VISTRA ENERGY CORP., 10-Q filed on 5/3/2019
Quarterly Report
v3.19.1
Document And Entity Information - shares
3 Months Ended
Mar. 31, 2019
Apr. 30, 2019
Document And Entity Information [Abstract]    
Entity Registrant Name Vistra Energy Corp.  
Entity Central Index Key 0001692819  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Document Type 10-Q  
Document Period End Date Mar. 31, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   482,614,988
v3.19.1
Condensed Statements Of Consolidated Income (Loss) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]    
Operating revenues $ 2,923 $ 765
Fuel, purchased power costs and delivery fees (1,461) (650)
Operating costs (385) (194)
Depreciation and amortization (405) (153)
Selling, general and administrative expenses (182) (162)
Operating income (loss) 490 (394)
Other income 25 10
Other deductions (2) (2)
Interest expense and related charges (222) 9
Impacts of Tax Receivable Agreement 3 (18)
Equity in earnings of unconsolidated investments 7 0
Income (loss) before income taxes 301 (395)
Income tax (expense) benefit (77) 89
Net income (loss) 224 (306)
Less: Net loss attributable to noncontrolling interest 1 0
Net income (loss) attributable to Vistra Energy $ 225 $ (306)
Weighted average shares of common stock outstanding:    
Weighted average shares of common stock outstanding - basic 502,367,299 428,450,384
Weighted average shares of common stock outstanding - diluted 509,139,988 428,450,384
Net income (loss) per weighted average share of common stock outstanding:    
Net income (loss) per weighted average share of common stock outstanding - basic $ 0.45 $ (0.71)
Net income (loss) per weighted average share of common stock outstanding - diluted $ 0.44 $ (0.71)
v3.19.1
Condensed Statements Of Consolidated Comprehensive Income (Loss) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 224 $ (306)
Other comprehensive income, net of tax effects:    
Effects related to pension and other retirement benefit obligations (net of tax benefit of $— in all periods) 1 1
Total other comprehensive income 1 1
Comprehensive income (loss) 225 (305)
Less: Comprehensive loss attributable to noncontrolling interest 1 0
Comprehensive income (loss) attributable to Vistra Energy $ 226 $ (305)
v3.19.1
Condensed Statements Of Consolidated Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Statement of Comprehensive Income [Abstract]    
Effects related to pension and other retirement benefit obligations (net of tax benefit of $— in all periods) $ 0 $ 0
v3.19.1
Condensed Statements Of Consolidated Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows — operating activities:    
Net income (loss) $ 224 $ (306)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation and amortization 461 180
Deferred income tax (benefit) expense, net 70 (83)
Unrealized net (gain) loss from mark-to-market valuations of commodities (186) 415
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps 80 (59)
Accretion expense 14 19
Impacts of Tax Receivable Agreement (3) 18
Stock-based compensation 12 6
Other, net (32) 7
Changes in operating assets and liabilities:    
Margin deposits, net 34 (64)
Accrued interest 15 (11)
Accrued taxes (75) (69)
Accrued employee incentive (90) (50)
Other operating assets and liabilities (136) (25)
Cash provided by (used in) operating activities 388 (22)
Cash flows — financing activities:    
Issuances of long-term debt 1,300 0
Repayments/repurchases of debt (1,282) (10)
Borrowing under accounts receivable securitization program 11 0
Stock repurchase (248) 0
Dividends paid to stockholders (61) 0
Debt tender offer and other financing fees (64) 0
Other, net 0 1
Cash used in financing activities (344) (9)
Cash flows — investing activities:    
Capital expenditures, including LTSA prepayments (118) (39)
Nuclear fuel purchases (13) (11)
Development and growth expenditures (22) (21)
Proceeds from sales of nuclear decommissioning trust fund securities 78 46
Investments in nuclear decommissioning trust fund securities (83) (51)
Other, net 9 (1)
Cash used in investing activities (149) (77)
Net change in cash, cash equivalents and restricted cash (105) (108)
Cash, cash equivalents and restricted cash — beginning balance 693 2,046
Cash, cash equivalents and restricted cash — ending balance $ 588 $ 1,938
v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 546 $ 636
Restricted cash 42 57
Trade accounts receivable — net 1,000 1,087
Inventories 433 412
Commodity and other derivative contractual assets 702 730
Margin deposits related to commodity contracts 331 361
Prepaid expense and other current assets 270 152
Total current assets 3,324 3,435
Investments 1,369 1,250
Investment in unconsolidated subsidiary 133 131
Property, plant and equipment — net 14,448 14,612
Operating lease right-of-use assets 68 0
Goodwill 2,082 2,068
Identifiable intangible assets — net 2,400 2,493
Commodity and other derivative contractual assets 97 109
Accumulated deferred income taxes 1,291 1,336
Other noncurrent assets 356 590
Total assets 25,568 26,024
Current liabilities:    
Accounts receivable securitization program 350 339
Long-term debt due currently 204 191
Trade accounts payable 787 945
Commodity and other derivative contractual liabilities 1,215 1,376
Margin deposits related to commodity contracts 8 4
Accrued income taxes 37 10
Accrued taxes other than income 78 182
Accrued interest 91 77
Asset retirement obligations 194 156
Operating lease liabilities 16 0
Other current liabilities 258 345
Total current liabilities 3,238 3,625
Long-term debt, less amounts due currently 10,803 10,874
Operating lease liabilities 90 0
Commodity and other derivative contractual liabilities 313 270
Accumulated deferred income taxes 10 10
Tax Receivable Agreement obligation 417 420
Asset retirement obligation 2,176 2,217
Identifiable intangible liabilities - net 360 401
Other noncurrent liabilities and deferred credits 355 340
Total liabilities 17,762 18,157
Commitments and Contingencies
Total equity:    
Common stock (par value — $0.01; number of shares authorized — 1,800,000,000) (shares outstanding: March 31, 2019 — 484,235,663; December 31, 2018 — 493,215,309) 5 5
Additional paid-in-capital 9,105 9,329
Retained deficit (1,285) (1,449)
Accumulated other comprehensive income (loss) (21) (22)
Stockholders' equity 7,804 7,863
Noncontrolling interest in subsidiary 2 4
Total equity 7,806 7,867
Total liabilities and equity $ 25,568 $ 26,024
v3.19.1
Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2019
Dec. 31, 2018
Apr. 09, 2018
Mar. 31, 2018
Dec. 31, 2017
Statement of Changes in Financial Position [Abstract]          
Common stock, par or stated value per share $ 0.01        
Common stock, shares authorized 1,800,000,000     1,800,000,000  
Common stock, shares outstanding 484,235,663 493,215,309 522,932,453 428,506,325 428,398,802
v3.19.1
Business And Significant Accounting Policies
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Business And Significant Accounting Policies
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business

References in this report to "we," "our," "us" and "the Company" are to Vistra Energy and/or its subsidiaries, as apparent in the context. See Glossary for defined terms.

Vistra Energy is a holding company operating an integrated retail and generation business in markets throughout the U.S. Through our subsidiaries, we are engaged in competitive electricity market activities including power generation, wholesale energy sales and purchases, commodity risk management and retail sales of electricity to end users.

Vistra Energy has six reportable segments: (i) Retail, (ii) ERCOT, (iii) PJM, (iv) NY/NE (comprising NYISO and ISO-NE), (v) MISO and (vi) Asset Closure. See Note 18 for further information concerning reportable business segments.

Merger Transaction

On the Merger Date, Vistra Energy and Dynegy completed the transactions contemplated by the Merger Agreement. Pursuant to the Merger Agreement, Dynegy merged with and into Vistra Energy, with Vistra Energy continuing as the surviving corporation. Because the Merger closed on April 9, 2018, Vistra Energy's condensed consolidated financial statements and the notes related thereto do not include the financial condition or the operating results of Dynegy prior to April 9, 2018. See Note 2 for a summary of the Merger transaction and business combination accounting.

Basis of Presentation

The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and on the same basis as the audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2018. Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by U.S. GAAP, they should be read in conjunction with the audited financial statements and related notes contained in our annual report on Form 10-K for the year ended December 31, 2018. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated.

Use of Estimates

Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements, estimates of expected obligations, judgment related to the potential timing of events and other estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information.

Leases

At the inception of a contract we determine if it is or contains a lease, which involves the contract conveying the right to control the use of explicitly or implicitly identified property, plant, or equipment for a period of time in exchange for consideration.

Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of the underlying lease based on the present value of lease payments over the lease term. We use our secured incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Operating leases are included in operating lease ROU assets, operating lease liabilities (current) and operating lease liabilities (noncurrent) on our condensed consolidated balance sheet. Finance leases are included in property, plant and equipment, other current liabilities and other noncurrent liabilities and deferred credits on our condensed consolidated balance sheet. Lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise the option. We have elected the practical expedient which permits us to not reassess under the new standard our prior conclusion about lease classification and initial direct costs. We have also elected the practical expedient to not separate lease and non-lease components for a majority of the lease asset classes. We have also elected the hindsight practical expedient to determine the lease term.

Leases with an initial lease term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.

We also present lessor sublease income on a net basis against the related lessee lease expense.

Adoption of New Accounting Standards

Leases — On January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) and all related amendments (new lease standard) using the modified retrospective method with the cumulative-effect adjustment to the opening balance of retained earnings for all contracts outstanding at the time of adoption. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new lease standard to be immaterial to our net income on an ongoing basis. The impact of adopting the new lease standard primarily relates to recognition of lease liabilities and ROU assets for all leases classified as operating leases. Under the new lease standard, each ROU asset will be amortized over the lease term and liability settled at the end of the lease term.

We recognized the effect of initially applying the new lease standard by recording ROU assets of $85 million and lease liabilities of $123 million in our condensed consolidated balance sheet. The amount we recorded at adoption was less than the estimated range we had disclosed in our annual report on Form 10-K for the year ended December 31, 2018. At the time of preparing that estimated range, we had tentatively determined that we had the right to control the use of several natural gas pipeline laterals that connect to our power plants, resulting in these transportation agreements having a lease component. In connection with adoption, we determined that we did not control the use of the laterals, and therefore concluded the agreements did not contain a lease component.

As of January 1, 2019, the cumulative effect of the changes made to our condensed consolidated balance sheet for the adoption of the new lease standard was as follows:
 
December 31, 2018
 
Adoption of New Lease Standard
 
January 1,
2019
Impact on condensed consolidated balance sheet:
 
 
 
 
 
Assets
 
 
 
 
 
Property, plant and equipment — net
$
14,612

 
$
15

 
$
14,627

Operating lease right-of-use assets

 
70

 
70

Prepaid expense and other current assets
152

 
(2
)
 
150

Accumulated deferred income taxes
$
1,336

 
1

 
1,337

Liabilities
 
 
 
 
 
Other current liabilities
345

 
(1
)
 
344

Operating lease liabilities

 
109

 
109

Identifiable intangible liabilities
401

 
(36
)
 
365

Other noncurrent liabilities and deferred credits
340

 
14

 
354

Equity
 
 
 
 
 
Retained deficit
(1,449
)
 
(2
)
 
(1,451
)
 
 


See Note 12 for the disclosures required by the new lease standard.

Changes in Accounting Standards

In August 2018, the Financial Accounting Standards Board (FASB) issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement. The ASU will be effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The ASU removes disclosure requirements for (a) the reasons for transfers between Level 1 and Level 2, (b) the policy for timing of transfers between levels and (c) the valuation processes for Level 3. The ASU will require new disclosures around (a) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (b) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. We are currently evaluating the impact of this ASU on our disclosures.

In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The ASU will be effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The ASU requires a customer in a cloud hosting arrangement that is a service contract to determine which implementation costs to capitalize and which costs to expense based on the project stage of the implementation. The ASU also requires the customer to expense the capitalized implementation costs over the term of the hosting arrangement. The customer is required to apply the existing impairment and abandonment guidance on the capitalized implementation costs. We are currently evaluating the impact of this ASU on our financial statements.
v3.19.1
Merger Transaction and Business Combination Accounting (Notes)
3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Merger Transaction [Text Block]
MERGER TRANSACTION AND BUSINESS COMBINATION ACCOUNTING

Merger Transaction

On the Merger Date, Vistra Energy and Dynegy completed the transactions contemplated by the Merger Agreement. Pursuant to the Merger Agreement, Dynegy merged with and into Vistra Energy, with Vistra Energy continuing as the surviving corporation. The Merger was intended to qualify as a tax-free reorganization under the Internal Revenue Code, as amended, so that none of Vistra Energy, Dynegy or any of the Dynegy stockholders would recognize any gain or loss in the transaction, except that Dynegy stockholders could recognize a gain or loss with respect to cash received in lieu of fractional shares of Vistra Energy's common stock. Vistra Energy is the acquirer for both federal tax and accounting purposes.

At the closing of the Merger, each issued and outstanding share of Dynegy common stock, par value $0.01 per share, other than shares owned by Vistra Energy or its subsidiaries, held in treasury by Dynegy or held by a subsidiary of Dynegy, was automatically converted into 0.652 shares of common stock, par value $0.01 per share, of Vistra Energy (the Exchange Ratio), except that cash was paid in lieu of fractional shares, which resulted in Vistra Energy issuing 94,409,573 shares of Vistra Energy common stock to the former Dynegy stockholders, as well as converting stock options, equity-based awards, tangible equity units and warrants. The total number of Vistra Energy shares outstanding at the close of the Merger was 522,932,453 shares. Dynegy stock options and equity-based awards outstanding immediately prior to the Merger Date were generally automatically converted upon completion of the Merger into stock options and equity-based awards, respectively, with respect to Vistra Energy's common stock, after giving effect to the Exchange Ratio.

Business Combination Accounting

We believe the Merger has provided and continues to provide significant strategic benefits and opportunities to Vistra Energy, including increased scale and market diversification, rebalanced asset portfolio and improved earnings and cash flow. The Merger is being accounted for in accordance with ASC 805, Business Combinations (ASC 805), with identifiable assets acquired and liabilities assumed recorded at their estimated fair values on the Merger Date. The combined results of operations are reported in our consolidated financial statements beginning as of the Merger Date. A summary of the techniques used to estimate the fair value of the identifiable assets and liabilities, as well as their classification within the fair value hierarchy (see Note 15), is listed below:

Working capital was valued using available market information (Level 2).
Acquired property, plant and equipment was valued using a combination of an income approach and a market approach. The income approach utilized a discounted cash flow analysis based upon a debt-free, free cash flow model (Level 3).
Acquired derivatives were valued using the methods described in Note 15 (Level 1, Level 2 or Level 3).
Contracts with terms that were not at current market prices were also valued using a discounted cash flow analysis (Level 3). The cash flows generated by the contracts were compared with their cash flows based on current market prices with the resulting difference discounted to present value and recorded as either an intangible asset or liability.
Long-term debt was valued using a market approach (Level 2).
AROs were recorded in accordance with ASC 410, Asset Retirement and Environmental Obligations (Level 3).

The following table summarizes the consideration paid and the final allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Merger as of the Merger Date. Based on the opening price of Vistra Energy common stock on the Merger Date, the purchase price was approximately $2.3 billion. During the three months ended March 31, 2019, the purchase price allocation was completed. During the period from April 9, 2018 through March 31, 2019, we updated the initial purchase price allocation with final valuations by increasing property, plant and equipment by $173 million, decreasing intangible assets by $36 million, increasing goodwill by $175 million, decreasing accounts receivable, inventory, prepaid expenses and other current assets by $10 million, increasing accumulated deferred tax asset by $127 million, decreasing other noncurrent assets by $113 million, increasing trade accounts payable and other current liabilities by $89 million, increasing other noncurrent liabilities by $177 million, increasing asset retirement obligations, including amounts due currently, by $56 million, as well as other minor adjustments. The valuation revisions were a result of updated inputs used in determining the fair value of the acquired assets and liabilities.
Dynegy shares outstanding as of April 9, 2018 (in millions)
144.8

Exchange Ratio
0.652

Vistra Energy shares issued for Dynegy shares outstanding (in millions)
94.4

Opening price of Vistra Energy common stock on April 9, 2018
$
19.87

Purchase price for common stock
$
1,876

Fair value of equity component of tangible equity units
$
369

Fair value of outstanding stock compensation awards attributable to pre-combination service
$
26

Fair value of outstanding warrants
$
2

Total purchase price
$
2,273


Final Purchase Price Allocation
Cash and cash equivalents
$
445

Trade accounts receivables, inventories, prepaid expenses and other current assets
853

Property, plant and equipment
10,535

Accumulated deferred income taxes
518

Identifiable intangible assets
351

Goodwill
175

Other noncurrent assets
419

Total assets acquired
13,296

Trade accounts payable and other current liabilities
733

Commodity and other derivative contractual assets and liabilities, net
422

Asset retirement obligations, including amounts due currently
475

Long-term debt, including amounts due currently
8,919

Other noncurrent liabilities
469

Total liabilities assumed
11,018

Identifiable net assets acquired
2,278

Noncontrolling interest in subsidiary
5

Total purchase price
$
2,273



Acquisition costs incurred in the Merger totaled less than $1 million and $3 million for the three months ended March 31, 2019 and 2018, respectively.

Unaudited Pro Forma Financial Information — The following unaudited pro forma financial information for the three months ended March 31, 2018 assumes that the Merger occurred on January 1, 2018. The unaudited pro forma financial information is provided for information purposes only and is not necessarily indicative of the results of operations that would have occurred had the Merger been completed on January 1, 2018, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here.
 
Three Months
Ended
March 31, 2018
Revenues
$
2,127

Net loss
$
(467
)
Net loss attributable to Vistra Energy
$
(465
)
Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — basic
$
(0.87
)
Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — diluted
$
(0.87
)


The unaudited pro forma financial information presented above includes adjustments for incremental depreciation and amortization as a result of the fair value determination of the net assets acquired, interest expense on debt assumed in the Merger, effects of the Merger on tax expense (benefit), changes in the expected impacts of the tax receivable agreement due to the Merger, and other related adjustments.
v3.19.1
Acquisition and Development of Generation Facilities (Notes)
3 Months Ended
Mar. 31, 2019
Acquisition And Development Of Generation Facilities [Abstract]  
Business Combination Disclosure [Text Block]
ACQUISITION AND DEVELOPMENT OF GENERATION FACILITIES

Battery Energy Storage Projects

We have completed the construction of our first battery energy storage system (ESS). In October 2018, we were awarded a $1 million grant from the TCEQ for our battery ESS at our Upton 2 solar facility. The grant is part of the Texas Emissions Reduction Plan. The 10 MW lithium-ion ESS captures excess solar energy produced during the day and releases the energy in late afternoon and early evening, when demand is highest. The Upton 2 battery ESS became operational in December 2018.

In June 2018, we announced that, subject to approval by the California Public Utilities Commission (CPUC), we would enter into a 20-year resource adequacy contract with Pacific Gas and Electric Company (PG&E) to develop a 300 MW battery energy storage project at our Moss Landing Power Plant site in California. PG&E filed its application with the CPUC in June 2018 and the CPUC approved the resource adequacy contract in November 2018. This approval is now final and unappealable. We anticipate the Moss Landing battery storage project will commence commercial operations by the fourth quarter of 2020.

Upton 2 Solar Development

In May 2017, we acquired the rights to develop, construct and operate a utility scale solar photovoltaic power generation facility in Upton County, Texas (Upton 2). As part of this project, we entered a turnkey engineering, procurement and construction agreement to construct the approximately 180 MW facility. During 2017 and 2018, we spent approximately $231 million related to this project primarily for progress payments under the engineering, procurement and construction agreement and the acquisition of the development rights. The facility began test operations in March 2018 and commercial operations began in June 2018.
v3.19.1
Retirement of Generation Facilities (Notes)
3 Months Ended
Mar. 31, 2019
Retirement of Generation Facilities [Abstract]  
Retirement of generation facilities
RETIREMENT OF GENERATION FACILITIES

In August 2018, we filed a notice of suspension of operation with PJM and other mandatory regulatory notifications related to the retirement of our 51 MW Northeastern waste coal facility in McAddo, Pennsylvania (Northeastern Facility). We decided to retire the Northeastern Facility due to its uneconomic operations and financial outlook. Following the receipt of regulatory approvals, the Northeastern Facility was retired in October 2018. The decision to retire the Northeastern Facility did not result in a material impact to the financial statements, and the operational results of the Northeastern Facility are included in our Asset Closure segment.

Two of our non-operated, jointly held power plants acquired in the Merger, for which our proportional generation capacity was 883 MW, were retired in May 2018. These units were retired as previously scheduled. No gain or loss was recorded in conjunction with the retirement of these units, and the operational results of these facilities are included in our Asset Closure segment. The following table details the units retired.
Name
 
Location
 
Fuel Type
 
Net Generation Capacity (MW)
 
Ownership Interest
 
Date Units Taken Offline
Killen
 
Manchester, Ohio
 
Coal
 
204

 
33%
 
May 31, 2018
Stuart
 
Aberdeen, Ohio
 
Coal
 
679

 
39%
 
May 24, 2018
Total
 
 
 
 
 
883

 

 
 

In January and February 2018, we retired three power plants with a total installed nameplate generation capacity of 4,167 MW. We decided to retire these units because they were projected to be uneconomic based on then current market conditions and would have faced significant environmental costs associated with operating such units. In the case of the Sandow units, the decision also reflected the execution of a contract termination agreement pursuant to which the Company and Alcoa agreed to an early settlement of a long-standing power and mining agreement. Expected retirement expenses were accrued in the third and fourth quarter of 2017 and, as a result, no retirement expenses were recorded related to these facilities in the three months ended March 31, 2018. The operational results of these facilities are included in our Asset Closure segment. The following table details the units retired.
Name
 
Location (all in the state of Texas)
 
Fuel Type
 
Installed Nameplate Generation Capacity (MW)
 
Number of Units
 
Date Units Taken Offline
Monticello
 
Titus County
 
Lignite/Coal
 
1,880

 
3
 
January 4, 2018
Sandow
 
Milam County
 
Lignite
 
1,137

 
2
 
January 11, 2018
Big Brown
 
Freestone County
 
Lignite/Coal
 
1,150

 
2
 
February 12, 2018
Total
 
 
 
 
 
4,167

 
7
 
 
v3.19.1
Revenue (Notes)
3 Months Ended
Mar. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue from Contract with Customer [Text Block]
REVENUE
 
 
The following tables disaggregate our revenue by major source:
 
Three Months Ended March 31, 2019
 
Retail
 
ERCOT
 
PJM
 
NY/NE
 
MISO
 
CAISO/Eliminations
 
Consolidated
Revenue from contracts with customers:
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail energy charge in ERCOT
$
1,025

 
$

 
$

 
$

 
$

 
$

 
$
1,025

Retail energy charge in Northeast/Midwest
348

 

 

 

 

 

 
348

Wholesale generation revenue from ISO/RTO

 
247

 
221

 
195

 
139

 
73

 
875

Capacity revenue

 

 
67

 
80

 
13

 

 
160

Revenue from other wholesale contracts

 
44

 
72

 
7

 
16

 
3

 
142

Total revenue from contracts with customers
1,373

 
291

 
360

 
282

 
168

 
76

 
2,550

Other revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible amortization
(9
)
 

 

 
(2
)
 
(5
)
 
1

 
(15
)
Hedging and other revenues (a)
22

 
158

 
91

 
49

 
27

 
41

 
388

Affiliate sales

 
505

 
254

 
15

 
64

 
(838
)
 

Total other revenues
13

 
663

 
345

 
62

 
86

 
(796
)
 
373

Total revenues
$
1,386

 
$
954

 
$
705

 
$
344

 
$
254

 
$
(720
)
 
$
2,923


____________
(a)
Includes $158 million of unrealized net gains from mark-to-market valuations of commodity positions. See Note 18 for unrealized net gains (losses) by segment.
 
Three Months Ended March 31, 2018
 
Retail
 
ERCOT
 
Asset
Closure
 
Eliminations
 
Consolidated
Revenue from contracts with customers:
 
 
 
 
 
 
 
 
 
Retail energy charge in ERCOT
$
949

 
$

 
$

 
$

 
$
949

Wholesale generation revenue from ISO/RTO

 
174

 
36

 

 
210

Revenue from other wholesale contracts

 
53

 

 

 
53

Total revenue from contracts with customers
949

 
227

 
36

 

 
1,212

Other revenues:
 
 
 
 
 
 
 
 
 
Intangible amortization
(12
)
 

 

 

 
(12
)
Hedging and other revenues (a)
35

 
(462
)
 
(8
)
 

 
(435
)
Affiliate sales

 
(298
)
 

 
298

 

Total other revenues
23

 
(760
)
 
(8
)
 
298

 
(447
)
Total revenues
$
972

 
$
(533
)
 
$
28

 
$
298

 
$
765

____________
(a)
Includes $415 million of unrealized net losses from mark-to-market valuations of commodity positions. See Note 18 for unrealized net gains (losses) by segment.

Performance Obligations

As of March 31, 2019, we have future performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO or RTO or through bilateral sales. Therefore, an obligation exists as of the date of the results of the respective ISO or RTO capacity auction or the contract execution date for bilateral customers. The transaction price is also set by the results of the capacity auction and/or executed contract. These obligations total $674 million, $748 million, $720 million, $423 million and $96 million that will be recognized in the balance of the year ended December 31, 2019 and the years ending December 31, 2020, 2021, 2022 and 2023, respectively, and $65 million thereafter. Capacity revenues are recognized as capacity services are provided to the related ISOs or RTOs or bilateral counterparties.

Accounts Receivable

The following table presents trade accounts receivable (net of allowance for uncollectible accounts) relating to both contracts with customers and other activities:
 
March 31,
2019
 
December 31, 2018
Trade accounts receivable from contracts with customers — net
$
878

 
$
951

Other trade accounts receivable — net
122

 
136

Total trade accounts receivable — net
$
1,000

 
$
1,087

v3.19.1
Goodwill and Identifiable Intangible Assets and Liabilities (Notes)
3 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Identifiable Intangible Assets
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS AND LIABILITIES

Goodwill

The carrying value of goodwill totaled $2.082 billion and $2.068 billion at March 31, 2019 and December 31, 2018, respectively. Of the total goodwill at March 31, 2019, $175 million arose in connection with the Merger and $122 million is recorded in our ERCOT Generation and Wholesale reporting unit and $53 million is recorded in our ERCOT Retail reporting unit. The remaining $1.907 billion arose in connection with our application of fresh start reporting at Emergence and was allocated entirely to our ERCOT Retail reporting unit. Of the goodwill recorded at Emergence, $1.686 billion is deductible for tax purposes over 15 years on a straight-line basis.

Identifiable Intangible Assets and Liabilities

Identifiable intangible assets are comprised of the following:
 
 
March 31, 2019
 
December 31, 2018
Identifiable Intangible Asset
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Retail customer relationship
 
$
1,680

 
$
931

 
$
749

 
$
1,680

 
$
876

 
$
804

Software and other technology-related assets
 
277

 
119

 
158

 
270

 
105

 
165

Retail and wholesale contracts
 
316

 
155

 
161

 
316

 
138

 
178

Contractual service agreements (a)
 
60

 

 
60

 
70

 

 
70

Other identifiable intangible assets (b)
 
70

 
47

 
23

 
42

 
15

 
27

Total identifiable intangible assets subject to amortization
 
$
2,403

 
$
1,252

 
1,151

 
$
2,378

 
$
1,134

 
1,244

Retail trade names (not subject to amortization)
 
 
 
 
 
1,245

 
 
 
 
 
1,245

Mineral interests (not currently subject to amortization)
 
 
 
 
 
4

 
 
 
 
 
4

Total identifiable intangible assets
 
 
 
 
 
$
2,400

 
 
 
 
 
$
2,493


__________
(a)
At March 31, 2019, amounts related to contractual service agreements that have become liabilities due to amortization of the economic impacts of the intangibles have been removed from both the gross carrying amount and accumulated amortization.
(b)
Includes mining development costs and environmental allowances and credits.

Identifiable intangible liabilities are comprised of the following:
Identifiable Intangible Liability
March 31,
2019
 
December 31, 2018
Contractual service agreements
$
108

 
$
136

Purchase and sale contracts
189

 
195

Environmental allowances
63

 
70

Total identifiable intangible liabilities
$
360

 
$
401



Amortization expense related to finite-lived identifiable intangible assets and liabilities (including the classification in the condensed statements of consolidated income (loss)) consisted of:
Identifiable Intangible Assets and Liabilities
 
Condensed Statements of Consolidated Income (Loss) Line
Three Months Ended March 31,
 
2019
 
2018
Retail customer relationship
 
Depreciation and amortization
$
55

 
$
73

Software and other technology-related assets
 
Depreciation and amortization
13

 
10

Retail and wholesale contracts/purchase and sale contracts
 
Operating revenues/fuel, purchased power costs and delivery fees
12

 
12

Other identifiable intangible assets
 
Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization
27

 
2

Total amortization expense (a)
$
107

 
$
97


____________
(a)
Amounts recorded in depreciation and amortization totaled $69 million and $85 million for the three months ended March 31, 2019 and 2018, respectively. Excludes contractual services agreements.

Estimated Amortization of Identifiable Intangible Assets and Liabilities

As of March 31, 2019, the estimated aggregate amortization expense of identifiable intangible assets and liabilities for each of the next five fiscal years is as shown below.
Year
 
Estimated Amortization Expense
2019
 
$
302

2020
 
$
206

2021
 
$
156

2022
 
$
96

2023
 
$
72

v3.19.1
Income Taxes (Notes)
3 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES

Income Tax Expense

The calculation of our effective tax rate is as follows:
 
Three Months Ended March 31,
 
2019
 
2018
Income (loss) before income taxes
$
301

 
$
(395
)
Income tax (expense) benefit
$
(77
)
 
$
89

Effective tax rate
25.6
%
 
22.5
%


For the three months ended March 31, 2019, the effective tax rate of 25.6% related to our income tax expense was higher than the U.S. federal statutory rate of 21% due primarily to nondeductible impacts of the TRA and state income taxes. For the three months ended March 31, 2018, the effective tax rate of 22.5% related to our income tax benefit was higher than the U.S. federal statutory rate of 21% due primarily to nondeductible TRA accretion and the Texas margin tax.

Liability for Uncertain Tax Positions

Vistra Energy and its subsidiaries file income tax returns in U.S. federal and state jurisdictions and are expected to be subject to examinations by the IRS and other taxing authorities. Vistra Energy is not currently under audit by the IRS for any period, although review of Dynegy tax years 2017 and 2018 continue to progress through the IRS's Compliance Assurance Process audit program. Uncertain tax positions totaling $39 million at both March 31, 2019 and December 31, 2018 arose in connection with the Merger.
v3.19.1
Tax Receivable Agreement Obligation (Notes)
3 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Tax Receivables Agreement Obligation
TAX RECEIVABLE AGREEMENT OBLIGATION

On the Effective Date, Vistra Energy entered into a tax receivable agreement (the TRA) with a transfer agent on behalf of certain former first lien creditors of TCEH. The TRA generally provides for the payment by us to holders of TRA Rights of 85% of the amount of cash savings, if any, in U.S. federal and state income tax that we realize in periods after Emergence as a result of (a) certain transactions consummated pursuant to the Plan of Reorganization (including the step-up in tax basis in our assets resulting from the PrefCo Preferred Stock Sale), (b) the tax basis of all assets acquired in connection with the acquisition of two CCGT natural gas-fueled generation facilities in April 2016 and (c) tax benefits related to imputed interest deemed to be paid by us as a result of payments under the TRA, plus interest accruing from the due date of the applicable tax return.

Pursuant to the TRA, we issued the TRA Rights for the benefit of the first lien secured creditors of TCEH entitled to receive such TRA Rights under the Plan of Reorganization. Such TRA Rights are entitled to certain registration rights more fully described in the Registration Rights Agreement (see Note 17).

During the three months ended March 31, 2019, we recorded a decrease to the carrying value of the TRA obligation totaling approximately $19 million as a result of adjustments to forecasted taxable income and higher net operating losses acquired in the Merger.

The following table summarizes the changes to the TRA obligation, reported as other current liabilities and Tax Receivable Agreement obligation in our condensed consolidated balance sheets, for the three months ended March 31, 2019 and 2018:
 
Three Months Ended March 31,
 
2019
 
2018
TRA obligation at the beginning of the period
$
420

 
$
357

Accretion expense
16

 
18

Changes in tax assumptions impacting timing of payments
(19
)
 

Impacts of Tax Receivable Agreement
(3
)
 
18

TRA obligation at the end of the period
417

 
375

Less amounts due currently

 
(24
)
Noncurrent TRA obligation at the end of the period
$
417

 
$
351



As of March 31, 2019, the estimated carrying value of the TRA obligation totaled $417 million, which represents the discounted amount of projected payments under the TRA. The projected payments are based on certain assumptions, including but not limited to (a) the federal corporate income tax rate of 21%, (b) estimates of our taxable income in the current and future years and (c) additional states that Vistra Energy now operates in, including the relevant tax rate and apportionment factor for each state. Our taxable income takes into consideration the current federal tax code, various relevant state tax laws and reflects our current estimates of future results of the business. These assumptions are subject to change, and those changes could have a material impact on the carrying value of the TRA obligation. As of March 31, 2019, the aggregate amount of undiscounted federal and state payments under the TRA is estimated to be approximately $1.3 billion, with more than half of such amount expected to be attributable to the first 15 tax years following Emergence, and the final payment expected to be made approximately 40 years following Emergence (if the TRA is not terminated earlier pursuant to its terms).

The carrying value of the obligation is being accreted to the amount of the gross expected obligation using the effective interest method. Changes in the amount of this obligation resulting from changes to either the timing or amount of TRA payments are recognized in the period of change and measured using the discount rate inherent in the initial fair value of the obligation.
v3.19.1
Earnings Per Share (Notes)
3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE

Basic earnings per share available to common shareholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements.
 
Three Months Ended March 31,
 
2019
 
2018
Net income (loss) attributable to common stock — basic (a)
$
225

 
$
(306
)
Weighted average shares of common stock outstanding — basic
502,367,299

 
428,450,384

Net income (loss) per weighted average share of common stock outstanding — basic
$
0.45

 
$
(0.71
)
Dilutive securities: Stock-based incentive compensation plan and tangible equity units
6,772,689

 

Weighted average shares of common stock outstanding — diluted
509,139,988

 
428,450,384

Net income (loss) per weighted average share of common stock outstanding — diluted
$
0.44

 
$
(0.71
)

____________
(a)
The minimum settlement amount of tangible equity units, or 15,128,940 shares, are considered to be outstanding and are included in the computation of basic net income per share (see Note 14).

Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 6,243,220 and 2,863,872 shares for the three months ended March 31, 2019 and 2018, respectively.
v3.19.1
Accounts Receivable Securitization Program (Notes)
3 Months Ended
Mar. 31, 2019
Accounts Receivable Securitization Program [Abstract]  
Accounts Receivable Securitization Program [Text Block]
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM

TXU Energy Receivables Company LLC (RecCo), an indirect subsidiary of Vistra Energy, has an accounts receivable financing facility (Receivables Facility) provided by issuers of asset-backed commercial paper and commercial banks (Purchasers). The Receivables Facility is currently scheduled to terminate in August 2019, unless termination occurs earlier in accordance with the terms of the Receivables Facility. Vistra Energy intends to pursue renewal and/or extension of the Receivables Facility prior to its scheduled termination, subject to such terms and conditions as may be agreed upon by the parties thereto. At March 31, 2019, the Receivables Facility provided RecCo with the ability to borrow up to $350 million. In April 2019, the terms of the Receivable Facility were amended to provide RecCo with the ability to borrow up to $450 million.

Under the Receivables Facility at March 31, 2019, TXU Energy was obligated to sell or contribute, on an ongoing basis and without recourse, its accounts receivable to its special purpose subsidiary, RecCo, a consolidated, wholly owned, bankruptcy-remote, direct subsidiary of TXU Energy. In April 2019, the terms of the Receivable Facility were amended to provide that Dynegy Energy Services was also obligated to sell, on an ongoing basis and without recourse, their respective accounts receivable to RecCo. RecCo, in turn, is subject to certain conditions, and may, from time to time, sell an undivided interest in all the receivables acquired from TXU Energy and Dynegy Energy Services to the Purchasers, and its assets and credit are not available to satisfy the debts and obligations of any person, including affiliates of RecCo. Amounts funded by the Purchasers to RecCo are reflected as short-term borrowings on the condensed consolidated balance sheets. Proceeds and repayments under the Receivables Facility are reflected as cash flows from financing activities in our condensed statements of consolidated cash flows. Receivables transferred to the Purchasers remain on Vistra Energy's balance sheet and Vistra Energy reflects a liability equal to the amount advanced by the Purchasers. The Company records interest expense on amounts advanced. TXU Energy continues to service, administer and collect the trade receivables on behalf of RecCo and the Purchasers, as applicable.

As of March 31, 2019, outstanding borrowings under the receivables facility totaled $350 million and were supported by $444 million of RecCo gross receivables. As of December 31, 2018, outstanding borrowings under the receivables facility totaled $339 million.
v3.19.1
Long-Term Debt (Notes)
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Debt
LONG-TERM DEBT

Amounts in the table below represent the categories of long-term debt obligations incurred by the Company.
 
March 31,
2019
 
December 31,
2018
Vistra Operations Credit Facilities
$
5,798

 
$
5,813

Vistra Operations Senior Notes:
 
 
 
5.500% Senior Notes, due September 1, 2026
1,000

 
1,000

5.625% Senior Notes, due February 15, 2027
1,300

 

Total Vistra Operations Senior Notes
2,300

 
1,000

Vistra Energy Senior Notes:
 
 
 
7.375% Senior Notes, due November 1, 2022
479

 
1,707

5.875% Senior Notes, due June 1, 2023
500

 
500

7.625% Senior Notes, due November 1, 2024
1,147

 
1,147

8.034% Senior Notes, due February 2, 2024

 
25

8.000% Senior Notes, due January 15, 2025
81

 
81

8.125% Senior Notes, due January 30, 2026
166

 
166

Total Vistra Energy Senior Notes
2,373

 
3,626

Other:
 
 
 
7.000% Amortizing Notes, due July 1, 2019
16

 
24

Forward Capacity Agreements
233

 
236

Equipment Financing Agreements
116

 
120

Mandatorily redeemable subsidiary preferred stock (a)
70

 
70

8.82% Building Financing due semiannually through February 11, 2022 (b)
18

 
21

Total other long-term debt
453

 
471

Unamortized debt premiums, discounts and issuance costs (c)
83

 
155

Total long-term debt including amounts due currently
11,007

 
11,065

Less amounts due currently
(204
)
 
(191
)
Total long-term debt less amounts due currently
$
10,803

 
$
10,874

____________
(a)
Shares of mandatorily redeemable preferred stock in PrefCo. This subsidiary preferred stock is accounted for as a debt instrument under relevant accounting guidance.
(b)
Obligation related to a corporate office space finance lease. This obligation will be funded by amounts held in an escrow account that is reflected in other noncurrent assets in our condensed consolidated balance sheets.
(c)
Includes impact of recording debt assumed in the Merger at fair value.

