← Filings of VST
Tables in the 10-K of Vistra Corp.
116 tables with numbers, filed Feb 26, 2018. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| | PAGE |
| Glossary | | ii |
| PART I. | | |
| Item 1. | BUSINESS | 1 |
| Item 1A. | RISK FACTORS | 12 |
| Item 1B. | UNRESOLVED STAFF COMMENTS | 34 |
| Item 2. | PROPERTIES | 34 |
| Item 3. | LEGAL PROCEEDINGS | 35 |
First 8 of 28 rows. The CSV has all of them.
Table 2 after “When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.”
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| CCGT | combined cycle gas turbine |
| CFTC | U.S. Commodity Futures Trading Commission |
| Chapter 11 Cases | Cases in the U.S. Bankruptcy Court for the District of Delaware (Bankruptcy Court) concerning voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankruptcy Code) filed on April 29, 2014 by the Debtors. On the Effective Date, the TCEH Debtors (together with the Contributed EFH Debtors) emerged from the Chapter 11 Cases. |
| CME | Chicago Mercantile Exchange |
| CO2 | carbon dioxide |
| Contributed EFH Debtors | certain EFH Debtors that became subsidiaries of Vistra Energy on the Effective Date |
| CSAPR | Cross-State Air Pollution Rule issued by the EPA in July 2011 |
| DIP Facility | TCEH's $3.375 billion debtor-in-possession financing facility, which was repaid in August 2016 (see Note 12 to the Financial Statements) |
First 8 of 23 rows. The CSV has all of them.
| Petition Date | April 29, 2014, the date the Debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code |
| Plan of Reorganization | Third Amended Joint Plan of Reorganization filed by the Debtors in August 2016 and confirmed by the Bankruptcy Court in August 2016 solely with respect to the TCEH Debtors and the Contributed EFH Debtors |
| PrefCo | Vistra Preferred Inc. |
| PrefCo Preferred Stock Sale | as part of the Spin-Off, the contribution of certain of the assets of the Predecessor and its subsidiaries by a subsidiary of TEX Energy LLC to PrefCo in exchange for all of PrefCo's authorized preferred stock, consisting of 70,000 shares, par value $0.01 per share |
| PUCT | Public Utility Commission of Texas |
| PURA | Texas Public Utility Regulatory Act |
| REP | retail electric provider |
| RCT | Railroad Commission of Texas, which among other things, has oversight of lignite mining activity in Texas |
First 8 of 23 rows. The CSV has all of them.
Table 4 after “Luminant's generation fleet consists of 49 power generation units, all of which are wholly owned and operate within the ERCOT electricity ma”
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| Name | Location (all in the state of Texas) | Fuel Type | Dispatch Type | Installed Nameplate Generation Capacity (MW) | Number of Units | |
| Comanche Peak | Somervell County | Nuclear | Baseload | 2,300 | | 2 |
| Oak Grove | Robertson County | Lignite | Baseload | 1,600 | | 2 |
| Martin Lake | Rusk County | Lignite/Coal | Intermediate/Load Following | 2,250 | | 3 |
| Forney | Kaufman County | Natural Gas (CCGT) | Intermediate/Load Following | 1,912 | | 8 |
| Lamar | Lamar County | Natural Gas (CCGT) | Intermediate/Load Following | 1,076 | | 6 |
| Odessa | Ector County | Natural Gas (CCGT) | Intermediate/Load Following | 1,054 | | 6 |
| Morgan Creek | Mitchell County | Natural Gas (CT) | Peaking | 390 | | 6 |
First 8 of 15 rows. The CSV has all of them.
Table 5 after “The following table sets forth the per share high and low closing prices and per share cash dividends declared per common share for the peri”
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| 2017 | 2016 | | | | | | |
| Fourth Quarter | Third Quarter | | Second Quarter | First Quarter | Fourth Quarter | | |
| High price | $20.49 | | $18.70 | | $16.86 | | $17.95 | $16.40 |
| Low price | $17.24 | | $15.88 | | $14.59 | | $15.36 | $13.60 |
| Dividends per common share | $— | | $— | | $— | | $— | $2.32 |
| VISTRA ENERGY CORP.SELECTED CONSOLIDATED FINANCIAL INFORMATION(Millions of Dollars, Except Per Share Amounts and Ratios | | | | | | | | | | | |
| Successor | | Predecessor | | | | | | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | | Period from January 1, 2016 through October 2, 2016 | | Year Ended December 31, | | | | |
| | | | 2015 | | 2014 | | 2013 | | | |
| Operating revenues | $5,430 | | $1,191 | | | | $3,973 | | $5,370 | $5,978 | $5,899 |
| Impairment of goodwill | $— | | $— | | | | $— | | $(2,200) | $(1,600) | $(1,000) |
| Impairment of long-lived assets | $(25) | | $— | | | | $— | | $(2,541) | $(4,670) | $(140) |
| Operating income (loss) | $198 | | $(161) | | | | $568 | | $(4,091) | $(6,015) | $(1,113) |
First 8 of 13 rows. The CSV has all of them.
| Successor | | Predecessor | | | | | |
| At December 31, | | At December 31, | | | | | |
| 2017 | 2016 | | 2015 | 2014 | 2013 | | |
| Balance Sheet Information: | | | | | | | | |
| Total assets (b)(c) | $14,600 | | $15,167 | | $15,658 | | $21,343 | $28,822 |
| Property, plant and equipment — net (b)(c) | $4,820 | | $4,443 | | $9,349 | | $12,288 | $17,649 |
| Goodwill and intangible assets | $4,437 | | $5,112 | | $1,331 | | $3,688 | $5,669 |
| Long-term debt including current maturities (d) | $4,423 | | $4,623 | | $19 | | $73 | $31,758 |
First 8 of 11 rows. The CSV has all of them.
Table 8 after “Results of operations by quarter are summarized below. In our opinion, all adjustments (consisting of normal recurring accruals) necessary f”
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| Successor | | | | | |
| Quarter Ended | | | | | |
| March 31 | June 30 | | September 30 | December 31 (a) | |
| 2017: | | | | | | |
| Operating revenues | $1,357 | | $1,296 | | $1,833 | $944 |
| Operating income (loss) | $155 | | $53 | | $452 | $(462) |
| Net income (loss) | $78 | | $(26) | | $273 | $(579) |
| Net income (loss) per weighted average share of common stock outstanding — basic | $0.18 | | $(0.06) | | $0.64 | $(1.35) |
First 8 of 9 rows. The CSV has all of them.
Table 9 after “Results of operations by quarter are summarized below. In our opinion, all adjustments (consisting of normal recurring accruals) necessary f”
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| Predecessor | | Successor | | | | |
| Quarter Ended | Period from July 1 through October 2 (b) | | Period from October 3 through December 31 | | | |
| March 31 | June 30 | | | | | |
| 2016: | | | | | | | |
| Operating revenues | $1,049 | | $1,233 | | $1,690 | | $1,191 |
| Operating income (loss) | $39 | | $(112) | | $640 | | $(161) |
| Net income (loss) | $(343) | | $(499) | | $23,693 | | $(163) |
| Net loss per weighted average share of common stock outstanding — basic | | | | | | $(0.38) | |
First 8 of 9 rows. The CSV has all of them.
| Balance 2018 (a) | 2019 |
| $0.50/MMBtu increase in natural gas price (b)(c) | $ ~25 | $ ~155 |
| $0.50/MMBtu decrease in natural gas price (b)(c) | $ ~(15) | $ ~(155) |
| 1.0/MMBtu/MWh increase in market heat rate (d) | $ ~60 | $ ~110 |
| 1.0/MMBtu/MWh decrease in market heat rate (d) | $ ~(55) | $ ~(100) |
| Successor | | | | | | |
| Year Ended December 31, 2017 | | | | | | |
| Wholesale Generation | Retail Electricity | | Eliminations / Corporate and Other | Vistra Energy Consolidated | | |
| Operating revenues | $2,758 | | $4,058 | | $(1,386) | | $5,430 |
| Fuel, purchased power costs and delivery fees | (1,588) | | (2,733) | | 1,386 | | (2,935) |
| Operating costs | (958) | | (14) | | (1) | | (973) |
| Depreciation and amortization (a) | (230) | | (430) | | (39) | | (699) |
| Selling, general and administrative expenses | (143) | | (420) | | (37) | | (600) |
First 8 of 17 rows. The CSV has all of them.
