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Revenue | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | REVENUE Revenue Disaggregation The following tables disaggregate our revenue by major source:
| Year Ended December 31, 2023
Retail |  | Texas |  | East |  | West |  | Sunset |  | Asset Closure |  | Eliminations |  | Consolidated
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail energy charge in ERCOT | $ | 7,674 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,674 |
Retail energy charge in Northeast/Midwest | 1,642 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,642 |
Wholesale generation revenue from ISO/RTO | — |  |  | 1,060 |  |  | 1,036 |  |  | 421 |  |  | 392 |  |  | — |  |  | — |  |  | 2,909 |
Capacity revenue from ISO/RTO (a) | — |  |  | — |  |  | 57 |  |  | — |  |  | 41 |  |  | — |  |  | — |  |  | 98 |
Revenue from other wholesale contracts | — |  |  | 505 |  |  | 654 |  |  | 179 |  |  | 143 |  |  | — |  |  | — |  |  | 1,481 |
Total revenue from contracts with customers | 9,316 |  |  | 1,565 |  |  | 1,747 |  |  | 600 |  |  | 576 |  |  | — |  |  | — |  |  | 13,804 |
Other revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible amortization | (1) |  |  | — |  |  | (2) |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | (6) |
Transferable PTC revenues | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |
Hedging and other revenues (b) | 1,257 |  |  | (1,611) |  |  | 277 |  |  | 310 |  |  | 736 |  |  | — |  |  | 2 |  |  | 971 |
Affiliate sales (c) | — |  |  | 3,859 |  |  | 2,193 |  |  | 4 |  |  | 522 |  |  | — |  |  | (6,578) |  |  | — |
Total other revenues | 1,256 |  |  | 2,258 |  |  | 2,468 |  |  | 314 |  |  | 1,255 |  |  | — |  |  | (6,576) |  |  | 975 |
Total revenues | $ | 10,572 |  |  | $ | 3,823 |  |  | $ | 4,215 |  |  | $ | 914 |  |  | $ | 1,831 |  |  | $ | — |  |  | $ | (6,576) |  |  | $ | 14,779 |
____________ (a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $157 million of capacity sold offset by $100 million of capacity purchased. The Sunset segment includes $76 million of capacity sold offset by $35 million of capacity purchased. (b)Includes $714 million of unrealized net gains from mark-to-market valuations of commodity positions.
For the year ended |  | Retail |  | Texas |  | East |  | West |  | Sunset |  | Asset Closure |  | Corporate and Other |  | Eliminations (1) |  | Consolidated
December 31, 2023 |  | $ | 191 |  |  | $ | (758) |  |  | $ | 1,165 |  |  | $ | 237 |  |  | $ | 603 |  |  | $ | 36 |  |  | $ | — |  |  | $ | (760) |  |  | $ | 714 |
____________ (1) Amounts attributable to generation segments offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (c)East and Sunset segments include $641 million and $187 million, respectively, of affiliated unrealized net gains, and Texas segment includes $62 million of affiliated unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.
| Year Ended December 31, 2022
Retail |  | Texas |  | East |  | West |  | Sunset |  | Asset Closure |  | Eliminations |  | Consolidated
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail energy charge in ERCOT | $ | 6,971 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,971 |
Retail energy charge in Northeast/Midwest | 2,139 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,139 |
Wholesale generation revenue from ISO/RTO | — |  |  | 1,105 |  |  | 1,209 |  |  | 467 |  |  | 950 |  |  | 562 |  |  | — |  |  | 4,293 |
Capacity revenue from ISO/RTO (a) | — |  |  | — |  |  | 20 |  |  | — |  |  | 56 |  |  | 27 |  |  | — |  |  | 103 |
Revenue from other wholesale contracts | — |  |  | 696 |  |  | 1,106 |  |  | 151 |  |  | 150 |  |  | 22 |  |  | — |  |  | 2,125 |
Total revenue from contracts with customers | 9,110 |  |  | 1,801 |  |  | 2,335 |  |  | 618 |  |  | 1,156 |  |  | 611 |  |  | — |  |  | 15,631 |
Other revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible amortization | — |  |  | — |  |  | 1 |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | (6) |
Hedging and other revenues (b) | 345 |  |  | (640) |  |  | (316) |  |  | (291) |  |  | (765) |  |  | (231) |  |  | 1 |  |  | (1,897) |
Affiliate sales (c) | — |  |  | 2,572 |  |  | 1,686 |  |  | 9 |  |  | 484 |  |  | 4 |  |  | (4,755) |  |  | — |
Total other revenues | 345 |  |  | 1,932 |  |  | 1,371 |  |  | (282) |  |  | (288) |  |  | (227) |  |  | (4,754) |  |  | (1,903) |
Total revenues | $ | 9,455 |  |  | $ | 3,733 |  |  | $ | 3,706 |  |  | $ | 336 |  |  | $ | 868 |  |  | $ | 384 |  |  | $ | (4,754) |  |  | $ | 13,728 |
____________ (a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $302 million of capacity sold offset by $282 million of capacity purchased. The Sunset segment includes $59 million of capacity sold offset by $3 million of capacity purchased. The Asset Closure segment includes $27 million of capacity sold. (b)Includes $2.163 billion of unrealized net losses from mark-to-market valuations of commodity positions.