Vistra Operations Credit Facilities

At March 31, 2019, the Vistra Operations Credit Facilities consisted of up to $8.473 billion in senior secured, first lien revolving credit commitments and outstanding term loans, which consisted of revolving credit commitments of up to $2.675 billion, including a $2.35 billion letter of credit sub-facility (Revolving Credit Facility) and term loans of $2.786 billion (Term Loan B-1 Facility), $977 million (Term Loan B-2 Facility) and $2.035 billion (Term Loan B-3 Facility, and together with the Term Loan B-1 Facility and the Term Loan B-2 Facility, the Term Loan B Facility).

These amounts reflect an amendment to the Vistra Operations Credit Facilities in March 2019 whereby we obtained $175 million of incremental Revolving Credit Facility commitments. The letter of credit sub-facility was also increased by $50 million. Fees and expenses related to the amendment to the Vistra Operations Credit Facilities totaled $1 million in the three months ended March 31, 2019, which were capitalized as a noncurrent asset.

The Vistra Operations Credit Facilities and related available capacity at March 31, 2019 are presented below.
 
 
 
 
March 31, 2019
Vistra Operations Credit Facilities
 
Maturity Date
 
Facility
Limit
 
Cash
Borrowings
 
Available
Capacity
Revolving Credit Facility (a)
 
June 14, 2023
 
$
2,675

 
$

 
$
1,753

Term Loan B-1 Facility
 
August 4, 2023
 
2,786

 
2,786

 

Term Loan B-2 Facility
 
December 14, 2023
 
977

 
977

 

Term Loan B-3 Facility
 
December 31, 2025
 
2,035

 
2,035

 

Total Vistra Operations Credit Facilities
 
 
 
$
8,473

 
$
5,798

 
$
1,753

___________
(a)
Facility to be used for general corporate purposes. Facility includes a $2.35 billion letter of credit sub-facility, of which $922 million of letters of credit were outstanding at March 31, 2019 and which reduce our available capacity.

In February 2018 and June 2018, certain pricing terms for the Vistra Operations Credit Facilities were amended. We accounted for these transactions as modifications of debt. At March 31, 2019, cash borrowings under the Revolving Credit Facility would bear interest based on applicable LIBOR rates, plus a fixed spread of 1.75%, and there were no outstanding borrowings. Letters of credit issued under the Revolving Credit Facility bear interest of 1.75%. Amounts borrowed under the Term Loan B-1, B-2 and B-3 Facilities bear interest based on applicable LIBOR rates plus fixed spreads of 2.00%, 2.25% and 2.00%, respectively. At March 31, 2019, the weighted average interest rates before taking into consideration interest rate swaps on outstanding borrowings was 4.50%, 4.75% and 4.49% under the Term Loan B-1, B-2 and B-3 Facilities, respectively. The Vistra Operations Credit Facilities also provide for certain additional fees payable to the agents and lenders, including fronting fees with respect to outstanding letters of credit and availability fees payable with respect to any unused portion of the available Revolving Credit Facility.

Obligations under the Vistra Operations Credit Facilities are secured by a lien covering substantially all of Vistra Operations' (and its subsidiaries') consolidated assets, rights and properties, subject to certain exceptions set forth in the Vistra Operations Credit Facilities, provided that the amount of loans outstanding under the Vistra Operations Credit Facilities that may be secured by a lien covering certain principal properties of the Company is expressly limited by the terms of the Vistra Operations Credit Facilities.

The Vistra Operations Credit Facilities also permit certain hedging agreements to be secured on a pari-passu basis with the Vistra Operations Credit Facilities in the event those hedging agreements met certain criteria set forth in the Vistra Operations Credit Facilities.

The Vistra Operations Credit Facilities provide for affirmative and negative covenants applicable to Vistra Operations (and its restricted subsidiaries), including affirmative covenants requiring it to provide financial and other information to the agents under the Vistra Operations Credit Facilities and to not change its lines of business, and negative covenants restricting Vistra Operations' (and its restricted subsidiaries') ability to incur additional indebtedness, make investments, dispose of assets, pay dividends, grant liens or take certain other actions, in each case, except as permitted in the Vistra Operations Credit Facilities. Vistra Operations' ability to borrow under the Vistra Operations Credit Facilities is subject to the satisfaction of certain customary conditions precedent set forth therein.

The Vistra Operations Credit Facilities provide for certain customary events of default, including events of default resulting from non-payment of principal, interest or fees when due, material breaches of representations and warranties, material breaches of covenants in the Vistra Operations Credit Facilities or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against Vistra Operations. Solely with respect to the Revolving Credit Facility, and solely during a compliance period (which, in general, is applicable when the aggregate revolving borrowings and issued revolving letters of credit (in excess of $300 million) exceed 30% of the revolving commitments), the agreement includes a covenant that requires the consolidated first lien net leverage ratio, which is based on the ratio of net first lien debt compared to an EBITDA calculation defined under the terms of the facilities, not to exceed 4.25 to 1.00. Although the period ended March 31, 2019 was not a compliance period, we would have been in compliance with this financial covenant if it was required to be tested at such date. Upon the existence of an event of default, the Vistra Operations Credit Facilities provide that all principal, interest and other amounts due thereunder will become immediately due and payable, either automatically or at the election of specified lenders.

Interest Rate Swaps — Effective January 2017, we entered into $3.0 billion notional amount of interest rate swaps to hedge a portion of our exposure to our variable rate debt. The interest rate swaps expire in July 2023. In May 2018 and June 2018, we entered into $3.0 billion notional amount of interest rate swaps that become effective in July 2023 and expire in July 2026.

In June 2018, we completed the novation of $1.959 billion notional amount of Vistra Energy (legacy Dynegy) interest rate swaps to Vistra Operations. At March 31, 2019, $1.561 billion notional amount of these interest rate swaps remained in effect with expiration dates between April 2019 and February 2024.

The interest rate swaps effectively fix the interest rates between 4.09% and 4.34% on $4.561 billion of our variable rate debt. The interest rate swaps that become effective in July 2023 and expire in July 2026 effectively fix the interest rates between 4.97% and 5.04% on $3.0 billion of our variable rate debt during the period. The interest rate swaps are secured by a first lien secured interest on a pari-passu basis with the Vistra Operations Credit Facilities.

Alternate Letter of Credit Facilities

Two alternate letter of credit facilities with an aggregate facility limit of $350 million became effective in the three months ended March 31, 2019. At March 31, 2019, $325 million of letters of credit were outstanding under these facilities. In April 2019, the aggregate facility limit was increased by $100 million to $450 million. Of the total facility limit, $250 million matures in December 2020 and $200 million matures in December 2021.

Vistra Energy (legacy Dynegy) Credit Agreement

On the Merger Date, Vistra Energy assumed the obligations under Dynegy's $3.563 billion credit agreement consisting of a $2.018 billion senior secured term loan facility due 2024 and a $1.545 billion senior secured revolving credit facility. As of the Merger Date, there were no cash borrowings and $656 million of letters of credit outstanding under the senior secured revolving credit facility. On April 23, 2018, $70 million of the senior secured revolving credit facility matured. In June 2018, the $2.018 billion senior secured term loan facility due 2024 was repaid using proceeds from the Term Loan B-3 Facility. In addition, all letters of credit outstanding under the senior secured revolving credit facility were replaced with letters of credit under the amended Vistra Operations Credit Facilities discussed above, and the revolving credit facility assumed from Dynegy in connection with the Merger was paid off in full and terminated.

Vistra Operations Senior Notes

In February 2019, Vistra Operations issued and sold $1.3 billion aggregate principal amount of 5.625% senior unsecured notes due 2027 (5.625% senior notes) in an offering to eligible purchasers under Rule 144A and Regulation S under the Securities Act (the 2019 Notes Offering). The 5.625% senior notes were sold pursuant to a purchase agreement by and among Vistra Operations, certain direct and indirect subsidiaries of Vistra Operations and J.P. Morgan Securities LLC, as representative of the several initial purchasers. Fees and expenses related to the offering totaled $16 million in the three months ended March 31, 2019, which were capitalized as a reduction in the carrying amount of the debt. Net proceeds from the 2019 Notes Offering totaling approximately $1.287 billion, together with cash on hand, were used to pay the purchase price and accrued interest (together with fees and expenses) required in connection with (i) the 2019 Tender Offer described below, (ii) the redemption of approximately $35 million aggregate principal amount of our 7.375% senior unsecured notes due 2022 and (iii) the redemption of approximately $25 million aggregate principal amount of our outstanding 8.034% senior unsecured notes due 2024. The 5.625% senior notes mature in February 2027, with interest payable in cash semiannually in arrears on February 15 and August 15 beginning August 15, 2019.

In August 2018, Vistra Operations issued $1.0 billion principal amount of 5.500% senior unsecured notes due 2026 (5.500% senior notes) in an offering to eligible purchasers under Rule 144A and Regulation S under the Securities Act (the 2018 Notes Offering). The 5.500% senior notes were sold pursuant to a purchase agreement by and among Vistra Operations, certain direct and indirect subsidiaries of Vistra Operations and Citigroup Global Markets Inc., as representative of the several initial purchasers. Fees and expenses related to the offering totaled $12 million in the three months ended September 30, 2018, which were capitalized as a reduction in the carrying amount of the debt. Net proceeds from the 2018 Notes Offering totaling approximately $990 million, together with cash on hand and cash received from the funding of the Receivables Facility (see Note 10), were used to pay the purchase price and accrued interest (together with fees and expenses) required in connection with the 2018 Tender Offers described below. The 5.500% senior notes mature in September 2026, with interest payable in cash semiannually in arrears on March 1 and September 1 beginning March 1, 2019.

The indentures governing the 5.625% senior notes and the 5.500% senior notes provide for the full and unconditional guarantee by certain direct and indirect subsidiaries of Vistra Operations of the punctual payment of the principal and interest on the notes. The Indenture contains certain covenants and restrictions, including, among others, restrictions on the ability of the Issuer and its subsidiaries, as applicable, to create certain liens, merge or consolidate with another entity, and sell all or substantially all of their assets.

Vistra Energy Senior Notes

Bond Repurchase Program — In November 2018, our board of directors (the Board) authorized a bond repurchase program under which up to $200 million principal amount of outstanding Vistra Energy senior unsecured notes could be repurchased. Through March 31, 2019, $119 million principal amount of senior unsecured notes had been repurchased. No repurchases were made in the three months ended March 31, 2019.

2019 Tender Offer and Consent Solicitation — In February 2019, Vistra Energy used the net proceeds from the 2019 Notes Offering to fund a cash tender offer (the 2019 Tender Offer) to purchase for cash $1.193 billion aggregate principal amount of 7.375% senior unsecured notes due 2022 (7.375% senior notes) assumed in the Merger. We recorded an extinguishment gain of $7 million on the transactions in the three months ended March 31, 2019.

In connection with the 2019 Tender Offer, Vistra Energy also commenced solicitation of consents from holders of the 7.375% senior notes. Vistra Energy received the requisite consents from the holders of the 7.375% senior notes and amended the indenture governing these senior notes to, among other things, eliminate substantially all of the restrictive covenants and certain events of default.

August 2018 Tender Offers and Consent Solicitations — In August 2018, Vistra Energy used the net proceeds from the 2018 Notes Offering, proceeds from the Receivables Facility (see Note 10) and cash on hand to fund cash tender offers (the 2018 Tender Offers) to purchase for cash $1.542 billion of senior unsecured notes assumed in the Merger. We recorded an extinguishment loss of $27 million on the transactions in the three months ended September 30, 2018. Notes purchased consisted of the following:

$26 million of 7.625% senior unsecured notes due 2024 (7.625% senior notes);
$163 million of 8.034% senior unsecured notes due 2024 (8.034% senior notes);
$669 million of 8.000% senior unsecured notes due 2025 (8.000% senior notes), and
$684 million of 8.125% senior unsecured notes due 2026 (8.125% senior notes).

In connection with the 2018 Tender Offers, Vistra Energy also commenced solicitations of consents from holders of the 7.375% senior notes, the 7.625% senior notes, the 8.034% senior notes, the 8.000% senior notes and the 8.125% senior notes to amend certain provisions of the applicable indentures governing each series of senior notes and the registration rights agreement with respect to the 8.125% senior notes. Vistra Energy received the requisite consents from the holders of the 8.034% senior notes, the 8.000% senior notes and the 8.125% senior notes (collectively, the Consent Senior Notes) and amended (a) the indentures governing each series of the applicable senior notes to, among other things, eliminate substantially all of the restrictive covenants and certain events of default and (b) the registration rights agreement with respect to the 8.125% senior notes to remove, among other things, the requirement that Vistra Energy commence an exchange offer to issue registered securities in exchange for the existing, nonregistered notes.

Assumption of Senior Notes in Merger — On the Merger Date, Vistra Energy assumed $6.138 billion principal amount of Dynegy's senior unsecured notes. In May 2018, $850 million of outstanding 6.75% senior unsecured notes due 2019 were redeemed at a redemption price of 101.688% of the aggregate principal amount, plus accrued and unpaid interest to but not including the date of redemption. Fees and expenses related to the redemption totaled $14 million in the three months ended June 30, 2018 and were recorded as interest expense and other charges on the condensed statements of consolidated income (loss). In June 2018, each of the Company's subsidiaries that guaranteed the Vistra Operations Credit Facilities (and did not already guarantee the senior notes) provided a guarantee on the senior notes that remained outstanding.

The senior notes that remain outstanding after the closing of the Tender Offers are unsecured and unsubordinated obligations of Vistra Energy and are guaranteed by substantially all of its current and future wholly owned domestic subsidiaries that from time to time are a borrower or guarantor under the agreement governing the Vistra Operations Credit Facilities (Credit Facilities Agreement) (see Note 20). The respective indentures of the senior notes (except with respect to the Consent Senior Notes) limit, among other things, the ability of the Company or any of the guarantors to create liens upon any principal property to secure debt for borrowed money in excess of, among other limitations, 30% of total assets. The respective indentures of the senior notes also contain customary events of default which would permit the holders of the applicable series of senior notes to declare such notes to be immediately due and payable if not cured within applicable grace periods, including the failure to make timely principal or interest payments on such notes or (except with respect to the Consent Senior Notes) other indebtedness aggregating $100 million or more, and, except with respect to the Consent Senior Notes, the failure to satisfy covenants, and specified events of bankruptcy and insolvency.

Amortizing Notes

On the Merger Date, Vistra Energy assumed the obligations of Dynegy's senior unsecured amortizing note (Amortizing Notes) maturing on July 1, 2019. The Amortizing Notes were issued in connection with the issuance of the tangible equity units (TEUs) by Dynegy (see Note 14). Each installment payment per Amortizing Note will be paid in cash and will constitute a partial repayment of principal and a payment of interest, computed at an annual rate of 7.00%. Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Payments will be applied first to the interest due and payable and then to the reduction of the unpaid principal amount, allocated as set forth in the indenture.

The indenture for the Amortizing Notes limits, among other things, the ability of the Company to consolidate, merge, sell, or dispose all or substantially all of its assets. If a fundamental change occurs, or if the Company elects to settle the prepaid stock purchase contracts early, then the holders of the Amortizing Notes will have the right to require the Company to repurchase the Amortizing Notes at a repurchase price equal to the principal amount of the Amortizing Notes as of the repurchase date (as described in the supplemental indenture) plus accrued and unpaid interest. The indenture also contains customary events of default which would permit the holders of the Amortizing Notes to declare those Amortizing Notes to be immediately due and payable if not cured within applicable grace periods, including the failure to make timely installment payments on the Amortizing Notes or other material indebtedness aggregating $100 million or more, the failure to satisfy covenants, and specified events of bankruptcy and insolvency.

Forward Capacity Agreements

On the Merger Date, the Company assumed the obligation of Dynegy's agreements under which a portion of the PJM capacity that cleared for Planning Years 2018-2019, 2019-2020 and 2020-2021 was sold to a financial institution (Forward Capacity Agreements). The buyer in this transaction will receive capacity payments from PJM during the Planning Years 2018-2019, 2019-2020 and 2020-2021 in the amounts of $2 million, $121 million and $110 million, respectively. We will continue to be subject to the performance obligations as well as any associated performance penalties and bonus payments for those planning years. As a result, this transaction is accounted for as long-term debt of $233 million with an implied interest rate of 3.70%.

Equipment Financing Agreements

On the Merger Date, the Company assumed Dynegy's Equipment Financing Agreements. Under certain of our contractual service agreements in which we receive maintenance and capital improvements for our gas-fueled generation fleet, we have obtained parts and equipment intended to increase the output, efficiency and availability of our generation units. We have financed these parts and equipment under agreements with maturities ranging from 2019 to 2026. The portion of future payments attributable to principal will be classified as cash outflows from financing activities, and the portion of future payments attributable to interest will be classified as cash outflows from operating activities in our condensed statements of consolidated cash flows.

Maturities

Long-term debt maturities (including mandatory amortization of the Term Loan B Facility) at March 31, 2019 are as follows:
 
March 31, 2019
Remainder of 2019
$
156

2020
205

2021
129

2022
554

2023
4,151

Thereafter
5,729

Unamortized premiums, discounts and debt issuance costs
83

Total long-term debt, including amounts due currently
$
11,007

v3.19.1
Leases
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Leases
Leases

Vistra has operating leases for real estate, rail cars, rental tanks and equipment. Our leases have remaining lease terms for 1 to 38 years. Our leases include options to renew up to 14 years. Certain leases also contain options to terminate the lease.

Lease Cost

The following table presents costs related to lease activities:
 
Three Months
Ended
March 31, 2019
Operating lease cost
$
4

Finance lease right-of-use asset amortization
1

Variable lease cost (a)
6

Short-term lease cost
5

Sublease income (b)
(2
)
Net lease cost
$
14

____________
(a)
Represents coal stockpile management services, common area maintenance services and rail car payments based on the number of rail cars used.
(b)
Represents sublease income related to real estate leases.

Balance Sheet Information

The following table presents lease related balance sheet information:
 
March 31, 2019
Lease assets
 
Operating lease right-of-use assets
$
68

Finance lease right-of-use assets (net of accumulated depreciation)
14

Total lease right-of-use assets
82

Current lease liabilities
 
Operating lease liabilities
16

Finance lease liabilities
2

Total current lease liabilities
18

Noncurrent lease liabilities
 
Operating lease liabilities
90

Finance lease liabilities
12

Total noncurrent lease liabilities
102

Total lease liabilities
$
120



Cash Flow and Other Information

The following table presents lease related cash flow and other information:
 
Three Months
Ended
March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
 
Operating cash flows from operating leases
$
3

Non-cash disclosure upon commencement of new lease
 
Right-of-use assets obtained in exchange for new operating lease liabilities
70

Right-of-use assets obtained in exchange for new finance lease liabilities
$
15



Weighted Average Remaining Lease Term

The following table presents weighted average remaining lease term information:
 
March 31, 2019
Weighted average remaining lease term
 
Operating lease
12 years
Finance lease
8 years
Weighted average discount rate
 
Operating lease
7.12%
Finance lease
6.36%


Maturity of Lease Liabilities

The following table presents maturity of lease liabilities:
 
Operating lease
 
Finance lease
 
Total lease
Remainder of 2019
$
16

 
$
2

 
$
18

2020
20

 
3

 
23

2021
16

 
3

 
19

2022
14

 
2

 
16

2023
13

 
2

 
15

Thereafter
85

 
7

 
92

Total lease payments
164

 
19

 
183

Less: Interest
(58
)
 
(5
)
 
(63
)
Present value of lease liabilities
$
106

 
$
14

 
$
120



As of March 31, 2019, we have no material operating or finance leases that have not yet commenced.
Leases
Leases

Vistra has operating leases for real estate, rail cars, rental tanks and equipment. Our leases have remaining lease terms for 1 to 38 years. Our leases include options to renew up to 14 years. Certain leases also contain options to terminate the lease.

Lease Cost

The following table presents costs related to lease activities:
 
Three Months
Ended
March 31, 2019
Operating lease cost
$
4

Finance lease right-of-use asset amortization
1

Variable lease cost (a)
6

Short-term lease cost
5

Sublease income (b)
(2
)
Net lease cost
$
14

____________
(a)
Represents coal stockpile management services, common area maintenance services and rail car payments based on the number of rail cars used.
(b)
Represents sublease income related to real estate leases.

Balance Sheet Information

The following table presents lease related balance sheet information:
 
March 31, 2019
Lease assets
 
Operating lease right-of-use assets
$
68

Finance lease right-of-use assets (net of accumulated depreciation)
14

Total lease right-of-use assets
82

Current lease liabilities
 
Operating lease liabilities
16

Finance lease liabilities
2

Total current lease liabilities
18

Noncurrent lease liabilities
 
Operating lease liabilities
90

Finance lease liabilities
12

Total noncurrent lease liabilities
102

Total lease liabilities
$
120



Cash Flow and Other Information

The following table presents lease related cash flow and other information:
 
Three Months
Ended
March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
 
Operating cash flows from operating leases
$
3

Non-cash disclosure upon commencement of new lease
 
Right-of-use assets obtained in exchange for new operating lease liabilities
70

Right-of-use assets obtained in exchange for new finance lease liabilities
$
15



Weighted Average Remaining Lease Term

The following table presents weighted average remaining lease term information:
 
March 31, 2019
Weighted average remaining lease term
 
Operating lease
12 years
Finance lease
8 years
Weighted average discount rate
 
Operating lease
7.12%
Finance lease
6.36%


Maturity of Lease Liabilities

The following table presents maturity of lease liabilities:
 
Operating lease
 
Finance lease
 
Total lease
Remainder of 2019
$
16

 
$
2

 
$
18

2020
20

 
3

 
23

2021
16

 
3

 
19

2022
14

 
2

 
16

2023
13

 
2

 
15

Thereafter
85

 
7

 
92

Total lease payments
164

 
19

 
183

Less: Interest
(58
)
 
(5
)
 
(63
)
Present value of lease liabilities
$
106

 
$
14

 
$
120



As of March 31, 2019, we have no material operating or finance leases that have not yet commenced.
v3.19.1
Commitments and Contingencies (Notes)
3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies
COMMITMENTS AND CONTINGENCIES

Guarantees

We have entered into contracts, including the assumed Dynegy senior unsecured notes described above, that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. As of March 31, 2019, there are no material outstanding claims related to our guarantee obligations, and we do not anticipate we will be required to make any material payments under these guarantees.

Letters of Credit

At March 31, 2019, we had outstanding letters of credit totaling $1.247 billion as follows:

$1.080 billion to support commodity risk management collateral requirements in the normal course of business, including over-the-counter and exchange-traded transactions and collateral postings with ISOs or RTOs;
$46 million to support executory contracts and insurance agreements;
$55 million to support our REP financial requirements with the PUCT, and
$66 million for other credit support requirements.

Surety Bonds

At March 31, 2019, we had outstanding surety bonds totaling $27 million to support performance under various contracts and legal obligations in the normal course of business.

Litigation

Gas Index Pricing Litigation — We, through our subsidiaries, and other energy companies are named as defendants in several lawsuits claiming damages resulting from alleged price manipulation through false reporting of natural gas prices to various index publications, wash trading and churn trading from 2000-2002. The cases allege that the defendants engaged in an antitrust conspiracy to inflate natural gas prices in three states (Kansas, Missouri and Wisconsin) during the relevant time period and seek damages under the respective state antitrust statutes. Four of the cases are putative class actions and one case, Reorganized FLI (nka J.P. Morgan Trust Co., National Assn.) v. Oneok Inc., et al., is an individual action on behalf of Farmland Industries, Inc. (Farmland), with Farmland seeking full consideration damages (i.e., the full amount it paid for natural gas purchases during the relevant timeframe). The cases are consolidated in a multi-district litigation proceeding pending in the U.S. District Court for Nevada. In March 2017, the court denied the class plaintiffs' motions to certify class actions in each of the states, which decision was taken on an interlocutory appeal to U.S. Court of Appeals for the Ninth Circuit (Ninth Circuit Court). In August 2018, the Ninth Circuit Court vacated the district court orders denying class certification and remanded the cases to the district court for further consideration of the class certification issue. In September 2018, the defendants filed a joint motion for entry of an order denying class certification, and the plaintiffs filed a motion for remand of the cases to the transferor courts to decide class certification issues. In January 2019, the judge issued an order remanding the consolidated cases in the multi-district proceedings back to their respective courts of origin. Along with the other defendants, we had previously reached settlement terms in the Kansas and Missouri cases, and plaintiffs in those cases filed a Notice of Settlement with the judge in the multi-district court proceeding. As for the Farmland matter, in March 2018, the Ninth Circuit Court reversed a summary judgment in favor of the defendants and it shortly will be remanded back to the court of origin for further discovery and other pretrial proceedings. While we cannot predict the outcome of these legal proceedings, or estimate a range of costs, they could have a material impact on our results of operations, liquidity or financial condition.

Advatech Dispute — In September 2016, Illinois Power Generating Company (Genco), terminated its Second Amended and Restated Newton Flue Gas Desulfurization System Engineering, Procurement, Construction and Commissioning Services Contract dated as of December 15, 2014 with Advatech, LLC (Advatech). Advatech issued Genco its final invoice in September 2016 totaling $81 million. Genco contested the invoice in October 2016 and believes the proper amount is less than $1 million. In October 2016, Advatech initiated the dispute resolution process under the contract and filed for arbitration in March 2017. Settlement discussions required under the dispute resolution process were unsuccessful. The arbitration hearing occurred in October 2018, and the arbitration panel issued an interim award in March 2019, including pre-award and post-award interest totaling approximately $42 million, of which $40 million was recorded as a liability as part of our purchase price allocation of the Merger and $2 million was recorded as interest expense in our condensed statements of consolidated income (loss). Advatech has submitted its request for its fees and expenses in the amount of approximately $4 million, and Genco will submit a response in opposition before the arbitration panel issues its final award. We cannot predict the outcome or range of costs that may be included in the final award, and we are evaluating all legal options.

Wood River Rail Dispute — In November 2017, Dynegy Midwest Generation, LLC (DMG) received notification that BNSF Railway Company and Norfolk Southern Railway Company were initiating dispute resolution related to DMG's suspension of its Wood River Rail Transportation Agreement with the railroads. Settlement discussions required under the dispute resolution process have been unsuccessful. In March 2018, BNSF Railway Company and Norfolk Southern Railway Company filed a demand for arbitration. The arbitration hearing on the merits is scheduled for February 2020. We dispute the railroads' allegations and will defend our position vigorously. While we cannot predict the outcome of this legal proceeding, or estimate a range of costs, it could have a material impact on our results of operations, liquidity or financial condition.

Greenhouse Gas Emissions

In August 2015, the EPA finalized rules to address greenhouse gas emissions (GHG) from new, modified and reconstructed and existing electricity generation units, referred to as the Clean Power Plan, including rules for existing facilities that would establish state-specific emissions rate goals to reduce nationwide CO2 emissions. Various parties (including Luminant) filed petitions for review in the U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit Court) and subsequently, in January 2016, a coalition of states, industry (including Luminant) and other parties filed applications with the U.S. Supreme Court (Supreme Court) asking that the Supreme Court stay the rule while the D.C. Circuit Court reviews the legality of the rule for existing plants. In February 2016, the Supreme Court stayed the rule pending the conclusion of legal challenges on the rule before the D.C. Circuit Court and until the Supreme Court disposes of any subsequent petition for review. Oral argument on the merits of the legal challenges to the rule was heard in September 2016 before the entire D.C. Circuit Court, but the D.C. Circuit Court has not issued a decision and the case remains in abeyance due to the EPA's decision to review the Clean Power Plan.

In October 2017, the EPA issued a proposed rule that would repeal the Clean Power Plan, with the proposed repeal focusing on what the EPA believes to be the unlawful nature of the Clean Power Plan and asking for public comment on the EPA's interpretations of its authority under the Clean Air Act (CAA). In December 2017, the EPA published an advance notice of proposed rulemaking (ANPR) soliciting information from the public as the EPA considers proposing a future rule. Vistra Energy submitted comments on the ANPR in February 2018. Vistra Energy submitted comments on the proposed repeal in April 2018. In August 2018, the EPA published a proposed replacement rule called the Affordable Clean Energy rule. We submitted comments on the proposed Affordable Clean Energy rule in October 2018. In December 2018, the EPA issued proposed revisions to the emission standards for new, modified and reconstructed units. Vistra has submitted comments on that proposed rulemaking. While we cannot predict the outcome of these rulemakings and related legal proceedings, or estimate a range of reasonably probable costs, if the rules are ultimately implemented or upheld as they were issued, they could have a material impact on our results of operations, liquidity or financial condition.

Regional Haze — Reasonable Progress and Best Available Retrofit Technology (BART) for Texas

In January 2016, the EPA issued a final rule approving in part and disapproving in part Texas's 2009 State Implementation Plan (SIP) as it relates to the reasonable progress component of the Regional Haze program and issuing a Federal Implementation Plan (FIP). The EPA's emission limits in the FIP assume additional control equipment for specific lignite/coal-fueled generation units across Texas, including new flue gas desulfurization systems (scrubbers) at seven electricity generation units (including Big Brown Units 1 and 2, Monticello Units 1 and 2 and Coleto Creek) and upgrades to existing scrubbers at seven generation units (including Martin Lake Units 1, 2 and 3, Monticello Unit 3 and Sandow Unit 4).

In March 2016, Luminant and a number of other parties, including the State of Texas, filed petitions for review in the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit Court) challenging the FIP's Texas requirements. In July 2016, the Fifth Circuit Court granted motions to stay the rule filed by Luminant and the other parties pending final review of the petitions for review. In December 2016, the EPA filed a motion seeking a voluntary remand of the rule back to the EPA for further consideration of Luminant's pending request for administrative reconsideration. In March 2017, the Fifth Circuit Court remanded the rule back to the EPA for reconsideration. The stay of the rule (and the emission control requirements) remains in effect, and the EPA is required to file status reports of its reconsideration every 60 days. The retirements of our Monticello, Big Brown and Sandow 4 plants should have a favorable impact on this rulemaking and litigation. While we cannot predict the outcome of the rulemaking and legal proceedings, or estimate a range of reasonably possible costs, the result could have a material impact on our results of operations, liquidity or financial condition.

In September 2017, the EPA signed a final rule addressing BART for Texas electricity generation units, with the rule serving as a partial approval of Texas's 2009 SIP and a partial FIP. For SO2, the rule creates an intrastate Texas emission allowance trading program as a "BART alternative" that operates in a similar fashion to a CSAPR trading program. The program includes 39 generating units (including our Martin Lake, Big Brown, Monticello, Sandow 4, Coleto Creek, Stryker 2 and Graham 2 plants). The compliance obligations in the program started on January 1, 2019, and the identified units receive an annual allowance allocation that is equal to their most recent annual CSAPR SO2 allocation. Cumulatively, our units covered by the program are allocated 100,279 allowances annually. Under the rule, a unit that is listed that does not operate for two consecutive years starting after 2018 would no longer receive allowances after the fifth year of non-operation. We believe the retirements of our Monticello, Big Brown and Sandow 4 plants will enhance our ability to comply with this BART rule for SO2. For NOX, the rule adopts the CSAPR's ozone program as BART and for particulate matter, the rule approves Texas's SIP that determines that no electricity generation units are subject to BART for particulate matter. The National Parks Conservation Association, the Sierra Club and the Environmental Defense Fund filed a petition challenging the rule in the Fifth Circuit Court as well as a petition for reconsideration filed with the EPA. Luminant intervened on behalf of the EPA in the Fifth Circuit Court action. In March 2018, the Fifth Circuit Court granted a joint motion filed by the EPA and the environmental groups involved to abate the Fifth Circuit Court proceedings until the EPA has taken action on the reconsideration petition and concludes the reconsideration process. In August 2018, the EPA issued a proposed rule affirming the prior BART final rule and seeking comments on that proposal, which were due in October 2018. While we cannot predict the outcome of the rulemaking and legal proceedings, we believe the rule, if ultimately implemented or upheld as issued, will not have a material impact on our results of operations, liquidity or financial condition.

Affirmative Defenses During Malfunctions

In February 2013, the EPA proposed a rule requiring certain states to remove SIP exemptions for excess emissions during malfunctions or replace them with an affirmative defense. In May 2015, the EPA finalized its 2013 proposal to extend the EPA's proposed findings of inadequacy to states that have affirmative defense provisions, including Texas. The final rule impacted 36 states, including Texas, Illinois and Ohio, in which we operate. The EPA's final rule would require covered states to remove or replace either EPA-approved exemptions or affirmative defense provisions for excess emissions during startup, shutdown and maintenance events. Several states (including the State of Texas and the State of Ohio) and various industry parties (including Luminant) filed petitions for review of the EPA's final rule, and all of those petitions were consolidated in the D.C. Circuit Court. Before the oral argument was held, in April 2017, the D.C. Circuit Court granted the EPA's motion to continue oral argument and ordered that the case be held in abeyance with the EPA to provide status reports to the D.C. Circuit Court on the EPA's review of the action at 90-day intervals. In October 2018, the EPA partially granted Texas' petition for reconsideration of the Texas SIP call. We cannot predict the timing or outcome of this proceeding, or estimate a range of reasonably possible costs, but implementation of the rule as finalized could have a material impact on our results of operations, liquidity or financial condition.

Illinois Multi-Pollutant Standards (MPS)

In 2007, our MISO coal-fueled generation facilities became subject to the Illinois multi-pollutant standard rule (MPS rule), which requires compliance with NOX, SO2 and mercury emissions limits. We are in compliance with the MPS rule. In October 2017, the Illinois Environmental Protection Agency (IEPA) filed a proposed rule with the Illinois Pollution Control Board (IPCB) that would amend the MPS rule by replacing the two separate group-wide annual emission rate limits that currently apply to our eight downstate Illinois coal-fueled stations with tonnage limits for both SO2 (annual) and NOX (annual and seasonal) that apply to the eight stations as a single group. In March 2019, we were asked to agree to even further reduced emission caps and in order to move the rule forward, committed to 2,000 MW of coal plant retirements following finalization of the rule. Under the current version of the proposal, allowable annual emissions of SO2 would be 37% lower than the current rule. All other federal and state air quality regulations, including health-based standards, would remain unchanged and in place. The proposed rule also would impose new requirements to ensure the continuous operation of existing selective catalytic reduction (SCR) control systems during the ozone season, require SCR-controlled units to meet an ozone season NOX emission rate limit, and set an additional, site-specific annual SO2 limit for our Joppa Power Station. We are supportive of the proposed rule as it would provide operational flexibility to our MISO fleet while also providing a number of regulatory and environmental benefits. We expect the rule to be finalized in 2019.

SO2 Designations for Texas

In November 2016, the EPA finalized its nonattainment designations for counties surrounding our Big Brown, Monticello and Martin Lake generation plants. The final designations require Texas to develop nonattainment plans for these areas. In February 2017, the State of Texas and Luminant filed challenges to the nonattainment designations in the Fifth Circuit Court. Subsequently, in October 2017, the Fifth Circuit Court granted the EPA's motion to hold the case in abeyance considering the EPA's representation that it intended to revisit the nonattainment rule. In December 2017, the TCEQ submitted a petition for reconsideration to the EPA. In addition, with respect to Monticello and Big Brown, the retirement of those plants should favorably impact our legal challenge to the nonattainment designations in that the nonattainment designations for Freestone County and Titus County are based solely on the Sierra Club modeling, which we dispute, of SO2 emissions from Monticello and Big Brown. Regardless, considering these retirements, the nonattainment designations for those counties are no longer supported. While we cannot predict the outcome of this matter, or estimate a range of reasonably possible costs, the result could have a material impact on our results of operations, liquidity or financial condition.

Effluent Limitation Guidelines (ELGs)

In November 2015, the EPA revised the ELGs for steam electricity generation facilities, which will impose more stringent standards (as individual permits are renewed) for wastewater streams, flue desulfurization, fly ash, bottom ash and flue gas mercury control. Various parties filed petitions for review of the ELG rule, and the petitions were consolidated in the Fifth Circuit Court. In April 2017, the EPA granted petitions requesting reconsideration of the ELG final rule issued in 2015 and administratively stayed the ELG rule's compliance date deadlines pending ongoing judicial review of the rule. In April 2019, the Fifth Circuit Court vacated and remanded portions of the EPA's ELG rule for steam electric power generators pertaining to best available technology for legacy wastewater and leachate. The legal challenges pertaining to bottom ash transport water, flue gas desulfurization wastewater and gasification wastewater have been suspended while the EPA reconsiders the rules.

The EPA issued a final rule in September 2017 postponing the earliest compliance dates in the ELG rule for bottom ash transport water and flue-gas desulfurization wastewater by two years, from November 1, 2018 to November 1, 2020.

Given the EPA's decision to reconsider the bottom ash transport water and flue gas desulfurization wastewater provisions of the ELG rule, the rule postponing the ELG rule's earliest compliance dates for those provisions, and the intertwined relationship of the ELG rule with the Coal Combustion Residuals rule discussed below, which is also being reconsidered by the EPA, as well as pending legal challenges concerning both rules, substantial uncertainty exists regarding our projected capital expenditures for ELG compliance, including the timing of such expenditures. While we cannot predict the outcome of this matter, or estimate a range of costs, it could have a material impact on our results of operations, liquidity or financial condition.

New Source Review and CAA Matters

New Source Review — Since 1999, the EPA has engaged in a nationwide enforcement initiative to determine whether coal-fueled power plants failed to comply with the requirements of the New Source Review (NSR) and New Source Performance Standard provisions under the CAA when the plants implemented changes. The EPA's NSR initiative focuses on whether projects performed at power plants triggered various permitting requirements, including the need to install pollution control equipment.

In August 2013, the U.S. Department of Justice (DOJ), acting as the attorneys for the EPA, filed a civil enforcement lawsuit against Luminant in federal district court in Dallas, alleging violations of the CAA, including its NSR standards, at our Big Brown and Martin Lake generation facilities. The lawsuit requests (i) the maximum civil penalties available under the CAA to the government of up to $32,500 to $37,500 per day for each alleged violation, depending on the date of the alleged violation, and (ii) injunctive relief, including an order to apply for pre-construction permits which may require the installation of best available control technology at the affected units. In August 2015, the district court granted Luminant's motion to dismiss seven of the nine claims asserted by the EPA in the lawsuit.

