Document_and_Entity_Informatio
Document and Entity Information Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CENTERPOINT ENERGY INC | ' | ' |
Entity Central Index Key | '0001130310 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 428,841,792 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $9,975,930,939 |
STATEMENTS_OF_CONSOLIDATED_INC
STATEMENTS OF CONSOLIDATED INCOME (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statements of Consolidated Income | ' | ' | ' |
Revenues | $8,106 | $7,452 | $8,450 |
Expenses: | ' | ' | ' |
Natural gas | 3,908 | 2,873 | 4,055 |
Operation and maintenance | 1,847 | 1,874 | 1,835 |
Depreciation and amortization | 954 | 1,050 | 886 |
Taxes other than income taxes | 387 | 365 | 376 |
Goodwill impairment | 0 | 252 | 0 |
Total | 7,096 | 6,414 | 7,152 |
Operating Income | 1,010 | 1,038 | 1,298 |
Other Income (Expense): | ' | ' | ' |
Gain on marketable securities | 236 | 154 | 19 |
Gain (loss) on indexed debt securities | -193 | -71 | 35 |
Interest and other finance charges | -351 | -422 | -456 |
Interest on transition and system restoration bonds | -133 | -147 | -127 |
Equity in earnings of unconsolidated affiliates | 188 | 31 | 30 |
Return on true-up balance | 0 | 0 | 352 |
Step acquisition gain | 0 | 136 | 0 |
Other, net | 24 | 38 | 23 |
Total | -229 | -281 | -124 |
Income Before Income Taxes and Extraordinary Item | 781 | 757 | 1,174 |
Income tax expense | 470 | 340 | 404 |
Income Before Extraordinary Item | 311 | 417 | 770 |
Extraordinary Item, net of tax | 0 | 0 | 587 |
Net Income | $311 | $417 | $1,357 |
Basic Earnings Per Share: | ' | ' | ' |
Income Before Extraordinary Item | $0.73 | $0.98 | $1.81 |
Extraordinary Item, net of tax | $0 | $0 | $1.38 |
Net Income | $0.73 | $0.98 | $3.19 |
Diluted Earnings Per Share: | ' | ' | ' |
Income Before Extraordinary Item | $0.72 | $0.97 | $1.80 |
Extraordinary Item, net of tax | $0 | $0 | $1.37 |
Net Income | $0.72 | $0.97 | $3.17 |
Weighted Average Shares Outstanding, Basic | 428,466,000 | 427,189,000 | 425,636,000 |
Weighted Average Shares Outstanding, Diluted | 430,930,000 | 429,794,000 | 428,724,000 |
STATEMENTS_OF_CONSOLIDATED_COM
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Statements of Consolidated Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income | $113 | $151 | ($100) | [1] | $147 | $134 | $10 | [2] | $126 | $147 | $311 | $417 | $1,357 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Adjustment to pension and other postretirement plans (net of tax of $25, $2 and $7) | ' | ' | ' | ' | ' | ' | ' | ' | 44 | -2 | -16 | ||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax of $-0-, $-0- and $-0-) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 | ||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 45 | -2 | -16 | ||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $356 | $415 | $1,341 | ||
[1] | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | ||||||||||||
[2] | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. |
STATEMENTS_OF_CONSOLIDATED_COM1
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (Parenthetical) STATMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $25 | $2 | $7 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $0 | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current Assets: | ' | ' | ||
Cash and cash equivalents ($207 and $266 related to VIEs at December 31, 2013 and 2012, respectively) | $208 | $646 | ||
Investment in marketable securities | 767 | 540 | ||
Accounts receivable, net ($60 and $68 related to VIEs at December 31, 2013 and 2012, respectively) | 851 | 768 | ||
Accrued unbilled revenues | 398 | 339 | ||
Inventory | 285 | 322 | ||
Non-trading derivative assets | 24 | 36 | ||
Taxes receivable | 0 | 7 | ||
Prepaid expense and other current assets ($41 and $54 related to VIEs at December 31, 2013 and 2012, respectively) | 125 | 216 | ||
Total current assets | 2,658 | 2,874 | ||
Property, Plant and Equipment, net | 9,593 | 13,597 | ||
Other Assets: | ' | ' | ||
Goodwill | 840 | 1,468 | ||
Regulatory assets ($3,179 and $3,545 related to VIEs at December 31, 2013 and 2012, respectively) | 3,726 | 4,324 | ||
Notes receivable - affiliated companies | 363 | 0 | ||
Non-trading derivative assets | 10 | 6 | ||
Investment in unconsolidated affiliates | 4,518 | 405 | ||
Other | 162 | 197 | ||
Total other assets | 9,619 | 6,400 | ||
Total Assets | 21,870 | 22,871 | ||
Current Liabilities: | ' | ' | ||
Short-term borrowings | 43 | [1] | 38 | [1] |
Current portion of VIE transition and system restoration bonds long-term debt | 354 | 447 | ||
Indexed debt | 143 | 138 | ||
Current portion of other long-term debt | 0 | 815 | ||
Indexed debt securities derivative | 455 | 268 | ||
Accounts payable | 689 | 561 | ||
Taxes accrued | 184 | 160 | ||
Interest accrued | 124 | 150 | ||
Non-trading derivative liabilities | 17 | 14 | ||
Accumulated deferred income taxes, net | 608 | 604 | ||
Other | 402 | 380 | ||
Total current liabilities | 3,019 | 3,575 | ||
Other Liabilities: | ' | ' | ||
Accumulated deferred income taxes, net | 4,542 | 4,153 | ||
Non-trading derivative liabilities | 4 | 2 | ||
Benefit obligations | 802 | 1,143 | ||
Regulatory liabilities | 1,152 | 1,093 | ||
Other | 205 | 247 | ||
Total other liabilities | 6,705 | 6,638 | ||
Long-term Debt: | ' | ' | ||
VIE transition and system restoration bonds | 3,046 | 3,400 | ||
Other | 4,771 | 4,957 | ||
Total long-term debt | 7,817 | 8,357 | ||
Commitments and Contingencies (Note 14) | ' | ' | ||
Shareholders’ Equity | 4,329 | 4,301 | ||
Total Liabilities and Shareholders’ Equity | $21,870 | $22,871 | ||
[1] | Includes amounts due or exchangeable within one year of the date noted. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents ($207 and $266 related to VIEs at December 31, 2013 and 2012, respectively) | $208 | $646 |
Accounts receivable, net ($60 and $68 related to VIEs at December 31, 2013 and 2012, respectively) | 851 | 768 |
Prepaid expense and other current assets ($41 and $54 related to VIEs at December 31, 2013 and 2012, respectively) | 125 | 216 |
Other Assets: | ' | ' |
Regulatory assets ($3,179 and $3,545 related to VIEs at December 31, 2013 and 2012, respectively) | 3,726 | 4,324 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
ASSETS | ' | ' |
Cash and cash equivalents ($207 and $266 related to VIEs at December 31, 2013 and 2012, respectively) | 207 | 266 |
Accounts receivable, net ($60 and $68 related to VIEs at December 31, 2013 and 2012, respectively) | 60 | 68 |
Prepaid expense and other current assets ($41 and $54 related to VIEs at December 31, 2013 and 2012, respectively) | 41 | 54 |
Other Assets: | ' | ' |
Regulatory assets ($3,179 and $3,545 related to VIEs at December 31, 2013 and 2012, respectively) | $3,179 | $3,545 |
STATEMENTS_OF_CONSOLIDATED_CAS
STATEMENTS OF CONSOLIDATED CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | $311 | $417 | $1,357 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 954 | 1,050 | 886 |
Amortization of deferred financing costs | 30 | 32 | 30 |
Deferred income taxes | 356 | 328 | 443 |
Extraordinary item, net of tax | 0 | 0 | -587 |
Return on true-up balance | 0 | 0 | -352 |
Goodwill impairment | 0 | 252 | 0 |
Step acquisition gain | 0 | -136 | 0 |
Unrealized gain on marketable securities | -236 | -154 | -19 |
Unrealized loss (gain) on indexed debt securities | 193 | 71 | -35 |
Write-down of natural gas inventory | 4 | 4 | 11 |
Equity in earnings of unconsolidated affiliates, net of distributions | -58 | 8 | 8 |
Pension contributions | -91 | -82 | -75 |
Changes in other assets and liabilities: | ' | ' | ' |
Accounts receivable and unbilled revenues, net | -256 | 10 | 40 |
Inventory | -22 | 27 | 11 |
Taxes receivable | 7 | -7 | 138 |
Accounts payable | 152 | -6 | -81 |
Fuel cost recovery | 108 | -52 | -70 |
Non-trading derivatives, net | 4 | 20 | -13 |
Margin deposits, net | 16 | 53 | 34 |
Interest and taxes accrued | 41 | -62 | 44 |
Net regulatory assets and liabilities | 61 | 66 | 31 |
Other current assets | -2 | -12 | 12 |
Other current liabilities | 21 | 18 | 18 |
Other assets | -24 | -18 | -9 |
Other liabilities | 20 | 16 | 42 |
Other, net | 24 | 17 | 24 |
Net cash provided by operating activities | 1,613 | 1,860 | 1,888 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures, net of acquisitions | -1,286 | -1,212 | -1,303 |
Acquisitions, net of cash acquired | 0 | -360 | 0 |
Decrease (increase) in restricted cash of transition and system restoration bond companies | 17 | -13 | -3 |
Investment in unconsolidated affiliates | 0 | -5 | -12 |
Cash contribution to Enable | -38 | 0 | 0 |
Cash received from U.S. Department of Energy grant | 0 | 0 | 110 |
Proceeds from sale of marketable securities | 9 | 0 | 0 |
Other, net | -2 | -13 | 2 |
Net cash used in investing activities | -1,300 | -1,603 | -1,206 |
Cash Flows from Financing Activities: | ' | ' | ' |
Increase (decrease) in short-term borrowings, net | 5 | -24 | 9 |
Proceeds from (payments of) commercial paper, net | 118 | -285 | 102 |
Proceeds from long-term debt | 1,050 | 2,495 | 550 |
Payments of long-term debt | -1,573 | -1,590 | -909 |
Cash paid for debt exchange and debt retirement | -7 | -69 | -58 |
Debt issuance costs | -3 | -16 | -24 |
Redemption of indexed debt securities | -8 | 0 | 0 |
Payment of common stock dividends | -355 | -346 | -337 |
Proceeds from issuance of common stock, net | 4 | 4 | 6 |
Other, net | 18 | 0 | 0 |
Net cash provided by (used in) financing activities | -751 | 169 | -661 |
Net Increase (Decrease) in Cash and Cash Equivalents | -438 | 426 | 21 |
Cash and Cash Equivalents at Beginning of Year | 646 | 220 | 199 |
Cash and Cash Equivalents at End of Year | 208 | 646 | 220 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Interest, net of capitalized interest | 475 | 556 | 565 |
Income taxes (refunds), net | 35 | 46 | -205 |
Non-cash transactions: | ' | ' | ' |
Accounts payable related to capital expenditures | 74 | 110 | 110 |
Formation of Enable | $4,252 | $0 | $0 |
STATEMENTS_OF_CONSOLIDATED_SHA
STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (USD $) | Total | Preference Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] |
In Millions, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | ' | ' | ' | $4 | $4,100 | ($789) | ' |
Balance (in shares) at Dec. 31, 2010 | ' | ' | ' | 425 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance related to benefit and investment plans | ' | ' | ' | 0 | 20 | ' | ' |
Issuance related to benefit and investment plans (in shares) | ' | ' | ' | 1 | ' | ' | ' |
Net income | 1,357 | ' | ' | ' | ' | 1,357 | ' |
Common stock dividends | ' | ' | ' | ' | ' | -337 | ' |
Adjustment to pension and postretirement plans | ' | ' | ' | ' | ' | ' | -130 |
Net deferred loss from cash flow hedges | ' | ' | ' | ' | ' | ' | -3 |
Balance at Dec. 31, 2011 | 4,222 | 0 | 0 | 4 | 4,120 | 231 | -133 |
Balance (in shares) at Dec. 31, 2011 | ' | 0 | 0 | 426 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance related to benefit and investment plans | ' | ' | ' | 0 | 10 | ' | ' |
Issuance related to benefit and investment plans (in shares) | ' | ' | ' | 2 | ' | ' | ' |
Net income | 417 | ' | ' | ' | ' | 417 | ' |
Common stock dividends | ' | ' | ' | ' | ' | -346 | ' |
Adjustment to pension and postretirement plans | ' | ' | ' | ' | ' | ' | -132 |
Net deferred loss from cash flow hedges | ' | ' | ' | ' | ' | ' | -3 |
Balance at Dec. 31, 2012 | 4,301 | 0 | 0 | 4 | 4,130 | 302 | -135 |
Balance (in shares) at Dec. 31, 2012 | ' | 0 | 0 | 428 | ' | ' | ' |
Balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 134 | ' | ' | ' | ' | ' | ' |
Adjustment to pension and postretirement plans | ' | ' | ' | ' | ' | ' | -132 |
Net deferred loss from cash flow hedges | ' | ' | ' | ' | ' | ' | -3 |
Balance at Dec. 31, 2012 | 4,301 | 0 | 0 | 4 | 4,130 | 302 | -135 |
Balance (in shares) at Dec. 31, 2012 | ' | 0 | 0 | 428 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Issuance related to benefit and investment plans | ' | ' | ' | 0 | 27 | ' | ' |
Issuance related to benefit and investment plans (in shares) | ' | ' | ' | 1 | ' | ' | ' |
Net income | 311 | ' | ' | ' | ' | 311 | ' |
Common stock dividends | ' | ' | ' | ' | ' | -355 | ' |
Adjustment to pension and postretirement plans | ' | ' | ' | ' | ' | ' | -88 |
Net deferred loss from cash flow hedges | ' | ' | ' | ' | ' | ' | -2 |
Balance at Dec. 31, 2013 | 4,329 | 0 | 0 | 4 | 4,157 | 258 | -90 |
Balance (in shares) at Dec. 31, 2013 | ' | 0 | 0 | 429 | ' | ' | ' |
Balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 113 | ' | ' | ' | ' | ' | ' |
Adjustment to pension and postretirement plans | ' | ' | ' | ' | ' | ' | -88 |
Net deferred loss from cash flow hedges | ' | ' | ' | ' | ' | ' | -2 |
Balance at Dec. 31, 2013 | $4,329 | $0 | $0 | ' | ' | ' | ($90) |
Balance (in shares) at Dec. 31, 2013 | ' | 0 | 0 | ' | ' | ' | ' |
STATEMENTS_OF_CONSOLIDATED_SHA1
STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (Parenthetical) STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Cumulative preferred stock par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Cumulative preferred stock shares authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 |
Common stock shares par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Common stock shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Background
Background | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Background | ' | |
Background | ||
CenterPoint Energy, Inc. is a public utility holding company. CenterPoint Energy’s operating subsidiaries own and operate electric transmission and distribution facilities and natural gas distribution facilities and own interests in Enable Midstream Partners, LP (Enable) as described below. As of December 31, 2013, CenterPoint Energy’s indirect wholly owned subsidiaries included: | ||
• | CenterPoint Energy Houston Electric, LLC (CenterPoint Houston), which engages in the electric transmission and distribution business in the Texas Gulf Coast area that includes the city of Houston; and | |
• | CenterPoint Energy Resources Corp. (CERC Corp. and, together with its subsidiaries, CERC), which owns and operates natural gas distribution systems in six states (Gas Operations). A wholly owned subsidiary of CERC Corp. offers variable and fixed-price physical natural gas supplies primarily to commercial and industrial customers and electric and gas utilities in 21 states. As of December 31, 2013, CERC Corp. also owned approximately 58.3% of the limited partner interests in Enable, an unconsolidated partnership jointly controlled with OGE Energy Corp., which owns, operates and develops natural gas and crude oil infrastructure assets. | |
For a description of CenterPoint Energy’s reportable business segments, see Note 17. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Summary of Significant Accounting Policies | ' | |||||||
Summary of Significant Accounting Policies | ||||||||
(a) | Use of Estimates | |||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||
(b) | Principles of Consolidation | |||||||
The accounts of CenterPoint Energy and its wholly owned and majority owned subsidiaries are included in the consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation. CenterPoint Energy generally uses the equity method of accounting for investments in entities in which CenterPoint Energy has an ownership interest between 20% and 50% and exercises significant influence. CenterPoint Energy also uses the equity method for investments in which it has ownership percentages greater than 50%, when it exercises significant influence, does not have control and is not considered the primary beneficiary, if applicable. | ||||||||
On March 14, 2013, CenterPoint Energy entered into a Master Formation Agreement (MFA) with OGE Energy Corp. (OGE) and affiliates of ArcLight Capital Partners, LLC (ArcLight), pursuant to which CenterPoint Energy, OGE and ArcLight agreed to form Enable as a private limited partnership. On May 1, 2013, the parties closed on the formation of Enable. In connection with the closing (i) CERC Corp. converted its direct wholly owned subsidiary, CenterPoint Energy Field Services, LLC, a Delaware limited liability company (CEFS), into a Delaware limited partnership that became Enable, (ii) CERC Corp. contributed to Enable its equity interests in each of CenterPoint Energy Gas Transmission Company, LLC, which has been subsequently renamed Enable Gas Transmission, LLC (EGT), CenterPoint Energy - Mississippi River Transmission, LLC, which has been subsequently renamed Enable Mississippi River Transmission, LLC (MRT), certain of its other midstream subsidiaries (Other CNP Midstream Subsidiaries), and a 24.95% interest in Southeast Supply Header, LLC (SESH and, collectively with CEFS, EGT, MRT and Other CNP Midstream Subsidiaries, CenterPoint Midstream), and (iii) OGE and ArcLight indirectly contributed 100% of the equity interests in Enogex LLC, which has been subsequently renamed Enable Oklahoma Intrastate Transmission, LLC (Enogex), to Enable. | ||||||||
As of December 31, 2013, CERC Corp., OGE and ArcLight held approximately 58.3%, 28.5% and 13.2%, respectively, of the limited partner interests in Enable. Enable is equally controlled by CERC Corp. and OGE; each own 50% of the management rights in the general partner of Enable. CERC Corp. and OGE also own a 40% and 60% interest, respectively, in the incentive distribution rights held by the general partner of Enable. The general partner of Enable is currently governed by a board of directors made up of an equal number of representatives designated by each of CERC Corp. and OGE. See Note 9 for further discussion on the formation of Enable. The investment in Enable is accounted for utilizing the equity method of accounting. As of December 31, 2013, CenterPoint Energy determined that Enable was a variable interest entity (VIE); however, CenterPoint Energy is not the primary beneficiary and as such, this entity is not consolidated. See Notes 9 and 17 below. | ||||||||
Prior to July 2012, CenterPoint Energy owned a 50% interest in Waskom Gas Processing Company (Waskom), a Texas general partnership, which owns and operates a natural gas processing plant and natural gas gathering assets. On July 31, 2012, CenterPoint Energy purchased the 50% interest that it did not already own in Waskom, as well as other gathering and related assets from a third-party for approximately $273 million. The amount of the purchase price allocated to the acquisition of the 50% interest in Waskom was approximately $201 million, with the remaining purchase price allocated to the other gathering assets, based on a discounted cash flow methodology. The $273 million purchase price was allocated as follows: $253 million to property, plant and equipment; $16 million to goodwill; and the remaining balance to other assets and liabilities. The purchase of the 50% interest in Waskom was determined to be a business combination achieved in stages, and as such CenterPoint Energy recorded a pre-tax gain of approximately $136 million on July 31, 2012, which is the result of remeasuring its original 50% interest in Waskom to fair value. As a result of the purchase, CenterPoint Energy recorded goodwill of $24 million, which includes $17 million related to Waskom (including the re-measurement of its existing 50% interest) and $7 million related to the other gathering and related assets. | ||||||||
Other investments, excluding marketable securities, are carried at cost. | ||||||||
As of December 31, 2013, CenterPoint Energy had four VIEs consisting of transition and system restoration bond companies, which it consolidates. The consolidated VIEs are wholly owned bankruptcy remote special purpose entities that were formed specifically for the purpose of securitizing transition and system restoration related property. Creditors of CenterPoint Energy have no recourse to any assets or revenues of the transition and system restoration bond companies. The bonds issued by these VIEs are payable only from and secured by transition and system restoration property and the bondholders have no recourse to the general credit of CenterPoint Energy. | ||||||||
(c) | Revenues | |||||||
CenterPoint Energy records revenue for electricity delivery and natural gas sales and services under the accrual method and these revenues are recognized upon delivery to customers. Electricity deliveries not billed by month-end are accrued based on actual advanced metering system data, daily supply volumes and applicable rates. Natural gas sales not billed by month-end are accrued based upon estimated purchased gas volumes, estimated lost and unaccounted for gas and currently effective tariff rates. | ||||||||
(d) Long-lived Assets and Intangibles | ||||||||
CenterPoint Energy records property, plant and equipment at historical cost. CenterPoint Energy expenses repair and maintenance costs as incurred. | ||||||||
CenterPoint Energy periodically evaluates long-lived assets, including property, plant and equipment, and specifically identifiable intangibles, when events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. The determination of whether an impairment has occurred is based on an estimate of undiscounted cash flows attributable to the assets compared to the carrying value of the assets. | ||||||||
(e) Regulatory Assets and Liabilities | ||||||||
CenterPoint Energy applies the guidance for accounting for regulated operations to the Electric Transmission & Distribution business segment and the Natural Gas Distribution business segment. CenterPoint Energy’s rate-regulated subsidiaries may collect revenues subject to refund pending final determination in rate proceedings. In connection with such revenues, estimated rate refund liabilities are recorded which reflect management’s current judgment of the ultimate outcomes of the proceedings. | ||||||||
CenterPoint Energy’s rate-regulated businesses recognize removal costs as a component of depreciation expense in accordance with regulatory treatment. As of December 31, 2013 and 2012, these removal costs of $941 million and $919 million, respectively, are classified as regulatory liabilities in CenterPoint Energy’s Consolidated Balance Sheets. In addition, a portion of the amount of removal costs that relate to asset retirement obligations has been reclassified from a regulatory liability to an asset retirement liability in accordance with accounting guidance for asset retirement obligations. | ||||||||
(f) Depreciation and Amortization Expense | ||||||||
Depreciation and amortization is computed using the straight-line method based on economic lives or regulatory-mandated recovery periods. Amortization expense includes amortization of regulatory assets and other intangibles. | ||||||||
(g) Capitalization of Interest and Allowance for Funds Used During Construction | ||||||||
Interest and allowance for funds used during construction (AFUDC) are capitalized as a component of projects under construction and are amortized over the assets’ estimated useful lives once the assets are placed in service. AFUDC represents the composite interest cost of borrowed funds and a reasonable return on the equity funds used for construction for subsidiaries that apply the guidance for accounting for regulated operations. During 2013, 2012 and 2011, CenterPoint Energy capitalized interest and AFUDC of $11 million, $9 million and $4 million, respectively. During 2013, 2012 and 2011, CenterPoint Energy recorded AFUDC equity of $8 million, $6 million and $5 million, respectively, which is included in Other Income in its Statements of Consolidated Income. | ||||||||
(h) Income Taxes | ||||||||
CenterPoint Energy files a consolidated federal income tax return and follows a policy of comprehensive interperiod tax allocation. CenterPoint Energy uses the asset and liability method of accounting for deferred income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established against deferred tax assets for which management believes realization is not considered to be more likely than not. CenterPoint Energy recognizes interest and penalties as a component of income tax expense. | ||||||||
(i) Accounts Receivable and Allowance for Doubtful Accounts | ||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable monthly, as well as the bad debt write-offs experienced in the past, and establish an allowance for doubtful accounts. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. Accounts receivable are net of an allowance for doubtful accounts of $28 million and $25 million at December 31, 2013 and 2012, respectively. The provision for doubtful accounts in CenterPoint Energy’s Statements of Consolidated Income for 2013, 2012 and 2011 was $21 million, $16 million and $26 million, respectively. | ||||||||
(j) Inventory | ||||||||
Inventory consists principally of materials and supplies and natural gas. Materials and supplies are valued at the lower of average cost or market. Materials and supplies are recorded to inventory when purchased and subsequently charged to expense or capitalized to plant when installed. Natural gas inventories of CenterPoint Energy’s Energy Services business segment are also primarily valued at the lower of average cost or market. Natural gas inventories of CenterPoint Energy’s Natural Gas Distribution business segment are primarily valued at weighted average cost. During 2013, 2012 and 2011, CenterPoint Energy recorded $4 million, $4 million and $11 million, respectively, in write-downs of natural gas inventory to the lower of average cost or market. | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Materials and supplies | $ | 140 | $ | 177 | ||||
Natural gas | 145 | 145 | ||||||
Total inventory | $ | 285 | $ | 322 | ||||
(k) Derivative Instruments | ||||||||
CenterPoint Energy is exposed to various market risks. These risks arise from transactions entered into in the normal course of business. CenterPoint Energy utilizes derivative instruments such as physical forward contracts, swaps and options to mitigate the impact of changes in commodity prices and weather on its operating results and cash flows. Such derivatives are recognized in CenterPoint Energy’s Consolidated Balance Sheets at their fair value unless CenterPoint Energy elects the normal purchase and sales exemption for qualified physical transactions. A derivative may be designated as a normal purchase or normal sale if the intent is to physically receive or deliver the product for use or sale in the normal course of business. | ||||||||
CenterPoint Energy has a Risk Oversight Committee composed of corporate and business segment officers that oversees all commodity price, weather and credit risk activities, including CenterPoint Energy’s marketing, risk management services and hedging activities. The committee’s duties are to establish CenterPoint Energy’s commodity risk policies, allocate board-approved commercial risk limits, approve the use of new products and commodities, monitor positions and ensure compliance with CenterPoint Energy’s risk management policies and procedures and limits established by CenterPoint Energy’s board of directors. | ||||||||
CenterPoint Energy’s policies prohibit the use of leveraged financial instruments. A leveraged financial instrument, for this purpose, is a transaction involving a derivative whose financial impact will be based on an amount other than the notional amount or volume of the instrument. | ||||||||
(l) Investments in Other Debt and Equity Securities | ||||||||
CenterPoint Energy reports securities classified as trading at estimated fair value in its Consolidated Balance Sheets, and any unrealized holding gains and losses are recorded as other income (expense) in its Statements of Consolidated Income. | ||||||||
(m) Environmental Costs | ||||||||
CenterPoint Energy expenses or capitalizes environmental expenditures, as appropriate, depending on their future economic benefit. CenterPoint Energy expenses amounts that relate to an existing condition caused by past operations that do not have future economic benefit. CenterPoint Energy records undiscounted liabilities related to these future costs when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. | ||||||||
(n) Statements of Consolidated Cash Flows | ||||||||
For purposes of reporting cash flows, CenterPoint Energy considers cash equivalents to be short-term, highly-liquid investments with maturities of three months or less from the date of purchase. In connection with the issuance of transition bonds and system restoration bonds, CenterPoint Energy was required to establish restricted cash accounts to collateralize the bonds that were issued in these financing transactions. These restricted cash accounts are not available for withdrawal until the maturity of the bonds and are not included in cash and cash equivalents. These restricted cash accounts of $41 million and $54 million at December 31, 2013 and 2012, respectively, are included in other current assets in CenterPoint Energy's Consolidated Balance Sheets. Cash and cash equivalents included $207 million and $266 million at December 31, 2013 and 2012, respectively, that was held by CenterPoint Energy’s transition and system restoration bond subsidiaries solely to support servicing the transition and system restoration bonds. | ||||||||
(o) New Accounting Pronouncements | ||||||||
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). The objective of ASU 2013-02 is to improve the transparency of changes in other comprehensive income and items reclassified out of Accumulated Other Comprehensive Income in financial statements. This new guidance is effective for a reporting entity's first reporting period beginning after December 15, 2012 and should be applied prospectively. CenterPoint Energy's adoption of this new guidance on January 1, 2013 did not have a material impact on its financial position, results of operations or cash flows. | ||||||||
In December 2011 and January 2013, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures About Offsetting Assets and Liabilities” (ASU 2011-11) and No. 2013-01, “Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities” (ASU 2013-01), respectively. The objective of ASU 2011-11 is to enhance disclosures about the nature of an entity's rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective of ASU 2013-01 is to clarify which instruments and transactions are subject to ASU 2011-11. Both ASU 2011-11 and ASU 2013-01 are effective for a reporting entity's first reporting period beginning on or after January 1, 2013 and should be applied retrospectively. CenterPoint Energy's adoption of this new guidance on January 1, 2013 did not have a material impact on its financial position, results of operations or cash flows. | ||||||||
Management believes that other recently issued standards, which are not yet effective, will not have a material impact on CenterPoint Energy’s consolidated financial position, results of operations or cash flows upon adoption. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property, Plant and Equipment | ' | |||||||||||
Property, Plant and Equipment | ||||||||||||
(a) Property, Plant and Equipment | ||||||||||||
Property, plant and equipment includes the following: | ||||||||||||
Weighted Average | December 31, | |||||||||||
Useful Lives | ||||||||||||
(Years) | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Electric Transmission & Distribution | 31 | $ | 8,741 | $ | 8,204 | |||||||
Natural Gas Distribution | 31 | 4,694 | 4,321 | |||||||||
Energy Services | 26 | 82 | 80 | |||||||||
Interstate Pipelines | — | — | (1 | ) | 2,803 | |||||||
Field Services | — | — | (1 | ) | 2,359 | |||||||
Other property | 23 | 621 | 610 | |||||||||
Total | 14,138 | 18,377 | ||||||||||
Accumulated depreciation and amortization: | ||||||||||||
Electric Transmission & Distribution | 2,907 | 2,839 | ||||||||||
Natural Gas Distribution | 1,324 | 1,194 | ||||||||||
Energy Services | 28 | 25 | ||||||||||
Interstate Pipelines | — | 355 | ||||||||||
Field Services | — | 118 | ||||||||||
Other property | 286 | 249 | ||||||||||
Total accumulated depreciation and amortization | 4,545 | 4,780 | ||||||||||
Property, plant and equipment, net | $ | 9,593 | $ | 13,597 | ||||||||
-1 | Following the formation of Enable on May 1, 2013, substantially all of the assets of CenterPoint Energy's former Interstate Pipelines and Field Services business segments are owned by Enable. | |||||||||||
(b) Depreciation and Amortization | ||||||||||||
The following table presents depreciation and amortization expense for 2013, 2012 and 2011 (in millions). | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Depreciation expense | $ | 531 | $ | 562 | $ | 529 | ||||||
Amortization expense | 423 | 488 | 357 | |||||||||
Total depreciation and amortization expense | $ | 954 | $ | 1,050 | $ | 886 | ||||||
(c) Asset Retirement Obligations | ||||||||||||
A reconciliation of the changes in the asset retirement obligation (ARO) liability is as follows (in millions): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Beginning balance | $ | 164 | $ | 156 | ||||||||
Accretion expense | 5 | 7 | ||||||||||
Revisions in estimates of cash flows | (35 | ) | 1 | |||||||||
Ending balance | $ | 134 | $ | 164 | ||||||||
The decrease of $35 million in the ARO from the revision of estimate in 2013 is primarily attributable to a decrease in the future expected cash flows associated with the retirement of steel pipe. There were no material additions or settlements during the year ended December 31, 2012. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill | ' | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Goodwill by reportable business segment as of December 31, 2012 and changes in the carrying amount of goodwill as of December 31, 2013 are as follows (in millions): | ||||||||||||||||||||||||
December 31, 2011 | Impairment Charge | Waskom Acquisition (1) | December 31, 2012 | Contributed to Enable (1) | December 31, 2013 | |||||||||||||||||||
Natural Gas Distribution | $ | 746 | $ | — | $ | — | $ | 746 | $ | — | $ | 746 | ||||||||||||
Interstate Pipelines | 579 | — | — | 579 | 579 | — | ||||||||||||||||||
Energy Services | 335 | 252 | — | 83 | — | 83 | ||||||||||||||||||
Field Services | 25 | — | 24 | 49 | 49 | — | ||||||||||||||||||
Other | 11 | — | — | 11 | — | 11 | ||||||||||||||||||
Total | $ | 1,696 | $ | 252 | $ | 24 | $ | 1,468 | $ | 628 | $ | 840 | ||||||||||||
-1 | See Note 2(b). | |||||||||||||||||||||||
CenterPoint Energy performs its goodwill impairment tests at least annually and evaluates goodwill when events or changes in circumstances indicate that its carrying value may not be recoverable. The impairment evaluation for goodwill is performed by using a two-step process. In the first step, the fair value of each reporting unit is compared with the carrying amount of the reporting unit, including goodwill. The estimated fair value of the reporting unit is generally determined on the basis of discounted cash flows. If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, then a second step must be completed in order to determine the amount of the goodwill impairment that should be recorded. In the second step, the implied fair value of the reporting unit's goodwill is determined by allocating the reporting unit's fair value to all of its assets and liabilities other than goodwill (including any unrecognized intangible assets) in a manner similar to a purchase price allocation. The resulting implied fair value of the goodwill that results from the application of this second step is then compared to the carrying amount of the goodwill and an impairment charge is recorded for the difference. | ||||||||||||||||||||||||
CenterPoint Energy performed its annual impairment test in the third quarter of 2013 and determined, based on the results of the first step, that no impairment charge was required for any reportable segment. Other intangibles were not material as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
CenterPoint Energy performed its annual impairment test in the third quarter of 2012 and determined that a non-cash goodwill impairment charge in the amount of $252 million was required for the Energy Services reportable segment. | ||||||||||||||||||||||||
CenterPoint Energy estimated the value of the Energy Services reporting unit using an income approach. Under this approach, the fair value of the reporting unit is determined by using the present value of future expected cash flows, which are based on management projections of revenue growth, gross margin, and overall market conditions. These estimated future cash flows are then discounted using a rate that approximates the weighted average cost of capital of a market participant. | ||||||||||||||||||||||||
The Energy Services reporting unit fair value analysis resulted in an implied fair value of goodwill of $83 million for this reporting unit, and as a result, a non-cash impairment charge in the amount of $252 million was recorded in the third quarter of 2012. The adverse wholesale market conditions facing CenterPoint Energy's energy services business, specifically the prospects for continued low geographic and seasonal price differentials for natural gas, led to a reduction in the estimate of the fair value of goodwill associated with this reporting unit. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Regulated Operations [Abstract] | ' | |||||||
Regulatory Matters | ' | |||||||
Regulatory Accounting | ||||||||
(a) Regulatory Assets and Liabilities | ||||||||
The following is a list of regulatory assets/liabilities reflected on CenterPoint Energy’s Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in millions) | ||||||||
Securitized regulatory assets | $ | 3,179 | $ | 3,545 | ||||
Unrecognized equity return (1) | (508 | ) | (553 | ) | ||||
Unamortized loss on reacquired debt | 111 | 119 | ||||||
Pension and postretirement-related regulatory asset (2) | 732 | 1,021 | ||||||
Other long-term regulatory assets (3) | 212 | 192 | ||||||
Total regulatory assets | 3,726 | 4,324 | ||||||
Estimated removal costs | 941 | 919 | ||||||
Other long-term regulatory liabilities | 211 | 174 | ||||||
Total regulatory liabilities | 1,152 | 1,093 | ||||||
Total regulatory assets and liabilities, net | $ | 2,574 | $ | 3,231 | ||||
-1 | As of December 31, 2013, CenterPoint Energy has not recognized an allowed equity return of $508 million because such return will be recognized as it is recovered in rates. During the years ended December 31, 2013, 2012 and 2011, CenterPoint Houston recognized approximately $45 million, $47 million and $21 million, respectively, of the allowed equity return. | |||||||
-2 | CenterPoint Houston’s actuarially determined pension and other postemployment expense in excess of the amount being recovered through rates is being deferred for rate making purposes. Deferred pension and other postemployment expenses of $5 million and $14 million as of December 31, 2013 and 2012, respectively, were not earning a return. | |||||||
-3 | Other regulatory assets that are not earning a return were not material as of December 31, 2013 and 2012. | |||||||
(b) Resolution of True-Up Appeal | ||||||||
In March 2004, CenterPoint Houston filed a true-up application with the Public Utility Commission of Texas (Texas Utility Commission) requesting recovery of $3.7 billion, excluding interest, as allowed under the Texas Electric Choice Plan. The legislation provided for a transition period to move to a new market structure and provided a mechanism for the formerly integrated electric utilities to recover stranded and certain other costs resulting from the transition to competition. In December 2004, the Texas Utility Commission issued a final order (True-Up Order) allowing CenterPoint Houston to recover a true-up balance of approximately $2.3 billion. To reflect the impact of the True-Up Order, in 2004 and 2005, CenterPoint Energy recorded a net after-tax extraordinary loss of $947 million. | ||||||||
Various parties, including CenterPoint Houston, appealed the True-Up Order. In March 2011, the Texas Supreme Court issued a unanimous ruling on such appeals in which it affirmed in part and reversed in part the decision of the Texas Utility Commission. The case was remanded to the Texas Utility Commission, and in October 2011, the Texas Utility Commission approved a final order (the Remand Order) which provided that (i) CenterPoint Houston was entitled to recover an additional true-up balance of $1.695 billion (the Recoverable True-Up Balance), (ii) no further interest would accrue on the Recoverable True-Up Balance, and (iii) CenterPoint Houston would reimburse certain parties for their reasonable rate case expenses. | ||||||||
In January 2012, CenterPoint Energy Transition Bond Company IV, LLC (Bond Company IV), a new special purpose subsidiary of CenterPoint Houston, issued $1.695 billion of transition bonds to securitize the Recoverable True-Up Balance. | ||||||||
As a result of the Remand Order, in 2011 CenterPoint Houston recorded a pre-tax extraordinary gain of $921 million ($587 million after taxes of $334 million) and $352 million ($224 million after-tax) of Other Income related to a portion of interest on the appealed amount. An additional $405 million ($258 million after-tax) will be recorded as an equity return over the life of the transition bonds. |
StockBased_Incentive_Compensat
Stock-Based Incentive Compensation Plans and Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Stock-Based Incentive Compensation Plans and Employee Benefit Plans | ' | |||||||||||||||||||||||
Stock-Based Incentive Compensation Plans and Employee Benefit Plans | ||||||||||||||||||||||||
(a) Stock-Based Incentive Compensation Plans | ||||||||||||||||||||||||
CenterPoint Energy has long-term incentive plans (LTIPs) that provide for the issuance of stock-based incentives, including stock options, performance awards, restricted stock unit awards and restricted and unrestricted stock awards to officers, employees and non-employee directors. Approximately 14 million shares of CenterPoint Energy common stock are authorized under these plans for awards. | ||||||||||||||||||||||||
Equity awards are granted to employees without cost to the participants. The performance awards granted in 2013, 2012 and 2011 are distributed based upon the achievement of certain objectives over a three-year performance cycle. The stock awards granted in 2013, 2012 and 2011 are subject to the performance condition that total common dividends declared during the three-year vesting period must be at least $2.49, $2.43 and $2.37 per share, respectively. The stock awards generally vest at the end of a three-year period. Upon vesting, both the performance and stock awards are issued to the participants along with the value of dividend equivalents earned over the performance cycle or vesting period. CenterPoint Energy issues new shares in order to satisfy stock-based payments related to LTIPs. | ||||||||||||||||||||||||
CenterPoint Energy recorded LTIP compensation expense of $19 million, $18 million and $19 million for the years ended December 31, 2013, 2012 and 2011, respectively. This expense is included in Operation and Maintenance Expense in the Statements of Consolidated Income. | ||||||||||||||||||||||||
The total income tax benefit recognized related to LTIPs was $7 million, $7 million and $7 million for the years ended December 31, 2013, 2012 and 2011, respectively. No compensation cost related to LTIPs was capitalized as a part of inventory or fixed assets in 2013, 2012 or 2011. The actual tax benefit realized for tax deductions related to LTIPs totaled $13 million, $14 million and $8 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Compensation costs for the performance and stock awards granted under LTIPs are measured using fair value and expected achievement levels on the grant date. For performance awards with operational goals, the achievement levels are revised as goals are evaluated. The fair value of awards granted to employees is based on the closing stock price of CenterPoint Energy’s common stock on the grant date. The compensation expense is recorded on a straight-line basis over the vesting period. Forfeitures are estimated on the date of grant based on historical averages. | ||||||||||||||||||||||||
