Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of December 31, 2024, Vistra has entered into the following interest rate swaps:


	Notional Amount	Expiration Date	Rate Range (c)
	(in millions, except percentages)
Swapped to fixed (a)	$3,000	July 2026	4.64	%	-	4.72%
Swapped to variable (a)	$700	July 2026	3.19	%	-	3.24%
Swapped to fixed (b)	$2,300	December 2030	4.95	%	-	5.51%

____________

(a)The $700 million of pay variable rate and receive fixed rate swaps match the terms of a portion of the $3.0 billion pay fixed rate and receive variable rate swaps. These matched swaps will settle over time and effectively offset the hedged position. These offsetting swaps expiring in July 2026 hedge our exposure on $2.3 billion of variable rate debt through July 2026.

(b)Effective from July 2026 through December 2030.

(c)The rate ranges reflect the fixed leg of each swap at a Term SOFR rate plus an interest margin of 1.75%.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables reconcile our gross derivative assets and liabilities as reported in the consolidated balance sheets to the net value on a contract basis, after taking into consideration netting arrangements with counterparties and cash collateral recorded.


	December 31, 2024
	Derivative Contract Assets				Derivative Contract Liabilities
	Commodity Contracts		Interest Rate Swaps		Commodity Contracts		Interest Rate Swaps		Total
	(in millions)
Current assets	$	2,551	$	34	$	2	$	—	$	2,587
Noncurrent assets	677		62		1		—		740
Current liabilities	—		—		(3,333)		(18)		(3,351)
Noncurrent liabilities	(2)		—		(1,356)		(9)		(1,367)
Net assets (liabilities)	$	3,226	$	96	$	(4,686)	$	(27)	$	(1,391)
Offsetting instruments (a)	$	(2,532)	$	(28)	$	2,532	$	28	—
Financial collateral (received) pledged (b)	$	(50)	$	—	$	233	$	—	183
Net amounts	$	644	$	68	$	(1,921)	$	1	$	(1,208)


	December 31, 2023
	Derivative Contract Assets				Derivative Contract Liabilities
	Commodity Contracts		Interest Rate Swaps		Commodity Contracts		Interest Rate Swaps		Total
	(in millions)
Current assets	$	3,585	$	53	$	7	$	—	$	3,645
Noncurrent assets	565		11		1		—		577
Current liabilities	(1)		—		(5,233)		(24)		(5,258)
Noncurrent liabilities	(5)		—		(1,659)		(24)		(1,688)
Net assets (liabilities)	$	4,144	$	64	$	(6,884)	$	(48)	$	(2,724)
Offsetting instruments (a)	$	(3,519)	$	(28)	$	3,519	$	28	—
Financial collateral (received) pledged (b)	$	(26)	$	—	$	970	$	—	944
Net amounts	$	599	$	36	$	(2,395)	$	(20)	$	(1,780)

____________

(a)Amounts presented exclude trade accounts receivable and payable related to settled financial instruments.

(b)Represents cash amounts received or pledged pursuant to a master netting arrangement, including fair value-based margin requirements, and, to a lesser extent, initial margin requirements.

Schedule of Pretax Effect on Net Income of Derivatives Not Under Hedge Accounting, Including Realized and Unrealized Effects

The following table summarizes the location and amount of unrealized gains and losses from our derivative instruments recorded in the consolidated statements of operations for the periods presented.


	Year Ended December 31,
Derivative (consolidated statements of operations presentation)	2024		2023		2022
	(in millions)





Reversals of previously recognized unrealized (gain) loss on derivative instruments:
Commodity contracts unrealized (gain) loss in operating revenues (a)	$	1,140	$	1,472	$	1,940
Commodity contracts unrealized (gain) loss in fuel and purchased power expense (a)	73		171		(722)
Interest rate swaps unrealized (gain) loss in interest expense and related charges	(41)		(78)		16
Total reversals of previously recognized unrealized (gain) loss on derivative instruments	$	1,172	$	1,565	$	1,234
Unrealized net gains (losses) from changes in fair value on derivative instruments:
Commodity contracts unrealized gain (loss) in operating revenues	$	(127)	$	(758)	$	(4,103)
Commodity contracts unrealized gain (loss) in fuel and purchased power expense	69		(395)		375
Interest rate swaps unrealized gain (loss) in interest expense and related charges	94		42		234
Total unrealized net gains (losses) from changes in fair value on derivative instruments	$	36	$	(1,111)	$	(3,494)
Net gain (loss) on derivative instruments	$	1,208	$	454	$	(2,260)

____________

(a)Excludes the realized effects of changes in fair value in the month the position settled, amounts related to positions entered into and settled in the same month, and physical retail and wholesale contracts accounted for as derivatives which did not financially settle but realized at the contract's notional and price. The realized effects of these items are included in operating revenues and fuel and purchased power expense.

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table presents the gross notional amounts of derivative volumes by commodity, excluding our NPNS derivatives that are not recorded at fair value:


	December 31, 2024		December 31, 2023
Derivative type	Notional Volume				Unit of Measure
Natural gas	4,568		5,335		Million MMBtu
Electricity	796,982		800,001		GWh
Financial transmission rights / Congestion revenue rights	248,742		250,895		GWh
Coal	27		35		Million U.S. tons
Fuel oil	2		3		Million gallons

Emissions	28		24		Million U.S. tons
Renewable energy certificates	31		29		Million certificates
Interest rate swaps – variable/fixed	$	5,300	$	5,225	Million U.S. dollars
Interest rate swaps - fixed/variable	$	700	$	1,300	Million U.S. dollars

Schedule of Credit Risk-Related Contingent Features of Derivatives

The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully collateralized:


	December 31,
	2024		2023
	(in millions)
Fair value of derivative contract liabilities (a)	$	(1,587)	$	(1,890)
Offsetting fair value under netting arrangements (b)	724		692
Cash collateral and letters of credit	471		854
Liquidity exposure	$	(392)	$	(344)

____________

(a)Excludes fair value of contracts that contain contingent features that do not provide specific amounts to be posted if features are triggered, including provisions that generally provide the right to request additional collateral (material adverse change, performance assurance and other clauses).

(b)Amounts include the offsetting fair value of in-the-money derivative contracts and net accounts receivable under master netting arrangements.