← Filings of VST
Tables in the 10-Q of Vistra Corp.
83 tables with numbers, filed May 5, 2020. Each one downloads as an Excel file or a CSV (numbers are stored as numbers),
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 ↗
Table 1 after “(Exact name of registrant as specified in its charter)”
| Delaware | | | | 36-4833255 | |
| (State or other jurisdiction of incorporation or organization) | | | | (I.R.S. Employer Identification No.) | |
| 6555 Sierra Drive, | Irving, | Texas | 75039 | (214) | 812-4600 |
| (Address of principal executive offices) (Zip Code) | | | | (Registrant's telephone number, including area code) | |
Table 2 after “TABLE OF CONTENTS”
| | PAGE |
| GLOSSARY | | ii |
| PART I. | FINANCIAL INFORMATION | |
| Item 1. | Financial Statements (Unaudited) | |
| Condensed Consolidated Statements of Operations — Three Months Ended March 31, 2020 and 2019 | 1 |
| Condensed Consolidated Statements of Comprehensive Income — Three Months Ended March 31, 2020 and 2019 | 1 |
| Condensed Consolidated Statements of Cash Flows — Three Months Ended March 31, 2020 and 2019 | 2 |
| Condensed Consolidated Balance Sheets — March 31, 2020 and December 31, 2019 | 3 |
First 8 of 21 rows. The download has all of them.
Table 3 after “When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below.”
| 2019 Form 10-K | Vistra Energy's annual report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 28, 2020 |
| Ambit | Ambit Holdings, LLC, and/or its subsidiaries, depending on context |
| ARO | asset retirement and mining reclamation obligation |
| CAA | Clean Air Act |
| CAISO | The California Independent System Operator |
| CARES Act | Coronavirus Aid, Relief, and Economic Security Act |
| CCGT | combined cycle gas turbine |
| CFTC | U.S. Commodity Futures Trading Commission |
First 8 of 35 rows. The download has all of them.
Table 4 after “Table of Contents”
| Merger | the merger of Dynegy with and into Vistra Energy, with Vistra Energy as the surviving corporation |
| Merger Agreement | the Agreement and Plan of Merger, dated as of October 29, 2017, by and between Vistra Energy and Dynegy |
| Merger Date | April 9, 2018, the date Vistra Energy and Dynegy completed the transactions contemplated by the Merger Agreement |
| MISO | Midcontinent Independent System Operator, Inc. |
| MMBtu | million British thermal units |
| Moody's | Moody's Investors Service, Inc. (a credit rating agency) |
| MSHA | U.S. Mine Safety and Health Administration |
| MW | megawatts |
First 8 of 32 rows. The download has all of them.
Table 5 after “Table of Contents”
| TCEH | Texas Competitive Electric Holdings Company LLC, a direct, wholly owned subsidiary of Energy Future Competitive Holdings Company LLC, and, prior to the Effective Date, the parent company of our predecessor, depending on context, that were engaged in electricity generation and wholesale and retail energy market activities, and whose major subsidiaries included Luminant and TXU Energy |
| TCEQ | Texas Commission on Environmental Quality |
| TRA | Tax Receivables Agreement, containing certain rights (TRA Rights) to receive payments from Vistra Energy related to certain tax benefits, including benefits realized as a result of certain transactions entered into at Emergence (see Note 8 to the Financial Statements) |
| TRE | Texas Reliability Entity, Inc., an independent organization that develops reliability standards for the ERCOT region and monitors and enforces compliance with NERC standards and monitors compliance with ERCOT protocols |
| TriEagle Energy | TriEagle Energy, LP, an indirect, wholly owned subsidiary of Vistra Energy, a REP in certain areas of ERCOT and PJM that is engaged in the retail sale of electricity to residential and business customers |
| TWh | terawatt-hours |
| TXU Energy | TXU Energy Retail Company LLC, an indirect, wholly owned subsidiary of Vistra Energy that is a REP in competitive areas of ERCOT and is engaged in the retail sale of electricity to residential and business customers |
| U.S. | United States of America |
First 8 of 14 rows. The download has all of them.
Table 6 after “(Unaudited) (Millions of Dollars, Except Per Share Amounts)”
| Three Months Ended March 31, | | | | |
| 2020 | | 2019 | | |
| Operating revenues (Note 5) | $2,858 | | | $2,923 | |
| Fuel, purchased power costs and delivery fees | (1,333) | | | (1,461) | |
| Operating costs | (379) | | | (385) | |
| Depreciation and amortization | (419) | | | (405) | |
| Selling, general and administrative expenses | (252) | | | (182) | |
| Impairment of long-lived assets (Note 18) | | (84) | | | — |
First 8 of 25 rows. The download has all of them.
Table 7 after “(Unaudited) (Millions of Dollars)”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Net income | $45 | | $224 |
| Other comprehensive income, net of tax effects: | | | |
| Effects related to pension and other retirement benefit obligations (net of tax benefit of $7 and $—) | (23) | | 1 |
| Total other comprehensive income (loss) | (23) | | 1 |
| Comprehensive income | $22 | | $225 |
| Comprehensive loss attributable to noncontrolling interest | 11 | | 1 |
First 8 of 9 rows. The download has all of them.
Table 8 after “Table of Contents”
| VISTRA ENERGY CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions of Dollars) | | | | |
| Three Months Ended March 31, | | | |
| 2020 | 2019 | | |
| Cash flows — operating activities: | | | | |
| Net income | $45 | | $224 | |
| Adjustments to reconcile net income to cash provided by operating activities: | | | | |
| Depreciation and amortization | 489 | | 461 | |
| Deferred income tax expense, net | 13 | | 70 | |
First 8 of 45 rows. The download has all of them.
Table 9 after “Table of Contents”
| VISTRA ENERGY CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions of Dollars) | | | |
| March 31, 2020 | December 31, 2019 | |
| ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $717 | | $300 |
| Restricted cash (Note 18) | 50 | | 147 |
| Trade accounts receivable — net (Note 18) | 1,097 | | 1,365 |
| Inventories (Note 18) | 514 | | 469 |
First 8 of 44 rows. The download has all of them.
Table 10 after “Table of Contents”
| VISTRA ENERGY CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Millions of Dollars) | | | |
| March 31, 2020 | December 31, 2019 | |
| Other noncurrent liabilities and deferred credits (Note 18) | 888 | | 989 |
| Total liabilities | 18,743 | | 18,656 |
| Commitments and Contingencies (Note 12) | | | |
| Total equity (Note 13): | | | |
| Common stock (par value — $0.01; number of shares authorized — 1,800,000,000)(shares outstanding: March 31, 2020 — 488,448,029; December 31, 2019 — 487,698,111) | 5 | | 5 |
| Treasury stock, at cost (shares: March 31, 2020 — 41,043,224; December 31, 2019 — 41,043,224) | (973) | | (973) |
First 8 of 15 rows. The download has all of them.