In January 2017, the EPA dismissed its two remaining claims with prejudice and the district court entered final judgment in Luminant's favor. In March 2017, the EPA and the Sierra Club appealed the final judgment to the Fifth Circuit Court. After the parties filed their respective briefs in the Fifth Circuit Court, the appeal was argued before the Fifth Circuit Court in March 2018. In October 2018, the Fifth Circuit Court affirmed in part, reversed in part, and remanded to the district court. The Fifth Circuit Court's decision held that the district court properly dismissed all of the civil penalties as time-barred. The Fifth Circuit Court further held that the grounds cited by the district court did not support dismissal of the injunctive relief claims at this early stage of the case and remanded the case back to the district court for further consideration. In November 2018, we filed a petition for rehearing en banc on two issues and the EPA has filed a response to that petition. We believe that we have complied with all requirements of the CAA and intend to continue to vigorously defend against the remaining allegations. An adverse outcome could require substantial capital expenditures that cannot be determined at this time or retirement of the remaining plant at issue, Martin Lake. The retirement of the Big Brown plant should have a favorable impact on this litigation. We cannot predict the outcome of these proceedings, including the financial effects, if any.

Zimmer NOVs — In December 2014, the EPA issued a notice of violation (NOV) alleging violation of opacity standards at the Zimmer facility. The EPA previously had issued NOVs to Zimmer in 2008 and 2010 alleging violations of the CAA, the Ohio State Implementation Plan and the station's air permits including standards applicable to opacity, sulfur dioxide, sulfuric acid mist and heat input. The NOVs remain unresolved. We are unable to predict the outcome of these matters.

Edwards CAA Citizen Suit — In April 2013, environmental groups filed a CAA citizen suit in the U.S. District Court for the Central District of Illinois alleging violations of opacity and particulate matter limits at our MISO segment's Edwards facility. In August 2016, the district court granted the plaintiffs' motion for summary judgment on certain liability issues. We filed a motion seeking interlocutory appeal of the court's summary judgment ruling. In February 2017, the appellate court denied our motion for interlocutory appeal. The parties completed briefing on motions for summary judgment on remedy issues in October 2018. In January 2019, the court canceled the bench trial scheduled for March 2019 and denied the parties' motions for summary judgment on remedy issues. A bench trial on the remedy issues is scheduled for the end of September 2019. We dispute the allegations and will defend the case vigorously. We are unable to predict the outcome of these matters.

Ultimate resolution of any of these CAA matters could have a material adverse impact on our future financial condition, results of operations, and cash flows. A resolution could result in increased capital expenditures for the installation of pollution control equipment, increased operations and maintenance expenses, and penalties, or could result in an order or a decision to retire these plants. While we cannot predict the outcome of these legal proceedings, or estimate a range of costs, they could have a material impact on our results of operations, liquidity or financial condition.

Coal Combustion Residuals/Groundwater

In July 2018, the EPA published a final rule that amends certain provisions of the Coal Combustion Residuals (CCR) rule that the agency issued in 2015. The 2018 revisions extend closure deadlines to October 31, 2020, related to the aquifer location restriction and groundwater monitoring requirements. The 2018 revisions also (1) establish groundwater protection standards for cobalt, lithium, molybdenum and lead (2) allow authorized state programs to waive groundwater monitoring requirements when there is a demonstration of no potential for contaminant migration, and (3) allow the permitting authority to issue certifications in lieu of a qualified professional engineer. The 2018 revisions became effective in August 2018, and we are continuing to evaluate the impact on our CCR facilities. Also, on August 21, 2018, the D.C. Circuit Court issued a decision that vacates and remands certain provisions of the 2015 CCR rule, including an applicability exemption for legacy impoundments. The EPA is expected to undertake further revisions to its CCR regulations in response to the D.C. Circuit Court's ruling. In October 2018, the rule that extends certain closure deadlines to 2020 was challenged in the D.C. Circuit Court. In December 2018, the EPA and petitioners filed cross-motions, with the EPA seeking remand without vacatur and petitioners seeking a partial stay or vacatur of the rule. We have intervened in the litigation and filed a motion in support of the EPA. The D.C. Circuit Court granted the EPA's request for remand without vacatur. While we cannot predict the impacts of these rule revisions (including whether and if so how the states in which we operate will utilize the authority delegated to the states through the revisions), or estimate a range of reasonably possible costs related to these revisions, the changes that result from these revisions could have a material impact on our results of operations, liquidity or financial condition.

MISO Segment — In 2012, the Illinois Environmental Protection Agency (IEPA) issued violation notices alleging violations of groundwater standards onsite at our Baldwin and Vermilion facilities' CCR surface impoundments. In 2016, the IEPA approved our closure and post-closure care plans for the Baldwin old east, east, and west fly ash CCR surface impoundments. We are working towards implementation of those closure plans.

At our retired Vermilion facility, which was not subject to the EPA's 2015 CCR rule until the aforementioned D.C. Circuit court decision in August 2018, we submitted proposed corrective action plans involving closure of two CCR surface impoundments (i.e., the old east and the north impoundments) to the IEPA in 2012, with revised plans submitted in 2014. In May 2017, in response to a request from the IEPA for additional information regarding the closure of these Vermilion surface impoundments, we agreed to perform additional groundwater sampling and closure options and riverbank stabilizing options. By letter dated January 31, 2018, Prairie Rivers Network (PRN) provided 60-day notice of its intent to sue our subsidiary Dynegy Midwest Generation, LLC (DMG) under the federal Clean Water Act for alleged unauthorized discharges from the surface impoundments at our Vermilion facility and alleged related violations of the facility's National Pollutant Discharge Elimination System permit. Prairie Rivers Network filed a citizen suit in May 2018, alleging violations of the Clean Water Act for alleged unauthorized discharges. In August 2018, we filed a motion to dismiss the lawsuit. In November 2018, the district court granted our motion to dismiss and judgment was entered in our favor. Plaintiffs have appealed the judgment to the U.S Court of Appeals for the Seventh Circuit. That appeal is now stayed. In April 2019, PRN also filed a complaint against DMG before the IPCB, alleging that groundwater flows allegedly associated with the ash impoundments at the Vermilion site have resulted in exceedances both of surface water standards and Illinois groundwater standards dating back to 1992. This matter is in very early stages and we dispute the allegations in the complaint. We dispute the allegations in both of these matters and will vigorously defend our position.

In 2012, the IEPA issued violation notices alleging violations of groundwater standards at the Newton and Coffeen facilities' CCR surface impoundments. We are addressing these CCR surface impoundments in accordance with the federal CCR rule. In June 2018, the IEPA issued a violation notice for alleged seep discharges claimed to be coming from the surface impoundments at our retired Vermilion facility and that notice has since been referred to the Illinois Attorney General.

In December 2018, the Sierra Club filed a complaint with the IPCB alleging the disposal and storage of coal ash at the Coffeen, Edwards and Joppa generation facilities are causing exceedances of the applicable groundwater standards. We dispute the allegations and will vigorously defend our position.

If remediation measures concerning groundwater are necessary at any of our coal-fueled facilities, we may incur significant costs that could have a material adverse effect on our financial condition, results of operations, and cash flows. At this time, in part because of the revisions to the CCR rule that the EPA published in July 2018 and the D.C. Circuit Court's vacatur and remand of certain provisions of the EPA's 2015 CCR rule, we cannot reasonably estimate the costs, or range of costs, of groundwater remediation, if any, that ultimately may be required. CCR surface impoundment and landfill closure costs, as determined by our operations and environmental services teams, are reflected in our AROs.

MISO 2015-2016 Planning Resource Auction

In May 2015, three complaints were filed at FERC regarding the Zone 4 results for the 2015-2016 Planning Resource Auction (PRA) conducted by MISO. Dynegy is a named party in one of the complaints. The complainants, Public Citizen, Inc., the Illinois Attorney General and Southwestern Electric Cooperative, Inc., have challenged the results of the PRA as unjust and unreasonable, requested rate relief/refunds, and requested changes to the MISO PRA structure going forward. Complainants have also alleged that Dynegy could have engaged in economic or physical withholding in Zone 4 constituting market manipulation in the 2015-2016 PRA. The Independent Market Monitor for MISO (MISO IMM), which was responsible for monitoring the MISO 2015-2016 PRA, determined that all offers were competitive and that no physical or economic withholding occurred. The MISO IMM also stated, in a filing responding to the complaints, that there is no basis for the proposed remedies. We filed our Answer to these complaints and believe that we complied fully with the terms of the MISO tariff in connection with the 2015-2016 PRA, disputed the allegations, and will defend our actions vigorously. In addition, the Illinois Industrial Energy Consumers filed a complaint at FERC against MISO on June 30, 2015 requesting prospective changes to the MISO tariff. Dynegy also responded to this complaint.

On October 1, 2015, FERC issued an order of non-public, formal investigation, stating that shortly after the conclusion of the 2015-2016 PRA, FERC's Office of Enforcement began a non-public informal investigation into whether market manipulation or other potential violations of FERC orders, rules, and regulations occurred before or during the PRA (the Order). The Order noted that the investigation is ongoing, and that the conversion of the informal, non-public investigation to a formal, non-public investigation does not indicate that FERC has determined that any entity has engaged in market manipulation or otherwise violated any FERC order, rule, or regulation. Vistra Energy is participating in the investigation on behalf of Dynegy following the closing of the Merger. We believe that our conduct was proper and will defend our position vigorously, but we cannot predict the outcome of the investigation or the amount, if any, of loss that may result. While we cannot predict the outcome of this matter, or estimate a range of costs, it could have a material impact on our results of operations, liquidity or financial condition.

On December 31, 2015, FERC issued an order on the complaints requiring a number of prospective changes to the MISO tariff provisions associated with calculating Initial Reference Levels and Local Clearing Requirements, effective as of the 2016-2017 PRA. The order did not address the arguments of the complainants regarding the 2015-2016 PRA, and stated that those issues remain under consideration and will be addressed in a future order.

Other Matters

We are involved in various legal and administrative proceedings in the normal course of business, the ultimate resolutions of which, in the opinion of management, are not anticipated to have a material effect on our results of operations, liquidity or financial condition.
v3.19.1
Equity (Notes)
3 Months Ended
Mar. 31, 2019
Stockholders' Equity Note [Abstract]  
Equity
EQUITY

Share Repurchase Program

In November 2018, we announced that the Board had authorized an incremental share repurchase program (Program) under which up to $1.250 billion of our outstanding stock may be purchased. In the three months ended March 31, 2019, 9,541,617 shares of our common stock were repurchased for $236 million (including related fees and expenses) at an average price of $24.78 per share of common stock. On a cumulative basis, 21,614,708 shares of our common stock have been repurchased under the Program for $514 million (including related fees and expenses) at an average price of $23.78 per share of common stock. At March 31, 2019, $736 million was available for additional repurchases under the Program, and we intend to implement the Program opportunistically from time to time in 2019 and 2020.

Shares of the Company's common stock may be repurchased in open market transactions at prevailing market prices, in privately negotiated transactions, pursuant to plans complying with the Exchange Act, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the Program will be determined at our discretion and will depend on a number of factors, including the market price of our stock, general market and economic conditions, applicable legal requirements and compliance with the terms of our debt agreements and the Tax Matters Agreement.

Dividends

In November 2018, Vistra Energy announced the Board had adopted a dividend program pursuant to which Vistra Energy would initiate an annual dividend of approximately $0.50 per share expected to begin in the first quarter of 2019. Each dividend under the program will be subject to the declaration by the Board and, thus, may be subject to numerous factors in existence at the time of any such declaration including, but not limited to, prevailing market conditions, Vistra Energy's results of operations, financial condition and liquidity and Delaware law.

In February 2019, the Board declared a quarterly dividend of $0.125 per share. The dividend was paid on March 29, 2019 to shareholders of record as of March 15, 2019. Vistra Energy did not declare or pay any dividends during the three months ended March 31, 2018.

Dividend Restrictions

The agreement governing the Credit Facilities Agreement generally restricts the ability of Vistra Operations to make distributions to any direct or indirect parent unless such distributions are expressly permitted thereunder. As of March 31, 2019, Vistra Operations can distribute approximately $8.0 billion to Parent under the Credit Facilities Agreement without the consent of any party. The amount that can be distributed by Vistra Operations to Parent was partially reduced by distributions made by Vistra Operations to Parent during the three months ended March 31, 2019 and the years ended December 31, 2018 and 2017 of approximately $1.55 billion, $4.7 billion and $1.1 billion, respectively. Additionally, Vistra Operations may make distributions to Parent in amounts sufficient for Parent to make any payments required under the TRA or the Tax Matters Agreement or, to the extent arising out of Parent's ownership or operation of Vistra Operations, to pay any taxes or general operating or corporate overhead expenses. As of March 31, 2019, the maximum amount of restricted net assets of Vistra Operations that may not be distributed to Parent totaled approximately $1.4 billion.

Under applicable Delaware General Corporate Law, we are prohibited from paying any distribution to the extent that such distribution exceeds the value of our "surplus," which is defined as the excess of our net assets above our capital (the aggregate par value of all outstanding shares of our stock).

Warrants

At the Merger Date, the Company entered into an agreement whereby holders of each outstanding warrant previously issued by Dynegy will be entitled to receive, upon exercise, the equity securities to which the holder would have been entitled to receive of Dynegy common stock converted into shares of Vistra Energy common stock at the Exchange Ratio. As of March 31, 2019, nine million warrants expiring in 2024 with an exercise price of $35.00 (subject to adjustment from time to time) were outstanding, each of which can be redeemed for 0.652 share of Vistra Energy common stock. The warrants are recorded as equity in our condensed consolidated balance sheet.

Tangible Equity Units

At the Merger Date, the Company assumed the obligations of Dynegy's 4,600,000 7.00% tangible equity units, each with a stated amount of $100.00 and each comprised of (i) a prepaid stock purchase contract that will deliver to the holder, not later than July 1, 2019, unless earlier redeemed or settled, not more than 4.0616 shares of Vistra Energy common stock and not less than 3.2889 shares of Vistra Energy common stock per contract based upon the applicable fixed settlement rate in the contract (in each case, subject to adjustment from time to time) and (ii) a senior amortizing note with an outstanding principal amount of $38 million at the Merger Date that pays an equal quarterly cash installment of $1.75 per amortizing note (see Note 11). In the aggregate, the annual quarterly cash installments will be equivalent to a 7.00% cash payment per year with respect to each $100.00 stated amount of tangible equity units. The amortizing notes are accounted for as debt while the stock purchase contract is included in equity based on the fair value of the contract at the Merger Date (see Note 11).

Equity

The following table presents the changes to equity for the three months ended March 31, 2019:
 
Common
Stock (a)
 
Additional Paid-in Capital
 
Retained Earnings (Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders' Equity
 
Noncontrolling Interest
 
Total Equity
Balance at December 31, 2018
$
5

 
$
9,329

 
$
(1,449
)
 
$
(22
)
 
$
7,863

 
$
4

 
$
7,867

Treasury stock

 
(236
)
 

 

 
(236
)
 

 
(236
)
Dividends declared on common stock

 

 
(61
)
 

 
(61
)
 

 
(61
)
Effects of stock-based incentive compensation plans

 
12

 

 

 
12

 

 
12

Net income (loss)

 

 
225

 

 
225

 
(1
)
 
224

Adoption of accounting standard (Note 1)

 

 
(2
)
 

 
(2
)
 

 
(2
)
Change in unrecognized losses related to pension and OPEB plans

 

 

 
1

 
1

 

 
1

Investment by noncontrolling interest

 

 

 

 

 

 

Other

 

 
2

 

 
2

 
(1
)
 
1

Balance at March 31, 2019
$
5

 
$
9,105

 
$
(1,285
)
 
$
(21
)
 
$
7,804

 
$
2

 
$
7,806

________________
(a)
Authorized shares totaled 1,800,000,000 at March 31, 2019. Outstanding shares totaled 484,235,663 and 493,215,309 at March 31, 2019 and December 31, 2018, respectively.

The following table presents the changes to equity for the three months ended March 31, 2018:
 
Common
Stock (a)
 
Additional Paid-in Capital
 
Retained Earnings (Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders' Equity
Balance at December 31, 2017
$
4

 
$
7,765

 
$
(1,410
)
 
$
(17
)
 
$
6,342

Effects of stock-based incentive compensation plans

 
7

 

 

 
7

Net loss

 

 
(306
)
 

 
(306
)
Adoption of accounting standard

 

 
17

 

 
17

Change in unrecognized losses related to pension and OPEB plans

 

 

 
1

 
1

Other

 

 
(1
)
 

 
(1
)
Balance at March 31, 2018
$
4

 
$
7,772

 
$
(1,700
)
 
$
(16
)
 
$
6,060

________________
(a)
Authorized shares totaled 1,800,000,000 at March 31, 2018. Outstanding shares totaled 428,506,325 and 428,398,802 at March 31, 2018 and December 31, 2017, respectively.
v3.19.1
Fair Value Measurements (Notes)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements
FAIR VALUE MEASUREMENTS

We utilize several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those items that are measured on a recurring basis. We use a mid-market valuation convention (the mid-point price between bid and ask prices) as a practical expedient to measure fair value for the majority of our assets and liabilities and use valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Our valuation policies and procedures were developed, maintained and validated by a centralized risk management group that reports to the Vistra Energy Chief Financial Officer.

Fair value measurements of derivative assets and liabilities incorporate an adjustment for credit-related nonperformance risk. These nonperformance risk adjustments take into consideration master netting arrangements, credit enhancements and the credit risks associated with our credit standing and the credit standing of our counterparties (see Note 16 for additional information regarding credit risk associated with our derivatives). We utilize credit ratings and default rate factors in calculating these fair value measurement adjustments.

We categorize our assets and liabilities recorded at fair value based upon the following fair value hierarchy:

Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Our Level 1 assets and liabilities include CME or ICE (electronic commodity derivative exchanges) futures and options transacted through clearing brokers for which prices are actively quoted. We report the fair value of CME and ICE transactions without taking into consideration margin deposits, with the exception of certain margin amounts related to changes in fair value on certain CME transactions that, beginning in January 2017, are legally characterized as settlement of derivative contracts rather than collateral.

Level 2 valuations utilize over-the-counter broker quotes, quoted prices for similar assets or liabilities that are corroborated by correlations or other mathematical means, and other valuation inputs such as interest rates and yield curves observable at commonly quoted intervals. We attempt to obtain multiple quotes from brokers that are active in the markets in which we participate and require at least one quote from two brokers to determine a pricing input as observable. The number of broker quotes received for certain pricing inputs varies depending on the depth of the trading market, each individual broker's publication policy, recent trading volume trends and various other factors.

Level 3 valuations use unobservable inputs for the asset or liability. Unobservable inputs are used to the extent observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. We use the most meaningful information available from the market combined with internally developed valuation methodologies to develop our best estimate of fair value. Significant unobservable inputs used to develop the valuation models include volatility curves, correlation curves, illiquid pricing delivery periods and locations and credit-related nonperformance risk assumptions. These inputs and valuation models are developed and maintained by employees trained and experienced in market operations and fair value measurements and validated by the Company's risk management group.

With respect to amounts presented in the following fair value hierarchy tables, the fair value measurement of an asset or liability (e.g., a contract) is required to fall in its entirety in one level, based on the lowest level input that is significant to the fair value measurement.

Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown below:
March 31, 2019
 
Level 1
 
Level 2
 
Level 3 (a)
 
Reclassification (b)
 
Total
Assets:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
392

 
$
173

 
$
154

 
$
52

 
$
771

Interest rate swaps

 
25

 

 
3

 
28

Nuclear decommissioning trust –
equity securities (c)
508

 

 

 

 
508

Nuclear decommissioning trust –
debt securities (c)

 
464

 

 

 
464

Sub-total
$
900

 
$
662

 
$
154

 
$
55

 
1,771

Assets measured at net asset value (d):
 
 
 
 
 
 
 
 
 
Nuclear decommissioning trust –
equity securities (c)
 
 
 
 
 
 
 
 
316

Total assets
 
 
 
 
 
 
 
 
$
2,087

Liabilities:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
518

 
$
626

 
$
267

 
$
52

 
$
1,463

Interest rate swaps

 
62

 

 
3

 
65

Total liabilities
$
518

 
$
688

 
$
267

 
$
55

 
$
1,528



December 31, 2018
 
Level 1
 
Level 2
 
Level 3 (a)
 
Reclassification (b)
 
Total
Assets:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
456

 
$
152

 
$
153

 
$
1

 
$
762

Interest rate swaps

 
77

 

 

 
77

Nuclear decommissioning trust –
equity securities (c)
449

 

 

 

 
449

Nuclear decommissioning trust –
debt securities (c)

 
443

 

 

 
443

Sub-total
$
905

 
$
672

 
$
153

 
$
1

 
1,731

Assets measured at net asset value (d):
 
 
 
 
 
 
 
 
 
Nuclear decommissioning trust –
equity securities (c)
 
 
 
 
 
 
 
 
278

Total assets
 
 
 
 
 
 
 
 
$
2,009

Liabilities:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
557

 
$
766

 
$
288

 
$
1

 
$
1,612

Interest rate swaps

 
34

 

 

 
34

Total liabilities
$
557

 
$
800

 
$
288

 
$
1

 
$
1,646

____________
(a)
See table below for description of Level 3 assets and liabilities.
(b)
Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in our condensed consolidated balance sheets.
(c)
The nuclear decommissioning trust investment is included in the other investments line in our condensed consolidated balance sheets. See Note 19.
(d)
The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our condensed consolidated balance sheets. Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.

Commodity contracts consist primarily of natural gas, electricity, fuel oil, uranium, coal and emissions agreements and include financial instruments entered into for economic hedging purposes as well as physical contracts that have not been designated as normal purchases or sales. Interest rate swaps are used to reduce exposure to interest rate changes by converting floating-rate interest to fixed rates. See Note 16 for further discussion regarding derivative instruments.

Nuclear decommissioning trust assets represent securities held for the purpose of funding the future retirement and decommissioning of our nuclear generation facility. These investments include equity, debt and other fixed-income securities consistent with investment rules established by the NRC and the PUCT.

The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at March 31, 2019 and December 31, 2018:
March 31, 2019
 
 
Fair Value
 
 
 
 
 
 
Contract Type (a)
 
Assets
 
Liabilities
 
Total
 
Valuation Technique
 
Significant Unobservable Input
 
Range (b)
Electricity purchases and sales
 
$
28

 
$
(51
)
 
$
(23
)
 
Valuation Model
 
Hourly price curve shape (c)
 
$0 to $120/ MWh
 
 
 
 
 
 
 
 
 
 
Illiquid delivery periods for ERCOT hub power prices and heat rates (d)
 
$20 to $120/ MWh
Electricity and weather options
 
29

 
(178
)
 
(149
)
 
Option Pricing Model
 
Gas to power correlation (e)
 
10% to 100%
 
 
 
 
 
 
 
 
 
 
Power volatility (e)
 
5% to 435%
Financial transmission rights
 
87

 
(13
)
 
74

 
Market Approach (f)
 
Illiquid price differences between settlement points (g)
 
$(10) to $50/ MWh
Other (h)
 
10

 
(25
)
 
(15
)
 
 
 
 
 
 
Total
 
$
154

 
$
(267
)
 
$
(113
)
 
 
 
 
 
 

December 31, 2018
 
 
Fair Value
 
 
 
 
 
 
Contract Type (a)
 
Assets
 
Liabilities
 
Total
 
Valuation Technique
 
Significant Unobservable Input
 
Range (b)
Electricity purchases and sales
 
$
22

 
$
(48
)
 
$
(26
)
 
Valuation Model
 
Hourly price curve shape (c)
 
$0 to $110/ MWh
 
 
 
 
 
 
 
 
 
 
Illiquid delivery periods for ERCOT hub power prices and heat rates (d)
 
$20 to $120/ MWh
Electricity and weather options
 
31

 
(192
)
 
(161
)
 
Option Pricing Model
 
Gas to power correlation (e)
 
15% to 95%
 
 
 
 
 
 
 
 
 
 
Power volatility (e)
 
5% to 435%
Financial transmission rights
 
85

 
(20
)
 
65

 
Market Approach (f)
 
Illiquid price differences between settlement points (g)
 
$(10) to $50/ MWh
Other (h)
 
15

 
(28
)
 
(13
)
 
 
 
 
 
 
Total
 
$
153

 
$
(288
)
 
$
(135
)
 
 
 
 
 
 
____________
(a)
Electricity purchase and sales contracts include power and heat rate positions in ERCOT, PJM, NYISO, ISO-NE and MISO regions. The forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within are referred to as congestion revenue rights in ERCOT and financial transmission rights in PJM, NYISO, ISO-NE and MISO regions. Electricity options consist of physical electricity options and spread options.
(b)
The range of the inputs may be influenced by factors such as time of day, delivery period, season and location.
(c)
Primarily based on the historical range of forward average hourly ERCOT North Hub prices.
(d)
Primarily based on historical forward ERCOT power price and heat rate variability.
(e)
Based on historical forward correlation and volatility within ERCOT.
(f)
While we use the market approach, there is insufficient market data to consider the valuation liquid.
(g)
Primarily based on the historical price differences between settlement points within ERCOT hubs and load zones.
(h)
Other includes contracts for natural gas and coal.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy for the three months ended March 31, 2019 and 2018. See the table below for discussion of transfers between Level 2 and Level 3 for the three months ended March 31, 2019 and 2018.

The following table presents the changes in fair value of the Level 3 assets and liabilities for the three months ended March 31, 2019 and 2018.
 
Three Months Ended March 31,
 
2019
 
2018
Net liability balance at beginning of period
$
(135
)
 
$
(53
)
Total unrealized valuation gains (losses)
37

 
(213
)
Purchases, issuances and settlements (a):
 
 
 
Purchases
19

 
29

Issuances
(7
)
 
(4
)
Settlements
(22
)
 
17

Transfers into Level 3 (b)
3

 

Transfers out of Level 3 (b)
(8
)
 

Net change (c)
22

 
(171
)
Net liability balance at end of period
$
(113
)
 
$
(224
)
Unrealized valuation gains (losses) relating to instruments held at end of period
$
25

 
$
(206
)
____________
(a)
Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received.
(b)
Includes transfers due to changes in the observability of significant inputs. All Level 3 transfers during the periods presented are in and out of Level 2. For three months ended March 31, 2019, transfers out of Level 3 primarily consists of coal derivatives where forward pricing inputs have become observable.
(c)
Activity excludes change in fair value in the month positions settle. Substantially all changes in values of commodity contracts (excluding the net liabilities assumed in connection with the Merger) are reported as operating revenues in our condensed statements of consolidated income (loss).
v3.19.1
Commodity and Other Derivative Contractual Assets and Liabilities (Notes)
3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity And Other Derivative Contractual Assets And Liabilities
COMMODITY AND OTHER DERIVATIVE CONTRACTUAL ASSETS AND LIABILITIES

Strategic Use of Derivatives

We transact in derivative instruments, such as options, swaps, futures and forward contracts, to manage commodity price and interest rate risk. See Note 15 for a discussion of the fair value of derivatives.

Commodity Hedging and Trading Activity — We utilize natural gas and electricity derivatives to reduce exposure to changes in electricity prices primarily to hedge future revenues from electricity sales from our generation assets. We also utilize short-term electricity, natural gas, coal, fuel oil, uranium and emissions derivative instruments for fuel hedging and other purposes. Counterparties to these transactions include energy companies, financial institutions, electric utilities, independent power producers, oil and gas producers, local distribution companies and energy marketing companies. Unrealized gains and losses arising from changes in the fair value of derivative instruments as well as realized gains and losses upon settlement of the instruments are reported in our condensed statements of consolidated income (loss) in operating revenues and fuel, purchased power costs and delivery fees.

Interest Rate Swaps — Interest rate swap agreements are used to reduce exposure to interest rate changes by converting floating-rate interest rates to fixed rates, thereby hedging future interest costs and related cash flows. Unrealized gains and losses arising from changes in the fair value of the swaps as well as realized gains and losses upon settlement of the swaps are reported in our condensed statements of consolidated income (loss) in interest expense and related charges.

Financial Statement Effects of Derivatives

Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of derivative contractual assets and liabilities as reported in our condensed consolidated balance sheets at March 31, 2019 and December 31, 2018. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract.
 
March 31, 2019
 
Derivative Assets
 
Derivative Liabilities
 
 
 
Commodity Contracts
 
Interest Rate Swaps
 
Commodity Contracts
 
Interest Rate Swaps
 
Total
Current assets
$
675

 
$
14

 
$
11

 
$
2

 
$
702

Noncurrent assets
77

 
12

 
8

 

 
97

Current liabilities
(4
)
 

 
(1,208
)
 
(3
)
 
(1,215
)
Noncurrent liabilities
(29
)
 
(1
)
 
(222
)
 
(61
)
 
(313
)
Net assets (liabilities)
$
719

 
$
25

 
$
(1,411
)
 
$
(62
)
 
$
(729
)

 
December 31, 2018
 
Derivative Assets
 
Derivative Liabilities
 
 
 
Commodity Contracts
 
Interest Rate Swaps
 
Commodity Contracts
 
Interest Rate Swaps
 
Total
Current assets
$
707

 
$
22

 
$
1

 
$

 
$
730

Noncurrent assets
54

 
55

 

 

 
109

Current liabilities

 

 
(1,374
)
 
(2
)
 
(1,376
)
Noncurrent liabilities

 

 
(238
)
 
(32
)
 
(270
)
Net assets (liabilities)
$
761

 
$
77

 
$
(1,611
)
 
$
(34
)
 
$
(807
)

At March 31, 2019 and December 31, 2018, there were no derivative positions accounted for as cash flow or fair value hedges.

The following table presents the pretax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts.
Derivative (condensed statements of consolidated income (loss) presentation)
Three Months Ended March 31,
2019
 
2018
Commodity contracts (Operating revenues)
$
227

 
$
(446
)
Commodity contracts (Fuel, purchased power costs and delivery fees)
27

 
(1
)
Interest rate swaps (Interest expense and related charges)
(76
)
 
56

Net gain (loss)
$
178

 
$
(391
)


Balance Sheet Presentation of Derivatives

We elect to report derivative assets and liabilities in our condensed consolidated balance sheets on a gross basis without taking into consideration netting arrangements we have with counterparties to those derivatives. We maintain standardized master netting agreements with certain counterparties that allow for the right to offset assets and liabilities and collateral in order to reduce credit exposure between us and the counterparty. These agreements contain specific language related to margin requirements, monthly settlement netting, cross-commodity netting and early termination netting, which is negotiated with the contract counterparty.

Generally, margin deposits that contractually offset these derivative instruments are reported separately in our condensed consolidated balance sheets, with the exception of certain margin amounts related to changes in fair value on CME transactions that are legally characterized as settlement of forward exposure rather than collateral. Margin deposits received from counterparties are primarily used for working capital or other general corporate purposes.

The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration netting arrangements with counterparties and financial collateral:
 
 
March 31, 2019
 
December 31, 2018
 
 
Derivative Assets
and Liabilities
 
Offsetting Instruments (a)
 
Cash Collateral (Received) Pledged (b)
 
Net Amounts
 
Derivative Assets
and Liabilities
 
Offsetting Instruments (a)
 
Cash Collateral (Received) Pledged (b)
 
Net Amounts
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
719

 
$
(533
)
 
$
(1
)
 
$
185

 
$
761

 
$
(593
)
 
$
(1
)
 
$
167

Interest rate swaps
 
25

 
(22
)
 

 
3

 
77

 
(26
)
 

 
51

Total derivative assets
 
744

 
(555
)
 
(1
)
 
188

 
838

 
(619
)
 
(1
)
 
218

Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
(1,411
)
 
533

 
130

 
(748
)
 
(1,611
)
 
593

 
109

 
(909
)
Interest rate swaps
 
(62
)
 
22

 

 
(40
)
 
(34
)
 
26

 

 
(8
)
Total derivative liabilities
 
(1,473
)
 
555

 
130

 
(788
)
 
(1,645
)
 
619

 
109

 
(917
)
Net amounts
 
$
(729
)
 
$

 
$
129

 
$
(600
)
 
$
(807
)
 
$

 
$
108

 
$
(699
)
____________
(a)
Amounts presented exclude trade accounts receivable and payable related to settled financial instruments.
(b)
Represents cash amounts received or pledged pursuant to a master netting arrangement, including fair value-based margin requirements.

Derivative Volumes

The following table presents the gross notional amounts of derivative volumes at March 31, 2019 and December 31, 2018:
 
 
March 31, 2019
 
December 31, 2018
 
 
Derivative type
 
Notional Volume
 
Unit of Measure
Natural gas (a)
 
6,833

 
7,011

 
Million MMBtu
Electricity
 
349,299

 
317,572

 
GWh
Financial Transmission Rights (b)
 
166,663

 
172,611

 
GWh
Coal
 
40

 
45

 
Million U.S. tons
Fuel oil
 
72

 
60

 
Million gallons
Uranium
 
129

 
50

 
Thousand pounds
Emissions
 
7

 
10

 
Million tons
Interest rate swaps – floating/fixed (c)
 
$
7,561

 
$
7,717

 
Million U.S. dollars
____________
(a)
Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions.
(b)
Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ISOs or RTOs.
(c)
Includes notional amounts of interest rate swaps with maturity dates through July 2026.

Credit Risk-Related Contingent Features of Derivatives

Our derivative contracts may contain certain credit risk-related contingent features that could trigger liquidity requirements in the form of cash collateral, letters of credit or some other form of credit enhancement. Certain of these agreements require the posting of collateral if our credit rating is downgraded by one or more credit rating agencies or include cross-default contractual provisions that could result in the settlement of such contracts if there was a failure under other financing arrangements related to payment terms or other covenants.

The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully collateralized:
 
March 31,
2019
 
December 31,
2018
Fair value of derivative contract liabilities (a)
$
(760
)
 
$
(856
)
Offsetting fair value under netting arrangements (b)
201

 
218

Cash collateral and letters of credit
119

 
190

Liquidity exposure
$
(440
)
 
$
(448
)
____________
(a)
Excludes fair value of contracts that contain contingent features that do not provide specific amounts to be posted if features are triggered, including provisions that generally provide the right to request additional collateral (material adverse change, performance assurance and other clauses).
(b)
Amounts include the offsetting fair value of in-the-money derivative contracts and net accounts receivable under master netting arrangements.

Concentrations of Credit Risk Related to Derivatives

We have concentrations of credit risk with the counterparties to our derivative contracts. At March 31, 2019, total credit risk exposure to all counterparties related to derivative contracts totaled $978 million (including associated accounts receivable). The net exposure to those counterparties totaled $287 million at March 31, 2019, after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure to a single counterparty totaling $101 million. At March 31, 2019, the credit risk exposure to the banking and financial sector represented 55% of the total credit risk exposure and 5% of the net exposure.

Exposure to banking and financial sector counterparties is considered to be within an acceptable level of risk tolerance because all of this exposure is with counterparties with investment grade credit ratings. However, this concentration increases the risk that a default by any of these counterparties would have a material effect on our financial condition, results of operations and liquidity. The transactions with these counterparties contain certain provisions that would require the counterparties to post collateral in the event of a material downgrade in their credit rating.

We maintain credit risk policies with regard to our counterparties to minimize overall credit risk. These policies authorize specific risk mitigation tools including, but not limited to, use of standardized master agreements that allow for netting of positive and negative exposures associated with a single counterparty. Credit enhancements such as parent guarantees, letters of credit, surety bonds, liens on assets and margin deposits are also utilized. Prospective material changes in the payment history or financial condition of a counterparty or downgrade of its credit quality result in the reassessment of the credit limit with that counterparty. The process can result in the subsequent reduction of the credit limit or a request for additional financial assurances. An event of default by one or more counterparties could subsequently result in termination-related settlement payments that reduce available liquidity if amounts are owed to the counterparties related to the derivative contracts or delays in receipts of expected settlements if the counterparties owe amounts to us.
v3.19.1
Related Party Transactions (Notes)
3 Months Ended
Mar. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions
RELATED PARTY TRANSACTIONS

In connection with Emergence, we entered into agreements with certain of our affiliates and with parties who received shares of common stock and TRA Rights in exchange for their claims.

Registration Rights Agreement

Pursuant to the Plan of Reorganization, on the Effective Date, we entered into a Registration Rights Agreement (the Registration Rights Agreement) with certain selling stockholders providing for registration of the resale of the Vistra Energy common stock held by such selling stockholders.

In December 2016, we filed a Form S-1 registration statement with the SEC to register for resale the shares of Vistra Energy common stock held by certain significant stockholders pursuant to the Registration Rights Agreement, which was declared effective by the SEC in May 2017. The registration statement was amended in March 2018. Pursuant to the Registration Rights Agreement, in June 2018, we filed a post-effective amendment to the Form S-1 registration statement on Form S-3, which was declared effective by the SEC in July 2018. Among other things, under the terms of the Registration Rights Agreement:

if we propose to file certain types of registration statements under the Securities Act with respect to an offering of equity securities, we will be required to use our reasonable best efforts to offer the other parties to the Registration Rights Agreement the opportunity to register all or part of their shares on the terms and conditions set forth in the Registration Rights Agreement; and

the selling stockholders received the right, subject to certain conditions and exceptions, to request that we file registration statements or amend or supplement registration statements, with the SEC for an underwritten offering of all or part of their respective shares of Vistra Energy common stock (a Demand Registration), and the Company is required to cause any such registration statement or amendment or supplement (a) to be filed with the SEC promptly and, in any event, on or before the date that is 45 days, in the case of a registration statement on Form S-1, or 30 days, in the case of a registration statement on Form S-3, after we receive the written request from the relevant selling stockholders to effectuate the Demand Registration and (b) to become effective as promptly as reasonably practicable and in any event no later than 120 days after it is initially filed.

All expenses of registration under the Registration Rights Agreement, including the legal fees of one counsel retained by or on behalf of the selling stockholders, will be paid by us. Legal fee expenses paid or accrued by Vistra Energy on behalf of the selling stockholders totaled less than $1 million during both the three months ended March 31, 2019 and 2018.

Tax Receivable Agreement

On the Effective Date, Vistra Energy entered into the TRA with a transfer agent on behalf of certain former first lien creditors of TCEH. See Note 8 for discussion of the TRA.
v3.19.1
Segment Information (Notes)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Segment Information
SEGMENT INFORMATION

The operations of Vistra Energy are aligned into six reportable business segments: (i) Retail, (ii) ERCOT, (iii) PJM, (iv) NY/NE, (v) MISO and (vi) Asset Closure. Our chief operating decision maker reviews the results of these segments separately and allocates resources to the respective segments as part of our strategic operations.

