Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 07, 2018 | |
Entity Registrant Name | ONCOR ELECTRIC DELIVERY CO LLC | |
Entity Central Index Key | 1,193,311 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Oncor Electric Delivery Holdings Company LLC [Member] | ||
Entity Outstanding Membership Interests | 80.25% | |
Texas Transmission Investment LLC [Member] | ||
Entity Outstanding Membership Interests | 19.75% |
Condensed Statements Of Consoli
Condensed Statements Of Consolidated Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | [1] | |
Operating revenues: | |||
Operating revenues (Note 4) | $ 990 | $ 935 | |
Operating expenses: | |||
Wholesale transmission service | 245 | 231 | |
Operation and maintenance (Note 11) | 219 | 188 | |
Depreciation and amortization | 166 | 195 | |
Provision in lieu of income taxes (Notes 11) | 33 | 45 | |
Taxes other than amounts related to income taxes | 125 | 112 | |
Total operating expenses | 788 | 771 | |
Operating income | 202 | 164 | |
Other income and (deductions) - net (Note 12) | (32) | (11) | |
Nonoperating provision (benefit) in lieu of income taxes | (7) | (5) | |
Interest expense and related charges (Note 12) | 88 | 85 | |
Net income | $ 89 | $ 73 | |
[1] | As adjusted for the retrospective adoption of ASU 2017-07, as discussed in Note 1. |
Condensed Statements Of Consol3
Condensed Statements Of Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Condensed Statements Of Consolidated Comprehensive Income [Abstract] | |||
Net income | $ 89 | $ 73 | [1] |
Other comprehensive income (loss): | |||
Cash flow hedges – derivative value net loss recognized in net income (net of tax) | 1 | ||
Defined benefit pension plans (net of tax) | 1 | ||
Total other comprehensive income | 1 | 1 | |
Comprehensive income | $ 90 | $ 74 | |
[1] | As adjusted for the retrospective adoption of ASU 2017-07, as discussed in Note 1. |
Condensed Statements Of Consol4
Condensed Statements Of Consolidated Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Cash flows - operating activities: | |||
Net income | $ 89 | $ 73 | [1] |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 196 | 207 | |
Provision in lieu of deferred income taxes - net | 10 | 111 | |
Other - net | (1) | ||
Changes in operating assets and liabilities: | |||
Regulatory accounts related to reconcilable tariffs (Note 5) | 30 | (12) | |
Other operating assets and liabilities | 10 | 23 | |
Cash provided by operating activities | 335 | 401 | |
Cash flows - financing activities: | |||
Net increase in short-term borrowings (Note 6) | 125 | 91 | |
Distributions to members (Note 9) | (86) | ||
Cash provided by financing activities | 125 | 5 | |
Cash flows - investing activities: | |||
Capital expenditures (Note 11) | (450) | (426) | |
Other - net | 5 | 5 | |
Cash used in investing activities | (445) | (421) | |
Net change in cash and cash equivalents | 15 | (15) | |
Cash and cash equivalents - beginning balance | 21 | 16 | |
Cash and cash equivalents - ending balance | $ 36 | $ 1 | |
[1] | As adjusted for the retrospective adoption of ASU 2017-07, as discussed in Note 1. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 36 | $ 21 |
Trade accounts receivable - net (Note 12) | 587 | 635 |
Amounts receivable from members related to income taxes (Note 11) | 26 | |
Materials and supplies inventories - at average cost | 107 | 91 |
Prepayments and other current assets | 92 | 88 |
Total current assets | 822 | 861 |
Investments and other property (Note 12) | 120 | 113 |
Property, plant and equipment - net (Note 12) | 15,171 | 14,879 |
Goodwill (Note 12) | 4,064 | 4,064 |
Regulatory assets (Note 5) | 2,130 | 2,180 |
Other noncurrent assets | 13 | 23 |
Total assets | 22,320 | 22,120 |
Current liabilities: | ||
Short-term borrowings (Note 6) | 1,075 | 950 |
Long-term debt due currently (Note 7) | 825 | 550 |
Trade accounts payable (Note 11) | 309 | 242 |
Amounts payable to members related to income taxes (Note 11) | 32 | 21 |
Accrued taxes other than amounts related to income | 78 | 190 |
Accrued interest | 70 | 83 |
Other current liabilities | 178 | 188 |
Total current liabilities | 2,567 | 2,224 |
Long-term debt, less amounts due currently (Note 7) | 5,293 | 5,567 |
Liability in lieu of deferred income taxes (Note 11) | 1,528 | 1,517 |
Regulatory liabilities (Note 5) | 2,853 | 2,807 |
Employee benefit obligations and other (Notes 10 and 12) | 2,086 | 2,102 |
Total liabilities | 14,327 | 14,217 |
Commitments and contingencies (Note 8) | ||
Membership interests (Note 9): | ||
Capital account — number of interests outstanding 2018 and 2017 - 635,000,000 | 8,093 | 8,004 |
Accumulated other comprehensive loss | (100) | (101) |
Total membership interests | 7,993 | 7,903 |
Total liabilities and membership interests | 22,320 | 22,120 |
Bondco [Member] | ||
Current liabilities: | ||
Long-term debt due currently (Note 7) | $ 825 | $ 550 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Capital account, interests outstanding | 635,000,000 | 635,000,000 |
Business and Significant Accoun
Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Business and Significant Accounting Policies [Abstract] | |
Business and Significant Accounting Policies | 1. BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs that sell power in the north-central, eastern and western parts of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is a direct, wholly-owned subsidiary of STIH, a direct wholly-owned subsidiary of STH. In connection with the Sempra Acquisition, on March 9, 2018, STH became an indirect wholly- owned subsidiary of Sempra. Oncor Holdings owns 80.25% of our membership interests and Texas Transmission owns 19.75% of our membership interests. We are managed as an integrated business; consequently, there are no separate reportable business segments. Various “ring-fencing” measures that had been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities and its majority owner (formerly the Texas Holdings Group and now Sempra) continue to remain in effect after the Sempra Acquisition. These measures serve to mitigate our and Oncor Holdings’ credit exposure to Sempra and to reduce the risk that our assets and liabilities or those of Oncor Holdings would be substantively consolidated with the assets and liabilities of Sempra in connection with a bankruptcy of one or more Sempra entities. Such measures include, among other things: our sale of a 19.75% equity interest to Texas Transmission in November 2008; maintenance of separate books and records for the Oncor Ring-Fenced Entities; our board of directors being comprised of a majority of independent directors; and prohibitions on the Oncor Ring-Fenced Entities providing credit support to, or receiving credit support from, any member of Sempra. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of Sempra. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or contractual obligations of any member of Sempra. We do not bear any liability for debt or contractual obligations of Sempra, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra. For more information on ring-fencing measures, see Note 2. EFH Bankruptcy Proceedings On the EFH Petition Date, the Debtors commenced proceedings under Chapter 11 of the U.S. Bankruptcy Code. The Oncor Ring-Fenced Entities were not parties to the EFH Bankruptcy Proceedings. See Note 2 for further information regarding the EFH Bankruptcy Proceedings and the change in control of our indirect majority owner in connection with such proceedings. Basis of Presentation These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes included in the 2017 Form 10-K. In the opinion of Oncor management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been made. All intercompany items and transactions have been eliminated in consolidation. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. Use of Estimates Preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. No material adjustments were made to previous estimates or assumptions during the current period. Changes in Accounting Standards Since May 2014, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers , along with other supplemental guidance (together, Topic 606). Topic 606 introduced new, increased requirements for disclosure of revenue in financial statements and guidance intended to eliminate inconsistencies in the recognition of revenue. We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach and elected the practical expedient available that allows an entity to recognize revenue in the amount to which the entity has the right to invoice related to performance completed to date. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. The new guidance did not change this pattern of recognition and therefore the adoption did not have a material effect on our reported results of operations, financial position or cash flows. Topic 606 also requires the separate presentation of “alternative revenue program” revenues on the income statement. We anticipate less than $20 million annually in alternative revenue program revenues related to our energy efficiency program and will disclose such activity in the notes to financial statements. See Note 4 for additional disclosures about revenues from contracts with customers. In February 2016, the FASB issued ASU 2016-02 which created FASB Topic 842, Leases (Topic 842). Topic 842 amends previous GAAP to require the balance sheet recognition of substantially all lease assets and liabilities, including operating leases. Operating lease liabilities will not be classified as debt for GAAP purposes under Topic 842 and will not be treated as debt for regulatory purposes. Under current standards , all of Oncor’s existing leases meet the definition of an operating lease liability. Under the new rules, the recognition of any finance leases (currently known as capital leases) on the balance sheet would be classified as debt for GAAP purposes and are expected to be defined as debt for our regulatory capital structure purposes (see Note 9 for details) similar to the current capital lease treatment. We will be required to adopt Topic 842 by January 1, 2019. Upon adoption, we expect to use certain practical expedients available under the transition guidance including a practical expedient to not assess whether existing land easements that were not previously accounted for as leases are or contain a lease under Topic 842, and a practical expedient not to restate comparative periods. The initial adoption of Topic 842 will affect our balance sheet, as leased buildings and vehicles are currently recognized as operating lease liabilities. Subsequent to adoption, to the extent Oncor enters into finance leases, its credit facility covenants and capitalization ratios could be impacted. We continue to evaluate our contracts for proper treatment under the new standards and evaluate the potential impact of Topic 842 on our financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , an amendment to Topic 715, Compensation – Retirement Benefits . ASU 2017-07 requires the non-service cost components of net retirement benefit plan costs be presented as non-operating in the income statement. In addition, only the service cost component of net retirement benefit plan cost is eligible for capitalization as part of inventory or property, plant and equipment. We adopted ASU 2017-07 on January 1, 2018. The presentation of costs is required to be applied on a retrospective basis while the capitalization eligibility requirement is applied on a prospective basis. The guidance allows a practical expedient that permits use of previously disclosed service costs and non-service costs from the Pension and OPEB Plans note in the comparative periods as appropriate estimates when recasting the presentation of these costs in the income statements. We have elected this practical expedient. For cash flow purposes on a prospective basis, non-service costs will be reflected as a reduction to operating cash flows, offset by lower cash used in investing activities (lower capital expenditures). The new guidance did not have a material effect on our results of operations, financial position or net change in total cash flows and we do not expect the guidance to have a material effect on our rate-making process. For the three months ended March 31, 2018, $13 million of non-service costs were recorded to other income and (deductions). For the three months ended March 31, 2017 comparative period, the adoption of ASU 2017-07 resulted in a reclassification of $7 million from operation and maintenance expense to other income and (deductions), and a corresponding increase of $3 million in provision in lieu of income taxes and a decrease in non-operating provision in lieu of income taxes. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02). ASU 2018-02 allows a reclassification from accumulated other comprehensive income (AOCI) to membership interests for stranded tax effects resulting from the TCJA. Under ASU 2018-02, an entity will be required to provide certain disclosures regarding stranded tax effects, including its accounting policy related to releasing the income tax effects from AOCI. We currently estimate our stranded tax effects in AOCI to be approximately $22 million. ASU 2018-02 can be applied either as of the beginning of the period of adoption or retrospectively as of the date of enactment of the TCJA and to each period in which the effect of the TCJA is recognized. ASU 2018-02 is effective for our 2019 annual reporting period, including interim periods therein, with early adoption permitted. We have not yet selected the adoption method or the year in which we will adopt the standard. |
EFH Bankruptcy Proceedings
EFH Bankruptcy Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
EFH Bankruptcy Proceedings [Abstract] | |