Table 12 after “Vistra Energy Consolidated Financial Results — Period from October 3, 2016 through December 31, 2016”
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| Successor | | | | | | |
| Period from October 3, 2016 through December 31, 2016 | | | | | | |
| Wholesale Generation | Retail Electricity | | Eliminations / Corporate and Other | Vistra Energy Consolidated | | |
| Operating revenues | $450 | | $912 | | $(171) | | $1,191 |
| Fuel, purchased power costs and delivery fees | (376) | | (515) | | 171 | | (720) |
| Operating costs | (205) | | (3) | | — | | (208) |
| Depreciation and amortization (a) | (53) | | (153) | | (10) | | (216) |
| Selling, general and administrative expenses | (71) | | (130) | | (7) | | (208) |
First 8 of 15 rows. The CSV has all of them.
Table 13 after “Year Ended December 31, 2017 and Period from October 3, 2016 through December 31, 2016”
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| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Sales volumes (GWh): | | | |
| Retail electricity sales volumes: | | | |
| Residential | 20,536 | | 4,485 |
| Business markets | 18,496 | | 4,430 |
| Total retail electricity sales volumes | 39,032 | | 8,915 |
| Wholesale electricity sales volumes (a) | 48,578 | | 13,806 |
First 8 of 21 rows. The CSV has all of them.
Table 14 after “For the year ended December 31, 2017, wholesale electricity sales and operating costs include unfavorable impacts totaling $74 million due t”
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| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Wholesale electricity sales | $1,487 | | $456 |
| Unrealized net (losses) on hedging activities | (151) | | (182) |
| Sales to affiliates | 1,539 | | 284 |
| Unrealized net (losses) on hedging activities with affiliates | (154) | | (113) |
| Other revenues | 37 | | 5 |
| Total wholesale electricity revenues | $2,758 | | $450 |
Table 15 after “to the Financial Statements). For the year ended December 31, 2017, fuel and purchased power costs also included $12 million in unrealized l”
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| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Fuel for nuclear facilities | $82 | | $31 |
| Fuel for lignite and coal facilities | 793 | | 229 |
| Fuel for natural gas facilities and purchased power costs | 613 | | 97 |
| Unrealized (gains) losses from hedging activities | 12 | | (22) |
| Ancillary and other costs | 88 | | 41 |
| Total fuel and purchased power costs | $1,588 | | $376 |
Table 16 after “and included $907 million related to 8,915 GWh in sales volumes. Sales volumes for the period were evenly split between residential and busi”
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| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Retail electricity sales | $3,916 | | $907 |
| Amortization income (expense) of identifiable intangible assets related to retail contracts (see Note 7 to the Financial Statements) | (46) | | (36) |
| Other revenues | 188 | | 41 |
| Total retail electricity revenues | $4,058 | | $912 |
Table 17 after “for the year ended December 31, 2017 and the period from October 3, 2016 through December 31, 2016, respectively, and reflected the followin”
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| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Purchases from affiliates | $1,539 | | $284 |
| Unrealized net gains on hedging activities with affiliates | (154) | | (113) |
| Delivery fees | 1,345 | | 320 |
| Other costs | 3 | | 24 |
| Total purchased power costs and delivery fees | $2,733 | | $515 |
Table 18 after “Period from January 1, 2016 through October 2, 2016 and the Year Ended December 31, 2015”
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| Predecessor | | |
| Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Operating revenues | $3,973 | | $5,370 |
| Fuel, purchased power costs and delivery fees | (2,082) | | (2,692) |
| Net gain from commodity hedging and trading activities | 282 | | 334 |
| Operating costs | (664) | | (834) |
| Depreciation and amortization | (459) | | (852) |
| Selling, general and administrative expenses | (482) | | (676) |
First 8 of 18 rows. The CSV has all of them.
Table 19 after “Period from January 1, 2016 through October 2, 2016 and the Year Ended December 31, 2015”
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| Predecessor | | |
| Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Operating revenues: | | | |
| Retail electricity revenues | $3,154 | | $4,449 |
| Wholesale electricity revenues and other operating revenues (a)(b) | 819 | | 921 |
| Total operating revenues | $3,973 | | $5,370 |
| Fuel, purchased power costs and delivery fees: | | | |
| Fuel for nuclear facilities | $92 | | $146 |
First 8 of 32 rows. The CSV has all of them.
Table 20 after “Following is an analysis of amounts reported as net losses from commodity hedging and trading activities. Results are primarily related to n”
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| Predecessor | | |
| Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Realized net gains | $320 | | $217 |
| Unrealized net gains (losses) | (38) | | 117 |
| Total | $282 | | $334 |
Table 21 after “The table below summarizes the changes in commodity contract assets and liabilities for the periods presented. The net change in these asset”
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| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Commodity contract net asset at beginning of period | $64 | | $181 | | $271 | $180 |
| Settlements/termination of positions (a) | (207) | | (95) | | (232) | (263) |
| Changes in fair value of positions in the portfolio (b) | 62 | | (71) | | 194 | 380 |
| Other activity (c) | (15) | | 49 | | (35) | (26) |
| Commodity contract net asset (liability) at end of period | $(96) | | $64 | | $198 | $271 |
Table 22 after “, scheduled by the source of fair value and contractual settlement dates of the underlying positions.”
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| Successor | | | | | | | |
| Maturity dates of unrealized commodity contract net liability at December 31, 2017 | | | | | | | |
| Source of fair value | Less than1 year | 1-3 years | | 4-5 years | Excess of5 years | Total | | |
| Prices actively quoted | $11 | | $(9) | | $— | | $— | $2 |
| Prices provided by other external sources | (12) | | (33) | | — | | — | (45) |
| Prices based on models | (16) | | (45) | | (1) | | 9 | (53) |
| Total | $(17) | | $(87) | | $(1) | | $9 | $(96) |
| December 31, 2017 | December 31, 2016 | | Change | |
| Cash and cash equivalents (a) | $1,487 | | $843 | | $644 |
| Vistra Operations Credit Facilities — Revolving Credit Facility | 834 | | 860 | | (26) |
| Vistra Operations Credit Facilities — Term Loan C Facility (b) | 7 | | 131 | | (124) |
| Total liquidity | $2,328 | | $1,834 | | $494 |
Table 24 after “to the Financial Statements for additional disclosures regarding these debts and noncancellable purchase obligations.”
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| Contractual Cash Obligations: | Less ThanOne Year | One toThreeYears | | Three toFiveYears | MoreThan FiveYears | Total | | |
| Debt – principal, including capital leases (a) | $44 | | $88 | | $87 | | $4,189 | $4,408 |
| Debt – interest | 197 | | 389 | | 382 | | 147 | 1,115 |
| Operating leases | 17 | | 27 | | 18 | | 150 | 212 |
| Obligations under commodity purchase and services agreements (b) | 520 | | 368 | | 316 | | 582 | 1,786 |
| Total contractual cash obligations | $778 | | $872 | | $803 | | $5,068 | $7,521 |
Table 25 after “— This measurement estimates the potential loss in fair value, due to changes in market conditions, of all underlying generation assets and ”
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| Year Ended December 31, | | |
| 2017 | 2016 | |
| Month-end average VaR: | $92 | | $65 |
| Month-end high VaR: | $140 | | $119 |
| Month-end low VaR: | $62 | | $30 |
Table 26 after “to the Financial Statements for further discussion of these financial instruments.”
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| Expected Maturity Date | | | | | | | | | | | | | | | | |
| (millions of dollars, except percentages) | | | | | | | | | | | | | | | | |
| 2018 | 2019 | | 2020 | 2021 | 2022 | | There-after | 2017Total CarryingAmount | 2017Total FairValue | | 2016Total CarryingAmount | 2016Total FairValue | | | | |
| Long-term debt, including current maturities (a): | | | | | | | | | | | | | | | | | |
| Variable rate debt amount | $39 | | $39 | | $39 | | $39 | | $39 | | $4,116 | | $4,311 | $4,334 | | $4,500 | $4,552 |
| Average interest rate (b) | 3.98% | | 3.98% | | 3.98% | | 3.98% | | 3.98% | | 3.98% | | 3.98% | | 4.78% | | |
| Debt swapped to fixed (c): | | | | | | | | | | | | | | | | | |
| Notional amount | $— | | $— | | $— | | $— | | $— | | $3,000 | | $3,000 | | $3,000 | | |
First 8 of 10 rows. The CSV has all of them.