The Retail segment is engaged in retail sales of electricity and related services to residential, commercial and industrial customers. Substantially all of these activities are conducted by TXU Energy and Value Based Brands in Texas, Dynegy Energy Services in Massachusetts, Ohio, Illinois and Pennsylvania and Homefield Energy in Illinois.

The ERCOT, PJM, NY/NE (comprising NYISO and ISO-NE) and MISO segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel production and fuel logistics management, all largely within their respective RTO/ISO market. The PJM, NY/NE and MISO segments were established on the Merger Date to reflect markets served by businesses acquired in the Merger.

The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines. Separately reporting the Asset Closure segment provides management with better information related to the performance and earnings power of Vistra Energy's ongoing operations and facilitates management's focus on minimizing the cost associated with decommissioning and reclamation of retired plants and mines. We have not allocated any unrealized gains or losses on commodity risk management activities to the Asset Closure segment for the generation plants that were retired in January, February and May 2018.

Corporate and Other represents the remaining non-segment operations consisting primarily of (i) general corporate expenses, interest, taxes and other expenses related to our support functions that provide shared services to our operating segments and (ii) CAISO operations.

Except as noted in Note 1, the accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1. Our chief operating decision maker uses more than one measure to assess segment performance, including segment net income (loss), which is the measure most comparable to consolidated net income (loss) prepared based on U.S. GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at market prices. Certain shared services costs are allocated to the segments.

 
Three Months Ended March 31,
 
2019
 
2018
Operating revenues (a)
 
 
 
Retail
$
1,386

 
$
972

ERCOT
954

 
(533
)
PJM
705

 

NY/NE
344

 

MISO
254

 

Asset Closure

 
28

Corporate and Other (b)
118

 

Eliminations
(838
)
 
298

Consolidated operating revenues
$
2,923

 
$
765

Depreciation and amortization
 
 
 
Retail
$
(59
)
 
$
(76
)
ERCOT
(132
)
 
(64
)
PJM
(130
)
 

NY/NE
(64
)
 

MISO
(3
)
 

Asset Closure

 

Corporate and Other (b)
(17
)
 
(12
)
Eliminations

 
(1
)
Consolidated depreciation and amortization
$
(405
)
 
$
(153
)
Operating income (loss)
 
 
 
Retail (c)
$
18

 
$
757

ERCOT
288

 
(1,087
)
PJM
164

 

NY/NE
16

 

MISO
12

 

Asset Closure
(14
)
 
(23
)
Corporate and Other (b)
6

 
(40
)
Eliminations

 
(1
)
Consolidated operating income
$
490

 
$
(394
)
Net income (loss)
 
 

Retail (c)
$
15

 
$
771

ERCOT
301

 
(1,086
)
PJM
162

 

NY/NE
21

 

MISO
11

 

Asset Closure
(14
)
 
(22
)
Corporate and Other (b)
(272
)
 
31

Consolidated net income
$
224

 
$
(306
)
____________
(a)
The following unrealized net gains (losses) from mark-to-market valuations of commodity positions are included in operating revenues:
 
Three Months Ended March 31,
 
2019
 
2018
Retail
$
(1
)
 
$
12

ERCOT
237

 
(1,069
)
PJM
91

 

NY/NE
1

 

MISO
(21
)
 

Corporate and Other (b)
16

 

Eliminations (1)
(165
)
 
642

Consolidated unrealized net gains (losses) from mark-to-market valuations of commodity positions included in operating revenues
$
158

 
$
(415
)
____________
(1)
Amounts offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results.
(b)
Other includes CAISO operations. Income tax expense is not reflected in net income of the segments but is reflected entirely in Corporate net income.
(c)
For the three months ended March 31, 2018, Retail operating income and net income is driven by unrealized gains from mark-to-market valuations of commodity positions included in fuel, purchased power costs and delivery fees.
 
March 31,
2019
 
December 31, 2018
Total assets
 
 
 
Retail
$
7,793

 
$
7,699

ERCOT
9,251

 
9,347

PJM
7,044

 
7,188

NY/NE
2,723

 
2,722

MISO
891

 
836

Asset Closure
255

 
254

Corporate and Other and Eliminations
(2,389
)
 
(2,022
)
Consolidated total assets
$
25,568

 
$
26,024

v3.19.1
Supplementary Financial Information (Notes)
3 Months Ended
Mar. 31, 2019
Supplementary Financial Information [Abstract]  
Supplementary Financial Information
SUPPLEMENTARY FINANCIAL INFORMATION

Pension and OPEB Plans Components of Net Benefit Cost

For the three months ended March 31, 2019, net periodic benefit costs consisted of the following:
 
Pension Benefits
 
OPEB Benefits
 
Three Months Ended March 31,
 
Three Months Ended March 31,
 
2019
 
2018
 
2019
 
2018
Service cost
$
2

 
$
1

 
$

 
$

Other costs

 

 
2

 
1

Net periodic benefit cost
$
2

 
$
1

 
$
2

 
$
1



Interest Expense and Related Charges
 
Three Months Ended March 31,
 
2019
 
2018
Interest paid/accrued
$
150

 
$
50

Unrealized mark-to-market net (gains) losses on interest rate swaps
80

 
(59
)
Amortization of debt issuance costs, discounts and premiums
(2
)
 

Debt extinguishment gain
(7
)
 

Capitalized interest
(3
)
 
(3
)
Other
4

 
3

Total interest expense and related charges
$
222

 
$
(9
)


The weighted average interest rate applicable to the Vistra Operations Credit Facilities, taking into account the interest rate swaps discussed in Note 11, was 4.23% at March 31, 2019.

Other Income and Deductions
 
Three Months Ended March 31,
 
2019
 
2018
Other income:
 
 
 
Office space sublease rental income (a)
$

 
$
2

Insurance settlement
11

 

Funds released from escrow to settle pre-petition claims of our predecessor
9

 

Sale of land (b)

 
1

Interest income
4

 
6

All other
1

 
1

Total other income
$
25

 
$
10

Other deductions:
 
 
 
All other
$
2

 
$
2

Total other deductions
$
2

 
$
2

____________
(a)
Reported in Corporate and Other non-segment.
(b)
Reported in ERCOT segment.

Restricted Cash
 
March 31,
2019
 
December 31, 2018
 
Current Assets
Amounts related to restructuring escrow accounts
$
42

 
$
57

Total restricted cash
$
42

 
$
57



Trade Accounts Receivable
 
March 31,
2019
 
December 31,
2018
Wholesale and retail trade accounts receivable
$
1,019

 
$
1,106

Allowance for uncollectible accounts
(19
)
 
(19
)
Trade accounts receivable — net
$
1,000

 
$
1,087



Gross trade accounts receivable at March 31, 2019 and December 31, 2018 included unbilled retail revenues of $280 million and $350 million, respectively.

Allowance for Uncollectible Accounts Receivable
 
Three Months Ended March 31,
 
2019
 
2018
Allowance for uncollectible accounts receivable at beginning of period
$
19

 
$
14

Increase for bad debt expense
15

 
11

Decrease for account write-offs
(15
)
 
(11
)
Allowance for uncollectible accounts receivable at end of period
$
19

 
$
14



Inventories by Major Category
 
March 31,
2019
 
December 31,
2018
Materials and supplies
$
294

 
$
286

Fuel stock
127

 
115

Natural gas in storage
12

 
11

Total inventories
$
433

 
$
412



Other Investments
 
March 31,
2019
 
December 31,
2018
Nuclear plant decommissioning trust
$
1,288

 
$
1,170

Assets related to employee benefit plans
32

 
31

Land
49

 
49

Total other investments
$
1,369

 
$
1,250



Investment in Unconsolidated Subsidiaries

On the Merger Date, we assumed Dynegy's 50% interest in Northeast Energy, LP (NELP), a joint venture with NextEra Energy, Inc., which indirectly owns the Bellingham NEA facility and the Sayreville facility. At March 31, 2019, our investment in NELP totaled $131 million based on our purchase price allocation. Our risk of loss related to our equity method investment is limited to our investment balance.

For the three months ended March 31, 2019, equity earnings related to our investment in NELP totaled $7 million, recorded in equity in earnings (loss) of unconsolidated investment in our condensed statements of consolidated net income (loss). For the three months ended March 31, 2019, we received distributions totaling $4 million.

Nuclear Decommissioning Trust

Investments in a trust that will be used to fund the costs to decommission the Comanche Peak nuclear generation plant are carried at fair value. Decommissioning costs are being recovered from Oncor Electric Delivery Company LLC's (Oncor) customers as a delivery fee surcharge over the life of the plant and deposited by Vistra Energy (and prior to the Effective Date, a subsidiary of TCEH) in the trust fund. Income and expense associated with the trust fund and the decommissioning liability are offset by a corresponding change in a regulatory asset/liability (currently a regulatory liability reported in other noncurrent liabilities and deferred credits) that will ultimately be settled through changes in Oncor's delivery fees rates. If funds recovered from Oncor's customers held in the trust fund are determined to be inadequate to decommission the Comanche Peak nuclear generation plant, Oncor would be required to collect all additional amounts from its customers, with no obligation from Vistra Energy, provided that Vistra Energy complied with PUCT rules and regulations regarding decommissioning trusts. A summary of investments in the fund follows:
 
March 31, 2019
 
Cost (a)
 
Unrealized gain
 
Unrealized loss
 
Fair market value
Debt securities (b)
$
453

 
$
13

 
$
(2
)
 
$
464

Equity securities (c)
285

 
540

 
(1
)
 
824

Total
$
738

 
$
553

 
$
(3
)
 
$
1,288


 
December 31, 2018
 
Cost (a)
 
Unrealized gain
 
Unrealized loss
 
Fair market value
Debt securities (b)
$
444

 
$
7

 
$
(8
)
 
$
443

Equity securities (c)
280

 
448

 
(1
)
 
727

Total
$
724

 
$
455

 
$
(9
)
 
$
1,170

____________
(a)
Includes realized gains and losses on securities sold.
(b)
The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's. The debt securities are heavily weighted with government and municipal bonds and investment grade corporate bonds. The debt securities had an average coupon rate of 3.62% and 3.69% at March 31, 2019 and December 31, 2018, respectively, and an average maturity of nine years and eight years at March 31, 2019 and December 31, 2018, respectively.
(c)
The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index for U.S. equity investments and the MSCI EAFE Index for non-U.S. equity investments.

Debt securities held at March 31, 2019 mature as follows: $157 million in one to five years, $116 million in five to 10 years and $191 million after 10 years.

The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales.
 
Three Months Ended March 31,
 
2019
 
2018
Realized gains
$
3

 
$

Realized losses
$
(1
)
 
$
(2
)
Proceeds from sales of securities
$
78

 
$
46

Investments in securities
$
(83
)
 
$
(51
)


Property, Plant and Equipment
 
March 31,
2019
 
December 31,
2018
Power generation and structures
$
14,757

 
$
14,604

Land
642

 
642

Office and other equipment
175

 
182

Total
15,574

 
15,428

Less accumulated depreciation
(1,614
)
 
(1,284
)
Net of accumulated depreciation
13,960

 
14,144

Nuclear fuel (net of accumulated amortization of $163 million and $189 million)
191

 
191

Construction work in progress
297

 
277

Property, plant and equipment — net
$
14,448

 
$
14,612


Depreciation expenses totaled $335 million and $68 million for three months ended March 31, 2019 and 2018, respectively.

Asset Retirement and Mining Reclamation Obligations (ARO)

These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, removal of coal/lignite fueled plant ash treatment facilities and generation plant asbestos removal and disposal costs. There is no earnings impact with respect to changes in the nuclear plant decommissioning liability, as all costs are recoverable through the regulatory process as part of delivery fees charged by Oncor.

At March 31, 2019, the carrying value of our ARO related to our nuclear generation plant decommissioning totaled $1.287 billion, which is lower than the fair value of the assets contained in the nuclear decommissioning trust. Since the costs to ultimately decommission that plant are recoverable through the regulatory rate making process as part of Oncor's delivery fees, a corresponding regulatory liability has been recorded to our condensed consolidated balance sheet of $1 million in other noncurrent liabilities and deferred credits.

The following tables summarize the changes to these obligations, reported as asset retirement obligations (current and noncurrent liabilities) in our condensed consolidated balance sheets, for the three months ended March 31, 2019 and 2018.
 
Nuclear Plant Decommissioning
 
Mining Land Reclamation
 
Coal Ash and Other
 
Total
Liability at December 31, 2018
$
1,276

 
$
442

 
$
655

 
$
2,373

Additions:
 
 
 
 
 
 
 
Accretion
11

 
6

 
8

 
25

Adjustment for change in estimates

 
(1
)
 
(2
)
 
(3
)
Adjustment for obligations assumed through acquisitions

 

 
(3
)
 
(3
)
Reductions:
 
 
 
 
 
 
 
Payments

 
(14
)
 
(8
)
 
(22
)
Liability at March 31, 2019
1,287

 
433

 
650

 
2,370

Less amounts due currently

 
(120
)
 
(74
)
 
(194
)
Noncurrent liability at March 31, 2019
$
1,287

 
$
313

 
$
576

 
$
2,176



 
Nuclear Plant Decommissioning
 
Mining Land Reclamation
 
Coal Ash and Other
 
Total
Liability at December 31, 2017
$
1,233

 
$
438

 
$
265

 
$
1,936

Additions:
 
 
 
 
 
 
 
Accretion
11

 
5

 
3

 
19

Adjustment for change in estimates

 
4

 

 
4

Reductions:
 
 
 
 
 
 
 
Payments

 
(16
)
 

 
(16
)
Liability at March 31, 2018
$
1,244

 
$
431

 
$
268

 
$
1,943



Other Noncurrent Liabilities and Deferred Credits

The balance of other noncurrent liabilities and deferred credits consists of the following:
 
March 31,
2019
 
December 31,
2018
Retirement and other employee benefits
$
272

 
$
270

Finance lease liabilities
12

 

Uncertain tax positions, including accrued interest
5

 
4

Other
66

 
66

Total other noncurrent liabilities and deferred credits
$
355

 
$
340



Fair Value of Debt
 
 
 
 
March 31, 2019
 
December 31, 2018
Long-term debt (see Note 11):
 
Fair Value Hierarchy
 
Carrying Amount
 
Fair
Value
 
Carrying Amount
 
Fair
Value
Long-term debt under the Vistra Operations Credit Facilities
 
Level 2
 
$
5,805

 
$
5,727

 
$
5,820

 
$
5,599

Vistra Operations Senior Notes
 
Level 2
 
2,272

 
2,386

 
987

 
963

Vistra Energy Senior Notes
 
Level 2
 
2,504

 
2,491

 
3,819

 
3,765

7.000% Amortizing Notes
 
Level 2
 
15

 
16

 
23

 
24

Forward Capacity Agreements
 
Level 3
 
221

 
221

 
221

 
221

Equipment Financing Agreements
 
Level 3
 
100

 
100

 
102

 
102

Mandatorily redeemable subsidiary preferred stock
 
Level 2
 
70

 
70

 
70

 
70

Building Financing
 
Level 2
 
20

 
19

 
23

 
21



We determine fair value in accordance with accounting standards as discussed in Note 15. We obtain security pricing from an independent party who uses broker quotes and third-party pricing services to determine fair values. Where relevant, these prices are validated through subscription services, such as Bloomberg.

Supplemental Cash Flow Information

The following table reconciles cash, cash equivalents and restricted cash reported in our condensed statements of consolidated cash flows to the amounts reported in our condensed balance sheets at March 31, 2019 and December 31, 2018:
 
March 31,
2019
 
December 31,
2018
Cash and cash equivalents
$
546

 
$
636

Restricted cash included in current assets
42

 
57

Total cash, cash equivalents and restricted cash
$
588

 
$
693



The following table summarizes our supplemental cash flow information for the three months ended March 31, 2019 and 2018:
 
Three Months Ended March 31,
 
2019
 
2018
Cash payments related to:
 
 
 
Interest paid
$
139

 
$
65

Capitalized interest
(3
)
 
(3
)
Interest paid (net of capitalized interest)
$
136

 
$
62

Income taxes
$
4

 
$

Noncash investing and financing activities:
 
 
 
Construction expenditures (a)
$
45

 
$
26

____________
(a)
Represents end-of-period accruals for ongoing construction projects.
v3.19.1
Supplemental Condensed Consolidating Financial Information Supplemental Condensed Consolidating Financial Information (Notes)
3 Months Ended
Mar. 31, 2019
Supplemental Condensed Consolidating Financial Information [Abstract]  
Supplemental Condensed Consolidating Financial Information [Text Block]
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Our senior unsecured notes are guaranteed by substantially all of our wholly owned subsidiaries. The following condensed consolidating financial statements present the financial information of (i) Vistra Energy Corp. (Parent), which is the ultimate parent company and issuer of the senior notes with effect as of the Merger Date, on a stand-alone, unconsolidated basis, (ii) the guarantor subsidiaries of Vistra Energy (Guarantor Subsidiaries), (iii) the non-guarantor subsidiaries of Vistra Energy (Non-Guarantor Subsidiaries) and (iv) the eliminations necessary to arrive at the information for Vistra Energy on a consolidated basis. The Guarantor Subsidiaries consist of the wholly-owned subsidiaries, which jointly, severally, fully and unconditionally, guarantee the payment obligations under the senior notes. See Note 11 for discussion of the senior notes.

These statements should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto of Vistra Energy. The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements. The inclusion of Vistra Energy's subsidiaries as either Guarantor Subsidiaries or Non-Guarantor Subsidiaries in the condensed consolidating financial information is determined as of the most recent balance sheet date presented.

The Parent files a consolidated U.S. federal income tax return. All consolidated income tax expense or benefits and deferred tax assets and liabilities have been allocated to the respective subsidiary columns in accordance with the accounting rules that apply to separate financial statements of subsidiaries.

Vistra Energy Corp. (Parent) received $1.550 billion in dividends from its consolidated subsidiaries for the three months ended March 31, 2019, and none were received in the three months ended March 31, 2018.
 
 
Condensed Statements of Consolidating Income (Loss) for the Three Months Ended March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Operating revenues
$

 
$
2,948

 
$
57

 
$
(82
)
 
$
2,923

Fuel, purchased power costs and delivery fees

 
(1,468
)
 
(29
)
 
36

 
(1,461
)
Operating costs

 
(371
)
 
(14
)
 

 
(385
)
Depreciation and amortization

 
(382
)
 
(23
)
 

 
(405
)
Selling, general and administrative expenses
(19
)
 
(191
)
 
(18
)
 
46

 
(182
)
Operating income (loss)
(19
)
 
536

 
(27
)
 

 
490

Other income
10

 
17

 

 
(2
)
 
25

Other deductions

 
(2
)
 

 

 
(2
)
Interest expense and related charges
(39
)
 
(180
)
 
(5
)
 
2

 
(222
)
Impacts of Tax Receivable Agreement
3

 

 

 

 
3

Equity in earnings of unconsolidated investment

 
7

 

 

 
7

Income (loss) before income taxes
(45
)
 
378

 
(32
)
 

 
301

Income tax expense
13

 
(90
)
 
9

 
(9
)
 
(77
)
Equity in earnings (loss) of subsidiaries, net of tax
257

 
236

 

 
(493
)
 

Net income (loss)
225

 
524

 
(23
)
 
(502
)
 
224

Net loss attributable to noncontrolling interest

 

 
1

 

 
1

Net income (loss) attributable to Vistra Energy
$
225

 
$
524

 
$
(22
)
 
$
(502
)
 
$
225


Condensed Statements of Consolidating Income (Loss) for the Three Months Ended March 31, 2018
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Operating revenues
$

 
$
765

 
$

 
$

 
$
765

Fuel, purchased power costs and delivery fees

 
(650
)
 

 

 
(650
)
Operating costs

 
(194
)
 

 

 
(194
)
Depreciation and amortization

 
(153
)
 

 

 
(153
)
Selling, general and administrative expenses
(33
)
 
(129
)
 

 

 
(162
)
Operating income (loss)
(33
)
 
(361
)
 

 

 
(394
)
Other income
3

 
7

 

 

 
10

Other deductions

 
(2
)
 

 

 
(2
)
Interest expense and related charges

 
9

 

 

 
9

Impacts of Tax Receivable Agreement
(18
)
 

 

 

 
(18
)
Income before income taxes
(48
)
 
(347
)
 

 

 
(395
)
Income tax expense
89

 

 

 

 
89

Equity in earnings of subsidiaries, net of tax
(347
)
 

 

 
347

 

Net income (loss)
$
(306
)
 
$
(347
)
 
$

 
$
347

 
$
(306
)

 
 

Condensed Statements of Consolidating Comprehensive Income (Loss) for the Three Months Ended March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
225

 
$
524

 
$
(23
)
 
$
(502
)
 
$
224

Other comprehensive income (loss), net of tax effects:
 
 
 
 
 
 
 
 
 
Effect related to pension and other retirement benefit obligations

 
1

 

 

 
1

Total other comprehensive income

 
1

 

 

 
1

Comprehensive income (loss)
225

 
525

 
(23
)
 
(502
)
 
225

Comprehensive loss attributable to noncontrolling interest

 

 
1

 

 
1

Comprehensive income (loss) attributable to Vistra Energy
$
225

 
$
525

 
$
(22
)
 
$
(502
)
 
$
226


Condensed Statements of Consolidating Comprehensive Income (Loss) for the Three Months Ended March 31, 2018
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(306
)
 
$
(347
)
 
$

 
$
347

 
$
(306
)
Other comprehensive income (loss), net of tax effects:
 
 
 
 
 
 
 
 
 
Effect related to pension and other retirement benefit obligations

 
1

 

 

 
1

Total other comprehensive income

 
1

 

 

 
1

Comprehensive income (loss)
$
(306
)
 
$
(346
)
 
$

 
$
347

 
$
(305
)

Condensed Statements of Consolidating Cash Flows for the Three Months Ended March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash flows — operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
(22
)
 
$
421

 
$
(11
)
 
$

 
$
388

Cash flows — financing activities:
 
 
 
 
 
 
 
 
 
Issuances of long-term debt

 
1,300

 

 

 
1,300

Repayments/repurchases of debt
(1,262
)
 
(20
)
 

 

 
(1,282
)
Net borrowings under accounts receivable securitization program

 

 
11

 


 
11

Cash dividends paid
(61
)
 
(1,550
)
 

 
1,550

 
(61
)
Stock repurchase
(248
)
 

 

 

 
(248
)
Debt tender offer and other financing fees
(48
)
 
(16
)
 

 

 
(64
)
Cash provided by (used in) financing activities
(1,619
)
 
(286
)
 
11

 
1,550

 
(344
)
Cash flows — investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures, including LTSA prepayments
(6
)
 
(112
)
 

 

 
(118
)
Nuclear fuel purchases

 
(13
)
 

 

 
(13
)
Development and growth expenditures

 
(22
)
 

 

 
(22
)
Proceeds from sales of nuclear decommissioning trust fund securities

 
78

 

 

 
78

Investments in nuclear decommissioning trust fund securities

 
(83
)
 

 

 
(83
)
Dividend received from subsidiaries
1,550

 


 


 
(1,550
)
 

Other, net

 
9

 

 

 
9

Cash provided by (used in) investing activities
1,544

 
(143
)
 

 
(1,550
)
 
(149
)
Net change in cash, cash equivalents and restricted cash
(97
)
 
(8
)
 

 

 
(105
)
Cash, cash equivalents and restricted cash — beginning balance
228

 
453

 
12

 

 
693

Cash, cash equivalents and restricted cash — ending balance
$
131

 
$
445

 
$
12

 
$

 
$
588


Condensed Statements of Consolidating Cash Flows for the Three Months Ended March 31, 2018
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash flows — operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
(78
)
 
$
56

 
$

 
$

 
$
(22
)
Cash flows — financing activities:
 
 
 
 
 
 
 
 
 
Repayments/repurchases of debt

 
(10
)
 

 

 
(10
)
Other, net

 
1

 

 

 
1

Cash provided by (used in) financing activities

 
(9
)
 

 

 
(9
)
Cash flows — investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(39
)
 

 

 
(39
)
Nuclear fuel purchases

 
(11
)
 

 

 
(11
)
Solar development expenditures

 
(21
)
 

 

 
(21
)
Proceeds from sales of nuclear decommissioning trust fund securities

 
46

 

 

 
46

Investments in nuclear decommissioning trust fund securities

 
(51
)
 

 

 
(51
)
Other, net

 
(1
)
 

 

 
(1
)
Cash provided by (used in) investing activities

 
(77
)
 

 

 
(77
)
Net change in cash, cash equivalents and restricted cash
(78
)
 
(30
)
 

 

 
(108
)
Cash, cash equivalents and restricted cash — beginning balance
1,183

 
863

 

 

 
2,046

Cash, cash equivalents and restricted cash — ending balance
$
1,105

 
$
833

 
$

 
$

 
$
1,938


Condensed Consolidating Balance Sheet as of March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
89

 
$
445

 
$
12

 
$

 
$
546

Restricted cash
42

 

 

 

 
42

Advances to affiliates

 
39

 

 
(39
)
 

Trade accounts receivable — net
19

 
614

 
433

 
(66
)
 
1,000

Accounts receivable — affiliates

 
333

 

 
(333
)
 

Notes due from affiliates

 
101

 

 
(101
)
 

Income taxes receivable

 

 

 

 

Inventories

 
417

 
16

 

 
433

Commodity and other derivative contractual assets

 
702

 

 

 
702

Margin deposits related to commodity contracts

 
331

 

 

 
331

Prepaid expense and other current assets
131

 
120

 
19

 

 
270

Total current assets
281

 
3,102

 
480

 
(539
)
 
3,324

Investments

 
1,337

 
32

 

 
1,369

Investment in unconsolidated subsidiary

 
133

 

 

 
133

Investment in affiliated companies
9,910

 
144

 

 
(10,054
)
 

Property, plant and equipment — net
21

 
13,868

 
559

 

 
14,448

Operating lease right-of-use assets

 
66

 
2

 

 
68

Goodwill

 
2,082

 

 

 
2,082

Identifiable intangible assets — net
13

 
2,385

 
2

 

 
2,400

Commodity and other derivative contractual assets

 
97

 

 

 
97

Accumulated deferred income taxes
809

 
563

 

 
(81
)
 
1,291

Other noncurrent assets
131

 
219

 
6

 

 
356

Total assets
$
11,165

 
$
23,996

 
$
1,081

 
$
(10,674
)
 
$
25,568

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable securitization program
$

 
$

 
$
350

 
$

 
$
350

Advances from affiliates

 

 
39

 
(39
)
 

Long-term debt due currently
15

 
184

 
5

 

 
204

Trade accounts payable
1

 
776

 
65

 
(55
)
 
787

Accounts payable — affiliates
250

 

 
83

 
(333
)
 

Notes due to affiliates

 

 
101

 
(101
)
 

Commodity and other derivative contractual liabilities

 
1,215

 

 

 
1,215

Margin deposits related to commodity contracts

 
8

 

 

 
8

Accrued taxes
37

 

 

 

 
37

Accrued taxes other than income

 
75

 
3

 

 
78

Accrued interest
65

 
30

 
6

 
(10
)
 
91

Asset retirement obligations

 
194

 

 

 
194

Operating lease liabilities

 
14

 
2

 

 
16

Other current liabilities
51

 
206

 
1

 

 
258

Total current liabilities
419

 
2,702

 
655

 
(538
)
 
3,238

Condensed Consolidating Balance Sheet as of March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Long-term debt, less amounts due currently
2,504

 
8,270

 
29

 

 
10,803

Operating lease liabilities

 
83

 
7

 

 
90

Commodity and other derivative contractual liabilities

 
313

 

 

 
313

Accumulated deferred income taxes

 

 
91

 
(81
)
 
10

Tax Receivable Agreement obligation
417

 

 

 

 
417

Asset retirement obligations

 
2,162

 
14

 

 
2,176

Identifiable intangible liabilities — net

 
243

 
117

 

 
360

Other noncurrent liabilities and deferred credits
21

 
317

 
17

 

 
355

Total liabilities
3,361

 
14,090

 
930

 
(619
)
 
17,762

Total stockholders' equity
7,804

 
9,906

 
149

 
(10,055
)
 
7,804

Noncontrolling interest in subsidiary

 

 
2

 

 
2

Total liabilities and equity
$
11,165

 
$
23,996

 
$
1,081

 
$
(10,674
)
 
$
25,568



Condensed Consolidating Balance Sheet as of December 31, 2018
(Millions of Dollars)

 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
171

 
$
453

 
$
12

 
$

 
$
636

Restricted cash
57

 

 

 

 
57

Advances to affiliates
11

 
11

 

 
(22
)
 

Trade accounts receivable — net
4

 
729

 
464

 
(110
)
 
1,087

Accounts receivable - affiliates

 
245

 

 
(245
)
 

Notes due from affiliates

 
101

 

 
(101
)
 

Income taxes receivable

 
1

 

 
(1
)
 

Inventories

 
391

 
21

 

 
412

Commodity and other derivative contractual assets

 
730

 

 

 
730

Margin deposits related to commodity contracts

 
361

 

 

 
361

Prepaid expense and other current assets
2

 
134

 
16

 

 
152

Total current assets
245

 
3,156

 
513

 
(479
)
 
3,435

Investments

 
1,218

 
32

 

 
1,250

Investments in unconsolidated subsidiary

 
131

 

 

 
131

Investment in affiliated companies
11,186

 
263

 

 
(11,449
)
 

Property, plant and equipment — net
15

 
14,017

 
580

 

 
14,612

Goodwill

 
2,068

 

 

 
2,068

Identifiable intangible assets — net
10

 
2,480

 
3

 

 
2,493

Commodity and other derivative contractual assets

 
109

 

 

 
109

Accumulated deferred income taxes
809

 
599

 

 
(72
)
 
1,336

Other noncurrent assets
255

 
330

 
5

 

 
590

Total assets
$
12,520

 
$
24,371

 
$
1,133

 
$
(12,000
)
 
$
26,024

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable securitization program
$

 
$

 
$
339

 
$

 
$
339

Advances from affiliates

 

 
22

 
(22
)
 

Condensed Consolidating Balance Sheet as of December 31, 2018
(Millions of Dollars)

 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Long-term debt due currently
23

 
163

 
5

 

 
191

Trade accounts payable
2

 
928

 
121

 
(106
)
 
945

Accounts payable - affiliates
236

 

 
9

 
(245
)
 

Notes due to affiliates

 

 
101

 
(101
)
 

Commodity and other derivative contractual liabilities

 
1,376

 

 

 
1,376

Margin deposits related to commodity contracts

 
4

 

 

 
4

Accrued taxes
11

 

 

 
(1
)
 
10

Accrued taxes other than income

 
181

 
1

 

 
182

Accrued interest
48

 
29

 
4

 
(4
)
 
77

Asset retirement obligations

 
156

 

 

 
156

Other current liabilities
74

 
267

 
4

 

 
345

Total current liabilities
394

 
3,104

 
606

 
(479
)
 
3,625

Long-term debt, less amounts due currently
3,819

 
7,027

 
28

 

 
10,874

Commodity and other derivative contractual liabilities

 
270

 

 

 
270

Accumulated deferred income taxes

 

 
82

 
(72
)
 
10

Tax Receivable Agreement obligation
420

 

 

 

 
420

Asset retirement obligations

 
2,203

 
14

 

 
2,217

Identifiable intangible liabilities — net

 
278

 
123

 

 
401

Other noncurrent liabilities and deferred credits
20

 
303

 
17

 

 
340

Total liabilities
4,653

 
13,185

 
870

 
(551
)
 
18,157

Total stockholders' equity
7,867

 
11,186

 
259

 
(11,449
)
 
7,863

Noncontrolling interest in subsidiary

 

 
4

 

 
4

Total liabilities and equity
$
12,520

 
$
24,371

 
$
1,133

 
$
(12,000
)
 
$
26,024

v3.19.1
Business And Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and on the same basis as the audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2018. Adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations and financial position have been included therein. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by U.S. GAAP, they should be read in conjunction with the audited financial statements and related notes contained in our annual report on Form 10-K for the year ended December 31, 2018. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated.
Use of Estimates
Use of Estimates

Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements, estimates of expected obligations, judgment related to the potential timing of events and other estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information.
Lessee, Leases [Policy Text Block]
Leases

At the inception of a contract we determine if it is or contains a lease, which involves the contract conveying the right to control the use of explicitly or implicitly identified property, plant, or equipment for a period of time in exchange for consideration.

Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date of the underlying lease based on the present value of lease payments over the lease term. We use our secured incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Operating leases are included in operating lease ROU assets, operating lease liabilities (current) and operating lease liabilities (noncurrent) on our condensed consolidated balance sheet. Finance leases are included in property, plant and equipment, other current liabilities and other noncurrent liabilities and deferred credits on our condensed consolidated balance sheet. Lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise the option. We have elected the practical expedient which permits us to not reassess under the new standard our prior conclusion about lease classification and initial direct costs. We have also elected the practical expedient to not separate lease and non-lease components for a majority of the lease asset classes. We have also elected the hindsight practical expedient to determine the lease term.

Leases with an initial lease term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.

We also present lessor sublease income on a net basis against the related lessee lease expense.
v3.19.1
Business And Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Schedule of new accounting pronouncements and changes in accounting principles
As of January 1, 2019, the cumulative effect of the changes made to our condensed consolidated balance sheet for the adoption of the new lease standard was as follows:
 
December 31, 2018
 
Adoption of New Lease Standard
 
January 1,
2019
Impact on condensed consolidated balance sheet:
 
 
 
 
 
Assets
 
 
 
 
 
Property, plant and equipment — net
$
14,612

 
$
15

 
$
14,627

Operating lease right-of-use assets

 
70

 
70

Prepaid expense and other current assets
152

 
(2
)
 
150

Accumulated deferred income taxes
$
1,336

 
1

 
1,337

Liabilities
 
 
 
 
 
Other current liabilities
345

 
(1
)
 
344

Operating lease liabilities

 
109

 
109

Identifiable intangible liabilities
401

 
(36
)
 
365

Other noncurrent liabilities and deferred credits
340

 
14

 
354

Equity
 
 
 
 
 
Retained deficit
(1,449
)
 
(2
)
 
(1,451
)
 
 
v3.19.1
Merger Transaction and Business Combination Accounting (Tables)
3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
The following table summarizes the consideration paid and the final allocation of the purchase price to the fair value amounts recognized for the assets acquired and liabilities assumed related to the Merger as of the Merger Date. Based on the opening price of Vistra Energy common stock on the Merger Date, the purchase price was approximately $2.3 billion. During the three months ended March 31, 2019, the purchase price allocation was completed. During the period from April 9, 2018 through March 31, 2019, we updated the initial purchase price allocation with final valuations by increasing property, plant and equipment by $173 million, decreasing intangible assets by $36 million, increasing goodwill by $175 million, decreasing accounts receivable, inventory, prepaid expenses and other current assets by $10 million, increasing accumulated deferred tax asset by $127 million, decreasing other noncurrent assets by $113 million, increasing trade accounts payable and other current liabilities by $89 million, increasing other noncurrent liabilities by $177 million, increasing asset retirement obligations, including amounts due currently, by $56 million, as well as other minor adjustments. The valuation revisions were a result of updated inputs used in determining the fair value of the acquired assets and liabilities.
Dynegy shares outstanding as of April 9, 2018 (in millions)
144.8

Exchange Ratio
0.652

Vistra Energy shares issued for Dynegy shares outstanding (in millions)
94.4

Opening price of Vistra Energy common stock on April 9, 2018
$
19.87

Purchase price for common stock
$
1,876

Fair value of equity component of tangible equity units
$
369

Fair value of outstanding stock compensation awards attributable to pre-combination service
$
26

Fair value of outstanding warrants
$
2

Total purchase price
$
2,273


Final Purchase Price Allocation
Cash and cash equivalents
$
445

Trade accounts receivables, inventories, prepaid expenses and other current assets
853

Property, plant and equipment
10,535

Accumulated deferred income taxes
518

Identifiable intangible assets
351

Goodwill
175

Other noncurrent assets
419

Total assets acquired
13,296

Trade accounts payable and other current liabilities
733

Commodity and other derivative contractual assets and liabilities, net
422

Asset retirement obligations, including amounts due currently
475

Long-term debt, including amounts due currently
8,919

Other noncurrent liabilities
469

Total liabilities assumed
11,018

Identifiable net assets acquired
2,278

Noncontrolling interest in subsidiary
5

Total purchase price
$
2,273

Unaudited Pro Forma Financial Information [Table Text Block]
Unaudited Pro Forma Financial Information — The following unaudited pro forma financial information for the three months ended March 31, 2018 assumes that the Merger occurred on January 1, 2018. The unaudited pro forma financial information is provided for information purposes only and is not necessarily indicative of the results of operations that would have occurred had the Merger been completed on January 1, 2018, nor is the unaudited pro forma financial information indicative of future results of operations, which may differ materially from the pro forma financial information presented here.
 