EFH BANKRUPTCY PROCEEDINGS | 2. EFH BANKRUPTCY PROCEEDINGS On the EFH Petition Date, EFH Corp. and the substantial majority of its direct and indirect subsidiaries at the time, including EFIH, EFCH and TCEH, commenced proceedings under Chapter 11 of the U.S. Bankruptcy Code. The Oncor Ring-Fenced Entities were not parties to the EFH Bankruptcy Proceedings. See Note 1 and below for further information regarding the EFH Bankruptcy Proceedings and the change in control of our indirect majority owner in connection with such proceedings. The U.S. Bankruptcy Code automatically enjoined, or stayed, us from judicial or administrative proceedings or filing of other actions against our affiliates or their property to recover, collect or secure our claims arising prior to the EFH Petition Date. Following the EFH Petition Date, EFH Corp. received approval from the bankruptcy court to pay or otherwise honor certain prepetition obligations generally designed to stabilize its operations. Included in the approval were the obligations owed to us representing our prepetition electricity delivery fees. In May 2016, the Debtors filed a joint Plan of Reorganization (2016 Plan of Reorganization) pursuant to Chapter 11 of the U.S. Bankruptcy Code and a related disclosure statement with the bankruptcy court. The 2016 Plan of Reorganization provided that the confirmation and effective date of the 2016 Plan of Reorganization with respect to the TCEH Debtors may occur separate from, and independent of, the confirmation and effective date of the 2016 Plan of Reorganization with respect to the EFH Debtors. In this regard, the bankruptcy court confirmed the 2016 Plan of Reorganization with respect to the TCEH Debtors in August 2016, and it became effective by its terms, and the Vistra Spin-Off occurred, effective October 3, 2016. As a result of the Vistra Spin-Off, Vistra and its subsidiaries, including Luminant and TXU Energy, ceased to be related parties of ours as of October 3, 2016. As a result of the Sempra Acquisition, the members of the Texas Holdings Group ceased to be related parties of ours as of March 9, 2018. See Note 11 for details of Oncor’s related-party transactions with members of the Texas Holdings Group. Change in Indirect Ownership of Oncor During the course of the EFH Bankruptcy Proceedings, certain plans of reorganization were filed that contemplated the transfer of the ownership interests in Oncor that were indirectly held by EFH Corp. Below is a summary of certain matters relating to the change in indirect ownership of Oncor that were proposed in the EFH Bankruptcy Proceedings. Prior Merger Agreements The following merger agreements relating to a potential change in indirect ownership of Oncor were entered into in connection with the EFH Bankruptcy Proceedings. Each of these prior merger agreements has been terminated in accordance with its respective terms. · In August 2015, the EFH Debtors entered into a merger and purchase agreement (Hunt Merger Agreement) with an investor group consisting of certain unsecured creditors of TCEH and an affiliate of Hunt Consolidated, Inc., as well as certain other investors designated by Hunt Consolidated, Inc. (collectively, the Hunt Investor Group), that would have led to a significant change in the indirect equity ownership of Oncor . In September 2015, Oncor and the Hunt Investor Group filed a joint application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by the Hunt Merger Agreement. The PUCT issued an order conditionally approving the joint application in March 2016 , and in April 2016 , the Hunt Investor Group and certain intervenors filed motions for rehearing. As discussed under “PUCT Matters Related to the EFH Bankruptcy Proceedings – Hunt Investor Group PUCT Proceedings” below, in May 2016, the PUCT denied the motions for rehearing in PUCT Docket No. 45188 and the Hunt Merger Agreement was terminated. In June 2016 , the Hunt Investor Group filed a petition with the Travis County District Court seeking review of the PUCT order. We cannot predict the results of the review or the ultimate disposition of PUCT Docket No. 45188, particularly in light of the termination of the Hunt Merger Agreement. · Following the termination of the Hunt Merger Agreement, in July 2016, EFH Corp. and EFIH entered into an Agreement and Plan of Merger (NEE Merger Agreement) with NextEra Energy, Inc. (NEE) and EFH Merger Co., LLC, a wholly-owned subsidiary of NEE that provided for NEE’s acquisition of the equity interests in Oncor indirectly owned by EFH Corp. and EFIH. Additionally, in October 2016, an affiliate of NEE entered into an Agreement and Plan of Merger (the TTI Merger Agreement) with Texas Transmission Holdings Corporation (TTHC), the parent of Texas Transmission , and certain of its affiliates to purchase Texas Transmission’s 19.75% equity interest in Oncor for approximately $2.4 billion. The bankruptcy court approved EFH Corp. and EFIH’s entry into the NEE Merger Agreement and related plan support agreement in September 2016 and confirmed an amended plan of reorganization in February 2017 (NEE Plan). The consummation of the transactions contemplated by the NEE Merger Agreement and related plan of reorganization and the TTI Merger Agreement was subject to various conditions precedent, including the approval of the PUCT. Oncor and NEE filed a joint application seeking certain regulatory approvals with respect to the NEE Merger Agreement and the TTI Merger Agreement in October 2016. The PUCT denied the application on April 13, 2017, issued an order on rehearing on June 7, 2017 re-affirming its decision that the proposed transaction was not in the public interest and denied NEE’s second motion for rehearing on June 29, 2017. Following these developments, on July 6, 2017, EFH Corp. and EFIH delivered a notice terminating the NEE Merger Agreement, which caused the NEE Plan to be null and void. As discussed under “PUCT Matters Related to the EFH Bankruptcy Proceedings” below, on July 13, 2017, NEE filed a petition with the Travis County District Court seeking review of the PUCT order (PUCT NEE Plan Order). We cannot assess the impact of the termination of the NEE Merger Agreement on the results of the review or ultimate disposition of the PUCT NEE Plan Order, or any associated impacts of such termination and matters relating to the PUCT NEE Plan Order on the TTI Merger Agreement and the transactions contemplated thereby. For more information regarding the TTI Merger Agreement and its related regulatory proceedings, see “PUCT Matters Related to EFH Bankruptcy Proceedings – NEE PUCT Proceedings” below. · Following the termination of the NEE Merger Agreement, on July 7, 2017, EFH Corp. and EFIH executed a merger agreement (BHE Merger Agreement) with Berkshire Hathaway Energy Company (BHE ) and certain of its subsidiaries. The BHE Merger Agreement provided for the acquisition by BHE of the 80.03% of Oncor’s membership interests owned indirectly by EFH Corp. and EFIH. In connection with the execution of the BHE Merger Agreement, on July 7, 2017, the EFH Debtors filed a joint plan of reorganization (BHE Plan) and a related disclosure statement. The EFH Debtors terminated the BHE Merger Agreement on August 21, 2017 in connection with their entry into the Sempra Merger Agreement (as defined and discussed below), which caused the BHE Plan to become null and void. Further, by order dated September 7, 2017, the bankruptcy court ordered that the BHE Merger Agreement was terminated and not approved. Sempra Merger Agreement and Closing On August 15, 2017, the EFH Debtors received an alternative proposal from Sempra that largely followed the structure of the BHE Plan. Following negotiations, on August 21, 2017, EFH Corp. and EFIH entered into an Agreement and Plan of Merger (Sempra Merger Agreement) with Sempra and one of its wholly-owned subsidiaries (collectively, the Sempra Parties). The Sempra Acquisition closed on March 9, 2018. As a result of the Sempra Acquisition, EFH Corp. merged with an indirect subsidiary of Sempra, with EFH Corp. (renamed STH) continuing as the surviving company and an indirect, wholly-owned subsidiary of Sempra. The Sempra Merger Agreement did not impose any conditions on the EFH Debtors regarding Texas Transmission’s minority interest in Oncor. Accordingly, the Sempra Merger Agreement provided for the acquisition by Sempra of the 80.03% of Oncor’s membership interests owned indirectly by EFH Corp. and EFIH (Sempra Acquisition). In accordance with the Sempra Merger Agreement, Sempra paid cash consideration of approximately $9.45 billion to acquire the indirect 80.03% outstanding membership interest in Oncor. In addition, in connection with the Sempra Acquisition, Oncor Holdings acquired 0.22% of the outstanding membership interests in Oncor from Investment LLC. After the Sempra Acquisition, Texas Transmission continued to own 19.75% of Oncor’s outstanding membership interests. The Sempra Merger Agreement was consummated on March 9, 2018 after obtaining the approval of the bankruptcy court in the EFH Bankruptcy Proceedings, the Federal Communications Commission and the PUCT. Pursuant to the terms of the Sempra Merger Agreement, Oncor and Sempra filed a jo int application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by the amended joint plan of reorganization filed on September 5, 2017 by the EFH Debtors (Sempra Plan) on October 5, 2017 in PUCT Docket No. 47675. On December 14, 2017, Oncor and Sempra entered into a stipulation with the Staff of the PUCT, the Office of Public Utility Counsel, the Steering Committee of Cities Served by Oncor and the Texas Industrial Energy Consumers reflecting the parties’ settlement of all issues in the PUCT proceeding regarding the joint application. At its February 15, 2018 open meeting, the PUCT directed PUCT Staff to prepare an order based on the Sempra Settlement Stipulation for consideration by the PUCT at its open meeting on March 8, 2018. At the open meeting, the PUCT approved the final order. For more information regarding the Sempra Settlement Stipulation and the proceedings in PUCT Docket No. 47675, see “PUCT Matters Relat ed to EFH Bankruptcy Proceedings – Sempra PUCT Proceedings” below. In connection with the closing of the Sempra Acquisition, Oncor’s Limited Liability Company Agreement was amended and restated in its entirety on March 9, 2018. The Limited Liability Company Agreement, among other things, provides for the management of Oncor by a board of directors consisting of 13 members, including seven “disinterested directors” (as defined in the Limited Liability Company Agreement), two directors designated indirectly by Sempra, two directors designated by Texas Transmission (subject to certain conditions) and two directors that are current or former officers of Oncor. Management Equity Purchase On March 9, 2018, Oncor entered into an Interest Transfer Agreement (OMI Agreement) with Investment LLC, Oncor Holdings and Sempra. Pursuant to the 2008 Equity Interests Plan for Key Employees of Oncor Electric Delivery Company LLC and its a ffiliates, certain members of Oncor’s management, including Oncor’s executive officers and independent directors on Oncor’s board of directors, were granted the opportunity to purchase Class B equity interests (Class B Interests) in Investment LLC, an entity whose only assets consist of equity interests in Oncor. Investment LLC held 1,396,008 of the outstanding limited liability company interests in Oncor (the “OMI Interests”), which represented 0.22% of the outstanding membership interests in Oncor. For a description of the amounts of Class B Interests that were beneficially owned by members of Oncor’s board of directors and each of Oncor’s named executive officers, see “Security Ownership of Certain Beneficial Owners and Management and Related Equity Holder Matters – Security Ownership of Equity Interests of Oncor of Certain Beneficial Owners and Management.” in the 2017 Form 10-K. Pursuant to the OMI Agreement, in connection with the closing of the Sempra Acquisition, Investment LLC transferred to Oncor Holdings all of the OMI Interests in exchange for $26 million in cash, which represents approximately $18.60 for each OMI Interest. Following the transfer, the holders of the Class B Interests will be entitled to receive certain distributions related to certain allocable tax liabilities. PUCT Matters Related to EFH Bankruptcy Proceedings Hunt Investor Group PUCT Proceedings In September 2015, Oncor and the Hunt Investor Group filed in PUCT Docket No. 45188 a joint application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by a plan of reorganization in the EFH Bankruptcy Proceedings. In March 2016, the PUCT issued an order conditionally approving the joint application. In April 2016, the Hunt Investor Group and certain intervenors in PUCT Docket No. 45188 filed motions for rehearing and in May 2016, the PUCT denied such motions and the order became final. In May 2016, the plan of reorganization and the Hunt Merger Agreement that contemplated the transactions in PUCT Docket No. 45188 were terminated. The Hunt Investor Group filed a petition with the Travis County District Court in June 2016 seeking review of the order. We cannot predict the results of the review or the ultimate disposition of PUCT Docket No. 45188, particularly in light of the termination of the Hunt Merger Agreement. In connection with PUCT Docket No. 45188, certain cities that have retained original jurisdiction over electric utility rates passed resolutions directing Oncor to file rate review proceedings. Oncor made a rate filing with the PUCT and original jurisdiction cities to comply with their resolutions on March 17, 2017 in PUCT Docket No. 46957. In July 2017, we and certain parties to our rate review agreed to a settlement of that rate review, and on August 2, 2017 a settlement agreement was filed that settled all issues in the docket. On October 13, 2017, the PUCT issued an order approving the settlement agreement, and on November 27, 2017, the new rates took effect. NEE PUCT Proceedings The NEE Merger Agreement contemplated that Oncor and NEE file a joint application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by the NEE Merger Agreement. Oncor and NEE filed that joint application in PUCT Docket No. 46238 in October 2016. The PUCT denied the application on April 13, 2017. The PUCT issued an order on rehearing on June 7, 2017 and denied NEE’s second motion for rehearing on June 29, 2017. On July 13, 2017, NEE filed a petition with the Travis County District Court seeking review of the PUCT order. We cannot predict the results of the review or the ultimate disposition of PUCT Docket No. 46238, particularly in light of the termination of the NEE Merger Agreement. On July 28, 2017, TTHC and NEE filed in PUCT Docket No. 47453 a joint application with the PUCT seeking certain regulatory approvals with respect to NEE’s proposed acquisition of the 19.75% minority interest in Oncor that is indirectly held by TTHC. The application requested that the PUCT issue an order disclaiming jurisdiction over the transaction or finding that the transaction is in the public interest and approved. On September 14, 2017, Oncor filed a motion to intervene as a party, but not as an applicant, in PUCT Docket No. 47453. On October 26, 2017, the PUCT voted to dismiss the application without prejudice on jurisdictional grounds and ordered that any future filing of the application must include the affected utility (in this case Oncor) as an applicant. The PUCT further ordered that in any such filing Oncor is not required to seek approval of the application or any other specific relief. On October 31, 2017, TTHC notified the PUCT that it had terminated the TTI Merger Agreement with NEE. NEE filed a motion for rehearing on November 20, 2017, which was not granted. On January 9, 2018, NEE filed a petition with the Travis County District Court seeking review of the PUCT order of dismissal. We cannot predict the results of the review or the ultimate disposition of PUCT Docket No. 47453, particularly in light of TTHC’s termination of the TTI Merger Agreement. Sempra PUCT Proceedings Oncor and Sempra filed a joint application