Short-Term Borrowings And Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2013

Debt and Capital Lease Obligations [Abstract]

Schedule of Line of Credit Facilities

Credit facilities and related cash borrowings at September 30, 2013 are presented below. Available letter of credit capacity totaled $171 million at September 30, 2013 as discussed below. The facilities are all senior secured facilities of TCEH.

		September 30, 2013
Facility	Maturity Date	Facility Limit		Letters of Credit		Cash Borrowings		Availability
TCEH Revolving Credit Facility (a)	October 2016	$	2,054	$	—	$	2,054	$	—
TCEH Letter of Credit Facility (b)	October 2017 (b)	1,062		—		1,062		—
Total TCEH		$	3,116	$	—	$	3,116	$	—

___________

(a) Facility used for borrowings for general corporate purposes. Borrowings are classified as short-term borrowings. At September 30, 2013, borrowings under the facility bear interest at LIBOR plus 4.50%, and a commitment fee is payable quarterly in arrears at a rate per annum equal to 1.00% of the average daily unused portion of the facility. In January 2013, commitments previously maturing in 2013 were extended to 2016 as discussed below.

(b) Facility, $42 million of which matures in October 2014, used for issuing letters of credit for general corporate purposes, including, but not limited to, providing collateral support under hedging arrangements and other commodity transactions that are not secured by a first-lien interest in the assets of TCEH. The borrowings under this facility have been recorded by TCEH as restricted cash that supports issuances of letters of credit and are classified as long-term debt. At September 30, 2013, the restricted cash totaled $947 million, after reduction for a $115 million letter of credit drawn in 2009 related to an office building financing. At September 30, 2013, the restricted cash supports $776 million in letters of credit outstanding, leaving $171 million in available letter of credit capacity.

Schedule of Long-term Debt Instruments

Long-Term Debt

At September 30, 2013 and December 31, 2012, long-term debt consisted of the following:

	September 30, 2013			December 31, 2012
TCEH
Senior Secured Facilities:
3.710% TCEH Term Loan Facilities maturing October 10, 2014 (a)(b)	$	3,809		$	3,809
3.679% TCEH Letter of Credit Facility maturing October 10, 2014 (b)	42			42
4.709% TCEH Term Loan Facilities maturing October 10, 2017 (a)(b)(c)	15,710			15,370
4.679% TCEH Letter of Credit Facility maturing October 10, 2017 (b)	1,020			1,020
11.5% Fixed Senior Secured Notes due October 1, 2020	1,750			1,750
15% Fixed Senior Secured Second Lien Notes due April 1, 2021	336			336
15% Fixed Senior Secured Second Lien Notes due April 1, 2021, Series B	1,235			1,235
10.25% Fixed Senior Notes due November 1, 2015 (c)	2,046			2,046
10.25% Fixed Senior Notes due November 1, 2015, Series B (c)	1,442			1,442
10.50 / 11.25% Senior Toggle Notes due November 1, 2016	1,749			1,749
Pollution Control Revenue Bonds:
Brazos River Authority:
5.40% Fixed Series 1994A due May 1, 2029	39			39
7.70% Fixed Series 1999A due April 1, 2033	111			111
6.75% Fixed Series 1999B due September 1, 2034, remarketing date April 1, 2013 (d)	—			16
7.70% Fixed Series 1999C due March 1, 2032	50			50
8.25% Fixed Series 2001A due October 1, 2030	71			71
8.25% Fixed Series 2001D-1 due May 1, 2033	171			171
0.089% Floating Series 2001D-2 due May 1, 2033 (e)	97			97
0.210% Floating Taxable Series 2001I due December 1, 2036 (f)	62			62
0.089% Floating Series 2002A due May 1, 2037 (e)	45			45
6.75% Fixed Series 2003A due April 1, 2038, remarketing date April 1, 2013 (d)	—			44
6.30% Fixed Series 2003B due July 1, 2032	39			39
6.75% Fixed Series 2003C due October 1, 2038	52			52
5.40% Fixed Series 2003D due October 1, 2029, remarketing date October 1, 2014 (d)	31			31
5.00% Fixed Series 2006 due March 1, 2041	100			100
Sabine River Authority of Texas:
6.45% Fixed Series 2000A due June 1, 2021	51			51
5.20% Fixed Series 2001C due May 1, 2028	70			70
5.80% Fixed Series 2003A due July 1, 2022	12			12
6.15% Fixed Series 2003B due August 1, 2022	45			45
Trinity River Authority of Texas:
6.25% Fixed Series 2000A due May 1, 2028	14			14
Unamortized fair value discount related to pollution control revenue bonds (g)	(107		)	(112		)
Other:
7.48% Fixed Secured Facility Bonds with amortizing payments through January 2017	36			—
7.46% Fixed Secured Facility Bonds with amortizing payments through January 2015	4			12
7% Fixed Senior Notes due March 15, 2013	—			5
Capital leases	56			64
Other	3			3
Unamortized discount	(110		)	(10		)
Unamortized fair value discount (g)	—			(1		)
Total TCEH	30,081			29,880

