |||||||||
Amortization (under regulatory accounting) of statutory tax rate changes | (1) | (2) | (2) | |||||||||
Amortization of Medicare subsidy regulatory asset | - | 14 | 14 | |||||||||
Texas margin tax, net of federal tax benefit | 13 | 16 | 15 | |||||||||
Nondeductible losses (gains) on benefit plan investments | - | (2) | (3) | |||||||||
Other, including audit settlements | 16 | 11 | - | |||||||||
Income tax expense | $ | 264 | $ | 289 | $ | 259 | ||||||
Effective rate | 38.6 | % | 39.7 | % | 38.0 | % |
2015 | 2014 | 2013 | |||||||
Balance at January 1, excluding interest and penalties | $ | 2 | $ | 54 | $ | 144 | |||
Additions based on tax positions related to prior years | - | - | - | ||||||
Reductions based on tax positions related to prior years | - | (16) | (66) | ||||||
Settlements with taxing authorities | 1 | (36) | (24) | ||||||
Balance at December 31, excluding interest and penalties | $ | 3 | $ | 2 | $ | 54 |
Remaining Rate Recovery/Amortization Period at | Carrying Amount At | |||||||
December 31, 2015 | December 31, 2015 | December 31, 2014 | ||||||
Regulatory assets: | ||||||||
Generation-related regulatory assets securitized by transition bonds (a)(e) | < 1 year | $ | 31 | $ | 148 | |||
Employee retirement costs | 4 years | 38 | 55 | |||||
Employee retirement costs to be reviewed (b)(c) | To be determined | 291 | 246 | |||||
Employee retirement liability (a)(c)(d) | To be determined | 853 | 865 | |||||
Self-insurance reserve (primarily storm recovery costs) ― net | 4 years | 95 | 127 | |||||
Self-insurance reserve to be reviewed — net (b)(c) | To be determined | 332 | 242 | |||||
Securities reacquisition costs (pre-industry restructure) | 1 year | 14 | 23 | |||||
Securities reacquisition costs (post-industry restructure) — net | Lives of related debt | 9 | 7 | |||||
Recoverable amounts in lieu of deferred income taxes — net | Life of related asset or liability | 12 | 14 | |||||
Deferred conventional meter and metering facilities depreciation | Largely 5 years | 100 | 123 | |||||
Deferred AMS costs | To be determined | 164 | 113 | |||||
Energy efficiency performance bonus (a) | 1 year | 10 | 22 | |||||
Under-recovered wholesale transmission service expense — net (a) | - | 26 | ||||||
Other regulatory assets | Various | 9 | 12 | |||||
Total regulatory assets | 1,958 | 2,023 | ||||||
Regulatory liabilities: | ||||||||
Estimated net removal costs | Lives of related assets | 686 | 531 | |||||
Investment tax credit and protected excess deferred taxes | Various | 14 | 18 | |||||
Over-collection of transition bond revenues (a)(e) | 1 year | 29 | 32 | |||||
Over-recovered wholesale transmission service expense — net (a) | 1 year | 24 | - | |||||
Energy efficiency programs (a) | Not applicable | 11 | 13 | |||||
Total regulatory liabilities | 764 | 594 | ||||||
Net regulatory asset | $ | 1,194 | $ | 1,429 |
(a) | Not earning a return in the regulatory rate-setting process. |
(b) | Costs incurred since the period covered under the last rate review. |
(c) | Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. |
(d) | Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
(e) | Bondco net regulatory assets of $10 million at December 31, 2015 consisted of $31 million included in generation-related regulatory assets net of the regulatory liability for over-collection of transition bond revenues of $21 million (excludes $8 million of over-collections related to Series 2003-1 transition bonds assumed by Oncor for final settlement). Bondco net regulatory assets of $108 million at December 31, 2014 consisted of $140 million included in generation-related regulatory assets net of the regulatory liability for over-collection of transition bond revenues of $32 million. |
December 31, | ||||||
2015 | 2014 | |||||
Oncor (a): | ||||||
6.375% Fixed Senior Notes due January 15, 2015 | $ | - | $ | 500 | ||
5.000% Fixed Senior Notes due September 30, 2017 | 324 | 324 | ||||
6.800% Fixed Senior Notes due September 1, 2018 | 550 | 550 | ||||
2.150% Fixed Senior Notes due June 1, 2019 | 250 | 250 | ||||
5.750% Fixed Senior Notes due September 30, 2020 | 126 | 126 | ||||
4.100% Fixed Senior Notes due June 1, 2022 | 400 | 400 | ||||
7.000% Fixed Debentures due September 1, 2022 | 800 | 800 | ||||
2.950% Fixed Senior Notes due April 1, 2025 | 350 | - | ||||
7.000% Fixed Senior Notes due May 1, 2032 | 500 | 500 | ||||
7.250% Fixed Senior Notes due January 15, 2033 | 350 | 350 | ||||
7.500% Fixed Senior Notes due September 1, 2038 | 300 | 300 | ||||
5.250% Fixed Senior Notes due September 30, 2040 | 475 | 475 | ||||
4.550% Fixed Senior Notes due December 1, 2041 | 400 | 400 | ||||
5.300% Fixed Senior Notes due June 1, 2042 | 500 | 500 | ||||
3.750% Fixed Senior Notes due April 1, 2045 | 375 | - | ||||
Unamortized discount and debt issuance costs | (54) | (51) | ||||
Less amount due currently | - | (500) | ||||
Long-term debt, less amounts due currently — Oncor | 5,646 | 4,924 | ||||
Bondco (b): | ||||||
5.420% Fixed Series 2003 Bonds due in semiannual installments through August 15, 2015 | - | 54 | ||||
5.290% Fixed Series 2004 Bonds due in semiannual installments through May 15, 2016 | 41 | 126 | ||||
Debt issuance costs | - | (1) | ||||
Total | 41 | 179 | ||||
Less amount due currently | (41) | (139) | ||||
Long-term debt, less amounts due currently — Bondco | - | 40 | ||||
Total long-term debt, less amounts due currently | $ | 5,646 | $ | 4,964 |
Year | Amount | |||
2016 | $ | 41 | ||
2017 | 324 | |||
2018 | 550 | |||
2019 | 250 | |||
2020 | 126 | |||
Thereafter | 4,450 | |||
Unamortized discount and debt issuance costs | (54) | |||
Total | $ | 5,687 |
Year | Amount | ||
2016 | $ | 9 | |
2017 | 1 | ||
2018 | 1 | ||
2019 | 1 | ||
2020 | - | ||
Thereafter | - | ||
Total future minimum lease payments | $ | 12 |
• | changes to existing state or federal regulation by governmental authorities having jurisdiction over control of toxic substances and hazardous and solid wastes, and other environmental matters, and |
• | the identification of additional sites requiring clean-up or the filing of other complaints in which Oncor may be asserted to be a potential responsible party. |
Declaration Date | Payment Date | Amount | ||
December 9, 2015 | December 11, 2015 | $11 | ||
October 27, 2015 | November 9, 2015 | $105 | ||
July 29, 2015 | August 10, 2015 | $86 | ||
April 29, 2015 | May 15, 2015 | $46 | ||
February 25, 2015 | February 26, 2015 | $74 |
Declaration Date | Payment Date | Amount | ||
October 21, 2014 | October 22, 2014 | $ | 74 | |
July 30, 2014 | July 31, 2014 | $ | 51 | |
April 30, 2014 | May 1, 2014 | $ | 40 | |
February 19, 2014 | February 20, 2014 | $ | 37 |
Cash Flow Hedges – Interest Rate Swap | Defined Benefit Pension and OPEB Plans | Accumulated Other Comprehensive Income (Loss) | ||||||
Balance at December 31, 2014 | $ | (19) | $ | (67) | $ | (86) | ||
Defined benefit pension plans (net of tax) | - | (6) | (6) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | 1 | - | 1 | |||||
Balance at December 31, 2015 | $ | (18) | $ | (73) | $ | (91) | ||
Cash Flow Hedges – Interest Rate Swap | Defined Benefit Pension and OPEB Plans | Accumulated Other Comprehensive Income (Loss) | ||||||
Balance at December 31, 2013 | $ | (21) | $ | (18) | $ | (39) | ||
Defined benefit pension plans (net of tax) | - | (49) | (49) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | 2 | - | 2 | |||||
Balance at December 31, 2014 | $ | (19) | $ | (67) | $ | (86) |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Pension costs | $ | 104 | $ | 58 | $ | 95 | |||
OPEB costs | 53 | 48 | 37 | ||||||
Total benefit costs | 157 | 106 | 132 | ||||||
Less amounts deferred principally as property or a regulatory asset | (113) | (69) | (95) | ||||||
Net amounts recognized as expense | $ | 44 | $ | 37 | $ | 37 |
Pension Plans | OPEB Plan | |||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||||
Assumptions Used to Determine Net Periodic Pension and OPEB Costs: | ||||||||||||||||||||||||
Discount rate (a) | 3.96 | % | 4.74 | % | 4.10 | % | 4.23 | % | 4.98 | % | 4.10 | % | ||||||||||||
Expected return on plan assets | 5.26 | % | 6.47 | % | 6.14 | % | 6.65 | % | 7.05 | % | 6.70 | % | ||||||||||||
Rate of compensation increase | 3.29 | % | 3.94 | % | 3.94 | % | - | - | - | |||||||||||||||
Components of Net Pension and OPEB Costs: | ||||||||||||||||||||||||
Service cost | $ | 25 | $ | 23 | $ | 26 | $ | 7 | $ | 6 | $ | 6 | ||||||||||||
Interest cost | 131 | 132 | 122 | 43 | 44 | 36 | ||||||||||||||||||
Expected return on assets | (115) | (136) | (123) | (10) | (12) | (11) | ||||||||||||||||||
Amortization of prior service cost (credit) | - | - | - | (20) | (20) | (20) | ||||||||||||||||||
Amortization of net loss | 63 | 39 | 69 | 33 | 30 | 26 | ||||||||||||||||||
Settlement charges | - | - | 1 | - | - | - | ||||||||||||||||||
Net periodic pension and OPEB costs | $ | 104 | $ | 58 | $ | 95 | $ | 53 | $ | 48 | $ | 37 | ||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized as Regulatory Assets or in Other Comprehensive Income: | ||||||||||||||||||||||||
Net loss (gain) | $ | 37 | $ | 388 | $ | (139) | $ | 39 | $ | 128 | $ | - | ||||||||||||
Amortization of net loss | (63) | (39) | (69) | (33) | (30) | (26) | ||||||||||||||||||
Amortization of prior service (cost) credit | - | - | - | 20 | 20 | 20 | ||||||||||||||||||
Settlement charges | - | - | (1) | - | - | - | ||||||||||||||||||
Total recognized as regulatory assets or other comprehensive income | (26) | 349 | (209) | 26 | 118 | (6) | ||||||||||||||||||
Total recognized in net periodic pension and OPEB costs and as regulatory assets or other comprehensive income | $ | 78 | $ | 407 | $ | (114) | $ | 79 | $ | 166 | $ | 31 |
Pension Plans | OPEB Plan | ||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||
Assumptions Used to Determine Benefit Obligations at Period End: | |||||||||||||||||||||
Discount rate | 4.30% | 3.96% | 4.74% | 4.60% | 4.23% | 4.98% | |||||||||||||||
Rate of compensation increase | 3.29% | 3.29% | 3.94% | — | — | — |
Pension Plans | OPEB Plan | |||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Change in Projected Benefit Obligation: | ||||||||||||
Projected benefit obligation at beginning of year | $ | 3,379 | $ | 2,857 | $ | 1,054 | $ | 924 | ||||
Service cost | 25 | 23 | 7 | 6 | ||||||||
Interest cost | 131 | 132 | 43 | 44 | ||||||||
Participant contributions | - | - | 15 | 15 | ||||||||
Actuarial (gain) loss | (181) | 515 | 25 | 128 | ||||||||
Benefits paid | (153) | (148) | (56) | (63) | ||||||||
Projected benefit obligation at end of year | $ | 3,201 | $ | 3,379 | $ | 1,088 | $ | 1,054 | ||||
Accumulated benefit obligation at end of year | $ | 3,100 | $ | 3,260 | $ | - | $ | - | ||||
Change in Plan Assets: | ||||||||||||
Fair value of assets at beginning of year | $ | 2,454 | $ | 2,271 | $ | 161 | $ | 179 | ||||
Actual return (loss) on assets | (103) | 263 | (4) | 12 | ||||||||
Employer contributions | 54 | 68 | 25 | 18 | ||||||||
Participant contributions | - | - | 15 | 15 | ||||||||
Benefits paid | (153) | (148) | (56) | (63) | ||||||||
Fair value of assets at end of year | $ | 2,252 | $ | 2,454 | $ | 141 | $ | 161 | ||||
Funded Status: | ||||||||||||
Projected benefit obligation at end of year | $ | (3,201) | $ | (3,379) | $ | (1,088) | $ | (1,054) | ||||
Fair value of assets at end of year | 2,252 | 2,454 | 141 | 161 | ||||||||
Funded status at end of year | $ | (949) | $ | (925) | $ | (947) | $ | (893) |
Pension Plans | OPEB Plan | |||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Amounts Recognized in the Balance Sheet Consist of: | ||||||||||||
Liabilities: | ||||||||||||
Other current liabilities | $ | (4) | $ | (4) | $ | - | $ | - | ||||
Other noncurrent liabilities | (945) | (921) | (947) | (893) | ||||||||
Net liability recognized | $ | (949) | $ | (925) | $ | (947) | $ | (893) | ||||
Regulatory assets: | ||||||||||||
Net loss | $ | 583 | $ | 619 | $ | 320 | $ | 316 | ||||
Prior service cost (credit) | - | - | (50) | (70) | ||||||||
Net regulatory asset recognized | $ | 583 | $ | 619 | $ | 270 | $ | 246 | ||||
Accumulated other comprehensive net loss | $ | 136 | $ | 126 | $ | 4 | $ | 2 |
Year Ended December 31, | ||||||||
2015 | 2014 | |||||||
Assumed Health Care Cost Trend Rates – Not Medicare Eligible: | ||||||||
Health care cost trend rate assumed for next year | 6.00 | % | 8.00 | % | ||||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00 | % | 5.00 | % | ||||
Year that the rate reaches the ultimate trend rate | 2024 | 2022 | ||||||
Assumed Health Care Cost Trend Rates – Medicare Eligible: | ||||||||
Health care cost trend rate assumed for next year | 5.80 | % | 6.50 | % | ||||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00 | % | 5.00 | % | ||||
Year that the rate reaches the ultimate trend rate | 2024 | 2021 | ||||||
1-Percentage Point Increase | 1-Percentage Point Decrease | |||||||
Sensitivity Analysis of Assumed Health Care Cost Trend Rates: | ||||||||
Effect on accumulated postretirement obligation | $ | 152 | $ | (125) | ||||
Effect on postretirement benefits cost | 8 | (7) |
At December 31, | ||||||
2015 | 2014 | |||||
Pension Plan with PBO and ABO in Excess of Plan Assets: | ||||||
Projected benefit obligations | $ | 3,035 | $ | 3,379 | ||
Accumulated benefit obligations | 2,944 | 3,260 | ||||
Plan assets | 2,085 | 2,454 |
Target Allocation Ranges | ||||||
Asset Category | Recoverable | Nonrecoverable | ||||
US equities | 17% - 21% | 6% - 10% | ||||
International equities | 14% - 18% | 5% - 9% | ||||
Fixed income | 48% - 60% | 76% - 84% | ||||
Real estate | 4% - 5% | - | ||||
Credit strategies | 6% - 8% | 4% - 6% |
At December 31, 2015 | At December 31, 2014 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Interest-bearing cash | $ | - | $ | 133 | $ | - | $ | 133 | $ | - | $ | 120 | $ | - | $ | 120 | ||||||||
Equity securities: | ||||||||||||||||||||||||
US | 201 | 93 | - | 294 | 233 | 85 | - | 318 | ||||||||||||||||
International | 255 | 13 | - | 268 | 281 | 12 | - | 293 | ||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate bonds (a) | - | 1,137 | - | 1,137 | - | 1,384 | - | 1,384 | ||||||||||||||||
US Treasuries | - | 189 | - | 189 | - | 143 | - | 143 | ||||||||||||||||
Other (b) | - | 145 | - | 145 | - | 157 | - | 157 | ||||||||||||||||
Real estate | - | 81 | 5 | 86 | - | 31 | 8 | 39 | ||||||||||||||||
Total assets | $ | 456 | $ | 1,791 | $ | 5 | $ | 2,252 | $ | 514 | $ | 1,932 | $ | 8 | $ | 2,454 |
At December 31, 2015 | At December 31, 2014 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Interest-bearing cash | $ | 4 | $ | 2 | $ | - | $ | 6 | $ | 2 | $ | 3 | $ | - | $ | 5 | ||||||||
Equity securities: | ||||||||||||||||||||||||
US | 39 | 4 | - | 43 | 54 | 4 | - | 58 | ||||||||||||||||
International | 25 | - | - | 25 | 31 | - | - | 31 | ||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Corporate bonds (a) | - | 30 | - | 30 | - | 31 | - | 31 | ||||||||||||||||
US Treasuries | - | 1 | - | 1 | - | 1 | - | 1 | ||||||||||||||||
Other (b) | 35 | 1 | - | 36 | 34 | 1 | - | 35 | ||||||||||||||||
Total assets | $ | 103 | $ | 38 | $ | - | $ | 141 | $ | 121 | $ | 40 | $ | - | $ | 161 |
Pension Plans | OPEB Plan | |||||||
Asset Class | Expected Long-Term Rate of Return | Asset Class | Expected Long-Term Rate of Return | |||||
International equity securities | 7.45% | 401(h) accounts | 6.93% | |||||
US equity securities | 6.64% | Life insurance VEBA | 6.16% | |||||
Real estate | 5.70% | Union VEBA | 6.16% | |||||
Credit strategies | 5.70% | Non-union VEBA | 2.50% | |||||
Fixed income securities | 4.80% | Weighted average | 6.30% | |||||
Weighted average (a) | 5.83% |
(a) | The 2016 expected long-term rate of return for the nonregulated portion of the Oncor Retirement Plan is 4.97%. |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Pension plans contributions | $ | 54 | $ | 68 | $ | 9 | |||
OPEB plan contributions | 25 | 18 | 11 | ||||||
Total contributions | $ | 79 | $ | 86 | $ | 20 |
2016 | 2017 | 2018 | 2019 | 2020 | 2021-25 | |||||||||||||
Pension plans | $ | 167 | $ | 171 | $ | 177 | $ | 182 | $ | 188 | $ | 1,006 | ||||||
OPEB plan | $ | 49 | $ | 52 | $ | 54 | $ | 57 | $ | 60 | $ | 334 |
• | Oncor records revenue from TCEH, principally for electricity delivery fees, which totaled $955 million, $971 million and $967 million for the years ended December 31, 2015, 2014 and 2013, respectively. The fees are based on rates regulated by the PUCT that apply to all REPs. |
At December 31, | ||||||
2015 | 2014 | |||||
Trade accounts and other receivables from affiliates | $ | 120 | $ | 123 | ||
Trade accounts and other payables to affiliates | (2) | (5) | ||||
Trade accounts and other receivables from affiliates – net | $ | 118 | $ | 118 |
• | In September 2014, EFH Corp. signed the final agreed Revenue Agent Report and associated documentation (RAR) for the 2007 tax year and filed a motion seeking approval of the bankruptcy court in the EFH Bankruptcy Proceedings of its signing of the RAR. The cash income tax impact related to the conclusion of the 2007 audit is a refund from our members of approximately $45 million that is recorded in liability in lieu of deferred income taxes. In the fourth quarter of 2014, the Department of Justice filed a claim with the bankruptcy court for open tax years through 2013 that was consistent with the settlement EFH Corp. reached with the IRS for tax years 2003 through 2006. The cash income tax impact related to the conclusion of the 2003 through 2006 audit is expected to be a refund of approximately $11 million and is recorded in liability in lieu of deferred income taxes. In the second quarter of 2015, EFH Corp. received the final RAR and associated documentation for the 2008 tax year which includes the results of Oncor. In addition, Oncor received the final RAR and associated documentation for tax years 2008 and 2009 in which we filed a partnership tax return. The RARs reflect additional deductions for Oncor |
• | EFH Corp. subsidiaries charge Oncor for certain administrative services at cost. Oncor’s payments to EFH Corp. subsidiaries for administrative services, which are primarily reported in operation and maintenance expenses, totaled $17 million, $32 million and $30 million for the years ended December 31, 2015, 2014 and 2013, respectively. Oncor and EFH Corp. also charge each other for shared facilities at cost. Oncor’s payments to EFH Corp. for shared facilities totaled $4 million for each of the years ended December 31, 2015, 2014 and 2013. Payments Oncor received from EFH Corp. subsidiaries related to shared facilities totaled $2 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
• | Through June 30, 2014, Oncor participated in the Energy Future Holdings Health and Welfare Benefit Program which provided employee benefits to Oncor’s workforce. In October 2013, Oncor notified EFH Corp. of its intention to withdraw from the benefit program effective June 30, 2014 and entered into an agreement with EFH Corp. pursuant to which Oncor paid EFH Corp. $1 million in June 2014 to reimburse EFH Corp. for its increased costs under the program as a result of Oncor’s withdrawal from the program and the additional administrative work required to effectuate Oncor’s withdrawal from the benefit program and transition to the new benefit program. In April 2014, Oncor entered into a welfare benefit administration agreement with EFH Corp., pursuant to which EFH Corp. continued to provide Oncor with welfare benefit administration services under Oncor’s new benefit plans from July 1, 2014 until December 31, 2014. These amounts are included in the administrative services payments to EFH Corp. subsidiaries reported above. |
• | We are a member of EFH Corp.’s consolidated tax group, though Oncor is not, and EFH Corp.’s consolidated federal income tax return includes our results. Under the terms of a tax sharing agreement, we are obligated to make payments to EFH Corp. in an aggregate amount that is substantially equal to the amount of federal income taxes that we would have been required to pay if we were filing our own corporate income tax return. Also under the terms of the tax sharing agreement, Oncor makes similar payments to Texas Transmission and Investment LLC, pro rata in accordance with their respective membership interests in Oncor, in an aggregate amount that is substantially equal to the amount of federal income taxes that Oncor would have been required to pay if it were filing its own corporate income tax return. EFH Corp. also includes Oncor’s results in its consolidated Texas state margin tax return, and consistent with the tax sharing agreement, Oncor remits to EFH Corp. Texas margin tax payments, which are accounted for as income taxes and calculated as if Oncor was filing its own return. Our results are also included in the consolidated Texas state margin tax return filed by EFH Corp. See discussion in Note 1 to Financial Statements under “Income Taxes.” |
At December 31, | At December 31, | ||||
2015 | 2014 | ||||
Federal income taxes payable (receivable) | $ | (107) | $ | (144) | |
Texas margin taxes payable | 20 | 24 | |||
Total payable (receivable) | $ | (87) | $ | (120) |
Year Ended December 31, | |||||
2015 | 2014 | ||||
Federal income taxes | $ | 134 | $ | 239 | |
Texas margin taxes | 24 | 22 | |||
Total payments (receipts) | $ | 158 | $ | 261 |
• | Certain transmission and distribution utilities in Texas have tariffs in place to assure adequate credit worthiness of any REP to support the REP’s obligation to collect transition bond-related charges on behalf of the utility. Under these tariffs, as a result of TCEH’s credit rating being below investment grade, TCEH is required to post collateral support in an amount equal to estimated transition charges over specified time periods. Accordingly, at December 31, 2015 and December 31, 2014, TCEH had posted letters of credit in the amount of $6 million and $9 million, respectively for Oncor’s benefit. |
• | Under Texas regulatory provisions, the trust fund for decommissioning TCEH’s Comanche Peak nuclear generation facility is funded by a delivery fee surcharge Oncor collects from REPs and remits monthly to TCEH. Delivery fee surcharges totaled $17 million for the years ended December 31, 2015 and 2014 and $16 million for the year ended December 31, 2013. Oncor’s sole obligation with regard to nuclear decommissioning is as the collection agent of funds charged to ratepayers for nuclear decommissioning activities. If, at the time of decommissioning, actual decommissioning costs exceed available trust funds, Oncor would not be obligated to pay any shortfalls but would be required to collect any rates approved by the PUCT to recover any additional decommissioning costs. Further, if there were to be a surplus when decommissioning is complete, such surplus would be returned to ratepayers under terms prescribed by the PUCT. |
• | Related parties of the Sponsor Group have (1) sold, acquired or participated in the offerings of Oncor’s debt or debt securities in open market transactions or through loan syndications, and (2) performed various financial advisory, dealer, commercial banking and investment banking services for us and certain of our affiliates for which they have received or will receive customary fees and expenses, and may from time to time in the future participate in any of the items in (1) and (2) above. Also, as of March 31, 2015, 16.6% of the equity in an existing vendor of the company was acquired by a member of the Sponsor Group. During 2015, 2014 and 2013, this vendor performed transmission and distribution system construction and maintenance services for us. A significant amount of cash payments were made for such services to this vendor totaling $128 million dollars for the period April through December 2015. At December 31, 2015 we had outstanding trade payables to this vendor of $3 million. |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Other income: | |||||||||
Accretion of fair value adjustment (discount) to regulatory assets due to purchase accounting | $ | 5 | $ | 12 | $ | 17 | |||
Net gain on sale of other properties and investments | 1 | 1 | 1 | ||||||
Total other income | $ | 6 | $ | 13 | $ | 18 | |||
Other deductions: | |||||||||
Professional fees | $ | 19 | $ | 14 | $ | 10 | |||
Non-recoverable pension (Note 10) and other | 9 | 1 | 5 | ||||||
Total other deductions | $ | 28 | $ | 15 | $ | 15 |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Interest expense | $ | 335 | $ | 355 | $ | 360 | |||
Amortization of debt issuance costs and discounts | 3 | 3 | 21 | ||||||
Allowance for funds used during construction – capitalized interest portion | (5) | (5) | (10) | ||||||
Total interest expense and related charges | $ | 333 | $ | 353 | $ | 371 |
At December 31, 2015 | At December 31, 2014 | ||||||||||||||
Current Assets | Noncurrent Assets | Current Assets | Noncurrent Assets | ||||||||||||
Customer collections related to transition bonds used only to service debt and pay expenses | $ | 22 | $ | — | $ | 56 | $ | — | |||||||
Reserve for fees associated with transition bonds | 10 | — | — | 10 | |||||||||||
Reserve for shortfalls of transition bond charges | 6 | — | — | 6 | |||||||||||
Total restricted cash | $ | 38 | $ | — | $ | 56 | $ | 16 |
At December 31, | ||||||
2015 | 2014 | |||||
Gross trade accounts and other receivables - net | $ | 509 | $ | 528 | ||
Trade accounts and other receivables from TCEH - net | (118) | (118) | ||||
Allowance for uncollectible accounts | (3) | (3) | ||||
Trade accounts receivable from nonaffiliates – net | $ | 388 | $ | 407 |
At December 31, | ||||||
2015 | 2014 | |||||
Assets related to employee benefit plans, including employee savings programs | $ | 94 | $ | 94 | ||
Land | 3 | 3 | ||||
Total investments and other property | $ | 97 | $ | 97 |
Composite Depreciation Rate/ | At December 31, | |||||||
Avg. Life at December 31, 2015 | 2015 | 2014 | ||||||
Assets in service: | ||||||||
Distribution | 4.1% / 24.7 years | $ | 10,861 | $ | 10,423 | |||
Transmission | 2.8% / 35.5 years | 7,209 | 6,861 | |||||
Other assets | 9.0% / 11.1 years | 1,002 | 954 | |||||
Total | 19,072 | 18,238 | ||||||
Less accumulated depreciation | 6,479 | 6,125 | ||||||
Net of accumulated depreciation | 12,593 | 12,113 | ||||||
Construction work in progress | 416 | 335 | ||||||
Held for future use | 15 | 15 | ||||||
Property, plant and equipment – net | $ | 13,024 | $ | 12,463 |
At December 31, 2015 | At December 31, 2014 | |||||||||||||||||
Gross | Gross | |||||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||||||||
Amount | Amortization | Net | Amount | Amortization | Net | |||||||||||||
Identifiable intangible assets subject to amortization included in property, plant and equipment: | ||||||||||||||||||
Land easements | $ | 467 | $ | 91 | $ | 376 | $ | 463 | $ | 86 | $ | 377 | ||||||
Capitalized software | 435 | 269 | 166 | 433 | 242 | 191 | ||||||||||||
Total | $ | 902 | $ | 360 | $ | 542 | $ | 896 | $ | 328 | $ | 568 |
Year | Amortization Expense | |||
2016 | $ | 60 | ||
2017 | 51 | |||
2018 | 46 | |||
2019 | 43 | |||
2020 | 42 |
At December 31, | ||||||
2015 | 2014 | |||||
Retirement plans and other employee benefits | $ | 1,985 | $ | 1,894 | ||
Liabilities related to subsidiary tax sharing agreement | 243 | 256 | ||||
Uncertain tax positions (including accrued interest) | 3 | 2 | ||||
Amount payable related to income taxes | - | 17 | ||||
Investment tax credits | 15 | 17 | ||||
Other | 60 | 59 | ||||
Total other noncurrent liabilities and deferred credits | $ | 2,306 | $ | 2,245 |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Cash payments (receipts) related to: | |||||||||
Interest | $ | 346 | $ | 356 | $ | 361 | |||
Capitalized interest | (5) | (5) | (10) | ||||||
Interest (net of amounts capitalized) | $ | 341 | $ | 351 | $ | 351 | |||
Income taxes: | |||||||||
Federal | $ | 161 | $ | 293 | $ | 124 | |||
State | 43 | 22 | 11 | ||||||
Total income taxes | $ | 204 | $ | 315 | $ | 135 | |||
SARs exercise | $ | - | $ | - | $ | 4 | |||
Noncash construction expenditures (a) | $ | 56 | $ | 82 | $ | 84 |
(a) | Represents end-of-period accruals. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Income tax expense | $ | (12) | $ | (11) | $ | (10) | |||||
Equity in earnings of subsidiary | 346 | 360 | 345 | ||||||||
Net Income | 334 | 349 | 335 | ||||||||
Other comprehensive income (net of tax benefit of $3, $12 and $3) | ($5 | ) | (47) | (11) | |||||||
Comprehensive income | $ | 329 | $ | 302 | $ | 324 |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Cash provided by operating activities | $ | 321 | $ | 202 | $ | 214 | |||
Cash used in financing activities - distributions paid to parent | (322) | (202) | (213) | ||||||
Net change in cash and cash equivalents | (1) | - | 1 | ||||||
Cash and cash equivalents - beginning balance | 1 | 1 | - | ||||||
Cash and cash equivalents - ending balance | $ | - | $ | 1 | $ | 1 |
At December 31, | At December 31, | |||||
2015 | 2014 | |||||
ASSETS | ||||||
Cash and cash equivalents | $ | - | $ | 1 | ||
Investments - noncurrent | 6,201 | 6,274 | ||||
Accumulated deferred income taxes | 105 | 37 | ||||
Total assets | $ | 6,306 | $ | 6,312 | ||
LIABILITIES AND MEMBERSHIP INTERESTS | ||||||
Income taxes payable to EFH Corp. - current | $ | 3 | $ | 6 | ||
Other noncurrent liabilities and deferred credits | 244 | 256 | ||||
Total liabilities | 247 | 262 | ||||
Membership interests | 6,059 | 6,050 | ||||
Total liabilities and membership interests | $ | 6,306 | $ | 6,312 |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
(millions of dollars) | |||||||||
Distributions received subsequently paid to EFH Corp. as federal income taxes recognized as operating activities | $ | 26 | $ | 24 | $ | 34 | |||
Distributions received subsequently paid to EFIH recognized as financing activities | 322 | 202 | 213 | ||||||
Total distributions from Oncor | $ | 348 | $ | 226 | $ | 247 |
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Document And Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 29, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Energy Future Holdings Corp /TX/ | ||
Entity Central Index Key | 0001023291 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 1,669,861,379 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
Statements Of Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Net loss | $ (5,342) | $ (6,406) | $ (2,325) |
Other comprehensive income (loss), net of tax effects: | |||
Effects related to pension and other retirement benefit obligations (net of tax (expense) benefit of $(4), $12 and $5) | 7 | (21) | (8) |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period (net of tax benefit of $—, $1 and $3) | 2 | 1 | 6 |
Net effects related to Oncor — reported in equity in earnings of unconsolidated subsidiaries (net of tax) | (5) | (47) | (14) |
Total other comprehensive income (loss) | 4 | (67) | (16) |
Comprehensive loss | (5,338) | (6,473) | (2,341) |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 107 |
Comprehensive loss attributable to EFH Corp. | $ (5,338) | $ (6,473) | $ (2,234) |
Statements Of Consolidated Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Effects related to pension and other retirement benefit obligations, tax | $ (4) | $ 12 | $ 5 |
Cash flow hedges derivative value net loss related to hedged transactions recognized during the period, tax | $ 0 | $ 1 | $ 3 |
Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 2,286 | $ 3,428 |
Restricted cash | 524 | 6 |
Trade accounts receivable — net | 533 | 589 |
Inventories | 428 | 468 |
Commodity and other derivative contractual assets | 465 | 492 |
Other current assets | 87 | 100 |
Total current assets | 4,323 | 5,083 |
Restricted cash | 507 | 901 |
Receivable from unconsolidated subsidiary | 0 | 47 |
Investment in unconsolidated subsidiary | 6,064 | 6,058 |
Other investments | 984 | 995 |
Property, plant and equipment — net | 9,430 | 12,397 |
Goodwill | 152 | 2,352 |
Identifiable intangible assets — net | 1,166 | 1,315 |
Accumulated deferred income taxes | 609 | 0 |
Other noncurrent assets | 95 | 100 |
Total assets | 23,330 | 29,248 |
Current liabilities: | ||
Borrowings under debtor-in-possession credit facilities | 6,825 | 0 |
Long-term debt due currently | 35 | 39 |
Trade accounts payable | 413 | 406 |
Net payables due to unconsolidated subsidiary | 204 | 237 |
Commodity and other derivative contractual liabilities | 203 | 316 |
Margin deposits related to commodity contracts | 152 | 26 |
Accumulated deferred income taxes | 0 | 135 |
Accrued taxes | 134 | 157 |
Accrued interest | 121 | 119 |
Other current liabilities | 425 | 360 |
Total current liabilities | 8,512 | 1,795 |
Borrowings under debtor-in-possession credit facilities | 0 | 6,825 |
Long-term debt, less amounts due currently | 60 | 128 |
Liabilities subject to compromise | 37,786 | 37,432 |
Accumulated deferred income taxes | 0 | 713 |
Other noncurrent liabilities and deferred credits | 2,033 | 2,078 |
Total liabilities | $ 48,391 | $ 48,971 |
Commitments and Contingencies | ||
Equity: | ||
Common stock (shares outstanding 2015 — 1,669,861,379; 2014 — 1,669,861,379) | $ 2 | $ 2 |
Additional paid-in capital | 7,968 | 7,968 |
Retained deficit | (32,905) | (27,563) |
Accumulated other comprehensive loss | (126) | (130) |
Total equity | (25,061) | (19,723) |
Total liabilities and equity | $ 23,330 | $ 29,248 |
Consolidated Balance Sheets (Parenthetical) - shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Common stock, shares outstanding | 1,669,861,379 | 1,669,861,379 | 1,669,861,383 | 1,680,539,245 |
Statements of Consolidated Equity - USD ($) $ in Millions |
Total |
Parent [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings (Deficit) [Member] |
Accumulated Other Comprehensive Loss, Net of Tax Effects [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2012 | $ 2 | $ 7,959 | $ (18,939) | $ 102 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 7 | ||||||
Common stock repurchases | (5) | ||||||
Other | 1 | ||||||
Net loss attributable to EFH Corp. | $ (2,218) | (2,218) | |||||
Balance at beginning of period at Dec. 31, 2012 | $ 17 | ||||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | (24) | ||||||
Balance at end of period at Dec. 31, 2013 | (7) | ||||||
Balance at beginning of period at Dec. 31, 2012 | (64) | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 8 | ||||||
Balance at end of period at Dec. 31, 2013 | (56) | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2013 | (63) | (63) | |||||
Noncontrolling interests in subsidiaries | |||||||
Net loss attributable to noncontrolling interests | (107) | (107) | |||||
Investments by noncontrolling interests | 6 | ||||||
Other | 0 | ||||||
Total equity at end of period at Dec. 31, 2013 | (13,255) | $ (13,256) | 2 | 7,962 | (21,157) | 1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 6 | ||||||
Common stock repurchases | 0 | ||||||
Other | 0 | ||||||
Net loss attributable to EFH Corp. | (6,406) | (6,406) | |||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | (70) | ||||||
Balance at end of period at Dec. 31, 2014 | (77) | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 3 | ||||||
Balance at end of period at Dec. 31, 2014 | (53) | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2014 | (130) | (130) | |||||
Noncontrolling interests in subsidiaries | |||||||
Net loss attributable to noncontrolling interests | 0 | 0 | |||||
Investments by noncontrolling interests | 1 | ||||||
Other | (2) | ||||||
Total equity at end of period at Dec. 31, 2014 | (19,723) | (19,723) | 2 | 7,968 | (27,563) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Effects of stock-based incentive compensation plans | 0 | ||||||
Common stock repurchases | 0 | ||||||
Other | 0 | ||||||
Net loss attributable to EFH Corp. | (5,342) | (5,342) | |||||
Pension and other postretirement employee benefit liability adjustments: | |||||||
Change in unrecognized (gains) losses related to pension and OPEB plans | 1 | ||||||
Balance at end of period at Dec. 31, 2015 | (76) | ||||||
Amounts related to dedesignated cash flow hedges: | |||||||
Change during the period | 3 | ||||||
Balance at end of period at Dec. 31, 2015 | (50) | ||||||
Total accumulated other comprehensive loss at end of period at Dec. 31, 2015 | (126) | $ (126) | |||||
Noncontrolling interests in subsidiaries | |||||||
Net loss attributable to noncontrolling interests | 0 | 0 | |||||
Investments by noncontrolling interests | 0 | ||||||
Other | 0 | ||||||
Total equity at end of period at Dec. 31, 2015 | $ (25,061) | $ (25,061) | $ 2 | $ 7,968 | $ (32,905) | $ 0 |
Condensed Statements of Consolidated Equity (Parentheticals) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding | 1,669,861,379 | 1,669,861,379 | 1,669,861,383 |
Business And Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
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 EFH Corp. and/or its subsidiaries, as apparent in the context. See Glossary for defined terms. EFH Corp., a Texas corporation, is a Dallas-based holding company that conducts its operations principally through its TCEH and Oncor subsidiaries. EFH Corp. is a subsidiary of Texas Holdings, which is controlled by the Sponsor Group. TCEH is a holding company for subsidiaries engaged in competitive electricity market activities largely in Texas, including electricity generation, wholesale energy sales and purchases, commodity risk management and trading activities, and retail electricity operations. TCEH is a wholly owned subsidiary of EFCH, which is a holding company and a wholly owned subsidiary of EFH Corp. Oncor is engaged in regulated electricity transmission and distribution operations in Texas. Oncor provides distribution services to REPs, including subsidiaries of TCEH, which sell electricity to residential, business and other consumers. Oncor Holdings, a holding company that holds an approximate 80% equity interest in Oncor, is a wholly owned subsidiary of EFIH, which is a holding company and a wholly owned subsidiary of EFH Corp. Oncor Holdings and its subsidiaries (the Oncor Ring-Fenced Entities) are not consolidated in EFH Corp.'s financial statements in accordance with consolidation accounting standards related to variable interest entities (VIEs) (see Note 4). Various ring-fencing measures have been taken to enhance the credit quality of Oncor. Such measures include, among other things: the sale in November 2008 of a 19.75% equity interest in Oncor to Texas Transmission; maintenance of separate books and records for the Oncor Ring-Fenced Entities; Oncor's board of directors being comprised of a majority of independent directors, and prohibitions on the Oncor Ring-Fenced Entities providing credit support to, or receiving credit support from, any member of the Texas Holdings Group. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of the Texas Holdings Group, and none of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or contractual obligations of any member of the Texas Holdings Group. Moreover, Oncor's operations are conducted, and its cash flows managed, independently from the Texas Holdings Group. Consistent with the ring-fencing measures discussed above, the assets and liabilities of the Oncor Ring-Fenced Entities have not been, and are not expected to be, substantively consolidated with the assets and liabilities of the Debtors in the Chapter 11 Cases. We have two reportable segments: the Competitive Electric segment, consisting largely of TCEH, and the Regulated Delivery segment, consisting largely of our investment in Oncor. See Note 20 for further information concerning reportable business segments. Chapter 11 Cases On April 29, 2014 (the Petition Date), EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities (collectively, the Debtors), filed voluntary petitions for relief (the Bankruptcy Filing) under Chapter 11 of the United States Bankruptcy Code (the Bankruptcy Code) in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court). In September 2015, the Debtors filed the Fifth Plan of Reorganization (which was amended by the Sixth Plan of Reorganization in November 2015) and the Disclosure Statement. The Disclosure Statement was approved by the Bankruptcy Court in September 2015. Following the approval of the Disclosure Statement by the Bankruptcy Court, the Debtors solicited the vote of their required creditors for approval of the Plan of Reorganization. In October 2015, the required creditors voted to approve the Plan of Reorganization. The Bankruptcy Court confirmed the Plan of Reorganization in December 2015. See Note 2 for further discussion regarding the Chapter 11 Cases, the Plan of Reorganization and the Disclosure Statement. Basis of Presentation, Including Application of Bankruptcy Accounting The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements have been prepared as if EFH Corp. is a going concern and contemplate the realization of assets and liabilities in the normal course of business. The consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification (ASC) 852, Reorganizations. During the pendency of the Chapter 11 Cases, the Debtors will operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. ASC 852 applies to entities that have filed a petition for bankruptcy under Chapter 11 of the Bankruptcy Code. The guidance requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. In addition, the guidance provides for changes in the accounting and presentation of liabilities. See Notes 11 and 13 for discussion of these accounting and reporting changes. Investments in unconsolidated subsidiaries, which are 50% or less owned and/or do not meet accounting standards criteria for consolidation, are accounted for under the equity method (see Note 4). 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 US 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 and estimates of expected allowed claims. 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 and also enter into other derivative instruments such as options, swaps, futures and forwards primarily to manage our 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, unless the criteria for certain exceptions are met, and an offsetting derivative asset or liability is recorded in the consolidated balance sheets. 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. 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 16 and 17 for additional information regarding fair value measurement and commodity and other derivative contractual assets and liabilities. Under the election criteria of accounting standards related to derivative instruments and hedging activities, we may elect the normal purchase and sale exemption. A commodity-related derivative contract may be designated as a normal purchase or sale if the commodity is to be physically received or delivered for use or sale in the normal course of business. If designated as normal, the derivative contract is accounted for under the accrual method of accounting (not marked-to-market) with no balance sheet or income statement recognition of the contract until settlement. Because derivative instruments are frequently used as economic hedges, accounting standards related to derivative instruments and hedging activities allow for hedge accounting, which provides for the designation of such instruments as cash flow or fair value hedges if certain conditions are met. At December 31, 2015 and 2014, there were no derivative positions accounted for as cash flow or fair value hedges. Accumulated other comprehensive loss includes amounts related to interest rate swaps previously designated as cash flow hedges that are being reclassified to net loss as the hedged transactions impact net loss (see Note 17). Realized and unrealized gains and losses from transacting in energy-related derivative instruments are primarily reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Revenue Recognition We record revenue from electricity sales and delivery fees under the accrual method of accounting. Revenues are recognized when electricity or delivery fees are provided to customers on the basis of periodic cycle meter readings and include an estimated accrual for the revenues earned from the meter reading date to the end of the period (unbilled revenue). We report physically delivered commodity sales and purchases in the statements of consolidated income (loss) on a gross basis in revenues and fuel, purchased power and delivery fees, respectively, and we report all other commodity related contracts and financial instruments (primarily derivatives) in the statements of consolidated income (loss) on a net basis in net gain (loss) from commodity hedging and trading activities. Volumes under bilateral purchase and sales contracts, including contracts intended as hedges, are not scheduled as physical power with ERCOT. Accordingly, unless the volumes represent physical deliveries to customers or purchases from counterparties, such contracts are reported net in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities instead of reported gross as wholesale revenues or purchased power costs. If volumes delivered to our retail and wholesale customers are less than our generation volumes (as determined on a daily settlement basis), we record additional wholesale revenues, and if volumes delivered to our retail and wholesale customers exceed our generation volumes, we record additional purchased power costs. The additional wholesale revenues or purchased power costs are offset in net gain (loss) from commodity hedging and trading activities. Impairment of Long-Lived Assets We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss would be recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. See Note 9 for discussion of impairments of certain long-lived assets. We evaluate investments in unconsolidated subsidiaries for impairment when factors indicate that a decrease in the value of the investment has occurred that is not temporary. Indicators that should be evaluated for possible impairment of investments include recurring operating losses of the investee or fair value measures that are less than carrying value. Any impairment recognition is based on fair value that is not reflective of temporary conditions. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. Finite-lived intangibles identified as a result of purchase accounting are amortized over their estimated useful lives based on the expected realization of economic effects. See Note 5 for additional information. Goodwill and Intangible Assets with Indefinite Lives We evaluate goodwill and intangible assets with indefinite lives for impairment at least annually (at December 1), or when indications of impairment exist. See Note 5 for details of goodwill and intangible assets with indefinite lives, including discussion of fair value determinations and goodwill impairments. Amortization of Nuclear Fuel Amortization of nuclear fuel is calculated on the units-of-production method and is reported as fuel costs. Major Maintenance Major maintenance costs incurred during generation plant outages and the costs of other maintenance activities are charged to expense as incurred and reported as operating costs. Defined Benefit Pension Plans and OPEB Plans We offer certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees from the company and also offer pension benefits 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 Notes 18 and 19 for additional information regarding pension and OPEB plans, including a discussion of the separation of the EFH Corp. and Oncor OPEB plans effective July 1, 2014. Sales and Excise Taxes Sales and excise taxes are accounted for as a "pass through" item on the consolidated balance sheets with no effect on the statements of consolidated income (loss); 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. Franchise and Revenue-Based Taxes Unlike sales and excise taxes, franchise and gross receipt taxes are not a "pass through" item. These taxes are assessed to us by state and local government bodies, based on revenues or kWh delivered, as a cost of doing business and are recorded as an expense. Rates we charge to customers are intended to recover our costs, including the franchise and gross receipt taxes, but we are not acting as an agent to collect the taxes from customers. We report franchise and revenue-based taxes in SG&A expense in our statements of consolidated income (loss). Income Taxes EFH Corp. files a consolidated US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. 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 6. 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 an asset has been impaired or 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. As part of our Chapter 11 Cases we have received numerous pre-petition claims, many of which are unsubstantiated or irrelevant to our business operations. Further, at this time, some of those claims might be relevant but are not reasonably estimable. See Notes 2 and 14 for a discussion of contingencies. Restricted Cash The terms of certain agreements require the restriction of cash for specific purposes. See Notes 12, 13 and 21 for more details regarding restricted cash. Property, Plant and Equipment As a result of purchase accounting, carrying amounts of property, plant and equipment related to competitive businesses were adjusted to estimated fair values at the Merger date. Subsequent additions have been recorded at cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead, 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 10. Depreciation of our property, plant and equipment is calculated on a straight-line basis over the estimated service lives of the properties. Depreciation expense is calculated on a component 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 A liability is initially recorded at fair value for an asset retirement obligation associated with the retirement of tangible long-lived assets in the period in which it is incurred if a fair value is reasonably estimable. These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, removal of lignite/coal fueled plant ash treatment facilities and generation plant asbestos removal and disposal costs. 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. See Note 21. Inventories Inventories are reported at the lower of cost (on a weighted average basis) or market unless expected to be used in the generation of electricity. 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 Interests See Note 15 for discussion of accounting for noncontrolling interests in subsidiaries. Changes in Accounting Standards In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. The ASU states that a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity's operations and financial results when the component of an entity or group of components of an entity meets the criteria to be classified as held for sale, is disposed of by sale, or is disposed of other than by sale. The amendments in this ASU also require additional disclosures about discontinued operations. ASU 2014-08 was effective for the Company for the first quarter of 2015. This new requirement is relevant to our presentation of the equity method investment in Oncor and our presentation of TCEH. The new guidance eliminated a scope exception previously applicable to equity method investments, resulting in the requirement of further analysis of the presentation of the Oncor equity method investment. Based on our analysis, ASU 2014-08 will not materially affect our results of operations, financial position, or cash flows, unless a sale of our Oncor investment and/or a spin-off of TCEH is approved by each of the Bankruptcy Court and all of the other regulatory entities with approval authority (see Note 2), at which time presentation as discontinued operations may be appropriate. In April 2015, the FASB issued Accounting Standards Update 2015-03 (ASU 2015-03), Simplifying Balance Sheet Presentation by Presenting Debt Issuance Costs as a Deduction from Recognized Debt Liability. The ASU is effective for annual reporting periods, including interim reporting periods, beginning after December 15, 2015. The new standard requires debt issuance costs to be classified as reductions to the face value of the related debt. We do not expect ASU 2015-03 to materially affect our financial position until we issue new debt. In August 2015, the FASB issued Accounting Standards Update 2015-15 (ASU 2015-15), Interest-Imputation of Interest (Topic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements. ASU 2015-15 provides guidance on the presentation of debt issuance costs associated with line-of-credit arrangements and allows an entity to defer and present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit. In November 2015, the FASB issued Accounting Standards Update 2015-17 (ASU 2015-17), Balance Sheet Classification of Deferred Taxes. The ASU simplifies the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as noncurrent in a statement of financial position. We early adopted ASU 2015-17 effective December 31, 2015 on a prospective basis. Adoption of this ASU resulted in a reclassification of our net current deferred tax asset and liability to the net noncurrent deferred tax asset and liability in our consolidated balance sheet as of December 31, 2015. No prior periods were retrospectively adjusted. In February 2016, the FASB issued Accounting Standards Update 2016-2 (ASU 2016-2), Leases. The ASU amends previous GAAP to require the recognition of lease assets and liabilities for operating leases. The ASU will be effective for fiscal years beginning after December 15, 2018, including interim periods within those years. We are currently evaluating the impact of this ASU on our financial statements. |
Chapter 11 Cases Chapter 11 Cases |
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Reorganizations [Abstract] | |||||||||||||||||||||
Chapter 11 Cases | CHAPTER 11 CASES On the Petition Date, EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. During the pendency of the Chapter 11 Cases, the Debtors will operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. The Bankruptcy Filing resulted primarily from the adverse effects on EFH Corp.'s competitive businesses of lower wholesale electricity prices in ERCOT driven by the sustained decline in natural gas prices since mid-2008. Further, the natural gas hedges that TCEH entered into when forward market prices of natural gas were significantly higher than current prices had largely matured before the remaining positions were terminated shortly after the Bankruptcy Filing. These market conditions challenged the profitability and operating cash flows of EFH Corp.'s competitive businesses and resulted in the inability to support their significant interest payments and debt maturities, including the remaining debt obligations due in 2014, and the inability to refinance and/or extend the maturities of their outstanding debt. Plan of Reorganization A Chapter 11 plan of reorganization, among other things, determines the rights and satisfaction of claims of various creditors and security holders of an entity operating under the protection of the Bankruptcy Court. In order for the Debtors to emerge successfully from the Chapter 11 Cases as reorganized companies, they must obtain approval from the Bankruptcy Court and certain of their respective creditors for a Chapter 11 plan of reorganization. In September 2015, the Debtors filed the Plan of Reorganization and the Disclosure Statement. The Disclosure Statement was approved by the Bankruptcy Court in September 2015. In October 2015, the Debtors filed the Plan Supplement. In October 2015, the Plan of Reorganization was approved by the required creditors, and in December 2015, the Plan of Reorganization was confirmed by the Bankruptcy Court. In general, the Plan of Reorganization contemplates a structure that involves a tax-free deconsolidation or tax-free spin-off of TCEH from EFH Corp. (Reorganized TCEH Spin-Off), immediately followed by the acquisition of reorganized EFH Corp. financed by existing TCEH creditors and third-party investors. Pursuant to the Plan of Reorganization and subject to certain conditions and required regulatory approvals, among other things:
Plan Support Agreement In August 2015 (as amended in September 2015), each of the Debtors entered into a Plan Support Agreement (Plan Support Agreement) with various of their respective creditors, the Sponsor Group, the official committee of unsecured creditors of the TCEH Debtors and the Investor Group in order to effect an agreed upon restructuring of the Debtors pursuant to the Plan of Reorganization. Pursuant to the Plan Support Agreement, the parties agreed, subject to the terms and conditions contained in the Plan Support Agreement, to support the Debtors' Plan of Reorganization. The Bankruptcy Court approved the Debtors' entry into the Plan Support Agreement in September 2015. Pursuant to the Plan Support Agreement, certain of the parties to the Plan Support Agreement are required to not object to or interfere with an alternative plan of reorganization even if the EFH Acquisition is not completed so long as such plan meets certain minimum conditions. All or part of the Plan Support Agreement may be terminated upon the occurrence of certain events described in the Plan Support Agreement. In addition, under the Plan Support Agreement, the supporting parties have committed to support the inclusion of releases with respect to the claims described in the Settlement Agreement (described below) in the context of an alternative plan (which would become effective when an alternative plan of reorganization becomes effective). Settlement Agreement The Settling Parties entered into a settlement agreement (the Settlement Agreement) in August 2015 (as amended in September 2015) to compromise and settle, among other things (a) intercompany claims among the Debtors, (b) claims and causes of actions against holders of first lien claims against TCEH and the agents under the TCEH Senior Secured Facilities, (c) claims and causes of action against holders of interests in EFH Corp. and certain related entities and (d) claims and causes of action against each of the Debtors' current and former directors, the Sponsor Group, managers and officers and other related entities. The Settlement Agreement is expected to remain effective regardless of whether the EFH Acquisition is completed. The Bankruptcy Court approved the Settlement Agreement in December 2015. In December 2015, pursuant to the approved Settlement Agreement, Backstop Agreement, Merger Agreement and Plan of Reorganization, we recorded legal and representation service fees, financial advisory fees and other professional fees of $144 million, along with a gain for an adjustment related to the Sponsor Group's agreement to forego claims related to a management agreement of $86 million, both of which are reported in our statement of consolidated income (loss) in reorganization items. Additionally, we recorded an adjustment to intercompany claims among the debtors to adjust for a TCEH unsecured claim against EFH Corp. of $700 million as contemplated by the Plan of Reorganization. See Notes 13 and 19 for discussion of additional transactions resulting from the Settlement Agreement. Merger and Purchase Agreement In August 2015, EFH Corp. and EFIH entered into a Purchase Agreement and Agreement and Plan of Merger (Merger and Purchase Agreement) with two acquisition entities, Ovation Acquisition I, L.L.C. (OV1) and Ovation Acquisition II, L.L.C. (collectively, the Purchasers), which are controlled by the Investor Group. Pursuant to the Merger and Purchase Agreement, at the effective time of the Plan of Reorganization and immediately after consummation of the Reorganized TCEH Spin-Off, the Investor Group will acquire Reorganized EFH. The Merger and Purchase Agreement contemplates that funds received by the Purchasers pursuant to the Equity Commitment Letter, the Debt Commitment Letter and the Rights Offering and Backstop (each as defined below) will be used to facilitate the acquisition of Reorganized EFH and, as applicable, repay the allowed claims of holders of claims and interests in EFH Corp. and EFIH in full in cash (or otherwise render such claims unimpaired) pursuant to the Plan of Reorganization and, if applicable, to complete the Texas Transmission Acquisition (as defined below). The Merger and Purchase Agreement includes various conditions precedent to consummation of the transactions contemplated thereby, including a condition that certain approvals and rulings be obtained, including from the PUCT and the IRS, that are necessary to consummate the EFH Acquisition and convert Reorganized EFH into a REIT. The Merger and Purchase Agreement may be terminated upon certain events, including, among other things, (a) by either party, if certain termination events occur under the Plan Support Agreement, including if the EFH Acquisition is not completed by April 30, 2016, subject to extension to June 30, 2016 or August 31, 2016 under certain conditions, (b) by EFH Corp. or EFIH, if their respective board of directors or managers determines in good faith that proceeding with the transactions contemplated by the Merger and Purchase Agreement would be inconsistent with its applicable fiduciary duties or (c) by the Purchasers, if EFH Corp. or EFIH fails to meet various milestones related to the Debtors' Chapter 11 Cases or otherwise materially breaches the Merger and Purchase Agreement. The Bankruptcy Court approved the Merger and Purchase Agreement in connection with confirmation of the Plan of Reorganization in December 2015. Rights Offering As contemplated by the Plan of Reorganization, OV1 intends to conduct an offering of equity rights (each, a Right, and such offering, the Rights Offering) to holders of unsecured debt claims, second lien debt claims, general unsecured claims and first lien secured claims against TCEH (Rights Offering Participants) enabling the Rights Offering Participants to purchase an aggregate of $5.787 billion of common stock of OV1 (as the successor by merger of Reorganized EFH). This annual report on Form 10-K does not constitute an offer to sell, or a solicitation of an offer to purchase, the Rights. Pursuant to a Backstop Agreement (Backstop Agreement), among certain investors named therein and their permitted assignees (Backstop Purchasers), EFH Corp., EFIH and OV1, the Backstop Purchasers have agreed to backstop $5.087 billion of Rights offered to certain of the Rights Offering Participants (Backstop). In connection with the execution of the Merger and Purchase Agreement, each member of the Investor Group (collectively, the Equity Commitment Parties) delivered (a) an equity commitment letter (Equity Commitment Letter) in favor of EFH Corp. (including Reorganized EFH), EFIH and the Purchasers pursuant to which the Equity Commitment Parties committed to invest in one or more of the Purchasers an aggregate amount of approximately $2.513 billion (assuming the Texas Transmission Acquisition (as described below) is completed) and (b) a limited guarantee (Guarantee) in favor of EFH Corp. (including Reorganized EFH) and EFIH pursuant to which each such Equity Commitment Party committed to pay its pro rata share of all fees, costs or expenses payable by the Purchasers under the Merger and Purchase Agreement or under the Plan of Reorganization if such fees, costs or expenses become payable pursuant thereto. The aggregate liability of the Equity Commitment Parties under the Guarantee for fees and expenses is capped at $35 million. If the Merger and Purchase Agreement, the Backstop Agreement or the Equity Commitment Letter are terminated for any reason, EFH Corp. and EFIH have waived their rights to seek any legal or equitable remedies, except in connection with the reimbursement of certain fees and expenses capped at $35 million, against the Purchasers or the Investor Group, the Backstop Purchasers or the Equity Commitment Parties, respectively. In December 2015, pursuant to the court approved Merger and Purchase Agreement and the Backstop Agreement, we incurred approximately $49 million in fees to the Purchasers for expenses incurred in connection with those agreements. Debt Funding Arrangements In August 2015, in connection with the execution of the Merger and Purchase Agreement, the Investor Group entered into a commitment letter (Debt Commitment Letter) with Morgan Stanley Senior Funding, Inc. (Debt Commitment Lender) pursuant to which the Debt Commitment Lender committed to fund up to $5.5 billion under a senior secured term loan facility and $250 million under a senior secured bridge loan facility to reorganized EFIH and its subsidiaries at the closing of the EFH Acquisition. Texas Transmission Acquisition In connection with the EFH Acquisition and the Rights Offering, the Purchasers, EFH Corp. and EFIH have formulated a plan to create and implement an IPO Conversion (as such term is defined in the Investor Rights Agreement (Investor Rights Agreement), dated November 2008 among Oncor and certain of its direct and indirect equity holders, including EFH Corp. and Texas Transmission, pursuant to which one of the Purchasers, as the successor to Reorganized EFH as a result of the EFH Acquisition, would serve as an IPO corporation (as defined in the Investor Rights Agreement). In connection with the execution of the Merger and Purchase Agreement, the Purchasers have delivered to EFH Corp. an offer to purchase substantially all of the outstanding IPO Units (as defined in the Investor Rights Agreement) in the IPO corporation and all of the LLC Units (as defined in the Investor Rights Agreement) in Oncor held by Texas Transmission (the Texas Transmission Acquisition). EFH Corp. has instituted an adversary proceeding in the Bankruptcy Court to enforce certain rights against Texas Transmission under the Investor Rights Agreement (see Note 14). Other Although the Plan of Reorganization has been confirmed by the Bankruptcy Court, the effective date of the Plan of Reorganization has not occurred and there are no assurances that the transactions contemplated thereby will occur because they are subject to completion of various conditions including, but not limited to, receipt of regulatory approval from the PUCT, NRC and FERC, receipt of the Private Letter Ruling from the IRS and the repayment of the DIP Facilities. Tax Matters In June 2014, EFH Corp. filed a request with the IRS for a private letter ruling, which request has been supplemented from time to time in response to requests from the IRS for information or as required by changes in the contemplated transactions (as supplemented, the Private Letter Ruling). It is expected that, among other things, the Private Letter Ruling if obtained will provide (A) for certain rulings regarding the qualification of (i) the transfer of certain assets and ordinary course operating liabilities to a newly-formed entity wholly-owned by TCEH (Reorganized TCEH) and (ii) the distribution of the equity of Reorganized TCEH, the cash proceeds from Reorganized TCEH debt, the cash proceeds from the sale of preferred stock in a newly-formed entity, and the right to receive payments under a tax receivables agreement (if any), to holders of TCEH first lien claims and (B) certain rulings regarding the eligibility of EFH Corp. to qualify as a REIT for federal income tax purposes. The Debtors intend to continue to pursue the Private Letter Ruling to support the Plan of Reorganization. Implications of the Chapter 11 Cases Our ability to continue as a going concern is contingent upon, among other factors, our ability to comply with the financial and other covenants contained in the DIP Facilities described in Note 12, our ability to obtain new debtor in possession financing in the event the DIP Facilities were to expire during the pendency of the Chapter 11 Cases as well as our ability to obtain applicable regulatory approvals required for the effectiveness of the Plan of Reorganization and our ability to obtain any exit financing needed to implement the Plan of Reorganization. These circumstances and uncertainties inherent in the bankruptcy proceedings raise substantial doubt about our ability to continue as a going concern. Operations During the Chapter 11 Cases In general, the Debtors have received final bankruptcy court orders with respect to first day motions and other operating motions that allow the Debtors to operate their businesses in the ordinary course, including, among others, providing for the payment of certain pre-petition employee and retiree expenses and benefits, the use of the Debtors' existing cash management system, the segregation of certain cash balances which require further order of the Bankruptcy Court for distribution, the continuation of customer contracts and programs at our retail electricity operations, the payment of certain pre-petition amounts to certain critical vendors, the ability to perform under certain pre-petition hedging and trading arrangements and the ability to pay certain pre-petition taxes and regulatory fees. In addition, the Bankruptcy Court has issued orders approving the DIP Facilities discussed in Note 12. Pursuant to the Bankruptcy Code, the Debtors intend to comply with all applicable regulatory requirements, including all requirements related to environmental and safety law compliance, during the pendency of the Chapter 11 Cases. Further, the Debtors have been complying, and intend to continue to comply, with the various reporting obligations that are required by the Bankruptcy Court during the pendency of the Chapter 11 Cases. Moreover, to the extent the Debtors either maintain insurance policies or self-insure their regulatory compliance obligations, the Debtors intend to continue such insurance policies or self-insurance in the ordinary course of business. Pre-Petition Claims Holders of the substantial majority of pre-petition claims were required to file proofs of claims by the bar date established by the Bankruptcy Court. A bar date is the date by which certain claims against the Debtors must be filed if the claimants wish to receive any distribution in the Chapter 11 Cases. The Bankruptcy Court established a bar date of October 27, 2014 for the substantial majority of claims. In addition, in July 2015, the Bankruptcy Court entered an order establishing December 14, 2015 as the bar date for certain asbestos claims that arose or are deemed to have arisen before the Petition Date, except for certain specifically exempt claims. We have received approximately 41,300 filed claims since the Petition Date, including approximately 30,900 in filed asbestos claims. Most of the asbestos claims were received at or near the bar date and we are actively validating, reconciling and reviewing those claims. For all of the claims, we are in the process of reconciling those claims to the amounts listed in our schedules of assets and liabilities, which includes communications with claimants to acquire additional information required for reconciliation. As of February 29, 2016, approximately 5,500 of those claims have been settled, withdrawn or expunged. To the extent claims are reconciled and resolved, we have recorded them at the expected allowed amount. Certain claims filed or reflected in our schedules of assets and liabilities will be resolved on the effective date of the Plan of Reorganization, including certain claims filed by holders of funded debt and contract counterparties. Claims that remain unresolved or unreconciled through the filing of this report have been estimated based upon management's best estimate of the likely claim amounts that the Bankruptcy Court will ultimately allow. In November 2014, we began the process to request the Bankruptcy Court to disallow claims that we believe are duplicative, have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. Given the substantial number of claims filed, the claims resolution process will take considerable time to complete. Differences between liability amounts recorded by the Debtors as liabilities subject to compromise and claims filed by creditors will be investigated and, if necessary, the Bankruptcy Court will make a final determination of the allowable claim. Differences between those final allowed claims and the liabilities recorded in the consolidated balance sheets will be recognized as reorganization items in our statements of consolidated income (loss) as they are resolved. The determination of how liabilities will ultimately be resolved cannot be made until a plan of reorganization or a court approved order related to settlement of specific liabilities becomes effective. Accordingly, the ultimate amount or resolution of such liabilities is not determinable at this time. The resolution of such claims could result in material adjustments to our financial statements. Executory Contracts and Unexpired Leases Under the Bankruptcy Code, we have the right to assume, assume and assign, or reject certain executory contracts and unexpired leases, subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the assumption of an executory contract or unexpired lease requires a debtor to satisfy pre-petition obligations under contracts, which may include payment of pre-petition liabilities in whole or in part. Rejection of an executory contract or unexpired lease is typically treated as a breach occurring as of the moment immediately preceding the Chapter 11 filing. Subject to certain exceptions, this rejection relieves the debtor from performing its future obligations under the contract but entitles the counterparty to assert a pre-petition general unsecured claim for damages. Parties to executory contracts or unexpired leases rejected by a debtor may file proofs of claim against that debtor's estate for rejection damages. Since the Petition Date, we have renegotiated or rejected a limited number of executory contracts and unexpired leases. For the years ended December 31, 2015 and 2014 this activity has resulted in the recognition of approximately $38 million and $20 million, respectively, in contract claim and assumption adjustments recorded in reorganization items as detailed in Note 11. The Plan Supplement includes a list of contracts that the Debtors intend to either assume or reject pursuant to the Bankruptcy Code. |
Pending Purchase of La Frontera Holdings, LLC (Notes) |
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Pending Purchase of La Frontera Holdings, LLC [Abstract] | |
Business Combination Disclosure [Text Block] | PENDING PURCHASE OF LA FRONTERA HOLDINGS, LLC In November 2015, Luminant entered into a purchase and sale agreement with La Frontera Ventures, LLC, a subsidiary of NextEra Energy, Inc., to purchase all of the membership interests in La Frontera Holdings, LLC, the indirect owner of two natural gas fueled generation facilities totaling 2,988 MW of capacity located in ERCOT. The aggregate purchase price under the agreement is approximately $1.313 billion plus approximately $276 million for cash and net working capital, subject to customary adjustments based on the amounts of cash and net working capital at closing. The existing project financing of La Frontera Holdings, LLC and its subsidiaries will be repaid at closing of the transaction. The purchase price is expected to be funded by cash-on-hand and borrowings under the TCEH DIP Facility. The purchase and sale agreement contains customary closing conditions for transactions of this type. The only remaining regulatory approval necessary to complete the acquisition is approval by the PUCT. |
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Consolidation Of Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | VARIABLE INTEREST ENTITIES A variable interest entity (VIE) is an entity with which we have a relationship or arrangement that indicates some level of control over the entity or results in economic risks to us. Accounting standards require consolidation of a VIE if we have (a) the power to direct the significant activities of the VIE and (b) the right or obligation to absorb profit and loss from the VIE (i.e., we are the primary beneficiary of the VIE). In determining the appropriateness of consolidation of a VIE, we evaluate its purpose, governance structure, decision making processes and risks that are passed on to its interest holders. We also examine the nature of any related party relationships among the interest holders of the VIE and the nature of any special rights granted to the interest holders of the VIE. Oncor Holdings, an indirect wholly owned subsidiary of EFH Corp. that holds an approximate 80% interest in Oncor, is not consolidated in EFH Corp.'s financial statements, and instead is accounted for as an equity method investment, because the structural and operational ring-fencing measures discussed in Note 1 prevent us from having power to direct the significant activities of Oncor Holdings or Oncor. In accordance with accounting standards, we account for our investment in Oncor Holdings under the equity method, as opposed to the cost method, based on our level of influence over its activities. See below for additional information about our equity method investment in Oncor Holdings. There are no other material investments accounted for under the equity or cost method. The maximum exposure to loss from our interests in VIEs does not exceed our carrying value. Non-Consolidation of Oncor and Oncor Holdings In reaching the conclusion to deconsolidate, we conducted an extensive analysis of Oncor Holdings' underlying governing documents and management structure. Oncor Holdings' unique governance structure was adopted in conjunction with the Merger, when the Sponsor Group, EFH Corp. and Oncor agreed to implement structural and operational measures to ring-fence (the Ring-Fencing Measures) Oncor Holdings and Oncor as discussed in Note 1. The Ring-Fencing Measures were designed to prevent, among other things, (i) increased borrowing costs at Oncor due to the attribution to Oncor of debt from any of our other subsidiaries, (ii) the activities of our competitive operations following the Merger resulting in the deterioration of Oncor's business, financial condition and/or investment in infrastructure, and (iii) Oncor becoming substantively consolidated into a bankruptcy proceeding involving any member of the Texas Holdings Group. The Ring-Fencing Measures effectively separate the daily operational and management control of Oncor Holdings and Oncor from EFH Corp. and its other subsidiaries. By implementing the Ring-Fencing Measures, Oncor maintained its investment grade credit rating following the Merger, and we reaffirmed Oncor's independence from our competitive businesses to the PUCT. We determined the most significant activities affecting the economic performance of Oncor Holdings (and Oncor) are the operation, maintenance and growth of Oncor's electric transmission and distribution assets and the preservation of its investment grade credit profile. The boards of directors of Oncor Holdings and Oncor have ultimate responsibility for the management of the day-to-day operations of their respective businesses, including the approval of Oncor's capital expenditure and operating budgets and the timing and prosecution of Oncor's rate cases. While both boards include members appointed by EFH Corp., a majority of the board members are independent in accordance with rules established by the New York Stock Exchange, and therefore, we concluded for purposes of applying the amended accounting standards that EFH Corp. does not have the power to control the activities deemed most significant to Oncor Holdings' (and Oncor's) economic performance. In assessing EFH Corp.'s ability to exercise control over Oncor Holdings and Oncor, we considered whether it could take actions to circumvent the purpose and intent of the Ring-Fencing Measures (including changing the composition of Oncor Holdings' or Oncor's board) in order to gain control over the day-to-day operations of either Oncor Holdings or Oncor. We also considered whether (i) EFH Corp. has the unilateral power to dissolve, liquidate or force into bankruptcy either Oncor Holdings or Oncor, (ii) EFH Corp. could unilaterally amend the Ring-Fencing Measures contained in the underlying governing documents of Oncor Holdings or Oncor, and (iii) EFH Corp. could control Oncor's ability to pay distributions and thereby enhance its own cash flow. We concluded that, in each case, no such opportunity exists. Our investment in unconsolidated subsidiary as presented in the consolidated balance sheets totaled $6.064 billion and $6.058 billion at December 31, 2015 and 2014, respectively, and consists almost entirely of our interest in Oncor Holdings, which we account for under the equity method as described above. Oncor provides services, principally electricity distribution, to TCEH's retail operations, and the related revenues represented 25%, 25% and 27% of Oncor Holdings' consolidated operating revenues for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 19 for discussion of Oncor Holdings' and Oncor's transactions with EFH Corp. and its other subsidiaries. Distributions from Oncor Holdings and Related Considerations — Oncor Holdings' distributions of earnings to us totaled $322 million, $202 million and $213 million for the years ended December 31, 2015, 2014 and 2013, respectively. Distributions may not be paid except to the extent Oncor maintains a required regulatory capital structure as discussed below. At December 31, 2015, $30 million was eligible to be distributed to Oncor's members after taking into account the regulatory capital structure limit, of which approximately 80% relates to our ownership interest in Oncor. The boards of directors of each of Oncor and Oncor Holdings can withhold distributions to the extent the applicable board determines in good faith that it is necessary to retain such amounts to meet expected future requirements of Oncor and/or Oncor Holdings. Oncor's distributions are limited by its regulatory capital structure, which is required to be at or below the assumed debt-to-equity ratio established by the PUCT for ratemaking purposes, which is currently set at 60% debt to 40% equity. At December 31, 2015, Oncor's regulatory capitalization ratio was 59.8% debt and 40.2% equity. For purposes of this ratio, debt is calculated as long-term debt plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. The debt calculation excludes bonds issued by Oncor Electric Delivery Transition Bond Company LLC, which were issued in 2003 and 2004 to recover specific generation-related regulatory assets and other qualified costs. Equity is calculated as membership interests determined in accordance with US GAAP, excluding the effects of accounting for the Merger (which included recording the initial goodwill and fair value adjustments and the subsequent related impairments and amortization). As a result of the Bankruptcy Filing, Oncor had credit risk exposure to trade accounts receivable from subsidiaries of TCEH, which related to delivery services provided by Oncor to TCEH's retail electricity operations. At the Petition Date, these accounts receivable totaled $109 million. In June 2014, the Bankruptcy Court authorized the Debtors to pay all pre-petition delivery charges due Oncor, and such amounts were paid in full. EFH Corp., Oncor Holdings, Oncor and Oncor's minority investor are parties to a Federal and State Income Tax Allocation Agreement. Additional income tax amounts receivable or payable may arise in the normal course under that agreement. Oncor Holdings Financial Statements — Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the years ended December 31, 2015, 2014 and 2013 are presented below:
Assets and liabilities of Oncor Holdings at December 31, 2015 and 2014 are presented below:
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Goodwill And Identifiable Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill And Identifiable Intangible Assets | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS Goodwill The following table provides information regarding our goodwill balance, all of which relates to the Competitive Electric segment and arose in connection with accounting for the Merger. None of the goodwill is being deducted for tax purposes.
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Goodwill Impairments Goodwill and intangible assets with indefinite useful lives are required to be tested for impairment at least annually (we have selected a December 1 test date) or whenever events or changes in circumstances indicate an impairment may exist. We perform the following steps in testing goodwill for impairment: first, we estimate the debt-free enterprise value of the business as of the testing date taking into account future estimated cash flows and current securities values of comparable companies; second, we estimate the fair values of the individual assets and liabilities of the business at that date; third, we calculate implied goodwill as the excess of the estimated enterprise value over the estimated value of the net operating assets; and finally, we compare the implied goodwill amount to the carrying value of goodwill and, if the carrying amount exceeds the implied value, we record an impairment charge for the amount the carrying value of goodwill exceeds implied goodwill. Wholesale electricity prices in the ERCOT market, in which our Competitive Electric segment largely operates, have generally moved with natural gas prices as marginal electricity demand is generally supplied by natural gas fueled generation facilities. Accordingly, the sustained decline in natural gas prices, which we have experienced since mid-2008, negatively impacts our profitability and cash flows and reduces the value of our generation assets, which consist largely of lignite/coal and nuclear fueled facilities. While we had partially mitigated these effects with hedging activities, we are now significantly exposed to this price risk. Because of this market condition, our analyses over the past several years have indicated that the carrying value of the Competitive Electric segment exceeds its estimated fair value (enterprise value). Consequently, we continually monitor trends in electricity prices, natural gas prices, market heat rates, capital spending for environmental and other projects and other operational factors to determine if goodwill impairment testing should be done during the course of a year and not only at the annual December 1 testing date. During the fourth quarter of 2015, we performed our goodwill impairment analysis as of our annual testing date of December 1. Further, during the fourth quarter of 2015, there were significant declines in the market values of several similarly situated peer companies (with respect to our Competitive Electric segment) with publicly traded equity, which indicated the overall enterprise value of our Competitive Electric segment should be reassessed. Our testing resulted in an impairment of goodwill of $800 million at December 1, 2015, which we reported in the Competitive Electric segment results. During the first nine months of 2015, we experienced impairment indicators related to decreases in forward wholesale electricity prices when compared to those prices reflected in our December 1, 2014 goodwill impairment testing analysis. As a result, the likelihood of a goodwill impairment had increased, and we initiated further testing of goodwill. Our testing of goodwill for impairment during the first nine months of 2015 resulted in impairment charges totaling $1.4 billion, which we reported in the Competitive Electric segment results. Key inputs into our goodwill impairment testing at December 1, September 30 and March 31, 2015 and December 1, 2014 were as follows:
Changes in the above and other assumptions could materially affect the calculated amount of implied goodwill and any resulting goodwill impairment charge. During the third quarter of 2014, we experienced an impairment indicator related to significant decreases in forward wholesale electricity prices when compared to those prices reflected in our December 1, 2013 goodwill impairment testing analysis. As a result, the likelihood of a goodwill impairment had increased, and we initiated further testing of goodwill as of September 30, 2014, which was completed during the fourth quarter. Our testing resulted in an impairment of $1.6 billion of goodwill at September 30, 2014, which we recorded in the fourth quarter of 2014 and is reported in the Competitive Electric segment results. During the fourth quarter of 2014, we also performed our goodwill impairment analysis as of our annual testing date of December 1. During the fourth quarter of 2014, we completed our annual update of our long-range financial and operating plan, which reflected extended seasonal outages and reduced operations at several of our older lignite/coal fueled generation facilities as a result of the lower wholesale electricity prices and potential impacts to those facilities from proposed environmental regulations. The resulting impairment charge recorded on our long-lived assets was factored into our December 1 goodwill impairment test. Our testing did not result in an additional impairment of goodwill at December 1, 2014. During the fourth quarter of 2013, we recorded a $1.0 billion goodwill impairment charge related to the Competitive Electric segment. The impairment charge in 2013 reflected declines in the estimated fair value of the Competitive Electric segment as a result of lower wholesale electricity prices, the sustained decline in natural gas prices, the maturing of positions in our natural gas hedge program and declines in market values of securities of comparable companies. The impairment determinations involved significant assumptions and judgments. The calculations supporting the estimates of the fair value of our Competitive Electric segment and the fair values of its assets and liabilities utilized models that take into consideration multiple inputs, including commodity prices, operating parameters, discount rates, capital expenditures, the effects of proposed and final environmental regulations, securities prices of comparable publicly traded companies and other inputs. Assumptions regarding each of these inputs could have a significant effect on the related valuations. In performing these calculations, we also take into consideration assumptions on how current market participants would value the Competitive Electric segment and its operating assets and liabilities. Changes to assumptions that reflect the views of current market participants can also have a significant effect on the related valuations. The fair value measurements resulting from these models are classified as non-recurring Level 3 measurements consistent with accounting standards related to the determination of fair value (see Note 16). Because of the volatility of these factors, we cannot predict the likelihood of any future impairment. Identifiable Intangible Assets Identifiable intangible assets, including amounts that arose in connection with accounting for the Merger, are comprised of the following:
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At December 31, 2015 and 2014, amounts related to fully amortized assets that are expired or of no economic value have been excluded from both the gross carrying and accumulated amortization amounts in the table above. Amortization expense related to finite-lived identifiable intangible assets (including the statements of consolidated income (loss) line item) consisted of:
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Following is a description of the separately identifiable intangible assets recorded as part of purchase accounting for the Merger. The intangible assets were recorded at estimated fair value as of the Merger date, based on observable prices or estimates of fair value using valuation models.