with the PUCT seeking certain regulatory approvals with respect to the transactions contemplated by the Sempra Plan on October 5, 2017 in PUCT Docket No. 47675. On December 14, 2017, Oncor and Sempra entered into a stipulation with the Staff of the PUCT, the Office of Public Utility Counsel, the Steering Committee of Cities Served by Oncor and the Texas Industrial Energy Consumers reflecting the parties’ settlement of all issues in the PUCT proceeding regarding the joint application. On January 5, 2018, Oncor, Sempra and the Staff of the PUCT made a joint filing with the PUCT requesting that the PUCT approve the acquisition, consistent with the governance, regulatory and operating commitments in a revised stipulation joined by two additional parties. On January 23, 2018, Oncor and Sempra filed an additional revision to the revised stipulation (Sempra Settlement Stipulation) and announced that two more parties had joined in the Sempra Settlement Stipulation. On February 2, 2018, Oncor and Sempra announced that all of the intervenors in PUCT Docket No. 47675 had signed on to the Sempra Settlement Stipulation. At its February 15, 2018 open meeting, the PUCT directed PUCT Staff to prepare an order based on the Sempra Settlement Stipulation for consideration by the PUCT at its open meeting on March 8, 2018. At the open meeting, the PUCT approved the final order. T he parties to the Sempra Settlement Stipulation agreed that Sempra’s acquisition of EFH Corp. was in the public interest and would bring substantial benefits. The Sempra Settlement Stipulation requested that the PUCT approve the Sempra Acquisition. Previously, EFH Corp. and Oncor implemented various ring-fencing measures to enhance Oncor’s separateness from its owners and to mitigate the risk that Oncor would be negatively impacted in the event of a bankruptcy or other adverse financial developments affecting EFH Corp. or EFH Corp.’s subsidiaries or owners. The prior ring-fencing measures were designed to create both legal and financial separation between the Oncor Ring-Fenced Entities, on the one hand, and EFH Corp. and its other affiliates and subsidiaries, on the other hand. The joint application filed with the PUCT and the Sempra Settlement Stipulation outline certain ring-fencing measures, governance mechanisms and restrictions that apply after the Sempra Acquisition. As a result of these ring-fencing measures, Sempra will not control Oncor, and the ring-fencing measures limit Sempra’s ability to direct the management, policies and operations of Oncor, including the deployment or disposition of Oncor’s assets, declarations of dividends, strategic planning and other important corporate issues and actions. These limitations include limited representation on the board of directors of Oncor. Pursuant to the order issued by PUCT with respect to its approval of the transaction contemplated by the Sempra Plan (PUCT Docket No. 47675) (the “Sempra Order”), following the consummation of the Sempra Acquisition, the board of directors of Oncor is required to consist of thirteen members and be constituted as follows: · seven members, which we refer to as disinterested directors, (i) shall be independent directors in all material respects under the rules of the New York Stock Exchange in relation to Sempra and its subsidiaries and affiliated entities and any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and (ii) shall have no material relationship with Sempra or its affiliates or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings at the time of the Sempra Acquisition or within the previous ten years; · two members shall be designated by Sempra (through Oncor Holdings) ; · two members shall be appointed by Texas Transmission; and · two members shall be current or former officers of Oncor (the Oncor Officer Directors), initially Robert S. Shapard and E. Allen Nye, Jr., who are the chair of the Oncor board and chief executive of Oncor, respectively. In order for a current or former officer of Oncor to be eligible to serve as an Oncor Officer Director, such officer cannot have worked for Sempra or any of its affiliates (excluding Oncor Holdings and Oncor) or any other entity with a direct or indirect ownership interest in Oncor or Oncor Holdings in the ten year period prior to such officer being employed by Oncor. Oncor Holdings, at the direction of STIH (a subsidiary of STH), which is a wholly - owned indirect subsidiary of, and controlled by, Sempra following the Sempra Acquisition), has the right to nominate and/or seek the removal of the Oncor Officer Directors, with such nomination or removal subject to approval by a majority of the Oncor board of directors. In addition, the Sempra Order provides that Oncor’s board cannot be overruled by the board of Sempra or any of its subsidiaries on dividend policy, the issuance of dividends or other distributions (except for contractual tax payments), debt issuance, capital expenditures, operation and maintenance expenditures, management and service fees, and appointment or removal of board members, provided that certain actions may also require the additional approval of the Oncor Holdings board of directors. The Sempra Order also provides that any changes to the size, composition, structure or rights of the board must first be approved by the PUCT. In addition, if Sempra acquires Texas Transmission’s interest in Oncor, the two board positions on Oncor’s board of directors that Texas Transmission is entitled to appoint shall be eliminated and the size of Oncor’s board of directors will be reduced by two. Additional regulatory commitments, governance mechanisms and restrictions provided in the Sempra Order include, among others: · A majority of the disinterested directors of Oncor must approve any annual or multi-year budget if the aggregate amount of capital expenditures or operating and maintenance expenditures in such budget is more than a 10% increase or decrease from the corresponding amounts of such expenditures in the budget for the preceding fiscal year or multi-year period, as applicable; · Oncor will make minimum aggregate capital expenditures equal to at least $7.5 billion over the period from January 1, 2018 through December 31, 2022 (subject to certain possible adjustments); · Sempra will make, within 60 days after the Sempra Acquisition, its proportionate share of the aggregate equity investment in Oncor in an amount necessary for Oncor to achieve a capital structure consisting of 57.5% long-term debt to 42.5% equity, as calculated for regulatory purposes (until recently, Oncor’s regulatory capital structure required 40% equity, with the remaining 60% as debt); Sempra contributed $117 million in cash commensurate with its ownership interest to Oncor on April 23, 2018. See Note 9 for further information regarding member contributions. · Oncor may not pay any dividends or make any other distributions (except for contractual tax payments) if a majority of its disinterested directors determines that it is in the best interests of Oncor to retain such amounts to meet expected future requirements; · At all times, Oncor will remain in compliance with the debt-to-equity ratio established by the PUCT from time to time for ratemaking purposes, and Oncor will not pay dividends or other distributions (except for contractual tax payments), if that payment would cause its debt-to-equity ratio to exceed the debt-to-equity ratio approved by the PUCT; · If the credit rating on Oncor’s senior secured debt by any of the three major rating agencies falls below BBB (or the equivalent), Oncor will suspend dividends and other distributions (except for contractual tax payments), unless otherwise allowed by the PUCT; · Without the prior approval of the PUCT, neither Sempra nor any of its affiliates (excluding Oncor) will incur, guaranty or pledge assets in respect of any indebtedness that is dependent on the revenues of Oncor in more than a proportionate degree than the other revenues of Sempra or on the stock of Oncor, and there will be no debt at STH or STIH at any time following the closing of the Sempra Acquisition; · Neither Oncor nor Oncor Holdings will lend money to or borrow money from Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, and neither Oncor nor Oncor Holdings will share credit facilities with Sempra or any of its affiliates (other than Oncor subsidiaries), or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings; · Oncor will not seek recovery in rates of any expenses or liabilities related to EFH Corp.’s bankruptcy, or (1) any tax liabilities resulting from the Vistra Spin-Off, (2) any asbestos claims relating to non-Oncor operations of EFH Corp. or (3) any make-whole claims by holders of debt securities issued by EFH Corp. or EFIH, and Sem pra must file with the PUCT a plan providing for the extinguishment of the liabilities described in items (1) through (3) above, which protects Oncor from any harm (Such plan was filed with the PUCT on April 6, 2018.) ; · There must be maintained certain “separateness measures” that reinforce the financial separation of Oncor from STH and STH’s owners, including a requirement that dealings between Oncor, Oncor Holdings and their subsidiaries with Sempra, any of Sempra’s other affiliates or any entity with a direct or indirect ownership interest in Oncor or Oncor Holdings, must be on an arm’s-length basis, limitations on affiliate transactions, separate recordkeeping requirements and a prohibition on pledging Oncor assets or stock for any entity other than Oncor; · No transaction costs or transition costs related to the Sempra Acquisition (excluding Oncor employee time) will be borne by Oncor’s customers nor included in Oncor’s rates; · Sempra will continue to hold indirectly at least 51% of the ownership interests in Oncor and Oncor Holdings for at least five years following the closing of the Sempra Acquisition, unless otherwise specifically authorized by the PUCT; and · Oncor will provide bill credits to electric delivery rates for ultimate credits to customers in an amount equal to 90% of any interest rate savings achieved due to any improvement in its credit ratings or market spreads compared to those as of June 30, 2017 until final rates are set in the next Oncor base rate case filed after PUCT Docket No. 46957 (except that savings will not be included in credits if already realized in rates); and one year after the Sempra Acquisition, Oncor will provide bill credits to electric delivery rates for inclusion in customer bills equal to 90% of any synergy savings until final rates are set in the next Oncor base rate proceeding after the 2017 rate review (PUCT Docket No. 46957), at which time any total synergy savings shall be reflected in Oncor’s rates. EFH Bankruptcy Proceedings Settlement Agreement In connection with the EFH Bankruptcy Proceedings, the EFH Debtors and various creditor parties entered into a settlement agreement (the Settlement Agreement) in August 2015 (as amended in September 2015) to compromise and settle, among other things (a) intercompany claims among the EFH Debtors, (b) claims and causes of actions against holders of first lien claims against TCEH and the agents under TCEH’s senior secured facilities, (c) claims and causes of action against holders of interests in EFH Corp. and certain related entities and (d) claims and causes of action against each of the EFH Debtors’ current and former directors, the Sponsor Group, managers and officers and other related entities. The Settlement Agreement contemplates a release of such claims upon approval of the Settlement Agreement by the bankruptcy court, which approval was obtained in December 2015. The Settlement Agreement settles substantially all inter-debtor claims through the effective date of the Settlement Agreement. These settled claims include potentially contentious inter-debtor claims, including various potential avoidance actions and claims arising under numerous debt agreements, tax sharing agreements, and contested property transfers. The release provisions of the Settlement Agreement took effect immediately upon the entry of the bankruptcy court order approving the Settlement Agreement. In this regard, substantially all of the potential affiliate claims, derivative claims and other types of disputes among affiliates (including claims against Oncor) have been resolved by bankruptcy court order. Accordingly, we believe the Settlement Agreement resolves all affiliate claims against Oncor and its assets existing as of the effective date of the Settlement Agreement. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2018 | |
Regulatory Matters [Abstract] | |
REGULATORY MATTERS | 3. REGULATORY MATTERS Change in Control Reviews See “PUCT Matters Related to EFH Bankruptcy Proceedings” in Note 2. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2018 | |
Revenues [Abstract] | |