Three Months
Ended
March 31, 2018
Revenues
$
2,127

Net loss
$
(467
)
Net loss attributable to Vistra Energy
$
(465
)
Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — basic
$
(0.87
)
Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — diluted
$
(0.87
)
v3.19.1
Retirement of Generation Facilities (Tables)
3 Months Ended
Mar. 31, 2019
Retirement of Generation Facilities [Abstract]  
Retirements of generation capacity
Two of our non-operated, jointly held power plants acquired in the Merger, for which our proportional generation capacity was 883 MW, were retired in May 2018. These units were retired as previously scheduled. No gain or loss was recorded in conjunction with the retirement of these units, and the operational results of these facilities are included in our Asset Closure segment. The following table details the units retired.
Name
 
Location
 
Fuel Type
 
Net Generation Capacity (MW)
 
Ownership Interest
 
Date Units Taken Offline
Killen
 
Manchester, Ohio
 
Coal
 
204

 
33%
 
May 31, 2018
Stuart
 
Aberdeen, Ohio
 
Coal
 
679

 
39%
 
May 24, 2018
Total
 
 
 
 
 
883

 

 
 

In January and February 2018, we retired three power plants with a total installed nameplate generation capacity of 4,167 MW. We decided to retire these units because they were projected to be uneconomic based on then current market conditions and would have faced significant environmental costs associated with operating such units. In the case of the Sandow units, the decision also reflected the execution of a contract termination agreement pursuant to which the Company and Alcoa agreed to an early settlement of a long-standing power and mining agreement. Expected retirement expenses were accrued in the third and fourth quarter of 2017 and, as a result, no retirement expenses were recorded related to these facilities in the three months ended March 31, 2018. The operational results of these facilities are included in our Asset Closure segment. The following table details the units retired.
Name
 
Location (all in the state of Texas)
 
Fuel Type
 
Installed Nameplate Generation Capacity (MW)
 
Number of Units
 
Date Units Taken Offline
Monticello
 
Titus County
 
Lignite/Coal
 
1,880

 
3
 
January 4, 2018
Sandow
 
Milam County
 
Lignite
 
1,137

 
2
 
January 11, 2018
Big Brown
 
Freestone County
 
Lignite/Coal
 
1,150

 
2
 
February 12, 2018
Total
 
 
 
 
 
4,167

 
7
 
 
v3.19.1
Revenue (Tables)
3 Months Ended
Mar. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]  
Disaggregation of revenue
 
 
The following tables disaggregate our revenue by major source:
 
Three Months Ended March 31, 2019
 
Retail
 
ERCOT
 
PJM
 
NY/NE
 
MISO
 
CAISO/Eliminations
 
Consolidated
Revenue from contracts with customers:
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail energy charge in ERCOT
$
1,025

 
$

 
$

 
$

 
$

 
$

 
$
1,025

Retail energy charge in Northeast/Midwest
348

 

 

 

 

 

 
348

Wholesale generation revenue from ISO/RTO

 
247

 
221

 
195

 
139

 
73

 
875

Capacity revenue

 

 
67

 
80

 
13

 

 
160

Revenue from other wholesale contracts

 
44

 
72

 
7

 
16

 
3

 
142

Total revenue from contracts with customers
1,373

 
291

 
360

 
282

 
168

 
76

 
2,550

Other revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible amortization
(9
)
 

 

 
(2
)
 
(5
)
 
1

 
(15
)
Hedging and other revenues (a)
22

 
158

 
91

 
49

 
27

 
41

 
388

Affiliate sales

 
505

 
254

 
15

 
64

 
(838
)
 

Total other revenues
13

 
663

 
345

 
62

 
86

 
(796
)
 
373

Total revenues
$
1,386

 
$
954

 
$
705

 
$
344

 
$
254

 
$
(720
)
 
$
2,923


____________
(a)
Includes $158 million of unrealized net gains from mark-to-market valuations of commodity positions. See Note 18 for unrealized net gains (losses) by segment.
 
Three Months Ended March 31, 2018
 
Retail
 
ERCOT
 
Asset
Closure
 
Eliminations
 
Consolidated
Revenue from contracts with customers:
 
 
 
 
 
 
 
 
 
Retail energy charge in ERCOT
$
949

 
$

 
$

 
$

 
$
949

Wholesale generation revenue from ISO/RTO

 
174

 
36

 

 
210

Revenue from other wholesale contracts

 
53

 

 

 
53

Total revenue from contracts with customers
949

 
227

 
36

 

 
1,212

Other revenues:
 
 
 
 
 
 
 
 
 
Intangible amortization
(12
)
 

 

 

 
(12
)
Hedging and other revenues (a)
35

 
(462
)
 
(8
)
 

 
(435
)
Affiliate sales

 
(298
)
 

 
298

 

Total other revenues
23

 
(760
)
 
(8
)
 
298

 
(447
)
Total revenues
$
972

 
$
(533
)
 
$
28

 
$
298

 
$
765

____________
(a)
Includes $415 million of unrealized net losses from mark-to-market valuations of commodity positions. See Note 18 for unrealized net gains (losses) by segment.
Accounts receivable, contracts with customers
Accounts Receivable

The following table presents trade accounts receivable (net of allowance for uncollectible accounts) relating to both contracts with customers and other activities:
 
March 31,
2019
 
December 31, 2018
Trade accounts receivable from contracts with customers — net
$
878

 
$
951

Other trade accounts receivable — net
122

 
136

Total trade accounts receivable — net
$
1,000

 
$
1,087

v3.19.1
Goodwill and Identifiable Intangible Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of identifiable intangible assets reported in the balance sheet
Identifiable intangible assets are comprised of the following:
 
 
March 31, 2019
 
December 31, 2018
Identifiable Intangible Asset
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Retail customer relationship
 
$
1,680

 
$
931

 
$
749

 
$
1,680

 
$
876

 
$
804

Software and other technology-related assets
 
277

 
119

 
158

 
270

 
105

 
165

Retail and wholesale contracts
 
316

 
155

 
161

 
316

 
138

 
178

Contractual service agreements (a)
 
60

 

 
60

 
70

 

 
70

Other identifiable intangible assets (b)
 
70

 
47

 
23

 
42

 
15

 
27

Total identifiable intangible assets subject to amortization
 
$
2,403

 
$
1,252

 
1,151

 
$
2,378

 
$
1,134

 
1,244

Retail trade names (not subject to amortization)
 
 
 
 
 
1,245

 
 
 
 
 
1,245

Mineral interests (not currently subject to amortization)
 
 
 
 
 
4

 
 
 
 
 
4

Total identifiable intangible assets
 
 
 
 
 
$
2,400

 
 
 
 
 
$
2,493


__________
(a)
At March 31, 2019, amounts related to contractual service agreements that have become liabilities due to amortization of the economic impacts of the intangibles have been removed from both the gross carrying amount and accumulated amortization.
(b)
Includes mining development costs and environmental allowances and credits.

Identifiable intangible liabilities are comprised of the following:
Identifiable Intangible Liability
March 31,
2019
 
December 31, 2018
Contractual service agreements
$
108

 
$
136

Purchase and sale contracts
189

 
195

Environmental allowances
63

 
70

Total identifiable intangible liabilities
$
360

 
$
401

Schedule of amortization expense related to intangible assets (including income statement line item)
Amortization expense related to finite-lived identifiable intangible assets and liabilities (including the classification in the condensed statements of consolidated income (loss)) consisted of:
Identifiable Intangible Assets and Liabilities
 
Condensed Statements of Consolidated Income (Loss) Line
Three Months Ended March 31,
 
2019
 
2018
Retail customer relationship
 
Depreciation and amortization
$
55

 
$
73

Software and other technology-related assets
 
Depreciation and amortization
13

 
10

Retail and wholesale contracts/purchase and sale contracts
 
Operating revenues/fuel, purchased power costs and delivery fees
12

 
12

Other identifiable intangible assets
 
Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization
27

 
2

Total amortization expense (a)
$
107

 
$
97


____________
(a)
Amounts recorded in depreciation and amortization totaled $69 million and $85 million for the three months ended March 31, 2019 and 2018, respectively.
Schedule of estimated amortization expense of identifiable intangible assets
As of March 31, 2019, the estimated aggregate amortization expense of identifiable intangible assets and liabilities for each of the next five fiscal years is as shown below.
Year
 
Estimated Amortization Expense
2019
 
$
302

2020
 
$
206

2021
 
$
156

2022
 
$
96

2023
 
$
72

v3.19.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Calculation of effective income tax rate
The calculation of our effective tax rate is as follows:
 
Three Months Ended March 31,
 
2019
 
2018
Income (loss) before income taxes
$
301

 
$
(395
)
Income tax (expense) benefit
$
(77
)
 
$
89

Effective tax rate
25.6
%
 
22.5
%
v3.19.1
Tax Receivable Agreement Obligation (Tables)
3 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Tax receivable agreement obligation
The following table summarizes the changes to the TRA obligation, reported as other current liabilities and Tax Receivable Agreement obligation in our condensed consolidated balance sheets, for the three months ended March 31, 2019 and 2018:
 
Three Months Ended March 31,
 
2019
 
2018
TRA obligation at the beginning of the period
$
420

 
$
357

Accretion expense
16

 
18

Changes in tax assumptions impacting timing of payments
(19
)
 

Impacts of Tax Receivable Agreement
(3
)
 
18

TRA obligation at the end of the period
417

 
375

Less amounts due currently

 
(24
)
Noncurrent TRA obligation at the end of the period
$
417

 
$
351

v3.19.1
Earnings Per Share (Tables)
3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Schedule of earnings per share, basic and diluted
Basic earnings per share available to common shareholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements.
 
Three Months Ended March 31,
 
2019
 
2018
Net income (loss) attributable to common stock — basic (a)
$
225

 
$
(306
)
Weighted average shares of common stock outstanding — basic
502,367,299

 
428,450,384

Net income (loss) per weighted average share of common stock outstanding — basic
$
0.45

 
$
(0.71
)
Dilutive securities: Stock-based incentive compensation plan and tangible equity units
6,772,689

 

Weighted average shares of common stock outstanding — diluted
509,139,988

 
428,450,384

Net income (loss) per weighted average share of common stock outstanding — diluted
$
0.44

 
$
(0.71
)

____________
(a)
The minimum settlement amount of tangible equity units, or 15,128,940 shares, are considered to be outstanding and are included in the computation of basic net income per share
v3.19.1
Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
Amounts in the table below represent the categories of long-term debt obligations incurred by the Company.
 
March 31,
2019
 
December 31,
2018
Vistra Operations Credit Facilities
$
5,798

 
$
5,813

Vistra Operations Senior Notes:
 
 
 
5.500% Senior Notes, due September 1, 2026
1,000

 
1,000

5.625% Senior Notes, due February 15, 2027
1,300

 

Total Vistra Operations Senior Notes
2,300

 
1,000

Vistra Energy Senior Notes:
 
 
 
7.375% Senior Notes, due November 1, 2022
479

 
1,707

5.875% Senior Notes, due June 1, 2023
500

 
500

7.625% Senior Notes, due November 1, 2024
1,147

 
1,147

8.034% Senior Notes, due February 2, 2024

 
25

8.000% Senior Notes, due January 15, 2025
81

 
81

8.125% Senior Notes, due January 30, 2026
166

 
166

Total Vistra Energy Senior Notes
2,373

 
3,626

Other:
 
 
 
7.000% Amortizing Notes, due July 1, 2019
16

 
24

Forward Capacity Agreements
233

 
236

Equipment Financing Agreements
116

 
120

Mandatorily redeemable subsidiary preferred stock (a)
70

 
70

8.82% Building Financing due semiannually through February 11, 2022 (b)
18

 
21

Total other long-term debt
453

 
471

Unamortized debt premiums, discounts and issuance costs (c)
83

 
155

Total long-term debt including amounts due currently
11,007

 
11,065

Less amounts due currently
(204
)
 
(191
)
Total long-term debt less amounts due currently
$
10,803

 
$
10,874

____________
(a)
Shares of mandatorily redeemable preferred stock in PrefCo. This subsidiary preferred stock is accounted for as a debt instrument under relevant accounting guidance.
(b)
Obligation related to a corporate office space finance lease. This obligation will be funded by amounts held in an escrow account that is reflected in other noncurrent assets in our condensed consolidated balance sheets.
(c)
Includes impact of recording debt assume
Schedule of line of credit facilities
The Vistra Operations Credit Facilities and related available capacity at March 31, 2019 are presented below.
 
 
 
 
March 31, 2019
Vistra Operations Credit Facilities
 
Maturity Date
 
Facility
Limit
 
Cash
Borrowings
 
Available
Capacity
Revolving Credit Facility (a)
 
June 14, 2023
 
$
2,675

 
$

 
$
1,753

Term Loan B-1 Facility
 
August 4, 2023
 
2,786

 
2,786

 

Term Loan B-2 Facility
 
December 14, 2023
 
977

 
977

 

Term Loan B-3 Facility
 
December 31, 2025
 
2,035

 
2,035

 

Total Vistra Operations Credit Facilities
 
 
 
$
8,473

 
$
5,798

 
$
1,753

___________
(a)
Facility to be used for general corporate purposes. Facility includes a $2.35 billion letter of credit sub-facility, of which $922 million of letters of credit were outstanding at March 31, 2019 and which reduce our available capacity.
Schedule of maturities of long-term debt
Long-term debt maturities (including mandatory amortization of the Term Loan B Facility) at March 31, 2019 are as follows:
 
March 31, 2019
Remainder of 2019
$
156

2020
205

2021
129

2022
554

2023
4,151

Thereafter
5,729

Unamortized premiums, discounts and debt issuance costs
83

Total long-term debt, including amounts due currently
$
11,007

v3.19.1
Leases (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Schedule of Lease Cost and Supplemental Cash Flow Information
The following table presents lease related cash flow and other information:
 
Three Months
Ended
March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
 
Operating cash flows from operating leases
$
3

Non-cash disclosure upon commencement of new lease
 
Right-of-use assets obtained in exchange for new operating lease liabilities
70

Right-of-use assets obtained in exchange for new finance lease liabilities
$
15

The following table presents costs related to lease activities:
 
Three Months
Ended
March 31, 2019
Operating lease cost
$
4

Finance lease right-of-use asset amortization
1

Variable lease cost (a)
6

Short-term lease cost
5

Sublease income (b)
(2
)
Net lease cost
$
14

____________
(a)
Represents coal stockpile management services, common area maintenance services and rail car payments based on the number of rail cars used.
(b)
Represents sublease income related to real estate leases.
Schedule of Lease Balance Sheet Information
The following table presents lease related balance sheet information:
 
March 31, 2019
Lease assets
 
Operating lease right-of-use assets
$
68

Finance lease right-of-use assets (net of accumulated depreciation)
14

Total lease right-of-use assets
82

Current lease liabilities
 
Operating lease liabilities
16

Finance lease liabilities
2

Total current lease liabilities
18

Noncurrent lease liabilities
 
Operating lease liabilities
90

Finance lease liabilities
12

Total noncurrent lease liabilities
102

Total lease liabilities
$
120

Schedule of Weighted Average Remaining Lease Terms and Discount Rates
The following table presents weighted average remaining lease term information:
 
March 31, 2019
Weighted average remaining lease term
 
Operating lease
12 years
Finance lease
8 years
Weighted average discount rate
 
Operating lease
7.12%
Finance lease
6.36%
Schedule of Maturity of Operating Lease Liabilities
The following table presents maturity of lease liabilities:
 
Operating lease
 
Finance lease
 
Total lease
Remainder of 2019
$
16

 
$
2

 
$
18

2020
20

 
3

 
23

2021
16

 
3

 
19

2022
14

 
2

 
16

2023
13

 
2

 
15

Thereafter
85

 
7

 
92

Total lease payments
164

 
19

 
183

Less: Interest
(58
)
 
(5
)
 
(63
)
Present value of lease liabilities
$
106

 
$
14

 
$
120

Schedule of Maturity of Finance Lease Liabilities
The following table presents maturity of lease liabilities:
 
Operating lease
 
Finance lease
 
Total lease
Remainder of 2019
$
16

 
$
2

 
$
18

2020
20

 
3

 
23

2021
16

 
3

 
19

2022
14

 
2

 
16

2023
13

 
2

 
15

Thereafter
85

 
7

 
92

Total lease payments
164

 
19

 
183

Less: Interest
(58
)
 
(5
)
 
(63
)
Present value of lease liabilities
$
106

 
$
14

 
$
120

v3.19.1
Equity (Tables)
3 Months Ended
Mar. 31, 2019
Stockholders' Equity Note [Abstract]  
Schedule of stockholders equity
Equity

The following table presents the changes to equity for the three months ended March 31, 2019:
 
Common
Stock (a)
 
Additional Paid-in Capital
 
Retained Earnings (Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders' Equity
 
Noncontrolling Interest
 
Total Equity
Balance at December 31, 2018
$
5

 
$
9,329

 
$
(1,449
)
 
$
(22
)
 
$
7,863

 
$
4

 
$
7,867

Treasury stock

 
(236
)
 

 

 
(236
)
 

 
(236
)
Dividends declared on common stock

 

 
(61
)
 

 
(61
)
 

 
(61
)
Effects of stock-based incentive compensation plans

 
12

 

 

 
12

 

 
12

Net income (loss)

 

 
225

 

 
225

 
(1
)
 
224

Adoption of accounting standard (Note 1)

 

 
(2
)
 

 
(2
)
 

 
(2
)
Change in unrecognized losses related to pension and OPEB plans

 

 

 
1

 
1

 

 
1

Investment by noncontrolling interest

 

 

 

 

 

 

Other

 

 
2

 

 
2

 
(1
)
 
1

Balance at March 31, 2019
$
5

 
$
9,105

 
$
(1,285
)
 
$
(21
)
 
$
7,804

 
$
2

 
$
7,806

________________
(a)
Authorized shares totaled 1,800,000,000 at March 31, 2019. Outstanding shares totaled 484,235,663 and 493,215,309 at March 31, 2019 and December 31, 2018, respectively.

The following table presents the changes to equity for the three months ended March 31, 2018:
 
Common
Stock (a)
 
Additional Paid-in Capital
 
Retained Earnings (Deficit)
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders' Equity
Balance at December 31, 2017
$
4

 
$
7,765

 
$
(1,410
)
 
$
(17
)
 
$
6,342

Effects of stock-based incentive compensation plans

 
7

 

 

 
7

Net loss

 

 
(306
)
 

 
(306
)
Adoption of accounting standard

 

 
17

 

 
17

Change in unrecognized losses related to pension and OPEB plans

 

 

 
1

 
1

Other

 

 
(1
)
 

 
(1
)
Balance at March 31, 2018
$
4

 
$
7,772

 
$
(1,700
)
 
$
(16
)
 
$
6,060

________________
(a)
Authorized shares totaled 1,800,000,000 at March 31, 2018. Outstanding shares totaled 428,506,325 and 428,398,802 at March 31, 2018 and December 31, 2017, respectively.
v3.19.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown below:
March 31, 2019
 
Level 1
 
Level 2
 
Level 3 (a)
 
Reclassification (b)
 
Total
Assets:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
392

 
$
173

 
$
154

 
$
52

 
$
771

Interest rate swaps

 
25

 

 
3

 
28

Nuclear decommissioning trust –
equity securities (c)
508

 

 

 

 
508

Nuclear decommissioning trust –
debt securities (c)

 
464

 

 

 
464

Sub-total
$
900

 
$
662

 
$
154

 
$
55

 
1,771

Assets measured at net asset value (d):
 
 
 
 
 
 
 
 
 
Nuclear decommissioning trust –
equity securities (c)
 
 
 
 
 
 
 
 
316

Total assets
 
 
 
 
 
 
 
 
$
2,087

Liabilities:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
518

 
$
626

 
$
267

 
$
52

 
$
1,463

Interest rate swaps

 
62

 

 
3

 
65

Total liabilities
$
518

 
$
688

 
$
267

 
$
55

 
$
1,528



December 31, 2018
 
Level 1
 
Level 2
 
Level 3 (a)
 
Reclassification (b)
 
Total
Assets:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
456

 
$
152

 
$
153

 
$
1

 
$
762

Interest rate swaps

 
77

 

 

 
77

Nuclear decommissioning trust –
equity securities (c)
449

 

 

 

 
449

Nuclear decommissioning trust –
debt securities (c)

 
443

 

 

 
443

Sub-total
$
905

 
$
672

 
$
153

 
$
1

 
1,731

Assets measured at net asset value (d):
 
 
 
 
 
 
 
 
 
Nuclear decommissioning trust –
equity securities (c)
 
 
 
 
 
 
 
 
278

Total assets
 
 
 
 
 
 
 
 
$
2,009

Liabilities:
 
 
 
 
 
 
 
 
 
Commodity contracts
$
557

 
$
766

 
$
288

 
$
1

 
$
1,612

Interest rate swaps

 
34

 

 

 
34

Total liabilities
$
557

 
$
800

 
$
288

 
$
1

 
$
1,646

____________
(a)
See table below for description of Level 3 assets and liabilities.
(b)
Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in our condensed consolidated balance sheets.
(c)
The nuclear decommissioning trust investment is included in the other investments line in our condensed consolidated balance sheets. See Note 19.
(d)
The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our condensed consolidated balance sheets. Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.

Schedule of fair value of the Level 3 assets and liabilities by major contract type (all related to commodity contracts) and the significant unobservable inputs used in the valuations
The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at March 31, 2019 and December 31, 2018:
March 31, 2019
 
 
Fair Value
 
 
 
 
 
 
Contract Type (a)
 
Assets
 
Liabilities
 
Total
 
Valuation Technique
 
Significant Unobservable Input
 
Range (b)
Electricity purchases and sales
 
$
28

 
$
(51
)
 
$
(23
)
 
Valuation Model
 
Hourly price curve shape (c)
 
$0 to $120/ MWh
 
 
 
 
 
 
 
 
 
 
Illiquid delivery periods for ERCOT hub power prices and heat rates (d)
 
$20 to $120/ MWh
Electricity and weather options
 
29

 
(178
)
 
(149
)
 
Option Pricing Model
 
Gas to power correlation (e)
 
10% to 100%
 
 
 
 
 
 
 
 
 
 
Power volatility (e)
 
5% to 435%
Financial transmission rights
 
87

 
(13
)
 
74

 
Market Approach (f)
 
Illiquid price differences between settlement points (g)
 
$(10) to $50/ MWh
Other (h)
 
10

 
(25
)
 
(15
)
 
 
 
 
 
 
Total
 
$
154

 
$
(267
)
 
$
(113
)
 
 
 
 
 
 

December 31, 2018
 
 
Fair Value
 
 
 
 
 
 
Contract Type (a)
 
Assets
 
Liabilities
 
Total
 
Valuation Technique
 
Significant Unobservable Input
 
Range (b)
Electricity purchases and sales
 
$
22

 
$
(48
)
 
$
(26
)
 
Valuation Model
 
Hourly price curve shape (c)
 
$0 to $110/ MWh
 
 
 
 
 
 
 
 
 
 
Illiquid delivery periods for ERCOT hub power prices and heat rates (d)
 
$20 to $120/ MWh
Electricity and weather options
 
31

 
(192
)
 
(161
)
 
Option Pricing Model
 
Gas to power correlation (e)
 
15% to 95%
 
 
 
 
 
 
 
 
 
 
Power volatility (e)
 
5% to 435%
Financial transmission rights
 
85

 
(20
)
 
65

 
Market Approach (f)
 
Illiquid price differences between settlement points (g)
 
$(10) to $50/ MWh
Other (h)
 
15

 
(28
)
 
(13
)
 
 
 
 
 
 
Total
 
$
153

 
$
(288
)
 
$
(135
)
 
 
 
 
 
 
____________
(a)
Electricity purchase and sales contracts include power and heat rate positions in ERCOT, PJM, NYISO, ISO-NE and MISO regions. The forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points within are referred to as congestion revenue rights in ERCOT and financial transmission rights in PJM, NYISO, ISO-NE and MISO regions. Electricity options consist of physical electricity options and spread options.
(b)
The range of the inputs may be influenced by factors such as time of day, delivery period, season and location.
(c)
Primarily based on the historical range of forward average hourly ERCOT North Hub prices.
(d)
Primarily based on historical forward ERCOT power price and heat rate variability.
(e)
Based on historical forward correlation and volatility within ERCOT.
(f)
While we use the market approach, there is insufficient market data to consider the valuation liquid.
(g)
Primarily based on the historical price differences between settlement points within ERCOT hubs and load zones.
(h)
Other includes contracts for natural gas and coal.
Schedule of changes in fair value of the Level 3 assets and liabilities
The following table presents the changes in fair value of the Level 3 assets and liabilities for the three months ended March 31, 2019 and 2018.
 
Three Months Ended March 31,
 
2019
 
2018
Net liability balance at beginning of period
$
(135
)
 
$
(53
)
Total unrealized valuation gains (losses)
37

 
(213
)
Purchases, issuances and settlements (a):
 
 
 
Purchases
19

 
29

Issuances
(7
)
 
(4
)
Settlements
(22
)
 
17

Transfers into Level 3 (b)
3

 

Transfers out of Level 3 (b)
(8
)
 

Net change (c)
22

 
(171
)
Net liability balance at end of period
$
(113
)
 
$
(224
)
Unrealized valuation gains (losses) relating to instruments held at end of period
$
25

 
$
(206
)
____________
(a)
Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received.
(b)
Includes transfers due to changes in the observability of significant inputs. All Level 3 transfers during the periods presented are in and out of Level 2. For three months ended March 31, 2019, transfers out of Level 3 primarily consists of coal derivatives where forward pricing inputs have become observable.
(c)
Activity excludes change in fair value in the month positions settle. Substantially all changes in values of commodity contracts (excluding the net liabilities assumed in connection with the Merger) are reported as operating revenues in our condensed statements of consolidated income (loss).
v3.19.1
Commodity and Other Derivative Contractual Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of commodity and other derivative contractual assets and liabilities as reported in the balance sheets
Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of derivative contractual assets and liabilities as reported in our condensed consolidated balance sheets at March 31, 2019 and December 31, 2018. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract.
 
March 31, 2019
 
Derivative Assets
 
Derivative Liabilities
 
 
 
Commodity Contracts
 
Interest Rate Swaps
 
Commodity Contracts
 
Interest Rate Swaps
 
Total
Current assets
$
675

 
$
14

 
$
11

 
$
2

 
$
702

Noncurrent assets
77

 
12

 
8

 

 
97

Current liabilities
(4
)
 

 
(1,208
)
 
(3
)
 
(1,215
)
Noncurrent liabilities
(29
)
 
(1
)
 
(222
)
 
(61
)
 
(313
)
Net assets (liabilities)
$
719

 
$
25

 
$
(1,411
)
 
$
(62
)
 
$
(729
)

 
December 31, 2018
 
Derivative Assets
 
Derivative Liabilities
 
 
 
Commodity Contracts
 
Interest Rate Swaps
 
Commodity Contracts
 
Interest Rate Swaps
 
Total
Current assets
$
707

 
$
22

 
$
1

 
$

 
$
730

Noncurrent assets
54

 
55

 

 

 
109

Current liabilities

 

 
(1,374
)
 
(2
)
 
(1,376
)
Noncurrent liabilities

 

 
(238
)
 
(32
)
 
(270
)
Net assets (liabilities)
$
761

 
$
77

 
$
(1,611
)
 
$
(34
)
 
$
(807
)

Schedule of pretax effect on net income of derivatives not under hedge accounting, including realized and unrealized effects
The following table presents the pretax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts.
Derivative (condensed statements of consolidated income (loss) presentation)
Three Months Ended March 31,
2019
 
2018
Commodity contracts (Operating revenues)
$
227

 
$
(446
)
Commodity contracts (Fuel, purchased power costs and delivery fees)
27

 
(1
)
Interest rate swaps (Interest expense and related charges)
(76
)
 
56

Net gain (loss)
$
178

 
$
(391
)


Offsetting assets and liabilities
The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration netting arrangements with counterparties and financial collateral:
 
 
March 31, 2019
 
December 31, 2018
 
 
Derivative Assets
and Liabilities
 
Offsetting Instruments (a)
 
Cash Collateral (Received) Pledged (b)
 
Net Amounts
 
Derivative Assets
and Liabilities
 
Offsetting Instruments (a)
 
Cash Collateral (Received) Pledged (b)
 
Net Amounts
Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
719

 
$
(533
)
 
$
(1
)
 
$
185

 
$
761

 
$
(593
)
 
$
(1
)
 
$
167

Interest rate swaps
 
25

 
(22
)
 

 
3

 
77

 
(26
)
 

 
51

Total derivative assets
 
744

 
(555
)
 
(1
)
 
188

 
838

 
(619
)
 
(1
)
 
218

Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
(1,411
)
 
533

 
130

 
(748
)
 
(1,611
)
 
593

 
109

 
(909
)
Interest rate swaps
 
(62
)
 
22

 

 
(40
)
 
(34
)
 
26

 

 
(8
)
Total derivative liabilities
 
(1,473
)
 
555

 
130

 
(788
)
 
(1,645
)
 
619

 
109

 
(917
)
Net amounts
 
$
(729
)
 
$

 
$
129

 
$
(600
)
 
$
(807
)
 
$

 
$
108

 
$
(699
)
____________
(a)
Amounts presented exclude trade accounts receivable and payable related to settled financial instruments.
(b)
Represents cash amounts received or pledged pursuant to a master netting arrangement, including fair value-based margin requirements.

Schedule of gross notional amounts of derivative volumes
The following table presents the gross notional amounts of derivative volumes at March 31, 2019 and December 31, 2018:
 
 
March 31, 2019
 
December 31, 2018
 
 
Derivative type
 
Notional Volume
 
Unit of Measure
Natural gas (a)
 
6,833

 
7,011

 
Million MMBtu
Electricity
 
349,299

 
317,572

 
GWh
Financial Transmission Rights (b)
 
166,663

 
172,611

 
GWh
Coal
 
40

 
45

 
Million U.S. tons
Fuel oil
 
72

 
60

 
Million gallons
Uranium
 
129

 
50

 
Thousand pounds
Emissions
 
7

 
10

 
Million tons
Interest rate swaps – floating/fixed (c)
 
$
7,561

 
$
7,717

 
Million U.S. dollars
____________
(a)
Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions.
(b)
Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within ISOs or RTOs.
(c)
Includes notional amounts of interest rate swaps with maturity dates through July 2026.
Credit risk-related contingent features of derivatives
The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully collateralized:
 
March 31,
2019
 
December 31,
2018
Fair value of derivative contract liabilities (a)
$
(760
)
 
$
(856
)
Offsetting fair value under netting arrangements (b)
201

 
218

Cash collateral and letters of credit
119

 
190

Liquidity exposure
$
(440
)
 
$
(448
)
____________
(a)
Excludes fair value of contracts that contain contingent features that do not provide specific amounts to be posted if features are triggered, including provisions that generally provide the right to request additional collateral (material adverse change, performance assurance and other clauses).
(b)
Amounts include the offsetting fair value of in-the-money derivative contracts and net accounts receivable under master netting arrangements.
v3.19.1
Segment Information (Tables)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
.

 
Three Months Ended March 31,
 
2019
 
2018
Operating revenues (a)
 
 
 
Retail
$
1,386

 
$
972

ERCOT
954

 
(533
)
PJM
705

 

NY/NE
344

 

MISO
254

 

Asset Closure

 
28

Corporate and Other (b)
118

 

Eliminations
(838
)
 
298

Consolidated operating revenues
$
2,923

 
$
765

Depreciation and amortization
 
 
 
Retail
$
(59
)
 
$
(76
)
ERCOT
(132
)
 
(64
)
PJM
(130
)
 

NY/NE
(64
)
 

MISO
(3
)
 

Asset Closure

 

Corporate and Other (b)
(17
)
 
(12
)
Eliminations

 
(1
)
Consolidated depreciation and amortization
$
(405
)
 
$
(153
)
Operating income (loss)
 
 
 
Retail (c)
$
18

 
$
757

ERCOT
288

 
(1,087
)
PJM
164

 

NY/NE
16

 

MISO
12

 

Asset Closure
(14
)
 
(23
)
Corporate and Other (b)
6

 
(40
)
Eliminations

 
(1
)
Consolidated operating income
$
490

 
$
(394
)
Net income (loss)
 
 

Retail (c)
$
15

 
$
771

ERCOT
301

 
(1,086
)
PJM
162

 

NY/NE
21

 

MISO
11

 

Asset Closure
(14
)
 
(22
)
Corporate and Other (b)
(272
)
 
31

Consolidated net income
$
224

 
$
(306
)
____________
(a)
The following unrealized net gains (losses) from mark-to-market valuations of commodity positions are included in operating revenues:
 
Three Months Ended March 31,
 
2019
 
2018
Retail
$
(1
)
 
$
12

ERCOT
237

 
(1,069
)
PJM
91

 

NY/NE
1

 

MISO
(21
)
 

Corporate and Other (b)
16

 

Eliminations (1)
(165
)
 
642

Consolidated unrealized net gains (losses) from mark-to-market valuations of commodity positions included in operating revenues
$
158

 
$
(415
)
____________
(1)
Amounts offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results.
(b)
Other includes CAISO operations. Income tax expense is not reflected in net income of the segments but is reflected entirely in Corporate net income.
(c)
For the three months ended March 31, 2018, Retail operating income and net income is driven by unrealized gains from mark-to-market valuations of commodity positions included in fuel, purchased power costs and delivery fees.
 
March 31,
2019
 
December 31, 2018
Total assets
 
 
 
Retail
$
7,793

 
$
7,699

ERCOT
9,251

 
9,347

PJM
7,044

 
7,188

NY/NE
2,723

 
2,722

MISO
891

 
836

Asset Closure
255

 
254

Corporate and Other and Eliminations
(2,389
)
 
(2,022
)
Consolidated total assets
$
25,568

 
$
26,024

v3.19.1
Supplementary Financial Information (Tables)
3 Months Ended
Mar. 31, 2019
Supplementary Financial Information [Abstract]  
Schedule of components of net benefit cost
For the three months ended March 31, 2019, net periodic benefit costs consisted of the following:
 
Pension Benefits
 
OPEB Benefits
 
Three Months Ended March 31,
 
Three Months Ended March 31,
 
2019
 
2018
 
2019
 
2018
Service cost
$
2

 
$
1

 
$

 
$

Other costs

 

 
2

 
1

Net periodic benefit cost
$
2

 
$
1

 
$
2

 
$
1

Schedule of interest expense and related charges
Interest Expense and Related Charges
 
Three Months Ended March 31,
 
2019
 
2018
Interest paid/accrued
$
150

 
$
50

Unrealized mark-to-market net (gains) losses on interest rate swaps
80

 
(59
)
Amortization of debt issuance costs, discounts and premiums
(2
)
 

Debt extinguishment gain
(7
)
 

Capitalized interest
(3
)
 
(3
)
Other
4

 
3

Total interest expense and related charges
$
222

 
$
(9
)
Schedule of other income and deductions
Other Income and Deductions
 
Three Months Ended March 31,
 
2019
 
2018
Other income:
 
 
 
Office space sublease rental income (a)
$

 
$
2

Insurance settlement
11

 

Funds released from escrow to settle pre-petition claims of our predecessor
9

 

Sale of land (b)

 
1

Interest income
4

 
6

All other
1

 
1

Total other income
$
25

 
$
10

Other deductions:
 
 
 
All other
$
2

 
$
2

Total other deductions
$
2

 
$
2

____________
(a)
Reported in Corporate and Other non-segment.
(b)
Reported in ERCOT segment.
Schedule of restricted cash
Restricted Cash
 
March 31,
2019
 
December 31, 2018
 
Current Assets
Amounts related to restructuring escrow accounts
$
42

 
$
57

Total restricted cash
$
42

 
$
57



Schedule of accounts, notes, loans and financing receivable
Allowance for Uncollectible Accounts Receivable
 
Three Months Ended March 31,
 
2019
 
2018
Allowance for uncollectible accounts receivable at beginning of period
$
19

 
$
14

Increase for bad debt expense
15

 
11

Decrease for account write-offs
(15
)
 
(11
)
Allowance for uncollectible accounts receivable at end of period
$
19

 
$
14



Trade Accounts Receivable
 
March 31,
2019
 
December 31,
2018
Wholesale and retail trade accounts receivable
$
1,019

 
$
1,106

Allowance for uncollectible accounts
(19
)
 
(19
)
Trade accounts receivable — net
$
1,000

 
$
1,087

Schedule of inventories by major category
Inventories by Major Category
 
March 31,
2019
 
December 31,
2018
Materials and supplies
$
294

 
$
286

Fuel stock
127

 
115

Natural gas in storage
12

 
11

Total inventories
$
433

 
$
412

Summary of other investments
Investments
 
March 31,
2019
 
December 31,
2018
Nuclear plant decommissioning trust
$
1,288

 
$
1,170

Assets related to employee benefit plans
32

 
31

Land
49

 
49

Total other investments
$
1,369

 
$
1,250

Summary of investments in the fund
 
March 31, 2019
 
Cost (a)
 
Unrealized gain
 
Unrealized loss
 
Fair market value
Debt securities (b)
$
453

 
$
13

 
$
(2
)
 
$
464

Equity securities (c)
285

 
540

 
(1
)
 
824

Total
$
738

 
$
553

 
$
(3
)
 
$
1,288


 
December 31, 2018
 
Cost (a)
 
Unrealized gain
 
Unrealized loss
 
Fair market value
Debt securities (b)
$
444

 
$
7

 
$
(8
)
 
$
443

Equity securities (c)
280

 
448

 
(1
)
 
727

Total
$
724

 
$
455

 
$
(9
)
 
$
1,170

____________
(a)
Includes realized gains and losses on securities sold.
(b)
The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's. The debt securities are heavily weighted with government and municipal bonds and investment grade corporate bonds. The debt securities had an average coupon rate of 3.62% and 3.69% at March 31, 2019 and December 31, 2018, respectively, and an average maturity of nine years and eight years at March 31, 2019 and December 31, 2018, respectively.
(c)
The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index for U.S. equity investments and the MSCI EAFE Index for non-U.S. equity investments.

Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales
The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sales.
 
Three Months Ended March 31,
 
2019
 
2018
Realized gains
$
3

 
$

Realized losses
$
(1
)
 
$
(2
)
Proceeds from sales of securities
$
78

 
$
46

Investments in securities
$
(83
)
 
$
(51
)
Schedule of Property, Plant and Equipment
Property, Plant and Equipment
 
March 31,
2019
 
December 31,
2018
Power generation and structures
$
14,757

 
$
14,604

Land
642

 
642

Office and other equipment
175

 
182

Total
15,574

 
15,428

Less accumulated depreciation
(1,614
)
 
(1,284
)
Net of accumulated depreciation
13,960

 
14,144

Nuclear fuel (net of accumulated amortization of $163 million and $189 million)
191

 
191

Construction work in progress
297

 
277

Property, plant and equipment — net
$
14,448

 
$
14,612


Depreciation expenses totaled $335 million and $68 million for three months ended March 31, 2019 and 2018, respectively.

Schedule of asset retirement and mining reclamation obligations
The following tables summarize the changes to these obligations, reported as asset retirement obligations (current and noncurrent liabilities) in our condensed consolidated balance sheets, for the three months ended March 31, 2019 and 2018.
 
