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Supplementary Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Supplementary Financial Information [Abstract] |
Schedule of Interest Expense and Related Charges |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Interest expense | $ | 654 |  |  | $ | 591 |  |  | $ | 480 |
Unrealized mark-to-market net (gains) losses on interest rate swaps | 36 |  |  | (250) |  |  | (134) |
Amortization of debt issuance costs, discounts and premiums | 26 |  |  | 28 |  |  | 30 |
Facility Fee expense | 8 |  |  | — |  |  | — |
Debt extinguishment (gain) loss | (3) |  |  | (1) |  |  | 1 |
Capitalized interest | (37) |  |  | (29) |  |  | (26) |
Other (a) | 56 |  |  | 29 |  |  | 33 |
Total interest expense and related charges | $ | 740 |  |  | $ | 368 |  |  | $ | 384 |
(a)For the year ended December 31, 2023, includes $21 million of fees related to the Commitment Letter (see Note 2).
Schedule of Other Nonoperating Income (Expense) |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Other income: |  |  |  |  |
Insurance settlements (a) | $ | 24 |  |  | $ | 70 |  |  | $ | 88 |
Gain on sale of land (b) | 95 |  |  | 8 |  |  | 9 |
Gain on TRA settlement (c) | 29 |  |  | — |  |  | — |
Gain on settlement of rail transportation disputes (d) | — |  |  | — |  |  | 15 |
Interest income | 86 |  |  | 19 |  |  | — |
All other | 23 |  |  | 20 |  |  | 28 |
Total other income | $ | 257 |  |  | $ | 117 |  |  | $ | 140 |
Other deductions: |  |  |  |  |
All other | $ | 14 |  |  | $ | 4 |  |  | $ | 16 |
Total other deductions | $ | 14 |  |  | $ | 4 |  |  | $ | 16 |
____________ (a)For the year ended December 31, 2023, $19 million reported in the West segment and $5 million in the Asset Closure segment. For the year ended December 31, 2022, $62 million reported in the Texas segment, $6 million reported in the West segment, $1 million reported in the Asset Closure segment and $1 million reported in the Corporate and Other non-segment. For the year ended December 31, 2021, $80 million reported in the Texas segment, $7 million reported in the Sunset segment and $1 million reported in Corporate and Other. (b)For the year ended December 31, 2023, $94 million reported in the Asset Closure segment and $1 million reported in the Texas segment. For the years ended December 31, 2022 and 2021, reported in the Asset Closure segment. (c)Reported in the Corporate and Other. (d)Reported in the Asset Closure segment.
Schedule of Restricted Cash |
| December 31, 2023 |  | December 31, 2022
| Current Assets |  | Noncurrent Assets |  | Current Assets |  | Noncurrent Assets
Amounts related to remediation escrow accounts | $ | 40 |  |  | $ | 14 |  |  | $ | 37 |  |  | $ | 33 |
Total restricted cash | $ | 40 |  |  | $ | 14 |  |  | $ | 37 |  |  | $ | 33 |
The following table reconciles cash, cash equivalents and restricted cash reported in our consolidated statements of cash flows to the amounts reported in our consolidated balance sheets at December 31, 2023 and 2022:
| December 31,
| 2023 |  | 2022
Cash and cash equivalents | $ | 3,485 |  |  | $ | 455 |
Restricted cash included in current assets | 40 |  |  | 37 |
Restricted cash included in noncurrent assets | 14 |  |  | 33 |
Total cash, cash equivalents and restricted cash | $ | 3,539 |  |  | $ | 525 |
Schedule of Accounts, Notes, Loans and Financing Receivable |
| December 31,
| 2023 |  | 2022
Wholesale and retail trade accounts receivable | $ | 1,735 |  |  | $ | 2,124 |
Allowance for uncollectible accounts | (61) |  |  | (65) |
Trade accounts receivable — net | $ | 1,674 |  |  | $ | 2,059 |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Allowance for uncollectible accounts receivable at beginning of period | $ | 65 |  |  | $ | 45 |  |  | $ | 45 |
Increase for bad debt expense | 164 |  |  | 179 |  |  | 110 |