The following tables summarize CenterPoint Energy’s LTIP activity for 2013: | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||
Outstanding Options | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Shares | Weighted-Average | Remaining Average | Aggregate | |||||||||||||||||||||
(Thousands) | Exercise Price | Contractual | Intrinsic | |||||||||||||||||||||
Life (Years) | Value (Millions) | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 459 | $ | 9.84 | |||||||||||||||||||||
Exercised | (339 | ) | 9.46 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 120 | 10.93 | 0.2 | $ | 1 | |||||||||||||||||||
Exercisable at December 31, 2013 | 120 | 10.93 | 0.2 | 1 | ||||||||||||||||||||
Cash received from stock options exercised was $3 million, $3 million and $5 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
CenterPoint Energy has not issued stock options since 2004. | ||||||||||||||||||||||||
Performance Awards | ||||||||||||||||||||||||
Outstanding and Non-Vested Shares | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Shares | Weighted-Average | Remaining Average | Aggregate | |||||||||||||||||||||
(Thousands) | Grant Date | Contractual | Intrinsic | |||||||||||||||||||||
Fair Value | Life (Years) | Value (Millions) | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 2,992 | $ | 16.05 | |||||||||||||||||||||
Granted | 899 | 20.67 | ||||||||||||||||||||||
Forfeited or cancelled | (364 | ) | 15.9 | |||||||||||||||||||||
Vested and released to participants | (824 | ) | 14.21 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 2,703 | 18.17 | 0.9 | $ | 46 | |||||||||||||||||||
The outstanding and non-vested shares displayed in the table above assumes that shares are issued at the maximum performance level. The aggregate intrinsic value reflects the impact of current expectations of achievement and stock price. | ||||||||||||||||||||||||
Stock Awards | ||||||||||||||||||||||||
Outstanding and Non-Vested Shares | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Shares | Weighted-Average | Remaining Average | Aggregate | |||||||||||||||||||||
(Thousands) | Grant Date | Contractual | Intrinsic | |||||||||||||||||||||
Fair Value | Life (Years) | Value (Millions) | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 995 | $ | 16.43 | |||||||||||||||||||||
Granted | 377 | 21.53 | ||||||||||||||||||||||
Forfeited or cancelled | (42 | ) | 18.56 | |||||||||||||||||||||
Vested and released to participants | (432 | ) | 15.91 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 898 | 18.72 | 1 | $ | 21 | |||||||||||||||||||
The weighted-average grant-date fair values per unit of awards granted were as follows for 2013, 2012 and 2011: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Performance awards | $ | 20.67 | $ | 18.79 | $ | 15.49 | ||||||||||||||||||
Stock awards | 21.53 | 18.96 | 15.81 | |||||||||||||||||||||
Valuation Data | ||||||||||||||||||||||||
The total intrinsic value of awards received by participants was as follows for 2013, 2012 and 2011: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Stock options exercised | $ | 4 | $ | 6 | $ | 7 | ||||||||||||||||||
Performance awards | 20 | 24 | 7 | |||||||||||||||||||||
Stock awards | 10 | 9 | 7 | |||||||||||||||||||||
The total grant date fair value of performance and stock awards which vested during the years ended December 31, 2013, 2012 and 2011 was $19 million, $19 million and $12 million, respectively. As of December 31, 2013, there was $18 million of total unrecognized compensation cost related to non-vested performance and stock awards which is expected to be recognized over a weighted-average period of 1.6 years. | ||||||||||||||||||||||||
(b) Pension and Postretirement Benefits | ||||||||||||||||||||||||
CenterPoint Energy maintains a non-contributory qualified defined benefit pension plan covering substantially all employees, with benefits determined using a cash balance formula. Under the cash balance formula, participants accumulate a retirement benefit based upon 5% of eligible earnings and accrued interest. Participants are 100% vested in their benefit after completing three years of service. In addition to the non-contributory qualified defined benefit pension plan, CenterPoint Energy maintains unfunded non-qualified benefit restoration plans which allow participants to receive the benefits to which they would have been entitled under CenterPoint Energy’s non-contributory pension plan except for federally mandated limits on qualified plan benefits or on the level of compensation on which qualified plan benefits may be calculated. | ||||||||||||||||||||||||
CenterPoint Energy provides certain healthcare and life insurance benefits for retired employees on both a contributory and non-contributory basis. Employees become eligible for these benefits if they have met certain age and service requirements at retirement, as defined in the plans. Under plan amendments, effective in early 1999, healthcare benefits for future retirees were changed to limit employer contributions for medical coverage. | ||||||||||||||||||||||||
Such benefit costs are accrued over the active service period of employees. The net unrecognized transition obligation is being amortized over approximately 20 years. | ||||||||||||||||||||||||
CenterPoint Energy’s net periodic cost includes the following components relating to pension, including the benefit restoration plan, and postretirement benefits: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Pension | Post-retirement | Pension | Post-retirement | Pension | Post-retirement | |||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Service cost | $ | 44 | $ | 2 | $ | 35 | $ | 1 | $ | 33 | $ | 1 | ||||||||||||
Interest cost | 90 | 20 | 100 | 23 | 100 | 24 | ||||||||||||||||||
Expected return on plan assets | (135 | ) | (7 | ) | (121 | ) | (7 | ) | (115 | ) | (10 | ) | ||||||||||||
Amortization of prior service cost | 10 | 1 | 8 | 3 | 3 | 3 | ||||||||||||||||||
Amortization of net loss | 63 | 6 | 60 | 4 | 57 | 1 | ||||||||||||||||||
Amortization of transition obligation | — | 7 | — | 7 | — | 7 | ||||||||||||||||||
Benefit enhancement | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net periodic cost | $ | 72 | $ | 29 | $ | 82 | $ | 32 | $ | 78 | $ | 27 | ||||||||||||
CenterPoint Energy used the following assumptions to determine net periodic cost relating to pension and postretirement benefits: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Pension | Post-retirement | Pension | Post-retirement | Pension | Post-retirement | |||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||
Discount rate | 4 | % | 3.9 | % | 4.9 | % | 4.8 | % | 5.25 | % | 5.2 | % | ||||||||||||
Expected return on plan assets | 8 | 5.5 | 8 | 5.5 | 8 | 7.05 | ||||||||||||||||||
Rate of increase in compensation levels | 4 | — | 4.2 | — | 4.6 | — | ||||||||||||||||||
In determining net periodic benefits cost, CenterPoint Energy uses fair value, as of the beginning of the year, as its basis for determining expected return on plan assets. | ||||||||||||||||||||||||
The following table summarizes changes in the benefit obligation, plan assets, the amounts recognized in consolidated balance sheets and the key assumptions of CenterPoint Energy’s pension, including benefit restoration, and postretirement plans. The measurement dates for plan assets and obligations were December 31, 2013 and 2012. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | Post-retirement | Pension | Post-retirement | |||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
(in millions, except for actuarial assumptions) | ||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 2,316 | $ | 538 | $ | 2,085 | $ | 500 | ||||||||||||||||
Service cost | 44 | 2 | 35 | 1 | ||||||||||||||||||||
Interest cost | 90 | 20 | 100 | 23 | ||||||||||||||||||||
Participant contributions | — | 7 | — | 7 | ||||||||||||||||||||
Benefits paid | (142 | ) | (34 | ) | (123 | ) | (35 | ) | ||||||||||||||||
Actuarial (gain) loss | (155 | ) | (60 | ) | 219 | 38 | ||||||||||||||||||
Medicare reimbursement | — | 3 | — | 4 | ||||||||||||||||||||
Benefit obligation, end of year | 2,153 | 476 | 2,316 | 538 | ||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 1,698 | 139 | 1,506 | 138 | ||||||||||||||||||||
Employer contributions | 91 | 19 | 82 | 20 | ||||||||||||||||||||
Participant contributions | — | 7 | — | 7 | ||||||||||||||||||||
Benefits paid | (142 | ) | (34 | ) | (123 | ) | (35 | ) | ||||||||||||||||
Actual investment return | 156 | 9 | 233 | 9 | ||||||||||||||||||||
Fair value of plan assets, end of year | 1,803 | 140 | 1,698 | 139 | ||||||||||||||||||||
Funded status, end of year | $ | (350 | ) | $ | (336 | ) | $ | (618 | ) | $ | (399 | ) | ||||||||||||
Amounts Recognized in Balance Sheets | ||||||||||||||||||||||||
Current liabilities-other | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||
Other liabilities-benefit obligations | (341 | ) | (327 | ) | (609 | ) | (390 | ) | ||||||||||||||||
Net liability, end of year | $ | (350 | ) | $ | (336 | ) | $ | (618 | ) | $ | (399 | ) | ||||||||||||
Actuarial Assumptions | ||||||||||||||||||||||||
Discount rate | 4.8 | % | 4.75 | % | 4 | % | 3.9 | % | ||||||||||||||||
Expected return on plan assets | 7 | 5.5 | 8 | 5.5 | ||||||||||||||||||||
Rate of increase in compensation levels | 3.9 | — | 4 | — | ||||||||||||||||||||
Healthcare cost trend rate assumed for the next year - Pre-65 | — | 7 | — | 9 | ||||||||||||||||||||
Healthcare cost trend rate assumed for the next year - Post-65 | — | 7.5 | — | 9 | ||||||||||||||||||||
Prescription drug cost trend rate assumed for the next year | — | 7 | — | 9 | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | — | 5.5 | — | 5.5 | ||||||||||||||||||||
Year that the healthcare rate reaches the ultimate trend rate | — | 2018 | — | 2017 | ||||||||||||||||||||
Year that the prescription drug rate reaches the ultimate trend rate | — | 2018 | — | 2017 | ||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $2,123 million and $2,283 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The expected rate of return assumption was developed by a weighted-average return analysis of the targeted asset allocation of CenterPoint Energy’s plans and the expected real return for each asset class, based on the long-term capital market assumptions, adjusted for investment fees and diversification effects, in addition to expected inflation. | ||||||||||||||||||||||||
The discount rate assumption was determined by matching the projected cash flows of CenterPoint Energy’s plans against a hypothetical yield curve of high-quality corporate bonds represented by a series of annualized individual discount rates from one-half to 99 years. | ||||||||||||||||||||||||
For measurement purposes, medical costs are assumed to increase 7.00% and 7.50% for the pre-65 and post-65 retirees, respectively, and the prescription cost is assumed to increase 7.00% during 2014, after which this rate decreases until reaching the ultimate trend rate of 5.50% in 2018. | ||||||||||||||||||||||||
CenterPoint Energy's changes in accumulated comprehensive loss related to defined benefit, postretirement and other postemployment plans are as follows (in millions): | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Beginning Balance | $ | (132 | ) | |||||||||||||||||||||
Other comprehensive income before reclassifications (1) | 52 | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||||||||||||||
Prior service cost (2) | 3 | |||||||||||||||||||||||
Actuarial losses (2) | 14 | |||||||||||||||||||||||
Total reclassifications from accumulated other comprehensive income | 17 | |||||||||||||||||||||||
Tax expense | (25 | ) | ||||||||||||||||||||||
Net current period other comprehensive income | 44 | |||||||||||||||||||||||
Ending Balance | $ | (88 | ) | |||||||||||||||||||||
________________ | ||||||||||||||||||||||||
-1 | Total other comprehensive income related to the re-measurement of pension, postretirement and other postemployment plans. | |||||||||||||||||||||||
-2 | These accumulated other comprehensive components are included in the computation of net periodic cost. | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Unrecognized actuarial loss | $ | 126 | $ | 7 | $ | 173 | $ | 21 | ||||||||||||||||
Unrecognized prior service cost | 12 | 1 | 14 | 2 | ||||||||||||||||||||
Unrecognized transition obligation | — | — | — | 1 | ||||||||||||||||||||
Net amount recognized in accumulated other comprehensive loss | $ | 138 | $ | 8 | $ | 187 | $ | 24 | ||||||||||||||||
The changes in plan assets and benefit obligations recognized in other comprehensive income during 2013 are as follows (in millions): | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Net gain | $ | 34 | $ | 13 | ||||||||||||||||||||
Amortization of net loss | 13 | 1 | ||||||||||||||||||||||
Amortization of prior service credit | 2 | 1 | ||||||||||||||||||||||
Amortization of transition obligation | — | 1 | ||||||||||||||||||||||
Total recognized in comprehensive income | $ | 49 | $ | 16 | ||||||||||||||||||||
The total expense recognized in net periodic costs and other comprehensive income was $23 million and $13 million for pension and postretirement benefits, respectively, for the year ended December 31, 2013. | ||||||||||||||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014 are as follows (in millions): | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Unrecognized actuarial loss | $ | 9 | $ | — | ||||||||||||||||||||
Unrecognized prior service cost | 2 | — | ||||||||||||||||||||||
Amounts in accumulated comprehensive loss to be recognized in net periodic cost in 2014 | $ | 11 | $ | — | ||||||||||||||||||||
The following table displays pension benefits related to CenterPoint Energy’s pension plans that have accumulated benefit obligations in excess of plan assets: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | Pension | Pension | Pension | |||||||||||||||||||||
Qualified | Non-qualified | Qualified | Non-qualified | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,031 | $ | 92 | $ | 2,184 | $ | 99 | ||||||||||||||||
Projected benefit obligation | 2,061 | 92 | 2,217 | 99 | ||||||||||||||||||||
Fair value of plan assets | 1,803 | — | 1,698 | — | ||||||||||||||||||||
Assumed healthcare cost trend rates have a significant effect on the reported amounts for CenterPoint Energy’s postretirement benefit plans. A 1% change in the assumed healthcare cost trend rate would have the following effects: | ||||||||||||||||||||||||
1% | 1% | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Effect on the postretirement benefit obligation | $ | 11 | $ | 10 | ||||||||||||||||||||
Effect on total of service and interest cost | 1 | 1 | ||||||||||||||||||||||
In managing the investments associated with the benefit plans, CenterPoint Energy’s objective is to achieve and maintain a fully funded plan. This objective is expected to be achieved through an investment strategy that manages liquidity requirements while maintaining a long-term horizon in making investment decisions and efficient and effective management of plan assets. | ||||||||||||||||||||||||
As part of the investment strategy discussed above, CenterPoint Energy has adopted and maintains the following weighted average allocation targets for its benefit plans: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
U.S. equity | 15 – 31% | 14 – 24% | ||||||||||||||||||||||
International developed market equity | 8 – 18% | 3 – 13% | ||||||||||||||||||||||
Emerging market equity | 4 – 14% | — | ||||||||||||||||||||||
Fixed income | 49 – 61% | 68 – 78% | ||||||||||||||||||||||
Cash | 0 – 2% | 0 – 2% | ||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy (see Note 8), CenterPoint Energy’s pension plan assets at fair value as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||||||
Cash | $ | 11 | $ | 11 | $ | — | $ | — | ||||||||||||||||
Common collective trust funds (1) | 1,107 | — | 1,107 | — | ||||||||||||||||||||
Corporate bonds: | ||||||||||||||||||||||||
Investment grade or above | 256 | — | 256 | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
International companies | 75 | 75 | — | — | ||||||||||||||||||||
U.S. companies | 77 | 77 | — | — | ||||||||||||||||||||
Cash received as collateral from securities lending | 71 | 71 | — | — | ||||||||||||||||||||
U.S. government backed agencies bonds | 1 | 1 | — | — | ||||||||||||||||||||
U.S. treasuries | 18 | 18 | — | — | ||||||||||||||||||||
Mortgage backed securities | 7 | — | 7 | — | ||||||||||||||||||||
Asset backed securities | 6 | — | 6 | — | ||||||||||||||||||||
Municipal bonds | 61 | — | 61 | — | ||||||||||||||||||||
Mutual funds (2) | 172 | 172 | — | — | ||||||||||||||||||||
International government bonds | 11 | — | 11 | — | ||||||||||||||||||||
Real estate | 1 | — | — | 1 | ||||||||||||||||||||
Obligation to return cash received as collateral from securities lending | (71 | ) | (71 | ) | — | — | ||||||||||||||||||
Total | $ | 1,803 | $ | 354 | $ | 1,448 | $ | 1 | ||||||||||||||||
-1 | 50% of the amount invested in common collective trust funds is in fixed income securities, 20% is in U.S. equities, 25% is in international equities and 5% is in emerging market equities. | |||||||||||||||||||||||
-2 | 58% of the amount invested in mutual funds is in international equities, 30% is in emerging market equities and 12% is in U.S. equities. | |||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||||||
Cash | $ | 6 | $ | 6 | $ | — | $ | — | ||||||||||||||||
Common collective trust funds (1) | 1,134 | — | 1,134 | — | ||||||||||||||||||||
Corporate bonds: | ||||||||||||||||||||||||
Investment grade or above | 108 | — | 108 | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
International companies | 100 | 100 | — | — | ||||||||||||||||||||
U.S. companies | 101 | 101 | — | — | ||||||||||||||||||||
Cash received as collateral from securities lending | 52 | 52 | — | — | ||||||||||||||||||||
U.S. government backed agencies bonds | 1 | 1 | — | — | ||||||||||||||||||||
U.S. treasuries | 13 | 13 | — | — | ||||||||||||||||||||
Mortgage backed securities | 9 | — | 9 | — | ||||||||||||||||||||
Asset backed securities | 7 | — | 7 | — | ||||||||||||||||||||
Municipal bonds | 48 | — | 48 | — | ||||||||||||||||||||
Mutual funds (2) | 160 | 160 | — | — | ||||||||||||||||||||
International government bonds | 8 | — | 8 | — | ||||||||||||||||||||
Real estate | 3 | — | — | 3 | ||||||||||||||||||||
Obligation to return cash received as collateral from securities lending | (52 | ) | (52 | ) | — | — | ||||||||||||||||||
Total | $ | 1,698 | $ | 381 | $ | 1,314 | $ | 3 | ||||||||||||||||
-1 | 42% of the amount invested in common collective trust funds is in fixed income securities, 27% is in U.S. equities, 26% is in international equities and 5% is in emerging market equities. | |||||||||||||||||||||||
-2 | 58% of the amount invested in mutual funds is in international equities, 33% is in emerging market equities and 9% is in U.S. equities. | |||||||||||||||||||||||
The pension plan utilized both exchange traded and over-the-counter financial instruments such as futures, interest rate options and swaps that were marked to market daily with the gains/losses settled in the cash accounts. The pension plan did not include any holdings of CenterPoint Energy common stock as of December 31, 2013 or 2012. | ||||||||||||||||||||||||
The changes in the fair value of the pension plan’s level 3 investments for the years ended December 31, 2013 and 2012 were not material. | ||||||||||||||||||||||||
The following tables present by level, within the fair value hierarchy, CenterPoint Energy’s postretirement plan assets at fair value as of December 31, 2013 and 2012, by asset category: | ||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Mutual funds (1) | $ | 140 | $ | 140 | $ | — | $ | — | ||||||||||||||||
Total | $ | 140 | $ | 140 | $ | — | $ | — | ||||||||||||||||
-1 | 72% of the amount invested in mutual funds is in fixed income securities, 20% is in U.S. equities and 8% is in international equities. | |||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Mutual funds (1) | $ | 139 | $ | 139 | $ | — | $ | — | ||||||||||||||||
Total | $ | 139 | $ | 139 | $ | — | $ | — | ||||||||||||||||
-1 | 73% of the amount invested in mutual funds is in fixed income securities, 19% is in U.S. equities and 8% is in international equities. | |||||||||||||||||||||||
CenterPoint Energy contributed $83 million, $8 million and $16 million to its qualified pension, non-qualified pension and postretirement benefits plans, respectively, in 2013. CenterPoint Energy expects to contribute approximately $87 million, $9 million and $17 million to its qualified pension, non-qualified pension and postretirement benefits plans, respectively, in 2014. | ||||||||||||||||||||||||
The following benefit payments are expected to be paid by the pension and postretirement benefit plans (in millions): | ||||||||||||||||||||||||
Postretirement Benefit Plan | ||||||||||||||||||||||||
Pension | Benefit | Medicare | ||||||||||||||||||||||
Benefits | Payments | Subsidy | ||||||||||||||||||||||
Receipts | ||||||||||||||||||||||||
2014 | $ | 135 | $ | 34 | $ | (4 | ) | |||||||||||||||||
2015 | 147 | 36 | (5 | ) | ||||||||||||||||||||
2016 | 153 | 38 | (5 | ) | ||||||||||||||||||||
2017 | 161 | 39 | (6 | ) | ||||||||||||||||||||
2018 | 157 | 41 | (6 | ) | ||||||||||||||||||||
2019-2023 | 843 | 221 | (39 | ) | ||||||||||||||||||||
(c) Savings Plan | ||||||||||||||||||||||||
CenterPoint Energy has a tax-qualified employee savings plan that includes a cash or deferred arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended (the Code), and an employee stock ownership plan (ESOP) under Section 4975(e)(7) of the Code. Under the plan, participating employees may contribute a portion of their compensation, on a pre-tax or after-tax basis, generally up to a maximum of 50% of eligible compensation. The Company matches 100% of the first 6% of each employee’s compensation contributed. The matching contributions are fully vested at all times. | ||||||||||||||||||||||||
Participating employees may elect to invest all or a portion of their contributions to the plan in CenterPoint Energy common stock, to have dividends reinvested in additional shares or to receive dividend payments in cash on any investment in CenterPoint Energy common stock, and to transfer all or part of their investment in CenterPoint Energy common stock to other investment options offered by the plan. | ||||||||||||||||||||||||
The savings plan has significant holdings of CenterPoint Energy common stock. As of December 31, 2013, 18,029,972 shares of CenterPoint Energy’s common stock were held by the savings plan, which represented approximately 21% of its investments. Given the concentration of the investments in CenterPoint Energy’s common stock, the savings plan and its participants have market risk related to this investment. | ||||||||||||||||||||||||
CenterPoint Energy’s savings plan benefit expenses were $38 million, $36 million and $35 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
(d) Postemployment Benefits | ||||||||||||||||||||||||
CenterPoint Energy provides postemployment benefits for former or inactive employees, their beneficiaries and covered dependents, after employment but before retirement (primarily healthcare and life insurance benefits for participants in the long-term disability plan). The Company recorded postemployment expenses of $4 million, $8 million and $7 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Included in “Benefit Obligations” in the accompanying Consolidated Balance Sheets at December 31, 2013 and 2012 was $30 million and $32 million, respectively, relating to postemployment obligations. | ||||||||||||||||||||||||
(e) Other Non-Qualified Plans | ||||||||||||||||||||||||
CenterPoint Energy has non-qualified deferred compensation plans that provide benefits payable to directors, officers and certain key employees or their designated beneficiaries at specified future dates, upon termination, retirement or death. Benefit payments are made from the general assets of CenterPoint Energy. CenterPoint Energy recorded benefit expense relating to these plans of $5 million for each of the years in 2013, 2012 and 2011. Included in “Benefit Obligations” in the accompanying Consolidated Balance Sheets at December 31, 2013 and 2012 was $64 million and $71 million, respectively, relating to deferred compensation plans. | ||||||||||||||||||||||||
Included in Benefit Obligations in CenterPoint Energy’s Consolidated Balance Sheets at December 31, 2013 and 2012 was $28 million and $29 million, respectively, relating to split-dollar life insurance arrangements. | ||||||||||||||||||||||||
(f) Change in Control Agreements and Other Employee Matters | ||||||||||||||||||||||||
CenterPoint Energy has agreements with certain of its officers that generally provide, to the extent applicable, in the case of a change in control of CenterPoint Energy and termination of employment, for severance benefits of up to three times annual base salary plus bonus, and other benefits. These agreements are for a one-year term with automatic renewal unless action is taken by CenterPoint Energy’s board of directors prior to the renewal. | ||||||||||||||||||||||||
As of December 31, 2013, approximately 30% of CenterPoint Energy’s employees were subject to collective bargaining agreements. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Instruments | ' | |||||||||||||||
Derivative Instruments | ||||||||||||||||
CenterPoint Energy is exposed to various market risks. These risks arise from transactions entered into in the normal course of business. CenterPoint Energy utilizes derivative instruments such as physical forward contracts, swaps and options to mitigate the impact of changes in commodity prices and weather on its operating results and cash flows. | ||||||||||||||||
(a) Non-Trading Activities | ||||||||||||||||
Derivative Instruments. CenterPoint Energy enters into certain derivative instruments to manage physical commodity price risks and does not engage in proprietary or speculative commodity trading. These financial instruments do not qualify or are not designated as cash flow or fair value hedges. | ||||||||||||||||
Weather Hedges. CenterPoint Energy has weather normalization or other rate mechanisms that mitigate the impact of weather on its gas operations in Arkansas, Louisiana, Mississippi and Oklahoma. Gas operations in Texas and Minnesota and electric operations in Texas do not have such mechanisms. As a result, fluctuations from normal weather may have a significant positive or negative effect on Gas Operations’ results in Texas and Minnesota and on CenterPoint Houston’s results in its service territory. | ||||||||||||||||
In 2013 and 2012, CenterPoint Energy entered into heating-degree day swaps for certain Gas Operations jurisdictions to mitigate the effect of fluctuations from normal weather on its results of operations and cash flows for the winter heating season. In 2013, CenterPoint Energy also entered into a similar winter weather hedge for the CenterPoint Houston service territory. The swaps are based on ten-year normal weather. During the years ended December 31, 2013, 2012 and 2011, CenterPoint Energy recognized losses of $22 million, gains of $8 million and losses of less than $1 million, respectively, related to these swaps. Weather hedge gains and losses are included in revenues in the Statements of Consolidated Income. | ||||||||||||||||
(b) Derivative Fair Values and Income Statement Impacts | ||||||||||||||||
The following tables present information about CenterPoint Energy’s derivative instruments and hedging activities. The first two tables provide a balance sheet overview of CenterPoint Energy’s Derivative Assets and Liabilities as of December 31, 2013 and 2012, while the last table provides a breakdown of the related income statement impacts for the years ending December 31, 2013 and 2012. | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Total derivatives not designated | Balance Sheet | Derivative | Derivative | |||||||||||||
as hedging instruments | Location | Assets | Liabilities | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in millions) | ||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Assets: Non-trading derivative assets | $ | 28 | $ | 4 | |||||||||||
Natural gas derivatives (1) (3) | Other Assets: Non-trading derivative assets | 10 | — | |||||||||||||
Natural gas derivatives (1) (3) | Current Liabilities: Non-trading derivative liabilities | 4 | 21 | |||||||||||||
Natural gas derivatives (1) (3) | Other Liabilities: Non-trading derivative liabilities | 1 | 5 | |||||||||||||
Indexed debt securities derivative | Current Liabilities | — | 455 | |||||||||||||
Total | $ | 43 | $ | 485 | ||||||||||||
-1 | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 607 Bcf or a net 46 Bcf long position. Of the net long position, basis swaps constitute 99 Bcf. | |||||||||||||||
-2 | The $28 million Derivative Current Asset includes $1 million related to physical forwards purchased from Enable. | |||||||||||||||
-3 | Natural gas contracts are presented on a net basis in the Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $13 million asset as shown on CenterPoint Energy’s Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above offset by collateral netting of less than $1 million: | |||||||||||||||
Offsetting of Natural Gas Derivative Assets and Liabilities | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | ||||||||||||||
(in millions) | ||||||||||||||||
Current Assets: Non-trading derivative assets | $ | 32 | $ | (8 | ) | $ | 24 | |||||||||
Other Assets: Non-trading derivative assets | 11 | (1 | ) | 10 | ||||||||||||
Current Liabilities: Non-trading derivative liabilities | (25 | ) | 8 | (17 | ) | |||||||||||
Other Liabilities: Non-trading derivative liabilities | (5 | ) | 1 | (4 | ) | |||||||||||
Total | $ | 13 | $ | — | $ | 13 | ||||||||||
________________ | ||||||||||||||||
-1 | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | |||||||||||||||
-2 | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | |||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Total derivatives not designated | Balance Sheet | Derivative | Derivative | |||||||||||||
as hedging instruments | Location | Assets | Liabilities | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in millions) | ||||||||||||||||
Natural gas derivatives (1) (2) | Current Assets: Non-trading derivative assets | $ | 37 | $ | 1 | |||||||||||
Natural gas derivatives (1) (2) | Other Assets: Non-trading derivative assets | 6 | — | |||||||||||||
Natural gas derivatives (1) (2) | Current Liabilities: Non-trading derivative liabilities | 5 | 27 | |||||||||||||
Natural gas derivatives (1) (2) | Other Liabilities: Non-trading derivative liabilities | 1 | 4 | |||||||||||||
Indexed debt securities derivative | Current Liabilities | — | 268 | |||||||||||||
Total | $ | 49 | $ | 300 | ||||||||||||
-1 | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 489 billion cubic feet (Bcf) or a net 101 Bcf long position. Of the net long position, basis swaps constitute 73 Bcf. | |||||||||||||||
-2 | Natural gas contracts are presented on a net basis in the Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $26 million asset as shown on CenterPoint Energy’s Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above offset by collateral netting of $9 million. | |||||||||||||||
Offsetting of Natural Gas Derivative Assets and Liabilities | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | ||||||||||||||
(in millions) | ||||||||||||||||
Current Assets: Non-trading derivative assets | $ | 42 | $ | (6 | ) | $ | 36 | |||||||||
Other Assets: Non-trading derivative assets | 7 | (1 | ) | 6 | ||||||||||||
Current Liabilities: Non-trading derivative liabilities | (28 | ) | 14 | (14 | ) | |||||||||||
Other Liabilities: Non-trading derivative liabilities | (4 | ) | 2 | (2 | ) | |||||||||||
Total | $ | 17 | $ | 9 | $ | 26 | ||||||||||
________________ | ||||||||||||||||
-1 | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | |||||||||||||||
-2 | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | |||||||||||||||
For CenterPoint Energy’s price stabilization activities of the Natural Gas Distribution business segment, the settled costs of derivatives are ultimately recovered through purchased gas adjustments. Accordingly, the net unrealized gains and losses associated with these contracts are recorded as net regulatory assets. Realized and unrealized gains and losses on other derivatives are recognized in the Statements of Consolidated Income as revenue for retail sales derivative contracts and as natural gas expense for financial natural gas derivatives and non-retail related physical natural gas derivatives. Unrealized gains and losses on indexed debt securities are recorded as Other Income (Expense) in the Statements of Consolidated Income. | ||||||||||||||||
Income Statement Impact of Derivative Activity | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
Total derivatives not designated | Income Statement Location | 2013 | 2012 | 2011 | ||||||||||||
as hedging instruments | ||||||||||||||||
(in millions) | ||||||||||||||||
Natural gas derivatives | Gains (Losses) in Revenue | $ | 11 | $ | 43 | $ | 102 | |||||||||
Natural gas derivatives (1) (2) | Gains (Losses) in Expense: Natural Gas | 10 | (63 | ) | (144 | ) | ||||||||||
Indexed debt securities derivative | Gains (Losses) in Other Income (Expense) | (193 | ) | (71 | ) | 35 | ||||||||||
Total | $ | (172 | ) | $ | (91 | ) | $ | (7 | ) | |||||||
-1 | The Gains (Losses) in Expense: Natural Gas includes $(2) million during the year ended December 31, 2013 related to physical forwards purchased from Enable. | |||||||||||||||
-2 | The Gains (Losses) in Expense: Natural Gas includes $-0-, $(38) million and $(107) million of costs in 2013, 2012 and 2011, respectively, associated with price stabilization activities of the Natural Gas Distribution business segment that will be ultimately recovered through purchased gas adjustments. | |||||||||||||||
(c) Credit Risk Contingent Features | ||||||||||||||||
CenterPoint Energy enters into financial derivative contracts containing material adverse change provisions. These provisions could require CenterPoint Energy to post additional collateral if the Standard & Poor’s Ratings Services or Moody’s Investors Service, Inc. credit ratings of CenterPoint Energy, Inc. or its subsidiaries are downgraded. The total fair value of the derivative instruments that contain credit risk contingent features that are in a net liability position at December 31, 2013 and 2012 was $1 million and $5 million, respectively. The aggregate fair value of assets that are already posted as collateral was less than $1 million at both December 31, 2013 and 2012. If all derivative contracts (in a net liability position) containing credit risk contingent features were triggered at December 31, 2013 and 2012, $1 million and $5 million, respectively, of additional assets would be required to be posted as collateral. | ||||||||||||||||
(d) Credit Quality of Counterparties | ||||||||||||||||
In addition to the risk associated with price movements, credit risk is also inherent in CenterPoint Energy’s non-trading derivative activities. Credit risk relates to the risk of loss resulting from non-performance of contractual obligations by a counterparty. The following table shows the composition of counterparties to the non-trading derivative assets of CenterPoint Energy as of December 31, 2013 and 2012 (in millions): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Investment | Total | Investment | Total | |||||||||||||
Grade(1) | Grade(1) | |||||||||||||||
Energy marketers | $ | 1 | $ | 4 | $ | 1 | $ | 1 | ||||||||
Financial institutions | 1 | 9 | — | — | ||||||||||||
Retail end users (2) | 1 | 21 | — | 41 | ||||||||||||
Total | $ | 3 | $ | 34 | $ | 1 | $ | 42 | ||||||||
-1 | “Investment grade” is primarily determined using publicly available credit ratings and considering credit support (including parent company guarantees) and collateral (including cash and standby letters of credit). For unrated counterparties, CenterPoint Energy determines a synthetic credit rating by performing financial statement analysis and considering contractual rights and restrictions and collateral. | |||||||||||||||
-2 | Retail end users represent customers who have contracted to fix the price of a portion of their physical gas requirements for future periods. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Assets and liabilities that are recorded at fair value in the Consolidated Balance Sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined below and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: | ||||||||||||||||||||
Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are exchange-traded derivatives and equity securities. | ||||||||||||||||||||
Level 2: Inputs, other than quoted prices included in Level 1, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Fair value assets and liabilities that are generally included in this category are derivatives with fair values based on inputs from actively quoted markets. A market approach is utilized to value CenterPoint Energy’s Level 2 assets or liabilities. | ||||||||||||||||||||
Level 3: Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Unobservable inputs reflect CenterPoint Energy’s judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. CenterPoint Energy develops these inputs based on the best information available, including CenterPoint Energy’s own data. A market approach is utilized to value CenterPoint Energy’s Level 3 assets or liabilities. At December 31, 2013, CenterPoint Energy’s Level 3 assets and liabilities are comprised of physical forward contracts and options. Level 3 physical forward contracts are valued using a discounted cash flow model which includes illiquid forward price curve locations (ranging from $3.79 to $4.94 per one million British thermal units (Btu)) as an unobservable input. Level 3 options are valued through Black-Scholes (including forward start) option models which include option volatilities (ranging from 0 to 53%) as an unobservable input. CenterPoint Energy’s Level 3 derivative assets and liabilities consist of both long and short positions (forwards and options) and their fair value is sensitive to forward prices and volatilities. If forward prices decrease, CenterPoint Energy’s long forwards lose value whereas its short forwards gain in value. If volatility decreases, CenterPoint Energy’s long options lose value whereas its short options gain in value. | ||||||||||||||||||||
CenterPoint Energy determines the appropriate level for each financial asset and liability on a quarterly basis and recognizes transfers between levels at the end of the reporting period. For the year ended December 31, 2013, there were no transfers between Level 1 and 2. CenterPoint Energy also recognizes purchases of Level 3 financial assets and liabilities at their fair market value at the end of the reporting period. | ||||||||||||||||||||
The following tables present information about CenterPoint Energy’s assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicate the fair value hierarchy of the valuation techniques utilized by CenterPoint Energy to determine such fair value. | ||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Netting | Balance at December 31, 2013 | ||||||||||||||||
Active Markets | Observable | Unobservable | Adjustments (1) | |||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Corporate equities | $ | 770 | $ | — | $ | — | $ | — | $ | 770 | ||||||||||
Investments, including money market funds | 61 | — | — | — | 61 | |||||||||||||||
Natural gas derivatives (2) | 5 | 33 | 5 | (9 | ) | 34 | ||||||||||||||
Total assets | $ | 836 | $ | 33 | $ | 5 | $ | (9 | ) | $ | 865 | |||||||||
Liabilities | ||||||||||||||||||||
Indexed debt securities derivative | $ | — | $ | 455 | $ | — | $ | — | $ | 455 | ||||||||||
Natural gas derivatives | 1 | 27 | 2 | (9 | ) | 21 | ||||||||||||||
Total liabilities | $ | 1 | $ | 482 | $ | 2 | $ | (9 | ) | $ | 476 | |||||||||
-1 | Amounts represent the impact of legally enforceable master netting agreements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of less than $1 million posted with the same counterparties. | |||||||||||||||||||
-2 | The (Level 2) Natural gas derivative assets of $33 million include $1 million related to physical forwards purchased from Enable. | |||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Netting | Balance at December 31, 2012 | ||||||||||||||||
Active Markets | Observable | Unobservable | Adjustments (1) | |||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Corporate equities | $ | 542 | $ | — | $ | — | $ | — | $ | 542 | ||||||||||
Investments, including money market funds | 76 | — | — | — | 76 | |||||||||||||||
Natural gas derivatives | 1 | 40 | 7 | (6 | ) | 42 | ||||||||||||||
Total assets | $ | 619 | $ | 40 | $ | 7 | $ | (6 | ) | $ | 660 | |||||||||
Liabilities | ||||||||||||||||||||
Indexed debt securities derivative | $ | — | $ | 268 | $ | — | $ | — | $ | 268 | ||||||||||
Natural gas derivatives | 5 | 21 | 5 | (15 | ) | 16 | ||||||||||||||
Total liabilities | $ | 5 | $ | 289 | $ | 5 | $ | (15 | ) | $ | 284 | |||||||||
-1 | Amounts represent the impact of legally enforceable master netting agreements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of $9 million posted with the same counterparties. | |||||||||||||||||||
The following tables present additional information about assets or liabilities, including derivatives that are measured at fair value on a recurring basis for which CenterPoint Energy has utilized Level 3 inputs to determine fair value: | ||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||
Derivative assets and liabilities, net | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Beginning balance | $ | 2 | $ | 6 | $ | 3 | ||||||||||||||
Total gains (1) | 3 | 3 | 6 | |||||||||||||||||
Total settlements (1) | (3 | ) | (6 | ) | (3 | ) | ||||||||||||||
Total purchases | — | — | 2 | |||||||||||||||||
Transfers out of Level 3 | — | (1 | ) | (2 | ) | |||||||||||||||
Transfers into Level 3 | 1 | — | — | |||||||||||||||||
Ending balance (2) | $ | 3 | $ | 2 | $ | 6 | ||||||||||||||
The amount of total gains for the period included in earnings | $ | 2 | $ | 1 | $ | 5 | ||||||||||||||
attributable to the change in unrealized gains or losses relating | ||||||||||||||||||||
to assets still held at the reporting date | ||||||||||||||||||||
________ | ||||||||||||||||||||
-1 | During 2013, 2012 and 2011, CenterPoint Energy did not have Level 3 unrealized gains (losses) or settlements related to price stabilization activities of the Natural Gas Distribution business segment. | |||||||||||||||||||
-2 | During 2013, 2012 and 2011, CenterPoint Energy did not have significant Level 3 sales. | |||||||||||||||||||
Estimated Fair Value of Financial Instruments | ||||||||||||||||||||
The fair values of cash and cash equivalents, investments in debt and equity securities classified as “trading” and short-term borrowings are estimated to be approximately equivalent to carrying amounts and have been excluded from the table below. The fair values of non-trading derivative assets and liabilities and CenterPoint Energy’s 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 (ZENS) indexed debt securities derivative are stated at fair value and are excluded from the table below. The fair value of each debt instrument is determined using market interest rates on the applicable dates. These assets and liabilities, which are not measured at fair value in the Consolidated Balance Sheets but for which the fair value is disclosed, would be classified as Level 1 in the fair value hierarchy. | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Notes receivable - affiliated companies | $ | 363 | $ | 363 | $ | — | $ | — | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Long-term debt | $ | 8,171 | $ | 8,670 | $ | 9,619 | $ | 10,807 | ||||||||||||