Nuclear Plant Decommissioning
 
Mining Land Reclamation
 
Coal Ash and Other
 
Total
Liability at December 31, 2018
$
1,276

 
$
442

 
$
655

 
$
2,373

Additions:
 
 
 
 
 
 
 
Accretion
11

 
6

 
8

 
25

Adjustment for change in estimates

 
(1
)
 
(2
)
 
(3
)
Adjustment for obligations assumed through acquisitions

 

 
(3
)
 
(3
)
Reductions:
 
 
 
 
 
 
 
Payments

 
(14
)
 
(8
)
 
(22
)
Liability at March 31, 2019
1,287

 
433

 
650

 
2,370

Less amounts due currently

 
(120
)
 
(74
)
 
(194
)
Noncurrent liability at March 31, 2019
$
1,287

 
$
313

 
$
576

 
$
2,176



 
Nuclear Plant Decommissioning
 
Mining Land Reclamation
 
Coal Ash and Other
 
Total
Liability at December 31, 2017
$
1,233

 
$
438

 
$
265

 
$
1,936

Additions:
 
 
 
 
 
 
 
Accretion
11

 
5

 
3

 
19

Adjustment for change in estimates

 
4

 

 
4

Reductions:
 
 
 
 
 
 
 
Payments

 
(16
)
 

 
(16
)
Liability at March 31, 2018
$
1,244

 
$
431

 
$
268

 
$
1,943

Schedule of other noncurrent liabilities and deferred credits
Other Noncurrent Liabilities and Deferred Credits

The balance of other noncurrent liabilities and deferred credits consists of the following:
 
March 31,
2019
 
December 31,
2018
Retirement and other employee benefits
$
272

 
$
270

Finance lease liabilities
12

 

Uncertain tax positions, including accrued interest
5

 
4

Other
66

 
66

Total other noncurrent liabilities and deferred credits
$
355

 
$
340



Schedule of fair value of debt
Fair Value of Debt
 
 
 
 
March 31, 2019
 
December 31, 2018
Long-term debt (see Note 11):
 
Fair Value Hierarchy
 
Carrying Amount
 
Fair
Value
 
Carrying Amount
 
Fair
Value
Long-term debt under the Vistra Operations Credit Facilities
 
Level 2
 
$
5,805

 
$
5,727

 
$
5,820

 
$
5,599

Vistra Operations Senior Notes
 
Level 2
 
2,272

 
2,386

 
987

 
963

Vistra Energy Senior Notes
 
Level 2
 
2,504

 
2,491

 
3,819

 
3,765

7.000% Amortizing Notes
 
Level 2
 
15

 
16

 
23

 
24

Forward Capacity Agreements
 
Level 3
 
221

 
221

 
221

 
221

Equipment Financing Agreements
 
Level 3
 
100

 
100

 
102

 
102

Mandatorily redeemable subsidiary preferred stock
 
Level 2
 
70

 
70

 
70

 
70

Building Financing
 
Level 2
 
20

 
19

 
23

 
21

Schedule of cash, cash equivalents and restricted cash
The following table reconciles cash, cash equivalents and restricted cash reported in our condensed statements of consolidated cash flows to the amounts reported in our condensed balance sheets at March 31, 2019 and December 31, 2018:
 
March 31,
2019
 
December 31,
2018
Cash and cash equivalents
$
546

 
$
636

Restricted cash included in current assets
42

 
57

Total cash, cash equivalents and restricted cash
$
588

 
$
693

Schedule of supplemental cash flow information
The following table summarizes our supplemental cash flow information for the three months ended March 31, 2019 and 2018:
 
Three Months Ended March 31,
 
2019
 
2018
Cash payments related to:
 
 
 
Interest paid
$
139

 
$
65

Capitalized interest
(3
)
 
(3
)
Interest paid (net of capitalized interest)
$
136

 
$
62

Income taxes
$
4

 
$

Noncash investing and financing activities:
 
 
 
Construction expenditures (a)
$
45

 
$
26

____________
(a)
Represents end-of-period accruals for ongoing construction projects.
v3.19.1
Supplemental Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2019
Supplemental Condensed Consolidating Financial Information [Abstract]  
Condensed Statements of Consolidating Income (Loss)
 
 
Condensed Statements of Consolidating Income (Loss) for the Three Months Ended March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Operating revenues
$

 
$
2,948

 
$
57

 
$
(82
)
 
$
2,923

Fuel, purchased power costs and delivery fees

 
(1,468
)
 
(29
)
 
36

 
(1,461
)
Operating costs

 
(371
)
 
(14
)
 

 
(385
)
Depreciation and amortization

 
(382
)
 
(23
)
 

 
(405
)
Selling, general and administrative expenses
(19
)
 
(191
)
 
(18
)
 
46

 
(182
)
Operating income (loss)
(19
)
 
536

 
(27
)
 

 
490

Other income
10

 
17

 

 
(2
)
 
25

Other deductions

 
(2
)
 

 

 
(2
)
Interest expense and related charges
(39
)
 
(180
)
 
(5
)
 
2

 
(222
)
Impacts of Tax Receivable Agreement
3

 

 

 

 
3

Equity in earnings of unconsolidated investment

 
7

 

 

 
7

Income (loss) before income taxes
(45
)
 
378

 
(32
)
 

 
301

Income tax expense
13

 
(90
)
 
9

 
(9
)
 
(77
)
Equity in earnings (loss) of subsidiaries, net of tax
257

 
236

 

 
(493
)
 

Net income (loss)
225

 
524

 
(23
)
 
(502
)
 
224

Net loss attributable to noncontrolling interest

 

 
1

 

 
1

Net income (loss) attributable to Vistra Energy
$
225

 
$
524

 
$
(22
)
 
$
(502
)
 
$
225


Condensed Statements of Consolidating Income (Loss) for the Three Months Ended March 31, 2018
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Operating revenues
$

 
$
765

 
$

 
$

 
$
765

Fuel, purchased power costs and delivery fees

 
(650
)
 

 

 
(650
)
Operating costs

 
(194
)
 

 

 
(194
)
Depreciation and amortization

 
(153
)
 

 

 
(153
)
Selling, general and administrative expenses
(33
)
 
(129
)
 

 

 
(162
)
Operating income (loss)
(33
)
 
(361
)
 

 

 
(394
)
Other income
3

 
7

 

 

 
10

Other deductions

 
(2
)
 

 

 
(2
)
Interest expense and related charges

 
9

 

 

 
9

Impacts of Tax Receivable Agreement
(18
)
 

 

 

 
(18
)
Income before income taxes
(48
)
 
(347
)
 

 

 
(395
)
Income tax expense
89

 

 

 

 
89

Equity in earnings of subsidiaries, net of tax
(347
)
 

 

 
347

 

Net income (loss)
$
(306
)
 
$
(347
)
 
$

 
$
347

 
$
(306
)

Condensed Statements of Consolidating Other Comprehensive Income (Loss)
 
 

Condensed Statements of Consolidating Comprehensive Income (Loss) for the Three Months Ended March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
225

 
$
524

 
$
(23
)
 
$
(502
)
 
$
224

Other comprehensive income (loss), net of tax effects:
 
 
 
 
 
 
 
 
 
Effect related to pension and other retirement benefit obligations

 
1

 

 

 
1

Total other comprehensive income

 
1

 

 

 
1

Comprehensive income (loss)
225

 
525

 
(23
)
 
(502
)
 
225

Comprehensive loss attributable to noncontrolling interest

 

 
1

 

 
1

Comprehensive income (loss) attributable to Vistra Energy
$
225

 
$
525

 
$
(22
)
 
$
(502
)
 
$
226


Condensed Statements of Consolidating Comprehensive Income (Loss) for the Three Months Ended March 31, 2018
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(306
)
 
$
(347
)
 
$

 
$
347

 
$
(306
)
Other comprehensive income (loss), net of tax effects:
 
 
 
 
 
 
 
 
 
Effect related to pension and other retirement benefit obligations

 
1

 

 

 
1

Total other comprehensive income

 
1

 

 

 
1

Comprehensive income (loss)
$
(306
)
 
$
(346
)
 
$

 
$
347

 
$
(305
)

Condensed Statements of Consolidating Cash Flows
Condensed Statements of Consolidating Cash Flows for the Three Months Ended March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash flows — operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
(22
)
 
$
421

 
$
(11
)
 
$

 
$
388

Cash flows — financing activities:
 
 
 
 
 
 
 
 
 
Issuances of long-term debt

 
1,300

 

 

 
1,300

Repayments/repurchases of debt
(1,262
)
 
(20
)
 

 

 
(1,282
)
Net borrowings under accounts receivable securitization program

 

 
11

 


 
11

Cash dividends paid
(61
)
 
(1,550
)
 

 
1,550

 
(61
)
Stock repurchase
(248
)
 

 

 

 
(248
)
Debt tender offer and other financing fees
(48
)
 
(16
)
 

 

 
(64
)
Cash provided by (used in) financing activities
(1,619
)
 
(286
)
 
11

 
1,550

 
(344
)
Cash flows — investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures, including LTSA prepayments
(6
)
 
(112
)
 

 

 
(118
)
Nuclear fuel purchases

 
(13
)
 

 

 
(13
)
Development and growth expenditures

 
(22
)
 

 

 
(22
)
Proceeds from sales of nuclear decommissioning trust fund securities

 
78

 

 

 
78

Investments in nuclear decommissioning trust fund securities

 
(83
)
 

 

 
(83
)
Dividend received from subsidiaries
1,550

 


 


 
(1,550
)
 

Other, net

 
9

 

 

 
9

Cash provided by (used in) investing activities
1,544

 
(143
)
 

 
(1,550
)
 
(149
)
Net change in cash, cash equivalents and restricted cash
(97
)
 
(8
)
 

 

 
(105
)
Cash, cash equivalents and restricted cash — beginning balance
228

 
453

 
12

 

 
693

Cash, cash equivalents and restricted cash — ending balance
$
131

 
$
445

 
$
12

 
$

 
$
588


Condensed Statements of Consolidating Cash Flows for the Three Months Ended March 31, 2018
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Cash flows — operating activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operating activities
$
(78
)
 
$
56

 
$

 
$

 
$
(22
)
Cash flows — financing activities:
 
 
 
 
 
 
 
 
 
Repayments/repurchases of debt

 
(10
)
 

 

 
(10
)
Other, net

 
1

 

 

 
1

Cash provided by (used in) financing activities

 
(9
)
 

 

 
(9
)
Cash flows — investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(39
)
 

 

 
(39
)
Nuclear fuel purchases

 
(11
)
 

 

 
(11
)
Solar development expenditures

 
(21
)
 

 

 
(21
)
Proceeds from sales of nuclear decommissioning trust fund securities

 
46

 

 

 
46

Investments in nuclear decommissioning trust fund securities

 
(51
)
 

 

 
(51
)
Other, net

 
(1
)
 

 

 
(1
)
Cash provided by (used in) investing activities

 
(77
)
 

 

 
(77
)
Net change in cash, cash equivalents and restricted cash
(78
)
 
(30
)
 

 

 
(108
)
Cash, cash equivalents and restricted cash — beginning balance
1,183

 
863

 

 

 
2,046

Cash, cash equivalents and restricted cash — ending balance
$
1,105

 
$
833

 
$

 
$

 
$
1,938


Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheet as of March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
89

 
$
445

 
$
12

 
$

 
$
546

Restricted cash
42

 

 

 

 
42

Advances to affiliates

 
39

 

 
(39
)
 

Trade accounts receivable — net
19

 
614

 
433

 
(66
)
 
1,000

Accounts receivable — affiliates

 
333

 

 
(333
)
 

Notes due from affiliates

 
101

 

 
(101
)
 

Income taxes receivable

 

 

 

 

Inventories

 
417

 
16

 

 
433

Commodity and other derivative contractual assets

 
702

 

 

 
702

Margin deposits related to commodity contracts

 
331

 

 

 
331

Prepaid expense and other current assets
131

 
120

 
19

 

 
270

Total current assets
281

 
3,102

 
480

 
(539
)
 
3,324

Investments

 
1,337

 
32

 

 
1,369

Investment in unconsolidated subsidiary

 
133

 

 

 
133

Investment in affiliated companies
9,910

 
144

 

 
(10,054
)
 

Property, plant and equipment — net
21

 
13,868

 
559

 

 
14,448

Operating lease right-of-use assets

 
66

 
2

 

 
68

Goodwill

 
2,082

 

 

 
2,082

Identifiable intangible assets — net
13

 
2,385

 
2

 

 
2,400

Commodity and other derivative contractual assets

 
97

 

 

 
97

Accumulated deferred income taxes
809

 
563

 

 
(81
)
 
1,291

Other noncurrent assets
131

 
219

 
6

 

 
356

Total assets
$
11,165

 
$
23,996

 
$
1,081

 
$
(10,674
)
 
$
25,568

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable securitization program
$

 
$

 
$
350

 
$

 
$
350

Advances from affiliates

 

 
39

 
(39
)
 

Long-term debt due currently
15

 
184

 
5

 

 
204

Trade accounts payable
1

 
776

 
65

 
(55
)
 
787

Accounts payable — affiliates
250

 

 
83

 
(333
)
 

Notes due to affiliates

 

 
101

 
(101
)
 

Commodity and other derivative contractual liabilities

 
1,215

 

 

 
1,215

Margin deposits related to commodity contracts

 
8

 

 

 
8

Accrued taxes
37

 

 

 

 
37

Accrued taxes other than income

 
75

 
3

 

 
78

Accrued interest
65

 
30

 
6

 
(10
)
 
91

Asset retirement obligations

 
194

 

 

 
194

Operating lease liabilities

 
14

 
2

 

 
16

Other current liabilities
51

 
206

 
1

 

 
258

Total current liabilities
419

 
2,702

 
655

 
(538
)
 
3,238

Condensed Consolidating Balance Sheet as of March 31, 2019
(Millions of Dollars)
 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Long-term debt, less amounts due currently
2,504

 
8,270

 
29

 

 
10,803

Operating lease liabilities

 
83

 
7

 

 
90

Commodity and other derivative contractual liabilities

 
313

 

 

 
313

Accumulated deferred income taxes

 

 
91

 
(81
)
 
10

Tax Receivable Agreement obligation
417

 

 

 

 
417

Asset retirement obligations

 
2,162

 
14

 

 
2,176

Identifiable intangible liabilities — net

 
243

 
117

 

 
360

Other noncurrent liabilities and deferred credits
21

 
317

 
17

 

 
355

Total liabilities
3,361

 
14,090

 
930

 
(619
)
 
17,762

Total stockholders' equity
7,804

 
9,906

 
149

 
(10,055
)
 
7,804

Noncontrolling interest in subsidiary

 

 
2

 

 
2

Total liabilities and equity
$
11,165

 
$
23,996

 
$
1,081

 
$
(10,674
)
 
$
25,568



Condensed Consolidating Balance Sheet as of December 31, 2018
(Millions of Dollars)

 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
171

 
$
453

 
$
12

 
$

 
$
636

Restricted cash
57

 

 

 

 
57

Advances to affiliates
11

 
11

 

 
(22
)
 

Trade accounts receivable — net
4

 
729

 
464

 
(110
)
 
1,087

Accounts receivable - affiliates

 
245

 

 
(245
)
 

Notes due from affiliates

 
101

 

 
(101
)
 

Income taxes receivable

 
1

 

 
(1
)
 

Inventories

 
391

 
21

 

 
412

Commodity and other derivative contractual assets

 
730

 

 

 
730

Margin deposits related to commodity contracts

 
361

 

 

 
361

Prepaid expense and other current assets
2

 
134

 
16

 

 
152

Total current assets
245

 
3,156

 
513

 
(479
)
 
3,435

Investments

 
1,218

 
32

 

 
1,250

Investments in unconsolidated subsidiary

 
131

 

 

 
131

Investment in affiliated companies
11,186

 
263

 

 
(11,449
)
 

Property, plant and equipment — net
15

 
14,017

 
580

 

 
14,612

Goodwill

 
2,068

 

 

 
2,068

Identifiable intangible assets — net
10

 
2,480

 
3

 

 
2,493

Commodity and other derivative contractual assets

 
109

 

 

 
109

Accumulated deferred income taxes
809

 
599

 

 
(72
)
 
1,336

Other noncurrent assets
255

 
330

 
5

 

 
590

Total assets
$
12,520

 
$
24,371

 
$
1,133

 
$
(12,000
)
 
$
26,024

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable securitization program
$

 
$

 
$
339

 
$

 
$
339

Advances from affiliates

 

 
22

 
(22
)
 

Condensed Consolidating Balance Sheet as of December 31, 2018
(Millions of Dollars)

 
Parent (Issuer)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Long-term debt due currently
23

 
163

 
5

 

 
191

Trade accounts payable
2

 
928

 
121

 
(106
)
 
945

Accounts payable - affiliates
236

 

 
9

 
(245
)
 

Notes due to affiliates

 

 
101

 
(101
)
 

Commodity and other derivative contractual liabilities

 
1,376

 

 

 
1,376

Margin deposits related to commodity contracts

 
4

 

 

 
4

Accrued taxes
11

 

 

 
(1
)
 
10

Accrued taxes other than income

 
181

 
1

 

 
182

Accrued interest
48

 
29

 
4

 
(4
)
 
77

Asset retirement obligations

 
156

 

 

 
156

Other current liabilities
74

 
267

 
4

 

 
345

Total current liabilities
394

 
3,104

 
606

 
(479
)
 
3,625

Long-term debt, less amounts due currently
3,819

 
7,027

 
28

 

 
10,874

Commodity and other derivative contractual liabilities

 
270

 

 

 
270

Accumulated deferred income taxes

 

 
82

 
(72
)
 
10

Tax Receivable Agreement obligation
420

 

 

 

 
420

Asset retirement obligations

 
2,203

 
14

 

 
2,217

Identifiable intangible liabilities — net

 
278

 
123

 

 
401

Other noncurrent liabilities and deferred credits
20

 
303

 
17

 

 
340

Total liabilities
4,653

 
13,185

 
870

 
(551
)
 
18,157

Total stockholders' equity
7,867

 
11,186

 
259

 
(11,449
)
 
7,863

Noncontrolling interest in subsidiary

 

 
4

 

 
4

Total liabilities and equity
$
12,520

 
$
24,371

 
$
1,133

 
$
(12,000
)
 