Environmental allowances and credits – This intangible asset represents the fair value of environmental credits, substantially all of which were expected to be used in our power generation activities. These credits are amortized utilizing a units-of-production method. See below for discussion of impairment of certain allowances in 2015 and 2014. Intangible Impairments The impairments of our generation facilities in 2015 (see Note 9) resulted in the impairment of the SO2 allowances under the Clean Air Act's acid rain cap-and-trade program that are associated with those facilities to the extent they are not projected to be used at other sites. The fair market values of the SO2 allowances were estimated to be de minimis based on Level 3 fair value estimates (see Note 16). We also impaired certain of our SO2 allowances under the Cross-State Air Pollution Rule (CSAPR) related to the impaired generation facilities. Accordingly, in the year ended December 31, 2015, we recorded noncash impairment charges of $55 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions related to our existing environmental allowances and credits intangible asset. SO2 emission allowances granted to us under the acid rain cap-and-trade program were recorded as intangible assets at fair value in connection with purchase accounting related to the Merger in 2007. Additionally, the impairments of our generation and related mining facilities in September 2015 resulted in our recording noncash impairment charges of $19 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions (see Note 8) related to mine development costs (included in other identifiable intangible assets in the table above) at the facilities. During the first quarter of 2015, we determined that certain intangible assets related to favorable power purchase contracts should be evaluated for impairment. That conclusion was based on further declines in wholesale electricity prices in ERCOT experienced during the first quarter of 2015. Our fair value measurement was based on a discounted cash flow analysis of the contracts that compared the contractual price and terms of the contract to forecasted wholesale electricity and renewable energy credit (REC) prices in ERCOT. As a result of the analysis, we recorded a noncash impairment charge of $8 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions (see Note 8). During the fourth quarter of 2014, we determined that certain intangible assets related to favorable power purchase contracts should be evaluated for impairment. That conclusion was based on the combination of (1) the review of contracts for rejection as part of the Chapter 11 Cases, which could result in termination of contracts before the end of their estimated useful life and (2) declines in wholesale electricity prices. Our fair value measurement was based on a discounted cash flow analysis of the contracts that compared the contractual price and terms of the contract to forecasted wholesale electricity and REC prices in ERCOT. As a result of the analysis, we recorded a noncash impairment charge of $183 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions (see Note 8). As a result of the CSAPR, which became effective on January 1, 2015, and other new or proposed EPA rules, we projected that as of December 31, 2014 we had excess SO2 emission allowances under the Clean Air Act's existing acid rain cap-and-trade program. In addition, the impairments of our Monticello, Martin Lake and Sandow 5 generation facilities (see Note 9) resulted in the impairment of the SO2 allowances associated with those facilities to the extent they are not projected to be used at other sites. The fair market values of the SO2 allowances were estimated to be de minimis based on Level 3 fair value estimates (see Note 16). Accordingly we recorded a noncash impairment charge of $80 million in our Competitive Electric segment (before deferred income tax benefit) in other deductions related to our existing environmental allowances and credits intangible asset in 2014. SO2 emission allowances granted to us were recorded as intangible assets at fair value in connection with purchase accounting related to the Merger in 2007. Estimated Amortization of Identifiable Intangible Assets The estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as follows:
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Accounting For Uncertainty In Income Taxes |
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Accounting for Uncertainty in Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Uncertainty in Income Taxes | ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES 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 file or have filed income tax returns in US federal, state and foreign jurisdictions and are subject to examinations by the IRS and other taxing authorities. Examinations of our income tax returns for the years ending prior to January 1, 2010 are complete. Federal income tax returns are under examination for tax years 2010 to 2014. Texas franchise and margin tax returns are under examination or still open for examination for tax years beginning after 2006. In the fourth quarter of 2015, we and the IRS agreed to a revised estimate of interest owed with respect to prior tax years settled at audit and appeals. This agreement around interest computations had the effect of lowering our expected payable to the IRS related to these tax years by approximately $15 million. In June 2015, we signed a final agreed Revenue Agent Report (RAR) with the IRS and associated documentation for the 2008 and 2009 tax years. The Bankruptcy Court approved our signing of the RAR in July 2015. As a result of receiving, agreeing to and signing the final RAR, we reduced the liability for uncertain tax positions by $23 million, resulting in a $20 million reclassification to the accumulated deferred income tax liability and the recording of a $3 million income tax benefit recorded in the Competitive Electric segment results. Total cash payment to be assessed by the IRS for tax years 2008 and 2009, but not paid during the pendency of the Chapter 11 Cases, is approximately $15 million, plus any interest that may be assessed. In 2014, the IRS filed a claim with the Bankruptcy Court for open tax years through 2013 that was consistent with the settlement we reached with IRS Appeals for tax years 2003-2006. Also in 2014, we signed a final agreed RAR with the IRS and associated documentation for the 2007 tax year. As a result of these events, we effectively settled the 2003-2007 open tax years and reduced the liability for uncertain tax positions related to such years by $174 million, resulting in a $139 million reclassification to the accumulated deferred income tax liability and the recording of a net $35 million income tax benefit reflecting the settlement of certain positions. These events also resulted in an increase in the payable to the IRS of $50 million (including $18 million of interest), and a payable to Oncor of $64 million. The total income tax benefit of $35 million reflected a $31 million income tax benefit recorded in Corporate and Other activities and a $4 million income tax benefit reported in the Competitive Electric segment results. In recording the 2014 impacts, the Company identified approximately $90 million of income tax expense related to 2013 which was recorded in December 2014. The impact of recording this expense was not material to the financial statements in 2013 or 2014. In 2013, EFH Corp. and the IRS agreed on terms to resolve disputed adjustments related to the IRS audit for the years 2003 through 2006, which was concluded in June 2011. Also in 2013, we received approval from the Joint Committee on Taxation of the IRS appeals settlement of all issues arising from the 1997 through 2002 IRS audit, which includes all tax issues related to EFH Corp.'s discontinued Europe operations. The IRS proposed a significant number of adjustments to the originally filed returns for such years related to one significant accounting method issue and other less significant issues. As a result of these events, we reduced the liability for uncertain tax positions by $1.598 billion, including $188 million in interest accruals. Other effects included the recording of a $13 million noncurrent federal income tax liability, an $8 million current federal income tax liability related to an expected interest payment owed as a result of the settlement of all issues arising from the 1997 through 2002 IRS audit, a $15 million current state income tax liability and a $33 million federal income tax receivable from Oncor under the Federal and State Income Tax Allocation Agreement (see Note 7). The settlements in 2013 resulted in the elimination of a substantial majority of the net operating loss carryforwards and alternative minimum tax credit carryforwards generated through 2013. In total, the settlements in 2013 resulted in an increase of $1.193 billion in the accumulated deferred income tax liability and an income tax benefit of $305 million. Of the total income tax benefit, $122 million (after-tax) was attributable to the release of accrued interest. The $305 million tax benefit reflected a $226 million income tax benefit reported in Corporate and Other activities and a $79 million income tax benefit reported in the Competitive Electric segment results. In September 2013, the US Treasury and the IRS issued final tangible property regulations that relate to repair and maintenance costs. As a result of our analysis of these regulations, in the fourth quarter 2013 we reduced the liability for uncertain tax positions by $159 million and reclassified that amount to the accumulated deferred income tax liability and recorded a $6 million income tax benefit representing a reversal of accrued interest. We classify interest and penalties related to uncertain tax positions as current income tax expense. Amounts recorded related to interest and penalties totaled benefits of $3 million and $3 million in 2015 and 2014, respectively, and a benefit of $132 million in 2013, reflecting a reversal of interest previously accrued as a result of the IRS settlements discussed above (all amounts after tax). Ongoing accruals of interest after the IRS settlements were not material in 2015, 2014 and 2013. Noncurrent liabilities included a total of $4 million and $9 million in accrued interest at December 31, 2015 and 2014, respectively. The federal income tax benefit on the interest accrued on uncertain tax positions is recorded as accumulated deferred income taxes. The following table summarizes the changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheets, during the years ended December 31, 2015, 2014 and 2013:
Of the balance at December 31, 2015, $2 million represents tax positions for which the uncertainty relates to the timing of recognition in tax returns. The disallowance of such positions would not affect the effective tax rate, but could accelerate the payment of cash to the taxing authority to an earlier period. With respect to tax positions for which the ultimate deductibility is uncertain (permanent items), should we sustain such positions on income tax returns previously filed, tax liabilities recorded would be reduced by $35 million, and accrued interest would be reversed resulting in a $2 million after-tax benefit, resulting in increased net income and a favorable impact on the effective tax rate. With respect to the items discussed above, we reasonably expect the total amount of liabilities recorded related to uncertain tax positions will significantly decrease in the next twelve months due to the anticipated resolution of claims outstanding with the Texas Comptroller of Public Accounts and the IRS. We expect an approximately $2 million reclassification to the accumulated deferred income tax liability from the uncertain tax position liability during the next 12 months. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES EFH Corp. files a US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. EFH Corp. is the corporate member of the EFH Corp. consolidated group, while each of EFIH, Oncor Holdings, EFCH and TCEH is classified as a disregarded entity for US federal income tax purposes. Prior to April 2013, EFCH was a corporate member of the EFH Corp. consolidated group. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. Pursuant to applicable US 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. EFH Corp. and certain of its subsidiaries (including EFCH, EFIH, and TCEH, but not including Oncor Holdings and Oncor) are parties to a Federal and State Income Tax Allocation Agreement, which provides, among other things, that any corporate member or disregarded entity in the EFH Corp. group is required to make payments to EFH Corp. in an amount calculated to approximate the amount of tax liability such entity would have owed if it filed a separate corporate tax return. The Plan of Reorganization provides that upon the effective date of the plan the Debtors will reject this agreement. Under the terms of the Settlement Agreement, no further cash payments among the Debtors will be made in respect of federal income taxes. However, solely for accounting purposes, the EFH Corp. group continues to allocate federal income taxes among the entities that are parties to the Federal and State Income Tax Allocation Agreement. The Settlement Agreement did not alter the allocation and payment for state income taxes, which will continue to be settled. EFH Corp., Oncor Holdings, Oncor and Oncor's minority investor are parties to a separate Federal and State Income Tax Allocation Agreement, which governs the computation of federal income tax liability among such parties, and similarly provides, among other things, that each of Oncor Holdings and Oncor will pay EFH Corp. its share of an amount calculated to approximate the amount of tax liability such entity would have owed if it filed a separate corporate tax return. The Settlement Agreement had no impact on the tax sharing agreement among EFH, Oncor Holdings and Oncor. The components of our income tax benefit are as follows:
Reconciliation of income taxes computed at the US federal statutory rate to income tax benefit recorded is as follows:
Deferred Income Tax Balances Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2015 and 2014 are as follows:
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At December 31, 2015 we had $2.760 billion in net operating loss (NOL) carryforwards for federal income tax purposes that will begin to expire in 2034. As discussed in Note 6, audit settlements reached in 2013 resulted in the elimination of substantially all NOL carryforwards generated through 2013 and available AMT credits. The NOL carryforwards can be used to offset future taxable income. After analyzing our forecasted tax position at December 31, 2015 we currently expect to utilize all of our NOL carryforwards prior to their expiration dates. During 2014 and 2015, our deferred tax liabilities related to property, plant and equipment were significantly reduced due to impairment charges on certain long-lived assets recorded in those periods. See Note 9 for a discussion of impairment charges. Additionally, our deferred tax liabilities related to debt fair value discounts were eliminated due to the write-off of unamortized deferred debt issuance and extension costs, premiums and discounts previously classified as LSTC (see Note 13). At December 31, 2015 we had $99 million in alternative minimum tax (AMT) credit carryforwards available which may, in certain limited circumstances, be used to offset future tax payments. The AMT credit carryforwards have no expiration date, but may be limited in a change of control. The income tax effects of the components included in accumulated other comprehensive income at December 31, 2015 and 2014 totaled a net deferred tax asset of $68 million and $71 million, respectively. See Note 6 for discussion regarding accounting for uncertain tax positions, including the effects of the resolution of IRS audit matters. |
Other Income and Deductions |
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Other Income and Deductions | OTHER INCOME AND DEDUCTIONS
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Impairment of Long-Lived Assets Impairment of Long-Lived Assets |
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Impairment of Long-Lived Assets [Abstract] | |
Impairment of Long-Lived Assets | IMPAIRMENT OF LONG-LIVED ASSETS Impairment of Lignite/Coal Fueled Generation and Mining Assets We evaluated our generation assets for impairment during 2015 as a result of impairment indicators related to the continued decline in forecasted wholesale electricity prices in ERCOT. Our evaluations concluded that impairments existed, and the carrying values at our Big Brown, Martin Lake, Monticello, Sandow 4 and Sandow 5 generation facilities and related mining facilities were reduced in total by $2.541 billion. We evaluated our generation assets for impairment during 2014 as a result of several impairment indicators, including lower forecasted wholesale electricity prices in ERCOT, changes to operating assumptions for certain generation assets as detailed in our updated annual financial and operating plan and potential effects of new and/or proposed environmental regulations. Our evaluation concluded that impairments existed, and the carrying values for our Martin Lake, Monticello and Sandow 5 generation facilities and related mining facilities were reduced in total by $4.640 billion. Our fair value measurement for these assets was determined based on an income approach that utilized probability-weighted estimates of discounted future cash flows, which were Level 3 fair value measurements (see Note 16). Key inputs into the fair value measurement for these assets included current forecasted wholesale electricity prices in ERCOT, forecasted fuel prices, capital and operating expenditure forecasts and discount rates. In 2014, we wrote off previously incurred and deferred costs totaling $30 million for mining projects not expected to be completed due to economic forecasts and regulatory uncertainty. These charges have been recorded in impairment of long-lived assets in the Competitive Electric segment's results. Additional material impairments may occur in the future with respect to these assets or other of our generation facilities if forward wholesale electricity prices continue to decline or forecasted costs of producing electricity at our generation facilities increase, including increased costs of compliance with new and/or proposed environmental regulations. Impairment of Nuclear Generation Development Joint Venture Assets in 2013 In 2009, subsidiaries of TCEH and Mitsubishi Heavy Industries Ltd. (MHI) formed a joint venture, Comanche Peak Nuclear Power Company LLC (CPNPC), to develop two new nuclear generation units at our existing Comanche Peak nuclear plant site. CPNPC was consolidated as a VIE. In the fourth quarter 2014, MHI withdrew from the joint venture, and the TCEH subsidiary now owns 100% of CPNPC. In the fourth quarter of 2013, MHI notified us and the NRC of its plans to reduce its support of review activities related to the NRC's Design Certification of MHI's US-APWR technology. As a result, Luminant notified the NRC of its intent to suspend (but not withdraw) all reviews associated with the combined operating license application by March 31, 2014. MHI's decision and the expected amendment of the joint venture agreement triggered an analysis of the recoverability of the joint venture's assets. Because of the significant uncertainty regarding the development of the nuclear generation units, considering the wholesale electricity price environment in ERCOT and risks related to financing and cost escalation, in the fourth quarter 2013 essentially all the joint venture's assets were impaired resulting in a charge of $140 million. The charge is reported as other deductions and included in the Competitive Electric segment's results. MHI's allocated portion of the impairment charge totaled $107 million and is reported in net loss attributable to noncontrolling interests in the statements of consolidated income (loss). A deferred income tax benefit was recorded for our $33 million allocated portion of the impairment charge and is included in income tax benefit in the statements of consolidated income (loss). |
Reorganization Items (Reorganization Items) (Notes) |
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Reorganization Items [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reorganization Items [Text Block] | REORGANIZATION ITEMS Expenses and income directly associated with the Chapter 11 Cases are reported separately in the statements of consolidated income (loss) as reorganization items as required by ASC 852, Reorganizations. Reorganization items also include adjustments to reflect the carrying value of liabilities subject to compromise (LSTC) at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the year ended December 31, 2015 and the post-petition period ended December 31, 2014 as reported in the statements of consolidated income (loss):
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Interest Expense and Related Charges Interest Expense and Related Charges (Notes) |
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Interest Expense Disclosure [Text Block] | INTEREST EXPENSE AND RELATED CHARGES
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Interest expense for the year ended December 31, 2015 reflects interest paid and accrued on debtor-in-possession financing (see Note 12), adequate protection amounts paid and accrued, as approved by the Bankruptcy Court in June 2014 for the benefit of secured creditors of (a) $22.616 billion principal amount of outstanding borrowings from the TCEH Senior Secured Facilities, (b) $1.750 billion principal amount of outstanding TCEH Senior Secured Notes and (c) the $1.243 billion net liability related to the TCEH first-lien interest rate swaps and natural gas hedging positions terminated shortly after the Bankruptcy Filing (see Note 17), in exchange for their consent to the senior secured, super-priority liens contained in the TCEH DIP Facility and any diminution in value of their interests in the pre-petition collateral from the Petition Date, and interest paid on EFIH's pre-petition 11.00% Second Lien Notes due 2021 and 11.75% Second Lien Notes due 2022 as approved by the Bankruptcy Court in March 2015 (see Note 13). The interest rate applicable to the adequate protection amounts paid/accrued at December 31, 2015 is 4.69% (one-month LIBOR plus 4.50%). In connection with the completion of the Plan of Reorganization, the amount of adequate protection payments may be adjusted to reflect the valuation of the TCEH Debtors determined in connection with confirmation of the Plan of Reorganization by the Bankruptcy Court. The Bankruptcy Code generally restricts payment of interest on pre-petition debt, subject to certain exceptions. However, the Bankruptcy Court ordered the payment of adequate protection amounts as discussed above and post-petition interest payments on EFIH First Lien Notes in connection with the settlement in June 2014 as discussed in Note 12. Additionally, the Bankruptcy Court approved post-petition interest payments on the EFIH Second Lien Notes in March 2015 as discussed in Note 13. Additional interest payments may also be made upon approval by the Bankruptcy Court (see Note 14). Other than these amounts ordered or approved by the Bankruptcy Court, effective April 29, 2014, we discontinued recording interest expense on outstanding pre-petition debt classified as liabilities subject to compromise (LSTC). The table below shows contractual interest amounts, which are amounts due under the contractual terms of the outstanding debt, including debt subject to compromise during the Chapter 11 Cases. Interest expense reported in the statements of consolidated income (loss) for the year ended December 31, 2015 and the post-petition period ended December 31, 2014 does not include $1.270 billion and $919 million, respectively, in contractual interest on pre-petition debt classified as LSTC, which has been stayed by the Bankruptcy Court effective on the Petition Date. For the year ended December 31, 2015 and the post-petition period ended December 31, 2014, adequate protection paid/accrued presented below excludes $60 million and $40 million, respectively, related to interest paid/accrued on the TCEH first-lien interest rate and commodity hedge claims (see Note 17), as such amounts are not included in contractual interest amounts below.
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Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise) (Notes) |
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Debtor-In-Possession Borrowing Facilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise [Text Block] | DEBTOR-IN-POSSESSION BORROWING FACILITIES AND LONG-TERM DEBT NOT SUBJECT TO COMPROMISE TCEH DIP Facility — The Bankruptcy Court approved the TCEH DIP Facility in June 2014. The TCEH DIP Facility currently provides for up to $3.375 billion in senior secured, super-priority financing consisting of a revolving credit facility of up to $1.95 billion and a term loan facility of up to $1.425 billion. The TCEH DIP Facility is a Senior Secured, Super-Priority Credit Agreement by and among the TCEH Debtors, the lenders that are party thereto from time to time and an administrative and collateral agent. The TCEH DIP Facility and related available capacity at December 31, 2015 are presented below. Borrowings are reported in the consolidated balance sheets as borrowings under debtor-in-possession credit facilities. In October 2015, the TCEH Debtors paid an $8 million extension fee and extended the maturity date of the TCEH DIP Facility to the earlier of (a) November 2016 or (b) the effective date of any reorganization plan of TCEH. The terms of the facility were otherwise unchanged by the extension. In September 2015, the TCEH Debtors extended their use of cash collateral to the earlier of (a) the effective date of a plan of reorganization or (b) 60 days following termination of the Debtors' Plan Support Agreement, provided that the TCEH Debtors do not otherwise cause an event of default under the cash collateral order. The TCEH DIP Facility must be repaid in full prior to the TCEH Debtors emergence from the Chapter 11 Cases.
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At both December 31, 2015 and 2014, all $1.425 billion of the TCEH DIP Term Loan Facility has been borrowed. Of this borrowing, $800 million represents amounts that support issuances of letters of credit and have been funded to a collateral account. Of the collateral account amount at December 31, 2015, $281 million is reported as cash and cash equivalents and $519 million is reported as restricted cash, which represents the amount of outstanding letters of credit. As discussed in Note 3, we intend to utilize a portion of the remaining available cash borrowing capacity under the TCEH DIP Revolving Credit Facility and cash on hand to fund the acquisition of La Frontera Holdings, LLC. Amounts borrowed under the TCEH DIP Facility bear interest based on applicable LIBOR rates, subject to a 0.75% floor, plus 3%. At both December 31, 2015 and 2014, the interest rate on outstanding borrowings was 3.75%. The TCEH DIP Facility also provides for certain additional fees payable to the agents and lenders, as well as availability fees payable with respect to any unused portions of the available TCEH DIP Facility. The TCEH Debtors' obligations under the TCEH DIP Facility are secured by a lien covering substantially all of the TCEH Debtors' assets, rights and properties, subject to certain exceptions set forth in the TCEH DIP Facility. The TCEH DIP Facility provides that all obligations thereunder constitute administrative expenses in the Chapter 11 Cases, with administrative priority and senior secured status under the Bankruptcy Code and, subject to certain exceptions set forth in the TCEH DIP Facility, have priority over any and all administrative expense claims, unsecured claims and costs and expenses in the Chapter 11 Cases. EFCH is a parent guarantor to the agreement governing the TCEH DIP Facility along with substantially all of TCEH’s subsidiaries, including all subsidiaries that are Debtors in the Chapter 11 Cases. The TCEH DIP Facility also permits certain hedging agreements to be secured on a pari passu basis with the TCEH DIP Facility in the event those hedging agreements meet certain criteria set forth in the TCEH DIP Facility. In June 2014, the RCT agreed to accept a collateral bond from TCEH of up to $1.1 billion, as a substitute for its self-bond, to secure mining land reclamation obligations. The collateral bond is a $1.1 billion carve-out from the super-priority liens under the TCEH DIP Facility that will enable the RCT to be paid before the TCEH DIP Facility lenders. As a result, in July 2014, TCEH terminated the $1.1 billion RCT Delayed Draw Letter of Credit commitment included in the original DIP facility. The TCEH DIP Facility provides for affirmative and negative covenants applicable to the TCEH Debtors, including affirmative covenants requiring the TCEH Debtors to provide financial information, budgets and other information to the agents under the TCEH DIP Facility, and negative covenants restricting the TCEH Debtors' ability to incur additional indebtedness, grant liens, dispose of assets, make investments, pay dividends or take certain other actions, in each case except as permitted in the TCEH DIP Facility. The TCEH Debtors' ability to borrow under the TCEH DIP Facility is subject to the satisfaction of certain customary conditions precedent set forth therein. The TCEH DIP Facility provides for certain customary events of default, including events of default resulting from non-payment of principal, interest or other amounts when due, material breaches of representations and warranties, material breaches of covenants in the TCEH DIP Facility or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against the TCEH Debtors. The agreement governing the TCEH DIP Facility includes a covenant that requires the Consolidated Superpriority Secured Net Debt to Consolidated EBITDA ratio not exceed 3.50 to 1.00. Consolidated Superpriority Secured Net Debt consists of outstanding term loans and revolving credit exposure under the TCEH DIP Facility less unrestricted cash. Upon the existence of an event of default, the TCEH DIP Facility provides that all principal, interest and other amounts due thereunder will become immediately due and payable, either automatically or at the election of specified lenders. EFIH DIP Facility, EFIH First Lien Notes Settlement and EFIH Second Lien Notes Repayment — The Bankruptcy Court approved the EFIH DIP Facility in June 2014. The EFIH DIP Facility provides for a $5.4 billion first-lien debtor-in-possession financing facility. Since inception, the facility has been utilized as follows:
The exchange and settlement of the EFIH First Lien Notes in 2014 resulted in a loss of $108 million, reported in reorganization items, which represents the excess of the principal amounts of debt issued, cash repayments and deferred financing costs associated with the exchanged and settled debt over the carrying value of the exchanged and settled debt and related accrued interest. As of December 31, 2015, remaining cash on hand from borrowings under the EFIH DIP Facility, net of fees, totaled approximately $354 million, which was held as cash and cash equivalents. In the December 31, 2015 consolidated balance sheet, the borrowings under the EFIH DIP Facility are reported as current liabilities since the maturity date of the facility is June 2016. In January 2016, the EFIH Debtors paid a $13.5 million extension fee to extend the maturity date of the EFIH DIP Facility to December 2016. The terms of the EFIH DIP Facility were otherwise unchanged. The EFIH DIP Facility must be repaid in full prior to the EFIH Debtors emergence from the Chapter 11 Cases. The principal amounts outstanding under the EFIH DIP Facility bear interest based on applicable LIBOR rates, subject to a 1% floor, plus 3.25%. At both December 31, 2015 and 2014, outstanding borrowings under the EFIH DIP Facility totaled $5.4 billion at an annual interest rate of 4.25%. The EFIH DIP Facility is a non-amortizing loan that may, subject to certain limitations, be voluntarily prepaid by the EFIH Debtors, in whole or in part, without any premium or penalty. The EFIH DIP Facility will mature on the earlier of (a) the effective date of any reorganization plan, (b) upon the event of the sale of substantially all of EFIH's assets or (c) December 2016. EFIH's obligations under the EFIH DIP Facility are secured by a first lien covering substantially all of EFIH's assets, rights and properties, subject to certain exceptions set forth in the EFIH DIP Facility. The EFIH DIP Facility provides that all obligations thereunder constitute administrative expenses in the Chapter 11 Cases, with administrative priority and senior secured status under the Bankruptcy Code and, subject to certain exceptions set forth in the EFIH DIP Facility, will have priority over any and all administrative expense claims, unsecured claims and costs and expenses in the Chapter 11 Cases. The EFIH DIP Facility provides for affirmative and negative covenants applicable to EFIH and EFIH Finance, including affirmative covenants requiring EFIH and EFIH Finance to provide financial information, budgets and other information to the agents under the EFIH DIP Facility, and negative covenants restricting EFIH's and EFIH Finance's ability to incur additional indebtedness, grant liens, dispose of assets, pay dividends or take certain other actions, in each case except as permitted in the EFIH DIP Facility. The EFIH DIP Facility also includes a minimum liquidity covenant pursuant to which EFIH cannot allow the amount of its unrestricted cash (as defined in the EFIH DIP Facility) to be less than $150 million. As of December 31, 2015, EFIH was in compliance with this minimum liquidity covenant. The Oncor Ring-Fenced Entities are not restricted subsidiaries for purposes of the EFIH DIP Facility. The EFIH DIP Facility provides for certain customary events of default, including events of default resulting from non-payment of principal, interest or other amounts when due, material breaches of representations and warranties, material breaches of covenants in the EFIH DIP Facility or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against EFIH. Upon the existence of an event of default, the EFIH DIP Facility provides that all principal, interest and other amounts due thereunder will become immediately due and payable, either automatically or at the election of specified lenders. The EFIH DIP Facility permits, subject to certain terms, conditions and limitations set forth in the EFIH DIP Facility, EFIH to incur incremental junior lien subordinated debt in an aggregate amount not to exceed $3 billion. Long-Term Debt Not Subject to Compromise — Amounts presented in the table below represent pre-petition liabilities that are not subject to compromise due to the debt being fully collateralized or specific orders from the Bankruptcy Court approving repayment of the debt.
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Liabilities Subject to Compromise |
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Liabilities Subject to Compromise [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities Subject to Compromise | LIABILITIES SUBJECT TO COMPROMISE The amounts classified as liabilities subject to compromise (LSTC) reflect the company's estimate of pre-petition liabilities and other expected allowed claims to be addressed in the Chapter 11 Cases and may be subject to future adjustment as the Chapter 11 Cases proceed. Prior to December 2015, debt amounts include related unamortized deferred financing costs and discounts/premiums. Amounts classified to LSTC do not include pre-petition liabilities that are fully collateralized by letters of credit or cash deposits. The following table presents LSTC as reported in the consolidated balance sheets at December 31, 2015 and 2014:
Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise Amounts presented below represent principal amounts of pre-petition notes, loans and other debt reported as liabilities subject to compromise.
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Repayment of EFIH Notes In March 2015, with the approval of the Bankruptcy Court, EFIH used some of its cash to repay (Repayment) $735 million, including interest at contractual rates, in amounts outstanding under EFIH's pre-petition 11.00% Fixed Senior Secured Second Lien Notes due October 1, 2021 (11.00% Notes) and 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 (11.75% Notes) and $15 million in certain fees and expenses of the trustee for such notes. The Repayment resulted in an $84 million reduction in the principal amount of the 11.00% Notes, a $361 million reduction in the principal amount of the 11.75% Notes and the payment of $235 million and $55 million of accrued and unpaid post-petition and pre-petition interest, respectively, at contractual rates. The Repayment required the requisite consent of the lenders under EFIH's DIP Facility. EFIH received such consent from approximately 97% of the lenders under the EFIH DIP Facility in consideration of an aggregate consent fee equal to approximately $13 million. As a result of the Repayment, as of December 31, 2015, the principal amount outstanding on the 11.00% Notes and 11.75% Notes are $322 million and $1.389 billion, respectively. Charging Lien Advances In December 2015, the Bankruptcy Court approved certain charging lien advances related to pre-petition debt of both EFH Corp. and EFIH. Pursuant to those charging lien advances, the Debtors paid approximately $36 million to reduce EFIH Toggle Notes and accrued approximately $7 million to reduce EFH Corp. 5.55% Series P Notes due 2014, 6.50% Series Q Notes due 2024 and 6.55% Series R Notes due 2034. TCEH Letter of Credit Facility Activity Borrowings under the TCEH Letter of Credit Facility have been recorded by TCEH as restricted cash that supports issuances of letters of credit. At December 31, 2015, the restricted cash related to the pre-petition TCEH Letter of Credit Facility totaled $507 million, and there were no outstanding letters of credit related to the pre-petition TCEH Letter of Credit Facility. Due to the default under the pre-petition TCEH Senior Secured Facilities, the letter of credit capacity is no longer available. In the first quarter of 2014, TCEH issued a $157 million letter of credit to a subsidiary of EFH Corp. to secure its current and future amounts payable to the subsidiary arising from recurring transactions in the normal course of business, and in 2014, the subsidiary drew on the letter of credit in the amount of $150 million to settle amounts due from TCEH. The remaining $7 million under the letter of credit expired in July 2014. For the years ended December 31, 2015 and 2014, $45 million and $245 million, respectively, of letters of credit were drawn upon by counterparties to settle amounts due from TCEH. Included in the year ended December 31, 2015 amount was $20 million drawn by certain executive officers to satisfy payments related to long-term incentive awards, and included in the year ended December 31, 2014 amount was $204 million related to pollution control revenue bonds that were tendered as noted below. Debt Related Activity in 2014 Repayments of debt in the year ended December 31, 2014 totaled $241 million and consisted of $233 million of payments of principal at scheduled maturity or mandatory tender and remarketing dates (including $204 million of pollution control revenue bond and $11 million of fixed secured facility bond payments) and $8 million of contractual payments under capital leases. Information Regarding Significant Pre-Petition Debt TCEH elected not to make interest payments due in April 2014 totaling $123 million on certain debt obligations. The TCEH pre-petition debt described below is junior in right of priority and payment to the TCEH DIP Facility, and the EFIH pre-petition debt (including EFIH's guarantee of the EFH Corp. debt) described below is junior in right of priority and payment to the EFIH DIP Facility. TCEH Senior Secured Facilities — Borrowings under the TCEH Senior Secured Facilities total $22.616 billion and consist of:
The TCEH Senior Secured Facilities are fully and unconditionally guaranteed jointly and severally on a senior secured basis by EFCH, and subject to certain exceptions, each existing and future direct or indirect wholly owned US subsidiary of TCEH. The TCEH Senior Secured Facilities, the TCEH Senior Secured Notes and the TCEH first lien hedges (or any termination amounts related thereto), discussed below, are secured on a first priority basis by (i) substantially all of the current and future assets of TCEH and TCEH's subsidiaries who are guarantors of such facilities and (ii) pledges of the capital stock of TCEH and certain current and future direct or indirect subsidiaries of TCEH. TCEH 11.5% Senior Secured Notes — The principal amount of the TCEH 11.5% Senior Secured Notes totals $1.750 billion, with interest payable at a fixed rate of 11.5% per annum. The notes are fully and unconditionally guaranteed on a joint and several basis by EFCH and each subsidiary of TCEH that guarantees the TCEH Senior Secured Facilities (collectively, the Guarantors). The notes are secured, on a first-priority basis, by security interests in all of the assets of TCEH, and the guarantees are secured on a first-priority basis by all of the assets and equity interests held by the Guarantors, in each case, to the extent such assets and equity interests secure obligations under the TCEH Senior Secured Facilities (the TCEH Collateral), subject to certain exceptions and permitted liens. The notes are (i) senior obligations and rank equally in right of payment with all senior indebtedness of TCEH, (ii) senior in right of payment to all existing or future unsecured and second-priority secured debt of TCEH to the extent of the value of the TCEH Collateral and (iii) senior in right of payment to any future subordinated debt of TCEH. These notes are effectively subordinated to all secured obligations of TCEH that are secured by assets other than the TCEH Collateral, to the extent of the value of the assets securing such obligations. The guarantees of the TCEH Senior Secured Notes by the Guarantors are effectively senior to any unsecured and second-priority debt of the Guarantors to the extent of the value of the TCEH Collateral. The guarantees are effectively subordinated to all debt of the Guarantors secured by assets that are not part of the TCEH Collateral, to the extent of the value of the collateral securing that debt. TCEH 15% Senior Secured Second Lien Notes (including Series B) — The principal amount of the TCEH 15% Senior Secured Second Lien Notes totals $1.571 billion with interest at a fixed rate of 15% per annum. The notes are fully and unconditionally guaranteed on a joint and several basis by EFCH and, subject to certain exceptions, each subsidiary of TCEH that guarantees the TCEH Senior Secured Facilities. The notes are secured, on a second-priority basis, by security interests in all of the assets of TCEH, and the guarantees (other than the guarantee of EFCH) are secured on a second-priority basis by all of the assets and equity interests of all of the Guarantors other than EFCH (collectively, the Subsidiary Guarantors), in each case, to the extent such assets and security interests secure obligations under the TCEH Senior Secured Facilities on a first-priority basis, subject to certain exceptions (including the elimination of the pledge of equity interests of any Subsidiary Guarantor to the extent that separate financial statements would be required to be filed with the SEC for such Subsidiary Guarantor under Rule 3-16 of Regulation S-X) and permitted liens. The guarantee from EFCH is not secured. The notes are senior obligations of the issuer and rank equally in right of payment with all senior indebtedness of TCEH, are senior in right of payment to all existing or future unsecured debt of TCEH to the extent of the value of the TCEH Collateral (after taking into account any first-priority liens on the TCEH Collateral) and are senior in right of payment to any future subordinated debt of TCEH. These notes are effectively subordinated to TCEH's obligations under the TCEH Senior Secured Facilities, the TCEH Senior Secured Notes and TCEH's commodity and interest rate hedges that are secured by a first-priority lien on the TCEH Collateral and any future obligations subject to first-priority liens on the TCEH Collateral, to the extent of the value of the TCEH Collateral, and to all secured obligations of TCEH that are secured by assets other than the TCEH Collateral, to the extent of the value of the assets securing such obligations. The guarantees of the TCEH Senior Secured Second Lien Notes by the Subsidiary Guarantors are effectively senior to any unsecured debt of the Subsidiary Guarantors to the extent of the value of the TCEH Collateral (after taking into account any first-priority liens on the TCEH Collateral). These guarantees are effectively subordinated to all debt of the Subsidiary Guarantors secured by the TCEH Collateral on a first-priority basis or that is secured by assets that are not part of the TCEH Collateral, to the extent of the value of the collateral securing that debt. EFCH's guarantee ranks equally with its unsecured debt (including debt it guarantees on an unsecured basis) and is effectively subordinated to any of its secured debt to the extent of the value of the collateral securing that debt. TCEH 10.25% Senior Notes (including Series B) and 10.50%/11.25% Senior Toggle Notes (collectively, the TCEH Senior Notes) — The principal amount of the TCEH Senior Notes totals $4.874 billion, and the notes are fully and unconditionally guaranteed on a joint and several unsecured basis by TCEH's direct parent, EFCH, and by each subsidiary that guarantees the TCEH Senior Secured Facilities. The TCEH 10.25% Notes bore interest at a fixed rate of 10.25% per annum. The TCEH Toggle Notes bore interest at a fixed rate of 10.50% per annum. EFIH 6.875% Senior Secured First Lien Notes — There were no principal amounts of the EFIH 6.875% Notes outstanding at December 31, 2015 as the notes were exchanged or settled in June 2014 as discussed in Note 12. The notes bore interest at a fixed rate of 6.875% per annum. The EFIH 6.875% Notes were secured on a first-priority basis by EFIH's pledge of its 100% ownership of the membership interests in Oncor Holdings (the EFIH Collateral) on an equal and ratable basis with the EFIH 10% Notes (discussed below). EFIH 10% Senior Secured First Lien Notes — There were no principal amounts of the EFIH 10% Notes outstanding at December 31, 2015 as the notes were exchanged or settled in June 2014 as discussed in Note 12. The notes bore interest at a fixed rate of 10% per annum. The notes were secured by the EFIH Collateral on an equal and ratable basis with the EFIH 6.875% Notes. EFIH 11% Senior Secured Second Lien Notes — The principal amount of the EFIH 11% Notes totals $322 million with interest at a fixed rate of 11% per annum. The EFIH 11% Notes are secured on a second-priority basis by the EFIH Collateral on an equal and ratable basis with the EFIH 11.75% Notes. See discussion above related to the repayment of a portion of these notes in March 2015. The EFIH 11% Notes are senior obligations of EFIH and EFIH Finance and rank equally in right of payment with all senior indebtedness of EFIH and are effectively senior in right of payment to all existing or future unsecured debt of EFIH to the extent of the value of the EFIH Collateral. The notes have substantially the same terms as the EFIH 11.75% Notes discussed below, and the holders of the EFIH 11% Notes will generally vote as a single class with the holders of the EFIH 11.75% Notes. EFIH 11.75% Senior Secured Second Lien Notes — The principal amount of the EFIH 11.75% Notes totals $1.389 billion with interest at a fixed rate of 11.75% per annum. The EFIH 11.75% Notes are secured on a second-priority basis by the EFIH Collateral on an equal and ratable basis with the EFIH 11% Notes. The EFIH 11.75% Notes have substantially the same covenants as the EFIH 11% Notes, and the holders of the EFIH 11.75% Notes will generally vote as a single class with the holders of the EFIH 11% Notes. See discussion above related to the repayment of a portion of these notes in March 2015. The EFIH 11.75% Notes were issued in private placements and are not registered under the Securities Act. EFIH had agreed to use its commercially reasonable efforts to register with the SEC notes having substantially identical terms as the EFIH 11.75% Notes (except for provisions relating to transfer restrictions and payment of additional interest) as part of an offer to exchange freely tradable notes for the EFIH 11.75% Notes. Because the exchange offer was not completed, the annual interest rate on the EFIH 11.75% Notes increased by 25 basis points (to 12.00%) in February 2013 and by an additional 25 basis points (to 12.25%) in May 2013. EFIH 11.25%/12.25% Senior Toggle Notes — The principal amount of the EFIH Toggle Notes totals $1.530 billion with interest at a fixed rate of 11.25% per annum for cash interest and 12.25% per annum for PIK Interest. The terms of the Toggle Notes include an election by EFIH, for any interest period until June 1, 2016, to pay interest on the Toggle Notes (i) entirely in cash; (ii) by increasing the principal amount of the notes or by issuing new EFIH Toggle Notes (PIK Interest); or (iii) 50% in cash and 50% in PIK Interest. EFIH made its pre-petition interest payments on the EFIH Toggle Notes by using the PIK feature of those notes. The EFIH Toggle Notes were issued in private placements and are not registered under the Securities Act. EFIH had agreed to use its commercially reasonable efforts to register with the SEC notes having substantially identical terms as the EFIH Toggle Notes (except for provisions relating to transfer restrictions and payment of additional interest) as part of an offer to exchange freely tradable notes for the EFIH Toggle Notes. Because the exchange offer was not completed, the annual interest rate on the EFIH Toggle Notes increased by 25 basis points (to 11.50%) in December 2013 and by an additional 25 basis points (to 11.75%) in March 2014. EFH Corp. 10.875% Senior Notes and 11.25%/12.00% Senior Toggle Notes — The collective principal amount of these notes totals $60 million. The notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by EFCH and EFIH. The notes bore interest at a fixed rate for the 10.875% Notes of 10.875% per annum and at a fixed rate for the Toggle Notes of 11.25% per annum. Material Cross Default/Acceleration Provisions — Certain of our pre-petition financing arrangements contain provisions that result in an event of default if there were a failure under other financing arrangements to meet payment terms or to observe other covenants that could or does result in an acceleration of payments due. Such provisions are referred to as "cross default" or "cross acceleration" provisions. The Bankruptcy Filing triggered defaults on our pre-petition debt obligations, but pursuant to the Bankruptcy Code, the creditors are stayed from taking any actions against the Debtors as a result of such defaults. Intercreditor Agreement — TCEH has entered into an intercreditor agreement with Citibank, N.A. and five secured commodity hedge counterparties (the Secured Commodity Hedge Counterparties). The intercreditor agreement takes into account, among other things, the possibility that TCEH could have issued notes and/or loans secured by collateral (other than the collateral that secures the TCEH Senior Secured Facilities) that ranks on parity with, or junior to, TCEH's existing first lien obligations under the TCEH Senior Secured Facilities. The Intercreditor Agreement provides that the lien granted to the Secured Commodity Hedge Counterparties ranks pari passu with the lien granted with respect to the collateral of the secured parties under the TCEH Senior Secured Facilities. The Intercreditor Agreement also provides that the Secured Commodity Hedge Counterparties are entitled to share, on a pro rata basis, in the proceeds of any liquidation of such collateral in connection with a foreclosure on such collateral in an amount provided in the TCEH Senior Secured Facilities. The Intercreditor Agreement also provides that the Secured Commodity Hedge Counterparties have voting rights with respect to any amendment or waiver of any provision of the Intercreditor Agreement that changes the priority of the Secured Commodity Hedge Counterparties' lien on such collateral relative to the priority of lien granted to the secured parties under the TCEH Senior Secured Facilities or the priority of payments to the Secured Commodity Hedge Counterparties upon a foreclosure and liquidation of such collateral relative to the priority of the lien granted to the secured parties under the TCEH Senior Secured Facilities. Second Lien Intercreditor Agreement — TCEH has also entered into a second lien intercreditor agreement (the Second Lien Intercreditor Agreement) with Citibank, N.A., as senior collateral agent, and The Bank of New York Mellon Trust Company, N.A., as initial second priority representative. The Second Lien Intercreditor Agreement provides that liens on the collateral that secure the obligations under the TCEH Senior Secured Facilities, the obligations of the Secured Commodity Hedge Counterparties and any other obligations which are permitted to be secured on a pari passu basis therewith (collectively, the First Lien Obligations) rank prior to the liens on such collateral securing the obligations under the TCEH Senior Secured Second Lien Notes, and any other obligations which are permitted to be secured on a pari passu basis (collectively, the Second Lien Obligations). The Second Lien Intercreditor Agreement provides that the holders of the First Lien Obligations are entitled to the proceeds of any liquidation of such collateral in connection with a foreclosure on such collateral until paid in full, and that the holders of the Second Lien Obligations are not entitled to receive any such proceeds until the First Lien Obligations have been paid in full. The Second Lien Intercreditor Agreement also provides that the holders of the First Lien Obligations control enforcement actions with respect to such collateral, and the holders of the Second Lien Obligations are not entitled to commence any such enforcement actions, with limited exceptions. The Second Lien Intercreditor Agreement also provides that releases of the liens on the collateral by the holders of the First Lien Obligations automatically require that the liens on such collateral by the holders of the Second Lien Obligations be automatically released, and that amendments, waivers or consents with respect to any of the collateral documents in connection with the First Lien Obligations apply automatically to any comparable provision of the collateral documents in connection with the Second Lien Obligations. EFIH Collateral Trust Agreement — EFIH entered into a Collateral Trust Agreement, among EFIH, Delaware Trust Company, as First Lien Successor Trustee, the other Secured Debt Representatives named therein and the Collateral Trustee. The Collateral Trust Agreement governing the pledge of collateral generally provides that the holders of a majority of the debt secured by a first priority lien on the collateral, including the notes and other future debt incurred by EFH or EFIH secured by the collateral equally and ratably, have, subject to certain limited exceptions, the exclusive right to manage, perform and enforce the terms of the security documents securing the rights of secured debt holders in the collateral, and to exercise and enforce all privileges, rights and remedies thereunder. |