Table 11 after “million. The purchase price allocations are ongoing and are dependent upon final valuation determinations, which have not been completed. Th”
| Ambit and Crius Transactions Preliminary Purchase Price Allocations | | | | | | |
| Ambit Transaction | | | Crius Transaction | | |
| Updated Preliminary Purchase Price Allocation | Measurement Period Adjustments recorded through March 31, 2020 | | Updated Preliminary Purchase Price Allocation | Measurement Period Adjustments recorded through March 31, 2020 | |
| Cash and cash equivalents | $49 | | $— | | $26 | $— |
| Net working capital | 30 | | 1 | | (2) | (35) |
| Accumulated deferred income taxes | — | | — | | — | (36) |
| Identifiable intangible assets | 200 | | (63) | | 302 | 8 |
| Goodwill | 278 | | 64 | | 248 | 43 |
First 8 of 18 rows. The download has all of them.
Table 12 after “MW, that have been or will be retired. Operational results for retired plants are included in the Asset Closure segment, which is engaged in”
| Name | Location | Fuel Type | Net Generation Capacity (MW) | Number of Units | | Dates Units to Be Taken Offline | |
| Coffeen | Coffeen, IL | Coal | 915 | | 2 | | November 1, 2019 |
| Duck Creek | Canton, IL | Coal | 425 | | 1 | | December 15, 2019 |
| Havana | Havana, IL | Coal | 434 | | 1 | | November 1, 2019 |
| Hennepin | Hennepin, IL | Coal | 294 | | 2 | | November 1, 2019 |
| Edwards | Bartonville, IL | Coal | 585 | | 2 | | By the end of 2022 |
| Total | | | 2,653 | | 8 | | |
Table 13 after “The following tables disaggregate our revenue by major source:”
| Three Months Ended March 31, 2020 | | | | | | | | | | | | |
| Retail | ERCOT | | PJM | NY/NE | MISO | | Asset Closure | CAISO/Eliminations | Consolidated | | | |
| Revenue from contracts with customers: | | | | | | | | | | | | | |
| Retail energy charge in ERCOT | $1,253 | | $— | | $— | | $— | | $— | | $— | $— | $1,253 |
| Retail energy charge in Northeast/Midwest | 640 | | — | | — | | — | | — | | — | — | 640 |
| Wholesale generation revenue from ISO/RTO | — | | 98 | | 76 | | 41 | | 13 | | — | 33 | 261 |
| Capacity revenue from ISO/RTO | — | | — | | 14 | | 26 | | 5 | | — | — | 45 |
| Revenue from other wholesale contracts | — | | 50 | | 152 | | 12 | | 49 | | — | 4 | 267 |
First 8 of 15 rows. The download has all of them.
Table 14 after “million of unrealized net gains from mark-to-market valuations of commodity positions. See Note 17 for unrealized net gains (losses) by segm”
| Three Months Ended March 31, 2019 | | | | | | | | | | | | | |
| Retail | ERCOT | | PJM | NY/NE | MISO | | Asset Closure | | CAISO/Eliminations | | Consolidated | | |
| Revenue from contracts with customers: | | | | | | | | | | | | | | |
| Retail energy charge in ERCOT | $1,025 | | $— | | $— | | $— | | $— | | $— | | $— | $1,025 |
| Retail energy charge in Northeast/Midwest | 348 | | — | | — | | — | | — | | — | | — | 348 |
| Wholesale generation revenue from ISO/RTO | — | | 247 | | 221 | | 195 | | 72 | | 67 | | 73 | 875 |
| Capacity revenue from ISO/RTO | — | | — | | 67 | | 80 | | 10 | | 3 | | — | 160 |
| Revenue from other wholesale contracts | — | | 44 | | 72 | | 7 | | 15 | | 1 | | 3 | 142 |
First 8 of 15 rows. The download has all of them.
Table 15 after “The following table presents trade accounts receivable (net of allowance for uncollectible accounts) relating to both contracts with custome”
| March 31, 2020 | December 31, 2019 | |
| Trade accounts receivable from contracts with customers — net | $1,017 | | $1,246 |
| Other trade accounts receivable — net | 80 | | 119 |
| Total trade accounts receivable — net | $1,097 | | $1,365 |
Table 16 after “The following table provides information regarding our goodwill balance. There have been no impairments of goodwill.”
| Balance at December 31, 2019 | $2,553 |
| Measurement period adjustments recorded in connection with the Ambit Transaction | 64 |
| Measurement period adjustments recorded in connection with the Crius Transaction | (9) |
| Balance at March 31, 2020 | $2,608 |
Table 17 after “Identifiable intangible assets are comprised of the following:”
| March 31, 2020 | | | | December 31, 2019 | | | | | | |
| Identifiable Intangible Asset | GrossCarryingAmount | Accumulated Amortization | | Net | GrossCarryingAmount | Accumulated Amortization | | Net | | | |
| Retail customer relationship | $2,047 | | $1,225 | | $822 | | $2,078 | | | $1,151 | $927 |
| Software and other technology-related assets | 354 | | 140 | | 214 | | 341 | | | 125 | 216 |
| Retail and wholesale contracts | 272 | | 181 | | 91 | | 315 | | | 182 | 133 |
| Contractual service agreements (a) | 59 | | 5 | | 54 | | 59 | | | 5 | 54 |
| Other identifiable intangible assets (b) | 42 | | 16 | | 26 | | 40 | | | 15 | 25 |
| Total identifiable intangible assets subject to amortization | $2,774 | | $1,567 | | 1,207 | | $2,833 | | | $1,478 | 1,355 |
First 8 of 11 rows. The download has all of them.