	September 30, 2013			December 31, 2012
EFCH (parent entity)
9.58% Fixed Notes due in annual installments through December 4, 2019 (h)	$	35		$	35
8.254% Fixed Notes due in quarterly installments through December 31, 2021 (h)	35			39
1.065% Floating Rate Junior Subordinated Debentures, Series D due January 30, 2037 (b)	1			1
8.175% Fixed Junior Subordinated Debentures, Series E due January 30, 2037	8			8
Unamortized fair value discount (g)	(6		)	(7		)
Subtotal	73			76
EFH Corp. debt pushed down (i)
10% Fixed Senior Notes due January 15, 2020	—			330
9.75% Fixed Senior Notes due October 15, 2019	—			58
10.875% Fixed Senior Notes due November 1, 2017	16			32
11.25 / 12.00% Senior Toggle Notes due November 1, 2017	14			30
Subtotal — EFH Corp. debt pushed down	30			450
Total EFCH (parent entity)	103			526
Total EFCH consolidated	30,184			30,406
Less amount due currently	(32		)	(96		)
Less amount held by affiliates (Note 11)	(382		)	(382		)
Total long-term debt	$	29,770		$	29,928

____________

(a) Interest rate swapped to fixed on $18.140 billion principal amount of maturities through October 2014 and up to an aggregate $12.6 billion principal amount from October 2014 through October 2017.

(b) Interest rates in effect at September 30, 2013.

(c) As discussed below and in Note 11, principal amounts of notes/term loans totaling $382 million at both September 30, 2013 and December 31, 2012 were held by EFH Corp. and EFIH.

(d) These series are in the multiannual interest rate mode and are subject to mandatory tender prior to maturity on the mandatory remarketing date. On such date, the interest rate and interest rate period will be reset for the bonds.

(e) Interest rates in effect at September 30, 2013. These series are in a daily interest rate mode and are classified as long-term as they are supported by long-term irrevocable letters of credit.

(f) Interest rate in effect at September 30, 2013. This series is in a weekly interest rate mode and is classified as long-term as it is supported by long-term irrevocable letters of credit.

(g) Amount represents unamortized fair value adjustments recorded under purchase accounting.

(h) EFCH's obligations with respect to these financings are guaranteed by EFH Corp. and secured on a first-priority basis by, among other things, an undivided interest in the Comanche Peak nuclear generation facility.

(i) Represents 50% of the amount of these EFH Corp. securities guaranteed by, and pushed down to (pushed-down debt), EFCH (parent entity) per the discussion below under "Guarantees and Push Down of EFH Corp. Debt."

Schedule of securities guaranteed, principal amounts

The following table presents an analysis of the total outstanding principal amount of EFH Corp. debt guaranteed by EFCH and EFIH at December 31, 2012 and September 30, 2013, respectively.

	December 31, 2012
Securities Guaranteed (principal amounts)	Held by EFIH		Subject to Push Down		Not Merger-Related		Total Guaranteed		Debt Cancelled in 2013		Total Guaranteed September 30, 2013 (c)
EFH Corp. 9.75% Senior Notes (a)	$	—	$	115	$	—	$	115	113		$	—
EFH Corp. 10% Senior Notes (a)	—		661		400		1,061		1,058		—
EFH Corp. 10.875% Senior Notes	1,685		64		—		1,749		1,715		33
EFH Corp. 11.25/12.00% Senior Toggle Notes	3,441		60		—		3,501		3,474		27
Subtotal	$	5,126	$	900	$	400	6,426		$	6,360	60
TCEH Demand Notes (b)							698				—
Total							$	7,124			$	60

Schedule of Interest Rate Derivatives

The interest rate swap counterparties are secured on an equal and ratable basis by the same collateral pledged to the lenders under the TCEH Senior Secured Facilities and the TCEH Senior Secured Notes.

The interest rate swaps have resulted in net gains (losses) reported in interest expense and related charges as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Realized net loss	$	(160	)	$	(168	)	$	(466	)	$	(505	)
Unrealized net gain (loss)	413			(20		)	899			(16		)
Total	$	253		$	(188	)	$	433		$	(521	)

TCEHInterest Rate Swap Transactions

TCEH employs interest rate swaps to hedge exposure to its variable rate debt. As reflected in the table below, at September 30, 2013, TCEH has entered into the following series of interest rate swap transactions that effectively fix the interest rates at between 5.5% and 9.3%.

Fixed Rates				Expiration Dates	Notional Amount
5.5	%	-	9.3%	October 2013 through October 2014		$	18.140	billion (a)
6.8	%	-	9.0%	October 2015 through October 2017		$	12.600	billion (b)

___________

(a) Swaps related to an aggregate $1.6 billion principal amount of debt expired in 2013. Per the terms of the transactions, the notional amount of swaps entered into in 2011 grew by $1.280 billion in 2013, substantially offsetting the expired swaps.

(b) These swaps are effective from October 2014 through October 2017. The $12.6 billion notional amount of swaps includes $3 billion that expires in October 2015 with the remainder expiring in October 2017.