Unconsolidated_Affiliates_Note
Unconsolidated Affiliates (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||||||
Unconsolidated Affiliates | |||||||||||||
As discussed in Note 2, on May 1, 2013 (the Closing Date) CERC Corp., OGE and ArcLight closed on the formation of Enable. Enable owns CenterPoint Midstream, which consists of substantially all of CERC Corp.’s former Interstate Pipelines and Field Services business segments. As a result, CenterPoint Energy no longer has Interstate Pipelines or Field Services business segments. Equity earnings associated with CenterPoint Energy's interest in Enable and equity earnings associated with its retained 25.05% interest in SESH are now reported under the Midstream Investments segment. For a further description of CenterPoint Energy's reportable business segments, see Note 17. | |||||||||||||
The formation of Enable by CenterPoint Energy has been considered a contribution of in-substance real estate to a limited partnership as the businesses are composed of, and reliant upon, substantial real estate assets and integral equipment. Real estate assets and integral equipment primarily includes gas transmission pipelines, compressor station equipment, rights of way, storage and processing assets and long-term customer contracts. Accordingly, CenterPoint Energy did not recognize a gain or loss upon contribution and recorded its investment in Enable using the equity method of accounting based on the historical cost of the contributed assets and liabilities as of the Closing Date. Approximately $5.8 billion of assets (which includes $4.7 billion in property, plant and equipment, net, $629 million in goodwill and $197 million for the 24.95% investment in SESH) and $1.5 billion of liabilities (which includes the Term Loan and the indebtedness owed to CERC, both discussed below, of $1.05 billion and $363 million, respectively) were contributed by CERC Corp. CenterPoint Energy has the ability to significantly influence the operating and financial policies of Enable and, accordingly, recorded an equity method investment, at the historical costs of net assets contributed, of $4.3 billion in Enable on the Closing Date. Pursuant to the MFA, CenterPoint Energy retained certain assets and liabilities historically held by CenterPoint Midstream such as balances relating to federal income taxes and benefit plan obligations. | |||||||||||||
CenterPoint Energy’s investment in Enable is considered to be a VIE because the power to direct the activities that most significantly impact Enable’s economic performance does not reside with the holders of equity investment at risk. However, CenterPoint Energy is not considered the primary beneficiary of Enable since it does not have the power to direct the activities of Enable that are considered most significant to the economic performance of Enable. Under the equity method, CenterPoint Energy's investment will be adjusted each period for contributions made, distributions received, CenterPoint Energy’s share of Enable’s comprehensive income and accretion of any basis difference. CenterPoint Energy’s maximum exposure to loss related to Enable is limited to its equity investment as presented in the Consolidated Balance Sheet at December 31, 2013 and its guarantee of Enable’s $1.05 billion Term Loan and certain other guarantees as discussed in Note 14. CenterPoint Energy evaluates its equity method investments for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. See Note 1 for further discussion on Enable’s ownership structure. | |||||||||||||
Effective on the Closing Date, CenterPoint Energy and Enable entered into a Services Agreement, Employee Transition Agreement, Transitional Services Agreement and other agreements (collectively, Transition Agreements) whereby CenterPoint Energy agreed to provide certain support services to Enable such as accounting, legal, risk management and treasury functions for an initial term ending on April 30, 2016. The support services automatically extend year-to-year at the end of the initial term, unless terminated by Enable with at least 90 days’ notice. Enable may terminate these support services at any time with 180 days’ notice if approved by the board of Enable's general partner. Additionally, CenterPoint Energy agreed to provide seconded employees to Enable to support its operations for an initial term ending on December 31, 2014, unless revised by mutual agreement with CenterPoint Energy, OGE and Enable prior to that date. CenterPoint Energy did not transfer any employees to Enable at formation of the partnership or at any time during the year ended December 31, 2013. CenterPoint Energy billed Enable for reimbursement of transitional services, including the costs of seconded employees, of $119 million during the year ended December 31, 2013 under the Transition Agreements. Actual transitional services costs are recorded net of reimbursements received from Enable. CenterPoint Energy had accounts receivable from Enable of $24 million at December 31, 2013 for amounts billed for transitional services, including the cost of seconded employees. | |||||||||||||
Enable, at its discretion, has the right to select and offer employment to seconded employees from CenterPoint Energy. As of December 31, 2013, CenterPoint Energy determined it cannot reasonably estimate the impact of the costs associated with the termination of employees related to the formation of Enable or transfer of employees from CenterPoint Energy to Enable, including the impact of the changes to the actuarial determination of employee benefit plan obligations. Pursuant to the Transition Agreements, Enable has agreed to reimburse CenterPoint Energy for severance and termination costs related to the termination of CenterPoint Energy's seconded employees, including any potential benefit-related costs, regardless of whether such seconded employees are offered employment by Enable. | |||||||||||||
On the Closing Date, Enable entered into a $1.05 billion three-year senior unsecured term loan facility (the Term Loan) with third parties and repaid $1.05 billion of affiliated notes payable (Affiliated Notes Payable) owed to CERC. CERC provided a guarantee of collection of Enable's obligations under the Term Loan. The guarantee is subordinated to all senior debt of CERC. Certain of the entities contributed to Enable by CERC are obligated on approximately $363 million of indebtedness owed to CERC bearing interest at an annual rate of 2.10% to 2.45% and scheduled to mature in 2017. CenterPoint Energy recognized interest income of $5 million for the period May 1, 2013 to December 31, 2013 on its notes receivable of $363 million due from Enable. | |||||||||||||
CERC has certain put rights, and Enable has certain call rights, exercisable with respect to the 25.05% interest in SESH retained by CERC, under which CERC would contribute its retained interest in SESH, in exchange for a specified number of limited partnership units in Enable and a cash payment, payable either from CERC to Enable or from Enable to CERC, for changes in the value of SESH. CERC can exercise its first put right in May 2014 pursuant to which CERC would contribute an additional 24.95% interest in SESH to Enable. | |||||||||||||
For the period May 1, 2013 to December 31, 2013, CenterPoint Energy incurred natural gas expenses, including transportation and storage costs, of $123 million for transactions with Enable. CenterPoint Energy had accounts payable to Enable of $22 million at December 31, 2013 from such transactions. | |||||||||||||
As of December 31, 2013, CenterPoint Energy held an approximate 58.3% limited partner interest in Enable and a 25.05% interest in SESH. | |||||||||||||
Investment in Unconsolidated Affiliates: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Enable | $ | 4,319 | $ | — | |||||||||
SESH (1) | 199 | 404 | |||||||||||
Other | — | 1 | |||||||||||
Total | $ | 4,518 | $ | 405 | |||||||||
-1 | On May 1, 2013, CERC contributed a 24.95% interest in SESH to Enable, leaving CERC with a 25.05% interest in SESH. | ||||||||||||
Equity in Earnings of Unconsolidated Affiliates, net: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Enable | $ | 173 | $ | — | $ | — | |||||||
SESH (1) | 15 | 26 | 21 | ||||||||||
Waskom (2) | — | 5 | 9 | ||||||||||
Total | $ | 188 | $ | 31 | $ | 30 | |||||||
-1 | On May 1, 2013, CERC contributed a 24.95% interest in SESH to Enable, leaving CERC with a 25.05% interest in SESH. | ||||||||||||
-2 | On July 31, 2012, Waskom became a wholly owned subsidiary of CenterPoint Energy. Beginning on August 1, 2012, Waskom’s operating results are consolidated on the Statements of Consolidated Income. On May 1, 2013, CenterPoint Energy contributed Waskom to Enable. | ||||||||||||
Summarized income information for Enable from formation on May 1, 2013 through December 31, 2013 is as follows (in millions): | |||||||||||||
Operating revenues | $ | 2,123 | |||||||||||
Cost of sales, excluding depreciation and amortization | 1,241 | ||||||||||||
Operating income | 322 | ||||||||||||
Net income attributable to Enable | 289 | ||||||||||||
CenterPoint Energy's approximate 58.3% interest | $ | 168 | |||||||||||
Basis difference accretion gain | 5 | ||||||||||||
CenterPoint Energy's approximate 58.3% interest, net | $ | 173 | |||||||||||
Summarized balance sheet information for Enable as of December 31, 2013 is as follows (in millions): | |||||||||||||
Current assets | $ | 549 | |||||||||||
Non-current assets | 10,683 | ||||||||||||
Current liabilities | 720 | ||||||||||||
Non-current liabilities | 2,331 | ||||||||||||
Noncontrolling interest | 33 | ||||||||||||
Enable Partners' Capital | 8,148 | ||||||||||||
CenterPoint Energy's approximate 58.3% interest | $ | 4,753 | |||||||||||
CenterPoint Energy's basis difference | (434 | ) | |||||||||||
CenterPoint Energy's investment in Enable | $ | 4,319 | |||||||||||
Summarized basis difference information for Enable is as follows (in millions): | |||||||||||||
Basis difference attributable to goodwill as of May 1, 2013 (1) | $ | 229 | |||||||||||
Basis difference to be accreted over 30 years as of May 1, 2013 | 210 | ||||||||||||
Total basis difference as of May 1, 2013 | 439 | ||||||||||||
Accumulated accretion of basis difference as of December 31, 2013 | (5 | ) | |||||||||||
CenterPoint Energy's basis difference in Enable as of December 31, 2013 | $ | 434 | |||||||||||
-1 | This difference related to CenterPoint Energy’s proportionate share of Enable’s goodwill arising from its acquisition of Enogex, and therefore will not be recognized by CenterPoint Energy. | ||||||||||||
Enable concluded that the formation of Enable is considered a business combination, and CenterPoint Midstream is the acquirer for accounting purposes. Under this method, the fair value of the consideration paid by CenterPoint Midstream for Enogex is allocated to the assets acquired and liabilities assumed on the Closing Date based on their fair value. Enogex’s assets, liabilities and equity were accordingly adjusted to estimated fair value as of May 1, 2013. Determining the fair value of assets and liabilities is judgmental in nature and often involves the use of significant estimates and assumptions. Enable used appraisers to assist in the determination of the estimated fair value of certain assets and liabilities contributed by Enogex. | |||||||||||||
Cash distributions received from Enable and SESH were approximately $106 million and $23 million, respectively, during the year ended December 31, 2013. |
Indexed_Debt_Securities_ZENS_a
Indexed Debt Securities (ZENS) and Time Warner Securities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Indexed Debt Securities [Abstract] | ' | |||||||||||
Indexed Debt Securities (ZENS) and Time Warner Securities | ' | |||||||||||
Indexed Debt Securities (ZENS) and Time Warner Securities | ||||||||||||
(a) Investment in Time Warner Securities | ||||||||||||
In 1995, CenterPoint Energy sold a cable television subsidiary to Time Warner, Inc. (TW) and received TW securities as partial consideration. A subsidiary of CenterPoint Energy now holds 7.1 million shares of TW common stock (TW Common), 1.8 million shares of Time Warner Cable Inc. (TWC) common stock (TWC Common) and 0.6 million shares of AOL, Inc. (AOL) common stock (AOL Common) (together with the TW Common and TWC Common, the TW Securities) which are classified as trading securities and are expected to be held to facilitate CenterPoint Energy’s ability to meet its obligation under the ZENS. Unrealized gains and losses resulting from changes in the market value of the TW Securities are recorded in CenterPoint Energy’s Statements of Consolidated Income. | ||||||||||||
(b) ZENS | ||||||||||||
In September 1999, CenterPoint Energy issued ZENS having an original principal amount of $1 billion of which $828 million remain outstanding at December 31, 2013. Each ZENS note was originally exchangeable at the holder’s option at any time for an amount of cash equal to 95% of the market value of the reference shares of TW Common attributable to such note. The number and identity of the reference shares attributable to each ZENS note are adjusted for certain corporate events. As of December 31, 2013, the reference shares for each ZENS note consisted of 0.5 share of TW Common, 0.125505 share of TWC Common and 0.045455 share of AOL Common. On February 13, 2014, TWC announced that it had agreed to merge with Comcast Corporation (Comcast). In the merger, each share of TWC Common would be exchanged for 2.875 shares of Comcast common stock (Comcast Common). Upon the closing of the merger (assuming no change in the merger consideration), the reference shares for each ZENS note would include 0.360827 share of Comcast Common in place of the current 0.125505 share of TWC Common. CenterPoint Energy pays interest on the ZENS at an annual rate of 2% plus the amount of any quarterly cash dividends paid in respect of the reference shares attributable to the ZENS. The principal amount of ZENS is subject to being increased or decreased to the extent that the annual yield from interest and cash dividends on the reference shares is less than or more than 2.309%. The adjusted principal amount is defined in the ZENS instrument as “contingent principal.” At December 31, 2013, ZENS having an original principal amount of $828 million and a contingent principal amount of $763 million were outstanding and were exchangeable, at the option of the holders, for cash equal to 95% of the market value of reference shares deemed to be attributable to the ZENS. At December 31, 2013, the market value of such shares was approximately $767 million, which would provide an exchange amount of $880 for each $1,000 original principal amount of ZENS. At maturity of the ZENS in 2029, CenterPoint Energy will be obligated to pay in cash the higher of the contingent principal amount of the ZENS or an amount based on the then-current market value of the reference shares, which will include any additional publicly-traded securities distributed with respect to the current reference shares prior to maturity. | ||||||||||||
The ZENS obligation is bifurcated into a debt component and a derivative component (the holder’s option to receive the appreciated value of the reference shares at maturity). The bifurcated debt component accretes through interest charges at 17.3% annually up to the contingent principal amount of the ZENS in 2029. Such accretion will be reduced by annual cash interest payments, as described above. The derivative component is recorded at fair value and changes in the fair value of the derivative component are recorded in CenterPoint Energy’s Statements of Consolidated Income. Changes in the fair value of the TW Securities held by CenterPoint Energy are expected to substantially offset changes in the fair value of the derivative component of the ZENS. | ||||||||||||
The following table sets forth summarized financial information regarding CenterPoint Energy’s investment in TW Securities and each component of CenterPoint Energy’s ZENS obligation (in millions). | ||||||||||||
TW | Debt | Derivative | ||||||||||
Securities | Component | Component | ||||||||||
of ZENS | of ZENS | |||||||||||
Balance at December 31, 2010 | $ | 367 | $ | 126 | $ | 232 | ||||||
Accretion of debt component of ZENS | — | 22 | — | |||||||||
2% interest paid | — | (17 | ) | — | ||||||||
Gain on indexed debt securities | — | — | (35 | ) | ||||||||
Gain on TW Securities | 19 | — | — | |||||||||
Balance at December 31, 2011 | 386 | 131 | 197 | |||||||||
Accretion of debt component of ZENS | — | 24 | — | |||||||||
2% interest paid | — | (17 | ) | — | ||||||||
Loss on indexed debt securities | — | — | 71 | |||||||||
Gain on TW Securities | 154 | — | — | |||||||||
Balance at December 31, 2012 | 540 | 138 | 268 | |||||||||
Accretion of debt component of ZENS | — | 24 | — | |||||||||
2% interest paid | — | (17 | ) | — | ||||||||
Sale of TW securities | (9 | ) | — | — | ||||||||
Redemption of indexed debt securities | — | (2 | ) | (6 | ) | |||||||
Loss on indexed debt securities | — | — | 193 | |||||||||
Gain on TW Securities | 236 | — | — | |||||||||
Balance at December 31, 2013 | $ | 767 | $ | 143 | $ | 455 | ||||||
Equity
Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Equity | ' |
Equity | |
Capital Stock | |
CenterPoint Energy has 1,020,000,000 authorized shares of capital stock, comprised of 1,000,000,000 shares of $0.01 par value common stock and 20,000,000 shares of $0.01 par value cumulative preferred stock. | |
Dividends Declared | |
CenterPoint Energy declared dividends per share of $0.83, $0.81 and $0.79, respectively, during the years ended December 31, 2013, 2012 and 2011. |
Short_Term_Borrowings_and_Long
Short Term Borrowings and Long Term Debt | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Short-term Borrowings and Long-term Debt | ' | |||||||||||||||||||||||||||||||
Short-term Borrowings and Long-term Debt | ||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Long-Term | Current(1) | Long-Term | Current(1) | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||||||||
Inventory financing | $ | — | $ | 43 | $ | — | $ | 38 | ||||||||||||||||||||||||
Total short-term borrowings | — | 43 | — | 38 | ||||||||||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||||||||
CenterPoint Energy: | ||||||||||||||||||||||||||||||||
ZENS(2) | — | 143 | — | 138 | ||||||||||||||||||||||||||||
Senior notes 5.95% to 6.85% due 2015 to 2018 | 750 | — | 750 | — | ||||||||||||||||||||||||||||
Pollution control bonds 4.00% due 2015(3) | — | — | 151 | — | ||||||||||||||||||||||||||||
Pollution control bonds 4.90% to 5.125% due 2015 to 2028(4) | 187 | — | 187 | — | ||||||||||||||||||||||||||||
CenterPoint Houston: | ||||||||||||||||||||||||||||||||
First mortgage bonds 9.15% due 2021 | 102 | — | 102 | — | ||||||||||||||||||||||||||||
General mortgage bonds 2.25% to 6.95% due 2022 to 2042 | 1,312 | — | 1,312 | 450 | ||||||||||||||||||||||||||||
Pollution control bonds 4.250% to 5.60% due 2017 to 2027(5) | 183 | — | 183 | — | ||||||||||||||||||||||||||||
System restoration bonds 1.833% to 4.243% due 2014 to 2022 | 463 | 47 | 510 | 46 | ||||||||||||||||||||||||||||
Transition bonds 0.90% to 5.302% due 2014 to 2024 | 2,583 | 307 | 2,890 | 401 | ||||||||||||||||||||||||||||
CERC Corp.: | ||||||||||||||||||||||||||||||||
Senior notes 4.50% to 6.625% due 2016 to 2041 | 2,168 | — | 2,328 | 365 | ||||||||||||||||||||||||||||
Commercial paper (6) | 118 | — | — | — | ||||||||||||||||||||||||||||
Other | 1 | — | 1 | — | ||||||||||||||||||||||||||||
Unamortized discount and premium, net | (50 | ) | — | (57 | ) | — | ||||||||||||||||||||||||||
Total long-term debt | 7,817 | 497 | 8,357 | 1,400 | ||||||||||||||||||||||||||||
Total debt | $ | 7,817 | $ | 540 | $ | 8,357 | $ | 1,438 | ||||||||||||||||||||||||
-1 | Includes amounts due or exchangeable within one year of the date noted. | |||||||||||||||||||||||||||||||
-2 | CenterPoint Energy’s ZENS obligation is bifurcated into a debt component and an embedded derivative component. For additional information regarding ZENS, see Note 10(b). As ZENS are exchangeable for cash at any time at the option of the holders, these notes are classified as a current portion of long-term debt. | |||||||||||||||||||||||||||||||
-3 | These series of debt are secured by first mortgage bonds of CenterPoint Houston. | |||||||||||||||||||||||||||||||
-4 | $118 million of these series of debt were secured by general mortgage bonds of CenterPoint Houston at both December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||
-5 | These series of debt are secured by general mortgage bonds of CenterPoint Houston. | |||||||||||||||||||||||||||||||
-6 | Classified as long-term debt because the termination date of the facility that backstops the commercial paper is more than one year from the date noted. | |||||||||||||||||||||||||||||||
(a) Short-term Borrowings | ||||||||||||||||||||||||||||||||
Inventory Financing. Gas Operations has asset management agreements associated with its utility distribution service in Arkansas, north Louisiana and Oklahoma that extend through 2015. Pursuant to the provisions of the agreements, Gas Operations sells natural gas and agrees to repurchase an equivalent amount of natural gas during the winter heating seasons at the same cost, plus a financing charge. These transactions are accounted for as a financing and they had an associated principal obligation of $43 million and $38 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
(b) Long-term Debt | ||||||||||||||||||||||||||||||||
Debt Repayments. In March 2013, CenterPoint Energy Houston Electric, LLC (CenterPoint Houston) retired $450 million aggregate principal amount of its 5.70% general mortgage bonds at their maturity. | ||||||||||||||||||||||||||||||||
In April 2013, CERC Corp. retired approximately $365 million aggregate principal amount of its 7.875% senior notes at their maturity. The retirement of senior notes was financed by CERC Corp. with the issuance of commercial paper. In May 2013, CERC Corp. applied proceeds from Enable's May 1, 2013 debt repayment of $1.05 billion to the repayment of $357 million aggregate principal amount of its commercial paper and to the May 31, 2013 redemption of $160 million aggregate principal amount of its 5.95% senior notes due January 15, 2014 at 103.419% of their aggregate principal amount. | ||||||||||||||||||||||||||||||||
On August 1, 2013, approximately $92 million aggregate principal amount of pollution control bonds issued on CenterPoint Energy's behalf were redeemed at 101% of their aggregate principal amount. These bonds had an interest rate of 4%, a maturity date of August 1, 2015 and were collateralized by first mortgage bonds of CenterPoint Houston. | ||||||||||||||||||||||||||||||||
On October 15, 2013, approximately $59 million aggregate principal amount of pollution control bonds issued on CenterPoint Energy’s behalf were redeemed at 101% of their aggregate principal amount. These bonds had an interest rate of 4%, a maturity date of October 15, 2015 and were collateralized by first mortgage bonds of CenterPoint Houston. | ||||||||||||||||||||||||||||||||
In January 2014, approximately $44 million aggregate principal amount of pollution control bonds issued on behalf of CenterPoint Houston were called for redemption on March 3, 2014 at 101% of their principal amount plus accrued interest. The bonds have an interest rate of 4.25%, mature in 2017 and are collateralized by general mortgage bonds of CenterPoint Houston. | ||||||||||||||||||||||||||||||||
In February 2014, notice was given that approximately $56 million aggregate principal amount of pollution control bonds issued on behalf of CenterPoint Houston must be tendered for purchase by CenterPoint Houston on March 3, 2014 at 101% of their principal amount plus accrued interest pursuant to the mandatory tender provisions of the bonds. The bonds have an interest rate of 5.60%, mature in 2027 and are collateralized by general mortgage bonds of CenterPoint Houston. The purchased pollution control bonds may be remarketed. | ||||||||||||||||||||||||||||||||
Transition and System Restoration Bonds. As of December 31, 2013, CenterPoint Houston had four special purpose subsidiaries consisting of transition and system restoration bond companies, which it consolidates. The consolidated special purpose subsidiaries are wholly owned bankruptcy remote entities that were formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of transition bonds or system restoration bonds and activities incidental thereto. These transition bonds and system restoration bonds are payable only through the imposition and collection of “transition” or “system restoration” charges, as defined in the Texas Public Utility Regulatory Act, which are irrevocable, non-bypassable charges payable by most of CenterPoint Houston's retail electric customers in order to provide recovery of authorized qualified costs. CenterPoint Houston has no payment obligations in respect of the transition and system restoration bonds other than to remit the applicable transition or system restoration charges it collects. Each special purpose entity is the sole owner of the right to impose, collect and receive the applicable transition or system restoration charges securing the bonds issued by that entity. Creditors of CenterPoint Energy or CenterPoint Houston have no recourse to any assets or revenues of the transition and system restoration bond companies (including the transition and system restoration charges), and the holders of transition bonds or system restoration bonds have no recourse to the assets or revenues of CenterPoint Energy or CenterPoint Houston. | ||||||||||||||||||||||||||||||||
Credit Facilities. As of December 31, 2013 and 2012, CenterPoint Energy, CenterPoint Houston and CERC Corp. had the following revolving credit facilities and utilization of such facilities (in millions): | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Size of | Loans | Letters | Commercial | Size of | Loans | Letters | Commercial | |||||||||||||||||||||||||
Facility | of Credit | Paper | Facility | of Credit | Paper | |||||||||||||||||||||||||||
CenterPoint Energy | $ | 1,200 | $ | — | $ | 6 | $ | — | $ | 1,200 | $ | — | $ | 7 | $ | — | ||||||||||||||||
CenterPoint Houston | 300 | — | 4 | — | 300 | — | 4 | — | ||||||||||||||||||||||||
CERC Corp. | 600 | — | — | 118 | 950 | — | — | — | ||||||||||||||||||||||||
Total | $ | 2,100 | $ | — | $ | 10 | $ | 118 | $ | 2,450 | $ | — | $ | 11 | $ | — | ||||||||||||||||
CenterPoint Energy’s $1.2 billion revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at the London Interbank Offered Rate (LIBOR) plus 125 basis points based on CenterPoint Energy’s current credit ratings. The revolving credit facility contains a financial covenant which limits CenterPoint Energy’s consolidated debt (excluding transition and system restoration bonds) to an amount not to exceed 65% of CenterPoint Energy’s consolidated capitalization. The financial covenant limit will temporarily increase from 65% to 70% if CenterPoint Houston experiences damage from a natural disaster in its service territory and CenterPoint Energy certifies to the administrative agent that CenterPoint Houston has incurred system restoration costs reasonably likely to exceed $100 million in a consecutive twelve-month period, all or part of which CenterPoint Houston intends to seek to recover through securitization financing. Such temporary increase in the financial covenant would be in effect from the date CenterPoint Energy delivers its certification until the earliest to occur of (i) the completion of the securitization financing, (ii) the first anniversary of CenterPoint Energy’s certification or (iii) the revocation of such certification. | ||||||||||||||||||||||||||||||||
CenterPoint Houston’s $300 million revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at LIBOR plus 112.5 basis points based on CenterPoint Houston’s current credit ratings. The revolving credit facility contains a financial covenant which limits CenterPoint Houston’s consolidated debt (excluding transition and system restoration bonds) to an amount not to exceed 65% of CenterPoint Houston's consolidated capitalization. | ||||||||||||||||||||||||||||||||
CERC Corp.’s $600 million revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at LIBOR plus 150 basis points based on CERC Corp.’s current credit ratings. The revolving credit facility contains a financial covenant which limits CERC’s consolidated debt to an amount not to exceed 65% of CERC’s consolidated capitalization. | ||||||||||||||||||||||||||||||||
CenterPoint Energy, CenterPoint Houston and CERC Corp. were in compliance with all financial debt covenants as of December 31, 2013. | ||||||||||||||||||||||||||||||||
Maturities. CenterPoint Energy’s maturities of long-term debt, capital leases and sinking fund requirements, excluding the ZENS obligation, are $354 million in 2014, $640 million in 2015, $716 million in 2016, $1.0 billion in 2017 and $1.2 billion in 2018. These maturities include transition and system restoration bond principal repayments on scheduled payment dates aggregating $354 million in 2014, $372 million in 2015, $391 million in 2016, $411 million in 2017 and $434 million in 2018. | ||||||||||||||||||||||||||||||||
Liens. As of December 31, 2013, CenterPoint Houston’s assets were subject to liens securing approximately $102 million of first mortgage bonds. Sinking or improvement fund and replacement fund requirements on the first mortgage bonds may be satisfied by certification of property additions. Sinking fund and replacement fund requirements for 2013, 2012 and 2011 have been satisfied by certification of property additions. The replacement fund requirement to be satisfied in 2014 is approximately $198 million, and the sinking fund requirement to be satisfied in 2014 is approximately $1.6 million. CenterPoint Energy expects CenterPoint Houston to meet these 2014 obligations by certification of property additions. As of December 31, 2013, CenterPoint Houston’s assets were also subject to liens securing approximately $1.9 billion of general mortgage bonds which are junior to the liens of the first mortgage bonds. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The components of CenterPoint Energy’s income tax expense were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Current income tax expense (benefit): | ||||||||||||
Federal | $ | 91 | $ | — | $ | (63 | ) | |||||
State | 23 | 12 | 24 | |||||||||
Total current expense (benefit) | 114 | 12 | (39 | ) | ||||||||
Deferred income tax expense (benefit): | ||||||||||||
Federal | 370 | 280 | 432 | |||||||||
State | (14 | ) | 48 | 11 | ||||||||
Total deferred expense | 356 | 328 | 443 | |||||||||
Total income tax expense | $ | 470 | $ | 340 | $ | 404 | ||||||
A reconciliation of the expected federal income tax expense using the federal statutory income tax rate to the actual income tax expense and resulting effective income tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Income before income taxes and extraordinary item | $ | 781 | $ | 757 | $ | 1,174 | ||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Expected federal income tax expense | 273 | 265 | 411 | |||||||||
Increase (decrease) in tax expense resulting from: | ||||||||||||
State income tax expense, net of federal income tax | 21 | 39 | 22 | |||||||||
Amortization of investment tax credit | — | (2 | ) | (6 | ) | |||||||
Tax effect related to the formation of Enable | 196 | — | — | |||||||||
Increase (decrease) in settled and uncertain income tax positions | (9 | ) | (33 | ) | (5 | ) | ||||||
Goodwill impairment | — | 88 | — | |||||||||
Other, net | (11 | ) | (17 | ) | (18 | ) | ||||||
Total | 197 | 75 | (7 | ) | ||||||||
Total income tax expense | $ | 470 | $ | 340 | $ | 404 | ||||||
Effective tax rate | 60.2 | % | 44.9 | % | 34.4 | % | ||||||
CenterPoint Energy recorded a deferred tax expense of $225 million at formation of Enable related to the book-to-tax basis difference for contributed non-tax deductible goodwill and recognized a tax benefit of $29 million associated with the remeasurement of state deferred taxes at formation. In addition, CenterPoint Energy recognized a tax benefit of $8 million based on the settlement with the Internal Revenue Service (IRS) of outstanding tax claims for the 2002 and 2003 audit cycles. | ||||||||||||
CenterPoint Energy recorded a non-tax deductible impairment of goodwill of $252 million in September 2012. CenterPoint Energy recorded a net decrease in income tax expense of $28 million in 2012 related to the release of certain income tax reserves due to its settlements with the IRS. | ||||||||||||
CenterPoint Energy recorded a $9 million decrease in tax expense in 2011 related to the release of income tax reserves on the tax normalization issue discussed below, which resulted in a net decrease in tax expense of $5 million for all uncertain tax positions. CenterPoint Energy recorded a net reduction in state income tax expense of approximately $17 million related to lower blended state tax rates and a reduction of the deferred tax liability recorded in December 2011. | ||||||||||||
In September 2013, the U.S. Treasury issued final regulations addressing the tax consequences associated with the acquisition, production and improvement of tangible property. CenterPoint Energy does not expect the adoption of the regulations to have a material impact on its financial position, results of operations or cash flows. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
Deferred tax assets: | ||||||||||||
Current: | ||||||||||||
Allowance for doubtful accounts | $ | 11 | $ | 10 | ||||||||
Deferred gas costs | 7 | — | ||||||||||
Other | 12 | 1 | ||||||||||
Total current deferred tax assets | 30 | 11 | ||||||||||
Non-current: | ||||||||||||
Loss and credit carryforwards | 51 | 90 | ||||||||||
Employee benefits | 258 | 383 | ||||||||||
Other | 76 | 64 | ||||||||||
Total non-current deferred tax assets before valuation allowance | 385 | 537 | ||||||||||
Valuation allowance | (2 | ) | (2 | ) | ||||||||
Total non-current deferred tax assets, net of valuation allowance | 383 | 535 | ||||||||||
Total deferred tax assets, net of valuation allowance | 413 | 546 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Current: | ||||||||||||
Unrealized gain on indexed debt securities | 541 | 439 | ||||||||||
Unrealized gain on TW securities | 97 | 151 | ||||||||||
Deferred gas costs | — | 25 | ||||||||||
Total current deferred tax liabilities | 638 | 615 | ||||||||||
Non-current: | ||||||||||||
Depreciation | 1,908 | 3,279 | ||||||||||
Regulatory assets, net | 1,308 | 1,278 | ||||||||||
Investment in unconsolidated affiliates | 1,590 | — | ||||||||||
Other | 119 | 131 | ||||||||||
Total non-current deferred tax liabilities | 4,925 | 4,688 | ||||||||||
Total deferred tax liabilities | 5,563 | 5,303 | ||||||||||
Accumulated deferred income taxes, net | $ | 5,150 | $ | 4,757 | ||||||||
Tax Attribute Carryforwards and Valuation Allowance. At December 31, 2013, CenterPoint Energy has approximately $387 million of state net operating loss carryforwards which expire in various years between 2015 and 2033. In addition, CenterPoint Energy has carryforward of approximately $2 million of Oklahoma State Investment Tax Credits which do not expire. | ||||||||||||
CenterPoint Energy has approximately $244 million of state capital loss carryforwards which expire in 2017 for which management established a full valuation allowance of $3 million state tax effect ($2 million net of federal tax). The valuation allowance was established based upon management's evaluation that loss carryforwards may not be fully realized. | ||||||||||||
Uncertain Income Tax Positions. The following table reconciles the beginning and ending balance of CenterPoint Energy’s unrecognized tax benefits (expenses): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Balance, beginning of year | $ | (23 | ) | $ | 51 | $ | 252 | |||||
Tax Positions related to prior years: | ||||||||||||
Additions | — | — | (1 | ) | ||||||||
Reductions | (1 | ) | (75 | ) | (203 | ) | ||||||
Tax Positions related to current year: | ||||||||||||
Additions | — | — | 5 | |||||||||
Settlements | 24 | 1 | (1 | ) | ||||||||
Lapse of statute of limitations | — | — | (1 | ) | ||||||||
Balance, end of year | $ | — | $ | (23 | ) | $ | 51 | |||||
The net decrease in the total amount of unrecognized tax benefits during 2013 is primarily related to CenterPoint Energy's IRS settlements related to open claims for tax years 2002 and 2003. During 2013, the IRS completed the examination cycle and settlement of tax years 2010 and 2011. CenterPoint Energy does not expect the change to the amount of unrecognized tax benefits over the twelve months ending December 31, 2014 to have a material impact on financial position, results of operations and cash flows. | ||||||||||||
CenterPoint Energy has approximately $-0-, $(3) million and $21 million of unrecognized tax benefits (expenses) that, if recognized, would affect the effective income tax rate for 2013, 2012 and 2011, respectively. CenterPoint Energy recognizes interest and penalties as a component of income tax expense. CenterPoint Energy recognized approximately $3 million of income tax benefit, $7 million of income tax benefit and $13 million of income tax expense related to interest on uncertain income tax positions during 2013, 2012 and 2011, respectively. CenterPoint Energy had approximately $5 million and $8 million of interest receivable on uncertain income tax positions accrued at December 31, 2013 and 2012, respectively. | ||||||||||||
Tax Audits and Settlements. CenterPoint Energy's consolidated federal income tax returns have been audited and settled through tax year 2011. CenterPoint Energy is currently in the early stages of examination by the IRS for tax year 2012. CenterPoint Energy has considered the effects of these examinations in its accrual for settled issues and liability for uncertain income tax positions as of December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
(a) Natural Gas Supply Commitments | ||||
Natural gas supply commitments include natural gas contracts related to CenterPoint Energy’s Natural Gas Distribution and Energy Services business segments, which have various quantity requirements and durations, that are not classified as non-trading derivative assets and liabilities in CenterPoint Energy’s Consolidated Balance Sheets as of December 31, 2013 and 2012 as these contracts meet the exception to be classified as “normal purchases contracts” or do not meet the definition of a derivative. Natural gas supply commitments also include natural gas transportation contracts that do not meet the definition of a derivative. As of December 31, 2013, minimum payment obligations for natural gas supply commitments are approximately $408 million in 2014, $391 million in 2015, $310 million in 2016, $250 million in 2017, $244 million in 2018 and $120 million after 2018. | ||||
(b) Asset Management Agreements | ||||
Gas Operations has asset management agreements (AMAs) associated with its utility distribution service in Arkansas, Louisiana, Mississippi, Oklahoma and Texas. Generally, these AMAs are contracts between Gas Operations and an asset manager that are intended to transfer the working capital obligation and maximize the utilization of the assets. In these AMAs, Gas Operations agreed to release transportation and storage capacity to other parties to manage gas storage, supply and delivery arrangements for Gas Operations and to use the released capacity for other purposes when it is not needed for Gas Operations. Gas Operations is compensated by the asset manager through payments made over the life of the AMAs based in part on the results of the asset optimization. Gas Operations has an obligation to purchase its winter storage requirements that have been released to the asset manager under these AMAs. The AMAs have varying terms, the longest of which expires in 2016. | ||||
(c) Lease Commitments | ||||
The following table sets forth information concerning CenterPoint Energy’s obligations under non-cancelable long-term operating leases at December 31, 2013, which primarily consist of rental agreements for building space, data processing equipment, compression equipment and rights of way (in millions): | ||||
2014 | $ | 6 | ||
2015 | 4 | |||
2016 | 4 | |||
2017 | 2 | |||
2018 | 2 | |||
2019 and beyond | 3 | |||
Total | $ | 21 | ||
Total lease expense for all operating leases was $21 million, $27 million and $43 million during 2013, 2012 and 2011, respectively. | ||||
(d) Legal, Environmental and Other Regulatory Matters | ||||
Legal Matters | ||||
Gas Market Manipulation Cases. CenterPoint Energy, CenterPoint Houston or their predecessor, Reliant Energy, Incorporated (Reliant Energy), and certain of their former subsidiaries have been named as defendants in certain lawsuits described below. Under a master separation agreement between CenterPoint Energy and a former subsidiary, Reliant Resources, Inc. (RRI), CenterPoint Energy and its subsidiaries are entitled to be indemnified by RRI and its successors for any losses, including certain attorneys’ fees and other costs, arising out of these lawsuits. In May 2009, RRI sold its Texas retail business to a subsidiary of NRG Energy, Inc. (NRG) and RRI changed its name to RRI Energy, Inc. In December 2010, Mirant Corporation merged with and became a wholly owned subsidiary of RRI, and RRI changed its name to GenOn Energy, Inc. (GenOn). In December 2012, NRG acquired GenOn through a merger in which GenOn became a wholly owned subsidiary of NRG. None of the sale of the retail business, the merger with Mirant Corporation, or the acquisition of GenOn by NRG alters RRI’s (now GenOn’s) contractual obligations to indemnify CenterPoint Energy and its subsidiaries, including CenterPoint Houston, for certain liabilities, including their indemnification obligations regarding the gas market manipulation litigation, nor does it affect the terms of existing guarantee arrangements for certain GenOn gas transportation contracts discussed below. | ||||
A large number of lawsuits were filed against numerous gas market participants in a number of federal and western state courts in connection with the operation of the natural gas markets in 2000-2002. CenterPoint Energy’s former affiliate, RRI, was a participant in gas trading in the California and Western markets. These lawsuits, many of which were filed as class actions, allege violations of state and federal antitrust laws. Plaintiffs in these lawsuits are seeking a variety of forms of relief, including, among others, recovery of compensatory damages (in some cases in excess of $1 billion), a trebling of compensatory damages, full consideration damages and attorneys’ fees. CenterPoint Energy and/or Reliant Energy were named in approximately 30 of these lawsuits, which were instituted between 2003 and 2009. CenterPoint Energy and its affiliates have since been released or dismissed from all but one such case. CenterPoint Energy Services, Inc. (CES), a subsidiary of CERC Corp., is a defendant in a case now pending in federal court in Nevada alleging a conspiracy to inflate Wisconsin natural gas prices in 2000-2002. In July 2011, the court issued an order dismissing the plaintiffs’ claims against other defendants in the case, each of whom had demonstrated FERC jurisdictional sales for resale during the relevant period, based on federal preemption. The plaintiffs appealed this ruling to the United States Court of Appeals for the Ninth Circuit, which reversed the trial court's dismissal of the plaintiffs' claims. In August 2013, the other defendants filed a petition for review with the U.S. Supreme Court. CenterPoint Energy believes that CES is not a proper defendant in this case and will continue to pursue a dismissal. CenterPoint Energy does not expect the ultimate outcome of this matter to have a material impact on its financial condition, results of operations or cash flows. | ||||