Revenues | 4. REVENUES General Our revenue is billed monthly under tariffs approved by the PUCT and the majority of revenues are related to providing electric delivery service to consumers. Tariff rates are designed to recover the cost of providing electric delivery service to customers including a reasonable rate of return on invested capital. As the units delivered can be directly measured, our revenues are recognized when the underlying service has been provided in an amount prescribed by the related tariff. We recognize revenue in the amount that we have the right to invoice. Substantially all of our revenues are from contracts with customers (Topic 606 revenues) except for alternative revenue program revenues discussed below. Reconcilable Tariffs The PUCT has designated certain tariffs (primarily TCRF, EECRF and previously AMS surcharges) as reconcilable, which means the differences between amounts billed under these tariffs and the related incurred costs are deferred as either regulatory assets or regulatory liabilities. Accordingly, at prescribed intervals, future tariffs are adjusted to either repay regulatory liabilities or collect regulatory assets. Alternative Revenue Program The PUCT has implemented an incentive program allowing us to earn performance bonuses by exceeding PUCT energy efficiency program targets. This incentive program is considered an “alternative revenue program” and the related bonus revenues are outside of the scope of Topic 606. Annual performance bonuses are recognized as revenue when approved by the PUCT, typically in the third or fourth quarter each year. As a result of the 2017 rate review order effective November 26, 2017, the AMS surcharges ceased and AMS related expenses and return became recoverable through distribution base rates. Disaggregation of Revenues The following table reflects electric delivery revenues disaggregated by tariff for the three months ended March 31, 2018: Three Months Ended March 31, 2018 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 507 Transmission base revenues (TCOS revenues) Billed to third-party wholesale customers 125 Billed to REPs serving Oncor distribution customers, through TCRF 78 Total transmission base revenues 203 Other miscellaneous revenues 16 Total revenues contributing to earnings 726 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 245 EECRF and other regulatory charges 19 Revenues collected for pass-through expenses 264 Total operating revenues $ 990 Customers Our distribution customers consist of approximately 85 REPs and certain electric cooperatives in our certificated service area. The consumers of the electricity we deliver are free to choose their electricity supplier from REPs who compete for their business. REP subsidiaries of our two largest counterparties represented 24% and 20% of our total operating revenues for the three months ended March 31, 2018. No other customer represented more than 10% of our total operating revenues. Our transmission base revenues are collected from load serving entities benefitting from our transmission system. Our transmission customers consist of municipalities, electric cooperatives and other distribution companies. Variability Our revenues and cash flows are subject to seasonality, timing of customer billings, weather conditions and other electricity usage drivers, with revenues being highest in the summer. Payment is due 35 days after invoicing. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by nonaffiliated REPs are recoverable as a regulatory asset. Pass-through expenses Expenses which are allowed to be passed-through to customers (primarily, third party wholesale transmission service and energy efficiency program costs) are generally recognized as revenue at the time the costs are incurred. Franchise taxes are assessed by local governmental bodies, based on kWh delivered and are not a “pass-through” item. The rates we charge customers are intended to recover the franchise taxes, but we are not acting as an agent to collect the taxes from customers; therefore, franchise taxes are reported as a principal component of “taxes other than amounts related to income taxes” instead of a reduction to “revenues” in the income statement. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Regulatory Assets and Liabilities [Abstract] | |
REGULATORY ASSETS AND LIABILITIES | 5 . REGULATORY ASSETS AND LIABILITIES Recognition of regulatory assets and liabilities and the periods which they are to be recovered or refunded through rate regulation are determined by the PUCT. Components of our regulatory assets and liabilities as of March 31, 2018 and December 31, 2017 are provided in the table below. Amounts not earning a return through rate regulation are noted. Remaining Rate Recovery/Amortization Period at Carrying Amount At March 31, 2018 March 31, 2018 December 31, 2017 Regulatory assets: Employee retirement costs being amortized 10 years $ 323 $ 331 Unrecovered employee retirement costs incurred since the last rate review period (a) To be determined 31 30 Employee retirement liability (a)(b)(c) To be determined 835 854 Employee retirement plans - non-service costs Lives of related assets 11 - Self-insurance reserve (primarily storm recovery costs) being amortized 10 years 383 394 Unrecovered self-insurance reserve incurred since the last rate review period (a) To be determined 43 49 Securities reacquisition costs (post-industry restructure) Lives of related debt 11 12 Deferred conventional meter and metering facilities depreciation 3 years 52 57 Under-recovered AMS costs 10 years 200 206 Unprotected excess deferred taxes To be determined 202 197 Energy efficiency performance bonus (b) 1 year or less 9 12 Other regulatory assets Various 30 38 Total regulatory assets 2,130 2,180 Regulatory liabilities: Estimated net removal costs Lives of related assets 974 954 Protected excess deferred taxes To be determined 1,595 1,595 Unprotected excess deferred taxes To be determined 198 194 Federal income taxes - over-collected due to TCJA rate change To be determined 30 - Over-recovered wholesale transmission service expense (b) 1 year or less 31 47 Other regulatory liabilities Various 25 17 Total regulatory liabilities 2,853 2,807 Net regulatory assets (liabilities) $ (723) $ (627) ____________ (a) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (b) Not earning a return in the regulatory rate-setting process. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2018 | |
Short-Term Borrowings [Abstract] | |
SHORT-TERM BORROWINGS | 6. SHORT-TERM BORROWINGS Revolving Credit F acility At March 31, 2018, we had a $2.0 billion unsecured revolving credit facility (Credit Facility) to be used for working capital and general corporate purposes, issuances of letters of credit and support for commercial paper issuances . We may request increases in our borrowing capacity in incremen ts of not less than $100 million, n ot to exceed $400 million in the aggregate provided certain conditions are met, including lender approvals. The Credit Facility has a five -year term expiring in November 2022 and gives us the option of requesting up to two one -year extensions, with such extensions subject to certain conditions and lender approvals. Borrowings are classified as short-term on the balance sheet. At March 31, 2018, we had outstanding borrowings under the Credit Facility totaling $1.075 b illion with an interest rate of 2.79% per annum and outstanding letters of credit totaling $9 million. At December 31, 2017, we had outstanding borrowings under the C redit F acility totaling $950 million with an interest rate of 2.62% and outstanding letters of credit totaling $9 million. Borrowings under the Credit Facility bear interest at per annum rates equal to, at our option, (i) LIBOR plus a spread ranging from 0 .875% to 1.50% depending on credit ratings assigned to our senior secured non-credit enhanced long-term debt or (ii) an alternate base rate (the highest of (1) the prime rate of JPMorgan Chase, (2) the federal funds effective rate plus 0.50% , and (3) adjusted LIBOR plus 1.00% ) plus a spread ranging from 0.00% to 0.50% depending on credit ratings assigned to our senior secured non-credit enhanced long-term debt. At March 31, 2018, outstanding borrowings bore interest at LIBOR plus 1.00% . Amounts borrowed under the Credit Facility , once repaid, can be borrowed again from time to time. An unused commitment fee is payable quarterly in arrears and upon termination or commitment reduction at a rate equal to 0.075% to 0.225% (such spread depending on certain credit ratings assigned to our senior secured debt) of the daily unused commitments under the Credit Facility . Letter of credit fees on the stated amount of letters of credit issued under the Credit Facility are payable to the lenders quarterly in arrears and upon termination at a rate per annum equal to the spread over adjusted LIBOR. Customary fronting and administrative fees are also payable to letter of credit fronting banks. At March 31, 2018, letters of credit bore interest at 1.200% , and a commitment fee (at a rate of 0.100% per annum) was payable on the unfunded commitments under the Credit Facility, each based on our current credit ratings. Under the terms of the Credit Facility, the commitments of the lenders to make loans to us are several and not joint. Accordingly, if any lender fails to make loans to us, our available liquidity could be reduced by an amount up to the aggregate amount of such lender’s commitments under the facility. Subject to the limitations described below, borrowing capacity available under the Credit Facility at March 31, 2018 was $916 m illion and at December 31, 2017 was $1.041 billion. The Credit Facility contains customary covenants for facilities of this type, restricting, subject to certain exceptions, us and our subsidiaries from, among other things: incurring certain additional liens (not including liens relating to obligations secured pursuant to our Deed of Trust, which are permitted); entering into mergers and consolidations; sales of substantial assets and acquisitions and investments in subsidiaries. In addition, the Credit Facility requires that we maintain a consolidated senior debt-to-capitalization ratio of no greater than 0.65 to 1.00 and observe certain customary reporting requirements and other affirmative covenants. For purposes of the ratio, debt is calculated as indebtedness defined in the Credit Facility (principally, the sum of long-term debt, any capital leases, short-term debt and debt due currently in accordance with GAAP). Capitalization is calculated as membership interests determined in accordance with GAAP plus indebtedness described above. At March 31, 2018, we were in compliance with this and all other covenants. Commercial Paper Program On March 26, 2018 we established a commercial paper program (CP Program), under which we may issue unsecured commercial paper notes (Notes) on a private placement basis up to a maximum aggregate amount outstanding at any time of $2.0 billion. We also entered into commercial paper dealer agreements (Dealer Agreements) with commercial paper dealers (Dealers). The Dealer Agreements are substantially identical in all material respects except as to the parties thereto. A national bank acts as the issuing and paying agent under the CP Program pursuant to the terms of an issuing and paying agent agreement. Under the CP Program, we may issue Notes from time to time, and the proceeds of the Notes will be used for working capital and general corporate purposes. The CP Program obtains liquidity support from our Credit Facility discussed above. If at any time funds are not available on favorable terms under the CP Program, we may utilize the Credit Facility for funding. At March 31, 2018, we had no outstanding Notes issued under the CP Program. The Dealer Agreements provide the terms under which the Dealers will either purchase from us or arrange for the sale by us of Notes pursuant to an exemption from federal and state securities laws. The Dealer Agreements contain customary representations, warranties, covenants and indemnification provisions. The maturities of the Notes will vary, but may not exceed 364 days from the date of issue. The face or principal amount of Notes outstanding under the CP Program at any time may not exceed $2.0 billion. Th e Notes will be sold at a discount from par or, alternatively, will be sold at par and bear interest at rates that will vary based on market conditions at the time of the issuance of the Notes. The rate of interest on any Note will depend on whether the Note will bear interest on a fixed rate or a floating rate basis. From time to time, one or more of the Dealers and certain of their respective affiliates have provided, and may in the future provide, commercial banking, investment banking and other financial advisory services to us and our affiliates for which the Dealers have received or will receive customary fees and expenses. In addition, certain of the Dealers or their affiliates are lenders under the Credit Facility. The Notes have not been and will not be registered under the Securities Act of 1933 (the “Securities Act”), or any state securities laws, and may not be offered and sold except in compliance with an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Long-Term Debt [Abstract] | |
LONG-TERM DEBT | 7. LONG-TERM DEBT Our senior notes are secured by a first priority lien on certain transmission and distribution assets equally and ratably with all of Oncor’s other secured indebtedness. See “Deed of Trust” below for additional information. At March 31, 2018 and December 31, 2017, our long-term debt consisted of the following: March 31, December 31, 2018 2017 Secured: 6.800% Fixed Senior Notes due September 1, 2018 $ 550 $ 550 2.150% Fixed Senior Notes due June 1, 2019 250 250 5.750% Fixed Senior Notes due September 30, 2020 126 126 4.100% Fixed Senior Notes due June 1, 2022 400 400 7.000% Fixed Debentures due September 1, 2022 800 800 2.950% Fixed Senior Notes due April 1, 2025 350 350 7.000% Fixed Senior Notes due May 1, 2032 500 500 7.250% Fixed Senior Notes due January 15, 2033 350 350 7.500% Fixed Senior Notes due September 1, 2038 300 300 5.250% Fixed Senior Notes due September 30, 2040 475 475 4.550% Fixed Senior Notes due December 1, 2041 400 400 5.300% Fixed Senior Notes due June 1, 2042 500 500 3.750% Fixed Senior Notes due April 1, 2045 550 550 3.800% Fixed Senior Notes due September 30, 2047 325 325 Secured long-term debt 5,876 5,876 Unsecured: Term loan credit agreement due no later than March 26, 2019 275 275 Total long-term debt 6,151 6,151 Unamortized discount and debt issuance costs (33) (34) Less amount due currently (825) (550) Long-term debt, less amounts due currently $ 5,293 $ 5,567 Deed of Trust Our secured indebtedness is secured equally and ratably by a first priority lien on property we acquired or constructed for the transmission and distribution of electricity. The property is mortgaged under the Deed of Trust. The Deed of Trust permits us to secure indebtedness (excluding borrowings under the CP Program, the Credit Facility and the term loan credit agreement) with the lien of the Deed of Trust up to the aggregate of (i) the amount of available bond credits, and (ii) 85% of the lower of the fair value or cost of certain property additions that could be certified to the Deed of Trust collateral agent. At March 31, 2018, the amount of available bond credits was $3.038 billion and the amount of future debt we could secure with property additions, subject to those property additions being certified to the Deed of Trust collateral agent, was $2.540 billion. Fair Value of Long-Term Debt At March 31, 2018 and December 31, 2017, the estimated fair value of our long-term debt (including current maturities) totaled $6.940 billion and $7.153 billion, respectively, and the carrying amount totaled $6.118 billion and $6.117 billion, respectively. The fair value is estimated using observable market data, representing Level 2 valuations under accounting standards related to the determination of fair value. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES EFH Bankruptcy Proceedings On the EFH Petition Date, the Debtors commenced the EFH Bankruptcy Proceedings. T he Oncor Ring-Fenced Entities were not parties to the EFH Bankruptcy Proceedings. See Note 2 for further information regarding the resolution of the EFH Bankruptcy Proceedings and the change in control of our indirect majority owner in connection with such proceedings and Note 11 for our related-party transactions involving members of the Texas Holdings Group. Legal/Regulatory Proceedings We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolution of which, in the opinion of management, should not have a material effect upon our financial position, results of operations or cash flows. See Note 3 in this report and Note 8 to Financial Statements in our 2017 Form 10-K for additional information regarding our legal and regulatory proceedings. |
Membership Interests
Membership Interests | 3 Months Ended |
Mar. 31, 2018 | |