$
26,024



v3.19.1
Business And Significant Accounting Policies (Narrative) (Details)
3 Months Ended
Mar. 31, 2019
Reportable_segment
Business and Significant Accounting Policies  
Number of reportable segments (in reportable segments) 6
v3.19.1
Business And Significant Accounting Policies (Adoption of New Accounting Standards) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Lease right-of-use asset $ 82    
Lease liability 120    
Assets [Abstract]      
Property, plant and equipment — net 14,448 $ 14,627 $ 14,612
Operating lease right-of-use assets 68 70 0
Prepaid expense and other current assets 270 150 152
Accumulated deferred income taxes 1,291 1,337 1,336
Liabilities [Abstract]      
Other current liabilities 258 344 345
Operating lease liabilities 106 109  
Identifiable intangible liabilities - net 360 365 401
Other noncurrent liabilities and deferred credits   354  
Equity      
Retained deficit $ (1,285) (1,451) (1,449)
Accounting Standards Update 2016-02 [Member]      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Lease right-of-use asset   85  
Lease liability   123  
Assets [Abstract]      
Property, plant and equipment — net   15  
Operating lease right-of-use assets   70  
Prepaid expense and other current assets   (2)  
Accumulated deferred income taxes   1  
Liabilities [Abstract]      
Other current liabilities   (1)  
Operating lease liabilities   109  
Identifiable intangible liabilities - net   (36)  
Other noncurrent liabilities and deferred credits   14  
Equity      
Retained deficit   $ (2)  
Previously Reported [Member]      
Assets [Abstract]      
Property, plant and equipment — net     14,612
Operating lease right-of-use assets     0
Prepaid expense and other current assets     152
Liabilities [Abstract]      
Other current liabilities     345
Operating lease liabilities     0
Identifiable intangible liabilities - net     401
Other noncurrent liabilities and deferred credits     340
Equity      
Retained deficit     $ (1,449)
v3.19.1
Merger Transaction and Business Combination Accounting (Merger Summary) (Details) - $ / shares
Apr. 09, 2018
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2017
Common stock, par or stated value per share   $ 0.01      
Merger agreement, common stock conversion ratio 0.652        
Stock issued during period, shares, new issues 94,409,573        
Common stock, shares outstanding 522,932,453 484,235,663 493,215,309 428,506,325 428,398,802
Vistra Energy Corp. [Member]          
Common stock, par or stated value per share $ 0.01        
Dynegy Inc. [Member]          
Common stock, par or stated value per share $ 0.01        
Common stock, shares outstanding 144,800,000        
v3.19.1
Merger Transaction and Business Combination Accounting (Business Combination Narrative) (Details) - USD ($)
$ in Millions
12 Months Ended
Apr. 09, 2018
Mar. 31, 2019
Business Combinations [Abstract]    
Business Combination, Purchase Price $ 2,273  
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment   $ 173
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles   (36)
Goodwill, Period Increase (Decrease)   175
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory   (10)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accumulated Deferred Income Taxes   127
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Noncurrent Assets   (113)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Trade Accounts Payable and Other Current Liabilities   89
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Noncurrent Liabilities   177
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Assets Retirement Obligations, Including Amounts Due Currently   $ 56
v3.19.1
Merger Transaction and Business Combination Accounting (Final Purchase Price Allocation) (Details) - USD ($)
$ / shares in Units, $ in Millions
Apr. 09, 2018
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Dec. 31, 2017
Common stock, shares outstanding 522,932,453 484,235,663 493,215,309 428,506,325 428,398,802
Merger agreement, common stock conversion ratio 0.652        
Business Acquisition, Share Price $ 19.87        
Business Combination, Consideration Paid For Acquiree Outstanding Common Stock $ 1,876        
Business Combination, Fair Value Of Tangible Equity Units 369        
Business Combination, Fair Value Of Outstanding Compensation Awards Attributable To Pre-Combination Service 26        
Business Combination, Fair Value Of Outstanding Warrants 2        
Final Purchase Price Allocation [Abstract]          
Cash and cash equivalents 445        
Trade accounts receivables, inventories, prepaid expenses and other current assets 853        
Property, plant and equipment 10,535        
Accumulated deferred income taxes 518        
Identifiable intangible assets 351        
Goodwill 175 $ 2,082 $ 2,068    
Other noncurrent assets 419        
Total assets acquired 13,296        
Trade accounts payable and other current liabilities 733        
Commodity and other derivative contractual assets and liabilities, net 422        
Asset retirement obligations, including amounts due currently 475        
Long-term debt, including amounts due currently 8,919        
Other noncurrent liabilities 469        
Total liabilities assumed 11,018        
Identifiable net assets acquired 2,278        
Noncontrolling interest in subsidiary 5        
Total purchase price 2,273        
Business Combination, Consideration Transferred $ 2,273        
Dynegy Inc. [Member]          
Common stock, shares outstanding 144,800,000        
Vistra Energy Corp. [Member]          
Business Combination, Acquirer Common Shares Issued In Exchange For Acquireee Common Shares Outstanding 94,400,000        
v3.19.1
Merger Transaction and Business Combination Accounting (Unaudited Pro Form Financial Information) (Details)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2018
USD ($)
$ / shares
Business Combinations [Abstract]  
Revenue $ 2,127
Net income (loss) (467)
Net loss attributable to Vistra Energy $ (465)
Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — basic | $ / shares $ (0.87)
Net loss attributable to Vistra Energy per weighted average share of common stock outstanding — diluted | $ / shares $ (0.87)
v3.19.1
Acquisition and Development of Generation Facilities (Battery Energy Storage Projects) (Details) - Vistra Energy Corp. [Member]
$ in Millions
1 Months Ended 3 Months Ended
Jun. 30, 2018
Dec. 31, 2018
USD ($)
Mar. 31, 2019
Megawatt-hour
Upton County 2 Solar Facility (Battery Storage Project) [Member]      
Texas Emissions Reduction Plan, Grant Awarded | $   $ 1  
Electricity Generation Facility Capacity     10
Moss Landing Power Plant (Battery Storage Project) [Member]      
Electricity Generation Facility Capacity     300
Proposed Contract, Duration, Number Of Years 20 years    
v3.19.1
Acquisition and Development of Generation Facilities (Upton Solar Development) (Details)
$ in Millions
3 Months Ended 20 Months Ended
Mar. 31, 2019
USD ($)
Megawatt-hour
Mar. 31, 2018
USD ($)
Dec. 31, 2018
USD ($)
Development and growth expenditures | $ $ (22) $ (21) $ (231)
Luminant Generation Company LLC [Member] | Upton County 2 Solar Facility [Member]      
Electricity Generation Facility Capacity | Megawatt-hour 180    
v3.19.1
Retirement of Generation Facilities (Retirement of Generation Facilities) (Details)
Mar. 31, 2019
power_plant
Megawatt-hour
Northeastern Power Cogeneration Facility [Member]  
Electricity generation facility capacity retired 51
Killen Station [Member]  
Electricity generation facility capacity retired 204
Jointly Owned Utility Plant, Proportionate Ownership Share 33.00%
J.M. Stuart Station [Member]  
Electricity generation facility capacity retired 679
Jointly Owned Utility Plant, Proportionate Ownership Share 39.00%
Killen and J.M. Stuart Stations [Member]  
Electricity generation facility capacity retired 883
Number Of Electric Generation Plants Retired | power_plant 2
Monticello Steam Electric Station [Member]  
Electricity generation facility capacity retired 1,880
Number of electric generation units retired 3
Sandow Steam Electric Station Units 4 and 5 [Member]  
Electricity generation facility capacity retired 1,137
Number of electric generation units retired 2
Big Brown Steam Electric Station [Member]  
Electricity generation facility capacity retired 1,150
Number of electric generation units retired 2
Monticello, Sandow and Big Brown Steam Electric Stations [Member]  
Electricity generation facility capacity retired 4,167
Number Of Electric Generation Plants Retired | power_plant 3
Number of electric generation units retired 7
v3.19.1
Revenue (Revenue Disaggregated By Major Source) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Disaggregation of Revenue [Line Items]    
Unrealized Gain (Loss) on Derivatives $ (80) $ 59
Revenue from Contract with Customer, Excluding Assessed Tax 2,550 1,212
Revenues 2,923 765
Energy Charge In EROCT [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 1,025 949
Energy Charge In Northeast/Midwest [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 348  
Wholesale Generation Revenue From ISO [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 875 210
Capacity Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 160  
Revenue From Other Wholesale Contracts [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 142 53
Retail Contract Amortization [Member]    
Disaggregation of Revenue [Line Items]    
Revenues (15) (12)
Hedging And Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 388 (435)
Affiliate Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Total Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 373 (447)
Intersegment Eliminations [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 76 0
Revenues (720) 298
Intersegment Eliminations [Member] | Energy Charge In EROCT [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Intersegment Eliminations [Member] | Energy Charge In Northeast/Midwest [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
Intersegment Eliminations [Member] | Wholesale Generation Revenue From ISO [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 73 0
Intersegment Eliminations [Member] | Capacity Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
Intersegment Eliminations [Member] | Revenue From Other Wholesale Contracts [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 3 0
Intersegment Eliminations [Member] | Retail Contract Amortization [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 1 0
Intersegment Eliminations [Member] | Hedging And Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 41 0
Intersegment Eliminations [Member] | Affiliate Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues (838) 298
Intersegment Eliminations [Member] | Total Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues (796) 298
Retail Segment [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 1,373 949
Revenues 1,386 972
Retail Segment [Member] | Energy Charge In EROCT [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 1,025 949
Retail Segment [Member] | Energy Charge In Northeast/Midwest [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 348  
Retail Segment [Member] | Wholesale Generation Revenue From ISO [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Retail Segment [Member] | Capacity Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
Retail Segment [Member] | Revenue From Other Wholesale Contracts [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
Retail Segment [Member] | Retail Contract Amortization [Member]    
Disaggregation of Revenue [Line Items]    
Revenues (9) (12)
Retail Segment [Member] | Hedging And Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 22 35
Retail Segment [Member] | Affiliate Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Retail Segment [Member] | Total Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 13 23
ERCOT Segment    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 291 227
Revenues 954 (533)
ERCOT Segment | Energy Charge In EROCT [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0 0
ERCOT Segment | Energy Charge In Northeast/Midwest [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
ERCOT Segment | Wholesale Generation Revenue From ISO [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 247 174
ERCOT Segment | Capacity Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
ERCOT Segment | Revenue From Other Wholesale Contracts [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 44 53
ERCOT Segment | Retail Contract Amortization [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
ERCOT Segment | Hedging And Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 158 (462)
ERCOT Segment | Affiliate Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 505 (298)
ERCOT Segment | Total Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 663 (760)
PJM Segment [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 360  
Revenues 705 0
PJM Segment [Member] | Energy Charge In EROCT [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
PJM Segment [Member] | Energy Charge In Northeast/Midwest [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
PJM Segment [Member] | Wholesale Generation Revenue From ISO [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 221  
PJM Segment [Member] | Capacity Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 67  
PJM Segment [Member] | Revenue From Other Wholesale Contracts [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 72  
PJM Segment [Member] | Retail Contract Amortization [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 0  
PJM Segment [Member] | Hedging And Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 91  
PJM Segment [Member] | Affiliate Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 254  
PJM Segment [Member] | Total Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 345  
NY/NE Segment [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 282  
Revenues 344 0
NY/NE Segment [Member] | Energy Charge In EROCT [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
NY/NE Segment [Member] | Energy Charge In Northeast/Midwest [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
NY/NE Segment [Member] | Wholesale Generation Revenue From ISO [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 195  
NY/NE Segment [Member] | Capacity Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 80  
NY/NE Segment [Member] | Revenue From Other Wholesale Contracts [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 7  
NY/NE Segment [Member] | Retail Contract Amortization [Member]    
Disaggregation of Revenue [Line Items]    
Revenues (2)  
NY/NE Segment [Member] | Hedging And Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 49  
NY/NE Segment [Member] | Affiliate Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 15  
NY/NE Segment [Member] | Total Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 62  
MISO Segment [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 168  
Revenues 254 0
MISO Segment [Member] | Energy Charge In EROCT [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
MISO Segment [Member] | Energy Charge In Northeast/Midwest [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 0  
MISO Segment [Member] | Wholesale Generation Revenue From ISO [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 139  
MISO Segment [Member] | Capacity Revenue [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 13  
MISO Segment [Member] | Revenue From Other Wholesale Contracts [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 16  
MISO Segment [Member] | Retail Contract Amortization [Member]    
Disaggregation of Revenue [Line Items]    
Revenues (5)  
MISO Segment [Member] | Hedging And Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 27  
MISO Segment [Member] | Affiliate Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 64  
MISO Segment [Member] | Total Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues 86  
Asset Closure Segment [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax   36
Revenues 0 28
Asset Closure Segment [Member] | Energy Charge In EROCT [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax   0
Asset Closure Segment [Member] | Wholesale Generation Revenue From ISO [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax   36
Asset Closure Segment [Member] | Revenue From Other Wholesale Contracts [Member]    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax   0
Asset Closure Segment [Member] | Retail Contract Amortization [Member]    
Disaggregation of Revenue [Line Items]    
Revenues   0
Asset Closure Segment [Member] | Hedging And Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues   (8)
Asset Closure Segment [Member] | Affiliate Sales [Member]    
Disaggregation of Revenue [Line Items]    
Revenues   0
Asset Closure Segment [Member] | Total Other Revenues [Member]    
Disaggregation of Revenue [Line Items]    
Revenues   (8)
Operating revenues [Member]    
Disaggregation of Revenue [Line Items]    
Unrealized Gain (Loss) on Derivatives 158 (415)
Operating revenues [Member] | Intersegment Eliminations [Member]    
Disaggregation of Revenue [Line Items]    
Unrealized Gain (Loss) on Derivatives (165) 642
Operating revenues [Member] | Retail Segment [Member]    
Disaggregation of Revenue [Line Items]    
Unrealized Gain (Loss) on Derivatives (1) 12
Operating revenues [Member] | ERCOT Segment    
Disaggregation of Revenue [Line Items]    
Unrealized Gain (Loss) on Derivatives 237 (1,069)
Operating revenues [Member] | PJM Segment [Member]    
Disaggregation of Revenue [Line Items]    
Unrealized Gain (Loss) on Derivatives 91 0
Operating revenues [Member] | NY/NE Segment [Member]    
Disaggregation of Revenue [Line Items]    
Unrealized Gain (Loss) on Derivatives 1 0
Operating revenues [Member] | MISO Segment [Member]    
Disaggregation of Revenue [Line Items]    
Unrealized Gain (Loss) on Derivatives $ (21) $ 0
v3.19.1
Revenue (Performance Obligations) (Details)
$ in Millions
Mar. 31, 2019
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 674
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 748
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 720
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 423
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 96
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 65
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 5 years
v3.19.1
Revenue (Accounts Receivable) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Trade accounts receivable — net $ 1,000 $ 1,087
Trade Accounts Receivable From Contracts With Customers [Member]    
Trade accounts receivable — net 878 951
Other Trade Accounts Receivables [Member]    
Trade accounts receivable — net $ 122 $ 136
v3.19.1
Goodwill and Identifiable Intangible Assets and Liabilities (Goodwill) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Apr. 09, 2018
Goodwill [Line Items]      
Goodwill $ 2,082 $ 2,068 $ 175
ERCOT Generation and Wholesale Reporting Unit [Member]      
Goodwill [Line Items]      
Goodwill 122    
ERCOT Retail Reporting Unit [Member]      
Goodwill [Line Items]      
Goodwill 53    
Retail Electricity Segment [Member]      
Goodwill [Line Items]      
Goodwill 1,907    
Goodwill, expected tax deductible amount $ 1,686    
Business acquisition, goodwill, expected tax deductible term 15 years    
Dynegy Merger [Member]      
Goodwill [Line Items]      
Goodwill $ 175    
v3.19.1
Goodwill and Identifiable Intangible Assets and Liabilities (Identifiable Intangible Assets and Liabilities Reported in the Balance Sheet) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Gross carrying amount $ 2,403 $ 2,378
Accumulated amortization 1,252 1,134
Total identifiable intangible assets subject to amortization, net 1,151 1,244
Total identifiable intangible assets 2,400 2,493
Identifiable intangible liabilities, Net 360 401
Retail trade names (not subject to amortization) [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Gross carrying amount, unamortized intangibles 1,245 1,245
Mineral interests (not currently subject to amortization) [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Gross carrying amount, unamortized intangibles 4 4
Retail customer relationship [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Gross carrying amount 1,680 1,680
Accumulated amortization 931 876
Total identifiable intangible assets subject to amortization, net 749 804
Software and other technology-related assets [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Gross carrying amount 277 270
Accumulated amortization 119 105
Total identifiable intangible assets subject to amortization, net 158 165
Retail and wholesale contracts [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Gross carrying amount 316 316
Accumulated amortization 155 138
Total identifiable intangible assets subject to amortization, net 161 178
Contractual service agreements [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Gross carrying amount 60 70
Accumulated amortization 0 0
Total identifiable intangible assets subject to amortization, net 60 70
Identifiable intangible liabilities, Net 108 136
Other identifiable intangible assets [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Gross carrying amount 70 42
Accumulated amortization 47 15
Total identifiable intangible assets subject to amortization, net 23 27
Purchase and sale contracts [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Identifiable intangible liabilities, Net 189 195
Environmental allowances [Member]    
Finite-Lived and Indefinite-Lived Intangible [Line Items]    
Identifiable intangible liabilities, Net $ 63 $ 70
v3.19.1
Goodwill and Identifiable Intangible Assets and Liabilities (Amortization Expense Related to Identifiable Intangible Assets and Liabilities) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Finite-Lived Intangible Assets and Liabilities [Line Items]    
Amortization of intangible assets and liabilities $ 107 $ 97
Depreciation and amortization [Member]    
Finite-Lived Intangible Assets and Liabilities [Line Items]    
Amortization of intangible assets and liabilities 69 85
Retail customer relationship [Member] | Depreciation and amortization [Member]    
Finite-Lived Intangible Assets and Liabilities [Line Items]    
Amortization of intangible assets and liabilities 55 73
Software and other technology-related assets [Member] | Depreciation and amortization [Member]    
Finite-Lived Intangible Assets and Liabilities [Line Items]    
Amortization of intangible assets and liabilities 13 10
Retail and wholesale contracts/purchase and sale contracts [Member] | Operating revenues, fuel, purchased power costs and delivery fees [Member]    
Finite-Lived Intangible Assets and Liabilities [Line Items]    
Amortization of intangible assets and liabilities 12 12
Other identifiable intangible assets [Member] | Operating revenues, fuel, purchased power costs and delivery fees, depreciation and amortization [Member]    
Finite-Lived Intangible Assets and Liabilities [Line Items]    
Amortization of intangible assets and liabilities $ 27 $ 2
v3.19.1
Goodwill and Identifiable Intangible Assets and Liabilities (Estimated Amortization of Identifiable Intangible Assets and Liabilities) (Details)
$ in Millions
Mar. 31, 2019
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2019 $ 302
2020 206
2021 156
2022 96
2023 $ 72
v3.19.1
Income Taxes (Calculation of Effective Tax Rate) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]    
Income (loss) before income taxes $ 301 $ (395)
Income tax (expense) benefit $ (77) $ 89
Effective tax rate 25.60% 22.50%
Effective tax rate at federal statutory rate 21.00% 21.00%
Unrecognized Tax Benefits $ 39  
v3.19.1
Tax Receivable Agreement Obligation (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Tax Disclosure [Abstract]    
Percent of cash tax savings due Tax Receivable Agreement rights holders 85.00%  
Effective tax rate at federal statutory rate 21.00% 21.00%
Estimated undiscounted future payments under Tax Receivable Agreement $ 1,300  
Changes in tax assumptions impacting timing of payments $ (19) $ 0
v3.19.1
Tax Receivable Agreement Obligation (Summary of Tax Receivable Agreement Obligation) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
TRA obligation at the beginning of the period $ 420 $ 357  
Accretion expense 16 18  
Changes in tax assumptions impacting timing of payments (19) 0  
Impacts of Tax Receivable Agreement (3) 18  
TRA obligation at the end of the period 417 375  
Less amounts due currently 0 (24)  
Noncurrent TRA obligation at the end of the period $ 417 $ 351 $ 420
v3.19.1
Earnings Per Share (Earnings Per Share) (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Earnings Per Share [Abstract]    
Net income (loss) attributable to Vistra Energy $ 225 $ (306)
Weighted average shares of common stock outstanding - basic 502,367,299 428,450,384
Net income (loss) per weighted average share of common stock outstanding - basic $ 0.45 $ (0.71)
Incremental common shares attributable to dilutive effect of share-based payment arrangements 6,772,689 0
Weighted average shares of common stock outstanding - diluted 509,139,988 428,450,384
Net income (loss) per weighted average share of common stock outstanding - diluted $ 0.44 $ (0.71)
Prepaid stock purchase contract, minimum number of common shares issued if tangible equity units settled 15,128,940  
Antidilutive securities excluded from computation of earnings per share 6,243,220 2,863,872
v3.19.1
Accounts Receivable Securitization Program (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Apr. 30, 2019
Dec. 31, 2018
Short-term Debt [Line Items]        
Accretion expense $ 16 $ 18    
Accounts receivable securitization program 350     $ 339
Accounts receivable securitization program, maximum borrowing capacity 350      
Accounts receivable securitization program, gross trade accounts receivable held by special purpose subsidiary $ 444      
Subsequent Event        
Short-term Debt [Line Items]        
Accounts receivable securitization program, maximum borrowing capacity     $ 450  
v3.19.1
Long-Term Debt (Long-Term Debt) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Feb. 28, 2019
Dec. 31, 2018
Aug. 31, 2018
Apr. 09, 2018
Debt Instrument [Line Items]          
Long-term debt, including amounts due currently $ 11,007        
Total other long-term debt 453   $ 471    
Unamortized debt premiums, discounts and issuance costs 83   155    
Less amounts due currently 204   191    
Total long-term debt less amounts due currently 10,803   10,874    
Line of Credit | Vistra Operations Credit Facility [Member]          
Debt Instrument [Line Items]          
Long-term debt, including amounts due currently 5,798   5,813    
Vistra Operations Senior Notes [Member]          
Debt Instrument [Line Items]          
Long-term debt, including amounts due currently $ 2,300   1,000    
Vistra Operations Senior Notes [Member] | 5.50% Senior Notes Due 2026 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 5.50%     5.50%  
Long-term debt, including amounts due currently $ 1,000   1,000    
Vistra Operations Senior Notes [Member] | 5.625% Senior Notes Due 2027 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 5.625% 5.625%      
Long-term debt, including amounts due currently $ 1,300   0    
Vistra Energy Senior Notes [Member]          
Debt Instrument [Line Items]          
Long-term debt, including amounts due currently $ 2,373   3,626    
Vistra Energy Senior Notes [Member] | 7.375% Senior Notes Due 2022 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 7.375% 7.375%      
Long-term debt, including amounts due currently $ 479   1,707    
Vistra Energy Senior Notes [Member] | 5.875% Senior Notes Due 2023 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 5.875%        
Long-term debt, including amounts due currently $ 500   500    
Vistra Energy Senior Notes [Member] | 7.625% Senior Notes Due 2024 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 7.625%     7.625%  
Long-term debt, including amounts due currently $ 1,147   1,147    
Vistra Energy Senior Notes [Member] | 8.034% Senior Notes Due 2024 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 8.034% 8.034%   8.034%  
Long-term debt, including amounts due currently $ 0   25    
Vistra Energy Senior Notes [Member] | 8.000% Senior Notes Due 2025 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 8.00%     8.00%  
Long-term debt, including amounts due currently $ 81   81    
Vistra Energy Senior Notes [Member] | 8.125% Senior Notes Due 2026 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 8.125%     8.125%  
Long-term debt, including amounts due currently $ 166   166    
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | 7% Amortization note due 2019 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 7.00%       7.00%
Long-term debt, including amounts due currently $ 16   24    
Total long-term debt less amounts due currently         $ 38
Secured Debt [Member] | Forward Capacity Agreement [Member]          
Debt Instrument [Line Items]          
Long-term debt, including amounts due currently 233   236    
Unsecured Debt [Member] | Equipment Financing Agreement [Member]          
Debt Instrument [Line Items]          
Long-term debt, including amounts due currently 116   120    
Mandatorily Redeemable Preferred Stock [Member] | PrefCo Mandatorily Redeemable Preferred Stock [Member]          
Debt Instrument [Line Items]          
Long-term debt, including amounts due currently $ 70   70    
Construction Loans [Member] | Building Financing 8.82% due semiannually through February 11, 2022 [Member]          
Debt Instrument [Line Items]          
Debt instrument, interest rate, stated percentage 8.82%        
Long-term debt, including amounts due currently $ 18   21    
Long-term debt, including amounts due currently [Member]          
Debt Instrument [Line Items]          
Long-term debt, including amounts due currently $ 11,007   $ 11,065    
v3.19.1
Long-Term Debt (Vistra Operations Credit Facilities) (Details) - Vistra Operations Company LLC - Line of Credit - USD ($)
$ in Millions
1 Months Ended 3 Months Ended
Jun. 30, 2018
Mar. 31, 2019
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 8,473
Line of credit facility, borrowings outstanding   (5,798)
Line of credit facility, remaining borrowing capacity   1,753
Debt fees and expenses   1
Senior Secured Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   2,675
Line of credit facility, borrowings outstanding   0
Line of credit facility, remaining borrowing capacity   $ 1,753
Line of credit facility, increase (decrease), net $ 175  
Debt instrument, basis spread on variable rate   1.75%
Debt covenant, outstanding borrowings to outstanding commitments threshold, amount of letters of credit excluded   $ 300
Debt covenant, outstanding borrowings to outstanding commitments threshold, percent   30.00%
Senior Secured Revolving Credit Facility [Member] | Maximum    
Line of Credit Facility [Line Items]    
Debt covenant, net first lien debt to EBITDA threshold   4.25
Senior Secured Revolving Credit Facility Letter Of Credit Sub-Facility [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 2,350
Line of credit facility, increase (decrease), net $ 50  
Line of credit facility, letters of credit outstanding   $ 922
Debt instrument, basis spread on variable rate   1.75%
Senior Secured Term Loan B-1 Facility [Member] [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 2,786
Line of credit facility, borrowings outstanding   (2,786)
Line of credit facility, remaining borrowing capacity   $ 0
Debt instrument, basis spread on variable rate   2.00%
Line of credit facility, interest rate at period end   4.50%
Senior Secured Term Loan B-2 Facility [Member] [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 977
Line of credit facility, borrowings outstanding   (977)
Line of credit facility, remaining borrowing capacity   $ 0
Debt instrument, basis spread on variable rate   2.25%
Line of credit facility, interest rate at period end   4.75%
Senior Secured Term Loan B-3 Facility [Member]    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 2,035
Line of credit facility, borrowings outstanding   (2,035)
Line of credit facility, remaining borrowing capacity   $ 0
Debt instrument, basis spread on variable rate   2.00%
Line of credit facility, interest rate at period end   4.49%
v3.19.1
Long-Term Debt (Interest Rate Swaps) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Apr. 09, 2018
Long-term debt, amount of variable interest debt hedged $ 4,561  
Interest Rate Swap, Effective Through July 2023 [Member] [Member]    
Derivative, notional amount 3,000  
Interest Rate Swap, Effective From July 2023 To July 2026 [Member]    
Derivative, notional amount 3,000  
Interest Rate Swaps, Effective Through February 2024 [Member]    
Derivative, notional amount $ 1,561 $ 1,959
Minimum | Interest Rate Swap, Effective From July 2023 To July 2026 [Member]    
Effective interest rate, debt fixed based on derivative contracts 4.97%  
Minimum | Interest Rate Swaps, Effective Through July 2023 and Legacy Swaps Effective Through 2024 [Member]    
Effective interest rate, debt fixed based on derivative contracts 4.09%  
Maximum | Interest Rate Swap, Effective From July 2023 To July 2026 [Member]    
Effective interest rate, debt fixed based on derivative contracts 5.04%  
Maximum | Interest Rate Swaps, Effective Through July 2023 and Legacy Swaps Effective Through 2024 [Member]    
Effective interest rate, debt fixed based on derivative contracts 4.34%  
v3.19.1
Long-Term Debt (Vistra Operations Senior Notes) (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended
Feb. 28, 2019
Aug. 31, 2018
Mar. 31, 2019
Sep. 30, 2018
Mar. 31, 2018
Repayments/repurchases of debt     $ (1,282)   $ (10)
Vistra Operations Senior Notes [Member] | 5.625% Senior Notes Due 2027 [Member]          
Proceeds from issuance of debt $ 1,300        
Debt instrument, interest rate, stated percentage 5.625%   5.625%    
Debt fees and expenses, capitalized as reduction of debt     $ 0    
Proceeds from issuance of senior long-term debt $ 1,287        
Vistra Operations Senior Notes [Member] | 5.50% Senior Notes Due 2026 [Member]          
Proceeds from issuance of debt   $ 1,000      
Debt instrument, interest rate, stated percentage   5.50% 5.50%    
Debt fees and expenses, capitalized as reduction of debt       $ 12  
Proceeds from issuance of senior long-term debt   $ 990      
Vistra Energy Senior Notes [Member]          
Repayments/repurchases of debt   $ (1,542)      
Vistra Energy Senior Notes [Member] | 7.375% Senior Notes Due 2022 [Member]          
Debt instrument, interest rate, stated percentage 7.375%   7.375%    
Repayments of long-term debt $ 35        
Repayments/repurchases of debt $ (1,193)        
Vistra Energy Senior Notes [Member] | 8.034% Senior Notes Due 2024 [Member]          
Debt instrument, interest rate, stated percentage 8.034% 8.034% 8.034%    
Repayments of long-term debt $ 25        
Repayments/repurchases of debt   $ (163)      
v3.19.1
Long-Term Debt (Vistra Energy Senior Notes) (Details) - USD ($)
1 Months Ended 3 Months Ended 15 Months Ended
Feb. 28, 2019
Aug. 31, 2018
May 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Apr. 09, 2018
Repayments/repurchases of debt       $ (1,282,000,000) $ (10,000,000)    
Gain (loss) on extinguishment of debt       7,000,000 $ 0    
Vistra Energy Senior Notes [Member]              
Repayments/repurchases of debt   $ (1,542,000,000)          
Long-term debt             $ 6,138,000,000
Gain (loss) on extinguishment of debt   27,000,000   $ 7,000,000      
Debt instrument, debt covenant, borrowed money, maximum percent of total assets       30.00%   30.00%  
Customary event of default, minimum aggregate amount threshold       $ 100,000,000   $ 100,000,000  
Vistra Energy Senior Notes [Member] | Bond Repurchase Program [Member]              
Bond Repurchase Program, authorized amount       200,000,000   200,000,000  
Repayments/repurchases of debt       $ 0   $ (119,000,000)  
Vistra Energy Senior Notes [Member] | 7.375% Senior Notes Due 2022 [Member]              
Repayments/repurchases of debt $ (1,193,000,000)            
Debt instrument, interest rate, stated percentage 7.375%     7.375%   7.375%  
Vistra Energy Senior Notes [Member] | 7.625% Senior Notes Due 2024 [Member]              
Repayments/repurchases of debt   $ (26,000,000)          
Debt instrument, interest rate, stated percentage   7.625%   7.625%   7.625%  
Vistra Energy Senior Notes [Member] | 8.034% Senior Notes Due 2024 [Member]              
Repayments/repurchases of debt   $ (163,000,000)          
Debt instrument, interest rate, stated percentage 8.034% 8.034%   8.034%   8.034%  
Vistra Energy Senior Notes [Member] | 8.000% Senior Notes Due 2025 [Member]              
Repayments/repurchases of debt   $ (669,000,000)          
Debt instrument, interest rate, stated percentage   8.00%   8.00%   8.00%  
Vistra Energy Senior Notes [Member] | 8.125% Senior Notes Due 2026 [Member]              
Repayments/repurchases of debt   $ (684,000,000)          
Debt instrument, interest rate, stated percentage   8.125%   8.125%   8.125%  
Vistra Energy Senior Notes [Member] | 6.75% Senior Notes Due 2019 [Member]              
Repayments/repurchases of debt     $ (850,000,000)        
Debt instrument, interest rate, stated percentage     6.75% 6.75%   6.75%  
Debt instrument, redemption price, percentage     101.688%        
Debt fees and expenses, recorded as interest expense     $ 14,000,000        
v3.19.1
Long-Term Debt (Other Long-Term Debt) (Details) - USD ($)
$ in Millions
1 Months Ended
Apr. 30, 2019
Jun. 30, 2018
Apr. 30, 2018
Mar. 31, 2019
Dec. 31, 2018
Apr. 09, 2018
Long-term debt, including amounts due currently       $ 11,007    
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | 7% Amortization note due 2019 [Member]            
Long-term debt, including amounts due currently       16 $ 24  
Customary event of default, minimum aggregate amount threshold       100    
Secured Debt [Member] | Forward Capacity Agreement [Member]            
Long-term debt, including amounts due currently       $ 233 $ 236  
Debt instrument, interest rate, effective percentage       3.70%    
Secured Debt [Member] | Forward Capacity Agreement [Member] | PJM Capacity Sold For Planning Years 2018-2019 [Member]            
Long-term debt, including amounts due currently       $ 2    
Secured Debt [Member] | Forward Capacity Agreement [Member] | PJM Capacity Sold For Planning Years 2019-2020 [Member]            
Long-term debt, including amounts due currently       121    
Secured Debt [Member] | Forward Capacity Agreement [Member] | PJM Capacity Sold For Planning Years 2020-2021 [Member]            
Long-term debt, including amounts due currently       110    
Vistra Operations Company LLC | Letter of Credit [Member] | Alternate Letter of Credit Facilities [Member]            
Letter of Credit Facility, maximum borrowing capacity       350    
Letters of Credit, amount outstanding       325    
Vistra Operations Company LLC | Line of Credit            
Line of credit facility, maximum borrowing capacity       8,473    
Line of credit facility, borrowings outstanding       (5,798)    
Vistra Operations Company LLC | Line of Credit | Senior Secured Revolving Credit Facility [Member]            
Line of credit facility, increase (decrease), net   $ 175        
Line of credit facility, maximum borrowing capacity       2,675    
Line of credit facility, borrowings outstanding       $ 0    
Dynegy Inc. [Member]            
Long-term debt           $ 3,563
Dynegy Inc. [Member] | Borrowings [Member] | Senior Secured Revolving Credit Facility [Member]            
Line of credit facility, borrowings outstanding           0
Dynegy Inc. [Member] | Line of Credit | Senior Secured Revolving Credit Facility [Member]            
Line of credit facility, letters of credit outstanding           656
Dynegy Inc. [Member] | Senior Secured Term Loan [Member]            
Long-term debt           2,018
Repayments of debt   $ 2,018        
Dynegy Inc. [Member] | Revolving Credit Facility [Member]            
Line of credit facility, maximum borrowing capacity           $ 1,545
Dynegy Inc. [Member] | Line of Credit | Senior Secured Revolving Credit Facility [Member]            
Repayments of lines of credit     $ 70      
Subsequent Event | Vistra Operations Company LLC | Letter of Credit [Member] | Alternate Letter of Credit Facilities [Member]            
Letter of Credit Facility, maximum borrowing capacity $ 450          
Line of credit facility, increase (decrease), net 100          
Subsequent Event | Vistra Operations Company LLC | Letter of Credit [Member] | Alternate Letter Of Credit Facility Maturing In December 2020 [Member]            
Letter of Credit Facility, maximum borrowing capacity 250          
Subsequent Event | Vistra Operations Company LLC | Letter of Credit [Member] | Alternate Letter Of Credit Facility Maturing In December 2021 [Member]            
Letter of Credit Facility, maximum borrowing capacity $ 200          
v3.19.1
Long-Term Debt (Maturities) (Details)
$ in Millions
Mar. 31, 2019
USD ($)
Maturities [Abstract]  
Remainder of 2019 $ 156
2020 205
2021 129
2022 554
2023 4,151
Thereafter 5,729
Unamortized premiums, discounts and debt issuance costs 83
Long-term debt, including amounts due currently $ 11,007
v3.19.1
Leases - Narrative (Details)
3 Months Ended
Mar. 31, 2019
USD ($)
Lessee, Lease, Description [Line Items]  
Renewal term 14 years
Leases not yet commenced $ 0
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 38 years
v3.19.1
Leases - Lease Cost (Details)
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
Leases [Abstract]  
Operating lease cost $ 4
Finance lease right-of-use asset amortization 1
Variable lease cost 6
Short-term lease cost 5
Sublease income (2)
Net lease cost $ 14
v3.19.1
Leases - Balance Sheet Information Disclosure (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Lease assets      
Operating lease right-of-use assets $ 68 $ 70 $ 0
Finance lease right-of-use assets (net of accumulated depreciation) 14    
Total lease right-of-use assets 82    
Current lease liabilities      
Operating lease liabilities 16   0
Finance lease liabilities 2    
Total current lease liabilities 18    
Noncurrent lease liabilities      
Operating lease liabilities 90   0
Finance lease liabilities 12   $ 0
Total noncurrent lease liabilities 102    
Total lease liabilities $ 120    
v3.19.1
Leases - Cash Flow Information Disclosure (Details)
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
Cash paid for amounts included in the measurement of lease liabilities  
Operating cash flows from operating leases $ 3
Non-cash disclosure upon commencement of new lease  
Right-of-use assets obtained in exchange for new operating lease liabilities 70
Right-of-use assets obtained in exchange for new finance lease liabilities $ 15
v3.19.1
Leases - Lease Term and Discount Rate (Details)
Mar. 31, 2019
Weighted average remaining lease term  
Operating lease 12 years
Finance lease 8 years
Weighted average discount rate  
Operating lease (as a percent) 7.12%
Finance lease (as a percent) 6.36%
v3.19.1
Leases - Maturity of Lease Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Jan. 01, 2019
Operating lease    
Remainder of 2019 $ 16  
2020 20  
2021 16  
2022 14  
2023 13  
Thereafter 85  
Total lease payments 164  
Less: Interest (58)  
Present value of lease liabilities 106 $ 109
Finance lease    
Remainder of 2019 2  
2020 3  
2021 3  
2022 2  
2023 2  
Thereafter 7  
Total lease payments 19  
Less: Interest (5)  
Present value of lease liabilities 14  
Total lease    
Remainder of 2019 18  
2020 23  
2021 19  
2022 16  
2023 15  
Thereafter 92  
Total lease payments 183  
Less: Interest (63)  
Present value of lease liabilities $ 120  
v3.19.1
Commitments And Contingencies (Narrative) (Details)
3 Months Ended
Mar. 31, 2019
USD ($)
Megawatt-hour
generating_unit
Gas Index Pricing Litigation [Member]  
Commitments and Contingencies [Line Items]  
Numbers of states in which entity operates 3
Advatech Dispute [Member]  
Commitments and Contingencies [Line Items]  
Loss contingency, estimate of possible loss $ 81,000,000
Loss contingency, contested invoice amount 1,000,000
Loss Contingency, Damages Awarded, Value 42,000,000
Loss Contingency, Reimbursement Of Fees And Expenses Sought By Other Party 4,000,000
Advatech Dispute [Member] | Liability [Member]  
Commitments and Contingencies [Line Items]  
Loss Contingency, Damages Awarded, Value 40,000,000
Advatech Dispute [Member] | Interest expense [Member]  
Commitments and Contingencies [Line Items]  
Loss Contingency, Damages Awarded, Value $ 2,000,000
MISO 2015-2016 Planning Resource Auction [Member]  
Commitments and Contingencies [Line Items]  
Loss contingency, pending claims, number 3
Pending Litigation [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Minimum  
Commitments and Contingencies [Line Items]  
Loss contingency, damages sought, value per day $ 32,500
Pending Litigation [Member] | EPA Versus Luminant and Big Brown Power Company (Big Brown and Martin Lake Generation Facilities) [Member] | Maximum  
Commitments and Contingencies [Line Items]  
Loss contingency, damages sought, value per day $ 37,500
Pending Litigation [Member] | MISO 2015-2016 Planning Resource Auction [Member]  
Commitments and Contingencies [Line Items]  
Loss contingency, pending claims, number 1
United States Environmental Protection Agency [Member]  
Commitments and Contingencies [Line Items]  
Clear Air Act, Regional Haze Program, Reasonable Progress Program, number of units in Texas subject to new scrubbers | generating_unit 7
Clean Air Act, Regional Haze Program, Reasonable Progress Program, number of units In Texas subject to upgrades to existing scrubbers | generating_unit 7
Clean Air Act, Regional Haze Program, Best Available Retrofit Technology Alternative, Sulfur Dioxide Emissions, number of units in Texas subject to rule, total 39
Illinois Environmental Protection Agency [Member]  
Commitments and Contingencies [Line Items]  
Illinois Multi-Pollutant Standards, Downstate Coal-Fueled Stations With Emission Tonnage Limits, Number 8
Illinois Multi-Pollutant Standards, Additional Reduction In Emissions, MW | Megawatt-hour 2,000
Illinois Multi-Pollutant Standards, Proposed Rule Reduction In Allowable Annual Emissions of Sulfur Dioxide 37.00%
Vermillion Facility Old East And North Sites [Member]  
Commitments and Contingencies [Line Items]  
Site contingency, number of sites with regulatory violations 2
Vistra Operations Company LLC | Financial standby letter of credit [Member]  
Commitments and Contingencies [Line Items]  
Letters of Credit, amount outstanding $ 1,247,000,000
Vistra Operations Company LLC | Financial standby letter of credit [Member] | Support risk management and trading margin requirements, including over the counter hedging transactions and collateral postings with independent system operators and regional transmission organizations [Member]  
Commitments and Contingencies [Line Items]  
Letters of Credit, amount outstanding 1,080,000,000
Vistra Operations Company LLC | Financial standby letter of credit [Member] | Support executory contracts and insurance agreements [Member]  
Commitments and Contingencies [Line Items]  
Letters of Credit, amount outstanding 46,000,000
Vistra Operations Company LLC | Financial standby letter of credit [Member] | Support retail electric provider's financial requirements with the Public Utility Commission of Texas [Member]  
Commitments and Contingencies [Line Items]  
Letters of Credit, amount outstanding 55,000,000
Vistra Operations Company LLC | Financial standby letter of credit [Member] | Miscellaneous credit support requirements [Member]  
Commitments and Contingencies [Line Items]  
Letters of Credit, amount outstanding 66,000,000
Vistra Operations Company LLC | Surety bond [Member]  
Commitments and Contingencies [Line Items]  
Surety bonds outstanding $ 27,000,000
Luminant Generation Company LLC [Member] | United States Environmental Protection Agency [Member]  
Commitments and Contingencies [Line Items]  
Clean Air Act, Regional Haze Program, Best Available Retrofit Technology Alternative, Sulfur Dioxide Annual Emission Allowances Allocated to Units Covered by Program 100,279
v3.19.1
Equity (Narrative) (Details)
1 Months Ended 3 Months Ended 12 Months Ended 15 Months Ended
Apr. 09, 2018
USD ($)
equity_unit
shares
Nov. 30, 2018
$ / shares
Mar. 31, 2019
USD ($)
$ / shares
shares
Dec. 31, 2018
USD ($)
shares
Dec. 31, 2017
USD ($)
shares
Mar. 31, 2019
USD ($)
$ / shares
shares
Mar. 31, 2018
shares
Share Repurchase Program              
Treasury stock     $ 236,000,000        
Dividends and Dividend Restrictions              
Common stock, dividends per share, authorized | $ / shares   $ 0.50          
Common Stock, Dividends, Per Share, Cash Paid | $ / shares     $ 0.125        
Dividends paid     $ (61,000,000)        
Amount of restricted net assets for consolidated and unconsolidated subsidiaries     $ 1,400,000,000     $ 1,400,000,000  
Warrants              
Class of Warrant or Right, outstanding | shares     9,000,000     9,000,000  
Class of Warrant or Right, exercise price of warrants or rights | $ / shares     $ 35.00     $ 35.00  
Class of Warrant or Right, number of securities called by each warrant or right | shares     0.652     0.652  
Tangible Equity Units [Abstract]              
Tangible Equity Units, number of units issued | shares 4,600,000            
Tangible Equity Units, unit price | equity_unit 100.00            
Long-term debt, less amounts due currently     $ 10,803,000,000 $ 10,874,000,000   $ 10,803,000,000  
Shares of Common Stock Authorized and Outstanding              
Common stock, shares authorized | shares     1,800,000,000     1,800,000,000 1,800,000,000
Common stock, shares outstanding | shares 522,932,453   484,235,663 493,215,309 428,398,802 484,235,663 428,506,325
Maximum              
Tangible Equity Units [Abstract]              
Prepaid stock purchase contract, number of common shares per Tangible Equity Unit | shares 4.0616            
Minimum              
Tangible Equity Units [Abstract]              
Prepaid stock purchase contract, number of common shares per Tangible Equity Unit | shares 3.2889            
Amortizing Notes Due 2019 (Tangible Equity Units) [Member]              
Tangible Equity Units [Abstract]              
Debt instrument, periodic payment $ 1.75            
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | 7% Amortization note due 2019 [Member]              
Tangible Equity Units [Abstract]              
Debt instrument, interest rate, stated percentage 7.00%   7.00%     7.00%  
Long-term debt, less amounts due currently $ 38,000,000            
Vistra Operations Company LLC | Vistra Energy Corp. [Member]              
Dividends and Dividend Restrictions              
Maximum allowable distribution to Parent Company by consolidated subsidiary without consent     $ 8,000,000,000     $ 8,000,000,000  
Dividends paid     1,550,000,000 $ 4,700,000,000 $ 1,100,000,000    
Share Repurchase Program Approved By Board Of Directors In November 2018 [Member]              
Share Repurchase Program              
Stock Repurchase Program, authorized amount     $ 1,250,000,000     $ 1,250,000,000  
Treasury Stock, shares, acquired | shares     9,541,617     21,614,708  
Treasury stock     $ 236,000,000     $ 514,000,000  
Treasury stock acquired, average cost per share | $ / shares     $ 24.78     $ 23.78  
Stock Repurchase Program, remaining authorized repurchase amount     $ 736,000,000     $ 736,000,000  
v3.19.1
Equity (Changes to Equity) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Dec. 31, 2017
Stockholders' Equity Attributable to Parent $ 7,804 $ 4 $ 7,863  
Stockholders' Equity Attributable to Noncontrolling Interest 2   4  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 7,867      
Treasury stock (236)      
Dividends paid to stockholders (61) 0    
Effects of stock-based incentive compensation plans 12      
Effects related to pension and other retirement benefit obligations (net of tax benefit of $— in all periods) 1 1    
Net income (loss) 225 (306)    
Less: Net loss attributable to noncontrolling interest 1 0    
Net income (loss) 224 (306)    
Adoption of accounting standard (2)      
Change in unrecognized losses related to pension and OPEB plans 1      
Investment by noncontrolling interest 0      
Other 1      
Ending balance 7,806      
Common Stock [Member]        
Stockholders' Equity Attributable to Parent 5   5 $ 4
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Other 0 0    
Additional Paid-in Capital [Member]        
Stockholders' Equity Attributable to Parent 9,105 7,772 9,329 7,765
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Treasury stock (236)      
Effects of stock-based incentive compensation plans 12 7    
Other 0 0    
Retained Earnings [Member]        
Stockholders' Equity Attributable to Parent (1,285) (1,700) (1,449) (1,410)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends paid to stockholders 61      
Net income (loss) 225 (306)    
Adoption of accounting standard (2) 17    
Other 2 (1)    
Accumulated Other Comprehensive Income (Loss) [Member]        
Stockholders' Equity Attributable to Parent (21) (16) (22) (17)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Adoption of accounting standard 0 0    
Change in unrecognized losses related to pension and OPEB plans 1 1    
Other 0 0    
Parent [Member]        
Stockholders' Equity Attributable to Parent 7,804 6,060 7,863 $ 6,342
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Treasury stock (236)      
Dividends paid to stockholders 61      
Effects of stock-based incentive compensation plans 12 7    
Net income (loss) 225 (306)    
Adoption of accounting standard (2) 17    
Change in unrecognized losses related to pension and OPEB plans 1 1    
Investment by noncontrolling interest 0      
Other 2 $ (1)    
Noncontrolling Interest [Member]        
Stockholders' Equity Attributable to Noncontrolling Interest     $ 4  
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Less: Net loss attributable to noncontrolling interest (1)      
Investment by noncontrolling interest 0      
Other $ (1)      
v3.19.1
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Assets:    
Nuclear decommissioning trust $ 1,288 $ 1,170
Equity Securities [Member]    
Assets:    
Nuclear decommissioning trust 824 727
Debt Securities [Member]    
Assets:    
Nuclear decommissioning trust 464 443
Fair Value, Measurements, Recurring [Member]    
Assets:    
Sub-total 55 1