Table 27 after “. Credit collateral includes cash and letters of credit, but excludes other credit enhancements such as guarantees or liens on assets.”
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| ExposureBefore CreditCollateral | CreditCollateral | | NetExposure | |
| Investment grade | $132 | | $— | | $132 |
| Below investment grade or no rating | 10 | | 6 | | 4 |
| Totals | $142 | | $6 | | $136 |
Table 28 after “(Millions of Dollars, Except Per Share Amounts)”
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| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Operating revenues | $5,430 | | $1,191 | | $3,973 | $5,370 |
| Fuel, purchased power costs and delivery fees | (2,935) | | (720) | | (2,082) | (2,692) |
| Net gain from commodity hedging and trading activities | — | | — | | 282 | 334 |
| Operating costs | (973) | | (208) | | (664) | (834) |
| Depreciation and amortization | (699) | | (216) | | (459) | (852) |
| Selling, general and administrative expenses | (600) | | (208) | | (482) | (676) |
First 8 of 26 rows. The CSV has all of them.
| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Net income (loss) | $(254) | | $(163) | | $22,851 | $(4,677) |
| Other comprehensive income (loss), net of tax effects: | | | | | | |
| Effects related to pension and other retirement benefit obligations (net of tax (benefit) expense of $(6), $3, $— and $—) | (23) | | 6 | | — | — |
| Other comprehensive income, net of tax effects —cash flow hedges derivative value net loss related to hedged transactions recognized during the period (net of tax benefit of $— in all periods) | — | | — | | 1 | 2 |
| Total other comprehensive income (loss) | (23) | | 6 | | 1 | 2 |
| Comprehensive income (loss) | $(277) | | $(157) | | $22,852 | $(4,675) |
| VISTRA ENERGY CORP.STATEMENTS OF CONSOLIDATED CASH FLOWS(Millions of Dollars) | | | | | | |
| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Cash flows — operating activities: | | | | | | |
| Net income (loss) | $(254) | | $(163) | | $22,851 | $(4,677) |
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | | | | | | |
| Depreciation and amortization | 835 | | 285 | | 532 | 995 |
| Deferred income tax expense (benefit), net | 418 | | (76) | | (1,270) | (883) |
First 8 of 35 rows. The CSV has all of them.
| VISTRA ENERGY CORP.CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS(Unaudited) (Millions of Dollars) | | | | | | |
| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Cash flows — financing activities: | | | | | | |
| Repayments/repurchases of debt (Note 12) | (191) | | — | | (2,655) | (21) |
| Incremental Term Loan B Facility (Note 12) | — | | 1,000 | | — | — |
| Special Dividend (Note 14) | — | | (992) | | — | — |
| Net proceeds from issuance of preferred stock (Note 5) | — | | — | | 69 | — |
First 8 of 29 rows. The CSV has all of them.
| VISTRA ENERGY CORP.CONSOLIDATED BALANCE SHEETS(Millions of Dollars) | | | |
| Year Ended December 31, | | |
| 2017 | 2016 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $1,487 | | $843 |
| Restricted cash (Note 21) | 59 | | 95 |
| Trade accounts receivable — net (Note 21) | 582 | | 612 |
First 8 of 40 rows. The CSV has all of them.
| VISTRA ENERGY CORP.CONSOLIDATED BALANCE SHEETS(Millions of Dollars) | | |
| Year Ended December 31, | |
| Commitments and Contingencies (Note 13) | | |
| Total equity (Note 14): | | |
| Common stock (par value — $0.01; number of shares authorized — 1,800,000,000) (shares outstanding: December 31, 2017 — 428,398,802; December 31, 2016 — 427,580,232) | 4 | 4 |
| Additional paid-in-capital | 7,765 | 7,742 |
| Retained deficit | (1,410) | (1,155) |
| Accumulated other comprehensive income (loss) | (17) | 6 |
First 8 of 10 rows. The CSV has all of them.
| VISTRA ENERGY CORP.STATEMENTS OF CONSOLIDATED EQUITY(Millions of Dollars) | | | | | | | | |
| Common Stock (Successor) / Capital Account (Predecessor) | Additional Paid-In Capital (Successor) | | Retained Deficit (Successor) | Accumulated Other Comprehensive Income (Loss) | Total | | |
| Shareholders' equity in Successor: | | | | | | | | |
| Balances at October 3, 2016 | $— | | $— | | $— | | $— | $— |
| Shares issued upon Emergence | 4 | | 7,737 | | — | | — | 7,741 |
| Effects of stock-based compensation | — | | 4 | | — | | — | 4 |
| Other issuances of common stock | — | | 1 | | — | | — | 1 |
| Net loss | — | | — | | (163) | | — | (163) |
First 8 of 24 rows. The CSV has all of them.
Table 35 after “The following table summarizes the consideration paid and the allocation of the purchase price to the fair value amounts recognized for the ”
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| Cash paid to seller at close | $603 |
| Net working capital adjustments | (4) |
| Consideration paid to seller | 599 |
| Cash paid to repay project financing at close | 950 |
| Total cash paid related to acquisition | $1,549 |
| Cash and cash equivalents | $210 |
| Property, plant and equipment — net | 1,316 |
| Commodity and other derivative contractual assets | 47 |
First 8 of 14 rows. The CSV has all of them.
Table 36 after “assumes that the Lamar and Forney Acquisition occurred on January 1, 2015. The unaudited pro forma financial information is provided for inf”
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| Predecessor | | |
| Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Revenues | $4,116 | | $6,133 |
| Net income (loss) | $22,835 | | $(4,671) |
Table 37 after “MW and two lignite mines. The plants were retired in January and February 2018. Luminant decided to retire these units given that they are p”
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| Name | Location (all in the state of Texas) | Fuel Type | Installed Nameplate Generation Capacity (MW) | Number of Units | | Date Units Taken Offline | |
| Monticello | Titus County | Lignite/Coal | 1,880 | | 3 | | January 4, 2018 |
| Sandow | Milam County | Lignite | 1,137 | | 2 | | January 11, 2018 |
| Big Brown | Freestone County | Lignite/Coal | 1,150 | | 2 | | February 12, 2018 |
| Total | | | 4,167 | | 7 | | |
Table 38 after “, respectively, as reported in the statements of consolidated income (loss):”
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| Predecessor | | |
| Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Gain on reorganization adjustments (Note 6) | $(24,252) | | $— |
| Loss from the adoption of fresh start reporting | 2,013 | | — |
| Expenses related to legal advisory and representation services | 55 | | 141 |
| Expenses related to other professional consulting and advisory services | 39 | | 69 |
| Contract claims adjustments | 13 | | 54 |
| Noncash adjustment for estimated allowed claims related to debt | — | | 896 |
First 8 of 16 rows. The CSV has all of them.
Table 39 after “as of October 3, 2016, which consists of the following:”
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| Business enterprise value | $10,500 |
| Cash excluded from business enterprise value | 1,594 |
| Deferred asset related to prepaid capital lease obligation | 38 |
| Current liabilities, excluding short-term portion of debt and capital leases | 1,123 |
| Noncurrent, non-interest bearing liabilities | 1,906 |
| Vistra Energy reorganization value of assets | $15,161 |
Table 40 after “The adjustments to TCEH's October 3, 2016 consolidated balance sheet below include the impacts of the Plan of Reorganization and the adoptio”
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| October 3, 2016 | | | | | | | |
| TCEH (Predecessor) (1) | Reorganization Adjustments (2) | | Fresh Start Adjustments | Vistra Energy (Successor) | | | |
| ASSETS | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | $1,829 | | $(1,028) | | (3) | $— | | $801 |
| Restricted cash | 12 | | 131 | | (4) | — | | 143 |
| Trade accounts receivable — net | 750 | | 4 | | | — | | 754 |
| Advances to parents and affiliates of Predecessor | 78 | | (78) | | | — | | — |
First 8 of 35 rows. The CSV has all of them.
