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Pension and Other Postretirement Employee Benefits (OPEB) Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Compensation and Retirement Benefits Disclosures [Abstract]  
Schedule of Pension and OPEB Costs
The following table summarizes the total benefit costs of our pension and OPEB plans for the years ended December 31, 2024, 2023, and 2022. The individual components of benefit costs, including service cost, interest cost, expected return on assets and the net amortization of unrecognized amounts from accumulated other comprehensive income were immaterial.
Year Ended December 31,
202420232022
(in millions)
Pension costs$9 $9 $2 
OPEB costs5 5 4 
Total benefit costs recognized as expense$14 $14 $6 
Schedule of Defined Benefit Plans Disclosures
The following information is based on a December 31, 2024, 2023, and 2022 measurement dates:
Retirement PlanOPEB Plans
Year Ended December 31,Year Ended December 31,
202420232022202420232022
Assumptions Used to Determine Benefit Obligations at Period End:
Discount rate5.63 %4.97 %5.16 %5.62 %4.98 %5.18 %
Expected rate of compensation increase (Vistra Plan)3.50 %3.64 %3.79 %
Expected rate of compensation increase (Dynegy Plan)4.46 %
Interest crediting rate for cash balance plans3.75 %3.50 %3.00 %

Retirement PlanOPEB Plans
Year Ended December 31,Year Ended December 31,
2024202320242023
(in millions, except percentages)
Change in Pension and Postretirement Benefit Obligations:
Projected benefit obligation at beginning of period$425 $449 $108 $110 
Acquisitions23 — — — 
Service cost2 3 1 1 
Interest cost21 21 5 5 
Participant contributions— — 3 3 
Plan amendments— 1 — — 
Actuarial (gain) loss(24)10 (7)1 
Benefits paid(38)(59)(11)(12)
Projected benefit obligation at end of year$409 $425 $99 $108 
Accumulated benefit obligation at end of year$408 $422 $— $— 
Change in Plan Assets:
Fair value of assets at beginning of period$285 $320 $12 $29 
Acquisitions18 — — — 
Employer contributions19 — 8 9 
Participant contributions— — 2 3 
Actual gain on assets1 24 1 2 
Transfers— — (2)(19)
Benefits paid(38)(59)(11)(12)
Fair value of assets at end of year$285 $285 $10 $12 
Funded Status:
Projected benefit obligation$(409)$(425)$(99)$(108)
Fair value of assets285 285 10 12 
Funded status at end of year$(124)$(140)$(89)$(96)
Retirement PlanOPEB Plans
Year Ended December 31,Year Ended December 31,
2024202320242023
Amounts Recognized in the Balance Sheet Consist of:
Investments$1 $— $2 $3 
Other current liabilities— — (8)(9)
Other noncurrent liabilities(125)(140)(83)(90)
Net liability recognized$(124)$(140)$(89)$(96)
Amounts Recognized in Accumulated Other Comprehensive Income Consist of:
Net actuarial (gain) loss$(5)$4 $(22)$(15)
Prior services cost— 3 1 1 
Net actuarial (gain) loss and prior service cost$(5)$7 $(21)$(14)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown below:
December 31, 2024December 31, 2023
Level
1		Level
2		Level
3 (a)
Reclass (a)
TotalLevel
1		Level
2		Level
3 (a)
Reclass (a)
Total
(in millions)
Assets:
Commodity contracts (b)$1,923 $462 $841 $5 $3,231 $2,886 $628 $630 $14 $4,158 
Interest rate swaps (b)— 96 — — 96 — 64 — — 64 
NDTs – equity securities (c)(d)1,560 — — — 1,560 638 — — — 638 
NDTs – debt securities (c)(e)83 1,976 — — 2,059 — 734 — — 734 
Sub-total$3,566 $2,534 $841 $5 6,946 $3,524 $1,426 $630 $14 5,594 
Assets measured at net asset value (f):
NDTs – equity securities (c)(d)(f)821 579 
Total assets$7,767 $6,173 
Liabilities:
Commodity contracts (b)$2,118 $975 $1,593 $5 $4,691 $3,815 $1,395 $1,674 $14 $6,898 
Interest rate swaps (b)— 27 — — 27 — 48 — — 48 
Total liabilities$2,118 $1,002 $1,593 $5 $4,718 $3,815 $1,443 $1,674 $14 $6,946 
____________
(a)Fair values for each level are determined on a contract basis, but certain contracts are in both an asset and a liability position. This reclassification represents the adjustment needed to reconcile to the gross amounts presented in the consolidated balance sheets.
(b)See Note 11 for additional information.