Table 18 after “Identifiable intangible liabilities are comprised of the following:”
| Identifiable Intangible Liability | March 31, 2020 | December 31, 2019 | |
| Contractual service agreements | $111 | | $110 |
| Purchase and sale of power and capacity | 96 | | 100 |
| Fuel and transportation purchase contracts | 72 | | 76 |
| Total identifiable intangible liabilities | $279 | | $286 |
Table 19 after “Expense related to finite-lived identifiable intangible assets and liabilities (including the classification in the condensed consolidated s”
| Identifiable Intangible Assets and Liabilities | Condensed Consolidated Statements of Operations | Three Months Ended March 31, | | |
| | 2020 | 2019 | |
| Retail customer relationship | Depreciation and amortization | $74 | | $55 |
| Software and other technology-related assets | Depreciation and amortization | 17 | | 13 |
| Retail and wholesale contracts/purchase and sale/fuel and transportation contracts | Operating revenues/fuel, purchased power costs and delivery fees | 2 | | 12 |
| Other identifiable intangible assets | Operating revenues/fuel, purchased power costs and delivery fees/depreciation and amortization | 52 | | 27 |
| Total intangible asset expense (a) | | $145 | | $107 |
Table 20 after “As of March 31, 2020, the estimated aggregate amortization expense of identifiable intangible assets and liabilities for each of the next fi”
| Year | Estimated Amortization Expense |
| 2020 | $355 |
| 2021 | $248 |
| 2022 | $155 |
| 2023 | $113 |
| 2024 | $76 |
Table 21 after “The calculation of our effective tax rate is as follows:”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Income before income taxes | $62 | | $301 |
| Income tax expense | $(17) | | $(77) |
| Effective tax rate | 27.4% | | 25.6% |
Table 22 after “The following table summarizes the changes to the TRA obligation, reported as other current liabilities and Tax Receivable Agreement obligat”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| TRA obligation at the beginning of the period | $455 | | $420 |
| Accretion expense | 17 | | 16 |
| Changes in tax assumptions impacting timing of payments | (9) | | (19) |
| Impacts of Tax Receivable Agreement | 8 | | (3) |
| TRA obligation at the end of the period | $463 | | $417 |
Table 23 after “Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the p”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Net income attributable to common stock — basic | $56 | | $225 |
| Weighted average shares of common stock outstanding — basic (a) | 487,944,564 | | 502,367,299 |
| Net income per weighted average share of common stock outstanding — basic | $0.11 | | $0.45 |
| Dilutive securities: Stock-based incentive compensation plan | 2,694,062 | | 6,772,689 |
| Weighted average shares of common stock outstanding — diluted | 490,638,626 | | 509,139,988 |
| Net income per weighted average share of common stock outstanding — diluted | $0.11 | | $0.44 |
Table 24 after “Amounts in the table below represent the categories of long-term debt obligations incurred by the Company.”
| March 31, 2020 | December 31, 2019 | |
| Vistra Operations Credit Facilities | $2,593 | | $2,700 |
| Vistra Operations Senior Secured Notes: | | | |
| 3.550% Senior Secured Notes, due July 15, 2024 | 1,500 | | 1,500 |
| 3.700% Senior Secured Notes, due January 30, 2027 | 800 | | 800 |
| 4.300% Senior Secured Notes, due July 15, 2029 | 800 | | 800 |
| Total Vistra Operations Senior Secured Notes | 3,100 | | 3,100 |
| Vistra Operations Senior Unsecured Notes: | | | |
First 8 of 27 rows. The download has all of them.
Table 25 after “The Vistra Operations Credit Facilities and related available capacity at March 31, 2020 are presented below.”
| | March 31, 2020 | | | | |
| Vistra Operations Credit Facilities | Maturity Date | Facility Limit | Cash Borrowings | | Available Capacity | |
| Revolving Credit Facility (a) | June 14, 2023 | $2,725 | | $700 | | $1,117 |
| Term Loan B-3 Facility | December 31, 2025 | 2,593 | | 2,593 | | — |
| Total Vistra Operations Credit Facilities | | $5,318 | | $3,293 | | $1,117 |
Table 26 after “— Vistra Energy employs interest rate swaps to hedge our exposure to variable rate debt. As of March 31, 2020, Vistra Energy has entered int”
| Notional Amount | Expiration Date | Rate Range | | |
| Swapped to fixed | $3,000 | July 2023 | 3.67% | - | 3.91% |
| Swapped to variable | $700 | July 2023 | 3.20% | - | 3.23% |
| Swapped to fixed | $720 | February 2024 | 3.71% | - | 3.72% |
| Swapped to variable | $720 | February 2024 | 3.20% | - | 3.20% |
| Swapped to fixed (a) | $3,000 | July 2026 | 4.72% | - | 4.79% |
| Swapped to variable (a) | $700 | July 2026 | 3.28% | - | 3.33% |
Table 27 after “Long-term debt maturities at March 31, 2020 are as follows:”
| March 31, 2020 |
| Remainder of 2020 | $133 |
| 2021 | 96 |
| 2022 | 44 |
| 2023 | 540 |
| 2024 | 1,540 |
| Thereafter | 7,844 |
| Unamortized premiums, discounts and debt issuance costs | (59) |
First 8 of 9 rows. The download has all of them.
Table 28 after “The following table presents the changes to equity for the three months ended March 31, 2020:”
| Common Stock (a) | | Treasury Stock | | Additional Paid-in Capital | Retained Earnings (Deficit) | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders' Equity | Noncontrolling Interest | | Total Equity | | | | | | |
| Balance at December 31, 2019 | $5 | | | $(973) | | $9,721 | | | $(764) | | $(30) | | | $7,959 | | $1 | | $7,960 | |
| Dividends declared on common stock | | — | | | — | | — | | | (66) | | — | | | (66) | | — | | (66) |
| Effects of stock-based incentive compensation plans | | — | | | — | | 14 | | | — | | — | | | 14 | | — | | 14 |
| Net income (loss) | | — | | | — | | — | | | 56 | | — | | | 56 | | (11) | | 45 |
| Adoption of accounting standard | | — | | | — | | — | | | (4) | | — | | | (4) | | — | | (4) |
| Change in accumulated other comprehensive income (loss) | | — | | | — | | — | | | — | | (23) | | | (23) | | — | | (23) |
| Other | | — | | | — | | 2 | | | (2) | | — | | | — | | — | | — |
First 8 of 9 rows. The download has all of them.
Table 29 after “The following table presents the changes to equity for the three months ended March 31, 2019:”
| Common Stock (a) | | Treasury Stock | | Additional Paid-in Capital | Retained Earnings (Deficit) | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders' Equity | Noncontrolling Interest | | Total Equity | | | | | | |
| Balance at December 31, 2018 | $5 | | | $(778) | | $10,107 | | | $(1,449) | | $(22) | | | $7,863 | | $4 | | $7,867 | |
| Stock repurchase | | — | | | (236) | | — | | | — | | — | | | (236) | | — | | (236) |
| Dividends declared on common stock | | — | | | — | | — | | | (61) | | — | | | (61) | | — | | (61) |
| Effects of stock-based incentive compensation plans | | — | | | — | | 12 | | | — | | — | | | 12 | | — | | 12 |
| Net income | | — | | | — | | — | | | 225 | | — | | | 225 | | (1) | | 224 |
| Adoption of accounting standard | | — | | | — | | — | | | (2) | | — | | | (2) | | — | | (2) |
| Change in accumulated other comprehensive income (loss) | | — | | | — | | — | | | — | | 1 | | | 1 | | — | | 1 |
First 8 of 10 rows. The download has all of them.
