Registrant, State or Other Jurisdiction of Incorporation or Organization | ||||
Commission file number | Address of Principal Executive Offices, Zip Code and Telephone Number | I.R.S. Employer Identification No. | ||
(a Texas corporation) | ||||
(a Texas limited liability company) | ||||
(a Delaware corporation) | ||||
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Item 8.01. | Other Events. |
(d) | Exhibits. |
EXHIBIT NUMBER | EXHIBIT DESCRIPTION | |
23.1 | ||
99.1 | ||
101 | Interactive Data Files (embedded within the Inline XBRL document) | |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
CENTERPOINT ENERGY, INC. | ||
Date: May 18, 2020 | By: | /s/ Kristie L. Colvin |
Kristie L. Colvin | ||
Interim Executive Vice President and Chief Financial Officer and Chief Accounting Officer |
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC | ||
Date: May 18, 2020 | By: | /s/ Kristie L. Colvin |
Kristie L. Colvin | ||
Interim Executive Vice President and Chief Financial Officer and Chief Accounting Officer |
CENTERPOINT ENERGY RESOURCES CORP. | ||
Date: May 18, 2020 | By: | /s/ Kristie L. Colvin |
Kristie L. Colvin | ||
Interim Executive Vice President and Chief Financial Officer and Chief Accounting Officer |
• | Item 6. Selected Financial Data; |
• | Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; |
• | Item 7A. Quantitative and Qualitative Disclosures About Market Risk; and |
• | Item 8. Financial Statements and Supplementary Data. |
GLOSSARY | ||
ACE | Affordable Clean Energy | |
ADFIT | Accumulated deferred federal income taxes | |
AFUDC | Allowance for funds used during construction | |
AGC | Alcoa Generating Corporation, a subsidiary of Alcoa, Inc. | |
Athena Energy Services | Athena Energy Services Buyer, LLC, a Delaware limited liability company and subsidiary of Energy Capital Partners, LLC | |
AMAs | Asset Management Agreements | |
AMS | Advanced Metering System | |
APSC | Arkansas Public Service Commission | |
ARAM | Average rate assumption method | |
ARO | Asset retirement obligation | |
ARP | Alternative revenue program | |
ASC | Accounting Standards Codification | |
ASU | Accounting Standards Update | |
AT&T | AT&T Inc. | |
AT&T Common | AT&T common stock | |
Bailey to Jones Creek Project | A transmission project in the greater Freeport, Texas area, which includes enhancements to two existing substations and the construction of a new 345 kV double-circuit line to be located in the counties of Brazoria, Matagorda and Wharton | |
Bcf | Billion cubic feet |
GLOSSARY | ||
Bond Companies | Bankruptcy remote entities wholly-owned by Houston Electric and formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of Securitization Bonds, consisting of Bond Company II, Bond Company III, Bond Company IV and Restoration Bond Company | |
Bond Company II | CenterPoint Energy Transition Bond Company II, LLC, a wholly-owned subsidiary of Houston Electric | |
Bond Company III | CenterPoint Energy Transition Bond Company III, LLC, a wholly-owned subsidiary of Houston Electric | |
Bond Company IV | CenterPoint Energy Transition Bond Company IV, LLC, a wholly-owned subsidiary of Houston Electric | |
Brazos Valley Connection | A portion of the Houston region transmission project between Houston Electric’s Zenith substation and the Gibbons Creek substation owned by the Texas Municipal Power Agency | |
CCR | Coal Combustion Residuals | |
CECA | Clean Energy Cost Adjustment | |
CECL | Current expected credit losses | |
CEIP | CenterPoint Energy Intrastate Pipelines, LLC | |
CenterPoint Energy | CenterPoint Energy, Inc., and its subsidiaries | |
CERC Corp. | CenterPoint Energy Resources Corp. | |
CERC | CERC Corp., together with its subsidiaries | |
CES | CenterPoint Energy Services, Inc., a wholly-owned subsidiary of CERC Corp. | |
Charter Common | Charter Communications, Inc. common stock | |
CIP | Conservation Improvement Program | |
CME | Chicago Mercantile Exchange | |
CNG | Compressed natural gas | |
CNP Midstream | CenterPoint Energy Midstream, Inc., a wholly-owned subsidiary of CenterPoint Energy | |
Code | The Internal Revenue Code of 1986, as amended | |
CODM | Chief Operating Decision Maker, the Registrants’ Chief Executive Officer | |
Common Stock | CenterPoint Energy, Inc. common stock, par value $0.01 per share | |
CPP | Clean Power Plan | |
CSIA | Compliance and System Improvement Adjustment | |
DCA | Distribution Contractors Association | |
DCRF | Distribution Cost Recovery Factor | |
DRR | Distribution Replacement Rider | |
DSMA | Demand Side Management Adjustment | |
ECA | Environmental Cost Adjustment | |
EDIT | Excess deferred income taxes | |
EECR | Energy Efficiency Cost Recovery | |
EECRF | Energy Efficiency Cost Recovery Factor | |
EIN | Employer Identification Number | |
ELG | Effluent Limitation Guidelines | |
Enable | Enable Midstream Partners, LP | |
Enable GP | Enable GP, LLC, Enable’s general partner | |
Enable Series A Preferred Units | Enable’s 10% Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units, representing limited partner interests in Enable | |
Energy Services | Offers competitive variable and fixed-priced physical natural gas supplies primarily to commercial and industrial customers and electric and natural gas utilities through CES and its subsidiary, CEIP | |
Energy Services Disposal Group | Substantially all of the businesses within CenterPoint Energy’s and CERC’s historically reported Energy Services reporting unit that will be sold under the Equity Purchase Agreement | |
EPA | Environmental Protection Agency | |
Equity Purchase Agreement | Equity Purchase Agreement, dated as of February 24, 2020, by and between CERC Corp. and Athena Energy Services |
GLOSSARY | ||
ERCOT | Electric Reliability Council of Texas | |
ERISA | Employee Retirement Income Security Act of 1974 | |
ESG | Energy Systems Group, LLC, a wholly-owned subsidiary of Vectren | |
FERC | Federal Energy Regulatory Commission | |
FIP | Funding Improvement Plan | |
Fitch | Fitch Ratings, Inc. | |
FRP | Formula Rate Plan | |
Gas Daily | Platts gas daily indices | |
GHG | Greenhouse gases | |
GRIP | Gas Reliability Infrastructure Program | |
GWh | Gigawatt-hours | |
Hart-Scott-Rodino Act | Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended | |
Houston Electric | CenterPoint Energy Houston Electric, LLC and its subsidiaries | |
IBEW | International Brotherhood of Electrical Workers | |
IDEM | Indiana Department of Environmental Management | |
IG | Intelligent Grid | |
Indiana Electric | Operations of SIGECO’s electric transmission and distribution services, and includes its power generating and wholesale power operations | |
Indiana Gas | Indiana Gas Company, Inc., a wholly-owned subsidiary of Vectren | |
Infrastructure Services | Provided underground pipeline construction and repair services through Vectren’s wholly-owned subsidiaries Miller Pipeline, LLC and Minnesota Limited, LLC | |
Infrastructure Services Disposal Group | Businesses within the historically reported Infrastructure Services reporting unit that were sold under the Securities Purchase Agreement | |
Internal Spin | CERC’s contribution of its equity investment in Enable to CNP Midstream (detailed in Note 11 to the consolidated financial statements) | |
IRP | Integrated Resource Plan | |
IRS | Internal Revenue Service | |
IURC | Indiana Utility Regulatory Commission | |
kV | Kilovolt | |
LIBOR | London Interbank Offered Rate | |
LNG | Liquefied natural gas | |
LPSC | Louisiana Public Service Commission | |
LTIPs | Long-term incentive plans | |
MATS | Mercury and Air Toxics | |
Merger | The merger of Merger Sub with and into Vectren on the terms and subject to the conditions set forth in the Merger Agreement, with Vectren continuing as the surviving corporation and as a wholly-owned subsidiary of CenterPoint Energy, Inc., which closed on February 1, 2019 | |
Merger Agreement | Agreement and Plan of Merger, dated as of April 21, 2018, among CenterPoint Energy, Vectren and Merger Sub | |
Merger Sub | Pacer Merger Sub, Inc., an Indiana corporation and wholly-owned subsidiary of CenterPoint Energy | |
MES | Mobile Energy Solutions | |
MGP | Manufactured gas plant | |
MISO | Midcontinent Independent System Operator | |
MLP | Master Limited Partnership | |
MMBtu | One million British thermal units | |
Moody’s | Moody’s Investors Service, Inc. | |
MP2017 | 2017 pension mortality improvement scale developed annually by the Society of Actuaries | |
MP2018 | 2018 pension mortality improvement scale developed annually by the Society of Actuaries | |
MPSC | Mississippi Public Service Commission | |
MPUC | Minnesota Public Utilities Commission |
GLOSSARY | ||
MRT | Enable-Mississippi River Transmission, LLC | |
MW | Megawatt | |
NECA | National Electrical Contractors Association | |
NGA | Natural Gas Act of 1938 | |
NGD | Natural gas distribution business | |
NGLs | Natural gas liquids | |
NRG | NRG Energy, Inc. | |
NYMEX | New York Mercantile Exchange | |
NYSE | New York Stock Exchange | |
OCC | Oklahoma Corporation Commission | |
OGE | OGE Energy Corp. | |
OPEIU | Office & Professional Employees International Union | |
PBRC | Performance Based Rate Change | |
PFD | Proposal for decision | |
PLCA | Pipeline Contractors Association | |
PowerTeam Services | PowerTeam Services, LLC, a Delaware limited liability company | |
PRPs | Potentially responsible parties | |
PUCO | Public Utilities Commission of Ohio | |
PUCT | Public Utility Commission of Texas | |
Q1 2020 Form 10-Q | The Registrants’ combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, as filed with the SEC on May 7, 2020 | |
Railroad Commission | Railroad Commission of Texas | |
RCRA | Resource Conservation and Recovery Act of 1976 | |
Registrants | CenterPoint Energy, Houston Electric and CERC, collectively | |
Reliant Energy | Reliant Energy, Incorporated | |
REP | Retail electric provider | |
Restoration Bond Company | CenterPoint Energy Restoration Bond Company, LLC, a wholly-owned subsidiary of Houston Electric | |
Revised Policy Statement | Revised Policy Statement on Treatment of Income Taxes | |
ROE | Return on equity | |
RP | Rehabilitation Plan | |
RRA | Rate Regulation Adjustment | |
RSP | Rate Stabilization Plan | |
SEC | Securities and Exchange Commission | |
Securities Purchase Agreement | Securities Purchase Agreement, dated as of February 3, 2020, by and among VUSI, PowerTeam Services and, solely for purposes of Section 10.17 of the Securities Purchase Agreement, Vectren | |
Securitization Bonds | Transition and system restoration bonds | |
Series A Preferred Stock | CenterPoint Energy’s Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share | |
Series B Preferred Stock | CenterPoint Energy’s 7.00% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share | |
SIGECO | Southern Indiana Gas and Electric Company, a wholly-owned subsidiary of Vectren | |
S&P | S&P Global Ratings | |
TBD | To be determined | |
TCEH Corp. | Formerly Texas Competitive Electric Holdings Company LLC, predecessor to Vistra Energy Corp. whose major subsidiaries include Luminant and TXU Energy | |
TCJA | Tax reform legislation informally called the Tax Cuts and Jobs Act of 2017 | |
TCOS | Transmission Cost of Service | |
TCRF | Transmission Cost Recovery Factor | |
TDSIC | Transmission, Distribution and Storage System Improvement Charge |
GLOSSARY | ||
TDU | Transmission and distribution utility | |
USW | United Steelworkers Union | |
Utility Holding | Utility Holding, LLC, a wholly-owned subsidiary of CenterPoint Energy | |
VaR | Value at Risk | |
VCC | Vectren Capital Corp., a wholly-owned subsidiary of Vectren | |
Vectren | Vectren Corporation, a wholly-owned subsidiary of CenterPoint Energy | |
VEDO | Vectren Energy Delivery of Ohio, Inc., a wholly-owned subsidiary of Vectren | |
VIE | Variable interest entity | |
VISCO | Vectren Infrastructure Services Corporation, a wholly-owned subsidiary of Vectren | |
Vistra Energy Corp. | Texas-based energy company focused on the competitive energy and power generation markets | |
VUHI | Vectren Utility Holdings, Inc., a wholly-owned subsidiary of Vectren | |
VUSI | Vectren Utility Services, Inc., a wholly-owned subsidiary of Vectren | |
ZENS | 2.0% Zero-Premium Exchangeable Subordinated Notes due 2029 | |
ZENS-Related Securities | As of both December 31, 2019 and 2018, consisted of AT&T Common and Charter Common | |
2019 Form 10-K | The Registrants’ combined Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as originally filed with the SEC on February 27, 2020 |
Year Ended December 31, | |||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
Revenues | $ | 7,564 | $ | 6,277 | $ | 5,699 | $ | 5,527 | $ | 5,536 | |||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | 230 | 307 | 265 | 208 | (1,663 | ) | (2) | ||||||||||||||
Income (loss) from continuing operations | 682 | 396 | 1,708 | (1 | ) | 420 | (717 | ) | |||||||||||||
Income (loss) from discontinued operations | 109 | (28 | ) | 84 | 12 | 25 | |||||||||||||||
Less: Preferred stock dividend requirement | 117 | 35 | — | — | — | ||||||||||||||||
Income (loss) available to common shareholders | 674 | 333 | 1,792 | (1) | 432 | (692 | ) | ||||||||||||||
Basic earnings (loss) per common share from continuing operations | $ | 1.12 | $ | 0.80 | $ | 3.96 | $ | 0.97 | $ | (1.67 | ) | ||||||||||
Basic earnings (loss) per common share from discontinued operations | 0.22 | (0.06 | ) | 0.20 | 0.03 | 0.06 | |||||||||||||||
Basic earnings (loss) per common share | $ | 1.34 | $ | 0.74 | $ | 4.16 | $ | 1.00 | $ | (1.61 | ) | ||||||||||
Diluted earnings (loss) per common share from continuing operations | $ | 1.12 | $ | 0.80 | $ | 3.94 | $ | 0.97 | $ | (1.67 | ) | ||||||||||
Diluted earnings (loss) per common share from discontinued operations | 0.21 | (0.06 | ) | 0.19 | 0.03 | 0.06 | |||||||||||||||
Diluted earnings (loss) per common share | $ | 1.33 | $ | 0.74 | $ | 4.13 | $ | 1.00 | $ | (1.61 | ) | ||||||||||
Cash dividends paid per common share | $ | 1.15 | $ | 1.11 | $ | 1.07 | $ | 1.03 | $ | 0.99 | |||||||||||
Dividend payout ratio | 86 | % | 150 | % | 26 | % | 103 | % | n/a | ||||||||||||
Return on average common equity | 8 | % | 5 | % | 44 | % | 12 | % | (17 | )% |
Year Ended December 31, | |||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||
At year-end: | |||||||||||||||||||||
Book value per common share | $ | 16.64 | $ | 16.08 | $ | 10.88 | $ | 8.04 | $ | 8.05 | |||||||||||
Market price per common share | 27.27 | 28.23 | 28.36 | 24.64 | 18.36 | ||||||||||||||||
Market price as a percent of book value | 164 | % | 176 | % | 261 | % | 306 | % | 228 | % | |||||||||||
Percentage of common units owned representing limited partner interests in Enable | 53.7 | % | 54.0 | % | 54.1 | % | 54.1 | % | 55.4 | % | |||||||||||
Total assets (3) (4) | $ | 35,529 | $ | 27,093 | $ | 22,782 | $ | 21,878 | $ | 21,319 | |||||||||||
Short-term borrowings | — | — | 39 | 35 | 40 | ||||||||||||||||
Securitization Bonds, including current maturities | 977 | 1,435 | 1,868 | 2,278 | 2,667 | ||||||||||||||||
Other long-term debt, including current maturities (5) | 14,135 | 7,729 | 6,933 | 6,279 | 6,063 | ||||||||||||||||
Capitalization: | |||||||||||||||||||||
Common stock equity | 36 | % | 47 | % | 35 | % | 29 | % | 28 | % | |||||||||||
Long-term debt, including current maturities | 64 | % | 53 | % | 65 | % | 71 | % | 72 | % | |||||||||||
Capitalization, excluding Securitization Bonds: | |||||||||||||||||||||
Common stock equity | 37 | % | 51 | % | 40 | % | 36 | % | 36 | % | |||||||||||
Long-term debt, excluding Securitization Bonds, and including current maturities | 63 | % | 49 | % | 60 | % | 64 | % | 64 | % | |||||||||||
Capital expenditures (6) | $ | 2,587 | $ | 1,720 | $ | 1,494 | $ | 1,406 | $ | 1,575 |
(1) | Income (loss) available to common shareholders and income (loss) from continuing operations for the year ended December 31, 2017 includes a reduction in income tax expense of $1,113 million due to tax reform. See Note 15 to the consolidated financial statements for further discussion of the impacts of the TCJA implementation. |
(2) | This amount includes $1,846 million of non-cash impairment charges related to Enable. |
(3) | The increase in Total assets as of December 31, 2019, as compared to December 31, 2018, was primarily driven by the assets acquired in the Merger. |
(4) | Total assets as of December 31, 2018 include cash and cash equivalents of $4.2 billion. |
(5) | The increase in Other long-term debt, including current maturities as of December 31, 2019, as compared to December 31, 2018, was primarily driven by debt incurred to finance the Merger and debt acquired in the Merger. |
(6) | Includes capital expenditures for the Infrastructure Services and Energy Services Disposal Groups. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Registrants | Houston Electric T&D | Indiana Electric Integrated | Natural Gas Distribution | Midstream Investments | ||||
CenterPoint Energy | X | X | X | X | ||||
Houston Electric | X | |||||||
CERC | X |
• | Houston Electric T&D reportable segment includes electric transmission and distribution services that are subject to rate regulation and impacts of generation-related stranded costs and other true-up balances recoverable by the regulated electric utility. For further information about the Houston Electric T&D reportable segment, see “Business — Our Business — Houston Electric T&D” in Item 1 of Part I of the 2019 Form 10-K. |
• | Indiana Electric Integrated reportable segment includes energy delivery services to electric customers and electric generation assets to serve its electric customers and optimize those assets in the wholesale power market. For further information about the Indiana Electric Integrated reportable segment, see “Business — Our Business — Indiana Electric Integrated” in Item 1 of Part I of the 2019 Form 10-K. |
• | CenterPoint Energy’s Natural Gas Distribution reportable segment consists of (i) intrastate natural gas sales to, and natural gas transportation and distribution for residential, commercial, industrial and institutional customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas; (ii) permanent pipeline connections through interconnects |
• | CERC’s Natural Gas Distribution reportable segment consists of (i) intrastate natural gas sales to, and natural gas transportation and distribution for, residential, commercial, industrial and institutional customers in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas; (ii) permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP, formerly included in the Energy Services reportable segment; and (iii) temporary delivery of LNG and CNG throughout the contiguous 48 states through MES, formerly included in the Energy Services reportable segment. For further information about the Natural Gas Distribution reportable segment, see “Business — Our Business — Natural Gas Distribution” in Item 1 of Part I of the 2019 Form 10-K and Note 19 to the consolidated financial statements herein. |
• | Midstream Investments reportable segment includes CenterPoint Energy’s equity investment in Enable and is dependent upon the results of Enable, which are driven primarily by the volume of natural gas, NGLs and crude oil that Enable gathers, processes and transports across its systems and other factors as discussed below under “— Factors Influencing Midstream Investments.” For further information about the Midstream Investments reportable segment, see “Business — Our Business — Midstream Investments” in Item 1 of Part I of the 2019 Form 10-K. |
• | CenterPoint Energy’s Corporate and Other includes office buildings and other real estate used for business operations, home repair protection plans to natural gas customers in Texas and Louisiana through a third party, energy performance contracting and sustainable infrastructure services and other corporate support operations. CERC’s Corporate and Other includes unallocated corporate costs and inter-segment eliminations. |
• | the performance of Enable, the amount of cash distributions CenterPoint Energy receives from Enable, Enable’s ability to redeem the Enable Series A Preferred Units in certain circumstances and the value of CenterPoint Energy’s interest in Enable, and factors that may have a material impact on such performance, cash distributions and value, including factors such as: |
◦ | competitive conditions in the midstream industry, and actions taken by Enable’s customers and competitors, including the extent and timing of the entry of additional competition in the markets served by Enable; |
◦ | the timing and extent of changes in the supply of natural gas and associated commodity prices, particularly prices of natural gas and NGLs, the competitive effects of the available pipeline capacity in the regions served by Enable, and the effects of geographic and seasonal commodity price differentials, including the effects of these circumstances on re-contracting available capacity on Enable’s interstate pipelines; |
◦ | the demand for crude oil, natural gas, NGLs and transportation and storage services; |
◦ | environmental and other governmental regulations, including the availability of drilling permits and the regulation of hydraulic fracturing; |
◦ | recording of goodwill, long-lived asset or other than temporary impairment charges by or related to Enable; |
◦ | the timing of payments from Enable’s customers under existing contracts, including minimum volume commitment payments; |
◦ | changes in tax status; and |
◦ | access to debt and equity capital; |
• | the expected benefits of the Merger and integration, including the outcome of shareholder litigation filed against Vectren that could reduce anticipated benefits of the Merger, as well as the ability to successfully integrate the Vectren businesses and to realize anticipated benefits and commercial opportunities; |
• | the recording of impairment charges, including any impairment associated with the Infrastructure Services and Energy Services Disposal Groups; |
• | industrial, commercial and residential growth in our service territories and changes in market demand, including the demand for our non-utility products and services and effects of energy efficiency measures and demographic patterns; |
• | the outcome of the pending Houston Electric rate case; |
• | timely and appropriate rate actions that allow recovery of costs and a reasonable return on investment; |
• | future economic conditions in regional and national markets and their effect on sales, prices and costs; |
• | weather variations and other natural phenomena, including the impact of severe weather events on operations and capital; |
• | state and federal legislative and regulatory actions or developments affecting various aspects of our businesses (including the businesses of Enable), including, among others, energy deregulation or re-regulation, pipeline integrity and safety and changes in regulation and legislation pertaining to trade, health care, finance and actions regarding the rates charged by our regulated businesses; |
• | tax legislation, including the effects of the TCJA (which includes any potential changes to interest deductibility) and uncertainties involving state commissions’ and local municipalities’ regulatory requirements and determinations regarding the treatment of EDIT and our rates; |
• | CenterPoint Energy’s and CERC’s ability to mitigate weather impacts through normalization or rate mechanisms, and the effectiveness of such mechanisms; |
• | the timing and extent of changes in commodity prices, particularly natural gas and coal, and the effects of geographic and seasonal commodity price differentials on CERC and Enable; |
• | the ability of CenterPoint Energy’s and CERC’s non-utility business operating in the Energy Services Disposal Group to effectively optimize opportunities related to natural gas price volatility and storage activities, including weather-related impacts; |
• | actions by credit rating agencies, including any potential downgrades to credit ratings; |
• | changes in interest rates and their impact on costs of borrowing and the valuation of CenterPoint Energy’s pension benefit obligation; |
• | problems with regulatory approval, legislative actions, construction, implementation of necessary technology or other issues with respect to major capital projects that result in delays or cancellation or in cost overruns that cannot be recouped in rates; |
• | the availability and prices of raw materials and services and changes in labor for current and future construction projects; |
• | local, state and federal legislative and regulatory actions or developments relating to the environment, including, among other things, those related to global climate change, air emissions, carbon, waste water discharges and the handling and disposal of CCR that could impact the continued operation, and/or cost recovery of generation plant costs and related assets; |
• | the impact of unplanned facility outages or other closures; |
• | any direct or indirect effects on our or Enable’s facilities, operations and financial condition resulting from terrorism, cyber-attacks, data security breaches or other attempts to disrupt our businesses or the businesses of third parties, or other catastrophic events such as fires, ice, earthquakes, explosions, leaks, floods, droughts, hurricanes, tornadoes, pandemic health events or other occurrences; |
• | our ability to invest planned capital and the timely recovery of our existing and future investments, including those related to Indiana Electric’s anticipated IRP; |
• | our ability to successfully construct and operate electric generating facilities, including complying with applicable environmental standards and the implementation of a well-balanced energy and resource mix, as appropriate; |
• | our ability to control operation and maintenance costs; |
• | the sufficiency of our insurance coverage, including availability, cost, coverage and terms and ability to recover claims; |
• | the investment performance of CenterPoint Energy’s pension and postretirement benefit plans; |
• | commercial bank and financial market conditions, our access to capital, the cost of such capital, and the results of our financing and refinancing efforts, including availability of funds in the debt capital markets; |
• | changes in rates of inflation; |
• | inability of various counterparties to meet their obligations to us; |
• | non-payment for our services due to financial distress of our customers; |
• | the extent and effectiveness of our and Enable’s risk management and hedging activities, including, but not limited to financial and weather hedges and commodity risk management activities; |
• | timely and appropriate regulatory actions, which include actions allowing securitization, for any future hurricanes or natural disasters or other recovery of costs, including costs associated with Hurricane Harvey; |
• | CenterPoint Energy’s or Enable’s potential business strategies and strategic initiatives, including restructurings, joint ventures and acquisitions or dispositions of assets or businesses, including the proposed sale of the Energy Services Disposal Group, which CenterPoint Energy and Enable cannot assure will be completed or will have the anticipated benefits to CenterPoint Energy or Enable; |
• | the performance of projects undertaken by our non-utility businesses and the success of efforts to realize value from, invest in and develop new opportunities and other factors affecting those non-utility businesses, including, but not limited to, the level of success in bidding contracts, fluctuations in volume and mix of contracted work, mix of projects received under blanket contracts, failure to properly estimate cost to construct projects or unanticipated cost increases in completion of the contracted work, changes in energy prices that affect demand for construction services and projects and cancellation and/or reductions in the scope of projects by customers and obligations related to warranties and guarantees; |
• | acquisition and merger activities involving us or our competitors, including the ability to successfully complete merger, acquisition and divestiture plans; |
• | our or Enable’s ability to recruit, effectively transition and retain management and key employees and maintain good labor relations; |
• | the outcome of litigation; |
• | the ability of REPs, including REP affiliates of NRG and Vistra Energy Corp., formerly known as TCEH Corp., to satisfy their obligations to CenterPoint Energy and Houston Electric; |
• | changes in technology, particularly with respect to efficient battery storage or the emergence or growth of new, developing or alternative sources of generation; |
• | the impact of alternate energy sources on the demand for natural gas; |
• | the timing and outcome of any audits, disputes and other proceedings related to taxes; |
• | the effective tax rates; |
• | the transition to a replacement for the LIBOR benchmark interest rate; |
• | the effect of changes in and application of accounting standards and pronouncements; and |
• | other factors discussed in “Risk Factors” in Item 1A of the 2019 Form 10-K and in other reports that the Registrants file from time to time with the SEC. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions, except per share amounts) | |||||||||||
Revenues | $ | 7,564 | $ | 6,277 | $ | 5,699 | |||||
Expenses | 6,493 | 5,409 | 4,696 | ||||||||
Operating Income | 1,071 | 868 | 1,003 | ||||||||
Gain (Loss) on Marketable Securities | 282 | (22 | ) | 7 | |||||||
Gain (Loss) on Indexed Debt Securities | (292 | ) | (232 | ) | 49 | ||||||
Interest Expense and Other Finance Charges | (528 | ) | (361 | ) | (313 | ) | |||||
Interest Expense on Securitization Bonds | (39 | ) | (59 | ) | (77 | ) | |||||
Equity in Earnings of Unconsolidated Affiliates, net | 230 | 307 | 265 | ||||||||
Interest Income | 17 | 24 | — | ||||||||
Interest Income from Securitization Bonds | 5 | 4 | 2 | ||||||||
Other Income (Expense), net | 28 | 22 | (6 | ) | |||||||
Income From Continuing Operations Before Income Taxes | 774 | 551 | 930 | ||||||||
Income Tax Expense (Benefit) | 92 | 155 | (778 | ) | |||||||
Income From Continuing Operations | 682 | 396 | 1,708 | ||||||||
Income (Loss) From Discontinued Operations, net of tax | 109 | (28 | ) | 84 | |||||||
Net Income | 791 | 368 | 1,792 | ||||||||
Preferred Stock Dividend Requirement | 117 | 35 | — | ||||||||
Income Available to Common Shareholders | $ | 674 | $ | 333 | $ | 1,792 | |||||
Basic Earnings Per Common Share: | |||||||||||
Basic earnings per common share - continuing operations | $ | 1.12 | $ | 0.80 | $ | 3.96 | |||||
Basic earnings (loss) per common share - discontinued operations | 0.22 | (0.06 | ) | 0.20 | |||||||
Basic Earnings Per Common Share | $ | 1.34 | $ | 0.74 | $ | 4.16 | |||||
Diluted Earnings Per Common Share: | |||||||||||
Diluted earnings per common share - continuing operations | $ | 1.12 | $ | 0.80 | $ | 3.94 | |||||
Diluted earnings (loss) per common share - discontinued operations | 0.21 | (0.06 | ) | 0.19 | |||||||
Diluted Earnings Per Common Share | $ | 1.33 | $ | 0.74 | $ | 4.13 |
• | a $203 million decrease in net loss from Corporate and Other further discussed under Results of Operations by Reportable Segment below; |
• | a $137 million increase in income from discontinued operations, net related to the Infrastructure Services and Energy Services Disposal Groups further discussed in Note 4 to the consolidated financial statements; |
• | a $91 million increase in net income from the Natural Gas Distribution reportable segment further discussed under Results of Operations by Reportable Segment below; |
• | a $57 million increase in net income from the Indiana Electric Integrated reportable segment further discussed under Results of Operations by Reportable Segment below; and |
• | a $28 million increase in net income from the Houston Electric T&D reportable segment further discussed under Results of Operations by Reportable Segment below. |
• | a $93 million decrease in net income from the Midstream Investments reportable segment further discussed under Results of Operations by Reportable Segment below; and |
• | an $82 million increase in Preferred Stock Dividend requirement. |
• | a $1,283 million decrease in net income from Corporate and Other further discussed under Results of Operations by Reportable Segment below; |
• | a $112 million decrease in income from discontinued operations, net related to the Infrastructure Services and Energy Services Disposal Groups further discussed in Note 4 to the consolidated financial statements; |
• | a $95 million decrease in net income from the Houston Electric T&D reportable segment further discussed under Results of Operations by Reportable Segment below; and |
• | a $35 million increase in Preferred Stock Dividend requirement. |
• | $63 million increase in net income from the Midstream Investments reportable segment further discussed under Results of Operations by Reportable Segment below; and |
• | a $3 million increase in net income from the Natural Gas Distribution reportable segment further discussed under Results of Operations by Reportable Segment below. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Revenues | $ | 2,990 | $ | 3,234 | $ | 2,998 | |||||
Expenses | 2,372 | 2,609 | 2,361 | ||||||||
Operating Income | 618 | 625 | 637 | ||||||||
Interest and other finance charges | (164 | ) | (138 | ) | (128 | ) | |||||
Interest on Securitization Bonds | (39 | ) | (59 | ) | (77 | ) | |||||
Other income (expense), net | 21 | (3 | ) | (8 | ) | ||||||
Income before income taxes | 436 | 425 | 424 | ||||||||
Income tax expense (benefit) | 80 | 89 | (9 | ) | |||||||
Net income | $ | 356 | $ | 336 | $ | 433 |
• | a $24 million increase in Other income (expense), net primarily due to increased interest income of $22 million mainly from investments in the CenterPoint Energy money pool; |
• | a $14 million increase in TDU operating income discussed below in Results of Operations by Reportable Segment, exclusive of an $8 million gain from weather hedges recorded at CenterPoint Energy; and |
• | a $9 million decrease in income tax expense primarily due to the lower effective tax rate, as explained below, partially offset by higher income before income taxes. |
• | a $98 million increase in income tax expense, resulting from a reduction in income tax expense of $158 million due to tax reform in 2017, discussed further in Note 15 to the consolidated financial statements, offset by a $60 million decrease in income tax expense primarily due to a reduction in the corporate income tax rate resulting from the TCJA in 2018; and |
• | a $10 million increase in interest expense due to higher outstanding other long-term debt. |
• | a $5 million decrease in non-service cost components of net periodic pension and post-retirement costs included in Other expense, net shown above; and |
• | an $8 million increase in TDU operating income resulting from a $7 million increase discussed below in Results of Operations by Reportable Segment and increased usage of $1 million, primarily due to a return to more normal weather, which was not offset by the weather hedge loss recorded on CenterPoint Energy. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Revenues | $ | 3,018 | $ | 3,031 | $ | 2,688 | |||||
Expenses | 2,708 | 2,772 | 2,354 | ||||||||
Operating Income | 310 | 259 | 334 | ||||||||
Interest expense and other finance charges | (116 | ) | (122 | ) | (123 | ) | |||||
Interest income | 5 | 1 | — | ||||||||
Other expense, net | (13 | ) | (9 | ) | (25 | ) | |||||
Income From Continuing Operations Before Income Taxes | 186 | 129 | 186 | ||||||||
Income tax expense (benefit) | (3 | ) | 31 | (314 | ) | ||||||
Income From Continuing Operations | 189 | 98 | 500 | ||||||||
Income From Discontinued Operations, net of tax | 23 | 110 | 245 | ||||||||
Net Income | $ | 212 | $ | 208 | $ | 745 |
• | a $62 million decrease in net loss from Corporate and Other further discussed under Results of Operations by Reportable Segment below; and |
• | a $29 million increase in net income from the Natural Gas Distribution (CERC) reportable segment further discussed under Results of Operations by Reportable Segment below. |
• | a $405 million decrease in net income from Corporate and Other further discussed under Results of Operations by Reportable Segment below; and |
• | a $135 million decrease in income from discontinued operations, net of tax, discussed further in Notes 4 and 15 to the consolidated financial statements. |
Registrants | Houston Electric T&D | Indiana Electric Integrated | Natural Gas Distribution | Midstream Investments | ||||
CenterPoint Energy | X | X | X | X | ||||
Houston Electric | X | |||||||
CERC | X |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Utility Revenues: | (in millions, except throughput and customer data) | ||||||||||
TDU (1) | $ | 2,684 | $ | 2,638 | $ | 2,588 | |||||
Bond Companies | 312 | 594 | 409 | ||||||||
Total utility revenues | 2,996 | 3,232 | 2,997 | ||||||||
Expenses: | |||||||||||
Operation and maintenance, excluding Bond Companies | 1,470 | 1,444 | 1,397 | ||||||||
Depreciation and amortization, excluding Bond Companies | 377 | 386 | 395 | ||||||||
Taxes other than income taxes | 247 | 240 | 235 | ||||||||
Bond Companies | 278 | 539 | 334 | ||||||||
Total expenses | 2,372 | 2,609 | 2,361 | ||||||||
Operating Income | 624 | 623 | 636 | ||||||||
Other Income (Expense): | |||||||||||
Interest expense and other finance charges | (164 | ) | (138 | ) | (128 | ) | |||||
Interest expense on Securitization Bonds | (39 | ) | (59 | ) | (77 | ) | |||||
Interest income | 22 | 1 | 1 | ||||||||
Interest income from Securitization Bonds | 5 | 4 | 2 | ||||||||
Other income (expense), net | (6 | ) | (8 | ) | (12 | ) | |||||
Income from Continuing Operations Before Income Taxes | 442 | 423 | 422 | ||||||||
Income tax expense | 80 | 89 | (7 | ) | |||||||
Net Income (1) | $ | 362 | 334 | 429 | |||||||
Throughput (in GWh): | |||||||||||
Residential | 30,334 | 30,405 | 29,703 | ||||||||
Total | 92,180 | 90,409 | 88,636 | ||||||||
Number of metered customers at end of period: | |||||||||||
Residential | 2,243,188 | 2,198,225 | 2,164,073 | ||||||||
Total | 2,534,286 | 2,485,370 | 2,444,299 |
(1) | Net income for CenterPoint Energy’s Houston Electric T&D reportable segment differs from net income for Houston Electric due to weather hedge gains (losses) recorded at CenterPoint Energy that are not recorded at Houston Electric. Weather hedge gains (losses) of $6 million, $(2) million and $(1) million were recorded at CenterPoint Energy’s Houston Electric T&D reportable segment for the years ended December 31, 2019, 2018 and 2017, respectively. See Note 9(a) to the consolidated financial statements for more information on the weather hedge. |
• | higher transmission-related revenues of $74 million, exclusive of the TCJA impact mentioned below, partially offset by higher transmission costs billed by transmission providers of $57 million; |
• | decreased operation and maintenance expenses of $34 million, net of $10 million of Merger-related severance costs and $12 million of write offs for rate case expenses associated with the settlement of Houston Electric’s rate case, primarily due to lower labor and benefits costs and lower support services costs; |
• | customer growth of $28 million from the addition of over 48,000 customers; |
• | higher interest income of $21 million from investments in the CenterPoint Energy money pool; |
• | rate increases of $20 million related to distribution capital investments, exclusive of the TCJA impact mentioned below; |
• | higher miscellaneous revenues of $14 million primarily related to right-of-way revenues; and |
• | decreased income tax expense of $9 million primarily due to the lower effective tax rate, partially offset by higher income before income taxes. |
• | lower equity return of $29 million, primarily related to the annual true-up of transition charges to correct over-collections that occurred during the preceding 12 months and due to the winding up of Transition Bond Company II; |
• | higher depreciation and amortization expense, primarily because of ongoing additions to plant in service, and other taxes of $26 million; |
• | increased interest expense of $26 million primarily due to higher outstanding other long-term debt; |
• | lower usage of $20 million due to lower residential use per customer and lower demand in our large commercial and small industrial classes in part due to less favorable weather in early 2019; and |
• | lower revenue of $15 million related to the impact of the TCJA. |
• | a $96 million increase in income tax expense, resulting from a reduction in income tax expense of $158 million due to tax reform in 2017, discussed further in Note 15 to the consolidated financial statements, partially offset by a $59 million decrease in income tax expense primarily due to a reduction in the corporate income tax rate resulting from the TCJA in 2018, and the amortization of the net regulatory EDIT liability as decreed by regulators in certain jurisdictions beginning in January 2018; |
• | increased operation and maintenance expenses of $79 million, excluding transmission costs billed by transmission providers, primarily due to the following: |
◦ | contract services of $24 million, largely due to increased resiliency spend and services related to fiber and wireless; |
◦ | support services of $23 million, primarily related to technology projects; |
◦ | labor and benefits costs of $14 million; |
◦ | other miscellaneous operation and maintenance expenses of $12 million; and |
◦ | damage claims from third parties of $6 million; |
• | lower revenues of $79 million due to the recording of a regulatory liability and a corresponding decrease to revenue of $31 million reflecting the difference in revenues collected under customer rates at the pre-TCJA tax rate and the revenues that would have been collected had rates been adjusted to the lower corporate tax rate upon TCJA enactment and lower revenues of $48 million due to lower transmission and distribution rate filings as a result of the TCJA; |
• | higher depreciation and amortization expense, primarily because of ongoing additions to plant in service, and other taxes of $17 million; and |
• | increased interest expense of $10 million primarily due to higher outstanding long-term debt. |
• | higher transmission-related revenues of $37 million, exclusive of the TCJA impact, and lower transmission costs billed by transmission providers of $32 million; |
• | rate increases of $36 million related to distribution capital investments, exclusive of the TCJA; |
• | higher equity return of $32 million, primarily related to the annual true-up of transition charges correcting for under-collections that occurred during the preceding 12 months; |
• | customer growth of $31 million from the addition of over 41,000 customers; |
• | higher miscellaneous revenues of $9 million largely due to right-of-way and fiber and wireless revenues; and |
• | higher usage of $8 million, primarily due to a return to more normal weather. |
Year Ended December 31, 2019 (1) | ||||
(in millions, except throughput and customer data) | ||||
Utility Revenues | $ | 523 | ||
Expenses: | ||||
Utility natural gas, fuel and purchased power | 149 | |||
Operation and maintenance | 179 | |||
Depreciation and amortization | 91 | |||
Taxes other than income taxes | 14 | |||
Total expenses | 433 | |||
Operating Income | 90 | |||
Other Income (Expense) | ||||
Interest expense and other finance charges | (22 | ) | ||
Other income, net | 5 | |||
Income from Continuing Operations Before Income Taxes | 73 | |||
Income tax expense | 16 | |||
Net Income | $ | 57 | ||
Throughput (in GWh): | ||||
Retail | 4,310 | |||
Wholesale | 376 | |||
Total | 4,686 | |||
Number of metered customers at end of period: | ||||
Residential | 128,947 | |||
Total | 147,942 |
(1) | Represents February 1, 2019 through December 31, 2019 results only due to the Merger. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions, except throughput and customer data) | |||||||||||
Revenues: | |||||||||||
Utility revenues | $ | 3,683 | $ | 2,967 | $ | 2,639 | |||||
Non-utility revenues | 62 | 63 | 49 | ||||||||
Total Revenues | 3,745 | 3,030 | 2,688 | ||||||||
Expenses: | |||||||||||
Utility natural gas, fuel and purchased power | 1,613 | 1,464 | 1,160 | ||||||||
Non-utility cost of revenue, including natural gas | 39 | 40 | 33 | ||||||||
Operation and maintenance | 1,052 | 816 | 733 | ||||||||
Depreciation and amortization | 420 | 280 | 263 | ||||||||
Taxes other than income taxes | 206 | 155 | 145 | ||||||||
Total expenses | 3,330 | 2,755 | 2,334 | ||||||||
Operating Income | 415 | 275 | 354 | ||||||||
Other Income (Expense) | |||||||||||
Interest expense and other finance charges | (103 | ) | (66 | ) | (70 | ) | |||||
Interest income | 7 | 5 | 5 | ||||||||
Other income (expense), net | (8 | ) | (7 | ) | (19 | ) | |||||
Income from Continuing Operations Before Income Taxes | 311 | 207 | 270 | ||||||||
Income tax expense (benefit) | 50 | 37 | 103 | ||||||||
Net Income | 261 | 170 | 167 | ||||||||
Throughput (in Bcf): | |||||||||||
Residential | 246 | 186 | 151 | ||||||||
Commercial and industrial | 458 | 285 | 261 | ||||||||
Total Throughput | 704 | 471 | 412 | ||||||||
Number of customers at end of period: | |||||||||||
Residential | 4,252,361 | 3,246,277 | 3,213,140 | ||||||||
Commercial and industrial | 349,749 | 260,033 | 256,651 | ||||||||
Total | 4,602,110 | 3,506,310 | 3,469,791 |
• | a $91 million increase in operating income associated with the natural gas businesses acquired in the Merger for the period from February 1, 2019 through December 31, 2019, which includes $45 million in Merger-related severance and incentive compensation costs, as well as the addition of over 1 million customers in Indiana and Ohio; |
• | a $30 million increase in revenues for weather and usage, partially driven by the timing of a decoupling mechanism in Minnesota in CERC’s NGD service territory; |
• | a $14 million increase in revenues associated with customer growth from the addition of over 42,000 new customers in CERC’s NGD service territories; |
• | a $12 million increase in rates, exclusive of the TCJA impacts discussed below, from rate filings in CERC’s NGD service territories; and |
• | a $6 million increase in revenue due to a reduction in TCJA-related revenue offsets that were recorded in 2018 in CERC’s NGD service territories. |
• | higher interest expense of $37 million due to increased borrowings from the money pool; |
• | increased depreciation and amortization expense of $13 million due to ongoing additions to plant-in-service in CERC’s NGD service territories; |
• | higher income tax expense of $13 million primarily due to increased income before income taxes partially offset by a lower effective tax rate; and |
• | higher operation and maintenance expenses of $1 million, consisting of $10 million of Merger-related severance and incentive compensation costs associated with CERC’s NGD, which were offset by a $9 million decline in materials and supplies, contracts and services and bad debt expenses. |
• | a $66 million decrease in income tax expense, primarily due to a lower effective tax rate and decreased income before income taxes; |
• | rate increases of $46 million, primarily in the Texas, Minnesota and Arkansas jurisdictions, exclusive of the TCJA impact discussed above in CERC’s NGD service territories; |
• | a $12 million decrease in the non-service cost components of net periodic pension and post-retirement costs included in Other income (expense), net shown above; |
• | an increase in non-volumetric revenues of $10 million in CERC’s NGD service territories; |
• | a $10 million increase associated with customer growth from the addition of over 36,000 customers in CERC’s NGD service territories; and |
• | a $4 million decrease in interest expense due to lower outstanding debt. |