Membership Interests [Abstract] | |
MEMBERSHIP INTERESTS | 9. MEMBERSHIP INTERESTS Cash Distributions Distributions are limited by our required regulatory capital structure to be at or below the assumed debt-to-equity ratio established periodically by the PUCT for ratemaking purposes, which is 57.5% debt to 42.5% equity effective November 27, 2017. The PUCT has the authority to determine what types of debt and equity are included in a utility’s debt-to-equity ratio. For purposes of this ratio, debt is calculated as long-term debt including capital leases plus unamortized gains on reacquired debt less unamortized issuance expenses, premiums and losses on reacquired debt. Equity is calculated as membership interests determined in accordance with GAAP, excluding the effects of the acquisition accounting resulting from Docket No, 34077 (which included recording the initial goodwill and fair value adjustments and subsequent related impairments and amortization). At March 31, 2018, our regulatory capitalization ratio was 58.9% debt to 41.1% equity , effectively restricting our ability to make cash distributions to our members as of that date . Cash Contributions In April 2018, our members contributed $144 million , which was used to pay down a portion of our term loan credit agreement . Membership Interests The following table presents the changes to membership interests during the three months ended March 31, 2018 and 2017: Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2017 $ 8,004 $ (101) $ 7,903 Net income 89 - 89 Defined benefit pension plans (net of tax) - 1 1 Balance at March 31, 2018 $ 8,093 $ (100) $ 7,993 Balance at December 31, 2016 $ 7,822 $ (111) $ 7,711 Net income 73 - 73 Distributions (86) - (86) Net effects of cash flow hedges (net of tax) - 1 1 Balance at March 31, 2017 $ 7,809 $ (110) $ 7,699 Accumulated Other Comprehensive Income (Loss) The following table presents the changes to accumulated other comprehensive income (loss) for the three months ended March 31, 2018 and 2017: Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2017 $ (18) $ (83) $ (101) Defined benefit pension plans (net of tax) - 1 1 Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges - - - Balance at March 31, 2018 $ (18) $ (82) $ (100) Balance at December 31, 2016 $ (20) $ (91) $ (111) Defined benefit pension plans (net of tax) - - - Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges 1 - 1 Balance at March 31, 2017 $ (19) $ (91) $ (110) |
Pension and OPEB Plans
Pension and OPEB Plans | 3 Months Ended |
Mar. 31, 2018 | |
Pension And OPEB Plans [Abstract] | |
PENSION AND OPEB PLANS | 10. PENSION AND OPEB PLANS Pension Plans We sponsor the Oncor Retirement Plan and also have liabilities under the Vistra Retirement Plan, both of which are qualified pension plans under Section 401(a) of the Internal Revenue Code of 1986, as amended, and are subject to the provisions of ERISA. Employees do not contribute to either plan. We also have a supplemental pension plan for certain employees whose retirement benefits cannot be fully earned under the qualified retirement plans. See Note 10 to Financial Statements in our 2017 Form 10-K for additional information regarding pension plans. OPEB Plans We currently sponsor the Oncor OPEB Plan and the Oncor Shared OPEB Plan. The Oncor OPEB Plan covers our eligible current and future retirees, excluding certain eligible retirees of EFH Corp./Vistra whose employment service was assigned to both Oncor (or a predecessor regulated utility business) and a non-regulated business of EFH Corp . /Vistra which are now part of a separate plan discussed below. Effective January 1, 2018, we established the Oncor Shared OPEB Plan to cover “split participants” whose employment included service that has been assigned to both Oncor (or a predecessor regulated utility business) and non-regulated businesses of EFH Corp./Vistra. Vistra is solely responsible for its portion of the liability for retiree benefits related to those retirees. As we are not responsible for Vistra’s portion of the Oncor Shared OPEB Plan’s unfunded liability, that amount is not reported on our balance sheet. The establishment of the Oncor Shared OPEB Plan is not expected to have an impact on our financial statements. See Note 10 to Financial Statements in our 2017 Form 10-K for additional information. Pension and OPEB Costs Our net costs related to pension plans and the Oncor OPEB Plans for the three months ended March 31, 2018 and 2017 were comprised of the following: Three Months Ended March 31, 2018 2017 Components of net allocated pension costs: Service cost $ 7 $ 6 Interest cost 30 33 Expected return on assets (30) (29) Amortization of net loss 12 11 Net pension costs 19 21 Components of net OPEB costs: Service cost 2 2 Interest cost 11 12 Expected return on assets (2) (2) Amortization of prior service cost (7) (5) Amortization of net loss 14 8 Net OPEB costs 18 15 Total net pension and OPEB costs 37 36 Less amounts deferred principally as property or a regulatory asset (18) (25) Net amounts recognized as expense $ 19 $ 11 The discount rates reflected in net pension and OPEB costs in 2018 are 3.53% , 3.72% and 3.73% for the Oncor Retirement Plan, the Vistra Retirement Plan and the Oncor OPEB Plans, respectively. The expected return on pension and OPEB plan assets reflected in the 2018 cost amounts are 5.13% , 4.78% and 6.20% for the Oncor Retirement Plan, the Vistra Retirement Plan and the Oncor OPEB Plans, respectively. Pension and OPEB Plans Cash Contributions We made cash contributions to the pension plans and Oncor OPEB Plans of $21 million and $14 million, respectively, during the three months ended March 31, 2018. We expect to make additional cash contributions to the pension plans and Oncor OPEB Plans of $61 million and $21 million, respectively, during the remainder of 2018. Our aggregate pension plans and Oncor OPEB Plans funding is expected to total approximately $556 million and $178 million, respectively, in the 2018 to 2022 period based on the latest actuarial projections. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related-Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | 11. RELATED-PARTY TRANSACTIONS The following represent our significant related-party transactions at March 31, 2018. As a result of the Sempra Acquisition, Sempra became a related party and the Sponsor Group ceased to be a related party as of March 9, 2018. See Note 2 for information regarding the Sempra Acquisition. · We are not a member of another entity’s consolidated tax group, but our owners’ federal income tax return s include their portion of our results. Under the terms of a tax sharing agreement among us, Oncor Holdings, Texas Transmis sion, Investment LLC a nd STH (as successor to EFH Corp.) , we are generally obligated to make payments to our owners , pro rata in accordance with their respective membership interests, in an aggregate amount that is substantially equal to the amount of federal income taxes that we would have been required to pay if we were filing our own corporate income tax return. STH will file a combined Texas Margin tax return which includes our results and our share of Texas margin tax payments, which are accounted for as income taxes and calculated as if we were filing our own return. See discussion in Note 1 to Financial Statements in our 2017 Form 10-K under “Income Taxes.” Under the “in lieu of” tax concept, all in lieu of tax assets and tax liabilities represent amounts that will eventually be settled with our members. In the event such amounts are not paid under the tax sharing agreement, it is probable that this regulatory liability will continue to be included in Oncor’s rate setting processes. Amounts payable to (receivable from) members related to income taxes under the tax sharing agreement and reported on our balance sheet consisted of the following: At March 31, 2018 At December 31, 2017 Sempra Texas Holdings Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes payable (receivable) $ 9 $ (3) $ 6 $ (21) $ (5) $ (26) Texas margin taxes payable 26 - 26 21 - 21 Net payable (receivable) $ 35 $ (3) $ 32 $ - $ (5) $ (5) Cash payments made to (received from) members related to income taxes consisted of the following: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes $ (19) $ - $ (19) $ (135) $ (15) $ (150) No tax related payments were made to (received from) Sempra during these periods. · Related parties of the Sponsor Group have (1) sold, acquired or participated in the offerings of our debt or debt securities in open market transactions or through loan syndications, and (2) performed various financial advisory, dealer, commercial banking and investment banking services for us and certain of our affiliates for which they have received or will receive customary fees and expenses . As of March 8, 2018, approximately 16% of the equity in an existing vendor of the company was owned by a member of the Sponsor Group. During 2018 and 2017, this vendor performed transmission and distribution system construction and maintenance services for us. Cash payments were made for such services to this vendor and/or its subsidiaries totaling $35 million dollars for the year-to-date period ended March 8, 2018, of which approximately $33 million was capitalized and $2 million was recorded as an operation and maintenance expense. See Note 9 for information regarding distributions to members . |
Supplementary Financial Informa
Supplementary Financial Information | 3 Months Ended |
Mar. 31, 2018 | |
Supplementary Financial Information [Abstract] | |
SUPPLEMENTARY FINANCIAL INFORMATION | 1 2 . SUPPLEMENTARY FINANCIAL INFORMATION Other Income and ( Deductions ) Three Months Ended March 31, 2018 2017 Professional fees $ (3) $ (5) Sempra Acquisition related costs (16) - Recoverable Pension and OPEB - non-service costs (a) (13) (7) Interest income and other - 1 Total other income and (deductions) - net $ (32) $ (11) ____________ (a) The prior period has been adjusted to present non-service costs as a non-operating cost pursuant to ASU 2017-07 . See Note 1 for additional information. Interest Expense and Related Charges Three Months Ended March 31, 2018 2017 Interest $ 89 $ 86 Amortization of debt issuance costs and discounts 1 1 Less allowance for funds used during construction – capitalized interest portion (2) (2) Total interest expense and related charges $ 88 $ 85 Trade Accounts and Other Receivables Trade accounts and other receivables reported on our balance sheet consist ed of the following: At March 31, At December 31, 2018 2017 Gross trade accounts and other receivables $ 590 $ 638 Allowance for uncollectible accounts (3) (3) Trade accounts receivable – net $ 587 $ 635 At March 31, 2018, REP subsidiaries of our two largest counterparties represented approximately 14% and 12% of the trade accounts receivable balance and at December 31, 2017, represented approximately 12% and 10% of the trade accounts receivable balance. Under a PUCT rule relating to the Certification of Retail Electric Providers, write-offs of uncollectible amounts owed by nonaffiliated REPs are deferred as a regulatory asset. Investments and Other Property Investments and other property reported on our balance sheet consist ed of the following: At March 31, At December 31, 2018 2017 Assets related to employee benefit plans, including employee savings programs $ 109 $ 111 Land and other investments 11 2 Total investments and other property $ 120 $ 113 Property, Plant and Equipment Property, plant and equipment reported on our balance sheet consist ed of the following: At March 31, At December 31, 2018 2017 Total assets in service $ 21,898 $ 21,717 Less accumulated depreciation 7,350 7,255 Net of accumulated depreciation 14,548 14,462 Construction work in progress 608 402 Held for future use 15 15 Property, plant and equipment – net $ 15,171 $ 14,879 Intangible Assets Intangible assets (other than goodwill) reported on our balance sheet as part of property, plant and equipment consisted of the following: At March 31, 2018 At December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 453 $ 97 $ 356 $ 453 $ 96 $ 357 Capitalized software 688 351 337 679 339 340 Total $ 1,141 $ 448 $ 693 $ 1,132 $ 435 $ 697 A ggregate amortization expense for intangible assets totaled $12 million and $15 million for the three months ended March 31, 2018 and 2017, respectively. The estimated aggregate amortization expense for each of the next five fiscal years is as follows: Year Amortization Expense 2018 $ 48 2019 45 2020 44 2021 44 2022 44 At both March 31, 2018 and December 31, 2017, goodwill totaling $ 4.1 billion was reported on our balance sheet. None of this goodwill is being deducted for tax purposes. Employee Benefit Obligations and Other Employee benefit obligations and other reported on our balance sheet consisted of the following: At March 31, At December 31, 2018 2017 Retirement plans and other employee benefits $ 2,011 $ 2,035 Investment tax credits 9 10 Other 66 57 Total employee benefit obligations and other $ 2,086 $ 2,102 Supplemental Cash Flow Information Three Months Ended March 31, 2018 2017 Cash payments (receipts) related to: Interest $ 101 $ 99 Less capitalized interest (2) (2) Interest payments (net of amounts capitalized) $ 99 $ 97 Amount in lieu of income taxes (a): Federal $ (19) $ (150) State - - Total payments (receipts) in lieu of income taxes $ (19) $ (150) Noncash construction expenditures (b) $ 125 $ 133 ____________ (a) See Note 1 1 for income tax related detail. (b) Represents end-of-period accruals. |
Business and Significant Acco19
Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Business and Significant Accounting Policies [Abstract] | |
Description Of Business | Description of Business References in this report to “we,” “our,” “us” and “the company” are to Oncor. See “Glossary” for definition of terms and abbreviations. We are a regulated electricity transmission and distribution company principally engaged in providing delivery services to REPs that sell power in the north-central, eastern and western parts of Texas. We are a direct, majority-owned subsidiary of Oncor Holdings, which is a direct, wholly-owned subsidiary of STIH, a direct wholly-owned subsidiary of STH. In connection with the Sempra Acquisition, on March 9, 2018, STH became an indirect wholly- owned subsidiary of Sempra. Oncor Holdings owns 80.25% of our membership interests and Texas Transmission owns 19.75% of our membership interests. We are managed as an integrated business; consequently, there are no separate reportable business segments. Various “ring-fencing” measures that had been taken to enhance our credit quality and the separateness between the Oncor Ring-Fenced Entities and its majority owner (formerly the Texas Holdings Group and now Sempra) continue to remain in effect after the Sempra Acquisition. These measures serve to mitigate our and Oncor Holdings’ credit exposure to Sempra and to reduce the risk that our assets and liabilities or those of Oncor Holdings would be substantively consolidated with the assets and liabilities of Sempra in connection with a bankruptcy of one or more Sempra entities. Such measures include, among other things: our sale of a 19.75% equity interest to Texas Transmission in November 2008; maintenance of separate books and records for the Oncor Ring-Fenced Entities; our board of directors being comprised of a majority of independent directors; and prohibitions on the Oncor Ring-Fenced Entities providing credit support to, or receiving credit support from, any member of Sempra. The assets and liabilities of the Oncor Ring-Fenced Entities are separate and distinct from those of Sempra. None of the assets of the Oncor Ring-Fenced Entities are available to satisfy the debt or contractual obligations of any member of Sempra. We do not bear any liability for debt or contractual obligations of Sempra, and vice versa. Accordingly, our operations are conducted, and our cash flows are managed, independently from Sempra. For more information on ring-fencing measures, see Note 2. |