Table 30 after “Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown be”
| March 31, 2020 | | | | | | | December 31, 2019 | | | | | | | | | |
| Level 1 | Level 2 | | Level 3 (a) | Reclass (b) | Total | | Level 1 | Level 2 | Level 3 (a) | | Reclass (b) | Total | | | | |
| Assets: | | | | | | | | | | | | | | | | | |
| Commodity contracts | $1,379 | | $164 | | $311 | | $24 | | $1,878 | | $1,047 | | $172 | | $239 | $11 | $1,469 |
| Interest rate swaps | — | | 76 | | — | | — | | 76 | | — | | — | | — | — | — |
| Nuclear decommissioning trust – equity securities (c) | 452 | | — | | — | | | | 452 | | 564 | | — | | — | | 564 |
| Nuclear decommissioning trust – debt securities (c) | — | | 543 | | — | | | | 543 | | — | | 521 | | — | | 521 |
| Sub-total | $1,831 | | $783 | | $311 | | $24 | | 2,949 | | $1,611 | | $693 | | $239 | $11 | 2,554 |
First 8 of 15 rows. The download has all of them.
Table 31 after “The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable in”
| March 31, 2020 | | | | | | | | | | | | | | | |
| Fair Value | | | | | | | | | | | | | | |
| Contract Type (a) | Assets | Liabilities | | Total | Valuation Technique | Significant Unobservable Input | | Range (b) | | | | Average (b) | | | |
| Electricity purchases and sales | $127 | | $(36) | | $91 | | Valuation Model | | Hourly price curve shape (c) | | $— | | to | $110 | $56 |
| | | | | | | | MWh | | | | | | | |
| | | | | | Illiquid delivery periods for ERCOT hub power prices and heat rates (d) | | $20 | | to | $120 | | | $70 | |
| | | | | | | | MWh | | | | | | | |
| Options | 55 | | (203) | | (148) | | Option Pricing Model | | Gas to power correlation (e) | | 10% | | to | 100% | 55% |
First 8 of 13 rows. The download has all of them.
Table 32 after “The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable in”
| December 31, 2019 | | | | | | | | | | | | | | | |
| Fair Value | | | | | | | | | | | | | | |
| Contract Type (a) | Assets | Liabilities | | Total | Valuation Technique | Significant Unobservable Input | | Range (b) | | | | Average (b) | | | |
| Electricity purchases and sales | $64 | | $(53) | | $11 | | Valuation Model | | Hourly price curve shape (c) | | $— | | to | $115 | $58 |
| | | | | | | | MWh | | | | | | | |
| | | | | | Illiquid delivery periods for ERCOT hub power prices and heat rates (d) | | $20 | | to | $120 | | | $70 | |
| | | | | | | | MWh | | | | | | | |
| Options | 38 | | (188) | | (150) | | Option Pricing Model | | Gas to power correlation (e) | | 10% | | to | 100% | 55% |
First 8 of 13 rows. The download has all of them.
Table 33 after “The following table presents the changes in fair value of the Level 3 assets and liabilities for the three months ended March 31, 2020 and 2”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Net liability balance at beginning of period | $(74) | | $(135) |
| Total unrealized valuation gains (losses) | (6) | | 37 |
| Purchases, issuances and settlements (a): | | | |
| Purchases | 55 | | 19 |
| Issuances | (3) | | (7) |
| Settlements | (13) | | (22) |
First 8 of 13 rows. The download has all of them.
Table 34 after “Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting”
| March 31, 2020 | | | | | | | |
| Derivative Assets | | | Derivative Liabilities | | | | |
| Commodity Contracts | Interest Rate Swaps | | Commodity Contracts | Interest Rate Swaps | Total | | |
| Current assets | $1,655 | | $16 | | $14 | | $— | $1,685 |
| Noncurrent assets | 209 | | 60 | | — | | — | 269 |
| Current liabilities | (5) | | — | | (1,685) | | (63) | (1,753) |
| Noncurrent liabilities | (5) | | — | | (317) | | (364) | (686) |
| Net assets (liabilities) | $1,854 | | $76 | | $(1,988) | | $(427) | $(485) |
Table 35 after “Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting”
| December 31, 2019 | | | | | | | |
| Derivative Assets | | | Derivative Liabilities | | | | |
| Commodity Contracts | Interest Rate Swaps | | Commodity Contracts | Interest Rate Swaps | Total | | |
| Current assets | $1,323 | | $— | | $10 | | $— | $1,333 |
| Noncurrent assets | 136 | | — | | — | | — | 136 |
| Current liabilities | (1) | | — | | (1,510) | | (18) | (1,529) |
| Noncurrent liabilities | — | | — | | (237) | | (159) | (396) |
| Net assets (liabilities) | $1,458 | | $— | | $(1,737) | | $(177) | $(456) |
Table 36 after “The following table presents the pretax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount”
| Derivative (condensed consolidated statements of operations presentation) | Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Commodity contracts (Operating revenues) | $257 | | $227 |
| Commodity contracts (Fuel, purchased power costs and delivery fees) | (106) | | 27 |
| Interest rate swaps (Interest expense and related charges) | (178) | | (76) |
| Net gain (loss) | $(27) | | $178 |
Table 37 after “The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration nett”
| March 31, 2020 | | | | | December 31, 2019 | | | | | | | |
| 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 | $1,854 | | $(1,410) | | $(23) | | $421 | | $1,458 | | $(1,113) | $— | $345 |
| Interest rate swaps | 76 | | (76) | | — | | — | | — | | — | — | — |
| Total derivative assets | 1,930 | | (1,486) | | (23) | | 421 | | 1,458 | | (1,113) | — | 345 |
| Derivative liabilities: | | | | | | | | | | | | | |
| Commodity contracts | (1,988) | | 1,410 | | 24 | | (554) | | (1,737) | | 1,113 | 40 | (584) |
First 8 of 11 rows. The download has all of them.
Table 38 after “The following table presents the gross notional amounts of derivative volumes at March 31, 2020 and December 31, 2019:”
| March 31, 2020 | December 31, 2019 | | | |
| Derivative type | Notional Volume | | | Unit of Measure | |
| Natural gas (a) | 5,828 | | 6,160 | | Million MMBtu |
| Electricity | 423,535 | | 428,367 | | GWh |
| Financial transmission rights (b) | 173,577 | | 199,648 | | GWh |
| Coal | 18 | | 22 | | Million U.S. tons |
| Fuel oil | 181 | | 33 | | Million gallons |
| Emissions | 34 | | 20 | | Million tons |
First 8 of 11 rows. The download has all of them.