• | lower revenue of $47 million, associated with the recording of a regulatory liability and a corresponding decrease to revenue in certain jurisdictions of $14 million reflecting the difference in revenues collected under customer rates at the pre-TCJA tax rates and the revenues that would have been collected had rates been adjusted to the lower corporate tax rate upon TCJA enactment and lower filing amounts of $33 million associated with the lower corporate tax rate as a result of the TCJA in CERC’s NGD service territories; |
• | higher operation and maintenance expenses of $41 million in CERC’s NGD service territories, primarily consisting of: |
◦ | materials and supplies, contracts and services and bad debt expenses of $15 million; |
◦ | support services expenses of $16 million, primarily related to technology projects; |
◦ | and other miscellaneous operation and maintenance expenses of $10 million; |
• | higher labor and benefits costs of $30 million, resulting from the recording in 2017 of regulatory assets (and a corresponding reduction in expense) to recover $16 million of prior post-retirement expenses in future rates established in the Texas Gulf rate order and additional maintenance activities in CERC’s NGD service territories; |
• | increased depreciation and amortization expense of $17 million, primarily due to ongoing additions to plant-in-service in CERC’s NGD service territories; |
• | decreased revenue of $10 million, primarily driven by timing of weather normalization adjustments in CERC’s NGD service territories; and |
• | higher other taxes of $2 million, primarily due to higher property taxes in CERC’s NGD service territories. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions, except throughput and customer data) | |||||||||||
Revenues: | |||||||||||
Utility revenues | $ | 2,951 | $ | 2,967 | $ | 2,639 | |||||
Non-utility revenues | 62 | 63 | 49 | ||||||||
Total Revenues | 3,013 | 3,030 | 2,688 | ||||||||
Expenses: | |||||||||||
Natural gas | 1,391 | 1,464 | 1,160 | ||||||||
Non-utility cost of revenue, including natural gas | 39 | 40 | 33 | ||||||||
Operation and maintenance | 806 | 816 | 733 | ||||||||
Depreciation and amortization | 293 | 280 | 263 | ||||||||
Taxes other than income taxes | 161 | 155 | 145 | ||||||||
Total expenses | 2,690 | 2,755 | 2,334 | ||||||||
Operating Income | 323 | 275 | 354 | ||||||||
Other Income (Expense) | |||||||||||
Interest expense and other finance charges | (75 | ) | (66 | ) | (70 | ) | |||||
Interest income | 6 | 5 | 5 | ||||||||
Other income (expense), net | (10 | ) | (7 | ) | (19 | ) | |||||
Income from Continuing Operations Before Income Taxes | 244 | 207 | 270 | ||||||||
Income tax expense | 45 | 37 | 103 | ||||||||
Net Income | $ | 199 | $ | 170 | $ | 167 | |||||
Throughput (in Bcf): | |||||||||||
Residential | 188 | 186 | 151 | ||||||||
Commercial and industrial | 292 | 285 | 261 | ||||||||
Total Throughput | 480 | 471 | 412 | ||||||||
Number of customers at end of period: | |||||||||||
Residential | 3,287,343 | 3,246,277 | 3,213,140 | ||||||||
Commercial and industrial | 260,872 | 260,033 | 256,651 | ||||||||
Total | 3,548,215 | 3,506,310 | 3,469,791 |
• | a $30 million increase in revenues for weather and usage, partially driven by the timing of a decoupling mechanism in Minnesota; |
• | a $14 million increase in revenues associated with customer growth from the addition of over 42,000 new customers; |
• | a $12 million increase in rates, exclusive of the TCJA impacts discussed below; and |
• | a $6 million increase in revenue due to a reduction in TCJA-related revenue offsets that were recorded in 2018. |
• | increased depreciation and amortization expense of $13 million, due to ongoing additions to plant-in-service in CERC’s NGD service territories; |
• | higher interest expense of $9 million due to increased borrowings from the money pool; |
• | higher income tax expense of $8 million primarily due to increased income before income taxes, partially offset by a lower effective tax rate; and |
• | higher operation and maintenance expenses of $1 million, consisting of $10 million of Merger-related severance and incentive compensation costs, which were offset by a $9 million decline in materials and supplies, contracts and services and bad debt expenses. |
• | a $66 million decrease in income tax expense, primarily due to lower effective tax rate and decreased income before income taxes; |
• | rate increases of $46 million, primarily in the Texas, Minnesota and Arkansas jurisdictions, exclusive of the TCJA impact discussed above; |
• | a $12 million decrease in the non-service cost components of net periodic pension and post-retirement costs included in Other expense, net shown above; |
• | an increase in non-volumetric revenues of $10 million; |
• | a $10 million increase associated with customer growth from the addition of over 36,000 customers; and |
• | a $4 million decrease in interest expense due to lower outstanding debt. |
• | lower revenue of $47 million, associated with the recording of a regulatory liability and a corresponding decrease to revenue in certain jurisdictions of $14 million reflecting the difference in revenues collected under customer rates at the pre-TCJA tax rates and the revenues that would have been collected had rates been adjusted to the lower corporate tax rate upon TCJA enactment and lower filing amounts of $33 million associated with the lower corporate tax rate as a result of the TCJA; |
• | higher operation and maintenance expenses of $41 million, primarily consisting of: |
◦ | materials and supplies, contracts and services and bad debt expenses of $15 million; |
◦ | support services expenses of $16 million, primarily related to technology projects; |
◦ | and other miscellaneous operation and maintenance expenses of $10 million; |
• | higher labor and benefits costs of $30 million, resulting from the recording in 2017 of regulatory assets (and a corresponding reduction in expense) to recover $16 million of prior post-retirement expenses in future rates established in the Texas Gulf rate order and additional maintenance activities; |
• | increased depreciation and amortization expense of $17 million, primarily due to ongoing additions to plant-in-service; |
• | decreased revenue of $10 million, primarily driven by timing of weather normalization adjustments; and |
• | higher other taxes of $2 million, primarily due to higher property taxes. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Other Income (Expense): | |||||||||||
Interest expense and other finance charges | $ | (53 | ) | $ | (10 | ) | $ | — | |||
Equity in earnings of unconsolidated affiliates, net | 229 | 307 | 265 | ||||||||
Interest income | 8 | $ | — | — | |||||||
Income from Continuing Operations Before Income Taxes | 184 | 297 | 265 | ||||||||
Income tax expense | 53 | $ | 73 | $ | 104 | ||||||
Net Income | $ | 131 | $ | 224 | $ | 161 |
• | a $69 million decrease in Equity in earnings of unconsolidated affiliates, net due to lower net income attributable to Enable common units, which included CenterPoint Energy’s $46 million share of Enable’s goodwill impairment charge of $86 million recorded in the fourth quarter of 2019; |
• | a $43 million increase in interest expense due to the recording of a full year of interest expense in 2019 versus four months in 2018 after the Internal Spin (see Note 4 to the consolidated financial statements); and |
• | a $9 million increase in loss on dilution. |
• | a $20 million decrease in income tax expense due to lower income from continuing operations before income taxes; and |
• | an $8 million increase in interest income from investments in CenterPoint Energy’s money pool. |
• | a $46 million increase in Equity in earnings of unconsolidated affiliates due to higher net income attributable to Enable common units; and |
• | a $31 million decrease in income tax expense due to the lower effective tax rate, partially offset by higher income from continuing operations before income taxes. |
• | a $10 million increase in interest expense on notes payable to CenterPoint Energy; |
• | a $2 million decrease in basis difference amortization; and |
• | a $2 million increase in loss on dilution. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Non-utility Revenues | $ | 300 | $ | 15 | $ | 14 | |||||
Expenses: | |||||||||||
Non-utility cost of revenues, including natural gas | 218 | — | — | ||||||||
Operation and maintenance | 67 | 3 | (41 | ) | |||||||
Depreciation and amortization | 66 | 33 | 33 | ||||||||
Taxes other than income taxes | 7 | 9 | 9 | ||||||||
Total expenses | 358 | 45 | 1 | ||||||||
Operating Income (Loss) | (58 | ) | (30 | ) | 13 | ||||||
Other Income (Expenses) | |||||||||||
Gain (loss) on marketable securities | 282 | (22 | ) | 7 | |||||||
Gain (loss) on indexed debt securities | (292 | ) | (232 | ) | 49 | ||||||
Interest expense and other finance charges | (384 | ) | (244 | ) | (211 | ) | |||||
Equity in earnings of unconsolidated affiliates, net | 1 | — | — | ||||||||
Interest income | 178 | 115 | 90 | ||||||||
Other income, net | 37 | 37 | 25 | ||||||||
Loss from Continuing Operations Before Income Taxes | (236 | ) | (376 | ) | (27 | ) | |||||
Income tax benefit | (107 | ) | (44 | ) | (978 | ) | |||||
Net Income (Loss) | $ | (129 | ) | $ | (332 | ) | $ | 951 |
• | a $304 million increase in gain on marketable securities; |
• | a $63 million increase in income tax benefit due to the effect of state law changes that resulted in the remeasurement of state deferred taxes and the impact of the reduction in valuation allowances on certain state net operating losses that are now expected to be realized; |
• | a $63 million increase in interest income primarily due to increased notes receivable from affiliates; |
• | operating income of $4 million associated with ESG, which was acquired in the Merger, for the period February 1, 2019 through December 31, 2019, including $2 million for Merger-related severance and incentive compensation costs, $5 million of Merger-related amortization of intangibles recorded in non-utility cost of revenues, including natural gas and $5 million of Merger-related intangibles amortization recorded in depreciation and amortization; and |
• | a $3 million property tax refund. |
• | a $140 million increase in interest expense primarily as a result of higher outstanding long-term debt used to finance the Merger and additional long-term debt acquired in the Merger; |
• | a $60 million increase in losses on the underlying value of the indexed debt securities related to the ZENS; and |
• | a $20 million increase in operation and maintenance expenses for Merger-related transaction and integration costs incurred by CenterPoint Energy corporate. |
• | a $934 million decrease in income tax benefit primarily due to the reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018 as prescribed by the TCJA; |
• | a $281 million increase in losses on indexed debt securities related to the ZENS, resulting from a loss of $11 million from Meredith’s acquisition of Time in March 2018, a loss of $242 million from AT&T’s acquisition of TW in June 2018 and reduced gains of $28 million in the underlying value of the indexed debt securities; |
• | a $44 million increase in operation and maintenance expense primarily due to costs related to the Merger; |
• | a $33 million increase in interest expense primarily due to higher outstanding other long-term debt and the amortization of Bridge Facility fees of $24 million; and |
• | a $29 million increase in losses on marketable securities. |
• | a $25 million increase in interest income primarily from external investment of Merger-related funds prior to the close of the Merger; and |
• | a $12 million increase in Other income, net shown above primarily from a decrease in the non-service cost components of net periodic pension and post-retirement costs. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Non-utility Revenues | $ | 5 | $ | 1 | $ | — | |||||
Expenses: | |||||||||||
Operation and maintenance | 18 | 17 | 19 | ||||||||
Taxes other than income taxes | — | — | 1 | ||||||||
Total | 18 | 17 | 20 | ||||||||
Operating Loss | (13 | ) | (16 | ) | (20 | ) | |||||
Other Income (Expense): | |||||||||||
Interest expense and other finance charges | (140 | ) | (140 | ) | (147 | ) | |||||
Interest income | 98 | 80 | 89 | ||||||||
Other income (expense), net | (3 | ) | (2 | ) | (6 | ) | |||||
Loss from Continuing Operations Before Income Taxes | (58 | ) | (78 | ) | (84 | ) | |||||
Income tax expense (benefit) | (48 | ) | (6 | ) | (417 | ) | |||||
Net Income (Loss) | $ | (10 | ) | $ | (72 | ) | $ | 333 |
• | a $42 million increase in income tax benefit due to the effect of state law changes that resulted in the remeasurement of state deferred taxes and the impact of the reduction in valuation allowances on certain state net operating losses that are now expected to be realized; and |
• | an $18 million increase in interest income primarily due to increased investments in the money pool. |
• | a $411 million decrease in income tax benefit, primarily due to the reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018 as prescribed by the TCJA; and |
• | a $9 million decrease in interest income primarily due to decreased investments in the money pool. |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in): | |||||||||||||||||||||||||||||||||||
Operating activities | $ | 1,638 | $ | 918 | $ | 466 | $ | 2,136 | $ | 1,115 | $ | 814 | $ | 1,417 | $ | 905 | $ | 278 | |||||||||||||||||
Investing activities | (8,421 | ) | (1,495 | ) | (662 | ) | (1,207 | ) | (911 | ) | (697 | ) | (1,257 | ) | (776 | ) | (346 | ) | |||||||||||||||||
Financing activities | 2,776 | 442 | 173 | 3,053 | (108 | ) | (104 | ) | (245 | ) | (236 | ) | 79 |
Year Ended December 31, | |||||||||||||||||||||||
2019 compared to 2018 | 2018 compared to 2017 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Changes in net income after adjusting for non-cash items | $ | 299 | $ | (234 | ) | $ | 9 | $ | (63 | ) | $ | 154 | $ | (295 | ) | ||||||||
Changes in working capital | (856 | ) | 60 | (320 | ) | 604 | 57 | 566 | |||||||||||||||
Change in equity in earnings of unconsolidated affiliates | 77 | — | 184 | (42 | ) | — | 81 | ||||||||||||||||
Change in distributions from unconsolidated affiliates (1) | (6 | ) | — | (176 | ) | 267 | — | 176 | |||||||||||||||
Higher pension contribution | (40 | ) | — | — | (21 | ) | — | — | |||||||||||||||
Other | 28 | (23 | ) | (45 | ) | (26 | ) | (1 | ) | 8 | |||||||||||||
$ | (498 | ) | $ | (197 | ) | $ | (348 | ) | $ | 719 | $ | 210 | $ | 536 |
(1) | This change is partially offset by the change in distributions from Enable in excess of cumulative earnings in investing activities noted in the table below. |
Year Ended December 31, | |||||||||||||||||||||||
2019 compared to 2018 | 2018 compared to 2017 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Proceeds from the sale of marketable securities | $ | (398 | ) | $ | — | $ | — | $ | 398 | $ | — | $ | — | ||||||||||
Proceeds from the sale of assets | 5 | — | — | — | — | — | |||||||||||||||||
Purchase of investments | (6 | ) | — | — | — | — | — | ||||||||||||||||
Acquisitions, net of cash acquired | (5,991 | ) | — | — | 132 | — | 132 | ||||||||||||||||
Net change in capital expenditures (1) | (855 | ) | (103 | ) | (143 | ) | (225 | ) | (47 | ) | (120 | ) | |||||||||||
Net change in notes receivable from unconsolidated affiliates | — | (481 | ) | 228 | — | (96 | ) | (114 | ) | ||||||||||||||
Change in distributions from Enable in excess of cumulative earnings | 12 | — | (47 | ) | (267 | ) | — | (250 | ) | ||||||||||||||
Other | 19 | — | (3 | ) | 12 | 8 | 1 | ||||||||||||||||
$ | (7,214 | ) | $ | (584 | ) | $ | 35 | $ | 50 | $ | (135 | ) | $ | (351 | ) |
(1) | The increase in capital expenditures in 2019 primarily resulted from businesses acquired in the Merger. |
Year Ended December 31, | |||||||||||||||||||||||
2019 compared to 2018 | 2018 compared to 2017 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net changes in commercial paper outstanding | $ | 3,434 | $ | — | $ | 855 | $ | (1,892 | ) | $ | — | $ | (1,017 | ) | |||||||||
Proceeds from issuances of preferred stock | (1,740 | ) | — | — | 1,740 | — | — | ||||||||||||||||
Proceeds from issuance of Common Stock | (1,844 | ) | — | — | 1,844 | — | — | ||||||||||||||||
Net changes in long-term debt outstanding, excluding commercial paper | (397 | ) | 274 | (599 | ) | 2,126 | 77 | 851 | |||||||||||||||
Net changes in reacquired debt | — | — | — | 5 | — | 5 | |||||||||||||||||
Net changes in debt issuance costs | 27 | (4 | ) | 5 | (34 | ) | (1 | ) | (1 | ) | |||||||||||||
Net changes in short-term borrowings | 39 | — | 39 | (43 | ) | — | (43 | ) | |||||||||||||||
Distributions to ZENS note holders | 398 | — | — | (398 | ) | — | — | ||||||||||||||||
Increased payment of Common Stock dividends | (78 | ) | — | — | (38 | ) | — | — | |||||||||||||||
Increased payment of preferred stock dividends | (107 | ) | — | — | (11 | ) | — | — | |||||||||||||||
Net change in notes payable from affiliated companies | — | 58 | 570 | — | (119 | ) | (1,140 | ) | |||||||||||||||
Contribution from parent | — | 390 | (831 | ) | — | 200 | 922 | ||||||||||||||||
Dividend to parent | — | (167 | ) | 240 | — | (29 | ) | 241 | |||||||||||||||
Other | (9 | ) | (1 | ) | (2 | ) | (1 | ) | — | (1 | ) | ||||||||||||
$ | (277 | ) | $ | 550 | $ | 277 | $ | 3,298 | $ | 128 | $ | (183 | ) |
CenterPoint Energy | Houston Electric | CERC | ||||||||||
(in millions) | ||||||||||||
Estimated capital expenditures | $ | 2,630 | $ | 1,031 | $ | 702 | ||||||
Scheduled principal payments on Securitization Bonds | 231 | 231 | — | |||||||||
Minimum contributions to pension plans and other post-retirement plans | 100 | 9 | 3 | |||||||||
Maturing Vectren term loans | 600 | — | — |
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||||
CenterPoint Energy | (in millions) | ||||||||||||||||||||||
Houston Electric T&D | $ | 1,033 | $ | 1,031 | $ | 1,082 | $ | 934 | $ | 934 | $ | 876 | |||||||||||
Indiana Electric Integrated (1) | 183 | 276 | 268 | 267 | 396 | 392 | |||||||||||||||||
Natural Gas Distribution (1) | 1,098 | 1,124 | 1,037 | 1,261 | 1,373 | 1,331 | |||||||||||||||||
Corporate and Other (1) | 194 | 167 | 136 | 123 | 92 | 92 | |||||||||||||||||
Discontinued Operations (1) (3) (4) | 79 | 32 | — | — | — | — | |||||||||||||||||
Total | $ | 2,587 | $ | 2,630 | $ | 2,523 | $ | 2,585 | $ | 2,795 | $ | 2,691 | |||||||||||
Houston Electric (2) | $ | 1,033 | $ | 1,031 | $ | 1,082 | $ | 934 | $ | 934 | $ | 876 | |||||||||||
CERC | |||||||||||||||||||||||
Natural Gas Distribution | $ | 773 | $ | 698 | $ | 648 | $ | 850 | $ | 917 | $ | 891 | |||||||||||
Discontinued Operations (3) | 12 | 4 | — | — | — | — | |||||||||||||||||
Total | $ | 785 | $ | 702 | $ | 648 | $ | 850 | $ | 917 | $ | 891 |
(1) | Included in the 2019 column are capital expenditures from businesses acquired in the Merger, for the period February 1, 2019 to December 31, 2019. |
(2) | Houston Electric consists of a single reportable segment, Houston Electric T&D. |
(3) | On February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell the Energy Services Disposal Group, which represents substantially all of the businesses within the historically reported Energy Services reportable segment. The transaction is expected to close in the second quarter of 2020. For further information, see Notes 4, 6 and 23 to the consolidated financial statements. |
(4) | On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the businesses within the Infrastructure Services Disposal Group. The transaction closed on April 9, 2020. For further information, see Notes 4, 6 and 23 to the consolidated financial statements. |
Contractual Obligations | Total | 2020 | 2021-2022 | 2023-2024 | 2025 and thereafter | |||||||||||||||
(in millions) | ||||||||||||||||||||
CenterPoint Energy | ||||||||||||||||||||
Securitization Bonds | $ | 977 | $ | 231 | $ | 430 | $ | 316 | $ | — | ||||||||||
Other long-term debt (1) | 14,191 | 600 | 5,633 | 1,579 | 6,379 | |||||||||||||||
Interest payments — Securitization Bonds (2) | 79 | 30 | 37 | 12 | — | |||||||||||||||
Interest payments — other long-term debt (2) | 6,195 | 529 | 871 | 701 | 4,094 | |||||||||||||||
Operating leases (3) | 35 | 7 | 12 | 7 | 9 | |||||||||||||||
Benefit obligations (4) | — | — | — | — | — | |||||||||||||||
Non-trading derivative liabilities | 22 | 7 | 12 | 3 | — | |||||||||||||||
Commodity and other commitments (6) | 4,189 | 735 | 1,013 | 588 | 1,853 | |||||||||||||||
Total contractual cash obligations (7) | $ | 25,688 | $ | 2,139 | $ | 8,008 | $ | 3,206 | $ | 12,335 | ||||||||||
Houston Electric | ||||||||||||||||||||
Securitization Bonds | $ | 977 | $ | 231 | $ | 430 | $ | 316 | $ | — | ||||||||||
Other long-term debt (1) | 3,973 | — | 702 | 200 | 3,071 | |||||||||||||||
Interest payments — Securitization Bonds (2) | 79 | 30 | 37 | 12 | — | |||||||||||||||
Interest payments — other long-term debt (2) | 2,896 | 161 | 300 | 267 | 2,168 | |||||||||||||||
Operating leases (3) | 1 | 1 | — | — | — | |||||||||||||||
Benefit obligations (4) | — | — | — | — | — | |||||||||||||||
Total contractual cash obligations (6) | $ | 7,926 | $ | 423 | $ | 1,469 | $ | 795 | $ | 5,239 | ||||||||||
CERC | ||||||||||||||||||||
Long-term debt | $ | 2,546 | $ | — | $ | 969 | $ | 300 | $ | 1,277 | ||||||||||
Interest payments — long-term debt (1) | 1,379 | 112 | 179 | 141 | 947 | |||||||||||||||
Operating leases (3) | 21 | 5 | 6 | 4 | 6 | |||||||||||||||
Benefit obligations (4) | — | — | — | — | — | |||||||||||||||
Commodity and other commitments (5) | 2,998 | 518 | 652 | 339 | 1,489 | |||||||||||||||
Total contractual cash obligations (6) | $ | 6,944 | $ | 635 | $ | 1,806 | $ | 784 | $ | 3,719 |
(1) | ZENS obligations are included in the 2025 and thereafter column at their contingent principal amount of $75 million as of December 31, 2019. These obligations are exchangeable for cash at any time at the option of the holders for 95% of the current value of the reference shares attributable to each ZENS ($822 million as of December 31, 2019), as discussed in Note 12 to the consolidated financial statements. |
(2) | The Registrants calculated estimated interest payments for long-term debt as follows: for fixed-rate debt and term debt, the Registrants calculated interest based on the applicable rates and payment dates; for variable-rate debt and/or non-term debt, the Registrants used interest rates in place as of December 31, 2019. The Registrants typically expect to settle such interest payments with cash flows from operations and short-term borrowings. |
(3) | For a discussion of operating leases, please read Note 22 to the consolidated financial statements. |
(4) | See Note 8(g) to the consolidated financial statements for information on the Registrants’ expected contributions to pension plans and other postretirement plans in 2020. |
(5) | For a discussion of commodity and other commitments, see Note 16(a) to the consolidated financial statements. |
(6) | This table does not include estimated future payments for expected future AROs. These payments are primarily estimated to be incurred after 2025. See Note 3(c) to the consolidated financial statements for further information. |
• | an overall revenue requirement increase of approximately $13 million; |
• | an ROE of 9.4%; |
• | a capital structure of 57.5% debt/42.5% equity; |
• | a refund of unprotected EDIT of $105 million plus carrying costs over approximately 30-36 months; and |
• | recovery of all retail transmission related costs through the TCRF. |
• | Houston Electric’s credit agreements and indentures shall not contain cross-default provisions by which a default by CenterPoint Energy or its other affiliates would cause a default at Houston Electric; |
• | The financial covenant in Houston Electric’s credit agreement shall not be related to any entity other than Houston Electric. Houston Electric shall not include in its debt or credit agreements any financial covenants or rating agency triggers related to any entity other than Houston Electric; |
• | Houston Electric shall not pledge its assets in respect of or guarantee any debt or obligation of any of its affiliates. Houston Electric shall not pledge, mortgage, hypothecate, or grant a lien upon the property of Houston Electric except pursuant to an exception in effect in Houston Electric’s current credit agreement, such as Houston Electric’s first mortgage and general mortgage; |
• | Houston Electric shall maintain its own stand-alone credit facility, and Houston Electric shall not share its credit facility with any regulated or unregulated affiliate; |
• | Houston Electric shall maintain ratings with all three major credit ratings agencies; |
• | Houston Electric shall maintain a stand-alone credit rating; |
• | Houston Electric’s first mortgage bonds and general mortgage bonds shall be secured only with assets of Houston Electric; |
• | No Houston Electric assets may be used to secure the debt of CenterPoint Energy or its other affiliates; |
• | Houston Electric shall not hold out its credit as being available to pay the debt of any affiliates (provided that, for the avoidance of doubt, Houston Electric is not considered to be holding its credit out to pay the debt of affiliates, or in breach of any other ring-fencing measure, with respect to the $68 million of Houston Electric general mortgage bonds that currently serve as collateral for certain outstanding CenterPoint Energy pollution control bonds); |
• | Without prior approval of the PUCT, neither CenterPoint Energy nor any affiliate of CenterPoint Energy (excluding Houston Electric) may incur, guarantee, or pledge assets in respect of any incremental new debt that is dependent on: (1) the revenues of Houston Electric in more than a proportionate degree than the other revenues of CenterPoint Energy; or (2) the equity of Houston Electric; |
• | Houston Electric shall not transfer any material assets or facilities to any affiliates, other than a transfer that is on an arm’s length basis consistent with the PUCT’s affiliate standards applicable to Houston Electric; |
• | Except for its participation in an affiliate money pool, Houston Electric shall not commingle its assets with those of other CenterPoint Energy affiliates; |
• | Except for its participation in an affiliate money pool, Houston Electric shall not lend money to or borrow money from CenterPoint Energy; and |
• | Houston Electric shall notify the PUCT if its issuer credit rating or corporate credit rating as rated by any of the three major rating agencies falls below investment grade. |
Mechanism | Annual Increase (Decrease) (1) (in millions) | Filing Date | Effective Date | Approval Date | Additional Information | |||||
CenterPoint Energy and Houston Electric (PUCT) | ||||||||||
Rate Case (1) | $155 | April 2019 | TBD | TBD | See discussion above under Houston Electric Base Rate Case. | |||||
EECRF | 7 | May 2019 | March 2020 | October 2019 | The PUCT issued a final order in October 2019 approving recovery of 2020 EECRF of $35 million, including a $7 million performance bonus. | |||||
CenterPoint Energy and CERC - Beaumont/East Texas, South Texas, Houston and Texas Coast (Railroad Commission) | ||||||||||
GRIP | 20 | March 2019 | July 2019 | June 2019 | Based on net change in invested capital of $123 million. | |||||
Rate Case (1) | 7 | November 2019 | TBD | TBD | Reflects a proposed 10.40% ROE on a 58% equity ratio. Additionally, the proposal includes a refund for an Unprotected EDIT Rider amortized over 3 years of which $2.2 million is refunded in Year 1 and a request of $0.2 million for a Hurricane Surcharge, resulting from Hurricane Harvey, over 1 year. | |||||
CenterPoint Energy and CERC - Houston and Texas Coast (Railroad Commission) | ||||||||||
Administrative 104.111 | N/A | August 2019 | January 2020 | October 2019 | On August 1, 2019, and subsequent supplemental filings in August and October 2019, Houston and Texas Coast proposed a rider to refund over three years to its Houston and Texas Coast customers combined, approximately $18 million of unprotected EDIT related to the TCJA. | |||||
CenterPoint Energy and CERC - South Texas (Railroad Commission) | ||||||||||
Administrative 104.111 | N/A | November 2019 | March 2020 | January 2020 | On November 14, 2019, South Texas proposed to refund protected EDIT, amortized over ARAM. The estimated refund for the first year is $0.6 million. | |||||
CenterPoint Energy and CERC - Arkansas (APSC) | ||||||||||
FRP | 7 | April 2019 | October 2019 | August 2019 | Based on ROE of 9.5% approved in the last rate case. On August 23, 2019, the APSC approved a unanimous comprehensive settlement that results in an FRP revenue increase of $7 million and includes additional non-monetary items. | |||||
CenterPoint Energy and CERC - Louisiana (LPSC) | ||||||||||
RSP | 3 | September 2019 | December 2019 | December 2019 | Based on ROE of 9.95%. | |||||
CenterPoint Energy and CERC - Minnesota (MPUC) | ||||||||||
CIP Financial Incentive | 11 | May 2019 | October 2019 | September 2019 | CIP Financial Incentive based on 2018 activity. | |||||
Decoupling | N/A | September 2019 | September 2019 | January 2020 | Represents over-recovery of $21 million recorded for and during the period July 1, 2018 through June 30, 2019, partially offset by over-refund of $2 million related to the period July 1, 2017 through June 30, 2018. | |||||
Rate Case (1) | 62 | October 2019 | TBD | TBD | Reflects a proposed 10.15% ROE on a 51.39% equity ratio. Interim rates were approved and reflect an annual increase of $53 million, effective January 1, 2020. |
Mechanism | Annual Increase (Decrease) (1) (in millions) | Filing Date | Effective Date | Approval Date | Additional Information | |||||
CenterPoint Energy and CERC - Mississippi (MPSC) | ||||||||||
RRA | 2 | May 2019 | November 2019 | November 2019 | Based on ROE of 9.26%. | |||||
CenterPoint Energy and CERC - Oklahoma (OCC) | ||||||||||
PBRC | 2 | March 2019 | September 2019 | August 2019 | Based on ROE of 10%. On July 26, 2019, the ALJ recommended that the OCC approve an increase of $2 million. On August 29, 2019, the OCC approved the ALJ-recommended revenue increase of $2 million. | |||||
CenterPoint Energy - Indiana South - Gas (IURC) | ||||||||||
CSIA | 3 | October 2018 | January 2019 | January 2019 | Requested an increase of $16 million to rate base, which reflects a $3 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes refunds associated with the TCJA, resulting in a change of $(1) million, and a change in the total (over)/under-recovery variance of $(3) million annually. | |||||
CSIA | 5 | April 2019 | July 2019 | July 2019 | Requested an increase of $22 million to rate base, which reflects a $5 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until the next rate case. The mechanism also includes refunds associated with the TCJA, resulting in no change to the previous credit provided, and a change in the total (over)/under-recovery variance of $3 million annually. | |||||
CSIA | 3 | October 2019 | January 2020 | January 2020 | Requested an increase of $18 million to rate base, which reflects a $3 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until the next rate case. The mechanism also includes refunds associated with the TCJA, resulting in no change to the previous credit provided, and a change in the total (over)/under-recovery variance of $(0.2) million annually. | |||||
CenterPoint Energy - Indiana North - Gas (IURC) | ||||||||||
CSIA | 3 | October 2018 | January 2019 | January 2019 | Requested an increase of $54 million to rate base, which reflects a $3 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes refunds associated with the TCJA, resulting in a change of $(11) million, and a change in the total (over)/under-recovery variance of $(19) million annually. | |||||
CSIA | 12 | April 2019 | July 2019 | July 2019 | Requested an increase of $58 million to rate base, which reflects a $12 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes refunds associated with the TCJA, resulting in no change to the previous credit provided, and a change in the total (over)/under-recovery variance of $14 million annually. | |||||
CSIA | 4 | October 2019 | January 2020 | January 2020 | Requested an increase of $29 million to rate base, which reflects a $4 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes refunds associated with the TCJA, resulting in no change to the previous credit provided, and a change in the total (over)/under-recovery variance of $(7) million annually. | |||||
CenterPoint Energy - Ohio (PUCO) | ||||||||||
DRR | 11 | May 2019 | September 2019 | August 2019 | Requested an increase of $78 million to rate base for investments made in 2018, which reflects a $11 million annual increase in current revenues. A change in (over)/under-recovery variance of $(3) million annually is also included in rates. All pre-2018 investments are included in rate case request. | |||||
Rate Case | 23 | March 2018 | September 2019 | August 2019 | Settlement agreement approved by PUCO Order that provides for a $23 million annual increase in current revenues. Order based upon $622 million of total rate base, a 7.48% overall rate of return, and extension of conservation and DRR programs. | |||||
TSCR (1) | N/A | January 2019 | TBD | TBD | Application to flow back to customers certain benefits from the TCJA. Initial impact reflects credits for 2018 of $(10) million and 2019 of $(8) million, with mechanism to begin subsequent to new base rates. Order is expected in early 2020. |
Mechanism | Annual Increase (Decrease) (1) (in millions) | Filing Date | Effective Date | Approval Date | Additional Information | |||||
CenterPoint Energy - Indiana Electric (IURC) | ||||||||||
TDSIC | 3 | February 2019 | May 2019 | May 2019 | Requested an increase of $24 million to rate base, which reflects a $3 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes refunds associated with the TCJA, resulting in a change of $5 million, and a change in the total (over)/under-recovery variance of $5 million annually. | |||||
TDSIC | 4 | August 2019 | November 2019 | November 2019 | Requested an increase of $35 million to rate base, which reflects a $4 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes a change in (over)/under-recovery variance of $4 million annually. | |||||
TDSIC (1) | 4 | February 2020 | May 2020 | TBD | Requested an increase of $34 million to rate base, which reflects a $4 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism also includes a change in (over)/under-recovery variance of $2 million annually. | |||||
ECA - MATS | 13 | February 2018 | January 2019 | April 2019 | Requested an increase of $58 million to rate base, which reflects a $13 million annual increase in current revenues. 80% of revenue requirement is included in requested rate increase and 20% is deferred until next rate case. The mechanism includes recovery of prior accounting deferrals associated with investments (depreciation, carrying costs, operating expenses). | |||||
CECA | 2 | February 2019 | June 2019 | May 2019 | Requested an increase of $13 million to rate base related to solar pilot investments, which reflects a $2 million annual increase in current revenues. | |||||
CECA (1) | 0.1 | February 2020 | June 2020 | TBD | Requested an increase of $0.1 million to rate base related to solar pilot investments, which reflects an immaterial change to current revenues. The mechanism also includes a change in (over)/under-recovery variance of $0.1 million annually. Additional solar investment to supply 50 MW of solar capacity is approved and will be included for recovery once completed in 2021. |
(1) | Represents proposed increases (decreases) when effective date and/or approval date is not yet determined. Approved rates could differ materially from proposed rates. |
Amount Utilized as of February 19, 2020 | ||||||||||||||||||||
Registrant | Size of Facility | Loans | Letters of Credit | Commercial Paper | Weighted Average Interest Rate | Termination Date | ||||||||||||||
(in millions) | ||||||||||||||||||||
CenterPoint Energy | $ | 3,300 | $ | — | $ | 6 | $ | 1,824 | 1.79% | March 3, 2022 | ||||||||||
CenterPoint Energy (1) | 400 | — | — | 207 | 1.86% | July 14, 2022 | ||||||||||||||
CenterPoint Energy (2) | 200 | — | — | — | — | July 14, 2022 | ||||||||||||||
Houston Electric | 300 | — | — | — | — | March 3, 2022 | ||||||||||||||
CERC | 900 | — | 1 | 205 | 1.73% | March 3, 2022 | ||||||||||||||
Total | $ | 5,100 | $ | — | $ | 7 | $ | 2,236 |
(1) | The credit facility was issued by VUHI and is guaranteed by SIGECO, Indiana Gas and VEDO. |
(2) | The credit facility was issued by VCC and is guaranteed by Vectren. |
Weighted Average Interest Rate | Houston Electric | CERC | |||||||
(in millions) | |||||||||
Money pool investments | 1.81% | $ | 282 | $ | — |
Moody’s | S&P | Fitch | ||||||||||||
Registrant | Borrower/Instrument | Rating | Outlook (1) | Rating | Outlook (2) | Rating | Outlook (3) | |||||||
CenterPoint Energy | CenterPoint Energy Senior Unsecured Debt | Baa2 | Stable | BBB | Stable | BBB | Negative | |||||||
CenterPoint Energy | Vectren Corp. Issuer Rating | n/a | n/a | BBB+ | Stable | n/a | n/a | |||||||
CenterPoint Energy | VUHI Senior Unsecured Debt | A3 | Stable | BBB+ | Stable | n/a | n/a | |||||||
CenterPoint Energy | Indiana Gas Senior Unsecured Debt | n/a | n/a | BBB+ | Stable | n/a | n/a | |||||||
CenterPoint Energy | SIGECO Senior Secured Debt | A1 | Stable | A | Stable | n/a | n/a | |||||||
Houston Electric | Houston Electric Senior Secured Debt | A1 | Under Review | A | Stable | A | Negative | |||||||
CERC | CERC Corp. Senior Unsecured Debt | Baa1 | Positive | BBB+ | Stable | BBB+ | Stable |
(1) | A Moody’s rating outlook is an opinion regarding the likely direction of an issuer’s rating over the medium term. |
(2) | An S&P outlook assesses the potential direction of a long-term credit rating over the intermediate to longer term. |
(3) | A Fitch rating outlook indicates the direction a rating is likely to move over a one- to two-year period. |
• | cash collateral requirements that could exist in connection with certain contracts, including weather hedging arrangements, and natural gas purchases, natural gas price and natural gas storage activities of CenterPoint Energy’s and CERC’s Natural Gas Distribution reportable segment and the Energy Services Disposal Group; |
• | acceleration of payment dates on certain gas supply contracts, under certain circumstances, as a result of increased natural gas prices and concentration of natural gas suppliers (CenterPoint Energy and CERC); |
• | increased costs related to the acquisition of natural gas (CenterPoint Energy and CERC); |
• | increases in interest expense in connection with debt refinancings and borrowings under credit facilities or term loans; |
• | various legislative or regulatory actions; |
• | incremental collateral, if any, that may be required due to regulation of derivatives (CenterPoint Energy and CERC); |
• | the ability of REPs, including REP affiliates of NRG and Vistra Energy Corp., formerly known as TCEH Corp., to satisfy their obligations to CenterPoint Energy and Houston Electric; |
• | slower customer payments and increased write-offs of receivables due to higher natural gas prices or changing economic conditions (CenterPoint Energy and CERC); |
• | the satisfaction of any obligations pursuant to guarantees; |
• | the outcome of litigation; |
• | contributions to pension and postretirement benefit plans; |
• | restoration costs and revenue losses resulting from future natural disasters such as hurricanes and the timing of recovery of such restoration costs; and |
• | various other risks identified in “Risk Factors” in Item 1A of Part I of the 2019 Form 10-K. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
CenterPoint Energy | (in millions) | ||||||||||
Minimum funding requirements for qualified pension plans | $ | 86 | $ | 60 | $ | 39 | |||||
Employer contributions to the qualified pension plans | 86 | 60 | 39 | ||||||||
Employer contributions to the non-qualified benefit restoration plans | 23 | 9 | 9 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Pension cost | $ | 93 | $ | 40 | $ | 35 | $ | 61 | $ | 25 | $ | 22 | $ | 95 | $ | 42 | $ | 35 | |||||||||||||||||
Impact to pre-tax earnings | 72 | 23 | 31 | 64 | 27 | 23 | 71 | 23 | 29 |
• | Interest rate risk primarily results from exposures to changes in the level of borrowings and changes in interest rates. |
• | Equity price risk results from exposures to changes in prices of individual equity securities (CenterPoint Energy). |
• | Commodity price risk results from exposures to changes in spot prices, forward prices and price volatilities of commodities, such as natural gas, NGLs and other energy commodities (CenterPoint Energy and CERC). |
• | We tested the effectiveness of controls over acquisition valuation, including management’s controls over the forecasts of future cash flows and selection of the company specific risk premium assumption used in the determinations of the discount rates. |
• | We considered the impact of changes to the discount rate and long-term growth rate on the fair value. |
• | We evaluated the value at which acquired assets were recorded under the applicable accounting guidance based on the regulated nature of the entity. |
• | We assessed the reasonableness of management’s forecasts by comparing the forecasts to: |
◦ | Historical revenues and operating margins. |
◦ | Internal communications to management and the Board of Directors. |
◦ | Forecasted information included in Company press releases as well as in analyst and industry reports for the Company and certain of its peer companies. |
• | We evaluated whether the estimated future cash flows were consistent with evidence obtained in other areas of the audit. |
• | We involved our fair value specialists who assisted in: |
◦ | Assessing the appropriateness of the valuation methodology used to determine the customer relationship intangible assets and the company specific risk premiums. |
◦ | Testing the determined discount rates by independently estimating a discount rate for each business using a process consistent with generally accepted valuation practices. |
• | We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over the determination of fair value, such as controls related to management’s forecasts of future capital expenditures, future rate base growth, estimated future rate changes, discount rates, and long-term growth rates. |
• | We evaluated the reasonableness of management’s forecasts by comparing the forecasts to: |
◦ | Historical revenues, operating margins, capital expenditures, rate base growth, and rate changes. |
◦ | Internal communications to management and the Board of Directors. |
◦ | Forecasted information included in Company press releases as well as in analyst and industry reports for the Company and certain of its peer companies. |
• | We compared future rate changes to the Company’s scheduled rate filings and the amount of capital expenditures for the regulated entities to communications with regulators including integrated resource plans. |
• | We compared actual revenue growth and capital expenditures results for 2019 to the planned results as of the acquisition date. |
• | We evaluated the impact of changes in management’s forecasts from the measurement date to December 31, 2019. |
• | We involved our fair value specialists who assisted in: |
◦ | Assessing the appropriateness of the valuation methodology used to determine the company specific risk premiums in calculating the discount rate. |
◦ | Testing the determined discount rates by independently estimating a discount rate for each business using a process consistent with generally accepted valuation practices. |
◦ | Evaluating the reasonableness of the long-term growth rate through a comparison to industry reports and peer companies. |
• | We tested the effectiveness of management’s controls over the evaluation of the likelihood of (1) the recovery in future rates of costs incurred and deferred as regulatory assets, and (2) refund or future reductions in rates that should be reported as regulatory liabilities. We also tested the effectiveness of management’s controls over the initial recognition of amounts as regulatory assets or liabilities; and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates. |
• | We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments. |
• | For matters with a high degree of subjectivity, we read relevant regulatory orders issued by the Commissions for the Company and other public utilities in the states the Company operates in, regulatory statutes, interpretations, procedural memorandums, filings made by interveners, and other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedence of the Commissions’ treatment of similar costs under similar circumstances. We evaluated the external information and compared to management’s recorded regulatory asset and liability balances for completeness. |
• | For regulatory matters in process, we inspected the Company’s filings with the Commission and the filings with the Commission by intervenors that may impact the Company’s future rates, for any evidence that might contradict management’s assertions. |
• | We evaluated management’s plans regarding property, plant, and equipment for indications of potential impairment. We inspected the capital-projects budget and inquired of management to identify projects that are designed to replace assets that may be retired prior to the end of the useful life. We inspected minutes of the board of directors and regulatory orders and other filings with the Commissions to identify any evidence that may contradict management’s assertion regarding probability of a disallowance of long-lived assets. |
• | We evaluated regulatory filings for any evidence that intervenors are challenging full recovery of the cost of any capital projects and inquired of management to assess whether capitalized costs are probable of disallowance. |
• | We obtained an analysis from management regarding probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess management’s assertion that amounts are probable of recovery or a future reduction in rates. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions, except per share amounts) | |||||||||||
Revenues: | |||||||||||
Utility revenues | $ | $ | $ | ||||||||
Non-utility revenues | |||||||||||
Total | |||||||||||
Expenses: | |||||||||||
Utility natural gas, fuel and purchased power | |||||||||||
Non-utility cost of revenues, including natural gas | |||||||||||
Operation and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total | |||||||||||
Operating Income | |||||||||||
Other Income (Expense): | |||||||||||
Gain (loss) on marketable securities | ( | ) | |||||||||
Gain (loss) on indexed debt securities | ( | ) | ( | ) | |||||||
Interest expense and other finance charges | ( | ) | ( | ) | ( | ) | |||||
Interest expense on Securitization Bonds | ( | ) | ( | ) | ( | ) | |||||
Equity in earnings of unconsolidated affiliates, net | |||||||||||
Interest income | |||||||||||
Interest income from Securitization Bonds | |||||||||||
Other income (expense), net | ( | ) | |||||||||
Total | ( | ) | ( | ) | ( | ) | |||||
Income From Continuing Operations Before Income Taxes | |||||||||||
Income tax expense (benefit) | ( | ) | |||||||||
Income From Continuing Operations | |||||||||||
Income (Loss) from discontinued operations (net of tax expense (benefit) of $46, ($9), and $49, respectively) | ( | ) | |||||||||
Net Income | |||||||||||
Preferred stock dividend requirement | |||||||||||
Income Available to Common Shareholders | $ | $ | $ | ||||||||
Basic earnings per common share - continuing operations | $ | $ | $ | ||||||||
Basic earnings (loss) per common share - discontinued operations | ( | ) | |||||||||
Basic Earnings Per Common Share | $ | $ | $ | ||||||||
Diluted earnings per common share - continuing operations | $ | $ | $ | ||||||||
Diluted earnings (loss) per common share - discontinued operations | ( | ) | |||||||||
Diluted Earnings Per Common Share | $ | $ | $ | ||||||||
Weighted Average Common Shares Outstanding, Basic | |||||||||||
Weighted Average Common Shares Outstanding, Diluted |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Net income | $ | $ | $ | ||||||||