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Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Contractual Commitments At December 31, 2015, we had contractual commitments under energy-related contracts, leases and other agreements, some of which remain subject to potential rejection in the Chapter 11 Cases, as follows:
Expenditures under our coal purchase and coal transportation agreements totaled $218 million, $348 million and $353 million for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015, future minimum lease payments under both capital leases and operating leases are as follows:
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Rent reported as operating costs, fuel costs and SG&A expenses totaled $84 million, $84 million and $90 million for the years ended December 31, 2015, 2014 and 2013, 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. See Notes 12 and 13 for discussion of guarantees and security for certain of our post-petition and pre-petition debt. Letters of Credit At December 31, 2015, TCEH had outstanding letters of credit under the TCEH DIP Facility totaling $519 million as follows:
The automatic stay under the Bankruptcy Code does not apply to letters of credit issued under the pre-petition credit facility and third parties may draw if the terms of a particular letter of credit so provide. See Note 13 for discussion of letter of credit draws in 2015 and 2014. Litigation Aurelius Derivative Claim — Aurelius Capital Master, Ltd. and ACP Master, Ltd. (Aurelius) filed a lawsuit in March 2013, amended in May 2013, in the US District Court for the Northern District of Texas (Dallas Division) against EFCH as a nominal defendant and each of the current directors and a former director of EFCH. In the lawsuit, Aurelius, as a creditor under the TCEH Senior Secured Facilities and certain TCEH secured bonds, both of which are guaranteed by EFCH, filed a derivative claim against EFCH and its directors. Aurelius alleged that the directors of EFCH breached their fiduciary duties to EFCH and its creditors, including Aurelius, by permitting TCEH to make certain loans "without collecting fair and reasonably equivalent value." The lawsuit sought recovery for the benefit of EFCH. In January 2014, the district court granted EFCH's and the directors' motion to dismiss and in February 2014 dismissed the lawsuit. Aurelius has appealed the district court's judgment to the US Court of Appeals for the Fifth Circuit (Fifth Circuit Court). The appeal was automatically stayed as a result of the Bankruptcy Filing. We cannot predict the outcome of this proceeding, including the financial effects, if any. Make-whole Claims — In May 2014, the indenture trustee for the EFIH 10% First Lien Notes initiated litigation in the Bankruptcy Court seeking, among other things, a declaratory judgment that EFIH is obligated to pay a make-whole premium in connection with the cash repayment of the EFIH First Lien Notes discussed in Note 12 and that such make-whole premium is an allowed secured claim, or in the alternative, an allowed secured or unsecured claim for breach of contract (EFIH First Lien Make-whole Claims). The indenture trustee has alleged that the EFIH First Lien Make-whole Claims are valued at approximately $432 million plus reimbursement of expenses. In separate rulings in March and July 2015, the Bankruptcy Court found that no make-whole premium is due with respect to the EFIH 10% First Lien Notes. In July 2015, the indenture trustee appealed the Bankruptcy Court's ruling to the United States District Court for the District of Delaware and in February 2016 that court affirmed the Bankruptcy Court's rulings. In February 2016, the Indenture Trustee appealed the District Court's ruling to the Third Circuit Court of Appeals. The EFIH Debtors intend to vigorously defend against this appeal. We cannot predict the outcome of this appeal. In June 2014, the indenture trustee for the EFIH Second Lien Notes initiated litigation in the Bankruptcy Court seeking similar relief with respect to the EFIH Second Lien Notes, including among other things, that EFIH is obligated to pay a make-whole premium in connection with any repayment of the EFIH Second Lien Notes and that such make-whole premium would be an allowed secured claim, or in the alternative, an allowed secured or unsecured claim for breach of contract (the EFIH Second Lien Make-whole Claims). If, as of December 31, 2015, the EFIH Second Lien Make-whole Claims were allowed, the amount of such claims would have been approximately $401 million plus reimbursement of expenses. In October 2015, the Bankruptcy Court issued a ruling and order in favor of the EFIH Debtors. The order and ruling found that no make-whole premium is due with respect to the EFIH Second Lien Notes. In November 2015, the indenture trustee appealed the Bankruptcy Court's ruling to the United States District Court for the District of Delaware. Briefing is complete, but oral argument has not yet been scheduled. The EFIH Debtors intend to vigorously defend against this appeal. We cannot predict the outcome of this appeal. In December 2014, the EFIH Debtors initiated litigation against the indenture trustee for the EFIH PIK Notes seeking, among other things, a declaratory judgment that EFIH is not obligated to pay a redemption or make-whole premium in connection with the cash repayment of the EFIH PIK Notes and that any post-petition interest owing on these notes is to be paid at the statutory Federal Judgment Rate of interest. In June 2015, the Bankruptcy Court issued an opinion and entered an order dismissing the EFIH Debtors' adversary proceeding. However, in its opinion, the Bankruptcy Court noted that as an alternative the EFIH Debtors may file a claim objection to the EFIH PIK noteholders' claims made in the Chapter 11 Cases. In July 2015, the EFIH Debtors filed a claim objection with the Bankruptcy Court regarding the EFIH PIK noteholders' claims for a redemption premium and post-petition interest at the contract rate under the EFIH PIK Notes. In October 2015, the Bankruptcy Court issued opinions in favor of the EFIH Debtors. One opinion found that no make-whole premium is due with respect to the EFIH PIK Notes. The second opinion found that the EFIH PIK noteholders' allowed claim does not, as a matter of law, include post-petition interest whether at the contract rate or the Federal Judgment Rate. This opinion did find, however, that, in connection with the confirmation of a Plan of Reorganization, the Bankruptcy Court could, at its discretion, grant post-petition interest as part of the EFIH PIK noteholders' allowed claim under general principals of equity and that such grant could be at the contract rate, the Federal Judgment Rate or any other amount that the Bankruptcy Court determines to be equitable. In November 2015, a majority of the EFIH PIK Noteholders settled their claims contingent on the Plan of Reorganization becoming effective. These settling noteholders have appealed both of the Bankruptcy Court's rulings to the United States District Court for the District of Delaware. Those appeals have been stayed, and if the Plan of Reorganization becomes effective, those appeals will likely be moot. If the Plan of Reorganization does not become effective, those appeals may be revived. Some EFIH PIK Noteholders have not settled their claims. They have appealed the Bankruptcy Court's ruling on post-petition interest to the United States District Court for the District of Delaware. That appeal has also been stayed. The non-settling EFIH PIK Noteholders have also sought to be awarded post-petition interest through an equitable proceeding suggested by the Bankruptcy Court’s second opinion. No briefing schedule has been set for that equitable proceeding. The EFIH Debtors intend to vigorously defend against the award of post-petition interest at a rate higher than the Federal Judgment Rate. We cannot predict the outcome of either of these appeals or any equitable proceeding seeking the award of post-petition interest. In October 2015, EFH Corp. filed a claim objection with the Bankruptcy Court with respect to the EFH Corp. Series P, Q and R Senior Notes (collectively, the EFH Legacy Notes) noteholders' claims for, among other things, make-whole premiums and post-petition interest. If, as of December 31, 2015, a make-whole claim and a post-petition interest claim were allowed, such claims would be $208 million and $66 million, respectively. In October 2015, the indenture trustee for the EFH Legacy Notes filed a response to this claim objection. No argument date has been set by the Bankruptcy Court regarding the EFH Legacy Notes claim objection. In November 2015, these claims were settled contingent on the Plan of Reorganization becoming effective. If the Plan of Reorganization does not become effective, the claims related to the EFH Legacy Notes may be revived. In that case, EFH Corp. would vigorously pursue its claim objection. We cannot predict the outcome of this proceeding. In October 2015, EFH Corp. filed a claim objection with the Bankruptcy Court with respect to the EFH Corp. 10.875% Senior Notes and 11.25%/12% Senior Toggle Notes (collectively, the EFH LBO Notes) noteholders' claims for, among other things, optional redemption payment and post-petition interest. If, as of December 31, 2015, a redemption claim and a post-petition interest claim were allowed, such claims would be zero and $13 million, respectively. The indenture trustee for the EFH LBO Notes has not yet filed a response to this claim objection. No argument date has been set by the Bankruptcy Court regarding the EFH LBO Notes claim objection. In November 2015, these claims were settled contingent on the Plan of Reorganization becoming effective. If the Plan of Reorganization does not become effective, these claims may be revived. In that case, EFH Corp. would vigorously pursue is claim objection. We cannot predict the outcome of this proceeding. In addition, creditors may make additional claims in the Chapter 11 Cases for make-whole or redemption premiums in connection with repayments or settlement of other pre-petition debt. These claims could be material. There can be no assurance regarding the outcome of any of the litigation regarding the validity or, if deemed valid, the amount of these make-whole or redemption claims. Potential Inter/Intra Debtor Claims — In August 2014, the Bankruptcy Court entered an order in the Chapter 11 Cases establishing discovery procedures governing, among other things, certain prepetition transactions among the various Debtors' estates. In February 2015, the ad hoc group of TCEH unsecured creditors; the official committee representing unsecured interests at EFCH and its direct subsidiary, TCEH; and the official committee representing unsecured interests at EFH and EFIH filed motions with the Bankruptcy Court seeking standing to prosecute derivative claims on behalf of TCEH relating to certain of these prepetition transactions. These claims were released effective when the Bankruptcy Court approved the Settlement Agreement. The Settlement Agreement was approved in December 2015 and is expected to remain effective even if the Plan of Reorganization does not become effective. Adversary Complaint against Texas Transmission — In October 2015, as contemplated by the Merger and Purchase Agreement, EFH Corp. filed with the Bankruptcy Court an adversary complaint against Texas Transmission seeking a judgment from the Bankruptcy Court ordering Texas Transmission to comply with its obligation under the Investor Rights Agreement in connection with the transactions contemplated by the Merger and Purchase Agreement, including (a) in connection with the closing of the merger, selling its interests in Oncor to the Investor Group at the same price that the Investor Group has agreed to purchase EFH Corp equity under the Merger and Purchase Agreement and (b) cooperating with Oncor and EFH Corp. in implementing the IPO Conversion Plan contemplated by the Merger and Purchase Agreement in order to effectuate the REIT. In December 2015, the Bankruptcy Court denied Texas Transmission's motion to dismiss EFH Corp.'s adversary complaint. The Bankruptcy Court has scheduled a trial in March 2016 for this claim. We intend to vigorously pursue this claim, but we cannot predict the ultimate outcome of this proceeding. Litigation Related to EPA Reviews — In June 2008, the EPA issued an initial request for information to TCEH under the EPA's authority under Section 114 of the Clean Air Act (CAA). The stated purpose of the request is to obtain information necessary to determine compliance with the CAA, including New Source Review Standards and air permits issued by the TCEQ for the Big Brown, Monticello and Martin Lake generation facilities. In April 2013, we received an additional information request from the EPA under Section 114 related to the Big Brown, Martin Lake and Monticello facilities as well as an initial information request related to the Sandow 4 generation facility. In July 2012, the EPA sent us a notice of violation alleging noncompliance with the CAA's New Source Review Standards and the air permits at our Martin Lake and Big Brown generation facilities. In July 2013, the EPA sent us a second notice of violation alleging noncompliance with the CAA's New Source Review Standards at our Martin Lake and Big Brown generation facilities, which the EPA said "superseded" its July 2012 notice. In August 2013, the US Department of Justice, acting as the attorneys for the EPA, filed a civil enforcement lawsuit against Luminant Generation Company LLC and Big Brown Power Company LLC in federal district court in Dallas, alleging violations of the CAA at our Big Brown and Martin Lake generation facilities. In August 2015, the district court issued its ruling on our motion to dismiss and granted the motion as to seven of the nine claims asserted by the EPA in the lawsuit. Two claims remain before the district court, and those are currently scheduled for trial in October 2017. We believe that we have complied with all requirements of the CAA and intend to vigorously defend against the remaining allegations. The lawsuit requests the maximum civil penalties available under the CAA to the government of up to $32,500 to $37,500 per day for each alleged violation, depending on the date of the alleged violation, and injunctive relief, including an order requiring the installation of best available control technology at the affected units. An adverse outcome could require substantial capital expenditures that cannot be determined at this time and could possibly require the payment of substantial penalties. We cannot predict the outcome of these proceedings, including the financial effects, if any. Greenhouse Gas Emissions — In August 2015, the EPA finalized rules to address greenhouse gas (GHG) emissions from new, modified and reconstructed units, and existing electricity generation plants. The rule for existing facilities would establish state-specific emissions rate goals to reduce nationwide CO2 emissions related to affected electricity generation units by over 30% from 2012 emission levels by 2030. A number of parties, including Luminant, filed petitions for review in the D.C. Circuit Court for the rule for new, modified and reconstructed plants. In addition, a number of petitions for review of the rule for existing plants were filed in the D.C. Circuit Court by various parties and groups, including challenges from twenty-seven different states opposed to the rule as well as those from, among others, certain power generating companies, various business groups and some labor unions. Luminant also filed its own petition for review. In addition, several parties have filed motions to stay the implementation of the rule while the court reviews the legality of the rule for existing units. In January 2016, the D.C. Circuit Court denied the motion to stay and ordered an expedited briefing on the merits. Oral argument is scheduled for June 2016. In January 2016, a coalition of states, industry (including Luminant) and other parties filed applications with the US Supreme Court asking that the court stay the rule. In February 2016, the US Supreme Court stayed the rule pending the conclusion of legal challenges on the rule before the D.C. Circuit Court and until the US Supreme Court disposes of any subsequent petition for review. While we cannot predict the outcome of this rulemaking and legal proceedings on our results of operations, liquidity or financial condition, the impacts could be material. In August 2015, the EPA proposed model rules and federal plan requirements for states to consider as they develop state plans to comply with the rules for GHG emissions. A federal plan would then be finalized for a state if a state fails to submit a state plan by the deadlines established in the CAA for existing plants or if the EPA disapproves a submitted state plan. We filed comments on the federal plan proposal in January 2016. The EPA is expected to finalize the model rule by the summer of 2016. While we cannot predict the outcome of this rulemaking and legal proceedings on our results of operations, liquidity or financial condition, the impacts could be material. Cross-State Air Pollution Rule (CSAPR) In July 2011, the EPA issued the CSAPR, compliance with which would have required significant additional reductions of sulfur dioxide (SO2) and nitrogen oxide (NOx) emissions from our fossil fueled generation units. In February 2012, the EPA released a final rule (Final Revisions) and a proposed rule revising certain aspects of the CSAPR, including increases in the emissions budgets for Texas and our generation assets as compared to the July 2011 version of the rule. In June 2012, the EPA finalized the proposed rule (Second Revised Rule). As compared to the proposed revisions to the CSAPR issued by the EPA in October 2011, the Final Revisions and the Second Revised Rule finalize emissions budgets for our generation assets that are approximately 6% lower for SO2, 3% higher for annual NOx and 2% higher for seasonal NOx. The CSAPR became effective January 1, 2015. In July 2015, following a remand of the case from the US Supreme Court to consider further legal challenges, the D.C. Circuit Court unanimously ruled in favor of us and other petitioners, holding that the CSAPR emissions budgets over-controlled Texas and other states. The D.C. Circuit Court remanded those states' budgets to the EPA for prompt reconsideration. While we planned to participate in the EPA's reconsideration process to develop increased budgets that do not over-control Texas, the EPA instead responded to the remand by updating the budget for the 2008 ozone standard with a new rulemaking without explicitly addressing the issues of over-control of the 1997 standard. Comments on the EPA's proposal were submitted by Luminant in February 2016. While we cannot predict the outcome of future proceedings related to the CSAPR, including the EPA's reconsideration of the CSAPR emissions budgets for affected states, based upon our current operating plans we do not believe that the CSAPR will cause any material operational, financial or compliance issues. State Implementation Plan (SIP) In February 2013, in response to a petition for rulemaking filed by the Sierra Club, the EPA proposed a rule requiring certain states to replace SIP exemptions for excess emissions during malfunctions with an affirmative defense. Texas was not included in that original proposal since it already had an EPA-approved affirmative defense provision in its SIP. In 2014, as a result of a D.C. Circuit Court decision striking down an affirmative defense in another EPA rule, the EPA revised its 2013 proposal to extend the EPA's proposed findings of inadequacy to states that have affirmative defense provisions, including Texas. The EPA's revised proposal would require Texas to remove or replace its EPA-approved affirmative defense provisions for excess emissions during startup, shutdown and maintenance events. In May 2015, the EPA finalized the proposal. In June 2015, we filed a petition for review in the Fifth Circuit Court challenging certain aspects of the EPA's final rule as they apply to the Texas SIP. The State of Texas and other parties have also filed similar petitions in the Fifth Circuit Court. In August 2015, the Fifth Circuit Court transferred the petitions that Luminant and other parties filed to the D.C. Circuit Court, and in October 2015 the petitions were consolidated with the pending petitions challenging the EPA's action in the D.C. Circuit Court. Briefing in the D.C. Circuit Court on the challenges is scheduled to be completed by October 2016. We cannot predict the timing or outcome of this proceeding. In June 2014, the Sierra Club filed a petition in the D.C. Circuit Court seeking review of several EPA regulations containing affirmative defenses for malfunctions, including the MATS rule for power plants. In the petition, the Sierra Club contends this affirmative defense is no longer permissible in light of a D.C. Circuit Court decision regarding similar defenses applicable to the cement industry. Luminant filed a motion to intervene in this case. In July 2014, the D.C. Circuit Court ordered the case stayed pending the EPA's consideration of a petition for administrative reconsideration of the regulations at issue. In December 2014, the EPA signed a proposal to make technical corrections to the MATS rule. We filed comments on this proposal in April 2015. Except as set forth above, we cannot predict the timing or outcome of future proceedings related to this petition, the petition for administrative reconsideration that is pending before the EPA or the financial effects of these proceedings, if any. Other Matters We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolutions of which, in the opinion of management, are not anticipated to have a material effect on our results of operations, liquidity or financial condition. Environmental Contingencies See discussion above regarding the CSAPR that includes provisions which, among other things, place limits on SO2 and NOX emissions produced by electricity generation plants. We do not believe the CSAPR provisions and the MATS rule issued by the EPA in December 2011 will have any material impact on our business, results of operations, liquidity or financial condition. We must comply with environmental laws and regulations applicable to the handling and disposal of hazardous waste. We believe that we are in compliance with current environmental laws and regulations; however, the impact, if any, of changes to existing regulations or the implementation of new regulations is not determinable and could materially affect our financial condition, results of operations and liquidity. The costs to comply with environmental regulations could be significantly affected by the following external events or conditions:
In February 2016, the EPA notified Texas of the EPA's preliminary intention to designate as nonattainment areas around our Big Brown, Monticello and Martin Lake plants based on modeling data submitted to the EPA by Sierra Club. We continue to believe that these models do not accurately predict actual SO2 emissions measurements and that these designations should be determined by emissions data from air quality monitors. Should the EPA finalize these designations as intended in July 2016, Texas will begin the multi-year process to evaluate what potential emission controls or operational changes, if any, may be necessary to demonstrate attainment. Labor Contracts Certain personnel engaged in TCEH activities are represented by labor unions and covered by collective bargaining agreements. During 2015, all collective bargaining agreements covering bargaining unit personnel engaged in lignite mining operations, lignite/coal fueled generation operations, nuclear fueled generation operations and some of our natural gas powered generation operations were extended to March 2017. We do not expect any changes in collective bargaining agreements to have a material effect on our results of operations, liquidity or financial condition. Nuclear Insurance Nuclear insurance includes liability coverage, property damage, decontamination and premature decommissioning coverage and accidental outage and/or extra expense coverage. Nuclear insurance maintained meets or exceeds requirements promulgated by Section 170 (Price-Anderson) of the Atomic Energy Act (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. The company is 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. Such losses could have a material effect on our financial condition and results of operations and liquidity. With regard to liability coverage, the Act provides for financial protection for the public in the event of a significant nuclear generation plant incident. The Act sets the statutory limit of public liability for a single nuclear incident at $13.6 billion and requires nuclear generation plant operators to provide financial protection for this amount. The US Congress could impose revenue-raising measures on the nuclear industry to pay claims exceeding the $13.6 billion limit for a single incident mandated by the Act. As required, the company provides this financial protection for a nuclear incident at Comanche Peak resulting in public bodily injury and property damage through a combination of private insurance and industry-wide retrospective payment plan known as the Secondary Financial Protection (SFP). Under the SFP, in the event of an incident at any nuclear generation plant in the US, each operating licensed reactor in the US is subject to an assessment of up to $127.3 million and this amount is subject to increases for inflation every five years, with the next adjustment expected in September 2018. Assessments are currently limited to $19 million per operating licensed reactor per year per incident. The company's maximum potential assessment under the industry retrospective plan would be $254.6 million per incident but no more than $37.9 million in any one year for each incident. The potential assessment is triggered by a nuclear liability loss in excess of $375 million per accident at any nuclear facility. With respect to nuclear decontamination and property damage insurance, the NRC requires that nuclear generation plant license-holders maintain at least $1.06 billion of such insurance and require the proceeds thereof to be used to place a plant in a safe and stable condition, to decontaminate it pursuant to a plan submitted to and approved by the NRC before the proceeds can be used for plant repair or restoration or to provide for premature decommissioning. The company maintains nuclear decontamination and property damage insurance for Comanche Peak in the amount of $2.25 billion (subject to $5 million deductible per accident), above which the company is self-insured. The company maintains Accidental Outage insurance to cover the additional costs of obtaining replacement electricity from another source if one or both of the units at Comanche Peak are out of service for more than twelve weeks as a result of covered direct physical damage. The coverage provides for weekly payments of $3.5 million for the first fifty-two weeks and $2.8 million for the next 110 weeks for each outage, respectively, after the initial twelve-week waiting period. The total maximum coverage is $490 million per unit. The coverage amounts applicable to each unit will be reduced to 80% if both units are out of service at the same time as a result of the same accident. |
Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | EQUITY Equity Issuances and Repurchases Changes in common stock shares outstanding for each of the last three years are reflected (in millions of shares) in the table below. Essentially all shares issued and purchased were as a result of stock-based compensation transactions for the benefit of certain officers, directors and employees.
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Dividend Restrictions EFH Corp. has not declared or paid any dividends since the Merger. The agreement governing the TCEH DIP Facility generally restricts TCEH's ability to make distributions or loans to any of its parent companies or their subsidiaries unless such distributions or loans are expressly permitted under the agreement governing such facility. The agreement governing the EFIH DIP Facility generally restricts EFIH's ability to make distributions or loans to any of its parent companies or their subsidiaries unless such distributions or loans are expressly permitted under the agreement governing such facility. Under applicable law, we are prohibited from paying any dividend to the extent that immediately following payment of such dividend, there would be no statutory surplus or we would be insolvent. In addition, due to the Chapter 11 Cases, no dividends are eligible to be paid without the approval of the Bankruptcy Court. Noncontrolling Interests At December 31, 2015, ownership of Oncor's membership interests was as follows: 80.03% held indirectly by EFH Corp., 0.22% held indirectly by Oncor's management and board of directors and 19.75% held by Texas Transmission. See Note 4 for discussion of the deconsolidation of Oncor effective January 1, 2010. As discussed in Notes 4 and 9, we consolidated a joint venture formed in 2009 for the purpose of developing two new nuclear generation units, which resulted in a noncontrolling interests component of equity. Net loss attributable to noncontrolling interests of $107 million for the year ended December 31, 2013 reflected the noncontrolling interest share of the impairment of the assets of the nuclear generation development joint venture. Net loss attributable to the noncontrolling interests was immaterial for the years ended December 31, 2015 and 2014. Accumulated Other Comprehensive Income (Loss) The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2015.
The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2014. In conjunction with the remeasurement of the EFH Corp. OPEB liability during the period (see Note 18), we recognized an additional $17 million of other comprehensive loss.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Accounting standards related to the determination of fair value define fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between willing market participants at the measurement date. 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 subject to fair value measurement on a recurring basis. We primarily use the market approach for recurring fair value measurements and use valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. We categorize our assets and liabilities recorded at fair value based upon the following fair value hierarchy:
Our valuation policies and procedures are developed, maintained and validated by a centralized risk management group that reports to the Chief Financial Officer, who also functions as the Chief Risk Officer. Risk management functions include commodity price reporting and validation, valuation model validation, risk analytics, risk control, credit risk management and risk reporting. 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. These methods include, among others, the use of broker quotes and statistical relationships between different price curves. In utilizing broker quotes, we attempt to obtain multiple quotes from brokers (generally non-binding) that are active in the commodity markets in which we participate (and require at least one quote from two brokers to determine a pricing input as observable); however, not all pricing inputs are quoted by brokers. 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. In addition, for valuation of interest rate swaps, we used generally accepted interest rate swap valuation models utilizing month-end interest rate curves. Probable loss from default by either us or our counterparties is considered in determining the fair value of derivative assets and liabilities. These non-performance risk adjustments take into consideration credit enhancements and the credit risks associated with our credit standing and the credit standing of our counterparties (see Note 17 for additional information regarding credit risk associated with our derivatives). We utilize published credit ratings, default rate factors and debt trading values in calculating these fair value measurement adjustments. Certain derivatives and financial instruments are valued utilizing option pricing models that take into consideration multiple inputs including, but not limited to, commodity prices, volatility factors, discount rates and other market based factors. Additionally, when there is not a sufficient amount of observable market data, valuation models are developed that incorporate proprietary views of market factors. Significant unobservable inputs used to develop the valuation models include volatility curves, correlation curves, illiquid pricing locations and credit/non-performance risk assumptions. Those valuation models are generally used in developing long-term forward price curves for certain commodities. We believe the development of such curves is consistent with industry practice; however, the fair value measurements resulting from such curves are classified as Level 3. The significant unobservable inputs and valuation models are developed by employees trained and experienced in market operations and fair value measurements and validated by the company's risk management group, which also further analyzes any significant changes in Level 3 measurements. Significant changes in the unobservable inputs could result in significant upward or downward changes in the fair value measurement. 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. Certain assets and liabilities would be classified in Level 2 instead of Level 3 of the hierarchy except for the effects of credit reserves and non-performance risk adjustments, respectively. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability being measured. Assets and liabilities measured at fair value on a recurring basis consisted of the following:
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Commodity contracts consist primarily of natural gas, electricity, fuel oil, uranium and coal agreements and include financial instruments entered into for hedging purposes as well as physical contracts that have not been designated normal purchases or sales. See Note 17 for further discussion regarding derivative instruments, including the termination of certain natural gas hedging agreements shortly after the Bankruptcy Filing. 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, 2015 and 2014:
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There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy for the years ended December 31, 2015, 2014 and 2013. See the table of changes in fair values of Level 3 assets and liabilities below for discussion of transfers between Level 2 and Level 3 for the years ended December 31, 2015, 2014 and 2013. The following table presents the changes in fair value of the Level 3 assets and liabilities for the years ended December 31, 2015, 2014 and 2013.
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Commodity And Other Derivative Contractual Assets And Liabilities |
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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 risk. Because certain of these instruments are deemed to be forward contracts under the Bankruptcy Code, they are not subject to the automatic stay, and counterparties may elect to terminate the agreements. Prior to the Petition Date, we had entered into interest rate swaps to manage our interest rate risk exposure. See Note 16 for a discussion of the fair value of derivatives. Commodity Hedging and Trading Activity — TCEH has natural gas hedging positions designed to reduce exposure to changes in future electricity prices due to changes in the price of natural gas, thereby hedging future revenues from electricity sales and related cash flows. In ERCOT, the wholesale price of electricity has generally moved with the price of natural gas. TCEH has entered into market transactions involving natural gas-related financial instruments and has sold forward natural gas through 2016 in order to hedge a portion of electricity price exposure related to expected lignite/coal and nuclear fueled generation. TCEH also enters into derivatives, including electricity, natural gas, fuel oil, uranium, emission and coal instruments, generally for short-term hedging purposes. Consistent with existing Bankruptcy Court orders, to a limited extent, TCEH also enters into derivative transactions for proprietary trading purposes, principally in natural gas and electricity markets. Unrealized gains and losses arising from changes in the fair value of hedging and trading instruments as well as realized gains and losses upon settlement of the instruments are reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. Interest Rate Swap Transactions — Interest rate swap agreements have been used to reduce exposure to interest rate changes by converting floating-rate debt to fixed rates, thereby hedging future interest costs and related cash flows. Interest rate basis swaps were used to effectively reduce the hedged borrowing costs. 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 were reported in the statements of consolidated income (loss) in interest expense and related charges. As of December 31, 2015 and 2014, we had no active interest rate swap derivatives. Termination of Commodity Hedges and Interest Rate Swaps — Commodity hedges and interest rate swaps entered into prior to the Petition Date are deemed to be forward contracts under the Bankruptcy Code. The Bankruptcy Filing constituted an event of default under these arrangements, and in accordance with the contractual terms, counterparties terminated certain positions shortly after the Bankruptcy Filing. The positions terminated consisted almost entirely of natural gas hedging positions and interest rate swaps that were secured by a first-lien interest in the same assets of TCEH on a pari passu basis with the TCEH Senior Secured Facilities and the TCEH Senior Secured Notes. Entities with a first-lien security interest included counterparties to both our natural gas hedging positions and interest rate swaps, which had entered into master agreements that provided for netting and setoff of amounts related to these positions. Additionally, certain counterparties to only our interest rate swaps hold the same first-lien security interest. The net liability recorded for the terminations totaled $1.116 billion, which represented a realized loss of $1.233 billion related to the interest rate swaps, net of a realized gain of $117 million related to the natural gas hedging positions. Additionally, net accounts payable amounts related to matured interest rate swaps of $127 million are also secured by the same first-lien secured interest. The total net liability of $1.243 billion is subject to the terms of settlement of TCEH's first-lien claims ultimately approved by the Bankruptcy Court and is reported in the consolidated balance sheets as a liability subject to compromise. Additionally, counterparties associated with the net liability are allowed, and have been receiving, adequate protection payments related to their claims as permitted by TCEH's cash collateral order approved by the Bankruptcy Court (see Note 10). The derivative liability related to the TCEH interest rate swaps had included a nonperformance risk adjustment (resulting in a Level 3 valuation). This fair value adjustment reflected the counterparties' exposure to our credit risk. The amount of the adjustment was after consideration of derivative assets related to natural gas hedging positions with the same counterparties. The difference between the net liability arising upon the termination of the interest rate swaps and the natural gas hedging positions and the net derivative assets and liabilities recorded totaled $278 million, substantially all of which represented the nonperformance risk adjustment, and is reported as a noncash charge in reorganization items in the statements of consolidated income (loss) in accordance with ASC 852 (see Note 11). Financial Statement Effects of Derivatives Substantially all derivative contractual assets and liabilities arise from mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of commodity and other derivative contractual assets and liabilities (with the column totals representing the net positions of the contracts) as reported in the consolidated balance sheets at December 31, 2015 and 2014 (noncurrent assets and liabilities are reported in other noncurrent assets and other noncurrent liabilities and deferred credits, respectively). All amounts relate to commodity contracts.
At December 31, 2015 and 2014, there were no derivative positions accounted for as cash flow or fair value hedges. The following table presents the pretax effect of derivatives on net income (gains (losses)), including realized and unrealized effects:
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The pretax effect (all losses) on net income and other comprehensive income (OCI) of derivative instruments previously accounted for as cash flow hedges was immaterial in the years ended December 31, 2015, 2014 and 2013. There were no amounts recognized in OCI for the years ended December 31, 2015, 2014 or 2013. There were no transactions designated as cash flow hedges during the years ended December 31, 2015, 2014 or 2013. Accumulated other comprehensive income related to cash flow hedges (excluding Oncor's interest rate hedges) at December 31, 2015 and 2014 totaled $34 million and $36 million in net losses (after-tax), respectively, substantially all of which relates to interest rate swaps previously accounted for as cash flow hedges. We expect that $2 million of net losses (after-tax) related to cash flow hedges included in accumulated other comprehensive income at December 31, 2015 will be reclassified into net income during the next twelve months as the related hedged transactions affect net income. Balance Sheet Presentation of Derivatives Consistent with elections under US GAAP to present amounts on a gross basis, we report derivative assets and liabilities in the consolidated balance sheets without taking into consideration netting arrangements we have with counterparties. We may enter into offsetting positions with the same counterparty, resulting in both assets and liabilities. Volatility in underlying commodity prices can result in significant changes in assets and liabilities presented from period to period. Margin deposits that contractually offset these derivative instruments are reported separately in the consolidated balance sheets. Margin deposits received from counterparties are either used for working capital or other corporate purposes or are deposited in a separate restricted cash account. At December 31, 2015 and 2014, essentially all margin deposits held were unrestricted. We maintain standardized master netting agreements with certain counterparties that allow for the netting of positive and negative exposures. Generally, we utilize the International Swaps and Derivatives Association (ISDA) standardized contract for financial transactions, the Edison Electric Institute standardized contract for physical power transactions and the North American Energy Standards Board (NAESB) standardized contract for physical natural gas transactions. These contain credit enhancements that allow for the right to offset assets and liabilities and collateral received 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. The following tables reconcile our derivative assets and liabilities as presented in the consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral:
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Derivative Volumes — The following table presents the gross notional amounts of derivative volumes at December 31, 2015 and 2014:
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Credit Risk-Related Contingent Features of Derivatives The agreements that govern our derivative instrument transactions 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; however, due to the Chapter 11 Cases, substantially all of such collateral posting requirements have already been effective. At December 31, 2015 and 2014, the fair value of liabilities related to derivative instruments under agreements with credit risk-related contingent features that were not fully collateralized totaled $58 million and $17 million, respectively. The liquidity exposure associated with these liabilities was reduced by cash and letter of credit postings with counterparties totaling $31 million and $5 million at December 31, 2015 and 2014, respectively. If all the credit risk-related contingent features related to these derivatives had been triggered, including cross-default provisions, the remaining liquidity requirements would be immaterial at both December 31, 2015 and 2014. In addition, certain derivative agreements include indebtedness cross-default provisions that could result in the settlement of such contracts if there were a failure under other financing arrangements to meet payment terms or to comply with other covenants that could result in the acceleration of such indebtedness. At December 31, 2015 and 2014, the fair value of derivative liabilities subject to such cross-default provisions were immaterial. As discussed immediately above, the aggregate fair values of liabilities under derivative agreements with credit risk-related contingent features, including cross-default provisions, totaled $59 million and $18 million at December 31, 2015 and 2014, respectively. These amounts are before consideration of cash and letter of credit collateral posted, net accounts receivable and derivative assets under netting arrangements and assets subject to related liens. Some commodity derivative contracts contain credit risk-related contingent features that do not provide for specific amounts to be posted if the features are triggered. These provisions include material adverse change, performance assurance, and other clauses that generally provide counterparties with the right to request additional credit enhancements. The amounts disclosed above exclude credit risk-related contingent features that do not provide for specific amounts or exposure calculations. Concentrations of Credit Risk Related to Derivatives We have concentrations of credit risk with the counterparties to our derivative contracts. At December 31, 2015, total credit risk exposure to all counterparties related to derivative contracts totaled $527 million (including associated accounts receivable). The net exposure to those counterparties totaled $199 million at December 31, 2015 after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to a single counterparty totaling $110 million. At December 31, 2015, the credit risk exposure to the banking and financial sector represented 78% of the total credit risk exposure and 56% 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 Postretirement Employee Benefits (OPEB) Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension And Other Postretirement Employee Benefits (OPEB) Plans | PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS (OPEB) PLANS EFH Corp. is the plan sponsor of the EFH Retirement Plan (the Retirement Plan), which had provided benefits to eligible employees of its subsidiaries, including Oncor. After amendments in 2012, employees in the Retirement Plan now consist entirely of active and retired collective bargaining unit employees in our competitive business. 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 deductible under existing federal tax regulations. We also have supplemental unfunded retirement plans for certain employees whose retirement benefits cannot fully be earned under the qualified Retirement Plan, the information for which is included below. EFH Corp. offers other postretirement employee benefits (OPEB) in the form of health care and life insurance to eligible employees of its subsidiaries and their eligible dependents upon the retirement of such employees. For employees retiring on or after January 1, 2002, the retiree contributions required for such coverage vary based on a formula depending on the retiree's age and years of service. In 2011, we changed the OPEB plan whereby, effective January 1, 2013, Medicare-eligible retirees from the competitive business are subject to a cap on increases in subsidies received under the plan to offset medical costs. In accordance with an agreement between Oncor and EFH Corp., Oncor ceased participation in EFH Corp.'s OPEB Plan effective July 2014 and established its own OPEB plan for Oncor's eligible existing and future retirees and their dependents, as well as split service participants as discussed immediately below under Regulatory Recovery of Pension and OPEB Costs and in Note 19. The separation resulted in the transfer of a significant portion of the liability associated with our plan to the new Oncor plan, which resulted in a reduction of our OPEB liability of approximately $758 million and a corresponding reduction of an equal amount in the receivable from unconsolidated subsidiary. Regulatory Recovery of Pension and OPEB Costs PURA provides for the recovery by Oncor, in its regulated revenue rates, of pension and OPEB costs applicable to services of Oncor's active and retired employees, as well as services of other EFH Corp. active and retired employees prior to the deregulation and disaggregation of our electric utility business effective January 1, 2002. Oncor is authorized to establish a regulatory asset or liability for the difference between the amounts of pension and OPEB costs reflected in Oncor's approved (by the PUCT) revenue rates and the actual amounts that would otherwise have been recorded as charges or credits to earnings, including amounts related to pre-2002 service of EFH Corp. employees. Regulatory assets and liabilities are ultimately subject to PUCT approval. Oncor is contractually obligated to EFH Corp. to fund pension obligations for which the costs are recoverable in its rates. At December 31, 2015 and 2014, Oncor had recorded regulatory assets totaling $1.182 billion and $1.166 billion, respectively, related to both EFH Corp. and Oncor pension and OPEB costs, including amounts related to deferred expenses as well as amounts related to unfunded liabilities that otherwise would be recorded as other comprehensive income. Pension and OPEB Costs
Market-Related Value of Assets Held in Postretirement Benefit Trusts We use the calculated value method to determine the market-related value of the assets held in the trust for purposes of calculating pension costs. We include the realized and unrealized 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. We use the fair value method to determine the market-related value of the assets held in the trust for purposes of calculating OPEB costs. Detailed Information Regarding Pension Benefits The following information is based on December 31, 2015, 2014 and 2013 measurement dates:
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The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation (ABO) in excess of the fair value of plan assets.