EFH Bankruptcy Proceedings | EFH Bankruptcy Proceedings On the EFH Petition Date, the Debtors commenced proceedings under Chapter 11 of the U.S. Bankruptcy Code. The Oncor Ring-Fenced Entities were not parties to the EFH Bankruptcy Proceedings. See Note 2 for further information regarding the EFH Bankruptcy Proceedings and the change in control of our indirect majority owner in connection with such proceedings. |
Basis Of Presentation | Basis of Presentation These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes included in the 2017 Form 10-K. In the opinion of Oncor management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been made. All intercompany items and transactions have been eliminated in consolidation. The results of operations for an interim period may not give a true indication of results for a full year due to seasonality. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. |
Use Of Estimates | Use of Estimates Preparation of our financial statements requires management to make estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. No material adjustments were made to previous estimates or assumptions during the current period. |
Changes In Accounting Standards | Changes in Accounting Standards Since May 2014, the Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers , along with other supplemental guidance (together, Topic 606). Topic 606 introduced new, increased requirements for disclosure of revenue in financial statements and guidance intended to eliminate inconsistencies in the recognition of revenue. We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach and elected the practical expedient available that allows an entity to recognize revenue in the amount to which the entity has the right to invoice related to performance completed to date. Revenues are generally recognized when the underlying service has been provided in an amount prescribed by the related tariff. The new guidance did not change this pattern of recognition and therefore the adoption did not have a material effect on our reported results of operations, financial position or cash flows. Topic 606 also requires the separate presentation of “alternative revenue program” revenues on the income statement. We anticipate less than $20 million annually in alternative revenue program revenues related to our energy efficiency program and will disclose such activity in the notes to financial statements. See Note 4 for additional disclosures about revenues from contracts with customers. In February 2016, the FASB issued ASU 2016-02 which created FASB Topic 842, Leases (Topic 842). Topic 842 amends previous GAAP to require the balance sheet recognition of substantially all lease assets and liabilities, including operating leases. Operating lease liabilities will not be classified as debt for GAAP purposes under Topic 842 and will not be treated as debt for regulatory purposes. Under current standards , all of Oncor’s existing leases meet the definition of an operating lease liability. Under the new rules, the recognition of any finance leases (currently known as capital leases) on the balance sheet would be classified as debt for GAAP purposes and are expected to be defined as debt for our regulatory capital structure purposes (see Note 9 for details) similar to the current capital lease treatment. We will be required to adopt Topic 842 by January 1, 2019. Upon adoption, we expect to use certain practical expedients available under the transition guidance including a practical expedient to not assess whether existing land easements that were not previously accounted for as leases are or contain a lease under Topic 842, and a practical expedient not to restate comparative periods. The initial adoption of Topic 842 will affect our balance sheet, as leased buildings and vehicles are currently recognized as operating lease liabilities. Subsequent to adoption, to the extent Oncor enters into finance leases, its credit facility covenants and capitalization ratios could be impacted. We continue to evaluate our contracts for proper treatment under the new standards and evaluate the potential impact of Topic 842 on our financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , an amendment to Topic 715, Compensation – Retirement Benefits . ASU 2017-07 requires the non-service cost components of net retirement benefit plan costs be presented as non-operating in the income statement. In addition, only the service cost component of net retirement benefit plan cost is eligible for capitalization as part of inventory or property, plant and equipment. We adopted ASU 2017-07 on January 1, 2018. The presentation of costs is required to be applied on a retrospective basis while the capitalization eligibility requirement is applied on a prospective basis. The guidance allows a practical expedient that permits use of previously disclosed service costs and non-service costs from the Pension and OPEB Plans note in the comparative periods as appropriate estimates when recasting the presentation of these costs in the income statements. We have elected this practical expedient. For cash flow purposes on a prospective basis, non-service costs will be reflected as a reduction to operating cash flows, offset by lower cash used in investing activities (lower capital expenditures). The new guidance did not have a material effect on our results of operations, financial position or net change in total cash flows and we do not expect the guidance to have a material effect on our rate-making process. For the three months ended March 31, 2018, $13 million of non-service costs were recorded to other income and (deductions). For the three months ended March 31, 2017 comparative period, the adoption of ASU 2017-07 resulted in a reclassification of $7 million from operation and maintenance expense to other income and (deductions), and a corresponding increase of $3 million in provision in lieu of income taxes and a decrease in non-operating provision in lieu of income taxes. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02). ASU 2018-02 allows a reclassification from accumulated other comprehensive income (AOCI) to membership interests for stranded tax effects resulting from the TCJA. Under ASU 2018-02, an entity will be required to provide certain disclosures regarding stranded tax effects, including its accounting policy related to releasing the income tax effects from AOCI. We currently estimate our stranded tax effects in AOCI to be approximately $22 million. ASU 2018-02 can be applied either as of the beginning of the period of adoption or retrospectively as of the date of enactment of the TCJA and to each period in which the effect of the TCJA is recognized. ASU 2018-02 is effective for our 2019 annual reporting period, including interim periods therein, with early adoption permitted. We have not yet selected the adoption method or the year in which we will adopt the standard. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenues [Abstract] | |
Disaggregation Of Revenues | Three Months Ended March 31, 2018 Operating revenues Revenues contributing to earnings: Distribution base revenues $ 507 Transmission base revenues (TCOS revenues) Billed to third-party wholesale customers 125 Billed to REPs serving Oncor distribution customers, through TCRF 78 Total transmission base revenues 203 Other miscellaneous revenues 16 Total revenues contributing to earnings 726 Revenues collected for pass-through expenses: TCRF - third-party wholesale transmission service 245 EECRF and other regulatory charges 19 Revenues collected for pass-through expenses 264 Total operating revenues $ 990 |
Regulatory Assets and Liabili21
Regulatory Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Regulatory Assets and Liabilities [Abstract] | |
Components Of Regulatory Assets And Liabilities | Remaining Rate Recovery/Amortization Period at Carrying Amount At March 31, 2018 March 31, 2018 December 31, 2017 Regulatory assets: Employee retirement costs being amortized 10 years $ 323 $ 331 Unrecovered employee retirement costs incurred since the last rate review period (a) To be determined 31 30 Employee retirement liability (a)(b)(c) To be determined 835 854 Employee retirement plans - non-service costs Lives of related assets 11 - Self-insurance reserve (primarily storm recovery costs) being amortized 10 years 383 394 Unrecovered self-insurance reserve incurred since the last rate review period (a) To be determined 43 49 Securities reacquisition costs (post-industry restructure) Lives of related debt 11 12 Deferred conventional meter and metering facilities depreciation 3 years 52 57 Under-recovered AMS costs 10 years 200 206 Unprotected excess deferred taxes To be determined 202 197 Energy efficiency performance bonus (b) 1 year or less 9 12 Other regulatory assets Various 30 38 Total regulatory assets 2,130 2,180 Regulatory liabilities: Estimated net removal costs Lives of related assets 974 954 Protected excess deferred taxes To be determined 1,595 1,595 Unprotected excess deferred taxes To be determined 198 194 Federal income taxes - over-collected due to TCJA rate change To be determined 30 - Over-recovered wholesale transmission service expense (b) 1 year or less 31 47 Other regulatory liabilities Various 25 17 Total regulatory liabilities 2,853 2,807 Net regulatory assets (liabilities) $ (723) $ (627) ____________ (a) Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. (b) Not earning a return in the regulatory rate-setting process. (c) Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | March 31, December 31, 2018 2017 Secured: 6.800% Fixed Senior Notes due September 1, 2018 $ 550 $ 550 2.150% Fixed Senior Notes due June 1, 2019 250 250 5.750% Fixed Senior Notes due September 30, 2020 126 126 4.100% Fixed Senior Notes due June 1, 2022 400 400 7.000% Fixed Debentures due September 1, 2022 800 800 2.950% Fixed Senior Notes due April 1, 2025 350 350 7.000% Fixed Senior Notes due May 1, 2032 500 500 7.250% Fixed Senior Notes due January 15, 2033 350 350 7.500% Fixed Senior Notes due September 1, 2038 300 300 5.250% Fixed Senior Notes due September 30, 2040 475 475 4.550% Fixed Senior Notes due December 1, 2041 400 400 5.300% Fixed Senior Notes due June 1, 2042 500 500 3.750% Fixed Senior Notes due April 1, 2045 550 550 3.800% Fixed Senior Notes due September 30, 2047 325 325 Secured long-term debt 5,876 5,876 Unsecured: Term loan credit agreement due no later than March 26, 2019 275 275 Total long-term debt 6,151 6,151 Unamortized discount and debt issuance costs (33) (34) Less amount due currently (825) (550) Long-term debt, less amounts due currently $ 5,293 $ 5,567 |
Membership Interests (Tables)
Membership Interests (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Membership Interests [Abstract] | |
Schedule Of Changes To Membership Interests | Capital Accounts Accumulated Other Comprehensive Income (Loss) Total Membership Interests Balance at December 31, 2017 $ 8,004 $ (101) $ 7,903 Net income 89 - 89 Defined benefit pension plans (net of tax) - 1 1 Balance at March 31, 2018 $ 8,093 $ (100) $ 7,993 Balance at December 31, 2016 $ 7,822 $ (111) $ 7,711 Net income 73 - 73 Distributions (86) - (86) Net effects of cash flow hedges (net of tax) - 1 1 Balance at March 31, 2017 $ 7,809 $ (110) $ 7,699 |
Schedule Of Changes To Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges – Interest Rate Swap Defined Benefit Pension and OPEB Plans Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2017 $ (18) $ (83) $ (101) Defined benefit pension plans (net of tax) - 1 1 Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges - - - Balance at March 31, 2018 $ (18) $ (82) $ (100) Balance at December 31, 2016 $ (20) $ (91) $ (111) Defined benefit pension plans (net of tax) - - - Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges 1 - 1 Balance at March 31, 2017 $ (19) $ (91) $ (110) |
Pension and OPEB Plans (Tables)
Pension and OPEB Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Pension And OPEB Plans [Abstract] | |
Schedule Of Pension And OPEB Plan Costs | Three Months Ended March 31, 2018 2017 Components of net allocated pension costs: Service cost $ 7 $ 6 Interest cost 30 33 Expected return on assets (30) (29) Amortization of net loss 12 11 Net pension costs 19 21 Components of net OPEB costs: Service cost 2 2 Interest cost 11 12 Expected return on assets (2) (2) Amortization of prior service cost (7) (5) Amortization of net loss 14 8 Net OPEB costs 18 15 Total net pension and OPEB costs 37 36 Less amounts deferred principally as property or a regulatory asset (18) (25) Net amounts recognized as expense $ 19 $ 11 |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related-Party Transactions [Abstract] | |
Schedule Of Related Party Transactions | Amounts payable to (receivable from) members related to income taxes under the tax sharing agreement and reported on our balance sheet consisted of the following: At March 31, 2018 At December 31, 2017 Sempra Texas Holdings Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes payable (receivable) $ 9 $ (3) $ 6 $ (21) $ (5) $ (26) Texas margin taxes payable 26 - 26 21 - 21 Net payable (receivable) $ 35 $ (3) $ 32 $ - $ (5) $ (5) Cash payments made to (received from) members related to income taxes consisted of the following: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 EFH Corp. Texas Transmission Total EFH Corp. Texas Transmission Total Federal income taxes $ (19) $ - $ (19) $ (135) $ (15) $ (150) |
Supplementary Financial Infor26
Supplementary Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplementary Financial Information [Abstract] | |
Schedule Of Other Income And (Deductions) | Three Months Ended March 31, 2018 2017 Professional fees $ (3) $ (5) Sempra Acquisition related costs (16) - Recoverable Pension and OPEB - non-service costs (a) (13) (7) Interest income and other - 1 Total other income and (deductions) - net $ (32) $ (11) |