Table 39 after “The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully coll”
| March 31, 2020 | December 31, 2019 | |
| Fair value of derivative contract liabilities (a) | $(966) | | $(692) |
| Offsetting fair value under netting arrangements (b) | 264 | | 167 |
| Cash collateral and letters of credit | 100 | | 67 |
| Liquidity exposure | $(602) | | $(458) |
Table 40 after “The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1”
| Three months ended | Retail | ERCOT | | PJM | NY/NE | MISO | | Asset Closure | Corporate and Other (b) | Eliminations | | Consolidated | | | |
| Operating revenues (a): | | | | | | | | | | | | | | | |
| March 31, 2020 | $1,908 | | $866 | | $648 | | $285 | | $142 | | $— | | $82 | $(1,073) | $2,858 |
| March 31, 2019 | 1,386 | | 954 | | 705 | | 344 | | 169 | | 85 | | 118 | (838) | 2,923 |
| Depreciation and amortization: | | | | | | | | | | | | | | | |
| March 31, 2020 | $(80) | | $(122) | | $(139) | | $(48) | | $(11) | | $— | | $(19) | $— | $(419) |
| March 31, 2019 | (59) | | (132) | | (130) | | (64) | | (3) | | — | | (17) | — | (405) |
| Operating income (loss): | | | | | | | | | | | | | | | |
First 8 of 16 rows. The download has all of them.
Table 41 after “The following unrealized net gains (losses) from mark-to-market valuations of commodity positions are included in operating revenues:”
| Three months ended | Retail | ERCOT | PJM | NY/NE | MISO | Asset Closure | Corporate and Other (b) | Eliminations (1) | Consolidated | | | | |
| March 31, 2020 | $1 | | $203 | | $80 | | $30 | | $(1) | $— | $7 | $(119) | $201 |
| March 31, 2019 | (1) | | 237 | | 91 | | 1 | | (21) | — | 16 | (165) | $158 |
Table 42 after “For the three months ended March 31, 2020 and 2019, net periodic benefit costs consisted of the following:”
| Pension Benefits | | | OPEB Benefits | | |
| Three Months Ended March 31, | | | Three Months Ended March 31, | | |
| 2020 | 2019 | | 2020 | 2019 | |
| Service cost | $2 | | $2 | | $— | $— |
| Other costs | 1 | | — | | 2 | 2 |
| Net periodic benefit cost | $3 | | $2 | | $2 | $2 |
Table 43 after “Interest Expense and Related Charges”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Interest paid/accrued | $128 | | $150 |
| Unrealized mark-to-market net losses on interest rate swaps | 174 | | 80 |
| Amortization of debt issuance costs, discounts and premiums | 4 | | (2) |
| Debt extinguishment gain | (8) | | (7) |
| Capitalized interest | (3) | | (3) |
| Other | 5 | | 4 |
First 8 of 9 rows. The download has all of them.
Table 44 after “Other Income and Deductions”
| Three Months Ended March 31, | | | | |
| 2020 | | 2019 | | |
| Other income: | | | | | |
| Insurance settlement (a) | | $3 | | $11 | |
| Funds released from escrow to settle pre-petition claims of our predecessor | | — | | 9 | |
| Interest income | | 1 | | 4 | |
| All other | | 3 | | 1 | |
| Total other income | | $7 | | $25 | |
First 8 of 12 rows. The download has all of them.
Table 45 after “Restricted Cash”
| March 31, 2020 | | | December 31, 2019 | | |
| Current Assets | Noncurrent Assets | | Current Assets | Noncurrent Assets | |
| Amounts related to remediation escrow accounts | $21 | | $28 | | $15 | $28 |
| Amounts related to restructuring escrow accounts | 4 | | — | | 43 | — |
| Amounts related to Ambit customer deposits | 19 | | — | | 19 | — |
| Amounts related to Ambit commodity trading agreement | — | | — | | 62 | — |
| Amounts related to Ambit letters of credit (Note 11) | 6 | | — | | 8 | — |
| Total restricted cash | $50 | | $28 | | $147 | $28 |
Table 46 after “Trade Accounts Receivable”
| March 31, 2020 | December 31, 2019 | |
| Wholesale and retail trade accounts receivable | $1,137 | | $1,401 |
| Allowance for uncollectible accounts | (40) | | (36) |
| Trade accounts receivable — net | $1,097 | | $1,365 |
Table 47 after “Allowance for Uncollectible Accounts Receivable”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Allowance for uncollectible accounts receivable at beginning of period (a) | $42 | | $19 |
| Increase for bad debt expense | 26 | | 15 |
| Decrease for account write-offs | (28) | | (15) |
| Allowance for uncollectible accounts receivable at end of period | $40 | | $19 |
Table 48 after “Inventories by Major Category”
| March 31, 2020 | December 31, 2019 | |
| Materials and supplies | $276 | | $278 |
| Fuel stock | 221 | | 172 |
| Natural gas in storage | 17 | | 19 |
| Total inventories | $514 | | $469 |
Table 49 after “Investments”
| March 31, 2020 | December 31, 2019 | |
| Nuclear plant decommissioning trust | $1,289 | | $1,451 |
| Assets related to employee benefit plans | 36 | | 37 |
| Land | 49 | | 49 |
| Total investments | $1,374 | | $1,537 |
Table 50 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 va”
| March 31, 2020 | December 31, 2019 | | |
| Debt securities (a) | $543 | | | $521 |
| Equity securities (b) | 746 | | | 930 |
| Total | $1,289 | | $1,451 | |
Table 51 after “The following table summarizes proceeds from sales of securities and investments in new securities.”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Proceeds from sales of securities | $75 | | $78 |
| Investments in securities | $(80) | | $(83) |
Table 52 after “Property, Plant and Equipment”
| March 31, 2020 | December 31, 2019 | |
| Power generation and structures | $15,285 | | $15,205 |
| Land | 623 | | 622 |
| Office and other equipment | 169 | | 164 |
| Total | 16,077 | | 15,991 |
| Less accumulated depreciation | (2,862) | | (2,553) |
| Net of accumulated depreciation | 13,215 | | 13,438 |
| Finance lease right-of-use assets | 58 | | 59 |
First 8 of 11 rows. The download has all of them.
Table 53 after “The following tables summarize the changes to these obligations, reported as AROs (current and noncurrent liabilities) in our condensed cons”
| Nuclear Plant Decommissioning | Mining Land Reclamation | | Coal Ash and Other | Total | |
| Liability at December 31, 2019 | $1,320 | | $410 | | $508 | $2,238 |
| Additions: | | | | | | |
| Accretion | 11 | | 5 | | 7 | 23 |
| Adjustment for change in estimates | — | | (1) | | — | (1) |
| Reductions: | | | | | | |
| Payments | — | | (13) | | (7) | (20) |
| Liability at March 31, 2020 | 1,331 | | 401 | | 508 | 2,240 |
First 8 of 10 rows. The download has all of them.
Table 54 after “Table of Contents”
| Nuclear Plant Decommissioning | Mining Land Reclamation | | Coal Ash and Other | Total | |
| Liability at December 31, 2018 | $1,276 | | $442 | | $655 | $2,373 |
| Additions: | | | | | | |
| Accretion | 11 | | 6 | | 8 | 25 |
| Adjustment for change in estimates | — | | (1) | | (2) | (3) |
| Adjustment for obligations assumed through acquisitions | — | | — | | (3) | (3) |
| Reductions: | | | | | | |
| Payments | — | | (14) | | (8) | (22) |
First 8 of 11 rows. The download has all of them.