| October 3, 2016 | | | | | | | |
| TCEH (Predecessor) (1) | Reorganization Adjustments (2) | | Fresh Start Adjustments | Vistra Energy (Successor) | | | |
| Long-term debt, less amounts due currently | — | | 3,476 | | (9) | 151 | (23) | 3,627 |
| Borrowings under debtor-in-possession credit facilities | 3,387 | | (3,387) | | (9) | — | | — |
| Liabilities subject to compromise | 33,749 | | (33,749) | | (10) | — | | — |
| Commodity and other derivative contractual liabilities | 5 | | — | | | 3 | | 8 |
| Deferred income taxes | 256 | | (256) | | (11) | — | | — |
| Tax Receivable Agreement obligation | — | | 574 | | (12) | — | | 574 |
First 8 of 18 rows. The CSV has all of them.
| Sources (uses): | |
| Net proceeds from PrefCo preferred stock sale | $69 |
| Addition of cash balances from the Contributed EFH Debtors | 22 |
| Payments to TCEH first lien creditors, including adequate protection | (486) |
| Payment to TCEH unsecured creditors (including $73 million to escrow) | (502) |
| Payment of administrative claims to TCEH creditors | (53) |
| Payment of legal fees, professional fees and other costs (including $52 million to escrow) | (78) |
| Net use of cash | $(1,028) |
| Notes, loans and other debt | $31,668 |
| Accrued interest on notes, loans and other debt | 646 |
| Net liability under terminated TCEH interest rate swap and natural gas hedging agreements | 1,243 |
| Trade accounts payable and other expected allowed claims | 192 |
| Third-party liabilities subject to compromise | 33,749 |
| LSTC from the Contributed EFH Entities | 8 |
| Total liabilities subject to compromise | 33,757 |
| Fair value of equity issued to TCEH first lien creditors | (7,741) |
First 8 of 15 rows. The CSV has all of them.
| Enterprise value | $10,500 |
| Vistra Operations Credit Facility – Initial Term Loan B Facility | (2,871) |
| Vistra Operations Credit Facility – Term Loan C Facility | (655) |
| Accrual for post-Emergence claims satisfaction | (181) |
| Tax Receivable Agreement obligation | (574) |
| Preferred stock of PrefCo | (70) |
| Other items | (2) |
| Cash and cash equivalents | 801 |
First 8 of 15 rows. The CSV has all of them.
| Gain on extinguishment of LSTC | $24,344 |
| Elimination of accumulated other comprehensive income | (22) |
| Change in control payments | (23) |
| Professional fees | (33) |
| Other items | (14) |
| Pretax gain on reorganization adjustments (Note 5) | 24,252 |
| Deferred tax impact of the Plan of Reorganization and Spin-off | 576 |
| Total impact to membership interests | $24,828 |
| Property, Plant and Equipment | Adjustment | Fair Value | |
| Generation plants and mining assets | $(6,057) | | $3,698 |
| Land | 140 | | 490 |
| Nuclear Fuel | (23) | | 157 |
| Other equipment | (30) | | 97 |
| Total | $(5,970) | | $4,442 |
| Business enterprise value | $10,500 |
| Add: Fair value of liabilities excluded from enterprise value | 3,030 |
| Less: Fair value of tangible assets | (8,215) |
| Less: Fair value of identified intangible assets | (3,408) |
| Vistra Energy goodwill | $1,907 |
Table 48 after “Identifiable intangible assets are comprised of the following:”
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| December 31, 2017 | December 31, 2016 | | | | | | | | | |
| Identifiable Intangible Asset | GrossCarryingAmount | AccumulatedAmortization | | Net | GrossCarryingAmount | AccumulatedAmortization | | Net | | | |
| Retail customer relationship | $1,648 | | $572 | | $1,076 | | $1,648 | | | $152 | $1,496 |
| Software and other technology-related assets | 183 | | 47 | | 136 | | 147 | | | 9 | 138 |
| Electricity supply contract (a) | — | | — | | — | | 190 | | | 2 | 188 |
| Retail and wholesale contracts | 154 | | 87 | | 67 | | 164 | | | 38 | 126 |
| Other identifiable intangible assets (b) | 33 | | 11 | | 22 | | 30 | | | 2 | 28 |
| Total identifiable intangible assets subject to amortization | $2,018 | | $717 | | 1,301 | | $2,179 | | | $203 | 1,976 |
First 8 of 11 rows. The CSV has all of them.
Table 49 after “Amortization expense related to finite-lived identifiable intangible assets (including the classification in the statements of consolidated ”
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| | | Successor | | | Predecessor | | | | |
| Identifiable Intangible Asset | Statements of Consolidated Income (Loss) Line | Remaining useful lives at December 31, 2017 (weighted average in years) | Year Ended December 31, 2017 | | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | | |
| Retail customer relationship | Depreciation and amortization | 4 | $420 | | | $152 | | $9 | | $17 |
| Software and other technology-related assets | Depreciation and amortization | 3 | 38 | | | 9 | | 44 | | 60 |
| Electricity supply contract | Operating revenues | 0 | 6 | | | 2 | | — | | — |
| Retail and wholesale contracts | Operating revenues/fuel, purchased power costs and delivery fees | 3 | 59 | | | 38 | | — | | — |
| Other identifiable intangible assets | Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization | 4 | 9 | | | 2 | | 6 | | 30 |
| Total amortization expense (a) | | $532 | | $203 | | | $59 | | $107 | |
Table 50 after “, the estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as shown below.”
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| Year | Estimated Amortization Expense |
| 2018 | $367 |
| 2019 | $268 |
| 2020 | $191 |
| 2021 | $142 |
| 2022 | $4 |
Table 51 after “The components of our income tax expense (benefit) are as follows:”
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| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Current: | | | | | | |
| U.S. Federal | $72 | | $— | | $(6) | $(17) |
| State | 14 | | 6 | | 9 | 21 |
| Total current | 86 | | 6 | | 3 | 4 |
| Deferred: | | | | | | |
| U.S. Federal | 417 | | (75) | | (1,234) | (811) |
First 8 of 11 rows. The CSV has all of them.
Table 52 after “Reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense (benefit) recorded:”
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| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Income (loss) before income taxes | $250 | | $(233) | | $21,584 | $(5,556) |
| Income taxes at the U.S. federal statutory rate of 35% | 88 | | (82) | | 7,554 | (1,945) |
| Nondeductible TRA accretion | (80) | | 5 | | — | — |
| Texas margin tax, net of federal benefit | 13 | | 3 | | (21) | — |
| Impacts of tax reform legislation on deferred taxes | 451 | | — | | — | — |
| Effects of Tax Matters Agreement and tax-free spin-off transaction | 19 | | — | | — | — |
First 8 of 18 rows. The CSV has all of them.
| December 31, | | |
| 2017 | 2016 | |
| Noncurrent Deferred Income Tax Assets | | | |
| Net operating loss (NOL) carryforwards | $— | | $8 |
| Property, plant and equipment | 520 | | 943 |
| Intangible assets | 81 | | 29 |
| Long-term debt | 20 | | 52 |
| Employee benefit obligations | 56 | | 84 |
First 8 of 11 rows. The CSV has all of them.
| Predecessor | | |
| Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Balance at beginning of period, excluding interest and penalties | $36 | | $65 |
| Reductions based on tax positions related to prior years | (1) | | (11) |
| Settlements with taxing authorities | (35) | | (18) |
| Balance at end of period, excluding interest and penalties | $— | | $36 |
Table 55 after “and the period from October 3, 2016 through December 31, 2016:”
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| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| TRA obligation at the beginning of the period | $596 | | $574 |
| Accretion expense | 82 | | 22 |
| Payments | (26) | | — |
| Revaluation due to tax reform legislation | (233) | | — |
| Changes in tax assumptions impacting timing of payments | (62) | | — |
| TRA obligation at the end of the period | 357 | | 596 |
First 8 of 10 rows. The CSV has all of them.
| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Interest paid/accrued post-Emergence | $213 | | $51 | | $— | $— |
| Interest paid/accrued on debtor-in-possession financing | — | | — | | 76 | 63 |
| Adequate protection amounts paid/accrued | — | | — | | 977 | 1,233 |
| Unrealized mark-to-market net (gains) losses on interest rate swaps | (29) | | 11 | | — | — |
| Capitalized interest | (7) | | (3) | | (9) | (11) |
| Other | 16 | | 1 | | 5 | 4 |
First 8 of 9 rows. The CSV has all of them.
