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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Amounts in the table below represent the categories of long-term debt obligations, including amounts due currently, incurred by the Company.
| December 31,
| 2023 |  | 2022
Vistra Operations Credit Facilities, Term Loan B-3 Facility due December 20, 2030 | $ | 2,500 |  |  | $ | 2,514 |
Vistra Operations Senior Secured Notes: |  |  |
4.875% Senior Secured Notes, due May 13, 2024 | 400 |  |  | 400 |
3.550% Senior Secured Notes, due July 15, 2024 | 1,500 |  |  | 1,500 |
5.125% Senior Secured Notes, due May 13, 2025 | 1,100 |  |  | 1,100 |
3.700% Senior Secured Notes, due January 30, 2027 | 800 |  |  | 800 |
4.300% Senior Secured Notes, due July 15, 2029 | 800 |  |  | 800 |
6.950% Senior Secured Notes, due October 15, 2033 | 1,050 |  |  | — |
Total Vistra Operations Senior Secured Notes | 5,650 |  |  | 4,600 |
Vistra Operations Senior Unsecured Notes: |  |  |
5.500% Senior Unsecured Notes, due September 1, 2026 | 1,000 |  |  | 1,000 |
5.625% Senior Unsecured Notes, due February 15, 2027 | 1,300 |  |  | 1,300 |
5.000% Senior Unsecured Notes, due July 31, 2027 | 1,300 |  |  | 1,300 |
4.375% Senior Unsecured Notes, due May 15, 2029 | 1,250 |  |  | 1,250 |
7.750% Senior Unsecured Notes, due October 15, 2031 | 1,450 |  |  | — |
Total Vistra Operations Senior Unsecured Notes | 6,300 |  |  | 4,850 |
Other: |  |  |
Equipment Financing Agreements | 67 |  |  | 79 |
Total other long-term debt | 67 |  |  | 79 |
Unamortized debt premiums, discounts and issuance costs | (115) |  |  | (72) |
Total long-term debt including amounts due currently | 14,402 |  |  | 11,971 |
Less amounts due currently (a) | (2,286) |  |  | (38) |
Total long-term debt less amounts due currently | $ | 12,116 |  |  | $ | 11,933 |
____________ (a) Includes $356 million of the 5.125% senior secured notes due 2025 repurchased for cash as part of the Senior Secured Notes Tender Offer in January 2024 (described below) as the payment was made with current assets on our consolidated balance sheet as of December 31, 2023.
Schedule of Line of Credit Facilities | Our credit facilities and related available capacity at December 31, 2023 are presented below.
|  |  |  | December 31, 2023
Credit Facilities |  | Maturity Date |  | Facility Limit |  | Cash Borrowings |  | Letters of Credit Outstanding |  | Available Capacity
Extended Revolving Credit Facility (a) |  | April 29, 2027 |  | $ | 3,175 |  |  | $ | — |  |  | $ | 1,962 |  |  | $ | 1,213 |
Term Loan B-3 Facility (b) |  | December 20, 2030 |  | 2,500 |  |  | 2,500 |  |  | — |  |  | — |
Total Vistra Operations Credit Facilities |  |  |  | $ | 5,675 |  |  | $ | 2,500 |  |  | $ | 1,962 |  |  | $ | 1,213 |
Commodity-Linked Facility (c) |  | October 2, 2024 |  | $ | 1,575 |  |  | $ | — |  |  | — |  |  | $ | 1,101 |
Total Credit Facilities |  |  |  | $ | 7,250 |  |  | $ | 2,500 |  |  | $ | 1,962 |  |  | $ | 2,314 |
___________ (a)Extended Revolving Credit Facility is used for general corporate purposes. Cash borrowings under the Extended Revolving Credit Facility are reported in short-term borrowings in our consolidated balance sheets. The full amount of Extended Revolving Credit Facility available capacity can be utilized to issue letters of credit. In December 2022, Vistra Operations terminated $350 million in Extended Revolving Credit Facility commitments. (b)Effective December 20, 2023, cash borrowings under the Term Loan B-3 Facility are subject to required scheduled quarterly payments of $6.25 million beginning in March 2024. Amounts paid cannot be reborrowed. (c)Commodity-Linked Facility (defined below) is used to support our comprehensive hedging strategy. As of December 31, 2023, the borrowing base of $1.101 billion is lower than the facility limit which represents aggregate commitments of $1.575 billion. See Commodity-Linked Revolving Credit Facility below for discussion of the borrowing base calculation. The Commodity-Linked Facility was amended in October 2023, increasing the aggregate commitments to $1.575 billion and extending the term to October 2024. The deemed hedge portfolio was also updated to reflect current hedge positions, including the addition of the 2025 deemed hedges. Cash borrowings under the Commodity-Linked Facility are reported in short-term borrowings in our consolidated balance sheets.
Schedule of Interest Rate Derivatives | Vistra employs interest rate swaps to hedge our exposure to variable rate debt. As of December 31, 2023, Vistra has entered into the following series of interest rate swap transactions. The rate ranges in the table below reflect the fixed leg of each swap plus an interest margin of 2.00%. The February 2024 and July 2026 swaps were amended in the second quarter of 2023 to reflect the conversion of LIBOR to SOFR.
|  | Notional Amount |  | Expiration Date |  | Rate Range
Swapped to fixed |  | $600 |  | February 2024 |  | 3.86 | % | - | 3.88%
Swapped to variable |  | $600 |  | February 2024 |  | 3.35 | % | - | 3.36%
Swapped to fixed |  | $3,000 |  | July 2026 |  | 4.89 | % | - | 4.97%
Swapped to variable |  | $700 |  | July 2026 |  | 3.44 | % | - | 3.49%
Swapped to fixed (a) |  | $1,625 |  | December 2030 |  | 5.20 | % | - | 5.37%
____________ (a)Effective from July 2026 through December 2030.
Schedule of Maturities of Long-Term Debt | Long-term debt maturities at December 31, 2023 are as follows:
| December 31, 2023
2024 | $ | 2,293 |
2025 | 779 |
2026 | 1,031 |
2027 | 3,427 |
2028 | 27 |
Thereafter | 6,960 |
Unamortized premiums, discounts and debt issuance costs | (115) |
Total long-term debt, including amounts due currently | $ | 14,402 |

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