Table 55 after “The balance of other noncurrent liabilities and deferred credits consists of the following:”
| March 31, 2020 | December 31, 2019 | |
| Retirement and other employee benefits (a) | $327 | | $295 |
| Identifiable intangible liabilities (Note 6) | 279 | | 286 |
| Regulatory liability | — | | 131 |
| Finance lease liabilities | 81 | | 78 |
| Uncertain tax positions, including accrued interest | 9 | | 10 |
| Liability for third-party remediation | 42 | | 41 |
| Environmental allowances | 47 | | 52 |
First 8 of 10 rows. The download has all of them.
Table 56 after “Fair Value of Debt”
| | March 31, 2020 | | | December 31, 2019 | | |
| Long-term debt (see Note 11): | Fair Value Hierarchy | Carrying Amount | Fair Value | | Carrying Amount | Fair Value | |
| Long-term debt under the Vistra Operations Credit Facilities | Level 2 | $2,601 | | $2,437 | | $2,715 | $2,717 |
| Vistra Operations Senior Notes | Level 2 | 6,627 | | 6,500 | | 6,620 | 6,926 |
| Vistra Energy Senior Notes | Level 2 | 687 | | 671 | | 774 | 772 |
| Forward Capacity Agreements | Level 3 | 127 | | 127 | | 155 | 155 |
| Equipment Financing Agreements | Level 3 | 79 | | 79 | | 87 | 87 |
| Building Financing | Level 2 | 13 | | 13 | | 16 | 16 |
First 8 of 9 rows. The download has all of them.
Table 57 after “The following table reconciles cash, cash equivalents and restricted cash reported in our condensed consolidated statements of cash flows to”
| March 31, 2020 | December 31, 2019 | |
| Cash and cash equivalents | $717 | | $300 |
| Restricted cash included in current assets | 50 | | 147 |
| Restricted cash included in noncurrent assets | 28 | | 28 |
| Total cash, cash equivalents and restricted cash | $795 | | $475 |
Table 58 after “The following table summarizes our supplemental cash flow information for the three months ended March 31, 2020 and 2019:”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Cash payments related to: | | | |
| Interest paid | $208 | | $139 |
| Capitalized interest | (3) | | (3) |
| Interest paid (net of capitalized interest) | $205 | | $136 |
| Income taxes paid (refunds received) (a) | $(36) | | $(17) |
| Noncash investing and financing activities: | | | |
First 8 of 11 rows. The download has all of them.
Table 59 after “Estimated hedging levels for generation volumes in ERCOT, PJM, NYISO, ISO-NE, MISO and CAISO at March 31, 2020 were as follows:”
| 2020 | 2021 | |
| Coal/Nuclear/Renewable Generation: | | | |
| ERCOT | 100% | | 73% |
| PJM | 100% | | 95% |
| MISO | 100% | | 44% |
| Gas Generation: | | | |
| ERCOT | 98% | | 26% |
| PJM | 96% | | 32% |
First 8 of 10 rows. The download has all of them.
Table 60 after “The following sensitivity table provides approximate estimates of the potential impact of movements in power prices and spark spreads (the d”
| 2020 | 2021 | |
| ERCOT: | | | |
| Coal/Nuclear/Renewable Generation: $2.50/MWh increase in power price | $1 | | $33 |
| Coal/Nuclear/Renewable Generation: $2.50/MWh decrease in power price | $— | | $(30) |
| Gas Generation: $1.00/MWh increase in spark spread | $2 | | $30 |
| Gas Generation: $1.00/MWh decrease in spark spread | $— | | $(26) |
| Residual Natural Gas Position: $0.25/MMBtu increase in natural gas price | $2 | | $(27) |
| Residual Natural Gas Position: $0.25/MMBtu decrease in natural gas price | $(2) | | $14 |
First 8 of 27 rows. The download has all of them.
Table 61 after “Consolidated Financial Results — Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019”
| Three Months Ended March 31, | | | Favorable (Unfavorable) $ Change | |
| 2020 | 2019 | | | |
| Operating revenues | $2,858 | | $2,923 | | $(65) |
| Fuel, purchased power costs and delivery fees | (1,333) | | (1,461) | | 128 |
| Operating costs | (379) | | (385) | | 6 |
| Depreciation and amortization | (419) | | (405) | | (14) |
| Selling, general and administrative expenses | (252) | | (182) | | (70) |
| Impairment of long-lived assets | (84) | | — | | (84) |
First 8 of 17 rows. The download has all of them.
Table 62 after “Consolidated Financial Results — Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019”
| Three Months Ended March 31, 2020 | | | | | | | | | | | | |
| Retail | ERCOT | | PJM | NY/NE | MISO | | Asset Closure | Eliminations / Corporate and Other | Vistra Energy Consolidated | | | |
| Operating revenues | $1,908 | | $866 | | $648 | | $285 | | $142 | | $— | $(991) | $2,858 |
| Fuel, purchased power costs and delivery fees | (1,545) | | (270) | | (277) | | (175) | | (74) | | — | 1,008 | (1,333) |
| Operating costs | (30) | | (196) | | (74) | | (22) | | (42) | | (9) | (6) | (379) |
| Depreciation and amortization | (80) | | (122) | | (139) | | (48) | | (11) | | — | (19) | (419) |
| Selling, general and administrative expenses | (154) | | (21) | | (25) | | (13) | | (12) | | (7) | (20) | (252) |
| Impairment of long-lived assets | — | | — | | — | | — | | (84) | | — | — | (84) |
First 8 of 17 rows. The download has all of them.
Table 63 after “Table of Contents”
| Three Months Ended March 31, 2019 | | | | | | | | | | | | |
| Retail | ERCOT | | PJM | NY/NE | MISO | | Asset Closure | Eliminations / Corporate and Other | Vistra Energy Consolidated | | | |
| Operating revenues | $1,386 | | $954 | | $705 | | $344 | | $169 | | $85 | $(720) | $2,923 |
| Fuel, purchased power costs and delivery fees | (1,197) | | (333) | | (316) | | (229) | | (92) | | (59) | 765 | (1,461) |
| Operating costs | (11) | | (185) | | (83) | | (25) | | (34) | | (40) | (7) | (385) |
| Depreciation and amortization | (59) | | (132) | | (130) | | (64) | | (3) | | — | (17) | (405) |
| Selling, general and administrative expenses | (101) | | (16) | | (12) | | (10) | | (18) | | (10) | (15) | (182) |
| Operating income (loss) | 18 | | 288 | | 164 | | 16 | | 22 | | (24) | 6 | 490 |
First 8 of 16 rows. The download has all of them.
