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Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

Vistra has both finance and operating leases for real estate, rail cars and equipment. Our leases have remaining lease terms for 1 to 34 years. Our leases include options to renew up to 15 years. Certain leases also contain options to terminate the lease.

Lease Cost

The following table presents costs related to lease activities:

			Year Ended December 31,
			2023						2022						2021
Operating lease cost			$	12					$	9					$	11
Finance lease:
Finance lease right-of-use asset amortization			10						9						9
Interest on lease liabilities			11						12						10
Total finance lease cost			21						21						19
Variable lease cost (a)			37						22						29
Short-term lease cost			44						47						35
Sublease income (b)			—						—						(7)
Net lease cost			$	114					$	99					$	87

____________

(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:

			December 31,
			2023						2022
Lease assets:
Operating lease right-of-use assets			$	50					$	51
Finance lease right-of-use assets (net of accumulated depreciation)			160						$	173
Total lease right-of-use assets			210						224
Current lease liabilities:
Operating lease liabilities			7						8
Finance lease liabilities			9						9
Total current lease liabilities			16						17
Noncurrent lease liabilities:
Operating lease liabilities			48						45
Finance lease liabilities			227						237
Total noncurrent lease liabilities			275						282
Total lease liabilities			$	291					$	299

Supplemental Cash Flow Information

The following table presents lease related cash flows and other information:

			Year Ended December 31,
			2023						2022						2021
Non-cash disclosure upon commencement of new lease:
Right-of-use assets obtained in exchange for new operating lease liabilities			3						19						7
Right-of-use assets obtained in exchange for new finance lease liabilities			—						6						—
Non-cash disclosure upon modification of existing lease:
Modification of operating lease right-of-use assets			7						—						(4)
Modification of finance lease right-of-use assets			(1)						4						(1)

Weighted Average Remaining Lease Term

The following table presents weighted average remaining lease term information:

			December 31,
			2023						2022
Weighted average remaining lease term:
Operating lease			20.1 years						15.8 years
Finance lease			24.0 years						24.2 years
Weighted average discount rate:
Operating lease			6.49%						6.26		%
Finance lease			4.81%						4.81		%

Maturity of Lease Liabilities

The following table presents maturity of lease liabilities:

			Operating Lease						Finance Lease						Total Lease
2024			$	10					$	20					$	30
2025			7						19						26
2026			4						14						18
2027			4						13						17
2028			4						13						17
Thereafter			77						345						422
Total lease payments			106						424						530
Less: Interest			(51)						(188)						(239)
Present value of lease liabilities			$	55					$	236					$	291

Leases

LEASES

Vistra has both finance and operating leases for real estate, rail cars and equipment. Our leases have remaining lease terms for 1 to 34 years. Our leases include options to renew up to 15 years. Certain leases also contain options to terminate the lease.

Lease Cost

The following table presents costs related to lease activities:

			Year Ended December 31,
			2023						2022						2021
Operating lease cost			$	12					$	9					$	11
Finance lease:
Finance lease right-of-use asset amortization			10						9						9
Interest on lease liabilities			11						12						10
Total finance lease cost			21						21						19
Variable lease cost (a)			37						22						29
Short-term lease cost			44						47						35
Sublease income (b)			—						—						(7)
Net lease cost			$	114					$	99					$	87

____________

(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:

			December 31,
			2023						2022
Lease assets:
Operating lease right-of-use assets			$	50					$	51
Finance lease right-of-use assets (net of accumulated depreciation)			160						$	173
Total lease right-of-use assets			210						224
Current lease liabilities:
Operating lease liabilities			7						8
Finance lease liabilities			9						9
Total current lease liabilities			16						17
Noncurrent lease liabilities:
Operating lease liabilities			48						45
Finance lease liabilities			227						237
Total noncurrent lease liabilities			275						282
Total lease liabilities			$	291					$	299

Supplemental Cash Flow Information

The following table presents lease related cash flows and other information:

			Year Ended December 31,
			2023						2022						2021
Non-cash disclosure upon commencement of new lease:
Right-of-use assets obtained in exchange for new operating lease liabilities			3						19						7
Right-of-use assets obtained in exchange for new finance lease liabilities			—						6						—
Non-cash disclosure upon modification of existing lease:
Modification of operating lease right-of-use assets			7						—						(4)
Modification of finance lease right-of-use assets			(1)						4						(1)

Weighted Average Remaining Lease Term

The following table presents weighted average remaining lease term information:

			December 31,
			2023						2022
Weighted average remaining lease term:
Operating lease			20.1 years						15.8 years
Finance lease			24.0 years						24.2 years
Weighted average discount rate:
Operating lease			6.49%						6.26		%
Finance lease			4.81%						4.81		%

Maturity of Lease Liabilities

The following table presents maturity of lease liabilities:

			Operating Lease						Finance Lease						Total Lease
2024			$	10					$	20					$	30
2025			7						19						26
2026			4						14						18
2027			4						13						17
2028			4						13						17
Thereafter			77						345						422
Total lease payments			106						424						530
Less: Interest			(51)						(188)						(239)
Present value of lease liabilities			$	55					$	236					$	291

X

- References

No definition available.

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X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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