Other comprehensive income (loss): | |||||||||||
Adjustment to pension and other postretirement plans (net of tax expense (benefit) of $4, ($2) and $6, respectively) | ( | ) | |||||||||
Net deferred gain (loss) from cash flow hedges (net of tax expense (benefit) of ($1), ($4) and ($2), respectively) | ( | ) | ( | ) | ( | ) | |||||
Reclassification of deferred loss from cash flow hedges realized in net income (net of tax expense of $-0-, $-0- and $-0-, respectively) | |||||||||||
Other comprehensive loss from unconsolidated affiliates (net of tax of $-0-, $-0-, and $-0-, respectively) | ( | ) | |||||||||
Other comprehensive income (loss) | ( | ) | |||||||||
Comprehensive income | |||||||||||
Preferred stock dividend requirement | |||||||||||
Comprehensive income available to common shareholders | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents ($216 and $335 related to VIEs, respectively) | $ | $ | |||||
Investment in marketable securities | |||||||
Accounts receivable ($26 and $56 related to VIEs, respectively), less bad debt reserve of $21 and $15, respectively | |||||||
Accrued unbilled revenues | |||||||
Natural gas and coal inventory | |||||||
Materials and supplies | |||||||
Taxes receivable | |||||||
Current assets held for sale | |||||||
Prepaid expense and other current assets ($19 and $34 related to VIEs, respectively) | |||||||
Total current assets | |||||||
Property, Plant and Equipment, net | |||||||
Other Assets: | |||||||
Goodwill | |||||||
Regulatory assets ($788 and $1,059 related to VIEs, respectively) | |||||||
Investment in unconsolidated affiliates | |||||||
Preferred units - unconsolidated affiliate | |||||||
Non-current assets held for sale | |||||||
Other | |||||||
Total other assets | |||||||
Total Assets | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
(in millions, except par value and shares) | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of VIE Securitization Bonds long-term debt | $ | $ | |||||
Indexed debt, net | |||||||
Current portion of other long-term debt | |||||||
Indexed debt securities derivative | |||||||
Accounts payable | |||||||
Taxes accrued | |||||||
Interest accrued | |||||||
Dividends accrued | |||||||
Customer deposits | |||||||
Non-trading derivative liabilities | |||||||
Current liabilities held for sale | |||||||
Other | |||||||
Total current liabilities | |||||||
Other Liabilities: | |||||||
Deferred income taxes, net | |||||||
Non-trading derivative liabilities | |||||||
Benefit obligations | |||||||
Regulatory liabilities | |||||||
Non-current liabilities held for sale | |||||||
Other | |||||||
Total other liabilities | |||||||
Long-term Debt: | |||||||
VIE Securitization Bonds, net | |||||||
Other long-term debt, net | |||||||
Total long-term debt, net | |||||||
Commitments and Contingencies (Note 16) | |||||||
Shareholders’ Equity: | |||||||
Cumulative preferred stock, $0.01 par value, 20,000,000 shares authorized | |||||||
Series A Preferred Stock, $0.01 par value, $800 aggregate liquidation preference, 800,000 shares outstanding | |||||||
Series B Preferred Stock, $0.01 par value, $978 aggregate liquidation preference, 977,500 shares outstanding | |||||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 502,242,061 shares and 501,197,784 shares outstanding, respectively | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | |||
Total shareholders’ equity | |||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | $ | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization on assets held for sale | |||||||||||
Amortization of deferred financing costs | |||||||||||
Deferred income taxes | ( | ) | |||||||||
Amortization of intangible assets in Non-utility cost of revenues | |||||||||||
Goodwill impairment | |||||||||||
Unrealized loss (gain) on marketable securities | ( | ) | ( | ) | |||||||
Loss (gain) on indexed debt securities | ( | ) | |||||||||
Write-down of natural gas inventory | |||||||||||
Equity in earnings of unconsolidated affiliates | ( | ) | ( | ) | ( | ) | |||||
Distributions from unconsolidated affiliates | |||||||||||
Pension contributions | ( | ) | ( | ) | ( | ) | |||||
Changes in other assets and liabilities, excluding acquisitions: | |||||||||||
Accounts receivable and unbilled revenues, net | ( | ) | ( | ) | |||||||
Inventory | ( | ) | ( | ) | |||||||
Taxes receivable | ( | ) | |||||||||
Accounts payable | ( | ) | |||||||||
Fuel cost recovery | ( | ) | |||||||||
Non-trading derivatives, net | ( | ) | ( | ) | |||||||
Margin deposits, net | ( | ) | ( | ) | |||||||
Interest and taxes accrued | |||||||||||
Net regulatory assets and liabilities | ( | ) | ( | ) | |||||||
Other current assets | ( | ) | ( | ) | |||||||
Other current liabilities | ( | ) | ( | ) | |||||||
Other assets | ( | ) | |||||||||
Other liabilities | ( | ) | |||||||||
Other, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||
Acquisitions, net of cash acquired | ( | ) | ( | ) | |||||||
Distributions from unconsolidated affiliates in excess of cumulative earnings | |||||||||||
Proceeds from sale of marketable securities | |||||||||||
Proceeds from sale of assets | |||||||||||
Purchase of investments | ( | ) | |||||||||
Other, net | |||||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | |||||
Cash Flows from Financing Activities: | |||||||||||
Increase (decrease) in short-term borrowings, net | ( | ) | |||||||||
Proceeds from (payments of) commercial paper, net | ( | ) | |||||||||
Proceeds from long-term debt, net | |||||||||||
Payments of long-term debt | ( | ) | ( | ) | ( | ) | |||||
Loss on reacquired debt | ( | ) | |||||||||
Debt and equity issuance costs | ( | ) | ( | ) | ( | ) | |||||
Payment of dividends on Common Stock | ( | ) | ( | ) | ( | ) | |||||
Payment of dividends on preferred stock | ( | ) | ( | ) | |||||||
Proceeds from issuance of Common Stock, net | |||||||||||
Proceeds from issuance of preferred stock, net | |||||||||||
Distribution to ZENS holders | ( | ) | |||||||||
Other, net | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by (used in) financing activities | ( | ) | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ( | ) | ( | ) | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | |||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year | $ | $ | $ |
2019 | 2018 | 2017 | ||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
(in millions of dollars and shares, except per share amounts) | ||||||||||||||||||||
Cumulative Preferred Stock, $0.01 par value; authorized 20,000,000 shares | ||||||||||||||||||||
Balance, beginning of year | $ | — | $ | — | $ | |||||||||||||||
Issuances of Series A Preferred Stock | ||||||||||||||||||||
Issuances of Series B Preferred Stock | ||||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Common Stock, $0.01 par value; authorized 1,000,000,000 shares | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Issuances related to benefit and investment plans | ||||||||||||||||||||
Issuances of Common Stock | ||||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Additional Paid-in-Capital | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Issuances related to benefit and investment plans | ||||||||||||||||||||
Issuances of Common Stock, net of issuance costs | ||||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | ||||||||||||||||||||
Balance, beginning of year | ( | ) | ||||||||||||||||||
Net income | ||||||||||||||||||||
Common Stock dividends declared ($0.8625, $1.1200 and $1.3475 per share, respectively) | ( | ) | ( | ) | ( | ) | ||||||||||||||
Series A Preferred Stock dividends declared ($30.6250, $32.1563 and $-0- per share, respectively) | ( | ) | ( | ) | ||||||||||||||||
Series B Preferred Stock dividends declared ($52.5000, $29.1667 and $-0- per share, respectively) | ( | ) | ( | ) | ||||||||||||||||
Adoption of ASU 2018-02 | ||||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Balance, beginning of year | ( | ) | ( | ) | ( | ) | ||||||||||||||
Other comprehensive income (loss) | ( | ) | ||||||||||||||||||
Adoption of ASU 2018-02 | ( | ) | ||||||||||||||||||
Balance, end of year | ( | ) | ( | ) | ( | ) | ||||||||||||||
Total Shareholders’ Equity | $ | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Revenues | $ | $ | $ | ||||||||
Expenses: | |||||||||||
Operation and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total | |||||||||||
Operating Income | |||||||||||
Other Income (Expense): | |||||||||||
Interest and other finance charges | ( | ) | ( | ) | ( | ) | |||||
Interest on Securitization Bonds | ( | ) | ( | ) | ( | ) | |||||
Other, net | ( | ) | ( | ) | |||||||
Total | ( | ) | ( | ) | ( | ) | |||||
Income Before Income Taxes | |||||||||||
Income tax expense (benefit) | ( | ) | |||||||||
Net Income | $ | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Net income | $ | $ | $ | ||||||||
Other comprehensive income (loss): | |||||||||||
Net deferred loss from cash flow hedges (net of tax expense (benefit) of $-0-, ($4), and $-0-, respectively) | ( | ) | ( | ) | ( | ) | |||||
Other comprehensive loss | ( | ) | ( | ) | ( | ) | |||||
Comprehensive income | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents ($216 and $335 related to VIEs, respectively) | $ | $ | |||||
Accounts and notes receivable, net ($26 and $56 related to VIEs, respectively), less bad debt reserve of $1 and $1, respectively | |||||||
Accounts and notes receivable—affiliated companies | |||||||
Accrued unbilled revenues | |||||||
Materials and supplies | |||||||
Taxes receivable | |||||||
Prepaid expenses and other current assets ($19 and $34 related to VIEs, respectively) | |||||||
Total current assets | |||||||
Property, Plant and Equipment, net | |||||||
Other Assets: | |||||||
Regulatory assets ($788 and $1,059 related to VIEs, respectively) | |||||||
Other | |||||||
Total other assets | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND MEMBER’S EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of VIE Securitization Bonds long-term debt | $ | $ | |||||
Accounts payable | |||||||
Accounts and notes payable—affiliated companies | |||||||
Taxes accrued | |||||||
Interest accrued | |||||||
Non-trading derivative liabilities | |||||||
Other | |||||||
Total current liabilities | |||||||
Other Liabilities: | |||||||
Deferred income taxes, net | |||||||
Benefit obligations | |||||||
Regulatory liabilities | |||||||
Other | |||||||
Total other liabilities | |||||||
Long-Term Debt, net: | |||||||
VIE Securitization Bonds, net | |||||||
Other long-term debt, net | |||||||
Total long-term debt, net | |||||||
Commitments and Contingencies (Note 16) | |||||||
Member’s Equity: | |||||||
Common stock | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | |||
Total member’s equity | |||||||
Total Liabilities and Member’s Equity | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | $ | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of deferred financing costs | |||||||||||
Deferred income taxes | ( | ) | ( | ) | ( | ) | |||||
Changes in other assets and liabilities: | |||||||||||
Accounts and notes receivable, net | ( | ) | |||||||||
Accounts receivable/payable–affiliated companies | ( | ) | ( | ) | |||||||
Inventory | ( | ) | ( | ) | |||||||
Accounts payable | ( | ) | |||||||||
Taxes receivable | ( | ) | |||||||||
Interest and taxes accrued | ( | ) | |||||||||
Non-trading derivatives, net | ( | ) | |||||||||
Net regulatory assets and liabilities | ( | ) | ( | ) | ( | ) | |||||
Other current assets | ( | ) | ( | ) | ( | ) | |||||
Other current liabilities | ( | ) | ( | ) | |||||||
Other assets | ( | ) | |||||||||
Other liabilities | ( | ) | ( | ) | |||||||
Other, net | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||
Decrease (increase) in notes receivable–affiliated companies | ( | ) | |||||||||
Other, net | |||||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | |||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from long-term debt, net | |||||||||||
Payments of long-term debt | ( | ) | ( | ) | ( | ) | |||||
Dividend to parent | ( | ) | ( | ) | ( | ) | |||||
Increase (decrease) in notes payable–affiliated companies | ( | ) | ( | ) | |||||||
Debt issuance costs | ( | ) | ( | ) | ( | ) | |||||
Contribution from parent | |||||||||||
Other, net | ( | ) | |||||||||
Net cash provided by (used in) financing activities | ( | ) | ( | ) | |||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ( | ) | ( | ) | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of the Year | |||||||||||
Cash, Cash Equivalents and Restricted Cash at End of the Year | $ | $ | $ |
2019 | 2018 | 2017 | ||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
(in millions, except share amounts) | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | |||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Additional Paid-in-Capital | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Contribution from parent | ||||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Retained Earnings | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Net income | ||||||||||||||||||||
Dividend to parent | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, end of year | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Balance, beginning of year | ( | ) | ||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, end of year | ( | ) | ( | ) | ||||||||||||||||
Total Member’s Equity | $ | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Revenues: | |||||||||||
Utility revenues | $ | $ | $ | ||||||||
Non-utility revenues | |||||||||||
Total | |||||||||||
Expenses: | |||||||||||
Utility natural gas | |||||||||||
Non-utility cost of revenue, including natural gas | |||||||||||
Operation and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total | |||||||||||
Operating Income | |||||||||||
Other Income (Expense): | |||||||||||
Interest expense and other finance charges | ( | ) | ( | ) | ( | ) | |||||
Interest income | |||||||||||
Other expense, net | ( | ) | ( | ) | ( | ) | |||||
Total | ( | ) | ( | ) | ( | ) | |||||
Income From Continuing Operations Before Income Taxes | |||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | |||||||
Income From Continuing Operations | |||||||||||
Income from discontinued operations (net of tax expense (benefit) of $17, $37, and $153, respectively) | |||||||||||
Net Income | $ | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Net income | $ | $ | $ | ||||||||
Other comprehensive income (loss): | |||||||||||
Adjustment to postretirement plans (net of tax expense of $2, $1 and $4, respectively) | |||||||||||
Net deferred loss from cash flow hedges (net of tax expense (benefit) of $-0-, $-0- and ($1), respectively) | ( | ) | ( | ) | |||||||
Other comprehensive income | |||||||||||
Comprehensive income | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, less bad debt reserve of $15 million and $14 million, respectively | |||||||
Accrued unbilled revenue | |||||||
Accounts and notes receivable — affiliated companies | |||||||
Material and supplies | |||||||
Natural gas inventory | |||||||
Current assets held for sale | |||||||
Prepaid expenses and other current assets | |||||||
Total current assets | |||||||
Property, Plant and Equipment, Net | |||||||
Other Assets: | |||||||
Goodwill | |||||||
Regulatory assets | |||||||
Non-current assets held for sale | |||||||
Other | |||||||
Total other assets | |||||||
Total Assets | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | $ | |||||
Accounts and notes payable–affiliated companies | |||||||
Taxes accrued | |||||||
Interest accrued | |||||||
Customer deposits | |||||||
Current liabilities held for sale | |||||||
Other | |||||||
Total current liabilities | |||||||
Other Liabilities: | |||||||
Deferred income taxes, net | |||||||
Benefit obligations | |||||||
Regulatory liabilities | |||||||
Non-current liabilities held for sale | |||||||
Other | |||||||
Total other liabilities | |||||||
Long-Term Debt | |||||||
Commitments and Contingencies (Note 16) | |||||||
Stockholder’s Equity: | |||||||
Common stock | |||||||
Additional paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive income | |||||||
Total stockholder’s equity | |||||||
Total Liabilities and Stockholder’s Equity | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | $ | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization on assets held for sale | |||||||||||
Amortization of deferred financing costs | |||||||||||
Deferred income taxes | ( | ) | |||||||||
Goodwill impairment | |||||||||||
Write-down of natural gas inventory | |||||||||||
Equity in earnings of unconsolidated affiliates | ( | ) | ( | ) | |||||||
Distributions from unconsolidated affiliates | |||||||||||
Changes in other assets and liabilities: | |||||||||||
Accounts receivable and unbilled revenues, net | ( | ) | ( | ) | |||||||
Accounts receivable/payable–affiliated companies | ( | ) | |||||||||
Inventory | ( | ) | ( | ) | |||||||
Accounts payable | ( | ) | |||||||||
Fuel cost recovery | ( | ) | |||||||||
Interest and taxes accrued | |||||||||||
Non-trading derivatives, net | ( | ) | ( | ) | |||||||
Margin deposits, net | ( | ) | ( | ) | |||||||
Net regulatory assets and liabilities | ( | ) | ( | ) | |||||||
Other current assets | |||||||||||
Other current liabilities | ( | ) | |||||||||
Other assets | ( | ) | |||||||||
Other liabilities | ( | ) | |||||||||
Other, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||
Acquisitions, net of cash acquired | ( | ) | |||||||||
Distributions from unconsolidated affiliates in excess of cumulative earnings | |||||||||||
(Increase) decrease in notes receivable–affiliated companies | ( | ) | |||||||||
Other, net | |||||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | |||||
Cash Flows from Financing Activities: | |||||||||||
Increase (decrease) in short-term borrowings, net | ( | ) | |||||||||
Proceeds from (payments of) commercial paper, net | ( | ) | |||||||||
Proceeds from long-term debt | |||||||||||
Payments of long-term debt | ( | ) | |||||||||
Dividends to parent | ( | ) | ( | ) | ( | ) | |||||
Debt issuance costs | ( | ) | ( | ) | |||||||
Loss on reacquired debt | ( | ) | |||||||||
Contribution from parent | |||||||||||
Increase (decrease) in notes payable–affiliated companies | ( | ) | |||||||||
Other, net | ( | ) | ( | ) | |||||||
Net cash provided by (used in) financing activities | ( | ) | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ( | ) | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | |||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year | $ | $ | $ |
2019 | 2018 | 2017 | ||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
(in millions, except share amounts) | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | |||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Additional Paid-in-Capital | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Contribution from parent | ||||||||||||||||||||
Capital distribution to parent associated with Internal Spin | ( | ) | ( | ) | ||||||||||||||||
Other | ||||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Retained Earnings | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Net income | ||||||||||||||||||||
Dividend to parent | ( | ) | ( | ) | ( | ) | ||||||||||||||
Adoption of ASU 2018-02 | ||||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||
Adoption of ASU 2018-02 | ( | ) | ||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Total Stockholder’s Equity | $ | $ | $ |
• | Houston Electric owns and operates electric transmission and distribution facilities in the Texas Gulf Coast area that includes the city of Houston; and |
• | CERC Corp. (i) owns and operates natural gas distribution systems in |
• | Vectren holds three public utilities through its wholly-owned subsidiary, VUHI, a public utility holding company: |
• | Indiana Gas provides energy delivery services to natural gas customers located in central and southern Indiana; |
• | SIGECO provides energy delivery services to electric and natural gas customers located near Evansville in southwestern Indiana and owns and operates electric generation assets to serve its electric customers and optimizes those assets in the wholesale power market; and |
• | VEDO provides energy delivery services to natural gas customers located near Dayton in west-central Ohio. |
• | Vectren performs non-utility activities through ESG, which provides energy performance contracting and sustainable infrastructure services, such as renewables, distributed generation and combined heat and power projects. |
(a) | Use of Estimates |
(b) | Principles of Consolidation |
Equity and Investments without a Readily Determinable Fair Value (CenterPoint Energy) |
(d) | Revenues |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Interest and AFUDC debt (1) | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
AFUDC equity (2) |
(1) | Included in Interest and other finance charges on the Registrants’ respective Statements of Consolidated Income. |
(2) | Included in Other Income (Expense) on the Registrants’ respective Statements of Consolidated Income. |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Provision for doubtful accounts | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Recently Adopted Accounting Standards | ||||||
ASU Number and Name | Description | Date of Adoption | Financial Statement Impact upon Adoption | |||
ASU 2016-02- Leases (Topic 842) and related amendments | ASU 2016-02 provides a comprehensive new lease model that requires lessees to recognize assets and liabilities for most leases and would change certain aspects of lessor accounting. Transition method: modified retrospective | January 1, 2019 | The Registrants adopted the standard and recognized a right-of-use asset and lease liability on their statement of financial position with no material impact on their results of operations and cash flows. See Note 22 for more information. |
Issued, Not Yet Effective Accounting Standards | ||||||
ASU Number and Name | Description | Effective Date | Financial Statement Impact upon Adoption | |||
ASU 2016-13- Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | This standard, including standards amending this standard, requires a new model called CECL to estimate credit losses for (1) financial assets subject to credit losses and measured at amortized cost and (2) certain off-balance sheet credit exposures. Upon initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure based on historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Transition method: modified retrospective | January 1, 2020 Early adoption is permitted | The adoption of this standard will result in an immaterial adjustment to the carrying value of the Registrants’ accounts receivable, net. The adoption of this standard will not have a material impact on the Registrants’ financial position, results of operations or cash flows. | |||
ASU 2018-13- Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement | This standard eliminates, modifies and adds certain disclosure requirements for fair value measurements. Transition method: prospective for additions and one modification and retrospective for all other amendments | Adoption of eliminations and modifications as of September 30, 2018; Additions will be adopted January 1, 2020 | The adoption of this standard did not impact the Registrants’ financial position, results of operations or cash flows. Note 10 reflects the disclosures modified upon adoption. | |||
ASU 2018-15-Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract | This standard aligns accounting for implementation costs incurred in a cloud computing arrangement that is accounted for as a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The update also prescribes the balance sheet, income statement and cash flow classification of the capitalized implementation costs and related amortization expense and requires additional quantitative and qualitative disclosures. Transition method: retrospective or prospective | January 1, 2020 Early adoption is permitted | The adoption of this standard will require the Registrants to capitalize certain costs to implement cloud computing arrangements that are accounted for as service contracts within Prepaid expenses and other current assets on the Registrants’ consolidated balance sheets and record the amortization of such assets within Operation and maintenance expenses on the Registrants’ statements of consolidated income. The adoption of this standard will not have a material impact on the Registrants’ financial position, results of operations, cash flows or disclosures. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Weighted Average Useful Lives | Property, Plant and Equipment, Gross | Accumulated Depreciation & Amortization | Property, Plant and Equipment, Net | Property, Plant and Equipment, Gross | Accumulated Depreciation & Amortization | Property, Plant and Equipment, Net | |||||||||||||||||||
(in years) | (in millions) | ||||||||||||||||||||||||
CenterPoint Energy | |||||||||||||||||||||||||
Electric Transmission & Distribution | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Electric Generation (1) | |||||||||||||||||||||||||
Natural Gas Distribution | |||||||||||||||||||||||||
Other property | |||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Houston Electric | |||||||||||||||||||||||||
Electric Transmission | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Electric Distribution | |||||||||||||||||||||||||
Other transmission & distribution property | |||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
CERC | |||||||||||||||||||||||||
Natural Gas Distribution | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Other property | |||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(1) | SIGECO and AGC own a 300 MW unit at the Warrick Power Plant (Warrick Unit 4) as tenants in common. SIGECO’s share of the cost of this unit as of December 31, 2019, is $ |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Depreciation | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Amortization of securitized regulatory assets | |||||||||||||||||||||||||||||||||||
Other amortization | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Addition from Merger with Vectren | |||||||||||||||||||||||
Accretion expense (1) | |||||||||||||||||||||||
Revisions in estimates (2) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
(1) | Reflected in Regulatory assets on each of the Registrants’ respective Consolidated Balance Sheets. |
(2) |
Cash and cash equivalents | $ | |||
Other current assets | ||||
Property, plant and equipment, net | ||||
Identifiable intangibles | ||||
Regulatory assets | ||||
Other assets | ||||
Total assets acquired | ||||
Current liabilities | ||||
Regulatory liabilities | ||||
Other liabilities | ||||
Long-term debt | ||||
Total liabilities assumed | ||||
Net assets acquired | ||||
Goodwill | ||||
Total purchase price consideration | $ |
Weighted Average Useful Lives | Estimated Fair Value | |||||
(in years) | (in millions) | |||||
Operation and maintenance agreements | $ | |||||
Customer relationships | ||||||
Construction backlog | ||||||
Trade names | ||||||
Total | $ |
(in millions) | ||||
Operating revenues | $ | |||
Net income |
Year Ended December 31, | |||||||||
2019 | 2018 | ||||||||
(in millions) | |||||||||
Operating revenues | $ | $ | |||||||
Net income | (1) | (2) |
(1) | Pro forma net income was adjusted to exclude $ |
(2) | Pro forma net income was adjusted to include $ |
December 31, 2019 | ||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | Total | Energy Services Disposal Group | |||||||||||||
(in millions) | ||||||||||||||||
Receivables, net | $ | $ | $ | $ | ||||||||||||
Accrued unbilled revenues | ||||||||||||||||
Natural gas inventory | ||||||||||||||||
Materials and supplies | ||||||||||||||||
Non-trading derivative assets | ||||||||||||||||
Other | ||||||||||||||||
Total current assets held for sale | ||||||||||||||||
Property, plant and equipment, net | ||||||||||||||||
Goodwill | ||||||||||||||||
Non-trading derivative assets | ||||||||||||||||
Other | ||||||||||||||||
Total non-current assets held for sale | ||||||||||||||||
Total assets held for sale | $ | $ | $ | $ | ||||||||||||
Accounts payable | $ | $ | $ | $ | ||||||||||||
Taxes accrued | ||||||||||||||||
Non-trading derivative liabilities | ||||||||||||||||
Other | ||||||||||||||||
Total current liabilities held for sale | ||||||||||||||||
Non-trading derivative liabilities | ||||||||||||||||
Benefit obligations | ||||||||||||||||
Other | ||||||||||||||||
Total non-current liabilities held for sale | ||||||||||||||||
Total liabilities held for sale | $ | $ | $ | $ |
December 31, 2018 | ||||||||
Energy Services Disposal Group | ||||||||
CenterPoint Energy | CERC | |||||||
(in millions) | ||||||||
Receivables, net | $ | $ | ||||||
Accrued unbilled revenues | ||||||||
Natural gas inventory | ||||||||
Non-trading derivative assets | ||||||||
Other | ||||||||
Total current assets held for sale | ||||||||
Property, plant and equipment, net | ||||||||
Goodwill | ||||||||
Non-trading derivative assets | ||||||||
Other | ||||||||
Total non-current assets held for sale | ||||||||
Total assets held for sale | $ | $ | ||||||
Accounts payable | $ | $ | ||||||
Taxes accrued | ||||||||
Non-trading derivative liabilities | ||||||||
Other | ||||||||
Total current liabilities held for sale | ||||||||
Non-trading derivative liabilities | ||||||||
Benefit obligations | ||||||||
Total non-current liabilities held for sale | ||||||||
Total liabilities held for sale | $ | $ |
Year Ended December 31, | ||||||||||||||||||||||||||||
2019 (1) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
CenterPoint Energy | ||||||||||||||||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | Total | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Expenses: | — | |||||||||||||||||||||||||||
Non-utility cost of revenues | ||||||||||||||||||||||||||||
Operation and maintenance | ||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||
Taxes other than income taxes | ||||||||||||||||||||||||||||
Goodwill Impairment | ||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Income (loss) from Discontinued Operations before income taxes | ( | ) | ( | ) | ||||||||||||||||||||||||
Income tax expense (benefit) | ( | ) | ( | ) | ||||||||||||||||||||||||
Net income (loss) from Discontinued Operations | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
(1) | Reflects February 1, 2019 to December 31, 2019 results only due to the Merger. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
CERC | |||||||||||
(in millions) | |||||||||||
Revenues | $ | $ | $ | ||||||||
Expenses | |||||||||||
Non-utility cost of revenues, including natural gas | |||||||||||
Operation and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Goodwill impairment | |||||||||||
Total | |||||||||||
Income (loss) from Discontinued Operations before income taxes | ( | ) | |||||||||
Income tax expense (benefit) | ( | ) | |||||||||
Net income (loss) from Discontinued Operations | $ | $ | ( | ) | $ |
Year Ended December 31, | ||||||||||||||||
2019 | 2019 | 2018 | 2017 | |||||||||||||
CenterPoint Energy | ||||||||||||||||
Infrastructure Services Disposal Group | Energy Services Disposal Group | |||||||||||||||
(in millions) | ||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | ||||||||||||
Amortization of intangible assets | — | — | — | |||||||||||||
Write-down of natural gas inventory | ||||||||||||||||
Capital expenditures | ||||||||||||||||
Non-cash transactions: | ||||||||||||||||
Accounts payable related to capital expenditures |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
CERC | ||||||||||||
Energy Services Disposal Group | ||||||||||||
(in millions) | ||||||||||||
Depreciation and amortization | $ | $ | $ | |||||||||
Write-down of natural gas inventory | ||||||||||||
Capital expenditures | ||||||||||||
Non-cash transactions: | ||||||||||||
Accounts payable related to capital expenditures |
Year Ended December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||
CenterPoint Energy | CERC | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Transportation revenue | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Natural gas expense |
Year Ended December 31, 2019 | ||||||||
CenterPoint Energy (1) | CERC (1) | |||||||
(in millions) | ||||||||
Pipeline construction and repair services capitalized | $ | $ | ||||||
Pipeline construction and repair service charges in operations and maintenance expense |
(1) | Represents charges for the period February 1, 2019 through December 31, 2019 only due to the Merger. |
Year Ended December 31, | ||||||||
2018 | 2017 | |||||||
(in millions) | ||||||||
Equity in earnings of unconsolidated affiliate, net | $ | $ | ||||||
Income tax expense | ||||||||
Income from discontinued operations, net of tax | $ | $ |
Year Ended December 31, 2019 | ||||||||||||||||||||
Houston Electric T&D | Indiana Electric Integrated (1) | Natural Gas Distribution (1) | Corporate and Other (1) | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Revenue from contracts | $ | $ | $ | $ | $ | |||||||||||||||
Other (2) | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ | |||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||||
Houston Electric T&D | Indiana Electric Integrated | Natural Gas Distribution | Corporate and Other | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Revenue from contracts | $ | $ | $ | $ | $ | |||||||||||||||
Other (2) | ( | ) | ( | ) | ( | ) | ||||||||||||||
Total revenues | $ | $ | $ | $ | $ | |||||||||||||||
Year Ended December 31, 2017 | ||||||||||||||||||||
Houston Electric T&D | Indiana Electric Integrated | Natural Gas Distribution | Corporate and Other | Total | ||||||||||||||||
(in millions) | ||||||||||||||||||||
Revenue from contracts | $ | $ | $ | $ | $ | |||||||||||||||
Other (2) | ( | ) | ||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ |
(1) | Reflects revenues from Vectren subsidiaries for the period from February 1, 2019 to December 31, 2019. |
(2) | Primarily consists of income from ARPs, weather hedge gains (losses) and leases. ARPs are contracts between the utility and its regulators, not between the utility and a customer. The Registrants recognize ARP revenue as other revenues when the regulator-specified conditions for recognition have been met. Upon recovery of ARP revenue through incorporation in rates charged for utility service to customers, ARP revenue is reversed and recorded as revenue from contracts with customers. The recognition of ARP revenues and the reversal of ARP revenues upon recovery through rates charged for utility service may not occur in the same period. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Revenue from contracts | $ | $ | $ | ||||||||
Other (1) | ( | ) | ( | ) | |||||||
Total revenues | $ | $ | $ |
(1) | Primarily consists of income from ARPs and leases. ARPs are contracts between the utility and its regulators, not between the utility and a customer. The Registrants recognize ARP revenue as other revenues when the regulator-specified conditions for recognition have been met. Upon recovery of ARP revenue through incorporation in rates charged for utility service to customers, ARP revenue is reversed and recorded as revenue from contracts with customers. The recognition of ARP revenues and the reversal of ARP revenues upon recovery through rates charged for utility service may not occur in the same period. |
Year Ended December 31, 2019 | ||||||||||||
Natural Gas Distribution | Corporate and Other | Total | ||||||||||
(in millions) | ||||||||||||
Revenue from contracts | $ | $ | $ | |||||||||
Other (1) | ||||||||||||
Total revenues | $ | $ | $ | |||||||||
Year Ended December 31, 2018 | ||||||||||||
Natural Gas Distribution | Corporate and Other | Total | ||||||||||
(in millions) | ||||||||||||
Revenue from contracts | $ | $ | $ | |||||||||
Other (1) | ( | ) | ( | ) | ||||||||
Total revenues | $ | $ | $ | |||||||||
Year Ended December 31, 2017 | ||||||||||||
Natural Gas Distribution | Corporate and Other | Total | ||||||||||
(in millions) | ||||||||||||
Revenue from contracts | $ | $ | $ | |||||||||
Other (1) | ||||||||||||
Total revenues | $ | $ | $ |
(1) | Primarily consists of income from ARPs, weather hedge gains (losses) and leases. ARPs are contracts between the utility and its regulators, not between the utility and a customer. The Registrants recognize ARP revenue as other revenues when the regulator-specified conditions for recognition have been met. Upon recovery of ARP revenue through incorporation in rates charged for utility service to customers, ARP revenue is reversed and recorded as revenue from contracts with customers. The recognition of ARP revenues and the reversal of ARP revenues upon recovery through rates charged for utility service may not occur in the same period. |
Accounts Receivable | Other Accrued Unbilled Revenues | Contract Assets | Contract Liabilities | ||||||||||||
(in millions) | |||||||||||||||
Opening balance as of December 31, 2018 (1) | $ | $ | $ | $ | |||||||||||
Closing balance as of December 31, 2019 | |||||||||||||||
Increase | $ | $ | $ | $ |
(1) | Opening balances related to Vectren are as of February 1, 2019, and are thus excluded from the opening balance as of December 31, 2018. |
Accounts Receivable | Other Accrued Unbilled Revenues | Contract Liabilities | |||||||||
(in millions) | |||||||||||
Opening balance as of December 31, 2018 | $ | $ | $ | ||||||||
Closing balance as of December 31, 2019 | |||||||||||
Increase (decrease) | $ | ( | ) | $ | $ |
Accounts Receivable | Other Accrued Unbilled Revenues | ||||||
(in millions) | |||||||
Opening balance as of December 31, 2018 | $ | $ | |||||
Closing balance as of December 31, 2019 | |||||||
Increase (decrease) | $ | ( | ) | $ | ( | ) |
Rolling 12 Months | Thereafter | Total | |||||||||
(in millions) | |||||||||||
Revenue expected to be recognized on contracts in place as of December 31, 2019: | |||||||||||
Corporate and Other | $ | $ | $ | ||||||||
$ | $ | $ |
December 31, 2018 | Additions (1) | December 31, 2019 | |||||||||
(in millions) | |||||||||||
Indiana Electric Integrated | $ | $ | $ | ||||||||
Natural Gas Distribution | |||||||||||
Corporate and Other | |||||||||||
Total | $ | $ | $ |
(1) |
December 31, 2018 | December 31, 2019 | ||||||
(in millions) | |||||||
Natural Gas Distribution | $ | $ | |||||
Corporate and Other | |||||||
Total | $ | $ |
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Balance | Gross Carrying Amount | Accumulated Amortization | Net Balance | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Customer relationships (1) | $ | $ | ( | ) | $ | $ | $ | $ | ||||||||||||||||
Trade names (1) | ( | ) | ||||||||||||||||||||||
Construction backlog (1) (2) | ( | ) | ||||||||||||||||||||||
Operation and maintenance agreements (1) (2) | ||||||||||||||||||||||||
Other (1) | ( | ) | ( | ) | ||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
(1) | The fair value of intangible assets acquired through acquisitions has been finalized. Intangible assets related to the Infrastructure Services and Energy Services Disposal Groups are excluded from the tabular disclosures. See Note 4. |
(2) | Amortization expense related to the operation and maintenance agreements and construction backlog is included in Non-utility cost of revenues, including natural gas on CenterPoint Energy’s Statements of Consolidated Income. |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in millions) | ||||||||||||
Amortization expense of intangible assets recorded in Depreciation and amortization (1) (2) | $ | $ | $ | |||||||||
Amortization expense of intangible assets recorded in Non-utility cost of revenues, including natural gas (2) |
(1) | Includes $ |
(2) | The fair value of intangible assets, and related amortization assumptions, acquired through acquisitions during the year ended December 31, 2019, have been finalized. Assets held for sale are not amortized. The table reflects amortization on continuing operations. See Note 4. |
Amortization Expense (1) | |||
CenterPoint Energy | |||
(in millions) | |||
2020 | $ | ||
2021 | |||
2022 | |||
2023 | |||
2024 |
(1) |
December 31, 2019 | ||||||||||||||
CenterPoint Energy | Houston Electric | CERC | ||||||||||||
Amortization Through | (in millions) | Amortization Through | (in millions) | Amortization Through | (in millions) | |||||||||
Regulatory Assets: | ||||||||||||||
Current regulatory assets (1) | 2020 | $ | n/a | $ | 2020 | $ | ||||||||
Non-current regulatory assets: | ||||||||||||||
Securitized regulatory assets | 2024 | 2024 | n/a | |||||||||||
Unrecognized equity return (2) | 2024 | ( | ) | 2024 | ( | ) | n/a | |||||||
Unamortized loss on reacquired debt (3) | 2046 | 2046 | n/a | |||||||||||
Pension and postretirement-related regulatory asset (3) | Various (a) | TBD (b) | Various (a) | |||||||||||
Hurricane Harvey restoration costs (3) | Various | TBD (b) | TBD (c) | |||||||||||
Regulatory assets related to TCJA (3) (4) | Various | TBD (b) | 2023 | |||||||||||
Asset retirement obligation (3) | Perpetual | Perpetual | Perpetual | |||||||||||
Other regulatory assets-not earning a return (5) | Various (d) | Various | Various | |||||||||||
Other regulatory assets | Various | Various | Various | |||||||||||
Total non-current regulatory assets | ||||||||||||||
Total regulatory assets | ||||||||||||||
Regulatory Liabilities: | ||||||||||||||
Current regulatory liabilities (6) | 2020 | n/a | 2020 | |||||||||||
Non-current regulatory liabilities: | ||||||||||||||
Regulatory liabilities related to TCJA (4) | Various | TBD (b) | Various | |||||||||||
Estimated removal costs | Various | Various | Various | |||||||||||
Other regulatory liabilities | Various | Various | Various | |||||||||||
Total non-current regulatory liabilities | ||||||||||||||
Total regulatory liabilities | ||||||||||||||
Total regulatory assets and liabilities, net | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(a) | Pension and postretirement-related regulatory assets balances are measured annually, and the ending amortization period may change based on the actuarial valuation. |
(b) | The recovery and amortization of these amounts are to be determined upon receipt of the final order. |
(c) | The recovery and amortization of a portion of these amounts are expected to be determined in the next rate case. |
(d) | Other regulatory assets not-earning a return includes items with different amortization periods; therefore, the amortization is accounted for through various periods. |
December 31, 2018 | |||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||
(in millions) | |||||||||||
Regulatory Assets: | |||||||||||
Current regulatory assets (1) | $ | $ | $ | ||||||||
Non-current regulatory assets: | |||||||||||
Securitized regulatory assets | |||||||||||
Unrecognized equity return (2) | ( | ) | ( | ) | |||||||
Unamortized loss on reacquired debt (3) | |||||||||||
Pension and postretirement-related regulatory asset (3) | |||||||||||
Hurricane Harvey restoration costs (3) | |||||||||||
Regulatory assets related to TCJA (3) (4) | |||||||||||
Asset retirement obligation (3) | |||||||||||
Other regulatory assets-not earning a return (3) | |||||||||||
Other regulatory assets | |||||||||||
Total non-current regulatory assets | |||||||||||
Total regulatory assets | |||||||||||
Regulatory Liabilities: | |||||||||||
Current regulatory liabilities (6) | |||||||||||
Non-current regulatory liabilities: | |||||||||||
Regulatory liabilities related to TCJA (4) | |||||||||||
Estimated removal costs | |||||||||||
Other regulatory liabilities | |||||||||||
Total non-current regulatory liabilities | |||||||||||
Total regulatory liabilities | |||||||||||
Total regulatory assets and liabilities, net | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(1) | Current regulatory assets are included in Prepaid expenses and other current assets in the Registrants’ respective Consolidated Balance Sheets. |
(2) | The unrecognized equity return will be recognized as it is recovered in rates through 2024. The timing of CenterPoint Energy’s and Houston Electric’s recognition of the equity return will vary each period based on amounts actually collected during the period. The actual amounts recognized are adjusted at least annually to correct any over-collections or under-collections during the preceding 12 months. |
Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
CenterPoint Energy | Houston Electric | CenterPoint Energy | Houston Electric | CenterPoint Energy | Houston Electric | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Allowed equity return recognized | $ | $ | $ | $ | $ | $ |
(3) | Substantially all of these regulatory assets are not earning a return. |
(4) | The EDIT and deferred revenues will be recovered or refunded to customers as required by tax and regulatory authorities. See Note 15 for additional information. |
(5) | Regulatory assets acquired in the Merger and not earning a return were recorded at fair value as of the Merger Date. Such fair value adjustments are recognized over time until the regulatory asset is recovered. |
(6) | Current regulatory liabilities are included in Other current liabilities in each of the Registrants’ respective Consolidated Balance Sheets. |
• | a rate base of $ |
• | a prudency determination on all capital investments made by Houston Electric since January 1, 2010; |
• | the establishment of a rider to refund unprotected EDIT resulting from the TCJA; and |
• | updated depreciation rates and approval to recover other costs. |
• | an overall revenue requirement increase of approximately $ |
• | an ROE of |
• | a capital structure of |
• | a refund of unprotected EDIT of $ |
• | recovery of all retail transmission related costs through the TCRF. |
• | Houston Electric’s credit agreements and indentures shall not contain cross-default provisions by which a default by CenterPoint Energy or its other affiliates would cause a default at Houston Electric; |
• | The financial covenant in Houston Electric’s credit agreement shall not be related to any entity other than Houston Electric. Houston Electric shall not include in its debt or credit agreements any financial covenants or rating agency triggers related to any entity other than Houston Electric; |
• | Houston Electric shall not pledge its assets in respect of or guarantee any debt or obligation of any of its affiliates. Houston Electric shall not pledge, mortgage, hypothecate, or grant a lien upon the property of Houston Electric except pursuant to an exception in effect in Houston Electric’s current credit agreement, such as Houston Electric’s first mortgage and general mortgage; |
• | Houston Electric shall maintain its own stand-alone credit facility, and Houston Electric shall not share its credit facility with any regulated or unregulated affiliate; |
• | Houston Electric shall maintain ratings with all three major credit ratings agencies; |
• | Houston Electric shall maintain a stand-alone credit rating; |
• | Houston Electric’s first mortgage bonds and general mortgage bonds shall be secured only with assets of Houston Electric; |
• | No Houston Electric assets may be used to secure the debt of CenterPoint Energy or its other affiliates; |
• | Houston Electric shall not hold out its credit as being available to pay the debt of any affiliates (provided that, for the avoidance of doubt, Houston Electric is not considered to be holding its credit out to pay the debt of affiliates, or in breach of any other ring-fencing measure, with respect to the $ |
• | Without prior approval of the PUCT, neither CenterPoint Energy nor any affiliate of CenterPoint Energy (excluding Houston Electric) may incur, guarantee, or pledge assets in respect of any incremental new debt that is dependent on: (1) the revenues of Houston Electric in more than a proportionate degree than the other revenues of CenterPoint Energy; or (2) the equity of Houston Electric; |
• | Houston Electric shall not transfer any material assets or facilities to any affiliates, other than a transfer that is on an arm’s length basis consistent with the PUCT’s affiliate standards applicable to Houston Electric; |
• | Except for its participation in an affiliate money pool, Houston Electric shall not commingle its assets with those of other CenterPoint Energy affiliates; |