For the year ended |  | Retail |  | Texas |  | East |  | West |  | Sunset |  | Asset Closure |  | Corporate and Other |  | Eliminations (1) |  | Consolidated
December 31, 2022 |  | (532) |  |  | (1,472) |  |  | (757) |  |  | (324) |  |  | (3) |  |  | 106 |  |  | — |  |  | 819 |  |  | (2,163) |
____________ (1) Amounts attributable to generation segments offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (c)Texas and East segments include $817 million and $38 million, respectively, of affiliated unrealized net losses, and Sunset and Asset Closure segment includes $30 million and $4 million, respectively, of affiliated unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment.
| Year Ended December 31, 2021
Retail |  | Texas |  | East |  | West |  | Sunset |  | Asset Closure |  | Eliminations |  | Consolidated
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail energy charge in ERCOT | $ | 5,733 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,733 |
Retail energy charge in Northeast/Midwest | 2,255 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,255 |
Wholesale generation revenue from ISO/RTO | — |  |  | 3,808 |  |  | 786 |  |  | 229 |  |  | 1,050 |  |  | 475 |  |  | — |  |  | 6,348 |
Capacity revenue from ISO/RTO (a) | — |  |  | — |  |  | (22) |  |  | 1 |  |  | 122 |  |  | 62 |  |  | — |  |  | 163 |
Revenue from other wholesale contracts | — |  |  | 2,302 |  |  | 602 |  |  | 104 |  |  | 192 |  |  | 1 |  |  | — |  |  | 3,201 |
Total revenue from contracts with customers | 7,988 |  |  | 6,110 |  |  | 1,366 |  |  | 334 |  |  | 1,364 |  |  | 538 |  |  | — |  |  | 17,700 |
Other revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible amortization | (2) |  |  | — |  |  | 74 |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  | 60 |
Hedging and other revenues (b) | (115) |  |  | (4,355) |  |  | 123 |  |  | 35 |  |  | (929) |  |  | (442) |  |  | — |  |  | (5,683) |
Affiliate sales (c) | — |  |  | 1,035 |  |  | 1,024 |  |  | 5 |  |  | 238 |  |  | (18) |  |  | (2,284) |  |  | — |
Total other revenues | (117) |  |  | (3,320) |  |  | 1,221 |  |  | 40 |  |  | (703) |  |  | (460) |  |  | (2,284) |  |  | (5,623) |
Total revenues | $ | 7,871 |  |  | $ | 2,790 |  |  | $ | 2,587 |  |  | $ | 374 |  |  | $ | 661 |  |  | $ | 78 |  |  | $ | (2,284) |  |  | $ | 12,077 |
____________ (a)Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $470 million of capacity purchased offset by $448 million of capacity sold. The West segment includes $1 million of capacity sold. The Sunset segment includes $126 million of capacity sold offset by $4 million of capacity purchased. The Asset Closure segment includes $62 million of capacity sold. (b)Includes $1.191 billion of unrealized net losses from mark-to-market valuations of commodity positions.