Pension Plan Investment Strategy and Asset Allocations Our investment objective for the Retirement Plan is to invest in a suitable mix of assets to meet the future benefit obligations at an acceptable level of risk, while minimizing the volatility of contributions. Fixed income securities held primarily consist of corporate bonds from a diversified range of companies, US Treasuries and agency securities and money market instruments. Equity securities are held to enhance returns by participating in a wide range of investment opportunities. International equity securities are used to further diversify the equity portfolio and may include investments in both developed and emerging markets. The target asset allocation ranges of pension plan investments by asset category are as follows:
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.
Fair Value Measurement of Pension Plan Assets At December 31, 2015 and 2014, pension plan assets measured at fair value on a recurring basis consisted of the following:
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Detailed Information Regarding Postretirement Benefits Other Than Pensions The following OPEB information is based on December 31, 2015, 2014 and 2013 measurement dates (includes amounts related to Oncor):
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The following tables provide information regarding the assumed health care cost trend rates.
Fair Value Measurement of OPEB Plan Assets At December 31, 2015 and 2014, the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. 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 rate using the Aon Hewitt AA Above Median yield curve, which is based on corporate bond yields and at December 31, 2015 consisted of 434 corporate bonds with an average rating of AA using Moody's, Standard & Poor's Rating Services and Fitch Ratings, Ltd. ratings. Amortization in 2016 We estimate amortization of the net actuarial loss and prior service cost for the defined benefit pension plan from accumulated other comprehensive income into net periodic benefit cost will be immaterial. We estimate amortization of the net actuarial loss and prior service credit for the OPEB plan from accumulated other comprehensive income into net periodic benefit cost will total $1 million and an $11 million credit, respectively. Contributions in 2015 and 2016 In December 2015, a cash contribution totaling $67 million was made to the Retirement Plan assets, of which $51 million was contributed by Oncor and $16 million was contributed by TCEH, which resulted in the Retirement Plan being fully funded as calculated under the provisions of ERISA. As a result of the Bankruptcy Filing, participants in the Retirement Plan who choose to retire would not be eligible for the lump sum payout option under the Retirement Plan unless the Retirement Plan is fully funded. Pension plan funding in 2016 is expected to total $3 million. OPEB plan funding in 2015 totaled $8 million, and funding in 2016 is expected to total $8 million. Future Benefit Payments Estimated future benefit payments to beneficiaries, including amounts related to nonqualified plans, are as follows:
Thrift Plan 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 Retirement Plan Formula) 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. Our contributions to the Thrift Plan totaled $24 million, $24 million and $23 million for the years ended December 31, 2015, 2014 and 2013, respectively. In accordance with an agreement in 2014 between Oncor and EFH Corp., Oncor ceased participation in EFH Corp.'s Thrift Plan effective January 1, 2015 and established its own plan. |
Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions |
The following represent our significant related-party transactions.
Affiliates of GS Capital Partners were parties to certain commodity and interest rate hedging transactions with us in the normal course of business.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION Our operations are aligned into two reportable business segments: Competitive Electric and Regulated Delivery. The segments are managed separately because they are strategic business units that offer different products or services and involve different risks. The Competitive Electric segment is engaged in competitive market activities consisting of electricity generation, wholesale energy sales and purchases, commodity risk management and trading activities, and retail electricity operations for residential and business customers, all largely in the ERCOT market. These activities are conducted by TCEH. The Regulated Delivery segment consists largely of our investment in Oncor. Oncor is engaged in regulated electricity transmission and distribution operations in Texas. These activities are conducted by Oncor, including its wholly owned bankruptcy-remote financing subsidiary. See Note 4 for discussion of the reporting of Oncor Holdings and, accordingly, the Regulated Delivery segment, as an equity method investment. See Note 19 for discussion of material transactions with Oncor, including payment to Oncor of electricity delivery fees, which are based on rates regulated by the PUCT. Corporate and Other represents the remaining non-segment operations consisting primarily of discontinued businesses, general corporate expenses and interest and other expenses related to EFH Corp., EFIH and EFCH. The business segment results reflect the application of ASC 852, Reorganizations. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1. Our chief operating decision maker uses more than one measure to assess segment performance, including reported segment net income (loss), which is the measure most comparable to consolidated net income (loss) prepared based on GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices or regulated rates. Certain shared services costs are allocated to the segments.
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Supplementary Financial Information |
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Supplementary Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Financial Information | SUPPLEMENTARY FINANCIAL INFORMATION Restricted Cash
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Trade Accounts Receivable
Gross trade accounts receivable at December 31, 2015 and 2014 included unbilled revenues of $231 million and $239 million, respectively. Allowance for Uncollectible Accounts Receivable
Inventories by Major Category
Other Investments
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's customers as a delivery fee surcharge over the life of the plant and deposited by TCEH in the trust fund. Income and expense associated with the trust fund and the decommissioning liability are offset by a corresponding change in a receivable/payable (currently a payable reported in noncurrent liabilities) that will ultimately be settled through changes in Oncor's delivery fees rates (see Note 19). The nuclear decommissioning trust fund is not a debtor under the Chapter 11 Cases. A summary of investments in the fund follows:
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Debt securities held at December 31, 2015 mature as follows: $102 million in one to five years, $75 million in five to ten years and $142 million after ten years. The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales.
Property, Plant and Equipment
Depreciation expense totaled $790 million, $1.181 billion and $1.258 billion for the years ended December 31, 2015, 2014 and 2013, respectively. Assets related to capital leases included above totaled $1 million and $51 million at December 31, 2015 and 2014, respectively, net of accumulated depreciation. In conjunction with the impairment charges taken in 2014 and 2015 (see Note 9), we reviewed the estimated useful life of the impaired generation facilities. The estimated remaining useful lives range from 17 to 54 years for the lignite/coal and nuclear fueled generation units. Those estimated lives are subject to change as market factors evolve, including changes in environmental regulation and wholesale electricity price forecasts. Asset Retirement and Mining Reclamation Obligations These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, removal of lignite/coal fueled plant ash treatment facilities and generation plant asbestos removal and 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 Oncor's delivery fees. We have established an estimated $69 million asset retirement obligation related to the Disposal of Coal Combustion Residuals from Electric Utilities rule for our existing facilities. The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the consolidated balance sheets, for the years ended December 31, 2015 and 2014:
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Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following:
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Unfavorable Purchase and Sales Contracts — The amortization of unfavorable purchase and sales contracts totaled $23 million, $23 million and $25 million for the years ended December 31, 2015, 2014 and 2013, respectively. See Note 5 for intangible assets related to favorable purchase and sales contracts. The estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years is as follows:
Fair Value of Debt
We determine fair value in accordance with accounting standards as discussed in Note 16, and at December 31, 2015, our debt fair value represents Level 2 valuations. 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. The fair value estimates of our pre-petition notes, loans and other debt reported as liabilities subject to compromise have been excluded from the table above. As a result of our ongoing Chapter 11 Cases, obtaining the fair value estimates of our pre-petition debt subject to compromise as of December 31, 2015 is impractical, and the fair values will ultimately be decided through the Chapter 11 Cases. Supplemental Cash Flow Information
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Business And Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements have been prepared as if EFH Corp. is a going concern and contemplate the realization of assets and liabilities in the normal course of business. The consolidated financial statements reflect the application of Financial Accounting Standards Board Accounting Standards Codification (ASC) 852, Reorganizations. During the pendency of the Chapter 11 Cases, the Debtors will operate their businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. ASC 852 applies to entities that have filed a petition for bankruptcy under Chapter 11 of the Bankruptcy Code. The guidance requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. In addition, the guidance provides for changes in the accounting and presentation of liabilities. See Notes 11 and 13 for discussion of these accounting and reporting changes. Investments in unconsolidated subsidiaries, which are 50% or less owned and/or do not meet accounting standards criteria for consolidation, are accounted for under the equity method (see Note 4). 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 US 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 and estimates of expected allowed claims. 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 and also enter into other derivative instruments such as options, swaps, futures and forwards primarily to manage our 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, unless the criteria for certain exceptions are met, and an offsetting derivative asset or liability is recorded in the consolidated balance sheets. 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. 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 16 and 17 for additional information regarding fair value measurement and commodity and other derivative contractual assets and liabilities. Under the election criteria of accounting standards related to derivative instruments and hedging activities, we may elect the normal purchase and sale exemption. A commodity-related derivative contract may be designated as a normal purchase or sale if the commodity is to be physically received or delivered for use or sale in the normal course of business. If designated as normal, the derivative contract is accounted for under the accrual method of accounting (not marked-to-market) with no balance sheet or income statement recognition of the contract until settlement. Because derivative instruments are frequently used as economic hedges, accounting standards related to derivative instruments and hedging activities allow for hedge accounting, which provides for the designation of such instruments as cash flow or fair value hedges if certain conditions are met. At December 31, 2015 and 2014, there were no derivative positions accounted for as cash flow or fair value hedges. Accumulated other comprehensive loss includes amounts related to interest rate swaps previously designated as cash flow hedges that are being reclassified to net loss as the hedged transactions impact net loss (see Note 17). Realized and unrealized gains and losses from transacting in energy-related derivative instruments are primarily reported in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities. |
Revenue Recognition | We record revenue from electricity sales and delivery fees under the accrual method of accounting. Revenues are recognized when electricity or delivery fees are provided to customers on the basis of periodic cycle meter readings and include an estimated accrual for the revenues earned from the meter reading date to the end of the period (unbilled revenue). We report physically delivered commodity sales and purchases in the statements of consolidated income (loss) on a gross basis in revenues and fuel, purchased power and delivery fees, respectively, and we report all other commodity related contracts and financial instruments (primarily derivatives) in the statements of consolidated income (loss) on a net basis in net gain (loss) from commodity hedging and trading activities. Volumes under bilateral purchase and sales contracts, including contracts intended as hedges, are not scheduled as physical power with ERCOT. Accordingly, unless the volumes represent physical deliveries to customers or purchases from counterparties, such contracts are reported net in the statements of consolidated income (loss) in net gain (loss) from commodity hedging and trading activities instead of reported gross as wholesale revenues or purchased power costs. If volumes delivered to our retail and wholesale customers are less than our generation volumes (as determined on a daily settlement basis), we record additional wholesale revenues, and if volumes delivered to our retail and wholesale customers exceed our generation volumes, we record additional purchased power costs. The additional wholesale revenues or purchased power costs are offset in net gain (loss) from commodity hedging and trading activities. |
Impairment of Long-Lived Assets | We evaluate long-lived assets (including intangible assets with finite lives) for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss would be recognized based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. See Note 9 for discussion of impairments of certain long-lived assets. We evaluate investments in unconsolidated subsidiaries for impairment when factors indicate that a decrease in the value of the investment has occurred that is not temporary. Indicators that should be evaluated for possible impairment of investments include recurring operating losses of the investee or fair value measures that are less than carrying value. Any impairment recognition is based on fair value that is not reflective of temporary conditions. Fair value is determined primarily by discounted cash flows, supported by available market valuations, if applicable. Finite-lived intangibles identified as a result of purchase accounting are amortized over their estimated useful lives based on the expected realization of economic effects. |
Goodwill and Intangible Assets with Indefinite Lives | We evaluate goodwill and intangible assets with indefinite lives for impairment at least annually (at December 1), or when indications of impairment exist. |
Amortization of Nuclear Fuel | Amortization of nuclear fuel is calculated on the units-of-production method and is reported as fuel costs. |
Major Maintenance | Major maintenance costs incurred during generation plant outages and the costs of other maintenance activities are charged to expense as incurred and reported as operating costs. |
Defined Benefit Pension Plans and OPEB Plans | We offer certain health care and life insurance benefits to eligible employees and their eligible dependents upon the retirement of such employees from the company and also offer pension benefits 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. |
Sales and Excise Taxes | Sales and excise taxes are accounted for as a "pass through" item on the consolidated balance sheets with no effect on the statements of consolidated income (loss); 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. |
Franchise and Revenue-Based Taxes | Unlike sales and excise taxes, franchise and gross receipt taxes are not a "pass through" item. These taxes are assessed to us by state and local government bodies, based on revenues or kWh delivered, as a cost of doing business and are recorded as an expense. Rates we charge to customers are intended to recover our costs, including the franchise and gross receipt taxes, but we are not acting as an agent to collect the taxes from customers. |
Income Taxes | EFH Corp. files a consolidated US federal income tax return that includes the results of EFCH, EFIH, Oncor Holdings and TCEH. Oncor is a partnership for US federal income tax purposes and is not a corporate member of the EFH Corp. consolidated group. 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. |
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 an asset has been impaired or 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. As part of our Chapter 11 Cases we have received numerous pre-petition claims, many of which are unsubstantiated or irrelevant to our business operations. Further, at this time, some of those claims might be relevant but are not reasonably estimable. |
Restricted Cash | The terms of certain agreements require the restriction of cash for specific purposes. |
Property, Plant and Equipment | As a result of purchase accounting, carrying amounts of property, plant and equipment related to competitive businesses were adjusted to estimated fair values at the Merger date. Subsequent additions have been recorded at cost. The cost of self-constructed property additions includes materials and both direct and indirect labor and applicable overhead, 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 10. Depreciation of our property, plant and equipment is calculated on a straight-line basis over the estimated service lives of the properties. Depreciation expense is calculated on a component asset-by-asset basis. Estimated depreciable lives are based on management's estimates of the assets' economic useful lives. |
Asset Retirement Obligations | A liability is initially recorded at fair value for an asset retirement obligation associated with the retirement of tangible long-lived assets in the period in which it is incurred if a fair value is reasonably estimable. These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, removal of lignite/coal fueled plant ash treatment facilities and generation plant asbestos removal and disposal costs. 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. |
Inventories | Inventories are reported at the lower of cost (on a weighted average basis) or market unless expected to be used in the generation of electricity. |
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. |
Variable Interest Entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Consolidation Of Variable Interest Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of condensed statements of consolidated income of Oncor Holdings and its subsidiaries | Condensed statements of consolidated income of Oncor Holdings and its subsidiaries for the years ended December 31, 2015, 2014 and 2013 are presented below:
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Schedule of assets and liabilities of Oncor Holdings | Assets and liabilities of Oncor Holdings at December 31, 2015 and 2014 are presented below:
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Goodwill And Identifiable Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table provides information regarding our goodwill balance, all of which relates to the Competitive Electric segment and arose in connection with accounting for the Merger. None of the goodwill is being deducted for tax purposes.
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Schedule of identifiable intangible assets reported in the balance sheet | Identifiable intangible assets, including amounts that arose in connection with accounting for the Merger, are comprised of the following:
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Schedule of amortization expense related to intangible assets (including income statement line item) | Amortization expense related to finite-lived identifiable intangible assets (including the statements of consolidated income (loss) line item) consisted of:
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Schedule of estimated aggregate amortization expense of intangible assets for each of the next five fiscal years | The estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as follows:
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Accounting For Uncertainty In Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting for Uncertainty in Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheet | The following table summarizes the changes to the uncertain tax positions, reported in other noncurrent liabilities in the consolidated balance sheets, during the years ended December 31, 2015, 2014 and 2013:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of our income tax expense (benefit) applicable to continuing operations | The components of our income tax benefit are as follows:
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Reconciliation of income taxes computed at the US federal statutory rate to income tax expense | Reconciliation of income taxes computed at the US federal statutory rate to income tax benefit recorded is as follows:
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Schedule of deferred tax assets and liabilities | Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2015 and 2014 are as follows:
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Other Income and Deductions (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other income and deductions |
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Reorganization Items (Reorganization Items) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reorganization Items [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reorganization Items | Expenses and income directly associated with the Chapter 11 Cases are reported separately in the statements of consolidated income (loss) as reorganization items as required by ASC 852, Reorganizations. Reorganization items also include adjustments to reflect the carrying value of liabilities subject to compromise (LSTC) at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the year ended December 31, 2015 and the post-petition period ended December 31, 2014 as reported in the statements of consolidated income (loss):
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Interest Expense and Related Charges Interest Expense and Related Charges (Tables) |
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Interest Expense and Related Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense and Related Charges [Table Text Block] |
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Contractual Interest Expense On Pre-Petition Liabilities [Table Text Block] | 12. Additionally, the Bankruptcy Court approved post-petition interest payments on the EFIH Second Lien Notes in March 2015 as discussed in Note 13. Additional interest payments may also be made upon approval by the Bankruptcy Court (see Note 14). Other than these amounts ordered or approved by the Bankruptcy Court, effective April 29, 2014, we discontinued recording interest expense on outstanding pre-petition debt classified as liabilities subject to compromise (LSTC). The table below shows contractual interest amounts, which are amounts due under the contractual terms of the outstanding debt, including debt subject to compromise during the Chapter 11 Cases. Interest expense reported in the statements of consolidated income (loss) for the year ended December 31, 2015 and the post-petition period ended December 31, 2014 does not include $1.270 billion and $919 million, respectively, in contractual interest on pre-petition debt classified as LSTC, which has been stayed by the Bankruptcy Court effective on the Petition Date. For the year ended December 31, 2015 and the post-petition period ended December 31, 2014, adequate protection paid/accrued presented below excludes $60 million and $40 million, respectively, related to interest paid/accrued on the TCEH first-lien interest rate and commodity hedge claims (see Note 17), as such amounts are not included in contractual interest amounts below.
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Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Debtor-In-Possession Borrowing Facilities) (Tables) |
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Debtor-In-Possession Borrowing Facilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | The TCEH DIP Facility and related available capacity at December 31, 2015 are presented below. Borrowings are reported in the consolidated balance sheets as borrowings under debtor-in-possession credit facilities. In October 2015, the TCEH Debtors paid an $8 million extension fee and extended the maturity date of the TCEH DIP Facility to the earlier of (a) November 2016 or (b) the effective date of any reorganization plan of TCEH. The terms of the facility were otherwise unchanged by the extension. In September 2015, the TCEH Debtors extended their use of cash collateral to the earlier of (a) the effective date of a plan of reorganization or (b) 60 days following termination of the Debtors' Plan Support Agreement, provided that the TCEH Debtors do not otherwise cause an event of default under the cash collateral order. The TCEH DIP Facility must be repaid in full prior to the TCEH Debtors emergence from the Chapter 11 Cases.
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Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt Not Subject to Compromise — Amounts presented in the table below represent pre-petition liabilities that are not subject to compromise due to the debt being fully collateralized or specific orders from the Bankruptcy Court approving repayment of the debt.
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Liabilities Subject to Compromise (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Liabilities Subject to Compromise [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
See Notes to the Financial Statements.
See Notes to the Financial Statements.
See Notes to the Financial Statements.
The accompanying unconsolidated condensed balance sheets, statements of income (loss) and cash flows present results of operations and cash flows of EFH Corp. (Parent). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US 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 US GAAP, they should be read in conjunction with the financial statements and related notes of Energy Future Holdings Corp. and Subsidiaries included in Item 8 of this Annual Report on Form 10-K. EFH 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 US dollars unless otherwise indicated.
As a result of debt exchanges and purchases in 2009 through 2011, EFH Corp. (Parent) held debt securities of TCEH with carrying values totaling $39 million at December 31, 2014, reported as investment in debt of subsidiaries. The amounts of TCEH debt held by EFH Corp. (Parent) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. This resulted in a loss of $33 million recorded in reorganization items. As of December 31, 2014, all of these debt securities were classified as available-for-sale. In accordance with accounting guidance for investments classified as available-for-sale, the securities were recorded at fair value and unrealized gains or losses were recorded in other comprehensive income unless such losses were other than temporary, in which case they were reported as impairments. The principal amounts, coupon rates, maturities and carrying value were as follows as of December 31, 2014:
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Impairments — In 2015 and 2013, we deemed the declines in value of the TCEH debt securities were other than temporary and recorded impairments totaling $6 million and $70 million, respectively, as reductions of interest income. Our assessment considered that the securities were in a loss position for more than 12 months and that declines in natural gas prices and other corresponding effects on the profitability and cash flows of TCEH (which has below investment grade credit ratings) were unlikely to reverse in the near term. No cumulative unrealized losses were recorded in accumulated other comprehensive income at December 31, 2013. Interest income recorded on these investments was as follows:
We determine fair value under the fair value hierarchy established in accounting standards. Under the fair value hierarchy, Level 2 valuations are based on evaluated prices that reflect observable market information, such as actual trade information of similar securities, adjusted for observable differences. The fair value of our investment in debt of subsidiaries was estimated at the lesser of either the call price or the market value as determined by broker quotes and quoted market prices for similar securities in active markets. As of December 31, 2014, the fair values of our investment in debt of subsidiaries represent Level 2 valuations. AFFILIATE BALANCES Settlement Agreement The Settling Parties entered into a settlement agreement (the Settlement Agreement) in August 2015 (as amended in September 2015) to compromise and settle, among other things (a) intercompany claims among the Debtors, (b) claims and causes of actions against holders of first lien claims against TCEH and the agents under the TCEH Senior Secured Facilities, (c) claims and causes of action against holders of interests in EFH Corp. and certain related entities and (d) claims and causes of action against each of the Debtors' current and former directors, the Sponsor Group, managers and officers and other related entities. The Settlement Agreement is expected to remain effective regardless of whether the EFH Acquisition is completed. The Bankruptcy Court approved the Settlement Agreement in December 2015. In December 2015, pursuant to the approved Settlement Agreement, Backstop Agreement, Merger Agreement and Plan of Reorganization, EFH Corp. (Parent) recorded a gain for an adjustment related to the Sponsor Group's agreement to forego claims related to a management agreement of $64 million, which is reported in our statement of consolidated income (loss) in reorganization items. Additionally, we recorded adjustments to eliminate all intercompany claims among the debtors except for a TCEH unsecured claim against EFH Corp. of $700 million as contemplated by the Plan of Reorganization and a gain of $408 million was recorded in reorganization items related to the forgiveness of an income tax payable due to EFIH. Further, pursuant to the Settlement Agreement, EFH Corp. (Parent) recorded a gain of $1.283 billion related to forgiveness of debt held by affiliates. Other The EFH Corp. (Parent) net income tax receivable from TCEH was reduced during the year ended December 31, 2015, resulting in a credit to the existing reserve of $22 million, which is reported in other income. EFH Corp. (Parent) fully reserved a net income tax receivable from TCEH, resulting in a charge of $91 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved pre-petition interest receivable from EFCH, resulting in a charge of $14 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved a pre-petition intercompany accounts receivable because of significant uncertainty regarding its ultimate settlement, resulting in a charge of $3 million at December 31, 2014, reported in other deductions. On April 29, 2014, EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Prior to December 31, 2013, EFH Corp. (Parent) had entered into certain transactions with its subsidiaries that upon the Bankruptcy Filing resulted in unsecured prepetition liabilities on the part of the subsidiaries that are subject to settlement under a Chapter 11 plan. Because of the significant uncertainty regarding the ultimate settlement of these amounts, in the fourth quarter 2013 EFH Corp. (Parent) fully reserved the following receivables:
In addition, in the fourth quarter 2013, EFH Corp. (Parent) determined that the likelihood that receivables and payables with certain of its direct subsidiaries would be cash settled was remote. As such $899 million of corporate affiliate receivables and $1.350 billion of corporate affiliate payables were reclassified to equity investment in consolidated subsidiaries. Substantially all of the affiliates represent discontinued operations and are no longer active. REORGANIZATION ITEMS Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of income (loss) as reorganization items as required by ASC 852, Reorganizations. Reorganization items also include adjustments to reflect the carrying value of liabilities subject to compromise (LSTC) at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the year ended December 31, 2015 and the post-petition period ended December 31, 2014 as reported in the condensed statement of income (loss):
LIABILITIES SUBJECT TO COMPROMISE The amounts classified as liabilities subject to compromise (LSTC) reflect the company's estimate of pre-petition liabilities and other expected allowed claims to be addressed in the Chapter 11 Cases and may be subject to future adjustment as the Chapter 11 Cases proceed. Prior to December 2015, debt amounts include related unamortized deferred financing costs and discounts/premiums. Amounts classified to LSTC do not include pre-petition liabilities that are fully secured by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at December 31, 2015 and 2014:
As discussed below, EFH Corp. (Parent) has entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. Assumption of Indebtedness — In prior periods, EFCH purchased an electric co-op's minority ownership interest in the Comanche Peak nuclear generation facilities and assumed the co-op's indebtedness to the US government related to the co-op's investment in the facilities (without the co-op being released from its obligations under such indebtedness). EFCH is making principal and interest payments in an amount sufficient to satisfy the co-op's requirements under the indebtedness. In the event that payments on the indebtedness are not made in a timely manner, the US government would be entitled to enforce the payment of the debt against EFCH. At December 31, 2015, the balance of the indebtedness on EFCH's balance sheet was $37 million with maturities of principal and interest extending to December 2021. The indebtedness is secured by a lien on the Comanche Peak generation facilities. EFH Corp. (Parent) has guaranteed EFCH's obligation under this agreement. COMMITMENTS AND CONTINGENCIES In August 2014, the Bankruptcy Court entered an order establishing discovery procedures governing, among other things, certain prepetition transactions among the various Debtors' estates, including EFH Corp. (Parent). In February 2015, the ad hoc group of TCEH unsecured creditors; the official committee representing unsecured interests at EFCH and its direct subsidiary, TCEH; and the official committee representing unsecured interests at EFH and EFIH filed motions with the Bankruptcy Court seeking standing to prosecute derivative claims on behalf of TCEH relating to certain of these prepetition transactions. These claims were released effective when the Bankruptcy Court approved the Settlement Agreement. The Settlement Agreement was approved in December 2015 and is expected to remain effective even if the Plan of Reorganization does not become effective.
Under applicable law, EFH 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 we would be insolvent. In addition, due to the Bankruptcy Filing, no dividends are eligible to be paid without the approval of the Bankruptcy Court. EFH Corp. (Parent) has not declared or paid any dividends since the Merger. EFH Corp. (Parent) received no dividends from its consolidated subsidiaries in the years ended December 31, 2015 and 2014. EFH Corp. (Parent) received dividends from its consolidated subsidiaries totaling $690 million for the year ended December 31, 2013.
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Liabilities Subject To Compromise | The amounts classified as liabilities subject to compromise (LSTC) reflect the company's estimate of pre-petition liabilities and other expected allowed claims to be addressed in the Chapter 11 Cases and may be subject to future adjustment as the Chapter 11 Cases proceed. Prior to December 2015, debt amounts include related unamortized deferred financing costs and discounts/premiums. Amounts classified to LSTC do not include pre-petition liabilities that are fully collateralized by letters of credit or cash deposits. The following table presents LSTC as reported in the consolidated balance sheets at December 31, 2015 and 2014:
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Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt Not Subject to Compromise — Amounts presented in the table below represent pre-petition liabilities that are not subject to compromise due to the debt being fully collateralized or specific orders from the Bankruptcy Court approving repayment of the debt.
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Commitments And Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of noncancellable commitments under energy-related contracts, leases and other agreements | At December 31, 2015, we had contractual commitments under energy-related contracts, leases and other agreements, some of which remain subject to potential rejection in the Chapter 11 Cases, as follows:
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Schedule of future minimum lease payments for capital leases and operating leases | At December 31, 2015, future minimum lease payments under both capital leases and operating leases are as follows:
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward | Changes in common stock shares outstanding for each of the last three years are reflected (in millions of shares) in the table below. Essentially all shares issued and purchased were as a result of stock-based compensation transactions for the benefit of certain officers, directors and employees.
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Schedule of Changes to Accumulated Other Comprehensive Income (Loss) | The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2015.
The following table presents the changes to accumulated other comprehensive income (loss) for the year ended December 31, 2014. In conjunction with the remeasurement of the EFH Corp. OPEB liability during the period (see Note 18), we recognized an additional $17 million of other comprehensive loss.
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Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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, 2015 and 2014:
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Schedule of changes in fair value of the Level 3 assets and liabilities (all related to commodity contracts) |
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Commodity And Other Derivative Contractual Assets And Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commodity and Other Derivative Contractual Assets and Liabilities as Reported in the Balance Sheets | The following tables provide detail of commodity and other derivative contractual assets and liabilities (with the column totals representing the net positions of the contracts) as reported in the consolidated balance sheets at December 31, 2015 and 2014 (noncurrent assets and liabilities are reported in other noncurrent assets and other noncurrent liabilities and deferred credits, respectively). All amounts relate to commodity contracts.
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Schedule of Pre-tax Effect on Net Income of Derivatives Not Under Hedge Accounting, Including Realized and Unrealized Effects | The following table presents the pretax effect of derivatives on net income (gains (losses)), including realized and unrealized effects:
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Schedule of Pre-tax Effect on Net Income and Other Comprehensive Income (OCI) of Derivative Instruments Previously Accounted for as Cash Flow Hedges | The pretax effect (all losses) on net income and other comprehensive income (OCI) of derivative instruments previously accounted for as cash flow hedges was immaterial in the years ended December 31, 2015, 2014 and 2013. There were no amounts recognized in OCI for the years ended December 31, 2015, 2014 or 2013. |
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Offsetting Assets and Liabilities [Table Text Block] | The following tables reconcile our derivative assets and liabilities as presented in the consolidated balance sheets to net amounts after taking into consideration netting arrangements with counterparties and financial collateral:
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Schedule of Gross Notional Amounts of Derivative Volumes | Derivative Volumes — The following table presents the gross notional amounts of derivative volumes at December 31, 2015 and 2014:
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Pension And Other Postretirement Employee Benefits (OPEB) Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Pension and OPEB Costs
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Schedule of Assumptions Used | 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.
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Schedule of Expected Benefit Payments | Estimated future benefit payments to beneficiaries, including amounts related to nonqualified plans, are as follows:
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Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures |
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The following information is based on December 31, 2015, 2014 and 2013 measurement dates:
At December 31, 2015 and 2014, pension plan assets measured at fair value on a recurring basis consisted of the following:
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Schedule of Accumulated and Projected Benefit Obligations | The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation (ABO) in excess of the fair value of plan assets.
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Schedule of Allocation of Plan Assets | The target asset allocation ranges of pension plan investments by asset category are as follows:
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OPEB [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | At December 31, 2015 and 2014, the EFH OPEB plan had no plan assets as the existing assets were transferred to the Oncor OPEB plan as part of the separation discussed above. The following OPEB information is based on December 31, 2015, 2014 and 2013 measurement dates (includes amounts related to Oncor):
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Schedule of Health Care Cost Trend Rates | The following tables provide information regarding the assumed health care cost trend rates.
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Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates |
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment |
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Supplementary Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restricted cash | Restricted Cash
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Schedule of trade accounts receivable and allowance for uncollectible accounts receivable | Trade Accounts Receivable
Gross trade accounts receivable at December 31, 2015 and 2014 included unbilled revenues of $231 million and $239 million, respectively. Allowance for Uncollectible Accounts Receivable
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Schedule of inventories by major category | Inventories by Major Category
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Summary of other investments | Other Investments
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Summary of investments in the fund | The nuclear decommissioning trust fund is not a debtor under the Chapter 11 Cases. A summary of investments in the fund follows:
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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 available-for-sale securities and the related realized gains and losses from such sales.
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Schedule of property, plant and equipment | Property, Plant and Equipment
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Schedule of asset retirement and mining reclamation obligations | The following table summarizes the changes to these obligations, reported in other current liabilities and other noncurrent liabilities and deferred credits in the consolidated balance sheets, for the years ended December 31, 2015 and 2014:
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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:
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Schedule of estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years | The estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years is as follows:
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Schedule of fair value of debt | Fair Value of Debt
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Schedule of supplemental cash flow information | Supplemental Cash Flow Information
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Schedule I - (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
See Notes to the Financial Statements.
See Notes to the Financial Statements.
See Notes to the Financial Statements.
The accompanying unconsolidated condensed balance sheets, statements of income (loss) and cash flows present results of operations and cash flows of EFH Corp. (Parent). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US 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 US GAAP, they should be read in conjunction with the financial statements and related notes of Energy Future Holdings Corp. and Subsidiaries included in Item 8 of this Annual Report on Form 10-K. EFH 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 US dollars unless otherwise indicated.
As a result of debt exchanges and purchases in 2009 through 2011, EFH Corp. (Parent) held debt securities of TCEH with carrying values totaling $39 million at December 31, 2014, reported as investment in debt of subsidiaries. The amounts of TCEH debt held by EFH Corp. (Parent) were eliminated as a result of the Settlement Agreement approved by the Bankruptcy Court in December 2015. This resulted in a loss of $33 million recorded in reorganization items. As of December 31, 2014, all of these debt securities were classified as available-for-sale. In accordance with accounting guidance for investments classified as available-for-sale, the securities were recorded at fair value and unrealized gains or losses were recorded in other comprehensive income unless such losses were other than temporary, in which case they were reported as impairments. The principal amounts, coupon rates, maturities and carrying value were as follows as of December 31, 2014:
_____________
Impairments — In 2015 and 2013, we deemed the declines in value of the TCEH debt securities were other than temporary and recorded impairments totaling $6 million and $70 million, respectively, as reductions of interest income. Our assessment considered that the securities were in a loss position for more than 12 months and that declines in natural gas prices and other corresponding effects on the profitability and cash flows of TCEH (which has below investment grade credit ratings) were unlikely to reverse in the near term. No cumulative unrealized losses were recorded in accumulated other comprehensive income at December 31, 2013. Interest income recorded on these investments was as follows:
We determine fair value under the fair value hierarchy established in accounting standards. Under the fair value hierarchy, Level 2 valuations are based on evaluated prices that reflect observable market information, such as actual trade information of similar securities, adjusted for observable differences. The fair value of our investment in debt of subsidiaries was estimated at the lesser of either the call price or the market value as determined by broker quotes and quoted market prices for similar securities in active markets. As of December 31, 2014, the fair values of our investment in debt of subsidiaries represent Level 2 valuations. AFFILIATE BALANCES Settlement Agreement The Settling Parties entered into a settlement agreement (the Settlement Agreement) in August 2015 (as amended in September 2015) to compromise and settle, among other things (a) intercompany claims among the Debtors, (b) claims and causes of actions against holders of first lien claims against TCEH and the agents under the TCEH Senior Secured Facilities, (c) claims and causes of action against holders of interests in EFH Corp. and certain related entities and (d) claims and causes of action against each of the Debtors' current and former directors, the Sponsor Group, managers and officers and other related entities. The Settlement Agreement is expected to remain effective regardless of whether the EFH Acquisition is completed. The Bankruptcy Court approved the Settlement Agreement in December 2015. In December 2015, pursuant to the approved Settlement Agreement, Backstop Agreement, Merger Agreement and Plan of Reorganization, EFH Corp. (Parent) recorded a gain for an adjustment related to the Sponsor Group's agreement to forego claims related to a management agreement of $64 million, which is reported in our statement of consolidated income (loss) in reorganization items. Additionally, we recorded adjustments to eliminate all intercompany claims among the debtors except for a TCEH unsecured claim against EFH Corp. of $700 million as contemplated by the Plan of Reorganization and a gain of $408 million was recorded in reorganization items related to the forgiveness of an income tax payable due to EFIH. Further, pursuant to the Settlement Agreement, EFH Corp. (Parent) recorded a gain of $1.283 billion related to forgiveness of debt held by affiliates. Other The EFH Corp. (Parent) net income tax receivable from TCEH was reduced during the year ended December 31, 2015, resulting in a credit to the existing reserve of $22 million, which is reported in other income. EFH Corp. (Parent) fully reserved a net income tax receivable from TCEH, resulting in a charge of $91 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved pre-petition interest receivable from EFCH, resulting in a charge of $14 million at December 31, 2014, reported in other deductions. EFH Corp. (Parent) also fully reserved a pre-petition intercompany accounts receivable because of significant uncertainty regarding its ultimate settlement, resulting in a charge of $3 million at December 31, 2014, reported in other deductions. On April 29, 2014, EFH Corp. and the substantial majority of its direct and indirect subsidiaries, including EFIH, EFCH and TCEH but excluding the Oncor Ring-Fenced Entities, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Prior to December 31, 2013, EFH Corp. (Parent) had entered into certain transactions with its subsidiaries that upon the Bankruptcy Filing resulted in unsecured prepetition liabilities on the part of the subsidiaries that are subject to settlement under a Chapter 11 plan. Because of the significant uncertainty regarding the ultimate settlement of these amounts, in the fourth quarter 2013 EFH Corp. (Parent) fully reserved the following receivables:
In addition, in the fourth quarter 2013, EFH Corp. (Parent) determined that the likelihood that receivables and payables with certain of its direct subsidiaries would be cash settled was remote. As such $899 million of corporate affiliate receivables and $1.350 billion of corporate affiliate payables were reclassified to equity investment in consolidated subsidiaries. Substantially all of the affiliates represent discontinued operations and are no longer active. REORGANIZATION ITEMS Expenses and income directly associated with the Chapter 11 Cases are reported separately in the condensed statements of income (loss) as reorganization items as required by ASC 852, Reorganizations. Reorganization items also include adjustments to reflect the carrying value of liabilities subject to compromise (LSTC) at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the year ended December 31, 2015 and the post-petition period ended December 31, 2014 as reported in the condensed statement of income (loss):
LIABILITIES SUBJECT TO COMPROMISE The amounts classified as liabilities subject to compromise (LSTC) reflect the company's estimate of pre-petition liabilities and other expected allowed claims to be addressed in the Chapter 11 Cases and may be subject to future adjustment as the Chapter 11 Cases proceed. Prior to December 2015, debt amounts include related unamortized deferred financing costs and discounts/premiums. Amounts classified to LSTC do not include pre-petition liabilities that are fully secured by letters of credit or cash deposits. The following table presents LSTC as reported in the condensed consolidated balance sheets at December 31, 2015 and 2014:
As discussed below, EFH Corp. (Parent) has entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. Assumption of Indebtedness — In prior periods, EFCH purchased an electric co-op's minority ownership interest in the Comanche Peak nuclear generation facilities and assumed the co-op's indebtedness to the US government related to the co-op's investment in the facilities (without the co-op being released from its obligations under such indebtedness). EFCH is making principal and interest payments in an amount sufficient to satisfy the co-op's requirements under the indebtedness. In the event that payments on the indebtedness are not made in a timely manner, the US government would be entitled to enforce the payment of the debt against EFCH. At December 31, 2015, the balance of the indebtedness on EFCH's balance sheet was $37 million with maturities of principal and interest extending to December 2021. The indebtedness is secured by a lien on the Comanche Peak generation facilities. EFH Corp. (Parent) has guaranteed EFCH's obligation under this agreement. COMMITMENTS AND CONTINGENCIES In August 2014, the Bankruptcy Court entered an order establishing discovery procedures governing, among other things, certain prepetition transactions among the various Debtors' estates, including EFH Corp. (Parent). In February 2015, the ad hoc group of TCEH unsecured creditors; the official committee representing unsecured interests at EFCH and its direct subsidiary, TCEH; and the official committee representing unsecured interests at EFH and EFIH filed motions with the Bankruptcy Court seeking standing to prosecute derivative claims on behalf of TCEH relating to certain of these prepetition transactions. These claims were released effective when the Bankruptcy Court approved the Settlement Agreement. The Settlement Agreement was approved in December 2015 and is expected to remain effective even if the Plan of Reorganization does not become effective.