(c)NDT assets represent securities held for the purpose of funding the future retirement and decommissioning of our nuclear generation facilities. These investments include equity, debt and other fixed-income securities consistent with investment rules established by the NRC and the PUCT. The NDT investments are included in Investments in the consolidated balance sheets. There were no significant concentrations of credit risk from an individual counterparty or groups of counterparties in our NDT portfolio as of December 31, 2024.
(d)The investment objective for NDT equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index for U.S. equity investments and the MSCI EAFE Index for non-U.S. equity investments.
(e)The investment objective for NDT debt securities is to invest in a diversified, high quality, tax efficient portfolio. The debt securities are weighted with government and investment grade corporate bonds. Other investable debt securities include, but are not limited to, municipal bonds, high yield bonds, securitized bonds, non-U.S. developed bonds, emerging market bonds, loans and treasury inflation-protected securities. The debt securities had an average coupon rate of 3.99% and 3.19% as of December 31, 2024 and 2023, respectively, and an average maturity of 7 years and 11 years as of December 31, 2024 and 2023, respectively. NDT debt securities held as of December 31, 2024 mature as follows: $1.045 billion in one to five years, $599 million in five to 10 years and $415 million after 10 years.
(f)Net asset value is a practical expedient used for the classification of assets that do not have readily determinable fair values and therefore are not classified in the fair value hierarchy. This amount is presented to permit reconciliation of this table to the amounts presented in the consolidated balance sheets.
As of December 31, 2024 and 2023, all of the Retirement Plan assets were measured at fair value using the net asset value per share (or its equivalent) except as noted and consisted of the following:
December 31,
20242023
(in millions)
Asset Category:
Cash commingled trusts$6 $4 
Equity securities:
Global equities86 82 
Fixed income securities:
Corporate bonds (a)79 82 
Government bonds42 54 
Other (b)28 18 
Real estate27 28 
Hedge funds17 17 
Total assets measured at net asset value$285 $285 
___________
(a)Substantially all corporate bonds are rated investment grade by a major ratings agency such as Moody's.
(b)Consists primarily of high-yield bonds, emerging market debt, bank loans, securitized bonds and private investment grade fixed income.
Schedule of Accumulated and Projected Benefit Obligations
The following table provides information regarding pension plans with PBO and ABO in excess of the fair value of plan assets.
December 31,
20242023
(in millions)
Pension Plans with PBO and ABO in Excess of Plan Assets:
Projected benefit obligations$409 $425 
Accumulated benefit obligation$408 $422 
Plan assets$285 $285 
Schedule of Allocation of Plan Assets
The target asset allocation ranges of pension plan investments by asset category are as follows:
Retirement Plan
Target Allocation Ranges
Asset Category:Vistra PlanDynegy Plan
Energy Harbor Plan
Fixed income securities50 %-70%40 %-50%45 %-55%
Global equity securities20 %-28%28 %-38%30 %-38%
Real estate6 %-10%7 %-15%5 %-10%
Credit strategies2 %-6%4 %-8%4 %-8%
Hedge funds2 %-6%4 %-8%1 %-5%
Schedule of Defined Benefit Plan, Assumptions
Retirement Plan
Expected Long-Term Rate of Return
Asset Class:Vistra PlanDynegy Plan
Energy Harbor Plan
Fixed income securities5.9 %5.5 %4.6 %
Global equity securities7.2 %7.2 %7.2 %
Real estate5.8 %5.8 %5.8 %
Credit strategies7.4 %7.4 %7.4 %
Hedge funds7.3 %7.3 %7.3 %
Weighted average6.3 %6.3 %5.8 %
Schedule of Health Care Cost Trend Rates
The following tables provide information regarding the assumed health care cost trend rates.
December 31,
20242023
Assumed Health Care Cost Trend Rates-Not Medicare Eligible:
Health care cost trend rate assumed for next year7.00 %7.00 %
Rate to which the cost trend is expected to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20342033
Assumed Health Care Cost Trend Rates-Medicare Eligible:
Health care cost trend rate assumed for next year (Vistra Plan)15.70 %12.90 %
Health care cost trend rate assumed for next year (Split-Participant Plan)13.80 %12.30 %
Rate to which the cost trend is expected to decline (the ultimate trend rate)4.50 %4.50 %
Year that the rate reaches the ultimate trend rate20342033
Schedule of Expected Benefit Payments
Estimated future benefit payments to beneficiaries are as follows:
202520262027202820292030-2034
(in millions)
Pension benefits$33 $34 $43 $32 $32 $151 
OPEB$9 $9 $9 $8 $8 $36