For the year ended |  | Retail |  | Texas |  | East |  | West |  | Sunset |  | Asset Closure |  | Corporate and Other |  | Eliminations (1) |  | Consolidated
December 31, 2021 |  | (325) |  |  | (1,272) |  |  | (637) |  |  | (42) |  |  | (394) |  |  | (240) |  |  | — |  |  | 1,719 |  |  | (1,191) |
____________ (1) Amounts attributable to generation segments offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (c)Texas, East, Sunset and Asset Closure segments include $1.028 billion, $529 million, $144 million and $18 million respectively, of affiliated unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment. Retail Energy Charges Revenue is recognized when electricity is delivered to our customers in an amount that we expect to invoice for volumes delivered or services provided. Sales tax is excluded from revenue. Payment terms vary from 15 to 60 days from invoice date. Revenue is recognized over-time using the output method based on kilowatt hours delivered. Energy charges are delivered as a series of distinct services and are accounted for as a single performance obligation. Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or electric distribution companies. Estimated amounts are adjusted when actual usage is known and billed. As contracts for retail electricity can be for multi-year periods, the Company has performance obligations under these contracts that have not yet been satisfied. These performance obligations have transaction prices that are both fixed and variable, and that vary based on the contract duration and customer type. For the fixed price contracts, the amount of any unsatisfied performance obligations will vary based on customer usage, which will depend on factors such as weather and customer activity and therefore it is not practicable to estimate such amounts. Wholesale Generation Revenue from ISOs/RTOs Revenue is recognized when volumes are delivered to the ISO/RTO. Revenue is recognized over time using the output method based on kilowatt hours delivered and cash is settled within 10 days of invoicing. Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely. Wholesale generation revenues are delivered as a series of distinct services and are accounted for as a single performance obligation. When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues. Capacity Revenue From ISO/RTO We offer generation capacity into competitive ISO/RTO auctions in exchange for revenue from awarded capacity offers. Capacity ensures installed generation and demand response is available to satisfy system integrity and reliability requirements. Capacity revenues are recognized when the performance obligation is satisfied ratably over time as our power generation facilities stand ready to deliver power to the customer. Penalties are assessed by the ISO/RTO against generation facilities if the facility is not available during the capacity period. The penalties are recorded as a reduction to revenue. Revenue from Other Wholesale Contracts Other wholesale contracts include other revenue activity with the ISO/RTO, such as ancillary services, auction revenue, neutrality revenue and revenue from nonaffiliated retail electric providers, municipalities or other wholesale counterparties. Revenue is recognized when the service is performed. Revenue is recognized over time using the output method based on kilowatt hours delivered or other applicable measurements, and cash settles shortly after invoicing. Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely. Other wholesale contracts are delivered as a series of distinct services and are accounted for as a single performance obligation. Other Revenues Other revenues, as included in the tables of disaggregated revenue above, represent amounts not accounted for under ASC 606, Revenue from Contracts with Customers and are comprised of intangible amortization, hedging and other revenues and affiliate sales. •Intangible amortization represents amortization of acquired intangible liabilities related to retail and wholesale contracts (see Note 6). •Some of our contracts for the sale of electricity meet the definition of a derivative under the accounting standards related to derivative instruments. Revenue from derivative contracts accounted for under ASC 815, Derivatives and Hedging is not considered revenue from contracts with customers under the accounting standards related to revenue. Our revenue from the sale of electricity under derivative contracts, including the impact of unrealized gains or losses on those contracts, is reported in the table above as hedging and other revenues. •Sales to affiliates are presented by segment and eliminated in consolidation. Contract and Other Customer Acquisition Costs We defer costs to acquire retail contracts and amortize these costs over the expected life of the contract. The expected life of a retail contract is calculated using historical attrition rates, which we believe to be an accurate indicator of future attrition rates. The deferred acquisition and contract cost balance as of December 31, 2023 and 2022 was $97 million and $89 million, respectively. The amortization related to these costs during the years ended December 31, 2023, 2022 and 2021 totaled $88 million, $83 million and $75 million respectively, recorded as SG&A expenses, and $6 million, $6 million and $6 million, respectively, recorded as a reduction to operating revenues in the consolidated statements of operations. Practical Expedients The vast majority of revenues are recognized under the right to invoice practical expedient, which allows us to recognize revenue in the same amount that we have a right to invoice our customers. Unbilled revenues are recorded based on the volumes delivered and services provided to the customers at the end of the period, using the right to invoice practical expedient. We have elected to not disclose the value of unsatisfied performance obligations for contracts with variable consideration for which we recognize revenue using the right to invoice practical expedient. We use the portfolio approach in evaluating similar customer contracts with similar performance obligations. Sales taxes are not included in revenue. Performance Obligations As of December 31, 2023, we have future performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or contracts with customers. Therefore, an obligation exists as of the date of the results of the respective ISO/RTO capacity auction or the contract execution date. These obligations total $480 million, $417 million, $282 million, $100 million and $62 million that will be recognized in the years ending December 31, 2024, 2025, 2026, 2027 and 2028, respectively, and $610 million thereafter. Capacity revenues are recognized as capacity is made available to the related ISOs/RTOs or counterparties. Accounts Receivable The following table presents trade accounts receivable (net of allowance for uncollectible accounts) relating to both ASC 606, Revenue from Contracts with Customers and other activities:
| December 31,
| 2023 |  | 2022
Trade accounts receivable from contracts with customers — net | $ | 1,239 |  |  | $ | 1,644 |
Other trade accounts receivable — net | 435 |  |  | 415 |
Total trade accounts receivable — net | $ | 1,674 |  |  | $ | 2,059 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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