Under applicable law, EFH 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 we would be insolvent. In addition, due to the Bankruptcy Filing, no dividends are eligible to be paid without the approval of the Bankruptcy Court. EFH Corp. (Parent) has not declared or paid any dividends since the Merger. EFH Corp. (Parent) received no dividends from its consolidated subsidiaries in the years ended December 31, 2015 and 2014. EFH Corp. (Parent) received dividends from its consolidated subsidiaries totaling $690 million for the year ended December 31, 2013.
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Business And Significant Accounting Policies (Details) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2015
USD ($)
Reportable_segment
|
Dec. 31, 2014
USD ($)
|
Nov. 30, 2008 |
|
Entity Information [Line Items] | |||
Derivative Positions Accounted For As Cash Flow Or Fair Value Hedges | $ 0 | $ 0 | |
Restricted cash | $ 507 | 901 | |
Business and Significant Accounting Policies | |||
Number of reportable segments (in reportable segments) | Reportable_segment | 2 | ||
Equity method investment, maximum ownership percentage for accounting treatment (as a percent) | 50.00% | ||
Oncor [Member] | |||
Business and Significant Accounting Policies | |||
Sale of equity ownership interest (as a percent) | 19.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Oncor [Member] | |||
Business and Significant Accounting Policies | |||
Equity method investment, ownership (as a percent) | 80.00% | ||
Amount Related To Texas Competitive Electric Holdings Company LLC Letter Of Credit Facility [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Entity Information [Line Items] | |||
Restricted cash | $ 507 | $ 551 |
Chapter 11 Cases (Chapter 11 Cases) (Details) $ in Millions |
1 Months Ended | 8 Months Ended | 12 Months Ended | ||||
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Dec. 31, 2015
USD ($)
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Dec. 31, 2014
USD ($)
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Dec. 31, 2015
USD ($)
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Dec. 31, 2014
USD ($)
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Dec. 31, 2013
USD ($)
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Feb. 29, 2016 |
Sep. 22, 2015
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | |||||||
Debtor Reorganization Items, Legal and Advisory Professional Fees Related to Settlement, Backstop and Merger and Purchase Agreements and the Plan of Reorganization | $ 144 | ||||||
Sponsor management agreement settlement | $ 0 | $ (86) | |||||
Debtor Reorganization Items, Adjustment To Intercompany Claims For Subsidiary Unsecured Claim Against Parent | 700 | ||||||
Proposed Plan Of Reorganization, Maximum Reimbursement Of Fees And Expenses In Event Of Termination Of Merger And Purchase Agreement, Backstop Agreement Or Equity Commitment Letter | $ 35 | ||||||
Debtor Reorganization Items, Expenses Related To Backstop And Merger And Purchase Agreements | $ 49 | ||||||
Contract claims adjustments | (20) | (52) | $ (20) | $ 0 | |||
Debtor Reorganization Items, Net Gain Loss On Contract Claims And Assumption Adjustments | $ 20 | $ 38 | |||||
Subsequent Event [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Bankruptcy Claims, Amount of Claims under Review by Management | 41,300 | ||||||
Bankruptcy Claims Number Of Claims Under Review By Management Related To Asbestos | 30,900 | ||||||
Bankruptcy Claims, Number of Claims Settled, Withdrawn or Expunged by Bankruptcy Court | 5,500 | ||||||
Investor Group [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Proposed Plan Of Reorganization, Equity And Debt Financing To Be Raised And Invested In Reorganized EFH | 12,600 | ||||||
Proposed Plan Of Reorganization, Merger And Purchase Agreement, Equity Commitment Letter | 2,513 | ||||||
Rights Offering Participants [Member] | Ovation Acquisition I, LLC [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Proposed Plan Of Reorganization, Rights Offering, Offering Of Equity Rights In Common Stock | 5,787 | ||||||
Rights Offering Participants [Member] | Backstop Purchasers [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Rights Offering, Backstop Agreement | 5,087 | ||||||
Senior Secured Term Loan Facility [Member] | Debt Commitment Letter [Member] | Investor Group [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Proposed Plan Of Reorganization, Merger And Purchase Agreement, Debt Commitment Letter | 5,500 | ||||||
Senior Secured Bridge Loan Facility [Member] | Debt Commitment Letter [Member] | Investor Group [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Proposed Plan Of Reorganization, Merger And Purchase Agreement, Debt Commitment Letter | $ 250 |
Pending Purchase of La Frontera Holdings, LLC (Details) - La Frontera Ventures, LLC [Member] - La Frontera Holdings, LLC [Member] - Texas Competitive Electric Holdings Company LLC [Member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
Megawatt-hour
| |
Number Of Natural Gas Fueled Generation Facilities Purchased | 2 |
Electricity Generation Facility Capacity | Megawatt-hour | 2,988 |
Pending Purchase And Sale Agreement, Aggregate Purchase Price | $ 1,313 |
Pending Purchase And Sale Agreement, Cash And Net Working Capital Estimate | $ 276 |
Variable Interest Entities (Narrative) (Details) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
Nuclear_generation_units
|
Apr. 29, 2014
USD ($)
|
|
Variable Interest Entity [Line Items] | ||||
Investment in unconsolidated subsidiary | $ 6,064 | $ 6,058 | $ 5,959 | |
Distributions of earnings from unconsolidated subsidiaries | 322 | 202 | $ 213 | |
Consolidated VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Public Utilities Number Of New Nuclear Generation Units In Development | Nuclear_generation_units | 2 | |||
Oncor Holdings [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Distributions of earnings from unconsolidated subsidiaries | 322 | 202 | $ 213 | |
Eligible distributions after accounting for regulatory restrictions | $ 30 | |||
PUCT required regulatory capitalization, ratio of debt to equity, debt (as a percent) | 60.00% | |||
PUCT required regulatory capitalization, ratio of debt to equity, equity (as a percent) | 40.00% | |||
Regulatory capitalization, ratio of debt to equity, debt (as a percent) | 59.80% | |||
Regulatory capitalization, ratio of debt to equity, equity (as a percent) | 40.20% | |||
Trade accounts and other receivables from affiliates | $ 118 | $ 118 | ||
Energy Future Intermediate Holding CO LLC [Member] | Oncor [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investment, ownership (as a percent) | 80.00% | |||
Oncor Holdings [Member] | Oncor [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Percentage of equity method investment consolidated revenues related to services provided to entity (as a percent) | 25.00% | 25.00% | 27.00% | |
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | Oncor Holdings [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Trade accounts and other receivables from affiliates | $ 109 |
Variable Interest Entities (Schedule of condensed statements of consolidated income of Oncor Holdings and its subsidiaries) (Details) - Oncor Holdings [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Variable Interest Entity [Line Items] | |||
Operating revenues | $ 3,878 | $ 3,822 | $ 3,552 |
Operation and maintenance expenses | (1,526) | (1,453) | (1,269) |
Depreciation and amortization | (863) | (851) | (814) |
Taxes other than income taxes | (450) | (438) | (424) |
Other income | 6 | 13 | 18 |
Other deductions | (28) | (15) | (15) |
Interest income | 0 | 3 | 4 |
Interest expense and related charges | (333) | (353) | (371) |
Income before income taxes | 684 | 728 | 681 |
Income tax expense | (264) | (289) | (259) |
Net income | 420 | 439 | 422 |
Net income attributable to noncontrolling interests | (86) | (90) | (87) |
Net income attributable to Oncor Holdings | $ 334 | $ 349 | $ 335 |
Variable Interest Entities (Schedule of assets and liabilities of Oncor Holdings) (Details) - Oncor Holdings [Member] - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 26 | $ 5 |
Restricted cash | 38 | 56 |
Trade accounts receivable — net | 388 | 407 |
Trade accounts and other receivables from affiliates | 118 | 118 |
Income taxes receivable from EFH Corp. | 107 | 144 |
Inventories | 82 | 73 |
Accumulated deferred income taxes | 0 | 10 |
Prepayments and other current assets | 88 | 91 |
Total current assets | 847 | 904 |
Restricted cash | 0 | 16 |
Other investments | 97 | 97 |
Property, plant and equipment — net | 13,024 | 12,463 |
Goodwill | 4,064 | 4,064 |
Regulatory assets — net | 1,194 | 1,429 |
Other noncurrent assets | 31 | 34 |
Total assets | 19,257 | 19,007 |
Current liabilities: | ||
Short-term borrowings | 840 | 711 |
Long-term debt due currently | 41 | 639 |
Trade accounts payable — nonaffiliates | 150 | 202 |
Income taxes payable to EFH Corp. | 20 | 24 |
Accrued taxes other than income | 181 | 174 |
Accrued interest | 82 | 93 |
Other current liabilities | 144 | 156 |
Total current liabilities | 1,458 | 1,999 |
Accumulated deferred income taxes | 1,985 | 1,978 |
Long-term debt, less amounts due currently | 5,646 | 4,964 |
Other noncurrent liabilities and deferred credits | 2,306 | 2,245 |
Total liabilities | $ 11,395 | $ 11,186 |
Goodwill And Identifiable Intangible Assets (Narrative) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 01, 2015 |
Dec. 01, 2014 |
|
Goodwill and Indentifiable Intangible Assets [Line Items] | ||||||||
Impairment of goodwill | $ 2,200 | $ 1,600 | $ 1,000 | |||||
Discount rate applied to internally developed cash flow projections | 6.00% | 6.25% | ||||||
Competitive Electric [Member] | ||||||||
Goodwill and Indentifiable Intangible Assets [Line Items] | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 0 | 0 | ||||||
Impairment of goodwill | $ 0 | $ 800 | $ 1,400 | $ 2,200 | $ 1,600 | $ 1,000 | ||
Reporting unit, percentage of fair value in excess of carrying amount | 48.00% | 17.00% |
Goodwill And Identifiable Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
---|---|---|---|---|---|
Goodwill [Line Items] | |||||
Balance, goodwill | $ 152 | $ 2,352 | |||
Competitive Electric [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill before impairment charges | 18,342 | ||||
Accumulated noncash impairment charges | 18,190 | 15,990 | |||
Balance, goodwill | $ 152 | [1] | $ 2,352 | ||
|
Goodwill And Identifiable Intangible Assets (Identifiable Intangible Assets Reported in the Balance Sheet) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Gross Carrying Amount | $ 897 | $ 1,285 | ||||||||
Accumulated Amortization | 691 | 932 | ||||||||
Total identifiable intangible assets subject to amortization, net | 206 | 353 | ||||||||
Identifiable intangible assets — net | 1,166 | 1,315 | ||||||||
Trade Names [Member] | ||||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | |||||||||
Gross Carrying Amount, Unamortized Intangibles | 955 | 955 | ||||||||
Mineral interests (not currently subject to amortization) [Member] | ||||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Gross Carrying Amount, Unamortized Intangibles | 5 | 7 | ||||||||
Mining development costs [Member] | ||||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 19 | [1] | 0 | $ 0 | ||||||
Customer Relationships [Member] | ||||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Gross Carrying Amount | 463 | 463 | ||||||||
Accumulated Amortization | 442 | 425 | ||||||||
Total identifiable intangible assets subject to amortization, net | 21 | 38 | ||||||||
Favorable purchase and sales contracts [Member] | ||||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 8 | [1] | 183 | [1] | 0 | |||||
Computer Software, Intangible Asset [Member] | ||||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Gross Carrying Amount | 362 | 362 | ||||||||
Accumulated Amortization | 214 | 216 | ||||||||
Total identifiable intangible assets subject to amortization, net | 148 | 146 | ||||||||
Other Identifiable Intangible Assets [Member] | ||||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Gross Carrying Amount | [2] | 72 | 460 | |||||||
Accumulated Amortization | [2] | 35 | 291 | |||||||
Total identifiable intangible assets subject to amortization, net | [2] | 37 | 169 | |||||||
Environmental allowances and credits [Member] | ||||||||||
Finite-Lived and Indefinite-Lived Intangible [Line Items] | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 55 | [1] | $ 80 | [1] | $ 0 | |||||
|
Goodwill And Identifiable Intangible Assets (Amortization Expense Related to Intangible Assets (including income statement line item)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | [1] | $ 96 | $ 156 | $ 135 | |
Depreciation and amortization [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 74 | 102 | 97 | ||
Retail customer relationship [Member] | Depreciation and amortization [Member] | Competitive Electric [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 2 years | ||||
Amortization expense | $ 17 | 23 | 24 | ||
Capitalized in-service software [Member] | Depreciation and amortization [Member] | Competitive Electric and Corporate and Other [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 3 years | ||||
Amortization expense | $ 49 | 45 | 42 | ||
Other Identifiable Intangible Assets [Member] | Operating Revenues, Fuel, Purchased Power Costs And Delivery Fees, Depreciation And Amortization [Member] | Competitive Electric [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life | 8 years | ||||
Amortization expense | $ 30 | $ 88 | $ 69 | ||
|
Goodwill And Identifiable Intangible Assets (Estimated Amortization of Intangible Assets) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Future Amortization Expense | |
2016 | $ 66 |
2017 | 55 |
2018 | 35 |
2019 | 22 |
2020 | $ 11 |
Accounting For Uncertainty In Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
May. 31, 2013 |
|
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | $ (1,670) | $ (2,619) | $ (1,271) | ||||
Income Tax Expense Recorded In Current Year Related To Previous Year | $ 90 | ||||||
Accumulated deferred income taxes | 713 | 0 | 713 | ||||
Accumulated deferred income taxes | 135 | 0 | 135 | ||||
Accrued taxes | 157 | 134 | 157 | ||||
Unrecognized tax benefits, interest and penalties | 3 | 3 | 132 | ||||
Unrecognized tax benefits, accrued interest | $ 9 | 4 | 9 | ||||
Unrecognized tax benefits, due to timing of recognition in tax returns | 2 | ||||||
Unrecognized tax benefits, possible reduction in recorded tax liability, if company sustains positions on income tax returns previously filed | 35 | ||||||
Unrecognized tax benefits, possible reversal of accrued interest, after-tax benefit, resulting from reduction in tax liability if Company sustains positions on income tax returns previously filed | 2 | ||||||
Corporate and Other [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | (791) | (280) | (477) | ||||
Competitive Electric [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | (879) | (2,339) | (794) | ||||
Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Increase (Decrease) in Income Taxes Payable | 15 | ||||||
Uncertain Tax Positions, Amount To Be Reclassified To Accumulated Deferred Tax Liability During Next 12 Months | $ 2 | ||||||
Internal Revenue Service (IRS) [Member] | Repair And Maintenance Costs [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | $ 6 | ||||||
Uncertain Tax Liability Reclassified To Accumulated Deferred Income Tax Liability | $ 159 | ||||||
Tax Years 2008 and 2009 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 23 | ||||||
Income Tax Examination, Reclassification To Accumulated Deferred Income Tax Liability | 20 | ||||||
Income Tax Payments Assessed But Not Paid | 15 | ||||||
Tax Years 2008 and 2009 [Member] | Internal Revenue Service (IRS) [Member] | Competitive Electric [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | $ 3 | ||||||
Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Increase (Decrease) in Income Taxes Payable | 50 | ||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 174 | ||||||
Income Tax Examination, Reclassification To Accumulated Deferred Income Tax Liability | 139 | ||||||
Income tax benefit (expense) | 35 | ||||||
Increase (Decrease) In Accrued Income Taxes Payable Related to Interest | 18 | ||||||
Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | Internal Revenue Service (IRS) [Member] | Corporate and Other [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | 31 | ||||||
Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | Internal Revenue Service (IRS) [Member] | Competitive Electric [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | 4 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 1,598 | ||||||
Income Tax Examination, Reclassification To Accumulated Deferred Income Tax Liability | 1,193 | ||||||
Income tax benefit (expense) | 305 | ||||||
Income tax examination, estimated reversal of accrued interest from examination, before tax | 188 | ||||||
Accumulated deferred income taxes | $ 13 | ||||||
Accumulated deferred income taxes | 8 | ||||||
Income tax examination, estimated reversal of accrued interest from examination, net of tax | 122 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Internal Revenue Service (IRS) [Member] | Oncor [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income taxes receivable — net | 33 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Internal Revenue Service (IRS) [Member] | Corporate and Other [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | 226 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | Internal Revenue Service (IRS) [Member] | Competitive Electric [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income tax benefit (expense) | $ 79 | ||||||
Audit Years 1997 Through 2002 And Audit Years 2003 Through 2006 [Member] | State and Local Jurisdiction [Member] | Oncor [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Accrued taxes | $ 15 | ||||||
Oncor [Member] | Audit Years 2003 Through 2006 And Tax Year 2007 [Member] | Internal Revenue Service (IRS) [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Increase in Tax Payable to Affiliate | $ 64 |
Accounting For Uncertainty In Income Taxes (Summary of Uncertain Tax Positions, Reported in Other Noncurrent Liabilities) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1, excluding interest and penalties | $ 65 | $ 231 | $ 1,788 |
Additions based on tax positions related to prior years | 0 | 61 | 655 |
Reductions based on tax positions related to prior years | (11) | (205) | (1,817) |
Additions based on tax positions related to the current year | 0 | 0 | 16 |
Reductions based on tax positions related to the current year | 0 | 0 | (4) |
Settlements with taxing authorities | (18) | (22) | (407) |
Balance at December 31, excluding interest and penalties | $ 36 | $ 65 | $ 231 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Operating Loss Carryforwards [Line Items] | ||
Alternative minimum tax credit carryforwards | $ 99 | $ 124 |
Net deferred tax asset related to accumulated other comprehensive income | 68 | $ 71 |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Credit Carryforward, Amount | $ 2,760 | |
Minimum [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards, Expiration Date | Jan. 01, 2034 |
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Current: | |||
US Federal | $ (203) | $ (126) | $ (283) |
State | 17 | 25 | 40 |
Total current | (186) | (101) | (243) |
Deferred: | |||
US Federal | (1,414) | (2,507) | (1,027) |
State | (70) | (11) | (1) |
Total deferred | (1,484) | (2,518) | (1,028) |
Income tax benefit | $ (1,670) | $ (2,619) | $ (1,271) |
Income Taxes (Reconciliation of Income Taxes Computed at the US Federal Statutory Rate to Income Tax Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | $ (7,346) | $ (9,374) | $ (3,931) |
US federal statutory rate | 35.00% | 35.00% | 35.00% |
Income taxes at the US federal statutory rate of 35% | $ (2,571) | $ (3,281) | $ (1,376) |
Nondeductible goodwill impairment | 770 | 560 | 350 |
Impairment of joint venture assets attributable to noncontrolling interests | 0 | 0 | 37 |
IRS audit and appeals settlements | (1) | 7 | (305) |
Texas margin tax, net of federal benefit | 0 | 11 | 10 |
Interest accrued for uncertain tax positions, net of tax | (2) | 0 | (16) |
Nondeductible interest expense | 23 | 22 | 23 |
Lignite depletion allowance | (8) | (14) | (12) |
Nondeductible debt restructuring costs | 136 | 78 | 6 |
Other | (17) | (2) | 12 |
Income tax benefit | $ (1,670) | $ (2,619) | $ (1,271) |
Effective tax rate | 22.70% | 27.90% | 32.30% |
Income Taxes (Deferred Income Tax Balances) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred Income Tax Assets | ||
Alternative minimum tax credit carryforwards | $ 99 | $ 124 |
Alternative minimum tax credit carryforwards, Current | 0 | |
Alternative minimum tax credit carryforwards, Noncurrent | 124 | |
Employee benefit obligations | 143 | 143 |
Employee benefit obligations, Current | 8 | |
Employee benefit obligations, Noncurrent | 135 | |
Net operating loss (NOL) carryforwards | 966 | 1,022 |
Net operating loss (NOL) carryforwards, Current | 0 | |
Net operating loss (NOL) carryforwards, Noncurrent | 1,022 | |
Unfavorable purchase and sales contracts | 193 | 202 |
Unfavorable purchase and sales contracts, Current | 0 | |
Unfavorable purchase and sales contracts, Noncurrent | 202 | |
Commodity contracts and interest rate swaps | 129 | 6 |
Commodity contracts and interest rate swaps, Current | 0 | |
Commodity contracts and interest rate swaps, Noncurrent | 6 | |
Deferred Tax Assets, Debt Extinguishment Gains | 1,120 | 879 |
Deferred Tax Assets, Debt Extinguishment Gains, Current | 0 | |
Debt extinguishment gains, Noncurrent | 879 | |
Deferred Tax Assets, Accrued Interest | 0 | 0 |
Deferred Tax Assets, Accrued Interest, Current | 0 | |
Deferred Tax Assets, Accrued Interest, Noncurrent | 0 | |
Other | 113 | 85 |
Other, Current | 2 | |
Other, Noncurrent | 83 | |
Total | 2,763 | 2,461 |
Total, Current | 10 | |
Total, Noncurrent | 2,451 | |
Deferred Income Tax Liabilities | ||
Property, plant and equipment | 1,506 | 2,422 |
Property, plant and equipment, Current | 0 | |
Property, plant and equipment, Noncurrent | 2,422 | |
Commodity contracts and interest rate swaps | 0 | 44 |
Commodity contracts and interest rate swaps, Current | 44 | |
Commodity contracts and interest rate swaps | 0 | |
Identifiable intangible assets | 312 | 355 |
Identifiable intangible assets, Current | 0 | |
Identifiable intangible assets, Noncurrent | 355 | |
Debt fair value discounts | 0 | 342 |
Debt fair value discounts, Current | 0 | |
Debt fair value discounts, noncurrent | (342) | |
Debt extinguishment gains | 0 | 101 |
Debt extinguishment gains, Current | 101 | |
Debt extinguishment gains, Noncurrent | 0 | |
Deferred Tax Liability, Accrued Interest | 336 | 45 |
Deferred Tax Liability, Accrued Interest, Current | 0 | |
Deferred Tax Liability, Accrued Interest, Noncurrent | 45 | |
Other | 0 | 0 |
Other, Current | 0 | |
Other, Noncurrent | 0 | |
Total | 2,154 | 3,309 |
Total, Current | 145 | |
Total, Noncurrent | 3,164 | |
Deferred Tax Assets, Net | 609 | |
Net Accumulated Deferred Income Tax (Asset) Liability | 848 | |
Deferred Tax Liabilities, Net, Current | 0 | 135 |
Net Deferred Income Tax Liability, Noncurrent | $ 0 | $ 713 |
Other Income and Deductions Other Income and Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||
Other income: | |||||||||||
Office space rental income | [1] | $ 11 | $ 11 | $ 11 | |||||||
Sale of land | [2] | 5 | 2 | 1 | |||||||
Mineral rights royalty revenue | [2] | 4 | 4 | 5 | |||||||
All other | 15 | 14 | 9 | ||||||||
Total other income | 35 | 31 | 26 | ||||||||
Other deductions: | |||||||||||
Impairment of remaining equipment from cancelled generation development program | 0 | 0 | 27 | [2] | |||||||
All other | 13 | 13 | 26 | ||||||||
Total other deductions | 95 | 276 | 53 | ||||||||
Favorable purchase and sales contracts [Member] | |||||||||||
Other deductions: | |||||||||||
Impairment of intangible assets | 8 | [2] | 183 | [2] | 0 | ||||||
Environmental allowances and credits [Member] | |||||||||||
Other deductions: | |||||||||||
Impairment of intangible assets | 55 | [2] | 80 | [2] | 0 | ||||||
Mining development costs [Member] | |||||||||||
Other deductions: | |||||||||||
Impairment of intangible assets | $ 19 | [2] | $ 0 | $ 0 | |||||||
|
Impairment of Long-Lived Assets (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
Nuclear_generation_units
|
|
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held for use | $ 2,541 | $ 4,670 | $ 140 |
Write-Off Of Deferred Costs Related To Cancelled Mining Projects | 30 | ||
Consolidated VIEs [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Public Utilities Number Of New Nuclear Generation Units In Development | Nuclear_generation_units | 2 | ||
Impairment of Assets of Generation Development Joint Venture, Including Amounts Attributable to Noncontrolling Interests | $ 140 | ||
Consolidated VIEs [Member] | Mitsubishi Heavy Industries Ltd. [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment Of Assets Of Nuclear Generation Development Joint Venture, Amounts Attributable To Noncontrolling Interests | 107 | ||
Consolidated VIEs [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment Of Assets Of Generation Development Joint Venture, Amounts Attributable To Parent | $ 33 | ||
Big Brown Steam Electric Station, Martin Lake Steam Electric Station, Monticello Steam Electric Station, Sandow Steam Electric Station Unit 4 And Sandow Electric Station Unit 5 [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held for use | $ 2,541 | ||
Martin Lake Steam Electric Station, Monticello Steam Electric Station And Sandow Steam Electric Station Unit 4 [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held for use | $ 4,640 |
Reorganization Items (Reorganization Items) (Details) - USD ($) $ in Millions |
8 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reorganization Items [Abstract] | ||||
Expenses related to legal advisory and representation services | $ 127 | $ 310 | ||
Expenses related to other professional consulting and advisory services | 95 | 128 | ||
Contract claims adjustments | (20) | (52) | $ (20) | $ 0 |
Noncash adjustment for estimated allowed claims related to debt | 0 | 926 | 0 | 0 |
Sponsor management agreement settlement | 0 | (86) | ||
Contract assumption adjustments | 0 | (14) | ||
Noncash liability adjustment arising from termination of interest rate swaps (Note 13) | 278 | 0 | 278 | 0 |
Fees associated with repayment of EFIH Second Lien Notes (Note 13) | 0 | 28 | ||
Loss on exchange and settlement of EFIH First Lien Notes | 108 | 0 | 108 | 0 |
Fees associated with completion and extension of the TCEH and EFIH DIP Facilities (Note 12) | 187 | 9 | ||
Other | 0 | 2 | ||
Total reorganization items | $ 815 | $ 1,355 | $ 815 | $ 0 |
Interest Expense and Related Charges (Interest Expense and Related Charges) (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Interest paid/accrued on debtor-in-possession financing | $ 295 | $ 162 | $ 0 | |||||||||
Adequate protection amounts paid/accrued | 1,232 | [1] | 827 | [1] | 0 | |||||||
Interest paid/accrued on pre-petition debt | [2] | 244 | 1,158 | 3,376 | ||||||||
Interest expense on pre-petition toggle notes payable in additional principal | 0 | 65 | 176 | |||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | 0 | 1,237 | [3] | 0 | ||||||||
Unrealized mark-to-market net gain on interest rate swaps | 0 | (1,303) | (1,058) | |||||||||
Amortization of debt issuance, amendment and extension costs and discounts | 0 | 66 | 208 | |||||||||
Capitalized interest | (11) | (17) | (25) | |||||||||
Other | 0 | 6 | 27 | |||||||||
Interest expense and related charges | 1,760 | 2,201 | 2,704 | |||||||||
Liabilities Subject To Compromise, Debt | 35,560 | 35,124 | ||||||||||
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,243 | 1,235 | ||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Liabilities Subject To Compromise, Debt | 31,668 | 31,474 | ||||||||||
Parent Company [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Amortization of debt issuance, amendment and extension costs and discounts | 0 | 12 | 36 | |||||||||
Interest expense and related charges | 0 | 83 | 411 | |||||||||
Liabilities Subject To Compromise, Debt | 640 | 529 | ||||||||||
Energy Future Intermediate Holding CO LLC [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Liabilities Subject To Compromise, Debt | 3,243 | 3,846 | ||||||||||
Interest Rate Swap [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 194 | $ 625 | ||||||||||
Interest Rate Swap [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | (1,225) | |||||||||||
Gain (Loss) On Derivative Instruments, Net, Pretax, Representing Matured Positions Not Settled In Cash During the Period | 127 | |||||||||||
Interest Rate Swap [Member] | Parent Company [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Noncash realized net loss on termination of interest rate swaps (offset in unrealized net gain) | (12) | |||||||||||
Line of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Liabilities Subject To Compromise, Debt | 22,616 | |||||||||||
Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Liabilities Subject To Compromise, Debt | 1,571 | |||||||||||
Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | Secured Debt [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Interest paid/accrued on pre-petition debt | $ 235 | 235 | ||||||||||
Senior Secured Second Lien 11.75% Notes due March 1, 2022 [Member] | Secured Debt [Member] | Energy Future Intermediate Holding CO LLC [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Liabilities Subject To Compromise, Debt | 1,389 | 1,750 | ||||||||||
11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | Secured Debt [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Liabilities Subject To Compromise, Debt | $ 1,750 | $ 1,750 | ||||||||||
Adequate Protection Interest Expense [Member] | ||||||||||||
Interest Expense and Related Charges [Line Items] | ||||||||||||
Adequate Protection Paid Or Accrued, Weighted Average Interest Rate | 4.69% | |||||||||||
Adequate Protection Paid Or Accrued, Basis Spread on Variable Rate | 4.50% | |||||||||||
|
Interest Expense and Related Charges (Contractual Interest Expense on Pre-Petition Liabilities) (Details) - USD ($) $ in Millions |
8 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | $ 1,760 | $ 2,492 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 787 | 1,172 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | [1] | 54 | 50 | ||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 919 | 1,270 | |||||
Adequate Protection Interest Paid-Accrued, Amount Excluded Related To Terminated Natural Gas Hedging Positions And Interest Rate Swaps | 40 | 60 | |||||
Post-Petition Interest Related to Prior Periods Paid And Accrued On Pre-Petition Debt | 185 | ||||||
Parent Company [Member] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 84 | 125 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | 0 | |||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 84 | 125 | |||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 363 | 415 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | [1] | 54 | 50 | ||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 309 | 365 | |||||
Energy Future Competitive Holdings Company [Member] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 4 | 7 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | 0 | |||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 4 | 7 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | 1,392 | 2,069 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 787 | 1,172 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | 0 | |||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 605 | 897 | |||||
Consolidation, Eliminations [Member] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities [Line Items] | |||||||
Contractual Interest Expense On Pre-Petition Liabilities Classified As Liabilities Subject To Compromise | [2] | (83) | (124) | ||||
Interest Expense On Prepetition Liabilities Recognized In Statement of Operations, Adequate Protection Paid Or Accrued | 0 | 0 | |||||
Interest Expense On Prepetition Liabilities Recognized In Statement Of Operations, Paid or Accrued Amounts Allowed On Notes Exchanged-Settled | 0 | 0 | |||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | [2] | $ (83) | $ (124) | ||||
|
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (TCEH Debtor-In-Possession Facility) (Details) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
||||||
Line of Credit Facility [Line Items] | |||||||
Borrowings under debtor-in-possession credit facilities | $ 0 | $ 6,825 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Consolidated Superpriority Secured Net Debt to Consolidated EBITDA Covenant Threshold | 3.50 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Railroad Commission of Texas [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Collateral Bond, Securing Mining Land Reclamation Obligations, Secured By First Lien Interest In Assets | $ 1,100 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debtor-In-Possession Financing, Extension Fee | $ 8 | ||||||
Debtor-In-Possession Financing, Cash Collateral Extension, Number Of Days Following Termination Of Debor's Plan Support Agreement | 60 days | ||||||
Debtor-in-Possession Financing, Amount Arranged | $ 3,375 | ||||||
Debtor-In-Possession Financing, Unused Cash Borrowings | 1,950 | ||||||
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | $ 281 | ||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.75% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 3.75% | 3.75% | |||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debtor-in-Possession Financing, Amount Arranged | [1] | $ 1,950 | |||||
Debtor-In-Possession Financing, Unused Cash Borrowings | [1] | 1,950 | |||||
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | [1] | 0 | |||||
Borrowings under debtor-in-possession credit facilities | 0 | ||||||
Debtor-In-Possession Financing, Maximum Borrowings Allowed Without Consent Or Bankruptcy Court Order | 1,650 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debtor-in-Possession Financing, Amount Arranged | [2] | 1,425 | |||||
Debtor-In-Possession Financing, Unused Cash Borrowings | [2] | 0 | |||||
Debtor-In-Possession Financing, Unused Letter of Credit Capacity | [2] | 281 | |||||
Borrowings under debtor-in-possession credit facilities | 1,425 | $ 1,425 | |||||
Debtor-In-Possession Financing, Amount Arranged, Maximum Letter of Credit Capacity | 800 | ||||||
Debtor-In-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 800 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | Cash and Cash Equivalents [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debtor-In-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 281 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Term Loan [Member] | Restricted Cash [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debtor-In-Possession Financing, Collateral Account, Total Amount Held To Support Letters Of Credit | 519 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Debtor-In-Possession Facility [Member] | Senior Secured Super-Priority Delayed Draw Term Loan Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debtor-In-Possession Financing, Amount Terminated | $ 1,100 | ||||||
|
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (EFIH First-Lien Debtor-In-Possession Facility) (Details) - USD ($) $ in Millions |
1 Months Ended | 8 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015 |
Jun. 30, 2014 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||
Line of Credit Facility [Line Items] | |||||||||
Pre and Post-Petition Interest Paid And Accrued On Pre-Petition Debt | [1] | $ 244.0 | $ 1,158.0 | $ 3,376.0 | |||||
Debtor Reorganization Items, Gain (Loss) On Exchange And Settlement Of Debt Instruments | $ 108.0 | 0.0 | 108.0 | 0.0 | |||||
Cash and cash equivalents | 3,428.0 | 2,286.0 | 3,428.0 | $ 1,217.0 | $ 1,913.0 | ||||
Borrowings under debtor-in-possession credit facilities | 6,825.0 | 0.0 | 6,825.0 | ||||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Cash and cash equivalents | 354.0 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debtor-In-Possession Financing, Incremental Junior Lien Debt Allowed, Maximum | 3,000.0 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Debtor-In-Possession Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debtor-In-Possession Financing, Extension Fee | 13.5 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | First-Lien Debtor-in-Possession Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 5,400.0 | ||||||||
Debtor-In-Possession Financing, Borrowings Used In Exchange Transaction For Pre-Petition Debt | $ 1,836.0 | ||||||||
Debtor-In-Possession Financing, Borrowings Used to Repay Pre-Petition Debt | 2,438.0 | ||||||||
Debtor Reorganization Items, Gain (Loss) On Exchange And Settlement Of Debt Instruments | 108.0 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||
Borrowings under debtor-in-possession credit facilities | $ 5,400.0 | $ 5,400.0 | $ 5,400.0 | ||||||
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding | 4.25% | 4.25% | 4.25% | ||||||
Debtor In Possession Financing, Liquidity Covenant, Unrestricted Cash Balance, Minimum | $ 150.0 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Secured Debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,673.0 | ||||||||
Principal Amount Of Affiliate Debt Repurchased | 2,312.0 | ||||||||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | Secured Debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Repayment of Debt And Pre-Petition And Post-Petition Interest | $ 750.0 | ||||||||
Repayments of Debt | 445.0 | ||||||||
Pre-Petition Interest Paid and Accrued On Pre-Petition Debt | 55.0 | ||||||||
Pre and Post-Petition Interest Paid And Accrued On Pre-Petition Debt | $ 235.0 | $ 235.0 | |||||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Secured Debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Increase, Accrued Interest | $ 78.0 | ||||||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Debtor-in-Possession Financing, First Lien Debt Facility Agreement [Member] | First-Lien Debtor-in-Possession Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debtor-in-Possession Financing, Debt Settlement, Settlement Price, Percentage of Principal and Percentage of Accrued and Unpaid Interest, Percentage of Principal | 105.00% | ||||||||
Debtor-in-Possession Financing, Debt Settlement, Settlement Price, Percentage of Principal and Percentage of Accrued and Unpaid Interest, Percentage of Accrued and Unpaid Interest | 101.00% | ||||||||
Non-Settling Holders Of EFIH First Lien Notes [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | Secured Debt [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Increase, Accrued Interest | $ 128.0 | ||||||||
|
Debtor-In-Possession Borrowing Facilities and Long-Term Debt Not Subject to Compromise (Long-Term Debt Not Subject to Compromise) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 95 | $ 167 | |||||||
Other Liabilities, Current | 425 | 360 | |||||||
Long-term Debt and Capital Lease Obligations, Current | (35) | (39) | |||||||
Long-term debt, less amounts due currently | 60 | 128 | |||||||
Parent Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 41 | 47 | |||||||
Other Liabilities, Current | 42 | 40 | |||||||
Energy Future Competitive Holdings Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 35 | 47 | |||||||
Debt Instrument, Unamortized premium (discount) fair value adjustments recorded under purchase accounting | [1] | (2) | (3) | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 19 | 73 | |||||||
Capital Lease Obligations | 5 | 44 | |||||||
Other Long-term Debt | 2 | 2 | |||||||
Debt Instrument, Unamortized Discount | (1) | (2) | |||||||
9.58% Fixed Notes due in annual installments through December 4, 2019 [Member] | Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [2] | $ 13 | 21 | ||||||
Stated interest rate (as a percent) | 9.58% | ||||||||
8.254% Fixed Notes due in quarterly installments through December 31, 2021 [Member] | Energy Future Competitive Holdings Company [Member] | Fixed Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [2] | $ 24 | 29 | ||||||
Stated interest rate (as a percent) | 8.254% | ||||||||
Fixed 7.48% Secured Facility Bonds With Amortizing Payments Through January 2017 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [3] | $ 13 | 25 | ||||||
Stated interest rate (as a percent) | 7.48% | ||||||||
7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [3] | $ 0 | 4 | ||||||
Stated interest rate (as a percent) | 7.46% | ||||||||
8.82% Building Financing due semiannually through February 11, 2022 [Member] | Parent Company [Member] | Building Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 35 | 40 | |||||||
Debt Instrument, Unamortized premium (discount) fair value adjustments recorded under purchase accounting | [1] | $ 6 | $ 7 | ||||||
Stated interest rate (as a percent) | 8.82% | ||||||||
|
Liabilities Subject to Compromise (Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Liabilities Subject to Compromise [Abstract] | ||
Notes, loans and other debt subject to compromise | $ 35,560 | $ 35,124 |
Accrued interest on notes, loans and other debt | 745 | 804 |
Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,243 | 1,235 |
Trade accounts payable and other expected allowed claims | 238 | 269 |
Total liabilities subject to compromise | $ 37,786 | $ 37,432 |
Liabilities Subject to Compromise (Pre-Petition Notes, Loans and Other Debt Reported as Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 35,560 | $ 35,124 | |||||
Consolidation, Eliminations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 1,664 | ||||||
Deferred Debt Issuance And Extension Costs [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 0 | (733) | |||||
Parent Company [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 640 | 529 | |||||
Parent Company [Member] | Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 2 | 2 | |||||
Stated interest rate (as a percent) | 9.75% | ||||||
Parent Company [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due January 15, 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 3 | 3 | |||||
Stated interest rate (as a percent) | 10.00% | ||||||
Parent Company [Member] | Fixed Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 60 | ||||||
Parent Company [Member] | Fixed Senior Notes [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 33 | 33 | |||||
Stated interest rate (as a percent) | 10.875% | ||||||
Parent Company [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 27 | 27 | |||||
Parent Company [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 89 | 90 | [1] | ||||
Stated interest rate (as a percent) | 5.55% | ||||||
Parent Company [Member] | Fixed Senior Notes [Member] | 5.55% Fixed Series P Senior Notes due November 15, 2014 [Member] | Consolidation, Eliminations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 281 | ||||||
Parent Company [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 198 | 201 | [1] | ||||
Stated interest rate (as a percent) | 6.50% | ||||||
Parent Company [Member] | Fixed Senior Notes [Member] | 6.50% Fixed Series Q Senior Notes due November 15, 2024 [Member] | Consolidation, Eliminations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 545 | ||||||
Parent Company [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 288 | 291 | [1] | ||||
Stated interest rate (as a percent) | 6.55% | ||||||
Parent Company [Member] | Fixed Senior Notes [Member] | 6.55% Fixed Series R Senior Notes due November 15, 2034 [Member] | Consolidation, Eliminations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 456 | ||||||
Parent Company [Member] | Building Financing [Member] | 8.82% Building Financing due semiannually through February 11, 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 8.82% | ||||||
Parent Company [Member] | Unamortized Fair Value Discount [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 0 | 118 | [2] | ||||
Energy Future Intermediate Holding CO LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 3,243 | 3,846 | |||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 9.75% Fixed Senior Secured First Lien Notes due October 15, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 2 | 2 | |||||
Stated interest rate (as a percent) | 9.75% | ||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 0 | ||||||
Stated interest rate (as a percent) | 6.875% | ||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 0 | ||||||
Stated interest rate (as a percent) | 10.00% | ||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 322 | 406 | |||||
Stated interest rate (as a percent) | 11.00% | ||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 1,389 | 1,750 | |||||
Stated interest rate (as a percent) | 11.75% | ||||||
Energy Future Intermediate Holding CO LLC [Member] | Unamortized Premium [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 0 | 243 | [2] | ||||
Energy Future Intermediate Holding CO LLC [Member] | Unamortized Discount [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 0 | (121) | [2] | ||||
Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 1,530 | 1,566 | |||||
Energy Future Competitive Holdings Company [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 9 | 8 | |||||