Environmental Matters | ||||
Manufactured Gas Plant Sites. CERC and its predecessors operated manufactured gas plants (MGPs) in the past. In Minnesota, CERC has completed remediation on two sites, other than ongoing monitoring and water treatment. There are five remaining sites in CERC’s Minnesota service territory. CERC believes that it has no liability with respect to two of these sites. | ||||
As of December 31, 2013, CERC had recorded a liability of $14 million for remediation of these Minnesota sites. The estimated range of possible remediation costs for the sites for which CERC believes it may have responsibility was $6 million to $41 million based on remediation continuing for 30 to 50 years. The cost estimates are based on studies of a site or industry average costs for remediation of sites of similar size. The actual remediation costs will be dependent upon the number of sites to be remediated, the participation of other potentially responsible parties (PRPs), if any, and the remediation methods used. The Minnesota Public Utilities Commission includes approximately $285,000 annually in rates to fund normal ongoing remediation costs. As of December 31, 2013, CERC had collected $6.3 million from insurance companies to be used for future environmental remediation. | ||||
In addition to the Minnesota sites, the United States Environmental Protection Agency and other regulators have investigated MGP sites that were owned or operated by CERC or may have been owned by one of its former affiliates. CERC and CenterPoint Energy do not expect the ultimate outcome of these investigations will have a material adverse impact on the financial condition, results of operations or cash flows of either CenterPoint Energy or CERC. | ||||
Asbestos. Some facilities owned by CenterPoint Energy contain or have contained asbestos insulation and other asbestos-containing materials. CenterPoint Energy or its subsidiaries have been named, along with numerous others, as a defendant in lawsuits filed by a number of individuals who claim injury due to exposure to asbestos. Some of the claimants have worked at locations owned by subsidiaries of CenterPoint Energy, but most existing claims relate to facilities previously owned by CenterPoint Energy’s subsidiaries. CenterPoint Energy anticipates that additional claims like those received may be asserted in the future. In 2004 and early 2005, CenterPoint Energy sold its generating business, to which most of these claims relate, to a company which is now an affiliate of NRG. Under the terms of the arrangements regarding separation of the generating business from CenterPoint Energy and its sale of that business, ultimate financial responsibility for uninsured losses from claims relating to the generating business has been assumed by the NRG affiliate, but CenterPoint Energy has agreed to continue to defend such claims to the extent they are covered by insurance maintained by CenterPoint Energy, subject to reimbursement of the costs of such defense by the NRG affiliate. Although their ultimate outcome cannot be predicted at this time, CenterPoint Energy intends to continue vigorously contesting claims that it does not consider to have merit and, based on its experience to date, does not expect these matters, either individually or in the aggregate, to have a material adverse effect on CenterPoint Energy’s financial condition, results of operations or cash flows. | ||||
Other Environmental. From time to time CenterPoint Energy identifies the presence of environmental contaminants on property where its subsidiaries conduct or have conducted operations. Other such sites involving contaminants may be identified in the future. CenterPoint Energy has and expects to continue to remediate identified sites consistent with its legal obligations. From time to time CenterPoint Energy has received notices from regulatory authorities or others regarding its status as a PRP in connection with sites found to require remediation due to the presence of environmental contaminants. In addition, CenterPoint Energy has been named from time to time as a defendant in litigation related to such sites. Although the ultimate outcome of such matters cannot be predicted at this time, CenterPoint Energy does not expect, based on its experience to date, these matters, either individually or in the aggregate, to have a material adverse effect on CenterPoint Energy’s financial condition, results of operations or cash flows. | ||||
Other Proceedings | ||||
CenterPoint Energy is involved in other legal, environmental, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies regarding matters arising in the ordinary course of business. From time to time, CenterPoint Energy is also a defendant in legal proceedings with respect to claims brought by various plaintiffs against broad groups of participants in the energy industry. Some of these proceedings involve substantial amounts. CenterPoint Energy regularly analyzes current information and, as necessary, provides accruals for probable liabilities on the eventual disposition of these matters. CenterPoint Energy does not expect the disposition of these matters to have a material adverse effect on CenterPoint Energy’s financial condition, results of operations or cash flows. | ||||
(e) Guarantees | ||||
Prior to the distribution of CenterPoint Energy’s ownership in RRI to its shareholders, CERC had guaranteed certain contractual obligations of what became RRI’s trading subsidiary. When the companies separated, RRI agreed to secure CERC against obligations under the guarantees RRI had been unable to extinguish by the time of separation. Pursuant to such agreement, as amended in December 2007, RRI (now GenOn) agreed to provide to CERC cash or letters of credit as security against CERC’s obligations under its remaining guarantees for demand charges under certain gas transportation agreements if and to the extent changes in market conditions expose CERC to a risk of loss on those guarantees based on an annual calculation, with any required collateral to be posted each December. The undiscounted maximum potential payout of the demand charges under these transportation contracts, which will be in effect until 2018, was approximately $58 million as of December 31, 2013. Based on market conditions in the fourth quarter of 2013 at the time the most recent annual calculation was made under the agreement, GenOn was not obligated to post any security. If GenOn should fail to perform the contractual obligations, CERC could have to honor its guarantee and, in such event, any collateral then provided as security may be insufficient to satisfy CERC’s obligations. | ||||
CenterPoint Energy, Inc. has provided guarantees (CenterPoint Midstream Guarantees) with respect to the performance of certain obligations of Enable under long-term gas gathering and treating agreements with an indirect wholly owned subsidiary of Encana Corporation and an indirect wholly owned subsidiary of Royal Dutch Shell plc. As of December 31, 2013, CenterPoint Energy, Inc. had guaranteed Enable's obligations up to an aggregate amount of $100 million under these agreements. Under the terms of the omnibus agreement entered into in connection with the closing of the formation of Enable, Enable and CenterPoint Energy, Inc. have agreed to use commercially reasonable efforts and cooperate with each other to terminate the CenterPoint Midstream Guarantees and to release CenterPoint Energy, Inc. from such guarantees by causing Enable or one of its subsidiaries to enter into substitute guarantees or to assume the CenterPoint Midstream Guarantees as applicable. CERC Corp. has also provided a guarantee of collection of Enable's obligations under its $1.05 billion three-year unsecured term loan facility, which guarantee is subordinated to all senior debt of CERC Corp. | ||||
As of December 31, 2013, no amounts have been recorded related to the guarantees described above in the Consolidated Balance Sheets. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
The following table reconciles numerators and denominators of CenterPoint Energy’s basic and diluted earnings per share calculations: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions, except per share and share amounts) | ||||||||||||
Income before extraordinary item | $ | 311 | $ | 417 | $ | 770 | ||||||
Extraordinary item, net of tax | — | — | 587 | |||||||||
Net income | $ | 311 | $ | 417 | $ | 1,357 | ||||||
Basic weighted average shares outstanding | 428,466,000 | 427,189,000 | 425,636,000 | |||||||||
Plus: Incremental shares from assumed conversions: | ||||||||||||
Stock options | 41,000 | 152,000 | 347,000 | |||||||||
Restricted stock | 2,423,000 | 2,453,000 | 2,741,000 | |||||||||
Diluted weighted average shares | 430,930,000 | 429,794,000 | 428,724,000 | |||||||||
Basic earnings per share: | ||||||||||||
Income before extraordinary item | $ | 0.73 | $ | 0.98 | $ | 1.81 | ||||||
Extraordinary item, net of tax | — | — | 1.38 | |||||||||
Net income | $ | 0.73 | $ | 0.98 | $ | 3.19 | ||||||
Diluted earnings per share: | ||||||||||||
Income before extraordinary item | $ | 0.72 | $ | 0.97 | $ | 1.8 | ||||||
Extraordinary item, net of tax | — | — | 1.37 | |||||||||
Net income | $ | 0.72 | $ | 0.97 | $ | 3.17 | ||||||
Unaudited_Quarterly_Informatio
Unaudited Quarterly Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
Unaudited Quarterly Information | ||||||||||||||||
Summarized quarterly financial data is as follows: | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter (2) | Quarter | Quarter | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||||
Revenues | $ | 2,388 | $ | 1,894 | $ | 1,640 | $ | 2,184 | ||||||||
Operating income | 332 | 223 | 244 | 211 | ||||||||||||
Net income (loss) | 147 | (100 | ) | 151 | 113 | |||||||||||
Basic earnings (loss) per share(1) | $ | 0.34 | $ | (0.23 | ) | $ | 0.35 | $ | 0.26 | |||||||
Diluted earnings (loss) per share(1) | $ | 0.34 | $ | (0.23 | ) | $ | 0.35 | $ | 0.26 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter (3) | Quarter | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||||
Revenues | $ | 2,084 | $ | 1,525 | $ | 1,705 | $ | 2,138 | ||||||||
Operating income | 338 | 302 | 88 | 310 | ||||||||||||
Net income | $ | 147 | $ | 126 | $ | 10 | $ | 134 | ||||||||
Basic earnings per share(1) | $ | 0.34 | $ | 0.29 | $ | 0.02 | $ | 0.31 | ||||||||
Diluted earnings per share(1) | $ | 0.34 | $ | 0.29 | $ | 0.02 | $ | 0.31 | ||||||||
-1 | Quarterly earnings per common share are based on the weighted average number of shares outstanding during the quarter, and the sum of the quarters may not equal annual earnings per common share. | |||||||||||||||
-2 | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | |||||||||||||||
-3 | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. |
Reportable_Business_Segments
Reportable Business Segments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Reportable Business Segments | ' | |||||||||||||||||||||||
Reportable Business Segments | ||||||||||||||||||||||||
CenterPoint Energy’s determination of reportable business segments considers the strategic operating units under which CenterPoint Energy manages sales, allocates resources and assesses performance of various products and services to wholesale or retail customers in differing regulatory environments. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies except that some executive benefit costs have not been allocated to business segments. CenterPoint Energy uses operating income as the measure of profit or loss for its business segments. | ||||||||||||||||||||||||
CenterPoint Energy’s reportable business segments include the following: Electric Transmission & Distribution, Natural Gas Distribution, Energy Services, Midstream Investments and Other Operations. The electric transmission and distribution function (CenterPoint Houston) is reported in the Electric Transmission & Distribution business segment. Natural Gas Distribution consists of intrastate natural gas sales to, and natural gas transportation and distribution for, residential, commercial, industrial and institutional customers. Energy Services represents CenterPoint Energy’s non-rate regulated gas sales and services operations. Midstream Investments consists primarily of CenterPoint Energy’s investment in Enable and its retained interest in SESH. Other Operations consists primarily of other corporate operations which support all of CenterPoint Energy’s business operations. | ||||||||||||||||||||||||
Prior to May 1, 2013, CenterPoint Energy also reported an Interstate Pipelines business segment, which included CenterPoint Energy’s interstate natural gas pipeline operations, and a Field Services business segment, which included CenterPoint Energy’s non-rate regulated natural gas gathering, processing and treating operations. As previously disclosed, the formation of Enable closed on May 1, 2013. Enable now owns substantially all of CenterPoint Energy’s former Interstate Pipelines and Field Services business segments, except for the retained interest in SESH. As a result, effective May 1, 2013, CenterPoint Energy reports equity earnings associated with its interest in Enable and equity earnings associated with its retained interest in SESH under a new Midstream Investments segment, and no longer has Interstate Pipelines and Field Services reporting segments prospectively. See Note 9 for further discussion on Enable formation. | ||||||||||||||||||||||||
Long-lived assets include net property, plant and equipment, goodwill and other intangibles and equity investments in unconsolidated subsidiaries. Intersegment sales are eliminated in consolidation. | ||||||||||||||||||||||||
Financial data for business segments and products and services are as follows (in millions): | ||||||||||||||||||||||||
Revenues | Intersegment | Depreciation | Operating | Total | Expenditures | |||||||||||||||||||
from | Revenues | and | Income (Loss) | Assets | for Long-Lived | |||||||||||||||||||
External | Amortization | Assets | ||||||||||||||||||||||
Customers | ||||||||||||||||||||||||
As of and for the year ended December 31, 2013: | ||||||||||||||||||||||||
Electric Transmission & Distribution | $ | 2,570 | -1 | $ | — | $ | 685 | $ | 607 | $ | 9,605 | $ | 759 | |||||||||||
Natural Gas Distribution | 2,837 | 26 | 185 | 263 | 4,976 | 430 | ||||||||||||||||||
Energy Services | 2,374 | 27 | 5 | 13 | 895 | 3 | ||||||||||||||||||
Interstate Pipelines (2) (4) | 133 | 53 | 20 | 72 | — | 29 | ||||||||||||||||||
Field Services (3) (4) | 178 | 18 | 20 | 73 | — | 16 | ||||||||||||||||||
Midstream Investments (5) | — | — | — | — | 4,518 | — | ||||||||||||||||||
Other | 14 | — | 39 | (18 | ) | 3,026 | -6 | 35 | ||||||||||||||||
Reconciling Eliminations | — | (124 | ) | — | — | (1,150 | ) | — | ||||||||||||||||
Consolidated | $ | 8,106 | $ | — | $ | 954 | $ | 1,010 | $ | 21,870 | $ | 1,272 | ||||||||||||
As of and for the year ended December 31, 2012: | ||||||||||||||||||||||||
Electric Transmission & Distribution | $ | 2,540 | -1 | $ | — | $ | 729 | $ | 639 | $ | 11,174 | $ | 599 | |||||||||||
Natural Gas Distribution | 2,320 | 22 | 173 | 226 | 4,775 | 359 | ||||||||||||||||||
Energy Services | 1,758 | 26 | 6 | (250 | ) | 839 | 6 | |||||||||||||||||
Interstate Pipelines (2) | 356 | 146 | 56 | 207 | 4,004 | 132 | ||||||||||||||||||
Field Services (3) | 467 | 39 | 50 | 214 | 2,453 | 52 | ||||||||||||||||||
Other | 11 | — | 36 | 2 | 2,600 | -6 | 40 | |||||||||||||||||
Reconciling Eliminations | — | (233 | ) | — | — | (2,974 | ) | — | ||||||||||||||||
Consolidated | $ | 7,452 | $ | — | $ | 1,050 | $ | 1,038 | $ | 22,871 | $ | 1,188 | ||||||||||||
As of and for the year ended December 31, 2011: | ||||||||||||||||||||||||
Electric Transmission & Distribution | $ | 2,337 | -1 | $ | — | $ | 587 | $ | 623 | $ | 11,221 | $ | 538 | |||||||||||
Natural Gas Distribution | 2,823 | 18 | 166 | 226 | 4,636 | 295 | ||||||||||||||||||
Energy Services | 2,488 | 23 | 5 | 6 | 1,089 | 5 | ||||||||||||||||||
Interstate Pipelines (2) | 421 | 132 | 54 | 248 | 3,867 | 98 | ||||||||||||||||||
Field Services (3) | 370 | 42 | 37 | 189 | 1,894 | 201 | ||||||||||||||||||
Other | 11 | — | 37 | 6 | 2,318 | -6 | 54 | |||||||||||||||||
Reconciling Eliminations | — | (215 | ) | — | — | (3,322 | ) | — | ||||||||||||||||
Consolidated | $ | 8,450 | $ | — | $ | 886 | $ | 1,298 | $ | 21,703 | $ | 1,191 | ||||||||||||
-1 | Sales to affiliates of NRG in 2013, 2012 and 2011 represented approximately $658 million, $648 million and $594 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in 2013, 2012 and 2011 represented approximately $167 million, $162 million and $182 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Just Energy Group, Inc. in 2013, 2012 and 2011 represented approximately $126 million, $102 million and $81 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. | |||||||||||||||||||||||
-2 | Interstate Pipelines recorded equity income of $7 million, $26 million and $21 million in the years ended December 31, 2013, 2012 and 2011, respectively, from its interest in SESH, a jointly-owned pipeline. These amounts are included in Equity in earnings of unconsolidated affiliates under the Other Income (Expense) caption. Interstate Pipelines’ investment in SESH was $404 million and $409 million as of December 31, 2012 and 2011 and is included in Investment in unconsolidated affiliates. As discussed above, effective May 1, 2013, CenterPoint Energy reports equity earnings associated with its interest in Enable and equity earnings associated with its retained interest in SESH under a new Midstream Investments segment, and no longer has an Interstate Pipelines reporting segment prospectively. | |||||||||||||||||||||||
-3 | Field Services recorded equity income of $5 million and $9 million for the years ended December 31, 2012 and 2011, respectively, from its interest in Waskom. These amounts are included in Equity in earnings of unconsolidated affiliates under the Other Income (Expense) caption. Field Services’ investment in the jointly-owned gas processing plant was $63 million as of December 31, 2011 and is included in Investment in unconsolidated affiliates. Beginning on August 1, 2012, financial results for Waskom are included in operating income due to the July 31, 2012 purchase of the 50% interest in Waskom that CenterPoint Energy did not already own. CenterPoint Energy contributed 100% interest in Waskom to Enable on May 1, 2013. Effective May 1, 2013, CenterPoint Energy reports equity earnings associated with its interest in Enable under a new Midstream Investments segment, and no longer has a Field Services reporting segment prospectively. | |||||||||||||||||||||||
-4 | Results reflected in the year ended December 31, 2013 represent only January 2013 through April 2013. | |||||||||||||||||||||||
-5 | Midstream Investments reported equity earnings of $173 million from Enable and $8 million of equity earnings from CenterPoint Energy’s retained interest in SESH for the eight months ended December 31, 2013. Included in total assets of Midstream Investments as of December 31, 2013 is $4,319 million related to CenterPoint Energy’s investment in Enable and $199 million related to CenterPoint Energy’s retained interest in SESH. | |||||||||||||||||||||||
-6 | Included in total assets of Other Operations as of December 31, 2013, 2012 and 2011, are pension and other postemployment related regulatory assets of $627 million, $832 million and $796 million, respectively. | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
Revenues by Products and Services: | 2013 | 2012 | 2011 | |||||||||||||||||||||
Electric delivery | $ | 2,570 | $ | 2,540 | $ | 2,337 | ||||||||||||||||||
Retail gas sales | 4,150 | 3,328 | 4,019 | |||||||||||||||||||||
Wholesale gas sales | 913 | 613 | 1,149 | |||||||||||||||||||||
Gas transportation and processing | 345 | 847 | 824 | |||||||||||||||||||||
Energy products and services | 128 | 124 | 121 | |||||||||||||||||||||
Total | $ | 8,106 | $ | 7,452 | $ | 8,450 | ||||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On January 20, 2014, CenterPoint Energy’s board of directors declared a regular quarterly cash dividend of $0.2375 per share of common stock payable on March 10, 2014, to shareholders of record as of the close of business on February 14, 2014. |
Schedule_I_Financial_Informati
Schedule I: Financial Information of Centerpoint Energy, Inc. (Parent Company) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule I - Condensed Financial Information of Centerpoint Energy, Inc. (Parent Company) | ' | |||||||||||
CENTERPOINT ENERGY, INC. | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF | ||||||||||||
CENTERPOINT ENERGY, INC. (PARENT COMPANY) | ||||||||||||
STATEMENTS OF INCOME | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Expenses: | ||||||||||||
Operation and Maintenance Expenses | $ | (13 | ) | $ | (20 | ) | $ | (12 | ) | |||
Total | (13 | ) | (20 | ) | (12 | ) | ||||||
Other Income (Expense): | ||||||||||||
Interest Income from Subsidiaries | 8 | 10 | 7 | |||||||||
Other Income (Expense) | (5 | ) | 6 | — | ||||||||
Gain (Loss) on Indexed Debt Securities | (193 | ) | (71 | ) | 35 | |||||||
Interest Expense to Subsidiaries | (24 | ) | (25 | ) | (25 | ) | ||||||
Interest Expense | (104 | ) | (112 | ) | (123 | ) | ||||||
Total | (318 | ) | (192 | ) | (106 | ) | ||||||
Loss Before Income Taxes, Equity in Subsidiaries and Extraordinary Item | (331 | ) | (212 | ) | (118 | ) | ||||||
Income Tax Benefit | 137 | 87 | 50 | |||||||||
Loss Before Equity in Subsidiaries and Extraordinary Item | (194 | ) | (125 | ) | (68 | ) | ||||||
Equity Income of Subsidiaries | 505 | 542 | 838 | |||||||||
Income Before Extraordinary Item | 311 | 417 | 770 | |||||||||
Extraordinary Item, Net of Tax | — | — | 587 | |||||||||
Net Income | $ | 311 | $ | 417 | $ | 1,357 | ||||||
See Notes to Condensed Financial Information (Parent Company) and | ||||||||||||
CenterPoint Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements in Part II, Item 8 | ||||||||||||
CENTERPOINT ENERGY, INC. | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF | ||||||||||||
CENTERPOINT ENERGY, INC. (PARENT COMPANY) | ||||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Net income | $ | 311 | $ | 417 | $ | 1,357 | ||||||
Other comprehensive income (loss): | ||||||||||||
Adjustment to pension and other postretirement plans (net of tax of $25,$2 and $7) | 44 | (2 | ) | (16 | ) | |||||||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax of $-0-, $-0- and $-0-) | 1 | — | — | |||||||||
Other comprehensive income (loss) | 45 | (2 | ) | (16 | ) | |||||||
Comprehensive income | $ | 356 | $ | 415 | $ | 1,341 | ||||||
See Notes to Condensed Financial Information (Parent Company) and | ||||||||||||
CenterPoint Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements in Part II, Item 8 | ||||||||||||
CENTERPOINT ENERGY, INC. | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF | ||||||||||||
CENTERPOINT ENERGY, INC. (PARENT COMPANY) | ||||||||||||
BALANCE SHEETS | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | — | $ | — | ||||||||
Notes receivable — subsidiaries | 88 | 805 | ||||||||||
Accounts receivable — subsidiaries | 116 | 136 | ||||||||||
Other assets | 21 | 50 | ||||||||||
Total current assets | 225 | 991 | ||||||||||
Other Assets: | ||||||||||||
Investment in subsidiaries | 6,142 | 6,387 | ||||||||||
Notes receivable — subsidiaries | — | 151 | ||||||||||
Other assets | 649 | 856 | ||||||||||
Total other assets | 6,791 | 7,394 | ||||||||||
Total Assets | $ | 7,016 | $ | 8,385 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Notes payable — subsidiaries | $ | 11 | $ | 434 | ||||||||
Indexed debt | 143 | 138 | ||||||||||
Indexed debt securities derivative | 455 | 268 | ||||||||||
Accounts payable: | ||||||||||||
Subsidiaries | 35 | 73 | ||||||||||
Other | 5 | — | ||||||||||
Taxes accrued | 517 | 497 | ||||||||||
Interest accrued | 13 | 15 | ||||||||||
Other | — | 1 | ||||||||||
Total current liabilities | 1,179 | 1,426 | ||||||||||
Other Liabilities: | ||||||||||||
Accumulated deferred tax liabilities | 232 | 214 | ||||||||||
Benefit obligations | 340 | 608 | ||||||||||
Notes payable — subsidiaries | — | 750 | ||||||||||
Total non-current liabilities | 572 | 1,572 | ||||||||||
Long-Term Debt | 936 | 1,086 | ||||||||||
Shareholders’ Equity: | ||||||||||||
Common stock | 4 | 4 | ||||||||||
Additional paid-in capital | 4,157 | 4,130 | ||||||||||
Retained earnings | 258 | 302 | ||||||||||
Accumulated other comprehensive loss | (90 | ) | (135 | ) | ||||||||
Total shareholders’ equity | 4,329 | 4,301 | ||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,016 | $ | 8,385 | ||||||||
See Notes to Condensed Financial Information (Parent Company) and | ||||||||||||
CenterPoint Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements in Part II, Item 8 | ||||||||||||
CENTERPOINT ENERGY, INC. | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF | ||||||||||||
CENTERPOINT ENERGY, INC. (PARENT COMPANY) | ||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Operating Activities: | ||||||||||||
Net income | $ | 311 | $ | 417 | $ | 1,357 | ||||||
Non-cash items included in net income: | ||||||||||||
Equity income of subsidiaries | (505 | ) | (542 | ) | (838 | ) | ||||||
Deferred income tax expense | 6 | 113 | 149 | |||||||||
Amortization of debt issuance costs | 4 | 4 | 5 | |||||||||
Extraordinary item, net of tax | — | — | (587 | ) | ||||||||
Loss (gain) on indexed debt securities | 193 | 71 | (35 | ) | ||||||||
Changes in working capital: | ||||||||||||
Accounts receivable/(payable) from subsidiaries, net | 47 | 39 | 73 | |||||||||
Accounts payable | 5 | — | (1 | ) | ||||||||
Other current assets | — | 26 | 1 | |||||||||
Other current liabilities | 42 | (63 | ) | 50 | ||||||||
Common stock dividends received from subsidiaries | 766 | 1,700 | 10 | |||||||||
Other | (70 | ) | (72 | ) | (62 | ) | ||||||
Net cash provided by (used in) operating activities | 799 | 1,693 | 122 | |||||||||
Investing Activities: | ||||||||||||
Decrease (increase) in notes receivable from subsidiaries | 868 | (398 | ) | 123 | ||||||||
Net cash provided by (used in) investing activities | 868 | (398 | ) | 123 | ||||||||
Financing Activities: | ||||||||||||
Payments on long-term debt | (151 | ) | (375 | ) | (19 | ) | ||||||
Debt issuance costs | (2 | ) | — | (7 | ) | |||||||
Common stock dividends paid | (355 | ) | (346 | ) | (337 | ) | ||||||
Proceeds from issuance of common stock, net | 4 | 4 | 6 | |||||||||
Increase (decrease) in notes payable to subsidiaries | (1,173 | ) | (578 | ) | 112 | |||||||
Redemption of indexed debt securities | (8 | ) | — | — | ||||||||
Other | 18 | — | — | |||||||||
Net cash provided by (used in) financing activities | (1,667 | ) | (1,295 | ) | (245 | ) | ||||||
Net Decrease in Cash and Cash Equivalents | — | — | — | |||||||||
Cash and Cash Equivalents at Beginning of Year | — | — | — | |||||||||
Cash and Cash Equivalents at End of Year | $ | — | $ | — | $ | — | ||||||
See Notes to Condensed Financial Information (Parent Company) and | ||||||||||||
CenterPoint Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements in Part II, Item 8 | ||||||||||||
CENTERPOINT ENERGY, INC. | ||||||||||||
SCHEDULE I — NOTES TO CONDENSED FINANCIAL INFORMATION (PARENT COMPANY) | ||||||||||||
(1) Background. The condensed parent company financial statements and notes of CenterPoint Energy, Inc. (CenterPoint Energy) should be read in conjunction with the consolidated financial statements and notes of CenterPoint Energy, Inc. and subsidiaries appearing in the Annual Report on Form 10-K. Credit facilities at CenterPoint Energy Houston Electric, LLC (CenterPoint Houston) and CenterPoint Energy Resources Corp., indirect wholly owned subsidiaries of CenterPoint Energy, limit debt, excluding transition and system restoration bonds, as a percentage of their consolidated capitalization to 65%. These covenants could restrict the ability of these subsidiaries to distribute dividends to CenterPoint Energy. | ||||||||||||
(2) New Accounting Pronouncements. In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). The objective of ASU 2013-02 is to improve the transparency of changes in other comprehensive income and items reclassified out of Accumulated Other Comprehensive Income in financial statements. This new guidance is effective for a reporting entity's first reporting period beginning after December 15, 2012 and should be applied prospectively. CenterPoint Energy's adoption of this new guidance on January 1, 2013 did not have a material impact on its financial position, results of operations or cash flows. | ||||||||||||
In December 2011 and January 2013, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures About Offsetting Assets and Liabilities” (ASU 2011-11) and No. 2013-01, “Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities” (ASU 2013-01), respectively. The objective of ASU 2011-11 is to enhance disclosures about the nature of an entity's rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective of ASU 2013-01 is to clarify which instruments and transactions are subject to ASU 2011-11. Both ASU 2011-11 and ASU 2013-01 are effective for a reporting entity's first reporting period beginning on or after January 1, 2013 and should be applied retrospectively. CenterPoint Energy's adoption of this new guidance on January 1, 2013 did not have a material impact on its financial position, results of operations or cash flows. | ||||||||||||
Management believes that other recently issued standards, which are not yet effective, will not have a material impact on CenterPoint Energy’s consolidated financial position, results of operations or cash flows upon adoption. | ||||||||||||
(3) Long-term Debt. As of December 31, 2013 and 2012, CenterPoint Energy had no borrowings and approximately $6 million and $7 million, respectively, of outstanding letters of credit under its $1.2 billion credit facility. There was no commercial paper outstanding that would have been backstopped by CenterPoint Energy’s $1.2 billion credit facility as of December 31, 2013 and 2012. CenterPoint Energy was in compliance with all financial debt covenants as of December 31, 2013. | ||||||||||||
CenterPoint Energy’s $1.2 billion revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at the London Interbank Offered Rate (LIBOR) plus 125 basis points based on CenterPoint Energy’s current credit ratings. The revolving credit facility contains a financial covenant which limits CenterPoint Energy’s consolidated debt (excluding transition and system restoration bonds) to an amount not to exceed 65% of CenterPoint Energy’s consolidated capitalization. The financial covenant limit will temporarily increase from 65% to 70% if CenterPoint Houston experiences damage from a natural disaster in its service territory and CenterPoint Energy certifies to the administrative agent that CenterPoint Houston has incurred system restoration costs reasonably likely to exceed $100 million in a consecutive twelve-month period, all or part of which CenterPoint Houston intends to seek to recover through securitization financing. Such temporary increase in the financial covenant would be in effect from the date CenterPoint Energy delivers its certification until the earliest to occur of (i) the completion of the securitization financing, (ii) the first anniversary of CenterPoint Energy’s certification or (iii) the revocation of such certification. | ||||||||||||
CenterPoint Energy’s maturities of long-term debt, excluding the indexed debt securities obligation, are $269 million in 2015, $250 million in 2017 and $350 million in 2018. There are no maturities of long-term debt in 2014 or 2016. | ||||||||||||
(4) Guarantees. CenterPoint Energy, Inc. has provided guarantees (CenterPoint Midstream Guarantees) with respect to the performance of certain obligations of Enable under long-term gas gathering and treating agreements with an indirect wholly owned subsidiary of Encana Corporation and an indirect wholly owned subsidiary of Royal Dutch Shell plc. As of December 31, 2013, CenterPoint Energy, Inc. had guaranteed Enable's obligations up to an aggregate amount of $100 million under these agreements. Under the terms of the omnibus agreement entered into in connection with the closing of the formation of Enable, Enable and CenterPoint Energy, Inc. have agreed to use commercially reasonable efforts and cooperate with each other to terminate the CenterPoint Midstream Guarantees, and to release CenterPoint Energy, Inc. from such guarantees by causing Enable or one of its subsidiaries to enter into substitute guarantees or to assume the CenterPoint Midstream Guarantees as applicable. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts Disclosure | ' | ||||||||||||||||||||
CENTERPOINT ENERGY, INC. | |||||||||||||||||||||
SCHEDULE II —VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Three Years Ended December 31, 2013 | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Additions | |||||||||||||||||||||
Balance at | Charged | Charged to | Deductions | Balance at | |||||||||||||||||
Beginning | to Income | Other | From | End of | |||||||||||||||||
of Period | Accounts | Reserves (1) | Period | ||||||||||||||||||
Description | (in millions) | ||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Accumulated provisions: | |||||||||||||||||||||
Uncollectible accounts receivable | $ | 25 | $ | 21 | $ | 1 | $ | 19 | $ | 28 | |||||||||||
Deferred tax asset valuation allowance | 2 | — | — | — | 2 | ||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Accumulated provisions: | |||||||||||||||||||||
Uncollectible accounts receivable | $ | 25 | $ | 16 | $ | 1 | $ | 17 | $ | 25 | |||||||||||
Deferred tax asset valuation allowance | 4 | (1 | ) | (1 | ) | — | 2 | ||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Accumulated provisions: | |||||||||||||||||||||
Uncollectible accounts receivable | $ | 25 | $ | 26 | $ | — | $ | 26 | $ | 25 | |||||||||||
Deferred tax asset valuation allowance | 3 | — | 1 | — | 4 | ||||||||||||||||
-1 | Deductions from reserves represent losses or expenses for which the respective reserves were created. In the case of the uncollectible accounts reserve, such deductions are net of recoveries of amounts previously written off. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accounts of CenterPoint Energy and its wholly owned and majority owned subsidiaries are included in the consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation. CenterPoint Energy generally uses the equity method of accounting for investments in entities in which CenterPoint Energy has an ownership interest between 20% and 50% and exercises significant influence. CenterPoint Energy also uses the equity method for investments in which it has ownership percentages greater than 50%, when it exercises significant influence, does not have control and is not considered the primary beneficiary, if applicable. | |
On March 14, 2013, CenterPoint Energy entered into a Master Formation Agreement (MFA) with OGE Energy Corp. (OGE) and affiliates of ArcLight Capital Partners, LLC (ArcLight), pursuant to which CenterPoint Energy, OGE and ArcLight agreed to form Enable as a private limited partnership. On May 1, 2013, the parties closed on the formation of Enable. In connection with the closing (i) CERC Corp. converted its direct wholly owned subsidiary, CenterPoint Energy Field Services, LLC, a Delaware limited liability company (CEFS), into a Delaware limited partnership that became Enable, (ii) CERC Corp. contributed to Enable its equity interests in each of CenterPoint Energy Gas Transmission Company, LLC, which has been subsequently renamed Enable Gas Transmission, LLC (EGT), CenterPoint Energy - Mississippi River Transmission, LLC, which has been subsequently renamed Enable Mississippi River Transmission, LLC (MRT), certain of its other midstream subsidiaries (Other CNP Midstream Subsidiaries), and a 24.95% interest in Southeast Supply Header, LLC (SESH and, collectively with CEFS, EGT, MRT and Other CNP Midstream Subsidiaries, CenterPoint Midstream), and (iii) OGE and ArcLight indirectly contributed 100% of the equity interests in Enogex LLC, which has been subsequently renamed Enable Oklahoma Intrastate Transmission, LLC (Enogex), to Enable. | |
As of December 31, 2013, CERC Corp., OGE and ArcLight held approximately 58.3%, 28.5% and 13.2%, respectively, of the limited partner interests in Enable. Enable is equally controlled by CERC Corp. and OGE; each own 50% of the management rights in the general partner of Enable. CERC Corp. and OGE also own a 40% and 60% interest, respectively, in the incentive distribution rights held by the general partner of Enable. The general partner of Enable is currently governed by a board of directors made up of an equal number of representatives designated by each of CERC Corp. and OGE. See Note 9 for further discussion on the formation of Enable. The investment in Enable is accounted for utilizing the equity method of accounting. As of December 31, 2013, CenterPoint Energy determined that Enable was a variable interest entity (VIE); however, CenterPoint Energy is not the primary beneficiary and as such, this entity is not consolidated. See Notes 9 and 17 below. | |
Prior to July 2012, CenterPoint Energy owned a 50% interest in Waskom Gas Processing Company (Waskom), a Texas general partnership, which owns and operates a natural gas processing plant and natural gas gathering assets. On July 31, 2012, CenterPoint Energy purchased the 50% interest that it did not already own in Waskom, as well as other gathering and related assets from a third-party for approximately $273 million. The amount of the purchase price allocated to the acquisition of the 50% interest in Waskom was approximately $201 million, with the remaining purchase price allocated to the other gathering assets, based on a discounted cash flow methodology. The $273 million purchase price was allocated as follows: $253 million to property, plant and equipment; $16 million to goodwill; and the remaining balance to other assets and liabilities. The purchase of the 50% interest in Waskom was determined to be a business combination achieved in stages, and as such CenterPoint Energy recorded a pre-tax gain of approximately $136 million on July 31, 2012, which is the result of remeasuring its original 50% interest in Waskom to fair value. As a result of the purchase, CenterPoint Energy recorded goodwill of $24 million, which includes $17 million related to Waskom (including the re-measurement of its existing 50% interest) and $7 million related to the other gathering and related assets. | |
Other investments, excluding marketable securities, are carried at cost. | |
As of December 31, 2013, CenterPoint Energy had four VIEs consisting of transition and system restoration bond companies, which it consolidates. The consolidated VIEs are wholly owned bankruptcy remote special purpose entities that were formed specifically for the purpose of securitizing transition and system restoration related property. Creditors of CenterPoint Energy have no recourse to any assets or revenues of the transition and system restoration bond companies. The bonds issued by these VIEs are payable only from and secured by transition and system restoration property and the bondholders have no recourse to the general credit of CenterPoint Energy. | |
Revenues | ' |
Revenues | |
CenterPoint Energy records revenue for electricity delivery and natural gas sales and services under the accrual method and these revenues are recognized upon delivery to customers. Electricity deliveries not billed by month-end are accrued based on actual advanced metering system data, daily supply volumes and applicable rates. Natural gas sales not billed by month-end are accrued based upon estimated purchased gas volumes, estimated lost and unaccounted for gas and currently effective tariff rates. | |
Long-lived Assets | ' |
Long-lived Assets and Intangibles | |
CenterPoint Energy records property, plant and equipment at historical cost. CenterPoint Energy expenses repair and maintenance costs as incurred. | |
CenterPoint Energy periodically evaluates long-lived assets, including property, plant and equipment, and specifically identifiable intangibles, when events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. The determination of whether an impairment has occurred is based on an estimate of undiscounted cash flows attributable to the assets compared to the carrying value of the assets. | |
Regulatory Assets and Liabilities | ' |
Regulatory Assets and Liabilities | |
CenterPoint Energy applies the guidance for accounting for regulated operations to the Electric Transmission & Distribution business segment and the Natural Gas Distribution business segment. CenterPoint Energy’s rate-regulated subsidiaries may collect revenues subject to refund pending final determination in rate proceedings. In connection with such revenues, estimated rate refund liabilities are recorded which reflect management’s current judgment of the ultimate outcomes of the proceedings. | |
CenterPoint Energy’s rate-regulated businesses recognize removal costs as a component of depreciation expense in accordance with regulatory treatment. As of December 31, 2013 and 2012, these removal costs of $941 million and $919 million, respectively, are classified as regulatory liabilities in CenterPoint Energy’s Consolidated Balance Sheets. In addition, a portion of the amount of removal costs that relate to asset retirement obligations has been reclassified from a regulatory liability to an asset retirement liability in accordance with accounting guidance for asset retirement obligations. | |
Depreciation and Amortization Expense | ' |
Depreciation and Amortization Expense | |
Depreciation and amortization is computed using the straight-line method based on economic lives or regulatory-mandated recovery periods. Amortization expense includes amortization of regulatory assets and other intangibles. | |
Capitalization of Interest and Allowance for Funds Used During Construction | ' |
Capitalization of Interest and Allowance for Funds Used During Construction | |
Interest and allowance for funds used during construction (AFUDC) are capitalized as a component of projects under construction and are amortized over the assets’ estimated useful lives once the assets are placed in service. AFUDC represents the composite interest cost of borrowed funds and a reasonable return on the equity funds used for construction for subsidiaries that apply the guidance for accounting for regulated operations. During 2013, 2012 and 2011, CenterPoint Energy capitalized interest and AFUDC of $11 million, $9 million and $4 million, respectively. During 2013, 2012 and 2011, CenterPoint Energy recorded AFUDC equity of $8 million, $6 million and $5 million, respectively, which is included in Other Income in its Statements of Consolidated Income. | |
Income Tax | ' |
Income Taxes | |
CenterPoint Energy files a consolidated federal income tax return and follows a policy of comprehensive interperiod tax allocation. CenterPoint Energy uses the asset and liability method of accounting for deferred income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established against deferred tax assets for which management believes realization is not considered to be more likely than not. CenterPoint Energy recognizes interest and penalties as a component of income tax expense. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable monthly, as well as the bad debt write-offs experienced in the past, and establish an allowance for doubtful accounts. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. Accounts receivable are net of an allowance for doubtful accounts of $28 million and $25 million at December 31, 2013 and 2012, respectively. The provision for doubtful accounts in CenterPoint Energy’s Statements of Consolidated Income for 2013, 2012 and 2011 was $21 million, $16 million and $26 million, respectively. | |