Decrease for account write-offs | (168) |  |  | (159) |  |  | (110) |
Allowance for uncollectible accounts receivable at end of period | $ | 61 |  |  | $ | 65 |  |  | $ | 45 |
Schedule of Inventory, Current |
| December 31,
| 2023 |  | 2022
Materials and supplies | $ | 289 |  |  | $ | 274 |
Fuel stock | 420 |  |  | 252 |
Natural gas in storage | 31 |  |  | 44 |
Total inventories | $ | 740 |  |  | $ | 570 |
Summary of Other Investments |
| December 31,
| 2023 |  | 2022
Nuclear decommissioning trust | $ | 1,951 |  |  | $ | 1,648 |
Assets related to employee benefit plans | 28 |  |  | 30 |
Land investments | 42 |  |  | 41 |
Miscellaneous other | 14 |  |  | 10 |
Total investments | $ | 2,035 |  |  | $ | 1,729 |
Summary of Fair Market Value of Investments in the Fund | A summary of the fair market value of investments in the fund follows:
|  |  |  |  |  |  | Year Ended December 31,
|  |  |  |  |  |  | 2023 |  | 2022
Debt securities (a) |  |  |  |  |  |  | $ | 734 |  |  | $ | 658 |
Equity securities (b) |  |  |  |  |  |  | 1,217 |  |  | 990 |
Total |  |  |  |  |  |  | $ | 1,951 |  |  | $ | 1,648 |
____________ (a)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 3.19% and 2.64% as of December 31, 2023 and 2022, respectively, and an average maturity of 11 years as of both December 31, 2023 and 2022. (b)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.
Schedule of Realized Gain (Loss) | The following table summarizes proceeds from sales of securities and investments in new securities.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Proceeds from sales of securities | $ | 601 |  |  | $ | 670 |  |  | $ | 483 |
Investments in securities | $ | (624) |  |  | $ | (693) |  |  | $ | (505) |
Schedule of Property, Plant and Equipment |
Schedule of Asset Retirement Obligations | The following table summarizes the changes to these obligations, reported as AROs (current and noncurrent liabilities) in our consolidated balance sheets, for the years ended December 31, 2023, 2022 and 2021:
| Nuclear Plant Decommissioning |  |  |  | Land Reclamation, Coal Ash and Other |  | Total
Liability at December 31, 2020 | $ | 1,585 |  |  |  |  | $ | 851 |  |  | $ | 2,436 |
Additions: |  |  |  |  |  |  |
Accretion | 50 |  |  |  |  | 38 |  |  | 88 |
Adjustment for change in estimates (a) | — |  |  |  |  | 14 |  |  | 14 |
Reductions: |  |  |  |  |  |  |
Payments | — |  |  |  |  | (88) |  |  | (88) |
Liability at December 31, 2021 | 1,635 |  |  |  |  | 815 |  |  | 2,450 |
Additions: |  |  |  |  |  |  |
Accretion | 53 |  |  |  |  | 34 |  |  | 87 |
Adjustment for change in estimates (a) | — |  |  |  |  | 49 |  |  | 49 |
Reductions: |  |  |  |  |  |  |
Payments | — |  |  |  |  | (88) |  |  | (88) |
Liability transfers (b) | — |  |  |  |  | (61) |  |  | (61) |
Liability at December 31, 2022 | 1,688 |  |  |  |  | 749 |  |  | 2,437 |
Additions: |  |  |  |  |  |  |
Accretion | 54 |  |  |  |  | 34 |  |  | 88 |
Adjustment for change in estimates (a) | — |  |  |  |  | 94 |  |  | 94 |
Reductions: |  |  |  |  |  |  |
Payments | — |  |  |  |  | (81) |  |  | (81) |
Liability at December 31, 2023 | 1,742 |  |  |  |  | 796 |  |  | 2,538 |
Less amounts due currently | — |  |  |  |  | (124) |  |  | (124) |
Noncurrent liability at December 31, 2023 | $ | 1,742 |  |  |  |  | $ | 672 |  |  | $ | 2,414 |
____________ (a)Includes non-cash additions to asset retirement costs included in property, plant and equipment of $67 million, $19 million and $19 million for the years ended December 31, 2023, 2022 and 2021, respectively. (b)Represents ARO transferred to a third-party for remediation. Any remaining unpaid third-party obligation has been reclassified to other current liabilities and other noncurrent liabilities and deferred credits in our consolidated balance sheets.