• | Except for its participation in an affiliate money pool, Houston Electric shall not lend money to or borrow money from CenterPoint Energy; and |
• | Houston Electric shall notify the PUCT if its issuer credit rating or corporate credit rating as rated by any of the three major rating agencies falls below investment grade. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
LTIP Compensation expense (1) | $ | $ | $ | ||||||||
Income tax benefit recognized | |||||||||||
Actual tax benefit realized for tax deductions |
(1) | Amounts presented in the table above are included in Operation and maintenance expense in CenterPoint Energy’s Statements of Consolidated Income and shown prior to any amounts capitalized. |
Year Ended December 31, 2019 | ||||||||||||
Shares (Thousands) | Weighted-Average Grant Date Fair Value | Remaining Average Contractual Life (Years) | Aggregate Intrinsic Value (2) (Millions) | |||||||||
Performance Awards (1) | ||||||||||||
Outstanding and non-vested as of December 31, 2018 | $ | |||||||||||
Granted | ||||||||||||
Forfeited or canceled | ( | ) | ||||||||||
Vested and released to participants | ( | ) | ||||||||||
Outstanding and non-vested as of December 31, 2019 | $ | $ | ||||||||||
Stock Unit Awards | ||||||||||||
Outstanding and non-vested as of December 31, 2018 | $ | |||||||||||
Granted | ||||||||||||
Forfeited or canceled | ( | ) | ||||||||||
Vested and released to participants | ( | ) | ||||||||||
Outstanding and non-vested as of December 31, 2019 | $ | $ |
(1) | Reflects maximum performance achievement. |
(2) | Reflects the impact of current expectations of achievement and stock price. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions, except for per unit amounts) | |||||||||||
Performance Awards | |||||||||||
Weighted-average grant date fair value per unit of awards granted | $ | $ | $ | ||||||||
Total intrinsic value of awards received by participants | |||||||||||
Vested grant date fair value | |||||||||||
Stock Unit Awards | |||||||||||
Weighted-average grant date fair value per unit of awards granted | $ | $ | $ | ||||||||
Total intrinsic value of awards received by participants | |||||||||||
Vested grant date fair value |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Service cost (1) | $ | $ | $ | ||||||||
Interest cost (2) | |||||||||||
Expected return on plan assets (2) | ( | ) | ( | ) | ( | ) | |||||
Amortization of prior service cost (2) | |||||||||||
Amortization of net loss (2) | |||||||||||
Settlement cost (2) (3) | |||||||||||
Curtailment gain (2) (4) | ( | ) | |||||||||
Net periodic cost | $ | $ | $ |
(1) | Amounts presented in the table above are included in Operation and maintenance expense in CenterPoint Energy’s Statements of Consolidated Income, net of regulatory deferrals and amounts capitalized. |
(2) | Amounts presented in the table above are included in Other, net in CenterPoint Energy’s Statements of Consolidated Income, net of regulatory deferrals. |
(3) | A one-time, non-cash settlement cost is required when the total lump sum distributions or other settlements of plan benefit obligations during a plan year exceed the service cost and interest cost components of the net periodic cost for that year. In 2019, CenterPoint Energy recognized a non-cash settlement cost due to lump sum settlement payments. |
(4) |
Year Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Discount rate | % | % | % | |||||
Expected return on plan assets | ||||||||
Rate of increase in compensation levels |
December 31, | |||||||
2019 | 2018 | ||||||
(in millions, except for actuarial assumptions) | |||||||
Change in Benefit Obligation | |||||||
Benefit obligation, beginning of year | $ | $ | |||||
Plan obligations assumed in Merger | |||||||
Service cost | |||||||
Interest cost | |||||||
Benefits paid | ( | ) | ( | ) | |||
Actuarial (gain) loss (1) | ( | ) | |||||
Plan amendment | |||||||
Curtailment | ( | ) | |||||
Benefit obligation, end of year | |||||||
Change in Plan Assets | |||||||
Fair value of plan assets, beginning of year | |||||||
Plan assets assumed in Merger | |||||||
Employer contributions | |||||||
Benefits paid | ( | ) | ( | ) | |||
Actual investment return | ( | ) | |||||
Fair value of plan assets, end of year | |||||||
Funded status, end of year | $ | ( | ) | $ | ( | ) | |
Amounts Recognized in Balance Sheets | |||||||
Current liabilities-other | $ | ( | ) | $ | ( | ) | |
Other liabilities-benefit obligations | ( | ) | ( | ) | |||
Net liability, end of year | $ | ( | ) | $ | ( | ) | |
Actuarial Assumptions | |||||||
Discount rate (2) | % | % | |||||
Expected return on plan assets (3) | |||||||
Rate of increase in compensation levels | |||||||
Interest crediting rate |
(1) | Significant sources of loss for 2019 include the decrease in discount rate from |
(2) | The discount rate assumption was determined by matching the projected cash flows of CenterPoint Energy’s plans against a hypothetical yield curve of high-quality corporate bonds represented by a series of annualized individual discount rates from one-half to 99 years. |
(3) | The expected rate of return assumption was developed using the targeted asset allocation of CenterPoint Energy’s plans and the expected return for each asset class. |
December 31, | |||||||||||||||
2019 | 2018 | ||||||||||||||
Pension (Qualified) | Pension (Non-qualified) | Pension (Qualified) | Pension (Non-qualified) | ||||||||||||
(in millions) | |||||||||||||||
Accumulated benefit obligation | $ | $ | $ | $ | |||||||||||
Projected benefit obligation | |||||||||||||||
Fair value of plan assets |
Pension Protection Act Zone Status | Multi-employer Contributions | |||||||||||
Pension Fund | EIN/Pension Plan Number | 2019 | FIP/RP Status Pending/Implemented | 2019 | Surcharge Imposed | |||||||
(in millions) | ||||||||||||
Central Pension Fund | 36-6052390-001 | $ | ||||||||||
Indiana Laborers Pension Fund | 35-6027150-001 | |||||||||||
Pipeline Industry Benefit Fund | 73-0742835-001 | |||||||||||
Laborers District Fund of Ohio | 31-6129964-001 | |||||||||||
Ohio Operating Engineers Pension Fund | 31-6129968-001 | |||||||||||
Operating Engineers Local #324 Fund (1) | 38-1900637-001 | |||||||||||
Minnesota Laborers Pension Fund | 41-6159599-001 | |||||||||||
Laborers’ Combined Fund of Western PA (2) | 25-6135576-001 | |||||||||||
Other | ||||||||||||
Total Contributions | $ |
(1) | The Operating Engineers Local #324 Fringe Benefits Fund was certified to be in “critical” status for the plan year ending April 30, 2019. In an effort to improve the plan’s funding situation, on March 17, 2011, the trustees adopted a plan amendment, which reduced benefit accruals and eliminated some ancillary benefits, and adopted an RP that will be effective from May 1, 2013 through April 30, 2023 or until the plan is no longer in critical status. On April 27, 2015, the trustees updated the RP to change the annual standard for meeting the requirements of the RP. The trustees further updated the RP on January 29, 2019. The annual standard is that actuarial projections updated for each year show the fund is expected to remain solvent for a 20-year projection period. |
(2) | The Laborers’ Combined Fund of Western Pennsylvania was previously deemed in critical status. The trustees adopted a FIP that is scheduled to run through December 31, 2020 and provided for changes in adjustable benefits and increases in the employer contribution rate. |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Service cost (1) | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Interest cost (2) | |||||||||||||||||||||||||||||||||||
Expected return on plan assets (2) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amortization of prior service cost (credit) (2) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Net postretirement benefit cost (credit) | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | $ | $ |
(1) | Amounts presented in the table above are included in Operation and maintenance expense in each of the Registrants’ respective Statements of Consolidated Income, net of regulatory deferrals and amounts capitalized. |
(2) | Amounts presented in the table above are included in Other, net in each of the Registrants’ respective Statements of Consolidated Income, net of regulatory deferrals. |
Year Ended December 31, | ||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
Discount rate | % | % | % | % | % | % | % | % | % | |||||||||||||||||
Expected return on plan assets |
December 31, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||
Benefit obligation, beginning of year | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Plan obligations assumed in Merger | |||||||||||||||||||||||
Service cost | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Participant contributions | |||||||||||||||||||||||
Benefits paid | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Plan amendment | |||||||||||||||||||||||
Actuarial (gain) loss (1) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Benefit obligation, end of year | |||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Fair value of plan assets, beginning of year | |||||||||||||||||||||||
Employer contributions | |||||||||||||||||||||||
Participant contributions | |||||||||||||||||||||||
Benefits paid | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Actual investment return | ( | ) | ( | ) | |||||||||||||||||||
Fair value of plan assets, end of year | |||||||||||||||||||||||
Funded status, end of year | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
Amounts Recognized in Balance Sheets | |||||||||||||||||||||||
Current liabilities-other | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||||||
Other liabilities-benefit obligations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net liability, end of year | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
Actuarial Assumptions | |||||||||||||||||||||||
Discount rate (2) | % | % | % | % | % | % | |||||||||||||||||
Expected return on plan assets (3) | |||||||||||||||||||||||
Medical cost trend rate assumed for the next year - Pre-65 | |||||||||||||||||||||||
Medical/prescription drug cost trend rate assumed for the next year - Post-65 | |||||||||||||||||||||||
Prescription drug cost trend rate assumed for the next year - Pre-65 | |||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | |||||||||||||||||||||||
Year that the cost trend rates reach the ultimate trend rate - Pre-65 | |||||||||||||||||||||||
Year that the cost trend rates reach the ultimate trend rate - Post-65 |
(1) | Significant sources of gain for 2019 include favorable cost trend rates and benefit claims experience in addition to the change in mortality projection scale from MP2018 to MP2019. Significant sources of gain for 2018 include the increase in the discount rate from |
(2) | The discount rate assumption was determined by matching the projected cash flows of the plans against a hypothetical yield curve of high-quality corporate bonds represented by a series of annualized individual discount rates from one-half to 99 years. |
(3) | The expected rate of return assumption was developed using the targeted asset allocation of the plans and the expected return for each asset class. |
December 31, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | Pension Benefits | Postretirement Benefits | ||||||||||||||||||||
CenterPoint Energy | CenterPoint Energy | CERC | CenterPoint Energy | CenterPoint Energy | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Unrecognized actuarial loss (gain) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||
Unrecognized prior service cost | |||||||||||||||||||||||
Deferred tax benefit | ( | ) | |||||||||||||||||||||
Net amount recognized in accumulated other comprehensive loss (gain) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) |
Pension Benefits | Postretirement Benefits | ||||||||||
CenterPoint Energy | CenterPoint Energy | CERC | |||||||||
(in millions) | |||||||||||
Net loss (gain) | $ | $ | ( | ) | $ | ( | ) | ||||
Amortization of net loss | ( | ) | |||||||||
Amortization of prior service cost | ( | ) | ( | ) | |||||||
Total recognized in comprehensive income | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Total expense recognized in net periodic costs and Other comprehensive income | $ | $ | $ | ( | ) |
Minimum | Maximum | ||||
U.S. equity | % | % | |||
International equity | % | % | |||
Real estate | % | % | |||
Fixed income | % | % | |||
Cash | % | % |
Fair Value Measurements as of December 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Cash | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | $ | $ | |||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||||||||
Investment grade or above | |||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||
U.S. companies | |||||||||||||||||||||||||||||||
Cash received as collateral from securities lending | |||||||||||||||||||||||||||||||
U.S. treasuries | |||||||||||||||||||||||||||||||
Mortgage backed securities | |||||||||||||||||||||||||||||||
Asset backed securities | |||||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||||
Mutual funds (2) | |||||||||||||||||||||||||||||||
International government bonds | |||||||||||||||||||||||||||||||
Obligation to return cash received as collateral from securities lending | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||
Total investments at fair value | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Investments measured by net asset value per share or its equivalent (1) (2) | |||||||||||||||||||||||||||||||
Total Investments | $ | $ |
(1) | Represents investments in common collective trust funds. |
(2) | The amounts invested in mutual funds and common collective trust funds were allocated as follows: |
As of December 31, | |||||||||||
2019 | 2018 | ||||||||||
Mutual Funds | Common Collective Trust Funds | Mutual Funds | Common Collective Trust Funds | ||||||||
International equities (1) | % | % | % | % | |||||||
U.S. equities | % | % | % | % | |||||||
Real estate | % | % | % | % | |||||||
Fixed income | % | % | % | % |
(1) | The amounts invested in international equities for 2018 include allocations of |
CenterPoint Energy | Houston Electric | CERC | |||||||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||
U.S. equity | % | % | % | % | % | % | |||||||||||
International equity | % | % | % | % | % | % | |||||||||||
Fixed income | % | % | % | % | % | % | |||||||||||
Cash | % | % | % | % | % | % |
Fair Value Measurements as of December 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
CenterPoint Energy | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Houston Electric | |||||||||||||||||||||||||||||||
CERC |
As of December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||
Fixed income | % | % | % | % | % | % | |||||||||||
U.S. equities | % | % | % | % | % | % | |||||||||||
International equities | % | % | % | % | % | % |
Contributions in 2019 | Expected Minimum Contributions in 2020 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Qualified pension plans | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Non-qualified pension plans | |||||||||||||||||||||||
Postretirement benefit plans |
Pension Benefits | Postretirement Benefits | ||||||||||||||
CenterPoint Energy | CenterPoint Energy | Houston Electric | CERC | ||||||||||||
(in millions) | |||||||||||||||
2020 | $ | $ | $ | $ | |||||||||||
2021 | |||||||||||||||
2022 | |||||||||||||||
2023 | |||||||||||||||
2024 | |||||||||||||||
2025-2029 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Savings plan benefit expenses (1) | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(1) | Amounts presented in the table above are included in Operation and maintenance expense in the Registrants’ respective Statements of Consolidated Income and shown prior to any amounts capitalized. |
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Postemployment benefits | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Deferred compensation plans |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Postemployment benefits | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Deferred compensation plans | |||||||||||||||||||||||
Split-dollar life insurance arrangements |
Percentage of Employees Covered | ||||||||||
Agreement Expiration | CenterPoint Energy | Houston Electric | CERC | |||||||
IBEW Local 66 | May 2020 | % | % | |||||||
OPEIU Local 12 and Mankato | March and May 2021 | % | % | |||||||
Gas Workers Union Local 340 | April 2020 | % | % | |||||||
IBEW Locals 949 & 1393 and USW Locals 12213 & 7441 | December 2020 | % | % | |||||||
USW Locals 13-227 & 13-1 and IBEW Local 702 | June and July 2022 | % | % | |||||||
Teamsters Local 135 | September 2021 | |||||||||
UWUA Local 175 | October 2021 | % | ||||||||
Trade Agreements of Infrastructure Services through the DCA and PLCA (1) | Various expiration dates in 2020–2022 | % | ||||||||
Total | % | % | % |
(1) | Infrastructure Services Disposal Group negotiates various trade agreements through contractor associations. The two primary associations are the DCA and the PLCA. These trade agreements are with a variety of construction unions including Laborer’s International Union of North America, International Union of Operating Engineers, United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry, and Teamsters. The trade agreements have varying expiration dates in 2020, 2021 and 2022. In addition, these subsidiaries have various project agreements and small local agreements. These agreements expire upon completion of a specific project or on various dates throughout the year. |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Hedging Classification | Notional Principal | ||||||||||||||
CenterPoint Energy (1) | Houston Electric | CenterPoint Energy | Houston Electric | ||||||||||||
(in millions) | |||||||||||||||
Economic hedge | $ | $ | $ | $ | |||||||||||
Cash flow hedge |
(1) | Relates to interest rate derivative instruments at SIGECO. |
Year Ended December 31, | ||||||||||||||||||
Texas Operations | Winter Season | Bilateral Cap | 2019 | 2018 | 2017 | |||||||||||||
(in millions) | ||||||||||||||||||
NGD | 2019 – 2020 | $ | $ | $ | $ | |||||||||||||
NGD | 2018 – 2019 | |||||||||||||||||
NGD | 2017 – 2018 | ( | ) | |||||||||||||||
Electric operations | 2019 – 2020 | |||||||||||||||||
Electric operations | 2018 – 2019 | |||||||||||||||||
Electric operations | 2017 – 2018 | ( | ) | |||||||||||||||
Electric operations | 2016 – 2017 | ( | ) | |||||||||||||||
Total CenterPoint Energy (1) | $ | $ | ( | ) | $ | ( | ) |
Year Ended December 31, | ||||||||||||||||||
Texas Operations | Winter Season | Bilateral Cap | 2019 | 2018 | 2017 | |||||||||||||
(in millions) | ||||||||||||||||||
NGD | 2019 – 2020 | $ | $ | $ | $ | |||||||||||||
NGD | 2018 – 2019 | |||||||||||||||||
NGD | 2017 – 2018 | ( | ) | |||||||||||||||
Total CERC (1) | $ | $ | ( | ) | $ |
(1) | Weather hedge gains (losses) are recorded in Revenues in the Statements of Consolidated Income. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||
Balance Sheet Location | Derivative Assets Fair Value | Derivative Liabilities Fair Value | Derivative Assets Fair Value | Derivative Liabilities Fair Value | |||||||||||||
(in millions) | |||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||
Interest rate derivatives | Current Liabilities: Non-trading derivative liabilities | $ | $ | $ | $ | ||||||||||||
Derivatives designated as fair value hedges: | |||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Liabilities: Current liabilities held for sale | ||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Assets: Current assets held for sale | ||||||||||||||||
Natural gas derivatives (1) (2) (3) | Other Assets: Non-current assets held for sale | ||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Liabilities: Non-trading derivative liabilities | ||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Liabilities: Current liabilities held for sale | ||||||||||||||||
Natural gas derivatives (1) (2) (3) | Other Liabilities: Non-trading derivative liabilities | ||||||||||||||||
Natural gas derivatives (1) (2) (3) | Other Liabilities: Non-current liabilities held for sale | ||||||||||||||||
Interest rate derivatives | Other Liabilities | ||||||||||||||||
Indexed debt securities derivative | Current Liabilities | ||||||||||||||||
Total CenterPoint Energy | $ | $ | $ | $ |
(1) | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling |
(2) | Natural gas contracts are presented on a net basis in CenterPoint Energy’s Consolidated Balance Sheets as they are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within CenterPoint Energy’s Consolidated Balance Sheets. The net of total non-trading natural gas derivative assets and liabilities is detailed in the Offsetting of Natural Gas Derivative Assets and Liabilities table below. |
(3) | Derivative Assets and Derivative Liabilities include no material amounts related to physical forward transactions with Enable. |
December 31, 2019 | December 31, 2018 | |||||||||||||||||
Balance Sheet Location | Derivative Assets Fair Value | Derivative Liabilities Fair Value | Derivative Assets Fair Value | Derivative Liabilities Fair Value | ||||||||||||||
(in millions) | ||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||
Interest rate derivatives | Current Liabilities: Non-trading derivative liabilities | $ | $ | $ | $ | |||||||||||||
Total Houston Electric | $ | $ | $ | $ |
December 31, 2019 | December 31, 2018 | |||||||||||||||||
Balance Sheet Location | Derivative Assets Fair Value | Derivative Liabilities Fair Value | Derivative Assets Fair Value | Derivative Liabilities Fair Value | ||||||||||||||
(in millions) | ||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Liabilities: Current liabilities held for sale | $ | $ | $ | $ | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Assets: Current assets held for sale | |||||||||||||||||
Natural gas derivatives (1) (2) (3) | Other Assets: Non-current assets held for sale | |||||||||||||||||
Natural gas derivatives (1) (2) (3) | Current Liabilities: Current liabilities held for sale | |||||||||||||||||
Natural gas derivatives (1) (2) (3) | Other Liabilities: Non-current liabilities held for sale | |||||||||||||||||
Total CERC | $ | $ | $ | $ |
(1) | The fair value shown for natural gas contracts is comprised of derivative gross volumes totaling |
(2) | Natural gas contracts are presented on a net basis in CERC’s Consolidated Balance Sheets as they are subject to master netting arrangements. This netting applies to all undisputed amounts due or past due and causes derivative assets (liabilities) to be ultimately presented net in a liability (asset) account within CERC’s Consolidated Balance Sheets. The net of total non-trading natural gas derivative assets and liabilities is detailed in the Offsetting of Natural Gas Derivative Assets and Liabilities table below. |
(3) | Derivative Assets and Derivative Liabilities include no material amounts related to physical forward transactions with Enable. |
CenterPoint Energy | ||||||||||||||||||
December 31, 2019 | December 31, 2018 | |||||||||||||||||
Balance Sheet Location | Carrying Amount of Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item | Carrying Amount of Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item | ||||||||||||||
(in millions) | ||||||||||||||||||
Hedged items in fair value hedge relationship: | ||||||||||||||||||
Natural gas inventory | Current Assets: Current assets held for sale | $ | $ | ( | ) | $ | $ | |||||||||||
Total CenterPoint Energy | $ | $ | ( | ) | $ | $ |
CERC | ||||||||||||||||||
December 31, 2019 | December 31, 2018 | |||||||||||||||||
Balance Sheet Location | Carrying Amount of Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item | Carrying Amount of Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item | ||||||||||||||
(in millions) | ||||||||||||||||||
Hedged items in fair value hedge relationship: | ||||||||||||||||||
Natural gas inventory | Current Assets: Current assets held for sale | $ | $ | ( | ) | $ | $ | |||||||||||
Total CERC | $ | $ | ( | ) | $ | $ |
CenterPoint Energy | ||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Current Assets: Current assets held for sale | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
Other Assets: Non-current assets held for sale | ( | ) | ( | ) | ||||||||||||||||||||
Current Liabilities: Non-trading derivative liabilities | ( | ) | ( | ) | ||||||||||||||||||||
Current Liabilities: Current liabilities held for sale | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Other Liabilities: Non-trading derivative liabilities | ( | ) | ( | ) | ||||||||||||||||||||
Other Liabilities: Non-current liabilities held for sale | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Total CenterPoint Energy | $ | $ | $ | $ | $ | $ |
CERC | ||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | Gross Amounts Recognized (1) | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets (2) | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Current Assets: Current assets held for sale | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
Other Assets: Non-current assets held for sale | ( | ) | ( | ) | ||||||||||||||||||||
Current Liabilities: Current liabilities held for sale | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Other Liabilities: Non-current liabilities held for sale | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Total CERC | $ | $ | $ | $ | $ | $ |
(1) | Gross amounts recognized include some derivative assets and liabilities that are not subject to master netting arrangements. |
(2) | The derivative assets and liabilities on the Registrant’s respective Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default. |
CenterPoint Energy | Year Ended December 31, | ||||||||||
2019 | 2018 | 2017 | |||||||||
Location and Amount of Gain (Loss) recognized in Income on Hedging Relationship (1) | |||||||||||
Income (loss) from discontinued operations | |||||||||||
(in millions) | |||||||||||
Total amounts presented in the statements of income in which the effects of hedges are recorded | $ | $ | ( | ) | $ | ||||||
Gain (loss) on fair value hedging relationships: | |||||||||||
Commodity contracts (held for sale): | |||||||||||
Hedged items - Natural gas inventory | ( | ) | ( | ) | |||||||
Derivatives designated as hedging instruments | ( | ) | |||||||||
Amounts excluded from effectiveness testing recognized in earnings immediately | ( | ) | ( | ) | ( | ) |
(1) | Income statement impact associated with cash flow hedge activity is related to gains and losses reclassified from Accumulated other comprehensive income into income. Amounts are immaterial for the years ended December 31, 2019, 2018 and 2017, respectively. |
CERC | Year Ended December 31, | ||||||||||
2019 | 2018 | 2017 | |||||||||
Location and Amount of Gain (Loss) recognized in Income on Hedging Relationship (1) | |||||||||||
Income (loss) from discontinued operations | |||||||||||
(in millions) | |||||||||||
Total amounts presented in the statements of income in which the effects of hedges are recorded | $ | $ | $ | ||||||||
Gain (loss) on fair value hedging relationships: | |||||||||||
Commodity contracts (held for sale): | |||||||||||
Hedged items - Natural gas inventory | ( | ) | ( | ) | |||||||
Derivatives designated as hedging instruments | ( | ) | |||||||||
Amounts excluded from effectiveness testing recognized in earnings immediately | ( | ) | ( | ) | ( | ) |
(1) | Income statement impact associated with cash flow hedge activity is related to gains and losses reclassified from Accumulated other comprehensive income into income. Amounts are immaterial for the years ended December 31, 2019, 2018 and 2017, respectively. |
Year Ended December 31, | ||||||||||||||
Income Statement Location | 2019 | 2018 | 2017 | |||||||||||
(in millions) | ||||||||||||||
Effects of derivatives not designated as hedging instruments on the income statement: | ||||||||||||||
Commodity contracts | Income from discontinued operations | $ | $ | $ | ||||||||||
Indexed debt securities derivative | Gain (loss) on indexed debt securities | ( | ) | ( | ) | |||||||||
Interest rate derivatives | Gains in Other Income (Expense) | |||||||||||||
Total CenterPoint Energy | $ | ( | ) | $ | ( | ) | $ |
Year Ended December 31, | ||||||||||||||
Income Statement Location | 2019 | 2018 | 2017 | |||||||||||
(in millions) | ||||||||||||||
Effects of derivatives not designated as hedging instruments on the income statement: | ||||||||||||||
Commodity contracts | Income from discontinued operations | $ | $ | $ | ||||||||||
Total CERC | $ | $ | $ |
December 31, 2019 | December 31, 2018 | |||||||||||||||
CenterPoint Energy | CERC | CenterPoint Energy | CERC | |||||||||||||
(in millions) | ||||||||||||||||
Aggregate fair value of derivatives containing material adverse change provisions in a net liability position | $ | $ | $ | $ | ||||||||||||
Fair value of collateral already posted | ||||||||||||||||
Additional collateral required to be posted if credit risk contingent features triggered |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Investment Grade (1) | Total (3) | Investment Grade (1) | Total (3) | ||||||||||||
(in millions) | |||||||||||||||
Energy marketers | $ | $ | $ | $ | |||||||||||
End users (2) | |||||||||||||||
Total CenterPoint Energy | $ | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Investment Grade (1) | Total (3) | Investment Grade (1) | Total (3) | ||||||||||||
(in millions) | |||||||||||||||
Energy marketers | $ | $ | $ | $ | |||||||||||
End users (2) | |||||||||||||||
Total CERC | $ | $ | $ | $ |
(1) | “Investment grade” is primarily determined using publicly available credit ratings and considers credit support (including |
(2) | End users are comprised primarily of customers who have contracted to fix the price of a portion of their physical gas requirements for future periods. |
(3) | The amounts reflected in the table above were not impacted by collateral netting. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total | Level 1 | Level 2 | Level 3 | Netting (1) | Total | ||||||||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||
Corporate equities | $ | $ | $ | $ | — | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Investments, including money market funds (2) | — | — | |||||||||||||||||||||||||||||||||||||
Natural gas derivatives (3)(4)(5) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Hedged portion of natural gas inventory (5) | — | — | |||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total | Level 1 | Level 2 | Level 3 | Netting (1) | Total | ||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Indexed debt securities derivative | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest rate derivatives | — | — | |||||||||||||||||||||||||||||||||||||
Natural gas derivatives | — | $ | $ | $ | $ | — | |||||||||||||||||||||||||||||||||
Natural gas derivatives (3)(4)(5) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Hedged portion of natural gas inventory (5) | — | — | |||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||
Investments, including money market funds (2) | $ | $ | $ | $ | — | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | $ | $ | $ | — | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total | Level 1 | Level 2 | Level 3 | Netting (1) | Total | ||||||||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||||||||||
Corporate equities | $ | $ | $ | $ | — | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Investments, including money market funds (2) | — | — | |||||||||||||||||||||||||||||||||||||
Natural gas derivatives (3)(4)(5) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Hedged portion of natural gas inventory (5) | — | — | |||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Natural gas derivatives (3)(4)(5) | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||
Hedged portion of natural gas inventory (5) | — | — | |||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ |
(1) | Amounts represent the impact of legally enforceable master netting arrangements that allow CenterPoint Energy and CERC to settle positive and negative positions and also include cash collateral posted with the same counterparties as follows: |
December 31, 2019 | December 31, 2018 | ||||||||||||||
CenterPoint Energy | CERC | CenterPoint Energy | CERC | ||||||||||||
(in millions) | |||||||||||||||
Cash collateral posted with the same counterparties (5) | $ | $ | $ | $ |
(2) | Amounts are included in Prepaid and Other Current Assets and Other Assets in the Consolidated Balance Sheets. |
(3) |
(4) | Level 1 natural gas derivatives include exchange-traded derivatives cleared by the CME, which deems that financial instruments cleared by the CME are settled daily in connection with posted cash payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes, and are presented in Level 1 net of posted cash; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis. |
(5) | Amounts are classified as held for sale in the Registrants’ respective Condensed Consolidated Balance Sheets. |
Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
CenterPoint Energy | CERC | CenterPoint Energy | CERC | CenterPoint Energy | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Continuing operations: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Total gains | |||||||||||||||||||||||
Transfers out of Level 3 (1) | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Total gains | |||||||||||||||||||||||
Total settlements | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Transfers into Level 3 | ( | ) | ( | ) | |||||||||||||||||||
Transfers out of Level 3 | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Ending balance (2) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
The amount of total gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Discontinued operations |
(1) | During 2018, CenterPoint Energy transferred its indexed debt securities derivative from Level 3 to Level 2 to reflect changes in the significance of the unobservable inputs used in the valuation. |
(2) | CenterPoint Energy and CERC did not have significant Level 3 purchases or sales during any of the years ended December 31, 2019, 2018 or 2017. The Level 3 assets and liabilities as of years ended December 31, 2019, 2018 and 2017 are classified in the CenterPoint Energy’s and CERC’s respective Condensed Consolidated Balance Sheets as held for sale. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
CenterPoint Energy (1) | Houston Electric (1) | CERC | CenterPoint Energy (1) | Houston Electric (1) | CERC | ||||||||||||||||||
Long-term debt, including current maturities | (in millions) | ||||||||||||||||||||||
Carrying amount | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Fair value |
(1) | Includes Securitization Bond debt. |
December 31, 2019 | December 31, 2018 | ||||||
(in millions) | |||||||
Enable | $ | $ | |||||
Other (1) | |||||||
Total | $ | $ |
(1) | Represents the fair value of non-utility equity investments acquired in the Merger. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Enable (1) | $ | $ | $ | ||||||||
Other | |||||||||||
Total | $ | $ | $ |
(1) | Equity earnings for the year ended December 31, 2019 includes CenterPoint Energy’s share of Enable’s $ |
As of December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Limited Partner Interest (1) | Common Units | Enable Series A Preferred Units (2) | Limited Partner Interest (1) | Common Units | Enable Series A Preferred Units (2) | ||||||||||||
CenterPoint Energy (3) | % | % | |||||||||||||||
OGE | % | — | % | — | |||||||||||||
Public unitholders | % | — | % | — | |||||||||||||
Total Units Outstanding | % | % |
(1) | Excludes the Enable Series A Preferred Units owned by CenterPoint Energy. |
(2) | The carrying amount of the Enable Series A Preferred Units, reflected as Preferred units - unconsolidated affiliate on CenterPoint Energy’s Consolidated Balance Sheets, was $ |
(3) | Prior to the Internal Spin completed in September 2018, CenterPoint Energy’s investment in Enable’s common units, excluding the Enable Series A Preferred Units held directly by CenterPoint Energy, was held indirectly through CERC. |
Management Rights (1) | Incentive Distribution Rights (2) | ||||
CenterPoint Energy (3) | % | % | |||
OGE | % | % |
(1) | As of December 31, 2019, Enable is controlled jointly by CenterPoint Energy and OGE. Sale of CenterPoint Energy’s or OGE’s ownership interests in Enable GP to a third party is subject to mutual rights of first offer and first refusal, and CenterPoint Energy is not permitted to dispose of less than all of its interest in Enable GP. |
(2) | Enable is expected to pay a minimum quarterly distribution of $ |
(3) | Held indirectly through CNP Midstream. |
Year Ended December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||
Per Unit | Cash Distribution | Per Unit | Cash Distribution | Per Unit | Cash Distribution | |||||||||||||||||||
(in millions, except per unit amounts) | ||||||||||||||||||||||||
Enable common units (1) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Enable Series A Preferred Units | ||||||||||||||||||||||||
Total CenterPoint Energy | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
Per Unit | Cash Distribution | Per Unit | Cash Distribution | |||||||||||||
(in millions, except per unit amounts) | ||||||||||||||||
Enable common units (1) | $ | $ | $ | $ | ||||||||||||
Total CERC |
(1) | Prior to the Internal Spin completed in September 2018, distributions from Enable were received by CERC. After such date, distributions from Enable were received directly by CenterPoint Energy (through CNP Midstream). |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
CenterPoint Energy | (in millions) | |||||||||||
Natural gas expenses, including transportation and storage costs (1) | $ | $ | $ | |||||||||
Reimbursement of support services (2) | ||||||||||||
CERC | ||||||||||||
Natural gas expenses, including transportation and storage costs (1) | ||||||||||||
Reimbursement of support services (2) |
(1) | Included in Non-utility costs of revenues, including natural gas on CenterPoint Energy’s and CERC’s respective Statements of Consolidated Income. |
(2) | Represents amounts billed for certain support services provided to Enable. Actual support services costs are recorded net of reimbursement. |
December 31, | ||||||||
2019 | 2018 | |||||||
CenterPoint Energy | (in millions) | |||||||
Accounts payable for natural gas purchases from Enable | $ | $ | ||||||
Accounts receivable for amounts billed for services provided to Enable | ||||||||
CERC | ||||||||
Accounts payable for natural gas purchases from Enable | ||||||||
Accounts receivable for amounts billed for services provided to Enable |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in millions) | ||||||||||||
Operating revenues | $ | $ | $ | |||||||||
Cost of sales, excluding depreciation and amortization | ||||||||||||
Depreciation and amortization | ||||||||||||
Operating income | ||||||||||||
Goodwill impairment | ||||||||||||
Net income attributable to Enable common units | ||||||||||||
Reconciliation of Equity in Earnings (Losses), net: | ||||||||||||
CenterPoint Energy’s interest | $ | $ | $ | |||||||||
Basis difference amortization (1) | ||||||||||||
Loss on dilution, net of proportional basis difference recognition | ( | ) | ( | ) | ||||||||
CenterPoint Energy’s equity in earnings, net | $ | $ | $ |
(1) | Equity in earnings of unconsolidated affiliate includes CenterPoint Energy’s share of Enable earnings adjusted for the amortization of the basis difference of CenterPoint Energy’s original investment in Enable and its underlying equity in net assets of Enable. The basis difference is being amortized through the year 2048. |
December 31, | ||||||||
2019 | 2018 | |||||||
(in millions) | ||||||||
Current assets | $ | $ | ||||||
Non-current assets | ||||||||
Current liabilities | ||||||||
Non-current liabilities | ||||||||
Non-controlling interest | ||||||||
Preferred equity | ||||||||
Accumulated other comprehensive loss | ( | ) | ||||||
Enable partners’ equity | ||||||||
Reconciliation of Investment in Enable: | ||||||||
CenterPoint Energy’s ownership interest in Enable partners’ equity | $ | $ | ||||||
CenterPoint Energy’s basis difference | ( | ) | ( | ) | ||||
CenterPoint Energy’s equity method investment in Enable | $ | $ |
Shares Held at December 31, | ||||||
2019 | 2018 | |||||
AT&T Common | ||||||
Charter Common |
December 31, | ||||||
2019 | 2018 | |||||
(in shares) | ||||||
AT&T Common | ||||||
Charter Common |
ZENS-Related Securities | Debt Component of ZENS | Derivative Component of ZENS | |||||||||
(in millions) | |||||||||||
Balance as of December 31, 2016 | $ | $ | $ | ||||||||
Accretion of debt component of ZENS | |||||||||||
2% interest paid | ( | ) | |||||||||
Distribution to ZENS holders | ( | ) | |||||||||
Gain on indexed debt securities | ( | ) | |||||||||
Gain on ZENS-Related Securities | |||||||||||
Balance as of December 31, 2017 | |||||||||||
Accretion of debt component of ZENS | |||||||||||
2% interest paid | ( | ) | |||||||||
Sale of ZENS-Related Securities | ( | ) | |||||||||
Distribution to ZENS holders | ( | ) | ( | ) | |||||||
Gain on indexed debt securities | ( | ) | |||||||||
Loss on ZENS-Related Securities | ( | ) | |||||||||
Balance as of December 31, 2018 | |||||||||||
Accretion of debt component of ZENS | |||||||||||
2% interest paid | ( | ) | |||||||||
Distribution to ZENS holders | ( | ) | |||||||||
Loss on indexed debt securities | |||||||||||
Gain on ZENS-Related Securities | |||||||||||
Balance as of December 31, 2019 | $ | $ | $ |
Declaration Date | Record Date | Payment Date | Per Share | Total (in millions) | ||||||||
$ | $ | |||||||||||
Total 2019 | $ | $ | ||||||||||
$ | $ | |||||||||||
Total 2018 | $ | $ | ||||||||||
Declaration Date | Record Date | Payment Date | Per Share | Total (in millions) | ||||||||
$ | $ | |||||||||||
Total 2017 | $ | $ |
Declaration Date | Record Date | Payment Date | Per Share | Total (in millions) | ||||||||
$ | $ | |||||||||||
Total 2019 | $ | $ | ||||||||||
$ | $ | |||||||||||
Total 2018 | $ | $ |
Declaration Date | Record Date | Payment Date | Per Share | Total (in millions) | ||||||||
$ | $ | |||||||||||
Total 2019 | $ | $ | ||||||||||
$ | $ | |||||||||||
Total 2018 | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Series A Preferred Stock | $ | $ | $ | ||||||||
Series B Preferred Stock | |||||||||||
Total preferred stock dividend requirement | $ | $ | $ |
• | senior to Common Stock and to each other class or series of capital stock established after the initial issue date of the Series A Preferred Stock that is expressly made subordinated to the Series A Preferred Stock; |
• | on a parity with any class or series of capital stock established after the initial issue date of the Series A Preferred Stock that is not expressly made senior or subordinated to the Series A Preferred Stock, including the Series B Preferred Stock; |
• | junior to any class or series of capital stock established after the initial issue date of the Series A Preferred Stock that is expressly made senior to the Series A Preferred Stock; |
• | junior to all existing and future indebtedness (including indebtedness outstanding under CenterPoint Energy’s credit facilities, senior notes and commercial paper) and other liabilities with respect to assets available to satisfy claims against CenterPoint Energy; and |
• | structurally subordinated to any existing and future indebtedness and other liabilities of CenterPoint Energy’s subsidiaries and capital stock of CenterPoint Energy’s subsidiaries held by third parties. |
Applicable Market Value of the Common Stock | Conversion Rate per Share of Series B Preferred Stock | |
Greater than $32.6990 (threshold appreciation price) | 30.5820 shares of Common Stock | |
Equal to or less than $32.6990 but greater than or equal to $27.2494 | Between 30.5820 and 36.6980 shares of Common Stock, determined by dividing $1,000 by the applicable market value | |
Less than $27.2494 (initial price) | 36.6980 shares of Common Stock |
Applicable Market Value of the Common Stock | Conversion Rate per Depository Share | |
Greater than $32.6990 (threshold appreciation price) | 1.5291 shares of Common Stock | |
Equal to or less than $32.6990 but greater than or equal to $27.2494 | Between 1.5291 and 1.8349 shares of Common Stock, determined by dividing $50 by the applicable market value | |
Less than $27.2494 (initial price) | 1.8349 shares of Common Stock |
• | senior to Common Stock and to each other class or series of capital stock established after the initial issue date of the Series B Preferred Stock that is expressly made subordinated to the Series B Preferred Stock; |
• | on a parity with the Series A Preferred Stock and any class or series of capital stock established after the initial issue date that is not expressly made senior or subordinated to the Series B Preferred Stock; |
• | junior to any class or series of capital stock established after the initial issue date that is expressly made senior to the Series B Preferred Stock; |
• | junior to all existing and future indebtedness (including indebtedness outstanding under CenterPoint Energy’s credit facilities, senior notes and commercial paper) and other liabilities with respect to assets available to satisfy claims against CenterPoint Energy; and |
• | structurally subordinated to any existing and future indebtedness and other liabilities of CenterPoint Energy’s subsidiaries and capital stock of CenterPoint Energy’s subsidiaries held by third parties. |
Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Beginning Balance | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | |||||||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||||
Remeasurement of pension and other postretirement plans | ( | ) | |||||||||||||||||||||
Deferred loss from interest rate derivatives (1) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Reclassified to earnings | |||||||||||||||||||||||
Other comprehensive loss from unconsolidated affiliates | ( | ) | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss: | |||||||||||||||||||||||
Prior service cost (2) | |||||||||||||||||||||||
Actuarial losses (2) | |||||||||||||||||||||||
Tax benefit (expense) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Net current period other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Adoption of ASU 2018-02 | ( | ) | ( | ) | |||||||||||||||||||
Ending Balance | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ |
(1) | Gains and losses are reclassified from Accumulated other comprehensive income into income when the hedged transactions affect earnings. The reclassification amounts are included in Interest and other finance charges in each of the Registrant’s respective Statements of Consolidated Income. Amounts are $ |
(2) | Amounts are included in the computation of net periodic cost and are reflected in Other, net in each of the Registrants’ respective Statements of Consolidated Income. |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Long-Term | Current (1) | Long-Term | Current (1) | ||||||||||||
(in millions) | |||||||||||||||
CenterPoint Energy: | |||||||||||||||
ZENS due 2029 (2) | $ | $ | $ | $ | |||||||||||
Senior notes 2.50% to 7.08% due 2020 to 2049 (3) | |||||||||||||||
Variable rate term loans 2.275% to 2.56% due 2020 to 2021 | |||||||||||||||
First mortgage bonds 2.19% to 6.72% due 2022 to 2055 (4) | |||||||||||||||
Pollution control bonds 5.125% due 2028 (5) | |||||||||||||||
Commercial paper (6) (7) | |||||||||||||||
Unamortized debt issuance costs | ( | ) | — | ( | ) | — | |||||||||
Unamortized discount and premium, net | ( | ) | — | ( | ) | — | |||||||||
Houston Electric debt (see details below) | |||||||||||||||
CERC debt (see details below) | |||||||||||||||
Other debt | |||||||||||||||
Total CenterPoint Energy debt | $ | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Long-Term | Current (1) | Long-Term | Current (1) | ||||||||||||
(in millions) | |||||||||||||||
Houston Electric: | |||||||||||||||
First mortgage bonds 9.15% due 2021 | $ | $ | $ | $ | |||||||||||
General mortgage bonds 1.85% to 6.95% due 2021 to 2049 | |||||||||||||||