Inventory | ' |
Inventory | |
Inventory consists principally of materials and supplies and natural gas. Materials and supplies are valued at the lower of average cost or market. Materials and supplies are recorded to inventory when purchased and subsequently charged to expense or capitalized to plant when installed. Natural gas inventories of CenterPoint Energy’s Energy Services business segment are also primarily valued at the lower of average cost or market. Natural gas inventories of CenterPoint Energy’s Natural Gas Distribution business segment are primarily valued at weighted average cost. During 2013, 2012 and 2011, CenterPoint Energy recorded $4 million, $4 million and $11 million, respectively, in write-downs of natural gas inventory to the lower of average cost or market. | |
Derivative Instruments | ' |
Derivative Instruments | |
CenterPoint Energy is exposed to various market risks. These risks arise from transactions entered into in the normal course of business. CenterPoint Energy utilizes derivative instruments such as physical forward contracts, swaps and options to mitigate the impact of changes in commodity prices and weather on its operating results and cash flows. Such derivatives are recognized in CenterPoint Energy’s Consolidated Balance Sheets at their fair value unless CenterPoint Energy elects the normal purchase and sales exemption for qualified physical transactions. A derivative may be designated as a normal purchase or normal sale if the intent is to physically receive or deliver the product for use or sale in the normal course of business. | |
CenterPoint Energy has a Risk Oversight Committee composed of corporate and business segment officers that oversees all commodity price, weather and credit risk activities, including CenterPoint Energy’s marketing, risk management services and hedging activities. The committee’s duties are to establish CenterPoint Energy’s commodity risk policies, allocate board-approved commercial risk limits, approve the use of new products and commodities, monitor positions and ensure compliance with CenterPoint Energy’s risk management policies and procedures and limits established by CenterPoint Energy’s board of directors. | |
CenterPoint Energy’s policies prohibit the use of leveraged financial instruments. A leveraged financial instrument, for this purpose, is a transaction involving a derivative whose financial impact will be based on an amount other than the notional amount or volume of the instrument. | |
Investments in Other Debt and Equity Securities | ' |
Investments in Other Debt and Equity Securities | |
CenterPoint Energy reports securities classified as trading at estimated fair value in its Consolidated Balance Sheets, and any unrealized holding gains and losses are recorded as other income (expense) in its Statements of Consolidated Income. | |
Environmental Costs | ' |
Environmental Costs | |
CenterPoint Energy expenses or capitalizes environmental expenditures, as appropriate, depending on their future economic benefit. CenterPoint Energy expenses amounts that relate to an existing condition caused by past operations that do not have future economic benefit. CenterPoint Energy records undiscounted liabilities related to these future costs when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. | |
Statement of Consolidated Cash Flows | ' |
Statements of Consolidated Cash Flows | |
For purposes of reporting cash flows, CenterPoint Energy considers cash equivalents to be short-term, highly-liquid investments with maturities of three months or less from the date of purchase. In connection with the issuance of transition bonds and system restoration bonds, CenterPoint Energy was required to establish restricted cash accounts to collateralize the bonds that were issued in these financing transactions. These restricted cash accounts are not available for withdrawal until the maturity of the bonds and are not included in cash and cash equivalents. These restricted cash accounts of $41 million and $54 million at December 31, 2013 and 2012, respectively, are included in other current assets in CenterPoint Energy's Consolidated Balance Sheets. Cash and cash equivalents included $207 million and $266 million at December 31, 2013 and 2012, respectively, that was held by CenterPoint Energy’s transition and system restoration bond subsidiaries solely to support servicing the transition and system restoration bonds. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). The objective of ASU 2013-02 is to improve the transparency of changes in other comprehensive income and items reclassified out of Accumulated Other Comprehensive Income in financial statements. This new guidance is effective for a reporting entity's first reporting period beginning after December 15, 2012 and should be applied prospectively. CenterPoint Energy's adoption of this new guidance on January 1, 2013 did not have a material impact on its financial position, results of operations or cash flows. | |
In December 2011 and January 2013, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures About Offsetting Assets and Liabilities” (ASU 2011-11) and No. 2013-01, “Clarifying the Scope of Disclosures About Offsetting Assets and Liabilities” (ASU 2013-01), respectively. The objective of ASU 2011-11 is to enhance disclosures about the nature of an entity's rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective of ASU 2013-01 is to clarify which instruments and transactions are subject to ASU 2011-11. Both ASU 2011-11 and ASU 2013-01 are effective for a reporting entity's first reporting period beginning on or after January 1, 2013 and should be applied retrospectively. CenterPoint Energy's adoption of this new guidance on January 1, 2013 did not have a material impact on its financial position, results of operations or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Materials and supplies | $ | 140 | $ | 177 | ||||
Natural gas | 145 | 145 | ||||||
Total inventory | $ | 285 | $ | 322 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Schedule of Property, Plant and Equipment | ' | |||||||||||
Property, plant and equipment includes the following: | ||||||||||||
Weighted Average | December 31, | |||||||||||
Useful Lives | ||||||||||||
(Years) | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Electric Transmission & Distribution | 31 | $ | 8,741 | $ | 8,204 | |||||||
Natural Gas Distribution | 31 | 4,694 | 4,321 | |||||||||
Energy Services | 26 | 82 | 80 | |||||||||
Interstate Pipelines | — | — | (1 | ) | 2,803 | |||||||
Field Services | — | — | (1 | ) | 2,359 | |||||||
Other property | 23 | 621 | 610 | |||||||||
Total | 14,138 | 18,377 | ||||||||||
Accumulated depreciation and amortization: | ||||||||||||
Electric Transmission & Distribution | 2,907 | 2,839 | ||||||||||
Natural Gas Distribution | 1,324 | 1,194 | ||||||||||
Energy Services | 28 | 25 | ||||||||||
Interstate Pipelines | — | 355 | ||||||||||
Field Services | — | 118 | ||||||||||
Other property | 286 | 249 | ||||||||||
Total accumulated depreciation and amortization | 4,545 | 4,780 | ||||||||||
Property, plant and equipment, net | $ | 9,593 | $ | 13,597 | ||||||||
Depreciation and Amortization | ' | |||||||||||
The following table presents depreciation and amortization expense for 2013, 2012 and 2011 (in millions). | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Depreciation expense | $ | 531 | $ | 562 | $ | 529 | ||||||
Amortization expense | 423 | 488 | 357 | |||||||||
Total depreciation and amortization expense | $ | 954 | $ | 1,050 | $ | 886 | ||||||
Asset Retirement Obligation | ' | |||||||||||
A reconciliation of the changes in the asset retirement obligation (ARO) liability is as follows (in millions): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Beginning balance | $ | 164 | $ | 156 | ||||||||
Accretion expense | 5 | 7 | ||||||||||
Revisions in estimates of cash flows | (35 | ) | 1 | |||||||||
Ending balance | $ | 134 | $ | 164 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill by Reportable Segments | ' | |||||||||||||||||||||||
Goodwill by reportable business segment as of December 31, 2012 and changes in the carrying amount of goodwill as of December 31, 2013 are as follows (in millions): | ||||||||||||||||||||||||
December 31, 2011 | Impairment Charge | Waskom Acquisition (1) | December 31, 2012 | Contributed to Enable (1) | December 31, 2013 | |||||||||||||||||||
Natural Gas Distribution | $ | 746 | $ | — | $ | — | $ | 746 | $ | — | $ | 746 | ||||||||||||
Interstate Pipelines | 579 | — | — | 579 | 579 | — | ||||||||||||||||||
Energy Services | 335 | 252 | — | 83 | — | 83 | ||||||||||||||||||
Field Services | 25 | — | 24 | 49 | 49 | — | ||||||||||||||||||
Other | 11 | — | — | 11 | — | 11 | ||||||||||||||||||
Total | $ | 1,696 | $ | 252 | $ | 24 | $ | 1,468 | $ | 628 | $ | 840 | ||||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Regulated Operations [Abstract] | ' | |||||||
Schedule of Regulatory Assets and Liabilities | ' | |||||||
The following is a list of regulatory assets/liabilities reflected on CenterPoint Energy’s Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in millions) | ||||||||
Securitized regulatory assets | $ | 3,179 | $ | 3,545 | ||||
Unrecognized equity return (1) | (508 | ) | (553 | ) | ||||
Unamortized loss on reacquired debt | 111 | 119 | ||||||
Pension and postretirement-related regulatory asset (2) | 732 | 1,021 | ||||||
Other long-term regulatory assets (3) | 212 | 192 | ||||||
Total regulatory assets | 3,726 | 4,324 | ||||||
Estimated removal costs | 941 | 919 | ||||||
Other long-term regulatory liabilities | 211 | 174 | ||||||
Total regulatory liabilities | 1,152 | 1,093 | ||||||
Total regulatory assets and liabilities, net | $ | 2,574 | $ | 3,231 | ||||
-1 | As of December 31, 2013, CenterPoint Energy has not recognized an allowed equity return of $508 million because such return will be recognized as it is recovered in rates. During the years ended December 31, 2013, 2012 and 2011, CenterPoint Houston recognized approximately $45 million, $47 million and $21 million, respectively, of the allowed equity return. | |||||||
-2 | CenterPoint Houston’s actuarially determined pension and other postemployment expense in excess of the amount being recovered through rates is being deferred for rate making purposes. Deferred pension and other postemployment expenses of $5 million and $14 million as of December 31, 2013 and 2012, respectively, were not earning a return. | |||||||
-3 | Other regulatory assets that are not earning a return were not material as of December 31, 2013 and 2012. |
StockBased_Incentive_Compensat1
Stock-Based Incentive Compensation Plans and Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Summary of Activity in all Stock Based Incentive Compensation Plans | ' | |||||||||||||||||||||||
The following tables summarize CenterPoint Energy’s LTIP activity for 2013: | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||
Outstanding Options | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Shares | Weighted-Average | Remaining Average | Aggregate | |||||||||||||||||||||
(Thousands) | Exercise Price | Contractual | Intrinsic | |||||||||||||||||||||
Life (Years) | Value (Millions) | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 459 | $ | 9.84 | |||||||||||||||||||||
Exercised | (339 | ) | 9.46 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 120 | 10.93 | 0.2 | $ | 1 | |||||||||||||||||||
Exercisable at December 31, 2013 | 120 | 10.93 | 0.2 | 1 | ||||||||||||||||||||
Valuation Data | ||||||||||||||||||||||||
The total intrinsic value of awards received by participants was as follows for 2013, 2012 and 2011: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Stock options exercised | $ | 4 | $ | 6 | $ | 7 | ||||||||||||||||||
Performance awards | 20 | 24 | 7 | |||||||||||||||||||||
Stock awards | 10 | 9 | 7 | |||||||||||||||||||||
Performance Awards | ||||||||||||||||||||||||
Outstanding and Non-Vested Shares | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Shares | Weighted-Average | Remaining Average | Aggregate | |||||||||||||||||||||
(Thousands) | Grant Date | Contractual | Intrinsic | |||||||||||||||||||||
Fair Value | Life (Years) | Value (Millions) | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 2,992 | $ | 16.05 | |||||||||||||||||||||
Granted | 899 | 20.67 | ||||||||||||||||||||||
Forfeited or cancelled | (364 | ) | 15.9 | |||||||||||||||||||||
Vested and released to participants | (824 | ) | 14.21 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 2,703 | 18.17 | 0.9 | $ | 46 | |||||||||||||||||||
Stock Awards | ||||||||||||||||||||||||
Outstanding and Non-Vested Shares | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Shares | Weighted-Average | Remaining Average | Aggregate | |||||||||||||||||||||
(Thousands) | Grant Date | Contractual | Intrinsic | |||||||||||||||||||||
Fair Value | Life (Years) | Value (Millions) | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 995 | $ | 16.43 | |||||||||||||||||||||
Granted | 377 | 21.53 | ||||||||||||||||||||||
Forfeited or cancelled | (42 | ) | 18.56 | |||||||||||||||||||||
Vested and released to participants | (432 | ) | 15.91 | |||||||||||||||||||||
Outstanding at December 31, 2013 | 898 | 18.72 | 1 | $ | 21 | |||||||||||||||||||
The weighted-average grant-date fair values per unit of awards granted were as follows for 2013, 2012 and 2011: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Performance awards | $ | 20.67 | $ | 18.79 | $ | 15.49 | ||||||||||||||||||
Stock awards | 21.53 | 18.96 | 15.81 | |||||||||||||||||||||
Schedule of Net Pension and Post-retirement Benefit Costs | ' | |||||||||||||||||||||||
The following table summarizes changes in the benefit obligation, plan assets, the amounts recognized in consolidated balance sheets and the key assumptions of CenterPoint Energy’s pension, including benefit restoration, and postretirement plans. The measurement dates for plan assets and obligations were December 31, 2013 and 2012. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | Post-retirement | Pension | Post-retirement | |||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
(in millions, except for actuarial assumptions) | ||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 2,316 | $ | 538 | $ | 2,085 | $ | 500 | ||||||||||||||||
Service cost | 44 | 2 | 35 | 1 | ||||||||||||||||||||
Interest cost | 90 | 20 | 100 | 23 | ||||||||||||||||||||
Participant contributions | — | 7 | — | 7 | ||||||||||||||||||||
Benefits paid | (142 | ) | (34 | ) | (123 | ) | (35 | ) | ||||||||||||||||
Actuarial (gain) loss | (155 | ) | (60 | ) | 219 | 38 | ||||||||||||||||||
Medicare reimbursement | — | 3 | — | 4 | ||||||||||||||||||||
Benefit obligation, end of year | 2,153 | 476 | 2,316 | 538 | ||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 1,698 | 139 | 1,506 | 138 | ||||||||||||||||||||
Employer contributions | 91 | 19 | 82 | 20 | ||||||||||||||||||||
Participant contributions | — | 7 | — | 7 | ||||||||||||||||||||
Benefits paid | (142 | ) | (34 | ) | (123 | ) | (35 | ) | ||||||||||||||||
Actual investment return | 156 | 9 | 233 | 9 | ||||||||||||||||||||
Fair value of plan assets, end of year | 1,803 | 140 | 1,698 | 139 | ||||||||||||||||||||
Funded status, end of year | $ | (350 | ) | $ | (336 | ) | $ | (618 | ) | $ | (399 | ) | ||||||||||||
Amounts Recognized in Balance Sheets | ||||||||||||||||||||||||
Current liabilities-other | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||
Other liabilities-benefit obligations | (341 | ) | (327 | ) | (609 | ) | (390 | ) | ||||||||||||||||
Net liability, end of year | $ | (350 | ) | $ | (336 | ) | $ | (618 | ) | $ | (399 | ) | ||||||||||||
Actuarial Assumptions | ||||||||||||||||||||||||
Discount rate | 4.8 | % | 4.75 | % | 4 | % | 3.9 | % | ||||||||||||||||
Expected return on plan assets | 7 | 5.5 | 8 | 5.5 | ||||||||||||||||||||
Rate of increase in compensation levels | 3.9 | — | 4 | — | ||||||||||||||||||||
Healthcare cost trend rate assumed for the next year - Pre-65 | — | 7 | — | 9 | ||||||||||||||||||||
Healthcare cost trend rate assumed for the next year - Post-65 | — | 7.5 | — | 9 | ||||||||||||||||||||
Prescription drug cost trend rate assumed for the next year | — | 7 | — | 9 | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | — | 5.5 | — | 5.5 | ||||||||||||||||||||
Year that the healthcare rate reaches the ultimate trend rate | — | 2018 | — | 2017 | ||||||||||||||||||||
Year that the prescription drug rate reaches the ultimate trend rate | — | 2018 | — | 2017 | ||||||||||||||||||||
The following benefit payments are expected to be paid by the pension and postretirement benefit plans (in millions): | ||||||||||||||||||||||||
Postretirement Benefit Plan | ||||||||||||||||||||||||
Pension | Benefit | Medicare | ||||||||||||||||||||||
Benefits | Payments | Subsidy | ||||||||||||||||||||||
Receipts | ||||||||||||||||||||||||
2014 | $ | 135 | $ | 34 | $ | (4 | ) | |||||||||||||||||
2015 | 147 | 36 | (5 | ) | ||||||||||||||||||||
2016 | 153 | 38 | (5 | ) | ||||||||||||||||||||
2017 | 161 | 39 | (6 | ) | ||||||||||||||||||||
2018 | 157 | 41 | (6 | ) | ||||||||||||||||||||
2019-2023 | 843 | 221 | (39 | ) | ||||||||||||||||||||
CenterPoint Energy’s net periodic cost includes the following components relating to pension, including the benefit restoration plan, and postretirement benefits: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Pension | Post-retirement | Pension | Post-retirement | Pension | Post-retirement | |||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Service cost | $ | 44 | $ | 2 | $ | 35 | $ | 1 | $ | 33 | $ | 1 | ||||||||||||
Interest cost | 90 | 20 | 100 | 23 | 100 | 24 | ||||||||||||||||||
Expected return on plan assets | (135 | ) | (7 | ) | (121 | ) | (7 | ) | (115 | ) | (10 | ) | ||||||||||||
Amortization of prior service cost | 10 | 1 | 8 | 3 | 3 | 3 | ||||||||||||||||||
Amortization of net loss | 63 | 6 | 60 | 4 | 57 | 1 | ||||||||||||||||||
Amortization of transition obligation | — | 7 | — | 7 | — | 7 | ||||||||||||||||||
Benefit enhancement | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net periodic cost | $ | 72 | $ | 29 | $ | 82 | $ | 32 | $ | 78 | $ | 27 | ||||||||||||
CenterPoint Energy used the following assumptions to determine net periodic cost relating to pension and postretirement benefits: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Pension | Post-retirement | Pension | Post-retirement | Pension | Post-retirement | |||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||
Discount rate | 4 | % | 3.9 | % | 4.9 | % | 4.8 | % | 5.25 | % | 5.2 | % | ||||||||||||
Expected return on plan assets | 8 | 5.5 | 8 | 5.5 | 8 | 7.05 | ||||||||||||||||||
Rate of increase in compensation levels | 4 | — | 4.2 | — | 4.6 | — | ||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of the following: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | |||||||||||||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Unrecognized actuarial loss | $ | 126 | $ | 7 | $ | 173 | $ | 21 | ||||||||||||||||
Unrecognized prior service cost | 12 | 1 | 14 | 2 | ||||||||||||||||||||
Unrecognized transition obligation | — | — | — | 1 | ||||||||||||||||||||
Net amount recognized in accumulated other comprehensive loss | $ | 138 | $ | 8 | $ | 187 | $ | 24 | ||||||||||||||||
The changes in plan assets and benefit obligations recognized in other comprehensive income during 2013 are as follows (in millions): | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Net gain | $ | 34 | $ | 13 | ||||||||||||||||||||
Amortization of net loss | 13 | 1 | ||||||||||||||||||||||
Amortization of prior service credit | 2 | 1 | ||||||||||||||||||||||
Amortization of transition obligation | — | 1 | ||||||||||||||||||||||
Total recognized in comprehensive income | $ | 49 | $ | 16 | ||||||||||||||||||||
As part of the investment strategy discussed above, CenterPoint Energy has adopted and maintains the following weighted average allocation targets for its benefit plans: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
U.S. equity | 15 – 31% | 14 – 24% | ||||||||||||||||||||||
International developed market equity | 8 – 18% | 3 – 13% | ||||||||||||||||||||||
Emerging market equity | 4 – 14% | — | ||||||||||||||||||||||
Fixed income | 49 – 61% | 68 – 78% | ||||||||||||||||||||||
Cash | 0 – 2% | 0 – 2% | ||||||||||||||||||||||
CenterPoint Energy's changes in accumulated comprehensive loss related to defined benefit, postretirement and other postemployment plans are as follows (in millions): | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Beginning Balance | $ | (132 | ) | |||||||||||||||||||||
Other comprehensive income before reclassifications (1) | 52 | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||||||||||||||
Prior service cost (2) | 3 | |||||||||||||||||||||||
Actuarial losses (2) | 14 | |||||||||||||||||||||||
Total reclassifications from accumulated other comprehensive income | 17 | |||||||||||||||||||||||
Tax expense | (25 | ) | ||||||||||||||||||||||
Net current period other comprehensive income | 44 | |||||||||||||||||||||||
Ending Balance | $ | (88 | ) | |||||||||||||||||||||
________________ | ||||||||||||||||||||||||
-1 | Total other comprehensive income related to the re-measurement of pension, postretirement and other postemployment plans. | |||||||||||||||||||||||
-2 | These accumulated other comprehensive components are included in the computation of net periodic cost. | |||||||||||||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014 are as follows (in millions): | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
Unrecognized actuarial loss | $ | 9 | $ | — | ||||||||||||||||||||
Unrecognized prior service cost | 2 | — | ||||||||||||||||||||||
Amounts in accumulated comprehensive loss to be recognized in net periodic cost in 2014 | $ | 11 | $ | — | ||||||||||||||||||||
The following table displays pension benefits related to CenterPoint Energy’s pension plans that have accumulated benefit obligations in excess of plan assets: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Pension | Pension | Pension | Pension | |||||||||||||||||||||
Qualified | Non-qualified | Qualified | Non-qualified | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,031 | $ | 92 | $ | 2,184 | $ | 99 | ||||||||||||||||
Projected benefit obligation | 2,061 | 92 | 2,217 | 99 | ||||||||||||||||||||
Fair value of plan assets | 1,803 | — | 1,698 | — | ||||||||||||||||||||
Schedule of a One-percent Point Change in the Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||
Assumed healthcare cost trend rates have a significant effect on the reported amounts for CenterPoint Energy’s postretirement benefit plans. A 1% change in the assumed healthcare cost trend rate would have the following effects: | ||||||||||||||||||||||||
1% | 1% | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Effect on the postretirement benefit obligation | $ | 11 | $ | 10 | ||||||||||||||||||||
Effect on total of service and interest cost | 1 | 1 | ||||||||||||||||||||||
Schedule of Fair Value of Financial Assets for Pension and Post-retirement Benefits | ' | |||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy (see Note 8), CenterPoint Energy’s pension plan assets at fair value as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||||||
Cash | $ | 11 | $ | 11 | $ | — | $ | — | ||||||||||||||||
Common collective trust funds (1) | 1,107 | — | 1,107 | — | ||||||||||||||||||||
Corporate bonds: | ||||||||||||||||||||||||
Investment grade or above | 256 | — | 256 | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
International companies | 75 | 75 | — | — | ||||||||||||||||||||
U.S. companies | 77 | 77 | — | — | ||||||||||||||||||||
Cash received as collateral from securities lending | 71 | 71 | — | — | ||||||||||||||||||||
U.S. government backed agencies bonds | 1 | 1 | — | — | ||||||||||||||||||||
U.S. treasuries | 18 | 18 | — | — | ||||||||||||||||||||
Mortgage backed securities | 7 | — | 7 | — | ||||||||||||||||||||
Asset backed securities | 6 | — | 6 | — | ||||||||||||||||||||
Municipal bonds | 61 | — | 61 | — | ||||||||||||||||||||
Mutual funds (2) | 172 | 172 | — | — | ||||||||||||||||||||
International government bonds | 11 | — | 11 | — | ||||||||||||||||||||
Real estate | 1 | — | — | 1 | ||||||||||||||||||||
Obligation to return cash received as collateral from securities lending | (71 | ) | (71 | ) | — | — | ||||||||||||||||||
Total | $ | 1,803 | $ | 354 | $ | 1,448 | $ | 1 | ||||||||||||||||
-1 | 50% of the amount invested in common collective trust funds is in fixed income securities, 20% is in U.S. equities, 25% is in international equities and 5% is in emerging market equities. | |||||||||||||||||||||||
-2 | 58% of the amount invested in mutual funds is in international equities, 30% is in emerging market equities and 12% is in U.S. equities. | |||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||||||
Cash | $ | 6 | $ | 6 | $ | — | $ | — | ||||||||||||||||
Common collective trust funds (1) | 1,134 | — | 1,134 | — | ||||||||||||||||||||
Corporate bonds: | ||||||||||||||||||||||||
Investment grade or above | 108 | — | 108 | — | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
International companies | 100 | 100 | — | — | ||||||||||||||||||||
U.S. companies | 101 | 101 | — | — | ||||||||||||||||||||
Cash received as collateral from securities lending | 52 | 52 | — | — | ||||||||||||||||||||
U.S. government backed agencies bonds | 1 | 1 | — | — | ||||||||||||||||||||
U.S. treasuries | 13 | 13 | — | — | ||||||||||||||||||||
Mortgage backed securities | 9 | — | 9 | — | ||||||||||||||||||||
Asset backed securities | 7 | — | 7 | — | ||||||||||||||||||||
Municipal bonds | 48 | — | 48 | — | ||||||||||||||||||||
Mutual funds (2) | 160 | 160 | — | — | ||||||||||||||||||||
International government bonds | 8 | — | 8 | — | ||||||||||||||||||||
Real estate | 3 | — | — | 3 | ||||||||||||||||||||
Obligation to return cash received as collateral from securities lending | (52 | ) | (52 | ) | — | — | ||||||||||||||||||
Total | $ | 1,698 | $ | 381 | $ | 1,314 | $ | 3 | ||||||||||||||||
-1 | 42% of the amount invested in common collective trust funds is in fixed income securities, 27% is in U.S. equities, 26% is in international equities and 5% is in emerging market equities. | |||||||||||||||||||||||
-2 | 58% of the amount invested in mutual funds is in international equities, 33% is in emerging market equities and 9% is in U.S. equities. | |||||||||||||||||||||||
The following tables present by level, within the fair value hierarchy, CenterPoint Energy’s postretirement plan assets at fair value as of December 31, 2013 and 2012, by asset category: | ||||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Mutual funds (1) | $ | 140 | $ | 140 | $ | — | $ | — | ||||||||||||||||
Total | $ | 140 | $ | 140 | $ | — | $ | — | ||||||||||||||||
-1 | 72% of the amount invested in mutual funds is in fixed income securities, 20% is in U.S. equities and 8% is in international equities. | |||||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||
in Active | Observable | Unobservable | ||||||||||||||||||||||
Markets for | Inputs | Inputs | ||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
Mutual funds (1) | $ | 139 | $ | 139 | $ | — | $ | — | ||||||||||||||||
Total | $ | 139 | $ | 139 | $ | — | $ | — | ||||||||||||||||
-1 | 73% of the amount invested in mutual funds is in fixed income securities, 19% is in U.S. equities and 8% is in international equities. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Fair Value of Derivative Instruments | ' | |||||||||||||||
The following tables present information about CenterPoint Energy’s derivative instruments and hedging activities. The first two tables provide a balance sheet overview of CenterPoint Energy’s Derivative Assets and Liabilities as of December 31, 2013 and 2012, while the last table provides a breakdown of the related income statement impacts for the years ending December 31, 2013 and 2012. | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Total derivatives not designated | Balance Sheet | Derivative | Derivative | |||||||||||||
as hedging instruments | Location | Assets | Liabilities | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in millions) | ||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Assets: Non-trading derivative assets | $ | 28 | $ | 4 | |||||||||||
Natural gas derivatives (1) (3) | Other Assets: Non-trading derivative assets | 10 | — | |||||||||||||
Natural gas derivatives (1) (3) | Current Liabilities: Non-trading derivative liabilities | 4 | 21 | |||||||||||||
Natural gas derivatives (1) (3) | Other Liabilities: Non-trading derivative liabilities | 1 | 5 | |||||||||||||
Indexed debt securities derivative | Current Liabilities | — | 455 | |||||||||||||
Total | $ | 43 | $ | 485 | ||||||||||||
-1 | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 607 Bcf or a net 46 Bcf long position. Of the net long position, basis swaps constitute 99 Bcf. | |||||||||||||||
-2 | The $28 million Derivative Current Asset includes $1 million related to physical forwards purchased from Enable. | |||||||||||||||
-3 | Natural gas contracts are presented on a net basis in the Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $13 million asset as shown on CenterPoint Energy’s Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above offset by collateral netting of less than $1 million: | |||||||||||||||
Offsetting of Natural Gas Derivative Assets and Liabilities | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | ||||||||||||||
(in millions) | ||||||||||||||||
Current Assets: Non-trading derivative assets | $ | 32 | $ | (8 | ) | $ | 24 | |||||||||
Other Assets: Non-trading derivative assets | 11 | (1 | ) | 10 | ||||||||||||
Current Liabilities: Non-trading derivative liabilities | (25 | ) | 8 | (17 | ) | |||||||||||
Other Liabilities: Non-trading derivative liabilities | (5 | ) | 1 | (4 | ) | |||||||||||
Total | $ | 13 | $ | — | $ | 13 | ||||||||||
________________ | ||||||||||||||||
-1 | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | |||||||||||||||
-2 | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | |||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Total derivatives not designated | Balance Sheet | Derivative | Derivative | |||||||||||||
as hedging instruments | Location | Assets | Liabilities | |||||||||||||
Fair Value | Fair Value | |||||||||||||||
(in millions) | ||||||||||||||||
Natural gas derivatives (1) (2) | Current Assets: Non-trading derivative assets | $ | 37 | $ | 1 | |||||||||||
Natural gas derivatives (1) (2) | Other Assets: Non-trading derivative assets | 6 | — | |||||||||||||
Natural gas derivatives (1) (2) | Current Liabilities: Non-trading derivative liabilities | 5 | 27 | |||||||||||||
Natural gas derivatives (1) (2) | Other Liabilities: Non-trading derivative liabilities | 1 | 4 | |||||||||||||
Indexed debt securities derivative | Current Liabilities | — | 268 | |||||||||||||
Total | $ | 49 | $ | 300 | ||||||||||||
-1 | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 489 billion cubic feet (Bcf) or a net 101 Bcf long position. Of the net long position, basis swaps constitute 73 Bcf. | |||||||||||||||
-2 | Natural gas contracts are presented on a net basis in the Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $26 million asset as shown on CenterPoint Energy’s Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above offset by collateral netting of $9 million. | |||||||||||||||
Offsetting of Natural Gas Derivative Assets and Liabilities | ||||||||||||||||
December 31, 2012 | ||||||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | ||||||||||||||
(in millions) | ||||||||||||||||
Current Assets: Non-trading derivative assets | $ | 42 | $ | (6 | ) | $ | 36 | |||||||||
Other Assets: Non-trading derivative assets | 7 | (1 | ) | 6 | ||||||||||||
Current Liabilities: Non-trading derivative liabilities | (28 | ) | 14 | (14 | ) | |||||||||||
Other Liabilities: Non-trading derivative liabilities | (4 | ) | 2 | (2 | ) | |||||||||||
Total | $ | 17 | $ | 9 | $ | 26 | ||||||||||
________________ | ||||||||||||||||
-1 | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | |||||||||||||||
-2 | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | |||||||||||||||
Income Statement Impact of Derivative Activity | ' | |||||||||||||||
Income Statement Impact of Derivative Activity | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
Total derivatives not designated | Income Statement Location | 2013 | 2012 | 2011 | ||||||||||||
as hedging instruments | ||||||||||||||||
(in millions) | ||||||||||||||||
Natural gas derivatives | Gains (Losses) in Revenue | $ | 11 | $ | 43 | $ | 102 | |||||||||
Natural gas derivatives (1) (2) | Gains (Losses) in Expense: Natural Gas | 10 | (63 | ) | (144 | ) | ||||||||||
Indexed debt securities derivative | Gains (Losses) in Other Income (Expense) | (193 | ) | (71 | ) | 35 | ||||||||||
Total | $ | (172 | ) | $ | (91 | ) | $ | (7 | ) | |||||||
-1 | The Gains (Losses) in Expense: Natural Gas includes $(2) million during the year ended December 31, 2013 related to physical forwards purchased from Enable. | |||||||||||||||
-2 | The Gains (Losses) in Expense: Natural Gas includes $-0-, $(38) million and $(107) million of costs in 2013, 2012 and 2011, respectively, associated with price stabilization activities of the Natural Gas Distribution business segment that will be ultimately recovered through purchased gas adjustments. | |||||||||||||||
Credit Quality of Counterparties | ' | |||||||||||||||
In addition to the risk associated with price movements, credit risk is also inherent in CenterPoint Energy’s non-trading derivative activities. Credit risk relates to the risk of loss resulting from non-performance of contractual obligations by a counterparty. The following table shows the composition of counterparties to the non-trading derivative assets of CenterPoint Energy as of December 31, 2013 and 2012 (in millions): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Investment | Total | Investment | Total | |||||||||||||
Grade(1) | Grade(1) | |||||||||||||||
Energy marketers | $ | 1 | $ | 4 | $ | 1 | $ | 1 | ||||||||
Financial institutions | 1 | 9 | — | — | ||||||||||||
Retail end users (2) | 1 | 21 | — | 41 | ||||||||||||
Total | $ | 3 | $ | 34 | $ | 1 | $ | 42 | ||||||||
-1 | “Investment grade” is primarily determined using publicly available credit ratings and considering credit support (including parent company guarantees) and collateral (including cash and standby letters of credit). For unrated counterparties, CenterPoint Energy determines a synthetic credit rating by performing financial statement analysis and considering contractual rights and restrictions and collateral. | |||||||||||||||
-2 | Retail end users represent customers who have contracted to fix the price of a portion of their physical gas requirements for future periods. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value, Assets Measured on a Recurring Basis | ' | |||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Netting | Balance at December 31, 2013 | ||||||||||||||||
Active Markets | Observable | Unobservable | Adjustments (1) | |||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Corporate equities | $ | 770 | $ | — | $ | — | $ | — | $ | 770 | ||||||||||
Investments, including money market funds | 61 | — | — | — | 61 | |||||||||||||||
Natural gas derivatives (2) | 5 | 33 | 5 | (9 | ) | 34 | ||||||||||||||
Total assets | $ | 836 | $ | 33 | $ | 5 | $ | (9 | ) | $ | 865 | |||||||||
Liabilities | ||||||||||||||||||||
Indexed debt securities derivative | $ | — | $ | 455 | $ | — | $ | — | $ | 455 | ||||||||||
Natural gas derivatives | 1 | 27 | 2 | (9 | ) | 21 | ||||||||||||||
Total liabilities | $ | 1 | $ | 482 | $ | 2 | $ | (9 | ) | $ | 476 | |||||||||
-1 | Amounts represent the impact of legally enforceable master netting agreements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of less than $1 million posted with the same counterparties. | |||||||||||||||||||
-2 | The (Level 2) Natural gas derivative assets of $33 million include $1 million related to physical forwards purchased from Enable. | |||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Netting | Balance at December 31, 2012 | ||||||||||||||||
Active Markets | Observable | Unobservable | Adjustments (1) | |||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Corporate equities | $ | 542 | $ | — | $ | — | $ | — | $ | 542 | ||||||||||
Investments, including money market funds | 76 | — | — | — | 76 | |||||||||||||||
Natural gas derivatives | 1 | 40 | 7 | (6 | ) | 42 | ||||||||||||||
Total assets | $ | 619 | $ | 40 | $ | 7 | $ | (6 | ) | $ | 660 | |||||||||
Liabilities | ||||||||||||||||||||
Indexed debt securities derivative | $ | — | $ | 268 | $ | — | $ | — | $ | 268 | ||||||||||
Natural gas derivatives | 5 | 21 | 5 | (15 | ) | 16 | ||||||||||||||
Total liabilities | $ | 5 | $ | 289 | $ | 5 | $ | (15 | ) | $ | 284 | |||||||||
-1 | Amounts represent the impact of legally enforceable master netting agreements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of $9 million posted with the same counterparties. | |||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | ' | |||||||||||||||||||
The following tables present additional information about assets or liabilities, including derivatives that are measured at fair value on a recurring basis for which CenterPoint Energy has utilized Level 3 inputs to determine fair value: | ||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||
Derivative assets and liabilities, net | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Beginning balance | $ | 2 | $ | 6 | $ | 3 | ||||||||||||||
Total gains (1) | 3 | 3 | 6 | |||||||||||||||||
Total settlements (1) | (3 | ) | (6 | ) | (3 | ) | ||||||||||||||
Total purchases | — | — | 2 | |||||||||||||||||
Transfers out of Level 3 | — | (1 | ) | (2 | ) | |||||||||||||||
Transfers into Level 3 | 1 | — | — | |||||||||||||||||
Ending balance (2) | $ | 3 | $ | 2 | $ | 6 | ||||||||||||||
The amount of total gains for the period included in earnings | $ | 2 | $ | 1 | $ | 5 | ||||||||||||||
attributable to the change in unrealized gains or losses relating | ||||||||||||||||||||
to assets still held at the reporting date | ||||||||||||||||||||
________ | ||||||||||||||||||||
-1 | During 2013, 2012 and 2011, CenterPoint Energy did not have Level 3 unrealized gains (losses) or settlements related to price stabilization activities of the Natural Gas Distribution business segment. | |||||||||||||||||||
-2 | During 2013, 2012 and 2011, CenterPoint Energy did not have significant Level 3 sales. | |||||||||||||||||||
Estimated Fair Value of Financial Instruments, Debt Instruments | ' | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Notes receivable - affiliated companies | $ | 363 | $ | 363 | $ | — | $ | — | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Long-term debt | $ | 8,171 | $ | 8,670 | $ | 9,619 | $ | 10,807 | ||||||||||||
Unconsolidated_Affiliates_Tabl
Unconsolidated Affiliates (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Summary Investment Holdings [Table Text Block] | ' | ||||||||||||
Investment in Unconsolidated Affiliates: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Enable | $ | 4,319 | $ | — | |||||||||
SESH (1) | 199 | 404 | |||||||||||
Other | — | 1 | |||||||||||
Total | $ | 4,518 | $ | 405 | |||||||||
-1 | On May 1, 2013, CERC contributed a 24.95% interest in SESH to Enable, leaving CERC with a 25.05% interest in SESH. | ||||||||||||
Schedule of Equity in Earning of Unconsolidated Affiliates [Table Text Block] | ' | ||||||||||||
Equity in Earnings of Unconsolidated Affiliates, net: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Enable | $ | 173 | $ | — | $ | — | |||||||
SESH (1) | 15 | 26 | 21 | ||||||||||
Waskom (2) | — | 5 | 9 | ||||||||||
Total | $ | 188 | $ | 31 | $ | 30 | |||||||
-1 | On May 1, 2013, CERC contributed a 24.95% interest in SESH to Enable, leaving CERC with a 25.05% interest in SESH. | ||||||||||||
-2 | On July 31, 2012, Waskom became a wholly owned subsidiary of CenterPoint Energy. Beginning on August 1, 2012, Waskom’s operating results are consolidated on the Statements of Consolidated Income. On May 1, 2013, CenterPoint Energy contributed Waskom to Enable. | ||||||||||||
Schedule of Income Statements of Unconsolidated Affiliates [Table Text Block] | ' | ||||||||||||
Summarized income information for Enable from formation on May 1, 2013 through December 31, 2013 is as follows (in millions): | |||||||||||||
Operating revenues | $ | 2,123 | |||||||||||
Cost of sales, excluding depreciation and amortization | 1,241 | ||||||||||||
Operating income | 322 | ||||||||||||
Net income attributable to Enable | 289 | ||||||||||||
CenterPoint Energy's approximate 58.3% interest | $ | 168 | |||||||||||
Basis difference accretion gain | 5 | ||||||||||||
CenterPoint Energy's approximate 58.3% interest, net | $ | 173 | |||||||||||
Schedule of Balance Sheet of Unconsolidated Affiliate [Table Text Block] | ' | ||||||||||||
Summarized balance sheet information for Enable as of December 31, 2013 is as follows (in millions): | |||||||||||||
Current assets | $ | 549 | |||||||||||
Non-current assets | 10,683 | ||||||||||||
Current liabilities | 720 | ||||||||||||
Non-current liabilities | 2,331 | ||||||||||||
Noncontrolling interest | 33 | ||||||||||||
Enable Partners' Capital | 8,148 | ||||||||||||
CenterPoint Energy's approximate 58.3% interest | $ | 4,753 | |||||||||||
CenterPoint Energy's basis difference | (434 | ) | |||||||||||
CenterPoint Energy's investment in Enable | $ | 4,319 | |||||||||||
Schedule of Basis Difference of Unconsolidated Affiliates [Table Text Block] | ' | ||||||||||||
Summarized basis difference information for Enable is as follows (in millions): | |||||||||||||
Basis difference attributable to goodwill as of May 1, 2013 (1) | $ | 229 | |||||||||||
Basis difference to be accreted over 30 years as of May 1, 2013 | 210 | ||||||||||||
Total basis difference as of May 1, 2013 | 439 | ||||||||||||
Accumulated accretion of basis difference as of December 31, 2013 | (5 | ) | |||||||||||
CenterPoint Energy's basis difference in Enable as of December 31, 2013 | $ | 434 | |||||||||||
-1 | This difference related to CenterPoint Energy’s proportionate share of Enable’s goodwill arising from its acquisition of Enogex, and therefore will not be recognized by CenterPoint Energy. |
Indexed_Debt_Securities_ZENS_a1
Indexed Debt Securities (ZENS) and Time Warner Securities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Indexed Debt Securities [Abstract] | ' | |||||||||||
Summarized Financial Information on Investment in Time Warner Securities and Indexed Debt Security Obligation | ' | |||||||||||
The following table sets forth summarized financial information regarding CenterPoint Energy’s investment in TW Securities and each component of CenterPoint Energy’s ZENS obligation (in millions). | ||||||||||||
TW | Debt | Derivative | ||||||||||
Securities | Component | Component | ||||||||||
of ZENS | of ZENS | |||||||||||
Balance at December 31, 2010 | $ | 367 | $ | 126 | $ | 232 | ||||||
Accretion of debt component of ZENS | — | 22 | — | |||||||||
2% interest paid | — | (17 | ) | — | ||||||||
Gain on indexed debt securities | — | — | (35 | ) | ||||||||
Gain on TW Securities | 19 | — | — | |||||||||
Balance at December 31, 2011 | 386 | 131 | 197 | |||||||||
Accretion of debt component of ZENS | — | 24 | — | |||||||||
2% interest paid | — | (17 | ) | — | ||||||||
Loss on indexed debt securities | — | — | 71 | |||||||||
Gain on TW Securities | 154 | — | — | |||||||||
Balance at December 31, 2012 | 540 | 138 | 268 | |||||||||
Accretion of debt component of ZENS | — | 24 | — | |||||||||
2% interest paid | — | (17 | ) | — | ||||||||
Sale of TW securities | (9 | ) | — | — | ||||||||
Redemption of indexed debt securities | — | (2 | ) | (6 | ) | |||||||
Loss on indexed debt securities | — | — | 193 | |||||||||
Gain on TW Securities | 236 | — | — | |||||||||
Balance at December 31, 2013 | $ | 767 | $ | 143 | $ | 455 | ||||||
Short_Term_Borrowings_and_Long1