Table 57 after “, respectively, as such amounts are not included in contractual interest amounts below.”
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| Predecessor | | |
| Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Contractual interest on debt classified as LSTC | $1,570 | | $2,070 |
| Adequate protection amounts paid/accrued | 930 | | 1,173 |
| Contractual interest on debt classified as LSTC not paid/accrued | $640 | | $897 |
Table 58 after “Basic earnings per share available to common shareholders are based on the weighted average number of common shares outstanding during the p”
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| Successor | | | | | | | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | | | | | | | |
| Net Loss | Shares | | Per Share Amount | Net Loss | Shares | | Per Share Amount | | |
| Net loss available for common stock — basic | $(254) | | 427,761,460 | | $(0.59) | | $(163) | | 427,560,620 | $(0.38) |
| Net loss available for common stock — diluted | $(254) | | 427,761,460 | | $(0.59) | | $(163) | | 427,560,620 | $(0.38) |
Table 59 after “Amounts in the table below represent the categories of long-term debt obligations incurred by the Successor.”
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| December 31, 2017 | December 31, 2016 | |
| Vistra Operations Credit Facilities (a) | $4,323 | | $4,515 |
| Mandatorily redeemable subsidiary preferred stock (b) | 70 | | 70 |
| 8.82% Building Financing due semiannually through February 11, 2022 (c) | 30 | | 36 |
| Capital lease obligations | — | | 2 |
| Total long-term debt including amounts due currently | 4,423 | | 4,623 |
| Less amounts due currently | (44) | | (46) |
| Total long-term debt less amounts due currently | $4,379 | | $4,577 |
| | December 31, 2017 | | | | |
| Vistra Operations Credit Facilities | Maturity Date | FacilityLimit | CashBorrowings | | Available Capacity | |
| Revolving Credit Facility (a) | August 4, 2021 | $860 | | $— | | $834 |
| Initial Term Loan B Facility (b)(c) | August 4, 2023 | 2,850 | | 2,821 | | — |
| Incremental Term Loan B Facility (c) | December 14, 2023 | 1,000 | | 990 | | — |
| Term Loan C Facility (d) | August 4, 2023 | 650 | | 500 | | 7 |
| Total Vistra Operations Credit Facilities | | $5,360 | | $4,311 | | $841 |
| December 31, 2017 |
| 2018 | $44 |
| 2019 | 44 |
| 2020 | 44 |
| 2021 | 45 |
| 2022 | 42 |
| Thereafter | 4,189 |
| Unamortized premiums, discounts and debt issuance costs | 15 |
First 8 of 9 rows. The CSV has all of them.
Table 62 after “, we had contractual commitments under energy-related contracts, leases and other agreements as follows.”
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| Coal purchase and transportation agreements | Pipeline transportation and storage reservation fees | | NuclearFuel Contracts | Other Contracts | |
| 2018 | $12 | | $39 | | $120 | $158 |
| 2019 | — | | 28 | | 48 | 46 |
| 2020 | — | | 28 | | 47 | 55 |
| 2021 | — | | 29 | | 55 | 36 |
| 2022 | — | | 29 | | 32 | 89 |
| Thereafter | — | | 141 | | 193 | 194 |
| Total | $12 | | $294 | | $495 | $578 |
Table 63 after “, future minimum lease payments under operating leases are as follows:”
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| Operating Leases (a) |
| 2018 | $17 |
| 2019 | 15 |
| 2020 | 12 |
| 2021 | 10 |
| 2022 | 8 |
| Thereafter | 150 |
| Total future minimum lease payments | $212 |
Table 64 after “and the period from October 3, 2016 through December 31, 2016 are reflected in the table below.”
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| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Shares outstanding at beginning of period | 427,580,232 | | — |
| Shares issued (a) | 818,570 | | 427,580,232 |
| Shares repurchased | — | | — |
| Shares outstanding at end of period | 428,398,802 | | 427,580,232 |
Table 65 after “Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown be”
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| December 31, 2017 | | | | | | | | |
| Level 1 | Level 2 | | Level 3 (a) | Reclassification (b) | Total | | |
| Assets: | | | | | | | | |
| Commodity contracts | $47 | | $98 | | $75 | | $2 | $222 |
| Interest rate swaps | — | | 18 | | — | | 8 | 26 |
| Nuclear decommissioning trust – equity securities (c) | 468 | | — | | — | | — | 468 |
| Nuclear decommissioning trust – debt securities (c) | — | | 430 | | — | | — | 430 |
| Sub-total | $515 | | $546 | | $75 | | $10 | 1,146 |
First 8 of 15 rows. The CSV has all of them.
Table 66 after “Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown be”
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| December 31, 2016 | | | | | | | | |
| Level 1 | Level 2 | | Level 3 (a) | Reclassification (b) | Total | | |
| Assets: | | | | | | | | |
| Commodity contracts | $167 | | $131 | | $98 | | $— | $396 |
| Interest rate swaps | — | | 5 | | — | | 13 | 18 |
| Nuclear decommissioning trust – equity securities (c) | 425 | | — | | — | | — | 425 |
| Nuclear decommissioning trust – debt securities (c) | — | | 340 | | — | | — | 340 |
| Sub-total | $592 | | $476 | | $98 | | $13 | 1,179 |
First 8 of 15 rows. The CSV has all of them.
| December 31, 2017 | | | | | | | | | | |
| Fair Value | | | | | | | | | |
| Contract Type (a) | Assets | Liabilities | | Total | Valuation Technique | Significant Unobservable Input | | Range (b) | | |
| Electricity purchases and sales | $12 | | $(33) | | $(21) | | Valuation Model | | Hourly price curve shape (c) | $0 to $40/ MWh |
| | | | | | Illiquid delivery periods for ERCOT hub power prices and heat rates (d) | | $20 to $70/ MWh | | |
| Electricity options | — | | (91) | | (91) | | Option Pricing Model | | Gas to power correlation (e) | 30% to 100% |
| | | | | | Power volatility (e) | | 5% to 180% | | |
| Electricity congestion revenue rights | 45 | | (4) | | 41 | | Market Approach (f) | | Illiquid price differences between settlement points (g) | $0 to $15/ MWh |
First 8 of 10 rows. The CSV has all of them.
| December 31, 2016 | | | | | | | | | | |
| Fair Value | | | | | | | | | |
| Contract Type (a) | Assets | Liabilities | | Total | Valuation Technique | Significant Unobservable Input | | Range (b) | | |
| Electricity purchases and sales | $32 | | $— | | $32 | | Valuation Model | | Hourly price curve shape (c) | $0 to $35/ MWh |
| | | | | | Illiquid delivery periods for ERCOT hub power prices and heat rates (d) | | $30 to $70/ MWh | | |
| Electricity congestion revenue rights | 42 | | (6) | | 36 | | Market Approach (f) | | Illiquid price differences between settlement points (g) | $0 to $10/ MWh |
| Other (h) | 24 | | (9) | | 15 | | | | | |
| Total | $98 | | $(15) | | $83 | | | | | |
| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Net asset balance at beginning of period (a) | $83 | | $81 | | $37 | $35 |
| Total unrealized valuation gains (losses) | (136) | | 31 | | 122 | 27 |
| Purchases, issuances and settlements (b): | | | | | | |
| Purchases | 69 | | 15 | | 37 | 49 |
| Issuances | (22) | | (7) | | (20) | (13) |
| Settlements | (106) | | (30) | | (51) | (48) |
First 8 of 15 rows. The CSV has all of them.