Restoration Bond Company: | |||||||||||||||
System restoration bonds 4.243% due 2022 | |||||||||||||||
Bond Company II: | |||||||||||||||
Transition bonds 5.302% due 2019 | |||||||||||||||
Bond Company III: | |||||||||||||||
Transition bonds 5.234% due 2020 | |||||||||||||||
Bond Company IV: | |||||||||||||||
Transition bonds 2.161% to 3.028% due 2020 to 2024 | |||||||||||||||
Unamortized debt issuance costs | ( | ) | — | ( | ) | — | |||||||||
Unamortized discount and premium, net | ( | ) | — | ( | ) | — | |||||||||
Total Houston Electric debt | $ | $ | $ | $ |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Long-Term | Current (1) | Long-Term | Current (1) | ||||||||||||
(in millions) | |||||||||||||||
CERC (8): | |||||||||||||||
Senior notes 3.55% to 6.625% due 2021 to 2047 | $ | $ | $ | $ | |||||||||||
Commercial paper (6) | |||||||||||||||
Unamortized debt issuance costs | ( | ) | — | ( | ) | — | |||||||||
Unamortized discount and premium, net | ( | ) | — | ( | ) | — | |||||||||
Total CERC debt | $ | $ | $ | $ |
(1) | Includes amounts due or exchangeable within one year of the date noted. |
(2) | CenterPoint Energy’s ZENS obligation is bifurcated into a debt component and an embedded derivative component. For additional information regarding ZENS, see Note 12(b). As ZENS are exchangeable for cash at any time at the option of the holders, these notes are classified as a current portion of long-term debt. |
(3) | Includes $ |
(4) | The first mortgage bonds issued by SIGECO subject SIGECO’s properties to a lien under the related mortgage indenture. |
(5) | $ |
(6) | Classified as long-term debt because the termination date of the facility that backstops the commercial paper is more than one year from the date noted. |
(7) | Commercial paper issued by VUHI has maturities up to |
(8) | Issued by CERC Corp. |
Retirement Date | Debt Instrument | Aggregate Principal Amount | Interest Rate | Maturity Date | ||||||||
(in millions) | ||||||||||||
CenterPoint Energy | December 2019 | Guaranteed senior notes | $ | 2022 | ||||||||
CenterPoint Energy | December 2019 | Guaranteed senior notes | 2025 |
Issuance Date | Debt Instrument | Aggregate Principal Amount | Interest Rate as of December 31, 2019 | Maturity Date | ||||||||
(in millions) | ||||||||||||
Houston Electric | January 2019 | General mortgage bonds | $ | 2049 | ||||||||
CenterPoint Energy (1) | February 2019 | Variable rate term loan | 2020 | |||||||||
CenterPoint Energy | May 2019 | Variable rate term loan | 2021 | |||||||||
CenterPoint Energy | August 2019 | Unsecured senior notes | 2024 | |||||||||
CenterPoint Energy | August 2019 | Unsecured senior notes | 2030 | |||||||||
CenterPoint Energy | August 2019 | Unsecured senior notes | 2049 |
(1) | Draw down by VCC on its variable rate term loan. |
Execution Date | Registrant | Size of Facility | Draw Rate of LIBOR plus (1) | Financial Covenant Limit on Debt for Borrowed Money to Capital Ratio | Debt for Borrowed Money to Capital Ratio as of December 31, 2019 (2) | Termination Date | ||||||||
(in millions) | ||||||||||||||
March 3, 2016 | CenterPoint Energy | $ | (3) | March 3, 2022 | ||||||||||
July 14, 2017 | CenterPoint Energy (4) | July 14, 2022 | ||||||||||||
July 14, 2017 | CenterPoint Energy (5) | July 14, 2022 | ||||||||||||
March 3, 2016 | Houston Electric | (3) | March 3, 2022 | |||||||||||
March 3, 2016 | CERC | March 3, 2022 | ||||||||||||
Total | $ |
(1) | Based on credit ratings as of December 31, 2019. |
(2) | As defined in the revolving credit facility agreement, excluding Securitization Bonds. |
(3) | For CenterPoint Energy and Houston Electric, the financial covenant limit will temporarily increase from |
(4) | This credit facility was issued by VUHI, is guaranteed by SIGECO, Indiana Gas and VEDO and includes a $ |
(5) | This credit facility was issued by VCC, is guaranteed by Vectren and includes a $ |
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||
Registrant | Loans | Letters of Credit | Commercial Paper | Weighted Average Interest Rate | Loans | Letters of Credit | Commercial Paper | Weighted Average Interest Rate | ||||||||||||||||||||||
(in millions, except weighted average interest rate) | ||||||||||||||||||||||||||||||
CenterPoint Energy (1) | $ | $ | $ | % | $ | $ | $ | % | ||||||||||||||||||||||
CenterPoint Energy (2) | % | % | ||||||||||||||||||||||||||||
CenterPoint Energy (3) | % | % | ||||||||||||||||||||||||||||
Houston Electric | % | % | ||||||||||||||||||||||||||||
CERC | % | % | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(1) | CenterPoint Energy’s outstanding commercial paper generally has maturities of |
(2) | This credit facility was issued by VUHI and is guaranteed by SIGECO, Indiana Gas and VEDO. |
(3) | This credit facility was issued by VCC and is guaranteed by Vectren. |
Registrant | Issuance Date | Debt Instrument | Aggregate Principal Amount | Weighted Average Interest Rate | ||||||
(in millions) | ||||||||||
CenterPoint Energy (1) (2) | January 2019 | Commercial paper | $ |
(1) | Proceeds from these commercial paper issuances were used to fund a portion of the Merger and to pay related fees and expenses and were contributed to Vectren for its payment of its stub period cash dividend, long-term incentive payments and to fund the repayment of indebtedness of Vectren subsidiaries redeemed at the option of the holder as a result of the closing of the Merger. |
(2) | The commercial paper notes were issued at various times in January 2019 with maturities up to and including |
CenterPoint Energy (1) | Houston Electric (1) | CERC | Securitization Bonds | ||||||||||||
(in millions) | |||||||||||||||
2020 | $ | $ | $ | $ | |||||||||||
2021 | |||||||||||||||
2022 | |||||||||||||||
2023 | |||||||||||||||
2024 |
(1) | These maturities include Securitization Bonds principal repayments on scheduled payment dates. |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
CenterPoint Energy - Continuing Operations | |||||||||||
Current income tax expense: | |||||||||||
Federal | $ | $ | $ | ||||||||
State | |||||||||||
Total current expense | |||||||||||
Deferred income tax expense (benefit): | |||||||||||
Federal | ( | ) | ( | ) | |||||||
State | ( | ) | |||||||||
Total deferred expense (benefit) | ( | ) | |||||||||
Total income tax expense (benefit) | $ | $ | $ | ( | ) | ||||||
CenterPoint Energy - Discontinued Operations | |||||||||||
Current income tax expense: | |||||||||||
Federal | $ | $ | $ | ||||||||
State | |||||||||||
Total current expense | |||||||||||
Deferred income tax expense (benefit): | |||||||||||
Federal | ( | ) | |||||||||
State | ( | ) | |||||||||
Total deferred expense (benefit) | ( | ) | |||||||||
Total income tax expense (benefit) | $ | $ | ( | ) | $ | ||||||
Houston Electric | |||||||||||
Current income tax expense: | |||||||||||
Federal | $ | $ | $ | ||||||||
State | |||||||||||
Total current expense | |||||||||||
Deferred income tax benefit: | |||||||||||
Federal | ( | ) | ( | ) | ( | ) | |||||
Total deferred benefit | ( | ) | ( | ) | ( | ) | |||||
Total income tax expense (benefit) | $ | $ | $ | ( | ) | ||||||
CERC - Continuing Operations | |||||||||||
Current income tax expense (benefit): | |||||||||||
State | $ | $ | ( | ) | $ | ( | ) | ||||
Total current expense (benefit) | ( | ) | ( | ) | |||||||
Deferred income tax expense (benefit): | |||||||||||
Federal | ( | ) | |||||||||
State | ( | ) | |||||||||
Total deferred expense (benefit) | ( | ) | ( | ) | |||||||
Total income tax expense (benefit) | $ | ( | ) | $ | $ | ( | ) |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
CERC - Discontinued Operations | |||||||||||
Current income tax expense: | |||||||||||
State | $ | $ | $ | ||||||||
Total current expense | |||||||||||
Deferred income tax expense: | |||||||||||
Federal | |||||||||||
State | |||||||||||
Total deferred expense | |||||||||||
Total income tax expense | $ | $ | $ |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
CenterPoint Energy - Continuing Operations (1) (2) (3) | |||||||||||
Income before income taxes | $ | $ | $ | ||||||||
Federal statutory income tax rate | % | % | % | ||||||||
Expected federal income tax expense | |||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||
State income tax expense, net of federal income tax | |||||||||||
State valuation allowance, net of federal income tax | ( | ) | |||||||||
State law change, net of federal income tax | ( | ) | |||||||||
Federal income tax rate reduction | ( | ) | |||||||||
Excess deferred income tax amortization | ( | ) | ( | ) | |||||||
Other, net | ( | ) | ( | ) | ( | ) | |||||
Total | ( | ) | ( | ) | |||||||
Total income tax expense (benefit) | $ | $ | $ | ( | ) | ||||||
Effective tax rate | % | % | ( | )% | |||||||
CenterPoint Energy - Discontinued Operations (4) | |||||||||||
Income before income (loss) taxes | $ | $ | ( | ) | $ | ||||||
Federal statutory income tax rate | % | % | % | ||||||||
Expected federal income tax expense (benefit) | ( | ) | |||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||
State income tax expense (benefit), net of federal income tax | ( | ) | |||||||||
Goodwill impairment | |||||||||||
Total | ( | ) | |||||||||
Total income tax expense (benefit) | $ | $ | ( | ) | $ | ||||||
Effective tax rate | % | % | % |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions) | |||||||||||
Houston Electric (5) (6) (7) | |||||||||||
Income before income taxes | $ | $ | $ | ||||||||
Federal statutory income tax rate | % | % | % | ||||||||
Expected federal income tax expense | |||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||
State income tax expense, net of federal income tax | |||||||||||
Federal income tax rate reduction | ( | ) | |||||||||
Excess deferred income tax amortization | ( | ) | ( | ) | |||||||
Other, net | ( | ) | ( | ) | ( | ) | |||||
Total | ( | ) | ( | ) | |||||||
Total income tax expense (benefit) | $ | $ | $ | ( | ) | ||||||
Effective tax rate | % | % | ( | )% | |||||||
CERC - Continuing Operations (8) (9) (10) | |||||||||||
Income before income taxes | $ | $ | $ | ||||||||
Federal statutory income tax rate | % | % | % | ||||||||
Expected federal income tax expense | |||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||
State income tax expense, net of federal income tax | ( | ) | |||||||||
State law change, net of federal income tax | ( | ) | |||||||||
State valuation allowance, net of federal income tax | ( | ) | |||||||||
Federal income tax rate reduction | ( | ) | |||||||||
Excess deferred income tax amortization | ( | ) | ( | ) | |||||||
Tax basis balance sheet adjustment | |||||||||||
Other, net | ( | ) | |||||||||
Total | ( | ) | ( | ) | |||||||
Total income tax expense (benefit) | $ | ( | ) | $ | $ | ( | ) | ||||
Effective tax rate | ( | )% | % | ( | )% | ||||||
CERC - Discontinued Operations (11) | |||||||||||
Income before income taxes | $ | $ | $ | ||||||||
Federal statutory income tax rate | % | % | % | ||||||||
Expected federal income tax expense | |||||||||||
Increase (decrease) in tax expense resulting from: | |||||||||||
State income tax expense, net of federal income tax | |||||||||||
Goodwill impairment | |||||||||||
Other, net | ( | ) | ( | ) | ( | ) | |||||
Total | |||||||||||
Total income tax expense (benefit) | $ | $ | $ | ||||||||
Effective tax rate | % | % | % |
(1) | Recognized a $ |
(2) | Recognized a $ |
(3) | Recognized a $ |
(4) | Recognized an $ |
(5) | Recognized $ |
(6) | Recognized $ |
(7) | Recognized a $ |
(8) | Recognized a $ |
(9) |
(10) | Recognized a $ |
(11) | Recognized an $ |
December 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
CenterPoint Energy | |||||||
Deferred tax assets: | |||||||
Benefits and compensation | $ | $ | |||||
Regulatory liabilities | |||||||
Loss and credit carryforwards | |||||||
Asset retirement obligations | |||||||
Indexed debt securities derivative | |||||||
Other | |||||||
Valuation allowance | ( | ) | ( | ) | |||
Total deferred tax assets | |||||||
Deferred tax liabilities: | |||||||
Property, plant and equipment | |||||||
Investment in unconsolidated affiliates | |||||||
Regulatory assets | |||||||
Investment in marketable securities and indexed debt | |||||||
Indexed debt securities derivative | |||||||
Other | |||||||
Total deferred tax liabilities | |||||||
Net deferred tax liabilities | $ | $ | |||||
Houston Electric | |||||||
Deferred tax assets: | |||||||
Regulatory liabilities | $ | $ | |||||
Benefits and compensation | |||||||
Asset retirement obligations | |||||||
Other | |||||||
Total deferred tax assets | |||||||
Deferred tax liabilities: | |||||||
Property, plant and equipment | |||||||
Regulatory assets | |||||||
Total deferred tax liabilities | |||||||
Net deferred tax liabilities | $ | $ | |||||
CERC | |||||||
Deferred tax assets: | |||||||
Benefits and compensation | $ | $ | |||||
Regulatory liabilities | |||||||
Loss and credit carryforwards | |||||||
Asset retirement obligations | |||||||
Other | |||||||
Valuation allowance | ( | ) | ( | ) | |||
Total deferred tax assets | |||||||
Deferred tax liabilities: | |||||||
Property, plant and equipment | |||||||
Regulatory assets | |||||||
Other | |||||||
Total deferred tax liabilities | |||||||
Net deferred tax liabilities | $ | $ |
Year Ended December 31, 2019 | |||
(in millions) | |||
Balance, beginning of year | $ | ||
Unrecognized tax benefits assumed through the Merger | |||
Decreases related to tax positions of prior years | ( | ) | |
Balance, end of year | $ |
CenterPoint Energy (1) | CERC (1) | ||||||
(in millions) | |||||||
2020 | $ | $ | |||||
2021 | |||||||
2022 | |||||||
2023 | |||||||
2024 | |||||||
2025 and beyond |
(1) | Excludes Energy Services Disposal Group obligations. |
(i) | Minnesota MGPs (CenterPoint Energy and CERC). With respect to certain Minnesota MGP sites, CenterPoint Energy and CERC have completed state-ordered remediation and continue state-ordered monitoring and water treatment. CenterPoint Energy and CERC recorded a liability as reflected in the table below for continued monitoring and any future remediation required by regulators in Minnesota. |
(ii) | Indiana MGPs (CenterPoint Energy). In the Indiana Gas service territory, the existence, location and certain general characteristics of |
(iii) | Other MGPs (CenterPoint Energy and CERC). In addition to the Minnesota and Indiana sites, the EPA and other regulators have investigated MGP sites that were owned or operated by CenterPoint Energy or CERC or may have been owned by one of their former affiliates. |
December 31, 2019 | |||||||
CenterPoint Energy | CERC | ||||||
(in millions, except years) | |||||||
Amount accrued for remediation | $ | $ | |||||
Minimum estimated remediation costs | |||||||
Maximum estimated remediation costs | |||||||
Minimum years of remediation | |||||||
Maximum years of remediation |
For the Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(in millions, except per share and share amounts) | |||||||||||
Continuing Operations Numerator: | |||||||||||
Income from continuing operations | $ | $ | $ | ||||||||
Less: Preferred stock dividend requirement | |||||||||||
Income available to common shareholders from continuing operations - basic | |||||||||||
Add back: Series B Preferred Stock dividend (2) | |||||||||||
Income available to common shareholders from continuing operations - diluted (1) | $ | $ | $ | ||||||||
Discontinued Operations Numerator: | |||||||||||
Income (loss) from discontinued operations | $ | $ | ( | ) | $ | ||||||
Denominator: | |||||||||||
Weighted average common shares outstanding - basic | |||||||||||
Plus: Incremental shares from assumed conversions: | |||||||||||
Restricted stock (3) | |||||||||||
Series B Preferred Stock (2) | |||||||||||
Weighted average common shares outstanding - diluted | |||||||||||
Basic earnings per common share from continuing operations | $ | $ | $ | ||||||||
Basic earnings (loss) per common share from discontinued operations | ( | ) | |||||||||
Basic earnings per common share | $ | $ | $ | ||||||||
Diluted earnings per common share from continuing operations | $ | $ | $ | ||||||||
Diluted earnings (loss) per common share from discontinued operations | ( | ) | |||||||||
Diluted earnings per common share | $ | $ | $ |
(1) | Income available to common shareholders for the year ended December 31, 2019 includes net income from businesses acquired in the Merger of $ |
(2) | The potentially dilutive impact from Series B Preferred Stock applies the if-converted method in calculating diluted earnings per common share. Under this method, diluted earnings per common share is adjusted for the more dilutive effect of the Series B Preferred Stock as a result of either its accumulated dividend for the period in the numerator or the assumed-converted common share equivalent in the denominator. The computation of diluted earnings per common share outstanding for the year ended December 31, 2019 and December 31, 2018 excludes Series B Stock Dividends of $ |
(3) | The potentially dilutive impact from restricted stock awards applies the treasury stock method. Under this method, an increase in the average fair market value of Common Stock can result in a greater dilutive impact from these securities. |
Year Ended December 31, 2019 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
CenterPoint Energy | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Operating income | |||||||||||||||
Income from continuing operations | |||||||||||||||
Income from discontinued operations | |||||||||||||||
Income available to common shareholders | |||||||||||||||
Basic earnings per common share from continuing operations | |||||||||||||||
Basic earnings per common share from discontinued operations | |||||||||||||||
Basic earnings per common share (1) | |||||||||||||||
Diluted earnings per common share from continuing operations | |||||||||||||||
Diluted earnings per common share from discontinued operations | |||||||||||||||
Diluted earnings per common share (1) | |||||||||||||||
Houston Electric | |||||||||||||||
Revenues | |||||||||||||||
Operating income | |||||||||||||||
Net income | |||||||||||||||
CERC | |||||||||||||||
Revenues | |||||||||||||||
Operating income | |||||||||||||||
Income (loss) from continuing operations | ( | ) | |||||||||||||
Income (loss) from discontinued operations | ( | ) | |||||||||||||
Net income (loss) | ( | ) |
Year Ended December 31, 2018 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(in millions, except per share amounts) | |||||||||||||||
CenterPoint Energy | |||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Operating income | |||||||||||||||
Income (loss) from continuing operations | ( | ) | |||||||||||||
Income (loss) from discontinued operations | ( | ) | ( | ) | ( | ) | |||||||||
Income (loss) available to common shareholders | ( | ) | |||||||||||||
Basic earnings (loss) per common share from continuing operations | ( | ) | |||||||||||||
Basic earnings (loss) per common share from discontinued operations | ( | ) | ( | ) | ( | ) | |||||||||
Basic earnings (loss) per common share (1) | ( | ) | |||||||||||||
Diluted earnings (loss) per common share from continuing operations | ( | ) | |||||||||||||
Diluted earnings (loss) per common share from discontinued operations | ( | ) | ( | ) | ( | ) | |||||||||
Diluted earnings (loss) per common share (1) | ( | ) | |||||||||||||
Houston Electric | |||||||||||||||
Revenues | |||||||||||||||
Operating income | |||||||||||||||
Net income | |||||||||||||||
CERC | |||||||||||||||
Revenues | |||||||||||||||
Operating income (loss) | ( | ) | |||||||||||||
Income (loss) from continuing operations | ( | ) | ( | ) | |||||||||||
Income (loss) from discontinued operations | ( | ) | |||||||||||||
Income available to common shareholders |
(1) | Quarterly earnings (loss) per common share are based on the weighted average number of shares outstanding during the quarter, and the sum of the quarters may not equal annual earnings (loss) per common share. |
Registrants | Houston Electric T&D | Indiana Electric Integrated | Natural Gas Distribution | Midstream Investments | ||||
CenterPoint Energy | X | X | X | X | ||||
Houston Electric | X | |||||||
CERC | X |
• | CenterPoint Energy’s and Houston Electric’s Houston Electric T&D reportable segment consists of electric transmission and distribution services in the Texas Gulf Coast area. |
• | CenterPoint Energy’s Indiana Electric Integrated reportable segment consists of electric transmission and distribution services primarily to southwestern Indiana and includes power generation and wholesale power operations. |
• | CenterPoint Energy’s Natural Gas Distribution reportable segment consists of (i) intrastate natural gas sales to, and natural gas transportation and distribution for residential, commercial, industrial and institutional customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas; (ii) permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP, formerly included in the Energy Services reportable segment; and (iii) temporary delivery of LNG and CNG throughout the contiguous |
• | CERC’s Natural Gas Distribution reportable segment consists of (i) intrastate natural gas sales to, and natural gas transportation and distribution for residential, commercial, industrial and institutional customers in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas; (ii) permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP, formerly included in the Energy Services reportable segment; and (iii) temporary delivery of LNG and CNG throughout the contiguous |
• | CenterPoint Energy’s Midstream Investments reportable segment consists of the equity investment in Enable (excluding the Enable Series A Preferred Units). |
• | CenterPoint Energy’s Corporate and Other consists of energy performance contracting and sustainable infrastructure services through ESG and other corporate operations which support all of the business operations of CenterPoint Energy. |
• | CERC’s Corporate and Other consists primarily of corporate operations which support all of the business operations of CERC. |
Revenues from External Customers | Equity in Earnings of Unconsolidated Affiliates | Depreciation and Amortization | Interest Income | Interest Expense | Income Tax Expense (Benefit) | Net Income (Loss) | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
For the year ended December 31, 2019: | |||||||||||||||||||||||||||
Houston Electric T&D (3) | $ | $ | — | $ | $ | (1) | $ | ( | ) | (2) | $ | $ | |||||||||||||||
Indiana Electric Integrated | — | ( | ) | ||||||||||||||||||||||||
Natural Gas Distribution | — | ( | ) | ||||||||||||||||||||||||
Midstream Investments | ( | ) | |||||||||||||||||||||||||
Corporate and Other | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Eliminations | — | ( | ) | ||||||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Discontinued Operations, net | |||||||||||||||||||||||||||
Consolidated | $ | ||||||||||||||||||||||||||
For the year ended December 31, 2018: | |||||||||||||||||||||||||||
Houston Electric T&D (3) | $ | $ | — | $ | $ | (1) | $ | ( | ) | (2) | $ | $ | |||||||||||||||
Natural Gas Distribution | — | ( | ) | ||||||||||||||||||||||||
Midstream Investments | ( | ) | |||||||||||||||||||||||||
Corporate and Other | — | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Eliminations | — | ( | ) | ||||||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Discontinued Operations, net | ( | ) | |||||||||||||||||||||||||
Consolidated | $ | ||||||||||||||||||||||||||
For the year ended December 31, 2017: | |||||||||||||||||||||||||||
Houston Electric T&D (3) | $ | $ | — | $ | $ | (1) | $ | ( | ) | (2) | $ | ( | ) | $ | |||||||||||||
Natural Gas Distribution | — | ( | ) | ||||||||||||||||||||||||
Midstream Investments | |||||||||||||||||||||||||||
Corporate and Other | — | ( | ) | ( | ) | ||||||||||||||||||||||
Eliminations | — | ( | ) | ||||||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||
Discontinued Operations, net | |||||||||||||||||||||||||||
Consolidated | $ |
(1) | Excludes interest income from Securitization Bonds of $ |
(2) | Excludes interest expense on Securitization Bonds of $ |
Total Assets | Expenditures for Long-lived Assets | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Houston Electric T&D | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Indiana Electric Integrated | |||||||||||||||||||||||
Natural Gas Distribution | |||||||||||||||||||||||
Midstream Investments | |||||||||||||||||||||||
Corporate and Other, net of eliminations (4) | |||||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||
Assets Held for Sale/Discontinued Operations | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | $ | $ |
(3) | CenterPoint Energy’s Houston Electric T&D’s revenues from major customers are as follows: |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in millions) | ||||||||||||
Affiliates of NRG | $ | $ | $ | |||||||||
Affiliates of Vistra Energy Corp. |
(4) | Total assets included pension and other postemployment-related regulatory assets of $ |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(in millions) | ||||||||||||
Affiliates of NRG | $ | $ | $ | |||||||||
Affiliates of Vistra Energy Corp. |
Revenues from External Customers | Depreciation and Amortization | Interest Income | Interest Expense | Income Tax Expense (Benefit) | Net Income (Loss) | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
For the year ended December 31, 2019: | |||||||||||||||||||||||
Natural Gas Distribution | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Corporate and Other | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Eliminations | ( | ) | |||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
Discontinued Operations, net | |||||||||||||||||||||||
Consolidated | $ | ||||||||||||||||||||||
For the year ended December 31, 2018: | |||||||||||||||||||||||
Natural Gas Distribution | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Corporate and Other | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Eliminations | ( | ) | |||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Discontinued Operations, net | |||||||||||||||||||||||
Consolidated | $ | ||||||||||||||||||||||
For the year ended December 31, 2017: | |||||||||||||||||||||||
Natural Gas Distribution | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Corporate and Other | ( | ) | ( | ) | |||||||||||||||||||
Eliminations | ( | ) | |||||||||||||||||||||
Continuing Operations | $ | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
Discontinued Operations, net | |||||||||||||||||||||||
Consolidated | $ |
Total Assets | Expenditures for Long-lived Assets | ||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2019 | 2018 | 2017 (1) | 2019 | 2018 | 2017 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Distribution | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Corporate and Other, net of eliminations | ( | ) | ( | ) | |||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||
Assets Held for Sale | |||||||||||||||||||||||
Consolidated | $ | $ | $ | $ | $ | $ |
Assets Held for Sale for 2017 includes the $2,472 million investment in Enable prior to the Internal Spin. See Note 4. |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||||||
Revenues by Products and Services: | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||
Electric delivery | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Retail electric sales | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Wholesale electric sales | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Retail gas sales | ||||||||||||||||||||||||||||||||||||
Wholesale gas sales | ||||||||||||||||||||||||||||||||||||
Gas transportation and processing | ||||||||||||||||||||||||||||||||||||
Infrastructure services | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Energy products and services | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Cash Payments/Receipts: | |||||||||||||||||||||||||||||||||||
Interest, net of capitalized interest | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Income taxes (refunds), net | |||||||||||||||||||||||||||||||||||
Non-cash transactions: | |||||||||||||||||||||||||||||||||||
Accounts payable related to capital expenditures | |||||||||||||||||||||||||||||||||||
Capital distribution associated with the Internal Spin (1) | |||||||||||||||||||||||||||||||||||
ROU assets obtained in exchange for lease liabilities (2) |
(1) | The capital distribution in 2019 associated with the Internal Spin is a result of the return to accrual for the periods of CERC’s ownership during 2018. |
(2) | Includes the transition impact of adoption of ASU 2016-02 Leases as of January 1, 2019. The Registrants elected not to recast comparative periods in the year of adoption as permitted by the standard. |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
CenterPoint Energy | Houston Electric | CERC | CenterPoint Energy | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Cash and cash equivalents (1) (2) | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Restricted cash included in Prepaid expenses and other current assets | |||||||||||||||||||||||
Restricted cash included in Other | |||||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statements of Consolidated Cash Flows | $ | $ | $ | $ | $ | $ |
(1) | CenterPoint Energy’s Cash and cash equivalents as of December 31, 2018 included $ |
(2) |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | ||||||||||||
(in millions) | |||||||||||||||
Money pool investments (borrowings) (1) | $ | $ | $ | ( | ) | $ | |||||||||
Weighted average interest rate | % | % | % | % |
(1) | Included in Accounts and notes receivable (payable)–affiliated companies in Houston Electric’s and CERC’s Consolidated Balance Sheets. |
Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Interest income, net (1) | $ | $ | $ | $ | $ | $ |
(1) | Interest income is included in Other income (expense), net and interest expense is included in Interest and other finance charges on Houston Electric’s and CERC’s respective Statements of Consolidated Income. |
Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Corporate service charges | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Net affiliate service charges (billings) | ( | ) | ( | ) | ( | ) |
Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
Houston Electric | CERC | Houston Electric | CERC | Houston Electric | CERC | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Cash dividends paid to parent | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Cash contribution from parent | |||||||||||||||||||||||
Capital distribution to parent associated with the Internal Spin (1) |
(1) | The capital distribution in 2019 associated with the Internal Spin is a result of the return to accrual for the periods of CERC’s ownership during 2018. |
Year Ended December 31, 2019 | |||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||
(in millions) | |||||||||||
Operating lease cost | $ | $ | $ | ||||||||
Short-term lease cost | |||||||||||
Total lease cost | $ | $ | $ |
Year Ended December 31, 2019 | |||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||
(in millions) | |||||||||||
Operating lease income | $ | $ | $ | ||||||||
Variable lease income | |||||||||||
Total lease income | $ | $ | $ |
December 31, 2019 | |||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||
(in millions, except lease term and discount rate) | |||||||||||
Assets: | |||||||||||
Operating ROU assets (1) | $ | $ | $ | ||||||||
Total leased assets | $ | $ | $ | ||||||||
Liabilities: | |||||||||||
Current operating lease liability (2) | $ | $ | $ | ||||||||
Non-current operating lease liability (3) | |||||||||||
Total leased liabilities | $ | $ | $ | ||||||||
Weighted-average remaining lease term (in years) - operating leases | |||||||||||
Weighted-average discount rate - operating leases | % | % | % |
(1) | Reported within Other assets in the Registrants’ respective Consolidated Balance Sheets. |
(2) | Reported within Current other liabilities in the Registrants’ respective Consolidated Balance Sheets. |
(3) | Reported within Other liabilities in the Registrants’ respective Consolidated Balance Sheets. |
CenterPoint Energy | Houston Electric | CERC | |||||||||
(in millions) | |||||||||||
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Present value of lease liabilities | $ | $ | $ |
CenterPoint Energy | Houston Electric | CERC | |||||||||
(in millions) | |||||||||||
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Total (1) | $ | $ | $ |
(1) | The Merger was completed on February 1, 2019. As such, these amounts are exclusive of Vectren’s leases. |
CenterPoint Energy | Houston Electric | CERC | |||||||||
(in millions) | |||||||||||
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Total lease payments to be received | $ | $ | $ |
Year Ended December 31, 2019 | |||||||||||
CenterPoint Energy | Houston Electric | CERC | |||||||||
(in millions) | |||||||||||
Operating cash flows from operating leases included in the measurement of lease liabilities | $ | $ | $ |
Equity Instrument | Declaration Date | Record Date | Payment Date | Per Share | ||||||
Common Stock | $ | |||||||||
Series A Preferred Stock | ||||||||||
Series B Preferred Stock |
Equity Instrument | Declaration Date | Record Date | Payment Date | Per Unit Distribution | Expected Cash Distribution | |||||||||
(in millions) | ||||||||||||||
Enable common units | $ | $ | ||||||||||||
Enable Series A Preferred Units |
Equity (CenterPoint Energy) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity (CenterPoint Energy) [Text Block] | Equity (CenterPoint Energy) Dividends Declared and Paid (CenterPoint Energy) CenterPoint Energy declared dividends on its Common Stock during 2019, 2018 and 2017 as presented in the table below:
CenterPoint Energy declared dividends on its Series A Preferred Stock during 2019 and 2018 as presented in the table below:
CenterPoint Energy declared dividends on its Series B Preferred Stock during 2019 and 2018 as presented in the table below:
There were no Series A Preferred Stock or Series B Preferred Stock outstanding or dividends declared in 2017. Dividend Requirement on Preferred Stock
Series A Preferred Stock On August 22, 2018, CenterPoint Energy completed the issuance of 800,000 shares of its Series A Preferred Stock, at a price of $1,000 per share, resulting in net proceeds of $790 million after issuance costs. The aggregate liquidation value of the Series A Preferred Stock is $800 million with a per share liquidation value of $1,000. CenterPoint Energy used the net proceeds from the Series A Preferred Stock offering to fund a portion of the Merger and to pay related fees and expenses. Dividends. The Series A Preferred Stock accrue cumulative dividends, calculated as a percentage of the stated amount per share, at a fixed annual rate of 6.125% per annum to, but excluding, September 1, 2023, and at an annual rate of three-month LIBOR plus a spread of 3.270% thereafter to be paid in cash if, when and as declared. If declared, prior to September 1, 2023, dividends are payable semi-annually in arrears on each March 1 and September 1, beginning on March 1, 2019, and, for the period commencing on September 1, 2023, dividends are payable quarterly in arrears each March 1, June 1, September 1 and December 1, beginning on December 1, 2023. Cumulative dividends earned during the applicable periods are presented on CenterPoint Energy’s Statements of Consolidated Income as Preferred stock dividend requirement. Optional Redemption. On or after September 1, 2023, CenterPoint Energy may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $1,000 per share, plus any accumulated and unpaid dividends thereon to, but excluding, the redemption date. At any time within 120 days after the conclusion of any review or appeal process instituted by CenterPoint Energy, if any, following the occurrence of a ratings event, CenterPoint Energy may, at its option, redeem the Series A Preferred Stock in whole, but not in part, at a redemption price in cash per share equal to $1,020 (102% of the liquidation value of $1,000) plus an amount equal to all accumulated and unpaid dividends thereon to, but excluding, the redemption date, whether or not declared. Ranking. The Series A Preferred Stock, with respect to anticipated dividends and distributions upon CenterPoint Energy’s liquidation or dissolution, or winding-up of CenterPoint Energy’s affairs, ranks or will rank:
Voting Rights. Holders of the Series A Preferred Stock generally will not have voting rights. Whenever dividends on shares of Series A Preferred Stock have not been declared and paid for the equivalent of three or more semi-annual or six or more quarterly dividend periods (including, for the avoidance of doubt, the dividend period beginning on, and including, the original issue date and ending on, but excluding, March 1, 2019), whether or not consecutive, the holders of such shares of Series A Preferred Stock, voting together as a single class with holders of any and all other series of voting preferred stock (as defined in the Statement of Resolution for the Series A Preferred Stock) then outstanding, will be entitled at CenterPoint Energy’s next annual or special meeting of shareholders to vote for the election of a total of two additional members of CenterPoint Energy’s Board of Directors, subject to certain limitations. This right will terminate if and when all accumulated dividends have been paid in full and, upon such termination, the term of office of each director so elected will terminate at such time and the number of directors on CenterPoint Energy’s Board of Directors will automatically decrease by two, subject to the revesting of such rights in the event of each subsequent nonpayment. Series B Preferred Stock On October 1, 2018, CenterPoint Energy completed the issuance of 19,550,000 depositary shares, each representing a 1/20th interest in a share of its Series B Preferred Stock, at a price of $50 per depositary share, resulting in net proceeds of $950 million after issuance costs. The aggregate liquidation value of Series B Preferred Stock is $978 million with a per share liquidation value of $1,000. The amount issued included 2,550,000 depositary shares issued pursuant to the exercise in full of the option granted to the underwriters to purchase additional depositary shares. CenterPoint Energy used the net proceeds from the offering of depositary shares, each representing a 1/20th interest in a share of its Series B Preferred Stock, to fund a portion of the Merger and to pay related fees and expenses. Dividends. Dividends on the Series B Preferred Stock will be payable on a cumulative basis when, as and if declared at an annual rate of 7.00% on the liquidation value of $1,000 per share. CenterPoint Energy may pay declared dividends in cash or, subject to certain limitations, in shares of Common Stock, or in any combination of cash and shares of Common Stock on March 1, June 1, September 1 and December 1 of each year, commencing on December 1, 2018 and ending on, and including, September 1, 2021. Cumulative dividends earned during the applicable periods are presented on CenterPoint Energy’s Statements of Consolidated Income as Preferred stock dividend requirement. Mandatory Conversion. Unless earlier converted or redeemed, each share of the Series B Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be September 1, 2021, into not less than 30.5820 and not more than 36.6980 shares of Common Stock, subject to certain anti-dilution adjustments. Correspondingly, the conversion rate per depositary share will be not less than 1.5291 and not more than 1.8349 shares of Common Stock, subject to certain anti-dilution adjustments. The conversion rate will be determined based on a preceding 20-day volume-weighted-average-price of Common Stock. The following table illustrates the conversion rate per share of the Series B Preferred Stock, subject to certain anti-dilution adjustments:
The following table illustrates the conversion rate per depositary share, subject to certain anti-dilution adjustments:
Optional Conversion of the Holder. Other than during a fundamental change conversion period, and unless CenterPoint Energy has redeemed the Series B Preferred Stock, a holder of the Series B Preferred Stock may, at any time prior to September 1, 2021, elect to convert such holder’s shares of the Series B Preferred Stock, in whole or in part, at the minimum conversion rate of 30.5820 shares of Common Stock per share of the Series B Preferred Stock (equivalent to 1.5291 shares of Common Stock per depositary share), subject to certain anti-dilution and other adjustments. Because each depositary share represents a 1/20th fractional interest in a share of the Series B Preferred Stock, a holder of depositary shares may convert its depositary shares only in lots of 20 depositary shares. Fundamental Change Conversion. If a fundamental change occurs on or prior to September 1, 2021, holders of the Series B Preferred Stock will have the right to convert their shares of the Series B Preferred Stock, in whole or in part, into shares of Common Stock at the fundamental change conversion rate during the period beginning on, and including, the effective date of such fundamental change and ending on, and including, the date that is 20 calendar days after such effective date (or, if later, the date that is 20 calendar days after holders receive notice of such fundamental change, but in no event later than September 1, 2021). Holders who convert shares of the Series B Preferred Stock during that period will also receive a make-whole dividend amount comprised of a fundamental change dividend make-whole amount, and to the extent there is any, the accumulated dividend amount. Because each depositary share represents a 1/20th fractional interest in a share of the Series B Preferred Stock, a holder of depositary shares may convert its depositary shares upon a fundamental change only in lots of 20 depositary shares. Ranking. The Series B Preferred Stock, with respect to anticipated dividends and distributions upon CenterPoint Energy’s liquidation or dissolution, or winding-up of CenterPoint Energy’s affairs, ranks or will rank:
Voting Rights. Holders of the Series B Preferred Stock generally will not have voting rights. Whenever dividends on shares of the Series B Preferred Stock have not been declared and paid for six or more dividend periods (including, for the avoidance of doubt, the dividend period beginning on, and including, the initial issue date and ending on, but excluding, December 1, 2018), whether or not consecutive, the holders of such shares of Series B Preferred Stock, voting together as a single class with holders of any and all other series of voting preferred stock then outstanding (as defined in the Statement of Resolution for the Series B Preferred Stock), will be entitled at CenterPoint Energy’s next annual or special meeting of shareholders to vote for the election of a total of two additional members of CenterPoint Energy’s Board of Directors, subject to certain limitations. This right will terminate if and when all accumulated and unpaid dividends have been paid in full and, upon such termination, the term of office of each director so elected will terminate at such time and the number of directors on CenterPoint Energy’s Board of Directors will automatically decrease by two, subject to the revesting of such rights in the event of each subsequent nonpayment. Common Stock On October 1, 2018, CenterPoint Energy completed the issuance of 69,633,027 shares of Common Stock at a price of $27.25 per share, for net proceeds of $1,844 million after issuance costs. The amount issued included 9,082,568 shares of Common Stock issued pursuant to the exercise in full of the option granted to the underwriters to purchase additional shares of Common Stock. CenterPoint Energy used the net proceeds from the Common Stock offering to fund a portion of the Merger and to pay related fees and expenses. Undistributed Retained Earnings As of December 31, 2019 and 2018, CenterPoint Energy’s consolidated retained earnings balance includes undistributed earnings from Enable of $-0- and $31 million, respectively. Accumulated Other Comprehensive Income (Loss) Changes in accumulated comprehensive income (loss) are as follows:
(2) Amounts are included in the computation of net periodic cost and are reflected in Other, net in each of the Registrants’ respective Statements of Consolidated Income.
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Earnings Per Share (CenterPoint Energy) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (CenterPoint Energy) [Text Block] | Earnings Per Share (CenterPoint Energy) The following table reconciles numerators and denominators of CenterPoint Energy’s basic and diluted earnings per common share. Basic earnings per common share is determined by dividing Income available to common shareholders - basic by the Weighted average common shares outstanding - basic for the applicable period. Diluted earnings per common share is determined by the inclusion of potentially dilutive common stock equivalent shares that may occur if securities to issue Common Stock were exercised or converted into Common Stock.
(3) The potentially dilutive impact from restricted stock awards applies the treasury stock method. Under this method, an increase in the average fair market value of Common Stock can result in a greater dilutive impact from these securities.
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Unconsolidated Affiliate (CenterPoint Energy and CERC) (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments [Table Text Block] | Investment in Unconsolidated Affiliates (CenterPoint Energy):
CenterPoint Energy evaluates its equity method investments for impairment when factors indicate that a decrease in value of its investment has occurred and the carrying amount of its investment may not be recoverable. An impairment loss is recognized in earnings when an impairment is deemed to be other than temporary. As of December 31, 2019, CenterPoint Energy’s investment in Enable is $10.29 per unit and Enable’s common unit price closed at $10.03 per unit (approximately $61 million below carrying value). Based on an analysis of its investment in Enable as of December 31, 2019, CenterPoint Energy believes that the decline in the value of its investment is temporary, and that the carrying value of its investment of $2.4 billion will be recovered. Equity in Earnings of Unconsolidated Affiliates, net (CenterPoint Energy):
Limited Partner Interest and Units Held in Enable (CenterPoint Energy):
(3) Prior to the Internal Spin completed in September 2018, CenterPoint Energy’s investment in Enable’s common units, excluding the Enable Series A Preferred Units held directly by CenterPoint Energy, was held indirectly through CERC. Interests Held in Enable GP (CenterPoint Energy): CenterPoint Energy and OGE held the following interests in Enable GP as of both December 31, 2019 and 2018:
Distributions Received from Enable (CenterPoint Energy and CERC): CenterPoint Energy
CERC
Transactions with Enable (CenterPoint Energy and CERC): The transactions with Enable in the following tables exclude transactions with the Energy Services Disposal Group, which are now reflected as discontinued operations and liabilities held for sale.
CERC’s continuing involvement with Enable subsequent to the Internal Spin is limited to its natural gas purchases from Enable. Summarized consolidated income (loss) information for Enable is as follows:
Summarized consolidated balance sheet information for Enable is as follows:
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Derivative Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The table below summarizes the Registrants’ outstanding interest rate hedging activity:
(1) Relates to interest rate derivative instruments at SIGECO.
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Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The tables below summarizes CenterPoint Energy’s and CERC’s weather hedge gain (loss) activity: CenterPoint Energy
CERC
(1) Weather hedge gains (losses) are recorded in Revenues in the Statements of Consolidated Income.