Energy Future Competitive Holdings Company [Member] | Unamortized Fair Value Discount [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 0 | (1) | [2] | ||||
Energy Future Competitive Holdings Company [Member] | Junior Subordinated Debentures [Member] | Floating Rate Junior Subordinated Debentures, Series D due January 30, 2037 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 1 | 1 | |||||
Energy Future Competitive Holdings Company [Member] | Junior Subordinated Debentures [Member] | 8.175% Fixed Junior Subordinated Debentures, Series E due January 30, 2037 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 8 | 8 | |||||
Stated interest rate (as a percent) | 8.175% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 31,668 | 31,474 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | Trinity River Authority of Texas [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 0 | 103 | [2] | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 1,571 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 1,750 | 1,750 | |||||
Stated interest rate (as a percent) | 11.50% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 336 | 336 | |||||
Stated interest rate (as a percent) | 15.00% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 1,235 | 1,235 | |||||
Stated interest rate (as a percent) | 15.00% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Unamortized Discount [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 0 | (91) | [2] | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 4,874 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 1,833 | 1,833 | |||||
Stated interest rate (as a percent) | 10.25% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015 [Member] | Consolidation, Eliminations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 213 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015, Series B [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 1,292 | 1,292 | |||||
Stated interest rate (as a percent) | 10.25% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.25% Fixed Senior Notes due November 1, 2015, Series B [Member] | Consolidation, Eliminations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 150 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 1,749 | 1,749 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 22,616 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | TCEH Term Loan Facilities maturing October 10, 2014 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 3,809 | 3,809 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 15,691 | 15,691 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | Term loan Facilities [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 19 | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 2014 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 42 | 42 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | 1,020 | 1,020 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | Commodity Collateral Posting Facility [Member] | TCEH Revolving Credit Facility Due October 10, 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 2,054 | $ 2,054 | |||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | Sabine River Authority of Texas [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | |||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.40% Fixed Series 1994A due May 1, 2029 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 39 | $ 39 | |||||
Stated interest rate (as a percent) | 5.40% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 7.70% Fixed Series 1999A due April 1, 2033 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 111 | 111 | |||||
Stated interest rate (as a percent) | 7.70% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 7.70% Fixed Series 1999C due March 1, 2032 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 50 | 50 | |||||
Stated interest rate (as a percent) | 7.70% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 8.25% Fixed Series 2001A due October 1, 2030 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 71 | 71 | |||||
Stated interest rate (as a percent) | 8.25% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 8.25% Fixed Series 2001D-1 due May 1, 2033 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 171 | 171 | |||||
Stated interest rate (as a percent) | 8.25% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.30% Fixed Series 2003B due July 1, 2032 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 39 | 39 | |||||
Stated interest rate (as a percent) | 6.30% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.75% Fixed Series 2003C due October 1, 2038 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 52 | 52 | |||||
Stated interest rate (as a percent) | 6.75% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.40% Fixed Series 2003D due October 1, 2029, remarketing date October 1, 2014 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 31 | 31 | |||||
Stated interest rate (as a percent) | 5.40% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.00% Fixed Series 2006 due March 1, 2041 [Member] | Brazos River Authority [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 100 | 100 | |||||
Stated interest rate (as a percent) | 5.00% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.45% Fixed Series 2000A due June 1, 2021 [Member] | Sabine River Authority of Texas [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 51 | 51 | |||||
Stated interest rate (as a percent) | 6.45% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.20% Fixed Series 2001C due May 1, 2028 [Member] | Sabine River Authority of Texas [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 70 | 70 | |||||
Stated interest rate (as a percent) | 5.20% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 5.80% Fixed Series 2003A due July 1, 2022 [Member] | Sabine River Authority of Texas [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 12 | 12 | |||||
Stated interest rate (as a percent) | 5.80% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.15% Fixed Series 2003B due August 1, 2022 [Member] | Sabine River Authority of Texas [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 45 | 45 | |||||
Stated interest rate (as a percent) | 6.15% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | US States and Political Subdivisions Debt Securities [Member] | 6.25% Fixed Series 200A due May 1, 2028 [Member] | Trinity River Authority of Texas [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 14 | 14 | |||||
Stated interest rate (as a percent) | 6.25% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | Fixed 7.48% Secured Facility Bonds With Amortizing Payments Through January 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 7.48% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | 7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 7.46% | ||||||
Texas Competitive Electric Holdings Company LLC [Member] | Other Debt Obligations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notes, loans and other debt subject to compromise | $ 1 | $ 1 | |||||
Minimum [Member] | Parent Company [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate (as a percent) | 11.25% | ||||||
Minimum [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate (as a percent) | 11.25% | ||||||
Minimum [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate (as a percent) | 10.50% | ||||||
Maximum [Member] | Parent Company [Member] | Fixed Senior Notes [Member] | 11.25 / 12.00% Senior Toggle Notes due November 1, 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate (as a percent) | 12.00% | ||||||
Maximum [Member] | Energy Future Intermediate Holding CO LLC [Member] | Fixed Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate (as a percent) | 12.25% | ||||||
Maximum [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Fixed Senior Notes [Member] | 10.50 / 11.25% Senior Toggle Notes due November 1, 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate (as a percent) | 11.25% | ||||||
|
Liabilities Subject to Compromise (Repayment of EFIH Second Lien Notes) (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Debt Instrument [Line Items] | ||||||
Repayments of Long-term Debt | $ 233 | |||||
Pre and Post-Petition Interest Paid And Accrued On Pre-Petition Debt | [1] | $ 244 | 1,158 | $ 3,376 | ||
Liabilities Subject To Compromise, Debt | 35,560 | 35,124 | ||||
Energy Future Intermediate Holding CO LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Liabilities Subject To Compromise, Debt | 3,243 | 3,846 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured Second Lien 11% Notes and Fixed Senior Secured Second Lien 11.75% Notes [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Long-term Debt | $ 735 | |||||
Debt Repurchase Fees And Expenses | 15 | |||||
Repayments of Debt | 445 | |||||
Pre and Post-Petition Interest Paid And Accrued On Pre-Petition Debt | 235 | 235 | ||||
Pre-Petition Interest Paid and Accrued On Pre-Petition Debt | $ 55 | |||||
Consent Fee Related To Novation of Hedge Positions Between Counterparties, Nonoperating | 97.00% | |||||
Consent Fee Related To Debt Repurchase Transaction | $ 13 | |||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | 84 | |||||
Liabilities Subject To Compromise, Debt | 322 | 406 | ||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | $ 361 | |||||
Liabilities Subject To Compromise, Debt | $ 1,389 | $ 1,750 | ||||
|
Liabilities Subject to Compromise (Charging Lien Advances) (Details) - Senior Notes [Member] $ in Millions |
1 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Energy Future Intermediate Holding CO LLC [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |
Debt Instrument [Line Items] | |
Repayments of Debt | $ 36 |
Parent Company [Member] | |
Debt Instrument [Line Items] | |
Repayments of Debt | $ 7 |
Liabilities Subject to Compromise (TCEH Letter of Credit Facility Availability) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jul. 31, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | ||||
Restricted cash | $ 507 | $ 901 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 204 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters Of Credit Drawn By Affiliated Party | 7 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Restricted cash | 507 | |||
Restricted Cash, Amount supported in letters of credit outstanding | 0 | |||
Letters Of Credit Issued To Affiliated Party | $ 157 | |||
Letters Of Credit Drawn By Affiliated Party | 150 | |||
Letters of Credit Issued To Affiliated Party Remaining At Expiration Date | $ 7 | |||
Letters of Credit Drawn By Counterparties | 45 | $ 245 | ||
Letters of Credit Drawn By Executive Officers To Satisfy Payments Related To Long-Term Incentive Awards | $ 20 |
Liabilities Subject to Compromise (Debt Related Activity in 2014) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Debt Instrument [Line Items] | |||
Repayments of Debt and Capital Lease Obligations | $ 241 | ||
Repayments of Long-term Debt | 233 | ||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | $ 515 | 2,546 | $ 187 |
Repayments of Long-term Capital Lease Obligations | 8 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Pollution control revenue bonds [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 204 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Fixed Secured Facility Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | $ 11 |
Liabilities Subject to Compromise (Information Regarding Other Significant Outstanding Debt) (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Apr. 30, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 35,560 | $ 35,124 | |
Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 1,664 | ||
Texas Competitive Electric Holdings Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Interest Payment Amount, Election To Use Permitted Grace Period | $ 123 | ||
Liabilities Subject To Compromise, Debt | 31,668 | 31,474 | |
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 22,616 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 3,809 | 3,809 | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 15,691 | 15,691 | |
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Line of Credit [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | Consolidation, Eliminations [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 19 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | ERROR in label resolution. | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 42 | 42 | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 1,020 | 1,020 | |
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Commodity Collateral Posting Facility [Member] | TCEH Revolving Credit Facility Due October 10, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 2,054 | 2,054 | |
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 1,571 | ||
Texas Competitive Electric Holdings Company LLC [Member] | Secured Debt [Member] | 11.5% Fixed Senior Secured Notes due October 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 1,750 | 1,750 | |
Stated interest rate (as a percent) | 11.50% | ||
Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 4,874 | ||
Energy Future Intermediate Holding CO LLC [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | 3,243 | 3,846 | |
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 0 | ||
Stated interest rate (as a percent) | 6.875% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 0 | ||
Stated interest rate (as a percent) | 10.00% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11% Fixed Senior Secured Second Lien Notes due October 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 322 | 406 | |
Stated interest rate (as a percent) | 11.00% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 1,389 | 1,750 | |
Stated interest rate (as a percent) | 11.75% | ||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, variable interest rate increase for first ninety days | 0.25% | ||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, total variable interest rate increase after first ninety day period | 0.25% | ||
Debt Instrument Registration Default If Not Fled And Declared Effective After Original Issue Date, Total Interest Rate Percentage For First Ninety Days | 12.00% | ||
Debt Instrument Registration Default If Not Registered Within One Year Of Original Issue Date, Total Interest Rate Percentage After First Ninety Days | 12.25% | ||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, variable interest rate increase for first ninety days | 0.25% | ||
Debt Instrument, Registration Default, if not filed and declared effective after original issue date, total variable interest rate increase after first ninety day period | 0.25% | ||
Debt Instrument Registration Default If Not Fled And Declared Effective After Original Issue Date, Total Interest Rate Percentage For First Ninety Days | 11.50% | ||
Debt Instrument Registration Default If Not Registered Within One Year Of Original Issue Date, Total Interest Rate Percentage After First Ninety Days | 11.75% | ||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 1,530 | 1,566 | |
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/ 12.25% Senior Toggle Notes due December 1, 2018 [Member] | Until June 1, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Options to Pay Interest, Percentage Allowed in Cash | 50.00% | ||
Debt Instrument, Options to Pay Interest, Percentage Allowed in PIK Interest | 50.00% | ||
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 640 | $ 529 | |
Parent Company [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities Subject To Compromise, Debt | $ 60 |
Commitments And Contingencies (Narrative) (Details) |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 31, 2015 |
Aug. 31, 2015 |
Feb. 29, 2012 |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Commitments and Contingencies [Line Items] | ||||||
Operating leases, rent expense | $ 84,000,000 | $ 84,000,000 | $ 90,000,000 | |||
EPA Rule Addressing Greenhouse Gas Emissions From Existing Electricity Generation Plants, State-Specific Emission Rate Goals, Percent Reduction From 2012 Levels To 2030 Levels | 30.00% | |||||
EPA Rule Addressing Greenhouse Gas Emissions From Existing Electricity Generation Plants, Number Of States Challenging Rule | 27 | |||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Letters of Credit | 519,000,000 | |||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Support risk management and trading margin requirements, including over-the-counter hedging transactions and collateral postings with ERCOT [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Letters of Credit | 230,000,000 | |||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Support executory contracts and insurance agreements [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Letters of Credit | 72,000,000 | |||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Support Retail Electric Provider's financial requirements with the PUCT [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Letters of Credit | 55,000,000 | |||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Miscellaneous credit support requirements [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Letters of Credit | 162,000,000 | |||||
Financial Standby Letter of Credit [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Purchase And Sale Agreement With La Frontera Holdings LLC [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Letters of Credit | 131,000,000 | |||||
Cross-State Air Pollution Rule [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Emissions budget generation assets lower sulfur dioxide requirements (as a percent) | 6.00% | |||||
Emissions budget generation assets higher annual nitrogen oxides requirements (as a percent) | 3.00% | |||||
Emissions budget generation assets higher seasonal nitrogen oxides requirements (as a percent) | 2.00% | |||||
Coal Purchase and Transportation Agreements [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Expenditures | 218,000,000 | $ 348,000,000 | $ 353,000,000 | |||
EFIH First-Lien Makewhole Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 432,000,000 | |||||
EFIH Second-Lien Makewhole Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 401,000,000 | |||||
EFH Corp. Senior Legacy Notes Makewhole Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 208,000,000 | |||||
EFH Corp. Senior Notes Post-Petition Interest Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 66,000,000 | |||||
EFH Corp. Senior LBO Notes Makewhole Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 0 | |||||
EFH Corp. Senior LBO Notes Post-Petition Interest Claim [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | 13,000,000 | |||||
Minimum [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency Damages Sought Value Per Day | 32,500 | |||||
Maximum [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies [Line Items] | ||||||
Loss Contingency Damages Sought Value Per Day | $ 37,500 |
Commitments And Contingencies (Noncancellable Commitments Under Energy-related Contracts, Leases and Other Agreements) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Coal Purchase and Transportation Agreements [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2016 | $ 307 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
2020 | 0 |
Thereafter | 0 |
Total | 307 |
Pipeline transportation and storage reservation fees [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2016 | 13 |
2017 | 1 |
2018 | 1 |
2019 | 1 |
2020 | 1 |
Thereafter | 7 |
Total | 24 |
Nuclear fuel contracts [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2016 | 62 |
2017 | 46 |
2018 | 72 |
2019 | 35 |
2020 | 37 |
Thereafter | 96 |
Total | 348 |
Other contracts [Member] | |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2016 | 130 |
2017 | 42 |
2018 | 14 |
2019 | 12 |
2020 | 14 |
Thereafter | 36 |
Total | $ 248 |
Commitments And Contingencies (Future Minimum Lease Payments Under Both Capital Leases and Operating Leases) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Capital Leases | |
2016 | $ 3 |
2017 | 2 |
2018 | 0 |
2019 | 0 |
2020 | 0 |
Thereafter | 0 |
Total future minimum lease payments | 5 |
Less amounts representing interest | 0 |
Present value of future minimum lease payments | 5 |
Less current portion | 3 |
Long-term capital lease obligation | 2 |
Operating Leases | |
2016 | 26 |
2017 | 32 |
2018 | 30 |
2019 | 28 |
2020 | 26 |
Thereafter | 139 |
Total future minimum lease payments | $ 281 |
Commitments And Contingencies (Nuclear Insurance) (Narrative) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments maximum coverage per unit | $ 490.0 |
Replacement electricity costs coverage weekly payments percentage reduction if both units are out of service at same time as result of same accident | 80.00% |
Price-Anderson Act [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Annual Coverage limit | $ 13,600.0 |
Price-Anderson Act [Member] | Secondary Financial Protection [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Financial protection pool maximum assessment | $ 127.3 |
Nuclear Insurance Financial Protection Pool, Inflation Period Adjustment On Nuclear Incident Assessment | 5 years |
Nuclear insurance, Financial protection pool maximum annual assessment payment | $ 19.0 |
Mutual insurance, Total retrospective premium obligation | 254.6 |
Mutual insurance, Total retrospective premium obligation maximum potential assessment under retrospective plan, excluding taxes per incident per year | $ 37.9 |
Mutual insurance, Total retrospective premium obligation maximum potential assessment under retrospective plan, excluding taxes per incident period | 1 year |
Price-Anderson Act [Member] | Liability Insurance from American Nuclear Insurers [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Required per site | $ 375.0 |
NCR [Member] | |
Commitments and Contingencies [Line Items] | |
Nuclear insurance, Amount of insurance required to maintain | 1,060.0 |
Mutual insurance, Nuclear decontamination and property damage insurance | 2,250.0 |
Mutual insurance, Total nuclear decontamination and property damage insurance, deductible per accident | 5.0 |
First fifty-two weeks after twelve-week waiting period [Member] | Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments | 3.5 |
After first fifty-two weeks for next 110 weeks after twelve-week waiting period [Member] | Accidental Outage Insurance through NEIL [Member] | |
Commitments and Contingencies [Line Items] | |
Replacement electricity costs coverage weekly payments | $ 2.8 |
Equity (Narrative) (Details) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2013
USD ($)
Nuclear_generation_units
|
Dec. 31, 2015 |
|
Consolidated VIEs [Member] | ||
Equity | ||
Public Utilities Number Of New Nuclear Generation Units In Development | Nuclear_generation_units | 2 | |
Consolidated VIEs [Member] | Mitsubishi Heavy Industries Ltd. [Member] | ||
Equity | ||
Impairment Of Assets Of Nuclear Generation Development Joint Venture, Amounts Attributable To Noncontrolling Interests | $ | $ 107 | |
Parent Company [Member] | ||
Equity | ||
Equity method investment, ownership (as a percent) | 80.03% | |
Oncor [Member] | Management and Board of Directors [Member] | ||
Equity | ||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 0.22% | |
Texas Transmission [Member] | ||
Equity | ||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 19.75% |
Equity (Equity Issuances and Repurchases) (Details) - shares |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares outstanding at beginning of year | 1,669,861,379 | 1,669,861,383 | 1,680,539,245 | |||
Shares issued | 0 | 0 | 1,700,000 | [1] | ||
Shares repurchased | 0 | 0 | (12,300,000) | |||
Shares outstanding at end of year | 1,669,861,379 | 1,669,861,379 | 1,669,861,383 | |||
|
(Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | $ (130) | $ (63) | |
Other comprehensive loss before reclassifications (after tax) | 5 | (66) | |
Depreciation and amortization | 1,006 | 1,453 | $ 1,521 |
Selling, general and administrative expenses | (745) | (794) | (822) |
Interest expense and related charges | 1,760 | 2,201 | 2,704 |
Income tax benefit (expense) | (1,670) | (2,619) | (1,271) |
Equity in earnings of unconsolidated subsidiaries (net of tax) | (334) | (349) | (335) |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 4 | (67) | (16) |
Total change during the period | 4 | (67) | |
Total accumulated other comprehensive loss at end of period | (126) | (130) | (63) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | (3) | (4) | |
Depreciation and amortization | 2 | 2 | |
Selling, general and administrative expenses | (4) | (2) | |
Interest expense and related charges | 0 | ||
Income tax benefit (expense) | 2 | 1 | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 2 | 2 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | (1) | (1) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | (53) | (56) | |
Other comprehensive loss before reclassifications (after tax) | 0 | 0 | |
Total change during the period | 3 | 3 | |
Total accumulated other comprehensive loss at end of period | (50) | (53) | (56) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | 0 | 0 | |
Depreciation and amortization | 2 | 2 | |
Selling, general and administrative expenses | 0 | 0 | |
Interest expense and related charges | 0 | ||
Income tax benefit (expense) | 0 | (1) | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 1 | 2 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | 3 | 3 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Total accumulated other comprehensive loss at beginning of period | (77) | (7) | |
Other comprehensive loss before reclassifications (after tax) | 5 | (66) | |
Total change during the period | 1 | (70) | |
Total accumulated other comprehensive loss at end of period | (76) | (77) | $ (7) |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Operating costs | (3) | (4) | |
Depreciation and amortization | 0 | 0 | |
Selling, general and administrative expenses | (4) | (2) | |
Interest expense and related charges | 0 | ||
Income tax benefit (expense) | 2 | 2 | |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 1 | 0 | |
Total amount reclassified from accumulated other comprehensive income (loss) during the period | $ (4) | (4) | |
Energy Future Holdings Corp. [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive loss before reclassifications (after tax) | $ 17 |
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Assets: | |||||||||
Nuclear decommissioning trust | $ 918 | $ 893 | |||||||
Equity securities [Member] | |||||||||
Assets: | |||||||||
Nuclear decommissioning trust | [1] | 599 | 592 | ||||||
Debt securities [Member] | |||||||||
Assets: | |||||||||
Nuclear decommissioning trust | [2] | 319 | 301 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||||||
Assets: | |||||||||
Total assets | 765 | 777 | |||||||
Liabilities: | |||||||||
Total liabilities | 128 | 278 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity securities [Member] | |||||||||
Assets: | |||||||||
Nuclear decommissioning trust | [3] | 380 | 375 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commodity contracts [Member] | |||||||||
Assets: | |||||||||
Derivative Assets | 385 | 402 | |||||||
Liabilities: | |||||||||
Derivative Liabilities | 128 | 278 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||||||
Assets: | |||||||||
Total assets | 579 | 564 | |||||||
Liabilities: | |||||||||
Total liabilities | 64 | 25 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity securities [Member] | |||||||||
Assets: | |||||||||
Nuclear decommissioning trust | [3] | 219 | 217 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt securities [Member] | |||||||||
Assets: | |||||||||
Nuclear decommissioning trust | [3] | 319 | 301 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity contracts [Member] | |||||||||
Assets: | |||||||||
Derivative Assets | 41 | 46 | |||||||
Liabilities: | |||||||||
Derivative Liabilities | 64 | 25 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||||||
Assets: | |||||||||
Total assets | 49 | 49 | |||||||
Liabilities: | |||||||||
Total liabilities | 12 | 14 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity contracts [Member] | |||||||||
Assets: | |||||||||
Derivative Assets | 49 | 49 | |||||||
Liabilities: | |||||||||
Derivative Liabilities | 12 | 14 | |||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||
Assets: | |||||||||
Total assets | 1,393 | 1,390 | |||||||
Liabilities: | |||||||||
Total liabilities | 204 | 317 | |||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Equity securities [Member] | |||||||||
Assets: | |||||||||
Nuclear decommissioning trust | [3] | 599 | 592 | ||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | |||||||||
Assets: | |||||||||
Nuclear decommissioning trust | [3] | 319 | 301 | ||||||
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member] | |||||||||
Assets: | |||||||||
Derivative Assets | 475 | 497 | |||||||
Liabilities: | |||||||||
Derivative Liabilities | $ 204 | $ 317 | |||||||
|
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) - Derivative financial instruments, assets and liabilities [Member] - Level 3 [Member] $ in Millions |
12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
$ / Megawatt-hour
|
Dec. 31, 2014
USD ($)
$ / T
$ / Megawatt-hour
|
||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Assets | [1] | $ 49 | $ 49 | ||||||||||||||||||
Liabilities | [1] | (12) | (14) | ||||||||||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 37 | 35 | ||||||||||||||||||
Electricity purchases and sales [Member] | Valuation Model [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Assets | [1] | 1 | 4 | ||||||||||||||||||
Liabilities | [1] | (1) | (5) | ||||||||||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | [1] | 0 | (1) | ||||||||||||||||||
Electricity congestion revenue rights [Member] | Market Approach [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Assets | [1],[2] | 39 | 38 | ||||||||||||||||||
Liabilities | [1],[2] | (4) | (4) | ||||||||||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | [1],[2] | 35 | 34 | ||||||||||||||||||
Coal purchases [Member] | Market Approach [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Assets | [1],[2] | 0 | |||||||||||||||||||
Liabilities | [1],[2] | (4) | |||||||||||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | [1],[2] | (4) | |||||||||||||||||||
Other [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Assets | [1],[3] | 9 | 7 | ||||||||||||||||||
Liabilities | [1],[3] | (7) | (1) | ||||||||||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | [1],[3] | $ 2 | $ 6 | ||||||||||||||||||
Minimum [Member] | Electricity purchases and sales [Member] | Valuation Model [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Illiquid pricing locations (in usd per MWh) | $ / Megawatt-hour | [1],[4],[5] | 15 | 30 | ||||||||||||||||||
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour | [1],[5],[6] | 15 | 20 | ||||||||||||||||||
Minimum [Member] | Electricity congestion revenue rights [Member] | Market Approach [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Illiquid price differences between settlement points | $ / Megawatt-hour | [1],[2],[5],[7] | 0 | 0 | ||||||||||||||||||
Minimum [Member] | Coal purchases [Member] | Market Approach [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Illiquid price variances between mines | $ / T | [1],[2],[5],[8] | 0 | |||||||||||||||||||
Fair Value Inputs, Illiquid Pricing Variances Between Heat Content | $ / T | [1],[2],[5],[9] | 0.00 | |||||||||||||||||||
Maximum [Member] | Electricity purchases and sales [Member] | Valuation Model [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Illiquid pricing locations (in usd per MWh) | $ / Megawatt-hour | [1],[4],[5] | 35 | 50 | ||||||||||||||||||
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour | [1],[5],[6] | 45 | 70 | ||||||||||||||||||
Maximum [Member] | Electricity congestion revenue rights [Member] | Market Approach [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Illiquid price differences between settlement points | $ / Megawatt-hour | [1],[2],[5],[7] | 10 | 20 | ||||||||||||||||||
Maximum [Member] | Coal purchases [Member] | Market Approach [Member] | |||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||||||||||||||||||||
Illiquid price variances between mines | $ / T | [1],[2],[5],[8] | 1.00 | |||||||||||||||||||
Fair Value Inputs, Illiquid Pricing Variances Between Heat Content | $ / T | [1],[2],[5],[9] | 1.00 | |||||||||||||||||||
|
Fair Value Measurements (Schedule of Changes in Fair Value of the Level 3 Assets and Liabilities (All Related to Commodity Contracts)) (Details) - Level 3 [Member] - Commodity contracts [Member] - Derivative financial instruments, assets and liabilities [Member] - USD ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||
Net asset (liability) balance at beginning of period | $ 35 | $ (973) | $ 29 | |||||||
Total unrealized valuation gains (losses) | 27 | (97) | (48) | |||||||
Purchases, issuances and settlements: | ||||||||||
Purchases | [1] | 49 | 63 | 92 | ||||||
Issuances | [1] | (13) | (5) | (7) | ||||||
Settlements | [1] | (48) | 1,053 | 138 | ||||||
Transfers into Level 3 | [2] | 1 | 0 | (1,181) | ||||||
Transfers out of Level 3 | [2] | (14) | (6) | 4 | ||||||
Net change | [3] | 2 | 1,008 | (1,002) | ||||||
Net asset (liability) balance at end of period | 37 | 35 | (973) | |||||||
Unrealized valuation gains (losses) relating to instruments held at end of period | $ 18 | $ (5) | $ 435 | |||||||
|
Commodity And Other Derivative Contractual Assets And Liabilities (Termination of Commodity Hedges and Interest Rate Swaps) (Details) - USD ($) $ in Millions |
8 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
May. 02, 2014 |
|
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||
Net Liability, Interest Rate and Commodity Contract Positions Terminated | $ 1,116 | ||||
Realized Gain (Loss) On Terminated Commodity Related Derivatives | $ 0 | $ 117 | $ 0 | ||
Net Liability, Accounts Payable Related To Matured Interest Rate Swaps Secured By First-Lien Secured Interest | $ 127 | 127 | |||
Liabilities Subject To Compromise, Liability Under Terminated Agreements, Net | 1,235 | 1,243 | 1,235 | ||
Debtor Reorganization Items, Charge Related To Counterparty Termination Of Contractual Agreements | $ 278 | 0 | 278 | $ 0 | |
Texas Competitive Electric Holdings Company LLC [Member] | Commodity contracts [Member] | |||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||
Realized Gain (Loss) On Terminated Commodity Related Derivatives | $ 117 | ||||
Texas Competitive Electric Holdings Company LLC [Member] | Interest Rate Swap [Member] | |||||
Termination of Commodity Hedges and Interest Rate Swaps [Line Items] | |||||
Realized Gain (Loss) On Terminated Interest Rate Derivatives | $ 1,233 |
Commodity And Other Derivative Contractual Assets And Liabilities (Financial Statement Effects of Derivatives) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ 271 | $ 180 |
Commodity contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 475 | 497 |
Derivative liabilities, Fair Value, Gross Liability | (204) | (317) |
Derivative asset, Fair Value, Net | 475 | (497) |
Derivative liabilities, Fair Value, Net | 204 | (317) |
Derivative, Fair Value, Net | 271 | 180 |
Commodity contracts [Member] | Current assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 465 | 492 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Derivative Assets And Liability, Fair Value, Gross Assets | 465 | 492 |
Commodity contracts [Member] | Noncurrent assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Asset | 10 | 5 |
Derivative liabilities, Fair Value, Gross Asset | 0 | 0 |
Derivative Assets And Liability, Fair Value, Gross Assets | 10 | 5 |
Commodity contracts [Member] | Current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Liability | 0 | 0 |
Derivative liabilities, Fair Value, Gross Liability | (203) | (316) |
Derivative Assets And Liability, Fair Value, Gross Liability | (203) | (316) |
Commodity contracts [Member] | Noncurrent liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, Fair Value, Gross Liability | 0 | 0 |
Derivative liabilities, Fair Value, Gross Liability | (1) | (1) |
Derivative Assets And Liability, Fair Value, Gross Liability | $ (1) | $ (1) |
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative (Income Statement Presentation) and Derivative type (Income Statement Presentation of Loss Reclassified from Accumulated OCI into Income)) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gain (loss) | $ 380 | $ (389) | $ 379 | |||||
Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (34) | (36) | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (2) | |||||||
Net gain from commodity hedging and trading activities [Member] | Commodity contracts [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gain (loss) | [1] | 380 | 17 | (54) | ||||
Interest expense and related charges [Member] | Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gain (loss) | [2] | 0 | (128) | 433 | ||||
Reorganization Items [Member] | Interest Rate Swap [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Net gain (loss) | $ 0 | $ (278) | $ 0 | |||||
|
(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, 2015 |
Dec. 31, 2014 |
|||||
---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Fair Value, Net | $ 271 | $ 180 | |||||
Derivative (Assets) Liability, Fair Value of Collateral, Net | [1] | (141) | (14) | ||||
Derivative Assets (Liability), Fair Value, Amount Offset Against Collateral | 130 | 166 | |||||
Commodity contracts [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative assets: Amounts Presented in Balance Sheet | 475 | 497 | |||||
Derivative assets: Offsetting Financial Instruments | [2] | (145) | (298) | ||||
Derivative assets: Financial Collateral (Received) Pledged | [1] | (147) | (16) | ||||
Derivative assets: Net Amounts | 183 | 183 | |||||
Derivative liabilities: Amounts Presented in Balance Sheet | (204) | (317) | |||||
Derivative liabilities: Offsetting Financial Instruments | [2] | 145 | 298 | ||||
Derivative liabilities: Financial Collateral (Received) Pledged | [1] | 6 | 2 | ||||
Derivative liabilities: Net Amounts | (53) | (17) | |||||
Derivative, Fair Value, Net | $ 271 | $ 180 | |||||
|
Commodity And Other Derivative Contractual Assets And Liabilities (Derivative Volumes) (Details) lb in Thousands, gal in Millions, T in Millions, MMBTU in Millions |
Dec. 31, 2015
T
MMBTU
GWh
gal
lb
|
Dec. 31, 2014
T
MMBTU
GWh
gal
lb
|
|||||
---|---|---|---|---|---|---|---|
Natural Gas Derivative [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Nonmonetary Notional Volume | MMBTU | [1] | 1,489 | 1,687 | ||||
Electricity (in GWh) [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Nonmonetary Notional Volume | 58,022 | 22,820 | |||||
Congestion Revenue RIghts (in GWh) [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Nonmonetary Notional Volume | [2] | 106,260 | 89,484 | ||||
Coal (in tons) [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Nonmonetary Notional Volume | T | 10 | 10 | |||||
Fuel oil (in gallons) [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Nonmonetary Notional Volume | gal | 35 | 36 | |||||
Uranium (in pounds) [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Nonmonetary Notional Volume | lb | 75 | 150 | |||||
|
Commodity And Other Derivative Contractual Assets And Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 59 | $ 18 |
Credit risk derivative with contingent feature [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | 58 | 17 |
Collateral Already Posted, Aggregate Fair Value | 31 | $ 5 |
Cross-default credit derivative [Member] | ||
Credit Derivatives [Line Items] | ||
Assets Needed for Immediate Settlement, Aggregate Fair Value | $ 0 |
Commodity And Other Derivative Contractual Assets And Liabilities (Concentrations of Credit Risk Related to Derivatives) (Details) - Texas Competitive Electric Holdings Company LLC [Member] - Credit Risk Contract [Member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Derivative [Line Items] | |
Total credit risk exposure to all counterparties related to derivative contracts | $ 527 |
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral | 199 |
Largest net exposure to single counterparty | $ 110 |
Credit risk exposure to Banking and financial sector percentage | 78.00% |
Net exposure to banking and financial sector percentage | 56.00% |
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Narrative) (Details) $ in Millions |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Jul. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
Corporate_bond
|
Dec. 31, 2014
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Number of corporate bonds | Corporate_bond | 434 | ||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in rolling period | 4 years | ||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in rolling period, vesting percentage | 25.00% | ||
Market-related value of the assets held in trust, realized and unrealized gains or losses included in preceding periods related to vesting percentage | 3 years | ||
Pension and Postretirement Benefit Costs [Member] | Oncor [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Regulatory assets of equity method investee related to defined benefit plans | $ 1,182 | $ 1,166 | |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Future amortization of gain (loss) | (1) | ||
Future amortization Of prior service cost (credit) | $ (11) | ||
Oncor [Member] | OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase (Decrease) In Accounts Receivable From Related Party | $ 758 |
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Pension and OPEB Costs Recognized as Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Components of net pension/OPEB costs: | |||
Total benefit costs | $ 21 | $ 40 | $ 65 |
Net amounts recognized as expense by EFH Corp. and consolidated subsidiaries | 11 | 12 | 15 |
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | |||
Components of net pension/OPEB costs: | |||
Less amounts expensed by Oncor (and not consolidated) | (2) | (13) | (25) |
Less amounts deferred principally as a regulatory asset or property by Oncor | (8) | (15) | (25) |
Pension Plan [Member] | |||
Components of net pension/OPEB costs: | |||
Total benefit costs | 18 | 13 | 26 |
OPEB [Member] | |||
Components of net pension/OPEB costs: | |||
Total benefit costs | $ 3 | $ 27 | $ 39 |
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, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Components of net pension/OPEB costs: | |||||||||||
Net periodic pension cost | $ 21 | $ 40 | $ 65 | ||||||||
Amounts Recognized in the Balance Sheet Consist of: | |||||||||||
Other noncurrent assets | $ 26 | $ 61 | |||||||||
Other noncurrent liabilities | [1] | $ (169) | $ (243) | ||||||||
Pension Plan [Member] | |||||||||||
Assumptions Used to Determine Net Periodic Pension Cost: | |||||||||||
Discount rate | 4.19% | 5.07% | 4.30% | ||||||||
Expected return on plan assets | 5.38% | 6.17% | 5.40% | ||||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | ||||||||
Components of net pension/OPEB costs: | |||||||||||
Service cost | $ 7 | $ 7 | $ 8 | ||||||||
Interest cost | 14 | 14 | 12 | ||||||||
Expected return on assets | (12) | (12) | (7) | ||||||||
Amortization of net actuarial loss | 9 | 4 | 8 | ||||||||
Effect of pension plan actions | 0 | 0 | 5 | ||||||||
Net periodic pension cost | 18 | 13 | 26 | ||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||||||||||
Net (gain) loss | 1 | 15 | 5 | ||||||||
Amortization of net loss | (1) | 0 | 0 | ||||||||
Effect of pension plan actions | 0 | 0 | (4) | ||||||||
Total loss (income) recognized in other comprehensive income | 0 | 15 | 1 | ||||||||
Total recognized in net periodic benefit cost and other comprehensive income | 18 | 28 | 27 | ||||||||
Assumptions Used to Determine Benefit Obligations: | |||||||||||
Discount rate | 5.64% | 4.19% | 5.07% | ||||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | ||||||||
Change in Pension/OPEB Obligation: | |||||||||||
Projected benefit obligation at beginning of year | 331 | 272 | |||||||||
Service cost | 7 | 7 | |||||||||
Interest cost | 14 | 14 | |||||||||
Actuarial (gain) loss | (19) | 45 | |||||||||
Benefits paid | (11) | (7) | |||||||||
Projected benefit obligation at end of year | 322 | 331 | 272 | ||||||||
Accumulated benefit obligation at end of year | 303 | 307 | |||||||||
Change in Plan Assets: | |||||||||||
Fair value of assets at beginning of year | 230 | 126 | |||||||||
Actual return on assets | (8) | 26 | |||||||||
Employer contributions | 68 | 85 | |||||||||
Benefits paid | (11) | (7) | |||||||||
Fair value of assets at end of year | 279 | 230 | 126 | ||||||||
Funded Status: | |||||||||||
Projected pension benefit obligation | (331) | (272) | (272) | $ (322) | $ (331) | $ (272) | |||||
Fair value of assets | $ 230 | $ 126 | $ 126 | 279 | 230 | $ 126 | |||||
Funded status at end of year | [2] | (43) | (101) | ||||||||
Amounts Recognized in the Balance Sheet Consist of: | |||||||||||
Other current liabilities | (1) | (1) | |||||||||
Liabilities Subject To Compromise | (20) | (23) | |||||||||
Other noncurrent liabilities | (22) | (77) | |||||||||
Net liability recognized | (43) | (101) | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||||||||
Net loss | 17 | 17 | |||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | |||||||||||
Net loss | 49 | 56 | |||||||||