Table 70 after “. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of”
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| December 31, 2017 | | | | | | | |
| Derivative Assets | Derivative Liabilities | | | | | | |
| Commodity Contracts | Interest Rate Swaps | | Commodity Contracts | Interest Rate Swaps | Total | | |
| Current assets | $190 | | $— | | $— | | $— | $190 |
| Noncurrent assets | 30 | | 22 | | 2 | | 4 | 58 |
| Current liabilities | — | | (4) | | (216) | | (4) | (224) |
| Noncurrent liabilities | — | | — | | (102) | | — | (102) |
| Net assets (liabilities) | $220 | | $18 | | $(316) | | $— | $(78) |
Table 71 after “. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of”
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| December 31, 2016 | | | | | | | |
| Derivative Assets | Derivative Liabilities | | | | | | |
| Commodity Contracts | Interest Rate Swaps | | Commodity Contracts | Interest Rate Swaps | Total | | |
| Current assets | $350 | | $— | | $— | | $— | $350 |
| Noncurrent assets | 46 | | 17 | | — | | 1 | 64 |
| Current liabilities | — | | (12) | | (330) | | (17) | (359) |
| Noncurrent liabilities | — | | — | | (2) | | — | (2) |
| Net assets (liabilities) | $396 | | $5 | | $(332) | | $(16) | $53 |
Table 72 after “The following table presents the pretax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount”
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| Successor | | Predecessor | | | |
| Derivative (statements of consolidated income (loss) presentation) | Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Commodity contracts (Operating revenues) | $56 | | $(92) | | $— | $— |
| Commodity contracts (Fuel, purchased power costs and delivery fees) | 6 | | 21 | | — | — |
| Commodity contracts (Net gain from commodity hedging and trading activities) | — | | — | | 194 | 380 |
| Interest rate swaps (Interest expense and related charges) | 2 | | (11) | | — | — |
| Net gain (loss) | $64 | | $(82) | | $194 | $380 |
Table 73 after “The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration nett”
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| December 31, 2017 | December 31, 2016 | | | | | | | | | | | |
| Derivative Assets and Liabilities | Offsetting Instruments (a) | | Cash Collateral (Received) Pledged (b) | Net Amounts | Derivative Assets and Liabilities | | Offsetting Instruments (a) | Cash Collateral (Received) Pledged (b) | Net Amounts | | | |
| Derivative assets: | | | | | | | | | | | | | |
| Commodity contracts | $220 | | $(113) | | $(1) | | $106 | | $396 | | $(193) | $(20) | $183 |
| Interest rate swaps | 18 | | — | | — | | 18 | | 5 | | — | — | 5 |
| Total derivative assets | 238 | | (113) | | (1) | | 124 | | 401 | | (193) | (20) | 188 |
| Derivative liabilities: | | | | | | | | | | | | | |
| Commodity contracts | (316) | | 113 | | 1 | | (202) | | (332) | | 193 | 136 | (3) |
First 8 of 11 rows. The CSV has all of them.
| December 31, 2017 | December 31, 2016 | | |
| Derivative type | Notional Volume | Unit of Measure | | |
| Natural gas (a) | 1,259 | | 1,282 | Million MMBtu |
| Electricity | 114,129 | | 75,322 | GWh |
| Congestion Revenue Rights (b) | 110,913 | | 126,573 | GWh |
| Coal | 2 | | 12 | Million U.S. tons |
| Fuel oil | 5 | | 34 | Million gallons |
| Uranium | 325 | | 25 | Thousand pounds |
First 8 of 9 rows. The CSV has all of them.
Table 75 after “The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully coll”
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| December 31, | | |
| 2017 | 2016 | |
| Fair value of derivative contract liabilities (a) | $(204) | | $(31) |
| Offsetting fair value under netting arrangements (b) | 103 | | 13 |
| Cash collateral and letters of credit | 41 | | 1 |
| Liquidity exposure | $(60) | | $(17) |
| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Pension costs | $6 | | $2 | | $4 | $8 |
| OPEB costs | 6 | | 2 | | — | 3 |
| Total benefit costs recognized as expense | $12 | | $4 | | $4 | $11 |
| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Assumptions Used to Determine Net Periodic Pension Cost: | | | |
| Discount rate | 4.31% | | 3.79% |
| Expected return on plan assets | 4.86% | | 4.89% |
| Expected rate of compensation increase | 3.50% | | 3.50% |
| Components of Net Pension Cost: | | | |
| Service cost | $5 | | $2 |
First 8 of 17 rows. The CSV has all of them.
| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Change in Pension Obligation: | | | |
| Projected benefit obligation at beginning of period | $144 | | $154 |
| Service cost | 5 | | 2 |
| Interest cost | 6 | | 1 |
| Actuarial (gain) loss | 13 | | (12) |
| Benefits paid | (5) | | (1) |
First 8 of 25 rows. The CSV has all of them.
Table 79 after “The following table provides information regarding pension plans with projected benefit obligation (PBO) and accumulated benefit obligation ”
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| December 31, | | |
| 2017 | 2016 | |
| Pension Plans with PBO and ABO in Excess Of Plan Assets: | | | |
| Projected benefit obligations | $163 | | $144 |
| Accumulated benefit obligation | $157 | | $136 |
| Plan assets | $128 | | $117 |
Table 80 after “The target asset allocation ranges of pension plan investments by asset category are as follows:”
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| Asset Category: | Target AllocationRanges | | |
| Fixed income | 74% | - | 86% |
| U.S. equities | 8% | - | 14% |
| International equities | 6% | - | 12% |
Table 81 after “The Retirement Plan strategic asset allocation is determined in conjunction with the plan's advisors and utilizes a comprehensive Asset-Liab”
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| Retirement Plan | |
| Asset Class: | Expected Long-TermRate of Return |
| U.S. equity securities | 6.4% |
| International equity securities | 7.3% |
| Fixed income securities | 3.9% |
| Weighted average | 4.6% |
Table 82 after “, the Retirement Plan assets measured at fair value on a recurring basis consisted of the following:”
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| December 31, | | |
| 2017 | 2016 | |
| Asset Category: | | | |
| Level 2 valuations (see Note 15): | | | |
| Interest-bearing cash | $(7) | | $(4) |
| Fixed income securities: | | | |
| Corporate bonds (a) | 65 | | 54 |
| U.S. Treasuries | 29 | | 30 |
First 8 of 19 rows. The CSV has all of them.
| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Assumptions Used to Determine Net Periodic Benefit Cost: | | | |
| Discount rate (Vistra Energy Plan) | 4.11% | | 4.00% |
| Discount rate (Oncor Plan) | 4.18% | | 3.69% |
| Components of Net Postretirement Benefit Cost: | | | |
| Service cost | $2 | | $1 |
| Interest cost | 4 | | 1 |
First 8 of 17 rows. The CSV has all of them.
| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Change in Postretirement Benefit Obligation: | | | |
| Benefit obligation at beginning of year | $88 | | $97 |
| Service cost | 2 | | 1 |
| Interest cost | 4 | | 1 |
| Participant contributions | 2 | | 1 |
| Plan amendments (a) | 11 | | (4) |
First 8 of 26 rows. The CSV has all of them.
Table 85 after “The following tables provide information regarding the assumed health care cost trend rates.”
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| Successor | | |
| December 31, 2017 | December 31, 2016 | |
| Assumed Health Care Cost Trend Rates-Not Medicare Eligible: | | | |
| Health care cost trend rate assumed for next year | 7.00% | | 5.80% |
| Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | | 5.00% |
| Year that the rate reaches the ultimate trend rate | 2026 | | 2024 |
| Assumed Health Care Cost Trend Rates-Medicare Advantage Eligible (2017) / Medicare Eligible (2016): | | | |
| Health care cost trend rate assumed for next year | 10.66% | | 5.70% |
First 8 of 10 rows. The CSV has all of them.
| 1-Percentage PointIncrease | 1-Percentage PointDecrease | |
| Sensitivity Analysis of Assumed Health Care Cost Trend Rates: | | | |
| Effect on accumulated postretirement obligation | $2 | | $(2) |
| Effect on postretirement benefits cost | $— | | $— |
Table 87 after “Estimated future benefit payments to beneficiaries are as follows:”
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| 2018 | 2019 | | 2020 | 2021 | 2022 | | 2023-27 | | |
| Pension benefits | $11 | | $8 | | $8 | | $8 | | $9 | $50 |
| OPEB | $6 | | $7 | | $8 | | $8 | | $8 | $39 |
Table 88 after “Stock-based compensation expense is reported as SG&A in the statement of consolidated net income (loss) as follows:”
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| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Total stock-based compensation expense | $19 | | $3 |
| Income tax benefit | (7) | | (1) |
| Stock based-compensation expense, net of tax | $12 | | $2 |
Table 89 after “are all held by current employees. The following table summarizes our stock option activity:”
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| Successor | | | | | |
| Year Ended December 31, 2017 | | | | | |
| Stock Options(in thousands) | WeightedAverage Exercise Price | | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in millions) | |
| Total outstanding at beginning of period | 7,357 | | $15.81 | | 9.8 | $— |
| Granted | 1,412 | | $18.86 | | | |
| Exercised | (281) | | $13.41 | | | |
| Forfeited or expired | (352) | | $13.76 | | | |
| Total outstanding at end of period | 8,136 | | $14.44 | | 9.0 | $32.4 |
First 8 of 9 rows. The CSV has all of them.