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Fair Value of Derivative Instruments [Table Text Block] | The following tables present information about derivative instruments and hedging activities. The first three tables provide a balance sheet overview of Derivative Assets and Liabilities as of December 31, 2019 and 2018, while the last two tables provide a breakdown of the related income statement impacts for the years ending December 31, 2019, 2018 and 2017. The Energy Services Disposal Group’s derivative balances are reported in assets or liabilities held for sale. See Note 4 for further information. Fair Value of Derivative Instruments and Hedged Items CenterPoint Energy
Houston Electric
CERC
Cumulative Basis Adjustment for Fair Value Hedges (CenterPoint Energy and CERC)
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Offsetting of Natural Gas Derivative Assets and Liabilities [Table Text Block] |
(2) The derivative assets and liabilities on the Registrant’s respective Consolidated Balance Sheets exclude accounts receivable or accounts payable that, should they exist, could be used as offsets to these balances in the event of a default.
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Income Statement Impact of Derivative Activity [Table Text Block] | Income Statement Impact of Hedge Accounting Activity (CenterPoint Energy and CERC)
CenterPoint Energy
CERC
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Credit Quality of Counterparties [Table Text Block] | CenterPoint Energy and CERC enter into financial derivative contracts containing material adverse change provisions. These provisions could require CenterPoint Energy or CERC to post additional collateral if the S&P or Moody’s credit ratings of CenterPoint Energy, Inc. or its subsidiaries, including CERC Corp., are downgraded.
(d) Credit Quality of Counterparties (CenterPoint Energy and CERC) In addition to the risk associated with price movements, credit risk is also inherent in CenterPoint Energy’s and CERC’s non-trading derivative activities. Credit risk relates to the risk of loss resulting from non-performance of contractual obligations by a counterparty. The following tables show the composition of counterparties to the derivative assets held for sale: CenterPoint Energy
CERC
parent company guarantees) and collateral (including cash and standby letters of credit). For unrated counterparties, CERC determines a synthetic credit rating by performing financial statement analysis and consider contractual rights and restrictions and collateral.
(3) The amounts reflected in the table above were not impacted by collateral netting.
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Income Taxes Merger with Vectren (Details) - USD ($) $ in Millions |
12 Months Ended | |
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Feb. 01, 2019 |
Dec. 31, 2019 |
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Vectren [Member] | ||
Business Acquisition [Line Items] | ||
Cash paid to acquire Vectren | $ 6,000 | $ 5,982 |
Operating loss carryforwards | 177 | |
Charitable Contribution [Member] | ||
Business Acquisition [Line Items] | ||
Deferred tax assets tax credit carryforwards | 26 | |
Charitable Contribution [Member] | Vectren [Member] | ||
Business Acquisition [Line Items] | ||
Deferred tax assets tax credit carryforwards | $ 60 |
Reportable Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data for Business Segments [Table Text Block] | Recast financial data for reportable segments and products and services are as follows: CenterPoint Energy
Houston Electric Houston Electric consists of a single reportable segment; therefore, a tabular reportable segment presentation has not been included. Houston Electric’s revenues from major external customers are as follows:
CERC
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Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | CenterPoint Energy’s Houston Electric T&D’s revenues from major customers are as follows:
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Revenues by Products and Services [Table Text Block] |
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Subsequent Events (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Subsequent Events [Table Text Block] | CenterPoint Energy Dividend Declarations (CenterPoint Energy)
Enable Distributions Declarations (CenterPoint Energy)
Infrastructure Services Disposal Group (CenterPoint Energy) On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the Infrastructure Services Disposal Group. The transaction closed on April 9, 2020. See Note 4 for further information. Energy Services Disposal Group (CenterPoint Energy and CERC) On February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell the Energy Services Disposal Group. The transaction is expected to close in the second quarter of 2020. See Note 4 for further information.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Table Text Block] | The Registrants capitalize interest and AFUDC as a component of projects under construction and amortize it over the assets’ estimated useful lives once the assets are placed in service. AFUDC represents the composite interest cost of borrowed funds and a reasonable return on the equity funds used for construction for subsidiaries that apply the guidance for accounting for regulated operations. Although AFUDC increases both utility plant and earnings, it is realized in cash when the assets are included in rates.
(2) Included in Other Income (Expense) on the Registrants’ respective Statements of Consolidated Income.
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Provision for doubtful accounts [Table Text Block] | The table below summarizes the Registrants’ provision for doubtful accounts for 2019, 2018 and 2017:
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table provides an overview of certain recently adopted or issued accounting pronouncements applicable to all the Registrants, unless otherwise noted.
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Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Text Block] | Leases The lease balances and disclosures below have been recast to exclude balances from the Energy Services and Infrastructure Services Disposal Groups, which are now reflected as discontinued operations and held for sale. See Note 4 for further information. The Registrants adopted ASC 842, Leases, and all related amendments on January 1, 2019 using the modified retrospective transition method and elected not to recast comparative periods in the year of adoption as permitted by the standard. There was no adjustment to retained earnings as a result of transition. As a result, disclosures for periods prior to adoption will be presented in accordance with accounting standards in effect for those periods. The Registrants also elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed them to carry forward the historical lease classification. Additionally, the Registrants elected the practical expedient related to land easements, which allows the carry forward of the accounting treatment for land easements on existing agreements. The total ROU assets obtained in exchange for new operating lease liabilities upon adoption were $22 million, $1 million and $19 million for CenterPoint Energy, Houston Electric and CERC, respectively. The Merger was completed on February 1, 2019, and as such, the amounts recorded upon adoption are exclusive of Vectren’s leases. An arrangement is determined to be a lease at inception based on whether the Registrant has the right to control the use of an identified asset. ROU assets represent the Registrants’ right to use the underlying asset for the lease term and lease liabilities represent the Registrants’ obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Registrants are the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. Each Registrant uses the implicit rate for agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases. The Registrants have lease agreements with lease and non-lease components and have elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings. For classes of leases in which lease and non-lease components are not combined, consideration is allocated between components based on the stand-alone prices. Sublease income is not significant to the Registrants. The Registrants’ lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. There are no material lease transactions with related parties. Agreements in which the Registrants are lessors do not include provisions for the lessee to purchase the assets. Because risk is minimal, the Registrants do not take any significant actions to manage risk associated with the residual value of their leased assets. The Registrants’ lease agreements are primarily equipment and real property leases, including land and office facility leases. The Registrants’ lease terms may include options to extend or terminate a lease when it is reasonably certain that those options will be exercised. Operating lease payments exclude approximately $16 million of legally-binding undiscounted minimum lease payments for leases signed but not yet commenced. The Registrants have elected an accounting policy that exempts leases with terms of one year or less from the recognition requirements of ASC 842. The components of lease cost, included in Operation and maintenance expense on the Registrants’ respective Statements of Consolidated Income, are as follows:
The components of lease income were as follows:
Supplemental balance sheet information related to leases was as follows:
As of December 31, 2019, maturities of operating lease liabilities were as follows:
The following table sets forth information concerning the Registrants’ obligations under non-cancelable long-term operating leases as of December 31, 2018:
As of December 31, 2019, maturities of undiscounted operating lease payments to be received are as follows:
Other information related to leases is as follows. See Note 20 for information on ROU assets obtained in exchange for operating lease liabilities:
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Background |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||
Background [Text Block] | Background General. This Exhibit 99.1 is filed separately by three registrants: CenterPoint Energy, Inc., CenterPoint Energy Houston Electric, LLC and CenterPoint Energy Resources Corp. Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other Registrants or the subsidiaries of CenterPoint Energy other than itself or its subsidiaries. Except as discussed in Note 14 to the Registrants’ consolidated financial statements, no registrant has an obligation in respect of any other Registrant’s debt securities, and holders of such debt securities should not consider the financial resources or results of operations of any Registrant other than the obligor in making a decision with respect to such securities. Included in this Exhibit 99.1 are the financial statements of CenterPoint Energy, Houston Electric and CERC, which are referred to collectively as the Registrants. The Combined Notes to the Consolidated Financial Statements apply to all Registrants and specific references to Houston Electric and CERC herein also pertain to CenterPoint Energy, unless otherwise indicated. Background. CenterPoint Energy, Inc. is a public utility holding company and owns interests in Enable as described below. On the Merger Date, pursuant to the Merger Agreement, CenterPoint Energy consummated the previously announced Merger and acquired Vectren for approximately $6 billion in cash. On the Merger Date, Vectren became a wholly-owned subsidiary of CenterPoint Energy. As of December 31, 2019, CenterPoint Energy’s operating subsidiaries within continuing operations are as follows:
As of December 31, 2019, CenterPoint Energy, indirectly through CNP Midstream, owned approximately 53.7% of the common units representing limited partner interests in Enable, 50% of the management rights and 40% of the incentive distribution rights in Enable GP and also directly owned an aggregate of 14,520,000 Enable Series A Preferred Units. Enable owns, operates and develops natural gas and crude oil infrastructure assets. Recast Presented. On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the Infrastructure Services Disposal Group, which provides underground pipeline construction and repair services through wholly-owned subsidiaries Miller Pipeline, LLC and Minnesota Limited, LLC and serves natural gas utilities across the United States, focusing on recurring integrity, station and maintenance work and opportunities for large transmission pipeline construction projects. The transaction closed on April 9, 2020. See Note 4 for further information. Additionally, on February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell the Energy Services Disposal Group, which obtains and offers competitive variable and fixed-price physical natural gas supplies and services primarily to commercial and industrial customers and electric and natural gas utilities in over 30 states. The transaction is expected to close in the second quarter of 2020. See Note 4 for further information. In February 2020, certain assets and liabilities representing the Infrastructure Services Disposal Group and the Energy Services Disposal Group met the held for sale criteria, and the disposals also represent a strategic shift to CenterPoint Energy and CERC, as applicable. As of January 1, 2020, the Registrants’ CODM views net income as the measure of profit or loss for the reportable segments rather than the previous measure of operating income. Additionally, as a result of the Infrastructure Services Disposal Group and the Energy Services Disposal Group meeting the criteria for discontinued operations during the quarter ended March 31, 2020, the historically reported Infrastructure Services and Energy Services reportable segments have been eliminated and certain retained components historically included in the Energy Services reportable segment are included in CenterPoint Energy’s and CERC’s Natural Gas Distribution reportable segment. See Note 19 for further information. |
Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition [Text Block] | Revenue Recognition The Registrants adopted ASC 606, Revenue from Contracts with Customers, and all related amendments on January 1, 2018 using the modified retrospective method for those contracts that were not completed as of the date of adoption. Application of the new revenue standard did not result in a cumulative effect adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new standard did not have a material impact on the Registrants’ financial position, results of operations or cash flows. In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Registrants expect to be entitled to receive in exchange for these goods or services. The revenues and related balances in the following tables exclude operating revenues and balances from the Energy Services and Infrastructure Services Disposal Groups, which are now reflected as discontinued operations and assets held for sale. See Note 4 for further information. The following tables disaggregate revenues by reportable segment and major source: CenterPoint Energy
Houston Electric
CERC
Revenues from Contracts with Customers Houston Electric T&D (CenterPoint Energy and Houston Electric). Houston Electric distributes electricity to customers over time and customers consume the electricity when delivered. Revenue, consisting of both volumetric and fixed tariff rates set by the PUCT, is recognized as electricity is delivered and represents amounts both billed and unbilled. Discretionary services requested by customers are provided at a point in time with control transferring upon the completion of the service. Revenue for discretionary services is recognized upon completion of service based on the tariff rates set by the PUCT. Payments for electricity distribution and discretionary services are aggregated and received on a monthly basis. Houston Electric performs transmission services over time as a stand-ready obligation to provide a reliable network of transmission systems. Revenue is recognized upon time elapsed, and the monthly tariff rate set by the PUCT. Payments are received on a monthly basis. Indiana Electric Integrated (CenterPoint Energy). Indiana Electric generates, distributes and transmits electricity to customers over time, and customers consume the electricity when delivered. Revenue, consisting of both volumetric and fixed tariff rates set by state regulators, is recognized as electricity is delivered and represents amounts both billed and unbilled. Customers are billed monthly and payment terms, set by the regulator, require payment within a month of billing. Natural Gas Distribution (CenterPoint Energy and CERC). CERC distributes and transports natural gas to customers over time, and customers consume the natural gas when delivered. Revenue, consisting of both volumetric and fixed tariff rates set by the state governing agency for that service area, is recognized as natural gas is delivered and represents amounts both billed and unbilled. Discretionary services requested by the customer are satisfied at a point in time and revenue is recognized upon completion of service and the tariff rates set by the applicable state regulator. Payments of natural gas distribution, transportation and discretionary services are aggregated and received on a monthly basis. Contract Balances. When the timing of delivery of service is different from the timing of the payments made by customers and when the right to consideration is conditioned on something other than the passage of time, the Registrants recognize either a contract asset (performance precedes billing) or a contract liability (customer payment precedes performance). Those customers that prepay are represented by contract liabilities until the performance obligations are satisfied. The Registrants’ contract assets are included in Accrued unbilled revenues in their Consolidated Balance Sheets. As of December 31, 2019, the Registrants’ contract assets primarily relate to ESG contracts where revenue is recognized using the input method. The Registrants’ contract liabilities are included in Accounts payable and Other current liabilities in their Consolidated Balance Sheets. As of December 31, 2019, the Registrants’ contract liabilities primarily relate to ESG contracts where revenue is recognized using the input method. The opening and closing balances of accounts receivable, other accrued unbilled revenue, contract assets and contract liabilities from contracts with customers for the year ended December 31, 2019 are as follows: CenterPoint Energy
The amount of revenue recognized in the year ended December 31, 2019 that was included in the opening contract liability was $3 million. The difference between the opening and closing balances of the contract liabilities primarily results from the timing difference between CenterPoint Energy’s performance and the customer’s payment, plus the addition of obligations acquired in the Merger. Houston Electric
The amount of revenue recognized in the year ended December 31, 2019 that was included in the opening contract liability was $3 million. The difference between the opening and closing balances of the contract liabilities primarily results from the timing difference between Houston Electric’s performance and the customer’s payment. CERC
CERC does not have any opening or closing contract asset or contract liability balances. Remaining Performance Obligations (CenterPoint Energy). The table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for contracts and (2) when CenterPoint Energy expects to recognize this revenue. Such contracts include energy performance and sustainable infrastructure services contracts of ESG, which are included in Corporate and Other.
Practical Expedients and Exemption. Sales taxes and other similar taxes collected from customers are excluded from the transaction price. For contracts for which revenue from the satisfaction of the performance obligations is recognized in the amount invoiced, the practical expedient was elected and revenue expected to be recognized on these contracts has not been disclosed.
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Stock-Based Incentive Compensation Plans and Employee Benefit Plans |
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Disclosure of Stock-Based Incentive Compensation Plans and Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Incentive Compensation Plans and Employee Benefit Plans [Text Block] | Stock-Based Incentive Compensation Plans and Employee Benefit Plans (a) Stock-Based Incentive Compensation Plans (CenterPoint Energy) CenterPoint Energy has LTIPs that provide for the issuance of stock-based incentives, including stock options, performance awards, restricted stock unit awards and restricted and unrestricted stock awards to officers, employees and non-employee directors. Approximately 14 million shares of Common Stock are authorized under these plans for awards. CenterPoint Energy issues new shares of its Common Stock to satisfy stock-based payments related to LTIPs. Equity awards are granted to employees without cost to the participants. Compensation costs for the performance and stock unit awards granted under LTIPs are measured using fair value and expected achievement levels on the grant date. For performance awards with operational goals, the achievement levels are revised as goals are evaluated. The fair value of awards granted to employees is based on the closing stock price of CenterPoint Energy’s Common Stock on the grant date. The compensation expense is recorded on a straight-line basis over the vesting period. Forfeitures are estimated on the date of grant based on historical averages and estimates are updated periodically throughout the vesting period. The performance awards granted in 2019, 2018 and 2017 are distributed based upon the achievement of certain objectives over a three-year performance cycle. The stock unit awards granted in 2019, 2018 and 2017 are service based. The stock unit awards generally vest at the end of a three-year period, provided, however, that stock unit awards granted to non-employee directors vested at the end of a one-year period (for awards granted in 2017) or vested immediately upon grant (for awards granted in 2019 and 2018). Upon vesting, both the performance and stock unit awards are issued to the participants along with the value of dividend equivalents earned over the performance cycle or vesting period. The following table summarizes CenterPoint Energy’s expenses related to LTIPs for 2019, 2018 and 2017:
The following tables summarize CenterPoint Energy’s LTIP activity for 2019:
The weighted average grant date fair values per unit of awards granted were as follows for 2019, 2018 and 2017:
As of December 31, 2019, there was $34 million of total unrecognized compensation cost related to non-vested performance and stock awards which is expected to be recognized over a weighted-average period of 1.7 years. (b) Pension Benefits (CenterPoint Energy) CenterPoint Energy maintains a non-contributory qualified defined benefit pension plan covering eligible employees, with benefits determined using a cash balance formula. In addition to the non-contributory qualified defined benefit pension plan, CenterPoint Energy maintains unfunded non-qualified benefit restoration plans which allow participants to receive the benefits to which they would have been entitled under CenterPoint Energy’s non-contributory qualified pension plan except for federally mandated limits on qualified plan benefits or on the level of compensation on which qualified plan benefits may be calculated. As a result of the Merger, CenterPoint Energy now also maintains three additional qualified defined benefit pension plans which are closed to new participants and a non-qualified supplemental retirement plan. The defined benefit pension plans cover eligible full-time regular employees and retirees of Vectren and are primarily non-contributory. CenterPoint Energy’s net periodic cost includes the following components relating to pension, including the non-qualified benefit plans:
CenterPoint Energy used the following assumptions to determine net periodic cost relating to pension benefits:
In determining net periodic benefit cost, CenterPoint Energy uses fair value, as of the beginning of the year, as its basis for determining expected return on plan assets. The following table summarizes changes in the benefit obligation, plan assets, the amounts recognized in the Consolidated Balance Sheets as well as the key assumptions of CenterPoint Energy’s pension plans. The measurement dates for plan assets and obligations were December 31, 2019 and 2018.
The following table displays pension benefits related to CenterPoint Energy’s pension plans that have accumulated benefit obligations in excess of plan assets:
The accumulated benefit obligation for all defined benefit pension plans on CenterPoint Energy’s Consolidated Balance Sheets was $2,420 million and $1,991 million as of December 31, 2019 and 2018, respectively. Multi-employer Pension Plan On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the Infrastructure Services Disposal Group. The transaction closed on April 9, 2020. For further information, see Notes 4, 6 and 23. CenterPoint Energy, through the Infrastructure Services Disposal Group, participates in several industry wide multi-employer pension plans for its collective bargaining employees which provide for monthly benefits based on length of service. The risks of participating in multi-employer pension plans are different from the risks of participating in single-employer pension plans in the following respects: (1) assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan allocable to such withdrawing employer may be borne by the remaining participating employers and (3) if CenterPoint Energy stops participation in some of its multi-employer pension plans, CenterPoint Energy may be required to pay those plans an amount based on its allocable share of the underfunded status of the plan, referred to as a withdrawal liability. Expense is recognized as payments are accrued for work performed or when withdrawal liabilities are probable and estimable. Expense associated with multi-employer plans of $52 million during the year ended December 31, 2019. During 2019, CenterPoint Energy made contributions to these multi-employer plans on behalf of employees that participate in approximately 215 local unions. Contracts with these unions are negotiated with trade agreements through two primary contractor associations. These trade agreements have varying expiration dates ranging from 2020 through 2022. The average contribution related to these local unions was less than $1 million, and the largest contribution was approximately $5 million. Multiple unions can contribute to a single multi-employer plan. CenterPoint Energy made contributions to at least 72 plans in 2019, eight of which are considered significant plans based on, among other things, the amount of the contributions, the number of employees participating in the plan, and the funded status of the plan. CenterPoint Energy’s participation in the significant plans is outlined in the following table. The EIN / Pension Plan Number column provides the EIN and three-digit pension plan numbers. The most recent Pension Protection Act Zone Status available in 2019 is for the plan year end at January 31, 2019 for the Central Pension Fund, May 31, 2019 for the Indiana Pension Laborers Fund, December 31, 2018 for the Pipeline Industry Benefit Fund, December 31, 2018 for the Laborers District Council & Contractors’ Pension Fund of Ohio, April 30, 2019 for the Ohio Operating Engineers Pension Fund, April 30, 2019 for the Operating Engineers Local 324 Fringe Benefit Fund, December 31, 2018 for the Minnesota Laborers Pension Fund, and December 31, 2018 for the Laborers’ Combined Fund of Western Pennsylvania. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The FIP/RP Status Pending / Implemented column indicates plans for which a FIP or RP is either pending or has been implemented. The multi-employer contributions listed in the table below are CenterPoint Energy’s multi-employer contributions made in 2019. Federal law requires pension plans in endangered status to adopt a FIP and plans in critical status to adopt a RP aimed at restoring the financial health of the plan. In December 2014, the Multi-employer Pension Reform Act of 2014 was passed and permanently extended the Pension Protection Act of 2006 multi-employer plan critical and endangered status funding rules, among other things, including providing a provision for a plan sponsor to suspend or reduce benefit payments to preserve plans in critical and declining status.
While not considered significant to CenterPoint Energy, there are four plans in red zone status receiving CenterPoint Energy contributions. There are also five other plans where CenterPoint Energy contributions exceed 5% of each plan’s total contributions; however, none of these plans are considered significant to CenterPoint Energy. (c) Postretirement Benefits CenterPoint Energy provides certain healthcare and life insurance benefits for eligible retired employees on both a contributory and non-contributory basis. The Registrants’ employees (other than employees of Vectren and its subsidiaries) who were hired before January 1, 2018 and who have met certain age and service requirements at retirement, as defined in the plans, are eligible to participate in these benefit plans. Employees hired on or after January 1, 2018 are not eligible for these benefits, except that such employees represented by IBEW Local Union 66 are eligible to participate in certain of the benefits, subject to the applicable age and service requirements. With respect to retiree medical and prescription drug benefits, employees represented by the IBEW Local Union 66 who retire on or after January 1, 2017, and their dependents, receive any such benefits exclusively through the NECA/IBEW Family Medical Care Plan pursuant to the terms of the renegotiated collective bargaining agreement entered into in May 2016. Houston Electric and CERC are required to fund a portion of their obligations in accordance with rate orders. All other obligations are funded on a pay-as-you-go basis. As a result of the Merger, CenterPoint Energy now maintains an additional postretirement benefit plan. The postretirement benefit plan provides health care and life insurance benefits, which are a combination of self-insured and fully insured programs, to eligible Vectren retirees on both a contributory and non-contributory basis. Postretirement benefits are accrued over the active service period of employees. The net postretirement benefit cost includes the following components:
The following assumptions were used to determine net periodic cost relating to postretirement benefits:
The following table summarizes changes in the benefit obligation, plan assets, the amounts recognized in consolidated balance sheets and the key assumptions of the postretirement plans. The measurement dates for plan assets and benefit obligations were December 31, 2019 and 2018.
(d) Accumulated Other Comprehensive Income (Loss) (CenterPoint Energy and CERC) CenterPoint Energy recognizes the funded status of its pension and other postretirement plans on its Consolidated Balance Sheets. To the extent this obligation exceeds amounts previously recognized in the Statements of Consolidated Income, CenterPoint Energy records a regulatory asset for that portion related to its rate regulated utilities. To the extent that excess liability does not relate to a rate regulated utility, the offset is recorded as a reduction to equity in accumulated other comprehensive income. Amounts recognized in accumulated other comprehensive loss (gain) consist of the following:
The changes in plan assets and benefit obligations recognized in other comprehensive income during 2019 are as follows:
(e) Pension Plan Assets (CenterPoint Energy) In managing the investments associated with the benefit plans, CenterPoint Energy’s objective is to achieve and maintain a fully funded plan. This objective is expected to be achieved through an investment strategy that manages liquidity requirements while maintaining a long-term horizon in making investment decisions and efficient and effective management of plan assets. As part of the investment strategy discussed above, CenterPoint Energy maintained the following weighted average allocation targets for its pension plans as of December 31, 2019:
The following tables set forth by level, within the fair value hierarchy (see Note 10), CenterPoint Energy’s pension plan assets at fair value as of December 31, 2019 and 2018:
The pension plans utilized both exchange traded and over-the-counter financial instruments such as futures, interest rate options and swaps that were marked to market daily with the gains/losses settled in the cash accounts. The pension plans did not include any holdings of CenterPoint Energy Common Stock as of December 31, 2019 or 2018. (f) Postretirement Plan Assets In managing the investments associated with the postretirement plans, the Registrants’ objective is to achieve and maintain a fully funded plan. This objective is expected to be achieved through an investment strategy that manages liquidity requirements while maintaining a long-term horizon in making investment decisions and efficient and effective management of plan assets. As part of the investment strategy discussed above, the Registrants maintained the following weighted average allocation targets for the postretirement plans as of December 31, 2019:
The following table presents mutual funds by level, within the fair value hierarchy, the Registrants’ postretirement plan assets at fair value as of December 31, 2019 and 2018:
The amounts invested in mutual funds were allocated as follows:
(g) Benefit Plan Contributions The Registrants made the following contributions in 2019 and expect to make the following minimum contributions in 2020 to the indicated benefit plans below:
The following benefit payments are expected to be paid by the pension and postretirement benefit plans:
(h) Savings Plan CenterPoint Energy maintains the CenterPoint Energy Savings Plan, a tax-qualified employee savings plan that includes a cash or deferred arrangement under Section 401(k) of the Code, and an employee stock ownership plan under Section 4975(e)(7) of the Code. Under the plan, participating employees may make pre-tax or Roth contributions and, if eligible, after-tax contributions up to certain federally mandated limits. Participating Registrants provide matching contributions and, as of January 1, 2020, nonelective contributions, if eligible, up to certain limits. CenterPoint Energy, through the Merger, also acquired additional defined contribution retirement savings plans sponsored by Vectren and its subsidiaries that are qualified under sections 401(a) and 401(k) of the Code, one of which merged into the CenterPoint Energy Savings Plan as of January 1, 2020. The CenterPoint Energy Savings Plan has significant holdings of Common Stock. As of December 31, 2019, 11,051,800 shares of Common Stock were held by the savings plan, which represented approximately 13% of its investments. Given the concentration of the investments in Common Stock, the savings plan and its participants have market risk related to this investment. The savings plan limits the percentage of future contributions that can be invested in Common Stock to 25% and prohibits transfers of account balances where the transfer would result in more than 25% of a participant’s total account balance invested in Common Stock. CenterPoint Energy allocates the savings plan benefit expense to Houston Electric and CERC related to their respective employees. The following table summarizes the Registrants’ savings plan benefit expense for 2019, 2018 and 2017:
(i) Other Benefits Plans The Registrants participate in CenterPoint Energy’s plans that provide postemployment benefits for certain former or inactive employees, their beneficiaries and covered dependents, after employment but before retirement (primarily healthcare and life insurance benefits for participants in the long-term disability plan). CenterPoint Energy maintains non-qualified deferred compensation plans, including plans acquired in the Merger, that provide benefits payable to eligible directors, officers and select employees or their designated beneficiaries at specified future dates or upon termination, retirement or death. Benefit payments are made from the general assets of the participating Registrants. Expenses related to other benefit plans were recorded as follows:
Amounts related to other benefit plans were included in Benefit Obligations in the Registrants’ accompanying Consolidated Balance Sheets as follows:
(j) Change in Control Agreements and Other Employee Matters CenterPoint Energy has a change in control plan, which was amended and restated on May 1, 2017. The plan generally provides, to the extent applicable, in the case of a change in control of CenterPoint Energy and covered termination of employment, for severance benefits of up to three times annual base salary plus bonus, and other benefits. Certain CenterPoint Energy officers, including the Executive Chairman, are participants under the plan. Certain key employees of Vectren and its subsidiaries have change in control agreements or employment agreements that provide payments and other benefits upon a covered termination of employment. As of December 31, 2019, the Registrants’ employees were covered by collective bargaining agreements as follows:
(1) Infrastructure Services Disposal Group negotiates various trade agreements through contractor associations. The two primary associations are the DCA and the PLCA. These trade agreements are with a variety of construction unions including Laborer’s International Union of North America, International Union of Operating Engineers, United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry, and Teamsters. The trade agreements have varying expiration dates in 2020, 2021 and 2022. In addition, these subsidiaries have various project agreements and small local agreements. These agreements expire upon completion of a specific project or on various dates throughout the year.
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data [Table Text Block] | Summarized quarterly financial data has been recast to reflect the results from the Infrastructure Services and Energy Services Disposal Groups as discontinued operations as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | The components of lease cost, included in Operation and maintenance expense on the Registrants’ respective Statements of Consolidated Income, are as follows:
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Operating Lease, Lease Income [Table Text Block] | The components of lease income were as follows:
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Supplemental Balance Sheet Information Related To Leases [Table Text Block] | Supplemental balance sheet information related to leases was as follows:
(3) Reported within Other liabilities in the Registrants’ respective Consolidated Balance Sheets.
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of December 31, 2019, maturities of operating lease liabilities were as follows:
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table sets forth information concerning the Registrants’ obligations under non-cancelable long-term operating leases as of December 31, 2018:
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Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | As of December 31, 2019, maturities of undiscounted operating lease payments to be received are as follows:
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Other Information Related To Leases [Table Text Block] | Other information related to leases is as follows. See Note 20 for information on ROU assets obtained in exchange for operating lease liabilities:
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Property, Plant and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | Property, plant and equipment includes the following:
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Depreciation and Amortization [Table Text Block] | The following table has been recast to exclude the Infrastructure Services and Energy Services Disposal Groups and presents depreciation and amortization expense for continuing operations for 2019, 2018 and 2017:
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Asset Retirement Obligation [Table Text Block] | A reconciliation of the changes in the ARO liability recorded in Other non-current liabilities on each of the Registrants’ respective Consolidated Balance Sheets is as follows:
(2) In 2019, the Registrants reflected an increase in their respective ARO liability, which is primarily attributable to decreases in the long-term interest rates used for discounting in the ARO calculation and increased estimated closure costs for CenterPoint Energy’s electric generation. In 2018, CenterPoint Energy and CERC reflected a decrease in their respective ARO liability, which is primarily attributable to increases in the long-term interest rates used for discounting in the ARO calculation.
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Subsequent Events |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Text Block] | Subsequent Events (CenterPoint Energy) CenterPoint Energy Dividend Declarations (CenterPoint Energy)
Enable Distributions Declarations (CenterPoint Energy)
Infrastructure Services Disposal Group (CenterPoint Energy) On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the Infrastructure Services Disposal Group. The transaction closed on April 9, 2020. See Note 4 for further information. Energy Services Disposal Group (CenterPoint Energy and CERC) On February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell the Energy Services Disposal Group. The transaction is expected to close in the second quarter of 2020. See Note 4 for further information.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments [Text Block] | Derivative Instruments The Registrants are exposed to various market risks. These risks arise from transactions entered into in the normal course of business. The Registrants utilize derivative instruments such as physical forward contracts, swaps and options to mitigate the impact of changes in commodity prices, weather and interest rates on operating results and cash flows. (a) Non-Trading Activities Commodity Derivative Instruments (CenterPoint Energy and CERC). CenterPoint Energy, through its Indiana utilities, and CERC, through CES, enter into certain derivative instruments to mitigate the effects of commodity price movements. Certain financial instruments used to hedge portions of the natural gas inventory of the Energy Services Disposal Group are designated as fair value hedges for accounting purposes. Outstanding derivative instruments designated as economic hedges at the Indiana Utilities hedge long-term variable rate natural gas purchases. The Indiana Utilities have authority to refund and recover mark-to-market gains and losses associated with hedging natural gas purchases, and thus the gains and losses on derivatives are deferred in a regulatory liability or asset. All other financial instruments do not qualify or are not designated as cash flow or fair value hedges. On February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell the Energy Services Disposal Group. The transaction is expected to close in the second quarter of 2020. For further information, see Note 4. Interest Rate Risk Derivative Instruments. From time to time, the Registrants may enter into interest rate derivatives that are designated as economic or cash flow hedges. The objective of these hedges is to offset risk associated with interest rates borne by the Registrants in connection with an anticipated future fixed rate debt offering or other exposure to variable rate debt. The Indiana Utilities have authority to refund and recover mark-to-market gains and losses associated with hedging financing activity, and thus the gains and losses on derivatives are deferred in a regulatory liability or asset. For the impacts of cash flow hedges to Accumulated other comprehensive income, see Note 13. The table below summarizes the Registrants’ outstanding interest rate hedging activity:
Weather Hedges (CenterPoint Energy and CERC). CenterPoint Energy and CERC have weather normalization or other rate mechanisms that largely mitigate the impact of weather on NGD in Arkansas, Indiana, Louisiana, Mississippi, Minnesota, Ohio and Oklahoma, as applicable. CenterPoint Energy’s and CERC’s NGD in Texas and CenterPoint Energy’s electric operations in Texas and Indiana do not have such mechanisms, although fixed customer charges are historically higher in Texas for NGD compared to its other jurisdictions. As a result, fluctuations from normal weather may have a positive or negative effect on CenterPoint Energy’s and CERC’s NGD’s results in Texas and on CenterPoint Energy’s electric operations’ results in its Texas and Indiana service territories. CenterPoint Energy and CERC, as applicable, enter into winter season weather hedges from time to time for certain NGD jurisdictions and electric operations’ service territory to mitigate the effect of fluctuations from normal weather on results of operations and cash flows. These weather hedges are based on heating degree days at 10-year normal weather. Houston Electric and Indiana Electric do not enter into weather hedges. The tables below summarizes CenterPoint Energy’s and CERC’s weather hedge gain (loss) activity: CenterPoint Energy
CERC
(b) Derivative Fair Values and Income Statement Impacts The following tables present information about derivative instruments and hedging activities. The first three tables provide a balance sheet overview of Derivative Assets and Liabilities as of December 31, 2019 and 2018, while the last two tables provide a breakdown of the related income statement impacts for the years ending December 31, 2019, 2018 and 2017. The Energy Services Disposal Group’s derivative balances are reported in assets or liabilities held for sale. See Note 4 for further information. Fair Value of Derivative Instruments and Hedged Items CenterPoint Energy
Houston Electric
CERC
Cumulative Basis Adjustment for Fair Value Hedges (CenterPoint Energy and CERC)
Offsetting of Natural Gas Derivative Assets and Liabilities (CenterPoint Energy and CERC)
Income Statement Impact of Hedge Accounting Activity (CenterPoint Energy and CERC)
CenterPoint Energy
CERC
(c) Credit Risk Contingent Features (CenterPoint Energy and CERC) CenterPoint Energy and CERC enter into financial derivative contracts containing material adverse change provisions. These provisions could require CenterPoint Energy or CERC to post additional collateral if the S&P or Moody’s credit ratings of CenterPoint Energy, Inc. or its subsidiaries, including CERC Corp., are downgraded.
(d) Credit Quality of Counterparties (CenterPoint Energy and CERC) In addition to the risk associated with price movements, credit risk is also inherent in CenterPoint Energy’s and CERC’s non-trading derivative activities. Credit risk relates to the risk of loss resulting from non-performance of contractual obligations by a counterparty. The following tables show the composition of counterparties to the derivative assets held for sale: CenterPoint Energy
CERC
parent company guarantees) and collateral (including cash and standby letters of credit). For unrated counterparties, CERC determines a synthetic credit rating by performing financial statement analysis and consider contractual rights and restrictions and collateral.
(3) The amounts reflected in the table above were not impacted by collateral netting.
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Mergers, Acquisitions and Dispositions (CenterPoint Energy and CERC) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers and Acquisitions [Text Block] | Mergers, Acquisitions and Dispositions (CenterPoint Energy and CERC) Merger with Vectren. On the Merger Date, pursuant to the Merger Agreement, CenterPoint Energy consummated the previously announced Merger and acquired Vectren for approximately $6 billion in cash. Each share of Vectren common stock issued and outstanding immediately prior to the closing was canceled and converted into the right to receive $72.00 in cash per share, without interest. At the closing, each stock unit payable in Vectren common stock or whose value is determined with reference to the value of Vectren common stock, whether vested or unvested, was canceled with cash consideration paid in accordance with the terms of the Merger Agreement. These amounts did not include a stub period cash dividend of $0.41145 per share, which was declared, with CenterPoint Energy’s consent, by Vectren’s board of directors on January 16, 2019, and paid to Vectren stockholders as of the record date of February 1, 2019. Pursuant to the Merger Agreement and immediately subsequent to the close of the Merger, CenterPoint Energy cash settled $78 million in outstanding share-based awards issued prior to the Merger Date by Vectren to its employees. As a result of the Merger, CenterPoint Energy assumed a liability for these share-based awards of $41 million and recorded an incremental cost of $37 million in Operation and maintenance expenses on its Statements of Consolidated Income during the year ended December 31, 2019 for the accelerated vesting of the awards in accordance with the Merger Agreement. Subsequent to the close of the Merger, CenterPoint Energy recognized severance totaling $61 million to employees terminated immediately subsequent to the Merger close, inclusive of change of control severance payments to executives of Vectren under existing agreements, and which is included in Operation and maintenance expenses on its Statements of Consolidated Income during the year ended December 31, 2019. Total severance cost for the year ended December 31, 2019 was $102 million. In connection with the Merger, VUHI and VCC made offers to prepay certain outstanding guaranteed senior notes as required pursuant to certain note purchase agreements previously entered into by VUHI and VCC. See Note 14 for further details. Following the closing, shares of Vectren common stock, which previously traded under the ticker symbol “VVC” on the NYSE, ceased trading on and were delisted from the NYSE. The Merger is being accounted for in accordance with ASC 805, Business Combinations, with CenterPoint Energy as the accounting acquirer of Vectren. Identifiable assets acquired and liabilities assumed have been recorded at their estimated fair values on the Merger Date. Vectren’s regulated operations, comprised of electric generation and electric and natural gas energy delivery services, are subject to the rate-setting authority of the FERC, the IURC and the PUCO, and are accounted for pursuant to U.S. generally accepted accounting principles for regulated operations. The rate-setting and cost-recovery provisions currently in place for Vectren’s regulated operations provide revenues derived from costs including a return on investment of assets and liabilities included in rate base. Thus, the fair value of Vectren’s tangible and intangible assets and liabilities subject to these rate-setting provisions approximate their carrying values on the Merger Date. The fair value of regulatory assets not earning a return have been determined using the income approach and are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs. The fair value of Vectren’s assets acquired and liabilities assumed that are not subject to the rate-setting provisions, including identifiable intangibles, have been determined using the income approach and the market approach. The valuation of Vectren’s long-term debt is primarily considered a Level 2 fair value measurement. All other valuations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future market prices. The following table presents the purchase price allocation as of December 31, 2019, reflecting the final purchase price allocation and inclusive of assets and liabilities subsequently recast as held for sale (in millions):
CenterPoint Energy completed a final valuation analysis necessary to determine the fair market values of all of Vectren’s assets and liabilities and the allocation of its purchase price. Changes from the preliminary purchase price allocation originally reported in the first quarter of 2019 primarily included additional information obtained related to intangible assets and the allocation of the fair value between reporting units. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill, which is primarily attributable to significant potential strategic benefits to CenterPoint Energy, including growth opportunities for more rate-regulated investment, more customers for existing products and services and additional products and services for existing customers. Additionally, CenterPoint Energy believes the Merger will increase geographic and business diversity as well as scale in attractive jurisdictions and economies. The value assigned to goodwill will not be deductible for tax purposes. The fair value of the identifiable intangible assets and related useful lives as included in the purchase price allocation on the Merger Date, reflecting the final purchase price allocation and inclusive of intangible assets subsequently recast as held for sale, include:
Amortization expense related to the operation and maintenance agreements and construction backlog was $24 million in 2019, and is included in Non-utility cost of revenues, including natural gas on CenterPoint Energy’s Statements of Consolidated Income. Amortization expense related to customer relationships and trade names was $16 million in 2019 and is included in Depreciation and amortization expense on CenterPoint Energy’s Statements of Consolidated Income. The results of operations for Vectren included in CenterPoint Energy’s Consolidated Financial Statements from the Merger Date for the year ended December 31, 2019, reflecting results included in both continuing operations and discontinued operations, are as follows:
The following unaudited pro forma financial information reflects the consolidated results of operations of CenterPoint Energy, assuming the Merger had taken place on January 1, 2018 and reflecting results included in both continuing operations and discontinued operations. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved had the Merger taken place on the dates indicated or of the future consolidated results of operations of the combined company.
