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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION The operations of Vistra are aligned into six reportable business segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, (v) Sunset and (vi) Asset Closure. Our Chief Executive Officer is our CODM. Our CODM reviews the results of these segments separately and allocates resources to the respective segments as part of our strategic operations. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources. The Retail segment is engaged in retail sales of electricity and natural gas to residential, commercial and industrial customers. Substantially all of these activities are conducted by TXU Energy, Ambit, Dynegy Energy Services, Homefield Energy and U.S. Gas & Electric across 19 states in the U.S. The Texas and East segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel production and fuel logistics management. The Texas segment represents results from Vistra's electricity generation operations in the ERCOT market, other than assets that are now part of the Sunset or Asset Closure segments. The East segment represents results from Vistra's electricity generation operations in the Eastern Interconnection of the U.S. electric grid, other than assets that are now part of the Sunset or Asset Closure segments, and includes operations in the PJM, ISO-NE and NYISO markets. We determined it was appropriate to aggregate results from these markets into one reportable segment, East, given similar economic characteristics. The West segment represents results from the CAISO market, including our battery ESS projects at our Moss Landing power plant site (see Note 3). The Sunset segment consists of generation plants with announced retirement dates after December 31, 2023. Separately reporting the Sunset segment differentiates operating plants with announced retirement plans from our other operating plants in the Texas, East and West segments. We have allocated unrealized gains and losses on the commodity risk management activities to the Sunset segment for the generation plants that have announced retirement dates after December 31, 2023. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines (see Note 4). The Asset Closure segment also includes results from generation plants we retired in the years ended December 31, 2023 and 2022. Upon movement of generation plant assets to either the Sunset or Asset Closure segments, prior year results are retrospectively adjusted, if the effects are material, for comparative purposes. Separately reporting the Asset Closure segment provides management with better information related to the performance and earnings power of Vistra's ongoing operations and facilitates management's focus on minimizing the cost associated with decommissioning and reclamation of retired plants and mines. We have allocated unrealized gains and losses on the commodity risk management activities attributable to the plants retired in 2022 and 2023. Corporate and Other represents the remaining non-segment operations consisting primarily of general corporate expenses, interest, taxes and other expenses related to our support functions that provide shared services to our operating segments. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1. Our CODM uses more than one measure to assess segment performance, but primarily focuses on Adjusted EBITDA. While we believe this is a useful metric in evaluating operating performance, it is not a metric defined by U.S. GAAP and may not be comparable to non-GAAP metrics presented by other companies. Adjusted EBITDA is 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.
For the year ended |  | Retail |  | Texas |  | East |  | West |  | Sunset |  | Asset Closure |  | Corporate and Other (a) |  | Eliminations |  | Consolidated
Operating revenues: |  |
December 31, 2023 |  | $ | 10,572 |  |  | $ | 3,823 |  |  | $ | 4,215 |  |  | $ | 914 |  |  | $ | 1,831 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (6,578) |  |  | $ | 14,779 |
December 31, 2022 |  | 9,455 |  |  | 3,733 |  |  | 3,706 |  |  | 336 |  |  | 868 |  |  | 384 |  |  | 1 |  |  | (4,755) |  |  | 13,728 |
December 31, 2021 |  | 7,871 |  |  | 2,790 |  |  | 2,587 |  |  | 374 |  |  | 661 |  |  | 78 |  |  | — |  |  | (2,284) |  |  | 12,077 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  | $ | (102) |  |  | $ | (544) |  |  | $ | (647) |  |  | $ | (79) |  |  | $ | (62) |  |  | $ | — |  |  | $ | (68) |  |  | $ | — |  |  | $ | (1,502) |
December 31, 2022 |  | (145) |  |  | (537) |  |  | (706) |  |  | (42) |  |  | (66) |  |  | (31) |  |  | (69) |  |  | — |  |  | (1,596) |
December 31, 2021 |  | (212) |  |  | (608) |  |  | (698) |  |  | (60) |  |  | (94) |  |  | (45) |  |  | (36) |  |  | — |  |  | (1,753) |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  | $ | 443 |  |  | $ | 300 |  |  | $ | 1,158 |  |  | $ | 425 |  |  | $ | 639 |  |  | $ | (111) |  |  | $ | (193) |  |  | $ | — |  |  | $ | 2,661 |
December 31, 2022 |  | 1,172 |  |  | (711) |  |  | (867) |  |  | (250) |  |  | (228) |  |  | (158) |  |  | (135) |  |  | — |  |  | (1,177) |
December 31, 2021 |  | 2,213 |  |  | (2,601) |  |  | (552) |  |  | (8) |  |  | (67) |  |  | (417) |  |  | (83) |  |  | — |  |  | (1,515) |
Interest expense and related charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  | $ | (20) |  |  | $ | 21 |  |  | $ | — |  |  | $ | 8 |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (742) |  |  | $ | — |  |  | $ | (740) |
December 31, 2022 |  | (14) |  |  | 20 |  |  | (3) |  |  | 6 |  |  | (3) |  |  | (3) |  |  | (371) |  |  | — |  |  | (368) |
December 31, 2021 |  | (9) |  |  | 14 |  |  | (15) |  |  | 9 |  |  | (3) |  |  | — |  |  | (381) |  |  | 1 |  |  | (384) |
Income tax (expense) benefit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (507) |  |  | $ | — |  |  | $ | (508) |
December 31, 2022 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350 |  |  | — |  |  | 350 |
December 31, 2021 |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 460 |  |  | — |  |  | 458 |
Net income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  | $ | 424 |  |  | $ | 354 |  |  | $ | 1,160 |  |  | $ | 454 |  |  | $ | 633 |  |  | $ | (6) |  |  | $ | (1,527) |  |  | $ | — |  |  | $ | 1,492 |
December 31, 2022 |  | 1,158 |  |  | (615) |  |  | (868) |  |  | (238) |  |  | (230) |  |  | (147) |  |  | (270) |  |  | — |  |  | (1,210) |
December 31, 2021 |  | 2,196 |  |  | (2,512) |  |  | (567) |  |  | 1 |  |  | (61) |  |  | (374) |  |  | 53 |  |  | — |  |  | (1,264) |
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures:
December 31, 2023 |  | $ | 1 |  |  | $ | 500 |  |  | $ | 105 |  |  | $ | 18 |  |  | $ | 69 |  |  | $ | — |  |  | $ | 58 |  |  | $ | — |  |  | $ | 751 |
December 31, 2022 |  | 1 |  |  | 335 |  |  | 56 |  |  | 116 |  |  | 33 |  |  | — |  |  | 55 |  |  | — |  |  | 596 |
December 31, 2021 |  | 1 |  |  | 266 |  |  | 44 |  |  | 8 |  |  | 28 |  |  | 3 |  |  | 48 |  |  | — |  |  | 398 |
____________ (a)Income tax (expense) benefit is generally not reflected in net income (loss) of the segments but is reflected almost entirely in Corporate and Other net income (loss).

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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