Short Term Borrowings and Long Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Short-term Borrowings and Long-term Debt | ' | |||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Long-Term | Current(1) | Long-Term | Current(1) | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||||||||||||||
Inventory financing | $ | — | $ | 43 | $ | — | $ | 38 | ||||||||||||||||||||||||
Total short-term borrowings | — | 43 | — | 38 | ||||||||||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||||||||||||||
CenterPoint Energy: | ||||||||||||||||||||||||||||||||
ZENS(2) | — | 143 | — | 138 | ||||||||||||||||||||||||||||
Senior notes 5.95% to 6.85% due 2015 to 2018 | 750 | — | 750 | — | ||||||||||||||||||||||||||||
Pollution control bonds 4.00% due 2015(3) | — | — | 151 | — | ||||||||||||||||||||||||||||
Pollution control bonds 4.90% to 5.125% due 2015 to 2028(4) | 187 | — | 187 | — | ||||||||||||||||||||||||||||
CenterPoint Houston: | ||||||||||||||||||||||||||||||||
First mortgage bonds 9.15% due 2021 | 102 | — | 102 | — | ||||||||||||||||||||||||||||
General mortgage bonds 2.25% to 6.95% due 2022 to 2042 | 1,312 | — | 1,312 | 450 | ||||||||||||||||||||||||||||
Pollution control bonds 4.250% to 5.60% due 2017 to 2027(5) | 183 | — | 183 | — | ||||||||||||||||||||||||||||
System restoration bonds 1.833% to 4.243% due 2014 to 2022 | 463 | 47 | 510 | 46 | ||||||||||||||||||||||||||||
Transition bonds 0.90% to 5.302% due 2014 to 2024 | 2,583 | 307 | 2,890 | 401 | ||||||||||||||||||||||||||||
CERC Corp.: | ||||||||||||||||||||||||||||||||
Senior notes 4.50% to 6.625% due 2016 to 2041 | 2,168 | — | 2,328 | 365 | ||||||||||||||||||||||||||||
Commercial paper (6) | 118 | — | — | — | ||||||||||||||||||||||||||||
Other | 1 | — | 1 | — | ||||||||||||||||||||||||||||
Unamortized discount and premium, net | (50 | ) | — | (57 | ) | — | ||||||||||||||||||||||||||
Total long-term debt | 7,817 | 497 | 8,357 | 1,400 | ||||||||||||||||||||||||||||
Total debt | $ | 7,817 | $ | 540 | $ | 8,357 | $ | 1,438 | ||||||||||||||||||||||||
-1 | Includes amounts due or exchangeable within one year of the date noted. | |||||||||||||||||||||||||||||||
-2 | CenterPoint Energy’s ZENS obligation is bifurcated into a debt component and an embedded derivative component. For additional information regarding ZENS, see Note 10(b). As ZENS are exchangeable for cash at any time at the option of the holders, these notes are classified as a current portion of long-term debt. | |||||||||||||||||||||||||||||||
-3 | These series of debt are secured by first mortgage bonds of CenterPoint Houston. | |||||||||||||||||||||||||||||||
-4 | $118 million of these series of debt were secured by general mortgage bonds of CenterPoint Houston at both December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||
-5 | These series of debt are secured by general mortgage bonds of CenterPoint Houston. | |||||||||||||||||||||||||||||||
-6 | Classified as long-term debt because the termination date of the facility that backstops the commercial paper is more than one year from the date noted. | |||||||||||||||||||||||||||||||
Schedule of Revolving Credit Facilities and Utilization of Such Facilities | ' | |||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, CenterPoint Energy, CenterPoint Houston and CERC Corp. had the following revolving credit facilities and utilization of such facilities (in millions): | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Size of | Loans | Letters | Commercial | Size of | Loans | Letters | Commercial | |||||||||||||||||||||||||
Facility | of Credit | Paper | Facility | of Credit | Paper | |||||||||||||||||||||||||||
CenterPoint Energy | $ | 1,200 | $ | — | $ | 6 | $ | — | $ | 1,200 | $ | — | $ | 7 | $ | — | ||||||||||||||||
CenterPoint Houston | 300 | — | 4 | — | 300 | — | 4 | — | ||||||||||||||||||||||||
CERC Corp. | 600 | — | — | 118 | 950 | — | — | — | ||||||||||||||||||||||||
Total | $ | 2,100 | $ | — | $ | 10 | $ | 118 | $ | 2,450 | $ | — | $ | 11 | $ | — | ||||||||||||||||
CenterPoint Energy’s $1.2 billion revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at the London Interbank Offered Rate (LIBOR) plus 125 basis points based on CenterPoint Energy’s current credit ratings. The revolving credit facility contains a financial covenant which limits CenterPoint Energy’s consolidated debt (excluding transition and system restoration bonds) to an amount not to exceed 65% of CenterPoint Energy’s consolidated capitalization. The financial covenant limit will temporarily increase from 65% to 70% if CenterPoint Houston experiences damage from a natural disaster in its service territory and CenterPoint Energy certifies to the administrative agent that CenterPoint Houston has incurred system restoration costs reasonably likely to exceed $100 million in a consecutive twelve-month period, all or part of which CenterPoint Houston intends to seek to recover through securitization financing. Such temporary increase in the financial covenant would be in effect from the date CenterPoint Energy delivers its certification until the earliest to occur of (i) the completion of the securitization financing, (ii) the first anniversary of CenterPoint Energy’s certification or (iii) the revocation of such certification. | ||||||||||||||||||||||||||||||||
CenterPoint Houston’s $300 million revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at LIBOR plus 112.5 basis points based on CenterPoint Houston’s current credit ratings. The revolving credit facility contains a financial covenant which limits CenterPoint Houston’s consolidated debt (excluding transition and system restoration bonds) to an amount not to exceed 65% of CenterPoint Houston's consolidated capitalization. | ||||||||||||||||||||||||||||||||
CERC Corp.’s $600 million revolving credit facility, which is scheduled to terminate on September 9, 2018, can be drawn at LIBOR plus 150 basis points based on CERC Corp.’s current credit ratings. The revolving credit facility contains a financial covenant which limits CERC’s consolidated debt to an amount not to exceed 65% of CERC’s consolidated capitalization. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Expense | ' | |||||||||||
The components of CenterPoint Energy’s income tax expense were as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Current income tax expense (benefit): | ||||||||||||
Federal | $ | 91 | $ | — | $ | (63 | ) | |||||
State | 23 | 12 | 24 | |||||||||
Total current expense (benefit) | 114 | 12 | (39 | ) | ||||||||
Deferred income tax expense (benefit): | ||||||||||||
Federal | 370 | 280 | 432 | |||||||||
State | (14 | ) | 48 | 11 | ||||||||
Total deferred expense | 356 | 328 | 443 | |||||||||
Total income tax expense | $ | 470 | $ | 340 | $ | 404 | ||||||
Reconciliation of Expected Federal Income Tax Expense to Actual | ' | |||||||||||
A reconciliation of the expected federal income tax expense using the federal statutory income tax rate to the actual income tax expense and resulting effective income tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Income before income taxes and extraordinary item | $ | 781 | $ | 757 | $ | 1,174 | ||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Expected federal income tax expense | 273 | 265 | 411 | |||||||||
Increase (decrease) in tax expense resulting from: | ||||||||||||
State income tax expense, net of federal income tax | 21 | 39 | 22 | |||||||||
Amortization of investment tax credit | — | (2 | ) | (6 | ) | |||||||
Tax effect related to the formation of Enable | 196 | — | — | |||||||||
Increase (decrease) in settled and uncertain income tax positions | (9 | ) | (33 | ) | (5 | ) | ||||||
Goodwill impairment | — | 88 | — | |||||||||
Other, net | (11 | ) | (17 | ) | (18 | ) | ||||||
Total | 197 | 75 | (7 | ) | ||||||||
Total income tax expense | $ | 470 | $ | 340 | $ | 404 | ||||||
Effective tax rate | 60.2 | % | 44.9 | % | 34.4 | % | ||||||
Tax Assets and Liabilities | ' | |||||||||||
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
Deferred tax assets: | ||||||||||||
Current: | ||||||||||||
Allowance for doubtful accounts | $ | 11 | $ | 10 | ||||||||
Deferred gas costs | 7 | — | ||||||||||
Other | 12 | 1 | ||||||||||
Total current deferred tax assets | 30 | 11 | ||||||||||
Non-current: | ||||||||||||
Loss and credit carryforwards | 51 | 90 | ||||||||||
Employee benefits | 258 | 383 | ||||||||||
Other | 76 | 64 | ||||||||||
Total non-current deferred tax assets before valuation allowance | 385 | 537 | ||||||||||
Valuation allowance | (2 | ) | (2 | ) | ||||||||
Total non-current deferred tax assets, net of valuation allowance | 383 | 535 | ||||||||||
Total deferred tax assets, net of valuation allowance | 413 | 546 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Current: | ||||||||||||
Unrealized gain on indexed debt securities | 541 | 439 | ||||||||||
Unrealized gain on TW securities | 97 | 151 | ||||||||||
Deferred gas costs | — | 25 | ||||||||||
Total current deferred tax liabilities | 638 | 615 | ||||||||||
Non-current: | ||||||||||||
Depreciation | 1,908 | 3,279 | ||||||||||
Regulatory assets, net | 1,308 | 1,278 | ||||||||||
Investment in unconsolidated affiliates | 1,590 | — | ||||||||||
Other | 119 | 131 | ||||||||||
Total non-current deferred tax liabilities | 4,925 | 4,688 | ||||||||||
Total deferred tax liabilities | 5,563 | 5,303 | ||||||||||
Accumulated deferred income taxes, net | $ | 5,150 | $ | 4,757 | ||||||||
Rollforward of Unrecognized Tax Benefits | ' | |||||||||||
Uncertain Income Tax Positions. The following table reconciles the beginning and ending balance of CenterPoint Energy’s unrecognized tax benefits (expenses): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Balance, beginning of year | $ | (23 | ) | $ | 51 | $ | 252 | |||||
Tax Positions related to prior years: | ||||||||||||
Additions | — | — | (1 | ) | ||||||||
Reductions | (1 | ) | (75 | ) | (203 | ) | ||||||
Tax Positions related to current year: | ||||||||||||
Additions | — | — | 5 | |||||||||
Settlements | 24 | 1 | (1 | ) | ||||||||
Lapse of statute of limitations | — | — | (1 | ) | ||||||||
Balance, end of year | $ | — | $ | (23 | ) | $ | 51 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Lease Commitments | ' | |||
The following table sets forth information concerning CenterPoint Energy’s obligations under non-cancelable long-term operating leases at December 31, 2013, which primarily consist of rental agreements for building space, data processing equipment, compression equipment and rights of way (in millions): | ||||
2014 | $ | 6 | ||
2015 | 4 | |||
2016 | 4 | |||
2017 | 2 | |||
2018 | 2 | |||
2019 and beyond | 3 | |||
Total | $ | 21 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Basic and Diluted Earnings Per Share | ' | |||||||||||
The following table reconciles numerators and denominators of CenterPoint Energy’s basic and diluted earnings per share calculations: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions, except per share and share amounts) | ||||||||||||
Income before extraordinary item | $ | 311 | $ | 417 | $ | 770 | ||||||
Extraordinary item, net of tax | — | — | 587 | |||||||||
Net income | $ | 311 | $ | 417 | $ | 1,357 | ||||||
Basic weighted average shares outstanding | 428,466,000 | 427,189,000 | 425,636,000 | |||||||||
Plus: Incremental shares from assumed conversions: | ||||||||||||
Stock options | 41,000 | 152,000 | 347,000 | |||||||||
Restricted stock | 2,423,000 | 2,453,000 | 2,741,000 | |||||||||
Diluted weighted average shares | 430,930,000 | 429,794,000 | 428,724,000 | |||||||||
Basic earnings per share: | ||||||||||||
Income before extraordinary item | $ | 0.73 | $ | 0.98 | $ | 1.81 | ||||||
Extraordinary item, net of tax | — | — | 1.38 | |||||||||
Net income | $ | 0.73 | $ | 0.98 | $ | 3.19 | ||||||
Diluted earnings per share: | ||||||||||||
Income before extraordinary item | $ | 0.72 | $ | 0.97 | $ | 1.8 | ||||||
Extraordinary item, net of tax | — | — | 1.37 | |||||||||
Net income | $ | 0.72 | $ | 0.97 | $ | 3.17 | ||||||
Unaudited_Quarterly_Informatio1
Unaudited Quarterly Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||
Summarized quarterly financial data is as follows: | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter (2) | Quarter | Quarter | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||||
Revenues | $ | 2,388 | $ | 1,894 | $ | 1,640 | $ | 2,184 | ||||||||
Operating income | 332 | 223 | 244 | 211 | ||||||||||||
Net income (loss) | 147 | (100 | ) | 151 | 113 | |||||||||||
Basic earnings (loss) per share(1) | $ | 0.34 | $ | (0.23 | ) | $ | 0.35 | $ | 0.26 | |||||||
Diluted earnings (loss) per share(1) | $ | 0.34 | $ | (0.23 | ) | $ | 0.35 | $ | 0.26 | |||||||
Year Ended December 31, 2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter (3) | Quarter | |||||||||||||
(in millions, except per share amounts) | ||||||||||||||||
Revenues | $ | 2,084 | $ | 1,525 | $ | 1,705 | $ | 2,138 | ||||||||
Operating income | 338 | 302 | 88 | 310 | ||||||||||||
Net income | $ | 147 | $ | 126 | $ | 10 | $ | 134 | ||||||||
Basic earnings per share(1) | $ | 0.34 | $ | 0.29 | $ | 0.02 | $ | 0.31 | ||||||||
Diluted earnings per share(1) | $ | 0.34 | $ | 0.29 | $ | 0.02 | $ | 0.31 | ||||||||
-1 | Quarterly earnings per common share are based on the weighted average number of shares outstanding during the quarter, and the sum of the quarters may not equal annual earnings per common share. | |||||||||||||||
-2 | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | |||||||||||||||
-3 | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. |
Reportable_Business_Segments_T
Reportable Business Segments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Financial Data for Business Segments | ' | |||||||||||||||||||||||
Financial data for business segments and products and services are as follows (in millions): | ||||||||||||||||||||||||
Revenues | Intersegment | Depreciation | Operating | Total | Expenditures | |||||||||||||||||||
from | Revenues | and | Income (Loss) | Assets | for Long-Lived | |||||||||||||||||||
External | Amortization | Assets | ||||||||||||||||||||||
Customers | ||||||||||||||||||||||||
As of and for the year ended December 31, 2013: | ||||||||||||||||||||||||
Electric Transmission & Distribution | $ | 2,570 | -1 | $ | — | $ | 685 | $ | 607 | $ | 9,605 | $ | 759 | |||||||||||
Natural Gas Distribution | 2,837 | 26 | 185 | 263 | 4,976 | 430 | ||||||||||||||||||
Energy Services | 2,374 | 27 | 5 | 13 | 895 | 3 | ||||||||||||||||||
Interstate Pipelines (2) (4) | 133 | 53 | 20 | 72 | — | 29 | ||||||||||||||||||
Field Services (3) (4) | 178 | 18 | 20 | 73 | — | 16 | ||||||||||||||||||
Midstream Investments (5) | — | — | — | — | 4,518 | — | ||||||||||||||||||
Other | 14 | — | 39 | (18 | ) | 3,026 | -6 | 35 | ||||||||||||||||
Reconciling Eliminations | — | (124 | ) | — | — | (1,150 | ) | — | ||||||||||||||||
Consolidated | $ | 8,106 | $ | — | $ | 954 | $ | 1,010 | $ | 21,870 | $ | 1,272 | ||||||||||||
As of and for the year ended December 31, 2012: | ||||||||||||||||||||||||
Electric Transmission & Distribution | $ | 2,540 | -1 | $ | — | $ | 729 | $ | 639 | $ | 11,174 | $ | 599 | |||||||||||
Natural Gas Distribution | 2,320 | 22 | 173 | 226 | 4,775 | 359 | ||||||||||||||||||
Energy Services | 1,758 | 26 | 6 | (250 | ) | 839 | 6 | |||||||||||||||||
Interstate Pipelines (2) | 356 | 146 | 56 | 207 | 4,004 | 132 | ||||||||||||||||||
Field Services (3) | 467 | 39 | 50 | 214 | 2,453 | 52 | ||||||||||||||||||
Other | 11 | — | 36 | 2 | 2,600 | -6 | 40 | |||||||||||||||||
Reconciling Eliminations | — | (233 | ) | — | — | (2,974 | ) | — | ||||||||||||||||
Consolidated | $ | 7,452 | $ | — | $ | 1,050 | $ | 1,038 | $ | 22,871 | $ | 1,188 | ||||||||||||
As of and for the year ended December 31, 2011: | ||||||||||||||||||||||||
Electric Transmission & Distribution | $ | 2,337 | -1 | $ | — | $ | 587 | $ | 623 | $ | 11,221 | $ | 538 | |||||||||||
Natural Gas Distribution | 2,823 | 18 | 166 | 226 | 4,636 | 295 | ||||||||||||||||||
Energy Services | 2,488 | 23 | 5 | 6 | 1,089 | 5 | ||||||||||||||||||
Interstate Pipelines (2) | 421 | 132 | 54 | 248 | 3,867 | 98 | ||||||||||||||||||
Field Services (3) | 370 | 42 | 37 | 189 | 1,894 | 201 | ||||||||||||||||||
Other | 11 | — | 37 | 6 | 2,318 | -6 | 54 | |||||||||||||||||
Reconciling Eliminations | — | (215 | ) | — | — | (3,322 | ) | — | ||||||||||||||||
Consolidated | $ | 8,450 | $ | — | $ | 886 | $ | 1,298 | $ | 21,703 | $ | 1,191 | ||||||||||||
-1 | Sales to affiliates of NRG in 2013, 2012 and 2011 represented approximately $658 million, $648 million and $594 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in 2013, 2012 and 2011 represented approximately $167 million, $162 million and $182 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Just Energy Group, Inc. in 2013, 2012 and 2011 represented approximately $126 million, $102 million and $81 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. | |||||||||||||||||||||||
-2 | Interstate Pipelines recorded equity income of $7 million, $26 million and $21 million in the years ended December 31, 2013, 2012 and 2011, respectively, from its interest in SESH, a jointly-owned pipeline. These amounts are included in Equity in earnings of unconsolidated affiliates under the Other Income (Expense) caption. Interstate Pipelines’ investment in SESH was $404 million and $409 million as of December 31, 2012 and 2011 and is included in Investment in unconsolidated affiliates. As discussed above, effective May 1, 2013, CenterPoint Energy reports equity earnings associated with its interest in Enable and equity earnings associated with its retained interest in SESH under a new Midstream Investments segment, and no longer has an Interstate Pipelines reporting segment prospectively. | |||||||||||||||||||||||
-3 | Field Services recorded equity income of $5 million and $9 million for the years ended December 31, 2012 and 2011, respectively, from its interest in Waskom. These amounts are included in Equity in earnings of unconsolidated affiliates under the Other Income (Expense) caption. Field Services’ investment in the jointly-owned gas processing plant was $63 million as of December 31, 2011 and is included in Investment in unconsolidated affiliates. Beginning on August 1, 2012, financial results for Waskom are included in operating income due to the July 31, 2012 purchase of the 50% interest in Waskom that CenterPoint Energy did not already own. CenterPoint Energy contributed 100% interest in Waskom to Enable on May 1, 2013. Effective May 1, 2013, CenterPoint Energy reports equity earnings associated with its interest in Enable under a new Midstream Investments segment, and no longer has a Field Services reporting segment prospectively. | |||||||||||||||||||||||
-4 | Results reflected in the year ended December 31, 2013 represent only January 2013 through April 2013. | |||||||||||||||||||||||
-5 | Midstream Investments reported equity earnings of $173 million from Enable and $8 million of equity earnings from CenterPoint Energy’s retained interest in SESH for the eight months ended December 31, 2013. Included in total assets of Midstream Investments as of December 31, 2013 is $4,319 million related to CenterPoint Energy’s investment in Enable and $199 million related to CenterPoint Energy’s retained interest in SESH. | |||||||||||||||||||||||
-6 | Included in total assets of Other Operations as of December 31, 2013, 2012 and 2011, are pension and other postemployment related regulatory assets of $627 million, $832 million and $796 million, respectively. | |||||||||||||||||||||||
Revenues by Products and Services | ' | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
Revenues by Products and Services: | 2013 | 2012 | 2011 | |||||||||||||||||||||
Electric delivery | $ | 2,570 | $ | 2,540 | $ | 2,337 | ||||||||||||||||||
Retail gas sales | 4,150 | 3,328 | 4,019 | |||||||||||||||||||||
Wholesale gas sales | 913 | 613 | 1,149 | |||||||||||||||||||||
Gas transportation and processing | 345 | 847 | 824 | |||||||||||||||||||||
Energy products and services | 128 | 124 | 121 | |||||||||||||||||||||
Total | $ | 8,106 | $ | 7,452 | $ | 8,450 | ||||||||||||||||||
Background_Details
Background (Details) | Dec. 31, 2013 |
Natural Gas Distribution [Member] | ' |
Number of States in which Entity Operates | 6 |
Energy Services [Member] | ' |
Number of States in which Entity Operates | 21 |
CERC Corp [Member] | Enable Midstream Partners [Member] | ' |
Equity Method Investment, Ownership Percentage | 58.30% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Jul. 31, 2012 | 31-May-13 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Waskom Gas Processing Company [Member] | Waskom Gas Processing Company [Member] | Waskom Gas Processing Company [Member] | Gathering and Related Assets [Member] | Enogex LLC [Member] | Southeast Supply Header, LLC [Member] | Enable Midstream Partners [Member] | Enable Midstream Partners [Member] | Enable Midstream Partners [Member] | Enable Midstream Partners [Member] | Enable Midstream Partners [Member] | ||||||
OGE ARCLIGHT [Member] | CERC Corp [Member] | CERC Corp [Member] | CERC Corp [Member] | OGE [Member] | OGE [Member] | ArcLight [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Minimum ownership interest percentage for investments recorded using the equity method (in hundredths) | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum ownership interest percentage for investments recorded using the equity method (in hundredths) | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity Interest Contributed, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 24.95% | ' | ' | ' | ' | ' | |
Percentage of ownership interest | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | 58.30% | 58.30% | 28.50% | 28.50% | 13.20% | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | |
Incentive Distribution Right | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | 60.00% | ' | ' | |
Percentage of Ownership in Affiliate 2 Acquired | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments to Acquire Businesses, Net of Cash Acquired | $273 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Purchase Price Allocation, Remaining Interest | ' | ' | ' | ' | 201 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments to Acquire Property, Plant, and Equipment | 253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Step acquisition gain | 136 | 0 | 136 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill, Acquired During Period | 24 | ' | 24 | [1] | ' | 17 | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' |
Number of consolidated variable interest entities | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount of removal costs recognized as a component of depreciation expense recorded as a regulatory liability | ' | 941 | 919 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount of capitalized interest and allowance for funds used during construction | ' | 11 | 9 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | ' | 8 | 6 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Allowance for doubtful accounts | ' | 28 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Provision for doubtful accounts | ' | 21 | 16 | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Write-Downs of Natural Gas Inventory to Lower of Cost or Market | ' | 4 | 4 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Materials and supplies | ' | 140 | 177 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Natural gas | ' | 145 | 145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total inventory | ' | 285 | 322 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restricted cash accounts | ' | 41 | 54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount of cash and cash equivalents that is held by transition and system restoration bond subsidiaries solely to support servicing the transition and system restoration bonds. | ' | $207 | $266 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | See Note 2(b) |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | |
Total | $14,138 | $18,377 | ' | |
Total accumulated depreciation and amortization | 4,545 | 4,780 | ' | |
Property, plant and equipment, net | 9,593 | 13,597 | ' | |
Depreciation and amortization [Abstract] | ' | ' | ' | |
Depreciation expense | 531 | 562 | 529 | |
Amortization expense | 423 | 488 | 357 | |
Total depreciation and amortization expense | 954 | 1,050 | 886 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | |
Beginning balance | 164 | 156 | ' | |
Accretion expense | 5 | 7 | ' | |
Revisions in estimates of cash flows | -35 | 1 | ' | |
Ending balance | 134 | 164 | 156 | |
Asset Retirement Obligation, Period Increase (Decrease) | 35 | ' | ' | |
Electric Transmission & Distribution [Member] | ' | ' | ' | |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | |
Total | 8,741 | 8,204 | ' | |
Total accumulated depreciation and amortization | 2,907 | 2,839 | ' | |
Property, plant and equipment, useful life, weighted average (in years) | '31 | ' | ' | |
Natural Gas Distribution [Member] | ' | ' | ' | |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | |
Total | 4,694 | 4,321 | ' | |
Total accumulated depreciation and amortization | 1,324 | 1,194 | ' | |
Property, plant and equipment, useful life, weighted average (in years) | '31 | ' | ' | |
Energy Services [Member] | ' | ' | ' | |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | |
Total | 82 | 80 | ' | |
Total accumulated depreciation and amortization | 28 | 25 | ' | |
Property, plant and equipment, useful life, weighted average (in years) | '26 | ' | ' | |
Interstate Pipelines [Member] | ' | ' | ' | |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | |
Total | 0 | [1] | 2,803 | ' |
Total accumulated depreciation and amortization | 0 | 355 | ' | |
Property, plant and equipment, useful life, weighted average (in years) | '0 | ' | ' | |
Field Services [Member] | ' | ' | ' | |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | |
Total | 0 | [1] | 2,359 | ' |
Total accumulated depreciation and amortization | 0 | 118 | ' | |
Property, plant and equipment, useful life, weighted average (in years) | '0 | ' | ' | |
Other property [Member] | ' | ' | ' | |
Property, Plant and Equipment, Net, by Type [Abstract] | ' | ' | ' | |
Total | 621 | 610 | ' | |
Total accumulated depreciation and amortization | $286 | $249 | ' | |
Property, plant and equipment, useful life, weighted average (in years) | '23 | ' | ' | |
[1] | Following the formation of Enable on May 1, 2013, substantially all of the assets of CenterPoint Energy's former Interstate Pipelines and Field Services business segments are owned by Enable. |
Goodwill_Details
Goodwill (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill Reporting Information [Line Items] | ' | ' | ' | ' | |
Goodwill | ' | $840 | $1,468 | $1,696 | |
Goodwill impairment | ' | 0 | 252 | 0 | |
Goodwill, Acquired During Period | 24 | ' | 24 | [1] | ' |
Goodwill, Other Changes | ' | 628 | ' | ' | |
Natural Gas Distribution [Member] | ' | ' | ' | ' | |
Goodwill Reporting Information [Line Items] | ' | ' | ' | ' | |
Goodwill | ' | 746 | 746 | 746 | |
Goodwill impairment | ' | ' | 0 | ' | |
Goodwill, Acquired During Period | ' | ' | 0 | [1] | ' |
Goodwill, Other Changes | ' | 0 | ' | ' | |
Interstate Pipelines [Member] | ' | ' | ' | ' | |
Goodwill Reporting Information [Line Items] | ' | ' | ' | ' | |
Goodwill | ' | 0 | 579 | 579 | |
Goodwill impairment | ' | ' | 0 | ' | |
Goodwill, Acquired During Period | ' | ' | 0 | [1] | ' |
Goodwill, Other Changes | ' | 579 | ' | ' | |
Energy Services [Member] | ' | ' | ' | ' | |
Goodwill Reporting Information [Line Items] | ' | ' | ' | ' | |
Goodwill | ' | 83 | 83 | 335 | |
Goodwill impairment | ' | ' | 252 | ' | |
Goodwill, Acquired During Period | ' | ' | 0 | [1] | ' |
Goodwill, Other Changes | ' | 0 | ' | ' | |
Field Services [Member] | ' | ' | ' | ' | |
Goodwill Reporting Information [Line Items] | ' | ' | ' | ' | |
Goodwill | ' | 0 | 49 | 25 | |
Goodwill impairment | ' | ' | 0 | ' | |
Goodwill, Acquired During Period | ' | ' | 24 | [1] | ' |
Goodwill, Other Changes | ' | 49 | ' | ' | |
Corporate and Other [Member] | ' | ' | ' | ' | |
Goodwill Reporting Information [Line Items] | ' | ' | ' | ' | |
Goodwill | ' | 11 | 11 | 11 | |
Goodwill impairment | ' | ' | 0 | ' | |
Goodwill, Acquired During Period | ' | ' | 0 | [1] | ' |
Goodwill, Other Changes | ' | $0 | ' | ' | |
[1] | See Note 2(b) |
Regulatory_Matters_Regulatory_
Regulatory Matters (Regulatory Assets and Liabilities) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ||
Total regulatory assets | $3,726 | $4,324 | ' | ||
Total regulatory liabilities | 1,152 | 1,093 | ' | ||
Total regulatory assets and liabilities, net | 2,574 | 3,231 | ' | ||
Amount of allowed equity return on the true-up balance that has not been recognized | 508 | ' | ' | ||
Amount of allowed equity return on the true-up balance that was recognized in the period | 45 | 47 | 21 | ||
Remaining amounts of regulatory assets for which no return on investment during recovery period is provided | 5 | 14 | ' | ||
Securitized regulatory assets | ' | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ||
Total regulatory assets | 3,179 | 3,545 | ' | ||
Other Regulatory Assets (Liabilities) [Member] | ' | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ||
Total regulatory assets | -508 | [1] | -553 | [1] | ' |
Unrecognized equity return (1) | ' | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ||
Total regulatory liabilities | 211 | 174 | ' | ||
Unamortized loss on reacquired debt | ' | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ||
Total regulatory assets | 111 | 119 | ' | ||
Pension and postretirement-related regulatory asset (2) | ' | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ||
Total regulatory assets | 732 | [2] | 1,021 | [2] | ' |
Other long-term regulatory assets (3) | ' | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ||
Total regulatory assets | 212 | [3] | 192 | [3] | ' |
Estimated removal costs | ' | ' | ' | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ||
Total regulatory liabilities | $941 | $919 | ' | ||
[1] | As of December 31, 2013, CenterPoint Energy has not recognized an allowed equity return of $508 million because such return will be recognized as it is recovered in rates. During the years ended December 31, 2013, 2012 and 2011, CenterPoint Houston recognized approximately $45 million, $47 million and $21 million, respectively, of the allowed equity return. | ||||
[2] | CenterPoint Houston’s actuarially determined pension and other postemployment expense in excess of the amount being recovered through rates is being deferred for rate making purposes. Deferred pension and other postemployment expenses of $5 million and $14 million as of December 31, 2013 and 2012, respectively, were not earning a return. | ||||
[3] | Other regulatory assets that are not earning a return were not material as of December 31, 2013 and 2012. |
Regulatory_Matters_Resolution_
Regulatory Matters (Resolution of True-Up Appeal) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2005 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2004 | Mar. 31, 2004 | Jan. 31, 2012 | |
Bond Company IV [Member] | ||||||||
True Up Resolution [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Initial amount of true-up application | ' | ' | ' | ' | ' | ' | $3,700,000,000 | ' |
Amount awarded in final true-up order by the Texas Utility Commission | ' | ' | ' | ' | ' | 2,300,000,000 | ' | ' |
Net after-tax extraordinary gain (loss) | -947,000,000 | 587,000,000 | 0 | 0 | 587,000,000 | ' | ' | ' |
Additional Amount Allowed By District Court On True Up Appeal | ' | 1,695,000,000 | ' | ' | ' | ' | ' | ' |
Transition bonds issued to recover true-up costs | ' | ' | ' | ' | ' | ' | ' | 1,695,000,000 |
Extraordinary Item, Gain (Loss), Gross | ' | 921,000,000 | ' | ' | ' | ' | ' | ' |
Tax Effect of Extraordinary Item, Gain (Loss) | ' | 334,000,000 | ' | ' | ' | ' | ' | ' |
Return on true-up balance | ' | 352,000,000 | 0 | 0 | 352,000,000 | ' | ' | ' |
Return on True-Up Balance after tax | ' | 224,000,000 | ' | ' | ' | ' | ' | ' |
Equity Return portion of Recoverable True-Up Balance pre-tax | ' | ' | ' | 405,000,000 | ' | ' | ' | ' |
Equity Return portion of Recoverable True-Up Balance after-tax | ' | ' | ' | $258,000,000 | ' | ' | ' | ' |
StockBased_Incentive_Compensat2
Stock-Based Incentive Compensation Plans and Employee Benefit Plans (Stock Based Incentive Compensation) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares authorized for issuance under long-term incentive plans (in shares) | 14,000,000 | ' | ' |
Vesting period (in years) | '3 years | ' | ' |
Dividends declared during the vesting period (in dollars per share) | $2.49 | $2.43 | $2.37 |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
Income tax benefit recognized related to LTIPs | $7 | $7 | $7 |
Actual tax benefit realized for tax deductions related to LTIPs | 13 | 14 | 8 |
Changes in shares outstanding under all long-term incentive plans, additional disclosures [Abstract] | ' | ' | ' |
Cash received from options exercised | 3 | 3 | 5 |
Summary of nonvested shares [Roll Forward] | ' | ' | ' |
Total grant date fair values of performance and stock awards which vested during the period | 19 | 19 | 12 |
Unrecognized compensation cost related to non-vested performance and stock awards | 18 | ' | ' |
Weighted average period of recognition (in years) | '1 year 7 months | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Changes in shares outstanding under all long-term incentive plans, additional disclosures [Abstract] | ' | ' | ' |
Number of options outstanding, beginning balance (in shares) | 459,000 | ' | ' |
Number of options exercised (in shares) | -339,000 | ' | ' |
Number of options outstanding, ending balance (in shares) | 120,000 | 459,000 | ' |
Number of exercisable options (in shares) | 120,000 | ' | ' |
Weighted average exercise price per option, outstanding, beginning of period (in dollars per share) | $9.84 | ' | ' |
Weighted average exercise price per option exercised (in dollars per share) | $9.46 | ' | ' |
Weighted average exercise price per option, outstanding, end of period (in dollars per share) | $10.93 | $9.84 | ' |
Weighted average exercise price per exercisable option (in dollars per share) | $10.93 | ' | ' |
Remaining average contractual life of options outstanding (in years) | 0.2 | ' | ' |
Remaining average contractual life of exercisable options (in years) | 0.2 | ' | ' |
Aggregate intrinsic value of options outstanding | 1 | ' | ' |
Aggregate intrinsic value of exercisable options | 1 | ' | ' |
Summary of nonvested shares [Roll Forward] | ' | ' | ' |
Total intrinsic value of stock options exercised in the period | 4 | 6 | 7 |
Performance Awards [Member] | ' | ' | ' |
Summary of nonvested shares [Roll Forward] | ' | ' | ' |
Nonvested, beginning of period (in shares) | 2,992,000 | ' | ' |
Granted (in shares) | 899,000 | ' | ' |
Forfeited or cancelled (in shares) | -364,000 | ' | ' |
Vested and released to participants (in shares) | -824,000 | ' | ' |
Nonvested, end of period (in shares) | 2,703,000 | 2,992,000 | ' |
Weighted average grant date fair value, nonvested, beginning of period (in dollars per share) | $16.05 | ' | ' |
Weighted average grant date fair values of awards granted (in dollars per share) | $20.67 | $18.79 | $15.49 |
Weighted average grant date fair value, forfeited or cancelled (in dollars per share) | $15.90 | ' | ' |
Weighted average grant date fair value, vested and released to participants (in dollars per share) | $14.21 | ' | ' |
Weighted average grant date fair value, nonvested, end of period (in dollars per share) | $18.17 | $16.05 | ' |
Remaining average contractual life of nonvested shares outstanding (in years) | 0.9 | ' | ' |
Aggregate intrinsic value of non-vested shares outstanding | 46 | ' | ' |
Total intrinsic value of awards vested in the period | 20 | 24 | 7 |
Weighted average grant date fair values of awards granted (in dollars per share) | $20.67 | $18.79 | $15.49 |
Stock Awards [Member] | ' | ' | ' |
Summary of nonvested shares [Roll Forward] | ' | ' | ' |
Nonvested, beginning of period (in shares) | 995,000 | ' | ' |
Granted (in shares) | 377,000 | ' | ' |
Forfeited or cancelled (in shares) | -42,000 | ' | ' |
Vested and released to participants (in shares) | -432,000 | ' | ' |
Nonvested, end of period (in shares) | 898,000 | 995,000 | ' |
Weighted average grant date fair value, nonvested, beginning of period (in dollars per share) | $16.43 | ' | ' |
Weighted average grant date fair values of awards granted (in dollars per share) | $21.53 | $18.96 | $15.81 |
Weighted average grant date fair value, forfeited or cancelled (in dollars per share) | $18.56 | ' | ' |
Weighted average grant date fair value, vested and released to participants (in dollars per share) | $15.91 | ' | ' |
Weighted average grant date fair value, nonvested, end of period (in dollars per share) | $18.72 | $16.43 | ' |
Remaining average contractual life of nonvested shares outstanding (in years) | 1 | ' | ' |
Aggregate intrinsic value of non-vested shares outstanding | 21 | ' | ' |
Total intrinsic value of awards vested in the period | 10 | 9 | 7 |
Weighted average grant date fair values of awards granted (in dollars per share) | $21.53 | $18.96 | $15.81 |
Operation And Maintenance Expense Member | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
LTIP compensation expense | 19 | 18 | 19 |
Inventory or Fixed Assets [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | ' | ' |
LTIP compensation expense | $0 | $0 | $0 |
StockBased_Incentive_Compensat3
Stock-Based Incentive Compensation Plans and Employee Benefit Plans (Pension and Postretirement Benefits) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Annualized individual discount rates based on time period, minimum | '6 months | ' | ' | |
Pension and Postretirement Benefits [Abstract] | ' | ' | ' | |
New percentage of eligible earnings used to determine retirement benefits (in hundredths) | 5.00% | ' | ' | |
Percent vested | 100.00% | ' | ' | |
Pension plan minimum vesting period (in years) | 'three | ' | ' | |
Approximate amortization period of transition obligation (in years) | '20 years | ' | ' | |
Change in plan assets [Rollforward] | ' | ' | ' | |
Fair value of plan assets at beginning of year | $1,698 | ' | ' | |
Fair value of plan assets at end of year | 1,803 | 1,698 | ' | |
Amounts recognized in balance sheets | ' | ' | ' | |
Other liabilities-benefit obligations | -802 | -1,143 | ' | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |
Accumulated benefit obligation for all defined benefit pension plans | 2,123 | 2,283 | ' | |
Amounts reclassified from accumulated other comprehensive income: [Abstract] | ' | ' | ' | |
Net current period other comprehensive income | 44 | -2 | -16 | |
Effect of a one-percentage point change in assumed health care cost trend rates | ' | ' | ' | |
Effect of a one-percentage point increase on post-retirement benefit obligation | 11 | ' | ' | |
Effect of a one-percentage point decrease on post-retirement benefit obligation | 10 | ' | ' | |
Effect of a one-percentage point increase on total service and interest cost | 1 | ' | ' | |
Effect of a one-percentage point decrease on total service and interest cost | 1 | ' | ' | |
Annualized individual discount rates based on time period, maximum | '99 years | ' | ' | |
Other Pension Plan, Postretirement or Supplemental Plans, Defined Benefit [Member] | ' | ' | ' | |
Amounts reclassified from accumulated other comprehensive income: [Abstract] | ' | ' | ' | |
Beginning Balance | -132 | ' | ' | |
Other comprehensive income before reclassifications (1) | 52 | [1] | ' | ' |
Prior service cost (2) | 3 | [2] | ' | ' |
Actuarial losses (2) | 14 | [2] | ' | ' |
Total reclassifications from accumulated other comprehensive income | 17 | ' | ' | |
Tax expense | -25 | ' | ' | |
Net current period other comprehensive income | 44 | ' | ' | |
Ending Balance | -88 | ' | ' | |
Pension Plan [Member] | ' | ' | ' | |
Components of net periodic costs [Abstract] | ' | ' | ' | |
Service cost | 44 | 35 | 33 | |
Interest cost | 90 | 100 | 100 | |
Expected return on plan assets | -135 | -121 | -115 | |
Amortization of prior service cost | 10 | 8 | 3 | |
Amortization of net loss | 63 | 60 | 57 | |
Amortization of transition obligation | 0 | 0 | 0 | |
Benefit enhancement | 0 | 0 | 0 | |
Net periodic cost | 72 | 82 | 78 | |
Assumptions used to determine net periodic benefit (income) cost | ' | ' | ' | |
Discount rate (in hundredths) | 4.00% | 4.90% | 5.25% | |
Expected return on plan assets (in hundredths) | 8.00% | 8.00% | 8.00% | |
Rate of increase in compensation levels (in hundredths) | 4.00% | 4.20% | 4.60% | |
Change in benefit obligation [Roll Forward] | ' | ' | ' | |
Benefit obligation at beginning of year | 2,316 | 2,085 | ' | |
Service cost | 44 | 35 | ' | |
Interest cost | 90 | 100 | ' | |
Participant contributions | 0 | 0 | ' | |
Benefits paid | -142 | -123 | ' | |
Actuarial loss | -155 | 219 | ' | |
Medicare reimbursement | 0 | 0 | ' | |
Benefit obligation at end of year | 2,153 | 2,316 | 2,085 | |
Change in plan assets [Rollforward] | ' | ' | ' | |
Fair value of plan assets at beginning of year | 1,698 | 1,506 | ' | |
Employer contributions | 91 | 82 | ' | |
Participant contributions | 0 | 0 | ' | |
Benefits paid | -142 | -123 | ' | |
Actual investment return | 156 | 233 | ' | |
Fair value of plan assets at end of year | 1,803 | 1,698 | 1,506 | |
Funded status of plan | ' | ' | ' | |
Funded status at end of year | -350 | -618 | ' | |
Amounts recognized in balance sheets | ' | ' | ' | |
Current liabilities - other | -9 | -9 | ' | |
Other liabilities-benefit obligations | -341 | -609 | ' | |
Net liability, end of year | -350 | -618 | ' | |
Actuarial Assumptions [Abstract] | ' | ' | ' | |
Discount rate (in hundredths) | 4.80% | 4.00% | ' | |
Expected return on plan assets (in hundredths) | 7.00% | 8.00% | ' | |
Rate of increase in compensation levels (in hundredths) | 3.90% | 4.00% | ' | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |
Health care costs trend rate assumed for next year (in hundredths) | 0.00% | 0.00% | ' | |
Healthcare and prescription drug cost trend rate assumed for next year (in hundredths) | 0.00% | 0.00% | ' | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (in hundredths) | 0.00% | 0.00% | ' | |
Amounts recognized in accumulated other comprehensive loss | ' | ' | ' | |
Unrecognized actuarial loss | 126 | 173 | ' | |
Unrecognized prior service cost | 12 | 14 | ' | |
Unrecognized transition obligation | 0 | 0 | ' | |
Net amount recognized in accumulated other comprehensive loss | 138 | 187 | ' | |
Changes in plan assets and benefit obligations recognized in other comprehensive income | ' | ' | ' | |
Net loss | 34 | ' | ' | |
Amortization of net loss | 13 | ' | ' | |
Amortization of prior service credit | 2 | ' | ' | |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | 0 | ' | ' | |
Total recognized in comprehensive income | 49 | ' | ' | |
Total expense recognized in net periodic cost and other comprehensive income | 23 | ' | ' | |
Amounts that will be amortized from accumulated other comprehensive loss in next fiscal year | ' | ' | ' | |
Unrecognized actuarial loss | 9 | ' | ' | |
Unrecognized prior service cost | 2 | ' | ' | |
Amounts in comprehensive loss to be recognized in net periodic cost in 2012 | 11 | ' | ' | |
Pension Plan [Member] | Qualified Pension Plan [Member] | ' | ' | ' | |
Pension benefits that have accumulated benefit obligations in excess of plan assets | ' | ' | ' | |
Accumulated benefit obligation | 2,031 | 2,184 | ' | |
Projected benefit obligation | 2,061 | 2,217 | ' | |
Fair value of plan assets | 1,803 | 1,698 | ' | |
Pension Plan [Member] | Non-qualified Pension Plan [Member] | ' | ' | ' | |
Pension benefits that have accumulated benefit obligations in excess of plan assets | ' | ' | ' | |
Accumulated benefit obligation | 92 | 99 | ' | |
Projected benefit obligation | 92 | 99 | ' | |
Fair value of plan assets | 0 | 0 | ' | |
Postretirement Benefits [Member] | ' | ' | ' | |
Components of net periodic costs [Abstract] | ' | ' | ' | |
Service cost | 2 | 1 | 1 | |
Interest cost | 20 | 23 | 24 | |
Expected return on plan assets | -7 | -7 | -10 | |