CenterPoint Energy incurred integration costs in connection with the Merger of $83 million for the year ended December 31, 2019, which were included in Operation and maintenance expenses in CenterPoint Energy’s Statements of Consolidated Income. Acquisition of Utility Pipeline Construction Company. An acquisition was made during the year ended December 31, 2019 by CenterPoint Energy’s Infrastructure Services Disposal Group, resulting in goodwill and intangible assets of approximately $6 million and $8 million, respectively. The intangible assets primarily relate to backlog and customer relationships. The allocation of the $25 million purchase price has been finalized. The results of operations for the acquired company have been included in CenterPoint Energy’s consolidated financial statements from the date of acquisition and are not significant to the consolidated financial results of CenterPoint Energy. Pro forma results of operations have not been presented for the acquisition because the effects of the acquisition were not significant to CenterPoint Energy’s consolidated financial results for all periods presented. Recast for the Divestiture of Infrastructure Services (CenterPoint Energy) On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the Infrastructure Services Disposal Group to PowerTeam Services. Subject to the terms and conditions of the Securities Purchase Agreement, PowerTeam Services purchased all of the outstanding equity interests of VISCO for approximately $850 million, subject to customary adjustments set forth in the Securities Purchase Agreement, including adjustments based on VISCO’s net working capital at closing, indebtedness, cash and cash equivalents and transaction expenses. In February 2020, certain assets and liabilities representing the Infrastructure Services Disposal Group met the held for sale criteria. In accordance with the Securities Purchase Agreement, VISCO was converted from a wholly-owned corporation to a limited liability company that was disregarded for federal income tax purposes immediately prior to the closing of the transaction resulting in the sale of membership units at closing. The sale was considered an asset sale for tax purposes requiring the net deferred tax liabilities of approximately $123 million as of December 31, 2019 to be recognized; therefore, any deferred tax assets and liabilities within the reporting unit are not included in the carrying amount of the assets and liabilities that were transferred to PowerTeam Services. On February18, 2020, CenterPoint Energy received notice from the Federal Trade Commission granting early termination of the waiting period under the Hart-Scott-Rodino Act in connection with the proposed sale of Infrastructure Services. The transaction closed on April 9, 2020. Because the Infrastructure Services Disposal Group met the held for sale criteria and the proposed sale was completed on April 9, 2020, all Infrastructure Services Disposal Group assets and liabilities as of December 31, 2019 and 2018 have been recast as assets and liabilities held for sale and retained their current or long-term classification applicable as of December 31, 2019 and 2018, respectively. Long-lived assets are not depreciated or amortized once they are classified as held for sale. Recast for the Proposed Divestiture of Energy Services (CenterPoint Energy and CERC) On February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell the Energy Services Disposal Group to Athena Energy Services. This transaction does not include CEIP and its assets or the MES business. Subject to the terms and conditions of the Equity Purchase Agreement, Athena Energy Services has agreed to purchase all of the outstanding equity interests of the Energy Services Disposal Group for approximately $400 million, subject to customary adjustments set forth in the Equity Purchase Agreement, including adjustments based on the Energy Services Disposal Group’s net working capital at closing, indebtedness and transaction expenses. Per the Equity Purchase Agreement, the Energy Services Disposal Group will be converted from a wholly-owned corporation to a limited liability company that is disregarded for federal income tax purposes immediately prior to the closing of the transaction resulting in the sale of membership units at closing. The sale will be considered an asset sale for tax purposes requiring the net deferred tax liabilities of approximately $25 million as of December 31, 2019 to be recognized; therefore, any deferred tax assets and liabilities within the reporting unit are not included in the carrying amount of the assets and liabilities that will be transferred to the buyer. The completion of the sale is subject to customary closing conditions, including, among others (i) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Act, (ii) the conversion of CES to a Delaware limited liability company, (iii) the distribution of the equity interests in CEIP held by CES to CERC Corp. or its affiliates and (iv) customary conditions regarding the accuracy of the representations and warranties and compliance by the parties in all material respects with their respective obligations under the Equity Purchase Agreement. The Equity Purchase Agreement includes customary termination provisions, including if the closing of the transaction has not occurred on or before June 24, 2020. The sale is not subject to a financing condition and is expected to close in the second quarter of 2020, subject to satisfaction of the foregoing conditions, among other things. Because the Energy Services Disposal Group met the held for sale criteria and the proposed sale is expected to be completed within one year, all Energy Services Disposal Group assets and liabilities as of December 31, 2019 and 2018 have been recast as assets and liabilities held for sale and retained their current or long-term classification applicable as of December 31, 2019 and 2018, respectively. The assets and liabilities of the Infrastructure Services and Energy Services Disposal Groups classified as held for sale in CenterPoint Energy’s and CERC’s Consolidated Balance Sheets, as applicable, include the following:
Because the Infrastructure Services and Energy Services Disposal Groups met the held for sale criteria and their disposals also represents a strategic shift to CenterPoint Energy and CERC, as applicable, they are reflected as discontinued operations on CenterPoint Energy’s and CERC’s Statements of Consolidated Income, as applicable, and as a result, prior periods have been recast to reflect the earnings or losses from such businesses as income from discontinued operations, net of tax. A summary of the Infrastructure Services and Energy Services Disposal Groups presented in CenterPoint Energy’s Statements of Consolidated Income is as follows:
A summary of the Energy Services Disposal Group presented in CERC’s Statements of Consolidated Income is as follows:
CenterPoint Energy and CERC have elected not to separately disclose discontinued operations on their respective Statements of Consolidated Cash Flows. Long-lived assets are not depreciated or amortized once they are classified as held for sale. The following table summarizes CenterPoint Energy’s and CERC’s cash flows from discontinued operations and certain supplemental cash flow disclosures related to the Infrastructure Services and Energy Services Disposal Groups:
Other Sale Related Matters (CenterPoint Energy and CERC). CES provides natural gas supply to CenterPoint Energy’s and CERC’s NGD under contracts executed in a competitive bidding process, with the duration of some contracts extending into 2021. In addition, CERC is the natural gas transportation provider for a portion of CES’s customer base and will continue to be the transportation provider for these customers as long as these customers retain a relationship with the divested CES business. Revenues and expenses incurred by CenterPoint Energy and CERC for natural gas transportation and supply are as follows:
The Infrastructure Services Disposal Group provided pipeline construction and repair services to CenterPoint Energy’s and CERC’s NGD. In accordance with consolidation guidance in ASC 980—Regulated Operations, costs incurred by NGD utilities for these pipeline construction and repair services are not eliminated in consolidation when capitalized and included in rate base by the NGD utility. Amounts charged for these services that were not capitalized are included primarily in Operation and maintenance expenses. Fees incurred by CenterPoint Energy’s and CERC’s NGD for pipeline construction and repair services were as follows:
Discontinued Operations (CERC) On September 4, 2018, CERC completed the Internal Spin. CERC executed the Internal Spin to, among other things, enhance the access of CERC and CenterPoint Energy to low cost debt and equity through increased transparency and understandability of the financial statements, improve CERC’s credit quality by eliminating the exposure to Enable’s midstream business and provide clarity of internal reporting and performance metrics to enhance management’s decision making for CERC and CNP Midstream. The Internal Spin represents a significant strategic shift that has a material effect on CERC’s operations and financial results and, as a result, CERC’s distribution of its equity investment in Enable met the criteria for discontinued operations classification. CERC has no continuing involvement in the equity investment of Enable. Therefore, CERC’s equity in earnings and related income taxes have been classified as Income from discontinued operations, net of tax, in CERC’s Statements of Consolidated Income for the periods presented. The following table presents amounts included in Income from discontinued operations, net of tax in CERC’s Statements of Consolidated Income.
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Unconsolidated Affiliate (CenterPoint Energy and CERC) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Affiliate (CenterPoint Energy and CERC) [Text Block] | Unconsolidated Affiliates (CenterPoint Energy and CERC) CenterPoint Energy has the ability to significantly influence the operating and financial policies of Enable, a publicly traded MLP, and, accordingly, accounts for its investment in Enable’s common units using the equity method of accounting. Enable is considered to be a VIE because the power to direct the activities that most significantly impact Enable’s economic performance does not reside with the holders of equity investment at risk. However, CenterPoint Energy is not considered the primary beneficiary of Enable since it does not have the power to direct the activities of Enable that are considered most significant to the economic performance of Enable. As of December 31, 2019, CenterPoint Energy’s maximum exposure to loss related to Enable is limited to its investment in unconsolidated affiliate, its investment in Enable Series A Preferred Units and outstanding current accounts receivable from Enable. See Note 4 for information regarding the Internal Spin and the related discontinued operations at CERC. Investment in Unconsolidated Affiliates (CenterPoint Energy):
CenterPoint Energy evaluates its equity method investments for impairment when factors indicate that a decrease in value of its investment has occurred and the carrying amount of its investment may not be recoverable. An impairment loss is recognized in earnings when an impairment is deemed to be other than temporary. As of December 31, 2019, CenterPoint Energy’s investment in Enable is $10.29 per unit and Enable’s common unit price closed at $10.03 per unit (approximately $61 million below carrying value). Based on an analysis of its investment in Enable as of December 31, 2019, CenterPoint Energy believes that the decline in the value of its investment is temporary, and that the carrying value of its investment of $2.4 billion will be recovered. Equity in Earnings of Unconsolidated Affiliates, net (CenterPoint Energy):
Limited Partner Interest and Units Held in Enable (CenterPoint Energy):
Generally, sales to any person or entity (including a series of sales to the same person or entity) of more than 5% of the aggregate of the common units CenterPoint Energy owns in Enable or sales to any person or entity (including a series of sales to the same person or entity) by OGE of more than 5% of the aggregate of the common units it owns in Enable are subject to mutual rights of first offer and first refusal set forth in Enable’s Agreement of Limited Partnership. Interests Held in Enable GP (CenterPoint Energy): CenterPoint Energy and OGE held the following interests in Enable GP as of both December 31, 2019 and 2018:
Distributions Received from Enable (CenterPoint Energy and CERC): CenterPoint Energy
CERC
Transactions with Enable (CenterPoint Energy and CERC): The transactions with Enable in the following tables exclude transactions with the Energy Services Disposal Group, which are now reflected as discontinued operations and liabilities held for sale.
CERC’s continuing involvement with Enable subsequent to the Internal Spin is limited to its natural gas purchases from Enable. Summarized consolidated income (loss) information for Enable is as follows:
Summarized consolidated balance sheet information for Enable is as follows:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Text Block] | Commitments and Contingencies (a) Purchase Obligations (CenterPoint Energy and CERC) Commitments include minimum purchase obligations related to CenterPoint Energy’s and CERC’s Natural Gas Distribution reportable segments and CenterPoint Energy’s Indiana Electric Integrated reportable segment. The Energy Services Disposal Group is classified as held for sale on CenterPoint Energy’s and CERC’s respective Condensed Consolidated Balance Sheets and is excluded from the tabular disclosure below. See Note 4 for further information. Contracts with minimum payment provisions have various quantity requirements and durations and are not classified as non-trading derivative assets and liabilities in CenterPoint Energy’s and CERC’s respective Consolidated Balance Sheets as of December 31, 2019 and 2018. These contracts meet an exception as “normal purchases contracts” or do not meet the definition of a derivative. Natural gas and coal supply commitments also include transportation contracts that do not meet the definition of a derivative. As of December 31, 2019, minimum purchase obligations are approximately:
Indiana Electric also has other purchased power agreements that do not have minimum thresholds but do require payment when energy is generated by the provider. Costs arising from certain of these commitments are pass-through costs, generally collected dollar-for-dollar from retail customers through regulator-approved cost recovery mechanisms. (b) AMAs (CenterPoint Energy and CERC) CenterPoint Energy’s and CERC’s NGD has AMAs associated with their utility distribution service in Arkansas, Indiana, Louisiana, Mississippi, Oklahoma and Texas. The AMAs have varying terms, the longest of which expires in 2023. Pursuant to the provisions of the agreements, CenterPoint Energy’s and CERC’s NGD either sells natural gas to the asset manager and agrees to repurchase an equivalent amount of natural gas throughout the year at the same cost, or simply purchases its full natural gas requirements at each delivery point from the asset manager. Generally, AMAs are contracts between CenterPoint Energy’s and CERC’s NGD and an asset manager that are intended to transfer the working capital obligation and maximize the utilization of the assets. In these agreements, CenterPoint Energy’s and CERC’s NGD agrees to release transportation and storage capacity to other parties to manage natural gas storage, supply and delivery arrangements for CenterPoint Energy’s and CERC’s NGD and to use the released capacity for other purposes when it is not needed for CenterPoint Energy’s and CERC’s NGD. CenterPoint Energy’s and CERC’s NGD may receive compensation from the asset manager through payments made over the life of the AMAs. CenterPoint Energy’s and CERC’s NGD has an obligation to purchase their winter storage requirements that have been released to the asset manager under these AMAs. (c) Guarantees and Product Warranties (CenterPoint Energy) In the normal course of business, ESG enters into contracts requiring it to timely install infrastructure, operate facilities, pay vendors and subcontractors and support warranty obligations and, at times, issue payment and performance bonds and other forms of assurance in connection with these contracts. Specific to ESG’s role as a general contractor in the performance contracting industry, as of December 31, 2019, there were 62 open surety bonds supporting future performance with an aggregate face amount of approximately $565 million. ESG’s exposure is less than the face amount of the surety bonds and is limited to the level of uncompleted work under the contracts. As of December 31, 2019, approximately 36% of the work was yet to be completed on projects with open surety bonds. Further, various subcontractors issue surety bonds to ESG. In addition to these performance obligations, ESG also warrants the functionality of certain installed infrastructure generally for one year and the associated energy savings over a specified number of years. Since ESG’s inception in 1994, CenterPoint Energy believes ESG has had a history of generally meeting its performance obligations and energy savings guarantees and its installed products operating effectively. CenterPoint Energy assessed the fair value of its obligation for such guarantees as of December 31, 2019 and no amounts were recorded on CenterPoint Energy’s Consolidated Balance Sheets. CenterPoint Energy issues parent company level guarantees to certain vendors, customers and other commercial counterparties of ESG. These guarantees do not represent incremental consolidated obligations, but rather, represent guarantees of subsidiary obligations to allow those subsidiaries to conduct business without posting other forms of assurance. As of December 31, 2019, CenterPoint Energy, primarily through Vectren, has issued parent company level guarantees supporting ESG’s obligations. For those obligations where potential exposure can be estimated, management estimates the maximum exposure under these guarantees to be approximately $499 million as of December 31, 2019. This exposure primarily relates to energy savings guarantees on federal energy savings performance contracts. Other parent company level guarantees, certain of which do not contain a cap on potential liability, have been issued in support of federal operations and maintenance projects for which a maximum exposure cannot be estimated based on the nature of the projects. While there can be no assurance that performance under any of these parent company guarantees will not be required in the future, CenterPoint Energy considers the likelihood of a material amount being incurred as remote. (d) Guarantees and Product Warranties (CenterPoint Energy and CERC) In the normal course of business, the Energy Services Disposal Group trades natural gas under supply contracts and enters into natural gas related transactions under transportation, storage and other contracts. In connection with the Energy Services Disposal Group’s business activities, CERC Corp. has issued guarantees to the Energy Services Disposal Group’s counterparties to guarantee the payment of the Energy Services Disposal Group’s obligations. While the Energy Services Disposal Group remains wholly-owned by CERC Corp., these guarantees do not represent incremental consolidated obligations, but rather, represent guarantees of the Energy Services Disposal Group’s obligations to allow the Energy Services Disposal Group to conduct business without posting other forms of assurance. As of December 31, 2019, the face amount of CERC Corp.’s guarantees of the Energy Services Disposal Group’s obligations was approximately $1.8 billion. A CERC Corp. guarantee primarily has a one- or two-year term, although CERC Corp. would generally not be released from obligations incurred by CES prior to the termination of such guarantee unless the beneficiary of the guarantee affirmatively released CERC Corp. from its obligations under the guarantee. Since CERC Corp. has owned the Energy Services Disposal Group, CERC Corp. has not paid any amounts under any guarantees of the Energy Services Disposal Group’s obligations. While there can be no assurance that performance under any of these parent company guarantees will not be required in the future, CenterPoint Energy and CERC consider the likelihood of a material amount being incurred as remote. On February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell the Energy Services Disposal Group. Under the terms of the Equity Purchase Agreement, Athena Energy Services must generally use reasonable best efforts to replace existing CERC Corp. guarantees with credit support provided by a party other than CERC Corp. as of and after closing of the sale. Additionally, to the extent that CERC Corp. retains any exposure relating to the guarantees of the Energy Services Disposal Group’s obligations 90 days after closing, Athena Energy Services will pay a 3% annualized fee on such exposure, increasing by 1% on an annualized basis every three months. CenterPoint Energy and CERC recorded no amounts on their respective Consolidated Balance Sheets as of December 31, 2019 and 2018 related to these guarantees. (e) Legal, Environmental and Other Matters Legal Matters Gas Market Manipulation Cases (CenterPoint Energy and CERC). CenterPoint Energy, its predecessor, Reliant Energy, and certain of their former subsidiaries were named as defendants in a large number of lawsuits filed against numerous gas market participants in a number of federal and western state courts in connection with the operation of the natural gas markets in 2000-2002. CenterPoint Energy and its affiliates were released or dismissed from all such cases, except for one case in federal court in Nevada in which CES, a subsidiary of CERC, was a defendant. Plaintiffs in that case alleged a conspiracy to inflate Wisconsin natural gas prices in 2000-2002. In October 2018, CES reached an agreement to settle all claims against CES and CES’s claims for indemnity. During the third quarter of 2019, the federal district court issued final approval of the settlement and dismissed the case, and CES completed the required settlement payments; the settlement agreement has now become final. This settlement did not have a material adverse effect on CenterPoint Energy’s or CERC’s financial condition, results of operations or cash flows. Minnehaha Academy (CenterPoint Energy and CERC). On August 2, 2017, a natural gas explosion occurred at the Minnehaha Academy in Minneapolis, Minnesota, resulting in the deaths of two school employees, serious injuries to others and significant property damage to the school. CenterPoint Energy, certain of its subsidiaries, including CERC, and the contractor company working in the school have been named in litigation arising out of this incident. CenterPoint Energy and CERC have reached confidential settlement agreements on all wrongful death and property damage claims and with some personal injury claimants. Additionally, CenterPoint Energy and CERC cooperated with the investigation conducted by the National Transportation Safety Board, which concluded its investigation in December 2019 and issued a report without making any recommendations. Further, CenterPoint Energy and CERC contested and reached a settlement regarding approximately $200,000 in fines imposed by the Minnesota Office of Pipeline Safety. In early 2018, the Minnesota Occupational Safety and Health Administration concluded its investigation without any adverse findings against CenterPoint Energy or CERC. CenterPoint Energy’s and CERC’s general and excess liability insurance policies provide coverage for third party bodily injury and property damage claims. Litigation Related to the Merger (CenterPoint Energy). With respect to the Merger, in July 2018, seven separate lawsuits were filed against Vectren and the individual directors of Vectren’s Board of Directors in the U.S. District Court for the Southern District of Indiana. These lawsuits alleged violations of Sections 14(a) of the Exchange Act and SEC Rule 14a-9 on the grounds that the Vectren Proxy Statement filed on June 18, 2018 was materially incomplete because it omitted material information concerning the Merger. In August 2018, the seven lawsuits were consolidated, and the Court denied the plaintiffs’ request for a preliminary injunction. In October 2018, the plaintiffs filed their Consolidated Amended Class Action Complaint. In December 2018, two plaintiffs voluntarily dismissed their lawsuits. In September 2019, the court granted the defendants’ motion to dismiss and dismissed the remaining plaintiffs’ claims with prejudice, which the plaintiffs appealed in October 2019. The defendants believe that the allegations asserted are without merit and intend to vigorously defend themselves against the claims raised. CenterPoint Energy does not expect the ultimate outcome of this matter to have a material adverse effect on its financial condition, results of operations or cash flows. Environmental Matters MGP Sites. CenterPoint Energy, CERC and their predecessors operated MGPs in the past. In addition, certain of CenterPoint Energy’s subsidiaries acquired through the Merger operated MGPs in the past. The costs CenterPoint Energy or CERC, as applicable, expect to incur to fulfill their respective obligations are estimated by management using assumptions based on actual costs incurred, the timing of expected future payments and inflation factors, among others. While CenterPoint Energy and CERC have recorded all costs which they presently are obligated to incur in connection with activities at these sites, it is possible that future events may require remedial activities which are not presently foreseen, and those costs may not be subject to PRP or insurance recovery.
Total costs that may be incurred in connection with addressing these sites cannot be determined at this time. The estimated accrued costs are limited to CenterPoint Energy’s and CERC’s share of the remediation efforts and are therefore net of exposures of other PRPs. The estimated range of possible remediation costs for the sites for which CenterPoint Energy and CERC believe they may have responsibility was based on remediation continuing for the minimum time frame given in the table below.
The cost estimates are based on studies of a site or industry average costs for remediation of sites of similar size. The actual remediation costs will depend on the number of sites to be remediated, the participation of other PRPs, if any, and the remediation methods used. CenterPoint Energy and CERC do not expect the ultimate outcome of these matters to have a material adverse effect on the financial condition, results of operations or cash flows of either CenterPoint Energy or CERC. Asbestos. Some facilities owned by the Registrants or their predecessors contain or have contained asbestos insulation and other asbestos-containing materials. The Registrants are from time to time named, along with numerous others, as defendants in lawsuits filed by a number of individuals who claim injury due to exposure to asbestos, and the Registrants anticipate that additional claims may be asserted in the future. Although their ultimate outcome cannot be predicted at this time, the Registrants do not expect these matters, either individually or in the aggregate, to have a material adverse effect on their financial condition, results of operations or cash flows. CCR Rule (CenterPoint Energy). In April 2015, the EPA finalized its CCR Rule, which regulates ash as non-hazardous material under the RCRA. The final rule allows beneficial reuse of ash, and the majority of the ash generated by Indiana Electric’s generating plants will continue to be reused. In July 2018, the EPA released its final CCR Rule Phase I Reconsideration which extended the deadline to October 31, 2020 for ceasing placement of ash in ponds that exceed groundwater protections standards or that fail to meet location restrictions. While the EPA Phase I Reconsideration moves forward, the existing CCR compliance obligations remain in effect. In August 2019, the EPA proposed additional amendments to its CCR Rule with respect to beneficial reuse of ash and other materials. The proposed revisions would not restrict Indiana Electric’s current beneficial reuse of its fly ash. Indiana Electric has three ash ponds, two at the F.B. Culley facility (Culley East and Culley West) and one at the A.B. Brown facility. Under the existing CCR Rule, Indiana Electric is required to perform integrity assessments, including ground water monitoring, at its F.B. Culley and A.B. Brown generating stations. The ground water studies are necessary to determine the remaining service life of the ponds and whether a pond must be retrofitted with liners or closed in place, with bottom ash handling conversions completed. Indiana Electric’s Warrick generating unit is not included in the scope of the CCR Rule as this unit has historically been part of a larger generating station that predominantly serves an adjacent industrial facility. In March 2018, Indiana Electric began posting ground water data monitoring reports annually to its public website in accordance with the requirements of the CCR Rule. This data preliminarily indicates potential groundwater impacts very close to Indiana Electric’s ash impoundments, and further analysis is ongoing. The CCR Rule required companies to complete location restriction determinations by October 18, 2018. Indiana Electric completed its evaluation and determined that one F.B. Culley pond (Culley East) and the A.B. Brown pond fail the aquifer placement location restriction. As a result of this failure, Indiana Electric is required to cease disposal of new ash in the ponds and commence closure of the ponds by October 31, 2020. CenterPoint Energy plans to seek extensions available under the CCR Rule that would allow Indiana Electric to continue to use the ponds through December 31, 2023. The inability to take these extensions may result in increased and potentially significant operational costs in connection with the accelerated implementation of an alternative ash disposal system or adversely impact Indiana Electric’s future operations. Failure to comply with these requirements could also result in an enforcement proceeding including the imposition of fines and penalties. On April 24, 2019, Indiana Electric received an order from the IURC approving recovery in rates of costs associated with the closure of the Culley West pond, which has already commenced closure activities. CenterPoint Energy believes the language in the IURC order is favorable for future recovery of closure costs for Indiana Electric’s remaining ponds. Indiana Electric continues to refine site specific estimates of closure costs. In July 2018, Indiana Electric filed a Complaint for Damages and Declaratory Relief against its insurers seeking reimbursement of defense, investigation and pond closure costs incurred to comply with the CCR Rule, and has since reached confidential settlement agreements with its insurers. The proceeds of these settlements will offset costs that have been and will be incurred to close the ponds. In March 2019, Indiana Electric entered into agreements with third parties for the excavation and beneficial reuse of the ash at the A.B. Brown ash pond. On August 14, 2019, Indiana Electric filed its petition with the IURC for recovery of costs associated with the closure of the A.B. Brown ash pond, which would include costs associated with the excavation and recycling of the ponded ash. On November 4, 2019, the EPA released a pre-publication copy of proposed revisions to the CCR Rule. CenterPoint Energy will evaluate the proposals to determine potential impacts to current compliance plans for its A.B. Brown and F.B. Culley generating stations. As of December 31, 2019, CenterPoint Energy has recorded an approximate $68 million ARO, which represents the discounted value of future cash flow estimates to close the ponds at A.B. Brown and F.B. Culley. This estimate is subject to change due to the contractual arrangements; continued assessments of the ash, closure methods, and the timing of closure; implications of Indiana Electric’s generation transition plan; changing environmental regulations; and proceeds received from the settlements in the aforementioned insurance proceeding. In addition to these removal costs, Indiana Electric also anticipates equipment purchases of between $60 million and $80 million to complete the A.B. Brown closure project. Other Environmental. From time to time, the Registrants identify the presence of environmental contaminants during operations or on property where predecessors have conducted operations. Other such sites involving contaminants may be identified in the future. The Registrants have and expect to continue to remediate any identified sites consistent with state and federal legal obligations. From time to time, the Registrants have received notices, and may receive notices in the future, from regulatory authorities or others regarding status as a PRP in connection with sites found to require remediation due to the presence of environmental contaminants. In addition, the Registrants have been, or may be, named from time to time as defendants in litigation related to such sites. Although the ultimate outcome of such matters cannot be predicted at this time, the Registrants do not expect these matters, either individually or in the aggregate, to have a material adverse effect on their financial condition, results of operations or cash flows. Other Proceedings The Registrants are involved in other legal, environmental, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies regarding matters arising in the ordinary course of business. From time to time, the Registrants are also defendants in legal proceedings with respect to claims brought by various plaintiffs against broad groups of participants in the energy industry. Some of these proceedings involve substantial amounts. The Registrants regularly analyze current information and, as necessary, provide accruals for probable and reasonably estimable liabilities on the eventual disposition of these matters. The Registrants do not expect the disposition of these matters to have a material adverse effect on the Registrants’ financial condition, results of operations or cash flows.
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STATEMENTS OF CONSOLIDATED INCOME (Parentheticals) - USD ($) $ in Millions |
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Income tax expense (benefit) associated with discontinued operations | $ 46 | $ (9) | $ 49 |
CenterPoint Energy Resources Corp. | |||
Income tax expense (benefit) associated with discontinued operations | $ 17 | $ 37 | $ 153 |
Equity (CenterPoint Energy) (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared [Table Text Block] | CenterPoint Energy declared dividends on its Common Stock during 2019, 2018 and 2017 as presented in the table below:
CenterPoint Energy declared dividends on its Series A Preferred Stock during 2019 and 2018 as presented in the table below:
CenterPoint Energy declared dividends on its Series B Preferred Stock during 2019 and 2018 as presented in the table below:
There were no Series A Preferred Stock or Series B Preferred Stock outstanding or dividends declared in 2017. Dividend Requirement on Preferred Stock
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Convertible Debt [Table Text Block] | The following table illustrates the conversion rate per share of the Series B Preferred Stock, subject to certain anti-dilution adjustments:
The following table illustrates the conversion rate per depositary share, subject to certain anti-dilution adjustments:
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive loss (gain) consist of the following:
Changes in accumulated comprehensive income (loss) are as follows:
(2) Amounts are included in the computation of net periodic cost and are reflected in Other, net in each of the Registrants’ respective Statements of Consolidated Income.
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Stock-Based Incentive Compensation Plans and Employee Benefit Plans (Tables) |
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Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table summarizes CenterPoint Energy’s expenses related to LTIPs for 2019, 2018 and 2017:
(1) Amounts presented in the table above are included in Operation and maintenance expense in CenterPoint Energy’s Statements of Consolidated Income and shown prior to any amounts capitalized.
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Share-Based Compensation, Activity [Table Text Block] | The following tables summarize CenterPoint Energy’s LTIP activity for 2019:
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Share-Based Compensation Arrangement By Award, Weighted Average Grant Date Fair Value, Grant Date Intrinsic Value, and Vested Grant Date Fair Value [Table Text Block] | The weighted average grant date fair values per unit of awards granted were as follows for 2019, 2018 and 2017:
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Schedule of Multiemployer Plans [Table Text Block] | CenterPoint Energy’s participation in the significant plans is outlined in the following table. The EIN / Pension Plan Number column provides the EIN and three-digit pension plan numbers. The most recent Pension Protection Act Zone Status available in 2019 is for the plan year end at January 31, 2019 for the Central Pension Fund, May 31, 2019 for the Indiana Pension Laborers Fund, December 31, 2018 for the Pipeline Industry Benefit Fund, December 31, 2018 for the Laborers District Council & Contractors’ Pension Fund of Ohio, April 30, 2019 for the Ohio Operating Engineers Pension Fund, April 30, 2019 for the Operating Engineers Local 324 Fringe Benefit Fund, December 31, 2018 for the Minnesota Laborers Pension Fund, and December 31, 2018 for the Laborers’ Combined Fund of Western Pennsylvania. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The FIP/RP Status Pending / Implemented column indicates plans for which a FIP or RP is either pending or has been implemented. The multi-employer contributions listed in the table below are CenterPoint Energy’s multi-employer contributions made in 2019. Federal law requires pension plans in endangered status to adopt a FIP and plans in critical status to adopt a RP aimed at restoring the financial health of the plan. In December 2014, the Multi-employer Pension Reform Act of 2014 was passed and permanently extended the Pension Protection Act of 2006 multi-employer plan critical and endangered status funding rules, among other things, including providing a provision for a plan sponsor to suspend or reduce benefit payments to preserve plans in critical and declining status.
While not considered significant to CenterPoint Energy, there are four plans in red zone status receiving CenterPoint Energy contributions. There are also five other plans where CenterPoint Energy contributions exceed 5% of each plan’s total contributions; however, none of these plans are considered significant to CenterPoint Energy.
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive loss (gain) consist of the following:
Changes in accumulated comprehensive income (loss) are as follows:
(2) Amounts are included in the computation of net periodic cost and are reflected in Other, net in each of the Registrants’ respective Statements of Consolidated Income.
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Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | The changes in plan assets and benefit obligations recognized in other comprehensive income during 2019 are as follows:
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Benefit Plan Contributions [Table Text Block] | The Registrants made the following contributions in 2019 and expect to make the following minimum contributions in 2020 to the indicated benefit plans below:
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Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments are expected to be paid by the pension and postretirement benefit plans:
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Defined Contribution Plan Disclosures [Table Text Block] | CenterPoint Energy allocates the savings plan benefit expense to Houston Electric and CERC related to their respective employees. The following table summarizes the Registrants’ savings plan benefit expense for 2019, 2018 and 2017:
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Other Benefit Plans [Table Text Block] | Expenses related to other benefit plans were recorded as follows:
Amounts related to other benefit plans were included in Benefit Obligations in the Registrants’ accompanying Consolidated Balance Sheets as follows:
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Other Employee Matters [Table Text Block] | As of December 31, 2019, the Registrants’ employees were covered by collective bargaining agreements as follows:
(1) Infrastructure Services Disposal Group negotiates various trade agreements through contractor associations. The two primary associations are the DCA and the PLCA. These trade agreements are with a variety of construction unions including Laborer’s International Union of North America, International Union of Operating Engineers, United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry, and Teamsters. The trade agreements have varying expiration dates in 2020, 2021 and 2022. In addition, these subsidiaries have various project agreements and small local agreements. These agreements expire upon completion of a specific project or on various dates throughout the year.
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Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | CenterPoint Energy’s net periodic cost includes the following components relating to pension, including the non-qualified benefit plans:
(4) A curtailment gain or loss is required when the expected future services of a significant number of employees are reduced or eliminated for the accrual of benefits. In 2019, CenterPoint Energy recognized a pension curtailment gain related to employees who were terminated after the Merger closed.
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Schedule of Assumptions Used [Table Text Block] | CenterPoint Energy used the following assumptions to determine net periodic cost relating to pension benefits:
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Schedule of Net Pension and Post-retirement Benefit Costs [Table Text Block] | The following table summarizes changes in the benefit obligation, plan assets, the amounts recognized in the Consolidated Balance Sheets as well as the key assumptions of CenterPoint Energy’s pension plans. The measurement dates for plan assets and obligations were December 31, 2019 and 2018.
(3) The expected rate of return assumption was developed using the targeted asset allocation of CenterPoint Energy’s plans and the expected return for each asset class.
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Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The following table displays pension benefits related to CenterPoint Energy’s pension plans that have accumulated benefit obligations in excess of plan assets:
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Target Allocation of Plan Assets [Table Text Block] | As part of the investment strategy discussed above, CenterPoint Energy maintained the following weighted average allocation targets for its pension plans as of December 31, 2019:
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Schedule of Allocation of Plan Assets [Table Text Block] | The following tables set forth by level, within the fair value hierarchy (see Note 10), CenterPoint Energy’s pension plan assets at fair value as of December 31, 2019 and 2018:
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Postretirement Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | Postretirement benefits are accrued over the active service period of employees. The net postretirement benefit cost includes the following components:
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Schedule of Assumptions Used [Table Text Block] | The following assumptions were used to determine net periodic cost relating to postretirement benefits:
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Schedule of Net Pension and Post-retirement Benefit Costs [Table Text Block] | The following table summarizes changes in the benefit obligation, plan assets, the amounts recognized in consolidated balance sheets and the key assumptions of the postretirement plans. The measurement dates for plan assets and benefit obligations were December 31, 2019 and 2018.
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Target Allocation of Plan Assets [Table Text Block] | As part of the investment strategy discussed above, the Registrants maintained the following weighted average allocation targets for the postretirement plans as of December 31, 2019:
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Schedule of Allocation of Plan Assets [Table Text Block] | The following table presents mutual funds by level, within the fair value hierarchy, the Registrants’ postretirement plan assets at fair value as of December 31, 2019 and 2018:
The amounts invested in mutual funds were allocated as follows:
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Purchase Commitment [Table Text Block] | As of December 31, 2019, minimum purchase obligations are approximately:
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Schedule of Environmental Loss Contingencies by Site [Table Text Block] | Total costs that may be incurred in connection with addressing these sites cannot be determined at this time. The estimated accrued costs are limited to CenterPoint Energy’s and CERC’s share of the remediation efforts and are therefore net of exposures of other PRPs. The estimated range of possible remediation costs for the sites for which CenterPoint Energy and CERC believe they may have responsibility was based on remediation continuing for the minimum time frame given in the table below.
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Supplemental Disclosure of Cash Flow Information (Tables) |
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Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table summarizes CenterPoint Energy’s and CERC’s cash flows from discontinued operations and certain supplemental cash flow disclosures related to the Infrastructure Services and Energy Services Disposal Groups:
The tables below provide supplemental disclosure of cash flow information:
The table below provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the amount reported in the Statements of Consolidated Cash Flows:
(2) Houston Electric’s Cash and cash equivalents as of December 31, 2019 and 2018 included $216 million and $335 million, respectively, of cash related to the Bond Companies. Houston Electric recorded interest income of $9 million, $4 million and $2 million for the years ended December 31, 2019, 2018 and 2017, respectively, in Other, net on Houston Electric’s Statement of Consolidated Inc
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Background (Details) $ in Millions |
12 Months Ended | ||
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Feb. 01, 2019
USD ($)
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Dec. 31, 2019
USD ($)
state
shares
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Dec. 31, 2018 |
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Vectren [Member] | |||
Cash paid to acquire Vectren | $ | $ 6,000 | $ 5,982 | |
Enable Midstream Partners [Member] | |||
Ownership percentage of equity method investment | 53.70% | 54.00% | |
Enable Midstream Partners [Member] | Series A Preferred Units [Member] | |||
Preferred units held | shares | 14,520,000 | ||
Enable GP, LLC [Member] | |||
Management rights ownership percentage | 50.00% | ||
Incentive distribution right | 40.00% | ||
Natural Gas Distribution [Member] | |||
Number of States in which the Entity Performs Gas Delivery Services | 48 | ||
CenterPoint Energy Resources Corp. | Natural Gas Distribution [Member] | |||
Number of states in which entity operates | 6 | ||
Number of States in which the Entity Performs Gas Delivery Services | 48 | ||
CenterPoint Energy Resources Corp. | Energy Services [Member] | |||
Number of states in which entity operates | 30 |
Unaudited Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Revenues | $ 2,019 | $ 1,658 | $ 1,658 | $ 2,229 | $ 1,666 | $ 1,322 | $ 1,369 | $ 1,920 | $ 7,564 | $ 6,277 | $ 5,699 |
Operating Income | 274 | 357 | 229 | 211 | 192 | 232 | 171 | 273 | 1,071 | 868 | 1,003 |
Income (loss) from continuing operations | 137 | 251 | 151 | 143 | 139 | 163 | (88) | 182 | 682 | 396 | 1,708 |
Income (loss) from discontinued operations, net of tax | 20 | 19 | 44 | 26 | (19) | (5) | 13 | (17) | 109 | (28) | 84 |
Income (loss) available to common shareholders | $ 128 | $ 241 | $ 165 | $ 140 | $ 90 | $ 153 | $ (75) | $ 165 | $ 674 | $ 333 | $ 1,792 |
Basic earnings per common share from continuing operations | $ 0.21 | $ 0.44 | $ 0.24 | $ 0.23 | $ 0.22 | $ 0.36 | $ (0.20) | $ 0.42 | $ 1.12 | $ 0.80 | $ 3.96 |
Basic earnings per common share from discontinued operations | 0.04 | 0.04 | 0.09 | 0.05 | (0.04) | (0.01) | 0.03 | (0.04) | 0.22 | (0.06) | 0.20 |
Basic earnings per common share (in dollars per share) | 0.25 | 0.48 | 0.33 | 0.28 | 0.18 | 0.35 | (0.17) | 0.38 | 1.34 | 0.74 | 4.16 |
Diluted earnings per common share from continuing operations | 0.21 | 0.44 | 0.24 | 0.23 | 0.22 | 0.36 | (0.20) | 0.42 | 1.12 | 0.80 | 3.94 |
Diluted earnings per common share from discontinued operations | 0.04 | 0.03 | 0.09 | 0.05 | (0.04) | (0.01) | 0.03 | (0.04) | 0.21 | (0.06) | 0.19 |
Diluted earnings per common share (in dollars per share) | $ 0.25 | $ 0.47 | $ 0.33 | $ 0.28 | $ 0.18 | $ 0.35 | $ (0.17) | $ 0.38 | $ 1.33 | $ 0.74 | $ 4.13 |
Net Income | $ 791 | $ 368 | $ 1,792 | ||||||||
CenterPoint Energy Houston Electric, LLC | |||||||||||
Revenues | $ 680 | $ 859 | $ 765 | $ 686 | $ 728 | $ 897 | $ 854 | $ 755 | 2,990 | 3,234 | 2,998 |
Operating Income | 99 | 269 | 169 | 81 | 98 | 227 | 181 | 119 | 618 | 625 | 637 |
Net Income | 44 | 185 | 100 | 27 | 40 | 143 | 101 | 52 | 356 | 336 | 433 |
CenterPoint Energy Resources Corp. | |||||||||||
Revenues | 860 | 420 | 526 | 1,212 | 933 | 422 | 511 | 1,165 | 3,018 | 3,031 | 2,688 |
Operating Income | 105 | 18 | 27 | 160 | 101 | (1) | 6 | 153 | 310 | 259 | 334 |
Income (loss) from continuing operations | 87 | (10) | 2 | 110 | 61 | (36) | (20) | 93 | 189 | 98 | 500 |
Income (loss) from discontinued operations, net of tax | (34) | 3 | 26 | 28 | (28) | 45 | 56 | 37 | 23 | 110 | 245 |
Income (loss) available to common shareholders | $ 53 | $ (7) | $ 28 | $ 138 | $ 33 | $ 9 | $ 36 | $ 130 | |||
Net Income | $ 212 | $ 208 | $ 745 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The accounts of the Registrants and their wholly-owned and majority-owned and controlled subsidiaries are included in the consolidated financial statements. All intercompany transactions and balances are eliminated in consolidation, except as described below. Businesses within the Infrastructure Services Disposal Group provide underground pipeline construction and repair services for customers that include NGD utilities. In accordance with consolidation guidance in ASC 980—Regulated Operations, costs incurred by NGD utilities for these pipeline construction and repair services are not eliminated in consolidation when capitalized and included in rate base by the NGD utility. Fees incurred by CenterPoint Energy’s and CERC’s NGD for pipeline construction and repair services that were capitalized totaled $162 million and $20 million, respectively, for the 11 months ended December 31, 2019. On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the Infrastructure Services Disposal Group. The transaction closed on April 9, 2020. For further information, see Note 4. As of December 31, 2019, CenterPoint Energy and Houston Electric had VIEs consisting of the Bond Companies, which are consolidated. The consolidated VIEs are wholly-owned, bankruptcy remote special purpose entities that were formed solely for the purpose of securitizing transition and system restoration related property. Creditors of CenterPoint Energy and Houston Electric have no recourse to any assets or revenues of the Bond Companies. The bonds issued by these VIEs are payable only from and secured by transition and system restoration property and the bondholders have no recourse to the general credit of CenterPoint Energy or Houston Electric.
CenterPoint Energy generally uses the equity method of accounting for investments in entities in which it has an ownership interest between 20% and 50% and exercises significant influence. CenterPoint Energy also uses the equity method for investments in which it has ownership percentages greater than 50%, when it exercises significant influence, does not have control and is not considered the primary beneficiary, if applicable. Under the equity method, CenterPoint Energy adjusts its investments each period for contributions made, distributions received, respective shares of comprehensive income and amortization of basis differences, as appropriate. CenterPoint Energy evaluates its equity method investments for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. CenterPoint Energy considers distributions received from equity method investments which do not exceed cumulative equity in earnings subsequent to the date of investment to be a return on investment and classifies these distributions as operating activities in its Statements of Consolidated Cash Flows. CenterPoint Energy considers distributions received from equity method investments in excess of cumulative equity in earnings subsequent to the date of investment to be a return of investment and classifies these distributions as investing activities in its Statements of Consolidated Cash Flows. Investments without a readily determinable fair value will be measured at cost, less impairment, plus or minus observable prices changes of an identical or similar investment of the same issuer.
The Registrants record revenue for electricity delivery and natural gas sales and services under the accrual method and these revenues are recognized upon delivery to customers. Electricity deliveries not billed by month-end are accrued based on actual AMS data, daily supply volumes and applicable rates. Natural gas sales not billed by month-end are accrued based upon estimated purchased gas volumes, estimated lost and unaccounted for gas and currently effective tariff rates. Revenue for some pipeline construction services are based on the percentage of completion method. For further discussion, see Note 5. (e) MISO Transactions Indiana Electric is a member of the MISO. MISO-related purchase and sale transactions are recorded using settlement information provided by the MISO. These purchase and sale transactions are accounted for on at least a net hourly position, meaning net purchases within that interval are recorded on CenterPoint Energy’s Statements of Consolidated Income in Utility natural gas, fuel and purchased power, and net sales within that interval are recorded on CenterPoint Energy’s Statements of Consolidated Income in Utility revenues. On occasion, prior period transactions are resettled outside the routine process due to a change in the MISO’s tariff or a material interpretation thereof. Expenses associated with resettlements are recorded once the resettlement is probable and the resettlement amount can be estimated. Revenues associated with resettlements are recognized when the amount is determinable and collectability is reasonably assured. (f) Guarantees CenterPoint Energy recognizes guarantee obligations at fair value. CenterPoint Energy discloses parent company guarantees of a subsidiary’s obligation when that guarantee results in the exposure of a material obligation of the parent company even if the probability of fulfilling such obligation is considered remote. See Note 16(c) and (d). (g) Long-lived Assets, Goodwill and Intangibles The Registrants record property, plant and equipment at historical cost and expense repair and maintenance costs as incurred. The Registrants periodically evaluate long-lived assets, including property, plant and equipment, and specifically identifiable intangibles subject to amortization, when events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. For rate regulated businesses, recoverability of long-lived assets is assessed by determining if a capital disallowance from a regulator is probable through monitoring the outcome of rate cases and other proceedings. For non-rate regulated businesses, recoverability is assessed based on an estimate of undiscounted cash flows attributable to the assets compared to the carrying value of the assets. As of December 31, 2019, CenterPoint Energy and CERC, as applicable, determined that the carrying value of long-lived and intangible assets associated with the Infrastructure Services and Energy Services Disposal Groups were recoverable based on undiscounted cash flows, considering the likelihood of possible outcomes existing as of that date, including the assessment of the likelihood of a future sale of these assets. No long-lived asset or intangible asset impairments were recorded in 2019, 2018 or 2017. CenterPoint Energy and CERC perform goodwill impairment tests at least annually and evaluate goodwill when events or changes in circumstances indicate that its carrying value may not be recoverable. Subsequent to the Registrant’s adoption of ASU 2017-04 Simplifying the Test for Goodwill Impairment on January 1, 2018, CenterPoint Energy and CERC recognize a goodwill impairment by the amount a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill within that reporting unit. CenterPoint Energy includes deferred tax assets and liabilities within its reporting unit’s carrying value for the purposes of annual and interim impairment tests, regardless of whether the estimated fair value reflects the disposition of such assets and liabilities. For further information about the goodwill impairment tests during 2019, see Note 6. (h) Assets Held for Sale and Discontinued Operations Generally, a long-lived asset to be sold is classified as held for sale in the period in which management, with approval from the Board of Directors, as applicable, commits to a plan to sell and a sale is expected to be completed within one year. The Registrants record assets and liabilities held for sale at the lower of their carrying value or their estimated fair value less cost to sell. If the disposal group reflects a component of a reporting unit and meets the definition of a business, the goodwill within that reporting unit is allocated to the disposal group based on the relative fair value of the components representing a business that will be retained and disposed. Goodwill is not allocated to a portion of a reporting unit that does not meet the definition of a business. A disposal group that meets the held for sale criteria and also represents a strategic shift to the Registrant, is also reflected as discontinued operations on the Statements of Consolidated Income, and prior periods are recast to reflect the earnings or losses from such businesses as income from discontinued operations, net of tax. (i) Regulatory Assets and Liabilities The Registrants apply the guidance for accounting for regulated operations to the Houston Electric T&D reportable segment, Indiana Electric Integrated segment and the Natural Gas Distribution reportable segment. The Registrants’ rate-regulated subsidiaries may collect revenues subject to refund pending final determination in rate proceedings. In connection with such revenues, estimated rate refund liabilities are recorded which reflect management’s current judgment of the ultimate outcomes of the proceedings. The Registrants’ rate-regulated businesses recognize removal costs as a component of depreciation expense in accordance with regulatory treatment. In addition, a portion of the amount of removal costs collected from customers that relate to AROs has been reflected as an asset retirement liability in accordance with accounting guidance for AROs. For further detail on the Registrants’ regulatory assets and liabilities, see Note 7. (j) Depreciation and Amortization Expense The Registrants compute depreciation and amortization using the straight-line method based on economic lives or regulatory-mandated recovery periods. Amortization expense includes amortization of certain regulatory assets and other intangibles. (k) Capitalization of Interest and AFUDC The Registrants capitalize interest and AFUDC as a component of projects under construction and amortize it over the assets’ estimated useful lives once the assets are placed in service. AFUDC represents the composite interest cost of borrowed funds and a reasonable return on the equity funds used for construction for subsidiaries that apply the guidance for accounting for regulated operations. Although AFUDC increases both utility plant and earnings, it is realized in cash when the assets are included in rates.