Schedule Of Interest Expense And Related Charges | Three Months Ended March 31, 2018 2017 Interest $ 89 $ 86 Amortization of debt issuance costs and discounts 1 1 Less allowance for funds used during construction – capitalized interest portion (2) (2) Total interest expense and related charges $ 88 $ 85 |
Schedule Of Trade Accounts And Other Receivables | At March 31, At December 31, 2018 2017 Gross trade accounts and other receivables $ 590 $ 638 Allowance for uncollectible accounts (3) (3) Trade accounts receivable – net $ 587 $ 635 |
Summary of Investments And Other Property | At March 31, At December 31, 2018 2017 Assets related to employee benefit plans, including employee savings programs $ 109 $ 111 Land and other investments 11 2 Total investments and other property $ 120 $ 113 |
Schedule Of Property, Plant And Equipment | At March 31, At December 31, 2018 2017 Total assets in service $ 21,898 $ 21,717 Less accumulated depreciation 7,350 7,255 Net of accumulated depreciation 14,548 14,462 Construction work in progress 608 402 Held for future use 15 15 Property, plant and equipment – net $ 15,171 $ 14,879 |
Schedule Of Intangible Assets | At March 31, 2018 At December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Identifiable intangible assets subject to amortization: Land easements $ 453 $ 97 $ 356 $ 453 $ 96 $ 357 Capitalized software 688 351 337 679 339 340 Total $ 1,141 $ 448 $ 693 $ 1,132 $ 435 $ 697 |
Schedule Of Estimated Aggregate Amortization Expenses | Year Amortization Expense 2018 $ 48 2019 45 2020 44 2021 44 2022 44 |
Schedule Of Employee Benefit Obligations And Other | At March 31, At December 31, 2018 2017 Retirement plans and other employee benefits $ 2,011 $ 2,035 Investment tax credits 9 10 Other 66 57 Total employee benefit obligations and other $ 2,086 $ 2,102 |
Schedule Of Supplemental Cash Flow Information | Three Months Ended March 31, 2018 2017 Cash payments (receipts) related to: Interest $ 101 $ 99 Less capitalized interest (2) (2) Interest payments (net of amounts capitalized) $ 99 $ 97 Amount in lieu of income taxes (a): Federal $ (19) $ (150) State - - Total payments (receipts) in lieu of income taxes $ (19) $ (150) Noncash construction expenditures (b) $ 125 $ 133 ____________ (a) See Note 1 1 for income tax related detail. (b) Represents end-of-period accruals. |
Business and Significant Acco27
Business and Significant Accounting Policies (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended |
Nov. 30, 2008 | Mar. 31, 2018USD ($)segmententity | |
Business And Significant Accounting Polices [Line Items] | ||
Number of reportable business segments | segment | 0 | |
Number of entities that would possibly be bankrupt | entity | 1 | |
Percentage of equity interest sold in the event of bankruptcy | 19.75% | |
Accounting Standards Update 2017-07 [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Non-service costs recorded to other income and (deductions) | $ 13 | |
Reclassification from operation and maintenance expense to other income and (deductions) | 7 | |
Increase in provision in lieu of income taxes and decrease in non-operating provision in lieu of income taxes | 3 | |
Accounting Standards Update 2018-02 [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Reclassification from AOCI to membership interests for stranded tax effects | $ 22 | |
Texas Transmission [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Percentage of membership interest owned by non-controlling owners | 19.75% | |
Maximum [Member] | Accounting Standards Update 2014-09 [Member] | ||
Business And Significant Accounting Polices [Line Items] | ||
Alternative revenue program revenues | $ 20 |
EFH Bankruptcy Proceedings (Nar
EFH Bankruptcy Proceedings (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 09, 2018 | Oct. 31, 2016 | Mar. 31, 2018 | Apr. 23, 2018 | Aug. 15, 2017 | Jul. 07, 2017 |
Bankruptcy [Line Items] | ||||||
Assumed debt to equity ratio, debt | 58.90% | |||||
Assumed debt to equity ratio, equity | 41.10% | |||||
Regulatory capitalization ratio, debt | 40.00% | |||||
Regulatory capitalization ratio, equity | 60.00% | |||||
Percent of savings for bill credits | 90.00% | |||||
Berkshire Hathaway Energy Company (BHE) [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Membership interests owned | 80.03% | |||||
Sempra Energy [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Percent of outstanding equity interests required | 0.22% | |||||
Purchase price | $ 9,450 | |||||
Percent increase or decrease for disinterested directors to approve any budget | 10.00% | |||||
Minimum aggregate capital expenditures | $ 7,500 | |||||
Number of days for proportionate share of aggregate equity investment | 60 days | |||||
Assumed debt to equity ratio, debt | 57.50% | |||||
Assumed debt to equity ratio, equity | 42.50% | |||||
Membership interests owned | 51.00% | |||||
Required time for holding owndership interests | 5 years | |||||
Sempra Energy [Member] | Subsequent Event [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Transaction or transition costs | $ 117 | |||||
OMI Agreement [Member] | Sempra Energy [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Outstanding equity interests | 1,396,008 | |||||
Value of equity interests | $ 26 | |||||
Price per interest | $ 18.60 | |||||
EFH Corp [Member] | Sempra Energy [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Membership interests owned | 80.03% | |||||
Texas Holdings Group [Member] | TTI Merger Agreement [Member] | ||||||
Bankruptcy [Line Items] | ||||||
Percent of outstanding equity interests required | 19.75% | |||||
Purchase price | $ 2,400 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018item | |
Disaggregation of Revenue [Line Items] | |
Number of REPS | 85 |
REP Subsidiary One [Member] | Sales Revenue, Net [Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration Risk, Percentage | 24.00% |
REP Subsidiary Two [Member] | Sales Revenue, Net [Member] | |
Disaggregation of Revenue [Line Items] | |
Concentration Risk, Percentage | 20.00% |
Revenues (Disaggregation Of Rev
Revenues (Disaggregation Of Revenues) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | |
Total revenues contributing to earnings | $ 726 |
Revenues collected for pass-through expenses | 264 |
Total operating revenues | 990 |
Distribution Base Revenues [Member] | |
Disaggregation of Revenue [Line Items] | |
Total revenues contributing to earnings | 507 |
Transmission Base Revenues (TCOS Revenues) [Member] | |
Disaggregation of Revenue [Line Items] | |
Total revenues contributing to earnings | 203 |
Transmission Base Revenues (TCOS Revenues) [Member] | Third-Party Wholesale Customers [Member] | |
Disaggregation of Revenue [Line Items] | |
Total revenues contributing to earnings | 125 |
Transmission Base Revenues (TCOS Revenues) [Member] | REPS Serving Oncor Distribution Customers, Through TCRF [Member] | |
Disaggregation of Revenue [Line Items] | |
Total revenues contributing to earnings | 78 |
Other Miscellaneous Revenues [Member] | |
Disaggregation of Revenue [Line Items] | |
Total revenues contributing to earnings | 16 |
TCRF - Third-party Wholesale Transmission Service [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenues collected for pass-through expenses | 245 |
EECRF And Other Regulatory Charges [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenues collected for pass-through expenses | $ 19 |
Regulatory Assets And Liabili31
Regulatory Assets And Liabilities (Components Of Regulatory Assets And Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | ||
Regulatory Assets And Liabilities [Line Items] | |||
Carrying Amount, Regulatory Assets | $ 2,130 | $ 2,180 | |
Carrying Amount, Regulatory Liabilities | 2,853 | 2,807 | |
Net regulatory assets (liabilities) | $ (723) | (627) | |
Estimated Net Removal Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related assets | ||
Carrying Amount, Regulatory Liabilities | $ 974 | 954 | |
Protected Excess Deferred Taxes [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | ||
Carrying Amount, Regulatory Liabilities | $ 1,595 | 1,595 | |
Unprotected Excess Deferred Taxes [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | ||
Carrying Amount, Regulatory Liabilities | $ 198 | 194 | |
Federal Income Taxes - Over-collected Due To TCJA Rate Change [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | ||
Carrying Amount, Regulatory Liabilities | $ 30 | ||
Over-Recovered Wholesale Transmission Service Expense [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1] | 1 year or less | |
Carrying Amount, Regulatory Liabilities | [1] | $ 31 | 47 |
Other Regulatory Liabilities [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Various | ||
Carrying Amount, Regulatory Liabilities | $ 25 | 17 | |
Employee Retirement Costs Being Amortized [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 10 years | ||
Carrying Amount, Regulatory Assets | $ 323 | 331 | |
Unrecovered Employee Retirement Costs Incurred Since The Last Rate Review Period [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2] | To be determined | |
Carrying Amount, Regulatory Assets | [2] | $ 31 | 30 |
Employee Retirement Liability [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1],[2],[3] | To be determined | |
Carrying Amount, Regulatory Assets | [1],[2],[3] | $ 835 | 854 |
Employee Retirement Plans - Non-service Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related assets | ||
Carrying Amount, Regulatory Assets | $ 11 | ||
Self-Insurance Reserve (Primarily Storm Recovery Costs) Being Amortized [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 10 years | ||
Carrying Amount, Regulatory Assets | $ 383 | 394 | |
Unrecovered Self-Insurance Reserve Incurred Since The Last Rate Review Period [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [2] | To be determined | |
Carrying Amount, Regulatory Assets | [2] | $ 43 | 49 |
Securities Reacquisition Costs (Post-Industry Restructure) [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Lives of related debt | ||
Carrying Amount, Regulatory Assets | $ 11 | 12 | |
Deferred Conventional Meter And Metering Facilities Depreciation [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 3 years | ||
Carrying Amount, Regulatory Assets | $ 52 | 57 | |
Under-recovered AMS Costs [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | 10 years | ||
Carrying Amount, Regulatory Assets | $ 200 | 206 | |
Unprotected Excess Deferred Taxes [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | To be determined | ||
Carrying Amount, Regulatory Assets | $ 202 | 197 | |
Energy Efficiency Performance Bonus [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | [1] | 1 year or less | |
Carrying Amount, Regulatory Assets | [1] | $ 9 | 12 |
Other Regulatory Assets [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Remaining Rate Recovery/Amortization Period | Various | ||
Carrying Amount, Regulatory Assets | $ 30 | $ 38 | |
[1] | Not earning a return in the regulatory rate-setting process. | ||
[2] | Recovery is specifically authorized by statute or by the PUCT, subject to reasonableness review. | ||
[3] | Represents unfunded liabilities recorded in accordance with pension and OPEB accounting standards. |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)contract | Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | ||
Outstanding borrowing under the revolving credit facility | $ 1,075,000,000 | $ 950,000,000 |
Outstanding borrowing, interest rate | 2.79% | 2.62% |
Letters of credit | $ 9,000,000 | $ 9,000,000 |
Commitment fee | 0.10% | |
Borrowing capacity available under the credit facility | $ 916,000,000,000 | $ 1,041,000,000 |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fee | 0.225% | |
Debt-to-capitalization ratio | 1 | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Commitment fee | 0.075% | |
Debt-to-capitalization ratio | 0.65 | |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding borrowing, interest rate | 1.20% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 2,000,000,000 | |
Number of revolving credit facilities extension options | contract | 2 | |
Extension period for revolving line of credit | 1 year | |
Credit facility, term | 5 years | |
Expiration of revolving credit facility | Nov. 1, 2022 | |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Additional increase in borrowing capacity amount | $ 400,000,000 | |
Revolving Credit Facility [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Additional increase in borrowing capacity amount | 100,000,000 | |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | 2,000,000,000 | |
Outstanding borrowing under the revolving credit facility | $ 0 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 1.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 1.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 0.875% | |
Federal Funds Effective Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 0.50% | |
One-Month London Interbank Offered Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 1.00% | |
One-Month London Interbank Offered Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 0.50% | |
One-Month London Interbank Offered Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread over variable rate | 0.00% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Long-Term Debt [Line Items] | ||
Aggregate principal amount | $ 5,876 | $ 5,876 |
Term loan | $ 275 | 275 |
Percentage of fair value of cost of property additions certified to the Deed of Trust collateral agent | 85.00% | |
Available bond credits | $ 3,038 | |
Future debt subject to property additions to the Deed of Trust | 2,540 | |
Estimated fair value of our long-term debt including current maturities | 6,940 | 7,153 |
Carrying amount | $ 6,118 | 6,117 |
London Interbank Offered Rate (LIBOR) [Member] | ||
Long-Term Debt [Line Items] | ||
Spread over variable rate | 1.00% | |
Federal Funds Effective Rate [Member] | ||
Long-Term Debt [Line Items] | ||
Spread over variable rate | 0.50% | |
One-Month London Interbank Offered Rate [Member] | ||
Long-Term Debt [Line Items] | ||
Spread over variable rate | 1.00% | |
3.800% Fixed Senior Notes Due September 30, 2047 [Member] | ||
Long-Term Debt [Line Items] | ||
Due date | Sep. 30, 2047 | |
Aggregate principal amount | $ 325 | $ 325 |
Interest percentage | 3.80% | 3.80% |
Term Loan Credit Agreement Due No Later Than March 26, 2019 [Member] | ||
Long-Term Debt [Line Items] | ||
Due date | Mar. 26, 2019 | |
3.750% Fixed Senior Notes Due April 1, 2045 [Member] | ||
Long-Term Debt [Line Items] | ||
Due date | Apr. 1, 2045 | |
Aggregate principal amount | $ 550 | $ 550 |
Interest percentage | 3.75% | 3.75% |
6.800% Fixed Senior Notes Due September 1, 2018 [Member] | ||
Long-Term Debt [Line Items] | ||
Due date | Sep. 1, 2018 | |
Aggregate principal amount | $ 550 | $ 550 |
Interest percentage | 6.80% | 6.80% |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Long-Term Debt [Line Items] | ||
Spread over variable rate | 0.875% | |
Minimum [Member] | One-Month London Interbank Offered Rate [Member] | ||