Table 64 after “Adjusted EBITDA — Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019”
| Three Months Ended March 31, | | | Favorable (Unfavorable) $ Change | |
| 2020 | 2019 | | | |
| Net income | $45 | | $224 | | $(179) |
| Income tax expense | 17 | | 77 | | (60) |
| Interest expense and related charges (a) | 300 | | 222 | | 78 |
| Depreciation and amortization (b) | 438 | | 422 | | 16 |
| EBITDA before Adjustments | 800 | | 945 | | (145) |
| Unrealized net gain resulting from hedging transactions | (125) | | (186) | | 61 |
First 8 of 17 rows. The download has all of them.
Table 65 after “Table of Contents”
| Three Months Ended March 31, 2020 | | | | | | | | | | | | |
| Retail | ERCOT | | PJM | NY/NE | MISO | | Asset Closure | Eliminations / Corporate and Other | Vistra Energy Consolidated | | | |
| Net income (loss) | $95 | | $258 | | $118 | | $15 | | $(79) | | $(17) | $(345) | $45 |
| Income tax expense | — | | — | | — | | — | | — | | — | 17 | 17 |
| Interest expense and related charges (a) | 4 | | (2) | | 2 | | — | | 1 | | — | 295 | 300 |
| Depreciation and amortization (b) | 80 | | 142 | | 138 | | 48 | | 11 | | — | 19 | 438 |
| EBITDA before Adjustments | 179 | | 398 | | 258 | | 63 | | (67) | | (17) | (14) | 800 |
| Unrealized net (gain) loss resulting from hedging transactions | 121 | | (181) | | (66) | | (21) | | 10 | | — | 12 | (125) |
First 8 of 17 rows. The download has all of them.
Table 66 after “Includes nuclear fuel amortization of $19 million in ERCOT segment.”
| Three Months Ended March 31, 2019 | | | | | | | | | | | | |
| Retail | ERCOT | | PJM | NY/NE | MISO | | Asset Closure | Eliminations / Corporate and Other | Vistra Energy Consolidated | | | |
| Net income (loss) | $15 | | $301 | | $162 | | $21 | | $21 | | $(24) | $(272) | $224 |
| Income tax expense | — | | — | | — | | — | | — | | — | 77 | 77 |
| Interest expense and related charges (a) | 3 | | (3) | | 3 | | 1 | | 2 | | — | 216 | 222 |
| Depreciation and amortization (b) | 59 | | 149 | | 130 | | 64 | | 3 | | — | 17 | 422 |
| EBITDA before Adjustments | 77 | | 447 | | 295 | | 86 | | 26 | | (24) | 38 | 945 |
| Unrealized net (gain) loss resulting from hedging transactions | 164 | | (251) | | (91) | | (6) | | 14 | | — | (16) | (186) |
First 8 of 14 rows. The download has all of them.
Table 67 after “Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019”
| Three Months Ended March 31, | | | Favorable (Unfavorable) Change | |
| 2020 | 2019 | | | |
| Operating revenues: | | | | | |
| Revenues in ERCOT | $1,271 | | $1,048 | | $223 |
| Revenues in Northeast/Midwest | 640 | | 348 | | 292 |
| Amortization expense | (4) | | (9) | | 5 |
| Other revenues | 1 | | (1) | | 2 |
| Total operating revenues | 1,908 | | 1,386 | | 522 |
First 8 of 25 rows. The download has all of them.
Table 68 after “Net income increased by $80 million to $95 million and Adjusted EBITDA increased by $54 million to $311 million in the three months ended Ma”
| Three Months Ended March 31, 2020 Compared to 2019 |
| Higher margin due to the addition of Crius acquired in July 2019 and Ambit acquired in November 2019 | $101 |
| Other driven by higher SG&A expense and bad debt expense | (47) |
| Change in Adjusted EBITDA | $54 |
| Change in depreciation and amortization expenses driven by Crius/Ambit intangibles | (21) |
| Favorable impact of lower unrealized net losses on hedging activities | 43 |
| Lower transition and merger and other expenses | 4 |
| Change in net income | $80 |
Table 69 after “Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019”
| Three Months Ended March 31, | | | | | | | | | | | | | | |
| ERCOT | | | PJM | | NY/NE | | | MISO | | | | | | |
| 2020 | 2019 | | 2020 | 2019 | 2020 | | 2019 | 2020 | 2019 | | | | | |
| Operating revenues: | | | | | | | | | | | | | | | |
| Electricity sales | $265 | | $359 | | $229 | | $325 | | $72 | | $250 | | $70 | | $141 |
| Capacity | — | | — | | 14 | | 67 | | 26 | | 80 | | 5 | | 10 |
| Sales to affiliates | 398 | | 358 | | 325 | | 222 | | 157 | | 15 | | 72 | | 43 |
| Rolloff of unrealized net gains (losses) representing positions settled in the current period | (41) | | (32) | | 16 | | (9) | | (2) | | (20) | | (15) | | (16) |
First 8 of 34 rows. The download has all of them.
Table 70 after “Table of Contents”
| Three Months Ended March 31, | | | | | | | | | | |
| ERCOT | | PJM | | | NY/NE | | | MISO | | |
| 2020 | 2019 | 2020 | 2019 | | 2020 | 2019 | | 2020 | 2019 | |
| Average Market On-Peak Power Prices ($MWh) (b): | | | | | | | | | | | |
| PJM West Hub | | | $22.50 | | $33.94 | | | | | | |
| AEP Dayton Hub | | | $22.38 | | $32.67 | | | | | | |
| NYISO Zone C | | | | | | $18.33 | | $33.90 | | | |
| Massachusetts Hub | | | | | | $24.59 | | $47.79 | | | |
First 8 of 13 rows. The download has all of them.
Table 71 after “The following table presents changes in net income (loss) and Adjusted EBITDA for the three months ended March 31, 2020 compared to the thre”
| Three Months Ended March 31, 2020 Compared to 2019 | | | | | |
| ERCOT | PJM | | NY/NE | MISO | |
| Favorable/(unfavorable) change in revenue net of fuel | $39 | | $16 | | $(22) | $(16) |
| Favorable/(unfavorable) change in other operating costs | (10) | | 8 | | 2 | (8) |
| Unfavorable change in selling. general and administrative expenses | (4) | | (3) | | (2) | (6) |
| Other | (12) | | (4) | | (4) | 1 |
| Change in Adjusted EBITDA | $13 | | $17 | | $(26) | $(29) |
| Favorable/(unfavorable) change in depreciation and amortization | 7 | | (8) | | 16 | (8) |
First 8 of 15 rows. The download has all of them.
Table 72 after “Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019”
| Three Months Ended March 31, | | | Favorable (Unfavorable) Change | |
| 2020 | 2019 | | | |
| Operating revenues | $— | | $85 | | $(85) |
| Fuel, purchased power costs and delivery fees | — | | (59) | | 59 |
| Operating costs | (9) | | (40) | | 31 |
| Selling, general and administrative expenses | (7) | | (10) | | 3 |
| Operating loss | (16) | | (24) | | 8 |
| Other income | — | | — | | — |
First 8 of 11 rows. The download has all of them.