Schedule of Other Noncurrent Liabilities and Deferred Credits | The balance of other noncurrent liabilities and deferred credits consists of the following:
| December 31,
| 2023 |  | 2022
Retirement and other employee benefits (Note 18) | $ | 247 |  |  | $ | 237 |
Winter Storm Uri impact (a) | 26 |  |  | 35 |
Identifiable intangible liabilities (Note 6) | 131 |  |  | 140 |
Regulatory liability (b) | 209 |  |  | — |
Finance lease liabilities | 227 |  |  | 237 |
Uncertain tax positions, including accrued interest | — |  |  | 13 |
Liability for third-party remediation | 17 |  |  | 37 |
Accrued severance costs | 36 |  |  | 36 |
Other accrued expenses | 58 |  |  | 269 |
Total other noncurrent liabilities and deferred credits | $ | 951 |  |  | $ | 1,004 |
____________ (a)Includes future bill credits related to large commercial and industrial customers that curtailed during Winter Storm Uri. (b)As of December 31, 2023, the fair value of the assets contained in the nuclear decommissioning trust was higher than the carrying value of our ARO related to our nuclear generation plant decommissioning and recorded as a regulatory liability of $209 million in other noncurrent liabilities and deferred credits. As of December 31, 2022, the carrying value of our ARO related to our nuclear generation plant decommissioning was higher than fair value of the assets contained in the nuclear decommissioning trust and recorded as a regulatory asset of $40 million in other noncurrent assets.
Schedule of Fair Value of Debt |
|  |  |  | December 31, 2023 |  | December 31, 2022
Long-term debt (see Note 12): |  | Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt under the Vistra Operations Credit Facilities |  | Level 2 |  | $ | 2,456 |  |  | $ | 2,500 |  |  | $ | 2,519 |  |  | $ | 2,486 |
Vistra Operations Senior Notes |  | Level 2 |  | 11,881 |  |  | 11,752 |  |  | 9,378 |  |  | 8,830 |
Equipment Financing Agreements |  | Level 3 |  | 65 |  |  | 62 |  |  | 74 |  |  | 72 |
Schedule of Cash Flow, Supplemental Disclosures | The following table summarizes our supplemental cash flow information for the years ended December 31, 2023, 2022 and 2021, respectively.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash payments related to: |  |  |  |  |
Interest paid | $ | 636 |  |  | $ | 581 |  |  | $ | 482 |
Capitalized interest | (37) |  |  | (29) |  |  | (26) |
Interest paid (net of capitalized interest) | $ | 599 |  |  | $ | 552 |  |  | $ | 456 |
Non-cash investing and financing activities: |  |  |  |  |
Accrued property, plant and equipment additions (a) | $ | 104 |  |  | $ | 103 |  |  | $ | 171 |
Book value of nuclear fuel sold | $ | 26 |  |  | $ | — |  |  | $ | — |
____________ (a)Represents property, plant and equipment accruals during the period for which cash has not been paid as of the end of the period.
Schedule of Cash and Cash Equivalents | The following table reconciles cash, cash equivalents and restricted cash reported in our consolidated statements of cash flows to the amounts reported in our consolidated balance sheets at December 31, 2023 and 2022:
| December 31,
| 2023 |  | 2022
Cash and cash equivalents | $ | 3,485 |  |  | $ | 455 |
Restricted cash included in current assets | 40 |  |  | 37 |
Restricted cash included in noncurrent assets | 14 |  |  | 33 |
Total cash, cash equivalents and restricted cash | $ | 3,539 |  |  | $ | 525 |

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