Net amount recognized | $ 49 | $ 56 | |||||||||
OPEB [Member] | |||||||||||
Assumptions Used to Determine Net Periodic Pension Cost: | |||||||||||
Discount rate | 3.81% | 4.98% | 4.10% | ||||||||
Expected return on plan assets | 7.05% | 6.70% | |||||||||
Components of net pension/OPEB costs: | |||||||||||
Service cost | $ 4 | $ 8 | $ 11 | ||||||||
Interest cost | 6 | 28 | 41 | ||||||||
Expected return on assets | 0 | (6) | (12) | ||||||||
Amortization of prior service cost/(credit) | (11) | (21) | (31) | ||||||||
Amortization of net actuarial loss | 4 | 18 | 30 | ||||||||
Net periodic pension cost | 3 | 27 | 39 | ||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | |||||||||||
Net (gain) loss | (18) | 12 | 4 | ||||||||
Amortization of net loss | (5) | (5) | (3) | ||||||||
Amortization of prior service credit | 11 | 11 | 11 | ||||||||
Total loss (income) recognized in other comprehensive income | (12) | 18 | 12 | ||||||||
Total recognized in net periodic benefit cost and other comprehensive income | (9) | 45 | 51 | ||||||||
Assumptions Used to Determine Benefit Obligations: | |||||||||||
Discount rate | 4.13% | 3.81% | 4.98% | ||||||||
Change in Pension/OPEB Obligation: | |||||||||||
Projected benefit obligation at beginning of year | 139 | 1,049 | |||||||||
Participant contributions | 3 | 10 | |||||||||
Actuarial (gain) loss | 19 | (84) | |||||||||
Benefits paid | (11) | (40) | |||||||||
Transfers to new plan sponsored by Oncor | 0 | (1,000) | |||||||||
Projected benefit obligation at end of year | 122 | 139 | 1,049 | ||||||||
Change in Plan Assets: | |||||||||||
Fair value of assets at beginning of year | 0 | 179 | |||||||||
Actual return on assets | 0 | 11 | |||||||||
Employer contributions | 8 | 16 | |||||||||
Benefits paid | (11) | (40) | |||||||||
Transfers to new plan sponsored by Oncor | 0 | (176) | |||||||||
Fair value of assets at end of year | 0 | 0 | 179 | ||||||||
Funded Status: | |||||||||||
Projected pension benefit obligation | (139) | (1,049) | (1,049) | $ (122) | $ (139) | $ (1,049) | |||||
Fair value of assets | $ 0 | $ 179 | $ 179 | 0 | 0 | $ 179 | |||||
Funded status at end of year | (122) | (139) | |||||||||
Amounts Recognized in the Balance Sheet Consist of: | |||||||||||
Other current liabilities | (8) | (8) | |||||||||
Other noncurrent liabilities | (114) | (131) | |||||||||
Net liability recognized | (122) | (139) | |||||||||
Amounts Recognized in Accumulated Other Comprehensive Income Consist of: | |||||||||||
Prior service credit | (31) | (43) | |||||||||
Net loss | 18 | 41 | |||||||||
Net amount recognized | (13) | (2) | |||||||||
Oncor [Member] | Pension Plan [Member] | |||||||||||
Amounts Recognized by Oncor as Regulatory Assets Consist of: | |||||||||||
Defined Benefit Plan, Funded Status of Plan, Amount Expected to be Recovered from Equity Method Investee | $ 0 | $ 47 | |||||||||
Oncor [Member] | OPEB [Member] | |||||||||||
Assumptions Used to Determine Net Periodic Pension Cost: | |||||||||||
Discount rate | 4.23% | 4.98% | |||||||||
Assumptions Used to Determine Benefit Obligations: | |||||||||||
Discount rate | 4.60% | 4.23% | |||||||||
Oncor [Member] | |||||||||||
Amounts Recognized in the Balance Sheet Consist of: | |||||||||||
Other noncurrent liabilities | $ 0 | $ (47) | |||||||||
|
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Assumed Health Care Cost Trend Rates) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2024 | 2022 |
OPEB [Member] | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect on accumulated postretirement obligation,1-Percentage Point Increase | $ (5) | |
Effect on accumulated postretirement obligation,1-Percentage Point Decrease | 4 | |
Effect on postretirement benefits cost,1-Percentage Point Increase | 0 | |
Effect on postretirement benefits cost,1-Percentage Point Decrease | $ 0 | |
Not Medicare Eligible [Member] | OPEB [Member] | ||
Assumed Health Care Cost Trend Rates : | ||
Health care cost trend rate assumed for next year | 6.00% | 8.00% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00% | 5.00% |
Medicare Eligible [Member] | OPEB [Member] | ||
Assumed Health Care Cost Trend Rates : | ||
Health care cost trend rate assumed for next year | 5.80% | 6.50% |
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 5.00% | 5.00% |
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, 2015 |
Dec. 31, 2014 |
---|---|---|
Pension Plans with PBO and ABO in Excess Of Plan Assets: | ||
Projected benefit obligations | $ 322 | $ 331 |
Accumulated benefit obligation | 303 | 307 |
Plan assets | $ 279 | $ 230 |
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, 2015 | |
Fixed income securities: Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Range, Minimum | 74.00% |
Target Allocation Range, Maximum | 86.00% |
Equity securities: US [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Range, Minimum | 8.00% |
Target Allocation Range, Maximum | 14.00% |
Equity securities: International [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Range, Minimum | 6.00% |
Target Allocation Range, Maximum | 12.00% |
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Fair Value Measurement of Pension and OPEB Plan Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Pension Plan [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | $ 279 | $ 230 | $ 126 | |||||||
OPEB [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | 0 | 0 | $ 179 | |||||||
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | [1] | 279 | 230 | |||||||
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Interest-bearing cash [Member] | Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | [1] | 64 | 21 | |||||||
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Equity securities: US [Member] | Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | [1] | 26 | 25 | |||||||
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Equity securities: International [Member] | Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | [1] | 20 | 20 | |||||||
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: Corporate bonds [Member] | Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | [1],[2] | 116 | 127 | |||||||
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: US Treasuries [Member] | Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | [1] | 40 | 19 | |||||||
Fair Value, Measurements, Recurring [Member] | Pension Plan [Member] | Fixed income securities: Other [Member] | Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Fair value of assets | [1],[3] | $ 13 | $ 18 | |||||||
|
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, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 5.60% |
US equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 6.60% |
International equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 7.50% |
Fixed income securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted Average | 4.50% |
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Future Benefit Payments) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Dec. 31, 2015 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan Contributions By Employer Excluding Affiliated Supplemental Plan | $ 67 | $ 84 | ||
Defined Benefit Plan, Contributions by Employer | $ 68 | $ 85 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 3 | |||
Future Benefit Payments | ||||
2016 | 14 | 14 | ||
2017 | 14 | 14 | ||
2018 | 15 | 15 | ||
2019 | 17 | 17 | ||
2020 | 19 | 19 | ||
2021-25 | 109 | 109 | ||
OPEB [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 8 | $ 16 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 8 | |||
Future Benefit Payments | ||||
2016 | 8 | 8 | ||
2017 | 8 | 8 | ||
2018 | 8 | 8 | ||
2019 | 8 | 8 | ||
2020 | 9 | 9 | ||
2021-25 | 44 | $ 44 | ||
Majority-Owned Subsidiary, Unconsolidated [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 51 | 64 | ||
Majority-Owned Subsidiary, Unconsolidated [Member] | Oncor [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 51 | |||
Texas Competitive Electric Holdings Company LLC [Member] | Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | $ 16 | $ 20 |
Pension And Other Postretirement Employee Benefits (OPEB) Plans (Thrift Plan) (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Thrift Plan | |||
Minimum annual contributions per employee as a percent of salary gross pay | 1.00% | ||
Maximum annual contribution per employee, percent | 20.00% | ||
Employer matching contribution, percent | 6.00% | ||
Employer discretionary contribution amount | $ 24 | $ 24 | $ 23 |
Traditional Retirement Plan Formula Of Retirement Plan [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 75.00% | ||
Minimum [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 75.00% | ||
Maximum [Member] | |||
Thrift Plan | |||
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 100.00% |
Related Party Transactions (Narrative) (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
Rating-Agencies-Downgrades
|
Jul. 31, 2014
USD ($)
|
Jan. 31, 2013
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2014
USD ($)
|
Sep. 30, 2013
USD ($)
|
Mar. 31, 2013
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
Rating-Agencies-Downgrades
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Related Party Transaction [Line Items] | |||||||||||
Sponsor management agreement settlement | $ 0 | $ (86) | |||||||||
Increase (Decrease) In Restricted Cash Related To Debt Issuance | 0 | $ 0 | $ (680) | ||||||||
Accounts receivable, related parties, noncurrent | $ 0 | 47 | 0 | 47 | |||||||
Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Selling, general and administrative expenses from transactions with related party | 19 | 34 | 32 | ||||||||
Related party tax expense, due from affiliates, current | 132 | 237 | 90 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Selling, general and administrative expenses from transactions with related party | 205 | 204 | 241 | ||||||||
Related party transaction, amounts of transaction | 14 | 45 | |||||||||
Related Party Transaction, Sale of Assets To Related Party | 16 | 52 | |||||||||
Oncor Holdings [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from Affiliate, Noncurrent | 2 | 2 | |||||||||
Related party tax expense, due from affiliates, current | 26 | 24 | 34 | ||||||||
Sponsor Group [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Selling, general and administrative expenses from transactions with related party | 37 | 40 | 39 | ||||||||
Related Party Transaction, Selling, General and Administrative Cost Paid in Transactions With Related Party | 0 | 0 | 29 | ||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Letters Of Credit Drawn By Affiliated Party | 7 | ||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Letter of Credit [Member] | Letter of Credit Facility maturing October 10, 2017 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Letters Of Credit Drawn By Affiliated Party | 150 | ||||||||||
Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Affiliate | 118 | 118 | |||||||||
Related party transaction, amounts of transaction | 955 | 971 | 967 | ||||||||
Delivery fee surcharge remitted to related party | 17 | 17 | 16 | ||||||||
Event of credit rating downgrade, letter of credit required to be posted to secure payment obligations | $ 170 | $ 170 | |||||||||
Event of credit rating downgrade, minimum number of rating agencies downgrade below investment grade (in credit agencies downgrades) | Rating-Agencies-Downgrades | 2 | 2 | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due December 1, 2020 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 10.00% | 10.00% | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured 9.75% First Lien Notes due October 15, 2019 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 9.75% | 9.75% | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 11.75% Fixed Senior Secured Second Lien Notes due March 1, 2022 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 11.75% | 11.75% | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 6.875% Senior Secured First Lien Notes due August 15, 2017 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 6.875% | 6.875% | |||||||||
Energy Future Intermediate Holding CO LLC [Member] | Goldman, Sachs & Co. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt issuance cost | $ 2 | ||||||||||
Parent Company [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Sponsor management agreement settlement | 0 | $ (64) | |||||||||
Due to affiliate, noncurrent | $ 18 | 7 | 18 | 7 | |||||||
Due to Affiliate, Current | $ 33 | 0 | $ 33 | 0 | |||||||
Parent Company [Member] | Secured Debt [Member] | Fixed Senior Secured 9.75% First Lien Notes due October 15, 2019 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 9.75% | 9.75% | |||||||||
Parent Company [Member] | Secured Debt [Member] | 10% Fixed Senior Secured First Lien Notes due January 15, 2020 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 10.00% | 10.00% | |||||||||
Parent Company [Member] | Senior Notes [Member] | 10.875% Fixed Senior Notes due November 1, 2017 [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 10.875% | 10.875% | |||||||||
Audit Years 1997 Through 2001 [Member] | Parent Company [Member] | Oncor [Member] | Texas Comptroller Of Public Accounts [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Tax Expense, Due to Affiliates, Current | 10 | ||||||||||
Audit Years 1997 Through 2002 [Member] | Oncor [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party tax expense, due from affiliates, current | $ 33 | ||||||||||
Audit Years 1997 Through 2002 [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party tax expense, due from affiliates, current | $ 84 | ||||||||||
Related Party Transactions, Debt Held By Related Party [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Long-term debt, gross | 303 | 303 | |||||||||
Related Party Transactions, Debt Held By Related Party [Member] | Energy Future Intermediate Holding CO LLC [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Senior Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Long-term debt, gross | 79 | 79 | |||||||||
Related Party Transactions, Debt Held By Related Party [Member] | Energy Future Intermediate Holding CO LLC [Member] | Parent Company [Member] | Senior Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Long-term debt, gross | 1,282 | 1,282 | |||||||||
Related Party Transactions, Returned Debt as Dividend [Member] | Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Principal Amounts Returned as Dividend to Parent and Cancelled | $ 6,360 | ||||||||||
Payable Attributable To Income Taxes [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Affiliate, Current | $ 89 | 120 | $ 89 | 120 | |||||||
Payable Attributable To Income Taxes [Member] | Oncor [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to affiliate, noncurrent | 65 | 64 | 65 | 64 | |||||||
Due to Affiliate, Current | 109 | 144 | 109 | 144 | |||||||
Payable Attributable To Income Taxes [Member] | Oncor Holdings [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to Affiliate, Current | 87 | 120 | 87 | 120 | |||||||
Receivable Attributable to Income Taxes [Member] | Oncor [Member] | State and Local Jurisdiction [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due from affiliate, current | 20 | 24 | 20 | 24 | |||||||
Related Party Transactions, Decommisioning Liablity [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Due to affiliate, noncurrent | 409 | 479 | 409 | 479 | |||||||
Related Party Transactions, Collateral Posted [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Letter of credit posted as collateral | 6 | $ 9 | 6 | 9 | |||||||
Subsequent Event [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, amounts of transaction | $ 2 | ||||||||||
OPEB [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Defined Benefit Plan, Contributions by Employer | 8 | 16 | |||||||||
OPEB [Member] | Oncor [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Increase (Decrease) In Accounts Receivable From Related Party | $ 758 | ||||||||||
Related Party Transaction, Reimbursement Due From Affiliates | $ 1 | ||||||||||
Pension Plan [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Defined Benefit Plan Contributions By Employer Excluding Affiliated Supplemental Plan | 67 | $ 84 | |||||||||
Defined Benefit Plan, Contributions by Employer | $ 68 | $ 85 | |||||||||
Pension Plan [Member] | Texas Competitive Electric Holdings Company LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Defined Benefit Plan, Contributions by Employer | 16 | 20 | |||||||||
Pension Plan [Member] | Majority-Owned Subsidiary, Unconsolidated [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Defined Benefit Plan, Contributions by Employer | $ 51 | $ 64 |
Segment Information (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
Reportable_segment
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Segment Reporting Information [Line Items] | |||
Number of reportable segments (in reportable segments) | Reportable_segment | 2 | ||
Operating revenues (all Competitive Electric) | $ 5,370 | $ 5,978 | $ 5,899 |
Depreciation and amortization | 864 | 1,283 | 1,355 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Interest income | 1 | 1 | 1 |
Interest expense and related charges | 1,760 | 2,201 | 2,704 |
Income tax (expense) benefit | 1,670 | 2,619 | 1,271 |
Net loss attributable to EFH Corp. | (5,342) | (6,406) | (2,218) |
Investment in equity investees | 6,064 | 6,058 | 5,959 |
Total assets | 23,330 | 29,248 | 36,446 |
Capital expenditures | 344 | 386 | 501 |
Competitive Electric [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues (all Competitive Electric) | 5,370 | 5,978 | 5,899 |
Depreciation and amortization | 852 | 1,270 | 1,333 |
Interest income | 1 | 0 | 6 |
Interest expense and related charges | 1,289 | 1,799 | 2,062 |
Income tax (expense) benefit | 879 | 2,339 | 794 |
Net loss attributable to EFH Corp. | (4,678) | (6,260) | (2,309) |
Investment in equity investees | 5 | 8 | 9 |
Total assets | 15,690 | 21,347 | 28,828 |
Capital expenditures | 337 | 336 | 472 |
Regulated Delivery [Member] | |||
Segment Reporting Information [Line Items] | |||
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Net loss attributable to EFH Corp. | 334 | 349 | 335 |
Investment in equity investees | 6,059 | 6,050 | 5,950 |
Total assets | 6,059 | 6,050 | 5,950 |
Corp. and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 12 | 13 | 22 |
Interest income | 0 | 51 | 148 |
Interest expense and related charges | 471 | 452 | 795 |
Income tax (expense) benefit | 791 | 280 | 477 |
Net loss attributable to EFH Corp. | (998) | (495) | (244) |
Total assets | 3,039 | 4,025 | 3,692 |
Capital expenditures | 7 | 50 | 29 |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | (50) | (153) |
Interest expense and related charges | 0 | (50) | (153) |
Total assets | $ (1,458) | $ (2,174) | $ (2,024) |
Supplementary Financial Information (Restricted Cash) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Restricted Cash and Investments, Current | $ 524 | $ 6 |
Restricted Cash and Investments, Noncurrent | 507 | 901 |
Other Restricted Cash [Member] | ||
Restricted Cash and Investments, Current | 5 | 6 |
Restricted Cash and Investments, Noncurrent | 0 | 0 |
Texas Competitive Electric Holdings Company LLC [Member] | Amount Related To Texas Competitive Electric Company LLC Debtor-In-Possession Facility [Member] | ||
Restricted Cash and Investments, Current | 519 | 0 |
Restricted Cash and Investments, Noncurrent | 0 | 350 |
Texas Competitive Electric Holdings Company LLC [Member] | Amounts Related to TCEH's Letter of Credit Facility [Member] | ||
Restricted Cash and Investments, Current | 0 | 0 |
Restricted Cash and Investments, Noncurrent | $ 507 | $ 551 |
Supplementary Financial Information (Schedule of Trade Accounts Receivable) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Receivables [Abstract] | ||||
Wholesale and retail trade accounts receivable | $ 542 | $ 604 | ||
Allowance for uncollectible accounts | 9 | 15 | $ 14 | $ 9 |
Trade accounts receivable — net | 533 | 589 | ||
Unbilled Receivables, Current | $ 231 | $ 239 |
Supplementary Financial Information (Schedule for Allowance for Uncollectible Accounts Receivable) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for uncollectible accounts receivable at beginning of period | $ 15 | $ 14 | $ 9 |
Bad debt expense | 34 | 38 | 33 |
Decrease for account write-offs | (40) | (37) | (28) |
Allowance for uncollectible accounts receivable at end of period | $ 9 | $ 15 | $ 14 |
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Inventories by Major Category | ||
Materials and supplies | $ 226 | $ 214 |
Fuel stock | 170 | 215 |
Natural gas in storage | 32 | 39 |
Total inventories | 428 | 468 |
Other Investments | ||
Nuclear plant decommissioning trust | 918 | 893 |
Assets related to employee benefit plans, including employee savings programs, net of distributions | 26 | 61 |
Land | 36 | 37 |
Miscellaneous other | 4 | 4 |
Total other investments | $ 984 | $ 995 |
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||||||
Cost | [1] | $ 601 | $ 564 | |||||||
Unrealized gain | 326 | 333 | ||||||||
Unrealized loss | (9) | (4) | ||||||||
Fair market value | 918 | 893 | ||||||||
Realized gains | 1 | 11 | $ 2 | |||||||
Realized losses | (1) | (2) | (4) | |||||||
Proceeds from sales of securities | 401 | 314 | 175 | |||||||
Investments in securities | (418) | (331) | $ (191) | |||||||
Debt securities [Member] | ||||||||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||||||
Cost | [1],[2] | 310 | 288 | |||||||
Unrealized gain | [2] | 11 | 13 | |||||||
Unrealized loss | [2] | (2) | 0 | |||||||
Fair market value | [2] | $ 319 | $ 301 | |||||||
Debt securities, weighted average interest rate (as a percent) | 3.68% | 4.35% | ||||||||
Debt securities, average maturity (in years) | 8 years | 6 years | ||||||||
Decommissioning Fund Investments, debt maturities, one through five years, fair value | $ 102 | |||||||||
Decommissioning Fund Investments, debt maturities, five through ten years, fair value | 75 | |||||||||
Decommissioning Fund Investments, debt maturities, after ten years, fair value | 142 | |||||||||
Equity securities [Member] | ||||||||||
Schedule of Schedule of Decommissioning Fund Investments [Line Items] | ||||||||||
Cost | [1],[3] | 291 | $ 276 | |||||||
Unrealized gain | [3] | 315 | 320 | |||||||
Unrealized loss | [3] | (7) | (4) | |||||||
Fair market value | [3] | $ 599 | $ 592 | |||||||
|
Supplementary Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 11,875 | $ 15,998 | |
Less accumulated amortization/depreciation | 2,768 | 4,065 | |
Net of accumulated depreciation | 9,107 | 11,933 | |
Construction work in progress, Gross | 323 | 464 | |
Property, plant and equipment - net | 9,430 | 12,397 | |
Depreciation expense | 790 | 1,181 | $ 1,258 |
Assets related to capitalized leases, net of accumulated depreciation | 1 | 51 | |
Competitive Electric [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Construction work in progress, Gross | 323 | 459 | |
Competitive Electric [Member] | Generation and mining [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 11,380 | 15,468 | |
Competitive Electric [Member] | Nuclear fuel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Nuclear fuel (net of accumulated amortization) | 248 | 265 | |
Competitive Electric [Member] | Other assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 54 | 45 | |
Corporate and Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 193 | 220 | |
Construction work in progress, Gross | $ 0 | $ 5 | |
Minimum [Member] | Lignite- And Nuclear-Fueled Generation Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 17 years | ||
Maximum [Member] | Lignite- And Nuclear-Fueled Generation Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 54 years |
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||||||||
Beginning balance | $ 614 | $ 524 | |||||||||
Additions: | |||||||||||
Accretion | 51 | 48 | |||||||||
Asset Retirement Obligation, Liabilities Incurred | 153 | [1] | 127 | [2] | |||||||
Adjustment for new cost estimate | [3] | 70 | |||||||||
Reductions: | |||||||||||
Payments | 58 | 85 | |||||||||
Ending balance | 830 | 614 | |||||||||
Less amounts due currently | 66 | ||||||||||
Noncurrent liability at end of period | 764 | 560 | |||||||||
Nuclear Plant Decommissioning [Member] | |||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||||||||
Beginning balance | 413 | 390 | |||||||||
Additions: | |||||||||||
Accretion | 25 | 23 | |||||||||
Asset Retirement Obligation, Liabilities Incurred | 0 | 0 | |||||||||
Adjustment for new cost estimate | [3] | 70 | |||||||||
Reductions: | |||||||||||
Payments | 0 | 0 | |||||||||
Ending balance | 508 | 413 | |||||||||
Less amounts due currently | 0 | ||||||||||
Noncurrent liability at end of period | 508 | ||||||||||
Mining Land Reclamation [Member] | |||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||||||||
Beginning balance | 165 | 98 | |||||||||
Additions: | |||||||||||
Accretion | 20 | 22 | |||||||||
Asset Retirement Obligation, Liabilities Incurred | 84 | 127 | [2] | ||||||||
Adjustment for new cost estimate | 0 | ||||||||||
Reductions: | |||||||||||
Payments | 54 | 82 | |||||||||
Ending balance | 215 | 165 | |||||||||
Less amounts due currently | 66 | ||||||||||
Noncurrent liability at end of period | 149 | ||||||||||
Other Asset Retirement Obligations [Member] | |||||||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||||||||
Beginning balance | 36 | 36 | |||||||||
Additions: | |||||||||||
Accretion | 6 | 3 | |||||||||
Asset Retirement Obligation, Liabilities Incurred | 69 | [1] | 0 | ||||||||
Adjustment for new cost estimate | 0 | ||||||||||
Reductions: | |||||||||||
Payments | 4 | 3 | |||||||||
Ending balance | 107 | $ 36 | |||||||||
Less amounts due currently | 0 | ||||||||||
Noncurrent liability at end of period | $ 107 | ||||||||||
|
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | |||||
Uncertain tax positions, including accrued interest | $ 40 | $ 74 | |||
Retirement plan and other employee benefits | [1] | 169 | 243 | ||
Asset retirement and mining reclamation obligations | 764 | 560 | |||
Unfavorable purchase and sales contracts | 543 | 566 | |||
Nuclear decommissioning fund excess over asset retirement obligation | 409 | 479 | |||
Other | 108 | 156 | |||
Total other noncurrent liabilities and deferred credits | 2,033 | 2,078 | |||
Amortization of Deferred Charges | |||||
Amortization of Unfavorable Purchase and Sales Contracts | 23 | 23 | $ 25 | ||
Estimated Future Amortization Expense | |||||
2016 | 24 | ||||
2017 | 24 | ||||
2018 | 24 | ||||
2019 | 24 | ||||
2020 | 24 | ||||
Oncor [Member] | |||||
Other Noncurrent Liabilities Noncurrent and Deferred Credits [Line Items] | |||||
Retirement plan and other employee benefits | $ 0 | $ 47 | |||
|
Supplementary Financial Information (Fair Value of Debt) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Borrowings under debtor-in-possession credit facilities | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 6,825 | $ 6,825 |
Long-term debt not subject to compromise, excluding capital lease obligations | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 90 | 123 |
Fair Value, Inputs, Level 2 [Member] | Borrowings under debtor-in-possession credit facilities | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 6,804 | 6,830 |
Fair Value, Inputs, Level 2 [Member] | Long-term debt not subject to compromise, excluding capital lease obligations | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 89 | $ 119 |
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||||||||
Debt Issuance Fee Paid By Issuance Of Debt | $ 340 | |||||||||||||||||
Cash payments related to: | ||||||||||||||||||
Interest paid | [1] | $ 1,826 | $ 1,632 | 3,388 | ||||||||||||||
Capitalized interest | (11) | (17) | (25) | |||||||||||||||
Interest paid (net of capitalized interest) | [1] | 1,815 | 1,615 | 3,363 | ||||||||||||||
Income taxes | 53 | 55 | 65 | |||||||||||||||
Reorganization items | 419 | [2] | 146 | [2] | 0 | |||||||||||||
Noncash investing and financing activities: | ||||||||||||||||||
Construction expenditures | [3] | 76 | 113 | 46 | ||||||||||||||
Income tax adjustment related to AMT utilization | 3 | [4] | 0 | 0 | ||||||||||||||
Debt exchange and extension transactions | 0 | (85) | [5] | (326) | [5] | |||||||||||||
Principal amount of toggle notes issued in lieu of cash interest | 0 | 0 | 173 | |||||||||||||||
Debt assumed related to acquired combustion turbine trust interest | 0 | 0 | (45) | |||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | First-Lien Debtor-in-Possession Facility [Member] | Senior Secured Super-Priority First Lien Term Loan [Member] | ||||||||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||||||||
Debtor-In-Possession Financing, Borrowings Used In Exchange Transaction For Pre-Petition Debt | $ 1,836 | |||||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | ||||||||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,673 | |||||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | 10% Senior Secured notes due 2020 [Member] | ||||||||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 1,302 | |||||||||||||||||
Energy Future Intermediate Holding CO LLC [Member] | Senior Notes [Member] | 11.25%/12.25% Senior Toggle notes due 2018 [Member] | ||||||||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||||||||
Long Term Debt And Capital Leases Issued, Principal Amount | 89 | |||||||||||||||||
Parent Company [Member] | ||||||||||||||||||
Cash payments related to: | ||||||||||||||||||
Interest paid | 0 | 30 | 525 | |||||||||||||||
Income taxes | 134 | 243 | 224 | |||||||||||||||
Reorganization items | $ 68 | $ 14 | 0 | |||||||||||||||
Parent Company [Member] | Secured Debt [Member] | ||||||||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | 1,310 | |||||||||||||||||
Parent Company [Member] | Senior Notes [Member] | ||||||||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||||||||
Principal Amount Of Affiliate Debt Acquired In Exchange Transaction | $ 95 | |||||||||||||||||
RSA First Lien Note Parties And Qualifying Holders of EFIH First Lien Notes Tendered By Participation Date [Member] | Energy Future Intermediate Holding CO LLC [Member] | Secured Debt [Member] | Fixed Senior Secured First Lien 6.875% Notes and Fixed Senior Secured First Lien 10% Notes [Member] | ||||||||||||||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 78 | |||||||||||||||||
|
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Income (Loss)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Statements, Captions [Line Items] | |||
Selling, general and administrative expenses | $ (745) | $ (794) | $ (822) |
Other income | 35 | 31 | 26 |
Other deductions | (95) | (276) | (53) |
Interest income | 1 | 1 | 1 |
Interest expense and related charges | (1,760) | (2,201) | (2,704) |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | (7,346) | (9,374) | (3,931) |
Income tax (expense) benefit | 1,670 | 2,619 | 1,271 |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Net loss | (5,342) | (6,406) | (2,325) |
Net loss attributable to noncontrolling interests | 0 | 0 | 107 |
Net loss attributable to EFH Corp. | (5,342) | (6,406) | (2,218) |
Other comprehensive income (loss) (net of tax (expense) benefit of $(2), $36 and $9) | 4 | (67) | (16) |
Comprehensive income (loss) | (5,338) | (6,473) | (2,341) |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 107 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (5,338) | (6,473) | (2,234) |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Selling, general and administrative expenses | (58) | (61) | (45) |
Other income | 22 | 0 | 568 |
Other deductions | 0 | (108) | (646) |
Interest income | 3 | 74 | 132 |
Interest expense and related charges | 0 | (83) | (411) |
Reorganization items | 606 | (27) | 0 |
Loss before income taxes and equity in earnings of unconsolidated subsidiaries | 573 | (205) | (402) |
Income tax (expense) benefit | (9) | 60 | 141 |
Equity in losses of consolidated subsidiaries (net of tax) | (6,240) | (6,610) | (2,399) |
Equity in earnings of unconsolidated subsidiaries (net of tax) | 334 | 349 | 335 |
Net loss | (5,342) | (6,406) | (2,325) |
Net loss attributable to noncontrolling interests | 0 | 0 | 107 |
Net loss attributable to EFH Corp. | (5,342) | (6,406) | (2,218) |
Other comprehensive income (loss) (net of tax (expense) benefit of $(2), $36 and $9) | 4 | (67) | (16) |
Comprehensive income (loss) | (5,338) | (6,473) | (2,341) |
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 107 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (5,338) | (6,473) | (2,234) |
Other Comprehensive Income (Loss), Tax | $ (2) | $ 36 | $ 9 |
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Cash Flows) (Details) - USD ($) $ in Millions |
8 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Cash flows — operating activities: | |||||||
Net loss | $ (5,342) | $ (6,406) | $ (2,325) | ||||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||||
Equity in earnings of unconsolidated subsidiaries | (334) | (349) | (335) | ||||
Deferred income tax benefit, net | (1,484) | (2,539) | (992) | ||||
Noncash adjustment for estimated allowed claims related to debt | $ 0 | 926 | 0 | 0 | |||
Management fee settlement adjustment | (49) | 0 | 0 | ||||
Unrealized Gain Loss on Interest Rate Derivatives | 0 | (1,303) | (1,058) | ||||
Noncash realized loss on termination of interest rate swaps | 0 | 1,237 | [1] | 0 | |||
Income tax benefit due to IRS audit resolutions | 0 | 7 | (305) | ||||
Increase (Decrease) in Income Taxes Receivable from Affiliate | (91) | (534) | |||||
Interest expense on toggle notes payable in additional principal | 0 | 65 | 176 | ||||
Reserve for intercompany receivables | 3 | ||||||
Amortization of debt related costs | 0 | 66 | 208 | ||||
Other, net | 65 | 63 | 82 | ||||
Changes in operating assets and liabilities: | |||||||
Other — net assets | 20 | (43) | 131 | ||||
Other — net liabilities | (145) | 51 | 84 | ||||
Cash provided by (used in) operating activities | 3 | 404 | (503) | ||||
Cash flows — financing activities: | |||||||
Other, net | 0 | 1 | (9) | ||||
Cash provided by (used in) financing activities | (552) | 2,257 | (196) | ||||
Cash flows — investing activities: | |||||||
Other, net | 13 | (12) | (2) | ||||
Cash provided by (used in) investing activities | (593) | (450) | 3 | ||||
Net change in cash and cash equivalents | (1,142) | 2,211 | (696) | ||||
Cash and cash equivalents — beginning balance | 3,428 | 1,217 | 1,913 | ||||
Cash and cash equivalents — ending balance | 3,428 | 2,286 | 3,428 | 1,217 | |||
Parent Company [Member] | |||||||
Cash flows — operating activities: | |||||||
Net loss | (5,342) | (6,406) | (2,325) | ||||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||||
Equity in losses of consolidated subsidiaries | 6,240 | 6,610 | 2,399 | ||||
Equity in earnings of unconsolidated subsidiaries | (334) | (349) | (335) | ||||
Deferred income tax benefit, net | 23 | 3 | 10 | ||||
Debtor Reorganization Items, Gain on Settlement of Debt Held By Affiliate | 0 | (1,283) | 0 | 0 | |||
Debtor reorganization items, gain on settlement of interest on debt held by affiliates | 0 | (35) | 0 | 0 | |||
Debtor Reorganization Items, Adjustment for Estimated Allowed Claims Related to Debt | 0 | 341 | 0 | 0 | |||
Noncash adjustment for estimated allowed claims related to debt | 0 | 354 | 0 | 0 | |||
Management fee settlement adjustment | (27) | 0 | 0 | ||||
Reduction in reserve recorded for income tax receivable (Note 3) | (22) | 0 | 0 | ||||
Income tax benefit due to IRS audit resolutions | 0 | (14) | (132) | ||||
Increase (Decrease) in Income Taxes Receivable from Affiliate | 0 | 91 | 0 | ||||
Gain on Debt Exchange Transaction | 0 | 0 | (566) | ||||
Impairment of investment in debt of affiliates | 0 | 0 | 70 | ||||
IncreaseDecreaseInReserveForAffiliatedReceivables | 0 | (17) | (642) | ||||
Amortization of debt related costs | 0 | 12 | 36 | ||||
Other, net | 0 | 0 | 2 | ||||
Changes in operating assets and liabilities: | |||||||
Other — net assets | 29 | 13 | 100 | ||||
Other — net liabilities | 135 | 158 | (75) | ||||
Cash provided by (used in) operating activities | 79 | 135 | (174) | ||||
Cash flows — financing activities: | |||||||
Distributions received from subsidiaries | 0 | 0 | 690 | ||||
Change in notes/advances — affiliate | 16 | 60 | (622) | ||||
Other, net | 0 | 0 | (5) | ||||
Cash provided by (used in) financing activities | 16 | 60 | 63 | ||||
Cash flows — investing activities: | |||||||
Other, net | 1 | 0 | 9 | ||||
Cash provided by (used in) investing activities | 1 | 0 | 9 | ||||
Net change in cash and cash equivalents | 96 | 195 | (102) | ||||
Cash and cash equivalents — beginning balance | 392 | 197 | 299 | ||||
Cash and cash equivalents — ending balance | $ 392 | $ 488 | $ 392 | $ 197 | |||
|
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Balance Sheets) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Current assets: | ||||
Cash and cash equivalents | $ 2,286 | $ 3,428 | $ 1,217 | $ 1,913 |
Trade accounts receivable — net | 533 | 589 | ||
Commodity and other derivative contractual assets | 465 | 492 | ||
Other current assets | 87 | 100 | ||
Total current assets | 4,323 | 5,083 | ||
Receivables from unconsolidated subsidiary | 0 | 47 | ||
Other investments | 4 | 4 | ||
Other noncurrent assets | 95 | 100 | ||
Total assets | 23,330 | 29,248 | 36,446 | |
Current liabilities: | ||||
Trade accounts payable | 413 | 406 | ||
Commodity and other derivative contractual liabilities | 203 | 316 | ||
Accumulated deferred income taxes | 0 | 135 | ||
Accrued interest | 121 | 119 | ||
Accrued taxes | 134 | 157 | ||
Other Liabilities, Current | 425 | 360 | ||
Total current liabilities | 8,512 | 1,795 | ||
Liabilities Subject to Compromise | 37,786 | 37,432 | ||
Accumulated deferred income taxes | 0 | 713 | ||
Other noncurrent liabilities and deferred credits | 2,033 | 2,078 | ||
Total liabilities | 48,391 | 48,971 | ||
Total liabilities and equity | 23,330 | 29,248 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 488 | 392 | $ 197 | $ 299 |
Accounts receivable from subsidiaries | 8 | 6 | ||
Prepayments | 2 | 7 | ||
Total current assets | 498 | 405 | ||
Receivables from unconsolidated subsidiary | 0 | 47 | ||
Investment in debt of subsidiaries | 0 | 39 | ||
Other investments | 24 | 60 | ||
Other noncurrent assets | 5 | 3 | ||
Total assets | 527 | 554 | ||
Current liabilities: | ||||
Due to Affiliate, Current | 33 | 0 | ||
Trade accounts payable | 5 | 1 | ||
Notes payable to affiliates | 5 | 8 | ||
Accumulated deferred income taxes | 0 | 18 | ||
Accrued taxes | 17 | 69 | ||
Other Liabilities, Current | 42 | 40 | ||
Total current liabilities | 102 | 136 | ||
Liabilities Subject to Compromise | 1,409 | 1,899 | ||
Accumulated deferred income taxes | 400 | 368 | ||
Due to affiliate, noncurrent | 18 | 7 | ||
Other noncurrent liabilities and deferred credits | 248 | 374 | ||
Total liabilities | 2,177 | 2,784 | ||
Equity investment in consolidated subsidiaries | 23,411 | 17,493 | ||
Shareholders' equity | (25,061) | (19,723) | ||
Total equity | (1,650) | (2,230) | ||
Total liabilities and equity | $ 527 | $ 554 |
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Investment in Long-Term Debt of Subsidiary) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Available-for-sale Securities [Abstract] | ||||||
Total interest income | $ 1 | $ 1 | $ 1 | |||
10.25% Fixed Senior Notes due November 1, 2015, Series B [Member] | ||||||
Available-for-sale securities: | ||||||
Principal Amount | 102 | |||||
Parent Company [Member] | ||||||
Schedule of Held-to-maturity Securities And Available-for-sale Securities [Line Items] | ||||||
Investment in debt of subsidiaries | 0 | 39 | ||||
Available-for-sale Securities [Abstract] | ||||||
Total interest income | 3 | 74 | 132 | |||
Parent Company [Member] | TCEH Term Loan Facilities maturing October 10, 2017 [Member] | ||||||
Available-for-sale securities: | ||||||
Principal Amount | 19 | |||||
Carrying Value | [1] | 12 | ||||
Parent Company [Member] | 10.25% Fixed Senior Notes due November 1, 2015 [Member] | ||||||
Available-for-sale securities: | ||||||
Principal Amount | 284 | |||||
Carrying Value | [1] | 27 | ||||
Parent Company [Member] | Debt securities [Member] | ||||||
Available-for-sale securities: | ||||||
Principal Amount | 303 | |||||
Carrying Value | [1] | 39 | ||||
Parent Company [Member] | Available-for-sale Securities [Member] | ||||||
Available-for-sale Securities [Abstract] | ||||||
Interest received/accrued | 0 | 12 | 30 | |||
Impairments related to issuer credit | (6) | 0 | (70) | |||
Total interest income | (6) | $ 12 | (40) | |||
Interest Income [Member] | Texas Competitive Electric Holdings Company LLC [Member] | Parent Company [Member] | ||||||
Schedule of Held-to-maturity Securities And Available-for-sale Securities [Line Items] | ||||||
Impairment of investments | $ 6 | $ 70 | ||||
|
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Affiliate Balances) (Details) - USD ($) $ in Millions |
1 Months Ended | 8 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Sponsor management agreement settlement | $ 0 | $ (86) | |||
Debtor Reorganization Items, Adjustment To Intercompany Claims For Subsidiary Unsecured Claim Against Parent | $ 700 | ||||
Increase (Decrease) in Income Taxes Receivable from Affiliate | $ 91 | $ 534 | |||
Increase (Decrease) Note Receivable from Affiliate | 103 | ||||
Increase (Decrease) Interest Receivable from Affiliate | 14 | 5 | |||
Reclassification Of Affiliate Receivables To Equity Investment In Consolidated Subsidiaries | 899 | ||||
Reclassification Of Affiliate Payables To Equity Investment In Consolidated Subsidiaries | 1,350 | ||||
Reserve for intercompany receivables | 3 | ||||
Parent Company [Member] | |||||
Sponsor management agreement settlement | 0 | (64) | |||
Debtor Reorganization Items, Gain (Loss) On Income Tax Receivable Due From Affiliate | 408 | ||||
Debtor Reorganization Items, Gain on Settlement of Debt Held By Affiliate | $ 0 | 1,283 | 0 | 0 | |
Reduction in Reserve, Income Tax Receivable | 22 | 0 | 0 | ||
Increase (Decrease) in Income Taxes Receivable from Affiliate | $ 0 | $ (91) | $ 0 |
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Reorganization Items) (Details) - USD ($) $ in Millions |
8 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Statements, Captions [Line Items] | ||||
Expenses related to legal advisory and representation services | $ 127 | $ 310 | ||
Expenses related to other professional consulting and advisory services | 95 | 128 | ||
Noncash adjustment for estimated allowed claims related to debt | 0 | 926 | $ 0 | $ 0 |
Sponsor management agreement settlement | 0 | (86) | ||
Contract assumption adjustments | 0 | (14) | ||
Other | 0 | 2 | ||
Total reorganization items | 815 | 1,355 | 815 | 0 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Expenses related to legal advisory and representation services | 13 | 56 | ||
Expenses related to other professional consulting and advisory services | 13 | 26 | ||
Noncash adjustment for estimated allowed claims related to debt | 0 | 354 | 0 | 0 |
Adjustment to intercompany claims pursuant to settlement agreement | 0 | 341 | 0 | 0 |
Gain on settlement of debt held by affiliates | 0 | (1,283) | 0 | 0 |
Gain on settlement of interest on debt held by affiliates | 0 | (35) | $ 0 | $ 0 |
Sponsor management agreement settlement | 0 | (64) | ||
Contract assumption adjustments | 0 | (2) | ||
Other | 1 | 1 | ||
Total reorganization items | $ 27 | $ (606) |
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Liabilities Subject to Compromise) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Condensed Financial Statements, Captions [Line Items] | ||
Accrued interest on notes, loans and other debt | $ 745 | $ 804 |
Trade accounts payable and other expected allowed claims | 238 | 269 |
Liabilities Subject to Compromise | 37,786 | 37,432 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Notes, loans and other debt | 640 | 1,577 |
Accrued interest on notes, loans and other debt | 20 | 57 |
Tax sharing liability | 0 | 212 |
Trade accounts payable and other expected allowed claims | 49 | 52 |
Advances and other payables to affiliates | 700 | 1 |
Liabilities Subject to Compromise | $ 1,409 | $ 1,899 |
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Guarantees) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Indebtedness Guarantee | $ 37 |
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Dividend Restrictions) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Cash dividends paid to parent company by consolidated subsidiaries | $ 0 | $ 0 | $ 690,000,000 |
Schedule I - Condensed Financial Information (Parent Company) (Schedule I - Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||
Cash payments (receipts) related to: | ||||||||||||
Interest paid | [1] | $ 1,826 | $ 1,632 | $ 3,388 | ||||||||
Income taxes | (53) | (55) | (65) | |||||||||
Reorganization items | 419 | [2] | 146 | [2] | 0 | |||||||
Noncash investing and financing activities: | ||||||||||||
Debt exchange and extension transactions | 0 | (85) | [3] | (326) | [3] | |||||||
Principal amount of toggle notes issued in lieu of cash | 0 | 0 | 173 | |||||||||
Parent Company [Member] | ||||||||||||
Cash payments (receipts) related to: | ||||||||||||
Interest paid | 0 | 30 | 525 | |||||||||
Income taxes | (134) | (243) | (224) | |||||||||
Reorganization items | $ 68 | $ 14 | $ 0 | |||||||||
|
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