(l) Income Taxes Houston Electric and CERC are included in CenterPoint Energy’s U.S. federal consolidated income tax return. Houston Electric and CERC report their income tax provision on a separate entity basis pursuant to a tax sharing agreement with CenterPoint Energy. Current federal and certain state income taxes are payable to or receivable from CenterPoint Energy. The Registrants use the asset and liability method of accounting for deferred income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is established against deferred tax assets for which management believes realization is not considered to be more likely than not. The Registrants recognize interest and penalties as a component of income tax expense (benefit), as applicable, in their respective Statements of Consolidated Income. CenterPoint Energy reports the income tax provision associated with its interest in Enable in income tax expense (benefit) in its Statements of Consolidated Income. On December 22, 2017, President Trump signed into law comprehensive tax reform legislation informally called the Tax Cuts and Jobs Acts, or TCJA, which resulted in significant changes to federal tax laws effective January 1, 2018. See Note 15 for further discussion of the impacts of tax reform implementation. To the extent certain EDIT of the Registrants’ rate-regulated subsidiaries may be recoverable or payable through future rates, regulatory assets and liabilities have been recorded, respectively. The Registrants use the portfolio approach to recognize income tax effects on other comprehensive income from accumulated other comprehensive income. Investment tax credits are deferred and amortized to income over the approximate lives of the related property. (m) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. Management reviews the outstanding accounts receivable, as well as the bad debt write-offs experienced in the past, and establishes an allowance for doubtful accounts. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. The table below summarizes the Registrants’ provision for doubtful accounts for 2019, 2018 and 2017:
(n) Inventory The Registrants’ inventory consists principally of materials and supplies, and for CERC, natural gas, and for CenterPoint Energy, coal inventory. Materials and supplies are valued at the lower of average cost or market. Materials and supplies are recorded to inventory when purchased and subsequently charged to expense or capitalized to plant when installed. Natural gas inventories of CERC’s Energy Services Disposal Group at locations qualifying for and utilizing the fair value hedge accounting election are valued at fair value; inventories at locations not qualifying for or not utilizing the fair value hedge accounting election are valued at the lower of average cost or market. During 2019, 2018 and 2017, CERC recorded write-downs of natural gas inventory to the lower of average cost or market which are disclosed on the respective Statements of Consolidated Cash Flows. (o) Derivative Instruments The Registrants are exposed to various market risks. These risks arise from transactions entered into in the normal course of business. The Registrants utilize derivative instruments such as physical forward contracts, swaps and options to mitigate the impact of changes in commodity prices, weather and interest rates on operating results and cash flows. Such derivatives are recognized in the Registrants’ Consolidated Balance Sheets at their fair value unless the Registrant elects the normal purchase and sales exemption for qualified physical transactions. A derivative may be designated as a normal purchase or normal sale if the intent is to physically receive or deliver the product for use or sale in the normal course of business. CenterPoint Energy and CERC have elected to record changes in the fair value of amounts excluded from the assessment of effectiveness immediately in their Statements of Consolidated Income. CenterPoint Energy has a Risk Oversight Committee composed of corporate and reportable segment officers that oversees commodity price, weather and credit risk activities, including the Registrants’ marketing, risk management services and hedging activities. The committee’s duties are to establish the Registrants’ commodity risk policies, allocate board-approved commercial risk limits, approve the use of new products and commodities, monitor positions and ensure compliance with the Registrants’ risk management policies and procedures and limits established by CenterPoint Energy’s Board of Directors. The Registrants’ policies prohibit the use of leveraged financial instruments. A leveraged financial instrument, for this purpose, is a transaction involving a derivative whose financial impact will be based on an amount other than the notional amount or volume of the instrument. (p) Investments in Equity Securities (CenterPoint Energy and CERC) CenterPoint Energy and CERC report equity securities at estimated fair value in their respective Consolidated Balance Sheets, and any unrealized holding gains and losses are recorded as Other Income (Expense) in their respective Statements of Consolidated Income. (q) Environmental Costs The Registrants expense or capitalize environmental expenditures, as appropriate, depending on their future economic benefit. The Registrants expense amounts that relate to an existing condition caused by past operations that do not have future economic benefit. The Registrants record undiscounted liabilities related to these future costs when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. (r) Cash and Cash Equivalents and Restricted Cash For purposes of reporting cash flows, the Registrants consider cash equivalents to be short-term, highly-liquid investments with maturities of three months or less from the date of purchase. Cash and cash equivalents held by the Bond Companies (VIEs) solely to support servicing the Securitization Bonds as of December 31, 2019 and 2018 are reflected on CenterPoint Energy’s and Houston Electric’s Consolidated Balance Sheets. In connection with the issuance of Securitization Bonds, CenterPoint Energy and Houston Electric were required to establish restricted cash accounts to collateralize the bonds that were issued in these financing transactions. These restricted cash accounts are not available for withdrawal until the maturity of the bonds and are not included in cash and cash equivalents. For more information on restricted cash see Note 20. (s) Preferred Stock and Dividends Preferred stock is evaluated to determine balance sheet classification, and all conversion and redemption features are evaluated for bifurcation treatment. Proceeds received net of issuance costs are recognized on the settlement date. Cash dividends become a liability once declared. Income available to common stockholders is computed by deducting from net income the dividends accumulated and earned during the period on cumulative preferred stock. (t) Purchase Accounting The Registrants evaluate acquisitions to determine when a set of acquired activities and assets represent a business. When control of a business is obtained, the Registrants apply the acquisition method of accounting and record the assets acquired, liabilities assumed and any non-controlling interest obtained based on fair value at the acquisition date. The excess of the fair value of purchase consideration over the fair value of the net assets acquired is recorded as goodwill. The results of operations of the acquired business are included in the Registrants’ respective Statements of Consolidated Income beginning on the date of the acquisition. (u) New Accounting Pronouncements The following table provides an overview of certain recently adopted or issued accounting pronouncements applicable to all the Registrants, unless otherwise noted.
Management believes that other recently adopted standards and recently issued standards that are not yet effective will not have a material impact on the Registrants’ financial position, results of operations or cash flows upon adoption.
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Goodwill and Other Intangibles (CenterPoint Energy and CERC) |
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Goodwill and Other Intangibles (CenterPoint Energy and CERC) [Text Block] | Goodwill and Other Intangibles (CenterPoint Energy and CERC) Goodwill and intangible assets related to the Infrastructure Services and Energy Services Disposal Groups are classified as held for sale on CenterPoint Energy’s and CERC’s respective Condensed Consolidated Balance Sheets, as applicable, and are excluded from the tabular disclosures below. See Note 4 for further information. CenterPoint Energy’s goodwill as of December 31, 2018 and changes in the carrying amount of goodwill as of December 31, 2019 is as follows:
CERC’s goodwill as of December 31, 2018 and December 31, 2019 is as follows:
CenterPoint Energy and CERC perform goodwill impairment tests at least annually and evaluate goodwill when events or changes in circumstances indicate that its carrying value may not be recoverable. The impairment evaluation for goodwill is performed by comparing the fair value of each reporting unit with the carrying amount of the reporting unit, including goodwill. The reporting units approximate the reportable segments, with the exception of ESG, which is a separate reporting unit but included in CenterPoint Energy’s Corporate and Other reportable segment. The estimated fair value of a reporting unit is primarily determined based on an income approach or a weighted combination of income and market approaches. If the carrying amount of the reporting unit is in excess of the estimated fair value of the reporting unit, then the excess amount is the impairment charge that should be recorded, not to exceed the carrying amount of goodwill. See Note 2(g) for further discussion. CenterPoint Energy and CERC performed the annual goodwill impairment test on July 1 of each of 2019 and 2018 and determined that no goodwill impairment charge was required for any reporting unit in its annual test. In connection with its preparation of financial statements for the year ended December 31, 2019, CenterPoint Energy and CERC, as applicable, identified triggering events for interim goodwill impairment tests at the historically reported Infrastructure Services and Energy Services reporting units. Early stage bids received from market participants during the exploration of strategic alternatives for these businesses at year-end indicated that the fair value of each reporting unit was more likely than not below the carrying value. On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the businesses within its historically reported Infrastructure Services reporting unit. Per the Securities Purchase Agreement, VISCO will be converted from a wholly-owned corporation to a limited liability company that is disregarded for federal income tax purposes immediately prior to the closing of the transaction resulting in the sale of membership units at closing. The sale will be considered an asset sale for tax purposes requiring the net deferred tax liabilities of approximately $123 million within the reporting unit as of December 31, 2019 to be recognized as a benefit to deferred income tax expense by CenterPoint Energy upon closing; therefore, any deferred tax assets and liabilities within the reporting unit are not included in the carrying amount of the assets and liabilities that will be transferred to the buyer. For further information, see Note 4 and 23. On February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell CES, which represents substantially all of the businesses within the historically reported Energy Services reporting unit. Per the Equity Purchase Agreement, CES will be converted from a wholly-owned corporation to a limited liability company that is disregarded for federal income tax purposes immediately prior to the closing of the transaction resulting in the sale of membership units at closing. For further information, see Note 4 and Note 23. The fair value of the historically reported Infrastructure Services reporting unit was estimated using a market approach deriving an estimated fair value as of December 31, 2019 based on the economic terms agreed upon within the Securities Purchase Agreement, a Level 2 fair value measurement. As of December 31, 2019 the fair value of the historically reported Infrastructure Services Disposal Group exceeded the carrying value (inclusive of deferred income tax liabilities of $123 million) and no impairment loss was recognized. The fair value of the historically reported Energy Services reporting unit was estimated using a combination of the market approach and the income approach as of December 31, 2019, a Level 3 fair value measurement. CenterPoint Energy and CERC utilized the economic indicators of value received by market participants during the exploration of strategic alternatives to inform the fair value of substantially all of the businesses within this reporting unit as of December 31, 2019. Certain assets groups not constituting a business within the reporting unit were valued using an income approach. CenterPoint Energy and CERC recognized an impairment loss on their historically reported Energy Services reporting unit of $48 million, the amount by which the carrying value (inclusive of deferred income tax liabilities of $25 million) exceeded the fair value as of December 31, 2019. The tables below present information on CenterPoint Energy’s other intangible assets recorded in Intangible assets, net on the Consolidated Balance Sheets and the related amortization expense included in Depreciation and amortization on CenterPoint Energy’s Statements of Consolidated Income, unless otherwise indicated.
CenterPoint Energy estimates that amortization expense of intangible assets with finite lives for the next five years will be as follows:
(1) Assets held for sale are not amortized. The table reflects amortization on continuing operations. See Note 4.
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Revenue Recognition (Tables) |
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Disaggregation of Revenue [Table Text Block] | The following tables disaggregate revenues by reportable segment and major source: CenterPoint Energy
Houston Electric
CERC
(1) Primarily consists of income from ARPs, weather hedge gains (losses) and leases. ARPs are contracts between the utility and its regulators, not between the utility and a customer. The Registrants recognize ARP revenue as other revenues when the regulator-specified conditions for recognition have been met. Upon recovery of ARP revenue through incorporation in rates charged for utility service to customers, ARP revenue is reversed and recorded as revenue from contracts with customers. The recognition of ARP revenues and the reversal of ARP revenues upon recovery through rates charged for utility service may not occur in the same period.
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Contract with Customer, Asset and Liability [Table Text Block] | The opening and closing balances of accounts receivable, other accrued unbilled revenue, contract assets and contract liabilities from contracts with customers for the year ended December 31, 2019 are as follows: CenterPoint Energy
The amount of revenue recognized in the year ended December 31, 2019 that was included in the opening contract liability was $3 million. The difference between the opening and closing balances of the contract liabilities primarily results from the timing difference between CenterPoint Energy’s performance and the customer’s payment, plus the addition of obligations acquired in the Merger. Houston Electric
The amount of revenue recognized in the year ended December 31, 2019 that was included in the opening contract liability was $3 million. The difference between the opening and closing balances of the contract liabilities primarily results from the timing difference between Houston Electric’s performance and the customer’s payment. CERC
CERC does not have any opening or closing contract asset or contract liability balances.
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Remaining Performance Obligations (CenterPoint Energy). The table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for contracts and (2) when CenterPoint Energy expects to recognize this revenue. Such contracts include energy performance and sustainable infrastructure services contracts of ESG, which are included in Corporate and Other.
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Leases (Policies) |
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Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | The Registrants adopted ASC 842, Leases, and all related amendments on January 1, 2019 using the modified retrospective transition method and elected not to recast comparative periods in the year of adoption as permitted by the standard. There was no adjustment to retained earnings as a result of transition. As a result, disclosures for periods prior to adoption will be presented in accordance with accounting standards in effect for those periods. The Registrants also elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed them to carry forward the historical lease classification. Additionally, the Registrants elected the practical expedient related to land easements, which allows the carry forward of the accounting treatment for land easements on existing agreements. The total ROU assets obtained in exchange for new operating lease liabilities upon adoption were $22 million, $1 million and $19 million for CenterPoint Energy, Houston Electric and CERC, respectively. The Merger was completed on February 1, 2019, and as such, the amounts recorded upon adoption are exclusive of Vectren’s leases. An arrangement is determined to be a lease at inception based on whether the Registrant has the right to control the use of an identified asset. ROU assets represent the Registrants’ right to use the underlying asset for the lease term and lease liabilities represent the Registrants’ obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, including payments at commencement that depend on an index or rate. Most leases in which the Registrants are the lessee do not have a readily determinable implicit rate, so an incremental borrowing rate, based on the information available at the lease commencement date, is utilized to determine the present value of lease payments. When a secured borrowing rate is not readily available, unsecured borrowing rates are adjusted for the effects of collateral to determine the incremental borrowing rate. Each Registrant uses the implicit rate for agreements in which it is a lessor. Lease expense and lease income are recognized on a straight-line basis over the lease term for operating leases. The Registrants have lease agreements with lease and non-lease components and have elected the practical expedient to combine lease and non-lease components for certain classes of leases, such as office buildings. For classes of leases in which lease and non-lease components are not combined, consideration is allocated between components based on the stand-alone prices. Sublease income is not significant to the Registrants. The Registrants’ lease agreements do not contain any material residual value guarantees, material restrictions or material covenants. There are no material lease transactions with related parties. Agreements in which the Registrants are lessors do not include provisions for the lessee to purchase the assets. Because risk is minimal, the Registrants do not take any significant actions to manage risk associated with the residual value of their leased assets. The Registrants’ lease agreements are primarily equipment and real property leases, including land and office facility leases. The Registrants’ lease terms may include options to extend or terminate a lease when it is reasonably certain that those options will be exercised. Operating lease payments exclude approximately $16 million of legally-binding undiscounted minimum lease payments for leases signed but not yet commenced. The Registrants have elected an accounting policy that exempts leases with terms of one year or less from the recognition requirements of ASC 842.
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Related Party Transactions (Houston Electric and CERC) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions (Houston Electric and CERC) [Text Block] | Related Party Transactions (Houston Electric and CERC) Houston Electric and CERC participate in a money pool through which they can borrow or invest on a short-term basis. Funding needs are aggregated and external borrowing or investing is based on the net cash position. The net funding requirements of the money pool are expected to be met with borrowings under CenterPoint Energy’s revolving credit facility or the sale of CenterPoint Energy’s commercial paper. The table below summarizes CenterPoint Energy money pool activity:
Houston Electric and CERC affiliate-related net interest income (expense) were as follows:
CenterPoint Energy provides some corporate services to Houston Electric and CERC. The costs of services have been charged directly to Houston Electric and CERC using methods that management believes are reasonable. These methods include negotiated usage rates, dedicated asset assignment and proportionate corporate formulas based on operating expenses, assets, gross margin, employees and a composite of assets, gross margin and employees. Houston Electric provides certain services to CERC. These services are billed at actual cost, either directly or as an allocation and include fleet services, shop services, geographic services, surveying and right-of-way services, radio communications, data circuit management and field operations. Additionally, CERC provides certain services to Houston Electric. These services are billed at actual cost, either directly or as an allocation and include line locating and other miscellaneous services. These charges are not necessarily indicative of what would have been incurred had Houston Electric and CERC not been affiliates. The Infrastructure Services Disposal Group provides pipeline construction and repair services to CERC’s NGD. Additionally, CERC, through the Energy Services Disposal Group, sells natural gas to Indiana Electric for use in electric generation activities. These transactions are now included in discontinued operations and are excluded from the disclosures below. Amounts charged for these services are included primarily in operation and maintenance expenses:
The table below presents transactions among Houston Electric, CERC and their parent, Utility Holding.
(1) The capital distribution in 2019 associated with the Internal Spin is a result of the return to accrual for the periods of CERC’s ownership during 2018.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Text Block] | Fair Value Measurements Assets and liabilities that are recorded at fair value in the Registrants’ Consolidated Balance Sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined below and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are exchange-traded derivatives and equity securities, as well as natural gas inventory that has been designated as the hedged item in a fair value hedge. Level 2: Inputs, other than quoted prices included in Level 1, are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Fair value assets and liabilities that are generally included in this category are derivatives with fair values based on inputs from actively quoted markets. A market approach is utilized to value the Registrants’ Level 2 natural gas derivative assets or liabilities. CenterPoint Energy’s Level 2 indexed debt securities derivative is valued using an option model and a discounted cash flow model, which uses projected dividends on the ZENS-Related Securities and a discount rate as observable inputs. Level 3: Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Unobservable inputs reflect the Registrants’ judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. The Registrants develop these inputs based on the best information available, including the Registrants’ own data. A market approach is utilized to value the Registrants’ Level 3 assets or liabilities. As of December 31, 2019, CenterPoint Energy’s and CERC’s Level 3 assets and liabilities are comprised of physical natural gas forward contracts and options. Level 3 physical natural gas forward contracts and options are valued using a discounted cash flow model which includes illiquid forward price curve locations (ranging from $1.44 to $5.20 per MMBtu for CenterPoint Energy and from $1.44 to $5.20 per MMBtu for CERC) as an unobservable input. CenterPoint Energy’s and CERC’s Level 3 physical natural gas forward contracts and options derivative assets and liabilities consist of both long and short positions (forwards and options). Forward price decreases (increases) as of December 31, 2019 would have resulted in lower (higher) values, respectively, for long forwards and options and higher (lower) values, respectively, for short forwards and options. The Registrants determine the appropriate level for each financial asset and liability on a quarterly basis and recognize transfers between levels at the end of the reporting period. The following tables present information about the Registrants’ assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018, and indicate the fair value hierarchy of the valuation techniques utilized by the Registrants to determine such fair value. CenterPoint Energy
Houston Electric
CERC
The following table presents additional information about assets or liabilities, including derivatives classified as held for sale, that are measured at fair value on a recurring basis for which CenterPoint Energy and CERC have utilized Level 3 inputs to determine fair value:
Estimated Fair Value of Financial Instruments The fair values of cash and cash equivalents, investments in debt and equity securities classified as “trading” and short-term borrowings are estimated to be approximately equivalent to carrying amounts and have been excluded from the table below. The carrying amounts of non-trading derivative assets and liabilities and CenterPoint Energy’s ZENS indexed debt securities derivative are stated at fair value and are excluded from the table below. The fair value of each debt instrument is determined by multiplying the principal amount of each debt instrument by a combination of historical trading prices and comparable issue data. These liabilities, which are not measured at fair value in the Registrants’ Consolidated Balance Sheets, but for which the fair value is disclosed, would be classified as Level 2 in the fair value hierarchy.
Items measured at Fair Value on a Non-recurring Basis |
Short Term Borrowings and Long Term Debt |
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Short-term Borrowings and Long-term Debt [Text Block] | Short-term Borrowings and Long-term Debt
Long-term Debt Debt Retirements. During the year ended December 31, 2019, CenterPoint Energy retired the following debt instruments:
In December 2019, VCC redeemed the aggregate principal amount of its guaranteed senior notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to but excluding the redemption date, plus the make-whole premium. The make-whole premium associated with the two redemptions was approximately $1 million and was included in Other Income, net on CenterPoint Energy’s Statements of Consolidated Income. Debt Transactions. During the year ended December 31, 2019, the following debt instruments were issued or incurred:
Securitization Bonds. As of December 31, 2019, CenterPoint Energy and Houston Electric had special purpose subsidiaries consisting of the Bond Companies, which they consolidate. The consolidated special purpose subsidiaries are wholly-owned, bankruptcy remote entities that were formed solely for the purpose of purchasing and owning transition or system restoration property through the issuance of transition bonds or system restoration bonds and activities incidental thereto. These Securitization Bonds are payable only through the imposition and collection of “transition” or “system restoration” charges, as defined in the Texas Public Utility Regulatory Act, which are irrevocable, non-bypassable charges to provide recovery of authorized qualified costs. CenterPoint Energy and Houston Electric have no payment obligations in respect of the Securitization Bonds other than to remit the applicable transition or system restoration charges they collect as set forth in servicing agreements among Houston Electric, the Bond Companies and other parties. Each special purpose entity is the sole owner of the right to impose, collect and receive the applicable transition or system restoration charges securing the bonds issued by that entity. Creditors of CenterPoint Energy or Houston Electric have no recourse to any assets or revenues of the Bond Companies (including the transition and system restoration charges), and the holders of Securitization Bonds have no recourse to the assets or revenues of CenterPoint Energy or Houston Electric. Credit Facilities. The Registrants had the following revolving credit facilities as of December 31, 2019:
The Registrants, as well as the subsidiaries of CenterPoint Energy discussed above, were in compliance with all financial debt covenants as of December 31, 2019. As of December 31, 2019 and 2018, the Registrants had the following revolving credit facilities and utilization of such facilities:
In January 2019, CenterPoint Energy issued the following commercial paper in connection with the closing of the Merger:
Maturities. As of December 31, 2019, maturities of long-term debt, capital leases and sinking fund requirements, excluding the ZENS obligation, are as follows:
Liens. As of December 31, 2019, Houston Electric’s assets were subject to liens securing approximately $102 million of first mortgage bonds. Sinking or improvement fund and replacement fund requirements on the first mortgage bonds may be satisfied by certification of property additions. Sinking fund and replacement fund requirements for 2019, 2018 and 2017 have been satisfied by certification of property additions. The replacement fund requirement to be satisfied in 2020 is approximately $295 million, and the sinking fund requirement to be satisfied in 2020 is approximately $1.6 million. CenterPoint Energy expects Houston Electric to meet these 2020 obligations by certification of property additions. As of December 31, 2019, Houston Electric’s assets were also subject to liens securing approximately $4.0 billion of general mortgage bonds, including approximately $68 million held in trust to secure pollution control bonds for which CenterPoint Energy is obligated. The lien of the general mortgage indenture is junior to that of the mortgage pursuant to which the first mortgage bonds are issued. Houston Electric may issue additional general mortgage bonds on the basis of retired bonds, 70% of property additions or cash deposited with the trustee. Approximately $3.7 billion of additional first mortgage bonds and general mortgage bonds could be issued on the basis of retired bonds and 70% of property additions as of December 31, 2019. Houston Electric has contractually agreed that it will not issue additional first mortgage bonds, subject to certain exceptions. |
Unaudited Quarterly Information |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited Quarterly Information [Text Block] | Unaudited Quarterly Information Summarized quarterly financial data has been recast to reflect the results from the Infrastructure Services and Energy Services Disposal Groups as discontinued operations as follows:
(1) Quarterly earnings (loss) per common share are based on the weighted average number of shares outstanding during the quarter, and the sum of the quarters may not equal annual earnings (loss) per common share.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense [Table Text Block] | The components of the Registrant’ income tax expense (benefit) have been recast to reflect the results from the Infrastructure Services and Energy Services Disposal Groups as discontinued operations and are as follows:
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Reconciliation of Expected Federal Income Tax Expense to Actual [Table Text Block] | A reconciliation of income tax expense (benefit) using the federal statutory income tax rate to the actual income tax expense and resulting effective income tax rate is as follows:
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Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:
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Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of CenterPoint Energy’s beginning and ending balance of unrecognized tax benefits, excluding interest and penalties, for 2019 is as follows:
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Indexed Debt Securities (ZENS) and Securities Related to ZENS (CenterPoint Energy) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Indexed Debt Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information on Investment in Time Warner Securities and Indexed Debt Security Obligation [Table Text Block] | The following table sets forth summarized financial information regarding CenterPoint Energy’s investment in ZENS-Related Securities and each component of CenterPoint Energy’s ZENS obligation.
CenterPoint Energy’s reference shares for each ZENS consisted of the following:
A subsidiary of CenterPoint Energy holds shares of certain securities detailed in the table below, which are classified as trading securities and are expected to be held to facilitate CenterPoint Energy’s ability to meet its obligation under the ZENS. Unrealized gains and losses resulting from changes in the market value of the ZENS-Related Securities are recorded in CenterPoint Energy’s Statements of Consolidated Income.
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Regulatory Matters (Tables) |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities [Table Text Block] | The following is a list of regulatory assets and liabilities reflected on the Registrants’ respective Consolidated Balance Sheets as of December 31, 2019 and 2018. The “amortization through” columns indicate the latest year when a regulatory asset or regulatory liability category will be fully amortized:
(6) Current regulatory liabilities are included in Other current liabilities in each of the Registrants’ respective Consolidated Balance Sheets.
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STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Tax benefit (expense) on adjustment related to pension and postretirement plans | $ (4) | $ 2 | $ (6) |
Tax expense (benefit) on net deferred gain (loss) from cash flow hedges | (1) | (4) | (2) |
Tax expense (benefit) on deferred loss from cash flow hedges realized in net income | 0 | 0 | 0 |
CenterPoint Energy Houston Electric, LLC | |||
Tax expense (benefit) on net deferred gain (loss) from cash flow hedges | 0 | (4) | 0 |
CenterPoint Energy Resources Corp. | |||
Tax benefit (expense) on adjustment related to pension and postretirement plans | (2) | (1) | (4) |
Tax expense (benefit) on net deferred gain (loss) from cash flow hedges | $ 0 | $ 0 | $ (1) |
Reportable Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segments [Text Block] | Reportable Segments The Registrants’ determination of reportable segments considers the strategic operating units under which the Registrants manage sales, allocate resources and assess performance of various products and services to wholesale or retail customers in differing regulatory environments. As of January 1, 2020, the Registrants’ CODM views net income as the measure of profit or loss for the reportable segments rather than the previous measure of operating income. Certain prior year amounts have been reclassified to conform to the current year presentation. As of December 31, 2019, reportable segments in continuing operations by Registrant are as follows:
Discontinued Operations On February 3, 2020, CenterPoint Energy, through its subsidiary VUSI, entered into the Securities Purchase Agreement to sell the Infrastructure Services Disposal Group, which consists of underground pipeline construction and repair services. Accordingly, the previously reported Infrastructure Services reportable segment has been eliminated. The transaction closed on April 9, 2020. For further information, see Note 4. Additionally, on February 24, 2020, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Equity Purchase Agreement to sell the Energy Services Disposal Group, which consists of substantially all of the businesses within the Energy Services reportable segment. Accordingly, the previously reported Energy Services reportable segment has been eliminated. The transaction is expected to close in the second quarter of 2020. For further information, see Note 4. Expenditures for long-lived assets include property, plant and equipment. Intersegment sales are eliminated in consolidation, except as described in Note 2(b). Recast financial data for reportable segments and products and services are as follows: CenterPoint Energy
Houston Electric Houston Electric consists of a single reportable segment; therefore, a tabular reportable segment presentation has not been included. Houston Electric’s revenues from major external customers are as follows:
CERC
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Indexed Debt Securities (ZENS) and Securities Related to ZENS (CenterPoint Energy) |
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Indexed Debt Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indexed Debt Securities (ZENS) and Securities Related to ZENS (CenterPoint Energy) [Text Block] | Indexed Debt Securities (ZENS) and Securities Related to ZENS (CenterPoint Energy) (a) Investment in Securities Related to ZENS A subsidiary of CenterPoint Energy holds shares of certain securities detailed in the table below, which are classified as trading securities and are expected to be held to facilitate CenterPoint Energy’s ability to meet its obligation under the ZENS. Unrealized gains and losses resulting from changes in the market value of the ZENS-Related Securities are recorded in CenterPoint Energy’s Statements of Consolidated Income.
(b) ZENS In September 1999, CenterPoint Energy issued ZENS having an original principal amount of $1.0 billion of which $828 million remained outstanding as of December 31, 2019. Each ZENS is exchangeable at the holder’s option at any time for an amount of cash equal to 95% of the market value of the reference shares attributable to such note. The number and identity of the reference shares attributable to each ZENS are adjusted for certain corporate events. CenterPoint Energy’s reference shares for each ZENS consisted of the following:
CenterPoint Energy pays interest on the ZENS at an annual rate of 2% plus the amount of any quarterly cash dividends paid in respect of the reference shares attributable to the ZENS. The principal amount of the ZENS is subject to increases or decreases to the extent that the annual yield from interest and cash dividends on the reference shares is less than or more than 2.309%. The adjusted principal amount is defined in the ZENS instrument as “contingent principal.” As of December 31, 2019, the ZENS, having an original principal amount of $828 million and a contingent principal amount of $75 million, were outstanding and were exchangeable, at the option of the holders, for cash equal to 95% of the market value of the reference shares attributable to the ZENS. As of December 31, 2019, the market value of such shares was approximately $822 million, which would provide an exchange amount of $944 for each $1,000 original principal amount of ZENS. At maturity of the ZENS in 2029, CenterPoint Energy will be obligated to pay in cash the higher of the contingent principal amount of the ZENS or an amount based on the then-current market value of the reference shares, which will include any additional publicly-traded securities distributed with respect to the current reference shares prior to maturity. The ZENS obligation is bifurcated into a debt component and a derivative component (the holder’s option to receive the appreciated value of the reference shares at maturity). The bifurcated debt component accretes through interest charges annually up to the contingent principal amount of the ZENS in 2029. Such accretion will be reduced by annual cash interest payments, as described above. The derivative component is recorded at fair value and changes in the fair value of the derivative component are recorded in CenterPoint Energy’s Statements of Consolidated Income. Changes in the fair value of the ZENS-Related Securities held by CenterPoint Energy are expected to substantially offset changes in the fair value of the derivative component of the ZENS. The following table sets forth summarized financial information regarding CenterPoint Energy’s investment in ZENS-Related Securities and each component of CenterPoint Energy’s ZENS obligation.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Text Block] | Income Taxes The components of the Registrant’ income tax expense (benefit) have been recast to reflect the results from the Infrastructure Services and Energy Services Disposal Groups as discontinued operations and are as follows:
A reconciliation of income tax expense (benefit) using the federal statutory income tax rate to the actual income tax expense and resulting effective income tax rate is as follows:
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:
Merger with Vectren. On Merger Date, pursuant to the Merger Agreement, CenterPoint Energy consummated the Merger and acquired Vectren for approximately $6 billion in cash. On the Merger Date, Vectren became a wholly-owned subsidiary of CenterPoint Energy which triggered an ownership change under Section 382 of the Code. Under this Code section, future utilization of acquired net operating loss carry forwards and other tax attributes can be limited. On the Merger Date, Vectren estimated $177 million and $60 million of federal net operating loss and of charitable contribution carryforwards, respectively, the utilization of which is not expected to be limited under Section 382. Tax Attribute Carryforwards and Valuation Allowance. CenterPoint Energy has no federal net operating loss carryforwards as of December 31, 2019. Also, CenterPoint Energy has $26 million of federal charitable contribution carryforwards, which have a five-year carryover period. As of December 31, 2019, CenterPoint Energy had $699 million of state net operating loss carryforwards that expire between 2020 and 2039 and $21 million of state tax credits that do not expire. CenterPoint Energy reported a valuation allowance of $25 million because it is more likely than not that the benefit from certain state net operating loss carryforwards will not be realized. CERC has $618 million of federal net operating loss carryforwards which have an indefinite carryforward period. CERC has $691 million of state net operating loss carryforwards which expire between 2020 and 2039 and $17 million of state tax credits which do not expire. CERC reported a valuation allowance of $15 million since it is more likely than not that the benefit from certain state net operating loss carryforwards will not be realized. A reconciliation of CenterPoint Energy’s beginning and ending balance of unrecognized tax benefits, excluding interest and penalties, for 2019 is as follows:
CenterPoint Energy had no unrecognized tax benefits for 2018 and 2017. During the year ended December 31, 2019, CenterPoint Energy acquired $9 million of unrecognized tax benefits in connection with the Merger. Included in the balance of uncertain tax positions as of December 31, 2019 are $3 million of tax benefits that, if recognized, would affect the effective tax rate. The above table does not include an immaterial amount of accrued interest as of December 31, 2019. The Registrants recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. The Registrants believe that it is reasonably possible that a decrease of up to $5 million in unrecognized tax benefits may occur by the end of 2020 as a result of a lapse of statutes on older exposures and/or the filing of applications for accounting method changes. CenterPoint Energy’s net unrecognized tax benefits, including penalties and interest, were $9 million as of December 31, 2019 and are included in other non-current liabilities in the Consolidated Financial Statements. Tax Audits and Settlements. Tax years through 2017 have been audited and settled with the IRS for CenterPoint Energy. For the 2018 and 2019 tax years, the Registrants are participants in the IRS’s Compliance Assurance Process. Legacy Vectren is not currently under audit with the IRS, and the 2017-2019 tax years are still open.
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on a Recurring Basis [Table Text Block] | The following tables present information about the Registrants’ assets and liabilities (including derivatives that are presented net) measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018, and indicate the fair value hierarchy of the valuation techniques utilized by the Registrants to determine such fair value. CenterPoint Energy
Houston Electric
CERC
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Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs [Table Text Block] | The following table presents additional information about assets or liabilities, including derivatives classified as held for sale, that are measured at fair value on a recurring basis for which CenterPoint Energy and CERC have utilized Level 3 inputs to determine fair value:
(2) CenterPoint Energy and CERC did not have significant Level 3 purchases or sales during any of the years ended December 31, 2019, 2018 or 2017. The Level 3 assets and liabilities as of years ended December 31, 2019, 2018 and 2017 are classified in the CenterPoint Energy’s and CERC’s respective Condensed Consolidated Balance Sheets as held for sale.
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Estimated Fair Value of Financial Instruments, Debt Instruments [Table Text Block] | The fair values of cash and cash equivalents, investments in debt and equity securities classified as “trading” and short-term borrowings are estimated to be approximately equivalent to carrying amounts and have been excluded from the table below. The carrying amounts of non-trading derivative assets and liabilities and CenterPoint Energy’s ZENS indexed debt securities derivative are stated at fair value and are excluded from the table below. The fair value of each debt instrument is determined by multiplying the principal amount of each debt instrument by a combination of historical trading prices and comparable issue data. These liabilities, which are not measured at fair value in the Registrants’ Consolidated Balance Sheets, but for which the fair value is disclosed, would be classified as Level 2 in the fair value hierarchy.
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Goodwill and Other Intangibles (CenterPoint Energy and CERC) (Tables) |
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Goodwill by Reportable Segments [Table Text Block] | CenterPoint Energy’s goodwill as of December 31, 2018 and changes in the carrying amount of goodwill as of December 31, 2019 is as follows:
CERC’s goodwill as of December 31, 2018 and December 31, 2019 is as follows:
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Schedule of Finite-Lived Intangible Assets [Table Text Block] | The tables below present information on CenterPoint Energy’s other intangible assets recorded in Intangible assets, net on the Consolidated Balance Sheets and the related amortization expense included in Depreciation and amortization on CenterPoint Energy’s Statements of Consolidated Income, unless otherwise indicated.
(2) Amortization expense related to the operation and maintenance agreements and construction backlog is included in Non-utility cost of revenues, including natural gas on CenterPoint Energy’s Statements of Consolidated Income.
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Finite-lived Intangible Assets Amortization Expense [Table Text Block] |
(2) The fair value of intangible assets, and related amortization assumptions, acquired through acquisitions during the year ended December 31, 2019, have been finalized. Assets held for sale are not amortized. The table reflects amortization on continuing operations. See Note 4.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | CenterPoint Energy estimates that amortization expense of intangible assets with finite lives for the next five years will be as follows:
(1) Assets held for sale are not amortized. The table reflects amortization on continuing operations. See Note 4.
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Short Term Borrowings and Long Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Borrowings and Long-term Debt [Table Text Block] |
Long-term Debt Debt Retirements. During the year ended December 31, 2019, CenterPoint Energy retired the following debt instruments:
In December 2019, VCC redeemed the aggregate principal amount of its guaranteed senior notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to but excluding the redemption date, plus the make-whole premium. The make-whole premium associated with the two redemptions was approximately $1 million and was included in Other Income, net on CenterPoint Energy’s Statements of Consolidated Income. Debt Transactions. During the year ended December 31, 2019, the following debt instruments were issued or incurred:
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Schedule of Revolving Credit Facilities and Utilization of Such Facilities [Table Text Block] | The Registrants had the following revolving credit facilities as of December 31, 2019:
The Registrants, as well as the subsidiaries of CenterPoint Energy discussed above, were in compliance with all financial debt covenants as of December 31, 2019. As of December 31, 2019 and 2018, the Registrants had the following revolving credit facilities and utilization of such facilities:
In January 2019, CenterPoint Energy issued the following commercial paper in connection with the closing of the Merger:
(2) The commercial paper notes were issued at various times in January 2019 with maturities up to and including 90 days as of the time of issuance, and, prior to their use as described in connection with the closing of the Merger, the net proceeds of such issuances were invested in short-term investments.
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Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities. As of December 31, 2019, maturities of long-term debt, capital leases and sinking fund requirements, excluding the ZENS obligation, are as follows:
(1) These maturities include Securitization Bonds principal repayments on scheduled payment dates.
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Subsequent Events (Details) - USD ($) |
12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 07, 2020 |
Feb. 03, 2020 |
Oct. 17, 2019 |
Jul. 31, 2019 |
Apr. 25, 2019 |
Dec. 12, 2018 |
Oct. 23, 2018 |
Jul. 26, 2018 |
Apr. 26, 2018 |
Dec. 13, 2017 |
Oct. 25, 2017 |
Jul. 27, 2017 |
Apr. 27, 2017 |
Jan. 05, 2017 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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Subsequent Event [Line Items] | |||||||||||||||||
Common stock dividends declared per share | $ 0.86 | $ 1.12 | $ 1.3475 | ||||||||||||||
Expected cash distribution on Enable Common Units | $ 261,000,000 | $ 267,000,000 | $ 0 | ||||||||||||||
Series A Preferred Units [Member] | Subsequent Event [Member] | Enable Midstream Partners [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Declaration Date | Feb. 07, 2020 | ||||||||||||||||
Record Date | Feb. 07, 2020 | ||||||||||||||||
Payment Date | Feb. 14, 2020 | ||||||||||||||||
Distributions Declared, Per Unit | $ 0.6250 | ||||||||||||||||
Expected cash distribution on Enable's Series A Preferred Units | $ 9,000,000 | ||||||||||||||||
Common Units [Member] | Subsequent Event [Member] | Enable Midstream Partners [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Declaration Date | Feb. 07, 2020 | ||||||||||||||||
Record Date | Feb. 18, 2020 | ||||||||||||||||
Payment Date | Feb. 25, 2020 | ||||||||||||||||
Distributions Declared, Per Unit | $ 0.3305 | ||||||||||||||||
Expected cash distribution on Enable Common Units | $ 77,000,000 | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Declaration Date | Oct. 17, 2019 | Jul. 31, 2019 | Apr. 25, 2019 | Dec. 12, 2018 | Oct. 23, 2018 | Jul. 26, 2018 | Apr. 26, 2018 | Dec. 13, 2017 | Oct. 25, 2017 | Jul. 27, 2017 | Apr. 27, 2017 | Jan. 05, 2017 | |||||
Record Date | Nov. 21, 2019 | Aug. 15, 2019 | May 16, 2019 | Feb. 21, 2019 | Nov. 15, 2018 | Aug. 16, 2018 | May 17, 2018 | Feb. 15, 2018 | Nov. 16, 2017 | Aug. 16, 2017 | May 16, 2017 | Feb. 16, 2017 | |||||
Payment Date | Dec. 12, 2019 | Sep. 12, 2019 | Jun. 13, 2019 | Mar. 14, 2019 | Dec. 13, 2018 | Sep. 13, 2018 | Jun. 14, 2018 | Mar. 08, 2018 | Dec. 08, 2017 | Sep. 08, 2017 | Jun. 09, 2017 | Mar. 10, 2017 | |||||
Common stock dividends declared per share | $ 0.2875 | $ 0.2875 | $ 0.2875 | $ 0.2875 | $ 0.2775 | $ 0.2775 | $ 0.2775 | $ 0.2775 | $ 0.2675 | $ 0.2675 | $ 0.2675 | $ 0.2675 | $ 0.8625 | $ 1.1200 | $ 1.3475 | ||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Declaration Date | Feb. 03, 2020 | ||||||||||||||||
Record Date | Feb. 20, 2020 | ||||||||||||||||
Payment Date | Mar. 12, 2020 | ||||||||||||||||
Common stock dividends declared per share | $ 0.2900 | ||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Declaration Date | Jul. 31, 2019 | Dec. 12, 2018 | |||||||||||||||
Record Date | Aug. 15, 2019 | Feb. 15, 2019 | |||||||||||||||
Payment Date | Sep. 03, 2019 | Mar. 01, 2019 | |||||||||||||||
Preferred stock dividends declared per share | $ 30.6250 | $ 32.1563 | 30.6250 | 32.1563 | 0.0000 | ||||||||||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Declaration Date | Feb. 03, 2020 | ||||||||||||||||
Record Date | Feb. 14, 2020 | ||||||||||||||||
Payment Date | Mar. 02, 2020 | ||||||||||||||||
Preferred stock dividends declared per share | $ 30.6250 | ||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Declaration Date | Oct. 17, 2019 | Jul. 31, 2019 | Apr. 25, 2019 | Dec. 12, 2018 | Oct. 23, 2018 | ||||||||||||
Record Date | Nov. 15, 2019 | Aug. 15, 2019 | May 15, 2019 | Feb. 15, 2019 | Nov. 15, 2018 | ||||||||||||
Payment Date | Dec. 02, 2019 | Sep. 03, 2019 | Jun. 03, 2019 | Mar. 01, 2019 | Dec. 01, 2018 | ||||||||||||
Preferred stock dividends declared per share | $ 17.5000 | $ 17.5000 | $ 17.5000 | $ 17.5000 | $ 11.6667 | $ 52.5000 | $ 29.1667 | $ 0.0000 | |||||||||
Series B Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Declaration Date | Feb. 03, 2020 | ||||||||||||||||
Record Date | Feb. 14, 2020 | ||||||||||||||||
Payment Date | Mar. 02, 2020 | ||||||||||||||||
Preferred stock dividends declared per share | $ 17.5000 | ||||||||||||||||
CenterPoint Energy Resources Corp. | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Expected cash distribution on Enable Common Units | $ 0 | $ 176,000,000 | $ 0 |
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