Table 73 after “The table below summarizes the changes in commodity contract assets and liabilities for the three months ended March 31, 2020 and 2019. The ”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Commodity contract net liability at beginning of period | $(279) | | $(850) |
| Settlements/termination of positions (a) | (26) | | (68) |
| Changes in fair value of positions in the portfolio (b) | 151 | | 254 |
| Other activity (c) | 20 | | (28) |
| Commodity contract net liability at end of period | $(134) | | $(692) |
Table 74 after “— The following table presents the net commodity contract liability arising from recognition of fair values at March 31, 2020, scheduled by ”
| Maturity dates of unrealized commodity contract net liability at March 31, 2020 | | | | | | | |
| Less than 1 year | 1-3 years | | 4-5 years | Excess of 5 years | Total | | |
| Prices actively quoted | $132 | | $11 | | $(2) | | $— | $141 |
| Prices provided by other external sources | (225) | | (78) | | — | | — | (303) |
| Prices based on models | 63 | | 13 | | 4 | | (52) | 28 |
| Total | $(30) | | $(54) | | $2 | | $(52) | $(134) |
Table 75 after “Cash used in investing activities totaled $284 million and $149 million in the three months ended March 31, 2020 and 2019, respectively. Cap”
| Three Months Ended March 31, | | |
| 2020 | 2019 | |
| Capital expenditures, including LTSA prepayments | $160 | | $118 |
| Nuclear fuel purchases | 24 | | 13 |
| Growth and development expenditures | 77 | | 22 |
| Capital expenditures | $261 | | $153 |
Table 76 after “The following table summarizes changes in available liquidity for the three months ended March 31, 2020:”
| March 31, 2020 | December 31, 2019 | | Change | |
| Cash and cash equivalents | $717 | | $300 | | $417 |
| Vistra Operations Credit Facilities — Revolving Credit Facility | 1,117 | | 1,426 | | (309) |
| Total available liquidity | $1,834 | | $1,726 | | $108 |
Table 77 after “The Parent files a consolidated U.S. federal income tax return. All consolidated income tax expense or benefits and deferred tax assets and ”
| Three Months Ended March 31, 2020 |
| Revenues | $2,735 |
| Operating income | $444 |
| Net income | $101 |
| Net income attributable to Vistra Energy | $101 |
Table 78 after “Table of Contents”
| March 31, 2020 | March 31, 2020 | |
| Current assets | $3,921 | Current liabilities | $3,796 |
| Noncurrent assets | 21,617 | Noncurrent liabilities | 13,942 |
| Total assets | $25,538 | Total liabilities | $17,738 |
| | Noncontrolling interest | $— |
Table 79 after “— This measurement estimates the potential loss in value, due to changes in market conditions, of all underlying generation assets and contr”
| Three Months Ended March 31, 2020 | Year Ended December 31, 2019 | |
| Month-end average VaR | $323 | | $263 |
| Month-end high VaR | $361 | | $520 |
| Month-end low VaR | $289 | | $103 |
Table 80 after “Including collateral posted to us by counterparties, our net ERCOT, PJM, NY/NE and MISO segments exposure was $447 million, substantially al”
| Exposure Before Credit Collateral | Credit Collateral | | Net Exposure | |
| Investment grade | $450 | | $23 | | $427 |
| Below investment grade or no rating | 22 | | 2 | | 20 |
| Totals | $472 | | $25 | | $447 |
Table 81 after “The following table provides information about our repurchase of equity securities that are registered by us pursuant to Section 12 of the E”
| Total Number of Shares Purchased | Average Price Paid per Share | | Total Number of Shares Purchased as Part of a Publicly Announced Program | Maximum Dollar Amount of Shares that may yet be Purchased under the Program (in millions) | |
| January 1 - January 31, 2020 | — | | $— | | — | $332 |
| February 1 - February 29, 2020 | — | | $— | | — | $332 |
| March 1 - March 31, 2020 | — | | $— | | — | $332 |
| For the quarter ended March 31, 2020 | — | | $— | | — | $332 |
Table 82 after “(a) Exhibits filed or furnished as part of Part II are:”
| Exhibits | Previously Filed With File Number* | AsExhibit | | |
| (3(i)) | Articles of Incorporation | | | |
| 3.1 | 001-38086 Form 8-K (filed May 4, 2020) | 3.1 | — | Restated Certificate of Incorporation of Vistra Energy Corp. |
| (3(ii)) | Bylaws | | | |
| 3.2 | 001-38086 Form 8-K (filed May 4, 2020) | 3.2 | — | Restated Bylaws of Vistra Energy Corp. dated April 29, 2020. |
| (4) | Instruments Defining the Rights of Security Holders, Including Indentures | | | |
| 4.1 | ** | | — | Twelfth Supplemental Indenture to the 2023 Notes Indenture, dated January 31, 2020, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
| 4.2 | ** | | — | Thirteenth Supplemental Indenture to the 2023 Notes Indenture, dated March 26, 2020, among the Guaranteeing Subsidiaries, the Company, the Subsidiary Guarantors and the Trustee |
First 8 of 16 rows. The download has all of them.
Table 83 after “Table of Contents”
| Exhibits | Previously Filed With File Number* | | AsExhibit | | | | |
| 4.11 | ** | | | — | | Fifth Supplemental Indenture for 3.55% Senior Secured Notes due 2024, 3.70% Senior Secured Notes due 2027 and 4.30% Senior Secured Notes due 2029, dated January 31, 2020, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee | |
| 4.12 | ** | | | — | | Sixth Supplemental Indenture for 3.55% Senior Secured Notes due 2024, 3.70% Senior Secured Notes due 2027 and 4.30% Senior Secured Notes due 2029, dated March 26, 2020, among Vistra Operations Company LLC, as Issuer, the Guaranteeing Subsidiaries, the Subsidiary Guarantors and the Trustee | |
| (10) | Material Contracts | | | | | | |
| 10.1 (****) | 001-38086 Form 8-K (filed February 27, 2020) | | 10.1 | — | | Employment Agreement, dated as of February 25, 2020, by and among Vistra Energy Corp., Luminant Energy Company LLC and Steve Muscato | |
| 10.2 (****) | 001-38086 Form 8-K (filed February 27, 2020) | | 10.2 | — | | Employment Agreement, dated as of February 25, 2020, by and among Vistra Energy Corp., TXU Retail Services Company and Scott Hudson | |
| (31) | Rule 13a-14(a) / 15d-14(a) Certifications | | | | | | |
| 31.1 | ** | | | — | | Certification of Curtis A. Morgan, principal executive officer of Vistra Energy Corp., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
First 8 of 22 rows. The download has all of them.