Table 90 after “The following table summarizes our restricted stock unit activity:”
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| Successor | | | | | |
| Year Ended December 31, 2017 | | | | | |
| Restricted Stock Units(in thousands) | WeightedAverage Grant Date Fair Value | | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in millions) | |
| Total outstanding at beginning of period | 2,159 | | $15.79 | | 2.3 | $33.5 |
| Granted | 861 | | $18.84 | | | |
| Exercised | (538) | | $15.76 | | | |
| Forfeited or expired | (107) | | $15.85 | | | |
| Total outstanding at end of period | 2,375 | | $16.91 | | 1.9 | $43.5 |
First 8 of 9 rows. The CSV has all of them.
| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Operating revenues (a) | | | |
| Wholesale Generation | $2,758 | | $450 |
| Retail Electricity | 4,058 | | 912 |
| Eliminations | (1,386) | | (171) |
| Consolidated operating revenues | $5,430 | | $1,191 |
| Depreciation and amortization | | | |
First 8 of 34 rows. The CSV has all of them.
| December 31, | | |
| 2017 | 2016 | |
| Total assets | | | |
| Wholesale Generation | $7,069 | | $6,952 |
| Retail Electricity | 6,156 | | 5,753 |
| Corporate and Other and Eliminations | 1,375 | | 2,462 |
| Consolidated total assets | $14,600 | | $15,167 |
| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Other income: | | | | | | |
| Office space sublease rental income (a) | $11 | | $2 | | $— | $— |
| Mineral rights royalty income (b) | 3 | | 1 | | 3 | 4 |
| Sale of land (b) | 4 | | — | | — | — |
| Curtailment gain on employee benefit plans (a) | — | | 4 | | — | — |
| Insurance settlement | — | | — | | 9 | — |
First 8 of 19 rows. The CSV has all of them.
| December 31, 2017 | December 31, 2016 | | | | |
| Current Assets | Noncurrent Assets | | Current Assets | Noncurrent Assets | |
| Amounts related to the Vistra Operations Credit Facilities (Note 12) | $— | | $500 | | $— | $650 |
| Amounts related to restructuring escrow accounts | 59 | | — | | 90 | — |
| Other | — | | — | | 5 | — |
| Total restricted cash | $59 | | $500 | | $95 | $650 |
| December 31, | | |
| 2017 | 2016 | |
| Wholesale and retail trade accounts receivable | $596 | | $622 |
| Allowance for uncollectible accounts | (14) | | (10) |
| Trade accounts receivable — net | $582 | | $612 |
Table 96 after “Allowance for Uncollectible Accounts Receivable”
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| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Allowance for uncollectible accounts receivable at beginning of period | $10 | | $— | | $9 | $15 |
| Increase for bad debt expense | 43 | | 10 | | 20 | 34 |
| Decrease for account write-offs | (39) | | — | | (16) | (40) |
| Allowance for uncollectible accounts receivable at end of period | $14 | | $10 | | $13 | $9 |
| December 31, | | |
| 2017 | 2016 | |
| Materials and supplies | $149 | | $173 |
| Fuel stock | 83 | | 88 |
| Natural gas in storage | 21 | | 24 |
| Total inventories | $253 | | $285 |
| December 31, | | |
| 2017 | 2016 | |
| Nuclear plant decommissioning trust | $1,188 | | $1,012 |
| Land | 49 | | 49 |
| Miscellaneous other | 3 | | 3 |
| Total other investments | $1,240 | | $1,064 |
Table 99 after “— Investments in a trust that will be used to fund the costs to decommission the Comanche Peak nuclear generation plant are carried at fair ”
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| December 31, 2017 | | | | | |
| Cost (a) | Unrealized gain | | Unrealized loss | Fair marketvalue | |
| Debt securities (b) | $418 | | $14 | | $(2) | $430 |
| Equity securities (c) | 265 | | 495 | | (2) | 758 |
| Total | $683 | | $509 | | $(4) | $1,188 |
Table 100 after “— Investments in a trust that will be used to fund the costs to decommission the Comanche Peak nuclear generation plant are carried at fair ”
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| December 31, 2016 | | | | | |
| Cost (a) | Unrealized gain | | Unrealized loss | Fair marketvalue | |
| Debt securities (b) | $333 | | $10 | | $(3) | $340 |
| Equity securities (c) | 309 | | 368 | | (5) | 672 |
| Total | $642 | | $378 | | $(8) | $1,012 |
Table 101 after “The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from such sale”
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| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Realized gains | $9 | | $1 | | $3 | $1 |
| Realized losses | $(11) | | $— | | $(2) | $(1) |
| Proceeds from sales of securities | $252 | | $25 | | $201 | $401 |
| Investments in securities | $(272) | | $(30) | | $(215) | $(418) |
Table 102 after “Property, Plant and Equipment”
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| December 31, | | |
| 2017 | 2016 | |
| Wholesale Generation: | | | |
| Generation and mining | $4,501 | | $3,997 |
| Retail Electricity | 5 | | 3 |
| Corporate and Other | 120 | | 107 |
| Total | 4,626 | | 4,107 |
| Less accumulated depreciation | (282) | | (54) |
First 8 of 16 rows. The CSV has all of them.
Table 103 after “and the period from October 3, 2016 through December 31, 2016 and the Predecessor period from January 1, 2016 through October 2, 2016, respe”
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| Nuclear Plant Decommissioning | Mining Land Reclamation | | Other | Total | |
| Predecessor: | | | | | | |
| Liability at December 31, 2015 | $508 | | $215 | | $107 | $830 |
| Additions: | | | | | | |
| Accretion — January 1, 2016 through October 2, 2016 | 22 | | 16 | | 5 | 43 |
| Adjustment for new cost estimate | — | | — | | 1 | 1 |
| Incremental reclamation costs | — | | 14 | | 12 | 26 |
| Reductions: | | | | | | |
First 8 of 28 rows. The CSV has all of them.
Table 104 after “The balance of other noncurrent liabilities and deferred credits consists of the following:”
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| December 31, | | |
| 2017 | 2016 | |
| Unfavorable purchase and sales contracts | $36 | | $46 |
| Other, including retirement and other employee benefits | 220 | | 174 |
| Total other noncurrent liabilities and deferred credits | $256 | | $220 |
Table 105 after “The estimated amortization of unfavorable purchase and sales contracts for each of the next five fiscal years is as follows:”
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| Year | Amount |
| 2018 | $11 |
| 2019 | $9 |
| 2020 | $9 |
| 2021 | $1 |
| 2022 | $3 |
| December 31, 2017 | December 31, 2016 | | | | |
| Debt: | Carrying Amount | Fair Value | | Carrying Amount | Fair Value | |
| Long-term debt under the Vistra Operations Credit Facilities (Note 12) | $4,323 | | $4,334 | | $4,515 | $4,552 |
| Other long-term debt, excluding capital lease obligations (Note 12) | 30 | | 27 | | 36 | 32 |
| Mandatorily redeemable subsidiary preferred stock (Note 12) | 70 | | 70 | | 70 | 70 |
Table 107 after “Supplemental Cash Flow Information”
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| Successor | | Predecessor | | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | | Period from January 1, 2016 through October 2, 2016 | Year Ended December 31, 2015 | |
| Cash payments related to: | | | | | | |
| Interest paid (a) | $245 | | $19 | | $1,064 | $1,298 |
| Capitalized interest | (7) | | (3) | | (9) | (11) |
| Interest paid (net of capitalized interest) (a) | $238 | | $16 | | $1,055 | $1,287 |
| Income taxes | $63 | | $(2) | | $22 | $29 |
| Reorganization items (b) | $— | | $— | | $104 | $224 |
First 8 of 10 rows. The CSV has all of them.
| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Selling, general and administrative expense | $(47) | | $(7) |
| Loss from operations | (47) | | (7) |
| Interest income | 4 | | — |
| Impacts of Tax Receivable Agreement | 213 | | (22) |
| Income (loss) before income taxes and equity earnings | 170 | | (29) |
| Pretax equity in gains (losses) of consolidated subsidiaries | 80 | | (204) |
First 8 of 10 rows. The CSV has all of them.
| Successor | | |
| Year Ended December 31, 2017 | Period from October 3, 2016 through December 31, 2016 | |
| Cash flows — operating activities: | | | |
| Net loss | $(254) | | $(163) |
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: | | | |
| Pretax equity in (gains) losses of consolidated subsidiaries | (80) | | 204 |
| Deferred income tax benefit (expense), net | 418 | | (76) |
| Impacts of Tax Receivables Agreement | (213) | | 22 |
First 8 of 23 rows. The CSV has all of them.
| December 31 | | |
| 2017 | 2016 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $1,124 | | $26 |
| Restricted cash | 59 | | 90 |
| Other current assets | 5 | | 3 |
| Total current assets | 1,188 | | 119 |
First 8 of 22 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| (2) | Plan of Acquisition, Reorganization, Arrangement, Liquidation, or Succession | | | |
| 2(a) | 333-215288Form S-1 (filed December 23, 2016) | 2.1 | — | Order of the United States Bankruptcy Court for the District of Delaware Confirming the Third Amended Joint Plan of Reorganization |
| 2(b) | 001-38086Form 8-K (filed October 31, 2017) | 2.1 | — | Agreement and Plan of Merger, dated as of October 29, 2017, by and between Vistra Energy Corp. and Dynegy, Inc. |
| (3(i)) | Articles of Incorporation | | | |
| 3(a) | 333-215288Form S-1 (filed December 23, 2016) | 3.1 | | Certification of Incorporation of TCEH Corp. (now known as Vistra Energy Corp.), dated October 3, 2016 |
| 3(b) | 333-215288Form S-1 (filed December 23, 2016) | 3.2 | — | Certificate of Amendment of Certificate of Incorporation of TCEH Corp. (now known as Vistra Energy Corp.), dated November 2, 2016 |
| (3(ii)) | By-laws | | | |
First 8 of 19 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| 10(g) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.11 | — | Stockholder's Agreement, by and between TCEH Corp. (now known as Vistra Energy Corp.) and Brookfield Asset Management Private Institutional Capital Adviser (Canada), dated as of October 3, 2016 |
| 10(h) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.12 | — | Stockholder's Agreement, by and between TCEH Corp. (now known as Vistra Energy Corp.) and Oaktree Capital Management, L.P. and certain of its affiliated entities, dated as of October 3, 2016 |
| 10(i) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.19 | — | Employment Agreement between Curtis A. Morgan and Vistra Energy Corp. |
| 10(j) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.20 | — | Employment Agreement between James A. Burke and Vistra Energy Corp. |
| 10(k) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.21 | — | Employment Agreement between William Holden and Vistra Energy Corp. |
| 10(l) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.22 | — | Employment Agreement between Stephanie Zapata Moore and Vistra Energy Corp. |
| 10(m) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.23 | — | Employment Agreement between Carrie Lee Kirby and Vistra Energy Corp. |
First 8 of 15 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| 10(t) | 333-215288Amendment No. 1 to Form S-1 (filed February 14, 2017) | 10.3 | — | Second Amendment to Credit Agreement, dated February 1, 2017, by and among Deutsche Bank AG New York Branch, Vistra Operations Company LLC, Vistra Intermediate Company LLC and the other Credit Parties and Lenders party thereto. |
| 10(u) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.4 | — | Third Amendment to Credit Agreement, dated February 28, 2017, by and among Deutsche Bank AG New York Branch, Vistra Operations Company LLC, Vistra Intermediate Company LLC and the other Credit Parties and Lenders party thereto. |
| 10(v) | 001-38086Form 8-K (filed August 17, 2017) | 10.1 | — | Fourth Amendment to Credit Agreement, dated as of August 17, 2017 (effective August 17, 2017), by and among Deutsche Bank AG New York Branch, Vistra Operations Company LLC, Vistra Intermediate Company LLC and the other Credit Parties and Lenders party thereto. |
| 10(w) | 001-38086Form 8-K (filed December 14, 2017) | 10.1 | — | Fifth Amendment to Credit Agreement, dated as of December 14, 2017 (effective December 14, 2017), by and among Deutsche Bank AG New York Branch, Vistra Operations Company LLC, Vistra Intermediate Company LLC and the other Credit Parties and Lenders party thereto. |
| 10(x) | 001-38086Form 8-K (filed February 22, 2018) | 10.1 | — | Sixth Amendment to Credit Agreement, dated as of February 20, 2018 (effective February 20, 2018), by and among Deutsche Bank AG New York Branch, Vistra Operations Company LLC, Vistra Intermediate Company LLC and the other Credit Parties and Lenders party thereto. |
| Other Material Contracts | | | |
| 10(y) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.5 | — | Collateral Trust Agreement, by and among TEX Operations Company LLC (now known as Vistra Operations LLC), the Grantors from time to time thereto, Railroad Commission of Texas, as first-out representative, and Deutsche Bank AG, New York Branch, as senior credit agreement representative, dated as of October 3, 2016 |
First 8 of 14 rows. The CSV has all of them.
| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| 10(ff) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.27 | — | Lease Agreement, dated February 14, 2002, between State Street Bank and Trust Company of Connecticut, National Association, an owner trustee of ZSF/Dallas Tower Trust, a Delaware grantor trust, as lessor and EFH Properties Company (now known as Vistra EP Properties Company), as Lessee (Energy Plaza Property) |
| 10(gg) | 333-215288Amendment No. 2 to Form S-1 (filed April 5, 2017) | 10.28 | — | First Amendment, dated June 1, 2007, to Lease Agreement, dated February 14, 2002 |
| 10(hh) | 001-38086Form 8-K (filed July 7, 2017) | 10(a) | — | Asset Purchase Agreement, dated as of July 5, 2017, by and among Odessa-Ector Power Partners, L.P., La Frontera Holdings, LLC, Vistra Operations Company LLC, Koch Resources, LLC |
| 10(ii) | 001-38086Form 8-K (filed October 31, 2017) | 10.1 | — | Merger Support Agreement, dated as of October 29, 2017, by and between Vistra Energy Corp. and Terawatt Holdings, LP |
| 10(jj) | 001-38086Form 8-K (filed October 31, 2017) | 10.2 | — | Merger Support Agreement, dated as of October 29, 2017, by and among Vistra Energy Corp. and Oaktree Opportunities Fund VIII, L.P., Oaktree Huntington Investment Fund, L.P., Oaktree Opportunities Fund VIII (Parallel 2), L.P., Oaktree Opportunities Fund VIIIb, L.P., Oaktree Opportunities Fund IX, L.P. and Oaktree Opportunities Fund IX (Parallel 2), L.P. |
| (12) | Statement Regarding Computation of Ratios | | | |
| 12(a) | ** | | — | Computation of Ratio of Earnings to Fixed Charges. |
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| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| XBRL Data Files | | | |
| 101.INS | ** | | — | XBRL Instance Document |
| 101.SCH | ** | | — | XBRL Taxonomy Extension Schema Document |
| 101.CAL | ** | | — | XBRL Taxonomy Extension Calculation Document |
| 101.DEF | ** | | — | XBRL Taxonomy Extension Definition Document |
| 101.LAB | ** | | — | XBRL Taxonomy Extension Labels Document |
| 101.PRE | ** | | — | XBRL Taxonomy Extension Presentation Document |
Table 116 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
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| Signature | Title | Date |
| /s/ CURTIS A. MORGAN | Principal Executive Officer and Director | February 26, 2018 |
| (Curtis A. Morgan, President and Chief Executive Officer) | | |
| /s/ J. WILLIAM HOLDEN | Principal Financial Officer | February 26, 2018 |
| (J. William Holden, Executive Vice President and Chief Financial Officer) | | |
| /s/ CHRISTY DOBRY | Principal Accounting Officer | February 26, 2018 |
| (Christy Dobry, Vice President and Controller) | | |
| /s/ SCOTT B. HELM | Chairman of the Board and Director | February 26, 2018 |
First 8 of 21 rows. The CSV has all of them.