Amortization of prior service cost | 1 | 3 | 3 | |
Amortization of net loss | 6 | 4 | 1 | |
Amortization of transition obligation | 7 | 7 | 7 | |
Benefit enhancement | 0 | 1 | 1 | |
Net periodic cost | 29 | 32 | 27 | |
Assumptions used to determine net periodic benefit (income) cost | ' | ' | ' | |
Discount rate (in hundredths) | 3.90% | 4.80% | 5.20% | |
Expected return on plan assets (in hundredths) | 5.50% | 5.50% | 7.05% | |
Rate of increase in compensation levels (in hundredths) | 0.00% | 0.00% | 0.00% | |
Change in benefit obligation [Roll Forward] | ' | ' | ' | |
Benefit obligation at beginning of year | 538 | 500 | ' | |
Service cost | 2 | 1 | ' | |
Interest cost | 20 | 23 | ' | |
Participant contributions | 7 | 7 | ' | |
Benefits paid | -34 | -35 | ' | |
Actuarial loss | -60 | 38 | ' | |
Medicare reimbursement | 3 | 4 | ' | |
Benefit obligation at end of year | 476 | 538 | 500 | |
Change in plan assets [Rollforward] | ' | ' | ' | |
Fair value of plan assets at beginning of year | 139 | 138 | ' | |
Employer contributions | 19 | 20 | ' | |
Participant contributions | 7 | 7 | ' | |
Benefits paid | -34 | -35 | ' | |
Actual investment return | 9 | 9 | ' | |
Fair value of plan assets at end of year | 140 | 139 | 138 | |
Funded status of plan | ' | ' | ' | |
Funded status at end of year | -336 | -399 | ' | |
Amounts recognized in balance sheets | ' | ' | ' | |
Current liabilities - other | -9 | -9 | ' | |
Other liabilities-benefit obligations | -327 | -390 | ' | |
Net liability, end of year | -336 | -399 | ' | |
Actuarial Assumptions [Abstract] | ' | ' | ' | |
Discount rate (in hundredths) | 4.75% | 3.90% | ' | |
Expected return on plan assets (in hundredths) | 5.50% | 5.50% | ' | |
Rate of increase in compensation levels (in hundredths) | 0.00% | 0.00% | ' | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |
Healthcare and prescription drug cost trend rate assumed for next year (in hundredths) | 7.00% | 9.00% | ' | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (in hundredths) | 5.50% | 5.50% | ' | |
Year that healthcare rate reaches the ultimate trend rate | '2018 | '2017 | ' | |
Year that prescription drug rate reaches the ultimate trend rate | '2018 | '2017 | ' | |
Amounts recognized in accumulated other comprehensive loss | ' | ' | ' | |
Unrecognized actuarial loss | 7 | 21 | ' | |
Unrecognized prior service cost | 1 | 2 | ' | |
Unrecognized transition obligation | 0 | 1 | ' | |
Net amount recognized in accumulated other comprehensive loss | 8 | 24 | ' | |
Changes in plan assets and benefit obligations recognized in other comprehensive income | ' | ' | ' | |
Net loss | 13 | ' | ' | |
Amortization of net loss | 1 | ' | ' | |
Amortization of prior service credit | 1 | ' | ' | |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Transition Asset (Obligation), before Tax | 1 | ' | ' | |
Total recognized in comprehensive income | 16 | ' | ' | |
Total expense recognized in net periodic cost and other comprehensive income | 13 | ' | ' | |
Amounts that will be amortized from accumulated other comprehensive loss in next fiscal year | ' | ' | ' | |
Unrecognized actuarial loss | 0 | ' | ' | |
Unrecognized prior service cost | 0 | ' | ' | |
Amounts in comprehensive loss to be recognized in net periodic cost in 2012 | 0 | ' | ' | |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |
Change in plan assets [Rollforward] | ' | ' | ' | |
Fair value of plan assets at end of year | 354 | 381 | ' | |
Fair Value, Inputs, Level 1 [Member] | Postretirement Benefits [Member] | ' | ' | ' | |
Change in plan assets [Rollforward] | ' | ' | ' | |
Fair value of plan assets at end of year | $140 | $139 | ' | |
Age Pre 65 [Member] | Postretirement Benefits [Member] | ' | ' | ' | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |
Health care costs trend rate assumed for next year (in hundredths) | 7.00% | 9.00% | ' | |
Age Post 65 [Member] [Member] | Postretirement Benefits [Member] | ' | ' | ' | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' | ' | |
Health care costs trend rate assumed for next year (in hundredths) | 7.50% | 9.00% | ' | |
[1] | Total other comprehensive income related to the re-measurement of pension, postretirement and other postemployment plans. | |||
[2] | These accumulated other comprehensive components are included in the computation of net periodic cost. |
StockBased_Incentive_Compensat4
Stock-Based Incentive Compensation Plans and Employee Benefit Plans (Plan Assets) (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | $1,803 | $1,698 | ' | ||
Percentage of investment in common collective funds allocated to fixed income securities (in hundredths) | 50.00% | 42.00% | ' | ||
Percentage of investment in common collective funds allocated to U.S. equities (in hundredths) | 20.00% | 27.00% | ' | ||
Percentage of investment in common collective funds allocated to international equities (in hundredths) | 25.00% | 26.00% | ' | ||
Defined Benefit Plan Common Collective Funds Percentage Of Emerging Market Equities | 5.00% | 5.00% | ' | ||
Percentage of investment in mutual funds allocated to international equities | 58.00% | 58.00% | ' | ||
Defined Benefit Plan Mutual Funds Percentage of Emerging Market Equities | 30.00% | 33.00% | ' | ||
Percentage of investment in mutual funds allocated to U.S. equities (in hundredths) | 12.00% | 9.00% | ' | ||
Percentage of investment in mutual funds allocated to fixed income securities under the postretirement plan (in hundredths) | 72.00% | 73.00% | ' | ||
Percentage of investment in mutual funds allocated to U.S. equity securities under the postretirement plan (in hundredths) | 20.00% | 19.00% | ' | ||
Percentage of investment in mutual funds allocated to international equity securities under the postretirement plan (in hundredths) | 8.00% | 8.00% | ' | ||
Savings Plan [Abstract] | ' | ' | ' | ||
Maximum percentage of eligible compensation employees may contribute to the savings plan (in hundredths) | 50.00% | ' | ' | ||
Percentage of employer match under the savings plan (in hundredths) | '100% of the first 6% of each employee’s compensation contributed | ' | ' | ||
Number of Common stock held by the savings plan (in shares) | 18,029,972 | ' | ' | ||
Percentage of investment in common stocks (in hundredths) | 21.00% | ' | ' | ||
Defined Contribution Plan, Cost Recognized | 38 | 36 | 35 | ||
Postemployment Benefits [Abstract] | ' | ' | ' | ||
Postemployment benefit income (expense) | -4 | -8 | -7 | ||
Postemployment benefit obligations | 30 | 32 | ' | ||
Other Non-Qualified Plans [Abstract] | ' | ' | ' | ||
Benefit expense related to deferred compensation plans | 5 | 5 | 5 | ||
Other non-qualified plans benefit obligations deferred compensation | 64 | 71 | ' | ||
Benefit obligations related to split-dollar life insurance arrangements | 28 | 29 | ' | ||
Cash [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 11 | 6 | ' | ||
Common Collective Trust Funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1,107 | [1] | 1,134 | [2] | ' |
Investment grade or above [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 256 | 108 | ' | ||
International equities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 75 | 100 | ' | ||
U.S. companies [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 77 | 101 | ' | ||
Cash received as collateral from securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 71 | 52 | ' | ||
U.S. government back agencies bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1 | 1 | ' | ||
U.S. treasuries [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 18 | 13 | ' | ||
Mortgage backed securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 7 | 9 | ' | ||
Asset backed securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 6 | 7 | ' | ||
Municipal bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 61 | 48 | ' | ||
Mutual funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 172 | [3] | 160 | [4] | ' |
International government bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 11 | 8 | ' | ||
Real estate [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1 | 3 | ' | ||
Obligation to return cash received as collateral from securities lending [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | -71 | -52 | ' | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 354 | 381 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 11 | 6 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Common Collective Trust Funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | [1] | 0 | [2] | ' |
Fair Value, Inputs, Level 1 [Member] | Investment grade or above [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 1 [Member] | International equities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 75 | 100 | ' | ||
Fair Value, Inputs, Level 1 [Member] | U.S. companies [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 77 | 101 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Cash received as collateral from securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 71 | 52 | ' | ||
Fair Value, Inputs, Level 1 [Member] | U.S. government back agencies bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1 | 1 | ' | ||
Fair Value, Inputs, Level 1 [Member] | U.S. treasuries [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 18 | 13 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage backed securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Asset backed securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Municipal bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Mutual funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 172 | [3] | 160 | [4] | ' |
Fair Value, Inputs, Level 1 [Member] | International government bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Real estate [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 1 [Member] | Obligation to return cash received as collateral from securities lending [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | -71 | -52 | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1,448 | 1,314 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Common Collective Trust Funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1,107 | [1] | 1,134 | [2] | ' |
Fair Value, Inputs, Level 2 [Member] | Investment grade or above [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 256 | 108 | ' | ||
Fair Value, Inputs, Level 2 [Member] | International equities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | U.S. companies [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Cash received as collateral from securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | U.S. government back agencies bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | U.S. treasuries [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage backed securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 7 | 9 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Asset backed securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 6 | 7 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Municipal bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 61 | 48 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Mutual funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | [3] | 0 | [3] | ' |
Fair Value, Inputs, Level 2 [Member] | International government bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 11 | 8 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Real estate [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 2 [Member] | Obligation to return cash received as collateral from securities lending [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1 | 3 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Common Collective Trust Funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | [1] | 0 | [2] | ' |
Fair Value, Inputs, Level 3 [Member] | Investment grade or above [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | International equities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | U.S. companies [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Cash received as collateral from securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | U.S. government back agencies bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | U.S. treasuries [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Mortgage backed securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Asset backed securities [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Municipal bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Mutual funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | [3] | 0 | [3] | ' |
Fair Value, Inputs, Level 3 [Member] | International government bonds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Real estate [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1 | 3 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Obligation to return cash received as collateral from securities lending [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Pension Plan [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 1,803 | 1,698 | 1,506 | ||
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' | ' | ' | ||
Pension benefit payments 2014 | 135 | ' | ' | ||
Pension benefit payments 2015 | 147 | ' | ' | ||
Pension benefit payments 2016 | 153 | ' | ' | ||
Pension benefit payments 2017 | 161 | ' | ' | ||
Pension benefit payments 2018 | 157 | ' | ' | ||
Pension benefit payments 2019 - 2023 | 843 | ' | ' | ||
Pension Plan [Member] | U.S. Equity [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 15.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 31.00% | ' | ' | ||
Pension Plan [Member] | International Developed Market Equity [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 8.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 18.00% | ' | ' | ||
Pension Plan [Member] | Emerging Market Equity [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 4.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 14.00% | ' | ' | ||
Pension Plan [Member] | Fixed Income [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 49.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 61.00% | ' | ' | ||
Pension Plan [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 2.00% | ' | ' | ||
Postretirement Benefits [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 140 | 139 | 138 | ||
Total contributions to the plans during the period | 16 | ' | ' | ||
Estimated future contributions in the next fiscal year | 17 | ' | ' | ||
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' | ' | ' | ||
Pension benefit payments 2014 | 34 | ' | ' | ||
Pension benefit payments 2015 | 36 | ' | ' | ||
Pension benefit payments 2016 | 38 | ' | ' | ||
Pension benefit payments 2017 | 39 | ' | ' | ||
Pension benefit payments 2018 | 41 | ' | ' | ||
Pension benefit payments 2019 - 2023 | 221 | ' | ' | ||
Medicare subsidy receipts - 2014 | -4 | ' | ' | ||
Medicare subsidy receipts - 2015 | -5 | ' | ' | ||
Medicare subsidy receipts - 2016 | -5 | ' | ' | ||
Medicare subsidy receipts - 2017 | -6 | ' | ' | ||
Medicare subsidy receipts - 2018 | -6 | ' | ' | ||
Medicare subsidy receipts - 2019 - 2023 | -39 | ' | ' | ||
Postretirement Benefits [Member] | U.S. Equity [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 14.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 24.00% | ' | ' | ||
Postretirement Benefits [Member] | International Developed Market Equity [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 3.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 13.00% | ' | ' | ||
Postretirement Benefits [Member] | Emerging Market Equity [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 0.00% | ' | ' | ||
Postretirement Benefits [Member] | Fixed Income [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 68.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 78.00% | ' | ' | ||
Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ' | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 2.00% | ' | ' | ||
Postretirement Benefits [Member] | Mutual funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 140 | [5] | 139 | [6] | ' |
Postretirement Benefits [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 140 | 139 | ' | ||
Postretirement Benefits [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 140 | [5] | 139 | [6] | ' |
Postretirement Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Postretirement Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | [5] | 0 | [6] | ' |
Postretirement Benefits [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | 0 | ' | ||
Postretirement Benefits [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Pension plan assets, fair value | 0 | [5] | 0 | [6] | ' |
Qualified Pension Plan [Member] | Pension Plan [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Total contributions to the plans during the period | 83 | ' | ' | ||
Estimated future contributions in the next fiscal year | 87 | ' | ' | ||
Non-qualified Pension Plan [Member] | Pension Plan [Member] | ' | ' | ' | ||
Schedule Of Fair Value Of Financial Assets For Pension And Postretirement Benefits [Line Items] | ' | ' | ' | ||
Total contributions to the plans during the period | 8 | ' | ' | ||
Estimated future contributions in the next fiscal year | $9 | ' | ' | ||
[1] | 50% of the amount invested in common collective trust funds is in fixed income securities, 20% is in U.S. equities, 25% is in international equities and 5% is in emerging market equities. | ||||
[2] | 42% of the amount invested in common collective trust funds is in fixed income securities, 27% is in U.S. equities, 26% is in international equities and 5% is in emerging market equities. | ||||
[3] | 58% of the amount invested in mutual funds is in international equities, 30% is in emerging market equities and 12% is in U.S. equities. | ||||
[4] | 58% of the amount invested in mutual funds is in international equities, 33% is in emerging market equities and 9% is in U.S. equities. | ||||
[5] | 72% of the amount invested in mutual funds is in fixed income securities, 20% is in U.S. equities and 8% is in international equities. | ||||
[6] | 73% of the amount invested in mutual funds is in fixed income securities, 19% is in U.S. equities and 8% is in international equities. |
StockBased_Incentive_Compensat5
Stock-Based Incentive Compensation Plans and Employee Benefit Plans (Change in Control Agreements and Other Employee Matters) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Concentration Risk [Line Items] | ' |
Maximum Number Of Times Annual Salary Included In Severance Benefits | 3 |
Length Of Agreements Including Severance Benefits | 'one-year |
Workforce Subject to Collective Bargaining Arrangements [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration Risk, Percentage | 30.00% |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
MMcf | MMcf | |||||
Years | ||||||
Derivative [Line Items] | ' | ' | ' | |||
Liabilities, Fair Value Disclosure, Recurring | $476 | $284 | ' | |||
Weather Hedges [Abstract] | ' | ' | ' | |||
Term of normal weather used as the basis for weather hedges (in years) | 10 | 10 | 10 | |||
Gain (loss) recognized from weather hedges | -22 | 8 | -1 | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative Gross Volumes on Natural Gas Contracts (in mmcf) | 607,000 | 489,000 | ' | |||
Net long position (mmcf) | 46,000 | 101,000 | ' | |||
Amount of net long position constituted by basis swaps (mmcf) | 99,000 | 73,000 | ' | |||
Derivative Instruments, Assets, Physical Forwards Purchased | 1 | ' | ' | |||
Total non-trading derivative assets and liabilities net of collateral | 13 | 26 | ' | |||
Collateral netting | 1 | 9 | ' | |||
Income Statement Impact of Derivative Activity [Abstract] | ' | ' | ' | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -172 | -91 | -7 | |||
Derivative, Credit Risk Related Contingent Features [Abstract] | ' | ' | ' | |||
Total fair value of the derivative instruments that contain credit risk contingent features that are in a net liability position | 1 | 5 | ' | |||
The aggregate fair value of assets already posted as collateral | 1 | 1 | ' | |||
Credit Risk Contingent Features assets | 1 | 5 | ' | |||
Credit Quality of Counterparties [Abstract] | ' | ' | ' | |||
Investment Grade | 3 | [1] | 1 | [1] | ' | |
Total | 34 | 42 | ' | |||
Energy marketers [Member] | ' | ' | ' | |||
Credit Quality of Counterparties [Abstract] | ' | ' | ' | |||
Investment Grade | 1 | [1] | 1 | [1] | ' | |
Total | 4 | 1 | ' | |||
Financial institutions [Member] | ' | ' | ' | |||
Credit Quality of Counterparties [Abstract] | ' | ' | ' | |||
Investment Grade | 1 | [1] | 0 | [1] | ' | |
Total | 9 | 0 | ' | |||
Retail end users [Member] | ' | ' | ' | |||
Credit Quality of Counterparties [Abstract] | ' | ' | ' | |||
Investment Grade | 1 | [1],[2] | 0 | [1],[2] | ' | |
Total | 21 | [2] | 41 | [2] | ' | |
Derivatives Not Designated as Hedging Instruments [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 43 | 49 | ' | |||
Derivative Liability, Fair Value, Gross Liability | -485 | -300 | ' | |||
Natural gas derivatives [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Total non-trading derivative assets and liabilities net of collateral | 13 | [3] | 26 | [3] | ' | |
Derivative, Fair Value, Net | 13 | [4] | 17 | [4] | ' | |
Derivative, fair value, offsets, net | 0 | 9 | ' | |||
Natural gas derivatives [Member] | Gains (Losses) in Revenue [Member] | ' | ' | ' | |||
Income Statement Impact of Derivative Activity [Abstract] | ' | ' | ' | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 11 | 43 | 102 | |||
Natural gas derivatives [Member] | Gains (Losses) in Expense: Natural Gas [Member] | ' | ' | ' | |||
Income Statement Impact of Derivative Activity [Abstract] | ' | ' | ' | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 10 | [5],[6] | -63 | [5],[6] | -144 | [5],[6] |
Derivative Instruments Physical Forwards Purchased | -2 | ' | ' | |||
Costs associated with price stabilization activities of the Natural Gas Distribution business segment included in Expenses | 0 | -38 | -107 | |||
Natural gas derivatives [Member] | Current Assets [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 32 | [4] | 42 | [4] | ' | |
Total non-trading derivative assets and liabilities net of collateral | 24 | [3] | 36 | [3] | ' | |
Derivative Asset, Fair Value, Gross Liability | -8 | -6 | ' | |||
Natural gas derivatives [Member] | Other Assets [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 11 | [4] | 7 | [4] | ' | |
Total non-trading derivative assets and liabilities net of collateral | 10 | [3] | 6 | [3] | ' | |
Derivative Asset, Fair Value, Gross Liability | -1 | -1 | ' | |||
Natural gas derivatives [Member] | Other Liabilities [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative Liability, Fair Value, Gross Liability | -5 | [4] | -4 | [4] | ' | |
Total non-trading derivative assets and liabilities net of collateral | -4 | [3] | -2 | [3] | ' | |
Derivative Liability, Fair Value, Gross Asset | 1 | 2 | ' | |||
Natural gas derivatives [Member] | Current Liabilities [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative Liability, Fair Value, Gross Liability | -25 | [4] | -28 | [4] | ' | |
Total non-trading derivative assets and liabilities net of collateral | -17 | [3] | -14 | [3] | ' | |
Derivative Liability, Fair Value, Gross Asset | 8 | 14 | ' | |||
Natural gas derivatives [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Current Assets [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 28 | [7],[8],[9] | 37 | [10],[11] | ' | |
Derivative Liability, Fair Value, Gross Liability | -4 | [7],[8],[9] | -1 | [10],[11] | ' | |
Natural gas derivatives [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 10 | [7],[9] | 6 | [10],[11] | ' | |
Derivative Liability, Fair Value, Gross Liability | 0 | [7],[9] | 0 | [10],[11] | ' | |
Natural gas derivatives [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 1 | [7],[9] | 1 | [10],[11] | ' | |
Derivative Liability, Fair Value, Gross Liability | -5 | [7],[9] | -4 | [10],[11] | ' | |
Natural gas derivatives [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Current Liabilities [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 4 | [7],[9] | 5 | [10],[11] | ' | |
Derivative Liability, Fair Value, Gross Liability | -21 | [7],[9] | -27 | [10],[11] | ' | |
Indexed debt securities derivative [Member] | Gains (Losses) in Other Income (Expense) [Member] | ' | ' | ' | |||
Income Statement Impact of Derivative Activity [Abstract] | ' | ' | ' | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -193 | -71 | 35 | |||
Indexed debt securities derivative [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Current Liabilities [Member] | ' | ' | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 0 | 0 | ' | |||
Derivative Liability, Fair Value, Gross Liability | -455 | -268 | ' | |||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Liabilities, Fair Value Disclosure, Recurring | 1 | 5 | ' | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' | ' | |||
Derivative assets fair value | 5 | [12] | 1 | ' | ||
Derivative Liability, Fair Value, Gross Liability | ($1) | ($5) | ' | |||
[1] | “Investment grade†is primarily determined using publicly available credit ratings and considering credit support (including parent company guarantees) and collateral (including cash and standby letters of credit). For unrated counterparties, CenterPoint Energy determines a synthetic credit rating by performing financial statement analysis and considering contractual rights and restrictions and collateral. | |||||
[2] | Retail end users represent customers who have contracted to fix the price of a portion of their physical gas requirements for future periods. | |||||
[3] | The derivative assets and liabilities on the Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. | |||||
[4] | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. | |||||
[5] | The Gains (Losses) in Expense: Natural Gas includes $(2) million during the year ended December 31, 2013 related to physical forwards purchased from Enable. | |||||
[6] | The Gains (Losses) in Expense: Natural Gas includes $-0-, $(38) million and $(107) million of costs in 2013, 2012 and 2011, respectively, associated with price stabilization activities of the Natural Gas Distribution business segment that will be ultimately recovered through purchased gas adjustments. | |||||
[7] | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 607Â Bcf or a net 46Â Bcf long position. Of the net long position, basis swaps constitute 99Â Bcf. | |||||
[8] | The $28 million Derivative Current Asset includes $1 million related to physical forwards purchased from Enable. | |||||
[9] | Natural gas contracts are presented on a net basis in the Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $13 million asset as shown on CenterPoint Energy’s Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above offset by collateral netting of less than $1 million: | |||||
[10] | Natural gas contracts are presented on a net basis in the Consolidated Balance Sheets. Natural gas contracts are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within the Consolidated Balance Sheets. The net of total non-trading derivative assets and liabilities was a $26 million asset as shown on CenterPoint Energy’s Consolidated Balance Sheets (and as detailed in the table below), and was comprised of the natural gas contracts derivative assets and liabilities separately shown above offset by collateral netting of $9 million. | |||||
[11] | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling 489Â billion cubic feet (Bcf) or a net 101Â Bcf long position. Of the net long position, basis swaps constitute 73Â Bcf. | |||||
[12] | The (Level 2) Natural gas derivative assets of $33 million include $1 million related to physical forwards purchased from Enable. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
ASSETS | ' | ' | ' | ' | |||
Corporate equities | $770,000,000 | $542,000,000 | ' | ' | |||
Investments, including money market funds | 61,000,000 | 76,000,000 | ' | ' | |||
Natural gas derivatives (2) | 34,000,000 | [1] | 42,000,000 | ' | ' | ||
Total assets | 865,000,000 | 660,000,000 | ' | ' | |||
Liabilities | ' | ' | ' | ' | |||
Indexed debt securities derivative | 455,000,000 | 268,000,000 | 197,000,000 | 232,000,000 | |||
Natural gas derivatives | 21,000,000 | 16,000,000 | ' | ' | |||
Total liabilities | 476,000,000 | 284,000,000 | ' | ' | |||
Cash collateral posted with counterparties | 1,000,000 | 9,000,000 | ' | ' | |||
Derivative Instruments, Assets, Physical Forwards Purchased | 1,000,000 | ' | ' | ' | |||
Fair value measurement using significant unobservable input (level 3) reconciliation [Roll Forward] | ' | ' | ' | ' | |||
Beginning balance | 2,000,000 | [2] | 6,000,000 | [2] | 3,000,000 | ' | |
Total gains (1) | 3,000,000 | [3] | 3,000,000 | [3] | 6,000,000 | [3] | ' |
Total settlements (1) | -3,000,000 | [3] | -6,000,000 | [3] | -3,000,000 | [3] | ' |
Total purchases | 0 | 0 | 2,000,000 | ' | |||
Transfers out of Level 3 | 0 | -1,000,000 | -2,000,000 | ' | |||
Transfers into Level 3 | 1,000,000 | 0 | 0 | ' | |||
Ending balance (2) | 3,000,000 | [2] | 2,000,000 | [2] | 6,000,000 | [2] | ' |
The amount of total gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date | 2,000,000 | 1,000,000 | 5,000,000 | ' | |||
Carrying amount [Member] | ' | ' | ' | ' | |||
Fair value measurement using significant unobservable input (level 3) reconciliation [Roll Forward] | ' | ' | ' | ' | |||
Notes Receivable, Fair Value Disclosure | 363,000,000 | 0 | ' | ' | |||
Long-term Debt, Fair Value | 8,171,000,000 | 9,619,000,000 | ' | ' | |||
Fair value [Member] | ' | ' | ' | ' | |||
Fair value measurement using significant unobservable input (level 3) reconciliation [Roll Forward] | ' | ' | ' | ' | |||
Notes Receivable, Fair Value Disclosure | 363,000,000 | 0 | ' | ' | |||
Long-term Debt, Fair Value | 8,670,000,000 | 10,807,000,000 | ' | ' | |||
Quoted prices in active markets for identical assets (Level 1) [Member] | ' | ' | ' | ' | |||
ASSETS | ' | ' | ' | ' | |||
Corporate equities | 770,000,000 | 542,000,000 | ' | ' | |||
Investments, including money market funds | 61,000,000 | 76,000,000 | ' | ' | |||
Derivative Asset, Fair Value, Gross Asset | 5,000,000 | [1] | 1,000,000 | ' | ' | ||
Total assets | 836,000,000 | 619,000,000 | ' | ' | |||
Liabilities | ' | ' | ' | ' | |||
Indexed debt securities derivative | 0 | 0 | ' | ' | |||
Derivative Liability, Fair Value, Gross Liability | 1,000,000 | 5,000,000 | ' | ' | |||
Total liabilities | 1,000,000 | 5,000,000 | ' | ' | |||
Significant other observable inputs (Level 2) [Member] | ' | ' | ' | ' | |||
ASSETS | ' | ' | ' | ' | |||
Corporate equities | 0 | 0 | ' | ' | |||
Investments, including money market funds | 0 | 0 | ' | ' | |||
Derivative Asset, Fair Value, Gross Asset | 33,000,000 | [1] | 40,000,000 | ' | ' | ||
Total assets | 33,000,000 | 40,000,000 | ' | ' | |||
Liabilities | ' | ' | ' | ' | |||
Indexed debt securities derivative | 455,000,000 | 268,000,000 | ' | ' | |||
Derivative Liability, Fair Value, Gross Liability | 27,000,000 | 21,000,000 | ' | ' | |||
Total liabilities | 482,000,000 | 289,000,000 | ' | ' | |||
Significant unobservable inputs (Level 3) [Member] | ' | ' | ' | ' | |||
ASSETS | ' | ' | ' | ' | |||
Corporate equities | 0 | 0 | ' | ' | |||
Investments, including money market funds | 0 | 0 | ' | ' | |||
Derivative Asset, Fair Value, Gross Asset | 5,000,000 | [1] | 7,000,000 | ' | ' | ||
Total assets | 5,000,000 | 7,000,000 | ' | ' | |||
Liabilities | ' | ' | ' | ' | |||
Indexed debt securities derivative | 0 | 0 | ' | ' | |||
Derivative Liability, Fair Value, Gross Liability | 2,000,000 | 5,000,000 | ' | ' | |||
Total liabilities | 2,000,000 | 5,000,000 | ' | ' | |||
Netting [Member] | ' | ' | ' | ' | |||
ASSETS | ' | ' | ' | ' | |||
Corporate equities | 0 | [4] | 0 | [5] | ' | ' | |
Investments, including money market funds | 0 | [4] | 0 | [5] | ' | ' | |
Derivative Asset, Fair Value, Gross Liability | -9,000,000 | [1],[4] | -6,000,000 | [5] | ' | ' | |
Liabilities | ' | ' | ' | ' | |||
Indexed debt securities derivative | 0 | [4] | 0 | [5] | ' | ' | |
Derivative Liability, Fair Value, Gross Asset | -9,000,000 | [4] | -15,000,000 | [5] | ' | ' | |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | |||
ASSETS | ' | ' | ' | ' | |||
Derivative Asset, Fair Value, Gross Asset | 33,000,000 | ' | ' | ' | |||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | |||
Fair Value, assets and liabilities measured on recurring basis, financial statement captions | ' | ' | ' | ' | |||
Illiquid forward price low range | 3.79 | ' | ' | ' | |||
Illiquid forward price high range | $4.94 | ' | ' | ' | |||
Option volatilities low range | 0.00% | ' | ' | ' | |||
Option volatilities high range | 53.00% | ' | ' | ' | |||
[1] | The (Level 2) Natural gas derivative assets of $33 million include $1 million related to physical forwards purchased from Enable. | ||||||
[2] | During 2013, 2012 and 2011, CenterPoint Energy did not have significant Level 3 sales. | ||||||
[3] | During 2013, 2012 and 2011, CenterPoint Energy did not have Level 3 unrealized gains (losses) or settlements related to price stabilization activities of the Natural Gas Distribution business segment. | ||||||
[4] | Amounts represent the impact of legally enforceable master netting agreements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of less than $1 million posted with the same counterparties. | ||||||
[5] | Amounts represent the impact of legally enforceable master netting agreements that allow CenterPoint Energy to settle positive and negative positions and also include cash collateral of $9 million posted with the same counterparties. |
Unconsolidated_Affiliates_Deta
Unconsolidated Affiliates (Details) (USD $) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-13 | ||||||
Contributed Assets | ' | ' | ' | ' | ' | $5,800,000,000 | |||||
Contributed Assets, Plant, Property and Equipments | ' | ' | ' | ' | ' | 4,700,000,000 | |||||
Goodwill, Transfers | 629,000,000 | ' | ' | ' | ' | ' | |||||
Contributed Liabilities | ' | ' | ' | ' | ' | 1,500,000,000 | |||||
Investment in unconsolidated affiliates | ' | 4,518,000,000 | 4,518,000,000 | 405,000,000 | ' | ' | |||||
Transitional Service Costs to be Reimbursed | ' | 119,000,000 | ' | ' | ' | ' | |||||
Transitional Service Costs Receivable | ' | 24,000,000 | ' | ' | ' | ' | |||||
Term Loan of Affiliate | ' | ' | ' | ' | ' | 1,050,000,000 | |||||
Natural gas - affiliates companies | ' | 123,000,000 | ' | ' | ' | ' | |||||
Due to Affiliate | ' | 22,000,000 | 22,000,000 | ' | ' | ' | |||||
Equity in earnings of unconsolidated affiliates | ' | 188,000,000 | 188,000,000 | 31,000,000 | 30,000,000 | ' | |||||
CenterPoint Energy's approximate 58.3% interest | ' | 173,000,000 | ' | ' | ' | ' | |||||
Basis difference accretion gain | ' | 5,000,000 | ' | ' | ' | ' | |||||
Noncontrolling interest | ' | 33,000,000 | 33,000,000 | ' | ' | ' | |||||
Enable Partners' Capital | ' | 8,148,000,000 | 8,148,000,000 | ' | ' | ' | |||||
CenterPoint Energy's approximate 58.3% interest | ' | 4,753,000,000 | 4,753,000,000 | ' | ' | ' | |||||
CenterPoint Energy's basis difference | ' | -434,000,000 | -434,000,000 | ' | ' | ' | |||||
CenterPoint Energy's investment in Enable | ' | 4,319,000,000 | 4,319,000,000 | ' | ' | ' | |||||
Basis difference attributable to goodwill as of May 1, 2013 (1) | ' | ' | ' | ' | ' | 229,000,000 | [1] | ||||
Basis difference to be accreted over 30 years as of May 1, 2013 | ' | ' | ' | ' | ' | 210,000,000 | |||||
Total basis difference as of May 1, 2013 | ' | ' | ' | ' | ' | 439,000,000 | |||||
Accumulated accretion of basis difference as of December 31, 2013 | ' | -5,000,000 | -5,000,000 | ' | ' | ' | |||||
CenterPoint Energy's basis difference in Enable as of December 31, 2013 | ' | 434,000,000 | 434,000,000 | ' | ' | ' | |||||
Midstream Investments [Member] | ' | ' | ' | ' | ' | ' | |||||
Debt repayment by affiliate | ' | ' | ' | ' | ' | 1,050,000,000 | |||||
Debt of Affiliate | ' | ' | ' | ' | ' | 363,000,000 | |||||
Investment in unconsolidated affiliates | ' | 4,319,000,000 | 4,319,000,000 | 0 | ' | 4,300,000,000 | |||||
Guarantor Obligations, Current Amount | ' | 1,050,000,000 | 1,050,000,000 | ' | ' | ' | |||||
Interest and Other Income | ' | 5,000,000 | ' | ' | ' | ' | |||||
Current assets | ' | 549,000,000 | 549,000,000 | ' | ' | ' | |||||
Non-current assets | ' | 10,683,000,000 | 10,683,000,000 | ' | ' | ' | |||||
Current liabilities | ' | 720,000,000 | 720,000,000 | ' | ' | ' | |||||
Non-current liabilities | ' | 2,331,000,000 | 2,331,000,000 | ' | ' | ' | |||||
Other Entity [Member] | ' | ' | ' | ' | ' | ' | |||||
Investment in unconsolidated affiliates | ' | 0 | 0 | 1,000,000 | ' | ' | |||||
CERC Corp [Member] | ' | ' | ' | ' | ' | ' | |||||
Guarantor Obligations, Current Amount | ' | ' | ' | ' | ' | 1,050,000,000 | |||||
SESH [Member] | ' | ' | ' | ' | ' | ' | |||||
Equity Method Investment, Ownership Percentage | ' | 25.05% | 25.05% | ' | ' | ' | |||||
Contributed Assets | ' | ' | ' | ' | ' | 197,000,000 | |||||
Equity Method Investment, Additional Contribution of Ownership Percentage | ' | 24.95% | 24.95% | ' | ' | 24.95% | |||||
Investment in unconsolidated affiliates | ' | 199,000,000 | [2] | 199,000,000 | [2] | 404,000,000 | [2] | ' | ' | ||
Equity Method Investment, Contributed Ownership Percentage | ' | ' | ' | ' | ' | 24.95% | |||||
Senior Subordinated Notes [Member] | CERC Corp [Member] | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (in hundredths) | ' | ' | 2.10% | ' | ' | ' | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum (in hundredths) | ' | ' | 2.45% | ' | ' | ' | |||||
Midstream Investments [Member] | ' | ' | ' | ' | ' | ' | |||||
Equity in earnings of unconsolidated affiliates | ' | 173,000,000 | ' | 0 | 0 | ' | |||||
Operating revenues | ' | 2,123,000,000 | ' | ' | ' | ' | |||||
Cost of sales, excluding depreciation and amortization | ' | 1,241,000,000 | ' | ' | ' | ' | |||||
Operating income | ' | 322,000,000 | ' | ' | ' | ' | |||||
Net income attributable to Enable | ' | 289,000,000 | ' | ' | ' | ' | |||||
CenterPoint Energy's approximate 58.3% interest | ' | 168,000,000 | ' | ' | ' | ' | |||||
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 106,000,000 | ' | ' | ' | ' | |||||
SESH [Member] | ' | ' | ' | ' | ' | ' | |||||
Equity in earnings of unconsolidated affiliates | ' | 15,000,000 | [2] | 8,000,000 | 26,000,000 | 21,000,000 | ' | ||||
Proceeds from Equity Method Investment, Dividends or Distributions | ' | 23,000,000 | ' | ' | ' | ' | |||||
Other Entity [Member] | ' | ' | ' | ' | ' | ' | |||||
Equity in earnings of unconsolidated affiliates | ' | $0 | [3] | ' | $5,000,000 | [3] | $9,000,000 | [3] | ' | ||
Enable Midstream Partners [Member] | CERC Corp [Member] | ' | ' | ' | ' | ' | ' | |||||
Equity Method Investment, Ownership Percentage | ' | 58.30% | 58.30% | ' | ' | ' | |||||
[1] | This difference related to CenterPoint Energy’s proportionate share of Enable’s goodwill arising from its acquisition of Enogex, and therefore will not be recognized by CenterPoint Energy. | ||||||||||
[2] | On May 1, 2013, CERC contributed a 24.95% interest in SESH to Enable, leaving CERC with a 25.05% interest in SESH. | ||||||||||
[3] | On July 31, 2012, Waskom became a wholly owned subsidiary of CenterPoint Energy. Beginning on August 1, 2012, Waskom’s operating results are consolidated on the Statements of Consolidated Income. On May 1, 2013, CenterPoint Energy contributed Waskom to Enable. |
Indexed_Debt_Securities_ZENS_a2
Indexed Debt Securities (ZENS) and Time Warner Securities (Details) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Zero Premium Exchangeable Subordinated Notes [Abstract] | ' | ' | ' |
Issuance date of CenterPoint Energy Zero Premium Exchangeable Subordinated Notes | '9/1/1999 | ' | ' |
Original principal amount of Zero Premium Exchangeable Subordinated Notes issued by CenterPoint Energy in September 1999 | $1,000,000,000 | ' | ' |
Outstanding amount of Zero Premium Exchangeable Subordinated Notes issued by CenterpPoint Energy in September 1999 | 828,000,000 | ' | ' |
Percentage of market value of referenced shares of Time Warner Common each zero premium exchangeable subordinated note could be exchanged for cash (in hundredths) | 95.00% | ' | ' |
Interest rate of CenterPoint Energy Zero Premium Exchangeable Subordinated Notes (in hundredths) | 2.00% | ' | ' |
Referenced common shares | ' | ' | ' |
Stated interest rate of CenterPoint Energy Zero Premium Exchangeable Subordinated Notes (in hundredths) | 2.00% | ' | ' |
Target annual yield from interest and cash dividends on referenced shares before principal amount of indexed debt securities is increased or decreased (in hundredths) | 2.31% | ' | ' |
Outstanding amount of indexed debt securities issued by CenterPoint Energy in September 1999 | 828,000,000 | ' | ' |
Contingent principal amount of indexed debt securities issued by CenterpPoint Energy in September 1999 and outstanding and exchangeable | 763,000,000 | ' | ' |
Percentage of market value of referenced shares of Time Warner Common each original indexed security note could be exchanged for cash (in hundredths) | 95.00% | ' | ' |
The market value of referenced shares of TW Common, TWC Common and AOL common for each indexed debt security | 767,000,000 | ' | ' |
The cash exchange amount from referenced shares per $1,000 face amount of individual notes | 880 | ' | ' |
Face amount of each indexed debt security notes issued by CenterPoint Energy in September 1999 | 1,000 | ' | ' |
Due date of CenterPoint Energy Zero Premium Exchangeable Subordinated Notes | '2029 | ' | ' |
The accretion rate for interest charges on bifurcated debt component of indexed debt securities (in hundredths) | 17.30% | ' | ' |
TW Securities | ' | ' | ' |
TW Securities | 540,000,000 | 386,000,000 | 367,000,000 |
Proceeds from Sale and Maturity of Marketable Securities | -9,000,000 | 0 | 0 |
Gain on TW Securities | 236,000,000 | 154,000,000 | 19,000,000 |
TW Securities | 767,000,000 | 540,000,000 | 386,000,000 |
Debt component of ZENS | ' | ' | ' |
Debt Component of ZENS | 138,000,000 | 131,000,000 | 126,000,000 |
Accretion of debt component of ZENS | 24,000,000 | 24,000,000 | 22,000,000 |
2 % interest paid | -17,000,000 | -17,000,000 | -17,000,000 |
Redemption of Indexed Debt Securities | -2,000,000 | ' | ' |
Debt Component of ZENS | 143,000,000 | 138,000,000 | 131,000,000 |
Derivative component of ZENS | ' | ' | ' |
Derivative Component of ZENS | 268,000,000 | 197,000,000 | 232,000,000 |
Redemption of Derivative Indexed Debt Securities | -6,000,000 | ' | ' |
Loss (gain) on indexed debt securities | 193,000,000 | 71,000,000 | -35,000,000 |
Derivative Component of ZENS | $455,000,000 | $268,000,000 | $197,000,000 |
TW Common [Member] | ' | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' | ' |
Number of shares of common stock held by subsidiary of CenterPoint Energy (in shares) | 7.1 | ' | ' |
Referenced common shares | ' | ' | ' |
The referenced shares of common stock for each zero premium exchangeable subordinated note (in shares) | 0.5 | ' | ' |
TWC Common [Member] | ' | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' | ' |
Number of shares of common stock held by subsidiary of CenterPoint Energy (in shares) | 1.8 | ' | ' |
Referenced common shares | ' | ' | ' |
The referenced shares of common stock for each zero premium exchangeable subordinated note (in shares) | 0.125505 | ' | ' |
AOL Common [Member] | ' | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' | ' |
Number of shares of common stock held by subsidiary of CenterPoint Energy (in shares) | 0.6 | ' | ' |
Referenced common shares | ' | ' | ' |
The referenced shares of common stock for each zero premium exchangeable subordinated note (in shares) | 0.045455 | ' | ' |
Comcast Common [Member] | ' | ' | ' |
Referenced common shares | ' | ' | ' |
The referenced shares of common stock for each zero premium exchangeable subordinated note (in shares) | 0.360827 | ' | ' |
Conversion ratio of shares referenced in exchangeable subordinated note | 2.875 | ' | ' |
Equity_Details