Long-Term Debt [Line Items] | ||
Spread over variable rate | 0.00% | |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Long-Term Debt [Line Items] | ||
Spread over variable rate | 1.50% | |
Maximum [Member] | One-Month London Interbank Offered Rate [Member] | ||
Long-Term Debt [Line Items] | ||
Spread over variable rate | 0.50% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 5,876 | $ 5,876 |
Term loan | 275 | 275 |
Total long-term debt | 6,151 | 6,151 |
Unamortized discount and debt issuance costs | (33) | (34) |
Less amount due currently | (825) | (550) |
Long-term debt, less amounts due currently | 5,293 | 5,567 |
6.800% Fixed Senior Notes Due September 1, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 550 | $ 550 |
Interest percentage | 6.80% | 6.80% |
Due date | Sep. 1, 2018 | |
2.150% Fixed Senior Notes Due June 1, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 250 | $ 250 |
Interest percentage | 2.15% | 2.15% |
Due date | Jun. 1, 2019 | |
5.750% Fixed Senior Notes Due September 30, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 126 | $ 126 |
Interest percentage | 5.75% | 5.75% |
Due date | Sep. 30, 2020 | |
4.100% Fixed Senior Notes Due June 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 400 | $ 400 |
Interest percentage | 4.10% | 4.10% |
Due date | Jun. 1, 2022 | |
7.000% Fixed Debentures Due September 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 800 | $ 800 |
Interest percentage | 7.00% | 7.00% |
Due date | Sep. 1, 2022 | |
2.950% Fixed Senior Notes Due April 1, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 350 | $ 350 |
Interest percentage | 2.95% | 2.95% |
Due date | Apr. 1, 2025 | |
7.000% Fixed Senior Notes Due May 1, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 500 | $ 500 |
Interest percentage | 7.00% | 7.00% |
Due date | May 1, 2032 | |
7.250% Fixed Senior Notes Due January 15, 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 350 | $ 350 |
Interest percentage | 7.25% | 7.25% |
Due date | Jan. 15, 2033 | |
7.500% Fixed Senior Notes Due September 1, 2038 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 300 | $ 300 |
Interest percentage | 7.50% | 7.50% |
Due date | Sep. 1, 2038 | |
5.250% Fixed Senior Notes Due September 30, 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 475 | $ 475 |
Interest percentage | 5.25% | 5.25% |
Due date | Sep. 30, 2040 | |
4.550% Fixed Senior Notes Due December 1, 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 400 | $ 400 |
Interest percentage | 4.55% | 4.55% |
Due date | Dec. 1, 2041 | |
5.300% Fixed Senior Notes Due June 1, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 500 | $ 500 |
Interest percentage | 5.30% | 5.30% |
Due date | Jun. 1, 2042 | |
3.750% Fixed Senior Notes Due April 1, 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 550 | $ 550 |
Interest percentage | 3.75% | 3.75% |
Due date | Apr. 1, 2045 | |
3.800% Fixed Senior Notes Due September 30, 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Secured long-term debt | $ 325 | $ 325 |
Interest percentage | 3.80% | 3.80% |
Due date | Sep. 30, 2047 | |
Term Loan Credit Agreement Due No Later Than March 26, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Due date | Mar. 26, 2019 | |
Bondco [Member] | ||
Debt Instrument [Line Items] | ||
Less amount due currently | $ (825) | $ (550) |
Membership Interests (Narrative
Membership Interests (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Subsequent Event [Line Items] | |||
Assumed debt to equity ratio, debt | 58.90% | ||
Assumed debt to equity ratio, equity | 41.10% | ||
Regulatory capitalization ratio, debt | 40.00% | ||
Regulatory capitalization ratio, equity | 60.00% | ||
Cash distribution to members | $ 86 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Members contribution | $ 144 |
Membership Interests (Schedule
Membership Interests (Schedule Of Distributions Paid) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Membership Interests [Abstract] | |
Amount | $ 86 |
Membership Interests (Schedul37
Membership Interests (Schedule Of Changes To Membership Interests) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | $ 7,903 | $ 7,711 | |
Net income | 89 | 73 | [1] |
Distributions | (86) | ||
Net effects of cash flow hedges (net of tax) | 1 | ||
Defined benefit pension plans (net of tax) | 1 | ||
Balance | 7,993 | 7,699 | |
Capital Accounts [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | 8,004 | 7,822 | |
Net income | 89 | 73 | |
Distributions | (86) | ||
Net effects of cash flow hedges (net of tax) | |||
Defined benefit pension plans (net of tax) | |||
Balance | 8,093 | 7,809 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Balance | (101) | (111) | |
Net income | |||
Distributions | |||
Net effects of cash flow hedges (net of tax) | 1 | ||
Defined benefit pension plans (net of tax) | 1 | ||
Balance | $ (100) | $ (110) | |
[1] | As adjusted for the retrospective adoption of ASU 2017-07, as discussed in Note 1. |
Membership Interests (Schedul38
Membership Interests (Schedule Of Changes To Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (101) | |
Balance at end of period | (100) | |
Cash Flow Hedges - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (18) | $ (20) |
Defined benefit pension plans (net of tax) | ||
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | 1 | |
Balance at end of period | (18) | (19) |
Defined Benefit Pension and OPEB Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (83) | (91) |
Defined benefit pension plans (net of tax) | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | ||
Balance at end of period | (82) | (91) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (101) | (111) |
Defined benefit pension plans (net of tax) | 1 | |
Amounts reclassified from accumulated other comprehensive income (loss) and reported in interest expense and related charges | 1 | |
Balance at end of period | $ (100) | $ (110) |
Pension And OPEB Plans (Narrati
Pension And OPEB Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Regulatory assets | $ 2,130 | $ 2,180 | |
Oncor Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.53% | ||
Expected return on plan assets | 5.13% | ||
Vistra Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.72% | ||
Expected return on plan assets | 4.78% | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net actuarial loss | $ (12) | $ (11) | |
Cash contributions | 21 | ||
Additional cash contributions | 61 | ||
Additional cash contributions, next five years | 556 | ||
OPEB Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net actuarial loss | (14) | (8) | |
Amortization of prior service cost | $ (7) | $ (5) | |
Discount rate | 3.73% | ||
Expected return on plan assets | 6.20% | ||
Cash contributions | $ 14 | ||
Additional cash contributions | 21 | ||
Additional cash contributions, next five years | $ 178 |
Pension And OPEB Plans (Schedul
Pension And OPEB Plans (Schedule Of Pension And OPEB Plan Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net costs | $ 37 | $ 36 |
Less amounts deferred principally as property or a regulatory asset | (18) | (25) |
Net amounts recognized as expense | 19 | 11 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 7 | 6 |
Interest cost | 30 | 33 |
Expected return on assets | (30) | (29) |
Amortization of net loss | 12 | 11 |
Net costs | 19 | 21 |
OPEB Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2 | 2 |
Interest cost | 11 | 12 |
Expected return on assets | (2) | (2) |
Amortization of prior service cost | (7) | (5) |
Amortization of net loss | 14 | 8 |
Net costs | $ 18 | $ 15 |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Details) - USD ($) | Mar. 08, 2018 | Mar. 31, 2018 |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Tax related payments (received from) | $ 0 | |
Sponsor Group [Member] | ||
Related Party Transaction [Line Items] | ||
Equity in existing vendor | 16.00% | |
Cash payments to vendors related to Texas margin taxes | $ 35,000,000 | |
Sponsor Group [Member] | Capitalized [Member] | ||
Related Party Transaction [Line Items] | ||
Cash payments to vendors related to Texas margin taxes | 33,000,000 | |
Sponsor Group [Member] | Operation And Maintenance Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Cash payments to vendors related to Texas margin taxes | $ 2,000,000 |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Related Party Transactions) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Trade accounts receivable from TCEH (affiliated) | $ (26) | |
Texas margin taxes payable | $ 32 | 21 |
Net payable (receivable) | 32 | (5) |
Texas [Member] | ||
Related Party Transaction [Line Items] | ||
Texas margin taxes payable | 26 | 21 |
Federal [Member] | ||
Related Party Transaction [Line Items] | ||
Trade accounts receivable from TCEH (affiliated) | 6 | (26) |
Sempra Texas Holdings [Member] | ||
Related Party Transaction [Line Items] | ||
Net payable (receivable) | 35 | |
Sempra Texas Holdings [Member] | Texas [Member] | ||
Related Party Transaction [Line Items] | ||
Texas margin taxes payable | 26 | |
Sempra Texas Holdings [Member] | Federal [Member] | ||
Related Party Transaction [Line Items] | ||
Trade accounts receivable from TCEH (affiliated) | 9 | |
EFH Corp [Member] | Texas [Member] | ||
Related Party Transaction [Line Items] | ||
Texas margin taxes payable | 21 | |
EFH Corp [Member] | Federal [Member] | ||
Related Party Transaction [Line Items] | ||
Trade accounts receivable from TCEH (affiliated) | (21) | |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Net payable (receivable) | (3) | (5) |
Texas Transmission Investment LLC [Member] | Federal [Member] | ||
Related Party Transaction [Line Items] | ||
Trade accounts receivable from TCEH (affiliated) | $ (3) | $ (5) |
Related-Party Transactions (Cas
Related-Party Transactions (Cash Payments Made To (Received From) Members Related To Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Federal income taxes | $ (19) | $ (150) |
EFH Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | $ (19) | (135) |
Texas Transmission Investment LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Federal income taxes | $ (15) |
Supplementary Financial Infor44
Supplementary Financial Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Supplemental Financial Information [Line Items] | |||
Aggregate amortization expenses | $ 12 | $ 15 | |
Goodwill | $ 4,064 | $ 4,064 | |
Trade Accounts Receivable [Member] | Nonaffiliated REP [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration risk percentage | 14.00% | 12.00% | |
Trade Accounts Receivable [Member] | Second Nonaffiliated REP [Member] | |||
Supplemental Financial Information [Line Items] | |||
Concentration risk percentage | 12.00% | 10.00% |
Supplementary Financial Infor45
Supplementary Financial Information (Schedule Of Other Income And (Deductions)) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Supplementary Financial Information [Abstract] | ||||
Professional fees | $ (3) | $ (5) | ||
Sempra Acquisition related costs | (16) | |||
Recoverable pension and OPEB - non-service costs | [1] | (13) | (7) | |
Interest income and other | 1 | |||
Total other income and (deductions) - net | $ (32) | $ (11) | [2] | |
[1] | The prior period has been adjusted to present non-service costs as a non-operating cost pursuant to ASU 2017-07. See Note 1 for additional information. | |||
[2] | As adjusted for the retrospective adoption of ASU 2017-07, as discussed in Note 1. |
Supplementary Financial Infor46
Supplementary Financial Information (Schedule Of Interest Expense And Related Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Supplementary Financial Information [Abstract] | |||
Interest | $ 89 | $ 86 | |
Amortization of debt issuance costs and discounts | 1 | 1 | |
Less allowance for funds used during construction — capitalized interest portion | (2) | (2) | |
Total interest expense and related charges | $ 88 | $ 85 | [1] |
[1] | As adjusted for the retrospective adoption of ASU 2017-07, as discussed in Note 1. |
Supplementary Financial Infor47
Supplementary Financial Information (Schedule Of Trade Accounts And Other Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Supplementary Financial Information [Abstract] | ||
Gross trade accounts and other receivables | $ 590 | $ 638 |
Trade accounts and other receivables from TCEH (affiliated) | 26 | |
Allowance for uncollectible accounts | (3) | (3) |
Trade accounts receivable - net | $ 587 | $ 635 |
Supplementary Financial Infor48
Supplementary Financial Information (Summary of Investments And Other Property) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Supplementary Financial Information [Abstract] | ||
Assets related to employee benefit plans, including employee savings programs | $ 109 | $ 111 |
Land | 11 | 2 |
Total investments and other property | $ 120 | $ 113 |
Supplementary Financial Infor49
Supplementary Financial Information (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Supplementary Financial Information [Abstract] | ||
Total assets in service | $ 21,898 | $ 21,717 |
Less accumulated depreciation | 7,350 | 7,255 |
Net of accumulated depreciation | 14,548 | 14,462 |
Construction work in progress | 608 | 402 |
Held for future use | 15 | 15 |
Property, plant and equipment - net | $ 15,171 | $ 14,879 |
Supplementary Financial Infor50
Supplementary Financial Information (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,141 | $ 1,132 |
Accumulated Amortization | 448 | 435 |
Net | 693 | 697 |
Land Easements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 453 | 453 |
Accumulated Amortization | 97 | 96 |
Net | 356 | 357 |
Capitalized Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 688 | 679 |
Accumulated Amortization | 351 | 339 |
Net | $ 337 | $ 340 |
Supplementary Financial Infor51
Supplementary Financial Information (Schedule Of Estimated Aggregate Amortization Expenses) (Details) $ in Millions | Mar. 31, 2018USD ($) |
Supplementary Financial Information [Abstract] | |
2,018 | $ 48 |
2,019 | 45 |
2,020 | 44 |
2,021 | 44 |
2,022 | $ 44 |
Supplementary Financial Infor52
Supplementary Financial Information (Schedule Of Employee Benefit Obligations And Other) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Supplementary Financial Information [Abstract] | ||
Retirement plans and other employee benefits | $ 2,011 | $ 2,035 |
Investment tax credits | 9 | 10 |
Other | 66 | 57 |
Total employee benefit obligations and other | $ 2,086 | $ 2,102 |
Supplementary Financial Infor53
Supplementary Financial Information (Schedule Of Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Supplementary Financial Information [Abstract] | |||
Interest | $ 101 | $ 99 | |
Less capitalized interest | (2) | (2) | |
Interest payments (net of amounts capitalized) | 99 | 97 | |
Federal | [1] | (19) | (150) |
Total payments (receipts) in lieu of income taxes | [1] | (19) | (150) |
Noncash construction expenditures | [2] | $ 125 | $ 133 |
[1] | See Note 11 for income tax related detail. | ||
[2] | Represents end-of-period accruals. |