Liabilities:    
Total liabilities 55 1
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]    
Assets:    
Assets measured at net asset value 316 278
Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member]    
Assets:    
Derivative Assets 52 1
Liabilities:    
Derivative Liabilities 52 1
Fair Value, Measurements, Recurring [Member] | Interest rate swap [Member]    
Assets:    
Derivative Assets 3  
Liabilities:    
Derivative Liabilities 3  
Fair Value, Measurements, Recurring [Member] | Total [Member]    
Assets:    
Sub-total 1,771 1,731
Total assets 2,087 2,009
Liabilities:    
Total liabilities 1,528 1,646
Fair Value, Measurements, Recurring [Member] | Total [Member] | Equity Securities [Member]    
Assets:    
Nuclear decommissioning trust 508 449
Fair Value, Measurements, Recurring [Member] | Total [Member] | Debt Securities [Member]    
Assets:    
Nuclear decommissioning trust 464 443
Fair Value, Measurements, Recurring [Member] | Total [Member] | Commodity contracts [Member]    
Assets:    
Derivative Assets 771 762
Liabilities:    
Derivative Liabilities 1,463 1,612
Fair Value, Measurements, Recurring [Member] | Total [Member] | Interest rate swap [Member]    
Assets:    
Derivative Assets 28 77
Liabilities:    
Derivative Liabilities 65 34
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]    
Assets:    
Sub-total 900 905
Liabilities:    
Total liabilities 518 557
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]    
Assets:    
Nuclear decommissioning trust 508 449
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member]    
Assets:    
Derivative Assets 392 456
Liabilities:    
Derivative Liabilities 518 557
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]    
Assets:    
Sub-total 662 672
Liabilities:    
Total liabilities 688 800
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]    
Assets:    
Nuclear decommissioning trust 464 443
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member]    
Assets:    
Derivative Assets 173 152
Liabilities:    
Derivative Liabilities 626 766
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest rate swap [Member]    
Assets:    
Derivative Assets 25 77
Liabilities:    
Derivative Liabilities 62 34
Level 3 [Member]    
Assets:    
Sub-total 154 153
Liabilities:    
Total liabilities 267 288
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]    
Assets:    
Sub-total 154 153
Liabilities:    
Total liabilities 267 288
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity contracts [Member]    
Assets:    
Derivative Assets 154 153
Liabilities:    
Derivative Liabilities $ 267 $ 288
v3.19.1
Fair Value Measurements (Schedule of Fair Value of the Level 3 Assets and Liabilities by Major Contract Type (All Related to Commodity Contracts) and the Significant Unobservable Inputs Used in the Valuations) (Details) - Level 3 [Member]
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
$ / Megawatt-hour
Mar. 31, 2018
$ / Megawatt-hour
Dec. 31, 2018
USD ($)
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Assets $ 154   $ 153
Liabilities (267)   (288)
Derivative Assets (Liabilities), at Fair Value, Net (113)   (135)
Electricity purchases and sales [Member] | Valuation Model [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Assets 28   22
Liabilities (51)   (48)
Derivative Assets (Liabilities), at Fair Value, Net (23)   (26)
Electricity And Weather Options [Member] | Option Pricing Model Valuation Technique [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Assets 29   31
Liabilities (178)   (192)
Derivative Assets (Liabilities), at Fair Value, Net (149)   (161)
Financial Transmission Rights [Member] | Market Approach [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Assets 87   85
Liabilities (13)   (20)
Derivative Assets (Liabilities), at Fair Value, Net 74   65
Other [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Assets 10   15
Liabilities (25)   (28)
Derivative Assets (Liabilities), at Fair Value, Net $ (15)   $ (13)
Minimum | Electricity purchases and sales [Member] | Valuation Model [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour 0 0  
Fair Value Inputs Illiquid Delivery Periods For ERCOT Hub Power Prices And Heat Rates | $ / Megawatt-hour 20 20  
Minimum | Electricity And Weather Options [Member] | Option Pricing Model Valuation Technique [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Fair Value Inputs, Gas to power correlation 10.00% 15.00%  
Fair Value Inputs, Power volatility 5.00% 5.00%  
Minimum | Financial Transmission Rights [Member] | Market Approach [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Illiquid price differences between settlement points | $ / Megawatt-hour (10) (10)  
Maximum | Electricity spread options [Member] | Option Pricing Model Valuation Technique [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Fair Value Inputs, Gas to power correlation   95.00%  
Fair Value Inputs, Power volatility   435.00%  
Maximum | Electricity purchases and sales [Member] | Valuation Model [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Hourly price curve shape (in usd per MWh) | $ / Megawatt-hour 120 110  
Fair Value Inputs Illiquid Delivery Periods For ERCOT Hub Power Prices And Heat Rates | $ / Megawatt-hour 120 120  
Maximum | Electricity And Weather Options [Member] | Option Pricing Model Valuation Technique [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Fair Value Inputs, Gas to power correlation 100.00%    
Fair Value Inputs, Power volatility 435.00%    
Maximum | Financial Transmission Rights [Member] | Market Approach [Member]      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Illiquid price differences between settlement points | $ / Megawatt-hour 50 50  
v3.19.1
Fair Value Measurements (Schedule of Changes in Fair Value of the Level 3 Assets and Liabilities (All Related to Commodity Contracts)) (Details) - Level 3 [Member] - Commodity Contract [Member] - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Net liability balance at beginning of period $ (135) $ (53)
Total unrealized valuation gains (losses) 37 (213)
Purchases, issuances and settlements    
Purchases 19 29
Issuances (7) (4)
Settlements (22) 17
Transfers into Level 3 3 0
Transfers out of Level 3 (8) 0
Net change 22 (171)
Net liability balance at end of period (113) (224)
Unrealized valuation gains (losses) relating to instruments held at end of period $ 25 $ (206)
v3.19.1
Commodity and Other Derivative Contractual Assets and Liabilities (Financial Statement Effects of Derivatives) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset $ 744 $ 838
Derivative liabilities, Fair Value, Gross Liability (1,473) (1,645)
Derivative, Fair Value, Net (729) (807)
Current assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Assets And Liability, Fair Value, Gross Assets 702 730
Noncurrent assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Assets And Liability, Fair Value, Gross Assets 97 109
Current liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Assets And Liability, Fair Value, Gross Liability (1,215) (1,376)
Noncurrent Liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Assets And Liability, Fair Value, Gross Liability (313) (270)
Commodity contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 719 761
Derivative liabilities, Fair Value, Gross Liability (1,411) (1,611)
Derivative asset, Fair Value, Net 719 761
Derivative liabilities, Fair Value, Net (1,411) (1,611)
Commodity contracts [Member] | Current assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 675 707
Derivative liabilities, Fair Value, Gross Asset 11 1
Commodity contracts [Member] | Noncurrent assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 77 54
Derivative liabilities, Fair Value, Gross Asset 8 0
Commodity contracts [Member] | Current liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative asset, Fair Value, Gross Liability (4) 0
Derivative liabilities, Fair Value, Gross Liability (1,208) (1,374)
Commodity contracts [Member] | Noncurrent Liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative asset, Fair Value, Gross Liability (29) 0
Derivative liabilities, Fair Value, Gross Liability (222) (238)
Interest rate swap [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 25 77
Derivative liabilities, Fair Value, Gross Liability (62) (34)
Derivative asset, Fair Value, Net 25 77
Derivative liabilities, Fair Value, Net (62) (34)
Interest rate swap [Member] | Current assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 14 22
Derivative liabilities, Fair Value, Gross Asset 2 0
Interest rate swap [Member] | Noncurrent assets [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Gross Asset 12 55
Derivative liabilities, Fair Value, Gross Asset 0 0
Interest rate swap [Member] | Current liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative asset, Fair Value, Gross Liability 0 0
Derivative liabilities, Fair Value, Gross Liability (3) (2)
Interest rate swap [Member] | Noncurrent Liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative asset, Fair Value, Gross Liability (1) 0
Derivative liabilities, Fair Value, Gross Liability $ (61) $ (32)
v3.19.1
Commodity and Other Derivative Contractual Assets and Liabilities (Derivative (Income Statement Presentation) and Derivative type (Income Statement Presentation of Loss Reclassified from Accumulated OCI into Income)) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]    
Net gain (loss) $ 178 $ (391)
Operating revenues [Member] | Commodity contracts [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gain (loss) 227 (446)
Fuel, purchased power costs and delivery fees [Member] | Commodity contracts [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gain (loss) 27 (1)
Interest expense [Member] | Interest rate swap [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gain (loss) $ (76) $ 56
v3.19.1
Commodity and Other Derivative Contractual Assets and Liabilities (Derivative Assets and Liabilities From Balance Sheet to Net Amounts After Consideration Netting Arrangements with Counterparties and Financial Collateral) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Derivatives, Fair Value [Line Items]    
Derivative assets: Amounts Presented in Balance Sheet $ 744 $ 838
Derivative assets: Offsetting Financial Instruments (555) (619)
Derivative assets: Financial Collateral (Received) Pledged (1) (1)
Derivative assets: Net Amounts 188 218
Derivative liabilities: Amounts Presented in Balance Sheet (1,473) (1,645)
Derivative liabilities: Offsetting Financial Instruments 555 619
Derivative liabilities: Financial Collateral (Received) Pledged 130 109
Derivative liabilities: Net Amounts (788) (917)
Derivative, Fair Value, Net (729) (807)
Derivative (Assets) Liability, Fair Value of Collateral, Net 129 108
Derivative Assets (Liability), Fair Value, Amount Offset Against Collateral (600) (699)
Commodity contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative assets: Amounts Presented in Balance Sheet 719 761
Derivative assets: Offsetting Financial Instruments (533) (593)
Derivative assets: Financial Collateral (Received) Pledged (1) (1)
Derivative assets: Net Amounts 185 167
Derivative liabilities: Amounts Presented in Balance Sheet (1,411) (1,611)
Derivative liabilities: Offsetting Financial Instruments 533 593
Derivative liabilities: Financial Collateral (Received) Pledged 130 109
Derivative liabilities: Net Amounts (748) (909)
Interest rate swap [Member]    
Derivatives, Fair Value [Line Items]    
Derivative assets: Amounts Presented in Balance Sheet 25 77
Derivative assets: Offsetting Financial Instruments (22) (26)
Derivative assets: Financial Collateral (Received) Pledged 0 0
Derivative assets: Net Amounts 3 51
Derivative liabilities: Amounts Presented in Balance Sheet (62) (34)
Derivative liabilities: Offsetting Financial Instruments 22 26
Derivative liabilities: Financial Collateral (Received) Pledged 0 0
Derivative liabilities: Net Amounts $ (40) $ (8)
v3.19.1
Commodity and Other Derivative Contractual Assets and Liabilities (Derivative Volumes) (Details)
lb in Thousands, gal in Millions, T in Millions, MMBTU in Millions, $ in Millions
Mar. 31, 2019
USD ($)
T
MMBTU
GWh
gal
lb
Dec. 31, 2018
USD ($)
T
MMBTU
GWh
gal
lb
Natural Gas Derivative [Member]    
Derivatives, Fair Value [Line Items]    
Nonmonetary Notional Volume | MMBTU 6,833 7,011
Electricity (in GWh) [Member]    
Derivatives, Fair Value [Line Items]    
Nonmonetary Notional Volume | GWh 349,299 317,572
Financial Transmission Rights [Member]    
Derivatives, Fair Value [Line Items]    
Nonmonetary Notional Volume | GWh 166,663 172,611
Coal (in tons) [Member]    
Derivatives, Fair Value [Line Items]    
Nonmonetary Notional Volume | T 40 45
Fuel oil (in gallons) [Member]    
Derivatives, Fair Value [Line Items]    
Nonmonetary Notional Volume | gal 72 60
Uranium (in pounds) [Member]    
Derivatives, Fair Value [Line Items]    
Nonmonetary Notional Volume | lb 129 50
Emissions [Member]    
Derivatives, Fair Value [Line Items]    
Nonmonetary Notional Volume | T 7 10
Interest rate swaps - Floating/fixed [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, notional amount | $ $ 7,561 $ 7,717
v3.19.1
Commodity and Other Derivative Contractual Assets and Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Credit Derivatives [Line Items]    
Derivative, Net Liability Position, Aggregate Fair Value $ (760) $ (856)
Credit risk derivative with contingent feature [Member]    
Credit Derivatives [Line Items]    
Derivative, Net Liability Position, Aggregate Fair Value 201 218
Collateral Already Posted, Aggregate Fair Value 119 190
Cross-default credit derivative [Member]    
Credit Derivatives [Line Items]    
Assets Needed for Immediate Settlement, Aggregate Fair Value $ (440) $ (448)
v3.19.1
Commodity and Other Derivative Contractual Assets and Liabilities (Concentrations of Credit Risk Related to Derivatives) (Details) - Credit Risk Contract [Member]
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
Derivative [Line Items]  
Total credit risk exposure to all counterparties related to derivative contracts $ 978
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral 287
Largest net exposure to single counterparty $ 101
Credit risk exposure to Banking and financial sector percentage 55.00%
Net exposure to banking and financial sector percentage 5.00%
v3.19.1
Related Party Transactions (Narrrative) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Maximum    
Related Party Transaction [Line Items]    
Registration Rights Agreement, Demand Registration, Number Of Days To File S-1 Registration Statement 45 days  
Registration Rights Agreement, Demand Registration, Number Of Days To File S-3 Registration Statement 30 days  
Registration Rights Agreement, Demand Registration, Number Of Days Between Initial Registration And Effective Date 120 days  
Legal Expenses Paid On Behalf of Selling Stockholders [Member]    
Related Party Transaction [Line Items]    
Legal fees $ 1 $ 1
v3.19.1
Segment Information (Segment Information) (Details)
$ in Millions
3 Months Ended
Mar. 31, 2019
USD ($)
Reportable_segment
Mar. 31, 2018
USD ($)
Dec. 31, 2018
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments (in reportable segments) | Reportable_segment 6    
Operating revenues $ 2,923 $ 765  
Depreciation and amortization (405) (153)  
Operating income (loss) 490 (394)  
Unrealized mark-to-market net gains (losses) on Commodity Positions (80) 59  
Net income (loss) 224 (306)  
Total assets 25,568   $ 26,024
Corporate, Non-Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 118 0  
Depreciation and amortization (17) (12)  
Operating income (loss) 6 (40)  
Unrealized mark-to-market net gains (losses) on Commodity Positions 16 0  
Net income (loss) (272) 31  
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating revenues (720) 298  
Depreciation and amortization 0 (1)  
Operating income (loss) 0 (1)  
Total assets (2,389)   (2,022)
Retail Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 1,386 972  
Depreciation and amortization (59) (76)  
Operating income (loss) 18 757  
Net income (loss) 15 771  
Total assets 7,793   7,699
ERCOT Segment      
Segment Reporting Information [Line Items]      
Operating revenues 954 (533)  
Depreciation and amortization (132) (64)  
Operating income (loss) 288 (1,087)  
Net income (loss) 301 (1,086)  
Total assets 9,251   9,347
PJM Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 705 0  
Depreciation and amortization (130) 0  
Operating income (loss) 164 0  
Net income (loss) 162 0  
Total assets 7,044   7,188
NY/NE Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 344 0  
Depreciation and amortization (64) 0  
Operating income (loss) 16 0  
Net income (loss) 21 0  
Total assets 2,723   2,722
MISO Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 254 0  
Depreciation and amortization (3) 0  
Operating income (loss) 12 0  
Net income (loss) 11 0  
Total assets 891   836
Asset Closure Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 0 28  
Depreciation and amortization 0 0  
Operating income (loss) (14) (23)  
Net income (loss) (14) (22)  
Total assets 255   $ 254
Operating revenues [Member]      
Segment Reporting Information [Line Items]      
Unrealized mark-to-market net gains (losses) on Commodity Positions 158 (415)  
Operating revenues [Member] | Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Unrealized mark-to-market net gains (losses) on Commodity Positions (165) 642  
Operating revenues [Member] | Retail Segment [Member]      
Segment Reporting Information [Line Items]      
Unrealized mark-to-market net gains (losses) on Commodity Positions (1) 12  
Operating revenues [Member] | ERCOT Segment      
Segment Reporting Information [Line Items]      
Unrealized mark-to-market net gains (losses) on Commodity Positions 237 (1,069)  
Operating revenues [Member] | PJM Segment [Member]      
Segment Reporting Information [Line Items]      
Unrealized mark-to-market net gains (losses) on Commodity Positions 91 0  
Operating revenues [Member] | NY/NE Segment [Member]      
Segment Reporting Information [Line Items]      
Unrealized mark-to-market net gains (losses) on Commodity Positions 1 0  
Operating revenues [Member] | MISO Segment [Member]      
Segment Reporting Information [Line Items]      
Unrealized mark-to-market net gains (losses) on Commodity Positions (21) 0  
Affiliate Sales [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 0 0  
Affiliate Sales [Member] | Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating revenues (838) 298  
Affiliate Sales [Member] | Retail Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 0 0  
Affiliate Sales [Member] | ERCOT Segment      
Segment Reporting Information [Line Items]      
Operating revenues 505 (298)  
Affiliate Sales [Member] | PJM Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 254    
Affiliate Sales [Member] | NY/NE Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues 15    
Affiliate Sales [Member] | MISO Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues $ 64    
Affiliate Sales [Member] | Asset Closure Segment [Member]      
Segment Reporting Information [Line Items]      
Operating revenues   $ 0  
v3.19.1
Supplementary Financial Information (Components of Net Benefit Cost) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Pension Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 2 $ 1
Other costs 0 0
Net periodic benefit cost 2 1
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 0 0
Other costs 2 1
Net periodic benefit cost $ 2 $ 1
v3.19.1
Supplementary Financial Information (Interest Expense and Related Charges) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Interest Expense and Related Charges [Line Items]    
Interest paid/accrued $ 150 $ 50
Unrealized mark-to-market net (gains) losses on interest rate swaps 80 (59)
Amortization of debt issuance costs, discounts and premiums (2) 0
Reversal of debt extinguishment gain (7) 0
Capitalized interest (3) (3)
Other 4 3
Total interest expense and related charges $ 222 $ (9)
Vistra Operations Company LLC | Line of Credit    
Interest Expense and Related Charges [Line Items]    
Debt Instrument, Interest Rate During Period 4.23%  
v3.19.1
Supplementary Financial Information (Other Income and Deductions) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Other income:    
Insurance settlement $ 11 $ 0
Funds Released from Escrow to Settle Pre-petition Claims of Our Predecessor 9 0
Revenue from Contract with Customer, Excluding Assessed Tax 2,550 1,212
Interest income 4 6
All other 1 1
Total other income 25 10
Other deductions:    
All other 2 2
Total other deductions 2 2
Corporate and Other Nonsegment    
Other income:    
Office space sublease rental income 0 2
ERCOT Segment    
Other income:    
Revenue from Contract with Customer, Excluding Assessed Tax 291 227
Land | ERCOT Segment    
Other income:    
Revenue from Contract with Customer, Excluding Assessed Tax $ 0 $ 1
v3.19.1
Supplementary Financial Information (Restricted Cash) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Restricted cash included in current assets $ 42 $ 57
Amounts related to restructuring escrow accounts [Member]    
Restricted cash included in current assets $ 42 $ 57
v3.19.1
Supplementary Financial Information (Trade Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Dec. 31, 2018
Supplementary Financial Information [Abstract]        
Wholesale and retail trade accounts receivable     $ 1,019 $ 1,106
Allowance for uncollectible accounts $ (19) $ (14) (19) (19)
Trade accounts receivable — net     1,000 1,087
Unbilled Receivables, Current     $ 280 $ 350
Allowance for Doubtful Accounts Receivable [Roll Forward]        
Allowance for uncollectible accounts receivable at beginning of period 19 14    
Increase for bad debt expense 15 11    
Decrease for account write-offs (15) (11)    
Allowance for uncollectible accounts receivable at end of period $ 19 $ 14    
v3.19.1
Supplementary Financial Information (Inventories by Major Category and Other Investments) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Inventories by Major Category    
Materials and supplies $ 294 $ 286
Fuel stock 127 115
Natural gas in storage 12 11
Total inventories 433 412
Other Investments    
Nuclear plant decommissioning trust 1,288 1,170
Assets related to employee benefit plans 32 31
Land 49 49
Total other investments $ 1,369 $ 1,250
v3.19.1
Supplementary Financial Information (Other Investments) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Investment in unconsolidated subsidiary $ 133   $ 131
Equity in earnings of unconsolidated investments 7 $ 0  
Proceeds from Equity Method Investment, Distribution, Return of Capital 4    
Northeast Energy, LP [Member]      
Investment in unconsolidated subsidiary $ 131    
v3.19.1
Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Schedule of Schedule of Decommissioning Fund Investments [Line Items]      
Cost $ 738   $ 724
Unrealized gain 553   455
Unrealized loss (3)   (9)
Fair market value 1,288   1,170
Realized gains 3 $ 0  
Realized losses (1) (2)  
Proceeds from sales of securities 78 46  
Investments in securities (83) $ (51)  
Debt Securities [Member]      
Schedule of Schedule of Decommissioning Fund Investments [Line Items]      
Cost 453   444
Unrealized gain 13   7
Unrealized loss (2)   (8)
Fair market value $ 464   $ 443
Debt, Weighted Average Interest Rate 3.62%   3.69%
Decommissioning Fund Investments Debt Securities Average Maturities 9 years   8 years
Decommissioning Fund Investments, debt maturities, one through five years, fair value $ 157    
Decommissioning Fund Investments, debt maturities, five through ten years, fair value 116    
Decommissioning Fund Investments, debt maturities, after ten years, fair value 191    
Equity Securities [Member]      
Schedule of Schedule of Decommissioning Fund Investments [Line Items]      
Cost 285   $ 280
Unrealized gain 540   448
Unrealized loss (1)   (1)
Fair market value $ 824   $ 727
v3.19.1
Supplementary Financial Information (Property, Plant and Equipment) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Jan. 01, 2019
Dec. 31, 2018
Property, Plant and Equipment [Line Items]        
Property, Plant and Equipment, Gross $ 15,574     $ 15,428
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 1,614     1,284
Property, Plant And Equipment Net Of Accumulated Depreciation, Excluding Construction Work In Progress 13,960     14,144
Nuclear Fuel, Net of Amortization 191     191
Construction in Progress, Gross 297     277
Property, plant and equipment — net 14,448   $ 14,627 14,612
Depreciation 335 $ 68    
Electric Generation Equipment        
Property, Plant and Equipment [Line Items]        
Property, Plant and Equipment, Gross 14,757     14,604
Land        
Property, Plant and Equipment [Line Items]        
Property, Plant and Equipment, Gross 642     642
Office Equipment        
Property, Plant and Equipment [Line Items]        
Property, Plant and Equipment, Gross $ 175     $ 182
v3.19.1
Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]          
Beginning balance, Liability $ 2,373 $ 1,936      
Additions:          
Accretion 25 19      
Adjustment for change in estimate (3) 4      
Obligations assumed in the Merger (3)        
Reductions:          
Payments (22) (16)      
Ending balance, Liability 2,373 1,936 $ 2,370 $ 2,373 $ 1,943
Less amounts due currently     (194) (156)  
Noncurrent liability at end of period 2,176        
Nuclear Plant Decommissioning [Member]          
Asset Retirement Obligations [Line Items]          
Regulatory Liabilities     (1)    
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]          
Beginning balance, Liability 1,276 1,233      
Additions:          
Accretion 11 11      
Adjustment for change in estimate 0 0      
Obligations assumed in the Merger 0        
Reductions:          
Payments 0 0      
Ending balance, Liability 1,276 1,233 1,287 1,276 1,244
Less amounts due currently     0    
Noncurrent liability at end of period 1,287        
Mining Land Reclamation [Member]          
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]          
Beginning balance, Liability 442 438      
Additions:          
Accretion 6 5      
Adjustment for change in estimate (1) 4      
Obligations assumed in the Merger 0        
Reductions:          
Payments (14) (16)      
Ending balance, Liability 442 438 433 442 431
Less amounts due currently     (120)    
Noncurrent liability at end of period 313        
Other Asset Retirement Obligations [Member]          
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]          
Beginning balance, Liability 655 265      
Additions:          
Accretion 8 3      
Adjustment for change in estimate (2) 0      
Obligations assumed in the Merger (3)        
Reductions:          
Payments (8) 0      
Ending balance, Liability 655 $ 265 650 $ 655 $ 268
Less amounts due currently     $ (74)    
Noncurrent liability at end of period $ 576        
v3.19.1
Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Supplementary Financial Information [Abstract]    
Retirement and other employee benefits $ 272 $ 270
Finance lease liabilities 12 0
Uncertain tax positions, including accrued interest 5 4
Other 66 66
Total other noncurrent liabilities and deferred credits $ 355 $ 340
v3.19.1
Supplementary Financial Information (Fair Value of Debt) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Vistra Operations Credit Facility [Member] | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure $ 5,805 $ 5,820
Vistra Operations Senior Notes [Member] | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 2,272 987
Vistra Energy Senior Notes [Member] | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 2,504 3,819
Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 15 23
Secured Debt [Member] | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 221 221
Unsecured Debt [Member] | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 100 102
Mandatorily Redeemable Preferred Stock [Member] | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 70 70
Construction Loans [Member] | Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 20 23
Fair Value, Inputs, Level 2 [Member] | Vistra Operations Credit Facility [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 5,727 5,599
Fair Value, Inputs, Level 2 [Member] | Vistra Operations Senior Notes [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 2,386 963
Fair Value, Inputs, Level 2 [Member] | Vistra Energy Senior Notes [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 2,491 3,765
Fair Value, Inputs, Level 2 [Member] | Amortizing Notes Due 2019 (Tangible Equity Units) [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 16 24
Fair Value, Inputs, Level 2 [Member] | Mandatorily Redeemable Preferred Stock [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 70 70
Fair Value, Inputs, Level 2 [Member] | Construction Loans [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 19 21
Level 3 [Member] | Secured Debt [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 221 221
Level 3 [Member] | Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure $ 100 $ 102
v3.19.1
Supplementary Financial Information (Supplemental Cash Flow Information) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Dec. 31, 2017
Supplementary Financial Information [Abstract]        
Cash and cash equivalents $ 546   $ 636  
Restricted cash included in current assets 42   57  
Total cash, cash equivalents and restricted cash 588 $ 1,938 $ 693 $ 2,046
Cash payments related to:        
Interest paid 139 65    
Capitalized interest (3) (3)    
Interest paid (net of capitalized interest) 136 62    
Income taxes 4 0    
Noncash investing and financing activities:        
Construction expenditures $ 45 $ 26    
v3.19.1
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Statements of Income (Loss)) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]    
Operating revenues $ 2,923 $ 765
Fuel, purchased power costs and delivery fees (1,461) (650)
Operating costs (385) (194)
Depreciation and amortization (405) (153)
Selling, general and administrative expenses (182) (162)
Operating income (loss) 490 (394)
Other income 25 10
Other deductions (2) (2)
Interest expense and related charges (222) 9
Impacts of Tax Receivable Agreement 3 (18)
Equity in earnings of unconsolidated investments 7 0
Income (loss) before income taxes 301 (395)
Income tax (expense) benefit (77) 89
Equity in earnings (loss) of subsidiaries, net of tax 0 0
Net income (loss) 224 (306)
Less: Net (income) loss attributable to noncontrolling interest 1 0
Net income (loss) attributable to Vistra Energy 225 (306)
Reportable Legal Entities [Member] | Parent Company [Member]    
Condensed Financial Statements, Captions [Line Items]    
Operating revenues 0 0
Fuel, purchased power costs and delivery fees 0 0
Operating costs 0 0
Depreciation and amortization 0 0
Selling, general and administrative expenses (19) (33)
Operating income (loss) (19) (33)
Other income 10 3
Other deductions 0 0
Interest expense and related charges (39) 0
Impacts of Tax Receivable Agreement 3 (18)
Equity in earnings of unconsolidated investments 0  
Income (loss) before income taxes (45) (48)
Income tax (expense) benefit 13 89
Equity in earnings (loss) of subsidiaries, net of tax 257 (347)
Net income (loss) 225 (306)
Less: Net (income) loss attributable to noncontrolling interest 0  
Net income (loss) attributable to Vistra Energy 225  
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]    
Condensed Financial Statements, Captions [Line Items]    
Operating revenues 2,948 765
Fuel, purchased power costs and delivery fees (1,468) (650)
Operating costs (371) (194)
Depreciation and amortization (382) (153)
Selling, general and administrative expenses (191) (129)
Operating income (loss) 536 (361)
Other income 17 7
Other deductions (2) (2)
Interest expense and related charges (180) 9
Impacts of Tax Receivable Agreement 0 0
Equity in earnings of unconsolidated investments 7  
Income (loss) before income taxes 378 (347)
Income tax (expense) benefit (90) 0
Equity in earnings (loss) of subsidiaries, net of tax 236 0
Net income (loss) 524 (347)
Less: Net (income) loss attributable to noncontrolling interest 0  
Net income (loss) attributable to Vistra Energy 524  
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]    
Condensed Financial Statements, Captions [Line Items]    
Operating revenues 57 0
Fuel, purchased power costs and delivery fees (29) 0
Operating costs (14) 0
Depreciation and amortization (23) 0
Selling, general and administrative expenses (18) 0
Operating income (loss) (27) 0
Other income 0 0
Other deductions 0 0
Interest expense and related charges (5) 0
Impacts of Tax Receivable Agreement 0 0
Equity in earnings of unconsolidated investments 0  
Income (loss) before income taxes (32) 0
Income tax (expense) benefit 9 0
Equity in earnings (loss) of subsidiaries, net of tax 0 0
Net income (loss) (23) 0
Less: Net (income) loss attributable to noncontrolling interest 1  
Net income (loss) attributable to Vistra Energy (22)  
Consolidation, Eliminations [Member]    
Condensed Financial Statements, Captions [Line Items]    
Operating revenues (82) 0
Fuel, purchased power costs and delivery fees 36 0
Operating costs 0 0
Depreciation and amortization 0 0
Selling, general and administrative expenses 46 0
Operating income (loss) 0 0
Other income (2) 0
Other deductions 0 0
Interest expense and related charges 2 0
Impacts of Tax Receivable Agreement 0 0
Equity in earnings of unconsolidated investments 0  
Income (loss) before income taxes 0 0
Income tax (expense) benefit (9) 0
Equity in earnings (loss) of subsidiaries, net of tax (493) 347
Net income (loss) (502) $ 347
Less: Net (income) loss attributable to noncontrolling interest 0  
Net income (loss) attributable to Vistra Energy $ (502)  
v3.19.1
Supplemental Condensed Consolidating Financial Information (Condensed Statements of Consolidating Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]    
Net income (loss) $ 224 $ (306)
Effects related to pension and other retirement benefit obligations (net of tax benefit of $— in all periods) 1 1
Total other comprehensive income 1 1
Comprehensive income (loss) 225 (305)
Comprehensive (income) loss attributable to noncontrolling interest 1 0
Comprehensive income (loss) attributable to Vistra Energy 226 (305)
Reportable Legal Entities [Member] | Parent Company [Member]    
Condensed Financial Statements, Captions [Line Items]    
Net income (loss) 225 (306)
Effects related to pension and other retirement benefit obligations (net of tax benefit of $— in all periods) 0 0
Total other comprehensive income 0 0
Comprehensive income (loss) 225 (306)
Comprehensive (income) loss attributable to noncontrolling interest 0  
Comprehensive income (loss) attributable to Vistra Energy 225  
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]    
Condensed Financial Statements, Captions [Line Items]    
Net income (loss) 524 (347)
Effects related to pension and other retirement benefit obligations (net of tax benefit of $— in all periods) 1 1
Total other comprehensive income 1 1
Comprehensive income (loss) 525 (346)
Comprehensive (income) loss attributable to noncontrolling interest 0  
Comprehensive income (loss) attributable to Vistra Energy 525  
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]    
Condensed Financial Statements, Captions [Line Items]    
Net income (loss) (23) 0
Effects related to pension and other retirement benefit obligations (net of tax benefit of $— in all periods) 0 0
Total other comprehensive income 0 0
Comprehensive income (loss) (23) 0
Comprehensive (income) loss attributable to noncontrolling interest 1  
Comprehensive income (loss) attributable to Vistra Energy (22)  
Consolidation, Eliminations [Member]    
Condensed Financial Statements, Captions [Line Items]    
Net income (loss) (502) 347
Effects related to pension and other retirement benefit obligations (net of tax benefit of $— in all periods) 0 0
Total other comprehensive income 0 0
Comprehensive income (loss) (502) $ 347
Comprehensive (income) loss attributable to noncontrolling interest 0  
Comprehensive income (loss) attributable to Vistra Energy $ (502)  
v3.19.1
Supplemental Condensed Consolidating Financial Information (Condensed Statements of Consolidating Cash Flows) (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended 15 Months Ended 20 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Mar. 31, 2019
Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]          
Net Cash Provided by (Used in) Operating Activities $ 388 $ (22)      
Cash flows — financing activities:          
Issuances of long-term debt 1,300 0      
Repayments/repurchases of debt (1,282) (10)      
Borrowing under accounts receivable securitization program 11 0      
Dividends paid (61)        
Payments for Repurchase of Common Stock (248) 0      
Debt tender offer and other financing fees (64) 0      
Other, net 0 1      
Cash used in financing activities (344) (9)      
Cash flows — investing activities:          
Capital expenditures, including LTSA prepayments (118) (39)      
Nuclear fuel purchases (13) (11)      
Development and growth expenditures (22) (21)     $ (231)
Proceeds from sales of nuclear decommissioning trust fund securities 78 46      
Investments in nuclear decommissioning trust fund securities (83) (51)      
Proceeds from Dividends Received 0        
Other, net 9 (1)      
Cash used in investing activities (149) (77)      
Net change in cash, cash equivalents and restricted cash (105) (108)      
Cash, cash equivalents and restricted cash — beginning balance 693 2,046 $ 2,046 $ 2,046  
Cash, cash equivalents and restricted cash — ending balance 588 1,938 693 588 693
Parent Company [Member]          
Cash flows — financing activities:          
Other, net   0      
Non-Guarantor Subsidiaries [Member]          
Cash flows — financing activities:          
Other, net   0      
Reportable Legal Entities [Member] | Parent Company [Member]          
Condensed Financial Statements, Captions [Line Items]          
Net Cash Provided by (Used in) Operating Activities (22) (78)      
Cash flows — financing activities:          
Issuances of long-term debt 0        
Repayments/repurchases of debt (1,262) 0      
Borrowing under accounts receivable securitization program 0        
Dividends paid (61)        
Payments for Repurchase of Common Stock (248)        
Debt tender offer and other financing fees (48)        
Cash used in financing activities (1,619) 0      
Cash flows — investing activities:          
Capital expenditures, including LTSA prepayments (6) 0      
Nuclear fuel purchases 0 0      
Development and growth expenditures 0 0      
Proceeds from sales of nuclear decommissioning trust fund securities 0 0      
Investments in nuclear decommissioning trust fund securities 0 0      
Proceeds from Dividends Received 1,550        
Other, net 0 0      
Cash used in investing activities 1,544 0      
Net change in cash, cash equivalents and restricted cash (97) (78)      
Cash, cash equivalents and restricted cash — beginning balance 228 1,183 1,183 1,183  
Cash, cash equivalents and restricted cash — ending balance 131 1,105 228 131 228
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]          
Condensed Financial Statements, Captions [Line Items]          
Net Cash Provided by (Used in) Operating Activities 421 56      
Cash flows — financing activities:          
Issuances of long-term debt 1,300        
Repayments/repurchases of debt (20) (10)      
Borrowing under accounts receivable securitization program 0        
Dividends paid (1,550)        
Payments for Repurchase of Common Stock 0        
Debt tender offer and other financing fees (16)        
Other, net   1      
Cash used in financing activities (286) (9)      
Cash flows — investing activities:          
Capital expenditures, including LTSA prepayments (112) (39)      
Nuclear fuel purchases (13) (11)      
Development and growth expenditures (22) (21)      
Proceeds from sales of nuclear decommissioning trust fund securities 78 46      
Investments in nuclear decommissioning trust fund securities (83) (51)      
Proceeds from Dividends Received        
Other, net 9 (1)      
Cash used in investing activities (143) (77)      
Net change in cash, cash equivalents and restricted cash (8) (30)      
Cash, cash equivalents and restricted cash — beginning balance 453 863 863 863  
Cash, cash equivalents and restricted cash — ending balance 445 833 453 445 453
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]          
Condensed Financial Statements, Captions [Line Items]          
Net Cash Provided by (Used in) Operating Activities (11) 0      
Cash flows — financing activities:          
Issuances of long-term debt 0        
Repayments/repurchases of debt 0 0      
Borrowing under accounts receivable securitization program 11        
Dividends paid 0        
Payments for Repurchase of Common Stock 0        
Debt tender offer and other financing fees 0        
Cash used in financing activities 11 0      
Cash flows — investing activities:          
Capital expenditures, including LTSA prepayments 0 0      
Nuclear fuel purchases 0 0      
Development and growth expenditures 0 0      
Proceeds from sales of nuclear decommissioning trust fund securities 0 0      
Investments in nuclear decommissioning trust fund securities 0 0      
Proceeds from Dividends Received        
Other, net 0 0      
Cash used in investing activities 0 0      
Net change in cash, cash equivalents and restricted cash 0 0      
Cash, cash equivalents and restricted cash — beginning balance 12 0 0 0  
Cash, cash equivalents and restricted cash — ending balance 12 0 12 12 12
Consolidation, Eliminations [Member]          
Condensed Financial Statements, Captions [Line Items]          
Net Cash Provided by (Used in) Operating Activities 0 0      
Cash flows — financing activities:          
Issuances of long-term debt 0        
Repayments/repurchases of debt 0 0      
Borrowing under accounts receivable securitization program        
Dividends paid 1,550        
Payments for Repurchase of Common Stock 0        
Debt tender offer and other financing fees 0        
Other, net   0      
Cash used in financing activities 1,550 0      
Cash flows — investing activities:          
Capital expenditures, including LTSA prepayments 0 0      
Nuclear fuel purchases 0 0      
Development and growth expenditures 0 0      
Proceeds from sales of nuclear decommissioning trust fund securities 0 0      
Investments in nuclear decommissioning trust fund securities 0 0      
Proceeds from Dividends Received (1,550)        
Other, net 0 0      
Cash used in investing activities (1,550) 0      
Net change in cash, cash equivalents and restricted cash 0 0      
Cash, cash equivalents and restricted cash — beginning balance 0 0 0 0  
Cash, cash equivalents and restricted cash — ending balance $ 0 $ 0 $ 0 $ 0 $ 0
v3.19.1
Supplemental Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($)
$ in Millions
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Apr. 09, 2018
Mar. 31, 2018
Current assets:          
Cash and cash equivalents $ 546   $ 636    
Restricted cash 42   57    
Advances to affiliates 0   0    
Trade accounts receivable — net 1,000   1,087    
Accounts receivable — affiliates 0   0    
Notes due from affiliates 0   0    
Income taxes receivable 0   0    
Inventories 433   412    
Commodity and other derivative contractual assets 702   730    
Margin deposits related to commodity contracts 331   361    
Prepaid expense and other current assets 270 $ 150 152    
Total current assets 3,324   3,435    
Investments 1,369   1,250    
Investment in unconsolidated subsidiary 133   131    
Investment in affiliated companies 0   0    
Property, plant and equipment — net 14,448 14,627 14,612    
Operating lease right-of-use assets 68 70 0    
Goodwill 2,082   2,068 $ 175  
Identifiable intangible assets — net 2,400   2,493    
Commodity and other derivative contractual assets 97   109    
Accumulated deferred income taxes 1,291 1,337 1,336    
Other noncurrent assets 356   590    
Total assets 25,568   26,024    
Current liabilities:          
Accounts receivable securitization program 350   339    
Advances from affiliates 0   0    
Long-term debt due currently 204   191    
Trade accounts payable 787   945    
Accounts payable — affiliates 0   0    
Notes due to affiliates 0   0    
Commodity and other derivative contractual liabilities 1,215   1,376    
Margin deposits related to commodity contracts 8   4    
Accrued income taxes 37   10    
Accrued taxes other than income 78   182    
Accrued interest 91   77    
Asset retirement obligations 194   156    
Operating lease liabilities 16   0    
Other current liabilities 258 344 345    
Total current liabilities 3,238   3,625    
Long-term debt, less amounts due currently 10,803   10,874    
Operating lease liabilities 90   0    
Commodity and other derivative contractual liabilities 313   270    
Deferred Tax Liabilities, Net, Noncurrent 10   10    
Tax Receivable Agreement obligation 417   420   $ 351
Asset retirement obligation 2,176   2,217    
Identifiable intangible liabilities - net 360 $ 365 401    
Other noncurrent liabilities and deferred credits 355   340    
Total liabilities 17,762   18,157    
Total stockholders' equity 7,804   7,863   $ 4
Noncontrolling interest in subsidiary 2   4    
Total liabilities and equity 25,568   26,024    
Reportable Legal Entities [Member] | Parent Company [Member]          
Current assets:          
Cash and cash equivalents 89   171    
Restricted cash 42   57    
Advances to affiliates 0   11    
Trade accounts receivable — net 19   4    
Accounts receivable — affiliates 0   0    
Notes due from affiliates 0   0    
Income taxes receivable 0   0    
Inventories 0   0    
Commodity and other derivative contractual assets 0   0    
Margin deposits related to commodity contracts 0   0    
Prepaid expense and other current assets 131   2    
Total current assets 281   245    
Investments 0   0    
Investment in unconsolidated subsidiary 0   0    
Investment in affiliated companies 9,910   11,186    
Property, plant and equipment — net 21   15    
Operating lease right-of-use assets 0        
Goodwill 0   0    
Identifiable intangible assets — net 13   10    
Commodity and other derivative contractual assets 0   0    
Accumulated deferred income taxes 809   809    
Other noncurrent assets 131   255    
Total assets 11,165   12,520    
Current liabilities:          
Accounts receivable securitization program 0   0    
Advances from affiliates 0   0    
Long-term debt due currently 15   23    
Trade accounts payable 1   2    
Accounts payable — affiliates 250   236    
Notes due to affiliates 0   0    
Commodity and other derivative contractual liabilities 0   0    
Margin deposits related to commodity contracts 0   0    
Accrued income taxes 37   11    
Accrued taxes other than income 0   0    
Accrued interest 65   48    
Asset retirement obligations 0   0    
Operating lease liabilities 0        
Other current liabilities 51   74    
Total current liabilities 419   394    
Long-term debt, less amounts due currently 2,504   3,819    
Operating lease liabilities 0        
Commodity and other derivative contractual liabilities 0   0    
Deferred Tax Liabilities, Net, Noncurrent 0   0    
Tax Receivable Agreement obligation 417   420    
Asset retirement obligation 0   0    
Identifiable intangible liabilities - net 0   0    
Other noncurrent liabilities and deferred credits 21   20    
Total liabilities 3,361   4,653    
Total stockholders' equity 7,804   7,867    
Noncontrolling interest in subsidiary 0   0    
Total liabilities and equity 11,165   12,520    
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]          
Current assets:          
Cash and cash equivalents 445   453    
Restricted cash 0   0    
Advances to affiliates 39   11    
Trade accounts receivable — net 614   729    
Accounts receivable — affiliates 333   245    
Notes due from affiliates 101   101    
Income taxes receivable 0   1    
Inventories 417   391    
Commodity and other derivative contractual assets 702   730    
Margin deposits related to commodity contracts 331   361    
Prepaid expense and other current assets 120   134    
Total current assets 3,102   3,156    
Investments 1,337   1,218    
Investment in unconsolidated subsidiary 133   131    
Investment in affiliated companies 144   263    
Property, plant and equipment — net 13,868   14,017    
Operating lease right-of-use assets 66        
Goodwill 2,082   2,068    
Identifiable intangible assets — net 2,385   2,480    
Commodity and other derivative contractual assets 97   109    
Accumulated deferred income taxes 563   599    
Other noncurrent assets 219   330    
Total assets 23,996   24,371    
Current liabilities:          
Accounts receivable securitization program 0   0    
Advances from affiliates 0   0    
Long-term debt due currently 184   163    
Trade accounts payable 776   928    
Accounts payable — affiliates 0   0    
Notes due to affiliates 0   0    
Commodity and other derivative contractual liabilities 1,215   1,376    
Margin deposits related to commodity contracts 8   4    
Accrued income taxes 0   0    
Accrued taxes other than income 75   181    
Accrued interest 30   29    
Asset retirement obligations 194   156    
Operating lease liabilities 14        
Other current liabilities 206   267    
Total current liabilities 2,702   3,104    
Long-term debt, less amounts due currently 8,270   7,027    
Operating lease liabilities 83        
Commodity and other derivative contractual liabilities 313   270    
Deferred Tax Liabilities, Net, Noncurrent 0   0    
Tax Receivable Agreement obligation 0   0    
Asset retirement obligation 2,162   2,203    
Identifiable intangible liabilities - net 243   278    
Other noncurrent liabilities and deferred credits 317   303    
Total liabilities 14,090   13,185    
Total stockholders' equity 9,906   11,186    
Noncontrolling interest in subsidiary 0   0    
Total liabilities and equity 23,996   24,371    
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member]          
Current assets:          
Cash and cash equivalents 12   12    
Restricted cash 0   0    
Advances to affiliates 0   0    
Trade accounts receivable — net 433   464    
Accounts receivable — affiliates 0   0    
Notes due from affiliates 0   0    
Income taxes receivable 0   0    
Inventories 16   21    
Commodity and other derivative contractual assets 0   0    
Margin deposits related to commodity contracts 0   0    
Prepaid expense and other current assets 19   16    
Total current assets 480   513    
Investments 32   32    
Investment in unconsolidated subsidiary 0   0    
Investment in affiliated companies 0   0    
Property, plant and equipment — net 559   580    
Operating lease right-of-use assets 2        
Goodwill 0   0    
Identifiable intangible assets — net 2   3    
Commodity and other derivative contractual assets 0   0    
Accumulated deferred income taxes 0   0    
Other noncurrent assets 6   5    
Total assets 1,081   1,133    
Current liabilities:          
Accounts receivable securitization program 350   339    
Advances from affiliates 39   22    
Long-term debt due currently 5   5    
Trade accounts payable 65   121    
Accounts payable — affiliates 83   9    
Notes due to affiliates 101   101    
Commodity and other derivative contractual liabilities 0   0    
Margin deposits related to commodity contracts 0   0    
Accrued income taxes 0   0    
Accrued taxes other than income 3   1    
Accrued interest 6   4    
Asset retirement obligations 0   0    
Operating lease liabilities 2        
Other current liabilities 1   4    
Total current liabilities 655   606    
Long-term debt, less amounts due currently 29   28    
Operating lease liabilities 7        
Commodity and other derivative contractual liabilities 0   0    
Deferred Tax Liabilities, Net, Noncurrent 91   82    
Tax Receivable Agreement obligation 0   0    
Asset retirement obligation 14   14    
Identifiable intangible liabilities - net 117   123    
Other noncurrent liabilities and deferred credits 17   17    
Total liabilities 930   870    
Total stockholders' equity 149   259    
Noncontrolling interest in subsidiary 2   4    
Total liabilities and equity 1,081   1,133    
Consolidation, Eliminations [Member]          
Current assets:          
Cash and cash equivalents 0   0    
Restricted cash 0   0    
Advances to affiliates (39)   (22)    
Trade accounts receivable — net (66)   (110)    
Accounts receivable — affiliates (333)   (245)    
Notes due from affiliates (101)   (101)    
Income taxes receivable 0   (1)    
Inventories 0   0    
Commodity and other derivative contractual assets 0   0    
Margin deposits related to commodity contracts 0   0    
Prepaid expense and other current assets 0   0    
Total current assets (539)   (479)    
Investments 0   0    
Investment in unconsolidated subsidiary 0   0    
Investment in affiliated companies (10,054)   (11,449)    
Property, plant and equipment — net 0   0    
Operating lease right-of-use assets 0        
Goodwill 0   0    
Identifiable intangible assets — net 0   0    
Commodity and other derivative contractual assets 0   0    
Accumulated deferred income taxes (81)   (72)    
Other noncurrent assets 0   0    
Total assets (10,674)   (12,000)    
Current liabilities:          
Accounts receivable securitization program 0   0    
Advances from affiliates (39)   (22)    
Long-term debt due currently 0   0    
Trade accounts payable (55)   (106)    
Accounts payable — affiliates (333)   (245)    
Notes due to affiliates (101)   (101)    
Commodity and other derivative contractual liabilities 0   0    
Margin deposits related to commodity contracts 0   0    
Accrued income taxes 0   (1)    
Accrued taxes other than income 0   0    
Accrued interest (10)   (4)    
Asset retirement obligations 0   0    
Operating lease liabilities 0        
Other current liabilities 0   0    
Total current liabilities (538)   (479)    
Long-term debt, less amounts due currently 0   0    
Operating lease liabilities 0        
Commodity and other derivative contractual liabilities 0   0    
Deferred Tax Liabilities, Net, Noncurrent (81)   (72)    
Tax Receivable Agreement obligation 0   0    
Asset retirement obligation 0   0    
Identifiable intangible liabilities - net 0   0    
Other noncurrent liabilities and deferred credits 0   0    
Total liabilities (619)   (551)    
Total stockholders' equity (10,055)   (11,449)    
Noncontrolling interest in subsidiary 0   0    
Total liabilities and equity $ (10,674)   $ (12,000)