Equity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Capital stock shares authorized (in shares) | 1,020,000,000 | ' | ' |
Common stock shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock shares par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Cumulative preferred stock shares authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 |
Cumulative preferred stock par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
Dividends Declared Per Share | $0.83 | $0.81 | $0.79 |
Short_Term_Borrowings_and_Long2
Short Term Borrowings and Long Term Debt (Schedule of Debt) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Short term borrowings: | ' | ' | ||
Total short-term borrowings | $43 | [1] | $38 | [1] |
Long-term debt: | ' | ' | ||
Long term debt | 7,817 | 8,357 | ||
Long term debt, current maturities | 497 | [1] | 1,400 | [1] |
Total debt | 540 | [1] | 1,438 | [1] |
Other | ' | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 1 | 1 | ||
Long term debt, current maturities | 0 | [1] | 0 | [1] |
Unamortized discount and premium, net | ' | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | -50 | -57 | ||
Long term debt, current maturities | 0 | [1] | 0 | [1] |
CenterPoint Energy [Member] | ' | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 936 | 1,086 | ||
CenterPoint Energy [Member] | ZENS(2) | ' | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 0 | [2] | 0 | [2] |
Long term debt, current maturities | 143 | [1],[2] | 138 | [1],[2] |
CenterPoint Energy [Member] | Senior notes 5.95% to 6.85% due 2015 to 2018 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (in hundredths) | 5.95% | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 750 | 750 | ||
Long term debt, current maturities | 0 | [1] | 0 | [1] |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum (in hundredths) | 6.85% | ' | ||
CenterPoint Energy [Member] | Pollution control bonds 4.00% due 2015(3) | ' | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 0 | [3] | 151 | [3] |
Long term debt, current maturities | 0 | [1],[3] | 0 | [1],[3] |
Debt Instrument, Interest Rate, Stated Percentage (in hundredths) | 4.00% | ' | ||
CenterPoint Energy [Member] | Pollution control bonds 4.90% to 5.125% due 2015 to 2028(4) | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (in hundredths) | 4.90% | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 187 | [4] | 187 | [4] |
Long term debt, current maturities | 0 | [1],[4] | 0 | [1],[4] |
Amount of debt secured by general mortgage bonds | 118 | 118 | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum (in hundredths) | 5.13% | ' | ||
CenterPoint Houston [Member] | First mortgage bonds 9.15% due 2021 | ' | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 102 | 102 | ||
Long term debt, current maturities | 0 | [1] | 0 | [1] |
Debt Instrument, Interest Rate, Stated Percentage (in hundredths) | 9.15% | ' | ||
CenterPoint Houston [Member] | General mortgage bonds 2.25% to 6.95% due 2022 to 2042 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (in hundredths) | 2.25% | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 1,312 | 1,312 | ||
Long term debt, current maturities | 0 | [1] | 450 | [1] |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum (in hundredths) | 6.95% | ' | ||
CenterPoint Houston [Member] | Pollution control bonds 4.250% to 5.60% due 2017 to 2027(5) | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (in hundredths) | 4.25% | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 183 | [5] | 183 | [5] |
Long term debt, current maturities | 0 | [1],[5] | 0 | [1],[5] |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum (in hundredths) | 5.60% | ' | ||
CenterPoint Houston [Member] | System restoration bonds 1.833% to 4.243% due 2014 to 2022 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (in hundredths) | 1.83% | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 463 | 510 | ||
Long term debt, current maturities | 47 | [1] | 46 | [1] |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum (in hundredths) | 4.24% | ' | ||
CenterPoint Houston [Member] | Transition bonds 0.90% to 5.302% due 2014 to 2024 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (in hundredths) | 0.90% | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 2,583 | 2,890 | ||
Long term debt, current maturities | 307 | [1] | 401 | [1] |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum (in hundredths) | 5.30% | ' | ||
CERC Corp [Member] | Senior notes 4.50% to 6.625% due 2016 to 2041 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum (in hundredths) | 4.50% | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 2,168 | 2,328 | ||
Long term debt, current maturities | 0 | [1] | 365 | [1] |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum (in hundredths) | 6.63% | ' | ||
CERC Corp [Member] | Commercial paper (6) | ' | ' | ||
Long-term debt: | ' | ' | ||
Long term debt | 118 | [6] | 0 | [6] |
Long term debt, current maturities | 0 | [1],[6] | 0 | [1],[6] |
Product Financing Arrangement [Member] | ' | ' | ||
Short term borrowings: | ' | ' | ||
Total short-term borrowings | $43 | [1] | $38 | [1] |
[1] | Includes amounts due or exchangeable within one year of the date noted. | |||
[2] | CenterPoint Energy’s ZENS obligation is bifurcated into a debt component and an embedded derivative component. For additional information regarding ZENS, see Note 10(b). As ZENS are exchangeable for cash at any time at the option of the holders, these notes are classified as a current portion of long-term debt. | |||
[3] | These series of debt are secured by first mortgage bonds of CenterPoint Houston. | |||
[4] | $118 million of these series of debt were secured by general mortgage bonds of CenterPoint Houston at both December 31, 2013 and 2012. | |||
[5] | These series of debt are secured by general mortgage bonds of CenterPoint Houston. | |||
[6] | Classified as long-term debt because the termination date of the facility that backstops the commercial paper is more than one year from the date noted. |
Short_Term_Borrowings_and_Long3
Short Term Borrowings and Long Term Debt (Pollution Controlled Bonds) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | 1-May-13 | Mar. 31, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | 1-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
Midstream Investments [Member] | March 2013 [Member] | April 2013 [Member] | April 2013 [Member] | May 2013 [Member] | May 2013 [Member] | May 2013 [Member] | May 2013 [Member] | August 1st, 2013 [Member] | October 15th, 2013 [Member] | January 2014 [Member] | February 2014 [Member] | |||||
CenterPoint Houston [Member] | CERC Corp [Member] | CERC Corp [Member] | CERC Corp [Member] | CERC Corp [Member] | CERC Corp [Member] | Midstream Investments [Member] | CenterPoint Energy [Member] | CenterPoint Energy [Member] | CenterPoint Houston [Member] | CenterPoint Houston [Member] | ||||||
Bonds General Mortgage Due 2013 [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Commercial paper (6) | Bonds General Mortgage Due January 2014 [Member] | Bonds Pollution Control Due2015 Member | Bonds Pollution Control Due2015 Member | Bonds Pollution Control Due2017 [Member] | Bonds Pollution Control Due2027 [Member] | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Short-term borrowings | $43,000,000 | [1] | $38,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of debt, aggregate principal amount | ' | ' | ' | 450,000,000 | 365,000,000 | ' | ' | 357,000,000 | 160,000,000 | ' | 92,000,000 | 59,000,000 | 44,000,000 | 56,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage (in hundredths) | ' | ' | ' | 5.70% | ' | 7.88% | ' | ' | 5.95% | ' | 4.00% | 4.00% | 4.25% | 5.60% | ||
Extinguishment Of Debt Purchase Price Percentage Of Principal | ' | ' | ' | ' | ' | ' | 103.42% | ' | ' | ' | 101.00% | 101.00% | 101.00% | 101.00% | ||
Debt repayment by affiliate | ' | ' | $1,050,000,000 | ' | ' | ' | ' | ' | ' | $1,050,000,000 | ' | ' | ' | ' | ||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-17 | 31-Dec-27 | ||
[1] | Includes amounts due or exchangeable within one year of the date noted. |
Short_Term_Borrowings_and_Long4
Short Term Borrowings and Long Term Debt (Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | CenterPoint Energy [Member] | CenterPoint Energy [Member] | CenterPoint Energy [Member] | CenterPoint Houston [Member] | CenterPoint Houston [Member] | CenterPoint Houston [Member] | CenterPoint Houston [Member] | CenterPoint Houston [Member] | CERC Corp [Member] | CERC Corp [Member] | CERC Corp [Member] | ||
Line of Credit [Member] | First mortgage bonds 9.15% due 2021 | General mortgage bonds 2.25% to 6.95% due 2022 to 2042 | Line of Credit [Member] | Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consolidated variable interest entities | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Size of Facility | $2,100 | $2,450 | $1,200 | $1,200 | ' | $300 | $300 | ' | ' | ' | $600 | $950 | ' |
Loans | 0 | 0 | 0 | 0 | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' |
Letters of Credit | 10 | 11 | 6 | 7 | ' | 4 | 4 | ' | ' | ' | 0 | 0 | ' |
Commercial Paper | 118 | 0 | 0 | 0 | ' | 0 | 0 | ' | ' | ' | 118 | 0 | ' |
Revolving credit facility borrowing rate | ' | ' | ' | ' | 'London Interbank Offered Rate (LIBOR) plus 125 | ' | ' | ' | ' | 'LIBOR plus 112.5 | ' | ' | 'LIBOR plus 150 |
Percentage on limitation of debt to total capitalization under covenant (in hundredths) | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | 65.00% | ' | ' | 65.00% |
Percentage on limitation of debt to total capitalization under covenant amended (in hundredths) | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' |
System restoration costs threshold for increase in permitted debt to EBITDA covenant ratio | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Consecutive Period for System Restoration Costs to Exceed $100 million (in months) | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' |
Annual maturities of long term debt, capital leases, and sinking fund requirements, excluding ZENS obligations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 354 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 640 | ' | 269 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 716 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 1,000 | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 1,200 | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transition and system restoration bond annual principal repayments included in annual maturities of long term debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 354 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 391 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 434 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt amount with asset liens | ' | ' | ' | ' | ' | ' | ' | 102 | 1,900 | ' | ' | ' | ' |
Replacement fund requirements to be satisfied in 2013 | 198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sinking fund requirements to be satisfied in 2013 | $1.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income tax expense (benefit): | ' | ' | ' |
Federal | $91 | $0 | ($63) |
State | 23 | 12 | 24 |
Total current expense (benefit) | 114 | 12 | -39 |
Deferred income tax expense (benefit): | ' | ' | ' |
Federal | 370 | 280 | 432 |
State | -14 | 48 | 11 |
Total deferred expense | 356 | 328 | 443 |
Total income tax expense | 470 | 340 | 404 |
Income tax reconciliation [Abstract] | ' | ' | ' |
Income before income taxes and extraordinary item | 781 | 757 | 1,174 |
Federal statutory income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Expected federal income tax expense | 273 | 265 | 411 |
Increase (decrease) in tax expense resulting from: | ' | ' | ' |
State income tax expense, net of federal income tax | 21 | 39 | 22 |
Amortization of investment tax credit | 0 | -2 | -6 |
Increase (decrease) in tax expense due to formation of midstream partnership | 196 | 0 | 0 |
Increase (decrease) in settled and uncertain income tax positions | -9 | -33 | -5 |
Goodwill impairment | 0 | 88 | 0 |
Other, net | -11 | -17 | -18 |
Total | 197 | 75 | -7 |
Total income tax expense | 470 | 340 | 404 |
Effective tax rate (in hundredths) | 60.20% | 44.90% | 34.40% |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 225 | ' | ' |
Income tax expense (benefit) resulting from IRS settlement | -8 | 28 | ' |
Goodwill impairment | 0 | 252 | 0 |
Decrease in income tax expense for the release of accrued interest expense | ' | ' | 9 |
Amount of decrease in income tax expense recorded related to effects of re-measuring accumulated deferred income taxes | ' | ' | 17 |
Current: | ' | ' | ' |
Allowance for doubtful accounts | 11 | 10 | ' |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Deferred Gas Costs | 7 | 0 | ' |
Other | 12 | 1 | ' |
Total current deferred tax assets | 30 | 11 | ' |
Non-current: | ' | ' | ' |
Loss and credit carryforwards | 51 | 90 | ' |
Employee benefits | 258 | 383 | ' |
Other | 76 | 64 | ' |
Total non-current deferred tax assets before valuation allowance | 385 | 537 | ' |
Valuation allowance | -2 | -2 | ' |
Total non-current deferred tax assets, net of valuation allowance | 383 | 535 | ' |
Total deferred tax assets, net of valuation allowance | 413 | 546 | ' |
Current: | ' | ' | ' |
Unrealized gain on indexed debt securities | 541 | 439 | ' |
Unrealized gain on TW securities | 97 | 151 | ' |
Deferred gas costs | 0 | 25 | ' |
Total current deferred tax liabilities | 638 | 615 | ' |
Non-current: | ' | ' | ' |
Depreciation | 1,908 | 3,279 | ' |
Regulatory assets, net | 1,308 | 1,278 | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,590 | 0 | ' |
Other | 119 | 131 | ' |
Total non-current deferred tax liabilities | 4,925 | 4,688 | ' |
Deferred Tax Liabilities, Gross | 5,563 | 5,303 | ' |
Total deferred tax liabilities | 5,150 | 4,757 | ' |
Unrecognized tax expense | ' | -23 | ' |
Balance, beginning of year | ' | 51 | 252 |
Tax Positions related to prior years: | ' | ' | ' |
Additions | 0 | 0 | -1 |
Reductions | -1 | -75 | -203 |
Tax Positions related to current year: | ' | ' | ' |
Additions | 0 | 0 | 5 |
Settlements | 24 | 1 | ' |
Settlements | ' | ' | -1 |
Lapse of statute of limitations | 0 | 0 | -1 |
Balance, end of year | 0 | ' | 51 |
Unrecognized tax benefits that, if recognized, would reduce the effective income tax rate for the year | 0 | ' | 21 |
unrecognized tax expense that would impact effective tax rate | ' | -3 | ' |
Income tax expense (benefit) recognized in interest on uncertain income tax positions during the year | -3 | -7 | 13 |
Accrued interest on uncertain income tax positions at the end of the year | 5 | 8 | ' |
Federal [Member] | ' | ' | ' |
Non-current: | ' | ' | ' |
Deferred Tax Assets, Capital Loss Carryforwards | 244 | ' | ' |
Expiration date of state capital loss carryforwards | 31-Dec-17 | ' | ' |
State capital loss carryforwards, valuation allowance | 3 | ' | ' |
State capital loss carryforwards, valuation allowance net of federal tax | 2 | ' | ' |
Federal [Member] | General Business Tax Credit Carryforward [Member] | ' | ' | ' |
Non-current: | ' | ' | ' |
Tax carryforward | 2 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Non-current: | ' | ' | ' |
Net operating loss carryforwards | 387 | ' | ' |
Year From [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Non-current: | ' | ' | ' |
Net operating loss carryforwards expiration dates | 31-Dec-15 | ' | ' |
Year To [Member] | State and Local Jurisdiction [Member] | ' | ' | ' |
Non-current: | ' | ' | ' |
Net operating loss carryforwards expiration dates | 31-Dec-33 | ' | ' |
Enable Midstream Partners [Member] | ' | ' | ' |
Deferred income tax expense (benefit): | ' | ' | ' |
Total deferred expense | ($29) | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 1-May-13 | |
Years | Natural Gas supply commitments [Member] | CenterPoint Energy [Member] | CERC Corp [Member] | |||
Recorded unconditional purchase obligation [Line Items] | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | $408,000,000 | ' | ' |
2015 | ' | ' | ' | 391,000,000 | ' | ' |
2016 | ' | ' | ' | 310,000,000 | ' | ' |
2017 | ' | ' | ' | 250,000,000 | ' | ' |
2018 | ' | ' | ' | 244,000,000 | ' | ' |
After 2018 | ' | ' | ' | 120,000,000 | ' | ' |
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | ' | ' | ' |
2014 | 6,000,000 | ' | ' | ' | ' | ' |
2015 | 4,000,000 | ' | ' | ' | ' | ' |
2016 | 4,000,000 | ' | ' | ' | ' | ' |
2017 | 2,000,000 | ' | ' | ' | ' | ' |
2018 | 2,000,000 | ' | ' | ' | ' | ' |
2019 and beyond | 3,000,000 | ' | ' | ' | ' | ' |
Total | 21,000,000 | ' | ' | ' | ' | ' |
Total lease expense for all operating leases | 21,000,000 | 27,000,000 | 43,000,000 | ' | ' | ' |
Legal Environmental And Other Regulatory Matters Legal Matters Gas Market Manipulation Cases Abstract | ' | ' | ' | ' | ' | ' |
Recovery of compensatory damages sought by plaintiffs | 'in excess of $1 billion | ' | ' | ' | ' | ' |
Approximate number of gas market manipulation lawsuits naming CenterPoint and/or Reliant Energy (in number of lawsuits) | 30 | ' | ' | ' | ' | ' |
Number of gas market manipulation lawsuits pending for CenterPoint and its affiliates (in number of lawsuits) | 1 | ' | ' | ' | ' | ' |
Number of sites where remediation is complete, other than ongoing operations (in number of sites) | 2 | ' | ' | ' | ' | ' |
Number of remaining sites in the Minnesota service territory (in number of sites) | 5 | ' | ' | ' | ' | ' |
Number of the remaining sites in the Minnesota service territory where the company believes it has no liability (in number of sites) | 2 | ' | ' | ' | ' | ' |
Amount accrued for remediation of Minnesota sites (in number of sites) | 14,000,000 | ' | ' | ' | ' | ' |
Minimum estimated remediation costs for the Minnesota sites | 6,000,000 | ' | ' | ' | ' | ' |
Maximum estimated remediation costs for the Minnesota sites | 41,000,000 | ' | ' | ' | ' | ' |
Minimum years of remediation for the Minnesota sites (in years) | 30 | ' | ' | ' | ' | ' |
Maximum years of remediation for the Minnesota sites (in years) | 50 | ' | ' | ' | ' | ' |
Annual amount included in rates to fund normal on-going remediation costs | 285,000 | ' | ' | ' | ' | ' |
Amount collected from insurance companies to be used for future environmental remediation | 6,300,000 | ' | ' | ' | ' | ' |
Undiscounted maximum potential payout of demand charges | 58,000,000 | ' | ' | ' | ' | ' |
Guarantee Obligations Maximum Amount Upon Completion Of Gathering Systems | ' | ' | ' | ' | 100,000,000 | ' |
Guarantor Obligations, Current Amount | ' | ' | ' | ' | ' | $1,050,000,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2005 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income before extraordinary item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $311 | $417 | $770 | ||||||||
Extraordinary Item, net of tax | -947 | ' | ' | ' | ' | ' | ' | ' | ' | 587 | 0 | 0 | 587 | ||||||||
Net income | ' | $113 | $151 | ($100) | [1] | $147 | $134 | $10 | [2] | $126 | $147 | ' | $311 | $417 | $1,357 | ||||||
Weighted Average Number of Shares Outstanding, Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 428,466,000 | 427,189,000 | 425,636,000 | ||||||||
Plus: Incremental shares from assumed conversions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000 | 152,000 | 347,000 | ||||||||
Restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,423,000 | 2,453,000 | 2,741,000 | ||||||||
Diluted weighted average shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430,930,000 | 429,794,000 | 428,724,000 | ||||||||
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income before extraordinary item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.73 | $0.98 | $1.81 | ||||||||
Extraordinary item, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $1.38 | ||||||||
Net income | ' | $0.26 | [3] | $0.35 | [3] | ($0.23) | [1],[3] | $0.34 | [3] | $0.31 | [3] | $0.02 | [2],[3] | $0.29 | [3] | $0.34 | [3] | ' | $0.73 | $0.98 | $3.19 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income Before Extraordinary Item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.72 | $0.97 | $1.80 | ||||||||
Extraordinary item, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $1.37 | ||||||||
Net income | ' | $0.26 | [3] | $0.35 | [3] | ($0.23) | [1],[3] | $0.34 | [3] | $0.31 | [3] | $0.02 | [2],[3] | $0.29 | [3] | $0.34 | [3] | ' | $0.72 | $0.97 | $3.17 |
[1] | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | ||||||||||||||||||||
[2] | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. | ||||||||||||||||||||
[3] | Quarterly earnings per common share are based on the weighted average number of shares outstanding during the quarter, and the sum of the quarters may not equal annual earnings per common share. |
Unaudited_Quarterly_Informatio2
Unaudited Quarterly Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | $2,184 | $1,640 | $1,894 | [1] | $2,388 | $2,138 | $1,705 | [2] | $1,525 | $2,084 | $8,106 | $7,452 | $8,450 | ||||||
Operating income | 211 | 244 | 223 | [1] | 332 | 310 | 88 | [2] | 302 | 338 | 1,010 | 1,038 | 1,298 | ||||||
Net Income | $113 | $151 | ($100) | [1] | $147 | $134 | $10 | [2] | $126 | $147 | $311 | $417 | $1,357 | ||||||
Basic Earnings Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $0.26 | [3] | $0.35 | [3] | ($0.23) | [1],[3] | $0.34 | [3] | $0.31 | [3] | $0.02 | [2],[3] | $0.29 | [3] | $0.34 | [3] | $0.73 | $0.98 | $3.19 |
Diluted Earnings Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net income | $0.26 | [3] | $0.35 | [3] | ($0.23) | [1],[3] | $0.34 | [3] | $0.31 | [3] | $0.02 | [2],[3] | $0.29 | [3] | $0.34 | [3] | $0.72 | $0.97 | $3.17 |
[1] | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | ||||||||||||||||||
[2] | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. | ||||||||||||||||||
[3] | Quarterly earnings per common share are based on the weighted average number of shares outstanding during the quarter, and the sum of the quarters may not equal annual earnings per common share. |
Reportable_Business_Segments_D
Reportable Business Segments (Details) (USD $) | 3 Months Ended | 8 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | SESH [Member] | SESH [Member] | SESH [Member] | SESH [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Interstate Pipelines [Member] | Interstate Pipelines [Member] | Interstate Pipelines [Member] | Field Services [Member] | Field Services [Member] | Field Services [Member] | Midstream Investments [Member] | Other [Member] | Other [Member] | Other [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | Waskom Gas Processing Company [Member] | Waskom [Member] | Midstream Investments [Member] | Midstream Investments [Member] | Midstream Investments [Member] | SESH [Member] | SESH [Member] | ||||||||||||||||||||||||||||||||||||||
Affiliates of NRG Energy, Inc. [Member] | Affiliates of NRG Energy, Inc. [Member] | Affiliates of NRG Energy, Inc. [Member] | Affiliates of Energy Future Holdings Corp. [Member] | Affiliates of Energy Future Holdings Corp. [Member] | Affiliates of Energy Future Holdings Corp. [Member] | Affiliates of Just Energy Group, Inc. [Member] | Affiliates of Just Energy Group, Inc. [Member] | Affiliates of Just Energy Group, Inc. [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Electric Transmission & Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Natural Gas Distribution [Member] | Energy Services [Member] | Energy Services [Member] | Energy Services [Member] | Interstate Pipelines [Member] | Interstate Pipelines [Member] | Interstate Pipelines [Member] | Field Services [Member] | Field Services [Member] | Field Services [Member] | Midstream Investments [Member] | Other [Member] | Other [Member] | Other [Member] | Midstream Investments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Revenues from External Customers and Intersegment Revenues | $2,184 | $1,640 | $1,894 | [1] | $2,388 | $2,138 | $1,705 | [2] | $1,525 | $2,084 | ' | $8,106 | $7,452 | $8,450 | ' | ' | ' | ' | ' | ' | ' | $2,570 | [3] | $2,540 | [3] | $2,337 | [3] | $658 | $648 | $594 | $167 | $162 | $182 | $126 | $102 | $81 | $2,837 | $2,320 | $2,823 | $2,374 | $1,758 | $2,488 | $133 | [4],[5] | $356 | [4] | $421 | [4] | $178 | [5],[6] | $467 | [6] | $370 | [6] | $0 | [7] | $14 | $11 | $11 | ' | ' | ' | ' | ' | ' | ($124) | ($233) | ($215) | $0 | $0 | $0 | ($26) | ($22) | ($18) | ($27) | ($26) | ($23) | ($53) | [4],[5] | ($146) | [4] | ($132) | [4] | ($18) | [5],[6] | ($39) | [6] | ($42) | [6] | $0 | [7] | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ||||||
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 954 | 1,050 | 886 | ' | ' | ' | ' | ' | ' | ' | 685 | 729 | 587 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185 | 173 | 166 | 5 | 6 | 5 | 20 | [4],[5] | 56 | [4] | 54 | [4] | 20 | [5],[6] | 50 | [6] | 37 | [6] | 0 | [7] | 39 | 36 | 37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Operating Income (Loss) | 211 | 244 | 223 | [1] | 332 | 310 | 88 | [2] | 302 | 338 | ' | 1,010 | 1,038 | 1,298 | ' | ' | ' | ' | ' | ' | ' | 607 | 639 | 623 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 263 | 226 | 226 | 13 | -250 | 6 | 72 | [4],[5] | 207 | [4] | 248 | [4] | 73 | [5],[6] | 214 | [6] | 189 | [6] | 0 | [7] | -18 | 2 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total Assets | 21,870 | ' | ' | ' | 22,871 | ' | ' | ' | 21,870 | 21,870 | 22,871 | 21,703 | ' | ' | ' | ' | ' | ' | ' | 9,605 | 11,174 | 11,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,976 | 4,775 | 4,636 | 895 | 839 | 1,089 | 0 | [4],[5] | 4,004 | [4] | 3,867 | [4] | 0 | [5],[6] | 2,453 | [6] | 1,894 | [6] | 4,518 | [7] | 3,026 | [8] | 2,600 | [8] | 2,318 | [8] | ' | ' | ' | -1,150 | -2,974 | -3,322 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Expenditures for Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,272 | 1,188 | 1,191 | ' | ' | ' | ' | ' | ' | ' | 759 | 599 | 538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430 | 359 | 295 | 3 | 6 | 5 | 29 | [4],[5] | 132 | [4] | 98 | [4] | 16 | [5],[6] | 52 | [6] | 201 | [6] | 0 | [7] | 35 | 40 | 54 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Equity income | ' | ' | ' | ' | ' | ' | ' | ' | 188 | 188 | 31 | 30 | 173 | 0 | 0 | 15 | [9] | 8 | 26 | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 26 | 21 | ' | 5 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||
Investment in unconsolidated affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 404 | 409 | ' | ' | 63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Percentage of Ownership in Affiliate 2 Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Equity Interest Contributed, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
Investment in unconsolidated affiliates | 4,518 | ' | ' | ' | 405 | ' | ' | ' | 4,518 | 4,518 | 405 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,319 | 4,300 | 0 | 199 | [9] | 404 | [9] | |||||||||||||||||||||||
Pension and other postemployment related regulatory assets included in total assets of Other Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $627 | $832 | $796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||
[1] | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Sales to affiliates of NRG in 2013, 2012 and 2011 represented approximately $658 million, $648 million and $594 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Energy Future Holdings Corp. in 2013, 2012 and 2011 represented approximately $167 million, $162 million and $182 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. Sales to affiliates of Just Energy Group, Inc. in 2013, 2012 and 2011 represented approximately $126 million, $102 million and $81 million, respectively, of CenterPoint Houston’s transmission and distribution revenues. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Interstate Pipelines recorded equity income of $7 million, $26 million and $21 million in the years ended December 31, 2013, 2012 and 2011, respectively, from its interest in SESH, a jointly-owned pipeline. These amounts are included in Equity in earnings of unconsolidated affiliates under the Other Income (Expense) caption. Interstate Pipelines’ investment in SESH was $404 million and $409 million as of December 31, 2012 and 2011 and is included in Investment in unconsolidated affiliates. As discussed above, effective May 1, 2013, CenterPoint Energy reports equity earnings associated with its interest in Enable and equity earnings associated with its retained interest in SESH under a new Midstream Investments segment, and no longer has an Interstate Pipelines reporting segment prospectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Results reflected in the year ended December 31, 2013 represent only January 2013 through April 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Field Services recorded equity income of $5 million and $9 million for the years ended December 31, 2012 and 2011, respectively, from its interest in Waskom. These amounts are included in Equity in earnings of unconsolidated affiliates under the Other Income (Expense) caption. Field Services’ investment in the jointly-owned gas processing plant was $63 million as of December 31, 2011 and is included in Investment in unconsolidated affiliates. Beginning on August 1, 2012, financial results for Waskom are included in operating income due to the July 31, 2012 purchase of the 50% interest in Waskom that CenterPoint Energy did not already own. CenterPoint Energy contributed 100% interest in Waskom to Enable on May 1, 2013. Effective May 1, 2013, CenterPoint Energy reports equity earnings associated with its interest in Enable under a new Midstream Investments segment, and no longer has a Field Services reporting segment prospectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Midstream Investments reported equity earnings of $173 million from Enable and $8 million of equity earnings from CenterPoint Energy’s retained interest in SESH for the eight months ended December 31, 2013. Included in total assets of Midstream Investments as of December 31, 2013 is $4,319 million related to CenterPoint Energy’s investment in Enable and $199 million related to CenterPoint Energy’s retained interest in SESH. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Included in total assets of Other Operations as of December 31, 2013, 2012 and 2011, are pension and other postemployment related regulatory assets of $627 million, $832 million and $796 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | On May 1, 2013, CERC contributed a 24.95% interest in SESH to Enable, leaving CERC with a 25.05% interest in SESH. |
Reportable_Business_Segments_R
Reportable Business Segments (Revenues by Products and Services) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Revenues by Products and Services: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Electric delivery | ' | ' | ' | ' | ' | ' | ' | ' | $2,570 | $2,540 | $2,337 | ||
Retail gas sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,150 | 3,328 | 4,019 | ||
Wholesale gas sales | ' | ' | ' | ' | ' | ' | ' | ' | 913 | 613 | 1,149 | ||
Gas transportation and processing | ' | ' | ' | ' | ' | ' | ' | ' | 345 | 847 | 824 | ||
Energy products and services | ' | ' | ' | ' | ' | ' | ' | ' | 128 | 124 | 121 | ||
Total | $2,184 | $1,640 | $1,894 | [1] | $2,388 | $2,138 | $1,705 | [2] | $1,525 | $2,084 | $8,106 | $7,452 | $8,450 |
[1] | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | ||||||||||||
[2] | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. |
Subsequent_Events_Details
Subsequent Events (Details) (Dividend Declared [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jan. 20, 2014 | |
Dividend Declared [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Subsequent Event, Date | 20-Jan-14 | ' |
Subsequent Event, Amount | ' | $0.24 |
Dividends Payable, Date to be Paid | 10-Mar-14 | ' |
Dividends Payable, Date of Record | 14-Feb-14 | ' |
Schedule_I_Financial_Informati1
Schedule I: Financial Information of CenterPoint Energy, Inc. (Parent Company) (Statements of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Operation and Maintenance Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ($1,847) | ($1,874) | ($1,835) | ||
Total | ' | ' | ' | ' | ' | ' | ' | ' | -7,096 | -6,414 | -7,152 | ||
Other Income (Expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | 24 | 38 | 23 | ||
Gain (Loss) on Indexed Debt Securities | ' | ' | ' | ' | ' | ' | ' | ' | -193 | -71 | 35 | ||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -351 | -422 | -456 | ||
Total | ' | ' | ' | ' | ' | ' | ' | ' | -229 | -281 | -124 | ||
Loss Before Income Taxes, Equity in Subsidiaries and Extraordinary Item | ' | ' | ' | ' | ' | ' | ' | ' | 781 | 757 | 1,174 | ||
Income Tax Benefit | ' | ' | ' | ' | ' | ' | ' | ' | -470 | -340 | -404 | ||
Income Before Extraordinary Item | ' | ' | ' | ' | ' | ' | ' | ' | 311 | 417 | 770 | ||
Net Income | 113 | 151 | -100 | [1] | 147 | 134 | 10 | [2] | 126 | 147 | 311 | 417 | 1,357 |
CenterPoint Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Operation and Maintenance Expenses | ' | ' | ' | ' | ' | ' | ' | ' | -13 | -20 | -12 | ||
Total | ' | ' | ' | ' | ' | ' | ' | ' | -13 | -20 | -12 | ||
Other Income (Expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest Income from Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 10 | 7 | ||
Other Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | -5 | 6 | 0 | ||
Gain (Loss) on Indexed Debt Securities | ' | ' | ' | ' | ' | ' | ' | ' | -193 | -71 | 35 | ||
Interest Expense to Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -24 | -25 | -25 | ||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -104 | -112 | -123 | ||
Total | ' | ' | ' | ' | ' | ' | ' | ' | -318 | -192 | -106 | ||
Loss Before Income Taxes, Equity in Subsidiaries and Extraordinary Item | ' | ' | ' | ' | ' | ' | ' | ' | -331 | -212 | -118 | ||
Income Tax Benefit | ' | ' | ' | ' | ' | ' | ' | ' | 137 | 87 | 50 | ||
Loss Before Equity in Subsidiaries and Extraordinary Item | ' | ' | ' | ' | ' | ' | ' | ' | -194 | -125 | -68 | ||
Equity Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 505 | 542 | 838 | ||
Income Before Extraordinary Item | ' | ' | ' | ' | ' | ' | ' | ' | 311 | 417 | 770 | ||
Extraordinary Item, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 587 | ||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $311 | $417 | $1,357 | ||
[1] | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | ||||||||||||
[2] | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. |
Schedule_I_Financial_Informati2
Schedule I: Financial Information of CenterPoint Energy, Inc. (Parent Company) (Statements of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Net Income | $113 | $151 | ($100) | [1] | $147 | $134 | $10 | [2] | $126 | $147 | $311 | $417 | $1,357 |
Adjustment to pension and other postretirement plans (net of tax of $25, $2 and $7) | ' | ' | ' | ' | ' | ' | ' | ' | 44 | -2 | -16 | ||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax of $-0-, $-0- and $-0-) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 | ||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 45 | -2 | -16 | ||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 356 | 415 | 1,341 | ||
CenterPoint Energy [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 311 | 417 | 1,357 | ||
Adjustment to pension and other postretirement plans (net of tax of $25, $2 and $7) | ' | ' | ' | ' | ' | ' | ' | ' | 44 | -2 | -16 | ||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax of $-0-, $-0- and $-0-) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 | ||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 45 | -2 | -16 | ||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $356 | $415 | $1,341 | ||
[1] | Effective May 1, 2013, CenterPoint Energy contributed CenterPoint Midstream to Enable. See Note 2(b) and Note 9 for further discussion on the formation of Enable and CenterPoint Energy’s investment in Enable, respectively. | ||||||||||||
[2] | See Note 2(b) and Note (4) for further discussion on the acquisition of additional interest in Waskom and the goodwill impairment charge, respectively. |
Schedule_I_Financial_Informati3
Schedule I: Financial Information of CenterPoint Energy, Inc. (Parent Company) (Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $208 | $646 | $220 | $199 |
Total current assets | 2,658 | 2,874 | ' | ' |
Other Assets: | ' | ' | ' | ' |
Other assets | 162 | 197 | ' | ' |
Total other assets | 9,619 | 6,400 | ' | ' |
Total Assets | 21,870 | 22,871 | 21,703 | ' |
Current Liabilities: | ' | ' | ' | ' |
Indexed debt | 143 | 138 | 131 | 126 |
Indexed debt securities derivative | 455 | 268 | 197 | 232 |
Interest accrued | 124 | 150 | ' | ' |
Other | 402 | 380 | ' | ' |
Total current liabilities | 3,019 | 3,575 | ' | ' |
Other Liabilities: | ' | ' | ' | ' |
Accumulated deferred tax liabilities | 4,542 | 4,153 | ' | ' |
Benefit obligations | 802 | 1,143 | ' | ' |
Total non-current liabilities | 6,705 | 6,638 | ' | ' |
Long-Term Debt | 7,817 | 8,357 | ' | ' |
Shareholders' Equity: | ' | ' | ' | ' |
Total shareholders' equity | 4,329 | 4,301 | 4,222 | ' |
Total Liabilities and Shareholders' Equity | 21,870 | 22,871 | ' | ' |
CenterPoint Energy [Member] | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Notes receivable - subsidiaries | 88 | 805 | ' | ' |
Accounts receivable - subsidiaries | 116 | 136 | ' | ' |
Other assets | 21 | 50 | ' | ' |
Total current assets | 225 | 991 | ' | ' |
Other Assets: | ' | ' | ' | ' |
Investment in subsidiaries | 6,142 | 6,387 | ' | ' |
Notes receivable - subsidiaries | 0 | 151 | ' | ' |
Other assets | 649 | 856 | ' | ' |
Total other assets | 6,791 | 7,394 | ' | ' |
Total Assets | 7,016 | 8,385 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Notes payable - subsidiaries | 11 | 434 | ' | ' |
Indexed debt | 143 | 138 | ' | ' |
Indexed debt securities derivative | 455 | 268 | ' | ' |
Accounts payable - subsidiaries | 35 | 73 | ' | ' |
Other | 5 | 0 | ' | ' |
Taxes accrued | 517 | 497 | ' | ' |
Interest accrued | 13 | 15 | ' | ' |
Other | 0 | 1 | ' | ' |
Total current liabilities | 1,179 | 1,426 | ' | ' |
Other Liabilities: | ' | ' | ' | ' |
Accumulated deferred tax liabilities | 232 | 214 | ' | ' |
Benefit obligations | 340 | 608 | ' | ' |
Notes payable - subsidiaries | 0 | 750 | ' | ' |
Total non-current liabilities | 572 | 1,572 | ' | ' |
Long-Term Debt | 936 | 1,086 | ' | ' |
Shareholders' Equity: | ' | ' | ' | ' |
Common stock | 4 | 4 | ' | ' |
Additional paid-in capital | 4,157 | 4,130 | ' | ' |
Retained earnings | 258 | 302 | ' | ' |
Accumulated other comprehensive loss | -90 | -135 | ' | ' |
Total shareholders' equity | 4,329 | 4,301 | ' | ' |
Total Liabilities and Shareholders' Equity | $7,016 | $8,385 | ' | ' |
Schedule_I_Financial_Informati4
Schedule I: Financial Information of CenterPoint Energy, Inc. (Parent Company) (Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net Income | $311 | $417 | $1,357 |
Non-cash items included in net income: | ' | ' | ' |
Deferred income tax expense | 356 | 328 | 443 |
Amortization of debt issuance costs | 30 | 32 | 30 |
Loss (gain) on indexed debt securities | 193 | 71 | -35 |
Changes in working capital: | ' | ' | ' |
Accounts payable | 152 | -6 | -81 |
Other current assets | -2 | -12 | 12 |
Other current liabilities | 21 | 18 | 18 |
Other | 24 | 17 | 24 |
Net cash provided by operating activities | 1,613 | 1,860 | 1,888 |
Investing Activities: | ' | ' | ' |
Net cash used in investing activities | -1,300 | -1,603 | -1,206 |
Financing Activities: | ' | ' | ' |
Payments of long-term debt | -1,573 | -1,590 | -909 |
Debt issuance costs | -3 | -16 | -24 |
Common stock dividends paid | -355 | -346 | -337 |
Proceeds from issuance of common stock, net | 4 | 4 | 6 |
Redemption of indexed debt securities | -8 | 0 | 0 |
Other, net | 18 | 0 | 0 |
Net cash provided by (used in) financing activities | -751 | 169 | -661 |
Net Decrease in Cash and Cash Equivalents | -438 | 426 | 21 |
Cash and Cash Equivalents at Beginning of Year | 646 | 220 | 199 |
Cash and Cash Equivalents at End of Year | 208 | 646 | 220 |
CenterPoint Energy [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net Income | 311 | 417 | 1,357 |
Non-cash items included in net income: | ' | ' | ' |
Equity income of subsidiaries | -505 | -542 | -838 |
Deferred income tax expense | 6 | 113 | 149 |
Amortization of debt issuance costs | 4 | 4 | 5 |
Extraordinary item, net of tax | 0 | 0 | -587 |
Loss (gain) on indexed debt securities | 193 | 71 | -35 |
Changes in working capital: | ' | ' | ' |
Accounts receivable/(payable) from subsidiaries, net | 47 | 39 | 73 |
Accounts payable | 5 | 0 | -1 |
Other current assets | 0 | 26 | 1 |
Other current liabilities | 42 | -63 | 50 |
Common stock dividends received from subsidiaries | 766 | 1,700 | 10 |
Other | -70 | -72 | -62 |
Net cash provided by operating activities | 799 | 1,693 | 122 |
Investing Activities: | ' | ' | ' |
Short-term notes receivable from subsidiaries | 868 | -398 | 123 |
Net cash used in investing activities | 868 | -398 | 123 |
Financing Activities: | ' | ' | ' |
Payments of long-term debt | -151 | -375 | -19 |
Debt issuance costs | -2 | 0 | -7 |
Common stock dividends paid | -355 | -346 | -337 |
Proceeds from issuance of common stock, net | 4 | 4 | 6 |
Short-term notes payable to subsidiaries | -1,173 | -578 | 112 |
Redemption of indexed debt securities | -8 | 0 | 0 |
Other, net | 18 | 0 | 0 |
Net cash provided by (used in) financing activities | -1,667 | -1,295 | -245 |
Net Decrease in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | $0 | $0 | $0 |
Schedule_I_Financial_Informati5
Schedule I: Financial Information of CenterPoint Energy, Inc. (Parent Company) (Note Disclosures) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | CenterPoint Energy [Member] | CenterPoint Energy [Member] | CenterPoint Energy [Member] | Line of Credit [Member] | ||
CenterPoint Energy [Member] | ||||||
Notes to Financial Statements of Parent Background: | ' | ' | ' | ' | ' | ' |
Maximum percentage of debt to capitalization of indirect wholly owned subsidiaries that could restrict dividend distributions (in hundredths) | ' | ' | 65.00% | ' | 65.00% | ' |
Notes to Financial Statements of Parent, Long-Term Debt: | ' | ' | ' | ' | ' | ' |
Borrowings from credit facility | $0 | $0 | $0 | $0 | ' | ' |
Letters of Credit Outstanding, Amount | 10 | 11 | 6 | 7 | ' | ' |
Maximum amount of credit facility | 2,100 | 2,450 | 1,200 | 1,200 | ' | ' |
Commercial Paper | ' | ' | 0 | 0 | ' | ' |
Debt Maturities in 2014 | 354 | ' | 0 | ' | ' | ' |
Debt Maturities in 2015 | 640 | ' | 269 | ' | ' | ' |
Debt Maturities in 2016 | 716 | ' | 0 | ' | ' | ' |
Debt Maturities in 2017 | 1,000 | ' | 250 | ' | ' | ' |
Debt Maturities in 2018 | 1,200 | ' | 350 | ' | ' | ' |
Guarantee Obligations Maximum Amount Upon Completion Of Gathering Systems | ' | ' | ' | ' | 100 | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | 'London Interbank Offered Rate (LIBOR) plus 125 |
Percentage on limitation of debt to total capitalization under covenant (in hundredths) | ' | ' | ' | ' | ' | 65.00% |
Percentage on limitation of debt to total capitalization under covenant amended (in hundredths) | ' | ' | ' | ' | ' | 70.00% |
Restoration Cost Expected Cost | ' | ' | ' | ' | ' | $100 |
Consecutive Period for System Restoration Costs to Exceed $100 million (in months) | ' | ' | ' | ' | ' | 12 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Uncollectible accounts receivable [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | $25 | $25 | $25 | |||
Additions Charged to Income | 21 | 16 | 26 | |||
Additions Charged to Other Accounts | 1 | 1 | 0 | |||
Deductions From Reserves | 19 | [1] | 17 | [1] | 26 | [1] |
Balance at End of Period | 28 | 25 | 25 | |||
Deferred tax asset valuation allowance [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Period | 2 | 4 | 3 | |||
Additions Charged to Income | 0 | -1 | 0 | |||
Additions Charged to Other Accounts | 0 | -1 | 1 | |||
Deductions From Reserves | 0 | [1] | 0 | [1] | 0 | [1] |
Balance at End of Period | $2 | $2 | $4 | |||
[1] | Deductions from reserves represent losses or expenses for which the respective reserves were created. In the case of the uncollectible accounts reserve, such deductions are net of recoveries of amounts previously written off. |